Delta Airlines 2013 Annual Report Download - page 114

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EXHIBIT 10.15
DELTA AIR LINES, INC.
2014 LONG-TERM INCENTIVE PROGRAM
1. Purpose. The 2014 Long-Term Incentive Program (the “ 2014 LTIP ”)
is a long term incentive program sponsored by Delta
Air Lines, Inc. (“ Delta ” or the “ Company ”)
that is intended to closely: (a) link pay and performance by providing management
employees with a compensation opportunity based on Delta achieving key business objectives and (b) align the interests of
management employees with the Company’s other employees and stakeholders.
The 2014 LTIP is being adopted under the Delta Air Lines, Inc. 2007 Performance Compensation Plan (“
2007 Performance Plan
”). It is subject to the terms of the 2007 Performance Plan and an individual’s 2014 LTIP Award Agreement (“
Award
Agreement” ).
Capitalized terms that are used but not defined in the 2014 LTIP shall have the meaning ascribed to them in the 2007 Performance
Plan. For purposes of the 2014 LTIP, the definitions of “ Good Reason ,” and “ Retirement ”
as set forth in the 2007 Performance
Plan are hereby replaced or modified under Section 6 below, and shall apply as set forth in Section 6 in lieu of the definitions of
these terms in the 2007 Performance Plan or as modified, as applicable.
2. Plan Administration . (a) The Personnel & Compensation Committee of the Board of Directors (the “ Committee ”)
shall be
responsible for the general administration and interpretation of the 2014 LTIP and for carrying out its provisions. The Committee
shall have such powers as may be necessary to discharge its duties hereunder, including, without limitation, the following powers
and duties, but subject to the terms of the 2014 LTIP:
(i)
authority to construe and interpret the terms of the 2014 LTIP, and to determine eligibility, awards and the
amount, manner and time of payment of any awards hereunder;
(ii)
authority to prescribe forms and procedures for purposes of the 2014 LTIP participation and distribution of
awards; and
(iii)
authority to adopt rules and regulations and to take such actions as it deems necessary or desirable for the
proper administration of the 2014 LTIP.
(b)
Any rule or decision by the Committee that is not inconsistent with the provisions of the 2014 LTIP shall be
conclusive and binding on all persons, and shall be given the maximum deference permitted by law.
(c)
Notwithstanding anything contained in the 2007 Performance Plan to the contrary, the Committee shall not have the
authority to increase or decrease the actual payout of any Performance Award (as defined below) granted to any Participant
pursuant to Section 4(b) hereunder.
3. Individual Award Agreements.
Any person offered an Award under the 2014 LTIP will be required to sign an individual
Award Agreement. Execution by such person of his or her Award Agreement will be a prerequisite to the effectiveness of the
Award under the 2014 LTIP and to the person’
s becoming a Participant in the 2014 LTIP. The terms and conditions of any Award
Agreement, if contrary to the terms of the 2014 LTIP, shall govern the rights of the corresponding Participant.