Delta awarding CEO $13.6M for closing NWA deal

Delta and Northwest planes. (Jim Mone/AP)

Delta Air Lines CEO Richard Anderson will get stock awards worth almost $13.6 million beginning next year for closing the carrier's buyout of Northwest Airlines.

Employees of Delta Air Lines, including their new coworkers from Northwest, are also getting stock.

Atlanta-based Delta had said previously it would hand out about 15 percent of its shares to various employees, including almost 10 percent to the rank-and-file. Another 3.5 percent is going to about 700 officers, directors, and managers.

Anderson will get 760,000 restricted shares, worth almost $8.6 million based on Delta's share price at midday Monday. He also gets options on 1.52 million shares at an exercise price of $7.99 per share, which was Delta's closing share price on Wednesday, just before the Northwest deal closed.

With Delta shares trading at $11.28 at midday Monday, those options could give him a profit of $5 million if they could be exercised right away. However, Anderson has to stay with Delta to get the shares and options, with the first 20 percent vesting on May 1, 2009, and the last 40 percent vesting on Nov. 1, 2011.

Click here for more GPB coverage of the merger.

(AP)