If you want to upgrade from 10.10 to 12.04, then you'll need to follow the upgrade path; 10.10 > 11.04 > 11.10 > 12.04. However, with LTS versions, you can upgrade directly, so that you can upgrade from 10.04LTS to 12.04LTS directly.
But now, LTS versions are supported for five years while there's still a new LTS every two years. That means you can choose to skip an LTS. So the question is; will I be able to upgrade from 12.04LTS to 16.04LTS directly, or will I then have to follow the LTS upgrade path; 12.04 > 14.04 > 16.04?