Delta Airlines 2008 Annual Report Download - page 158
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between Delta and any other airline, including a member of the Airline Peer Group, or between any member of the Airline Peer Group and any
other airline, including another member of the Airline Peer Group (an "Airline Merger"), Cumulative Revenue Growth for the surviving
company will be calculated on a combined basis as if the Airline Merger had occurred on January 1, 2008 and Average Annual Pre-Tax Income
Margin for such company will be calculated on a combined basis as if the Airline Merger had occurred on January 1, 2009.
(E) Vesting/Ranking. The payment, if any, a Participant will receive in connection with the vesting of the Performance Award will be based
on the following:
Rank
vs.
Airline
Peer
Group
Cumulative
Revenue
Growth +
Rank
vs.
Airline
Peer
Group
Average Annual
Pre-Tax Income
Margin
% of Target
Earned x Weight
% of Target
Earned x Weight
1 200% x 50% 1 200% x 50%
2 150% x 50% 2 150% x 50%
3 100% x 50% 3 100% x 50%
4 75% x 50% 4 75% x 50%
5 25% x 50% 5 25% x 50%
6 0% 6 0%
Any portion of a Performance Award that does not vest at the end of the Performance Period will immediately lapse and become void.
Examples:
1. Assume a Participant who is a not an Executive Officer Participant receives a Performance Award of $25,000 at the target level and that, as of the end
of the Performance Period, Delta ranks number four (4) in Cumulative Revenue Growth (resulting in a payout at 75% of the weighted target under that
measure) and number three (3) in Average Annual Pre-Tax Income Margin (resulting in a payout at 100% of the weighted target under that measure).
This Participant will be eligible to receive a payout of $21,875, which is the result of the following formula: (($25,000 × 75%) × 50%) + (($25,000 ×
100%) × 50%).
2. Using the same Participant in Example 1 above, assume that, as of the end of the Performance Period, Delta ranks number two (2) in Cumulative
Revenue Growth (resulting in a payout at 150% of the weighted target under that measure) and number one (1) in Average Annual Pre-Tax Income
Margin (resulting in a payout at 200% of the weighted target under that measure). This Participant will be eligible to receive a payout of $43,750, which
is the result of the following formula: (($25,000 × 150%) × 50%) + (($25,000 × 200%) × 50%).
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