DELTA AIR LINES, INC. — Director's Dealing 2009

Jan 31, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2009-01-30

Reporting Person: HIRST RICHARD B (SVP & GC)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-01-08	common stock	J	61	—	Acquired	322280	Direct
2009-01-30	common stock	A	21740	—	Acquired	344020	Direct

Footnotes

F1: These shares of Delta common stock were distributed by Delta in accordance with the First Amended Joint and Consolidated Plan of Reorganization under Chapter 11 of the Bankruptcy Code (the "Plan of Reorganization") for Northwest Airlines Corporation ("Northwest") and certain of its affiliated entities (collectively, the "Debtors") with respect to a pre-petition unsecured claim held by Mr. Hirst. Northwest became a subsidiary of Delta on October 29, 2008. Pursuant to the Plan of Reorganization, Mr. Hirst has in the past received shares of Northwest common stock that were converted into Delta common stock upon consummation of the merger. Mr. Hirst may in the future receive additional shares of Delta common stock with respect to this claim as all unsecured claims held by creditors of the Debtors continue to be reconciled.

F2: The Personnel & Compensation Committee of Delta's Board of Directors granted Mr. Hirst 21,740 shares of restricted common stock under Delta's 2009 long-term incentive program. Subject to the terms of the award, including Mr. Hirst's continued employment with Delta, the restrictions on the shares will lapse with respect to 50 percent of the shares on each of February 1, 2010 and 2011. Until the restrictions lapse, Mr. Hirst may not sell or transfer the shares, which will be subject to forfeiture in certain circumstances.