Goodness knows I have not always been a fan of Gerald Grinstein at Delta Air Lines. I’ve questioned a number of his decisions over the last couple of years, and I have wondered why he didn’t do more at the airline when he was on the board of directors to change the direction in which the airline was headed.

But it’s hard to find fault with the airline’s proposed management compensation plan that was filed in bankruptcy court today.

Unlike the top-exec bloated compensation plan that management at United Airlines put forth, and largely saw remain intact after the airline came out of bankruptcy protection, Delta Air Lines is not going down that path.

Unlike United’s Glenn Tilton, who could walk away with as much as $60 million from the United bankruptcy, Delta’s Grinstein apparently will walk away with no additional stock options whatsoever.

In addition, the airline will pay all of its non-union employees about $480 million in stock and cash when it emerges from Chapter 11, plus a July 1 pay raise and future profit sharing awards. Pilots have a separate deal with similar elements.

Delta says the immediate stock and cash payout will be worth close to $13,000 for a typical worker if they sell the stock immediately.

More in this week’s PBB after we’ve read the rundown of the executive payouts. But again, kudos to Gerald Grinstein.

Tickers: (OTC: DALRQ), (UAUA:Nasdaq)