EQUITY DISTRIBUTION CHART

AFTER OUR MERGER IS GIVEN THE GREEN LIGHT BY JUSTICE AND WE HAVE BEEN DECLARED A ‘SINGLE CARRIER ENTITY’, DELTA HAS PROMISED TO DISTRIBUTE EQUITY SHARES IN THE WAY OF STOCK TO ALL EMPLOYEES. PLEASE REFER BELOW TO THE PROPOSED BREAKDOWN BY GROUP AND STANDING.

15% or 15 shares of the projected value of our combined airlines will be distributed to all employees. We won’t know what the actual value of the company will be because it will be based on the market value of the stock at that time so it is simpler to think in terms of shares instead of percentages. Remember how we got fooled into thinking we would get equal amounts of money as our pilots and managers received at profit sharing time? The 700 managers will receive 3.5 shares, the 11,000 pilots of our newly combined airline will get 5.88 shares and the rest of us; or 60,000 non-represented employees will divide up 4 shares. 1.62 shares will be held out for future employees; probably given to managers not yet named.

If the equity of the new Delta is 10 billion dollars then 15% or 15 shares worth 1.5 billion dollars will be divided up among the 70,000 employees of the new Delta according to the above stated percentages.

MANAGERS: The 700 managers will receive $350 million up front with $162 million held in reserve for future allocations, probably for them only. The top 7 executives will gobble up a large percentage of this allocation and receive millions upon millions of dollars. Why? Because they have contracts; the same kinds of contracts that they are trying to talk all of us out of having by believing their rhetoric about ‘direct relationships’ with management being more important than union representation.

PILOTS: The pilots of the new Delta will receive almost $600 million dollars if our equity is $10 billion at merger or ‘single carrier entity’ time. 11,000 pilots dividing up that amount; you can do the math on their excellent, upcoming payday. Why are they making out so well? They have a contract, negotiated by their union that provides them a blanket of security, pay and benefits that enhance life; the same kind of contract that the Delta Board Council and Delta management are telling all of us we don’t need.

UNREPRESENTED EMPLOYEES: The rest of us or the roughly 60,000 employees that Delta didn’t bother talking to during this merger process will receive only about $400 million dollars. Our payday will be based on a percentage of what we make and will most probably resemble, very closely what we got in the way of stock shares after leaving bankruptcy. We have described these modest payouts before; the equity distribution is nothing more than ‘go away and shut-up’ money. It is a pittance compared to the managers and pilots who have contracts.

RESULTS AND BENEFITS FROM ALLOCATIONS:

TOP 7 EXECUTIVES: Will be able to get that mansion in the Hamptons their spouses have always wanted.

PILOTS: They will have enough to buy a new car or pay their kid’s college tuitions; maybe a down payment on that summer home at the lake.

THE REST OF US? Hold the pickle; hold the lettuce. Two all beef patties on a sesame seed bun...for the whole family!

Really, isn’t it time to realize how badly we have been played by this whole process? Does any of this look fair to any of you? How long will we allow ourselves to be bought off by promises that never seem to materialize? Our future is not going to turn out well by our weak-kneed approach and those who rely on hope rather than action. These people in charge are living large off of our sweat; not their brilliance. Let’s stand up today before it’s too late.