Document:

Exhibit 10.48

 

ANCILLARY AGREEMENT

under

 

NORTHWEST AIRLINES

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(2001 Restatement)

 

THIS
AGREEMENT, Made and
entered into by and between Northwest Airlines, Inc., a Minnesota corporation,
(the “Employer”) and  Neal S. Cohen (the “Participant”).

 

WHEREAS,
Employer has established a nonqualified plan of deferred compensation for the
benefit of a select group of management or highly compensated employees
currently set forth in a document entitled “Northwest Airlines Supplemental
Executive Retirement Plan (2001 Restatement)” (hereinafter the “2001 SERP
Restatement”); and

 

WHEREAS,
The Plan maintained pursuant to the 2001 SERP Restatement (sometimes referred
to as the “SERP”) contemplates that certain terms and provisions may be varied
pursuant to a separate written agreement by and between Employer and
Participant known as an “Ancillary Agreement”; and

 

WHEREAS,
The Employer and the Participant agree that upon executing this Ancillary
Agreement, Participant’s SERP benefit will be computed under and governed
solely by Part B of the 2001 SERP Restatement and not Part A of the 2001 SERP
Restatement.

 

NOW
THEREFORE, IT IS HEREBY AGREED, By and between Employer and Participant as follows:

 

1)              DATE OF PARTICIPATION.
Participant’s effective date for the commencement of SERP participation is May
1, 2005.

 

2)              SPECIAL ARRANGEMENTS.
For the purpose of computing Participant’s benefits under the SERP, the
following special rules shall apply.

 

a)              CB Increased Pay Credit Percentage. For the purpose of determining Participant’s applicable pay credit
percentage pursuant to Section 4.1.1(b)(1)(iii) of the 2001 SERP Restatement
the Participant shall receive (during the period from May 1, 2005 through April
30, 2010) three times the pay credit that the Participant would otherwise be
entitled to receive (i.e., the “actual” plus two “deemed”). Therefore, the
Participant’s applicable pay credit percentage during the following periods
shall be as follows:

 

	
  With respect to Participant’s Earnings 

  attributable to the following periods:

  	
   

  	
  Participant’s applicable pay 

  credit percentage shall be:

  	
   

  
	
  May 1, 2005 to April 30, 2006

  	
   

  	
  30

  	
  % 

  
	
   

  	
   

  	
   

  	
   

  
	
  May 1, 2006 to March 31, 2007

  	
   

  	
  30

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  April 1, 2007 to April 30, 2007

  	
   

  	
  36

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 1, 2007 to April 30, 2008

  	
   

  	
  36

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 1, 2008 to April 30, 2009

  	
   

  	
  36

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  May 1, 2009 to April 30, 2010

  	
   

  	
  45

  	
  %

  

 

1

 

b)             CB Generally Applicable Pay Credit Percentage. For the purpose of determining Participant’s
applicable pay credit percentage pursuant to Section 4.1.1(b)(1)(iii) of the
2001 SERP Restatement during periods subsequent to April 30, 2010, Participant’s
applicable pay credit percentage shall be determined under the generally
applicable rules of the Pension Plan; provided, however, that in applying those
rules, Participant’s actual Benefit Service shall be increased by all
additional deemed years of Benefit Service (i.e. 2 deemed years of benefit
accrual service for each actual year of benefit service for the period May 1,
2005 through April 30, 2010).

 

c)              CB Initial Account. For
the purpose of Section 4.1.1(b)(1)(iii) of the 2001 SERP Restatement,
Participant’s initial account balance would be $190,458.23 as of May 1, 2005,
if that initial account balance were computed on a basis consistent with the
Pension Plan formula for computing initial account balances. In addition to
this amount, your initial account balance determined as of May 1, 2005 shall be
credited with an additional $200,000.00 (resulting in a total initial account
balance of $390,458.23 as of May 1, 2005).

 

3)              INTEGRATION. This
agreement is intended to be and is an Ancillary Agreement as that term is used
in the SERP. Insofar as this Ancillary Agreement relates to Participant’s
entitlement under the SERP, this Ancillary Agreement represents the entire
agreement of Participant and Employer and supercedes all prior agreements and
understandings, written or otherwise. In no event shall this Ancillary
Agreement and any other agreement be construed or interpreted to provide
duplicate benefits.

 

IN
WITNESS WHEREOF, Employer and Participant have executed this Ancillary
Agreement as of April 29, 2005.

 

 

	
  NORTHWEST
  AIRLINES, INC.

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
    /s/
  Douglas M. Steenland

  	
   

  	
     /s/
  Neal S. Cohen

  	
   

  
	
  Douglas
  M. Steenland,

  	
  Neal
  S. Cohen

  
	
  Chief
  Executive Officer

  	
   

  
				

 

2Exhibit 10.5

 

NONSTATUTORY STOCK OPTION AWARD AGREEMENT

 

UNDER THE

 

MORNINGSTAR, INC. 2004 STOCK INCENTIVE PLAN

 

This OPTION AWARD
AGREEMENT (“Agreement”) is made effective «Grant_Date»
(the “Grant Date”), and is between Morningstar, Inc., an Illinois corporation
(the “Company”), and «First_Name» «Last_Name» (the “Participant”). Any term
capitalized but not defined in this Agreement will have the meaning set forth
in the Morningstar, Inc. 2004 Stock Incentive Plan (the “Plan”).

 

1.                                       Option
Grant and Number of Shares. In accordance with the terms of the Plan and
subject to the terms and conditions of this Agreement, the Company grants to
the Participant a Nonstatutory Stock Option to purchase all or any part of
an aggregate of «Options_Granted» Shares
of the Company (the “Option”).

 

2.                                       Exercise
Price and Payment of Exercise Price. The Exercise Price of each Share
subject to the Option shall be determined by the daily indexing of the Fair
Market Value of the Shares on the Grant Date, «Price»
against the 10-Year U.S. Treasury Bond Rate on the date of grant, compounded
annually (the “Index Rate”). The Index Rate used in calculating the Exercise
Price is «Rate».

 

After the Option has vested, and before the Expiration
Date indicated in Section 3 of the Agreement, the Participant may exercise
this Option in accordance with Sections 6.6 and 6.7 of the Plan.

 

3.                                       Term
and Vesting of an Option. The Option will vest in installments, with each
installment becoming vested on the “Vesting Date” shown below, if the
Participant has remained in continuous Service until that Vesting Date.

 

	
  Shares Subject to Option

  	
   

  	
  Vesting Date

  	
   

  	
  Expiration Date

  
	
  «OpVest1»

  	
   

  	
  «VestDate1»

  	
   

  	
  «ExpDate»

  
	
  «OpVest2»

  	
   

  	
  «VestDate2»

  	
   

  	
  «ExpDate»

  
	
  «OpVest3»

  	
   

  	
  «VestDate3»

  	
   

  	
  «ExpDate»

  
	
  «OpVest4»

  	
   

  	
  «VestDate4»

  	
   

  	
  «ExpDate»

  

 

Notwithstanding anything
to the contrary in this Section, the vesting period described above will be
suspended during the pendency of any Personal Leave of the Participant and the
vesting period will be increased by the length of time of such Personal Leave
pursuant to Section 5.3 of the Plan.

 

 

4.                                       Termination
of Service. The right of a Participant to exercise this Option after his or
her termination of Service with the Company and all Affiliates is set forth in Section 6.10
of the Plan.

 

5.                                       Notice.
Any notice or other communication required or permitted under this Agreement
must be in writing and must be delivered personally, sent by certified,
registered or express mail, or sent by overnight courier, at the sender’s
expense. Notice will be deemed given when delivered personally or, if mailed,
three days after the date of deposit in the United States mail or, if sent by
overnight courier, on the regular business day following the date sent. Notice
to the Company should be sent to Morningstar, Inc., 225 West Wacker Drive,
Chicago, Illinois, 60606, Attention: General Counsel. Notice to the Participant
should be sent to the address set forth on the signature page below. Either
party may change the person and/or address to whom the other party must
give notice under this Section by giving such other party written notice
of such change, in accordance with the procedures described above.

 

6.                                       Plan
Document Controls. The rights granted under this Agreement are in all
respects subject to the provisions set forth in the Plan to the same extent and
with the same effect as if set forth fully in this Agreement. The Plan is
incorporated herein by reference and made a part hereof, but the terms of
the Plan shall not be considered an enlargement of any benefits under this
Agreement. Wherever a conflict may arise between the terms of this
Agreement and the terms of the Plan, the terms of the Plan shall control solely
to the extent necessary to resolve such conflict. In addition, the Option
granted hereunder is subject to any rules and regulations promulgated by
the Committee pursuant to the Plan, now or hereafter in effect.

 

7.                                       Amendment
of the Agreement. The Company and the Participant may amend this
Agreement only by a written instrument signed by both parties.

 

8.                                       Counterparts.
The parties may execute this Agreement in one or more counterparts, all of
which together shall constitute but one Agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Nonstatutory Stock Option Award Agreement as of the Grant Date set forth
above.

 

	
  PARTICIPANT

  	
  MORNINGSTAR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  «First_Name» «Last_Name»

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
  Please return by:

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