But Employees To Get A Piece Of The Pie, Too

It will probably surprise few to learn Delta Air Lines CEO Richard Anderson and other executives stand to make out like bandits following the carrier's successful buyout of Northwest Airlines last month... but you may be surprised to learn how large of a stake employees will have in the combined carrier.

According to The Associated Press, Delta and Northwest workers will receive about 15 percent of all shares in the new Delta, with 10 percent of Delta shares going to rank-and-file employees. As part of their mutual contract agreement, pilots at Delta and Northwest will receive 5.9 percent of all shares in Delta.

Those are some relatively large numbers... but they pale in comparison to the 760,000 restricted shares Anderson (right) will receive through the buyout, worth nearly $8.6 million based on Monday's closing stock price. Oh, and Anderson also received options on 1.52 million shares, at a purchase price of $7.99 -- worth another $5 million based on Monday's closing price of $11.28.

Terms of the deal require Anderson to stay at the helm of Delta through November 2011 to receive all the options. Similar conditions are in place for Delta President Ed Bastian, who will receive restricted shares worth $5.3 million -- with options worth another $3.1 million -- if he stays over the next three years.

As for outgoing Northwest CEO Doug Steenland, he received 375,000 "restricted retention units" at a promised $4.2 million when the two carriers announced the merger April 14. However, as Northwest shares closed down last Wednesday -- the last day shares in NWA were publicly traded -- Delta paid out an additional $450,000 to Steenland to make up the difference.

Delta spokeswoman Betsy Talton said workers will be able to cash in their shares upon receipt Tuesday. For a Delta worker making $40,000 annually, they would receive just over $6,000 in shares before taxes.

"Delta stands behind its promise that its people will directly participate in and benefit from the growth and future success of the combined company," she said. "Consistent with our compensation philosophy, stock grants to top management will be at risk and their value tied to the company's performance over time."

FMI: www.delta.com