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                                                                    EXHIBIT 10.3

                              DELTA AIR LINES, INC.

                                 FIRST AMENDMENT
                                       TO
                       2000 PERFORMANCE COMPENSATION PLAN

      THIS FIRST AMENDMENT ("Amendment") to the Delta Air Lines, Inc. 2000
Performance Compensation Plan (the "Plan") amends the Plan effective as of such
time as this Amendment is approved by the shareowners of Delta. Capitalized
terms not otherwise defined herein will have the meaning ascribed to such terms
in the Plan.

      1. Section 4.2 of the Plan is amended and restated to read in its entirety
as follows:

            "4.2 Counting Rules. Shares of Delta Common Stock issued, or
      reserved for issuance, under the Plan pursuant to an Award granted on or
      after October 25, 2000, shall be subtracted from the number of shares
      available for issuance under the Plan. Shares of Delta Common Stock
      obtained from the following sources shall be added to the total number of
      shares available for issuance under the Plan:

            a.    shares tendered (actually or by attestation) in payment of the
                  Option Exercise Price upon exercise of a Stock Option or
                  otherwise to exercise an Award;

            b.    shares withheld or tendered (actually or by attestation) for
                  taxes upon exercise of a Stock Option, lapse of restrictions
                  on Restricted Stock, or otherwise in connection with an Award;

            c.    if all or part of an Award is settled in cash rather than in
                  shares of Delta Common Stock, then the number of shares that
                  had been subtracted but are not issued pursuant to such Award,
                  shall be added back; and

            d.    shares relating to an Award that is forfeited or becomes void,
                  including, without limitation, shares that were subject to a
                  Stock Option that is forfeited before it is exercised, or
                  Restricted Stock or an Other Equity-Based Award that is
                  forfeited, and shares subject to Stock Options that are
                  cancelled pursuant to the Stock Option Exchange Program (as
                  defined in Article 9 hereof).

            The preceding sentence shall also apply to shares that on or after
      October 25, 2000 are tendered, withheld, settled in cash or forfeited, or
      cancelled pursuant to the Stock Option Exchange Program (as defined in
      Article 9 hereof),
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      in respect of awards granted under the 1989 Stock Incentive Plan, which
      are outstanding on October 25, 2000."

      2. Section 6.3.2 of the Plan is amended and restated to read in its
entirety as follows:

            "6.3.2 Shareowner Approval Required For Certain Amendments.
      Shareowner approval will be required for any amendment of the Plan that
      does any of the following:

            a.    permits the grant of any Stock Option with an Option Exercise
                  Price less than Fair Market Value on the date of grant;

            b.    reduces the Option Exercise Price of an outstanding Stock
                  Option, either by lowering the Option Exercise Price or by
                  canceling an outstanding Stock Option and granting a
                  replacement Stock Option with a lower Option Exercise Price;
                  or

            c.    extends the Regular Expiration Date for exercise of any Stock
                  Option;

      provided, however, that shareowner approval shall not be required for the
      Stock Option Exchange Program (as defined in Article 9 hereof)."

      3. The Plan is amended to add the following Article 9 which reads in its
entirety as follows:

                    "ARTICLE 9. STOCK OPTION EXCHANGE PROGRAM

            9.1 In General. At such time as the Committee determines advisable,
      Delta will be permitted (but not required) to offer certain Employees, who
      are not members of the Board of Directors of Delta and who shall otherwise
      be designated by the Committee in its sole discretion ("Eligible
      Participants"), who hold Eligible Options (as defined below), a one-time
      opportunity to elect to surrender all or a portion, as specified below, of
      their Eligible Options for cancellation ("Surrendered Options") in
      exchange for the grant of replacement Non-Qualified Stock Options to be
      granted under the Plan ("Replacement Options") on a date to be determined
      by the Committee that is no less than six months and one day following the
      cancellation of such Surrendered Options (such exchange, the "Stock Option
      Exchange Program"). The Stock Option Exchange Program and the Replacement
      Options shall have the terms and conditions set forth or provided for in
      this Article 9. Except to the extent otherwise determined by the
      Committee, the Stock Option Exchange Program will be structured so that
      Delta avoids incurring financial accounting charges as a result thereof.

            To participate in the Stock Option Exchange Program and receive a
      grant of Replacement Options, an Eligible Participant who surrenders for
      cancellation any Eligible Options (i) having a date of grant in the period
      beginning January 1,

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      1995 through and including December 31, 1999, must surrender all his or
      her Eligible Options having dates of grant in that period, (ii) having a
      date of grant in the period beginning January 1, 2000 through and
      including December 31, 2001, must surrender all his or her Eligible
      Options having dates of grant in that period and (iii) having a date of
      grant in the period beginning January 1, 2002 through and including
      December 31, 2002, must surrender all his or her Eligible Options having a
      date of grant in that period.

            To participate in the Stock Option Exchange Program and receive any
      grant of Replacement Options, an Employee must be an Eligible Participant
      on each of the following dates: (i) the date the Stock Option Exchange
      Program commences, (ii) the date the period during which Surrendered
      Options may be surrendered for cancellation pursuant to the Stock Option
      Exchange Program expires and (iii) the date of grant of the Replacement
      Options.

            9.2 Eligible Options. For purposes of the Stock Option Exchange
      Program, the term "Eligible Option" shall mean an outstanding
      Non-Qualified Stock Option granted under the Plan or a non-qualified stock
      option granted under Delta's 1989 Stock Incentive Plan on or after January
      1, 1995 that has, in either case, an Option Exercise Price or an exercise
      price, as the case may be, equal to or in excess of $25.00 per share.

            9.3 Exchange Ratio. The number of Replacement Options that will be
      granted in exchange for Surrendered Options to Eligible Participants who
      are not named executive officers of Delta designated in the Summary
      Compensation Table of Delta's 2003 Proxy Statement ("NEOs") shall be
      determined in accordance with the following table, which sets forth the
      number of Surrendered Options that must be exchanged for a Replacement
      Option, based on the grant date of the Surrendered Option, subject to any
      adjustments for transactions or events as specified in Sections 4.3 or 4.4
      of the Plan:

<TABLE>
<CAPTION>
                                 GRANT DATE                  EXCHANGE RATIO
                                 ----------                  --------------
<S>                                                          <C>
                     January 1, 1995-December 31, 1999          3-for-1
                     January 1, 2000-December 31, 2001          2-for-1
                        January 1-December 31, 2002            1.5-for-1
</TABLE>

            The number of Replacement Options that will be granted in exchange
      for Surrendered Options to Eligible Participants who are NEOs shall be
      equal to 90% of the number of Replacement Options they would otherwise
      receive by application of the applicable exchange ratio set forth in the
      table above.

            Notwithstanding the foregoing, if the number of Replacement Options
      as determined in accordance with the foregoing is a fractional number,
      such fractional number will be rounded up to the nearest whole number for
      the purpose of determining the number of such Replacement Options.

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            Subject to the second paragraph of this Section 9.3, determining the
      number of Replacement Options to be granted in exchange for Surrendered
      Options, the applicable exchange ratio set forth in the table above shall
      be applied separately to Surrendered Options having the same date of grant
      and the resulting number of Replacement Options shall then be rounded in
      accordance with the foregoing.

            9.4 Terms of Replacement Options. Notwithstanding any other
      provision of the Plan, Replacement Options shall have the following terms:

                  9.4.1. Exercise Price. The price at which a share of Stock
      covered by a Replacement Option may be purchased shall be the closing
      price of the Stock on the New York Stock Exchange on the date of grant, if
      the date is a trading day, and, if not, on the previous trading day.

                  9.4.2. Option Exercise Period and Term. Except as provided in
      the following sentence with respect to surrendered Options originally
      granted in 1995 and in rules or conditions applicable to the Stock Option
      Exchange Program and Replacement Options prescribed or established by the
      Committee, Replacement Options granted to an Eligible Participant who is
      not an NEO shall become exercisable with respect to 50% of such
      Replacement Options, rounded up to the nearest number of whole shares, on
      the first anniversary of the date of grant and with respect to all
      remaining Replacement Options on the second anniversary of the date of
      grant. All Replacement Options granted to an Eligible Participant who is
      not an NEO in exchange for Surrendered Options originally granted in 1995
      shall become exercisable on the first anniversary of the date of grant.
      Replacement Options granted to NEOs shall become exercisable with respect
      to 25% of such Replacement Options on each of the first, second and third
      anniversaries of the date of grant, in each case rounded up to the nearest
      number of whole shares, and with respect to all remaining Replacement
      Options on the fourth anniversary of the date of grant. Subject to the
      terms and conditions of the Plan and rules prescribed by the Committee
      applicable to the Replacement Options, each Replacement Option, once it
      becomes exercisable, will be exercisable through and including the
      remaining term of the Surrendered Options in exchange for which it is
      granted and for an additional period of time beyond such remaining term
      equal to the period of time from the date of cancellation of such
      Surrendered Options through and including the date of grant of such
      Replacement Options. Following the period for which a Replacement Option
      is exercisable, such Replacement Option shall expire and no shares of
      Delta Common Stock may be purchased.

                  9.4.3 Other Terms and Conditions. Shares of Delta Common Stock
      acquired by NEOs upon exercise of their Replacement Options may not be
      sold for one year following such acquisition, except that this restriction
      shall not apply to such shares of Delta Common Stock sold in connection
      with the payment

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      of the Option Exercise Price or minimum required tax withholding
      obligations in accordance with the terms of the Plan or sold to pay
      related brokerage commissions. In addition, this restriction shall
      terminate and be of no further force or effect upon a Change in Control
      and, with respect to replacement options held by an NEO, upon such NEO's
      death, Retirement at age 62 or later or termination in the case of
      Disability. All of the terms and conditions of the Replacement Options not
      set forth herein will be determined by the Committee in accordance with
      the provisions hereof.

                  9.4.4. Non-Qualified Options. All Replacement Options shall be
      deemed "non-qualified" for purposes of the Internal Revenue Code of 1986,
      as amended from time to time, and any successor thereto.

            9.5 Administration. In addition to the authority of the Committee
      set forth in Section 3.2 of the Plan, which authority the Committee shall
      have with respect to the Stock Option Exchange Program and the Replacement
      Options, the Committee shall have full discretionary authority to
      establish rules, terms and conditions for the commencement, continuation
      and/or consummation of the Stock Option Exchange Program, to determine the
      extent to which the Stock Option Exchange Program will result in Delta
      incurring financial accounting charges and to adopt such further rules,
      terms and conditions relating to the Stock Option Exchange Program and the
      Replacement Options that are consistent with the provisions set forth in
      this Article 9, including, without limitation, provisions specifying
      and/or limiting the Eligible Participants. The Committee will have total
      and exclusive responsibility to control, operate, manage and administer
      the Stock Option Exchange Program in accordance with its terms and
      conditions and all the authority that may be necessary or helpful to
      enable it to discharge its responsibilities with respect to the Stock
      Option Exchange Program. Without limiting the generality of the preceding
      sentences, the Committee will have the exclusive right to interpret the
      Stock Option Exchange Program, decide all questions concerning eligibility
      for and the terms of the exchange pursuant to the Stock Option Exchange
      Program, construe any ambiguous provision of the Stock Option Exchange
      Program, correct any default, supply any omission, reconcile any
      inconsistency, and decide all questions arising in the administration,
      interpretation and application of the Stock Option Exchange Program. The
      Committee will have full discretionary authority in all matters related to
      the discharge of its responsibilities and the exercise of its authority
      under the Program, including, without limitation, its construction of the
      terms of the Stock Option Exchange Program. It is the intent of the Stock
      Option Exchange Program that the decisions of the Committee and its
      actions with respect to the Stock Option Exchange Program will be final
      and binding upon all persons having or claiming to have any right or
      interest in or under the Stock Option Exchange Program.

            Without limiting the generality of the foregoing, the Committee
      shall have the right in its sole discretion to provide for such
      modifications and additional

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      terms and conditions ("special terms") to the Stock Option Exchange
      Program as the Committee may consider necessary or appropriate to
      accommodate differences in local law, policy or custom, or to facilitate
      administration of the Stock Option Exchange Program. The Committee may
      adopt or approve sub-plans, appendices or supplements to, or amendments,
      restatements, or alternative versions of, the Stock Option Exchange
      Program as it may consider necessary or appropriate for purposes of
      implementing any special terms, without thereby affecting the terms of the
      Stock Option Exchange Program."

      4. This Amendment does not supersede the terms and conditions of the Plan,
except to the extent expressly described herein, and the Plan, as amended
hereby, shall remain in full force and effect as so amended. Unless the context
otherwise requires, all references in the Plan and this Amendment to the "Plan"
shall be deemed to be references to the Plan as amended herein.

                                       6<PAGE>
                                                                    EXHIBIT 10.4

       SUMMARY OF ASSIGNMENT AGREEMENT, DATED AS OF JULY 1, 2003, BETWEEN
              DELTA AIR LINES, INC. AND CERTAIN EXECUTIVE OFFICERS

In 2002, we restructured our officer life insurance program by replacing the
existing group policy with individual policies under a split dollar program that
were owned by the covered executives. This change enabled us to reduce the total
cost of the officer life insurance program. As with the previous program, we
paid all premiums for the insurance policies, which were treated as interest
free loans to the executives. Each executive then assigned a portion of the
value of his or her policy to Delta to cover repayment of the loans made to pay
premiums. Delta filed the documents pertaining to this matter, including a form
Loan Agreement and Collateral Assignment Agreement, with the SEC in its Form
10-Q for the quarter ended September 30, 2002.

Because the Sarbanes-Oxley Act, which was enacted following the initial
restructuring of the program, prohibits such loans to executive officers, it is
necessary for us to restructure this program to eliminate the loans for payment
of policy premiums and to provide for repayment of the existing loans. To effect
this restructuring, each executive officer transferred his or her policy to us
by means of the Assignment Agreement, a form of which is this Exhibit 10.4. This
transfer from the executive to us of the cash value of the policy repaid the
loan that paid the initial premium on the policy. We now own the policies and
all cash value in the policies belongs to us, rather than to the officer, and
consistent with the intent of the program, the officer retains the right to name
the beneficiary of the policy.
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                              ASSIGNMENT AGREEMENT

      ASSIGNMENT AGREEMENT dated as of July 1, 2003 by and between Delta Air
Lines, Inc. (the "COMPANY") and ("EXECUTIVE").

      WHEREAS, Executive's life is insured under, and Executive is the owner of,
life insurance policy number (the "POLICY") issued by Lincoln National Life
Insurance Company (the "INSURER");

      WHEREAS, pursuant to the terms of the Executive Life Insurance Plan Loan
Agreement between the Company and Executive dated July 1, 2002 (the "LOAN
AGREEMENT"), the Company agreed to loan Executive sufficient amounts to pay the
premiums on the Policy;

      WHEREAS, pursuant to the Collateral Assignment Agreement dated July 1,
2002 executed by Executive (the "COLLATERAL ASSIGNMENT AGREEMENT"), Executive
assigned an interest in the Policy to the Company as collateral security for the
premium payments on the Policy;

      WHEREAS, Executive now wishes to assign to the Company all of Executive's
rights, title and interest in the Policy as repayment for the amounts borrowed
by Executive under the Loan Agreement;

      WHEREAS, the Company wishes to accept Executive's assignment of the Policy
in full satisfaction of the amounts loaned to Executive pursuant to the Loan
Agreement;

      NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements contained herein, the parties hereto agree as follows:

      Section 1. Assignment. Executive hereby assigns all of his rights, title
and interest in the Policy to the Company and the Company hereby accepts such
assignment. Upon the execution and delivery of this Assignment Agreement (and
any other written instrument as may be reasonably requested by the Insurer in
order to give effect to this assignment) by the Company and Executive, the
Company shall, as of the date hereof, acquire the Policy and succeed to the
rights, title and interest of Executive thereunder.

      Section 2. Repayment. The Company hereby accepts the assignment
contemplated by Section 1 hereof in full satisfaction of Executive's obligations
under the Loan Agreement and the Collateral Assignment Agreement and such
agreements are hereby canceled.

      Section 3. Governing Law. Except to the extent preempted by federal law,
this Assignment Agreement shall be governed by and construed in accordance with
the laws of the State of Georgia.
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      Section 4. Successors. This Assignment Agreement shall be binding upon
Executive's personal and legal representatives, executors, administrators,
successors, heirs, distributees, devisees, legatees and assigns.

      Section 5. Counterparts. This Assignment Agreement may be signed in
counterpart, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

      IN WITNESS WHEREOF, the Company and Executive have executed this
Assignment Agreement.

<TABLE>
<CAPTION>
EXECUTIVE                           Delta Air Lines, Inc.
<S>                                 <C>     <C>
By: /s/                             By:     /s/ Leo F. Mullin
Name:                               Name:   Leo F. Mullin
Title:                              Title:  Chairman and
                                            Chief Executive Officer
</TABLE>

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