imminently derailable thread
01-03-2021, 04:40 AM
#1
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Joined APC: Mar 2015
Position: stake holder ir.delta.com
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imminently derailable thread
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.
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.
01-03-2021, 07:25 AM
#3
Gets Weekends Off
Joined APC: Oct 2017
Posts: 199
Originally Posted by notEnuf
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.
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.
01-03-2021, 08:38 AM
#5
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Joined APC: Jun 2019
Position: Currently freeloading
Posts: 517
Originally Posted by notEnuf
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.
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.
With regards to Ed specifically, when he announced he would waive his salary, people rightly called him out for taking his whopping 6% pay cut while everyone else took a 25% hit (thank god for our union contract...).
So in the interest of education, is Delta doing something exceptional about what is posted above? It sounds pretty boilerplate to me, but that might just be my own ignorance.
01-04-2021, 05:08 PM
#6
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Thread Starter
Joined APC: Mar 2015
Position: stake holder ir.delta.com
Posts: 10,022
Originally Posted by PilotWombat
Ok, so, I know most large cap companies pay their executives primarily in stock, they are grossly overcompensated when compared to their employees, and I was under the impression (no source) that the Delta BOD changed the metrics in early 2020 so that their compensation wasn't tied as closely to financial metrics as they were in years past. It's stupid and it's unfair, but until capitalism itself changes along with our tax code, that's just the way it is. Rich people gonna rich.
With regards to Ed specifically, when he announced he would waive his salary, people rightly called him out for taking his whopping 6% pay cut while everyone else took a 25% hit (thank god for our union contract...).
So in the interest of education, is Delta doing something exceptional about what is posted above? It sounds pretty boilerplate to me, but that might just be my own ignorance.
With regards to Ed specifically, when he announced he would waive his salary, people rightly called him out for taking his whopping 6% pay cut while everyone else took a 25% hit (thank god for our union contract...).
So in the interest of education, is Delta doing something exceptional about what is posted above? It sounds pretty boilerplate to me, but that might just be my own ignorance.
The annual publishing of the targets was a predictor for what management thought the PS would be (both high and low end) which in turn was a prediction of the level of performance we could expect. We will see what's in the 10K next month.
01-04-2021, 06:02 PM
#8
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Joined APC: Nov 2016
Posts: 2,544
Originally Posted by 9mikemike
Never realized how many of you Delta pilots were so ideologically tied to your socialist CEO.....No wonder y’all voted for Jump Up Joe. Thought it was weird that Georgia fell to socialism but now it seems about right...
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