Document:

Exhibit
10.31

FIRST AMENDMENT

OF

NORTHWEST AIRLINES

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(2001 Restatement)

The “NORTHWEST AIRLINES SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN (2001 Restatement)” adopted by NORTHWEST AIRLINES, INC., a
Minnesota corporation (the “Principal Sponsor”), on October 25, 2001, but
effective as of January 1, 2001 (hereinafter referred to as the “2001 SERP
Restatement”), is hereby amended in the following respects:

1.                                         KEY EMPLOYEES
UNDER 409A.  Effective as of January 1,
2005, Section 4.1.2 of Part B of the 2001 SERP Restatement is amended to
read in full as follows:

4.1.2.                     Form
of Payment.

(a)                                                                  This
benefit (minus the withholding, payroll and other taxes which must be deducted
therefrom) shall be paid to the Participant directly from the general assets of
Northwest Airlines, Inc.  Payment shall
be made in a single lump sum payment as soon as administratively feasible after
Termination of Employment.

(b)                                                                 Notwithstanding
the forgoing paragraph (a), if payment is to be made on account of a Termination
of Employment to a key employee (as defined in section 416(i)) of the
Code, payment of the portions of that Participant’s benefits that (i) are
accrued before January 1, 2005 but become Vested as of a date after
December 31, 2004, and (ii) are accrued after December 31, 2004,
shall not be made under paragraph (a) above before the date that is six
(6) months after the date of the Termination of Employment but shall be paid as
soon as administratively feasible after the date that is six (6) months after
the date of the Termination of Employment.

2.                                         409A
COMPLIANCE.  Effective as of January 1,
2005, Section 9.1 of Part B of the 2001 SERP Restatement is amended by
adding the following sentences at the end thereto:

When the term “Termination of Employment” is used in
connection with benefits that were both accrued and Vested before
January 1, 2005, that term shall have the same meaning ascribed to it as
in the Pension Plan documents.  When the
term “Termination of Employment” is used in the Plan document in connection
with benefits that are (i) accrued before January 1, 2005 but Vested
after December 31, 2004; or (ii) accrued after December 31, 2004
and Vested after December 31, 2004, it shall be construed to have the same
meaning consistent with the term “separation from service” as used in
section 409A of the Code.

3.                                         CONSENT
REQUIRED.  As required by Section 6.1 of
Part B of the 2001 SERP Restatement, no part of this First Amendment shall be
effective as to any individual who was a Participant on the date this First
Amendment is adopted unless that Participant consents in writing to the First
Amendment.

4.                                         SAVINGS
CLAUSE.  Save and except as hereinabove
expressly amended, the 2001 SERP Restatement will continue in full force and
effect.

 2Exhibit 10.32

SECOND AMENDMENT

OF

NORTHWEST AIRLINES

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(2001 Restatement)

The “NORTHWEST AIRLINES SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN (2001 Restatement)” adopted by NORTHWEST AIRLINES, INC., a
Minnesota corporation (the “Principal Sponsor”), on October 25, 2001, but
effective as of January 1, 2001, and amended by a First Amendment adopted
September 29, 2005 but effective as of January 1, 2005 (hereinafter
collectively referred to as the “2001 SERP Restatement”), is hereby amended in
the following respects:

1.                                                  AMENDMENT
EFFECTIVE DATE.  Each item in this
Amendment applies to Part B of the 2001 SERP Restatement and is effective
as of August 31, 2005.

2.                                                  RENUMBERING.  The following Sections (and cross references
to them) are renumbered as follows:  
Section 4.1.1 is renumbered as Section 4.1, Section 4.1.2 is
renumbered as Section 4.3, Section 4.2 is renumbered as
Section 4.4, and Section 4.3 is renumbered as Section 4.5.

3.                                                  PAST
SERVICE ACCRUALS.  The portion of
Section 4.1 that precedes Section 4.1(a) is amended in full to read as
follows:

4.1.                                          Past Service Entitlements.  Upon Termination of Employment of a
Participant who has any Vested and nonforfeitable entitlement to an Accrued
Benefit under the Pension Plan, this SERP shall pay to a Participant the
excess, if any, of the greater of the amount determined pursuant to (a) or (b)
below subject to the special rules in (c) below attributable to services
rendered before August 31, 2005 (the “past service” benefit).  Participants who were not employed prior to
January 1, 2001, do not have any benefit under the SERP FAE formula
calculation in (a) below.  Participants
who were not employed prior to August 31, 2005, do not have any benefit
under this Section 4.1.

4.                                                  SERP
FAE ACCRUALS FROZEN. 
Section 4.1(a)(1) is amended by adding thereto the following:

(vii) No actual or deemed Earnings or Benefit Service
attributable to periods after August 31, 2005, shall be taken into account in
the calculation. Accordingly, the As If FAE Benefit determined pursuant to this
Section 4.1(a)(1) as of August 31, 2005, and expressed as a Single
Life Benefit commencing after Normal Retirement Date, shall not thereafter
change.

5.                                                  SERP
CB PAY CREDITS DISCONTINUED.  Section 4.1(b)(1)
is amended by adding thereto the following:

(v) There shall be no pay credits attributable to
periods after August 31, 2005. 
Interest credits shall continue after August 31, 2005. The As If CB
Benefit determined pursuant to this Section 4.1(b)(1), and expressed as a
single lump sum as of August 31, 2005, shall not change except for the
addition of interest credits thereafter.

6.                                                  FUTURE
ACCRUALS.  Section 4 is amended by
adding thereto a new Section 4.2 to read as follows:

4.2.                                          Future Service Entitlements.   Upon Termination of Employment of a
Participant who has a Vested Accrued Benefit under the Pension Plan or who has
a Vested Employer contribution under the Northwest Airlines Retirement Savings
Plan for Salaried Employees (the”RSP”), this SERP shall pay to the Participant
the amount of any Future Service Benefit determined under this Section 4.2 (in
addition to the benefit, if any, payable under Section 4.1).

4.2.1                                                            Future Service Benefit.  With respect to periods after August 31,
2005, the benefit payable pursuant to this Section 4.2 shall be determined
as follows.

4.2.2.                                                         Future Service SERP Account Established.  A Future Service SERP Account shall be
established and maintained for the benefit of each individual who is a
Participant  in the Plan after
August 31, 2005.

4.2.3.                                                         Pay Credits.  Each calendar month (beginning September
2005), each eligible Participant’s Future Service SERP Account shall receive a
monthly pay credit.  The amount of each
monthly pay credit shall be equal to the Participant’s Earnings for that
calendar month multiplied by the Participant’s applicable pay credit
percentage. The amount of the Participant’s monthly pay credit shall be
determined as follows.

(a)                                                                      Ancillary Agreements Contemplating an Offset.  If the Participant’s Ancillary Agreement
contemplates that the determination of the pay credit is to be made after
reduction for actual or hypothetical contributions to the Pension Plan or the
Excess Plan, the following rules shall apply to the determination of the pay credit
to the Future Service SERP Account.

(i)                                     For the period September 1, 2005, through
July 31, 2006.  For each
month from September 1, 2005, through July 31, 2006, the pay credit shall be
determined pursuant to the Participant’s Ancillary Agreement less the Employer
contribution that would have been made in the RSP calculated using actual and
deemed Benefit Service.  For example, if
the Ancillary Agreement specifies a SERP pay credit of 45% of Earnings and the
RSP Employer contribution would have been 15%, the pay credit in the SERP shall
be 30% of Earnings.

 2
 

(ii)                                  For periods after July 31, 2006.  For the period on and after August 1, 2006,
the pay credit shall be determined as provided in the prior paragraph but shall
be computed by reference to the reduced RSP Employer contribution percentages
effective August 1, 2006.

(b)                                                                     Ancillary Agreements Not Contemplating an Offset.  If the Participant’s Ancillary Agreement
contemplates that the determination of the pay credit is to be made without
reduction for actual or hypothetical contributions to the Pension Plan or the
Excess Plan, the amount of each monthly pay credit shall be equal to the
Participant’s Earnings for that calendar month multiplied by the Participant’s
applicable credit percentage specified in the Participant’s Ancillary
Agreement.

(c)                                                                      Deemed
Amendment.  Participants’ Ancillary
Agreements are deemed amended to reflect the pay crediting rules and
percentages as provided in (a) and (b) above.

(d)                                                                     Future RSP Amendments.  To the extent that there is a reduction in a
Participant’s Employer contribution percentages in the RSP subsequent to
August 1, 2006, the Participant’s Ancillary Agreement will automatically
be deemed amended, without any further action required by the Board of
Directors of the Principal Sponsor or the Participant, to reflect the impact of
the reduced contribution percentages.

(e)                                                                      Timing. 
The monthly pay credits shall be added to the Participant’s Future
Service SERP Account at such times during the calendar month as Earnings are
paid.

4.2.4.                                                         Interest Credits.  As of the last day of the calendar month
(beginning September 2005), each eligible Participant’s Future Service SERP
Account shall receive a monthly interest credit. The amount of each monthly
interest credit shall be equal to the interest crediting rate for the current
calendar year multiplied by the then current balance of the Future Service SERP
Account determined as of the first day of the calendar month.  For this purpose, the interest crediting rate
shall be the rate determined for that month under the interest crediting rules
of the Pension Plan.

7.                                                  CONDITION
TO EFFECTIVENESS.  This Amendment shall
not be effective as to any Participant until all persons who are Participants
as of the date it is adopted by the Board of Directors, have consented and
agreed in writing to this Amendment.

8.                                                  SAVINGS
CLAUSE.  Save and except as hereinabove
expressly amended, the 2001 SERP Restatement will continue in full force and
effect.

 3

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