Delta Airlines 2008 Annual Report Download - page 197
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Exhibit 10.25
Michael H. Campbell
Executive Vice President
HR, Labor & Communications
October 31, 2008
[Name/Address]
Dear [Name]:
I am pleased to confirm our verbal offer of employment for the position of [POSITION] of Delta Air Lines, Inc. ("Delta" or the "Company"). Your active
employment with Delta will begin on the closing date of the merger between Nautilus Merger Corporation, a wholly owned subsidiary of Delta, and
Northwest Airlines Corporation (such transaction referred to as the "Merger", and your active employment commencement date referred to as the "Delta
Transfer Date"). The following information generally summarizes the terms of our offer.
ANNUAL COMPENSATION
Your base salary will be $[AMOUNT] per annum, payable in accordance with the usual payment practices of the Company except that for convenience
purposes only, regardless if your Delta Transfer Date is prior to January 1, 2009, you will be paid from the Northwest Airlines Inc. ("NWA") payroll through
at least that date.
You will participate in Delta's 2009 Management Incentive Plan (the "MIP") according to the terms of the MIP as in effect from time to time. As [POSITION]
at Delta, your Target MIP Award for 2009 will be [PERCENTAGE] % of your annual base salary.
LONG-TERM COMPENSATION
As soon as practicable after the Delta Transfer Date, and subject to your execution of the underlying award agreement offered to you by Delta, you will
receive an equity-based award under Delta's 2007 Performance Compensation Plan (the "Performance Plan") consisting of (1) [NUMBER] shares of restricted
Delta common stock; and (2) a stock option to purchase up to [NUMBER] shares of Delta common stock (the restricted stock and the stock option
collectively referred to as the "Merger Equity Award"). Subject to your continued employment with Delta and the terms and conditions set forth in the award
agreement, the Merger Equity Award will generally vest as follows:
20% May 1, 2009;
20% November 1, 2009;
20% May 1, 2010; and
40% November 1, 2011.
Delta Air Lines, Inc., Post Office Box 20706, Atlanta, GA 30320-6001, U.S.A