Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MUNOZ OSCAR
   2. Issuer Name and Ticker or Trading Symbol
CONTINENTAL AIRLINES INC /DE/ [CAL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1600 SMITH STREET - HQSEO		 3. Date of Earliest Transaction (Month/Day/Year)
10/01/2010
(Street)

HOUSTON, TX 77002		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class B Common Stock 10/01/2010   D   4,311 D (1) 0 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 12.15 10/01/2010   D     5,000 03/30/2004 03/30/2014 Class B Common Stock 5,000 (2) 0 D  
Stock Option (Right to Buy) $ 23.62 10/01/2010   D     5,000 06/06/2006 06/06/2016 Class B Common Stock 5,000 (3) 0 D  
Stock Option (Right to Buy) $ 34.1 10/01/2010   D     5,000 06/12/2007 06/12/2017 Class B Common Stock 5,000 (4) 0 D  
Stock Option (Right to Buy) $ 12.46 10/01/2010   D     7,500 06/12/2008 06/12/2018 Class B Common Stock 7,500 (5) 0 D  
Stock Option (Right to Buy) $ 9.22 10/01/2010   D     7,500 06/10/2009 06/10/2019 Class B Common Stock 7,500 (6) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MUNOZ OSCAR
1600 SMITH STREET - HQSEO
HOUSTON, TX 77002		   X      

Signatures

 /s/ Sarah Hagy on behalf of Oscar Munoz   10/05/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Disposed of pursuant to the Agreement and Plan of Merger, dated as of May 2, 2010, by and among Continental Airlines, Inc. ("Continental"), UAL Corporation and JT Merger Sub Inc., in exchange for 1.05 shares of common stock of United Continental Holdings, Inc. ("UAL") per share of Continental B Common Stock on October 1, 2010. Any fractional share will be paid in cash. Shares reported in Table I Column 4 include 2,311 restricted shares that would have vested on June 9, 2011. These restricted shares were converted into 2,426 restricted shares of UAL common stock, with the same terms and conditions as the original Continental restricted shares.
(2) Options were converted pursuant to the Merger Agreement into options to purchase 5,250 shares of UAL common stock at $11.58 per share, with the same terms and conditions as the original Continental options.
(3) Options were converted pursuant to the Merger Agreement into options to purchase 5,250 shares of UAL common stock at $22.50 per share, with the same terms and conditions as the original Continental options.
(4) Options were converted pursuant to the Merger Agreement into options to purchase 5,250 shares of UAL common stock at $32.48 per share, with the same terms and conditions as the original Continental options.
(5) Options were converted pursuant to the Merger Agreement into options to purchase 7,875 shares of UAL common stock at $11.87 per share, with the same terms and conditions as the original Continental options.
(6) Options were converted pursuant to the Merger Agreement into options to purchase 7,875 shares of UAL common stock at $8.79 per share, with the same terms and conditions as the original Continental options.

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