Delta Airlines 2015 Annual Report Download - page 171

(vii)DividendEquivalents.IntheeventacashdividendshallbepaidwithrespecttoSharesatatimetheRSUshavenot
vested,the Participant shallbeeligible toreceive,upon the vestingof the RSUs,acash paymentequalto the amountofthe cash
dividendperSharemultipliedbythenumberofRSUsheldbytheParticipant.ThevestingprovisionsunderSection4(c)(iv)above
shallapplytoanysuchdividendequivalent.
(d)StockOption
(i)AwardGrant.AParticipantmayreceiveaNon-QualifiedStockOptioncoveringthenumberofSharesasspecifiedin
theParticipant’sAwardAgreement(the“Option”).
(ii)GrantDate.TheGrantDateoftheOptionwillbedeterminedbytheCommitteeinaccordancewiththeCompany’s
EquityAwardGrantPolicy,asineffectfromtimetotime,andsetforthinaParticipant’sAwardAgreement.
(iii)ExercisePrice.TheexercisepriceoftheOptionistheclosingpriceofaShareontheNewYorkStockExchangeon
theGrantDate.
(iv)ExercisePeriod/PerformanceMeasures.Subjecttothetermsofthe2007PerformancePlanandthe2016LTIP,an
Optionshall:
(A)vestandbecomeexercisableupontheachievementofeitherofthefollowingtwoperformancemeasuresinthe
proportionandonthedates(eachan“OptionInstallmentVestingDate”)setforthbelow:
(1) IfthereisapayoutundertheCompany’sbroad-basedemployeeprofitsharingprogramforgroundandflight
attendant employees (the “ Profit Sharing Program ”) for 2016, the Option shall vest and become
exercisablewithrespecttoone-thirdoftheSharesoneachofthefollowingdates:(I)February1,2017(the“
FirstOptionInstallment”),(II)February1,2018(the“SecondOptionInstallment”)and(III)February1,
2019(the“ThirdOptionInstallment”);or
(2) IfthereisnopayoutundertheProfitSharingProgramfor2016,butthereisapayoutundertheProfitSharing
Program for 2017, the Option shall vest and become exercisable with respect to (I) the First and Second
OptionInstallmentsonFebruary1,2018and(II)theThirdOptionInstallmentonFebruary1,2019;and
(B)beexercisablethroughandincludingthedayimmediatelyprecedingthetenthanniversaryoftheGrantDate
(the“ExpirationDate”).
IntheeventthereisnoProfitSharingProgrampayoutforeither2016or2017,theOptionshallbeimmediatelyforfeited(regardless
ofwhetherthereisaProfitSharingProgrampayoutfor2018).
(v)ChangeinExercisabilityandExercisePerioduponTerminationofEmployment.TheexercisabilityoftheOptionand
theexerciseperiodsetforthinSection4(d)(iv)aresubjecttothefollowingtermsandconditions:
(A)WithoutCauseorForGoodReason.UponaParticipant’sTerminationofEmploymentbytheCompany
withoutCauseorbytheParticipantforGoodReason(includingtheTerminationofEmploymentoftheParticipantifheor
sheisemployedbyanAffiliateatthetimetheCompanysellsorotherwisedivestsitselfofsuchAffiliate),subjecttothe
Participant’sexecutionofawaiverandreleaseofclaimsinaformandmannersatisfactorytotheCompany,theProRata
OptionPortionofanyOptionInstallmentthatisnotexercisableatthetimeofsuch
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