Not so much individual contracts until you get to the VP's...
The officers and managing directors took greater than term sheet hits with the loss of variable comp for the past two years and the loss of their stock option values. That's 40-70% of their salary at the highest levels. I'm not losing sleep over what they lost, but it's still a pretty large pay cut.
The other factor is that the axe has been swinging regularly within management. They don't need court approval to start cutting heads, nor are there any workrules to deal with.
Today, AMR Eagle cut some 40 managers and analysts at HDQ, and about 100 management/supervisory heads in the field. Changes (i.e. layoffs) at the MD level 7/8 are supposed to hit in the next two weeks on the AA side.