Document:

Employement Agreement - James E. Compton

 Exhibit 10.11 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (“Agreement”) is made by and among CONTINENTAL AIRLINES, INC., a Delaware corporation (“Company”), UNITED CONTINENTAL HOLDINGS, INC., a Delaware corporation and the parent company of Company
(“UCH”), and JAMES E. COMPTON (“Employee”), and is dated and effective as of October 1, 2010 (the “Effective Date”). 
 W I T N E S S E T H: 
 WHEREAS, on May 2, 2010, UAL Corporation (“UAL”), Company and JT Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of UAL (“Merger Sub”), entered into an
Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub shall be merged with and into Company (the “Merger”), and, as a result of which, Company will become a wholly-owned subsidiary of UAL (which
parent company shall be renamed UCH); and 
 WHEREAS, Company and Employee are parties to that certain
Employment Agreement dated as of October 15, 2007 (as amended, the “Existing Agreement”); and 

WHEREAS, Company and Employee are parties to that certain Confidentiality and Non-Competition Agreement (the
“Existing Confidentiality and Non-Competition Agreement”); and 
 WHEREAS, UCH, Company and
Employee desire to enter into this Agreement to replace and supersede the Existing Agreement and the Existing Confidentiality and Non-Competition Agreement in their entirety, effective as of the Effective Date. 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, UCH,
Company, and Employee agree as follows: 
 ARTICLE 1: EMPLOYMENT AND DUTIES 

1.1 Employment. Company agrees to continue to employ Employee, and Employee agrees to continue to be
employed by Company, under the terms and conditions of this Agreement effective as of the Effective Date. Employee agrees to serve in the position assigned pursuant to paragraph 1.2 and to perform diligently and to the best of Employee’s
abilities. 
 1.2 Position. Employee shall serve as Executive Vice President and Chief Revenue
Officer of UCH, or in such other positions as the parties may agree. UCH and Company may assign this Agreement and Employee’s employment to any subsidiary or affiliate of UCH or Company. 
 ARTICLE 2: TERM AND TERMINATION OF EMPLOYMENT 
 2.1
Term. Unless sooner terminated pursuant to other provisions hereof, Company agrees to employ Employee pursuant to this Agreement for the period beginning on the Effective Date and ending on September 30, 2012 (the “Initial
Term”). The term of this Agreement shall 

 
be extended automatically for a successive one-year period as of the last day of the Initial Term and as of the last day of each successive one-year period of time thereafter while this Agreement
is in effect (each such successive term being referred to as an “Extended Term”) unless at least 90 days before the last day of the Initial Term or any such Extended Term either UCH and Company gives written notice to Employee not to
extend the Agreement or Employee gives written notice to UCH and Company not to extend the Agreement. Upon expiration of this Agreement due to provision of written notice by UCH and Company to Employee that the term of this Agreement shall not be
extended (a “Company Caused Expiration”), if Employee is not then a party to an employment or other agreement with UCH or a subsidiary thereof that provides Employee with severance benefits upon certain terminations of Employee’s
employment with UCH and its subsidiaries, then UCH shall cause Employee to be eligible for severance benefits under a severance plan to be implemented prior to the date of any Company Caused Expiration and thereafter maintained by UCH or a
subsidiary thereof subject to the terms and conditions of such plan as in effect on the date of termination of Employee’s employment. The provisions of the preceding sentence shall survive the expiration or earlier termination of this
Agreement. 
 2.2 Right and Notice of Termination. If Company or Employee desires to terminate
Employee’s employment at any time prior to expiration of the term of employment, it or Employee may do so by providing written notice to the other party that it or Employee has elected to terminate Employee’s employment and stating the
effective date and reason for such termination, provided that no such action shall alter or amend any other provisions hereof. 
 2.5 Certain Determinations under Section 409A of the Code. For all purposes of this Agreement, Employee shall be considered to have terminated employment with Company when Employee
incurs a “separation from service” with Company within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”). However, whether a separation from service has occurred shall be
determined based upon a reasonably anticipated permanent reduction in the level of bona fide services to be performed to no more than 20% (or 49% if Employee will no longer serve as an officer of UCH or Company) of the average level of bona fide
services provided in the immediately preceding 36 months. Employee hereby agrees to be bound by Company’s determination of its “specified employees” (as defined in Section 409A of the Code). 

ARTICLE 3: COMPENSATION AND BENEFITS 
 3.1 Base Salary. During the period of this Agreement, Employee shall receive an annual base salary equal to $750,000 or such other amount as the parties may agree upon from time to time
(“Base Salary”). Employee’s annual Base Salary shall not be reduced by Company without Employee’s consent unless the reduction is (i) a result of a generally applicable reduction imposed on substantially all of the officers
of UCH and its affiliates and (ii) an amount proportionate to the base salary reduction for other officers of UCH and its affiliates at substantially the same title or level of Employee. Employee’s Base Salary shall be paid in
accordance with Company’s payroll practice for similarly situated employees. 
 3.2 Annual and
Long-Term Incentive Programs. Employee shall be eligible to participate in the annual incentive compensation program maintained by Company for its 

  
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similarly situated employees. Employee’s 2011 target opportunity under such program shall be equal to 135% of Base Salary. Employee shall be eligible to receive grants under the long term
incentive plans maintained by UCH or any affiliate of UCH that is eligible to grant awards to Employee (including stock option, restricted stock and other equity compensation plans and any other long-term incentive plans) at the discretion of the
Compensation Committee of the Board of Directors of UCH (the “UCH Board Committee”). 
 3.3
Other Benefits. Employee shall be allowed to participate in all benefits, plans, policies and programs maintained by UCH or its affiliates for similarly situated employees, including the Officer Travel Policy (as defined in paragraph
4.9), but excluding any automobile or life insurance policy except as otherwise provided therein. Company shall not change, amend or discontinue Employee’s Flight Benefits (as defined in paragraph 4.9 or as provided for under paragraph 4.3)
without Employee’s prior written consent. Upon a Company Caused Expiration, if Employee is not then a party to an employment or other agreement with UCH or a subsidiary thereof that provides Employee with Flight Benefits, then UCH shall provide
Employee with Flight Benefits during the period of Employee’s employment with UCH and its subsidiaries following the expiration of this Agreement (which Flight Benefits shall be subject to the same restrictions regarding change, amendment and
discontinuance as provided in the preceding sentence). The provisions of the preceding sentence shall survive the expiration or earlier termination of this Agreement. Employee shall be provided with the automobile benefit described on Appendix A.

 ARTICLE 4: EFFECT OF TERMINATION 
 4.1 Effect on Compensation and Accrued Obligations. Upon termination of the employment relationship for any reason, all compensation and all benefits to Employee shall terminate, provided
that Company shall pay Employee: (i) the earned but unpaid Base Salary through the Termination Date (as defined in paragraph 4.9); (ii) any annual, long-term, or other incentive award that relates to a completed fiscal year or performance
period, as applicable, and is payable (but not yet paid) on or before the Termination Date, which shall be paid in accordance with the terms of such award; (iii) a lump-sum payment in respect of accrued but unused vacation days at
Employee’s per-business-day Base Salary rate in effect as of the Termination Date; and (iv) any unpaid expense or other reimbursements due to Employee. 

4.2 Involuntary Termination and Good Reason Termination. Upon Employee’s termination of employment
which constitutes an Involuntary Termination (as defined in paragraph 4.9) or a Good Reason Termination (as defined in paragraph 4.9), Company shall, subject to the provisions of paragraphs 4.5 and 4.6, also provide Employee the following:

 (i) Continuation Coverage for the Severance Period (as defined in paragraph 4.9) for Employee
and Employee’s eligible dependents; 
 (ii) the Termination Payment (as defined in paragraph
4.9); 
 (iii) a Pro-Rata Annual Bonus (as defined in paragraph 4.9) if the Termination Date
occurs prior to the second anniversary of the Effective Date; and 

  
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 (iv) outplacement services provided by an agency selected by
Company at Company’s cost and for a period of 12 months beginning on the date that the release described in paragraph 4.5 becomes effective and irrevocable. 

Subject to the provisions of paragraphs 4.5 and 4.6, the Termination Payment shall be paid in a cash lump-sum on the 60th
day following the Termination Date. Subject to the provisions of paragraphs 4.5 and 4.6, the Pro-Rata Annual Bonus shall be paid in a cash lump sum to Employee on the date Employee’s annual incentive compensation bonus for the year that
includes the Termination Date would have been paid if Employee’s employment hereunder had continued (but in no event earlier than 60 days after the Date of Termination). 

4.3 Flight Benefits. Upon Employee’s termination of employment for any reason other than Cause (as
defined in paragraph 4.9), whether occurring before, on or after the date of expiration of this Agreement, Company shall, subject to the provisions of paragraph 4.5 (if such termination occurs prior to the expiration of this Agreement) and paragraph
4.6, provide Employee with Flight Benefits for Employee’s lifetime. The provisions of this paragraph 4.3 shall survive the expiration or earlier termination of this Agreement. 

4.4 Incentive Awards. For purposes of the awards Employee holds as of the Effective Date (the
“Outstanding Awards”) under Company’s Long Term Incentive and RSU Programs (the “LTIP/RSU Programs”), any termination of Employee’s employment during the term of this Agreement that constitutes an Involuntary
Termination or a Good Reason Termination shall be treated as a “Qualifying Event” under the LTIP/RSU Programs. In addition, if UCH and Company provide written notice to Employee that the term of this Agreement shall not be extended, then,
for purposes of the Outstanding Awards, any termination of Employee’s employment occurring after the expiration of the term of this Agreement and prior to the full payment or lapse of such awards (other than (a) for Cause (as defined
herein), (b) by Employee under circumstances that do not constitute a Good Reason Termination (as defined herein), or (c) by reason of death or Disability (as defined herein)), shall be treated as a “Qualifying Event” under the
LTIP/RSU Programs. Upon Employee’s termination of employment which constitutes an Involuntary Termination, a Good Reason Termination, a termination after the expiration of the term of this Agreement that is treated as a “Qualifying
Event” under the LTIP/RSU Programs as provided in the preceding sentence, or any termination of employment by reason of death or Disability (whether before or after the expiration of the term of this Agreement), Company shall pay to Employee,
within five business days after the date of such termination, all Payment Amounts with respect to Outstanding Awards for which a potential payment under the LTIP/RSU Programs exist as of the date of such termination, as if Employee had remained
employed by Company in Employee’s current position through the date that would entitle Employee to the maximum payment for the Outstanding Awards. Capitalized terms used in this paragraph that are not defined elsewhere in this Agreement have
the meaning ascribed thereto in the LTIP/RSU Programs as in effect on the Effective Date. Notwithstanding any provision to the contrary in the LTIP/RSU Programs or Company’s annual incentive program in effect for 2010, Employee agrees that
payments with respect to Employee’s Outstanding Awards and Employee’s 2010 annual incentive award shall be based on Employee’s annual base salary and position as in effect immediately prior to the Effective Date and without regard to
any change in such annual base salary or position that occurs on or after the Effective Date. The provisions of this paragraph 4.4 shall survive the expiration or earlier termination of this Agreement and shall not affect Employee’s rights
under the LTIP/RSU Programs upon death, disability or retirement. 

  
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 4.5 Payment Obligations Absolute. Company’s obligation
under this Article 4 shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set off, counterclaim, recoupment, defense or other right which Company (including its subsidiaries and
affiliates) may have against Employee or anyone else; provided that Company obligations under this Article 4 (except upon Employee’s death) shall be subject to Employee’s execution, within 50 days after the Termination Date, of a general
release and waiver substantially in the form attached as Exhibit A, which has become irrevocable. Company agrees to execute such form of release and waiver concurrently with the execution thereof by Employee. All amounts payable by Company shall be
paid without notice or demand. Employee shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Article 4, and, except as provided in paragraph 4.9 with respect to
Continuation Coverage, the obtaining of any such other employment (or the engagement in any endeavor as an independent contractor, sole proprietor, partner, or joint venturer) shall in no event effect any reduction of Company’s obligations
under this Article 4. 
 4.6 Section 409A Compliance. Notwithstanding any provision in this
Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A of the Code if Employee’s receipt of such payment or benefit is not delayed until the
Section 409A Payment Date (as defined in paragraph 4.9), then such payment or benefit shall not be provided to Employee (or Employee’s estate, if applicable) until the Section 409A Payment Date (and, at that time, Employee shall also
receive interest thereon from the date such payment or benefit would have been provided in the absence of this paragraph until the date of receipt of such payment or benefit at the Aa Corporate Bond Rate (as defined in paragraph 4.9)). This
paragraph shall not apply to any payment or benefit otherwise described in the preceding sentence if another provision of this Agreement or any other plan or program of UCH or any of its affiliates is intended to cause Employee’s receipt of
such payment or benefit to satisfy the requirements of Section 409A(a)(2)(B)(i) of the Code. 
 4.7
Liquidated Damages. Company and Employee hereby agree that the payments and benefits, if any, pursuant to this Article 4 shall be received by Employee as liquidated damages. Payment of the compensation and benefits to Employee pursuant
to paragraph 4.2 shall be deemed to satisfy any corresponding payments to which Employee may otherwise be entitled under any and all severance plans and policies maintained by Company or its affiliates. 

4.8 Parachute Payments. 

(i) Notwithstanding anything to the contrary in this Agreement, except as provided in paragraph 4.8(ii), if the payments
and benefits provided for in this Agreement together with any other payments and benefits which Employee has the right to receive from UCH, Company and their affiliates (collectively, the “Payments”), would constitute a “parachute
payment” (as defined in Section 280G(b)(2) of the Code), then the Payments shall be either (a) reduced (but not below zero) so that the present value of the Payments will be one dollar ($1.00) less than three times Employee’s
“base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of the Payments received by Employee shall be subject to the excise tax imposed 

  
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by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to Employee. The reduction of Payments, if any, shall be made by reducing the
Payments in the reverse order in which the Payments would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made
first in time). The determination as to whether any such reduction in the Payments is necessary shall be made by the UCH Board Committee in good faith. If a reduced Payment is made or provided and, through error or otherwise, that Payment, when
aggregated with other payments and benefits from Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Employee’s base amount, then Employee shall immediately
repay such excess to Company. 
 (ii) Notwithstanding anything to the contrary in this Agreement, if any
payment, distribution or provision of a benefit by Company to or for the benefit of Employee, whether paid or payable, distributed or distributable or provided or to be provided pursuant to the terms of this Agreement or otherwise (a
“Payment”), would be subject to the excise tax imposed by section 4999 of the Code in connection with the change of control of the Company effected by the Merger, or any interest or penalties with respect to such excise tax (such excise
tax, together with any such interest or penalties, are hereinafter collectively referred to as the “Excise Tax”), Company shall pay to Employee on or as soon as practicable following the day on which the Excise Tax is remitted by or on
behalf of Employee (but not later than the end of the taxable year following the year in which the Excise Tax is remitted) an additional payment (a “Gross-up Payment”) in an amount such that after payment by Employee of all taxes
(including any interest or penalties imposed with respect to such taxes), including any income taxes and Excise Taxes imposed on any Gross-up Payment, Employee retains an amount of the Gross-up Payment (taking into account any similar gross-up
payments to Employee under any stock incentive or other benefit plan or program of Company) equal to the Excise Tax imposed upon the Payments. Company and Employee shall make an initial determination as to whether a Gross-up Payment is required and
the amount of any such Gross-up Payment. Employee shall notify Company in writing of any claim by the Internal Revenue Service which, if successful, would require Company to make a Gross-up Payment (or a Gross-up Payment in excess of that, if any,
initially determined by Company and Employee) within 10 business days after the receipt of such claim. Company shall notify Employee in writing at least 10 business days prior to the due date of any response required with respect to such claim if it
plans to contest the claim. If Company decides to contest such claim, Employee shall cooperate fully with Company in such action; provided, however, Company shall bear and pay directly or indirectly all costs and expenses (including additional
interest and penalties) incurred in connection with such action and shall indemnify and hold Employee harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of
Company’s action. If, as a result of Company’s action with respect to a claim, Employee receives a refund of any amount paid by Company with respect to such claim, Employee shall promptly pay such refund to Company. If Company fails to
timely notify Employee whether it will contest such claim or Company determines not to contest such claim, then Company shall immediately pay to Employee the portion of such claim, if any, which it has not previously paid to Employee. 

  
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 4.9 Certain Definitions and Additional Terms. As used herein,
the following terms shall have the meanings assigned below: 
 (i) “Aa Corporate Bond
Rate” shall mean the average of the Moody’s daily long-term corporate bond yield averages for Aa-rated corporate bonds published by Moody’s Investors Service, for the three-month period ending on the last day of the second month
preceding the Termination Date (or, if such yield information is no longer so published, then the average of the daily corporate bond yields for a comparable sample of Aa-rated corporate bonds of comparable tenor determined in good faith by
Company). 
 (ii) “affiliates” shall mean any entity controlled by, controlling, or
under common control with UCH, it being understood that control of an entity shall require the direct or indirect ownership of a majority of the outstanding capital stock of such entity. 

(iii) “Cause” shall mean, for purposes of this Agreement, if Employee’s employment is
terminated by Company pursuant to any of the following clauses: 
 (A) gross negligence or
willful misconduct in the performance of, or Employee’s abuse of alcohol or drugs rendering Employee unable to perform, the material duties and services required of Employee pursuant to this Agreement; 

(B) Employee’s conviction or plea of nolo contendre for any crime involving moral turpitude or
a felony; 
 (C) Employee’s commission of an act of deceit or fraud intended to result in
personal and unauthorized enrichment of Employee at UCH’s or Company’s expense; or 

(D) Employee’s material breach of a material obligation of Employee to UCH or Company under this
Agreement or a material violation of the policies of UCH or Company. 
 (iv) “Continuation
Coverage” shall mean, subject to the limitations described in this paragraph, the continued coverage of Employee and Employee’s eligible dependents under the following welfare benefit plans available to similarly situated employees of
Company who have not terminated employment (or the provision of similar benefits, which may include the provision of benefits under one or more insurance policies): medical, dental, term life insurance (in an amount determined in accordance with
Company policy), vision care, accidental death and dismemberment, and prescription drug. Such coverage shall be provided by Company during the Severance Period at no greater contribution, deductible or co-pay cost to Employee than that applicable to
a similarly situated Company employee who has not terminated employment; provided, however, that (1) subject to clause (2) below, the coverage under a particular welfare benefit plan (or the receipt of similar benefits) shall terminate
upon Employee’s receipt of similar benefits from a subsequent employer and (2) if Employee (and/or Employee’s eligible dependents) would have otherwise been entitled to retiree medical coverage under a particular welfare benefit plan
had Employee voluntarily retired on the Termination Date, then Employee (and/or Employee’s eligible dependents) shall receive such coverage pursuant to the terms of such plan. Continuation Coverage shall be subject to the application of any
Medicare or other coordination of benefits 

  
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provisions under a particular welfare benefit plan. Notwithstanding any provision in this Article 4 to the contrary, Employee (and/or each of Employee’s eligible dependents) shall be
entitled upon the expiration of the Severance Period to purchase an additional 18 months of coverage under a group health plan subject to ERISA sections 601 and 608. Such additional coverage will be made available to Employee at COBRA rates. The
Continuation Coverage described in this paragraph shall be offered solely as an alternative to any COBRA coverage applicable to any group health plan otherwise available to Employee (and each of Employee’s dependents, if any) within the meaning
of ERISA sections 601 and 608. The medical, dental, vision care and prescription drug benefits described in the first sentence of this paragraph shall be provided through an arrangement that satisfies the requirements of Sections 105 and 106 of the
Code such that the benefits or reimbursements under such arrangement are not includible in Employee’s income. 
 (v) “Disabled” or “Disability” shall mean Employee becoming incapacitated for a period of at least 180 days by accident, sickness or other circumstance that renders Employee mentally
or physically incapable of performing the material duties and services required of Employee hereunder on a full-time basis during such period. 
 (vi) “Flight Benefits” shall mean the flight benefits provided under the Officer Travel Policy. Employee’s Flight Benefits include “Grandfathered Flight Benefits” as such term is
defined in the Officer Travel Policy. 
 (vii) “Good Reason Termination” shall mean
Employee’s termination of Employee’s employment under this Agreement for any of the following reasons: 
 (A) a material diminution in Employee’s authority, duties, or responsibilities from those applicable to Employee as of the Effective Date or as agreed to in writing by the parties; 

(B) a material diminution in Employee’s Base Salary, except to the extent such diminution in Base
Salary is (1) a result of a generally applicable reduction in base salaries imposed on substantially all of the officers of UCH and its affiliates and (2) is an amount proportionate to the salary reduction for other officers of UCH and its
affiliates at substantially the same title or level of Employee; 
 (C) a relocation of
Employee’s principal place of employment by more than 50 miles (other than a relocation to the Chicago, Illinois metropolitan area during the Initial Term as a result of the Merger); or 

(D) a material breach by Company of any provision of this Agreement. 

  
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 Notwithstanding the foregoing or any other provision in this Agreement to
the contrary, any assertion by Employee of a Good Reason Termination shall not be effective unless all of the following conditions are satisfied: 

(w) the conditions described in the preceding sentence giving rise to Employee’s termination of
employment must have arisen without Employee’s written consent; 
 (x) Employee must provide
written notice to Company of such condition and Employee’s intent to terminate employment in accordance with paragraph 7.1 within 90 days of the initial existence of the condition; 

(y) the condition specified in such notice must remain uncorrected for 30 days after receipt of such
notice by Company; and 
 (z) the date of Employee’s termination of employment must occur
within 90 days after the initial existence of the condition specified in such notice. 
 (viii)
“Involuntary Termination” shall mean any termination of Employee’s employment with Company (other than resulting from an assignment of this Agreement as permitted by paragraph 1.2 hereof) which does not result from Employee’s
(A) resignation, (B) death, (C) Cause, (D) retirement under Company’s retirement policy or program generally applicable to similarly situated employees of Company, or (E) Disability. 

(ix) “Officer Travel Policy” shall mean the United Continental Holdings, Inc. Officer Travel
Policy, as in effect on October 1, 2010. 
 (x) “Post-Termination Obligation
Period” shall mean the two-year period commencing on the Termination Date. 
 (xi)
“Pro-Rata Annual Bonus” shall mean an amount equal to (1) the annual incentive compensation bonus that Employee would have been entitled to receive for the calendar year that includes the Termination Date if Employee’s employment
hereunder had continued (such amount to be determined with any subjective or personal performance goals rated at target), multiplied by (2) a fraction, the numerator of which is the number of days Employee was employed hereunder during such
year and the denominator of which is the number of days in such year (provided, however, that if the Termination Date occurs during 2010, then the fraction described in this clause (2) shall be deemed to equal 1.0). Notwithstanding the
foregoing, if this paragraph applies with respect to an annual bonus that is intended to constitute performance-based compensation within the meaning of, and for purposes of, Section 162(m) of the Code, then this paragraph shall apply with
respect to such annual bonus only to the extent the applicable performance criteria have been satisfied as certified by a committee of the Board of Directors of UCH as required under Section 162(m) of the Code. 

(xii) “Section 409A Payment Date” shall mean the earlier of (1) the date of Employee’s
death or (2) the date which is six months after the Termination Date. 
 (xiii)
“Severance Multiple” shall mean an amount determined as follows: (1) if the Termination Date occurs within the two-year period following the Effective Date, the Severance Multiple shall be 2.75; and (2) if the Termination Date
occurs on any date other than as provided in clause (1), then the Severance Multiple shall be 2.0. 

  
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 (xiv) “Severance Period” shall mean the period
determined as follows: (1) if the Termination Date occurs within the two-year period following the Effective Date, the period commencing on the Termination Date and continuing for 33 months; and (2) if the Termination Date occurs on any
date other than as provided in clause (1), the period commencing on the Termination Date and continuing for 24 months; 
 (xv) “Termination Date” shall mean the effective date (if any) of Employee’s termination of employment in accordance with the terms of this Agreement. 

(xvi) “Termination Payment” shall mean the Severance Multiple times the sum of
(1) Employee’s annual Base Salary as in effect immediately prior to Employee’s termination of employment hereunder, and (2) Employee’s bonus pursuant to the annual, calendar-year bonus award for the year of such termination
of employment, based on the target level of performance; provided, however, that if it reasonably expected that Employee will be a “covered employee” within the meaning of Section 162(m) of the Code for the year in which termination
of employment occurs, then the amount described in clause (2) shall be equal to the target percentage under Employee’s annual bonus award for the year prior to the year of termination of employment, multiplied by Employee’s Base
Salary described in clause (1). 
 ARTICLE 5: RESTRICTIVE COVENANTS 

5.1 Confidentiality Restrictive Covenants. Employee agrees to be bound by the applicable UCH and
Company policies regarding confidentiality, solicitation, competition, and disparagement as set forth in UCH’s and Company’s policy manuals and as may be amended from time to time. Employee shall at all times hold in strict confidence any
Proprietary or Confidential Information related to UCH, Company or their subsidiaries and affiliates, except that Employee may disclose such information as required by law, court order, regulation or similar order. For purposes of this Agreement,
the term “Proprietary or Confidential Information” shall mean all information relating to UCH, Company, their subsidiaries or affiliates (such as business plans, trade secrets, or financial information of strategic importance to the
Company or its subsidiaries or affiliates) that is not generally known in the airline industry, that was learned, discovered, developed, conceived, originated or prepared during Employee’s employment with Company and the disclosure of which
would be harmful to the business prospects, financial status or reputation of UCH, Company or their subsidiaries or affiliates at the time of any disclosure by Employee. 

The relationship between Employee and UCH and its affiliates is and shall continue to be one in which UCH and its
affiliates reposes special trust and confidence in Employee, and one in which Employee has and shall have a fiduciary relationship to UCH and its affiliates. As a result, UCH and its affiliates shall, in the course of Employee’s duties under
the Agreement entrust Employee with, and disclose to Employee, Proprietary or Confidential Information. Employee recognizes that Proprietary or Confidential Information has been developed or acquired, or will be developed or acquired, by UCH and its
affiliates at great expense, is 

  
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proprietary to UCH and its affiliates, and is and shall remain the property of UCH and its affiliates. Employee acknowledges the confidentiality of Proprietary or Confidential Information and
acknowledges that Employee could not competently perform Employee’s duties under this Agreement without access to such information. Employee acknowledges that any use of Proprietary or Confidential Information by persons not in the employ of
UCH and its affiliates would provide said persons an unfair competitive advantage which they would not have without the use of said Proprietary or Confidential Information and that said advantage would cause UCH and its affiliates irreparable harm.
Employee further acknowledges that because of this unfair competitive advantage, and UCH’s and its affiliates’ legitimate business interests, which include their need to protect their goodwill and the Proprietary or Confidential
Information, Employee has agreed to the post-employment restrictions in paragraph 5.3. 
 5.2
Non-Solicitation. During Employee’s employment and the Post-Termination Obligation Period, Employee hereby agrees not to, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any
employee of UCH, Company or any of their subsidiaries or affiliates to perform services for any entity (other than UCH, Company or their subsidiaries or affiliates), or attempt to induce any such employee to leave the employ of UCH, Company or their
subsidiaries or affiliates. 
 5.3 Non-Competition. In return for, among other things,
Company’s promise to provide the Proprietary or Confidential Information described herein, during Employee’s employment and the Post-Termination Obligation Period, Employee agrees that Employee shall not, without the prior written consent
of Company, take a Competitive Position with a Competitor. For purposes of this Agreement, (a) “Competitor” means any airline or air carrier or any company affiliated, directly or indirectly, with another airline or air carrier, and
(b) “Competitive Position” means becoming employed by, a member of the board of directors of, a consultant to, or to otherwise provide services of any nature to, a Competitor directly or indirectly. After the Termination Date, such
non-competition obligations shall apply in any State, territory or protectorate of the United States in which UCH or an affiliate of UCH is qualified to do business or in any foreign country in which UCH or an affiliate of UCH has an office, station
or branch as of the Termination Date. Notwithstanding the foregoing, such non-competition obligations shall terminate and be inapplicable if the termination of Employee’s employment with Company constitutes an Involuntary Termination or a Good
Reason Termination. 
 5.4 Non-Disparagement. Employee agrees not to make, or cause to be
made, any statement, observation or opinion, or communicate any information (whether oral or written, directly or indirectly) that (a) accuses or implies that UCH, Company or their subsidiaries or affiliates engaged in any wrongful, unlawful or
improper conduct, whether relating to Employee’s employment (or the termination thereof), the business or operations of UCH, Company or their subsidiaries or affiliates, or otherwise; or (b) disparages, impugns or in any way reflects
adversely upon the business or reputation of UCH, Company or their subsidiaries or affiliates. Nothing herein will be deemed to preclude Employee from providing truthful testimony or information pursuant to subpoena, court order or similar legal
process, or instituting and pursuing legal action. 

  
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 5.5 Injunctive Relief. Employee agrees that it is
impossible to measure in money the damages which will accrue to UCH or Company by reason of a failure by Employee to perform any of Employee’s obligations under this Article 5. Accordingly, if UCH, Company or any of their subsidiaries or
affiliates institutes any action or proceeding to enforce their rights under this Article 5, to the extent permitted by applicable law, Employee hereby waives the claim or defense that UCH, Company or their affiliates has an adequate remedy at law,
and Employee shall not claim that any such remedy at law exists. 
 5.6 Survival of Article 5. The
provisions of this Article 5 shall survive the expiration or earlier termination of this Agreement, except that the provisions of paragraph 5.3 shall survive during Employee’s period of employment and thereafter to the extent provided in this
Agreement. 
 ARTICLE 6: DISPUTE RESOLUTION 
 Except for any action or proceeding brought pursuant to paragraph 5.5, the parties agree that any dispute arising out of or relating to this Agreement or the formation, breach, termination or
validity thereof, will be settled by binding arbitration by a panel of three arbitrators in accordance with the commercial arbitration rules of the American Arbitration Association. The arbitration proceedings will be located in Chicago, Illinois.
The arbitrators are not empowered to award damages in excess of compensatory damages and each party irrevocably waives any damages in excess of compensatory damages. Judgment upon any arbitration award may be entered into any court having
jurisdiction thereof and the parties consent to the jurisdiction of any court of competent jurisdiction located in the State of Illinois. EMPLOYEE ACKNOWLEDGES THAT, BY SIGNING THIS AGREEMENT, EMPLOYEE IS WAIVING ANY RIGHT THAT EMPLOYEE MAY HAVE
TO A JURY TRIAL OR, EXCEPT AS EXPRESSLY PROVIDED HEREIN, A COURT TRIAL OF ANY CLAIM ALLEGED BY EMPLOYEE. 
 ARTICLE 7:
MISCELLANEOUS 
 7.1 Notices. For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as
follows: 
  

			
	If to Company or UCH:	 	 United Continental Holdings, Inc.

		 	 77 W. Wacker Drive, HDQLD

		 	 Chicago, Illinois 60601

		 	 Attention: General Counsel

		
	If to Employee:	 	 At the most recent address

		 	 on file with Company

or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices of changes of
address shall be effective only upon receipt. 

  
 -12-

 7.2 Applicable Law. This contract is entered into under,
and shall be governed for all purposes by, the laws of the State of Illinois. 
 7.3 No
Waiver. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. 
 7.4 Severability. If a
court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this
Agreement, and all other provisions shall remain in full force and effect. 
 7.5 Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 

7.6 Withholding of Taxes and Other Employee Deductions. Company may withhold from any benefits and payments
made pursuant to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to Company’s employees generally.

 7.7 Headings. The paragraph headings have been inserted for purposes of convenience and shall
not be used for interpretive purposes. 
 7.8 Gender and Plurals. Wherever the context so
requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely. 
 7.9 Successors. This Agreement shall be binding upon and inure to the benefit of UCH and Company and any successor of UCH or Company, including without limitation any person, association, or
entity which may hereafter acquire or succeed to all or substantially all of the business or assets of UCH or Company by any means whether direct or indirect, by purchase, merger, consolidation, or otherwise. Employee’s rights and obligations
under this Agreement are personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by operation of law or otherwise, without the prior written consent of
Company. 
 7.10 Entire Agreement. Except as provided in (i) the benefits, plans, and
programs referenced in paragraph 3.3 and any awards under Company’s stock incentive plans or programs, long term incentive programs, annual incentive program, or similar plans or programs, and (ii) the SERP Agreement among Company, UCH and
Employee dated as of the Effective Date, this Agreement, as of the Effective Date, will constitute the entire agreement of the parties with regard to the subject matter hereof, and will contain all the covenants, promises, representations,
warranties and agreements between the parties with respect to employment of Employee by Company. Effective as of the Effective Date, the Existing Agreement and the Existing Confidentiality and Non-Competition Agreement shall automatically terminate
and no longer be of any force or effect, and neither party shall have any rights or obligations thereunder. Any modification of this Agreement shall be effective only if it is in writing and signed by the party to be charged. 

  
 -13-

 7.11 Deemed Resignations. Any termination of Employee’s
employment shall constitute an automatic resignation of Employee as an officer of UCH, Company and each affiliate of Company or UCH, an automatic resignation from the board of directors, if applicable, of UCH and Company, and an automatic
resignation of Employee from the board of directors of any affiliate of Company or UCH, and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which Company, UCH or any affiliate
holds an equity interest and with respect to which board or similar governing body Employee serves as Company’s, UCH’s, or such affiliate’s designee or other representative. 

[Signatures begin on the following page.] 

  
 -14-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the Effective Date. 
  

			
	CONTINENTAL AIRLINES, INC.
		
	 By:
	 	 /s/ Michael P. Bonds

		 	 Michael P. Bonds, Executive Vice President Human Resources and Labor Relations

	
	UNITED CONTINENTAL HOLDINGS, INC.
		
	 By:
	 	 /s/ Michael P. Bonds

		 	 Michael P. Bonds, Executive Vice President Human Resources and Labor Relations

	
	“EMPLOYEE”
	
	 /s/ James E. Compton

	 James E. Compton

  
 -15-

 Exhibit A 
 Form of Release Agreement 
 (to be executed by Company
and Employee) 
 In consideration of the benefits provided by Company to Employee, Employee hereby
releases United Continental Holdings, Inc. (“UCH”) and Continental Airlines, Inc. (“Company”) and each of their subsidiaries and affiliates and their respective stockholders, officers, directors, employees, representatives,
agents and attorneys from any and all claims or liabilities, known or unknown, of any kind, including, without limitation, any and all claims and liabilities relating to Employee’s employment by, or services rendered to or for, Company, UCH, or
any of their subsidiaries or affiliates, or relating to the cessation of such employment or under the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, Title VII of the Civil Rights Act of
1964, 42 U.S.C. Section 1981, the Illinois Human Rights Act, the Illinois Wage Payment and Collection Act, and any other statutory, tort, contract or common law cause of action, other than claims or liabilities arising from a breach by UCH or
Company of (i) its post-employment obligations under that certain Employment Agreement dated as of October 1, 2010 among Company, UCH, and Employee (the “Employment Agreement”), (ii) its obligations under its qualified
retirements plans in which Employee participates (the “Qualified Plans”), under Employee’s outstanding grants of stock options or restricted stock, under outstanding awards under the long term incentive programs of UCH and Company
(the “Incentive Programs”), or under any other compensation plan or program of UCH or Company, (iii) its obligations under existing agreements governing Employee’s flight benefits relating to other airlines, if any, or
(iv) its obligations under the SERP Agreement among Company, UCH and Employee dated October 1, 2010 (the “SERP Agreement”). UCH and Company hereby release Employee from any and all claims or liabilities, known or unknown, of any
kind in any way relating to or pertaining to Employee’s employment by, or services rendered to or for, UCH, Company or any of their subsidiaries or affiliates, other than fraud or intentional malfeasance or claims arising from a breach by
Employee of the Employment Agreement or of Employee’s obligations under the Qualified Plans, under Employee’s outstanding grants of stock options or restricted stock, under outstanding awards under the Incentive Programs, under any other
compensation plan or program of UCH or Company, or under existing agreements governing Employee’s flight benefits relating to other airlines, if any. These releases are to be broadly construed in favor of the released persons. These releases do
not apply to any rights or claims that may arise after the date of execution of this Release Agreement by Employee, Company and UCH. Each party agrees that this Release Agreement is not and shall not be construed as an admission of any wrongdoing or
liability on the part of any such party. Notwithstanding the foregoing, the post-employment obligations created by the Employment Agreement, the CARP, Employee’s outstanding option grants and grants of restricted stock, outstanding awards under
the Incentive Programs, or outstanding awards under any other compensation plan or program of UCH or Company, or under existing agreements governing Employee’s flight benefits relating to other airlines, if any, or under the SERP Agreement are
not released. 
 Employee acknowledges that, by Employee’s free and voluntary act of signing below,
Employee agrees to all of the terms of this Release Agreement and intends to be legally bound thereby. 

  
 A-1

 Employee acknowledges that Employee has received a copy of this Release
Agreement on [date that Employee receives Release Agreement]. Employee understands that Employee may consider whether to agree to the terms contained herein for a period of [twenty-one] [forty-five] days after the date Employee has received
this Release Agreement. Accordingly, Employee may execute this Release Agreement by [date [21] [45] days after Release Agreement is given to Employee], to acknowledge Employee’s understanding of and agreement with the foregoing. [Add if
45 days applies: Employee acknowledges that attached to this Release Agreement are (i) a list of the positions and ages of those employees selected for termination (or participation in the exit incentive or other employment termination program)
and (ii) a list of the ages of those employees not selected for termination (or participation in such program).] Employee acknowledges that Employee has been and is hereby advised to consult with an attorney prior to executing this Release
Agreement. 
 This Release Agreement will become effective, enforceable and irrevocable on the eighth day after
the date on which it is executed by Employee (the “Effective Date”). During the seven-day period prior to the Effective Date, Employee may revoke Employee’s agreement to accept the terms hereof by serving written notice in accordance
with paragraph 7.1 of the Employment Agreement to Company of Employee’s intention to revoke. However, the payments and other Company obligations under Article 4 of the Employment Agreement will be delayed until the Effective Date. 

  
 A-2

 Appendix A 
 Automobile Benefit 
 Company shall provide an
automobile (including replacements thereof) of Employee’s choice for Employee’s use on terms at least as favorable to Employee as provided immediately prior to the Effective Date. If the automobile is leased, then, except as provided in
the following sentence, Company shall allow Employee, at Employee’s option, to acquire title to such leased automobile at the completion of the lease term by Employee paying at such time the residual payment then owing under the lease. If
Employee’s employment terminates for any reason other than Cause, then, in addition to any payments and benefits that may be provided to Employee pursuant to Article 4 of the Agreement: 

(1) if the automobile is owned by Company, Company shall (A) transfer title to the automobile to
Employee (or Employee’s estate, as applicable), without cost to Employee (or Employee’s estate), on the Section 409A Payment Date, and (B) to the extent the aggregate value of the use of the automobile and any other miscellaneous
separation pay benefits subject to Section 409A of the Code that are provided to Employee during the period following Employee’s termination of employment and preceding the Section 409A Payment Date have an aggregate value in excess
of the applicable dollar amount under Section 402(g)(1)(B) of the Code for the year in which Employee’s termination of employment occurs, Employee shall pay to Company, on a monthly basis until the end of such period, the fair market value
of the use of the automobile for such month, and Company shall reimburse Employee or Employee’s estate (as applicable) (with interest thereon at the Aa Corporate Bond Rate) for any such payments not later than the fifth day following the date
upon which title to the automobile is so transferred; or 
 (2) if the automobile is leased by
Company, Company shall (A) transfer title to the automobile to Employee (or Employee’s estate, as applicable), without cost to Employee (or Employee’s estate), at the conclusion of the lease term (but in no event prior to the
Section 409A Payment Date), and (B) continue to make all payments under the lease and permit Employee (or Employee’s estate, as applicable) to use the automobile during the remainder of such lease term or, if later, until the
automobile is so transferred to Employee (or Employee’s estate, as applicable); provided, however, that to the extent the aggregate value of the use of the automobile and any other miscellaneous separation pay benefits subject to
Section 409A of the Code that are provided to Employee during the period following Employee’s termination of employment and preceding the Section 409A Payment Date have an aggregate value in excess of the applicable dollar amount
under Section 402(g)(1)(B) of the Code for the year in which such termination occurs, Employee shall pay to Company, on a monthly basis until the end of such period, the fair market value of the use of the automobile (but in no event less than
the payment required under the lease) for such month, and Company shall reimburse Employee or Employee’s estate (as applicable) (with interest thereon at the Aa Corporate Bond Rate) for any such payments not later than the fifth day following
the end of such period. 

  
 A-3SERP Agreement - James E. Compton

 Exhibit 10.12 
 SERP AGREEMENT 
 THIS SERP AGREEMENT
(“Agreement”) is made by and among UNITED CONTINENTAL HOLDINGS, INC. (“Holdings”), CONTINENTAL AIRLINES, INC. (“Continental” and, together with Holdings, “Company”), and JAMES COMPTON
(“Executive”), and is dated and effective as of October 1, 2010 (the “Effective Date”). 
 W
I T N E S S E T H: 
 WHEREAS,
Continental and Executive are parties to that certain Employment Agreement dated as of October 15, 2007 (as amended, the “Prior Employment Agreement”), which provided for, among other things, a supplemental executive retirement plan
benefit for Executive; and 
 WHEREAS, Company and Executive are entering into a new Employment Agreement
of even date herewith (the “New Employment Agreement”) that will supersede the Prior Employment Agreement and will not include provisions relating to Executive’s supplemental executive retirement plan benefit that was provided for in
the Prior Employment Agreement; and 
 WHEREAS, the parties intend that the supplemental executive
retirement plan benefit that was provided to Executive in the Prior Employment Agreement shall continue to be provided to Executive, shall be frozen as of December 31, 2010 and shall be set forth in this Agreement rather than the New Employment
Agreement; and 
 WHEREAS, the parties desire to enter into this Agreement to replace and supersede in
its entirety the provisions of the Prior Employment Agreement relating to the supplemental executive retirement plan benefit, effective as of the Effective Date; and 

WHEREAS, the Human Resources Committee of the Board of Directors of Continental and the Human Resources
Subcommittee of the Board of Directors of UAL Corporation have authorized the execution, delivery and performance by the Company of this Agreement; 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, Company and Executive agree as follows: 

SECTION 1: SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 1.1 Base Benefit. Company agrees to pay Executive the deferred compensation benefits set forth in this Section 1 as a supplemental retirement plan (the “Plan”). The base retirement
benefit under the Plan (the “Base Benefit”) shall be an annual amount (that is payable as a monthly straight life annuity) equal to the product of (a) 2.5% times (b) the number of Executive’s credited years of service (as
defined below) under the Plan (but not in excess of 26 years) times (c) Executive’s final average compensation (as defined below). For purposes hereof, Executive’s credited years of service under the Plan shall be equal to the sum of
(1) the number of years (including partial years) beginning January 1, 2001, through the earlier of December 31, 2010 or the end of Executive’s period of employment with Company (such earlier

 
date being referred to herein as the “Freeze Date”), calculated as set forth in the Continental Retirement Plan (the “CARP”) with respect to credited service (“Actual
Years of Service”), and (2) an additional one year of service for each one year of service credited to Executive pursuant to clause (1) of this sentence for the period beginning on January 1, 2001 and ending on December 31,
2006. For purposes hereof, Executive’s final average compensation shall be equal to the greater of (A) $450,000 or (B) the average of the five highest annual cash compensation amounts paid to Executive by Continental during the
consecutive ten calendar years immediately preceding the Freeze Date. For purposes hereof, cash compensation shall include base salary plus cash bonuses (including any amounts deferred (other than Stay Bonus amounts described below) pursuant to any
deferred compensation plan of Continental), but shall exclude (i) any Stay Bonus paid to Executive pursuant to that certain Stay Bonus Agreement between Continental and Executive dated as of April 14, 1998, (ii) any payments received
by Executive under Continental’s Officer Retention and Incentive Award Program, (iii) any proceeds to Executive from any awards under any option, stock incentive or similar plan of Continental (including RSUs awarded under
Continental’s Long Term Incentive and RSU Program), and (iv) any cash bonus paid under a long term incentive plan or program adopted by Continental. Executive shall be vested immediately with respect to benefits due under the Plan. For all
purposes of this Agreement, Executive shall be considered to have terminated employment with Company when Executive incurs a “separation from service” with Company within the meaning assigned to such term in the New Employment Agreement
for purposes of Section 409A(a)(2)(A)(i) of the Code. 
 1.2 Offset for CARP or Other Benefit. Any
provisions of the Plan to the contrary notwithstanding, the Base Benefit shall be reduced by the actuarial equivalent (as defined below) of the pension benefit, if any, accrued as of the Freeze Date and paid or payable to Executive from the CARP or
from any other defined benefit nonqualified supplemental retirement plan provided to Executive by Continental. In making such reduction, the Base Benefit and the benefit accrued under the CARP or any such other defined benefit nonqualified
supplemental retirement plan shall be determined under the provisions of each plan as if payable in the form of a monthly straight life annuity beginning on the Retirement Date (as defined below); provided, however, that the benefit accrued under
the CARP shall also be determined based on the early commencement factor applicable under the CARP as of the Freeze Date to an individual receiving a distribution under the CARP on such date and whose age as of such date is equal to the greater of
age 60 or Executive's actual age as of the Freeze Date. The net benefit payable under this Plan shall then be actuarially adjusted based on the actuarial assumptions set forth in Section 1.7 for the actual time of payment. 

1.3 Normal Retirement Benefits. Executive’s benefit under the Plan shall be paid only in a lump sum payment
in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in Section 1.7, of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date (the “Normal
Retirement Benefit”). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in
excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of
1986, as amended (the “Code”), on or within five business days after the Section 409A Payment Date. If the 

  
 2 

 
Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of
the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in Section 1.7) shall be paid by Company to Executive (or, in the event of Executive’s death, Executive’s Beneficiary) not
earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) “Beneficiary” is defined as (1) Executive’s surviving spouse, if
Executive is married on the date of Executive’s death, or (2) Executive’s estate, if Executive is not married on the date of Executive’s death; (b) “Grandfathered Benefit” is defined in Section 1.9;
(c) “Retirement Date” is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive’s earlier death, would have attained) age 60
or (2) the date of Executive’s retirement from employment with Company; and (d) “Section 409A Payment Date” is defined as the earlier of (1) the date of Executive’s death or (2) the date which is six months
after the date of termination of Executive’s employment with Company. 
 1.4 Early Retirement
Benefits. Notwithstanding the provisions of Section 1.3, if Executive’s employment with Company is terminated, for a reason other than death, on or after the date Executive attains age 55 or is credited with 10 Actual Years of Service
and prior to the Retirement Date, then Company shall pay Executive the Normal Retirement Benefit on or within five business days following the first day of the month coinciding with or next following Executive’s termination of employment (the
“Earliest ERB Payment Date”) or, if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, Company shall pay Executive the portion of the Normal Retirement Benefit equal to the Grandfathered Benefit on or within
five business days following the Earliest ERB Payment Date and Company shall pay Executive the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit on or within five business days after the Section 409A Payment Date
(an “Early Retirement Benefit”); provided, however, that the amount of the benefit shall be reduced to the extent necessary to cause the value of such Early Retirement Benefit (determined as if payment would be made on the Earliest ERB
Payment Date) to be the actuarial equivalent of the value of the Normal Retirement Benefit (based on the actuarial assumptions set forth in Section 1.7 and adjusted for such time of payment). If payment of the portion of the Early Retirement
Benefit in excess of the Grandfathered Benefit must be delayed beyond the Earliest ERB Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code as provided in the preceding sentence, then payment of such portion of the
Early Retirement Benefit (with interest on such portion of the benefit from the Earliest ERB Payment Date to the actual date of payment at the Aa Corporate Bond Rate) shall be paid by Company to Executive (or, in the event of Executive’s death
after the Earliest ERB Payment Date, Executive’s Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. 

1.5 Death Benefit. Except (a) as provided in Section 1.3 with respect to the portion of the Normal
Retirement Benefit in excess of the Grandfathered Benefit if the Section 409A Payment Date is after the Retirement Date, (b) as provided in Section 1.4 if the payment of the portion of the Early Retirement Benefit in excess of the
Grandfathered Benefit must be delayed beyond the Earliest ERB Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, and (c) as provided in the remaining provisions of this Section 1.5, no benefits shall be
paid under the Plan if Executive dies prior to the date Executive’s benefit is paid pursuant to Sections 1.3 or 1.4, as applicable. In the event of Executive’s death prior to payment of

  
 3 

 
Executive’s benefit pursuant to Sections 1.3 or 1.4 (other than under the circumstances and with respect to the portion of the benefit described in clauses (a) or (b) of the
preceding sentence, in which case the benefits described in Sections 1.3 or 1.4, as applicable, shall be paid in full), Executive’s surviving spouse, if Executive is married on the date of Executive’s death, will receive a death benefit
payable only as a lump sum payment in an amount that is the actuarial equivalent of a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching
the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive’s actual date of termination of employment or Executive’s date of death, survived until the Retirement
Date, been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive’s Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies
after reaching the Retirement Date, the death benefit such spouse would have received had Executive been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive’s Plan benefit beginning on the day prior to
Executive’s death. Such benefit shall be paid on or within 10 business days following the first day of the month coincident with or next following the date of Executive’s death; provided, however, that if Executive dies prior to reaching
age 60, then the amount of such benefit shall be reduced based on the principles used for the reductions described in the proviso to the first sentence of Section 1.4. 

1.6 Unfunded Benefit. The Plan is intended to constitute an unfunded, unsecured plan of deferred compensation.
Further, it is the intention of Company that the Plan be unfunded for purposes of the Code and Title I of the Employee Retirement Income Security Act of 1974, as amended. The Plan constitutes a mere promise by Company to make benefit payments in the
future. Plan benefits hereunder provided are to be paid out of Company’s general assets, and Executive shall have the status of, and shall have no better status than, a general unsecured creditor of Company. Executive understands that Executive
must rely upon the general credit of Company for payment of benefits under the Plan. Company has not and will not in the future set aside assets for security or enter into any other arrangement which will cause the obligation created to be other
than a general corporate obligation of Company or will cause Executive to be more than a general creditor of Company. 
 1.7 Actuarial Equivalent. For purposes of the Plan, the terms “actuarial equivalent” or “actuarially equivalent” when used with respect to a specified benefit shall mean the
amount of benefit of the referenced different type or payable at the referenced different age that can be provided at the same cost as such specified benefit, as computed by the Actuary (as defined below) and certified to Executive (or, in the case
of Executive’s death, to Executive’s spouse) by the Actuary. The actuarial assumptions used under the Plan to determine equivalencies between different forms and times of payment shall be the same as the actuarial assumptions then used in
determining lump sum benefits payable under the CARP; provided, however, that with respect to the discount rate used to calculate benefits under the Plan, the discount rate shall be the Aa Corporate Bond Rate. The term “Actuary” shall mean
the individual actuary or actuarial firm selected by Company to service its pension plans generally or if no such individual or firm has been selected, an individual actuary or actuarial firm appointed by Company and reasonably satisfactory to
Executive and/or Executive’s spouse. The term “Aa Corporate Bond Rate” shall mean the average of the Moody’s daily long-term corporate bond yield averages for Aa-rated corporate bonds published by Moody’s Investors Service,
for the three-month period ending on 

  
 4 

 
the last day of the second month preceding the date Executive (or, in the case of Executive’s death, Executive’s spouse) is to receive the lump sum payment (determined without regard to
any delay in such payment that may be required by reason of Section 409A(a)(2)(B)(i) of the Code), as determined by the Actuary (or, if such yield information is no longer so published, then the average of the daily corporate bond yields for a
comparable sample of Aa-rated corporate bonds of comparable tenor determined in good faith by the Actuary). Upon request, Company shall cause the Actuary to compute the Aa Corporate Bond Rate for a specified period and the amount of the applicable
lump sum payment for Executive (or, in the case of Executive’s death, Executive’s spouse) and shall deliver such information to Executive or such spouse. 

1.8 Medicare Payroll Taxes. Company shall indemnify Executive on a fully grossed-up, after-tax basis for any
Medicare payroll taxes (plus any income taxes on such indemnity payments) incurred by Executive in connection with the accrual and/or payment of benefits under the Plan. Any payment by Company to Executive pursuant to this Section 1.8 shall be
made on or as soon as practicable following the day on which the required tax is remitted by or on behalf of Executive (but not later than the end of the taxable year following the year in which such tax is remitted). 

1.9 Section 409A Grandfathered Benefit. For purposes hereof, “Grandfathered Benefit” means the
present value of the amount to which Executive would have been entitled under the Plan (based on the terms of the Plan set forth in Executive’s Employment Agreement with Continental as in effect on October 3, 2004) if Executive had
voluntarily terminated employment with Continental without cause on December 31, 2004, and received a payment of the benefits available from the Plan on the earliest possible date allowed under the Plan to receive a payment of benefits
following such termination of employment; provided, however, that (a) for any taxable year of Executive after 2004, the Grandfathered Benefit shall increase to equal the present value of the benefit Executive actually becomes entitled to, in
the form and at the time actually paid, determined under the terms of the Plan set forth in Executive’s Employment Agreement with Continental as in effect on October 3, 2004, without regard to (1) any services rendered by Executive
after December 31, 2004, or (2) any other events affecting the amount of or the entitlement to benefits, and (b) in no event shall the Grandfathered Benefit be greater than the maximum grandfathered benefit permitted with respect to
the Plan determined under the provisions of Section 409A of the Code (and the administrative guidance thereunder that is applicable to the determination of amounts deferred under a nonaccount balance plan prior to January 1, 2005, and the
earnings thereon, including Treasury regulation Section 1.409A-6(a)(3)(i) and (iv)). For purposes of making any present value calculations required in accordance with this Section 1.9 as of December 31, 2004, or any other date the
benefit is valued for purposes of determining the Grandfathered Benefit, the actuarial assumptions and methods that were used under the Plan as of December 31, 2004, pursuant to the terms of Executive’s Employment Agreement with
Continental as in effect on such date shall be used. Specifically, such actuarial assumptions as of December 31, 2004 were the 1994 Group Annuity Mortality Table (as prescribed in Section 417(e) of the Code as of that date) and 5.76% (the
average of the Moody’s daily long-term corporate bond yield averages for Aa-rated corporate bonds, published by Moody’s Investors Service, for the three-month period ending on the last day of the second month preceding December 31,
2004). 

  
 5 

 SECTION 2: MISCELLANEOUS 

2.1 Interest and Indemnification. If any payment to Executive provided for in this Agreement is not made by
Company when due, Company shall pay to Executive interest on the amount payable from the date that such payment should have been made until such payment is made, which interest shall be calculated at 3% plus the prime rate of interest announced by
JPMorgan Chase Bank (or any successor thereto) at its principal office in Houston, Texas (but not in excess of the highest lawful rate), and such interest rate shall change when and as any such change in such prime or base rate shall be announced by
such bank. If Executive shall obtain any money judgment or otherwise prevail with respect to any litigation brought by Executive or Company to enforce or interpret any provision contained herein, Company, to the fullest extent permitted by
applicable law, hereby indemnifies Executive for Executive’s reasonable attorneys’ fees and disbursements incurred in such litigation and hereby agrees (i) to pay in full all such fees and disbursements and (ii) to pay
prejudgment interest on any money judgment obtained by Executive from the earliest date that payment to Executive should have been made under this Agreement until such judgment shall have been paid in full, which interest shall be calculated at the
rate set forth in the preceding sentence. Any reimbursement of attorneys’ fees and disbursements required under this Section 2.1 shall be made by Company upon or as soon as practicable following receipt of supporting documentation
reasonably satisfactory to Company (but in any event not later than the close of Executive’s taxable year following the taxable year in which the fee, disbursement, cost or expense is incurred by Executive); provided, however, that, upon
Executive’s termination of employment with Company, in no event shall any additional reimbursement be made prior to the date that is six months after the date of Executive’s termination of employment to the extent such payment delay is
required under Section 409A(a)(2)(B)(i) of the Code; provided that interest at the rate specified above in this Section 2.1 shall be paid to Executive with respect to any time period that reimbursement is so delayed and such interest shall
be paid at the same time as the reimbursement. In no event shall any reimbursement be made to Executive for such fees, disbursements, costs and expenses incurred after the later of (1) the tenth anniversary of the date of Executive’s death
or (2) the date that is ten years after the date of Executive’s termination of employment with Company. 
 2.2 Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or
when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	 If to Company to:
	  	 United Continental Holdings, Inc.

		  	 77 W. Wacker Drive, HDQLD

		  	 Chicago, Illinois 60601

		  	 Attention: General Counsel

		
	 If to Executive to:
	  	 At the most recent address

		  	 on file with Company

 or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices of changes of address shall be effective only upon receipt. 

  
 6 

 2.3 Applicable Law. This contract is entered into under,
and shall be governed for all purposes by, the laws of the State of Illinois. 
 2.4 Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 

2.5 Withholding of Taxes. Company may withhold from any benefits and payments made pursuant to this Agreement all
federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling. 
 2.6 Headings. The paragraph headings have been inserted for purposes of convenience and shall not be used for interpretive purposes. 

2.7 Successors. This Agreement shall be binding upon and inure to the benefit of Company and any successor of
Company, including without limitation any person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of Company by any means whether direct or indirect, by purchase, merger,
consolidation, or otherwise. Except as provided in the preceding sentence, this Agreement, and the rights and obligations of the parties hereunder, are personal and neither this Agreement, nor any right, benefit or obligation of any party hereto,
shall be subject to voluntary or involuntary assignment, alienation or transfer, whether by operation of law or otherwise, without the prior written consent of the other parties. The parties intend that the provisions of this Agreement benefiting
Executive’s estate or Executive’s surviving spouse shall be enforceable by them. 
 2.8 Entire
Agreement. This Agreement, as of the Effective Date, will constitute the entire agreement of the parties with regard to the subject matter hereof, and will contain all the covenants, promises, representations, warranties and agreements between
the parties with respect to the Plan. Effective as of the Effective Date, the provisions of the Prior Employment Agreement relating to the Plan shall automatically terminate and no longer be of any force or effect, and neither party thereto shall
have any rights or obligations thereunder. Any modification of this Agreement shall be effective only if it is in writing and signed by the party to be charged. 
 [Signatures begin on following page.] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on and to be effective as of the Effective Date. 
  

			
	 UNITED CONTINENTAL HOLDINGS, INC.

		
	By:	 	 /s/ Michael P. Bonds

		 	Michael P. Bonds, Executive Vice President Human Resources and Labor Relations
	
	CONTINENTAL AIRLINES, INC.
		
	By:	 	 /s/ Michael P. Bonds

		 	Michael P. Bonds, Executive Vice President Human Resources and Labor Relations
	
	“EXECUTIVE”
	
	 /s/ James Compton

	James Compton

  
 8

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