<PAGE>
<TABLE>
<CAPTION>
- -------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
- -------- -----------------------------
/ / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287
LONGER SUBJECT TO EXPIRES: SEPTEMBER 30, 1998
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5
CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 -----------------------------
INSTRUCTION 1(b).
(Print or Type Responses)
- ------------------------------------------------------------------------------------------------------------------------------------
<S><C>
1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
Director X 10% Owner
Northwest Airlines Corporation Continental Airlines, Inc.; CAIA ---- ----
- --------------------------------------------------------------------------------------------- Officer (give Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- title ---- (specify
Number of Reporting Month/Year below) below
Person (Voluntary) ----------------- ------------------
2700 Lone Oak Parkway March, 1998
- -------------------------------------------- 95-4205287 --------------------- 7. Individual or Joint/Group Filing
(Street) 5. If Amendment, X (Check Applicable Line)
Date of Original ---Form filed by One Reportng Person
(Month/Year) ---Form filed by More than One
Eagan Minnesota 55121 Reporting Person
- ------------------------------------------------------------------------------------------------------------------------------------
(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ ------------------------------------------- Month Indirect Owner-
Year) (A) or (I) ship
Code V Amount (D) Price (Instr. 3 (Instr. 4) (Instr. 4)
and 4)
- ------------------------------------------------------------------------------------------------------------------------------------
See
Class A Common Stock, $0.01 par value 3/2/98 P 979,000 A $60.82 9,514,868 I Attachment A
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
SEC 1474 (3/91)
(Print or Type Responses)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- ------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ posed of (D) (Month/Day/
Deriv- Day/ (Instr. 3, 4, and 5) Year)
ative Year)
Security
--------------------
Date Expira-
-------------------------------------- Exer- tion
cisable Date
Code V (A) (D)
<S><C>
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------
7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
at End (D) or
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
<S><C>
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
Explanation of Responses:
**Intentional misstatements or omissions of facts constitute NORTHWEST AIRLINES CORPORATION
Federal Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. By: /s/ Douglas M. Steenland 4/8/98
If space is insufficient, SEE Instruction 6 for procedure. ------------------------------ -----------
Douglas M. Steenland Date
Senior Vice President,
General Counsel and Secretary
Page 2
SEC 1474 (7-97)
</TABLE>
<PAGE>
ATTACHMENT A TO FORM 4
REPORTING PERSON DATE OF EVENT ISSUER NAME AND TICKER
- ---------------- ------------- ----------------------
Northwest Airlines Corporation 3/2/98 Continental Airlines, Inc.
2700 Lone Oak Parkway CAIA
Eagan, Minnesota 55121
4. Nature of Indirect Beneficial Ownership
On March 2, 1998, Northwest Airlines Corporation, a Delaware
corporation ("Northwest"), Newbridge Parent Corporation, a Delaware
corporation ("Newbridge"), Barlow Investors III, LLC, a California limited
liability company (the "Seller"), and the guarantors signatory thereto (the
"Guarantors"), entered into a Purchase Agreement (the "Purchase Agreement").
Pursuant to the Purchase Agreement and subject to the terms and conditions
set forth therein, Newbridge will acquire from the Seller 979,000 shares (the
"Barlow Shares") of Class A Common Stock of Continental Airlines, Inc., a
Delaware corporation ("Continental"), par value $.01 per share ("Continental
Class A Common Stock"), presently held by the Guarantors for an aggregate
purchase price of $59,542,780, representing $60.82 in cash per share of
Continental Class A Common Stock.
The Guarantors beneficially own at least 979,000 shares of Continental
Class A Common Stock, which represents approximately 8.6% of the outstanding
Continental Class A Common Stock, approximately 1.6% of Continental's
outstanding common stock and approximately 5.9% percent of its outstanding
common stock voting power. Pursuant to the Purchase Agreement, the Guarantors
have agreed to transfer, or to arrange for the transfer of, 979,000 shares of
Continental Class A Common Stock to the Seller prior to the closing of the
Purchase Agreement. The 979,000 shares owned by the Guarantors, together with
the shares to be acquired by Northwest pursuant to the Investment Agreement
among Northwest, Newbridge, Air Partners, L.P., the Partners of Air Partners
identified on the signature pages thereto, Bonderman Family Limited
Partnership, 1992 Air, Inc. and Air Saipan, Inc., dated as of January 25,
1998, represent approximately 83.3% of the outstanding Continental Class A
Common Stock, approximately 15.4% of Continental's outstanding common stock
and approximately 57.8% of its outstanding common stock voting power.
Pursuant to the Purchase Agreement, the Guarantors and the Seller have
agreed, among other things, (i) not to sell, transfer, tender, pledge,
encumber, assign or otherwise dispose of any of the Barlow Shares except as
contemplated by the Purchase Agreement, (ii) not to convert any of the Barlow
Shares into shares of Class B Common Stock of Continental and (iii) to vote
or cause to be voted all Barlow Shares owned by them against, among other
things, any business combination (other than a business combination with
Northwest or any of its affiliates) involving Continental, any change in the
majority of the Board of Directors of Continental or any material change in
the Continental's corporate structure or business. In addition, the
Guarantors and the Seller granted to Robert L. Friedman, as the designee of
Northwest, an irrevocable proxy to vote the Barlow Shares in a manner
consistent with the voting agreements set forth in the Purchase Agreement.
Page 3 of 3
