Document:

Supplemental Agreement No. 57 to Purchase Agreement No. 1951

 Exhibit 10.1 
 Supplemental Agreement No. 57 
 to 

Purchase Agreement No. 1951 
 (the Agreement) 
 Between 

The Boeing Company 
 and 
 Continental Airlines, Inc. 

Relating to Boeing Model 737 Aircraft 
 THIS SUPPLEMENTAL AGREEMENT, is entered into as of March 2, 2011 by and between THE BOEING COMPANY (Boeing) and CONTINENTAL AIRLINES, INC. (Customer); 

WHEREAS, Customer wishes to [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGECOMMISSION PURSUANT TO
A REQUEST FOR CONFIDENTIAL TREATMENT] 
 WHEREAS, Boeing and Customer have agreed to [CONFIDENTIAL MATERIAL OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 
 WHEREAS,
Customer agrees to [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 
 WHEREAS, Customer wishes to [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 

 WHEREAS, the parties agree to reschedule the following Aircraft: 

 

									
	 Serial
 Number
	  	Current
Contract
Month	 	  	Revised
Contract
Month	 
	 37201
	  	 	Dec 2012	  	  	 	Nov 2012	  

 WHEREAS, Customer and
Boeing agree to maintain a list of all Model 737 aircraft covered by Letter Agreement 6-1162-MMF-311R6; 
 WHEREAS, Customer and
Boeing agree to revise the Model 737-924ER performance guarantees for those aircraft delivering in May 2012 and later to reflect the current configuration and incorporation of the performance improvement package. 

WHEREAS, Customer has previously agreed to allow Boeing to use certain aircraft for flight testing in accordance with Letter Agreement
6-1162-RCN-1890, and the parties wish to update Attachment 1 to that Letter Agreement; 
 NOW THEREFORE, in consideration of the
mutual covenants herein contained, the parties agree to amend the Agreement as follows: 
  

	 	1.	Table of Contents, Articles, Tables, Exhibits, and Letter Agreements: 

 1.1 Remove and replace, in its entirety, the “Table of Contents”, with the “Table of Contents” attached hereto, to reflect the changes made by this Supplemental Agreement No. 57.

 1.2 Remove and replace, in their entirety, page T-2-2, T-2-3 and T-2-4 of Table 1 entitled “Aircraft Deliveries and
Descriptions, Model 737-700 Aircraft”, with the revised page T-2-2 of Table 1 attached hereto. 
 1.3 Remove and replace,
in its entirety, page T-6-1, T-6-2, and T-6-3 of Table 1 entitled the “Aircraft Deliveries and Descriptions, Model 737-900ER Aircraft”, with the revised page T-6-1, T-6-2, and T-6-3 of Table 1 attached hereto. 

1.4 Remove and replace, in its entirety, Letter Agreement 1951-9R20, “Option Aircraft Delivery, Description, Price, and Advance
Payments” with the revised Letter Agreement 1951-9R21, attached hereto. 
 1.5 Remove and replace, in its entirety, Letter
Agreement 6-1162-MMF-311R6 with the revised Letter Agreement 6-1162-MMF-311R7, attached hereto. 
 1.6 Remove and replace, in
its entirety, Letter Agreement 6-1162-GOC-131R10 with the revised Letter Agreement 6-1162-GOC-131R11, attached hereto. 
 1.7
Remove and replace, in its entirety, Letter Agreement 6-1162-MSA-768 with the revised Letter Agreement 6-1162-MSA-768R1, attached hereto. 
 1.8 Remove and replace, in its entirety, Attachment 1 to Letter Agreement 6-1162-RCN-1890 with the revised Attachment 1 to Letter Agreement 6-1162-RCN-1890, attached hereto. 

 1.9 Add Letter Agreement 6-1162-SEE-0360, Performance Guarantees – Model 737-924ER
Aircraft (delivering May 2012 and on). 
 The Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof
and as so supplemented will continue in full force and effect. 
 EXECUTED IN DUPLICATE as of the day and year first written above. 

 

									
	THE BOEING COMPANY	 		 	CONTINENTAL AIRLINES, INC.
					
	By:	 	 /s/ Susan Englander
	 		 	By:	 	 /s/ Gerald Laderman

				
	Its: Attorney-in-Fact	 		 	Its:	 	Senior Vice President – Finance and Treasurer

 TABLE OF CONTENTS 

 

											
	 ARTICLES
	  	 	  	Page
Number	 	  	SA
Number	 
				
	1.	  	Subject Matter of Sale	  	 	1-1	  	  	 	SA 39	  
				
	2.	  	Delivery, Title and Risk of Loss	  	 	2-1	  	  			
				
	3.	  	Price of Aircraft	  	 	3-1	  	  	 	SA 39	  
				
	4.	  	Taxes	  	 	4-1	  	  			
				
	5.	  	Payment	  	 	5-1	  	  			
				
	6.	  	Excusable Delay	  	 	6-1	  	  			
				
	7.	  	Changes to the Detail Specification	  	 	7-1	  	  	 	SA 39	  
				
	8.	  	Federal Aviation Requirements and Certificates and Export License	  	 	8-1	  	  	 	SA 39	  
				
	9.	  	Representatives, Inspection, Flights and Test Data	  	 	9-1	  	  			
				
	10.	  	Assignment, Resale or Lease	  	 	10-1	  	  			
				
	11.	  	Termination for Certain Events	  	 	11-1	  	  			
				
	12.	  	Product Assurance, Disclaimer and Release; Exclusion of Liabilities; Customer Support; Indemnification and Insurance	  	 	12-1	  	  			
				
	13.	  	Buyer Furnished Equipment and Spare Parts	  	 	13-1	  	  			
				
	14.	  	Contractual Notices and Requests	  	 	14-1	  	  	 	SA 39	  
				
	15.	  	Miscellaneous	  	 	15-1	  	  			

 TABLE OF CONTENTS 

 

											
	 TABLES
	  	 	  	Page
Number	 	  	SA
Number	 
				
	1.	  	Aircraft Deliveries and Descriptions – 737-500	  	 	T-1	  	  	 	SA 3	  
				
		  	Aircraft Deliveries and Descriptions – 737-700	  	 	T-2	  	  	 	SA 57	  
				
		  	Aircraft Deliveries and Descriptions – 737-800	  	 	T-3	  	  	 	SA 55	  
				
		  	Aircraft Deliveries and Descriptions – 737-600	  	 	T-4	  	  	 	SA 4	  
				
		  	Aircraft Deliveries and Descriptions – 737-900	  	 	T-5	  	  	 	SA 39	  
				
		  	Aircraft Deliveries and Descriptions – 737-900ER	  	 	T-6	  	  	 	SA 57	  
				
	 EXHIBITS
	  	 	  	 	 	  	 	 
				
	A-1	  	 Aircraft Configuration – Model 737-724
 (Aircraft delivering through July 2004)
	  				  	 	SA 26	  
				
	A-1.1	  	 Aircraft Configuration – Model 737-724
 (Aircraft delivering on or after August 2004)
	  				  	 	SA 46	  
				
	A-2	  	 Aircraft Configuration – Model 737-824
 (Aircraft delivering through July 2004)
	  				  	 	SA 26	  
				
	A-2.1	  	 Aircraft Configuration – Model 737-824
 (Aircraft delivering August 2004 through December 2007)
	  				  	 	SA 41	  
				
	A-2.2	  	 Aircraft Configuration – Model 737-824
 (Aircraft delivering January 2008 through July 2008)
	  				  	 	SA 45	  
				
	A-2.3	  	 Aircraft Configuration – Model 737-824
 (Aircraft scheduled to deliver between August 2008 and October 2010)
	  				  	 	SA 50	  

											
	A-2.4	  	 Aircraft Configuration – Model 737-824
 (Aircraft scheduled to deliver in or after November 2010)
	  				  	 	SA 50	  
				
	A-3	  	Aircraft Configuration – Model 737-624	  				  	 	SA 1	  
				
	A-4	  	Aircraft Configuration – Model 737-524	  				  	 	SA 3	  
				
	A-5	  	 Aircraft Configuration – Model 737-924 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
	  				  	 	SA 26	  
				
	A-6	  	 Aircraft Configuration – Model 737-924ER
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
	  				  	 	SA 45	  
				
	A-6.1	  	 Aircraft Configuration – Model 737-924ER
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
	  				  	 	SA 53	  
				
	A-6.2	  	 Aircraft Configuration – Model 737-924ER
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
	  				  	 	SA 53	  
				
	B	  	Product Assurance Document	  				  	 	SA 1	  
				
	C	  	Customer Support Document – Code Two – Major Model Differences	  				  	 	SA 1	  
				
	C1	  	Customer Support Document – Code Three – Minor Model Differences	  				  	 	SA 39	  
				
	D	  	Aircraft Price Adjustments – New Generation Aircraft (1995 Base Price - [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  				  	 	SA 1	  

											
	D1	  	Airframe and Engine Price Adjustments – Current Generation Aircraft	  				  	 	SA 1	  
				
	D2	  	 Aircraft Price Adjustments – New Generation Aircraft (1997 Base Price - 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT]
	  				  	 	SA 5	  
				
	D3	  	 Aircraft Price Adjustments - New Generation Aircraft (July 2003 Base Price –

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT]
	  				  	 	SA 41	  
				
	D4	  	 Escalation Adjustment – Airframe and Optional Features
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
	  				  	 	SA 41	  
				
	E	  	Buyer Furnished Equipment Provisions Document	  				  	 	SA 39	  
				
	F	  	Defined Terms Document	  				  	 	SA 5	  

 TABLE OF CONTENTS 

 

							
	 LETTER AGREEMENTS
	  	SA
Number	 
			
	1951-1	  	Not Used	  			
			
	1951-2R4	  	Seller Purchased Equipment	  	 	SA 39	  
			
	1951-3R22	  	Option Aircraft-Model 737-824 Aircraft	  	 	SA 38	  
			
	1951-4R1	  	Waiver of Aircraft Demonstration	  	 	SA 1	  
			
	1951-5R3	  	Promotional Support – New Generation Aircraft	  	 	SA 48	  
			
	1951-6	  	Configuration Matters	  			
			
	1951-7R1	  	Spares Initial Provisioning	  	 	SA 1	  
			
	1951-8R2	  	Escalation Sharing – New Generation Aircraft	  	 	SA 4	  
			
	1951-9R21	  	Option Aircraft-Model 737-724 Aircraft	  	 	SA 57	  
			
	1951-11R1	  	Escalation Sharing-Current Generation Aircraft	  	 	SA 4	  
			
	1951-12R7	  	Option Aircraft – Model 737-924 Aircraft	  	 	SA 32	  
			
	1951-13	  	Configuration Matters – Model 737-924	  	 	SA 5	  
			
	1951-14	  	Installation of Cabin Systems Equipment 737-924	  	 	SA 22	  
			
	1951-15	  	Configuration Matters – Model 737-924ER	  	 	SA 39	  

 TABLE OF CONTENTS 

 

							
	 RESTRICTED LETTER AGREEMENTS
	  	 SA

Number
	 
			
	6-1162-MMF-295	  	 Performance Guarantees – Model
 737-724 Aircraft
	  			
			
	6-1162-MMF-296	  	 Performance Guarantees – Model
 737-824 Aircraft
	  			
			
	6-1162-MMF-308R4	  	Disclosure of Confidential Information	  	 	SA 39	  
			
	6-1162-MMF-309R1	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 1	  
			
	6-1162-MMF-311R7	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 57	  
			
	6-1162-MMF-312R1	  	Special Purchase Agreement Provisions	  	 	SA 1	  
			
	6-1162-MMF-319	  	Special Provisions Relating to the Rescheduled Aircraft	  			
			
	6-1162-MMF-378R1	  	 Performance Guarantees – Model
 737-524 Aircraft
	  	 	SA 3	  
			
	6-1162-GOC-015R1	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 31	  
			
	6-1162-GOC-131R11	  	Special Matters	  	 	SA 57	  
			
	6-1162-DMH-365	  	 Performance Guarantees – Model
 737-924 Aircraft
	  	 	SA 5	  
			
	6-1162-DMH-624	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 8	  

							
	6-1162-DMH-680	  	Delivery Delay Resolution Program	  	 	SA 9	  
			
	6-1162-DMH-1020	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 14	  
			
	6-1162-DMH-1035	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 15	  
			
	6-1162-DMH-1054	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 16	  
			
	6-1162-CHL-048	  	Rescheduled Aircraft Agreement	  	 	SA 26	  
			
	6-1162-CHL-195	  	 Restructure Agreement for Model
 737NG and 757-300 Aircraft
	  	 	SA 30	  
			
	6-1162-MSA-768	  	 Performance Guarantees – Model
 737-924ER Aircraft (Aircraft delivering prior to May 2012)
	  	 	SA 57	  
			
	6-1162-SEE-0360	  	 Performance Guarantees – Model 737-924ER
 Aircraft (Aircraft delivering May 2012 and on)
	  	 	SA 57	  
			
	6-1162-SEE-133	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	 	SA 46	  
			
	6-1162-SEE-0176R4	  	Record Option Proposals	  	 	SA 48	  

							
	6-1162-SEE-0187	  	Passenger Service Unit Resolution	  	 	SA 50	  
			
	6-1162-SEE-0225R1	  	Use of Aircraft – Carbon Brakes [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT] Testing	  	 	SA 50	  
			
	6-1162-SEE-0263	  	 Use of Aircraft – 737NG

Performance Improvement Package Testing
	  	 	SA 50	  
			
	6-1162-RCN-1888	  	Use of Aircraft – Boeing 747-800 and 787 Flight Test Training	  	 	SA 53	  
			
	6-1162-RCN-1890	  	Use of Aircraft for Testing	  	 	SA 57	  
			
	6-1162-SEE-0326	  	Model 737 – Koito Seat Resolution	  	 	SA 56	  

 TABLE OF CONTENTS 

 

			
	 SUPPLEMENTAL AGREEMENTS
	  	 DATED AS OF:

		
	Supplemental Agreement No. 1	  	October 10, 1996
		
	Supplemental Agreement No. 2	  	March 5, 1997
		
	Supplemental Agreement No. 3	  	July 17, 1997
		
	Supplemental Agreement No. 4	  	October 10, 1997
		
	Supplemental Agreement No. 5	  	May 21, 1998
		
	Supplemental Agreement No. 6	  	July 30, 1998
		
	Supplemental Agreement No. 7	  	November 12, 1998
		
	Supplemental Agreement No. 8	  	December 7, 1998
		
	Supplemental Agreement No. 9	  	February 18, 1999
		
	Supplemental Agreement No. 10	  	March 19, 1999
		
	Supplemental Agreement No. 11	  	May 14, 1999
		
	Supplemental Agreement No. 12	  	July 2, 1999
		
	Supplemental Agreement No. 13	  	October 13, 1999
		
	Supplemental Agreement No. 14	  	December 13, 1999
		
	Supplemental Agreement No. 15	  	January 13, 2000
		
	Supplemental Agreement No. 16	  	March 17, 2000
		
	Supplemental Agreement No. 17	  	May 16, 2000
		
	Supplemental Agreement No. 18	  	September 11, 2000
		
	Supplemental Agreement No. 19	  	October 31, 2000
		
	Supplemental Agreement No. 20	  	December 21, 2000
		
	Supplemental Agreement No. 21	  	March 30, 2001

			
	Supplemental Agreement No. 22	  	May 23, 2001
		
	Supplemental Agreement No. 23	  	June 29, 2001
		
	Supplemental Agreement No. 24	  	August 31, 2001
		
	Supplemental Agreement No. 25	  	December 31, 2001
		
	Supplemental Agreement No. 26	  	March 29, 2002
		
	Supplemental Agreement No. 27	  	November 6, 2002
		
	Supplemental Agreement No. 28	  	April 1, 2003
		
	Supplemental Agreement No. 29	  	August 19, 2003
		
	Supplemental Agreement No. 30	  	November 4, 2003
		
	Supplemental Agreement No. 31	  	August 20, 2004
		
	Supplemental Agreement No. 32	  	December 29, 2004
		
	Supplemental Agreement No. 33	  	December 29, 2004
		
	Supplemental Agreement No. 34	  	June 22, 2005
		
	Supplemental Agreement No. 35	  	June 30, 2005
		
	Supplemental Agreement No. 36	  	July 21, 2005
		
	Supplemental Agreement No. 37	  	March 30, 2006
		
	Supplemental Agreement No. 38	  	June 6, 2006
		
	Supplemental Agreement No. 39	  	August 3, 2006
		
	Supplemental Agreement No. 40	  	December 5, 2006
		
	Supplemental Agreement No. 41	  	June 1, 2007
		
	Supplemental Agreement No. 42	  	June 13, 2007
		
	Supplemental Agreement No. 43	  	July 18, 2007
		
	Supplemental Agreement No. 44	  	December 7, 2007

			
	Supplemental Agreement No. 45	  	February 20, 2008
		
	Supplemental Agreement No. 46	  	June 25, 2008
		
	Supplemental Agreement No. 47	  	October 30, 2008
		
	Supplemental Agreement No. 48	  	January 29, 2009
		
	Supplemental Agreement No. 49	  	May 1, 2009
		
	Supplemental Agreement No. 50	  	July 23, 2009
		
	Supplemental Agreement No. 51	  	August 5, 2009
		
	Supplemental Agreement No. 52	  	August 31, 2009
		
	Supplemental Agreement No. 53	  	December 23, 2009
		
	Supplemental Agreement No. 54	  	March 1, 2010
		
	Supplemental Agreement No. 55	  	March 31, 2010
		
	Supplemental Agreement No. 56	  	August 12, 2010
		
	Supplemental Agreement No. 57	  	March 2, 2011

 Table 1 to Purchase Agreement 1951 

Aircraft Deliveries and Descriptions 
 Model 737-700 Aircraft 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED
SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 

FOR CONFIDENTIAL TREATMENT] 

  

					
		  	 Page T-2-2
 Boeing Proprietary
	  	SA57

 Table 1 to Purchase Agreement 1951 

Aircraft Deliveries and Descriptions 
 Model 737-900ER Aircraft 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED
SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 

FOR CONFIDENTIAL TREATMENT] 

  

					
		  	 Page T-6-1
 Boeing Proprietary
	  	SA57

 Table 1 to Purchase Agreement 1951 

Aircraft Deliveries and Descriptions 
 Model 737-900ER Aircraft 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED
SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 

FOR CONFIDENTIAL TREATMENT] 

  

					
		  	 Page T-6-2
 Boeing Proprietary
	  	SA57

 Table 1 to Purchase Agreement 1951 

Aircraft Deliveries and Descriptions 
 Model 737-900ER Aircraft 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED
SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 

FOR CONFIDENTIAL TREATMENT] 

  

					
		  	 T-6-3
 Boeing Proprietary
	  	SA57

 1951-9R21 
 March 2, 2011 
 Continental Airlines, Inc. 

1600 Smith Street 
 Houston, Texas 77002

  

			
	Subject:	  	Letter Agreement No. 1951-9R21 to Purchase Agreement No. 1951-Option Aircraft – Model 737-724 Aircraft

Ladies and Gentlemen: 
 This Letter Agreement
amends Purchase Agreement No. 1951 dated July 23, 1996 (the Agreement) between The Boeing Company (Boeing) and Continental Airlines, Inc. (Buyer) relating to Model 737-724 aircraft (the Aircraft). This Letter Agreement supersedes and
replaces in its entirety Letter Agreement 1951-9R20 dated February 20, 2008. 
 All terms used and not defined herein shall have the same
meaning as in the Agreement. 
 In consideration of Buyer’s purchase of the Aircraft, Boeing hereby agrees to manufacture and sell
additional Model 737-724 Aircraft (the Option Aircraft) to Buyer, on the same terms and conditions set forth in the Agreement, except as otherwise described in Attachment A hereto, and subject to the terms and conditions set forth below.

  

	1.	Option Delivery Dates and Option Exercise Date. 

 The Option Aircraft will be delivered to Buyer during or before the months set forth in the Attachment B hereto. To exercise its option to purchase the Option Aircraft, Buyer shall give written notice
thereof to Boeing on or before the date [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]prior to the first business day of the applicable
delivery month listed in Attachment B (Option Exercise Date). 
  

	2.	        Price. 

 The basic price of the Option Aircraft shall [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

  

	3.	Option Aircraft Deposit. 

In consideration of Boeing’s grant to Buyer of options to purchase the Option Aircraft as set forth herein, Buyer will pay a deposit
to Boeing of [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] for each Option Aircraft (the Option Deposit), on the date of execution of this
Letter Agreement or any follow-on agreement which adds Option Aircraft to the Agreement. If Buyer exercises an option herein for an Option Aircraft, the amount of the Option Deposit for such Option Aircraft will be credited against the first advance
payment due for such Option Aircraft pursuant to the advance payment schedule set forth in Article 5 of the Agreement. 

 If Buyer does not exercise its option to purchase a particular Option Aircraft pursuant to
the terms and conditions set forth herein, Boeing shall be entitled to retain the Option Deposit for such Option Aircraft. 
  

	4.	Contract Terms. 

 Within
thirty (30) days after Buyer exercises an option to purchase Option Aircraft pursuant to paragraph 4 above, Boeing and Buyer will use their best reasonable efforts to enter into a supplemental agreement amending the Agreement to add the
applicable Option Aircraft to the Agreement as a firm Aircraft (the Option Aircraft Supplemental Agreement). 
 If the parties
have not entered into such an Option Aircraft Supplemental Agreement within the time period contemplated herein, either party shall have the right, exercisable by written or telegraphic notice given to the other within ten (10) days after such
period, to cancel the purchase of such Option Aircraft. 
  

	5.	Cancellation of Option to Purchase. 

 Either Boeing or Buyer may cancel the option to purchase an Option Aircraft if any of the following events are not accomplished by the respective dates contemplated in this Letter Agreement, or in the
Agreement, as the case may be: 
 (i) purchase of the Aircraft under the Agreement for any reason not attributable to the
cancelling party; 
 (ii) payment by Buyer of the Option Deposit with respect to such Option Aircraft pursuant to paragraph 3
herein; or 
 (iii) exercise of the option to purchase such Option Aircraft pursuant to the terms hereof. 

Any cancellation of an option to purchase by Boeing which is based on the termination of the purchase of an Aircraft under the Agreement
shall be on a one-for-one basis, for each Aircraft so terminated. 
 Cancellation of an option to purchase provided by this
letter agreement shall be caused by either party giving written notice to the other within ten (10) days after the respective date in question. Upon receipt of such notice, all rights and obligations of the parties with respect to an Option
Aircraft for which the option to purchase has been cancelled shall thereupon terminate. 
 If an option is cancelled as provided
above, Boeing shall promptly refund to Buyer, without interest, any payments received from Buyer with respect to the affected Option Aircraft. Boeing shall be entitled to retain the Option Deposit unless cancellation is attributable to Boeing’s
fault, in which case the Option Deposit shall also be returned to Buyer without interest. 
  

	6.	Applicability. 

 Except as
otherwise specifically provided, limited or excluded herein, all Option Aircraft that are added to the Agreement by an Option Aircraft Supplemental Agreement as firm Aircraft shall benefit from all the applicable terms, conditions and provisions of
the Agreement. 

 If the foregoing accurately reflects your understanding of the matters treated herein,
please so indicate by signature below. 
 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By:	 	 /s/ Susan Englander

	
	Its Attorney-In-Fact
	
	ACCEPTED AND AGREED TO this
	
	Date: March 2, 2011
	
	CONTINENTAL AIRLINES, INC.,
		
	By	 	 /s/ Gerald Laderman

	
	Its Senior Vice President - Finance and Treasurer
	
	Attachments

 Attachment A to 
 Letter Agreement 1951-9R21 
 Page 1 
 Model 737-724 Aircraft 
  

	1.	Option Aircraft Description and Changes. 

 1.1 Aircraft Description. The Option Aircraft are described by Boeing Detail Specification D019A001-H Revision H, dated as of November 18, 2005, as amended and revised pursuant to the
Agreement. 
 1.2 Changes. The Option Aircraft Detail Specification shall be revised to include: 

(1) Changes applicable to the basic Model 737-700 aircraft which are developed by Boeing between the date of the Detail Specification and
the signing of a Supplemental Agreement for the Option Aircraft. 
 (2) Changes mutually agreed upon. 

(3) Changes required to obtain a Standard Certificate of Airworthiness. 

1.3 Effect of Changes. Changes to the Detail Specification pursuant to the provisions of the clauses above shall include the
effects of such changes upon Option Aircraft weight, balance, design and performance. 
  

	2.	Price Description. 

  

	 	2.1	Price Adjustments. 

 2.1.1
Base Price Adjustments. The Base Airplane Price (pursuant to Article 3 of the Agreement) of the Option Aircraft will be adjusted to Boeing’s and the engine manufacturer’s then-current prices as of the date of execution of the
Supplemental Agreement for the Option Aircraft. 
 2.1.2 Special Features. The price for Special Features incorporated in
the Option Aircraft Detail Specification will be adjusted to Boeing’s then-current prices for such features as of the date of execution of the Supplemental Agreement for the Option Aircraft [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 
 2.1.3 Escalation
Adjustments. The Base Airframe and Special Features price will be escalated according to the applicable airframe and engine manufacturer escalation provisions contained in Exhibit D of the Agreement. 

2.1.4 Price Adjustments for Changes. Boeing may adjust the Aircraft Basic Price and the Advance Payment Base Prices for Option
Aircraft for any changes mutually agreed upon by Buyer and Boeing subsequent to the date that Buyer and Boeing enter into the Supplemental Agreement for the Option Aircraft. 

 2.1.5 BFE to SPE. An estimate of the total price for items of Buyer Furnished
Equipment (BFE) changed to Seller Purchased Equipment (SPE) pursuant to the Detail Specification is included in the Option Aircraft price build-up. The purchase price of the Option Aircraft will be adjusted by the price charged to Boeing for such
items plus 10% of such price. 
  

	3.	Advance Payments. 

 3.1 If
Buyer exercises its right under this letter agreement to acquire an Option Aircraft, Buyer shall pay to Boeing advance payments for such Option Aircraft pursuant to the schedule for payment of advance payments provided in the Agreement. 

 Attachment B to 

Letter Agreement 1951-9R21 
 Option Aircraft Delivery, Descripton, Price and Advance Payments 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 
 FOR
CONFIDENTIAL TREATMENT] 

  

					
		  	Boeing Proprietary	  	 SA57
 Page 1 of 3

 Attachment B to 

Letter Agreement 1951-9R21 
 Option Aircraft Delivery, Descripton, Price and Advance Payments 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 
 FOR
CONFIDENTIAL TREATMENT] 

  

					
		  	Boeing Proprietary	  	 SA57
 Page 2 of 3

 Attachment B to 

Letter Agreement 1951-9R21 
 Option Aircraft Delivery, Descripton, Price and Advance Payments 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 
 FOR
CONFIDENTIAL TREATMENT] 

  

					
		  	Boeing Proprietary	  	 SA57
 Page 3 of 3

 6-1162-MMF-311R7 
 March 2, 2011 
 Continental Airlines, Inc. 

1600 Smith Street 
 Houston, TX 77002 

 

			
	Subject:	  	 Letter Agreement No. 6-1162-MMF-311R7 to Purchase Agreement No. 1951

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT]

 Ladies and Gentlemen: 
 This Letter Agreement amends Purchase Agreement No. 1951 dated July 23, 1996(the Agreement) between The Boeing Company (Boeing) and Continental Airlines, Inc. (Buyer) relating to Model 737
aircraft (the Aircraft). This Letter Agreement supersedes and replaces in its entirety Letter Agreement 6-1162-MMF-311R6 dated June 25, 2008. 
 All terms used herein and in the Agreement, and not defined herein, will have the same meaning as in the Agreement. 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 

 

	5.	Confidential Treatment. 

Boeing and Buyer agree that certain commercial and financial information contained in this Letter Agreement is confidential and subject to
the confidentiality provisions of Letter Agreement 6-1162-MMF-308R6, “Disclosure of Confidential Information.” 
 If
this Letter Agreement correctly states your understanding of the matters treated herein, please so indicate by signature below. 

  

					
	 PA No. 1951
	  		  	SA 57

 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By	 	 /s/ Susan Englander

	
	Its Attorney-In-Fact
	
	ACCEPTED AND AGREED TO this

 Date:
March 2, 2011 
  

			
	CONTINENTAL AIRLINES, INC.
		
	By	 	 /s/ Gerald Laderman

	
	Its Senior Vice President - Finance

 Attachment A to 
 Letter Agreement 6-1162-MMF-311R7 
 Date: March 2, 2011 

Continental Airlines, Inc. 
 1600 Smith Street

 Houston, TX 77002 
  

			
	Attention:	  	Technical Department
		
	Reference:	  	 Letter Agreement 6-1162-MMF-311R6 to
 Boeing/CAL Purchase Agreement 1951

	
	Transmitted by Facsimile:     TBD

 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 

Very truly yours, 
 THE BOEING COMPANY

  

			
	By:    	 	 /s/ Susan Englander

	
	Its:    Attorney-In-Fact

  

					
	 PA No. 1951
	  		  	SA 57

 Attachment B to 
 Letter Agreement 6-1162-MMF-311R7 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED
SEPARATELY WITH 
 THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST 

FOR CONFIDENTIAL TREATMENT] 

  

					
	 PA No. 1951
	  		  	SA 57

 March 2, 2011 
 6-1162-GOC-131R11 
 Continental Airlines, Inc. 

1600 Smith Street 
 Houston, Texas 77002

  

			
	 Subject:
	  	Letter Agreement No. 6-1162-GOC-131R11 to Purchase
		  	Agreement No. 1951 - Special Matters

 Ladies and
Gentlemen: 
 This Letter Agreement amends Purchase Agreement No. 1951 dated as of July 23, 1996 (the Agreement) between The Boeing
Company (Boeing) and Continental Airlines, Inc. (Buyer) relating to Model 737 aircraft (the Aircraft). This Letter Agreement supersedes and replaces in its entirety Letter Agreement 6-1162-GOC-131R10 dated June 25, 2008. 

All terms used herein and in the Agreement, and not defined herein, will have the same meaning as in the Agreement. 

 

	1.	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

  

	2.	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]Advance
Payment Schedule. 

 2.1 Firm Aircraft. [CONFIDENTIAL MATERIAL OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 

2.2 Option Aircraft and follow-on Firm. [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 

  

					
	 P.A. No. 1951
	  	Boeing Proprietary	  	SA57

	3.	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

  

	4.	Option Aircraft. 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT] 
  

	5.	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

  

	6.	Assignment of Credits. 

Buyer may not assign the credit memoranda described in this Letter Agreement without Boeing’s prior written consent [CONFIDENTIAL
MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 
  

	7.	Confidential Treatment. 

Boeing and Buyer understand that certain information contained in this Letter Agreement, including any attachments hereto, are considered
by both parties to be confidential. Notwithstanding the provisions of Letter Agreement 6-1162-MMF-308R4, Boeing and Buyer agree that each party will treat this Letter Agreement and the information contained herein as confidential and will not,
without the other party’s prior written consent, disclose this Letter Agreement or any information contained herein to any other person or entity except as may be required by applicable law or governmental regulations. 

  

					
	 P.A. No. 1951
	  		  	SA57

 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By	 	/s/ Susan Englander
	
	Its Attorney-In-Fact

 ACCEPTED AND AGREED
TO this 
 Date: March 2, 2011 
  

			
	CONTINENTAL AIRLINES, INC.
		
	By	 	/s/ Gerald Laderman
	
	Its Senior Vice President – Finance and Treasurer

  

					
	 P.A. No. 1951
	  		  	SA57

 6-1162-MSA-768R1 
 March 2, 2011 
 CONTINENTAL AIRLINES, INC. 

1600 Smith Street 
 Houston, Texas 77002

  

			
	Subject:	  	Letter Agreement No. 6-1162-MSA-768R1 to
		  	Purchase Agreement No. 1951 –
		  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH
		  	THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
		  	REQUEST FOR CONFIDENTIAL TREATMENT] Model 737-924ER Aircraft
		  	(delivering prior to May 2012)

 Ladies and Gentlemen:

 This Letter Agreement amends Purchase Agreement No. 1951 dated as July 23, 1996 (the Agreement) between THE BOEING COMPANY (Boeing)
and CONTINENTAL AIRLINES, INC. (Buyer) relating to Model 737-924ER aircraft (the Aircraft). This Letter Agreement supersedes and replaces in its entirety Letter Agreement 6-1162-MSA-768 dated August 3, 2006. 

All terms used herein and in the Agreement, and not defined herein, will have the same meaning as in the Agreement. 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT] 
 3. Confidential Treatment. Buyer understands that certain commercial and financial information contained in this Letter
Agreement including any attachments hereto is considered by Boeing as confidential. Buyer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing,
disclose this Letter Agreement or any information contained herein to any other person or entity except as provided in Letter Agreement 6-1162-MMF-308R4. 

  

					
	 P.A. No. 1951
	  		  	SA 57

 Very truly yours, 
 THE BOEING COMPANY 
  

			
	By	 	 /s/ Susan Englander

 Its Attorney-In-Fact  
 ACCEPTED AND AGREED TO this 

Date: March 2, 2011 
 CONTINENTAL
AIRLINES, INC. 
  

			
	By	 	 /s/ Gerald Laderman

 Its Senior Vice President – Finance and Treasurer 
 Attachment 

  

					
	 P.A. No. 1951
	  		  	SA 57

 Attachment to 6-1162-RCN-1890 

Update No. 4 
  

																	
	 Aircraft
 No.
	  	 EWA No. *
	  	 Estimated Flight Test Hrs.
	  	 Scheduled
Delivery Month
	  	 Revised
Delivery
Month
	  	 Wheels, tires,
brakes
replaced?
	  	 Engines
Borescoped?
	  	 Test Program $ Value
	  	 Test Program $
Balance

	3138/YJ571	  	 Y3333-003

Y3232-008
 Y3290-001

Y3242-021
 Y3013-053

Y2227-004
 Y3243-048
	  	No greater than [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	Jan-2010	  	Aug-2010	  	No	  	Yes	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
									
	3138/YJ571	  	 Y3243-046

Y3243-045
	  	No greater than [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	Jan-2010	  	Aug-2010	  	No	  	Yes	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
									
	3138/YJ571	  	 Y3243-050

Y3243-022
 Y3230-024
	  	No greater than [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	Jan-2010	  	Aug-2010	  	No	  	Yes	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
									
	3464/YR201	  	Y3243-051	  	No greater than [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	Aug-2011	  	Aug-2011	  	No	  	N/A test engines will be installed on this aircraft	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
									
	3393/YH131	  	Y3243-050	  	No greater than [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	Jun-2010	  	Dec-2010	  	No	  	No	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT]

																	
	3393/YH131	  	Y3230-025	  	No greater than [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	Jun-2010	  	Dec-2010	  	No	  	No	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]	  	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

 

	*	EWA is the Boeing Engineering Work Authorization form number. Such form contains the test description and will be provided to Customer concurrent with this attachment.

  

			
	Approved by:
	
	CONTINENTAL AIRLINES, INC.
		
	By	 	 /s/ Gerald Laderman

		
	Its	 	Senior vice President-Finance

 6-1162-SEE-0361 
 March 2, 2011 
 CONTINENTAL AIRLINES, INC. 

1600 Smith Street 
 Houston, Texas 77002

  

			
	Subject:	 	Letter Agreement No. 6-1162-SEE-0361 to
		 	Purchase Agreement No. 1951 –
		 	[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH
		 	THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
		 	REQUEST FOR CONFIDENTIAL TREATMENT]- Model 737-924ER

Aircraft (Aircraft delivering May 2012 and on) 

Ladies and Gentlemen: 
 This Letter Agreement
amends Purchase Agreement No. 1951 dated as July 23, 1996 (the Agreement) between THE BOEING COMPANY (Boeing) and CONTINENTAL AIRLINES, INC. (Buyer) relating to Model 737-924ER aircraft (the Aircraft) delivering in May 2012 or later.

 All terms used herein and in the Agreement, and not defined herein, will have the same meaning as in the Agreement. 

The attached performance guarantees reflect current configuration and changes to the Aircraft resulting from 2011 performance improvements. 

[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]

 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT] 
 3. Confidential Treatment. Buyer understands that certain commercial and financial information contained in this Letter
Agreement including any attachments hereto is considered by Boeing as confidential. Buyer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing,
disclose this Letter Agreement or any information contained herein to any other person or entity except as provided in Letter Agreement 6-1162-MMF-308R4. 

  

					
	 P.A. No. 1951
	  		  	SA57

 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By	 	 /s/ Susan Englander

	
	Its Attorney-In-Fact

			
	
	ACCEPTED AND AGREED TO this
	
	Date: March 2, 2011

			
	
	CONTINENTAL AIRLINES, INC.

			
		
	By	 	 /s/ Gerald Laderman

	
	Its Senior Vice President – Finance and Treasurer
	
	Attachment

  

					
	 P.A. No. 1951
	  		  	SA 57

 Attachment to Letter Agreement 
 No. 6-1162-SEE-0360 
 [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] 

  

					
	P.A. No. 1951	  	BOEING PROPRIETARY	  	SA 57Common Share Purchase Warrant

 Exhibit 4.4 
 THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE HOLDING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT IN A TRANSACTION COMPLETED IN ACCORDANCE WITH THE REGISTRATION STATEMENT, (B) TO THE CORPORATION, (C) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE CORPORATION AN OPINION
OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JANUARY 1, 2011.

 COMMON SHARE PURCHASE WARRANTS 
 THESE WARRANTS WILL BE VOID AND OF NO VALUE UNLESS EXERCISED BEFORE 4:00 P.M. (CENTRAL STANDARD TIME) ON SEPTEMBER 1, 2013 

TRANSATLANTIC PETROLEUM LTD. 
 (Incorporated under Bermuda Companies Act 1981) 
  

					
	CERTIFICATE NO.    W-1  	 	    	  	7,300,000    Warrants  

 THIS IS TO CERTIFY THAT, FOR VALUE RECEIVED, 

Dalea Partners, LP 
 4801 Gaillardia Parkway, Suite 350 
 Oklahoma City, Oklahoma 73142

 (the “holder”) is entitled to subscribe for and purchase, upon and subject to the terms and conditions hereinafter set
forth, one fully paid and non-assessable Common Share (a “Common Share”) in the capital of TransAtlantic Petroleum Ltd. (the “Corporation”) for each whole warrant (a “Warrant”) represented hereby,
at any time on or after the date hereof but prior to 4:00 p.m. (Central Standard Time) on September 1, 2013 (the “Time of Expiry”) at and for a price of US$6.00 per Common Share (the “Exercise Price”), all
subject to adjustment and upon the terms and conditions provided herein. 
 The right to purchase Common Shares hereunder may be exercised
during the period herein specified by: 
  

	1.	completing, in the manner indicated, and executing the attached exercise form for that number of Common Shares which the holder is entitled and wishes to purchase;

  

	2.	surrendering this Warrant Certificate to the Corporation at its principal office at 5910 N. Central Expressway, Suite 1755, Dallas, Texas 75206, or at such other
address as the Corporation may designate from time to time by notice to the holder; and 

	3.	paying the appropriate subscription price for the Common Shares so subscribed for either by bank draft, certified check or money order payable in immediately available
funds at par in United States funds to or to the order of the Corporation or complying with the cashless exercise provisions set forth in the following paragraph. 

 In lieu of exercising this Warrant Certificate by means of paying via bank draft, certified check or money order, the holder may exercise this Warrant Certificate by a cashless exercise and shall receive
the number of Common Shares equal to an amount (as determined below) by surrender of this Warrant Certificate at the principal office of the Corporation together with the properly endorsed exercise form in the form attached hereto in which event the
Corporation shall issue to the holder a number of Common Shares computed using the following formula: 
 X = Y(A-B)/A

 where X = the number of Common Shares issued to the holder; 

 

	 	Y =	the number of Common Shares purchasable (or portion thereof) under this Warrant Certificate that are being exercised at the date of the calculation;

  

	 	A =	the Current Market Price of the Common Shares of the Corporation at the date of the calculation; and 

 

	 	B =	the Exercise Price on the date of the calculation 

 Upon surrender and payment via bank draft, certified check, money order or cashless exercise as aforesaid, the Corporation will, subject to the terms hereof, issue to the person or persons named in the
exercise form the number of Common Shares subscribed for and such person or persons will be shareholders of the Corporation in respect of such Common Shares as at the date of surrender and payment notwithstanding any delay in the issuance of a share
certificate in respect thereof. Within five business days after surrender and payment, the Corporation will mail to such person or persons, at the address or addresses specified in the exercise form, a certificate or certificates evidencing the
Common Shares subscribed for, or if requested by the holder, make available for pick-up at the Corporation’s office such certificate or certificates within five business days of the satisfaction of the exercise requirements herein. If the
holder subscribes for a number of Common Shares which is less than the maximum number of Common Shares which could be subscribed for as the result of the exercise of all of the Warrants evidenced by this Warrant Certificate, the holder shall be
entitled to receive a new Warrant Certificate (substantially in the form hereof) for that number of the Warrants not exercised so as to allow the purchase of those Common Shares that might have been subscribed for hereunder but which were not then
subscribed for and purchased by the holder. 
 In no event shall fractional Common Shares be issued in connection with the exercise of the
Warrants evidenced by this Warrant Certificate. In lieu of a fractional Common Share that would otherwise be issuable upon an exercise of the Warrants, there shall be paid to the holder by the Corporation, within ten business days after the date of
surrender of this Warrant Certificate and satisfaction of the exercise requirements herein, an amount in lawful money of the United States equal to the then current market value of such fractional share computed on the basis of the Current Market
Price (as defined below) of the Common Shares on such date of exercise, provided that the Corporation shall not be required to make any payment, calculated as aforesaid, that is less than US$10.00. 

“Current Market Price” of the Common Shares at any date means the volume weighted average trading price per share for such shares for
the 10 consecutive Trading Days immediately preceding such date on 

  
 -2-

 
the NYSE Amex or, if on such date the Common Shares are not listed on the NYSE Amex, on such stock exchange upon which such shares are listed and as selected by the directors of the Corporation,
or, if such shares are not listed on any stock exchange, then on such over-the-counter market as may be selected for such purpose by the directors of the Corporation, and, in the event the Common Shares do not trade on any over-the-counter market,
then in such manner as the directors of the Corporation determine, having regard to the parity and equality of the interests of the holders of Common Shares in the Corporation, and “Trading Days” means, with respect to a stock
exchange, a day on which such exchange is open for the transaction of business and with respect to an over-the-counter market, a day on which the NYSE Amex is open for the transaction of business. 

The Warrants evidenced by this Warrant Certificate are exercisable at any time and from time to time up to, but not after, the Time of Expiry, upon
payment in the manner and at the place provided for above. 
 Nothing contained herein shall confer on the holder or any other person any right
to subscribe for or purchase shares in the capital of the Corporation at any time subsequent to the Time of Expiry and, from and after such time, the Warrants evidenced by this Warrant Certificate and all rights hereunder shall expire and be of no
further force or effect. 
 If this Warrant Certificate is stolen, lost, mutilated or destroyed, the Corporation shall, on such reasonable terms
as to indemnity or otherwise as it may impose, deliver a replacement Warrant Certificate of like denomination, tenor and date as the Warrant Certificate so stolen, lost, mutilated or destroyed. 

The Warrants evidenced by this Warrant Certificate shall not entitle the holder to any rights whatsoever as a shareholder of the Corporation. 

The Exercise Price or the number of Common Shares or other securities or property purchasable upon exercise of the Warrants shall be subject to
adjustment from time to time in the events and in the manner provided for below: 
  

	 	(a)	If and whenever at any time after the date hereof and prior to the Time of Expiry the Corporation shall: 

 

	 	(i)	issue Common Shares (or securities convertible into Common Shares with no payment therefor (“Convertible Securities”)) as a stock dividend or make a
distribution on its outstanding Common Shares payable in Common Shares or Convertible Securities; 

  

	 	(ii)	subdivide, redivide or change its outstanding Common Shares into a greater number of shares; or 

 

	 	(iii)	consolidate, reduce or combine its outstanding Common Shares into a smaller number of shares; 

(each of the events enumerated in the clauses (i), (ii) and (iii), above, being hereinafter referred to as a “Common
Share Reorganization”), the Exercise Price shall be adjusted effective immediately after the record date or effective date, as the case may be, which is used to determine the holders of outstanding Common Shares for the happening of a
Common Share Reorganization, by multiplying the Exercise Price in effect immediately prior to such record date or effective date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such record date or effective
date before giving effect to such Common Share Reorganization, and the denominator of which shall 

  
 -3-

 
be the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization (including, in the case of an issuance or distribution of Convertible Securities,
the number of Common Shares that would have been outstanding had such securities been converted into Common Shares on such date). 
 To the extent that any adjustment in the Exercise Price occurs pursuant to this paragraph (a) as a result of the fixing by the Corporation of a record date for the distribution of Convertible
Securities, the Exercise Price shall be readjusted immediately after the expiry of any relevant conversion right to the Exercise Price which would then be in effect based upon the number of Common Shares actually issued and remaining issuable after
such expiry and shall be further readjusted in such manner upon the expiry of any further such right. 
 If and whenever at any
time after the date hereof and prior to the Time of Expiry a Common Share Reorganization shall occur and any such event results in an adjustment in the Exercise Price, the number of Common Shares purchasable pursuant to each of the Warrants
evidenced by this Warrant Certificate shall be adjusted contemporaneous with the adjustment of the Exercise Price, by multiplying the number of Common Shares theretofore purchasable on the exercise thereof by a fraction, the numerator of which shall
be the Exercise Price in effect immediately prior to such adjustment and the denominator of which shall be the Exercise Price resulting from such adjustment. 
  

	 	(b)	If and whenever at any time after the date hereof and prior to the Time of Expiry, the Corporation shall fix a record date for the issuance of rights, options or
warrants to all or substantially all of the holders of the outstanding Common Shares, pursuant to which such shareholders are entitled, directly or indirectly, during a period expiring not more than 45 days after such record date (the
“Rights Period”), to subscribe for or purchase (x) Common Shares at a price per share to the shareholder less than 90% of the Current Market Price for the Common Shares on such record date or (y) securities (in this
paragraph (b) referred to as “Exchangeable Securities”) exchangeable for or convertible into Common Shares at an effective subscription price per Common Share (giving effect to the terms of such subscription or purchase and of
such exchange or conversion privilege) less than 90% of the Current Market Price for the Common Shares on such record date (any of such events being hereinafter called a “Rights Offering”), then the Exercise Price shall be adjusted
effective immediately after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction: 

 

	 	(i)	the numerator of which shall be the aggregate of: 

  

	 	(A)	the number of Common Shares outstanding as of the record date for the Rights Offering, and 

 

	 	(B)	a number determined by dividing: (I) either (1) the product of the number of Common Shares actually issued upon the exercise of the rights, warrants, or
options distributed under the Rights Offering and the price per share at which such Common Shares are acquired; or, as the case may be, (2) the product of the effective subscription price of the Exchangeable Securities and the number of Common
Shares issuable under such Exchangeable Securities distributed under the Rights Offering; by (II) the Current Market Price of the Common Shares as of the record date for the Rights Offering; and 

  
 -4-

	 	(ii)	the denominator of which shall be the number of Common Shares outstanding immediately after the end of the Rights Period (after giving effect to the Rights Offering,
including the number of Common Shares actually issued upon exercise of the rights, warrants or options distributed under the Rights Offering and the number of Common Shares issuable if all Exchangeable Securities actually issued under the Rights
Offering were exchanged for or converted into Common Shares). 

 To the extent that Exchangeable Securities are not
exchanged for or converted into Common Shares prior to the expiry thereof, the Exercise Price as determined pursuant to this paragraph (b) will be readjusted to the Exercise Price which would be in effect based upon the number of Common Shares
(or other securities) actually delivered on the exchange or conversion of such Exchangeable Securities. 
 Any Common Shares
owned by or held for the account of the Corporation or any subsidiary (as defined in the Bermuda Companies Act 1981) of the Corporation shall be deemed not to be outstanding for the purpose of any such computation. 

 

	 	(c)	If and whenever at any time after the date hereof and prior to the Time of Expiry the Corporation shall fix a record date for the issue or the distribution to all or
substantially all of the holders of one or more classes of outstanding Common Shares of: (i) shares of the Corporation of any class other than Common Shares; (ii) rights, options or warrants to acquire Common Shares or securities
exchangeable for or convertible into Common Shares (excluding those exercisable for a period expiring not more than 45 days after such record date and excluding those with a price per share (or having an effective exchange or conversion price or
exercise price per share) not less than the Current Market Price of the Common Shares on such record date); (iii) evidences of indebtedness; or (iv) any property or other assets (including cash), and if such issuance or distribution does
not constitute a Common Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a “Special Distribution”), the Exercise Price shall be adjusted effective immediately after such record date to a
price determined by multiplying the Exercise Price in effect on such record date by a fraction: 

  

	 	(i)	the numerator of which shall be: 

  

	 	(1)	the product obtained when the number of Common Shares outstanding on such record date is multiplied by the Current Market Price of the Common Shares on such record
date; less 

  

	 	(2)	the fair market value, as determined by resolution of the directors of the Corporation (whose determination shall be conclusive), to the holders of the Common Shares of
the shares, rights, options, warrants, evidences of indebtedness or property or other assets issued or distributed in the Special Distribution less the fair market value, as determined by resolution of the directors of the Corporation (whose
determination shall be conclusive) of the consideration, if any, received therefor by the Corporation; and 

  
 -5-

	 	(ii)	the denominator of which shall be the product obtained when the number of Common Shares outstanding on such record date is multiplied by the Current Market Price of the
Common Shares on such record date. 

 To the extent that such distribution is not so made, the Exercise Price shall
be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or to the Exercise Price which would then be in effect based upon such shares or rights, options or warrants or evidences of indebtedness or
assets actually distributed. 
 Any Common Shares owned by or held for the account of the Corporation or any subsidiary (as
defined in the Bermuda Companies Act 1981) of the Corporation shall be deemed not to be outstanding for the purpose of any such computation. 
  

	 	(d)	If and whenever at any time after the date hereof and prior to the Time of Expiry there shall be a reclassification of the Common Shares at any time outstanding or a
change of the outstanding Common Shares into other securities (other than a Common Share Reorganization), or a consolidation, arrangement, amalgamation, merger or other reorganization of the Corporation with or into any other corporation or other
entity (other than a consolidation, arrangement, amalgamation, merger or other reorganization which does not result in any reclassification of the outstanding Common Shares or a change of the Common Shares into other shares but, for greater
certainty, including any continuance to a jurisdiction outside of Bermuda), or a transfer, sale or conveyance of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to another corporation or other entity (any
of such events being herein called a “Capital Reorganization”), the holder, upon any exercise of its right hereunder to purchase Common Shares after the effective date of such Capital Reorganization, shall be entitled to receive,
and shall accept, for the same aggregate consideration, in lieu of the number of Common Shares to which the holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which the holder would
have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the holder had been the registered holder of the number of Common Shares that the holder was theretofore entitled to acquire upon such
exercise. The Corporation shall, acting reasonably, give effect to this provision by requiring such successor entity to (prior to or contemporaneously with any such Capital Reorganization), enter into an agreement or new Warrant Certificate which
shall provide, to the extent possible, for the application of the provisions set forth in this Warrant Certificate with respect to the rights and interests thereafter of the holder to the end that the provisions set forth in this Warrant Certificate
shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares, other securities or property to which the holder is entitled on the exercise of its acquisition rights thereafter and upon entering into
such new Warrant Certificate or agreement and the completion of such Capital Reorganization, the Corporation shall cease to have any obligations (including the obligation to issue any Common Shares) hereunder and the holder shall cease to have any
rights hereunder; provided that if the Corporation enters into a Capital Reorganization that includes any continuance to a jurisdiction outside of Bermuda, the new Warrant Certificate shall be governed by the laws of such new jurisdiction. Any
Warrant Certificate or agreement entered into between the Corporation, any successor to the Corporation or such successor entity shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in
this paragraph and which shall apply to successive Capital Reorganizations. 

  
 -6-

	 	(e)	The adjustments to the Exercise Price and number or type of Common Shares or other securities or property of the Corporation provided for herein are cumulative and such
adjustments shall be made successively whenever any of the relevant events referred to herein shall occur. For purposes of the adjustments set forth above, the following provisions shall apply: 

 

	 	(i)	no adjustment in the Exercise Price shall be required unless such adjustment would result in a change of at least 1% of the then prevailing Exercise Price and no
adjustment shall be made pursuant to paragraph (a) in the number of Common Shares purchasable upon exercise of any of the Warrants evidenced hereby unless a corresponding adjustment to the Exercise Price is required hereunder; provided,
however, that any adjustment which, except for the provisions of this clause (i), would otherwise have been required to be made, shall be carried forward and taken into account in any subsequent adjustment; 

 

	 	(ii)	if a dispute shall at any time arise with respect to adjustments provided for herein, such dispute shall be conclusively determined by the Corporation’s auditors
(except in cases where any determination relating to adjustments is to be made by the board of directors of the Corporation) or, if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by
action of the directors and any such determination shall be binding upon the Corporation and the holder; 

  

	 	(iii)	if the Corporation shall set a record date to determine holders of outstanding Common Shares entitled to receive any dividend or distribution or any subscription or
purchase rights and shall, thereafter and before the distribution to such shareholders of any such dividend, distribution or subscription or purchase rights, abandon its plan to pay or deliver such dividend, distribution, subscription or purchase
rights, then no adjustment in the Exercise Price or the number of Common Shares purchasable upon exercise of any of the Warrants evidenced hereby shall be required solely by reason of the setting of such record date; 

 

	 	(iv)	in the absence of a resolution of the directors fixing a record date for a Common Share Reorganization, Rights Offering or Special Distribution, the Corporation shall
be deemed to have fixed as the record date therefor the date on which the Common Share Reorganization, Rights Offering or Special Distribution is effected; and 

 

	 	(v)	as a condition precedent to the taking of any action which would require any adjustment in any attribute of the Warrants, including the Exercise Price and the number or
class of shares or other securities which are to be received upon the exercise thereof, the Corporation shall take any corporate action which may, in the opinion of counsel, be necessary in order that the Corporation have unissued and reserved in
its authorized capital and may validly and legally issue as fully paid and non-assessable all shares or other securities that the holder is entitled to receive on the total exercise thereof in accordance with the provisions thereof.

  

	 	(f)	 No adjustment in the Exercise Price or in the number of Common Shares purchasable upon exercise shall be made in respect of any event described in
paragraphs (a), (b), (c) or (d) other than the events referred to in clauses (ii) and (iii) of paragraph (a), if the holder of Warrants is entitled to participate in such event on the same terms mutatis 

  
 -7-

	 	 
mutandis as if such holder had exercised such holder’s Warrants and acquired Common Shares, prior to or on the effective date or record date of such event; provided that such
participation shall be subject to receipt of all necessary regulatory approvals. 

  

	 	(g)	In any case in which the terms of the Warrants evidenced by this certificate shall require that an adjustment become effective as of a particular time, the Corporation
may defer issuing to the holder in respect of any Warrants exercised after the record date for the event giving rise to the adjustment and before the event the kind and amount of shares, warrants or other securities to which the holder would be
entitled upon such exercise by reason of the relevant adjustment, provided, however, that the Corporation shall deliver to the holder an appropriate instrument evidencing such holder’s right, upon the occurrence of the event requiring the
adjustment, to the relevant adjustment. 

  

	 	(h)	If the purchase price provided for in any right, warrant, option or other convertible security issued as described in subsection (b) or (c) is decreased, or
the rate of conversion at which any convertible securities which are issued as described in subsection (b) or (c) is increased, the Exercise Price shall forthwith be changed so as to decrease the Exercise Price to such Exercise Price as
would have been obtained had the adjustment made in connection with the issuance of all such rights, options or securities been made upon the basis of such purchase price as so decreased or such rate as so increased. Likewise, if the purchase price
provided for in any right, warrant, option or other convertible security issued as described in subsection (b) or (c) is increased, or the rate of conversion at which any convertible securities which are issued as described in subsection
(b) or (c) is decreased, the Exercise Price shall forthwith be changed so as to increase the Exercise Price to such Exercise Price as would have been obtained had the adjustment made in connection with the issuance of all such rights,
options or securities been made upon the basis of such purchase price as so increased or such rate as so decreased. 

 On the
happening of each and every event referred to above that gives rise to an adjustment, the applicable provisions of these Warrants shall, ipso facto, be deemed to be amended accordingly and the Corporation shall take all necessary action so as to
comply with such provisions as so amended. The Corporation shall promptly send to the holder notice of any and all adjustments hereunder as well as any adjustment to the Common Shares of the Corporation pursuant to the terms of the
Corporation’s Memorandum of Continuance and Bye-Laws. 
 The Corporation covenants that, so long as any Warrants remain outstanding it will
give notice to the holder of its intention to fix a record date that is prior to the Expiry Time for any event referred to in subsections (a)(i), (b), (c) or (d) hereof which may give rise to an adjustment in the number of Common Shares to
be received on exercise or the Exercise Price. Such notice shall specify the particulars of such event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as
shall have been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 15 days prior to such applicable record date. The Corporation covenants that it will not close its transfer books or
take any other corporate action which might deprive the holder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 15 days after the giving of the notices set forth in this paragraph. 

Subject to compliance with all securities laws in regard thereto, the Warrants represented by this Warrant Certificate and all rights granted hereunder
shall be assignable and transferable to any party by the holder hereof. Subject to compliance with all securities laws in regard thereto, the holder of this Warrant Certificate may at any time prior to the Expiry Time, upon delivery to the
Corporation (in the same manner as provided for exercise) of this Warrant Certificate and a duly completed and executed transfer 

  
 -8-

 
in the form as attached hereto (the “Transfer Form”), and upon payment of reasonable charges of the Corporation (if requested), transfer and re-register the Warrants represented
by this Warrant Certificate into the name of another holder. The Corporation reserves the right to require evidence, to its sole reasonable satisfaction, of compliance with all applicable securities laws prior to giving effect to any assignment or
transfer of the Warrants represented hereby. 
 Within 14 days of receipt of this Warrant Certificate and the duly completed and executed
Transfer Form and evidence of compliance with applicable securities law, as provided for above, the Corporation will cause to be mailed or delivered to such person or persons at the address or addresses specified in the Transfer Form, a certificate
or certificates evidencing the number of Warrants to be transferred. 
 Any notice to the holder shall be valid and effective if delivered or
sent by courier or ordinary post to the holder at the address appearing on the face page hereof. 
 Notwithstanding any provision to the
contrary contained herein, no Common Shares will be issued pursuant to the exercise of any Warrant if the issuance of such securities would constitute a violation of the securities laws of any applicable jurisdiction, and the certificates evidencing
the Common Shares thereby issued may bear such legend as may, in the opinion of legal counsel to the Corporation, be necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or to comply with the requirements of
any stock exchange on which the Common Shares of the Corporation are listed, provided that, at any time, in the opinion of legal counsel to the Corporation, such legends are no longer necessary in order to avoid a violation of any such laws, or the
holder of any such legended certificate, at that holder’s expense, provides the Corporation with evidence satisfactory in form and substance to the Corporation (which may include an opinion of legal counsel satisfactory to the Corporation) to
the effect that such holder is entitled to sell or otherwise transfer such Common Shares in a transaction in which such legends are not required, such legended certificate may thereafter be surrendered to the Corporation in exchange for a
certificate which does not bear such legend. 
 The Corporation represents and warrants that it is duly authorized to create and deliver these
Warrants and to issue the Common Shares that may be issued hereunder and that these Warrants, when signed by the Corporation as herein provided, will be a valid obligation of the Corporation enforceable against the Corporation in accordance with the
provisions hereof. The Corporation hereby covenants and agrees that, subject to the provisions hereof, it will cause the Common Shares from time to time duly subscribed for and purchased in the manner herein provided, and the certificates evidencing
such Common Shares, to be duly issued and delivered, and that at all times up to and including the Time of Expiry, while these Warrants remain outstanding, it shall have sufficient authorized capital to satisfy its obligations hereunder should the
holder determine to exercise the right in respect of all the Common Shares for the time being purchasable pursuant to the Warrants. All Common Shares issued upon the exercise of the right to purchase herein provided (upon payment therefor of the
amount at which such Common Shares may at the time be purchased pursuant to the provisions hereof), shall be issued as fully paid and non-assessable Common Shares. 
 The Corporation represents and warrants that it has requested that the Common Shares issuable hereunder be listed and posted for trading on the Toronto Stock Exchange and NYSE Amex and has received the
conditional approval of the Toronto Stock Exchange and NYSE Amex therefor. The Corporation covenants to use its reasonable best efforts to ensure that the conditions set forth in such approvals are satisfied as soon as practicable. 

Time shall be of the essence hereof. 

  
 -9-

 The Warrants evidenced by this Warrant Certificate shall be governed by and construed in accordance with the
laws of the State of Texas applicable therein and shall be treated in all respects as a State of Texas contract. 
 The Warrants evidenced by
this Warrant Certificate shall not be valid for any purpose whatsoever until signed by the Corporation. 
 IN WITNESS WHEREOF the
Corporation has caused this Warrant Certificate to be executed and delivered by its proper officer, duly authorized in that regard. 

DATED as of the 1st day of September, 2010. 
  

			
	TRANSATLANTIC PETROLEUM LTD.
		
	Per:	 	 /s/ Jeffrey S. Mecom

  
 -10-

 EXERCISE FORM 
 TO:            TRANSATLANTIC PETROLEUM LTD. 
 The undersigned holder of the within Warrants hereby exercises the right to acquire              Common Shares, par value $0.01, in the
capital of TransAtlantic Petroleum Ltd., on the terms specified in the within Warrant Certificate. 
 The undersigned intends that payment of
the Exercise Price shall be made as (check one): 
  

			
	Cash Exercise	  	 ̈
	Cashless Exercise	  	 ̈

 If the
holder has elected a Cash Exercise, the holder shall pay the sum of $         by bank draft, certified check or money order to the Corporation in accordance with the terms of the Warrant Certificate.

 If the holder has elected a Cashless Exercise, a certificate shall be issued to the holder for the number of shares equal to the whole number
portion of the product of the calculation set forth below, which is                     . 

X = Y(A-B)/A 
 Where: 
  

	 	X =	the number of Common Shares to be issued to the holder; 

  

	 	Y =	the number of Common Shares purchasable (or portion thereof) under this Warrant Certificate that are being exercised (write number in blank):
                    ; 

  

	 	A =	the Current Market Price (as defined in the Warrant Certificate) of the Common Shares of the Corporation (write number in blank):
                    ; and 

  

	 	B =	the Exercise Price: US$6.00 per share (as adjusted from time to time as provided in the Warrant Certificate) 

The undersigned represents, warrants and certifies as follows (one of the following must be checked): 

 

					
	 ̈	  	A.	  	The undersigned holder (i) at the time of exercise of this Warrant is not in the United States; (ii) is not a “U.S. person” as defined in Regulation S under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and is not exercising this Warrant on behalf of a “U.S. person”; (iii) did not execute or deliver this Exercise Form in the United States; (iv) agrees
to resell the Common Shares only in accordance with the provisions of Regulation S under the U.S. Securities Act, pursuant to registration under the U.S. Securities Act or pursuant to an available exemption from registration; and (v) agrees not to
engage in hedging transactions with regard to the Common Shares unless in compliance with the U.S. Securities Act.
			
	 ̈	  	B.	  	The undersigned holder (i) originally acquired the Warrants on its own behalf directly from the Corporation at a time when the holder was an accredited investor, as defined in Rule
501(a) under the U.S. Securities Act (an “Accredited Investor”); (ii) is exercising the Warrants solely for its own account and not on behalf of any other person; and (iii) is an Accredited Investor on the date hereof.
			
	 ̈	  	C.	  	An exemption from registration under the U.S. Securities Act and any applicable state securities law is available, and attached hereto is an opinion of counsel to such effect, it
being understood that any opinion of counsel tendered in connection with the exercise of Warrants must be in form and substance satisfactory to the Corporation.

 The undersigned holder understands that (i) the certificate representing the Common Shares will bear a
legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available; and (ii) Common Shares will not be registered or delivered to an address in
the United States unless box B or box C is checked. 
 The undersigned hereby directs that the Common Shares hereby subscribed for be issued and
delivered as follows: 
  

					
	 Name in Full
	 	 Address in Full
	 	 Number of Shares

OR 
  

	 ̈	held for pick-up at the office of the Corporation 

 (Please state full names in which share certificates are to be issued, stating whether Mr., Mrs. or Miss) 
 DATED this      day of         ,         . 

 

	
	  

	(Signature of Subscriber)

Instructions: 
  

	1.	The registered holder may exercise its right to receive Common Shares by completing this form and surrendering this form and the Warrant Certificate representing the
Warrants being exercised to the Corporation at its principal office. 

  

	2.	If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the registered holder of the Certificate, the signature of such
holder on the Exercise Form must be guaranteed by a chartered bank, a trust company or a member firm of an approved signature guarantee medallion program. The guarantor must affix a stamp bearing the actual words: “SIGNATURE
GUARANTEED”. 

  

	3.	If the Exercise Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or
representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Corporation. 

  
 -12-

 TRANSFER FORM 
 TO:            TRANSATLANTIC PETROLEUM LTD. 
 FOR VALUE RECEIVED, the undersigned holder of the within Warrants hereby sells, assigns and transfers to
                    ,
                     Warrants of TransAtlantic Petroleum Ltd. registered in the name of the undersigned on the records of the Corporation and
irrevocably appoints                     , the attorney of the undersigned, to transfer the said securities on the books or register with full
power of substitution. 
 The undersigned hereby directs that the Warrants hereby transferred be issued and delivered as follows: 

 

					
	 Name in Full
	 	 Address in Full *
	 	
Number of Warrants

 OR 
  

	 ̈	held for pick-up at the office of the Corporation 

 (Please state full names in which share certificates are to be issued, stating whether Mr., Mrs. or Miss) 
 DATED this      day of         ,         . 

 

	
	  

	(Signature of Warrantholder)

Instructions: 
  

	1.	Signature of the Warrantholder must be the signature of the person appearing on the face of this Warrant Certificate. Signature of the transferee must be of the person
in whose name the Warrants will be issued. 

  

	2.	If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or
representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Corporation. 

  

	3.	The signature on the Transfer Form must be guaranteed by a chartered bank or trust company, or a member firm of an approved signature guarantee medallion program. The
guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”. 

  

	4.	If this Warrant Certificate bears a legend on the first page restricting the transfer without registration under the United States Securities Act of 1933, as amended
(the “U.S. Securities Act”), this Transfer Form must be accompanied by one of the following: (a) a declaration to the effect that the Warrants are being transferred outside the United States in compliance with Rule 904 of Regulation S
under the U.S. Securities Act in a form satisfactory to the Corporation, or (b) an opinion of counsel to the effect that the transfer is in compliance with the requirements of the U.S. Securities Act and all applicable state securities laws, or
other evidence thereof (which opinion or other evidence must be in form and substance satisfactory to the Corporation).

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