Delta Airlines 2009 Annual Report Download - page 154

Download and view the complete annual report

Please find page 154 of the 2009 Delta Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 179

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179

coverage under the Company's executive life insurance program, will be ignored for purposes of determining whether a Participant has suffered a
reduction that constitutes Good Reason under the 2010 LTIP. Furthermore, with respect to any Participant who was employed by Northwest or any
subsidiary thereof immediately prior to the closing of the Merger, all compensation and benefit programs provided to such Participant prior to the
Merger by Northwest or any subsidiary thereof, including, without limitation, the Participant's base salary, will be ignored for purposes of
determining whether a Participant has suffered a reduction that constitutes Good Reason under the 2010 LTIP.
(c) For purposes of the 2010 LTIP, "Retirement" means a Termination of Employment (other than for Cause or death) either: (i) on or after a
Participant's 62nd birthday provided that such Participant has completed at least 5 years service with the Company (or an Affiliate) or Northwest (or
a subsidiary); or (ii) on or after a Participant's 52nd birthday provided that such Participant has completed at least 10 years service with the Company
(or an Affiliate) or Northwest (or a subsidiary).
7. Clawback. Notwithstanding anything to the contrary in the 2010 LTIP, if the Committee determines that a vice president or more senior officer level
Participant has engaged in fraud or misconduct that caused, in whole or in part, the need for a required restatement of Delta's financial statements filed with
the Securities and Exchange Commission, the Committee will review all incentive compensation awarded to or earned by the Participant, including, without
limitation, any Award under the 2010 LTIP, with respect to fiscal periods materially affected by the restatement and may recover from the Participant all such
incentive compensation to the extent that the Committee deems appropriate after taking into account the relevant facts and circumstances. Any recoupment
hereunder may be in addition to any other remedies that may be available to Delta under applicable law, including, disciplinary action up to and including
termination of employment. 11