Change in Directors or Principal Officers
ITEM 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On January 27, 2010 the Compensation Committee of the Board of Directors (the "Committee") of Alaska Air Group, Inc. (the "Company") approved the payouts for the 2009 Performance-Based Pay plan. The payouts are based on the Company's 2009 performance relative to safety, customer satisfaction, and financial performance goals established by the Committee for the year. The payouts were as follows:
Mr. Ayer, $620,585; Mr. Tilden, $439,577; Mr. Johnson, $387,863; Mr. Minicucci, $323,215; and Mr. Pinneo, $339,216.
The Committee also approved the 2010 performance criteria pursuant to which awards may be paid to executive officers and other employees participating in the Performance-Based Pay plan as follows. Subject to the terms of the plan, participants will be eligible to receive payments if the Company achieves certain operational and financial performance criteria over the full year. The primary measures for 2010 and the relative weightings given to each measure are the Company's pre-tax profit margin (70%), cost per available seat mile excluding fuel (10%), safety as measured by lost time injuries per full time equivalent employee and aircraft ground damage per 10,000 departures (10%), and customer satisfaction as measured by total number of times each airline meets or exceeds the monthly Operational Performance Rewards customer satisfaction goal (10%). For all employees, Performance-Based Pay payouts will be subject to an additional performance modifier that could increase, decrease, or maintain payout levels. The modifier is based upon the dollar value of ancillary revenues collected per passenger.
This will make all of yus furloughed guys sleep better.