Document:

exv10w15wb

EXHIBIT
10.15(b)

DELTA AIR LINES, INC. 2009 MANAGEMENT INCENTIVE PLAN RESTRICTED
 STOCK
AWARD AGREEMENT

	 	 	 
	 

	 	Date of this Agreement:
	 

	 	Grant Date:

[Name]

This Award Agreement (the “Agreement”) describes some of the terms of your award (the
“Award”) under the Delta Air Lines, Inc. 2009 Management Incentive Plan (which is subject
to the Delta Air Lines, Inc. 2007 Performance Compensation Plan) (the “2009 MIP”). Your
Award is subject to the terms of the 2009 MIP and this Agreement. Capitalized terms that are used
but not otherwise defined in this Agreement have the meaning set forth in the 2009 MIP. In order
for this Award to remain effective, you must accept the Award in accordance with Section 9 below on
or before the date that is 30 calendar days after the date of this Agreement (the “Acceptance
Date”). If you do not accept the Award as required, the Award and this Agreement will become
void and of no further effect as of 5:00 pm Eastern Time on the Acceptance Date.

     1. Summary of Award. You are hereby awarded, on the Grant Date above (the “Grant
Date”), Restricted Stock for [NUMBER] shares of Delta Common Stock, par value $0.0001 per
share. Terms applicable to your Award, including the lapsing of the Restrictions on your
Restricted Stock and the forfeitability of your Award, are included in the 2009 MIP.

     2. Restrictive Covenants. In exchange for the Award, you hereby agree as follows:

     (a) Trade Secrets. You hereby acknowledge that during the term of your employment with
Delta Air Lines, Inc., its subsidiaries and affiliates (“Delta”), you have acquired
and will continue to acquire knowledge of secret, confidential and proprietary information
regarding Delta and its business that fits within the definition of “trade secrets” under
the law of the State of Georgia, including, without limitation, information regarding
Delta’s present and future operations, its financial operations, marketing plans and
strategies, alliance agreements and relationships, its compensation and incentive programs
for employees, and the business methods used by Delta and its employees, and other
information which derives economic value, actual or potential, from not being generally
known to, and not being readily ascertainable by proper means by, other persons who can
obtain economic value from its disclosure or use, and is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy (each, a “Trade Secret”).
You hereby agree that for so long as such information remains a Trade Secret as defined by
Georgia law, you will hold in a fiduciary capacity for the benefit of Delta and shall not
directly or indirectly make use of, on your own behalf or on behalf of others, any Trade
Secret, or transmit, reveal or disclose any Trade Secret to any person, concern or entity.
Nothing in this Agreement is intended, or shall be construed, to limit the protections of
any applicable law protecting trade secrets.

     (b) Confidential or Proprietary Information. You further agree that you will hold in a
fiduciary capacity for the benefit of Delta, and, during the term of your employment with
Delta and for the two year period after such employment terminates, shall not directly or
indirectly use or disclose, any Confidential or Proprietary Information, as defined
hereinafter, that you acquire (whether or not developed or compiled by you and whether or
not you were authorized to have access to such Confidential or Proprietary Information) during the term of, in the course
of, or as a result of your employment by Delta. Subject to the provisions set forth below,
the term “Confidential or Proprietary Information” as used in this Agreement means
the following secret, confidential and proprietary information of Delta not otherwise
included in the definition of Trade

 

 

Secret: all marketing, alliance, advertising and sales
plans and strategies; all pricing information; all financial, advertising and product
development plans and strategies; all compensation and incentive programs for employees; all
alliance agreements, plans and processes; all plans, strategies, and agreements related to
the sale of assets; all third party provider agreements, relationships, and strategies; all
business methods and processes used by Delta and its employees; all personally identifiable
information regarding Delta employees, contractors, and applicants; and all lists of actual
or potential customers or suppliers maintained by Delta. The term “Confidential or
Proprietary Information” does not include information that has become generally available to
the public by the act of one who has the right to disclose such information. Nothing in
this Agreement is intended, or shall be construed, to limit the protections of any
applicable law protecting confidential or proprietary information.

     (c) Employee Non-Solicitation Agreement. During the term of your employment with Delta
and during the one-year period following the termination of such employment, you will not
directly or indirectly (on your own behalf or on behalf of any other person, company,
partnership, corporation or other entity), employ or solicit for employment any individual
who is a management or professional employee of Delta for employment with any entity or
person other than Delta or solicit, encourage or induce any such person to terminate their
employment with Delta. The restrictions set forth in this Section shall be limited to those
Delta management or professional employees who: (i) were employed by Delta during your
employment in a supervisory or administrative job; and (ii) with whom you had material
professional contact during your employment with Delta.

     (d) Non-Competition Agreement. You acknowledge that Delta competes in a worldwide
passenger air travel market, and Delta’s business plan is increasingly international in
scope. You also acknowledge that although Delta’s business plan focuses on international
air travel as a growing and important component, domestic air travel service will continue
to be critical to Delta’s success and will remain a primary focus of its overall air travel
business. You acknowledge that the airlines listed below are particular competitors to
Delta in the domestic or international market, and employment or consulting with any of the
listed carriers would create more harm to Delta than relative to your possible employment or
consulting with other air passenger carriers or air cargo carriers. You agree that the
restrictions placed on you under this paragraph will not prevent you from earning a
livelihood, given the large number of worldwide and domestic passenger and cargo air
carriers not included in the list below. During the term of your employment with Delta and
for the one-year period following the termination of such employment, you will not on your
own behalf or on behalf of any person, firm, partnership, association, corporation or
business organization, entity or enterprise, provide the same or substantially similar
services, as an employee, consultant, partner, or in any other capacity, to any of the
following entities, which you hereby acknowledge are all competitors of Delta: AMR
Corporation, American Airlines, Inc., Continental Airlines, Inc., Southwest Airlines Co.,
UAL Corporation, United Air Lines, Inc., US Airways Group, Inc., US Airways, Inc., JetBlue
Airways Corporation, AirTran Holdings, Inc., or AirTran Airways, Inc. (individually and
collectively, the “Competitor”). This restriction shall only apply to the extent
that you may not provide services to the Competitor: (a) while working within a fifty (50)
mile radius of the city limits of Atlanta, Georgia; or (b) while working out of or within a
fifty (50) mile radius of the corporate headquarters or a major hub operation of the
Competitor.

     (e) Return of Property. You hereby agree that all property belonging to Delta,
including records, files, memoranda, reports, personnel information (including benefit
files, training records, customer lists, operating procedure manuals, safety manuals,
financial statements, price lists and the like), relating to the business of Delta, with
which you come in contact in the course of your

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employment (hereinafter “Delta’s
Materials”) shall, as between the parties hereto, remain the sole property of Delta.
You hereby warrant that you shall promptly return all originals and copies of Delta’s
Materials to Delta at the time your employment terminates.

     (f) Cooperation. You hereby agree that you shall, both during and after your
employment with Delta, to the extent requested in writing and reasonable under the
circumstances, cooperate with and serve in any capacity requested by Delta in any pending or
future litigation in which Delta has an interest, and regarding which you, by virtue of your
employment with Delta, have knowledge or information relevant to the litigation.

     (g) Clawback. If you are an officer of Delta at or above the Vice President level, you
hereby agree that if the Committee determines that you have 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 you, including, without limitation, your
Award, with respect to fiscal periods materially affected by the restatement and may recover
from you all such incentive compensation to the extent 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.

	3.	 	Dispute Resolution.

     (a) Arbitration. You hereby agree that except as expressly set forth below, all
disputes and any claims arising out of or under or relating to the Award or this Agreement,
including without limitation any dispute or controversy as to the validity, interpretation,
construction, application, performance, breach or enforcement of this Agreement, shall be
submitted for, and settled by, mandatory, final and binding arbitration in accordance with
the Commercial Arbitration Rules then prevailing of the American Arbitration Association.
Unless an alternative locale is otherwise agreed in writing by the parties to this
Agreement, the arbitration shall be conducted in the City of Wilmington, Delaware. The
arbitrator will apply Delaware law to the merits of any dispute or claim without reference
to rules of conflicts of law. Any award rendered by the arbitrator shall provide the full
remedies available to the parties under the applicable law and shall be final and binding on
each of the parties hereto and their heirs, executors, administrators, successors and
assigns and judgment may be entered thereon in any court having jurisdiction. You hereby
consent to the personal jurisdiction of the state and federal courts in the State of
Delaware, with venue in Wilmington, for any action or proceeding arising from or relating to
any arbitration under this Agreement. The prevailing party in any such arbitration shall be
entitled to an award by the arbitrator of all reasonable attorneys’ fees and expenses
incurred in connection with the arbitration. However, Delta will pay all fees associated
with the American Arbitration Association and the arbitrator. All parties must initial here
for this Section 3 to be effective:

	 	 	                     [NAME]
	 
	 	 	                     Robert L. Kight—Vice President—Compensation, Benefits and Services
Delta Air Lines, Inc.

     (b) Injunctive Relief in Aid of Arbitration; Forum Selection. You hereby

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acknowledge and agree that the provisions contained in Section 2 of this Agreement are reasonably
necessary to protect the legitimate business interests of Delta, and that any breach of any
of these provisions will result in immediate and irreparable injury to Delta for which
monetary damages will not be an adequate remedy. You further acknowledge that if any such
provision is breached or threatened to be breached, Delta will be entitled to seek a
temporary restraining order, preliminary injunction or other equitable relief in aid of
arbitration in any court of competent jurisdiction without the necessity of posting a bond,
restraining you from continuing to commit any violation of the covenants, and you hereby
irrevocably consent to the jurisdiction of the state and federal courts of the State of
Delaware, with venue in Wilmington, which shall have jurisdiction to hear and determine any
claim for a temporary restraining order, preliminary injunction or other equitable relief
brought against you by Delta in aid of arbitration.

     (c) Consequences of Breach. Furthermore, you acknowledge that, in partial
consideration for the Award described in the 2009 MIP and this Agreement, Delta is requiring
that you agree to and comply with the terms of Section 2 and you hereby agree that without
limiting any of the foregoing, should you violate any of the covenants included in Section 2
above, you will not be entitled to and shall not receive any Awards under the 2009 MIP and
this Agreement and any outstanding Awards will be forfeited.

     (d) Tolling. You further agree that in the event the enforceability of any of the
restrictions as set forth in Section 2 of this Agreement are challenged and you are not
preliminarily or otherwise enjoined from breaching such restriction(s) pending a final
determination of the issues, then, if an arbitrator finds that the challenged restriction(s)
is enforceable, the time period set forth in such Section shall be deemed tolled upon the
filing of the arbitration or action seeking injunctive or other equitable relief in aid of
arbitration, whichever is first in time, until the dispute is finally resolved and all
periods of appeal have expired.

     (e) Governing Law. Unless governed by federal law, this Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to
principles of conflicts of laws of that State.

     (f) Waiver of Jury Trial. TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU HEREBY
KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN CONNECTION
WITH ANY MATTER ARISING OUT OF, UNDER, IN CONNECTION WITH, OR IN ANY WAY RELATED TO THIS
AGREEMENT. THIS INCLUDES, WITHOUT LIMITATION, ANY DISPUTE CONCERNING ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN), OR ACTION OF DELTA OR YOU, OR ANY
EXERCISE BY DELTA OR YOU OF OUR RESPECTIVE RIGHTS UNDER THIS AGREEMENT OR IN ANY WAY
RELATING TO THIS AGREEMENT. YOU FURTHER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
INDUCEMENT FOR DELTA TO ISSUE AND ACCEPT THIS AGREEMENT.

     4. Validity; Severability. In the event that one or more of the provisions contained
in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect,
such holding shall not affect any other provisions in this Agreement, but this Agreement shall be
construed as if such invalid, illegal, or unenforceable provisions had never been contained herein.
The invalidity, illegality or
unenforceability of any provision or provisions of this Agreement will not affect the validity or
enforceability of any other provision of this Agreement, which will remain in full force and
effect.

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     5. Authority of the Committee. You acknowledge and agree that the Committee has the
sole and complete authority and discretion to construe and interpret the terms of the 2009 MIP and
this Agreement. All determinations of the Committee shall be final and binding for all purposes
and upon all persons, including, without limitation, you and Delta, and your heirs and successors.
The Committee shall be under no obligation to construe this Agreement or treat the Award in a
manner consistent with the treatment provided with respect to other Awards or Participants.

     6. Amendment. This Agreement may not be amended or modified except by written
agreement signed by you and Delta.

     7. Acknowledgement. By signing this Agreement: (a) you acknowledge that you have had
a full and adequate opportunity to read this Agreement and you agree with every term and provision
herein, including without limitation, the terms of Sections 2, 3, 4, and 5; (b) you acknowledge
that you have received and had a full and adequate opportunity to read the 2009 MIP; (c) you agree,
on behalf of yourself and on behalf of any designated beneficiary and your heirs, executors,
administrators and personal representatives, to all of the terms and conditions contained in this
Agreement and the 2009 MIP; and (d) you consent to receive all material regarding any awards under
the 2009 MIP, including any prospectuses, electronically with an e-mail notification to your work
e-mail address.

     8. Entire Agreement. This Agreement, together with the 2009 MIP (the terms of which
are made a part of this Agreement and are incorporated into this Agreement by reference),
constitute the entire agreement between you and Delta with respect to the Award.

     9. Acceptance of this Award. If you agree to all of the terms of this Agreement and
would like to accept this Award, you must sign and date the Agreement where indicated below and, if
you do not accept this Award electronically, return an original signed version of this Agreement to
Mary Steele, either by hand or by mail to Department 936, P.O. Box 20706, Atlanta, Georgia 30320,
as set forth on page 1 of this Agreement. If you have any questions regarding how to accept your
Award, please contact Ms. Steele at (404) 715-6333. Delta hereby acknowledges and agrees that its
legal obligation to make the Award to you shall become effective when you sign this Agreement.

     10. Electronic Signature. All references to signatures and delivery of documents in
this Agreement can be satisfied by procedures that the Company has established or may establish for
an electronic signature system for delivery and acceptance of any such documents, including this
Agreement. Your electronic signature is the same as, and shall have the same force and effect as,
your manual signature. Any such procedures and delivery may be effected by a third party engaged
by the Company to provide administrative services related to the 2009 MIP.

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You and Delta, each intending to be bound legally, agree to the matters set forth above by signing
this Agreement, all as of the date set forth below.

	 	 	 	 	 
	 	DELTA AIR LINES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Robert L. Kight 	 
	 	 	Title:  	Vice President Compensation, Benefits and Services 	 
	 

	 	 	 	 	 
	 

	 	PARTICIPANT	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 [NAME]	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 Date:	 	 

6exv10w17

Exhibit 10.17

DELTA AIR LINES, INC.

2010 MANAGEMENT INCENTIVE PLAN

1. Purpose. The 2010 Management Incentive Plan (the “MIP”) is an annual incentive program
sponsored by Delta Air Lines, Inc. (“Delta” or the “Company”) that is intended to: (a) closely
link pay and performance by providing management employees with a compensation opportunity based on
Delta’s achieving key business plan goals in 2010; and (b) align the interests of management
employees with the Company’s other employees and stakeholders. The MIP is being adopted under, and
is subject to the terms of, the Delta Air Lines, Inc. 2007 Performance Compensation Plan (the “2007
Plan”). Capitalized terms that are used but not defined in the MIP shall have the meaning ascribed
to them in the 2007 Plan.

2. Plan Administration. (a) The Personnel & Compensation Committee of the Board of
Directors (the “Committee”) shall be responsible for the general administration and interpretation
of the MIP and for carrying out its provisions. The Committee shall have such powers as may be
necessary to discharge its duties hereunder, including, without limitation, the following powers
and duties, but subject to the terms of the MIP:

     (i) authority to construe and interpret the terms of the MIP, and to determine
eligibility, awards and the amount, manner and time of payment of any awards hereunder;

     (ii) authority to prescribe forms and procedures for purposes of MIP participation and
distribution of awards;

     (iii) authority to adopt rules and regulations and to take such actions as it deems
necessary or desirable for the proper administration of the MIP; and

     (iv) authority at any time prior to a Change in Control to eliminate or reduce the
actual payout to any Participant in the MIP. 1

     (b) Any rule or decision by the Committee that is not inconsistent with the provisions of the
MIP shall be conclusive and binding on all persons, and shall be given the maximum deference
permitted by law.

     (c) Notwithstanding anything contained in the 2007 Plan to the contrary, the Committee shall
not have the authority to increase the actual payout to any Participant in the MIP.

3. Eligibility. All Delta employees worldwide who are officers, managing directors, directors,
grade 11, grade 10 or grade 8 (other than employees who participate in a sales incentive plan) are
eligible to participate in the MIP (“Participants”).

4. MIP Awards.

 

			
	1	 	For purposes of the MIP, the merger of a
subsidiary of Delta with and into Northwest Airlines Corporation on October 29,
2008 shall not be considered a Change in Control.

 

 

     (a) General. The MIP award (the “MIP Award”) each Participant receives, if any, will be based
on: (i) the Participant’s Target MIP Award, as defined below; (ii) the level of achievement within
each applicable performance measure; and (iii) the occurrence of a payout for 2010 under
the Company’s broad-based employee profit sharing program (the “Profit Sharing Program”), as
described below. Certain additional requirements will apply to any Participant who is employed by
the Company as an executive vice president or more senior officer or holds the position of general
counsel or chief financial officer of the Company (“Executive Officer Participant”), as discussed
in Section 7(b) below.

     (b) Performance Measures. The performance measures used will be one or more of financial
(“Financial Performance”), operational (“Operational Performance”), merger integration (“Merger
Integration Performance”), leadership effectiveness (“Leadership Effectiveness Performance”) and
individual performance (“Individual Performance”). Achievement under each performance measure may
range from below threshold, at which there is no payout, to the maximum performance level, at which
the payout will be greater than the target level, subject to Section 4(c) below.

     (c) Interaction with Profit Sharing Program. If there is no payout under the Profit Sharing
Program for 2010, (i) no amount will be paid with respect to Financial Performance to any
Participant regardless of whether Delta meets or exceeds that performance measure and (ii) the
actual MIP Award, if any, will not exceed the Participant’s Target MIP Award (as defined below).

     (d) Target MIP Awards. The Target MIP Award for each Participant will be expressed as a
percentage of the Participant’s Annual Base Salary (the “Target MIP Award”) as determined by the
Committee and will be communicated to Participants in such manner as the Committee deems
appropriate. Subject to Section 8 below, “Annual Base Salary” means the Participant’s 2010 annual
base salary as in effect on December 31, 2010.

5. Weighting of Performance Measures. Subject to Section 8 below, a percentage of each
Participant’s Target MIP Award is allocated to one or more of Financial Performance, Operational
Performance, Merger Integration Performance, Leadership Effectiveness Performance and/or Individual
Performance based on the Participant’s employment level, as follows:

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Performance Measures and Weighting

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	% of Target	 	% of Target	 	 
	 	 	% of Target	 	% of Target	 	MIP Award	 	MIP Award	 	% of Target
	 	 	MIP Award	 	MIP Award	 	Allocated to	 	allocated to	 	MIP Award
	 	 	allocated to	 	allocated to	 	Merger	 	Leadership	 	allocated to
	Employment	 	Financial	 	Operational	 	Integration	 	Effectiveness	 	Individual
	Level	 	Performance	 	Performance	 	Performance	 	Performance	 	Performance
	(A)	 	(B)	 	(C)	 	(D)	 	(E)	 	(F)
	CEO
	 	33%	 	33%	 	34%	 	  0%	 	  0%
	President
	 	33%	 	33%	 	34%	 	  0%	 	  0%
	COO
	 	33%	 	33%	 	34%	 	  0%	 	  0%
	EVP
	 	33%	 	33%	 	34%	 	  0%	 	  0%
	CFO and
General Counsel
	 	33%	 	33%	 	34%	 	  0%	 	  0%
	SVP
	 	30%	 	30%	 	30%	 	10%	 	  0%
	VP
	 	30%	 	30%	 	30%	 	10%	 	  0%
	Managing Director
	 	30%	 	30%	 	  0%	 	  0%	 	40%
	Director
	 	30%	 	30%	 	  0%	 	  0%	 	40%
	 
	 	 	 	 	 	 	 	 	 	 
	Grade 11
	 	25%	 	25%	 	  0%	 	  0%	 	50%
	Grade 10
	 	  0%	 	  0%	 	  0%	 	  0%	 	100%
	Grade 8
	 	  0%	 	  0%	 	  0%	 	  0%	 	100%

6. The Performance Measures—Threshold, Target and Maximum Payout Levels. The Target MIP
Award, and the amounts paid in connection with target levels of Financial, Operational, Merger
Integration, Leadership Effectiveness, and Individual Performance, are based on the achievement of
the target performance level with respect to each applicable performance measure (except that
Financial Performance also requires a payout under the Profit Sharing Program for 2010). A
Participant’s actual MIP Award may be greater or less than the target amount based on whether
performance under one or more of the performance measures applicable to the Participant exceeds or
is below target performance, subject to Section 4(c) above. This is explained in more detail
below.

     (a) Financial Performance Measures. The Financial Performance measures for 2010 are based on
Delta’s Pre-Tax Income, as defined below. The following table describes the performance ranges and
award payout levels for 2010 Financial Performance, subject to Section 4(c) above:

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	 	 	Threshold	 	Target	 	Maximum
	% of Target Financial Performance Measure
Paid
	 	 	50	%	 	 	100	%	 	 	200	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Required 2010 Pre-Tax
Income
	 	$328 million	 	$489 million	 	$650 million

Payouts will be straight-line interpolated when Pre-Tax Income results fall above Threshold
and below Target or above Target and below Maximum.

     “Pre-Tax Income” will be the amount of Pre-Tax Income, if any, determined under the Profit
Sharing Program for
2010.2

     (b) Operational Performance Measures. The Operational Performance measures for 2010 are based
on both Delta and Delta Connection operational performance, with (i) Delta’s operational
performance accounting for 75% of the measure and (ii) Delta Connection performance accounting for
25% of the measure. Delta’s Operational Performance is based on the number of times during 2010
that Delta meets or exceeds its monthly goals under the broad-based employee shared rewards program
(the “Shared Rewards Program”). Delta Connection’s Operational Performance is based on the number
of times during 2010 that the Delta Connection carriers meet or exceed their monthly operational
goals for (x) completion factor and (y) on-time performance (the “Delta Connection Goals”). The
Delta Connection Goals and the methodology for determining whether these goals are met are
described in Exhibit A hereto. The following table describes the performance ranges and award
payout levels for 2010 Operational Performance, subject to Section 4(c) above:

 

			
	2	 	The Profit Sharing Program for 2010 defines “Pre-Tax Income” as follows:
for any calendar year, the Company’s consolidated pre-tax income calculated in accordance with
Generally Accepted Accounting Principles in the United States and as reported in the Company’s
public securities filings but excluding: (a) all asset write downs related to long term assets,
(b) gains or losses with respect to employee equity securities, (c) gains or losses with respect to
extraordinary, one-time or non-recurring events (including without limitation one-time transition
or integration costs incurred in connection with the merger of the Company and Northwest Airlines
Corporation during the two year period following the merger), and (d) expense accrued with respect
to the profit sharing plan.

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	 	 	Below Threshold	 	Threshold	 	Target	 	Maximum
	Shared Rewards Program
	 
	% of Target Payout
for this
Performance Measure
(75% Weighting)
	 	 	0	%	 	 	37.50	%	 	 	75	%	 	 	150	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Number of monthly
Shared Rewards
Program goals
actually met during
2010
	 	15 or less	 	 	16	 	 	 	21	 	 	26 or more
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Delta Connection
Goals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% of Target Payout
for this
Performance Measure
(25% Weighting)
	 	 	0	%	 	 	12.50	%	 	 	25	%	 	 	50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Number of Delta
Connection Goals
actually met during
2010
	 	8 or less	 	 	9	 	 	 	14	 	 	19 or more

Payouts based on the Shared Rewards Program and Delta Connection Goals will be straight-line
interpolated when actual performance results fall above Threshold and below Target or above Target
and below Maximum.

     (c) Merger Integration Performance Measures. The Merger Integration Performance measures for
2010 will be measured based on the achievement of quantifiable synergies as a result of the merger
of a wholly owned subsidiary of Delta with and into Northwest Airlines Corporation on October 29,
2008 (the “Merger”), including, without limitation, expense reductions (including a decrease in
cost per available seat mile); an increase in revenue or revenue growth (including an increase in
revenue per available seat mile); and productivity and process improvement. Company management
will periodically report to the Company’s Board of Directors regarding Merger synergies. The
following table describes the performance ranges and award payout levels for 2010 Merger
Integration Performance, subject to Section 4(c) above:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Below Threshold	 	Threshold	 	Target	 	Maximum
	% of Target Merger
Integration Measure
Paid
	 	 	0	%	 	 	50	%	 	 	100	%	 	 	200	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Quantifiable Merger
Synergies
	 	Less than $1,434 million	 	$1,434  million	 	$1,600 million	 	$1,766 million

Payouts based on Merger Integration Performance will be straight-line interpolated when actual
performance results fall above Threshold and below Target or above Target and below Maximum.

     (d) Leadership Effectiveness Performance Measure. The Leadership Effectiveness Performance
measure (applicable to Participants who are Vice Presidents or Senior Vice Presidents (other than
any Executive Officer Participants) for 2010 will be based on an evaluation of whether a
Participant has demonstrated leadership attributes and results during 2010 including, among other
things, supporting diversity, providing talent management, meeting financial budget, and being a
role model for the Rules of the Road.

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The performance ranges and award payout levels will be determined by the Committee, subject to
Section 4(c) above.

     (e) Individual Performance Measure. The Individual Performance measure (applicable to
Participants who are not officers) is generally determined by each Participant’s Leader Performance
Management evaluation (“LPM”) at the end of 2010. The performance ranges and award payout levels
will be determined by the Committee, subject to Section 4(c) above.

7. Timing of Award Payments.

     (a) In General. Subject to Sections 7(b) and 8(a) below, any payouts to a Participant under
the MIP for 2010 will be made in cash, as soon as practicable after (i) the Committee certifies the
achievement of the required Financial Performance, Operational Performance and Merger Integration
Performance results and (ii) where applicable, Leadership Effectiveness Performance results have
been determined and an LPM evaluation has been completed, but in no event later than March 15,
2011, unless it is administratively impracticable to do so, and such impracticability was
unforeseeable at the end of 2010, in which case such payment shall be made as soon as
administratively practicable after March 15, 2011. Further, unless a payout for 2010 under the
Profit Sharing Program occurs after March 15, 2011, any payout under the 2010 MIP will not be made
prior to a payout for 2010 under the Profit Sharing Program; provided, however, if it is determined
there will be no payout for 2010 under the Profit Sharing Program, any MIP Awards that are payable
based on Operational Performance, Merger Integration Performance, Leader Effectiveness Performance
or Individual Performance will be paid as soon as practicable thereafter, but in no event later
than March 15, 2011, unless it is administratively impracticable to do so, and such
impracticability was unforeseeable at the end of 2010, in which case such payment shall be made as
soon as administratively practicable after March 15, 2011.

     (b) Executive Officer Participants. Payouts under the MIP to Participants who, as of December
31, 2010, are Executive Officer Participants will be subject to the following terms and conditions:

          (i) Payment in Restricted Stock. If there is no payout under the Profit
Sharing Program for 2010, any payout under the MIP to an Executive Officer Participant will
be made in shares of Restricted Stock rather than in cash, with the number of shares of
Restricted Stock being equal to the result of the following formula (“MIP Restricted
Stock”): A ÷ B, where3:

A = the amount of the payout to the Executive Officer Participant under the MIP
had the payout been made in cash; and

B = the closing price of a Share on the New York Stock Exchange on the later of
(1) the date that the Committee approves the payouts, if any, to the Executive
Officer Participants under the MIP following the Committee’s certification of the
achievement of the required performance measures as described in Section 7(a) and
(2) the third business day following the date on

 

			
	3	 	If this formula results in any
fractional share, the MIP Restricted Stock will be rounded up to the nearest
whole share.

6

 

which the Company publicly announces its annual financial results if this
date is scheduled in the same month that the Committee approves such payouts, if
any.

     (ii) Lapsing of Restrictions; Forfeiture. Until the restrictions imposed by
this Section 7(b)(ii) (the “Restrictions”) have lapsed pursuant to the terms below, an
Executive Officer Participant will not be permitted to sell, exchange, assign, transfer,
pledge or otherwise dispose of the MIP Restricted Stock and the MIP Restricted Stock will
be subject to forfeiture as set forth below.

               (A) The Restrictions shall lapse and be of no further force or effect on the
earlier of the date (1) there is a payout under the Profit Sharing Program unless,
prior to such payout, the Executive Officer Participant incurs a Disqualifying
Termination of Employment or (2) an Executive Officer Participant incurs a
Qualifying Termination of Employment. The MIP Restricted Stock will be
immediately forfeited if, prior to the lapsing of the Restrictions, the Executive
Officer Participant incurs a Disqualifying Termination of Employment.

               (B) “Disqualifying Termination of Employment” means an Executive Officer
Participant’s Termination of Employment by the Company for Cause.

               (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 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
62nd birthday provided that such Participant has completed at least 5
years service with the Company (or an Affiliate) or Northwest (or a subsidiary);
or (2) on or after a Participant’s 52nd birthday provided that such
Participant has completed at least 10 years service with the Company (or an
Affiliate) or Northwest (or a subsidiary).

               (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.

7

 

     (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 2010—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, 2010, 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, 2010, the Participant will
be eligible for any award earned under the MIP for 2010, including, if applicable, MIP
Restricted Stock.

          (ii) Termination on or after January 1, 2011. 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, 2011 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, 2011 will forfeit any unpaid MIP Award.

          (iii) Pro Rata MIP Payment.

               (A) Death, Disability or Retirement. This Section 8(a)(iii)(A) applies to
any Participant who incurs a Termination of Employment prior to January 1, 2011
due to the Participant’s death, Disability or Retirement (as such term is defined
in Section 7(b)(ii)(D)). Subject to the Participant’s execution of a waiver and
release of claims in a form and manner satisfactory to the Company, such
Participant, or his estate, 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, 2010 (i.e.,
based on achievement of applicable performance measures). The most recent LPM
prior to the Termination of Employment will generally apply to the Individual
Performance measure, if any, applicable to the Participant. The Participant’s
Annual Base Salary will be the result of the following formula: X × Y/12, where:

X = the Participant’s annual base salary as in effect as of the date of
Termination of Employment; and

Y = the number of calendar months the Participant was actively employed
by Delta during 2010 in a MIP-eligible position, rounded up for any
partial month.

 

			
	4	 	For purposes of the MIP, one calendar
month is calculated from the date of measurement to the same

8

 

           (B) Termination of Employment Without Cause or Resulting in Benefits
under the Severance Plan.

	 	(1)	 	In General. This Section
8(a)(iii)(B)(1) applies to any Participant (other than an Executive
Officer Participant) who incurs a Termination of Employment prior to
January 1, 2011 due to either (I) a Termination of Employment by the
Company without Cause, or (II) for any other reason that entitles
such Participant to benefits under the Delta Air Lines, Inc. 2007 or
2009 Officer and Director Severance Plan (the “Severance Plan”).
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 Pro Rata MIP Payment made
in cash as soon as practicable after a Participant’s Termination of
Employment, but in no event later than 21/2 months following the end
of the year in which the Termination of Employment occurs. “Pro Rata
MIP Payment” means the result of the following formula: W × Z/12,
where:
	 
	 	 	 	W = the Participant’s Target MIP Award; and
	 
	 	 	 	Z = the number of calendar months the Participant was
actively employed by Delta during 2010 in a MIP-eligible
position, rounded up for any partial month.
	 
	 	(2)	 	Executive Officer Participants.
This Section 8(a)(iii)(B)(2) applies to any Executive Officer
Participant who incurs a Termination of Employment prior to January
1, 2011 due to either (I) a Termination of Employment by the Company
without Cause, or (II) for any other reason that entitles such
Executive Officer Participant to benefits under the Severance Plan.
Subject to the Executive Officer Participant’s execution of a waiver
and release of claims in a form and manner satisfactory to the
Company, such Executive Officer 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 Executive Officer Participant would have received such
MIP Award if such Executive Officer Participant’s employment had
continued through December 31, 2010 (i.e., based on achievement of
applicable performance measures). The Executive Officer
Participant’s Annual Base Salary will be determined in accordance
with the formula set forth in Section 8(a)(iii)(A).

 

or closest numerical date occurring during the following month. For example, one calendar
month from January 31, 2010 will elapse as of February 28, 2010, two months will elapse on March
31, 2010, and so on.

9

 

     (b) Other Changes in Employment Status. The terms of this Section 8(b) shall apply to
circumstances involving new hires, promotions, demotions, transfers or leaves of absence during
2010. After a Participant’s Target MIP Award is determined under this Section 8(b), the
appropriate weighting of performance measures will apply to each portion of such Target MIP Award
as set forth in Section 5 above. For partial calendar months, the change in employment status will
be considered effective as of the 1st day of the month in which there is a change in
status. The end of year LPM will apply to any Individual Performance measure applicable to the
Participant unless the Participant is no longer subject to the LPM process after the change in
employment status, in which case the most recent LPM will apply. Any MIP Awards payable under this
Section 8(b) will be paid at the same time and in the same manner as such awards are paid to active
Participants, subject to Section 7(b) above.

     (i) New Hires. With respect to any individual who becomes employed by Delta as a
grade 8 or any more senior MIP-eligible position during 2010 but after January 1, 2010,
such individual will be a Participant in the MIP and will be eligible to receive an award
under the MIP for 2010; provided, that such Participant’s Annual Base Salary will be the
result of the following formula: X × Y/12, where:

X = the Participant’s annual base salary as of December 31, 2010; and

Y = the number of calendar months the Participant was actively employed by Delta
in a MIP-eligible position during 2010, rounded up for any partial month.

     (ii) Promotions. Participants who are either promoted into a MIP-eligible job level
or promoted into a higher level of MIP participation during 2010 will have their Target MIP
Award calculated based on their annual base salary at each MIP-eligible job level (measured
as of the date immediately prior to the date the promotion is considered effective for
purposes of the MIP, if applicable, as described in the first paragraph of Section 8(b)
above, and as of December 31, 2010) and the number of calendar months they were employed in
each such capacity, multiplied by the relevant total target award percentage applicable to
their position or positions during the relevant period.

     (iii) Demotions. Participants who are either demoted to a position that is not
eligible to participate in the MIP or demoted to a lower level of MIP participation during
2010 will have their Target MIP Award calculated based on their annual base salary at each
MIP-eligible job level (measured as of the date immediately prior to the date the demotion
is considered effective for purposes of the MIP, as described in the first paragraph of
Section 8(b) above, and, if applicable, as of December 31, 2010) and the number of calendar
months they were employed in each such capacity, multiplied by the relevant total target
award percentage applicable to their position or positions during the relevant period.

     (iv) Transfers and Leaves of Absence. In the event that during 2010 a Participant
transfers employment from Delta to a Delta subsidiary or affiliate that does not
participate in the MIP, other than a transfer to the Delta Community Credit Union (the
“DCCU”), the Participant will forfeit any eligibility for an award under the MIP. Except
as provided under Section 8(b)(v) below, any Participant who goes

10

 

on any type of leave or who transfers to the DCCU at any time during 2010 will have
his Target MIP Award calculated based on his annual base salary (measured as of the date
immediately prior to the date the transfer or leave is considered effective for purposes of
the MIP) and the number of calendar months he was employed in a MIP-eligible position
during 2010, multiplied by the relevant total target award percentage applicable to his
MIP-eligible position.

     (v) Military Leave. In the event that at any time during 2010 a Participant is on a
Military Leave of Absence, his or her Annual Base Salary shall be equal to the aggregate
annual base salary the Participant received from Delta during 2010 plus any amount of base
salary such Participant would have received had he or she been actively employed by Delta
in any corresponding MIP-eligible position during such leave. “Military Leave of Absence”
means a Participant’s absence from his or her position of employment at any time during
2010 because of service in the uniformed services, as defined under the Uniformed Services
Employment and Reemployment Rights Act of 1994, as amended (“USERRA”); provided, that a
Participant must provide the Company appropriate evidence that his or her absence was due
to service in the uniformed services and the period of such service in order to be
considered to be on a Military Leave of Absence for purposes of the MIP. For purposes of
the MIP, any Participant who is absent due to military service (according to Delta’s
records) as of December 31, 2010 and has been on such leave for a cumulative period (during
the period he or she has been employed by Delta) of five years or less, will be presumed to
be on a Military Leave of Absence. Any Participant who is similarly absent due to military
service (based on Delta’s records) and who has been on such leave for a period of more than
five years will not be considered to be on a Military Leave of Absence until he or she
provides appropriate evidence that he or she is entitled to an exception to the five-year
limit on uniformed service as set forth in USERRA.

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, 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, 2010; 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 2009 Management
Incentive Plan as in effect as of December 31, 2009.

11

 

11. Amendment. Except as otherwise expressly set forth in this Section, 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 to the contrary in the MIP, to the extent
that any amount paid hereunder in connection with a Termination of Employment constitutes deferred
compensation under Section 409A of the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder (together, “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, if the Committee determines
that a vice president or more senior officer level 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.

12

 

EXHIBIT A—DELTA CONNECTION GOALS:

Delta Connection’s Operational Performance will be based on the number of times during 2010
that the group of Delta Connection carriers meets or exceeds its monthly operational goals for
completion factor and on-time arrival performance (the “Delta Connection Goals”). The 24
monthly Delta Connection Goals are included on the following tables:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	On-Time Arrival	 
	 	 	Completion Factor	 	 	Performance	 
	Month in 2010	 	2010 Goal	 	 	2010 Goal	 
	January
	 	 	97.3	%	 	 	77.2	%
	February
	 	 	97.5	%	 	 	78.0	%
	March
	 	 	97.9	%	 	 	79.3	%
	April
	 	 	98.2	%	 	 	81.9	%
	May
	 	 	98.8	%	 	 	84.6	%
	June
	 	 	97.7	%	 	 	78.9	%
	July
	 	 	97.7	%	 	 	77.5	%
	August
	 	 	97.8	%	 	 	78.9	%
	September
	 	 	98.6	%	 	 	85.2	%
	October
	 	 	98.9	%	 	 	84.5	%
	November
	 	 	98.9	%	 	 	85.2	%
	December
	 	 	97.3	%	 	 	75.4	%
	Total
	 	 	98.1	%	 	 	80.5	%

	 	A.	 	The primary source of reported metrics used to calculate performance will be
performance reports provided by each Delta Connection carrier on a daily basis and
validated by Delta Connection Performance Management.
	 
	 	B.	 	All domestic and international Delta Connection carrier system operations subject to
capacity purchase agreements and/or revenue proration agreements will be included in the
performance measures, including the operations of ASA, Chautauqua, Comair, Compass,
Freedom, Mesaba, Pinnacle, SkyWest and Shuttle America, but excluding any revenue
proration operations with respect to which passenger reservations are not reflected on
Delta’s reservations system (the “Delta Connection Program”). In the event that a carrier
enters or leaves the Delta Connection Program, that carrier’s operations will be included
or excluded from the performance measures as applicable.
	 
	 	C.	 	The monthly calculation for completion factor will be as follows:

	 	1.	 	Add all Delta Connection scheduled system operations for the month.
	 
	 	2.	 	Add all Delta Connection system completed flights for the month
(including flights canceled by one carrier and covered by another via an extra
section, which also includes flights changed to Delta or Northwest aircraft).
	 
	 	3.	 	Divide the result of C.2 by the result of C.1 for a combined Delta
Connection system completion factor.

	 	D.	 	The monthly calculation for on-time performance will be as follows:

	 	1.	 	Add all Delta Connection completed system operations for the month.
	 
	 	2.	 	Add all Delta Connection system on time operations for the month. On
time operations are defined as the number of flights that arrive at the scheduled
destination within 15 minutes of the scheduled arrival time.
	 
	 	3.	 	Divide the result of D.2 by the result of D.1 for a combined Delta
Connection system on-time performance measure.

	 	E.	 	All calculations will be performed and validated by Delta Connection Performance
Management.

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