Delta Airlines 2013 Annual Report Download - page 132

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7. Clawback.
Notwithstanding anything to the contrary in the 2014 LTIP and subject to further amendment of this Section 7 to
the extent required to be in compliance with any applicable law or regulations or Delta’
s internal clawback policy, as it may be
amended from time to time, 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 2014 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.
8. Section 409A of the Code.
To the extent required to be in compliance with Section 409A of the Code, and the regulations
promulgated thereunder (together, “ Section 409A ”),
notwithstanding any other provision of this Plan, (a) any payment or benefit
to which a Participant is eligible under the 2014 LTIP, including a Participant who is a “specified employee”
as defined in Section
409A, shall be adjusted or delayed and (b) any term of the 2014 LTIP may be adjusted, in such manner as to comply with Section
409A and maintain the intent of the 2014 LTIP to the maximum extent possible. More specifically, to the extent any payment
provided to a Participant under the 2014 LTIP constitutes non excepted deferred compensation under Section 409A and the
Participant is at the time of his termination of employment considered to be a “specified employee” pursuant to the Company’
s
policy for determining such employees, the payment of any such non excepted amount and the provision of such non excepted
benefits will be delayed for six months following the Participant’
s separation from service. Notwithstanding the foregoing, Delta
shall not have any liability to any Participant or any other person if any payment is determined to constitute “
nonqualified deferred
compensation”
within the meaning of Section 409A and does not satisfy the additional conditions applicable to nonqualified
deferred compensation under Section 409A.
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