Delta Airlines 2015 Annual Report Download - page 180

Download and view the complete annual report

Please find page 180 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.

Page out of 191

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191


(C)    “ Qualifying Termination of Employment ” means an Executive Officer Participant’s Termination of
Employment(1)bytheCompanywithoutCauseor(2)duetodeathorDisability.
(D)ForpurposesofthisSection7(b)(ii),ifanExecutiveOfficerParticipantincursaTerminationofEmployment
byreasonof(1)avoluntaryresignation(includingtheTerminationofEmploymentbytheParticipantifheorsheisemployed
byanAffiliateatthetimetheCompanysellsorotherwisedivestsitselfofsuchAffiliate)or(2)Retirement,theRestrictions
shall lapse and be of no further force or effect on the date there is a payout under the Profit Sharing Program as if such
ExecutiveOfficerParticipant’semploymenthadcontinuedthroughsuchdate.
(E)ForpurposesoftheMIP,“Retirement”meansaTerminationofEmployment(otherthanforCauseordeath)
either:(1)onorafteraParticipant’s62ndbirthdayprovidedthatsuchParticipanthascompletedatleast5yearsservicesince
hisorhermostrecenthiredatewiththeCompany(oranAffiliateorformerAffiliate)or(2)onorafteraParticipant’s52nd
birthdayprovidedthatsuchParticipanthascompletedatleast10yearsservicesincehisorhermostrecenthiredatewiththe
Company(oranAffiliateorformerAffiliate).
(iii)     Dividends. In the event a cash dividend shall be paid in respect of Shares at a time the Restrictions on the MIP
Restricted Stock have not lapsed, the Participant shall be eligible to receive the dividend upon the lapse of the Restrictions. The
Restrictionsshallapplytoanysuchdividend.
(iv)2007Plan;WrittenNotice.TheMIPRestrictedStockwillotherwisebesubjecttothetermsofthe2007Plan.Inthe
eventanyExecutiveOfficerParticipant’sMIPAwardisconvertedtoMIPRestrictedStock,suchParticipantwillreceiveawritten
noticeofsuchconversionwiththedetailsthereofassoonaspracticableaftertheMIPpaymentdate.
8.ChangeinEmploymentStatus.
(a)TerminationofEmployment.
(i)ATermination Eventin2016—General. Except as expressly set forth in this Section 8, in the event a Participant’s
employmentwithDeltaterminatesforanyreasonpriortotheendoftheworkdayonDecember31,2016,suchParticipantwillbe
ineligibleforanyawardundertheMIP.Inotherwords,ifaParticipantisemployedaccordingtoCompanyrecordsthroughtheendof
the workday on December 31, 2016, the Participant will be eligible for any award earned under the MIP for 2016, including, if
applicable,MIPRestrictedStock.
(ii)TerminationonorafterJanuary1,2017.SubjecttoSection7(b)above,aParticipantwhoincursaTerminationof
EmploymentforanyreasonotherthanforCauseonorafterJanuary1,2017willremaineligibleforanyunpaidMIPAward,which
awardwillbepaidaccordingtothetermsofSection7(a)above.AParticipantwhoisterminatedbytheCompanyforCauseonor
afterJanuary1,2017willforfeitanyunpaidMIPAward.
(iii)ProRataMIPPayment.
(A)Disability or Retirement. This Section 8(a)(iii)(A) applies to any Participant who incurs a Termination of
EmploymentpriortoJanuary1,2017duetotheParticipant’sDisabilityorRetirement(assuchtermisdefinedinSection7(b)
(ii)(E)). Subject to the Participant’s execution of a waiver and release of claims in a form and manner satisfactory to the
Company, such Participant will be eligible to receive a MIP Award based on an adjusted annual base salary amount, but
otherwise in the same manner, to the same extent and at the same time as the Participant would have received such MIP
Award if such Participant’s employment had continued through December 31, 2016 ( i.e. , based on achievement of
applicableperformancemeasures).Themostrecentperformanceevaluationprior
6
