warbirdfinder
Well-known member
- Joined
- Feb 20, 2004
- Posts
- 128
In case anyone thought that Delta management was any better than the other carriers, here is what the low life, thieving scum at Delta got for themselves.
Here is the NEW "incentive compensation plan" for Delta's top managers. If you do the math, $20/share times 30 Million shares, this "incentive" for the Board of Directors, and top managers, equals over $600 Million.
April 30, 2007
PROSPECTUS
DELTA AIR LINES, INC.
2007 PERFORMANCE COMPENSATION PLAN
This document (the “Prospectus”) contains important information about the Delta Air Lines, Inc. 2007 Performance Compensation Plan (the “2007 Plan”). Accordingly, please read this document carefully. Under the terms of the 2007 Plan, Delta Air Lines, Inc. (“Delta”) may grant awards of our Common Stock, par value $0.0001 per share (“Common Stock”), and awards that are based on our Common Stock to our employees and other service providers.
***********
This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended, of the United States.
***********
INFORMATION ABOUT THE 2007 PLAN
Purpose of the 2007 Plan
The 2007 Plan is intended to incentivize of those individuals who are expected to contribute significantly to our success in achieving short-term and long-term financial and business objectives and are expected generally to further the best interests of Delta and its shareowners.
Eligibility
Any employee, consultant or advisor of, or other individual who provides services to, Delta, any of our affiliates or any other entity in which we have a significant equity interest may participate in the 2007 Plan if selected for participation by the Committee (as defined below). In addition, members of our Board of Directors (the “Board”) are eligible to receive awards under the 2007 Plan. “Affiliate” means any entity that either, directly or indirectly, controls us, is controlled by us or is under common control with us.
Authorized Shares and Limitations
Subject to certain adjustments, up to 30,000,000 shares of our Common Stock, par value $0.0001 per share, will be available for awards to be granted under the 2007 Plan. Shares of Common Stock to be issued under the 2007 Plan may be made available from authorized but unissued Common Stock or Common Stock that we acquire in the open market or otherwise. If any shares of our Common Stock are covered by an award (other than a substitute award as defined below) that is cancelled, forfeited or otherwise terminates without the delivery of shares (including the number of shares surrendered or withheld in payment of any exercise or price of an award or taxes related to an award, other than shares underlying a stock appreciation right settled in stock to the extent the award is settled without the issuance of shares), then such shares will again be available for issuance under the 2007 Plan.
No participant may receive under the 2007 Plan in any calendar year stock options and stock appreciation rights that relate to more than 2,000,000 shares of our Common Stock; restricted stock or restricted stock units that relate to more than 1,000,000 shares; or performance awards and other stock-based awards that relate to more than 1,500,000 shares. In addition, the maximum amount that may be paid in cash to any participant in a calendar year for an annual cash incentive is $10 million and the maximum long-term cash incentive award is $10 million determined on an annualized basis.
Administration
The Personnel and Compensation Committee (the “Committee”) of our Board will administer the 2007 Plan and will have authority to select individuals to whom awards are granted, determine the types of awards and number of shares covered, and determine the terms and conditions of awards, including the applicable vesting schedule, the effect of termination of service and whether the award will be settled in cash, shares or a combination of the two. The Committee may delegate to one or more individuals or committees the authority to grant awards to participants who are not executive officers or members of our Board. The members of the Committee are selected by our Board and serve at the pleasure of the Board. They do not have any predetermined term of office but may be removed at any time by the Board.
d) of the Exchange Act after the date of this Prospectus and before the filing of a post-effective amendment to the Form S-8 registration statement to which this Prospectus corresponds that indicates that all securities registered hereunder have been sold or that deregisters all such securities then remaining unsold shall be deemed to be incorporated by reference into this Prospectus and to be a part hereof from the date of filing of such documents (other than current reports containing information furnished, as opposed to filed, on Form 8-K). Any statement contained in a document incorporated or deemed incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus.
Additional Information
Delta will provide without charge to each participant in the 2007 Plan, on written or oral request of such person, a copy of any or all documents incorporated by reference in this document (other than the exhibits to such documents, unless such exhibits are specifically incorporated by reference into such documents), as well as any other documents required to be delivered to participants pursuant to Rule 428(b) under the Securities Act of 1933, as amended. Requests for copies of documents should be directed to Delta Air Lines, Inc., Investor Relations, Department 829, P.O. Box 20706, Atlanta, Georgia 30320, telephone number (404) 715-2391.
No periodic reports regarding any award under the 2007 Plan or the status thereof will be provided to participants.
6
You can access the Form S-8 registration statement that registered the shares of Common Stock that may be awarded under the 2007 Plan and all other periodic reports filed by Delta from the Securities and Exchange Commission’s website at www.sec.gov/cgi-bin/srch-edgar at no charge.
Any participant with a question regarding the 2007 Plan or any award thereunder can also contact Delta’ Employee Service Center:
Address:
Delta Employee Service Center PO BOX 52045 Phoenix, AZ 850721 Telephone Number:
800-MY-DELTA (800-693-3582)
E-Mail: [email protected] Facsimile:
602-797-6261
Here is the NEW "incentive compensation plan" for Delta's top managers. If you do the math, $20/share times 30 Million shares, this "incentive" for the Board of Directors, and top managers, equals over $600 Million.
April 30, 2007
PROSPECTUS
DELTA AIR LINES, INC.
2007 PERFORMANCE COMPENSATION PLAN
This document (the “Prospectus”) contains important information about the Delta Air Lines, Inc. 2007 Performance Compensation Plan (the “2007 Plan”). Accordingly, please read this document carefully. Under the terms of the 2007 Plan, Delta Air Lines, Inc. (“Delta”) may grant awards of our Common Stock, par value $0.0001 per share (“Common Stock”), and awards that are based on our Common Stock to our employees and other service providers.
***********
This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended, of the United States.
***********
INFORMATION ABOUT THE 2007 PLAN
Purpose of the 2007 Plan
The 2007 Plan is intended to incentivize of those individuals who are expected to contribute significantly to our success in achieving short-term and long-term financial and business objectives and are expected generally to further the best interests of Delta and its shareowners.
Eligibility
Any employee, consultant or advisor of, or other individual who provides services to, Delta, any of our affiliates or any other entity in which we have a significant equity interest may participate in the 2007 Plan if selected for participation by the Committee (as defined below). In addition, members of our Board of Directors (the “Board”) are eligible to receive awards under the 2007 Plan. “Affiliate” means any entity that either, directly or indirectly, controls us, is controlled by us or is under common control with us.
Authorized Shares and Limitations
Subject to certain adjustments, up to 30,000,000 shares of our Common Stock, par value $0.0001 per share, will be available for awards to be granted under the 2007 Plan. Shares of Common Stock to be issued under the 2007 Plan may be made available from authorized but unissued Common Stock or Common Stock that we acquire in the open market or otherwise. If any shares of our Common Stock are covered by an award (other than a substitute award as defined below) that is cancelled, forfeited or otherwise terminates without the delivery of shares (including the number of shares surrendered or withheld in payment of any exercise or price of an award or taxes related to an award, other than shares underlying a stock appreciation right settled in stock to the extent the award is settled without the issuance of shares), then such shares will again be available for issuance under the 2007 Plan.
No participant may receive under the 2007 Plan in any calendar year stock options and stock appreciation rights that relate to more than 2,000,000 shares of our Common Stock; restricted stock or restricted stock units that relate to more than 1,000,000 shares; or performance awards and other stock-based awards that relate to more than 1,500,000 shares. In addition, the maximum amount that may be paid in cash to any participant in a calendar year for an annual cash incentive is $10 million and the maximum long-term cash incentive award is $10 million determined on an annualized basis.
Administration
The Personnel and Compensation Committee (the “Committee”) of our Board will administer the 2007 Plan and will have authority to select individuals to whom awards are granted, determine the types of awards and number of shares covered, and determine the terms and conditions of awards, including the applicable vesting schedule, the effect of termination of service and whether the award will be settled in cash, shares or a combination of the two. The Committee may delegate to one or more individuals or committees the authority to grant awards to participants who are not executive officers or members of our Board. The members of the Committee are selected by our Board and serve at the pleasure of the Board. They do not have any predetermined term of office but may be removed at any time by the Board.
d) of the Exchange Act after the date of this Prospectus and before the filing of a post-effective amendment to the Form S-8 registration statement to which this Prospectus corresponds that indicates that all securities registered hereunder have been sold or that deregisters all such securities then remaining unsold shall be deemed to be incorporated by reference into this Prospectus and to be a part hereof from the date of filing of such documents (other than current reports containing information furnished, as opposed to filed, on Form 8-K). Any statement contained in a document incorporated or deemed incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus.
Additional Information
Delta will provide without charge to each participant in the 2007 Plan, on written or oral request of such person, a copy of any or all documents incorporated by reference in this document (other than the exhibits to such documents, unless such exhibits are specifically incorporated by reference into such documents), as well as any other documents required to be delivered to participants pursuant to Rule 428(b) under the Securities Act of 1933, as amended. Requests for copies of documents should be directed to Delta Air Lines, Inc., Investor Relations, Department 829, P.O. Box 20706, Atlanta, Georgia 30320, telephone number (404) 715-2391.
No periodic reports regarding any award under the 2007 Plan or the status thereof will be provided to participants.
6
You can access the Form S-8 registration statement that registered the shares of Common Stock that may be awarded under the 2007 Plan and all other periodic reports filed by Delta from the Securities and Exchange Commission’s website at www.sec.gov/cgi-bin/srch-edgar at no charge.
Any participant with a question regarding the 2007 Plan or any award thereunder can also contact Delta’ Employee Service Center:
Address:
Delta Employee Service Center PO BOX 52045 Phoenix, AZ 850721 Telephone Number:
800-MY-DELTA (800-693-3582)
E-Mail: [email protected] Facsimile:
602-797-6261
uke:
