Delta Airlines 2013 Annual Report Download - page 130

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Option, as applicable, shall be exercisable during the period: (I) beginning on the applicable Option Installment
Vesting Date and (II) ending on the earlier of (x) the later of (i) the third anniversary of such Termination of
Employment or (ii) the applicable Option Installment Vesting Date or (y) the Expiration Date. Upon a Participant’
s
Termination of Employment by the Company without Cause or by the Participant for Good Reason, any portion of
the Option that is not exercisable at the time of such Termination of Employment, other than the Pro Rata Option
Portion, shall be immediately forfeited.
“ Pro Rata Option Portion ” means, with respect to any Option Installment that is not exercisable at the
time of a Participant’s Termination of Employment, the number of Shares covered by such Option Installment
multiplied by a fraction (i) the numerator of which is the number of calendar months from the Grant Date to the
date of such Termination of Employment, rounded up for any partial month and (ii) the denominator of which is
twelve (12) for the First Option Installment, twenty-four (24) for the Second Option Installment, and thirty-
six (36)
for the Third Option Installment.
8
(B) Voluntary Resignation. Upon a Participant’s Termination of Employment by reason of a voluntary
resignation (other than for Good Reason or Retirement): (1) any portion of the Option that is not exercisable at the
time of such Termination of Employment shall be immediately forfeited and (2) any portion of the Option that is
exercisable at the time of such Termination of Employment shall remain exercisable until the earlier of (I) 90 days
after such Termination of Employment or (II) the Expiration Date.
(C) Retirement. Subject to Section 4(d)(v)(F) below, upon a Participant’s Termination of Employment
by reason of Retirement, the Pro Rata Option Portion of any Option Installment that is not exercisable at the time
of such Termination of Employment (1) will vest and become exercisable, if applicable, under Section 4(d)(iv) of
the LTIP in the same manner and to the same extent as if the Participant’s employment had continued and (2) the
entire then exercisable portion of the Option shall be exercisable during the period: (I) beginning on the applicable
Option Installment Vesting Date and (II) ending on the earlier of (x) the later of (i) the third anniversary of such
Termination of Employment or (ii) the applicable Option Installment Vesting Date or (y) the Expiration Date. Pro
Rata Option Portion has the meaning set forth in Section 2(a) above. Upon the Participant’s Termination of
Employment by reason of Retirement, any portion of the Option that is not exercisable at the time of such
termination, other than the Pro Rata Option Portion, shall be immediately forfeited.
(D) Death or Disability. Upon a Participant’s Termination of Employment due to death or Disability,
any Option Installment that is not exercisable at the time of such Termination of Employment shall vest and
become exercisable and the then exercisable portion of the Option shall be exercisable during the period: (1)
beginning on the date of such Termination of Employment and (2) ending on the earlier of (I) the third anniversary
of such Termination of Employment or (II) the Expiration Date.
(E) For Cause. Upon a Participant’s Termination of Employment by the
__________________________________________________________
8 If this formula results in any fractional Share, the Pro Rata Option Portion will be rounded up to the nearest whole Share.
17