ATLANTA Northwest Airlines Corp. pilots stand to get a nearly 2.4 percent equity stake in Delta Air Lines Inc. after the combination of the two companies is completed, according to a summary of a joint contract agreement reached between pilot negotiators from both carriers.
The agreement, together with a previous one reached between Delta pilots and management, also calls for compounded raises for pilots of over 18 percent over four years, the summary provided to Delta pilots on Monday says.
Rank-and-file Delta and Northwest pilots must approve the joint collective bargaining agreement for it to become final.
Separately, Delta and Northwest pilots have agreed to submit to binding arbitration to help them craft an integrated seniority list if the two sides cannot reach a seniority deal on their own within a certain timeframe. Pilots value their seniority because it determines their schedule, the aircraft they fly, and layoff protection.
Atlanta-based Delta is hoping to complete its stock-swap deal to acquire Northwest, based in Eagan, Minn., by the end of the year.