Document:

Exhibit 10.1

DESCRIPTION OF COMPENSATION FOR
NON-EMPLOYEE

DIRECTORS OF NORTHWEST AIRLINES CORPORATION

As of June 28, 2007, non-employee directors of
Northwest Airlines Corporation (the “Company”) receive an annual cash retainer
of $50,000, an annual fee of $5,000 for service on a committee of the Board,
and a fee of $1,500 for each meeting of the Board of Directors attended.  The Chairman of the Board of Directors
receives an additional annual retainer of $100,000, the Chairman of the Audit
Committee receives an additional annual retainer of $25,000, and the Chairman
of each of the other standing committees of the Board receives an additional
annual retainer of $15,000.  In addition,
directors and their spouses and dependent children receive complimentary
positive-space travel privileges on Northwest Airlines and $25,000 per year of
travel on Northwest Airlines and its affiliate airlines that may be extended to
other individuals.  Each non-employee
director is reimbursed for income taxes resulting from use of the complimentary
travel privileges by the director, his or her spouse and dependent children and
for reasonable expenses incurred by the director in connection with his or her
service on the Board.  Board fees are
paid quarterly.

On June 28, 2007, subject to receipt by the Company of
all approvals required for the grant of such awards, each non-employee director
received an equity award in the form of 10,975 restricted stock units (“RSUs”)
and an option to purchase 7,317 shares of common stock of the Company at a
price per share equal to the closing price of a share of common stock on the
New York Stock Exchange on the date of grant (the “Options”).  The RSUs and Options vest in installments
over four years and any unvested portion of such awards are forfeitable in the
event the director ceases to be a member of the Board of Directors prior to the
full vesting of such awards other than in connection with a change in control
of the Company.  The Options expire ten
years after the date of grant.  In the event
all approvals required for the grant of such awards are not obtained by the
Company on or before May 31, 2008, the awards will be canceled.  No new equity awards will be granted to the
current directors during the next four years.Exhibit
10.2

AMENDMENT
NO. 1

TO THE

NORTHWEST
AIRLINES CORPORATION

2007
STOCK INCENTIVE PLAN

(Effective
as of June 28, 2007)

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

1.             Amendment
of 2007 Stock Incentive Plan. 
Section 2.1(q) of the Northwest Airlines Corporation 2007 Stock
Incentive Plan (the “Plan”) is hereby deleted in its entirety and replaced with
the following:

“(q) “Participant” means
a member of the Board of Directors of the Company and any Eligible Employee
selected by the Committee to receive an Award under the Plan.”

2.             Definitions.
Except as otherwise defined in this Amendment, capitalized terms used but not
defined herein shall have the meanings given them in the Plan.

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

Adopted by the Board of Directors on June 28, 2007Exhibit
10.3

Board of
Directors Awards

Date

Notice of Grant – Northwest Airlines Corporation 2007 Stock
Incentive Plan

Name

Address1

Address2

	
  

  	
   

  	
  Award(1)

  
	
  Grant
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
  Grant
  Award Type

  	
   

  	
  Restricted Stock
  Unit

  
	
   

  	
   

  	
   

  
	
  Units /
  Shares

  	
   

  	
  x,xxx

  
	
   

  	
   

  	
   

  
	
  Exercise
  Price

  	
   

  	
  n/a

  
	
   

  	
   

  	
   

  
	
  Grant
  Date Value(2)

  	
   

  	
  $xx,xxx

  

 

	
  Vesting Schedule:

  	
   

  	
  (# units)

  
	
   

  	
   

  	
   

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  - Date

  	
   

  	
  x,xxx

  
	
  Expiration

  	
   

  	
  Date

  

 

(1)  The Award is subject to the terms and
conditions set forth in the Terms and
Conditions attached hereto. A copy of the Prospectus relating to the
Plan, which summarizes the provisions of the Plan, is also enclosed.

(2)  Grant Date value is an estimate of the
value of the Award as of the Grant Date. 
This value is equal to the number of units awarded multiplied by the FMV
of a share of Common Stock on the Grant Date ($  .  per
share).

As a member of the Board of Directors of NWA, you are
subject to the Company’s Insider Trading Policy.  You are subject to quarterly limited trading
periods during which you are prohibited from trading in securities of Northwest
Airlines Corporation and you are also required to report any transactions in
such securities pursuant to Section 16 of the Securities Exchange Act of
1934.  See the enclosed Insider Trading
Policy for details.

To access information
pertaining to your awards or request additional information, please contact                            .

NORTHWEST AIRLINES
CORPORATION

	
  By:

  	
   

  	
   

  

 

NORTHWEST AIRLINES
CORPORATION

2007 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT
AWARD

Terms and Conditions

This Terms and Conditions
(the “Terms and Conditions”) sets forth the terms pursuant to which NORTHWEST
AIRLINES CORPORATION, a Delaware corporation (the “Company”), has granted
restricted stock units to the non-employee member of the Board of Directors of
the Company (the “Grantee”) whose name is listed on the Notice of Grant
accompanying these Terms and Conditions (the “Notice of Grant”) pursuant to and
subject to the terms and conditions of the Northwest Airlines Corporation 2007
Stock Incentive Plan (as amended, modified or supplemented from time to time,
the “Plan”).

Section 1.          Definitions

Unless otherwise defined
in the Terms and Conditions, all capitalized terms used herein shall have the
meanings attributed to them in the Plan or in the Notice of Grant.

1.1                                 “Award” shall
mean the Restricted Stock Unit award granted to the Grantee as of the Grant
Date on the terms and conditions set forth in these Terms and Conditions.

1.2                                  “Common Stock”
shall mean the common stock, par value $.01 per share, of the Company or such
other securities or property as may become subject to the Award as a result of
an adjustment made pursuant to Section 13 of the Plan.

1.3                                  “Grant Date”
shall mean the date of grant of the
Award set forth on the Notice of Grant accompanying these Terms and Conditions.

1.4                                 “Restricted Stock
Unit” shall mean the right to receive on the dates set forth herein and
subject to the terms and conditions set forth in these Terms and Conditions the
number of shares of Common Stock specified in the Notice of Grant, subject to adjustment as set forth in the
Plan.

1.5                                 “Secretary”
shall mean the Secretary of the Company.

1.6                                  “Vesting Date(s)”
shall mean each of the vesting dates set forth in Section 3.1 hereof.

Section 2.          The Restricted Stock Unit
Award

Effective
as of the Grant Date, the Company granted to the Grantee pursuant to the
Plan an Award of Restricted Stock Units with respect to the number of shares of
Common Stock specified in the Notice of Grant (which shares may be adjusted
pursuant to Section 13 of the Plan), subject to these Terms and Conditions.

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Section 3.          Vesting; Forfeiture

3.1                                 Vesting.  Subject
to Sections 3.2 and 3.3 hereof, the Restricted Stock Units shall vest in
installments as follows:

·                  [insert
vesting schedule]

3.2                                 Termination of Service as a Director.  Subject to Section 3.3 hereof, in the event
Grantee ceases to be a member of the Company’s Board of Directors for any
reason prior to one or more of the Vesting Dates set forth in Section 3.1
hereof, then a pro rata share of the portion of the Award subject to vesting on
the next succeeding Vesting Date based on the percentage of the current Vesting
Period that shall have elapsed through the date the Grantee ceased to be a
member of the Board will become immediately vested and the remaining unvested
portion of the Award will be canceled immediately upon such date and the
Grantee shall automatically forfeit all rights with respect to such portion of
the Award.

3.3                                 Change of Control.  Notwithstanding any other provision of these
Terms and Conditions, in the event the Grantee ceases to be a member of the
Company’s Board of Directors in connection with a Change of Control, 100% of the
Restricted Stock Units shall immediately vest (to the extent not previously
vested).

Section 4.          Restrictions on Transfer

Prior to the delivery of shares of Common Stock pursuant to Section 5
in respect of the Restricted Stock Units, the Restricted Stock Units are not
transferable and may not be sold, transferred, pledged, assigned or otherwise
alienated or hypothecated, other than by will or by the laws of descent and
distribution.  No right or benefit
hereunder shall in any manner be liable for or subject to any debts, contracts,
liabilities or other obligations of the Grantee.

Section 5.          Issuance of Shares

Promptly upon vesting of any
portion of the Restricted Stock Units in accordance with Section 3 hereof, the
Company shall deliver to the Grantee or the Grantee’s legal representatives,
beneficiaries or heirs the number of shares of Common Stock corresponding to such
vested portion of the Restricted Stock Units.  
In the case of any non-certificated shares of Common Stock, delivery of
such shares may be accomplished by causing the Company’s stock transfer agent
to record the Grantee as the owner of such shares and notifying the Grantee
accordingly.

Section 6.          Securities Law
Requirements

By accepting the Award,
the Grantee agrees that if at the time of delivery of shares of Common Stock
for the Restricted Stock Units issued hereunder any sale of Common Stock is not
covered by an effective registration statement filed under the Securities Act
of 1933 (the “Act”), 

 3
 

the Grantee will acquire the shares of Common Stock for
the Grantee’s own account and without a view to resale or distribution in
violation of the Act or any other securities law, and upon any such acquisition
the Grantee will enter into such written representations, warranties and
agreements as the Company may reasonably request in order to comply with the
terms of these Terms and Conditions, the Act or any other securities law.

Section 7.          Award Does Not Confer
Stockholder Rights

Grantee shall not have
any of the rights of a stockholder of the Company with respect to the Restricted
Stock Units except and to the extent that, and until, shares of Common Stock are
delivered in respect thereof pursuant to Section 5. The Grantee shall not be
entitled to receive any dividends with respect to the Restricted Stock Units which
become payable prior to the date(s) on which shares of Common Stock are
delivered to the Grantee pursuant to Section 5, nor shall the Grantee be
entitled to vote the shares of Common Stock covered by the Restricted Stock Units
prior to the delivery of such shares of Common Stock.

Section 8.          General Provisions

8.1                                 The Notice of Award is
made pursuant to the Plan and is subject to all of the terms and provisions of
the Plan as if the same were fully set forth herein. By acceptance of the
Award, the Grantee agrees to be bound by all of the terms, provisions,
conditions and limitations of the Plan and the Terms and Conditions.  The Grantee hereby acknowledges receipt of a
copy of the Plan.

8.2                                 Grantee shall be
responsible for any and all taxes imposed, assessed or levied in connection
with the Award.

8.3                                 The headings of
sections herein are included solely for convenience of reference and shall not
affect the meaning of any of the provisions of the Terms and Conditions.

8.4                                 The Terms and
Conditions may be amended only by a writing executed by the Company and the
Grantee which specifically states that it is amending the Terms and Conditions.

8.5                                 The laws of the State
of Delaware shall govern the interpretation, validity and performance of the Terms
and Conditions regardless of the law that might be applied under principles of
conflicts of laws.

8.6                                 Any suit, action or
proceeding against the Grantee with respect to these Terms and Conditions, or
any judgment entered by any court in respect of any thereof, may be brought in
any court of competent jurisdiction in the State of Minnesota, as the Company
may elect in its sole discretion, and the Grantee hereby submits to the non-exclusive
jurisdiction of such courts for the purpose of any such suit, action,
proceeding or judgment.

8.7                                 In the event that any
provision of the Terms and Conditions shall be held by any court of competent
jurisdiction illegal, invalid or unenforceable for any reason, such provision
shall be fully severable, but shall not affect the remaining provisions of these
Terms and Conditions and these Terms and 

 4
 

Conditions shall be construed and enforced as if the illegal, invalid
or unenforceable provision had never been included herein.

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

If to the Company, to it
at the following address (unless the Company informs the Grantee of an
alternative address and/or agent for notification purposes):

Northwest Airlines
Corporation

2700 Lone Oak Parkway

Dept. A1180

Eagan, MN  55121

Attn:  Secretary

If to the Grantee, to him
or her at the address set forth on the Notice of Grant; or at such other
address as the Company or the Grantee shall from time to time specify by notice
in writing to the other.

8.9                                 The Notice of Grant
may be executed electronically and/or in two or more counterparts, but all such
counterparts shall constitute but one and the same instrument.

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