Document:

EXHIBIT 4.2

 

AMENDMENT
NO. 1 TO RIGHTS AGREEMENT

 

THIS AMENDMENT NO. 1 TO THE RIGHTS AGREEMENT (the “Amendment
No. 1”), is made and entered into as of April 14, 2008, by and
between Northwest Airlines Corporation, a Delaware corporation (the “Company”),
and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”).  Capitalized terms used but not herein defined
shall have the meanings ascribed thereto in the Rights Agreement, dated as of May 25,
2007, between the Company and the Rights Agent (the “Rights Agreement”).

 

WHEREAS, the Company and the Rights Agent have
heretofore executed and entered into the Rights Agreement;

 

WHEREAS, the Company proposes to enter into an
Agreement and Plan of Merger (as it may be amended from time to time, the “Merger
Agreement”), dated as of April 14, 2008, by and among Delta Air Lines, Inc.
(“Delta”), Nautilus Merger Corporation, a Delaware corporation and a
direct wholly-owned subsidiary of Delta (“Merger Sub”), and the Company,
pursuant to which, among other things, Merger Sub will be merged with and into
the Company, the separate corporate existence of Merger Sub will cease, and the
Company will continue as the surviving corporation (the “Merger”).  The Board of Directors of the Company has
approved the Merger Agreement;

 

WHEREAS, the Board of Directors of the Company has
determined that, in connection with the execution of the Merger Agreement, it
is necessary and desirable to amend the Rights Agreement to exempt the Merger
Agreement, the execution thereof and the transactions contemplated thereby,
including, without limitation, the Merger, from the application of the Rights
Agreement, in each case as set forth in this Amendment No. 1; and

 

WHEREAS, (i) pursuant to Section 27 of the
Rights Agreement, the Company may in its sole and absolute discretion, and the
Rights Agent shall if the Company so directs, supplement or amend any provision
of the Rights Agreement in any respect without the approval of any holders of
the Rights for so long as the Rights are then redeemable; (ii) pursuant to
Section 23 of the Rights Agreement, the Rights are redeemable, by action
of the Board of Directors, at any time prior to such time as any Person first
becomes an Acquiring Person; (iii) no Person has become an Acquiring
Person and therefore the Rights are redeemable; (iv) pursuant to Section 27
of the Rights Agreement, an appropriate officer of the Company has delivered a
certificate to the Rights Agent stating that the proposed supplements and
amendments to the Rights Agreement set forth in this Amendment No. 1 are
in compliance with Section 27 of the Rights Agreement; and (v) pursuant
to the terms of the Rights Agreement and in accordance with Section 27
thereof, the Company has directed that the Rights Agreement should be amended
and supplemented as set forth in this Amendment No. 1 immediately prior to
the execution of the Merger Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the
parties hereby agree as follows:

 

 

 

1.             Amendments to Rights Agreement.

 

(a)                                  The definition
of “Acquiring Person” in Section 1(a) of the Rights Agreement
is amended by inserting the following sentence at the end of Section 1(a):

“Notwithstanding anything in this Section 1(a) to the contrary, none
of Delta Air Lines, Inc., a Delaware corporation (“Delta”),
Nautilus Merger Corporation, a Delaware corporation and a direct wholly-owned
subsidiary of Delta (“Merger Sub”), or any of their respective
Affiliates or Associates, either individually, collectively or in any
combination, shall be deemed to be an “Acquiring Person” solely by virtue of,
or as a result of, (A) the approval, execution, delivery, adoption or
performance of the Agreement and Plan of Merger (as it may be amended from time
to time), dated as of April 14, 2008, by and among Delta, Merger Sub and
the Company (as it may be amended from time to time, the “Merger Agreement”),
or (B) the consummation of the Merger (as defined in the Merger Agreement)
and the other transactions pursuant to the terms of the Merger Agreement, or (C) the
public announcement of any thereof, or (D) any combination of the
foregoing (such actions described in this sentence, the “Permitted Events”).”

 

(b)                                 The definition
of “Beneficial Owner” in Section 1(d) of the Rights Agreement
is amended by inserting the following subclause (iv) at the end of Section 1(d):

 

“(iv) 
Notwithstanding anything in this Section 1(d) to the contrary, none
of Delta, Merger Sub or any of their respective Affiliates or Associates,
either individually, collectively or in any combination, shall be deemed a
Beneficial Owner of, or to beneficially own, any securities solely by virtue
of, or as a result of, any Permitted Event.”

 

(c)                                  The definition
of “Stock Acquisition Date” in Section 1(s) of the Rights
Agreement is amended to add the following sentence at the end thereof:

“Notwithstanding anything in this Agreement to the contrary, a Stock
Acquisition Date shall not be deemed to have occurred solely by virtue of, or
as a result of, any Permitted Event.”

 

(d)                                 Section 3(a) of
the Rights Agreement is amended to add the following sentence at the end
thereof:

“Notwithstanding anything in this Agreement to the contrary, a Distribution
Date shall not be deemed to have occurred and nothing in this Rights Agreement
shall be construed to give any holder of Rights or any other Person any legal
or equitable rights, remedies or claims under this Rights Agreement solely by
virtue of, or as the result of, any Permitted Event.”

 

(e)                                  Section 7(a) of
the Rights Agreement is modified, amended and restated as follows:

 

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“Except as otherwise provided herein, the Rights shall become
exercisable on the Distribution Date, and thereafter the registered holder of
any Right Certificate may, subject to Section 11(a)(ii) hereof and
except as otherwise provided herein, exercise the Rights evidenced thereby in
whole or in part upon surrender of the Right Certificate, with the form of
election to purchase on the reverse side thereof duly executed, to the Rights
Agent at the office or agency of the Rights Agent designated for such purpose,
together with payment of the Purchase Price for each one one-thousandth of a
share of Preferred Stock (or other securities, cash or assets, as the case may
be) as to which the Rights are exercised, at any time which is both after the
Distribution Date and prior to the time (the “Expiration Date”) that is
the earliest of (i) the time immediately prior to the Effective Time (as
defined in the Merger Agreement) (the “Effective Time”), but only if the
Effective Time shall occur, (ii) the close of business on May 31,
2017 (the “Final Expiration Date”), (iii) the time at which the
Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”)
or (iv) the time at which such Rights are exchanged as provided in Section 24
hereof.  Except for those provisions herein which expressly survive the
termination of this Rights Agreement, this Rights  Agreement shall
terminate at such time as the Rights are no longer exercisable hereunder.”

 

(f)                                    Section 11(a)(ii) of
the Rights Agreement is amended to add the following sentence at the end
thereof:

“Notwithstanding the foregoing or anything in this Agreement to the contrary,
the provisions of this Section 11(a)(ii) and rights hereunder shall
not be deemed to be triggered solely by virtue of, or as the result of, any
Permitted Event.”

 

(g)                                 Section 13(a) of
the Rights Agreement is amended to add the following sentence at the end
thereof:

“Notwithstanding the foregoing or anything in this Agreement to the contrary,
the provisions of this Section 13(a) and rights hereunder shall not
be deemed to be triggered solely by virtue of, or as the result of, any
Permitted Event.”

 

(h)                                 Section 13(b) of
the Rights Agreement is amended to add the following sentence at the end
thereof:

“Notwithstanding the foregoing or anything in this Agreement to the contrary,
none of Delta, Merger Sub or any of their respective Affiliates or Associates,
either individually, collectively or in any combination, shall be deemed a
Principal Party solely by virtue of, or as a result of, any Permitted Event.”

 

(i)                                     A new Section 36
is added to read in its entirety as follows:

“Section 36.  Termination.  Notwithstanding anything herein to the
contrary, 

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immediately prior to the Effective Time, but only if the Effective Time shall
occur, (i) this Agreement shall be terminated and be without further force
or effect, (ii) none of the parties to this Agreement will have any
rights, obligations or liabilities hereunder and (iii) the holders of the
Rights shall not be entitled to any benefits, rights or other interests under
this Agreement; provided, however, that notwithstanding the
foregoing, Sections 18 and 20 hereof shall survive the termination of this
Agreement.”

 

2.             Interpretation.  The term “Agreement” as used in the Rights
Agreement shall be deemed to refer to the Rights Agreement as amended hereby.

 

3.             Severability.  If any term, provision, covenant
or restriction of this Amendment No. 1 is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this
Amendment No. 1, and of the Rights Agreement, shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

4.             Waiver of
Notice.  The Rights Agent and
the Company hereby waive any notice requirement under the Rights Agreement
pertaining to the matters covered by this Amendment No. 1 (but not
pertaining to the matters covered by the amending language quoted in sections
1(a)-1(i) hereof).

 

5.             Effectiveness.  This Amendment No. 1 shall be deemed
effective as of the date first written above and shall be deemed to be in full
force and effect prior to the execution of the Merger Agreement.  To the extent that the terms and provisions
of the Rights Agreement do not conflict with the terms and provisions of this
Amendment No. 1, then such terms and provisions shall remain in full force
and legal effect.  To the extent that
there is a conflict between the terms and provisions of the Rights Agreement
and this Amendment No. 1, the terms and provisions of this Amendment No.1
shall govern for purposes of the subject matter of this Amendment No. 1
only.  If for any reason the Merger
Agreement is terminated, then the Company shall promptly notify the Rights
Agent of such termination.

 

6.             Governing Law.  This Amendment No. 1 shall be deemed a
contract made under the laws of the State of Delaware, and for all purposes of
this Amendment No. 1 shall be governed by and construed in accordance with
the laws of such State applicable to contracts made and to be performed
entirely within such State.

 

7.             Counterparts.  This Amendment No. 1 may be executed in
any number of counterparts (including by facsimile), each of which shall be an
original and all of which shall constitute one and the same document.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties have caused this
Amendment No. 1 to be duly executed as of the day and year first above
written.

 

	
  Attest:

  	
  NORTHWEST
  AIRLINES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Cathy R. Sams

  	
   

  	
  By:

  	
  /s/ Michael L. Miller

  	
   

  
	
   

  	
  Name:
  Cathy R. Sams

  	
   

  	
  Name: Michael
  L. Miller

  
	
   

  	
  Title: Assistant
  Secretary

  	
   

  	
  Title: Vice
  President, Law and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
  COMPUTERSHARE
  TRUST COMPANY, 

  
	
   

  	
   

  	
  N.A.,
  as Rights Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Suzanne L. Schaming

  	
   

  	
  By:

  	
  /s/ Dennis V. Moccia

  	
   

  
	
   

  	
  Name:
  Suzanne L. Schaming

  	
   

  	
  Name: Dennis
  V. Moccia

  
	
   

  	
  Title: Corporate
  Counsel

  	
   

  	
  Title: Managing
  Director

  
	
   

  	
   

  	
   

  	
   

  

 

 

 

OFFICER’S CERTIFICATE

 

This certificate is delivered to Computershare Trust
Company, N.A. (the “Rights Agent”), in connection with that certain
Rights Agreement, dated as of May 25, 2007, by and between Northwest
Airlines Corporation, a Delaware corporation (the “Company”), and the
Rights Agent (the “Rights Agreement”), in accordance with Section 27
of the Rights Agreement.  Pursuant to Sections
20(g) and 27 of the Rights Agreement, the Rights Agent shall execute the
attached Amendment No. 1 to the Rights Agreement upon the delivery of this
officer’s certificate stating that such Amendment No. 1 to the Rights
Agreement is in compliance with the terms of Section 27 of the Rights
Agreement.

 

The undersigned hereby certifies that the attached
Amendment No. 1 to the Rights Agreement was duly and validly authorized
and adopted by the Board of Directors of the Company and said Amendment No. 1
to the Rights Agreement is in compliance with the terms of Section 27 of
the Rights Agreement.

 

The Company hereby directs the Rights Agent to
execute and deliver the Amendment No. 1 to the Rights Agreement.

 

IN WITNESS WHEREOF, the undersigned has executed this
Certificate as of this 14th day of April, 2008.

 

	
   

  	
  NORTHWEST AIRLINES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L.
  Miller

  
	
   

  	
   

  	
  Name: Michael L. Miller

  
	
   

  	
   

  	
  Title: Vice President, Law and SecretaryEXHIBIT 10.8

MobiClear

December 1, 2007

SIMOUN UNG
27th Floor, Chatham House
116 Valero Street
Salcedo Village, Makati City
Philippines 1227

RE:      Appointment to the Board of Directors of MobiClear Inc.

Dear Simoun:

This letter will serve to set forth our agreement with respect to your
appointment as a member of the board of directors (the "Board") of MobiClear
Inc. (the "Company") to serve for a term of one (1) year (the "Appointment").

As compensation for services as a member of the Board, during your membership to
the Board, the Company shall pay you a fee at an annual rate of Twenty Thousand
Dollars (US$20,000.00) which shall be payable in monthly installments.

Upon your acceptance of the Appointment, the Company shall grant you shares of
common stock of the Company which shall equal one percent (1%) of the total
issued and outstanding shares of common stock as of the date of your acceptance.
In addition, at the time of your acceptance, the Company hereby agrees that it
shall grant to you an option (the "Option") to purchase that number of shares of
common stock of the Company, which as of the date hereof represents
approximately one percent (1%) of all of the issued and outstanding shares of
common stock of the Company (as of the date of your acceptance) for each
instance (up to four as provided herein) within a three (3) year period wherein
the Company consummates an agreement to sell or license the Company's products
and services to a financial institution (the "Institution") from sources which
are introduced to the Company by you (and such sources were not known by the
Company other than via introduction by you) and, such Institution was approved
by the Board; provided, however that the maximum number of shares subject to the
Option shall be that number of shares which equal four percent (4%) of all of
the issued and outstanding shares of common stock of the Company as of the date
of your acceptance. The Option shall: (i) have an exercise price per share equal
to the last sale price of the shares of common stock of the Company on the date
prior to your acceptance as quoted on the OTC electronic quotation system; (ii)
vest in full immediately upon grant; (iii) shall be exercisable for a period of
three (3) years from the date of grant (regardless of whether or not you remain
a member of the Board); and (iv) be granted pursuant to an option agreement with
terms and conditions substantially similar to those as set forth on Exhibit A
attached hereto.

Upon the acceptance of the Appointment, the Company shall use its best effort to
obtain directors and officers liability insurance for the Company and the
members of its Board within thirty (30) days of your acceptance.

Please be advised that the term of your Appointment as well as the share and
option grant set forth herein are subject to the by-laws of the Company as well
as federal and state law.

Confidential                              Mobiclear, Inc.  2008-04-15 Page 1 (2)

<PAGE>

If the foregoing accurately sets forth our agreement with respect to the
principal terms of the employment, please sign below and return a copy of this
letter agreement to the undersigned.

                                            Very truly yours,

                                            MobiClear Inc.

                                            By:/s/_____________________________
                                            Name:    Lim Wong
                                            Title:   Chairman of the Board

ABOVE AGREED TO AND ACCEPTED:

/s/__________________________
SIMOUN UNG

Confidential                              Mobiclear, Inc.  2008-04-15 Page 2 (2)

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