Delta Airlines 2009 Annual Report Download - page 168

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(iv) 2007 Plan; Written Notice. The MIP Restricted Stock will otherwise be subject to the terms of the 2007 Plan. In the event any Executive Officer
Participant's MIP Award is converted to MIP Restricted Stock, such Participant will receive a written notice of such conversion with the details thereof as
soon as practicable after the MIP Payment Date.
8. Change in Employment Status.
(a) Termination of Employment.
(i) A Termination Event in 2010—General. Except as expressly set forth in this Section 8, in the event a Participant's employment with Delta
terminates for any reason prior to the end of the workday on December 31, 2010, such Participant will be ineligible for any award under the MIP. In other
words, if a Participant is employed according to Company records through the end of the workday on December 31, 2010, the Participant will be eligible
for any award earned under the MIP for 2010, including, if applicable, MIP Restricted Stock.
(ii) Termination on or after January 1, 2011. Subject to Section 7(b) above, a Participant who incurs a Termination of Employment for any reason
other than for Cause on or after January 1, 2011 will remain eligible for any unpaid MIP Award, which award will be paid according to the terms of
Section 7(a) above. A Participant who is terminated by the Company for Cause on or after January 1, 2011 will forfeit any unpaid MIP Award.
(iii) Pro Rata MIP Payment.
(A) Death, Disability or Retirement. This Section 8(a)(iii)(A) applies to any Participant who incurs a Termination of Employment prior to
January 1, 2011 due to the Participant's death, Disability or Retirement (as such term is defined in Section 7(b)(ii)(D)). Subject to the Participant's
execution of a waiver and release of claims in a form and manner satisfactory to the Company, such Participant, or his estate, will be eligible to
receive a MIP Award based on an adjusted annual base salary amount, but otherwise in the same manner, to the same extent and at the same time as
the Participant would have received such MIP Award if such Participant's employment had continued through December 31, 2010 (i.e., based on
achievement of applicable performance measures). The most recent LPM prior to the Termination of Employment will generally apply to the
Individual Performance measure, if any, applicable to the Participant. The Participant's Annual Base Salary will be the result of the following
formula: X × Y/12, where:
X = the Participant's annual base salary as in effect as of the date of Termination of Employment; and
Y = the number of calendar months the Participant was actively employed by Delta during 2010 in a MIP-eligible position, rounded up for any
partial month.
4 For purposes of the MIP, one calendar month is calculated from the date of measurement to the same
8