Delta executives do not have employment contracts. An executive contract guarantees employment for a specific length of time and none of our leaders have contracts that guarantee employment for any length of time. Terms and conditions of executive contacts are spelled out in annual Proxy Statements that corporations are required to file each year with the U.S. Securities and Exchange Commission and make available to all shareholders.
As clearly stated on pages 8, 30 (image included below), and 39 of Delta’s 2019 Proxy Statement filed on Apr. 26, 2019, Delta executives do not have employment agreements or employment contracts. Our executives, like all Delta employees, receive letters of employment which outline the terms and conditions of their employment when they are hired.
In contrast, United Airlines CEO Oscar Munoz does have a five-year employment contract (effective date Sep. 8, 2015). The Munoz contract is highlighted in United’s 2019 Proxy Statement as a five-year employment agreement from the effective date of Sep. 8, 2015. More specific contract terms are referenced within the Proxy on pages 39, 42, 51, 54, 61, 63, 65, 70, 72, 75, 76. United’s Proxy Statement was filed on Apr. 11, 2019.