Delta Airlines 2015 Annual Report Download - page 172
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Please find page 172 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.TerminationofEmployment(1)willvestandbecomeexercisable,ifapplicable,underSection4(d)(iv)aboveinthesame
mannerandtothesameextentasiftheParticipant’semploymenthadcontinuedand(2)theentirethenexercisableportionof
theOption,asapplicable,shallbeexercisableduringtheperiod:(I)beginningontheapplicableOptionInstallmentVesting
Dateand(II)endingontheearlierof(x)thelaterofthethirdanniversaryof(i)suchTerminationofEmploymentor(ii)the
applicableOptionInstallmentVestingDateor(y)theExpirationDate.UponaParticipant’sTerminationofEmploymentby
theCompanywithoutCauseorbytheParticipantforGoodReason,anyportionoftheOptionthatisnotexercisableatthe
timeofsuchTerminationofEmployment,otherthantheProRataOptionPortion,shallbeimmediatelyforfeited.
“ProRataOptionPortion”means,withrespecttoanyOptionInstallmentthatisnotexercisableatthetimeofa
Participant’sTerminationofEmployment,thenumberofSharescoveredbysuchOptionInstallmentmultipliedbyafraction
(i)thenumeratorofwhichisthenumberofcalendarmonthsfromtheGrantDatetothedateofsuchTerminationof
Employment,roundedupforanypartialmonthand(ii)thedenominatorofwhichistwelve(12)fortheFirstOption
Installment,twenty–four(24)fortheSecondOptionInstallment,andthirty-six(36)fortheThirdOptionInstallment.7
(B)VoluntaryResignation.UponaParticipant’sTerminationofEmploymentbyreasonofavoluntaryresignation
(otherthanforGoodReasonorRetirement):(1)anyportionoftheOptionthatisnotexercisableatthetimeofsuch
TerminationofEmploymentshallbeimmediatelyforfeitedand(2)anyportionoftheOptionthatisexercisableatthetimeof
suchTerminationofEmploymentshallremainexercisableuntiltheearlierof(I)90daysaftersuchTerminationof
Employmentor(II)theExpirationDate.
(C)Retirement.SubjecttoSection4(d)(v)(F)below,uponaParticipant’sTerminationofEmploymentbyreasonof
Retirement,subjecttotheParticipant’sexecutionofawaiverandreleaseofclaimsinaformandmannersatisfactorytothe
Company,theProRataOptionPortionofanyOptionInstallmentthatisnotexercisableatthetimeofsuchTerminationof
Employment(1)willvestandbecomeexercisable,ifapplicable,underSection4(d)(iv)aboveinthesamemannerandtothe
sameextentasiftheParticipant’semploymenthadcontinuedand(2)theentirethenexercisableportionoftheOptionshallbe
exercisableduringtheperiod:(I)beginningontheapplicableOptionInstallmentVestingDateand(II)endingontheearlier
of(x)thelaterofthethirdanniversaryof(i)suchTerminationofEmploymentor(ii)theapplicableOptionInstallment
VestingDateor(y)theExpirationDate.ProRataOptionPortionhasthemeaningsetforthinSection2(a)above.Uponthe
Participant’sTerminationofEmploymentbyreasonofRetirement,anyportionoftheOptionthatisnotexercisableatthe
timeofsuchtermination,otherthantheProRataOptionPortion,shallbeimmediatelyforfeited.
(D)DeathorDisability.UponaParticipant’sTerminationofEmploymentduetodeathorDisability,anyOption
InstallmentthatisnotexercisableatthetimeofsuchTerminationofEmploymentshallvestandbecomeexercisableandthe
thenexercisableportionoftheOptionshallbeexercisableduringtheperiod:(1)beginningonthedateofsuchTerminationof
Employmentand(2)endingontheearlierof(I)thethirdanniversaryofsuchTerminationofEmploymentor(II)the
ExpirationDate.
7IfthisformularesultsinanyfractionalShare,theProRataOptionPortionwillberoundeduptothenearestwholeShare.
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