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8th grade Good
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New words:
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Removed:
acceleration, achieve, achieved, achieving, adjusted, agreed, AirTran, alliance, application, ASM, August, BACKGROUND, Boeing, calculation, cautionary, ceased, Chapter, Code, collectively, combined, consolidation, contemplated, contracted, contractual, converted, corporate, crew, dedicated, defaulted, Department, determination, disciplined, disrupt, distributed, distribution, diversified, divestiture, element, eligible, emerged, evaluated, execute, existence, expanded, failure, filing, finance, fluctuate, freighter, frozen, fund, generate, governed, handling, II, immaterial, impacting, improve, improving, incidental, installing, integrating, intention, invest, invested, investment, issue, joint, Kentucky, key, LaGuardia, largest, lessen, liquid, liquidation, lodging, maintaining, manufacturer, MasterCard, merged, natural, offer, onset, overhead, pension, people, point, pro, productivity, protracted, range, rata, reach, reached, realized, receive, recent, recession, relating, repair, represent, resolution, Retirement, satisfied, seasonality, security, separately, set, slot, spending, sponsor, strategic, structure, substantial, synergy, system, technology, transatlantic, unable, Usage, utilization, venture, Visa, volatile, voluntary, weakened, weaker, weather, widebody, workforce
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Exhibit 10.1
[Personal letterhead]
March 1, 2011
Mr. David Goode
Chairman, Personnel & Compensation
Committee of the Board of Directors
Delta Air Lines, Inc.
World Headquarters
Atlanta, GA 30320
Dear David:
The P&C Committee previously eliminated from the Officer and Director Severance Plan and all awards granted since October 20, 2009 clauses providing for payment of excise tax and related gross-up provisions imposed by Section 4999 of the Internal Revenue Code.
As you know, I do not have an employment agreement; however, I would like to waive all such provisions in my Award Agreement for the long term incentive awards I received in connection with the merger of a Delta subsidiary and Northwest on October 29, 2008. I realize, that by taking this action, I am voluntarily giving up any protection from excise taxes I currently have in the event of a change in control. I also understand and agree that by so doing, I have not triggered the “Good Reason” clause in any Plan or Award Agreement.
Sincerely,
Delta Air Lines, Inc., Post Office Box 20706, Atlanta, GA 30320-6001, U.S.A.