Delta Airlines 2015 Annual Report Download - page 162
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Please find page 162 of the 2015 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.(C)Retirement.SubjecttoSection4(a)(v)(F)below,uponaParticipant’sTerminationofEmploymentbyreasonof
Retirement, with respect to any portion of the Restricted Stock subject to the Restrictions, subject to the Participant’s
execution of a waiver and release of claims in a form and manner satisfactory to the Company, the Restrictions shall
immediatelylapseontheProRataRSPortionasofthedateofsuchTerminationofEmployment.ProRataRSPortionhasthe
meaningsetforth in Section4(a)(v)(A)above.Upon aParticipant’s TerminationofEmploymentby reasonof Retirement,
any Restricted Stock that remains subject to the Restrictions, other than the Pro Rata RS Portion, shall be immediately
forfeited.
(D)Death or Disability. Upon a Participant’s Termination of Employment due to death or Disability, the
RestrictionsshallimmediatelylapseandbeofnofurtherforceoreffectasofthedateofsuchTerminationofEmployment.
(E)ForCause.UponaParticipant’sTerminationofEmploymentbytheCompanyforCause,anyportionof
theRestrictedStocksubjecttotheRestrictionsshallbeimmediatelyforfeited.
(F)Retirement-EligibleParticipantsWhoIncuraTerminationofEmploymentforOtherReasons.IfaParticipant
who is eligible for Retirement is, or would be, terminated by the Company without Cause, such Participant shall be
consideredtohavebeenterminatedbytheCompanywithoutCauseforpurposesofthe2016LTIPratherthanhavingretired,
butonlyiftheParticipantacknowledgesthat,absentRetirement,theParticipantwouldhavebeenterminatedbytheCompany
withoutCause.If,however,theemploymentofaParticipantwhoiseligibleforRetirementisterminatedbytheCompanyfor
Cause,thenregardlessofwhethertheParticipantisconsideredasaretireeforpurposesofanyotherprogram,planorpolicy
oftheCompany,forpurposesofthe2016LTIP,theParticipant’semploymentshallbeconsideredtohavebeenterminatedby
theCompanyforCause.
(vi)ChangeinControl.NotwithstandingtheforgoingandsubjecttoSection5below,uponaParticipant’sTerminationof
EmploymentbytheCompanywithoutCauseorbytheParticipantforGoodReason(includingtheTerminationofEmploymentofthe
ParticipantifheorsheisemployedbyanAffiliateatthetimetheCompanysellsorotherwisedivestsitselfofsuchAffiliate)onor
afteraChangeinControlbutpriortothesecondanniversaryofsuchChangeinControl,subjecttotheParticipant’sexecutionofa
waiverandreleaseofclaimsinaformandmannersatisfactorytotheCompany,anyRestrictionsineffectshallimmediatelylapseon
thedateofsuchTerminationofEmploymentandbeofnofurtherforceoreffectasofsuchdate.
(vii)Dividends.IntheeventacashdividendshallbepaidwithrespecttoSharesatatimetheRestrictionsontheRestricted
Stockhavenotlapsed,theParticipant shallbe eligible toreceive the dividendupon the lapseof the Restrictions.The Restrictions
shallapplytoanysuchdividend.
(b)PerformanceAwards.
(i)AwardGrant.AParticipantmayreceiveaPerformanceAwardforaspecifiedtargetcashamountassetforthinthe
Participant’sAwardAgreement(a“PerformanceAward”).
(ii)GrantDate.TheGrantDateofthePerformanceAwardwillbedeterminedbytheCommitteeandsetforthinthe
Participant’sAwardAgreement.
(iii)PayoutCriteriaandFormofPayment.ExceptasotherwiseexpresslysetforthinthisSection4(b),payment,ifany,of
a Performance Award will be based on the following factors as described and defined below: (A) the Average Annual Operating
IncomeMarginduringthePerformancePeriodoftheCompanyrelativetotheCompositePerformanceofthemembersoftheIndustry
CompositeGroup;(B)CustomerServicePerformanceduringthePerformancePeriodoftheCompany;and(C)ReturnonInvested
CapitalduringthePerformancePeriodoftheCompany.
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