Delta Airlines 2007 Annual Report Download - page 127

EXHIBIT 10.14
SEPARATION AGREEMENT AND GENERAL RELEASE
1. Agreement. I, Joseph C. Kolshak, the undersigned and individual named on the signature page hereto, wish to accept the benefits being offered by
Delta Air Lines, Inc. ("Delta") under the Delta Air Lines, Inc. 2007 Officer and Director Severance Plan, (the "Plan"). In agreeing to participate in the Plan, I
acknowledge I have carefully reviewed the provisions of the Plan, as well as this Separation Agreement and General Release ("Agreement"). I believe both
the Agreement and the Plan are in my best interest and I acknowledge entering into this Agreement voluntarily and without coercion. All parties acknowledge
that had I not separated from Delta, my employment would have been terminated, and I had knowledge of that fact. I further acknowledge and agree that my
retirement date with Delta shall be January 1, 2008. I also agree to resign from any positions with any Delta subsidiary or affiliate as of December 31, 2007.
2. Severance Benefits. In exchange for my voluntarily executing and returning this Agreement to Delta, and in recognition of my termination of
employment satisfying all eligibility criteria set forth in the Plan, Delta will provide me with the benefits as described in the Plan: (a) subject to the required
withholding and payment of all applicable federal, state and local taxes; (b) except as provided in Section 3 below, with no tax reimbursement by Delta related
to any travel privileges or any other benefits provided under the Plan; and (c) in lieu of any Career Transition Services provided under the Plan, Delta agrees
to pay the actual reasonable attorney fees I incurred to negotiate and prepare this Agreement, but which payment shall not exceed $5000.00 in total. In
addition to the benefits under the Plan, for a period of one year from my separation, Delta will also continue to provide me with the same level of residential
security services as provided immediately before my separation. Section 7 below notwithstanding, Delta shall also allow me to retain the laptop computer and
"Blackberry" device I currently have, (together "the electronic hardware") but I agree that upon my separation, I shall present the electronic hardware to Delta
so that Delta may remove all Delta software, information and programs there from. Delta shall have no obligation to maintain the electronic hardware after
my separation, nor to pay any monthly operating fees nor reimburse me for such fees. I acknowledge and agree that Delta will have no obligation to provide
me with any benefits in connection with my employment relationship with Delta, or the termination of that relationship, except as described in the Plan and
this Agreement (other than retirement, death or equity-based benefits in accordance with the respective terms of any retirement, death or equity-based benefits
plan in which I participated during my employment with Delta). I specifically acknowledge that as provided in the Plan, payment of certain of my Severance
Benefits may be subject to delayed payment pursuant to Section 409A of the Internal Revenue Code of 1986, as determined by Delta.
3. Additional Flight Privileges. In addition to the non revenue space available travel privileges otherwise available to me as a retiree of Delta, but in lieu
of the travel privileges provided under the Plan, for a period of ten years from my retirement date Delta will allow me, my spouse, dependent children and
other "PPR" members to be eligible for the same non revenue travel benefits as those provided to active executive officers (and their spouse, dependent
children and other "PPR" members) as modified from time to time, except that : a) any so called "gross up" allowance will not exceed the amount provided
under the program as of my retirement date and there shall be no carryover from year to year of the "gross up" allowance, or no year to year carryover of any
other "allowance" type benefit which may be implemented during such ten year period; b) such travel must be on the Delta system, and shall not include
reciprocal benefits that may be provided on other airlines (except for certain Delta Connection flights); and c) any bookings for anyone other than my PPR
members must occur by February 29, 2008. Provided however, during the six month period following my retirement date, any taxable flight privileges for
which I am eligible shall be limited in value to $15,500. I acknowledge and agree that I may not exchange the Additional Flight Privileges for any other
benefit or for a payment in cash or kind. I acknowledge that all my flight privileges, both the non revenue space available retiree travel privileges and the
Additional Flight Privileges granted under this Agreement are subject to Delta's unilateral right to modify, amend, suspend or terminate any and all travel
privileges at any time (including, but not limited to, changes required by Section 409A of the Internal Revenue Code) as stated in its standard policies
applicable to all non revenue travel; but Delta acknowledges that it will not exercise such rights with respect to me solely as an individual (as opposed, for
example, to changes applicable to active executive officers as a group with respect to