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| NWA > SEC Filings for NWA > Form 8-K on 16-May-2008 | All Recent SEC Filings |
16-May-2008
Change in Directors or Principal Officers
On May 13, 2008, Northwest Airlines, Inc. ("Northwest"), the principal operating
subsidiary of Northwest Airlines Corporation (the "Company"), issued a press
release announcing the departure of Neal S. Cohen as Executive Vice President -
Strategy & International and Chief Executive Officer - Regional Airlines
effective June 16, 2008. In connection with his departure, Mr. Cohen will
receive the severance payments and benefits provided for in his existing
management compensation agreement. Under the original terms of the previously
granted restricted stock units and stock options held by Mr. Cohen
(collectively, the "Stock Awards"), 50% of the unvested portion of the Stock
Awards would vest upon termination of Mr. Cohen's employment and the remaining
50% would be canceled. In connection with Mr. Cohen's resignation, however, the
Company agreed that, notwithstanding the termination of Mr. Cohen's employment,
(i) the remaining unvested portion of the Stock Awards will continue to vest
during Mr. Cohen's lifetime in equal installments on the vesting dates provided
for under the original terms of the Stock Awards, (ii) Mr. Cohen's outstanding
Stock Awards will vest automatically upon a change of control, and (iii) in the
event the Company's pending merger with Delta Air Lines, Inc. is consummated,
Mr. Cohen will have up to three years following the merger to exercise his
outstanding stock options and if the merger agreement with Delta is terminated
without the merger having occurred, he will have ninety (90) days after the
termination of the merger agreement to exercise his vested stock options and
ninety (90) days after the vesting of each remaining installment to exercise
such stock options. All of the remaining terms and conditions of the Stock
Awards will continue in effect as set forth in the award documentation
pertaining to such Awards.
A copy of the press release is attached as Exhibit 99 and is incorporated herein by reference.
Item 9.01(d). Exhibits
Exhibit 99.1 Press Release dated May 13, 2008.
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