Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Details...
On December 15, 2020, the Personnel & Compensation Committee (the “Committee”) of the Board of Directors of Delta Air Lines, Inc. (“Delta”) approved the Delta Air Lines, Inc. Management Incentive Plan (the “Plan”). The Plan, which was adopted under, and is subject to the terms of, the Delta Air Lines, Inc. Performance Compensation Plan, provides a framework for annual cash incentive award opportunities beginning January 1, 2021, replacing Delta’s recent practice of adopting a new annual incentive plan each calendar year. Management employees of Delta, including named executive officers, are eligible to participate in the Plan. Awards under the Plan will be earned, if at all, based on achievement of financial and/or non-financial performance goals established by the Committee, and, for certain participants, individual performance. As in Delta’s recent management incentive plans, the Plan provides that if there is no payout to employees under Delta’s broad-based profit sharing program for a plan year, any payout earned under the Plan by most management participants, including participants employed by Delta as executive vice presidents or more senior officers,
will not exceed the target award level and, for those executive officer participants, the payout will not be paid in cash, but in shares of restricted stock. These restrictions would generally lapse only upon a payout under Delta’s profit sharing program.
https://www.sec.gov/ix?doc=/Archives.../delta_i8k.htm
You didn't think the executives wouldn't get paid in 2020, did you? This is a permanent change to keep the MIP a guarded secret.