Delta Airlines 2015 Annual Report Download - page 161
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Please find page 161 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.(ii)GrantDate.TheGrantDateoftheRestrictedStockwillbedeterminedbytheCommitteeinaccordancewiththe
Company’sEquityAwardGrantPolicy,asineffectfromtimetotime,andsetforthinaParticipant’sAwardAgreement.
(iii)Restrictions.UntiltherestrictionsimposedbythisSection4(a)(the“Restrictions”)havelapsedpursuanttoSection
4(a)(iv),(v)or(vi)below,aParticipantwillnotbepermittedtosell,exchange,assign,transfer,orotherwisedisposeoftheRestricted
StockandtheRestrictedStockwillbesubjecttoforfeitureassetforthbelow.
(iv)LapseofRestrictions—ContinuedEmployment.Subjecttothetermsofthe2007PerformancePlanandthe2016LTIP,
theRestrictionsshalllapseandbeofnofurtherforceoreffectwithrespecttoone-thirdoftheSharesofRestrictedStockoneachof
thefollowingdates:(A)February1,2017(“FirstRSInstallment”);(B)February1,2018(“SecondRSInstallment”);and(C)
February1,2019(“ThirdRSInstallment”).1
(v)LapseofRestrictions/ForfeitureuponTerminationofEmployment.TheRestrictedStockandtheRestrictionssetforth
inthisSection4(a)aresubjecttothefollowingtermsandconditions:
(A)Without Cause or For Good Reason. Upon a Participant’s Termination of Employment by the Company
withoutCauseorbytheParticipantforGoodReason(includingtheTerminationofEmploymentoftheParticipantifheor
sheisemployedbyanAffiliateatthetimetheCompanysellsorotherwisedivestsitselfofsuchAffiliate),withrespecttoany
portionof theRestrictedStocksubjecttotheRestrictions,subjecttotheParticipant’sexecutionofa waiverandreleaseof
claimsinaformandmannersatisfactorytotheCompany,theRestrictionsshallimmediatelylapseontheProRataRSPortion
as of the date of such Termination of Employment. Upon a Participant’s Termination of Employment by the Company
withoutCauseorbytheParticipantforGoodReason,anyRestrictedStockthatremainssubjecttotheRestrictions,otherthan
theProRataRSPortion,shallbeimmediatelyforfeited.
“ProRataRSPortion”means,withrespecttoanyportionofRestrictedStockthatissubjecttotheRestrictionsat
thetimeofaParticipant’sTerminationofEmployment,thenumberofShareswithrespecttowhichtheRestrictionswould
have lapsed on each future RS Installment multiplied by a fraction (i) the numerator of which is the number of calendar
months2fromtheGrantDatetothedateofsuchTerminationofEmployment,roundedupforanypartialmonthand(ii)the
denominatorofwhichistwelve(12)fortheFirstRSInstallment,twenty-four(24)fortheSecondRSInstallmentandthirty-
six(36)fortheThirdRSInstallment.3
(B)VoluntaryResignation.UponaParticipant’sTerminationofEmploymentbyreasonofavoluntaryresignation
(other than for Good Reason or Retirement), any portion of the Restricted Stock subject to the Restrictions shall be
immediatelyforfeited.
1ThenumberofSharessubjecttoeachRSInstallmentwillbeequaltothetotalnumberofSharessubjecttotheRestrictedStockAwarddividedbythree;provided,that
ifthisformularesultsinanyfractionalShareallocationtoanyRSInstallment,thenumberofShareswithrespecttowhichtheRestrictionslapseundertheFirstRS
Installmentand,ifnecessary,theSecondRSInstallment,willbeincreasedsothatonlyfullSharesarecoveredbyeachRSInstallment.Forexample,ifaRestrictedStock
Awardcovers1,000Shares,theRestrictionswilllapsewithrespectto334SharesundertheFirstRSInstallmentand333SharesundereachoftheSecondandThirdRS
Installments.
2Forpurposesofthe2016LTIP,onecalendarmonthiscalculatedfromthedateofmeasurementtothesameorclosestnumericaldateoccurringduringthefollowing
month.Forexample,onecalendarmonthfromJanuary31,2016willelapseasofFebruary29,2016,twomonthswillelapseonMarch31,2016,andsoon.
3IfthisformularesultsinanyfractionalShare,theProRataRSPortionwillberoundeduptothenearestwholeShare.
2