Document:

Exhibit 10.11

 

FINAL

SAR

 

AMENDMENT NO. 1

TO THE

NORTHWEST AIRLINES CORPORATION

2007 STOCK INCENTIVE PLAN

STOCK APPRECIATION RIGHT AWARD

(Effective as of April 14, 2008)

 

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

 

Pursuant to the authority
granted under Section 3.1(g) of the Northwest Airlines Corporation
2007 Stock Incentive Plan (the “Plan”), the Compensation Committee of the Board
of Directors of the Company hereby amends the Plan’s Stock Appreciation Right Award
(the “SAR”) as follows:

 

1.                                                                                       Amendment of SAR.  Section 1.1 of the SAR is deleted in its
entirety and hereby replaced with the following:

 

“1.1                           “Cause”
shall mean “Cause” as defined in a management compensation agreement between
the Grantee and the Company or a Subsidiary or, if not defined therein or if
there is no such agreement, “Cause” shall mean any one or more of the
following: (a) an act or acts of personal dishonesty by the Grantee
intended to result in substantial personal enrichment of the Grantee at the
expense of the Company or a Subsidiary, (b) an act or acts of personal
dishonesty by the Grantee intended to cause substantial injury to the Company
or a Subsidiary, (c) material breach (other than as a result of a
Disability) by the Grantee of the Grantee’s obligations under the terms and
conditions of the Grantee’s employment, which action was (i) undertaken
without a reasonable belief that the action was in the best interests of the
Company or a Subsidiary and (ii) not remedied within fifteen days after
receipt of written notice from the Company or a Subsidiary specifying the
alleged breach, or (d) the conviction of the Grantee of a felony.”

 

2.                                                                                       Amendment of
the SAR. The sub-section entitled “Change of Control” of Section 4 of the
SAR is hereby deleted in its entirety and replaced with the following:

 

 

“Change of Control: In the event of a Change of Control, the
SAR shall, to the extent outstanding, vest in accordance with Section 13.2(a) of
the Plan. If the Grantee’s employment is terminated without Cause or if the Grantee
terminates employment for Good Reason, in each case, within two (2) years
following a Change of Control, the Grantee will have three (3) years
following the date of such termination of employment to exercise any portion of
the SAR (to the extent the SAR is exercisable, and not previously exercised or
cancelled) thereafter; provided, however, the SAR shall not be exercisable later than ten (10) years
after the date granted.  For purposes
hereof, “Good Reason” shall mean “Good Reason” as defined in a management
compensation agreement (as amended, if applicable) between the Grantee and the
Company or a Subsidiary or, if not defined therein or if there is no such
agreement, “Good Reason” shall mean “Good Reason” as defined in the Plan.

 

3.                                                                                       Definitions. Except as
otherwise defined in this Amendment, capitalized terms used but not defined
herein shall have the meanings given them in the Northwest Airlines Corporation
2007 Stock Incentive Plan or the SAR.

 

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

 

Adopted
by the Compensation Committee of the Board of Directors of Northwest Airlines
Corporation on April 14, 2008.Exhibit 10.12

 

FINAL

 

NORTHWEST AIRLINES, INC.

2008 RETENTION PLAN

 

ARTICLE 1

ESTABLISHMENT AND PURPOSE

 

NORTHWEST
AIRLINES, Inc. has established this Northwest Airlines, Inc. 2008
Retention Plan (the “Plan”).  The
primary purpose of the Plan is to provide an incentive for employees to remain
employed with the Company or one of its Affiliates in light of a potential
merger involving the Company and another major airline.

 

ARTICLE 2

DEFINITIONS

 

Whenever
used in this Plan, the following terms shall have the meanings set forth below,
and when the meaning is intended, the initial letter of the word is
capitalized:

 

“Administrator”
means the Compensation Committee of the Board of Directors of Northwest
Airlines Corporation.

 

“Affiliate”
means any entity which, directly or indirectly, controls, is controlled by, or
is under common control with, the Company. 
For purposes of the preceding sentence, “control” (including, with
correlative meanings, the terms “controlled by” and “under common control with”),
as used with respect to any entity or organization, shall mean the possession,
directly or indirectly, of the power (i) to vote more than 50% of the
securities having ordinary voting power for the election of directors of the
controlled entity or organization, or (ii) to direct or cause the
direction of management and policies of the controlled entity or organization,
whether through the ownership voting securities or by contract or otherwise.

 

“Board”
means the Board of Directors of the Company.

 

“Change
of Control” means a “Change of Control” as defined under the Northwest
Airlines Corporation 2007 Stock Incentive Plan, as in effect on the date
hereof.

 

“Company”
means Northwest Airlines, Inc., a Minnesota corporation.

 

“Cause”
means “Cause” as defined in the Participant’s Retention Payment Award Letter,
or, if not defined therein, (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”

 

 

(within
the meaning of Section 22(e) of the Code)) by the Participant of the
Participant’s obligations under the terms and conditions of the Employee’s
employment, which action was (A) undertaken without a reasonable belief
that the action was in the best interests of the Company or an Affiliate and (B) not
remedied within fifteen days after receipt of written notice from the Company
or an Affiliate specifying the alleged breach; or (iv) the conviction of
the Employee of a felony.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Good
Reason” means “Good Reason” as defined in the Participant’s Retention
Payment Award Letter, or, if not defined therein, (i) a material reduction
in a Participant’s base salary or target bonus; or (ii) the relocation of
the Participant’s principal place of employment by more than 50 miles
(excluding travel requirements relating to the Participant’s duties), without
the Participant’s consent; provided, however, that the foregoing
events shall constitute Good Reason only if the Company fails to cure such
event within thirty (30) days after receipt from the Participant of written
notice of the event which constitutes Good Reason; and provided, further,
that “Good Reason” shall cease to exist for an event on the 60th day
following the later of its occurrence or the Participant’s knowledge thereof,
unless the Participant has given the Company written notice thereof prior to
such date.

 

 “Participant” means an employee of the
Company or an Affiliate selected by the Administrator who has been provided a
Retention Payment Award Letter that specifies the details of the employee’s
participation in, and Retention Payment opportunity under, the Plan.

 

“Payment
Date” means the date through which a Participant must remain in continuous
employment with the Company or an Affiliate in order to become entitled to all
or a portion of a Retention Payment, as determined under Section 5.2 and
set forth on the Participant’s Retention Payment Award Letter. A Participant
may have a single Payment Date or multiple Payment Dates, as determined under Section 5.2.

 

“Retention
Payment” means the amount described in Section 5.1 and specifically
set forth on the Participant’s Retention Payment Award Letter.

 

“Retention
Payment Award Letter” means the letter provided by the Administrator to
each Participant that sets forth the Retention Payment opportunity and Payment
Date(s) applicable to the Retention Payment opportunity, as described in Section 5.1.

 

“Subsidiary”
means a subsidiary corporation, as defined in Section 424(f) of the
Code (or any successor section thereto).

 

“Successor”
means any person, firm, corporation, or business entity which at any time,
whether by merger, purchase, or otherwise, acquires all or substantially all of
the assets, stock or business of the Company.

 

2

 

ARTICLE 3

ADMINISTRATION

 

3.1        Administration of the Plan.  The Plan shall be administered by the
Administrator.

 

3.2        Authority of the
Administrator.  Subject to
the provisions herein, the Administrator shall have full power and authority:
to select and approve Participants; to determine the amount of the Retention
Payment opportunity (which need not be the same for each Participant); to
determine the terms and conditions of each individual’s participation in a
manner consistent with the provisions of the Plan; to establish Payment Dates
and, if multiple Payment Dates are established for a Participant, then the
portion of the Retention Payment payable upon each such Payment Date; to
determine whether any strategic, financial, and/or operational goals have been
met; to interpret, in its sole discretion, the Plan and any agreement or
instrument entered into under the Plan; to establish, amend, rescind, or waive rules and
regulations for the Plan’s administration; and in general to have the full
power to make all other determinations which may be necessary or advisable for
the administration of the Plan, to the extent consistent with the provisions of
the Plan.  Notwithstanding the foregoing
or any provision of the Plan to the contrary, a Participant must exhaust all
administrative remedies established by the Administrator before bringing any
action at law or equity.  The
Administrator may delegate its power, authority and duties under the Plan to
the Chief Executive Officer of the Company pursuant to such conditions or
limitations as the Administrator may establish; provided, however,
that the Administrator may not delegate its duties or authorities with respect
to executive officers.

 

3.3        Decision of Administrator
Final.  Subject to applicable law, any
interpretation of the provisions of the Plan and any decision on any matter
within the discretion of the Administrator made by the Administrator in good
faith shall be final and conclusive and binding on all persons.

 

3.4        Interested Administrator.  For the avoidance of doubt, if an
Administrator is also a Participant in the Plan (i.e., by way of permissible
delegation), the Administrator may not decide or determine any matter or
question concerning the Administrator’s own benefits.

 

ARTICLE 4

PARTICIPATION

 

The
Administrator shall identify which employees of the Company or an Affiliate
shall participate in the Plan.  As soon
as practicable following selection by the Administrator, each selected employee
shall be provided with a Retention Payment Award Letter which shall describe
the terms and conditions of each individual’s participation in, and Retention
Payment opportunity under, the Plan.  A
selected employee shall become a Participant in the Plan as of such time as the
date set forth by the Administrator in the selected employee’s Retention
Payment Award Letter.

 

ARTICLE 5 

RETENTION PAYMENT OPPORTUNITY

 

5.1        Establishment
of Retention Payment Amount.

 

(a)               Initial Awards.  The Administrator is authorized, but not
obligated, to award Retention Payment opportunities on the terms of the
Retention Payment Award Letter substantially in the form set forth on Appendix
A to the individuals indicated by position, and 

 

3

 

with
Retention Payment opportunities expressed as a percentage of base salary listed
on Appendix A-1 (the “Initial Awards”).

 

(b)              Discretionary Awards.  In addition to the Initial Awards, the
Administrator is authorized, but not obligated, from time to time and in its
sole discretion, to make awards of additional Retention Payment opportunities
under the Plan, up to an aggregate amount of $25 million, to any one or more
employees of the Company or an Affiliate of the Company as the Administrator
shall select, on such terms and conditions as the Administrator shall
determine, in its sole discretion (“Discretionary Awards”).  Any Discretionary Awards shall be
communicated to the affected Participant in the form of a Retention Payment
Award Letter provided to such Participant by the Company.  Any Discretionary Awards may, but need not,
be subject to similar terms and conditions as are applicable under the Initial
Awards.  Receipt of an Initial Award by a
Participant does not render a Participant ineligible for a Discretionary
Award.  The accelerated payment
requirements of Section 6.1 of the Plan are not required to apply to any
Discretionary Awards.

 

5.2        Establishment of Payment
Date or Payment Dates. 
Subject to Section 6.1, and unless otherwise specified in the
Participant’s Discretionary Award Retention Payment Award Letter, each
Participant must remain in continuous employment with the Company or an
Affiliate through and including such Participant’s Payment Date or Payment
Dates in order to become entitled to receive a Retention Payment under this
Plan.  The Administrator, in its sole
discretion, shall determine whether a Participant has one or multiple Payment
Dates, establish the Payment Date or Payment Dates for each Participant, and in
the event a Participant has multiple Payment Dates, determine the portion of
the Retention Payment, which are not required to be in equal amounts for each
Payment Date, payable upon each such Payment Date, which need not be the same
for each Participant.  A Payment Date may
be based on (i) a fixed date, (ii) a number of days occurring after a
strategic, financial, and/or operational goal as determined in the sole
discretion of the Administrator, or (iii) such other criteria as
determined in the sole discretion of the Administrator, with such date or dates
set forth in the Participant’s Retention Payment Award Letter.  Notwithstanding the foregoing, the
Administrator shall have the discretion to waive any service, employment or
other conditions to payment of a Retention Payment; provided that,
unless otherwise specified in the Participant’s Discretionary Award Retention
Payment Award Letter, the Participant’s Retention Payment must in all events be
paid no later than two and one-half months after the conclusion of the year in
which the Retention Payment opportunity ceases to be subject to a substantial
risk of forfeiture within the meaning of Section 409A of the Code.

 

5.3        Payment of Retention Payment.  Subject to Section 6.1, unless otherwise
specified in the Participant’s Discretionary Award Retention Payment Award Letter,
any Retention Payment payable under this Plan shall be paid to the Participant
as follows:

 

(a)               If a Participant has a
single Payment Date, the entire Retention Payment shall be paid in a single
lump sum within ten (10) days (or such fewer number of days as may be
specified in the Retention Payment Award Letter) after such Participant’s
Payment Date; or

 

(b)              If a Participant has
multiple Payment Dates, the portion of the Retention Payment assigned to a
Payment Date shall be paid in a single lump sum within ten (10) days (or
such 

 

4

 

fewer
number of days as may be specified in the Retention Payment Award Letter) after
such Payment Date.

 

5.4        Withholding for Taxes.  Notwithstanding any other provisions of the
Plan, the Company shall withhold from any payment to be made under the Plan
such amount or amounts as may be required for purposes of complying with the
tax withholding provisions of the Code or any applicable federal, state, local
or foreign laws, and in the case of expatriate employees, the withholding
required under the Company’s expatriate program, or such other amount or
amounts as are agreed to by the Participant.

 

ARTICLE 6 

TERMINATION OF EMPLOYMENT

 

6.1        Termination Without Cause or
With Good Reason.  Unless
otherwise specified in the Participant’s Discretionary Awards Retention Payment
Award Letter, in the event a Participant’s employment with the Company and its
Affiliates is terminated prior to or as of a Participant’s Payment Date by
reason of a termination by the Company or an Affiliate without Cause or by the
Participant with Good Reason, such Participant shall receive the following:

 

(a)               In the event the Participant
has a single Payment Date, the entire Retention Payment; or

 

(b)              In the event the Participant
has multiple Payment Dates, (i) the entire Retention Payment, if such
termination occurs prior to the Participant’s first Payment Date, or (ii) the
unpaid portion of the Retention Payment, if such termination occurs after one
or more Payment Dates and payment of the corresponding portion of the Retention
Payment, but prior to the final Payment Date.

 

The
amount payable under clause (a) or (b) above shall be paid in a
single lump sum within ten (10) days following such termination event.

 

6.2        Termination For Other
Reasons. Unless otherwise specified in the Participant’s Discretionary Award
Retention Payment Award Letter: (x) in the event a Participant’s
employment with the Company and its Affiliates is terminated for any reason not
described in Section 6.1 prior to the Payment Date for a Participant who
has a single Payment Date or prior to the first Payment Date for a Participant
who has multiple Payment Dates, then all rights of such Participant to any
Retention Payment under the Plan (or any other benefit) shall be forfeited; and
(y) with respect to a Participant who has multiple Payment Dates and whose
employment with the Company and its Affiliates is terminated for any reason not
described in Section 6.1 after one or more Payment Dates, but prior to the
final Payment Date, then all rights of such Participant to the unpaid portion
of the Retention Payment under the Plan (or any other benefit) shall be
forfeited.

 

6.3        Employment with Successors. For purposes
of this Plan, employment with any Successor will be considered employment with
the Company (or an Affiliate).

 

5

 

ARTICLE 7

BENEFICIARY

 

Any
Retention Payment amounts that are payable under the Plan to the Participant,
but which are not yet paid at the time of the Participant’s intervening death,
shall be payable to the estate of the Participant.

 

ARTICLE 8

RIGHTS OF PARTICIPANTS

 

8.1        No Employment or Benefit
Guaranty. None of the establishment of the Plan, the receipt
of a Retention Payment Award Letter, any modification or amendment thereof, or
the payment of any benefits shall be construed as giving to any Participant or
other person any legal or equitable right against the Company, any Affiliate,
or the Administrator except as expressly provided herein.  Under no circumstances shall the maintenance
of this Plan constitute a contract of employment or shall the terms of
employment of any Participant be modified or in any way affected hereby.  Accordingly, neither participation in the
Plan nor the payment of a Retention Payment amount shall be held or construed
to give any Participant a right to be retained in the employ of the Company or
any Affiliate.

 

8.2        No Assignment of Rights. The rights or
interests of a Participant under this Plan shall not be subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
charge, garnishment, executive or levy of any kind, either voluntarily or
involuntarily, and any attempt to anticipate, alienate, sell, transfer, assign,
pledge, encumber, charge, garnish, execute on, levy or otherwise dispose of any
right to an amount payable hereunder shall be void.  No Retention Payment amount shall be in any
manner subject to the debts, contracts, liabilities, engagements, or torts of
any Participant.

 

8.3        No Funding. All payments
to be made under the Plan shall be paid from the general assets of the Company
or an Affiliate, and no special or separate fund shall be established and no
segregation of assets shall be made to assure payment of such amounts.  No Participants shall have any right, title,
or interest whatsoever in or to any amounts under the Plan prior to
receipt.  Nothing contained in the Plan,
and no action taken pursuant to its provisions, shall create or be construed to
create a trust or fund of any kind, or a fiduciary relationship between the
Company or an Affiliate and any other person. 
The rights of any Participant (or beneficiary) to any amounts hereunder
shall be no greater than those of an unsecured general creditor of the Company.

 

8.4        Other Plans.  Unless otherwise determined by the
Administrator for this purpose in writing, any Retention Payment made under
this Plan shall not be taken into account in computing the Participant’s
salary, wages, base pay or compensation for the purposes of determining any
benefits or compensation under (i) any pension, retirement, life
insurance, severance, welfare or other benefit plans, programs or arrangements
of the Company or its Affiliates, and/or (ii) any agreement between the
Participant and the Company or its Affiliates.

 

6

 

ARTICLE 9 

MISCELLANEOUS PROVISIONS

 

9.1        Amendment and Termination.  The Board reserves the right to amend or
terminate the Plan, in whole or in part, at any time.  Except as expressly provided in the Plan, no
amendment or termination of the Plan shall adversely affect the rights of any
Participant under a Retention Payment opportunity previously awarded to such Participant.

 

9.2        Headings.  The headings of the various Articles and
Sections in the Plan are solely for convenience and shall not be relied upon in
construing any provisions hereof.  Any
reference to a Section shall refer to a Section of the Plan unless
specified otherwise.

 

9.3        Evidence.  Evidence required of anyone under the Plan
shall be signed, made or presented by the proper party or parties and may be by
certificate, affidavit, document or other information which the person acting
thereon considers pertinent and reliable.

 

9.4        Gender and Number.  Words denoting the masculine gender shall
include the feminine and neuter genders, the singular shall include the plural
and the plural shall include the singular wherever required by the context.

 

9.5        Code Section 409A.  To the extent applicable, and notwithstanding
anything herein to the contrary, this Plan and the Retention Payment
opportunities hereunder shall be interpreted in accordance with Section 409A
of the Code and Department of Treasury regulations and other interpretative
guidance issued thereunder, including without limitation any such regulations
or other guidance that may be issued after the effective date of this
Plan.  Notwithstanding anything herein to the contrary, (i) if
at the time of the Participant’s termination of employment with the Company and
its Affiliates, the Participant is a “specified employee” as defined in Section 409A
of the Code and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then the Company will defer the commencement of the payment of any
such payments or benefits hereunder (without any reduction in such payments or
benefits ultimately paid or provided to the Participant) until the date that is
six months following the Participant’s termination of employment with the
Company and its Affiliates (or the earliest date as is permitted under Section 409A
of the Code) and (ii) if any other payments of money or other benefits due
to the Participant hereunder could cause the application of an accelerated or
additional tax under Section 409A of the Code, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits
compliant under Section 409A of the Code, or otherwise such payment or
other benefits shall be restructured, to the extent possible, in a manner,
determined by the Board, that does not cause such an accelerated or additional
tax.  The Company shall use commercially
reasonable efforts to implement the provisions of this Section 9.5 in good
faith; provided that neither the Company, its Affiliates, the Successor,
the Administrator or any of its or their employees, directors or
representatives shall have any liability to Participants with respect to this Section 9.5.

 

9.6        Applicable Law; Mandatory
Arbitration.  The Plan
shall be construed in accordance with the laws of the State of Minnesota,
without regard to its conflicts of laws doctrine.  The 

 

7

 

Participants
shall settle by arbitration any dispute or controversy arising in connection
with the Plan and any Retention Payment. 
Such arbitration will be conducted in St. Paul, Minnesota, applying the
laws of the State of Minnesota, without reference to principles of conflicts of
laws.  The award of an arbitrator shall
be final and non-appealable, and judgment may be entered on the award of the
arbitrator in any court having proper jurisdiction.

 

9.7        Severability.  Whenever possible, each provision of the Plan
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of the Plan is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, and the Plan shall be reformed,
construed and enforced in such jurisdiction so as to best give effect to the
intent of the Company under the Plan.

 

9.8        Effective Date.  This Plan shall be effective as of the date
of its adoption by the Board, or such later date, and subject to such
conditions and events, as may be specified by the Board of Directors of the
Company.

 

9.9        Successors.  This Plan shall constitute a binding
obligation to any successor to the Company, whether by purchase, merger,
consolidation or otherwise, in the same manner and to the same extent that the
Company would be obligated under the Plan if no such succession had taken
place.  In any agreement providing for
the sale of all or substantially all of the Company’s assets, the Company shall
cause the acquiring party to assume and agree to perform the Company’s
obligations under the Plan.  Any such
successor shall be deemed substituted for all purposes for the “Company”
under the terms of this Plan.

 

8

 

Appendix A

 

Personal & Confidential

 

April [
], 2008

 

[NAME]

[ADDRESS]

 

Dear
[FIRST NAME]:

 

As
you know, Northwest Airlines has signed a merger agreement with Delta Air
Lines.  I am pleased to inform you that
you have been selected to participate in the 2008 Northwest Airlines, Inc.
Retention Plan (the “Plan”).  The Plan
has been established to recognize employees who are in a position to make
important contributions to the successful completion of the merger, and to
provide a meaningful incentive for employees to stay committed and productive
during this time of major organizational change.

 

We
are pleased to provide you with a Retention Payment opportunity in the amount
of [XX]% of your annual base
salary (as of the date of payment).  This
retention opportunity is intended to encourage you to stay with Northwest
through the completion of the regulatory review and to assure that we continue
to run the best airline in the industry during this process.

 

If
you remain employed with Northwest or an affiliate through the closing date of
the merger, your Retention Payment will be made to you on the closing date of
the merger.  Should the merger agreement
be formally terminated, your Retention Payment will be paid to you within
10 days after the termination date of the merger agreement.  If you do not remain employed with Northwest
or one of its affiliates through the payment date, you will forfeit your right
to receive your Retention Payment. However if your employment is terminated by
Northwest or an affiliate without Cause or you terminate your employment with
Good Reason (each as defined in the Plan), prior to the payment date, you will
be entitled to an accelerated payment of your Retention Payment within 10 days
following your termination of employment.

 

The
Retention Payment is subject to the terms and conditions outlined in the Plan,
a copy of which will be provided to you.

 

It
is important that your Retention Payment information be kept confidential, as
it only pertains to you.  If you have any
questions regarding this letter or the Retention Plan, please direct those
questions to your Human Resources representative.

 

 

With
your help, we can make this merger a success. 
I look forward to working with you during this exciting time.

 

Sincerely,

 

 

Douglas
M. Steenland

Chief
Executive Officer

 

10

 

Appendix A-1

 

All salaried employees through the managing
director level are eligible to participate. 
Payouts would be made upon the earlier of merger closing or rejection of
the merger agreement.

 

	
   

  	
   

  	
  Award

  	
   

  
	
   

  	
   

  	
  As A % of

  	
   

  
	
  Grade Level

  	
   

  	
  Base Salary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  MDs

  	
   

  	
  35

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Directors

  	
   

  	
  25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  All Other

  	
   

  	
   

  	
   

  
	
  Salaried Employees

  	
   

  	
  20

  	
  %

  
	
  (Grades 3-9, 30-37, 50-55)

  	
   

  	
   

  	
   

  

 

11

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