Delta Airlines 2015 Annual Report Download - page 168
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Please find page 168 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.Thereafter,theParticipantwillbeeligibletoreceiveapayment,ifany,incashbasedontheAdjustedPerformanceAward
whichwillvestandbecomepayableunderSection4(b)(v)inthesamemannerandtothesameextentasiftheParticipant’s
employmenthadcontinued.
(B)VoluntaryResignation.UponaParticipant’sTerminationofEmploymentbyreasonofavoluntaryresignation
(other than for Good Reason or Retirement) prior to the end of the workday on December 31, 2018, the Participant will
immediatelyforfeitanyunpaidportionofthePerformanceAwardasofthedateofsuchTerminationofEmployment.Inthe
eventaParticipantincursaTerminationofEmploymentbyreasonofavoluntaryresignation(otherthanforGoodReasonor
Retirement)onorafterJanuary1,2019,subjecttotheParticipant’sexecutionofawaiverandreleaseofclaimsinaformand
mannersatisfactorytotheCompany,the Participantwill remain eligiblefor any unpaidPerformance Award, whichaward
will vest and become payable under Section 4(b)(v) in the same manner and to the same extent as if the Participant’s
employmenthadcontinued.
(C)Retirement.Subject toSection 4(b)(vii)(F)below, upona Participant’sTermination ofEmployment due to
Retirement,subjecttotheParticipant’sexecutionofawaiverandreleaseofclaimsinaformandmannersatisfactorytothe
Company,theParticipant’stargetPerformanceAwardwillberecalculatedinaccordancewiththeformulasetforthinSection
4(b)(vii)(A)above. Thereafter,the Participantwillbe eligibleto receivea payment,ifany, incash basedon the Adjusted
PerformanceAwardwhichwillvestandbecomepayableunderSection4(b)(v)inthesamemannerandtothesameextentas
iftheParticipant’semploymenthadcontinued.
(D)Death or Disability. Upon a Participant’s Termination of Employment due to death or Disability, the
Participant’sPerformanceAwardwillimmediatelybecomevestedatthetargetlevelandsuchamountwillbepaidincashas
soonaspracticablethereaftertotheParticipantortheParticipant’sestate,asapplicable.
(E)ForCause.Upon a Participant’s Termination of Employment by the Company for Cause, the Participant will
immediatelyforfeitanyunpaidportionofthePerformanceAwardasofthedateofsuchTerminationofEmployment.
(F)Retirement-EligibleParticipantsWhoIncuraTerminationofEmploymentforOtherReasons.IfaParticipantwhois
eligiblefor Retirement is,orwouldbe,terminatedbytheCompanywithoutCause,suchParticipantshallbeconsideredto
havebeenterminatedbytheCompanywithoutCauseforpurposesofthe2016LTIPratherthanhavingretired,butonlyifthe
Participant acknowledges that, absent Retirement, the Participant would have been terminated by the Company without
Cause.If,however,theemploymentofaParticipantwhoiseligibleforRetirementisterminatedbytheCompanyforCause,
thenregardlessofwhethertheParticipantisconsideredasaretireeforpurposesofanyotherprogram,planorpolicyofthe
Company,forpurposesofthe2016LTIP,theParticipant’semploymentshallbeconsideredtohavebeenterminatedbythe
CompanyforCause.
(viii)ChangeinControl.NotwithstandingtheforgoingandsubjecttoSection5below,uponaParticipant’sTermination
ofEmploymentbytheCompanywithoutCauseorbytheParticipantforGoodReason(includingtheTerminationofEmploymentof
theParticipantifheorsheisemployedbyanAffiliateatthetimetheCompanysellsorotherwisedivestsitselfofsuchAffiliate)on
orafteraChangeinControlbutpriortothesecondanniversaryofsuchChangeinControl,subjecttotheParticipant’sexecutionofa
waiverand release ofclaimsinaformandmannersatisfactorytotheCompany,theParticipant’soutstandingPerformanceAward
shallimmediatelybecomevestedatthetargetlevelandsuchamountwillbepaidincashtotheParticipantassoonaspracticable.
WithrespecttoanyParticipantwhoincursaTerminationofEmploymentbytheCompanywithoutCauseorwhoresignsforGood
Reason prior to a Change in Control, if a Change in Control occurs thereafter during the Performance Period, such Participant’s
AdjustedPerformanceAward,willimmediatelybecomevestedandbepaidincashtotheParticipantassoonaspracticable.
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