Delta Airlines 2003 Annual Report Download - page 265

Disability and Survivorship Plan, taking into account the Restrictions, such
that the Domestic Partner would receive greater benefits than would have
otherwise been payable had the Domestic Partner been a Spouse.
Excess Premium. The difference between (a) minus (b) where (a) is the
amount charged by the Company Approved Annuity Provider for the Post Tax
Supplemental Retirement Income Annuity for Key Employee and (b) is an amount
equal to the Supplemental Retirement Income Lump Sum, a Deferred Vested
Supplemental Retirement Income Lump Sum, a PRSB Supplemental Lump Sum, or the
Deferred Vested PRSB Supplemental Lump Sum, whichever is applicable to Key
Employee multiplied by one minus the Post Retirement Tax Rate.
Monthly Supplemental Retirement Income. An amount equal to (a) minus
(b) where:
(a) equals the monthly amount of the Early, Normal or Deferred
Retirement income benefit (whichever is appropriate) payable
in the form provided under the Retirement Plan (but ignoring
any election of the Level Income Option provided under the
Retirement Plan and considering a Domestic Partner as a
Spouse) which would be payable to Key Employee beginning on
the Benefit Commencement Date if the Restrictions as reflected
in the Retirement Plan and the Code were not in effect; and
(b) equals the monthly amount of the Early, Normal or Deferred
Retirement income benefit (whichever is appropriate) payable
in the form provided under the Retirement Plan (but ignoring
any election of the Level Income Option provided under the
Retirement Plan), which Key Employee will actually receive
under the Retirement Plan beginning on the Benefit
Commencement Date.
For purposes of determining benefits under (a) and (b) above, any QDRO will be
taken into account, such that the total benefits payable under this Agreement
will not exceed those which would be payable absent the QDRO.
Post Retirement Tax Rate. If sixty per cent (60%) of Key Employee's
Final Average Earnings at retirement or other termination of employment equals
or exceeds $311,950 for 2003 (for each year thereafter, such amount indexed in
the same manner as are the federal marginal individual income tax rates), the
Post Retirement Tax Rate shall be 40.35%; otherwise the Post Retirement
Inclusive Tax Rate shall be 38.47%; provided however, if Key Employee is a
resident of a state other than Georgia at the time the Post Retirement Tax Rate
is to be determined, then such rate shall be adjusted as appropriate to reflect
the difference between the Georgia state income tax rate of 6% and the highest
marginal state and local tax rate applicable to residents of the state in which
Key Employee resides. The Committee may appropriately revise such tax rates if
the applicable federal, state, or local or Medicare tax rates change.
Pre Tax Value of Key Employee's Grantor Trust. An amount, calculated as
of the date of payment of the Supplemental Retirement Income Lump Sum, equal to
(a) divided by (b) where:
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