Delta Airlines 2015 Annual Report Download - page 183

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9.TreatmentofPaymentsUnderBenefitPlansorPrograms.MIPpayments,whichforanExecutiveOfficerParticipantwhoreceives
MIPRestrictedStockmeanstheamountofthepayouttotheExecutiveOfficerParticipantundertheMIPhadthepayoutbeenmadeincash,
will be considered as earnings under any benefit plan or program sponsored by Delta only to the extent such payments are included as
earnings under the terms of the specific plan or program; provided , however , that any MIP payment made to an Executive Officer
ParticipantinMIPRestrictedStockwillbeconsideredasearningsonlyforpurposesoftheCompany’srestorationpaymentprogram,asin
effectfromtimetotime.Ifsuchpaymentsareincluded,unlessotherwiseprovidedinsuchplanorprogram,participantswillbeeligibleto
contributeamountspaidundertheMIPintosuchplansinthesamemannerandtothesameextentastheirordinarycompensationandany
amountssocontributedwillbesubjecttoanyapplicableCompanycontributionsand/ormatches.Notwithstandinganythingtothecontraryin
this Section 9 and except as otherwise provided under the terms of any defined contribution plan sponsored by the Company, any MIP
payment received in connection with a Termination of Employment shall not be considered earnings under any benefit plan or program
sponsoredbyDelta.
10.EffectiveDate.TheMIPwillbecomeeffectiveasofJanuary1,2016;providedhowever,ifonorbeforethedatetheCommitteeadopts
theMIPanyemployeewhowouldotherwisehaveparticipatedintheMIPisinformedthathisorheremploymentwillbeterminatedbythe
CompanywithoutCause,anyseverancesuchemployeeisentitledtoreceivewillbecalculatedbasedonthe2015ManagementIncentivePlan
asineffectasofDecember31,2015.
11.Amendment.ExceptasotherwiseexpresslysetforthinthisSectionandSection14,thetermsofSection14ofthe2007Planshall
applytoanyamendmentorterminationoftheMIP.Inaddition,thetermsapplicabletoanyParticipantwillbesubjectintheirentiretytothe
termsofanyofferletterorotherdocumenttowhichtheParticipanthasagreed.Thetermsofsuchofferletterorotherdocument,ifcontraryto
thetermsoftheMIP,shallgoverntherightsofthecorrespondingParticipant.
12.Fractions.AnycalculationundertheMIPthatresultsinafractionalamountwillberoundeduptotwodecimalpoints.
13.Section409AoftheCode.NotwithstandinganythingintheMIPtothecontrary,anypaymentsorbenefitsunderthePlanareintended
to be exempt from the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations
promulgatedthereunder(together,“Section409A”)andshallbelimited,construedandinterpretedinaccordancewithsuchintent;provided,
however,totheextentthatanyamountpaidhereunderinconnectionwithaTerminationofEmploymentconstitutesdeferredcompensation
underSection409Aandispaidtoa“specifiedemployee”asdefinedinSection409A,thepaymentofsuchamountwillbedelayedforsix
months.
14.  Clawback. Notwithstanding anythingto thecontrary in theMIP andsubject tofurther amendment ofthis Section14 totheextent
requiredtobeincompliancewithanyapplicablelaworregulationorDelta’sinternalclawbackpolicy,asitmaybeamendedfromtimeto
time,iftheCommitteedeterminesthatavicepresidentormoreseniorofficerParticipanthasengagedinfraudormisconductthatcaused,in
wholeorinpart,theneedforarequiredrestatementofDelta’sfinancialstatementsfiledwiththeSecuritiesandExchangeCommission,the
CommitteewillreviewallincentivecompensationawardedtoorearnedbysuchParticipant,including,withoutlimitation,anyMIPAward,
withrespecttofiscalperiodsmateriallyaffectedbytherestatementandmayrecoverfromtheParticipantallsuchincentivecompensationto
theextentthattheCommitteedeemsappropriateaftertakingintoaccounttherelevantfactsandcircumstances.Anyrecoupmenthereunder
may be in addition to any other remedies that may be available to Delta under applicable law, including, disciplinary action up to and
includingterminationofemployment.
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