Document:

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                                                                   EXHIBIT 10.1

                             DELTA AIR LINES, INC.
                     DIRECTORS' DEFERRED COMPENSATION PLAN

                     (AS AMENDED THROUGH JANUARY 23, 2003)

SECTION 1.  Purpose.

The purpose of the Delta Air Lines, Inc. Directors' Deferred Compensation Plan
(the "Plan") is to provide members of the Board of Directors (the "Board") of
Delta Air Lines, Inc. (the "Company") who are not employees of the Company
("Participants") with the opportunity to defer receipt of payment of their cash
payable fees for services as a Director.(1)

SECTION 2.  Administration.

The Plan shall be administered by the Corporate Governance Committee of the
Board (the "Committee"), or such other committee of three or more individuals
appointed by the Board to administer the Plan. The members of the Committee
must be members of, and shall serve at the discretion of, the Board.

Subject to the provisions of the Plan, the Committee shall have sole and
complete authority to construe and interpret the Plan; to establish, amend and
rescind appropriate rules and regulations relating to the Plan; to administer
the Plan; and to take all such steps and make all such determinations in
connection with the Plan as it may deem necessary or advisable to carry out the
provisions and intent of the Plan. All determinations of the Committee shall be
by a majority of its members, and its determinations shall be final and
conclusive for all purposes and upon all persons, including, but without
limitation, the Company, the Committee, the Participants and their respective
successors in interest.

SECTION 3.  Eligibility and Participation.

Participation in the Plan shall be limited to members of the Board who are not
employees of the Company.

A Participant may elect to defer receipt of all or a portion of his or her cash
payable fees for services as a member of the Board. These fees include, without
limitation, the cash portion of

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the annual retainer, the committee chairperson retainer and any meeting fees
for attendance at meetings of the Board and its committees (collectively, the
"Fees").

SECTION 4.  Deferral Election.

A Director of the Company who desires to defer receipt of payment of all or a
portion of his or her Fees must complete and deliver an Election Agreement,
substantially in the form attached hereto as Attachment A, to the Corporate
Secretary of the Company no later than December 31 prior to the calendar year
in which the Fees otherwise would be paid; provided, however, that any Director
hereafter elected to the Board who was not a Director on the preceding December
31 may make an election to defer payment of Fees not yet received for the
calendar year in which he or she is first elected to the Board by delivering an
Election Agreement to the Corporate Secretary of the Company within thirty (30)
days after such election. An Election Agreement, once timely delivered, shall
be effective for the succeeding calendar year (or the remainder of the current
calendar year in the case of a newly elected Director).

Any deferral elections made by a Director of the Company prior to October 26,
1995, shall remain in effect in accordance with the terms of such deferral
election agreement and the Directors' Deferred Compensation Plan in effect when
such elections were made.

A Participant's election to join the Plan shall be irrevocable; shall relate
solely to amounts earned after the filing of a deferral election with the
Corporate Secretary; and shall be made on the Election Agreement, as described
herein.

A Participant shall make the following elections on each Election Agreement:

         (a)      In accordance with Section 3 herein, the amount of Fees to be
                  deferred;

         (b)      In accordance with Section 5 herein, the length of the
                  deferral period;

         (c)      In accordance with Section 6 herein, the investment return
                  choice(s) with respect to deferred amounts; and

         (d)      In accordance with Section 7 herein, the form of payment of
                  deferred amounts following the end of the deferral period;

provided that, except as specified by Sections 5, 6 and 7 herein, each such
election shall be irrevocable.

SECTION 5.  Deferral Period.

Unless the Committee determines otherwise, the deferral period elected by a
Participant with respect to the Participant's Fees for a calendar year shall
end no less than one (1) year from the end of the calendar year in which the
Fees are earned and shall end no more than five (5) years

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from the end of the calendar year in which the Participant attains the Company's
mandatory retirement age for non-employee members of the Board.

At least one (1) year before the end of the deferral period, the Participant
may elect to extend such deferral period. Unless the Committee determines
otherwise, any extension of the deferral period shall end no less than one (1)
year from the end of the calendar year in which the previous deferral period
ended and shall end no more than five (5) years from the end of the calendar
year in which the Participant attains the Company's mandatory retirement age
for non-employee members of the Board.

Unless the Committee determines otherwise, a Participant who has retired from
active service as a voting Director of the Company may elect to terminate the
deferral period by (1) submitting a written election to the Company; and (2)
obtaining the approval of the Company's Executive Vice President - Human
Resources (or officer of the Company performing similar duties), who may
approve or disapprove such election in his sole discretion.

However, notwithstanding the deferral periods elected by a Participant, payment
of deferred amounts and accrued investment return thereon shall be made to the
Participant, or the Participant's beneficiary designated pursuant to Section 8
herein, as the case may be, in a single lump sum within 30 days in the event
the Participant's service as a Director of the Company is terminated by reason
of death or disability at any time prior to full payment of deferred amounts
and accrued investment return thereon. "Disability" for this purpose shall mean
a long-term disability as determined in the sole discretion of the Committee.

SECTION 6.  Deferred Compensation Accounts.

The Fees which a Participant elects to defer shall be treated as if they were
set aside in an unfunded deferred compensation account, maintained by the
Company or its agent for bookkeeping purposes, on the date the Fees otherwise
would have been paid to the Participant (the "Account"). The obligation of the
Company under the Plan to make payment of Fees and the accrued investment
return with respect to a Participant's account constitutes the Company's
unsecured promise to make payments from its general assets as provided herein.
A Participant shall have the status of a general unsecured creditor of the
Company.

A Participant's Account will be credited with the amount of the deferred Fees
and the investment return on the investment choice (and debited with any losses
thereon) specified by the Participant. The investment return shall be
equivalent to the investment performance during the applicable deferral period
of one or more of the funds available to employee participants in the Delta
Family-Care Savings Plan (i.e., Core Options, Window of Choices and Additional
Fidelity and External Funds) specified by the Participant or, in lieu of or in
addition to such investment choices, such other investment return choices as
may be specified from time to time by the Committee.

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Unless the Committee otherwise determines, Participants may change their
investment return choices for amounts deferred under this Plan as often as they
wish by notifying the Corporate Secretary of the Company or agent of the
Company appointed to manage Accounts under this Plan; provided, that if a
Participant wishes to make a transaction which implicates the investment
equivalent of the Delta Common Stock Fund (e.g., increasing or decreasing the
level of future deferrals involving such fund or switching existing account
balances into or out of such fund), the Participant must obtain the prior
approval of counsel for the Company to ensure compliance with federal
securities laws.

SECTION 7.  Payment of Account.

A Participant's Account balance shall be paid following the end of the deferral
period, as determined under Section 5 herein, in either (a) a single lump sum
cash payment, together with the accrued investment return thereon, as soon as
practicable thereafter, or (b) quarterly installments over a period not to
exceed five (5) years, in either case as elected by the Participant on his or
her Election Agreement pursuant to Section 4 herein. The quarterly installment
payments, if elected, will be based upon a Participant's then existing Account
balance divided by the number of installment payments remaining to be made. A
Participant may submit an alternate payment schedule to the Committee for
approval in its sole discretion.

Unless the Committee determines otherwise, a Participant who is in active
service as a voting Director of the Company may change the method by which his
Account balance is to be paid at the end of the applicable deferral period
(e.g., from installment payments to single lump sum payment) by (1) submitting
a written election at least one year prior to the end of such deferral period;
and (2) obtaining the approval of the Company's Executive Vice President -
Human Resources (or officer of the Company performing similar duties), who may
approve or disapprove such election in his sole discretion.

SECTION 8.  Death of Participant.

A Participant may designate a beneficiary or beneficiaries (who may be named or
successively) who, upon the Participant's death, will receive the amounts which
otherwise would have been paid to the Participant under the Plan. All
designations shall be signed by the Participant, and shall be in substantially
the form attached hereto as Attachment B or as otherwise prescribed by the
Committee. Each designation shall be effective as of the date received by the
Corporate Secretary of the Company from the Participant.

Participants may change their designations of beneficiary by submitting a new
designation form. The payment of amounts deferred under the Plan shall be in
accordance with the last unrevoked designation of beneficiary that has been
signed by the Participant and delivered by the Participant to the Corporate
Secretary of the Company prior to the Participant's death.

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In the event that all the beneficiaries named by a Participant pursuant to this
Section 8 predecease the Participant, the deferred amounts that would have been
paid to the Participant or the Participant's beneficiaries shall be paid to the
Participant's estate.

In the event a Participant does not designate a beneficiary, or for any reason
such designation is ineffective, in whole or in part, the amounts that
otherwise would have been paid to the Participant or the Participant's
beneficiaries under the Plan shall be paid to the Participant's estate.

SECTION 9.  Amendment and Termination.

The Company hereby reserves the right to amend, modify, or terminate the Plan
at any time by action of the Committee or by the Board of Directors. No such
amendment, modification or termination shall in any material manner adversely
affect any Participant's right to deferred amounts, contributions, or accrued
investment return thereon, without the consent of the Participant.

SECTION 10.  Additional Provisions.

Any notice or filing required to be given to the Company or the Corporate
Secretary under the Plan shall be sufficient if in writing and hand delivered,
or sent by registered or certified mail, to the Corporate Secretary of the
Company at such address as is given in the records of the Company. Notices
shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or
certification.

Participants' rights with respect to deferred amounts, contributions and
accrued investment return under the Plan may not be sold, transferred,
assigned, or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. In no event will the Company make any payment
under the Plan to any assignee or creditor of a Participant.

In the event that 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.

All costs of implementing and administering the Plan shall be borne by the
Company. The Plan shall be construed and enforced in accordance with the laws
of the State of Georgia, without reference to principles of conflict of laws.
All obligations of the Company under the Plan shall be binding upon 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.

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                                                                   EXHIBIT 10.2

                               AGREEMENT BETWEEN

                          THE UNITED STATES OF AMERICA

                                      AND

                             DELTA AIR LINES, INC.

     THIS Agreement ("Agreement") is made and entered into on this 6th day of
May, 2003 ("Effective Date") by and between Delta Air Lines, Inc. ("Air
Carrier") and the United States of America, acting through the Transportation
Security Administration ("TSA").

1.0 AUTHORITY

     TSA enters into this Agreement under the authority of the Title IV, Public
Law No. 108-11 (hereinafter P.L. 108-11), the Emergency Wartime Supplemental
Appropriations Act, 2003, (hereinafter Act), which requires the execution and
delivery of this Agreement as a condition to the remittance of the funds
provided for in the second proviso of Title IV, P.L. 108-11, except for any air
carrier that operates aircraft exclusively with 85 seats or less, any
Hawaii-based carrier or any carrier that does not operate trans-Pacific or
trans-Atlantic flights. Air Carriers that would be exempted from the
requirement to execute and deliver this Agreement but for the operation of
private charter flights, including flights provided to the United States under
the Civil Reserve Air Fleet (CRAF), for which no fees were incurred pursuant to
49 U.S.C. ss. 44940(a) for these flights, shall not be required to execute and
deliver this Agreement solely because of those flights for which no fees were
incurred.

2.0 PURPOSE

     This Agreement describes the terms and conditions to which the Air Carrier
must agree to be eligible for remittance of the funds provided for in the
second proviso of Title IV, P.L. 108-11.

3.0 DEFINITIONS

     3.1 "Excluded Compensation" means award of stock, stock options,
preexisting contracts governing retirement, health benefits, life insurance
benefits, and reimbursement of reasonable expenses to an executive officer.
Awards of stock and stock options shall include related granting, vesting,
issuance, exercise and sale events.

     3.2 "Executive Officer" means the two most highly compensated named
executive officers (as that term is used in section 402(a)(3) of Regulation S-K
promulgated by the Securities and Exchange Commission under the Securities and
Exchange Act of 1934 (17 C.F.R. ss. 229.402(a)(3)). For the purposes of
applying this Agreement to an executive officer-

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     (A) who was employed by Air Carrier for less than 12 months during Air
Carrier's fiscal year 2002, or whose employment began after the last day of the
last fiscal year of such Air Carrier ending before the date of enactment of
P.L. 108-11,

         (i) the salary paid to that executive officer in Air Carrier's fiscal
year 2002, or in the next fiscal year of Air Carrier (if such next fiscal year
began before the date of enactment of P.L. 108-11), respectively, shall be
determined as an annual rate of pay;

         (ii) that annual rate of pay shall be treated as if it were the annual
salary paid to that executive officer during Air Carrier's fiscal year 2002;
and

         (iii) that executive officer shall be deemed to have been employed
during that fiscal year; and

     (B) whose employment begins after the date of enactment of P.L. 108-11-

         (i) the annual salary at which that executive officer is first
employed by Air Carrier may not exceed the maximum salary paid to any executive
officer by Air Carrier during Air Carrier's fiscal year 2002 with the same or
similar responsibilities;

         (ii) that salary shall be treated as if it were the annual salary paid
to the executive officer during Air Carrier's fiscal year 2002; and

         (iii) the executive officer shall be deemed to have been employed by
Air Carrier during Air Carrier's fiscal year 2002.

For purposes of (A) above, an employee promoted to a position during the Air
Carrier's fiscal year 2002 shall be treated as first employed by the Air
Carrier on the date of such promotion.

     3.3 "Operates" means currently operating or did operate between February
1, 2002 and April 16, 2003.

     3.4 "Salary" means the base salary of an individual, excluding any
bonuses, awards of stock or other financial benefits provided by an air carrier
to the individual.

     3.5 "Total Cash Compensation" has the meaning given the term "total
compensation" by section 104(b) of the Air Transportation Safety and System
Stabilization Act, Public Law No. 107-42 (49 U.S.C. ss. 40101 note), but does
not include awards of stock or stock options or preexisting contracts governing
retirement. More specifically, "Total Cash Compensation" for purposes of this
Agreement shall mean any compensation, other than Excluded Compensation as
defined above, provided (including any amounts paid in cash during the 12-month
period beginning April 1, 2003 that were earned in prior periods and any
amounts which would have been paid but which were deferred) by the Air Carrier,
including all of its holding companies, subsidiaries, and affiliated entities,
as follows:

         (a) Salary;

         (b) Bonus;

         (c) Employer contributions under any retirement plan (excluding
preexisting plans or contracts related to retirement);

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         (d) Perquisites, including personal automobile allowances, positive
space travel benefits and any associated tax gross-ups, valued in a manner
consistent with the valuation of such perquisites for purposes of reporting
such perquisites in Air Carrier's proxy statement for its annual meeting of
stockholders (except that the reporting threshold of $50,000 or 10% of the
annual salary and bonus described in 17 C.F.R. ss.229.402(b)(1)(C)(1) shall not
apply to the Agreement);

         (e) Any other compensation required to be disclosed in the Air
Carrier's proxy statement for its annual meeting of stockholders that is paid
(including amounts paid during the 12-month period beginning April 1, 2003 that
were earned in prior periods) during the 12-month period beginning April 1,
2003, including but not limited to any cash long-term incentive plan payouts;
and

         (f) Other financial benefits, reasonably valued by the good faith
determination of the Compensation Committee of the Board of Directors of Air
Carrier, excluding Excluded Compensation.

     3.6 "Total compensation" as defined by section 104(b) of the Air
Transportation Safety and System Stabilization Act, includes salary, bonuses,
awards of stock, and other financial benefits provided by an air carrier to an
officer or employee of the Air Carrier.

     3.7 "Trans-Atlantic" means from one side of the Atlantic Ocean to the
other side, with or without intermediate stops. It does not include flights
that solely travel between the United States and the Caribbean or between North
America and South America. "Trans-Pacific" means from one side of the Pacific
Ocean to the other side, with or without intermediate stops.

4.0 RESTRICTIONS ON COMPENSATION

     4.1 The Air Carrier, including all of its holding companies, subsidiaries,
and affiliated entities, agrees that it will not provide Total Cash
Compensation during the 12-month period beginning April 1, 2003, to an
executive officer in an amount equal to more than the annual Salary paid to
that officer with respect to the Air Carrier's fiscal year 2002; and

     4.2 If the Air Carrier violates the agreement under paragraph 4.1, Air
Carrier will pay to the Secretary of the Treasury, within 60 days after the
date on which the violation occurs, an amount, determined by the Administrator
of the Transportation Security Administration, equal to the total amount of
assistance received by Air Carrier pursuant to the second proviso of Title IV,
P.L. 108-11.

     4.3 Nothing in this Agreement shall be construed to prohibit or limit an
air carrier in providing health benefits, life insurance benefits, or
reimbursement of reasonable expenses to an executive officer as provided in
P.L. 108-11.

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5.0 COMPTROLLER GENERAL AUDIT AND EXAMINATION

                  The Air Carrier agrees that the Comptroller General of the
         United States, or any of the Comptroller General's duly authorized
         representatives, shall have access for the purpose of audit and
         examination to any books, accounts, documents, papers, and records of
         the Air Carrier, including all of its holding companies, subsidiaries,
         and affiliated entities, that relate to the information required to
         implement the provisions of this Executive Compensation Agreement.

6.0 REPRESENTATIONS

     6.1 That the Air Carrier is duly incorporated, validly existing and in
good standing under the laws of Delaware.

     6.2 The execution, delivery, and performance by the Air Carrier of this
Agreement has been duly authorized by all necessary corporate action; this
Agreement has been duly executed and delivered by the Air Carrier; and when
executed and delivered by a duly authorized representative of TSA, will
constitute a valid and binding obligation of the Air Carrier, enforceable
against it in accordance with its terms.

     6.3 No authorization, approval, consent or order of any court or
governmental authority or agency or any other person or entity is required in
connection with the execution and delivery by the Air Carrier of this Agreement
or its performance hereunder.

7.0 NOTICES

     The Air Carrier shall have the obligation to notify TSA no later than ten
(10) working days, following the occurrence of any event that constitutes a
breach of this Agreement. All notices required or permitted hereunder shall be
in writing and shall be deemed effectively given: (1) upon personal delivery to
the party to be identified below, (2) when sent by confirmed electronic mail or
facsimile if sent during normal business hours of the recipient; if not, then
on the next business day, (3) five days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (4) one day after
deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be
sent to the party to be notified at the address as set forth below or at such
other address as such party may designate by ten days advance written notice to
the other parties hereto.

<TABLE>
<CAPTION>

    If to AIR CARRIER:                                    If to TSA:
    -----------------                                     ---------

<S>                                                       <C>
Robert S. Harkey                                          Howard_Kass
Senior Vice President - General Counsel &                 Director, Economic and Regulatory Policy
     Secretary                                            701 12th Street South, 11th Floor North, TSA-9
Delta Air Lines, Inc.                                     Arlington, VA 22202
1040 Delta Boulevard                                      (571) 227-2627/howard.kass@dhs.gov
Atlanta, GA  30354
404-715-2387/bob.harkey@delta.com
</TABLE>

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8.0 GOVERNING LAW

     This Agreement is governed by and shall be construed in accordance with
Federal law.

9.0      SUCCESSORS AND ASSIGNS BOUND BY COVENANTS

     This Agreement shall bind, and inure to the benefit of the parties and
their respective heirs, executors, administrators, successors, and assigns.

10.0     SEVERABILITY

     In the event any term, covenant, condition or provision of this Agreement
is held to be invalid by any court or tribunal of competent jurisdiction, the
invalidity of any such covenant, condition or provision shall in no way affect
any other covenant, condition or provision herein contained.

11.0     AMENDMENT

     This Agreement may not be amended, discharged or terminated without the
written consent of the parties hereto, and no provision hereof may be waived
without the written consent of the Administrator of the Transportation Security
Administration.

12.0     INTEGRATED AGREEMENT

     This Agreement, upon execution, contains the entire agreement of the
parties, and no prior written or oral agreement, express or implied, shall be
admissible to contradict the provisions of this Agreement. There may exist
other agreements between the Parties as to other matters, which are not
affected by this Agreement and are not included within this integration clause.

13.0     WAIVER

     No failure by either party to insist upon the strict performance of any
provision of this Agreement or to exercise any right or remedy consequent upon
a breach thereof, and no acceptance of full or partial assistance payments (if
applicable) or other performance by either party during the continuance of any
such breach shall constitute a waiver of any such breach of such provision.

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14.0 COUNTERPARTS

     This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

     IN WITNESS WHEREOF, the parties have entered into this Agreement by their
duly authorized officers the day and year first above written.

                               AIR CARRIER

By: /s/ Renda M. Massey        By: /s/ Robert S. Harkey
------------------------          ----------------------------------------------
Witness                        Name:  Robert S. Harkey

                               Position: Senior Vice President - General Counsel
                                         & Secretary

                               TSA

                               By:
------------------------          ----------------------------------------------
Witness                        Name:
                                    --------------------------------------------

                               Position:
                                        ----------------------------------------

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