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Exhibit 10.26    
  

AMENDED AND RESTATED

NORTHWEST AIRLINES CORPORATION

1999 STOCK INCENTIVE PLAN  

(As Amended Through December 7, 2001)  

Section 1. Purpose.  

        The purpose of the Northwest Airlines Corporation 1999 Stock Incentive Plan (the "Plan") is to promote the interests of the Company and its stockholders by
assisting the Company and its Affiliates in attracting and retaining employees, to offer such employees incentives to put forth maximum efforts for the success of the Company and its Affiliates and to
further align employees' interests with those of the Company's stockholders. 

Section 2. Definitions.  

        As used in the Plan, the following terms shall have the meanings set forth below: 

        (a)
"Affiliate" shall mean (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company, and (ii) any entity in which the
Company has a significant equity interest, in each case as determined by the Committee. 

        (b)
"Award" shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, or Other Stock-Based Award granted under the Plan. 

        (c)
"Award Agreement" shall mean any written agreement, contract or other instrument or document evidencing any Award granted under the Plan. 

        (d)
"Cause" shall mean with respect to the termination of a Participant's employment with the Company or any Affiliate (i) an act or acts of personal dishonesty by the Participant
intended to result in substantial personal enrichment of the Participant at the expense of the Company or an Affiliate; (ii) an act or acts of personal dishonesty by the Participant intended to
cause substantial injury to the Company or an Affiliate; (iii) material breach (other than as a result of a Disability) by the Participant of the Participant's obligations under the terms and
conditions of the Participant's employment, which action was (A) undertaken without a reasonable belief that the action was in the best interest of the Company or an Affiliate and
(B) not remedied within a reasonable period of time after receipt of written notice from the Company or an Affiliate specifying the alleged breach, or (iv) the conviction of the
Participant of a felony. 

        (e)
"Code" shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. A reference to any provision of the Code shall include
reference to any successor provision of the Code. 

        (f)
"Committee" shall mean a committee of the Company designated by the Board of Directors of the Company to administer the Plan, which shall consist of members appointed from time to
time by the Board of Directors. 

        (g)
"Company" shall mean NORTHWEST AIRLINES CORPORATION, a Delaware corporation, and any successor corporation. 

        (h)
"Disability" shall mean the Participant's physical or mental condition which prevents continued performance of his or her duties and for which the Participant establishes by medical
evidence that 

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such condition will be permanent and continuous during the remainder of the Participant's life or is likely to be of at least three (3) years' duration. 

        (i)
"Eligible Person" shall mean any employee, consultant or independent contractor providing services to the Company or any Affiliate who the Committee determines to be an Eligible
Person. 

        (j)
"Fair Market Value" shall mean, with respect to any property (including, without limitation, any shares or other securities), the fair market value of such property determined by
such methods or procedures as shall be established from time to time by the Committee. Notwithstanding the foregoing, unless otherwise determined by the Committee, the Fair Market Value of shares on a
given date for purposes of the Plan shall be the average of the opening and closing sale prices of the shares as reported on the NASDAQ National Market System on such date or, if such System is not
open for trading on such date, on the day closest to such date when such System is open for trading. 

        (k)
"Option" shall mean an option granted under Section 6(a) of the Plan that shall not be an incentive stock option within the meaning of Section 422 of the Code or any
successor provision. 

        (l)
"Other Stock-Based Award" shall mean any right granted under Section 6(e) of the Plan. 

        (m)
"Participant" shall mean an Eligible Person designated to be granted an Award under the Plan. 

        (n)
"Performance Award" shall mean any right granted under Section 6(d) of the Plan. 

        (o)
"Person" shall mean any individual, corporation, partnership, association or trust. 

        (p)
"Plan" shall mean this 1999 Stock Incentive Plan, as amended from time to time. 

        (q)
"Restricted Stock" shall mean any Share granted under Section 6(c) of the Plan. 

        (r)
"Restricted Stock Unit" shall mean any unit granted under Section 6(c) of the Plan evidencing the right to receive a Share (or a cash payment equal to the Fair Market Value of
a Share) at some future date. 

        (s)
"Retirement" shall mean separation from service with the Company or an Affiliate pursuant to a pension plan maintained by the Company or such Affiliate. 

        (t)
"Shares" shall mean shares of Common Stock, $0.01 par value, of the Company or such other securities or property as may become subject to Awards pursuant to an adjustment made under
Section 4(c) of the Plan. 

        (u)
"Stock Appreciation Right" shall mean any right granted under Section 6(b) of the Plan. 

Section 3. Administration.  

        (a)
Power and Authority of the Committee. The Plan shall be administered by the Committee. Subject to the express provisions of the Plan
and to applicable law, the Committee shall have full power and authority to: 

        (i)    designate
Participants; 

        (ii)  determine
the type or types of Awards to be granted to each Participant under the Plan; 

        (iii)  determine
the number of shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) each Award; 

        (iv)  determine
the terms and conditions of any Award or Award Agreement; 

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        (v)  amend
the terms and conditions of any Award or Award Agreement and accelerate the exercisability of Options or the lapse of restrictions relating to Restricted Stock,
Restricted Stock Units or other Awards; 

        (vi)  determine
whether, to what extent and under what circumstances Awards may be exercised in cash, shares, other securities, other Awards or other property, or canceled,
forfeited or suspended; 

        (vii) determine
whether, to what extent and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to
an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or the Committee; 

        (viii)interpret
and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; 

        (ix)  establish,
amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and 

        (x)  make
any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole
discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of any Award and any employee of the Company or any
Affiliate. 

        (b)
Delegation. Except to the extent prohibited by applicable law, the Committee may allocate all or any portion of its powers and duties
under the Plan to any one or more of its members and may delegate its powers and duties under the Plan to any person or persons selected by it, subject to such terms, conditions and limitations as the
Committee may establish in its sole discretion. Any such allocation or delegation may be revoked by the Committee at any time. 

        (c)
Power and Authority of the Board of Directors. Notwithstanding anything to the contrary contained herein, the Board of Directors may,
at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan. 

Section 4. Shares Available for Awards.  

        (a)
Shares Available under the Plan. Subject to adjustment as provided in Section 4(c), the aggregate number of shares that may be
issued under all Awards under the Plan shall be 9,000,000, subject to the following: 

        (i)    If
any shares covered by an Award or to which an Award relates are not purchased or are forfeited, or if an Award otherwise terminates without delivery of any shares,
then the number of shares counted against the aggregate number of shares available under the Plan with respect to such Award, to the extent of any such forfeiture or termination, shall again be
available for granting Awards under the Plan. 

        (ii)  If
the exercise price of any Option granted under the Plan is satisfied by tendering shares to the Company, only the number of shares issued net of the shares tendered
shall be deemed issued under the Plan. 

        (iii)  Shares
delivered under the Plan in settlement, assumption or substitution of outstanding awards (or obligations to grant future awards) under the plans or arrangements
of another entity shall not reduce the aggregate number of shares available under the Plan to the extent that such 

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settlement, assumption or substitution is a result of the Company or an Affiliate acquiring another entity (or an interest in another entity). 

Shares
to be issued under the Plan shall be shares reacquired and held in the treasury of the Company. 

        (b)  Accounting for Awards. For purposes of this Section 4, if an Award entitles the holder thereof to receive or purchase shares,
the number of shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the aggregate number of shares available for granting Awards under
the Plan. 

        (c)
Adjustments. In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash,
shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of shares or other securities of the Company, issuance of warrants or other rights to purchase shares or other securities of the Company or other similar corporate transaction
or event affects the shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of shares (or other securities or other property)
which thereafter may be made the subject of Awards, (ii) the number and type of shares (or other securities or other property) subject to outstanding Awards and (iii) the purchase or
exercise price with respect to any Award; provided, however, that the number of shares covered by any Award or to which such Award relates shall always be a whole number. 

Section 5. Eligibility.  

        Any
Eligible Person shall be eligible to be designated a Participant. In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into
account the nature of the services rendered by the respective Eligible Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its
discretion, shall deem relevant. 

Section 6. Awards.  

        (a)
Options. The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such
additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 

        (i)    Exercise Price. The purchase price per Share purchasable under an Option shall be the price specified by the Committee. 

        (ii)  Option Term. The term of each Option shall be fixed by the Committee. 

        (iii)  Period of Exercise; Termination of Employment. The Committee shall determine the time or times at which an Option may
be exercised in whole or in part and shall provide for exercisability of Options in
the event of death, disability, retirement or other termination of employment of the Participant. Unless otherwise provided in any applicable Award Agreement or otherwise determined by the Committee,
the following provisions shall apply with respect to the exercisability of Options previously granted to a Participant under the Plan in the event the Participant's employment with the Company or any
Affiliate is terminated: 

        (A)
Retirement. If a Participant's employment with the Company or any Affiliate is terminated by reason of the Participant's Retirement,
then any portion of any Option previously granted to the Participant that was exercisable as of the date of such Retirement 

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and not previously exercised may be exercised by the Participant at any time within one (1) year after the date of such Retirement; provided, however, that if the Participant dies or becomes
Disabled within one (1) year after such Retirement, then any portion of the Option that was exercisable as of the date of the Participant's Retirement and not previously exercised shall not
terminate pursuant to this Section 6(a)(iii) and may be exercised during the remainder of the term of the Option by the Participant or by the estate of the Participant or a person who
shall have acquired the right to exercise the Option by bequest or inheritance. Any portion of any such Option that was not exercisable as of the date of such Retirement shall be canceled immediately
upon such Retirement. 

        (B)
Death or Disability. If a Participant's employment with the Company or any Affiliate is terminated by reason of the Participant's
death or Disability, then any portion of any Option previously granted to the Participant that was exercisable as of the date of such death or Disability and not previously exercised shall not
terminate and may be exercised during the remainder of the term of the Option by the Participant or by the estate of the Participant or a person who shall have acquired the right to exercise the
Option by bequest or inheritance. Any portion of any such Option that was not exercisable as of the date of such death or Disability shall be canceled immediately upon such death or Disability. 

        (C)
Termination of Employment for Cause. If a Participant's employment with the Company or any Affiliate shall terminate for Cause, any
Option previously granted to the Participant, to the extent not previously exercised, shall be canceled immediately upon such termination of employment. 

        (D)
Termination of Employment Other Than for Cause, Death, Disability or Retirement. If a Participant's employment with the Company or any
Affiliate shall be terminated otherwise than by reason of Cause, death, Disability or Retirement, any portion of any Option previously granted to the Participant that was exercisable as of the date of
such termination of employment and not previously exercised may be exercised by the Participant at any time within ninety (90) days after the date of such termination of employment. Any portion
of any such Option that was not exercisable as of the date of such termination of employment shall be canceled immediately upon such termination of employment. 

        (iv)
Manner of Exercise. All Options granted under the Plan shall be exercised by delivery of written notice of exercise to the Secretary
of the Company and payment of the exercise price for the shares
being purchased pursuant to the Option. Except as otherwise determined by the Committee, the exercise price for the shares purchased pursuant to an Option may be paid: 

        (A)
in United States dollars in cash or by check, bank draft or money order payable to the order of the Company; 

        (B)
through the delivery of shares with an aggregate Fair Market Value on the exercise date equal to the exercise price; 

        (C)
by delivery of irrevocable instructions to a financial institution to sell the shares acquired upon exercise of the Option or a sufficient portion thereof and remit promptly to the
Company the portion of the sale or loan proceeds sufficient to pay the exercise price; 

        (D)
by the withholding of shares otherwise to be delivered upon exercise of the Option with a Fair Market Value equal to the exercise price; or 

        (E)
by any combination of the above methods of payment or by such other means and in such other forms (including, without limitation, promissory notes, other securities, other Awards or
other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price) as the Committee shall determine. 

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        (b)
Stock Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation Rights to Participants subject to the terms
of the Plan and any applicable Award Agreement. A Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive upon exercise thereof the excess of
(i) the Fair Market Value of one Share on the date of exercise (or, if the Committee shall so determine, at any time during a specified period before or after the date of exercise) over
(ii) the grant price of the Stock Appreciation Right as specified by the Committee. Subject to the terms of the Plan and any applicable Award Agreement, the grant price, term, methods of
exercise, dates of exercise, methods of settlement and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee. The Committee may impose such conditions
or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate. 

        (c)
Restricted Stock and Restricted Stock Units. The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted
Stock Units to Participants with the following terms and conditions and
with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 

        (i)    Restrictions. Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the
Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property with respect
thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate. 

        (ii)  Stock Certificates. Any Restricted Stock granted under the Plan shall be evidenced by issuance of a stock certificate or
certificates, which certificate or certificates shall be held by the Company. Such certificate or certificates shall be registered in the name of the Participant and shall bear an appropriate legend
referring to the terms, conditions and restrictions applicable to such Restricted Stock. In the case of Restricted Stock Units, no shares shall be issued at the time such Awards are granted. 

        (iii)  Forfeiture; Delivery of Shares. Except as otherwise determined by the Committee, upon termination of employment (as
determined under criteria established by the Committee) during the applicable restriction period, all shares of Restricted Stock and all Restricted Stock Units at such time subject to restriction
shall be forfeited and reacquired by the Company; provided, however, that the Committee may, when it finds that a waiver would be in the best interest of the Company, waive in whole or in part any or
all remaining restrictions with respect to shares of Restricted Stock or Restricted Stock Units. Any Share representing Restricted Stock that is no longer subject to restrictions shall be delivered to
the holder thereof promptly after the applicable restrictions lapse or are waived. Upon the lapse or waiver of restrictions and the restricted period relating to Restricted Stock Units evidencing the
right to receive shares, such shares shall be issued and delivered to the holders of the Restricted Stock Units. 

        (d)  Performance Awards. The Committee is hereby authorized to grant Performance Awards to Participants subject to the terms of the Plan
and any applicable Award Agreement. A Performance Award granted under the Plan (i) may be denominated or payable in cash, shares (including, without limitation, Restricted Stock), other
securities, other Awards or other property and (ii) shall confer on the holder thereof the right to receive payments, in whole or in part, upon the achievement of such performance goals during
such performance periods as the Committee shall establish. Subject to the terms of the Plan and any applicable Award Agreement, the performance goals to be achieved during any performance period, the
length of any performance period, the amount of any Performance Award granted, the amount of any payment or transfer to be made pursuant to any Performance Award and any other terms and conditions of
any Performance Award shall be determined by the Committee. 

        (e)
Other Stock-Based Awards. The Committee is hereby authorized to grant to Participants such other Awards that are denominated or
payable in, valued in whole or in part by reference to, or 

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otherwise based on or related to, shares (including, without limitation, securities convertible into shares), as are deemed by the Committee to be consistent with the purpose of the Plan; provided,
however, that such grants must comply with applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of such Awards.
Shares or other securities delivered pursuant to a purchase right granted under this Section 6(e) shall be purchased for such consideration, which may be paid by such method or methods and in
such form or forms (including without limitation, cash, shares, promissory notes, other securities, other Awards or other property or any combination thereof), as the Committee shall determine, the
value of which consideration, as established by the Committee, shall not be less than 100% of the Fair Market Value of such shares or other securities as of the date such purchase right is granted. 

        (f)
General. 

        (i)    No Cash Consideration for Awards. Awards shall be granted for no cash consideration or for such minimal cash
consideration as may be required by applicable law. 

        (ii)  Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or
in addition to, in tandem with or in substitution for any other Award or any award granted under any plan of the Company or any Affiliate other than the Plan. Awards granted in addition to or in
tandem with other Awards or in addition to or in tandem with awards granted under any such other plan of the Company or any Affiliate may be granted either at the same time as or at a different time
from the grant of such other Awards or awards. 

        (iii)  Forms of Payment under Awards. Subject to the terms of the Plan and of any applicable Award Agreement, payments or
transfers to be made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine (including, without limitation,
cash, shares, promissory notes, other securities, other Awards or other property or any combination thereof), and may be made in a single payment or transfer, in installments or on a deferred basis,
in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable
interest on installment or deferred payments. 

        (iv)  Limits on Transfer of Awards. Unless otherwise determined by the Committee: 

        (A)
no Award and no right under any such Award shall be transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, if so
determined by the Committee, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant and receive any property
distributable with respect to any Award upon the death of the Participant; 

        (B)
each Award or right under any Award shall be exercisable during the Participant's lifetime only by the Participant or, if permissible under applicable law, by the Participant's
guardian or legal representative; and 

        (C)
no Award or right under any such Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be
void and unenforceable against the Company or any Affiliate. 

        (v)  Term of Awards. The term of each Award shall be for such period as may be determined by the Committee. 

        (vi)  Restrictions; Securities Exchange Listing. All certificates for shares or other securities delivered under the Plan
pursuant to any Award or the exercise thereof shall be subject to such 

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stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission and any
applicable federal or state securities laws, and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. If the shares or
other securities are traded on a securities exchange, the Company shall not be required to deliver any shares or other securities covered by an Award unless and until such shares or other securities
have been admitted for trading on such securities exchange. 

Section 7. Amendment and Termination; Adjustments.  

        Except
to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan: 

        (a)
Amendments to the Plan. The Board of Directors of the Company may amend, alter, suspend, discontinue or terminate the Plan. 

        (b)  Amendments to Awards. The Committee may waive any conditions of or rights of the Company under any outstanding Award, prospectively or
retroactively. The Committee may not amend, alter, suspend, discontinue or terminate any outstanding Award, prospectively or retroactively, without the consent of the Participant or holder or
beneficiary thereof, except as otherwise herein provided. 

        (c)
Correction of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

Section 8. Change of Control.  

        (a)
Notwithstanding any other provision of the Plan or any Award Agreement to the contrary, upon the occurrence of a Change of Control (as defined below) (i) all outstanding
Options and Stock Appreciation Rights granted pursuant to the Plan, to the extent not theretofore exercised or canceled, shall become exercisable in full for the remainder of the applicable term of
such Award; and (ii) all restrictions applicable to all outstanding Awards granted pursuant to the Plan, other than Stock Options and Stock Appreciation Rights, shall be deemed to have been
satisfied and such Awards shall immediately vest in full. 

        (b)
For purposes of the Plan, the term "Change of Control" shall mean any one of the following: 

        (i)    Individuals
who, as of June 1, 2000, constitute the Board of Directors of the Company (the "Incumbent Board") cease for any reason to constitute at least a
majority of such Board; provided, however, that any individual becoming a director subsequent to the date hereof, whose election, or nomination for
election by the Company's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person (as defined below) other than the Board of Directors of the Company; or 

        (ii)  Consummation
by the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of
the then outstanding shares of Common Stock of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its assets) (the "Outstanding Common Stock") and the 

8

 

combined voting power of the then outstanding voting securities of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its assets) entitled to vote
generally in the election of directors (the "Outstanding Voting Securities") immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which
as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their
ownership immediately prior to such Business Combination of the Outstanding Common Stock and Outstanding Voting Securities, as the case may be, and (B) at least a majority of the members of the
board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of such Board
providing for such Business Combination; or 

        (iii)  Approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

As
used in this subsection (b), the term "Person" shall mean any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended. 

Section 9. Income Tax Withholding.  

        In
order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or
state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant. In order to assist a Participant in
paying all or a portion of the federal and state taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, the Committee, in its discretion and
subject to such additional terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (i) electing to have the Company withhold a portion of the shares
otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes or (ii) delivering to the
Company shares other than shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes. The election, if
any, must be made on or before the date that the amount of tax to be withheld is determined. 

Section 10. General Provisions.  

        (a)  No Rights to Awards. No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with
respect to any Participant or with respect to different Participants. 

        (b)
Award Agreements. No Participant will have rights under an Award granted to such Participant unless and until an Award Agreement shall
have been duly executed on behalf of the Company. 

        (c)  No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or
continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

9

 

        (d)  No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of
the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate such employment at any time, with or without cause. In addition, the Company or an
Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement. 

        (e)
Governing Law. The validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or
any Award, shall be determined in accordance with the laws of the State of Minnesota. 

        (f)
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it
cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect. 

        (g)
No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments
from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 

        (h)  No Fractional Shares. No fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash shall be paid in lieu of any fractional shares or whether such fractional shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 

        (i)
Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

Section 11. Effective Date of the Plan.  

        The
Plan shall be effective as of January 28, 1999. 

Section 12. Term of the Plan.  

        Unless
the Plan shall have been discontinued or terminated as provided in Section 7(a), the Plan shall be unlimited in duration and shall remain in effect as long as any Awards
granted pursuant to the Plan remain outstanding. 

Adopted:
1/28/99 

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Exhibit 10.28    
  

Name of Optionee:  

 
 

NORTHWEST AIRLINES CORPORATION
  2001 STOCK INCENTIVE PLAN    
  

Non-Qualified Stock Option Agreement  

        THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the "Agreement") dated as of
                        ,
20         is entered into between NORTHWEST AIRLINES CORPORATION, a Delaware corporation (the "Company"), and
                        , an
employee of the Company or a Subsidiary (as defined herein) of the Company (the "Optionee"), pursuant to and subject to the terms and conditions of the Northwest Airlines Corporation 2001 Stock
Incentive Plan (as amended, the "Plan"). The purpose of this Agreement is to evidence the terms and conditions of one or more non-qualified stock options granted to the Optionee under the
Plan. 

        Accordingly,
for good and valuable consideration, the parties agree as follows: 

ARTICLE 1. DEFINITIONS  

        All capitalized terms used in this Agreement and the Schedule shall have the meaning given them in the Plan or as set forth below, unless the context indicates
otherwise. 

        1.1  "Cause" shall mean with respect to the termination of the Optionee's employment with the Company or a Subsidiary of the
Company: (i) an act or acts of personal dishonesty by the Optionee intended to result in substantial personal enrichment of the Optionee at the expense of the Company or a Subsidiary,
(ii) an act or acts of personal dishonesty by the Optionee intended to cause substantial injury to the Company or a Subsidiary, (iii) material breach (other than as a result of a
Disability) by the Optionee of the Optionee's obligations under the terms and conditions of the Optionee's employment, which action was (A) undertaken without a reasonable belief that the
action was in the best interests of the Company or a Subsidiary and (B) not remedied within a reasonable period of time after receipt of written notice from the Company or a Subsidiary
specifying the alleged breach, or (iv) the conviction of the Optionee of a felony. 

        1.2  "Change in Control" shall mean one or more of the following: 

        (a)  (i) The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the
"Exchange Act")) (a "Person"), other than one or more Permitted Holders or their Related Parties or any group comprised exclusively of Permitted Holders or their Related Parties, of beneficial
ownership (within the meaning of Rule 13d-3 and 13d-5 promulgated under the Exchange Act, except that such person shall be deemed to have "beneficial ownership" of all
shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of 20% or more (or, if such Person is an Institutional Investor
(as such term is defined in the Rights Agreement dated as of November 20, 1998 between Northwest Airlines Corporation and Norwest Bank Minnesota, N.A.), 25% or more), of either (A) the
then outstanding shares of Common Stock of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its assets) (the "Outstanding Common Stock") or
(B) the combined voting power of the then outstanding voting securities of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its assets) entitled
to vote generally in the election of directors (the "Outstanding Voting Securities"), and (ii) the Permitted Holders or their Related Parties collectively "beneficially own" (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) a lesser percentage of that which is described in each of clause (A) and 

(B) above and do not have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the board of directors of the Company or such successor; 

        (b)  Individuals
who, as of the date hereof, constitute the Board of Directors of the Company (the "Incumbent Board") cease for any reason to constitute at least a majority
of such Board; provided, however, that any individual becoming a director subsequent to the date hereof, whose election, or nomination for election by
the Company's stockholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Board of Directors of the Company; or 

        (c)  Consummation
by the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of
the Outstanding Common Stock and Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's
assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Common Stock and
Outstanding Voting Securities, as the case may be, and (ii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members
of the Incumbent Board at the time of the execution of the initial agreement or of the action of such Board providing for such Business Combination; or 

        (d)  Approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

        1.3  "Committee" shall mean the Compensation Committee of the Company's Board of Directors or any other committee of the Board
performing similar functions as appointed from time to time by the Board to administer the Plan or any subcommittee thereof constituted so as to contain at least two "Outside Directors" as that term
is defined under Section 162(m) of the Code. 

        1.4  "Common Stock" shall mean the common stock, par value $.01 per share, of the Company or such other securities or property
as may become subject to an Option granted hereunder as a result of an adjustment made pursuant to Section 2.2 hereof. 

        1.5  "Disability" shall mean the Optionee's physical or mental condition which prevents continued performance of his or her
duties and for which the Optionee establishes by medical evidence that such condition will be permanent and continuous during the remainder of the Optionee's life or is likely to be of at least three
(3) years' duration. 

        1.6  "Expiration Date" shall mean, with respect to each Option granted hereunder, the date on which the Option shall expire
pursuant to Section 2.4 hereof, unless terminated earlier pursuant to Section 3.2 hereof. 

        1.7  "Fair Market Value" shall mean, with respect to a share of Common Stock, the average of the opening and closing sale
prices of shares of Common Stock as reported on the NASDAQ National Market System as of a specified date or, if such System is not open for trading on such date, on the day closest to such date when
such System is open for trading. 

        1.8  "Good Reason" shall mean any one or more of the following: 

        (a)  a
material reduction in the Optionee's compensation or other benefits; 

        (b)  any
material change in the Optionee's job responsibilities; provided that, so long as the Optionee retains a substantial part of his then current oversight
responsibility, a transfer of a portion of such oversight responsibility of the Optionee shall not in and of itself constitute a material change in the Optionee's job responsibilities; and 

        (c)  the
relocation of the Company's principal executive offices to a location outside the Minneapolis-St. Paul Metropolitan Area. 

In
order for a Termination of Employment to be considered for Good Reason, such termination must occur within one (1) year after the event giving rise to such Good Reason. The Optionee's
continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder. 

        1.9  "Grant Date" shall mean, with respect to each Option granted hereunder, the date on which the Option is granted by the
Company to the Optionee pursuant to the provisions of the Plan, as specified on the applicable Schedule. 

        1.10 "Option" shall mean one or more non-qualified stock options granted by the Company to the Optionee pursuant
to the provisions of the Plan on the terms set forth in the Plan, this Agreement and the applicable Schedule pertaining to such option. 

        1.11 "Option Term" shall mean, with respect to each Option granted hereunder, the term of the Option set forth in
Section 2.4 of this Agreement. 

        1.12 "Permitted Holders" means each of Alfred A. Checchi, Gary L. Wilson, Frederic V. Malek or Richard C. Blum and Richard C.
Blum & Associates—NWA Partners, L.P., and also includes the Company and any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company. 

        1.13 "Purchase Price" shall mean the price set forth in Section 2.3 of this Agreement. 

        1.14 "Related Parties" with respect to any Permitted Holders means (i) any spouse or immediate family member of such
Permitted Holder, any trust created primarily for the benefit of any such individual or such individual's estate, executor, administrator, committee or other personal representatives or beneficiaries;
or (ii) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding a majority controlling interest of which consist
of one or more of such Permitted Holders and/or such other Person referred to in the immediately preceding clause (i). 

        1.15 "Retirement" shall mean separation from service with the Company or a Subsidiary pursuant to a pension or retirement
plan maintained by the Company or such Subsidiary. 

        1.16 "Schedule" shall mean a Stock Option Agreement Schedule in the form attached to this Agreement, which shall contain the
terms of one or more Options granted to the Optionee from time to time pursuant to the Plan. 

        1.17 "Secretary" shall mean the Secretary of the Company. 

        1.18 "Subsidiary" shall mean (i) any entity that, directly or indirectly through one or more intermediaries, is
controlled by the Company, and (ii) any entity in which the Company has a significant interest, in each case as determined by the Committee. 

        1.19 "Termination of Employment" shall mean the time when the employee-employer relationship between the Optionee and the
Company or any Subsidiary ceases for any reason whatsoever. The Optionee's employment shall not be deemed to have been terminated because of absence from active employment on account of temporary
illness or during authorized vacation or during temporary leaves of absence from active employment granted by the Company and its Subsidiaries. 

ARTICLE 2. THE OPTION(S)  

        2.1  Number of Shares. Pursuant to the terms and provisions of the Plan, this Agreement and the applicable Schedule, the
Optionee is granted one or more Options to purchase all or any portion of the number of shares of Common Stock set forth on the applicable Schedule. 

        2.2  Adjustments in Shares. In the event of any merger, reorganization, consolidation, sale of all or substantially all of the
assets of the Company, recapitalization, stock dividend, stock split, reverse stock split or other change in corporate structure affecting the Common Stock, and provided in the case of any of the
foregoing transactions no Change in Control has occurred or will occur in connection therewith, such substitution or adjustment shall be made in the number and type of shares (or other securities or
other property) subject to the Option, to the extent not theretofore exercised, and/or the Purchase Price of such shares, in each case as may be determined to be appropriate by the Committee in its
sole discretion, provided that the number of shares subject to the Option shall always be a whole number. 

        2.3  Purchase Price. The Purchase Price of the shares of Common Stock subject to an Option granted hereunder shall be the
price set forth on the applicable Schedule without commission or other charge. 

        2.4  Option Term. The term of each Option granted hereunder shall be for a period of ten (10) years from the Grant
Date, subject to earlier termination as provided in Section 3.2 hereof. 

ARTICLE 3. EXERCISABILITY; TERMINATION  

        3.1  Exercisability. Subject to the provisions of Sections 3.2 and 3.3 hereof, each Option granted hereunder, to the extent
not theretofore exercised, may be exercised at any time or from time to time as to any portion or all of the shares subject to such Option in accordance with the vesting schedule set forth on the
applicable Schedule. 

        3.2  Termination. 

        3.2.1 Retirement. If a Termination of Employment shall occur by reason of the Optionee's Retirement, any portion of any Option granted
hereunder that was exercisable as of the date of such Retirement and not theretofore exercised, may be exercised by the Optionee at any time within one (1) year after the date of such
Retirement; provided, however, that if the Optionee dies or becomes Disabled within one (1) year after such Retirement, then any portion of any
such Option that was exercisable as of the date of the Optionee's Retirement and not theretofore exercised shall not terminate pursuant to this Section 3.2 and may be exercised during the
remainder of the term of the Option by the Optionee or by the estate of the Optionee or a person who shall have acquired the right to exercise such Option by bequest or inheritance. Any portion of an
Option granted hereunder that was not exercisable as of the date of such Retirement shall be canceled immediately upon such Retirement. 

        3.2.2  Death or Disability. If a Termination of Employment shall occur by reason of the Optionee's death or Disability, then any portion of
any Option granted hereunder that was exercisable as of the date of such death or Disability and not theretofore exercised shall not terminate and may be exercised during the remainder of the term of
such Option by the Optionee or by the estate of the Optionee or a person who shall have acquired the right to exercise such Option by bequest or inheritance. Any portion of an Option granted hereunder
that was not exercisable as of the date of such death or Disability shall be canceled immediately upon such death or Disability. 

        3.2.3  Termination of Employment for Cause. If the Optionee's employment shall terminate for Cause, any Option granted hereunder, to the
extent not theretofore exercised, shall be canceled immediately upon such Termination of Employment. 

        3.2.4
Termination of Employment Other Than for Cause, Death, Disability or Retirement. If the employment of the Optionee shall be
terminated otherwise than by reason of Cause, death, 

Disability or Retirement, any portion of any Option granted hereunder that was exercisable as of the date of such Termination of Employment and not theretofore exercised may be exercised by the
Optionee at any time within one (1) year after the date of such Termination of Employment. Any portion of any such Option that was not exercisable as of the date of such Termination of
Employment shall be canceled immediately upon such Termination of Employment. 

        3.3  Change in Control. Notwithstanding any other provision of this Agreement, in the event of a Change in Control, any Option
granted hereunder (to the extent not theretofore exercised or canceled) shall become immediately exercisable in full in accordance with this Section 3.3 and shall remain exercisable during the
remainder of the applicable Option Term: 

        (a)  If
the Change in Control occurs pursuant to Section 1.2(a) hereof, any such Option shall become immediately exercisable in full upon a Termination of Employment
by the Company other than for Cause or by the Participant with Good Reason (i) at any time after the occurrence of the Change in
Control or (ii) before the occurrence of the Change in Control if such termination is in connection with such Change in Control; and 

        (b)  If
the Change in Control occurs pursuant to Section 1.2(b), (c) or (d) hereof, any such Option shall become exercisable in full immediately upon the
effective date of such Change in Control. 

ARTICLE 4. EXERCISE OF OPTION; ISSUANCE OF SHARES  

        4.1  Transferability. The Options granted hereunder may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated and shall not be subject to execution, attachment or similar process. Any attempted sale, transfer, pledge, assignment, hypothecation or other disposition of any Option contrary to the
provisions hereof, or the levy of any execution, attachment or similar process upon any such Option, shall be null and void and without effect. In addition, the Options may be exercised during the
lifetime of the Optionee only by the Optionee. Notwithstanding the foregoing, the designation of a beneficiary by the Optionee does not constitute such transfer and, after the death of the Optionee,
any exercisable portion of the Options may be exercised by the estate of the Optionee or by a person who shall have acquired the right to exercise the Options by bequest or inheritance in accordance
with the provisions of Sections 3.2.1 and 3.2.2. 

        4.2  Manner of Exercise. Subject to the terms and conditions of this Agreement, each Option granted hereunder, or any portion
thereof, may be exercised by delivery of written notice of such exercise to the Company at its principal office at 5101 Northwest Drive, St. Paul, Minnesota 55111-3034, Attention of the
Secretary. Such notice shall state the election to exercise an Option granted hereunder, the Date of Grant of the Option being exercised and the number of shares in respect of which such Option is
being exercised (which shall not be less than one hundred (100) shares) and shall be signed by the person or persons so exercising the Option. Such notice shall be accompanied by payment of the
full Purchase Price of such shares in the following manner: 

        4.2.1
in United States dollars in cash or by check, bank draft or money order payable to the order of the Company; 

        4.2.2
through the delivery of shares of Common Stock with an aggregate Fair Market Value on the exercise date equal to the Purchase Price; 

        4.2.3
by delivery of irrevocable instructions to a financial institution to sell the shares of Common Stock acquired upon exercise of the Option or a sufficient portion thereof and remit
promptly to the Company the portion of the sale or loan proceeds sufficient to pay the Purchase Price; 

        4.2.4
by the withholding of shares of Common Stock otherwise to be delivered upon exercise of the Option with a Fair Market Value on the date of exercise equal to the Purchase Price; or 

        4.2.5
by any combination of the above methods of payment or by such other means and in such other forms as the Committee shall approve. 

Such
notice shall also be accompanied by payment of all amounts which the Company is required under federal, state or local law to withhold upon the exercise of the Option. In the event that the
Option shall be exercised, pursuant to Sections 3.2.1 or 3.2.2 hereof, by any person or persons other than the Optionee, such notice shall be accompanied by appropriate proof of the right of such
person or persons to exercise the Option. 

        4.3  Issuance of Shares of Common Stock. The certificate or certificates for the shares as to which an Option shall have been
exercised in the manner set forth in Section 4.2 hereof shall be registered in the name of the person or persons so exercising the Option and shall be delivered after payment of the full
Purchase Price and any applicable withholding taxes to or upon the written order of the person or persons exercising the Option. All shares that shall be purchased upon the exercise of an Option shall
be fully paid and non-assessable. Anything in this Agreement to the contrary notwithstanding, the obligation of the Company to sell and deliver shares of Common Stock upon exercise of an
Option shall be subject to all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required, including, without limitation, the effectiveness of a
registration statement under the Securities Act of 1933, as amended, as deemed necessary or appropriate by counsel for the Company and such shares having been approved for trading on the NASDAQ
National Market System. 

ARTICLE 5. MISCELLANEOUS  

        5.1  Administration. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made
by the Committee shall be final and binding upon the Optionee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or
interpretation made in good faith with respect to the Plan or the Option. In its absolute discretion, the Board of Directors of the Company may at any time and from time to time exercise any and all
rights and duties of the Committee under the Plan and this Agreement. 

        5.2  Termination of Employment. For purposes of the Option, the Committee, in its absolute discretion, shall determine the
effect of all matters and questions relating to Termination of Employment, including, without limitation, all questions of whether particular leaves of absence constitute Terminations of Employment
and whether any re-employment by the Company shall be deemed to be simultaneous with termination. 

        5.3  Plan Does Not Confer Employment or Stockholder Rights. Nothing in this Agreement shall confer upon the Optionee any right
to continue in the employ of the Company or any Subsidiary or interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Optionee at any time. Neither the
Optionee nor any person entitled to exercise the Optionee's rights in the event of the Optionee's death shall have any of the rights of a stockholder of the Company with respect to the shares subject
to an Option except and to the extent that, and until, such shares shall have been issued by the Company upon the exercise of the Option. 

        5.4  Shares to be Reserved. The Company shall at all times during the term of any Option granted hereunder reserve and keep
available such number of shares of Common Stock as will be sufficient to satisfy the requirements of this Agreement. 

        5.5  Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or
construction of this Agreement. 

        5.6  Amendment. This Agreement may be amended only by a writing executed by the parties hereto which specifically states that
it is amending this Agreement. 

        5.7  Governing Law. The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms
of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

        5.8  Jurisdiction. Any suit, action or proceeding against the Optionee with respect to this Agreement, or any judgment entered
by any court in respect of any thereof, may be brought in any court of competent jurisdiction in the States of Delaware, Minnesota or New York, as the Company may elect in its sole discretion, and the
Optionee hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. 

        5.9  Notices. All notices and other communications provided for herein shall be in writing and shall be deemed to have been
duly given if delivered by hand (whether by overnight courier or otherwise) or sent by registered or certified mail, return receipt requested, postage prepaid, to the party to whom it is directed: 

        5.9.1  If
to the Company, to it at the following address: 

Northwest
Airlines Corporation

5101 Northwest Drive

St. Paul, Minnesota 55111-3034

Attn: Secretary 

        5.9.2  If
to the Optionee, to him at the address set forth on the applicable Schedule; 

or
at such other address as either party shall from time to time specify by notice in writing to the other. 

        5.10 Counterparts. This Agreement may be executed in two or more counterparts. 

        IN
WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the date set forth above. 

NORTHWEST
AIRLINES CORPORATION 

	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 
	

OPTIONEE:	
 	

 
	

	
 	

 

Date of Schedule:                         ,
                  

NORTHWEST AIRLINES CORPORATION

2001 STOCK INCENTIVE PLAN  

Stock Option Agreement Schedule  

        This STOCK OPTION AGREEMENT SCHEDULE (the "Schedule") dated as of the date set forth above is issued by Northwest Airlines Corporation (the "Company") to the
Optionee named below pursuant to the Stock Option Agreement (the "Agreement") dated as of February     ,
                         between the
Company and the Optionee. This Schedule sets forth the terms of an Option granted to the Optionee pursuant to the Company's 2001 Stock Incentive Plan, as amended (the "Plan"). This Schedule is subject
to the provisions of the Plan and the Agreement. All terms not defined in this Schedule shall have the meanings given to them in the Agreement and the Plan. 

Optionee Information:  

	

Name of Optionee:	
 	

 	
 	

 
	 	 	
	 	 
	

Address of Optionee:	
 	

 	
 	

 
	 	 	
	 	 
	 	 	
	 	 
	 	 	
	 	 
	

Social Security Number:	
 	

 	
 	

 
	 	 	
	 	 

Terms of Non-Qualified Stock Option Granted Pursuant to the Plan:  

	

Date of Grant:	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	
	 	,	 	
	 	 
	

Number of Shares Subject to the Option:	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	
	 	 
	

Purchase Price:	
 	

$                   per share	
 	

(The Fair Market Value per share of Common Stock on the Grant Date)
	

Expiration Date:	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	
	 	,	 	
	 	 
	

Vesting Schedule:	
 	

The Option becomes exercisable as follows:
	

 	
 	

	 	 	

        The
Company has caused this Stock Option Agreement Schedule to be signed and delivered as of the date set forth above. 

NORTHWEST
AIRLINES CORPORATION 

	

By:	
 	

 	
 	

 
	 	 	
	 	 
	

Name:	
 	

 	
 	

 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 

QuickLinks

Exhibit 10.28

NORTHWEST AIRLINES CORPORATION 2001 STOCK INCENTIVE PLAN

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