Delta details executive stock options

Washington DC
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Delta has revealed executive stock options exerciseable next year as part of a merger award programme now that it has won Justice Department approval to merge with Northwest Airlines.

Delta CEO Richard Anderson, who will lead the combined carrier, was awarded 760,000 restricted shares worth about $8.6 million, plus options on 1.52 million shares at $7.99 a share. He would have netted a $5 million profit if he had the right to exercise the latter options immediately, but under the scheme Anderson has to wait until May 2009 to vest the options.

Delta president Ed Bastian, who is now running merger partner Northwest, gets $5.3 million worth of restricted shares plus options on which he would have made a $3.1 million profit. Bastian will also have to wait unto next year for his options to begin to vest.

Delta pilots get 5.9% and other workers get 4% of the carrier's non-restricted shares, effective immediately