Document:

Exhibit 10.7

 

FINAL

Employee Option

 

AMENDMENT NO. 1

TO THE

NORTHWEST AIRLINES CORPORATION

2007 STOCK INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AWARD

(Effective as of April 14, 2008)

 

This AMENDMENT
NO. 1 TO THE NORTHWEST AIRLINES CORPORATION 2007 STOCK INCENTIVE PLAN
NON-QUALIFIED STOCK OPTION AWARD (the “Amendment”) is hereby adopted and
approved by the Compensation Committee of the Board of Directors of Northwest
Airlines Corporation (the “Company”) as of the date set forth above.

 

Pursuant to
the authority granted under Section 3.1(g) of the Northwest Airlines
Corporation 2007 Stock Incentive Plan (the “Plan”), the Compensation Committee
of the Board of Directors of the Company hereby amends the Plan’s Non-Qualified
Stock Option Award (the “Option”) as follows:

 

1.                             Amendment
of Option.  Section 1.1 of the Option
is deleted in its entirety and hereby replaced with the following:

 

“1.1         “Cause” shall
mean “Cause” as defined in a management compensation agreement between the
Optionee and the Company or a Subsidiary or, if not defined therein or if there
is no such agreement, “Cause” shall mean any one or more of the following: (a) 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, (b) an act or acts of personal dishonesty by the Optionee
intended to cause substantial injury to the Company or a Subsidiary, (c) 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 (i) undertaken without a reasonable belief that the action was
in the best interests of the Company or a Subsidiary and (ii) not remedied
within fifteen days after receipt of written notice from the Company or a
Subsidiary specifying the alleged breach, or (d) the conviction of the
Optionee of a felony.”

 

2.                             Amendment
of the Option. The sub-section entitled “Change of Control” of Section 4
of the Option is hereby deleted in its entirety and replaced with the
following:

 

 

“Change of Control: In the event of a
Change of Control, the Option shall, to the extent then outstanding, vest in
accordance with Section 13.2(a) of the Plan. If the Optionee’s
employment is terminated without Cause or if the Optionee terminates employment
for Good Reason, in each case, within two (2) years following a Change of
Control, the Optionee will have three (3) years following the date of such
termination of employment to exercise any portion of the Option (to the extent
the Option is exercisable, and not previously exercised or cancelled)
thereafter; provided, however, the Option shall not be exercisable later
than ten (10) years after the date granted.  For purposes hereof, “Good Reason” shall mean
“Good Reason” as defined in a management compensation agreement (as
amended, if applicable) between the Optionee and the Company or a Subsidiary
or, if not defined therein or if there is no such agreement, “Good Reason”
shall mean “Good Reason” as defined in the Plan.

 

3.                             Definitions.
Except as otherwise defined in this Amendment, capitalized terms used but not
defined herein shall have the meanings given them in the Northwest Airlines
Corporation 2007 Stock Incentive Plan or the Option.

 

4.                             General.  References to the “Option” contained in the
Option shall mean the Option as amended by this Amendment.  Except as herein provided, the Option shall
remain unchanged and in full force and effect.

 

Adopted by the Compensation Committee of the Board of Directors of Northwest
Airlines Corporation on April 14, 2008.Exhibit 10.8

 

FINAL

RSU

(Director)

 

AMENDMENT NO. 1

TO THE

NORTHWEST AIRLINES CORPORATION

2007 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD

(Effective as of April 14, 2008)

 

This AMENDMENT
NO. 1 TO THE NORTHWEST AIRLINES CORPORATION 2007 STOCK INCENTIVE PLAN RESTRICTED
STOCK UNIT AWARD (the Amendment”) is hereby adopted and approved by the Board
of Directors of Northwest Airlines Corporation (the “Company”) as of the date
set forth above.

 

Pursuant to
the authority granted under Section 3.1(g) of the Northwest Airlines
Corporation 2007 Stock Incentive Plan (the “Plan”), the Board of Directors of
the Company hereby amends the Plan’s Restricted Stock Unit Award (the “RSU”) as
follows:

 

1.                             Amendment
of RSU.  Section 2 of the RSU is
hereby amended by deleting the final sentence therein in its entirety and
replacing it with the following:

 

“Notwithstanding the foregoing, in the event the Company has not
received all such required approvals on or before the date of the meeting of
the Company’s stockholders that next follows the Grant Date (the “Stockholder
Meeting”), then the Award shall be cancelled immediately and the Company shall
have no further obligations hereunder.”

 

2.                             Amendment of the
RSU.  Section 3.1 of the Award
is hereby amended: by deleting “One installment equal to 33.33% of the Award
upon May 31, 2008” and replacing it with the following: “One installment
equal to 33.33% of the Award upon the later of (a) May 31, 2008, and (b) the
date of the Stockholder Meeting.”

 

3.                             Amendment of RSU.  Section 3.3 of the RSU is deleted in its
entirety and hereby replaced with the following:

 

“Change of Control: Notwithstanding any
other provision of the Terms and Conditions, in the event of a Change in
Control while Grantee is a member of the Company’s Board of Directors, 100% of
the Restricted Stock Units shall vest (to the extent not previously vested).”

 

4.                             Definitions.
Except as otherwise defined in this Amendment, capitalized 

 

 

terms used but
not defined herein shall have the meanings given them in the Northwest Airlines
Corporation 2007 Stock Incentive Plan or the RSU.

 

                                Adopted
by the Board of Directors of Northwest Airlines Corporation on April 14,
2008.Exhibit 10.9

 

FINAL

Stock-Settled RSU

 

AMENDMENT NO. 1

TO THE

NORTHWEST AIRLINES CORPORATION

2007 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD

(Effective as of April 14, 2008)

 

This AMENDMENT
NO. 1 TO THE NORTHWEST AIRLINES CORPORATION 2007 STOCK INCENTIVE PLAN RESTRICTED
STOCK UNIT AWARD (the “Amendment”) is hereby adopted and approved by the Compensation
Committee of the Board of Directors of Northwest Airlines Corporation (the “Company”)
as of the date set forth above.

 

Pursuant to
the authority granted under Section 3.1(g) of the Northwest Airlines
Corporation 2007 Stock Incentive Plan (the “Plan”), the Compensation Committee
of the Board of Directors of the Company hereby amends the Plan’s Restricted
Stock Unit Award (the “RSU”) as follows:

 

1.                             Amendment
of RSU.  Section 1.2 of the RSU
is deleted in its entirety and hereby replaced with the following:

 

“1.2         “Cause” shall
mean “Cause” as defined in a management compensation agreement between the
Grantee and the Company or a Subsidiary of the Company, or, if not defined
therein or if there is no such agreement, “Cause” shall mean any one or more of
the following: (a) an act or acts of personal dishonesty by the Grantee
intended to result in substantial personal enrichment of the Grantee at the
expense of the Company or a Subsidiary, (b) an act or acts of personal
dishonesty by the Grantee intended to cause substantial injury to the Company
or a Subsidiary, (c) material breach (other than as a result of a
Disability) by the Grantee of the Grantee’s obligations under the terms and
conditions of the Grantee’s employment, which action was (i) undertaken
without a reasonable belief that the action was in the best interests of the
Company or a Subsidiary and (ii) not remedied within fifteen days after
receipt of written notice from the Company or a Subsidiary specifying the
alleged breach, or (d) the conviction of the Grantee of a felony.”

 

2.                             Amendment of RSU.  Section 3.3 of the RSU is deleted in its
entirety and hereby replaced with the following:

 

 

“Change of Control: Notwithstanding any
other provision of the Terms and Conditions, in the event of a Change in
Control during the Grantee’s employment, 100% of the Restricted Stock Units
shall vest (to the extent not previously vested).”

 

2.                             Definitions.
Except as otherwise defined in this Amendment, capitalized terms used but not
defined herein shall have the meanings given them in the Northwest Airlines
Corporation 2007 Stock Incentive Plan or the RSU.

 

                                Adopted
by the Compensation Committee of the Board of Directors of Northwest Airlines
Corporation on April 14, 2008.Exhibit 10.10

 

FINAL

Cash-Settled RSU

 

AMENDMENT NO. 1

TO THE

NORTHWEST AIRLINES CORPORATION

2007 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD

(Effective as of April 14, 2008)

 

This AMENDMENT NO. 1 TO THE NORTHWEST
AIRLINES CORPORATION 2007 STOCK INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD (the
“Amendment”) is hereby adopted and approved by the Compensation Committee of
the Board of Directors of Northwest Airlines Corporation (the “Company”) as of
the date set forth above.

 

Pursuant to the authority
granted under Section 3.1(g) of the Northwest Airlines Corporation
2007 Stock Incentive Plan (the “Plan”), the Compensation Committee of the Board
of Directors of the Company hereby amends the Plan’s Restricted Stock Unit Award
(the “RSU”) as follows:

 

1.                                                                                       Amendment of RSU.  Section 1.2 of the RSU is deleted in its
entirety and hereby replaced with the following:

 

“1.2                           “Cause”
shall mean “Cause” as defined in a management compensation agreement between
the Grantee and the Company or a Subsidiary of the Company, or, if not defined
therein or if there is no such agreement, “Cause” shall mean any one or more of
the following: (a) an act or acts of personal dishonesty by the Grantee
intended to result in substantial personal enrichment of the Grantee at the
expense of the Company or a Subsidiary, (b) an act or acts of personal
dishonesty by the Grantee intended to cause substantial injury to the Company
or a Subsidiary, (c) material breach (other than as a result of a
Disability) by the Grantee of the Grantee’s obligations under the terms and
conditions of the Grantee’s employment, which action was (i) undertaken
without a reasonable belief that the action was in the best interests of the
Company or a Subsidiary and (ii) not remedied within fifteen days after
receipt of written notice from the Company or a Subsidiary specifying the
alleged breach, or (d) the conviction of the Grantee of a felony.”

 

2.                                                                                       Amendment of
RSU.  Section 3.3 of the RSU is
deleted in its entirety and hereby replaced with the following:

 

 

“Change of Control: Notwithstanding any other provision of
the Terms and Conditions, in the event of a Change in Control during the
Grantee’s employment, 100% of the Restricted Stock Units shall vest (to the
extent not previously vested).”

 

2.                                                                                       Definitions. Except as
otherwise defined in this Amendment, capitalized terms used but not defined
herein shall have the meanings given them in the Northwest Airlines Corporation
2007 Stock Incentive Plan or the RSU.

 

Adopted
by the Compensation Committee of the Board of Directors of Northwest Airlines
Corporation on April 14, 2008.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]