Document:

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                                                                   EXHIBIT 10.1

                             DELTA AIR LINES, INC.
                             2002 RETENTION PROGRAM

1.       Purpose

         On January 23, 2002, the Personnel & Compensation Committee
("Committee") of the Board of Directors of Delta Air Lines, Inc. ("Delta")
adopted Delta's 2002 Retention Program ("Program"). The purpose of the Program
is to assist Delta in retaining key members of management who were employed by
Delta prior to September 11, 2001, and who are serving as officers when the
Program was adopted. The Committee believes it is important to retain these
individuals to enable Delta to continue to respond successfully to the
financial and operational challenges facing Delta and the airline industry as a
result of the terrorist attacks on the United States on September 11, 2001.

2.       Administration

         The Program shall be administered by the Committee. The Committee
shall have the authority, in its sole and absolute discretion and subject to
the terms of the Program: (a) to interpret the Program; (b) to adopt, amend and
rescind such rules and regulations as it deems necessary or advisable for the
proper operation and administration of the Program; (c) to select the
participants in the Program; (d) to determine the terms of the retention award
opportunities granted under the Program; and (e) to take any and all other
action it deems necessary or advisable for the proper operation or
administration of the Program. All determinations of the Committee with respect
to the Program shall be final, binding and conclusive on all persons. No member
of the Committee shall be liable to any person for any action, interpretation
or construction made with respect to the Program.

3.       Eligibility; Retention Awards

         a.       Eligibility. Officers of Delta designated by the Committee
shall be participants in the Program.

         b.       Retention Awards. Each participant in the Program shall be
granted a retention award opportunity (a "Retention Award") as determined by
the Committee. The Retention Award shall be subject to the terms of the
Program. Subject to such modifications as the Committee shall determine, a
participant's Retention Award shall be set forth in a Retention Award
Opportunity Certificate substantially in the form of Attachment A to the
Program.

4.       General Rules Regarding Vesting and Payment of Retention Awards

         Subject to the terms of the Program:

         a.       Vesting and Payment of First Installment. 33% of a
participant's Retention Award shall vest on December 31, 2003 and be paid in
cash within 30 days thereafter if the participant is continuously employed by
Delta from January 1, 2002 through and including December 31, 2003.

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         b.       Vesting and Payment of Second Installment. The remaining 67%
of a participant's Retention Award ("Second Installment") shall vest on
December 31, 2004 and be paid in cash within 30 days thereafter if the
participant is continuously employed by Delta from January 1, 2002 through and
including December 31, 2004.

         c.       Accelerated Vesting and Payment of Second Installment. A
participant's Second Installment shall instead vest on December 31, 2003 and be
paid in cash within 90 days thereafter (i) if Delta's EBITDAR Margin for the
Measurement Period is at or above the median of the EBITDAR Margins for the
Measurement Period of the members of the Peer Group; and (ii) if the
participant is continuously employed by Delta from January 1, 2002 through and
including December 31, 2003. "EBITDAR Margin", "Peer Group" and "Measurement
Period" are defined in Section 10 of the Program.

5.       Special Rules Regarding Vesting and Payment of Retention Awards

         The General Rules Regarding the Vesting and Payment of Retention
Awards in Section 4 of the Program are subject to the following terms:

         a.       Termination of Employment On or Before December 31, 2003
Because of Disability or Death. If a participant's employment with Delta
terminates on or before December 31, 2003 due to Disability (as defined in the
Delta 2000 Performance Compensation Plan) or death, a pro rata portion of the
participant's Retention Award shall vest on the date of such termination of
employment and be paid in cash within 30 days thereafter. The pro rata portion
of the participant's Retention Award which shall vest under this Section 5(a)
will be determined by multiplying the Retention Award amount by a fraction, (i)
the numerator of which is the number of full and partial months (rounded to two
decimal places) the participant was continuously employed by Delta during the
period beginning on January 1, 2002 and ending on the date of such termination
of employment; and (ii) the denominator of which is 24.

         b.       Termination of Employment During Calendar Year 2004 Because
of Disability or Death. If a participant's employment with Delta terminates
during calendar year 2004 due to Disability or death, a pro rata portion of the
participant's unvested Retention Award shall vest on the date of such
termination of employment and be paid in cash within 30 days thereafter. The
pro rata portion of the participant's unvested Retention Award which shall vest
under this Section 5(b) will be determined by multiplying the unvested
Retention Award amount by a fraction, (i) the numerator of which is the number
of full and partial months (rounded to two decimal places) the participant was
continuously employed by Delta during the period beginning on January 1, 2004
and ending on the date of such termination of employment; and (ii) the
denominator of which is 12.

         c.       Termination of Employment for Reasons Other Than Disability
or Death. Except to the extent otherwise determined by the Committee, if a
participant's employment with Delta terminates on or before December 31, 2004
for any reason other than Disability or death, any unvested portion of the
participant's Retention Award shall immediately lapse and be forfeited at the
time of such termination of employment. Any vested portion of the participant's
Retention Award which has not been paid as of such termination of employment
shall be paid in accordance with the terms of the Program.

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         d.       Change in Control On or Before December 31, 2003. If, on or
before December 31, 2003, there is a Change in Control (as defined in the Delta
2000 Performance Compensation Plan) while a participant is employed by Delta, a
pro rata portion of the participant's Retention Award shall vest on the date of
the Change in Control and be paid in cash within 30 days thereafter. The pro
rata portion of the participant's Retention Award which shall vest under this
Section 5(d) will be determined by multiplying the Retention Award amount by a
fraction, (i) the numerator of which is the number of full and partial months
(rounded to two decimal places) the participant was continuously employed by
Delta during the period beginning on January 1, 2002 and ending on the date of
the Change in Control; and (ii) the denominator of which is 24.

         e.       Change in Control During Calendar Year 2004. If, during
calendar year 2004, there is a Change in Control while a participant is
employed by Delta, any unvested portion of the participant's Retention Award
shall vest on the date of the Change in Control and be paid in cash within 30
days thereafter.

         f.       Discharge of Liabilities. The payment to a participant of
amounts due under Section 5(d) or Section 5(e) of the Program shall discharge
all liabilities of Delta to the participant (i) under the Program; and (ii)
only with respect to the Program, under any executive retention protection
agreement or employment agreement between Delta and the participant.

6.       Intent to Remain Employed with Delta.

         By accepting the grant of a Retention Award, a participant shall be
deemed to demonstrate his or her intent to remain employed with Delta.

7.       Transferability of Awards

         No Retention Award granted under the Program shall be subject in any
manner to alienation, anticipation, sale, assignment, pledge, encumbrance or
transfer, and no other person shall otherwise acquire any rights therein.
Notwithstanding the foregoing, a Retention Award may be transferred by will, by
the laws of descent and distribution, or by beneficiary designation at death as
provided in Section 9(e).

8.       Amendment and Termination of the Program

         a.       Amendment. The Committee may amend the Program at any time
and from time to time; provided, however, that no amendment of the Program that
would adversely affect or impair the rights of a participant shall be effective
without the participant's written consent.

         b.       Termination. The Committee may terminate the Program at any
time. However, termination of the Program shall not alter or impair any of the
rights of any participant without his or her written consent under any
Retention Award granted prior to termination of the Program. In the absence of
such consent, any Retention Award granted prior to the termination of the
Program shall remain in effect after termination of the Program and shall
continue to be governed by the applicable terms of the Program.

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9.       General Provisions

         a.       Withholding Tax. Delta shall withhold, with respect to any
payment made to a participant under the Program, any taxes required by law to
be withheld because of such payment.

         b.       No Right To Continued Employment. The grant of a Retention
Award under the Program shall not be construed as conferring any legal or other
right upon any participant for the continuation of his or her employment for
any period. Delta expressly reserves the authority (which may be exercised at
any time and without regard to the timing of the vesting of a Retention Award)
to discharge any participant or to otherwise treat any participant without
regard to the effect which such treatment might have upon him or her as a
participant in the Program.

         c.       Payments Not Considered for Other Purposes. Payments to a
participant under the Program shall not be considered as earnings, compensation
or otherwise for purposes of determining the participant's benefits under any
other plan or program of Delta (including, without limitation, any disability,
life insurance, retirement and survivorship benefits under any qualified or
nonqualified plan).

         d.       Unsecured Interest. No participant or any other party
claiming an interest in amounts earned under the Program shall have any
interest whatsoever in any specific asset of Delta. To the extent that any
party acquires a right to receive payments under the Program, such right shall
be equivalent to that of an unsecured general creditor of Delta.

         e.       Beneficiary Designation. Each participant under the Program
may, from time to time, name any beneficiary or beneficiaries (who may be
designated as a primary, contingent or successor beneficiary) to whom any
benefit under the Program is to be paid in case of the participant's death
before he or she receives payment of the vested portion of such benefit. Each
designation shall revoke all prior designations by the same participant, shall
be in a form prescribed by the Committee, and shall be effective only when
filed by the participant in writing with the Committee during his or her
lifetime.

         f.       Successors and Assigns of Participant. The Program shall be
binding upon all successors and assigns of each participant, including, without
limitation, his or her estate, the personal representative, executor,
administrator or trustee of such estate, any beneficiary designated as provided
in Section 9(e) or any trustee in bankruptcy or representative of his or her
creditors.

         g.       Governing Law; Severability. The Program and all
determinations made and actions taken hereunder shall be governed by the
internal substantive laws, and not the choice of law rules, of the State of
Georgia, and construed accordingly, to the extent not superseded by applicable
federal law. If any provision of the Program shall be held unlawful or
otherwise invalid or unenforceable in whole or in part, the unlawfulness,
invalidity or unenforceability shall not affect any other provision of the
Program or part thereof, each of which shall remain in full force and effect.

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10.      Calculation of EBITDAR Margin

         a.       Methodology. The EBITDAR Margin for Delta and each member of
the Peer Group shall be calculated by dividing (i) Delta's or such Peer Group
member's aggregate operating income for the Measurement Period, determined
prior to charges, costs and expenses for depreciation, amortization and
aircraft rent; by (ii) its aggregate operating revenue for the Measurement
Period. Each company's EBITDAR Margin shall be determined based on its
regularly prepared and publicly available statements of operations prepared in
accordance with GAAP (and, if necessary to determine certain items, based on
data filed by such company with the U.S. Department of Transportation);
provided, however, that the calculation of the EBITDAR Margin for each company
shall be adjusted to exclude any item of gain, loss or expense determined by
the Committee to be extraordinary or unusual in nature or infrequent in
occurrence. Delta's EBITDAR Margin shall be deemed to be at or above the median
of the EBITDAR Margins of the members of the Peer Group if Delta's EBITDAR
Margin is equal to or higher than (i.e., superior to) the EBITDAR Margins of at
least three members of the Peer Group. Each company's EBITDAR Margin shall be
rounded to three decimal places.

         b.       GAAP. "GAAP" means generally accepted accounting principles
in the United States.

         c.       Measurement Period. "Measurement Period" means the period
beginning on January 1, 2002 and ending on and including December 31, 2003.

         d.       Peer Group. "Peer Group" means AMR Corporation, Continental
Airlines, Inc., Northwest Airlines Corporation, Southwest Airlines Co., UAL
Corporation and US Airways Group, Inc.

         e.       Other Factors. If a member of the Peer Group (i) ceases to
exist during the Measurement Period because it is merged into another company
or otherwise, (ii) fails to issue regularly prepared and publicly available
statements of operations in accordance with GAAP for the Measurement Period or
(iii) becomes the subject of voluntary or involuntary bankruptcy proceedings
during the Measurement Period, that company's EBITDAR Margin shall be deemed to
be lower than (i.e., inferior to) Delta's EBITDAR Margin.

         f.       Committee Authority to Make Adjustments. In determining under
Section 4(c) of the Program whether Delta's EBITDAR Margin for the Measurement
Period is at or above the median of the EBITDAR Margins for that period of the
members of the Peer Group, the Committee may make such adjustments to that
determination as it deems in its sole and absolute discretion to be necessary
or advisable to prevent the dilution or enlargement of the benefits or
potential benefits intended to be made available under the Program.

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                                                                   ATTACHMENT A

                    RETENTION AWARD OPPORTUNITY CERTIFICATE

         Participant:
                     ----------------------------------------------------------

         Annual Base Salary as of January 23, 2002:
                                                   ----------------------------

         Multiple of Annual Base Salary
                                       ----------------------------------------

         Retention Award Opportunity:
                                     ------------------------------------------

                         ACCEPTANCE AND ACKNOWLEDGMENT

         I hereby acknowledge receipt and accept the terms of the Delta Air
Lines, Inc. 2002 Retention Program. In accepting this Retention Award
Opportunity, I hereby acknowledge and reaffirm my obligations to Delta,
including obligations relating to protection and use of confidential
information, and my intention to continue to remain employed with Delta and to
devote my full business time and attention to the performance of my duties.

Date:
     ----------------------------      ----------------------------------------
                                                      (Signature)<PAGE>
                                                                   EXHIBIT 10.2

                    DELTA 2000 PERFORMANCE COMPENSATION PLAN
                   NON-QUALIFIED STOCK OPTION AWARD AGREEMENT
                                JANUARY 24, 2002

PARTICIPANT NAME

The Delta 2000 Performance Compensation Plan ("Plan") is an incentive
compensation plan for officers and key employees of Delta Air Lines, Inc.
("Delta") and its Subsidiaries. The Plan is administered by the Personnel &
Compensation Committee of Delta's Board of Directors ("Committee"). Words
beginning with a capital letter which are used but not otherwise defined in
this Agreement have the meaning set forth in the Plan.

The Committee has selected you to receive an award of Non-Qualified Stock
Options, as follows:

NUMBER OF STOCK OPTIONS             XX,XXX Stock Options. Each Stock Option may
AWARDED:                            be exercised for one share of Delta common
                                    stock as provided below.

AWARD DATE:                         January 24, 2002

OPTION EXERCISE PRICE:              $32.02, which was the closing price of
                                    Delta Common Stock on the New York Stock
                                    Exchange on January 24, 2002.

EXERCISE PERIOD:                    General Rule. Subject to the terms and
                                    conditions of the Plan and the Rules For
                                    Non-Qualified Stock Options Granted On
                                    January 24, 2002 ("Rules"),

                                    (1)      50% of the number of Stock Options
                                             granted pursuant to this Agreement
                                             shall become exercisable on each
                                             of January 24, 2003 and January
                                             24, 2004; and

                                    (2)      your Stock Options shall remain
                                             exercisable through and including
                                             January 23, 2012.

                                    Special Rules. The Rules contain the
                                    Special Rules, which result in the
                                    following upon the occurrence of specified
                                    events:

                                    (1)      change in the period during which
                                             your Stock Options may be
                                             exercised; and/or

                                    (2)      forfeiture of your Stock Options.

                                    In no event may any of your Stock Options
                                    be exercised after January 23, 2012.

Also see the Prospectus and the Rules for other information about your award.
The Prospectus tells you how to access the Rules and the Plan on the Delta
intranet site and how to receive paper copies of these documents if you prefer.
The Rules tell you how and when your Stock Options may be exercised; the
process you will follow to exercise your Stock Options, including how to
contact the agent that administers certain exercises of Stock Options under the
Plan (currently the agent is Salomon Smith Barney); and the methods available
to pay the Option Exercise Price and/or to satisfy tax withholding due

                          ---------------------------
 This document constitutes part of a prospectus covering securities that have
               been registered under the Securities Act of 1933.

<PAGE>

at the time you exercise Stock Options. Delta may from time to time change the
process for exercising Stock Options, including changing the method(s) that you
may use to pay the Option Exercise Price and satisfy the tax withholding
requirements. If you do not comply with the applicable requirements, Delta and
the agent may refuse to process exercises of your Stock Options.

By signing this Agreement:

         (a)      you acknowledge that you have had a full and adequate
                  opportunity to read this Agreement and the Prospectus for
                  Non-Qualified Stock Options dated January 24, 2002 which was
                  delivered to you with this Agreement;

         (b)      you acknowledge that you have received and had a full and
                  adequate opportunity to read the Plan and the Rules;

         (c)      you agree -- for yourself and for any designated beneficiary
                  and for your heirs, executors, administrators and personal
                  representatives -- to all of the terms and conditions
                  contained in this Agreement, the Rules, and the Plan; and

         (d)      you consent to receive all material regarding any awards
                  under the Plan, including any prospectuses, electronically
                  with an e-mail notification to your work e-mail address.

Subject to any written executive retention protection agreement signed by you
and Delta, this Agreement, together with the Plan and the Rules (the terms of
which are made a part of this Agreement and are incorporated into this
Agreement by reference), constitute the entire agreement between you and Delta
with respect to the award of your Stock Options. The Plan, the Rules, this
Agreement and all determinations made and actions taken pursuant to any of them
shall be governed by the internal substantive laws, and not the choice of law
rules, of the State of Georgia and construed accordingly, to the extent not
superseded by applicable federal law. If there is any conflict between the Plan
and either or both of the Rules and this Agreement, the Plan shall control; if
there is any conflict between this Agreement and the Rules, the Rules shall
control. Delta may amend this Agreement or the Rules at any time; provided that
no amendment of this Agreement or Part I of the Rules, which impacts any
outstanding Stock Options in a manner adverse to you, shall be made without
your written consent.

This Agreement has been executed in duplicate. Please note your acceptance by
signing below and returning one original to the Vice President - Global Rewards
& Recognition (Dept. 959-ATG) for Delta's records. You and Delta, each
intending to be bound legally, agree to the matters set forth above by signing
this Agreement, all as of January 24, 2002.

DELTA AIR LINES, INC.                    AWARD RECIPIENT

By: /s/ Leo F. Mullin                    By:
   -----------------------------------      -----------------------------------
   Leo F. Mullin
   Chairman of the Board and
   Chief Executive Officer

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                    DELTA 2000 PERFORMANCE COMPENSATION PLAN

                     RULES FOR NON-QUALIFIED STOCK OPTIONS
                          GRANTED ON JANUARY 24, 2002

These Rules apply to all Non-Qualified Stock Options granted on January 24,
2002 under the Delta 2000 Performance Compensation Plan ("Plan"). These Rules
contain important information about those awards, and should be read in
conjunction with the Plan, your Non-Qualified Stock Option Award Agreement
dated January 24, 2002 ("your Award Agreement") and the Non-Qualified Stock
Option Prospectus dated January 24, 2002. Words beginning with a capital letter
and not otherwise defined in these Rules shall have the meaning set forth in
the Plan.

Delta may amend Part I and Part II of these Rules at any time; provided that no
amendment of Part I of these Rules which impacts your outstanding Stock Options
in a manner adverse to you shall be made without your written consent.

                           PART I. SUBSTANTIVE RULES

A.       STOCK OPTION EXERCISE PERIOD - GENERAL RULE

         The General Rule regarding the period during which you may exercise
your Stock Options is set forth in your Award Agreement ("General Rule"). The
General Rule is subject to the terms and conditions of the Plan and the Special
Rules in Paragraph I.B. below ("Special Rules").

B.       STOCK OPTION EXERCISE PERIOD - SPECIAL RULES

         As discussed below, the Special Rules in this Paragraph I.B. change
the period during which you may exercise your Stock Options, and/or result in
the forfeiture of your Stock Options, whether or not your Stock Options are
then exercisable under the General Rule. The Special Rules apply only to the
extent your Stock Options have not previously been exercised, forfeited or
revoked. Specifically, the General Rule is subject to the following terms and
conditions:

         1.       Definitions - Employment with Delta. For purposes of this
         Paragraph I.B., (i) employment with Delta includes employment with any
         Subsidiary of Delta; and (ii) termination of employment with Delta
         means you are no longer an employee of Delta or any of its
         Subsidiaries.

                          ---------------------------
 This document constitutes part of a prospectus covering securities that have
               been registered under the Securities Act of 1933.

<PAGE>

         2.       Termination of Employment Before January 24, 2003 Because of
         Retirement. If your employment with Delta terminates before January
         24, 2003 due to Retirement, your Stock Options shall be forfeited at
         the time of such termination of employment.

         3.       Termination of Employment On or After January 24, 2003
         Because of Retirement. If your employment with Delta terminates on or
         after January 24, 2003 due to Retirement, your Stock Options may be
         exercised, in whole or in part, only during the period (i) beginning
         on the date your employment with Delta terminates due to Retirement;
         and (ii) ending on and including the earlier of (A) January 23, 2012
         or (B) the third anniversary of the date your employment with Delta
         terminates due to Retirement.

         4.       Termination of Employment Because of Disability. If your
         employment with Delta terminates due to Disability, your Stock Options
         may be exercised, in whole or in part, only during the period (i)
         beginning on the later of (A) January 24, 2003 or (B) the date your
         employment with Delta terminates due to Disability; and (ii) ending on
         and including the earlier of (A) January 23, 2012 or (B) the third
         anniversary of the date your employment with Delta terminates due to
         Disability.

         5.       Termination of Employment Because of Death. If you die while
         employed by Delta, your Stock Options may be exercised, in whole or in
         part, only during the period (i) beginning on the date of your death;
         and (ii) ending on and including the earlier of (A) January 23, 2012
         or (B) the third anniversary of the date of your death.

         6.       Death After Termination of Employment Because of Disability.
         If you die after your employment with Delta terminates due to
         Disability, your Stock Options may be exercised, in whole or in part,
         only during the period (i) beginning on the date of your death; and
         (ii) ending on and including the earlier of (A) January 23, 2012 or
         (B) the third anniversary of the date your employment with Delta
         terminates due to Disability.

         7.       Termination of Employment for Reasons Other Than Retirement,
         Disability or Death. If your employment with Delta terminates for any
         reason other than Retirement, Disability or death, your Stock Options
         shall be forfeited at the time of such termination of employment.

         8.       Non-Competition Agreement - Termination of Employment On or
         After January 24, 2003 Because of Early Retirement. If (i) your
         employment with Delta terminates on or after January 24, 2003 due to
         Retirement prior to age 65, if you are not then on the pilot seniority
         list of Delta or any of its Subsidiaries, or age 60, if you are then
         on such a seniority list, and (ii) within two years after such
         Retirement and without the Committee's approval, you directly or
         indirectly provide management or executive services (whether as a
         consultant, advisor, officer or director) to any person or entity in
         direct and substantial competition with the air transportation
         business of Delta or its Subsidiaries, then your Stock Options shall
         be forfeited at the time you first provide such management or
         executive services. Because of the broad and extensive scope of
         Delta's air transportation business, you acknowledge that the
         restrictions in this Paragraph I.B.8.

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<PAGE>

         are intended to extend to management or executive services which are
         directly related to the provision of air transportation services into,
         within or from the United States, as no smaller geographical
         restriction will adequately protect the legitimate business interests
         of Delta.

         9.       Demotion. If, prior to January 24, 2004, you voluntarily
         suggest and then accept a demotion, or are involuntarily demoted, to a
         position with Delta or any of its Subsidiaries involving lesser
         responsibilities than those of the job held by you on January 24,
         2002, the Committee may in its sole discretion, not later than six
         months from the date of the demotion, modify or revoke your Stock
         Options in any manner it deems appropriate under the circumstances.
         The Committee will determine in its sole discretion what constitutes a
         demotion to a job involving lesser responsibilities under this
         Paragraph I.B.9.

         10.      Change In Control. If a Change In Control (as defined in the
         Plan) occurs, your outstanding Stock Options shall become immediately
         exercisable, vested and nonforfeitable.

                         PART II. ADMINISTRATIVE RULES

A.       OVERVIEW

         The process for exercising Stock Options varies depending on the
manner in which you pay the Option Exercise Price and make certain other
required payments. As discussed below, there are currently three ways to
exercise your Stock Options: the Cash Purchase Method; the Cashless Exercise
Method; and the Share Tender Method. Delta has retained Salomon Smith Barney
Inc. ("SSB") to process Stock Option exercise requests under the Cash Purchase
Method and the Cashless Exercise Method; Delta processes Stock Option exercise
requests under the Share Tender Method.

B.       REQUIRED PAYMENTS

         To exercise your Stock Options, you are required to make the following
payments:

         -        Option Exercise Price. You must pay the Option Exercise Price
                  for each Stock Option you exercise.

         -        Withholding Taxes. You must pay required withholding taxes.
                  When you exercise Stock Options, you realize ordinary
                  compensation income equal to the excess of the fair market
                  value of the Delta common stock acquired on the date of
                  exercise over the Option Exercise Price. Delta is required to
                  comply with applicable income tax withholding requirements
                  with respect to that amount.

         -        Other Costs. If you use the Cashless Exercise Method, you
                  must pay SSB a brokerage commission for selling shares of
                  Delta common stock on your behalf

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<PAGE>

                  and certain administrative charges. There are no such charges
                  under the Cash Purchase Method or the Share Tender Method.

C.       STOCK OPTION EXERCISE METHODS

         You may exercise your Stock Options using any of the following three
methods:

         1.       Cash Purchase Method. Under the Cash Purchase Method, you pay
         SSB the Option Exercise Price and required withholding taxes from your
         own funds before you exercise your Stock Options. The payment must be
         made by a check payable to Salomon Smith Barney Inc. or by electronic
         funds transfer. It must be received by SSB before your Stock Option
         exercise request will be processed. SSB will credit your SSB brokerage
         account with the shares of Delta common stock you received from your
         Stock Option exercise.

         2.       Cashless Exercise Method. The Cashless Exercise Method allows
         you to exercise your Stock Options without paying out any cash of your
         own. That is why it is called "cashless." In effect, you pay the
         Option Exercise Price, required withholding taxes and other costs by
         using your "gain" -- the excess of the fair market value of the Delta
         common stock acquired on the date of exercise over the Option Exercise
         Price.

                  There are two types of Cashless Exercises: Exercise and Sell;
         and Sell-to-Cover.

                  -        Under the Exercise and Sell Method, you instruct SSB
                           to sell all shares of Delta common stock acquired
                           from the exercise of your Stock Options. The
                           proceeds of this sale will be used to pay the Option
                           Exercise Price, required withholding taxes and other
                           applicable costs. SSB will send you a check for the
                           net proceeds.

                  -        Under the Sell-to-Cover Method, SSB will (1)
                           estimate the number of shares of Delta common stock
                           that needs to be sold to pay the Option Exercise
                           Price, required withholding taxes and other costs;
                           (2) sell on your behalf that estimated number of
                           shares from the Delta common stock you are acquiring
                           pursuant to the Stock Option exercise; and (3) use
                           the proceeds from that sale to make the required
                           payments. SSB will credit your brokerage account
                           with the remaining shares of Delta common stock, and
                           any remaining cash proceeds.

         3.       Share Tender Method. Under the Share Tender Method, you pay
         the Option Exercise Price by using unrestricted shares of Delta common
         stock (i) that you have owned for at least six months; and (ii) that
         have a Fair Market Value on the date of your Stock Option exercise
         equal to the Option Exercise Price. Under this method, you do not make
         a physical delivery of your previously owned shares of Delta common
         stock, but instead use a process called "attestation." Attestation
         does not involve any physical movement of stock certificates. Rather,
         you provide to Delta on the appropriate form the stock certificate
         number for the attested shares if you hold the shares in your own
         name,

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<PAGE>

         or the name and number of your account if your broker or bank holds
         the attested shares on your behalf. This information allows
         verification (i) that you own the shares being attested; (ii) that the
         shares are unrestricted; and (iii) that you have owned the shares for
         at least six months. Providing incorrect information may result in
         disqualification of the Stock Option exercise and/or disciplinary
         action.

         Under the Share Tender Method, Delta will deduct from the shares you
         acquired from your Stock Option exercise the number of (i) attested
         shares used to pay the Option Exercise Price; and (ii) the shares
         necessary to satisfy tax withholding requirements. You will receive
         the net number of shares.

         Please note that you may not exercise your Stock Options by attesting
         shares that you have attested during the previous six months.

D.       STOCK OPTION EXERCISE PROCEDURES

         1.       Cash Purchase Method or Cashless Exercise Method. To exercise
         your Stock Options using the Cash Purchase or Cashless Exercise
         Method, you must first open a brokerage account with SSB and then
         submit a Stock Option exercise request to SSB in accordance with its
         procedures. You may contact SSB as follows:

                           Salomon Smith Barney Inc.
                         Attention Stock Plan Services
                                 P.O. Box 2151
                               New York, NY 10116

                        Telephone: 800 323-7788 (in the U.S.)
                                   212 503-1809 (outside the U.S.)

           Voice Response Information: 800 367-4777
                 Internet Information: http://www.benefitaccess.com

         2.       Share Tender Method. To exercise your Stock Options using the
         Share Tender Method, please contact Delta as follows:

                                 Craig Whipple
                         Specialist - Executive Rewards
                      1060 Delta Boulevard, Department 959
                          Atlanta, Georgia 30354-1989

                            Telephone: 404 715-6333
                                  Fax: 404 715-2795

                                email: craig.whipple@delta.com

                                       5
<PAGE>

E.       TRANSFERABILITY OF STOCK OPTIONS

         Your Stock Options are not transferable otherwise than by will, by the
laws of descent and distribution, or by a written designation referred to in
Section 8.5 of the Plan, and are exercisable during your lifetime only by you.
In the event that your Stock Options are to be exercised by any person other
than you, such person shall provide appropriate proof of his or her right to
exercise your Stock Options.

                                       6

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