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Old 01-03-2021, 05:40 AM   #1  
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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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.
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Old 01-03-2021, 08:07 AM   #2  
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Miata....egg joke....politics....the rona.

is this a record for thread being derailed after one post?!?
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Old 01-03-2021, 08:25 AM   #3  
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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.
How else will we retain our talented management team?
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Old 01-03-2021, 08:58 AM   #4  
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How else will we retain our talented management team?
You could try black mail.
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Old 01-03-2021, 09:38 AM   #5  
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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.
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.
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Old 01-04-2021, 06:08 PM   #6  
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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.
They are decoupling from the PS calculation because it didn't pay out for 2020 and that would mean no MIP. Yeah, I expect they will ALWAYS get paid. This is just blatant changing the rules during the game. Crisis is always a good time for extortion. My guess is that the compensation committee sees our senior level VPs leaving and knows they have to make the recruiting/retention more attractive for people to want to be employed by a company accepting a government bailout to stay viable. The hypocrisy still makes me mad. I should probably be immune to it by now, ...but I'm not.

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.
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Old 01-04-2021, 06:42 PM   #7  
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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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Old 01-04-2021, 07:02 PM   #8  
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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...
I bet the olympic team has an opening for a long jumper of your stature.
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Old 01-04-2021, 07:29 PM   #9  
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Someday said”pull the derailer handle”
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Old 01-04-2021, 08:07 PM   #10  
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Someday said”pull the derailer handle”
In that case, well done, I suppose that fit the bill.
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