Document:

Exhibit 10.34

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

 1
 

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;

 2
 

(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

 3
 

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

 4
 

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.

 5
 

(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

 6
 

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

 7
 

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

 10Exhibit 10.36

NORTHWEST AIRLINES
CORPORATION

2001 STOCK
INCENTIVE PLAN

ARTICLE 1. PURPOSE
AND DURATION

1.1  PURPOSE. The
purpose of the Northwest Airlines Corporation 2001 Stock Incentive Plan
(the “Plan”) is to motivate, attract and retain key employees and to further
the growth, development and financial success of Northwest Airlines Corporation
(the “Company”) and its Subsidiaries by aligning the personal interests of key
employees, through the ownership of Shares and through other incentives, with
those of the Company and the Company’s shareholders. The Plan permits the
granting of Stock Options, Stock Appreciation Rights, Restricted Stock and
Other Stock Based Awards.

1.2  DURATION. Upon
approval by the Board, the Plan shall become effective on January 1,
2001 (the “Effective Date”), subject to receipt of stockholder approval of the
Plan at the Company’s annual meeting of stockholders in 2001, and shall remain
in effect until the earlier of the date the Plan is terminated pursuant to
Article 7 hereof, or January 1, 2011 (the “Termination Date”). No Award may be
granted under the Plan on or after the Termination Date, but Awards made prior
to the Termination Date may be exercised, vested or otherwise effectuated
beyond that date unless otherwise limited. If the Plan is not approved by
shareholders of the Company prior to the first anniversary of the adoption of
the Plan by the Board, the Plan and all Awards thereunder shall terminate on
such anniversary date.

ARTICLE 2. DEFINITIONS

2.1
DEFINITIONS. Whenever used in the Plan,
the following terms shall have the meanings set forth below:

(a)           “AWARD”
means a grant under this Plan of Stock Options, Restricted Stock, Stock
Appreciation Rights or Other Stock Based Awards.

(b)           “AWARD
AGREEMENT” means the document which evidences an Award and which sets forth the
terms, conditions and limitations relating to such Award.

(c)           “BOARD”
means the Board of Directors of the Company.

(d)           “CHANGE
OF CONTROL” means any one of the following:

(i)            Individuals
who, as of January 1, 2001, 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 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

 1
 

threatened
solicitation of proxies or consents by or on behalf of a “person” (as such term
is defined in Section 13(d) or 14(d) of the Exchange Act) other than the
Incumbent Board; 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 the Company
(or its successor by merger, consolidation or purchase of all or substantially
all of its assets) (the “Outstanding Common Stock”) and 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”) immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of, respectively, the then
Outstanding Common Stock and the combined voting power of the then Outstanding
Voting Securities, 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 Incumbent Board providing for
such Business Combination; or

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

(e)           “CODE”
means the Internal Revenue Code of 1986, as amended from time to time.

(f)            “COMMITTEE”
means the group of individuals administering the Plan, which shall be the
Compensation Committee of the Board or any other committee of the Board
performing similar functions as appointed from time to time by the Board and
constituted so as to permit the Plan to comply with Rule 16b-3 under the
Exchange Act, or any successor rule thereto. The Committee shall contain solely
at least two “outside directors” as that term is defined under Section 162(m)
of the Code.

(g)           “COMPANY”
means Northwest Airlines Corporation, a Delaware corporation.

(h)           “DISABILITY”
means “disability” within the meaning of Section 22(e)(3) of the Code, as
determined by the Committee.

(i)            “EFFECTIVE
DATE” means January 1, 2001.

(j)            “ELIGIBLE
EMPLOYEE” means any executive or other employee of the Company or any
Subsidiary.

 2
 

(k)           “EXCHANGE
ACT” means the Securities Exchange Act of 1934, as amended from time to time.

(l)            “FAIR
MARKET VALUE” means, with respect to any particular date, the average of the
highest and lowest price of a Share as reported on the consolidated tape of New
York Stock Exchange listed securities (or other principal reporting system, as
determined by the Committee).

(m)          “INCENTIVE
STOCK OPTION” or “ISO” means an option to purchase Shares, granted pursuant to
Section 6.1, which is designated as an Incentive Stock Option and is intended
to meet the requirements of Section 422 of the Code.

(n)           “NONQUALIFIED
STOCK OPTION” or “NQSO” means an option to purchase Shares, granted pursuant to
Section 6.1, which is not designated as an Incentive Stock Option.

(o)           “OTHER
STOCK BASED AWARD” means an Award, granted pursuant to Section 6.4, other than
a Stock Option, Restricted Stock or SAR, that is paid with, valued in whole or
in part by reference to, or is otherwise based on, Shares.

(p)           “PARTICIPANT”
means an Eligible Employee selected by the Committee to receive an Award under
the Plan.

(q)           “PERFORMANCE-BASED AWARD” means an
Award granted to a Participant pursuant to Section 6.4(b).

(r)            “PERSON”
means any person, firm, partnership, corporation or other entity.

(s)           “PLAN”
means the Northwest Airlines Corporation 2001 Stock Incentive Plan.

(t)            “RESTRICTED
STOCK” means an Award granted to a Participant pursuant to Section 6.3.

(u)           “RETIREMENT”
means separation from service with the Company or a Subsidiary on or after
attainment of age 65 or, with the advance written consent by the Committee that
such separation will be treated as a Retirement hereunder, separation from
service with the Company or a Subsidiary prior to age 65.

(v)           “SHARES”
means the issued or unissued shares of the common stock, par value $.01 per
share, of the Company.

(w)          “STOCK
APPRECIATION RIGHT” or “SAR” means the grant, pursuant to Section 6.2, of a
right to receive a payment from the Company, in the form of stock, cash or a
combination of both, equal to the excess of the Fair Market Value of one or
more Shares over the exercise price of such Shares.

 3

(x)            “STOCK
OPTION” means the grant, pursuant to Section 6.1, of a right to purchase a
specified number of Shares during a specified period at a designated price,
which may be an Incentive Stock Option or a Nonqualified Stock Option.

(y)           “SUBSIDIARY”
means a subsidiary of the Company, as defined in Section 424(f) of the Code.

ARTICLE 3.
ADMINISTRATION

3.1  AUTHORITY. The Plan shall be
administered by the Committee, which shall have full and exclusive
power, subject to the provisions hereof, to make all determinations which may
be necessary or advisable for the administration of the Plan, including:

(a)           selecting
Eligible Employees to whom Awards are granted;

(b)           determining
the size and types of Awards;

(c)           determining
the terms and conditions of such Awards in a manner consistent with the Plan;

(d)           determining
whether, to what extent and under what circumstances, Awards may be settled,
paid or exercised in cash, Shares, or other Awards, or other property, or
canceled, forfeited or suspended;

(e)           construing
and interpreting the Plan and any agreement or instrument entered into under
the Plan;

(f)            establishing,
amending or waiving rules and regulations for the Plan’s administration; and

(g)           amending
(subject to the provisions of Article 7) the terms and conditions of any
outstanding Award to the extent such terms and conditions are within its
discretion.

3.2  DECISIONS BINDING.
All determinations made by the Committee arising out of or in connection
with the interpretation and administration of the Plan and all related orders
or resolutions of the Board of Directors shall be final, conclusive and binding
on all persons, including the Company, its Subsidiaries, its shareholders,
Participants, and their estates and beneficiaries.

ARTICLE 4. SHARES
SUBJECT TO THE PLAN

4.1  NUMBER OF SHARES.
Subject to adjustment as provided in Section 13.1, no more than 10
million Shares may be issued under the Plan. The number of Shares subject to
Stock Options or Stock Appreciation Rights granted under the Plan to any one
individual in any fiscal year of the Company shall not be more than 500,000
Shares. These Shares may consist in whole or in part of authorized and unissued
Shares, or of treasury Shares. No fractional Shares shall be issued under the
Plan; however, cash may be paid in lieu of any fractional Shares in settlements

 4
 

of Awards under
the Plan. For purposes of determining the number of Shares remaining available
for issuance under the Plan:

(a)           The
grant of an Award shall reduce the authorized pool of Shares by the number of Shares
subject to such Award while such Award is outstanding, except to the extent
that such an Award is in tandem with another Award covering the same or fewer
Shares which has already been taken into account in determining the authorized
pool of Shares.

(b)           Shares
covered by SARs that are not issued upon the exercise of such SARs shall
increase the authorized pool of Shares.

(c)           To
the extent that an Award (other than a SAR) is settled in cash or any form
other than in Shares, the authorized pool of Shares shall be increased by the
appropriate number of Shares represented by such settlement of the Award, as
determined at the sole discretion of the Committee (subject to the limitation
set forth in Section 4.2).

4.2  LAPSED AWARDS.
If any Award (other than an Award of Shares) granted under the Plan is
canceled, terminates, expires or lapses for any reason, any Shares subject to
such Award shall increase the authorized pool of Shares; PROVIDED, HOWEVER,
that to the extent such Award was granted in tandem with another Award, any
Shares issued pursuant to the exercise or settlement of such other Award shall
not increase the authorized pool of Shares.

4.3  EFFECT OF ACQUISITION.
Any Awards granted by the Company in substitution for awards or rights
issued by a company whose shares or assets are acquired by the Company or a
Subsidiary shall not reduce the number of Shares available for grant under the
Plan.

ARTICLE 5.
PARTICIPATION

5.1  SELECTION OF PARTICIPANTS.
Subject to the provisions of the Plan, the Committee may from time to
time select, from all Eligible Employees, those to whom Awards shall be granted
and shall determine the nature and amount of each Award. No Eligible Employee
shall have the right to receive an Award under the Plan, or, if selected to
receive an Award, the right to continue to receive Awards. Further, no
Participant shall have any rights, by reason of the grant of any Award under
the Plan, to continued employment by the Company or any Subsidiary. There is no
obligation for uniformity of treatment of Participants under the Plan.

5.2  AWARD AGREEMENT.
Each Award granted under the Plan shall be evidenced by an Award
Agreement that shall specify the terms, conditions, limitations and such other
provisions applicable to the Award as the Committee shall determine.

ARTICLE 6. AWARDS

Awards may be granted by the Committee to Eligible
Employees at any time, and from time to time, prior to the Termination Date, as
the Committee shall determine. The Committee shall have complete discretion in
determining the number of Awards to grant (subject to the Share limitations set
forth in Section 4.1) and, consistent with the provisions of the Plan, the
terms, conditions and limitations pertaining to such Awards.

 5
 

6.1  STOCK OPTIONS.

(a)           OPTION
PRICE. The option price for a Stock Option (the “Option Price”) shall be
determined by the Committee; PROVIDED that an Incentive Stock Option may not be
granted at a price less than one hundred percent (100%) of the Fair Market
Value of a Share on the date the Incentive Stock Option is granted.

(b)           PERIOD
OF EXERCISE. A Stock Option may be exercised at such times as may be specified
in an Award Agreement, in whole or in installments, which may be cumulative and
shall expire at such time as the Committee shall determine at the time of
grant; PROVIDED that no Stock Option shall be exercisable later than ten (10)
years after the date granted. The Committee may make provision for
exercisability in the event of death, Disability, Retirement or other
termination of employment. The Committee may also amend any Stock Option to
accelerate the dates after which the Stock Option may be exercised in whole or
in part.

(c)           ADDITIONAL
PROVISIONS FOR ISOS. No ISO shall be granted to any Eligible Employee who, at
the time the ISO is granted, owns (directly, or within the meaning of Section
424(d) of the Code) more than ten percent of the total combined voting power of
all classes of stock of the Company or of any Subsidiary, unless (i) the Option
Price under such ISO is at least 110 percent of the Fair Market Value of a
Share on the date the ISO is granted and (ii) the expiration date of such ISO
is a date not later than the day preceding the fifth anniversary of the date on
which the ISO is granted. Any Participant who disposes of Shares acquired upon
the exercise of an ISO either (i) within two years after the date of grant of
such ISO or (ii) within one year after the transfer of such Shares to the
Participant, shall notify the Company of such disposition and of the amount
realized upon such disposition. All Stock Options granted under the Plan are
intended to be NQSOs, unless the applicable Award Agreement expressly states
that the Stock Option is intended to be an ISO. If a Stock Option is intended
to be an ISO, and if for any reason such Stock Option (or portion thereof)
shall not qualify as an ISO, then, to the extent of such nonqualification, such
Stock Option (or portion thereof) shall be regarded as a NQSO granted under the
Plan; PROVIDED that such Stock Option (or portion thereof) otherwise complies
with the Plan’s requirements relating to NQSOs. In no event shall any member of
the Committee, the Company or any of its Subsidiaries (or their respective
employees, officers or directors) have any liability to any Participant (or any
other Person) due to the failure of a Stock Option to qualify for any reason as
an ISO.

(d)           METHOD
OF EXERCISE. A Stock Option, or portion thereof, shall be exercised by delivery
of a written notice of exercise to the Company and payment of the full price of
the Shares being purchased pursuant to such Stock Option. A Participant may
exercise a Stock Option with respect to less than the full number of Shares for
which such Stock Option may then be exercised, but a Participant must exercise
the Stock Option in full Shares. The Option Price, or portion thereof, may be
paid:

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

(ii)           to
the extent authorized by the Committee, through the delivery of Shares with an
aggregate Fair Market Value on the date of exercise equal to the Option Price;

 6

PROVIDED that such
Shares have been held by the Participant for at least six months and satisfy
such other requirements as may be imposed by the Committee;

(iii)          to
the extent authorized by the Committee, by delivery of irrevocable instructions
to a financial institution to deliver promptly to the Company the portion of
sale or loan proceeds sufficient to pay the Option Price;

(iv)          to
the extent authorized by the Committee, by the withholding of Shares otherwise
issuable on exercise with an aggregate Fair Market Value on the date of
exercise equal to the Option Price; or

(v)           by
any combination of the above methods of payment or by any other means which the
Committee determines to be consistent with the Plan’s purpose and applicable
law.

(e)           ATTESTATION.
Wherever in this Plan or any Award Agreement that a Participant is permitted to
pay the Option Price of a Stock Option or taxes relating to the exercise of a
Stock Option by delivering Shares, the Participant may, subject to procedures
satisfactory to the Committee, satisfy such delivery requirement by presenting
proof of beneficial ownership of such Shares, in which case the Company shall
treat the Stock Option as exercised without further payment and shall withhold
such number of Shares from the Shares acquired by the exercise of the Stock
Option.

6.2  STOCK APPRECIATION RIGHTS.

(a)           SARs
may be granted at a price determined by the Committee, and may be granted in
tandem with a Stock Option, such that the exercise of the SAR or related Stock
Option will result in a forfeiture of the right to exercise the related Stock
Option for an equivalent number of Shares, or independently of any Stock
Option.

(b)           SARs
may be exercised at such times as may be specified in an Award Agreement, in
whole or in installments, which may be cumulative and shall expire at such time
as the Committee shall determine at the time of grant; PROVIDED that no SARs
shall be exercisable later than ten (10) years after the date granted. The
Committee may amend any SAR to accelerate the dates after which the SAR may be
executed in whole or in part.

(c)           A
SAR shall be exercised by the delivery of a written notice of exercise to the
Company setting forth the number of Shares with respect to which the SAR is to
be exercised.

6.3  RESTRICTED STOCK.
Restricted Stock may be granted alone or in conjunction with other
Awards under the Plan and may be conditioned upon continued employment for a
specified period, the attainment of specific performance goals or such other
factors as the Committee may determine. In making an Award of Restricted Stock,
the Committee will determine the restrictions that will apply, the period
during which the Stock is subject to such restrictions, and the price, if any,
payable by a Participant. The Committee may amend any Award of Restricted Stock
to accelerate the dates after which such Award may be executed in whole or in
part.

 7
 

6.4 OTHER STOCK BASED AWARDS.

(a)           GENERALLY.
The Committee shall have complete discretion in determining the number of
Shares subject to Other Stock Based Awards, the consideration for such Awards,
and the terms, conditions and limitations pertaining to such Awards including,
without limitation, restrictions based upon the achievement of specific
business objectives, tenure, and other measurements of individual or business
performance, and/or restrictions under applicable federal or state securities
laws, and conditions under which such Awards will lapse. Payment of Other Stock
Based Awards may be in the form of cash, Shares, other Awards, or in such combinations
thereof as the Committee shall determine at the time of grant, and with such
restrictions as it may impose. Payment may be made in a lump sum or in
installments as prescribed by the Committee. The Committee may also require or
permit Participants to elect to defer the issuance of Shares or the settlement
of Awards in cash under such rules and procedures as it may establish under the
Plan. The Committee may also provide that deferred settlements include the
payment or crediting of interest on the deferred amounts or the payment or
crediting of dividend equivalents on deferred amounts denominated in Shares.
The Committee may, at its sole discretion, direct the Company to issue Shares
subject to such restrictive legends and/or stop transfer instructions as the
Committee deems appropriate.

(b)           PERFORMANCE-BASED
AWARDS. Notwithstanding anything to the contrary herein, certain Other Stock
Based Awards granted under this Section 6.4 may be granted in a manner which is
deductible by the Company under Section 162(m) of the Code (“Performance-Based
Awards”). A Participant’s Performance-Based Award shall be determined based on
the attainment of written performance goals approved by the Committee for a
performance period established by the Committee (i) while the outcome for that
performance period is substantially uncertain and (ii) no more than 90 days
after the commencement of the performance period to which the performance goal
relates or, if less, the number of days which is equal to 25% of the relevant
performance period. The performance goals, which must be objective, shall be
based upon one or more of the following criteria: (i) consolidated earnings
before or after taxes (including earnings before interest, taxes, depreciation
and amortization); (ii) net income; (iii) operating income; (iv) earnings per
Share; (v) book value per Share; (vi) return on shareholders’ equity; (vii)
expense management; (viii) return on investment; (ix) improvements in capital
structure; (x) profitability of an identifiable business unit or product; (xi)
maintenance or improvement of profit margins; (xii) stock price; (xiii) market
share; (xiv) revenues or sales; (xv) costs; (xvi) cash flow; (xvii) working
capital and (xviii) return on assets. The foregoing criteria may relate to the
Company, one or more of its Subsidiaries or one or more of its divisions or
units, or any combination of the foregoing, and may be applied on an absolute
basis and/or be relative to one or more peer group companies or indices, or any
combination thereof, all as the Committee shall determine. In addition, to the
degree consistent with Section 162(m) of the Code, the performance goals may be
calculated without regard to extraordinary items. The maximum amount of a
Performance-Based Award during a calendar year to any Participant shall be: (x)
with respect to Performance-Based Awards that are denominated in Shares,
500,000 Shares and (y) with respect to Performance-Based Awards that are not
denominated in Shares, $5,000,000. The Committee shall determine whether, with
respect to a performance period, the applicable performance goals have been met
with respect to a given Participant and, if they have, the Committee shall so
certify and ascertain the amount of the applicable Performance-Based Award. No
Performance-Based Awards will be paid for such performance period until such 

 8
 

certification is made by
the Committee. The amount of the Performance-Based Award actually paid to a
given Participant may be less (but not more) than the amount determined by the
applicable performance goal formula, at the discretion of the Committee. The
amount of the Performance-Based Award determined by the Committee for a
performance period shall be paid to the Participant at such time as determined
by the Committee in its sole discretion after the end of such performance
period; PROVIDED, HOWEVER, that a Participant may, if and to the extent
permitted by the Committee and consistent with the provisions of Section 162(m)
of the Code, elect to defer payment of a Performance-Based Award.

ARTICLE 7.
AMENDMENT, MODIFICATION AND TERMINATION.

7.1 The Board may at any time, or from time to time, suspend or terminate the
Plan in whole or in part or amend it in such respects as the Board may deem
appropriate; PROVIDED, HOWEVER, that no such amendment shall be made, which
would without approval of the shareholders (except as provided in Section 7.4):

(a)           materially
modify the eligibility requirements for receiving Awards;

(b)           increase
the total number of Shares which may be issued pursuant to Awards, except as is
provided for in accordance with Article 4 of the Plan;

(c)           extend
the period during which Awards may be granted; or

(d)           materially
increase in any other way the benefits accruing to Participants.

7.2 No amendment, suspension or termination of
this Plan or any Award shall, without the Participant’s consent, alter
or impair any of the rights or obligations under any Award theretofore granted
to a Participant under the Plan.

7.3 The Board may amend this Plan, subject to
the limitations cited above, in such manner as it deems necessary to
permit the granting of Awards meeting the requirements of future amendments to
the Code or regulations promulgated thereunder.

7.4 If and to the extent the provisions of Rule
16b-3 (as in effect on the date of adoption of the Plan by the Board)
under the Exchange Act permit the amendment of stock incentive plans without
compliance with one or more of the stockholder approval requirements presently
set forth in Section 7.1, then and to that extent, the restrictions on the
ability of the Board to amend the Plan set forth in Section 7.1 hereof shall
terminate and the Board shall thereafter be empowered to amend the Plan without
regard to such restrictions.

ARTICLE 8.
WITHHOLDING

8.1  TAX WITHHOLDING.
The Company shall have the power and the right to deduct or withhold, or
require a Participant to remit to the Company, an amount in cash sufficient to
satisfy federal, state and local taxes required by law to be withheld in
connection with a grant, exercise or payment made under or as a result of the
Plan.

 9

8.2  SHARE WITHHOLDING.
The Committee may require one or more classes of Participants to satisfy
the withholding requirement, in whole or in part, by having the Company
withhold Shares having a Fair Market Value, on the date the tax is to be
determined, equal to the amount of withholding which is required by law.
Alternatively, the Committee may allow a Participant to elect Share withholding
for tax purposes subject to such terms and conditions as the Committee shall
establish.

ARTICLE 9. TRANSFERABILITY.
Except as otherwise provided by the Committee, no Award granted under the Plan
may be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, all Awards granted to a Participant under the Plan shall be
exercisable during the Participant’s lifetime only by the Participant.
Notwithstanding the foregoing, the designation of a beneficiary by a
Participant does not constitute a transfer.

ARTICLE 10. UNFUNDED
PLAN. The Plan shall be unfunded and the Company shall not be
required to segregate any assets that may at any time be represented by Awards
under the Plan. Any liability of the Company to any Person with respect to any
Award under the Plan shall be based solely upon any contractual obligations
that may be effected pursuant to the Plan. No such obligation of the Company
shall be deemed to be secured by any pledge of, or other encumbrance on, any
property or assets of the Company.

ARTICLE 11. SUCCESSORS.
All obligations of the Company under the Plan with respect to Awards granted
hereunder shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the business
and/or assets of the Company.

ARTICLE 12. SECURITIES
LAW COMPLIANCE. The Plan is intended to comply with all applicable
conditions of Rule 16b-3 or any successor rule thereto under the Exchange Act.
To the extent any provision of the Plan or action by the Committee fails to so
comply, it shall be deemed null and void, to the extent permitted by law and
deemed advisable by the Committee. Further, each Award shall be subject to the
requirement that, if at any time the Committee shall determine, in its sole
discretion, that the listing, registration or qualification of any Award under
the Plan upon any securities exchange or under any state or federal law, or the
consent or approval of any government regulatory body, is necessary or
desirable as a condition of, or in connection with, the granting of such Award
or the grant or settlement thereof, such Award may not be exercised or settled
in whole or in part unless such listing, registration, qualification, consent
or approval shall have been effected or obtained free of any conditions not
acceptable to the Committee.

ARTICLE 13. ADJUSTMENTS
UPON CERTAIN EVENTS. Notwithstanding any other provision of the Plan
or any Award Agreement to the contrary, the following provisions shall apply to
all Awards granted under the Plan:

13.1 GENERALLY. In the event of
any change in the outstanding Shares after the Effective Date by reason of any
Share dividend or split, reorganization, recapitalization, merger,
consolidation, spin-off, combination, combination or transaction or exchange of
Shares or other corporate exchange, or any distribution to shareholders of
Shares other than regular cash dividends or any transaction similar to the
foregoing, the Committee in its sole discretion and

 10
 

without liability to any person may make such
substitution or adjustment, if any, as it deems to be equitable, as to (i) the
number or kind of Shares or other securities issued or reserved for issuance
pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number
of Shares for which Stock Options or Stock Appreciation Rights may be granted
during a calendar year to any Participant, (iii) the maximum amount of a
Performance-Based Award that may be granted during a calendar year to any
Participant, (iv) the Option Price or exercise price of any Stock Appreciation
Right and/or (v) any other affected terms of such Awards.

13.2 CHANGE OF
CONTROL.

(a)           Upon
the occurrence of a Change of Control, (i) all outstanding Stock 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)           Except
as otherwise provided in an Award Agreement, upon the occurrence of a Change of
Control, the Committee may, in its sole discretion, provide for (i) the payment
of a cash amount in exchange for the cancellation of an Award which, in the
case of Options and Stock Appreciation Rights, may equal the excess, if any, of
the Fair Market Value of the Shares subject to such Options or Stock
Appreciation Rights over the aggregate exercise price of such Options or Stock
Appreciation Rights and/or (ii) the issuance of substitute Awards that will
substantially preserve the value, rights and benefits of any affected Awards
previously granted hereunder.

ARTICLE 14.
REQUIREMENTS OF LAW

14.1  REQUIREMENTS
OF LAW. The granting of Awards and the issuance of Shares under the
Plan shall be subject to all applicable laws, rules and regulations and to such
approvals by any governmental agencies or national securities exchanges as may
be required.

14.2 SEVERABILITY. In the event
any provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and
the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.

14.3  GOVERNING
LAW. To the extent not preempted by federal law, the Plan and all
Award Agreements shall be construed in accordance with and governed by the laws
of the State of Minnesota, without regard to the conflicts of laws provisions
thereof.

ARTICLE 15.
MISCELLANEOUS PROVISIONS

15.1  PLAN DOES
NOT CONFER EMPLOYMENT OR STOCKHOLDER RIGHTS. The right of the
Company to terminate (whether by dismissal, discharge, Retirement or otherwise)
the Participant’s employment with it at any time at will, or as otherwise
provided by any agreement between the Company and the Participant, is
specifically reserved. Neither the Participant nor any person entitled to
exercise the Participant’s rights in the event of the Participant’s death shall

 11
 

have any of the rights of a stockholder with respect
to the Shares subject to each Stock Option, except to the extent that, and
until, such Shares shall have been issued upon the exercise of each Stock
Option.

15.2  PLAN
EXPENSES. Any expenses of administering this Plan shall be borne by
the Company.

15.3  USE OF
EXERCISE PROCEEDS. Payments received from Participants upon the
exercise of Stock Options shall be used for the general corporate purposes of
the Company, except that any Shares received or withheld in payment may be
retired, or retained in the Company’s treasury and reissued.

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]