form8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
January
27, 2010
(Date of
earliest event reported)
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State or
Other Jurisdiction of Incorporation)
|
1-8957
|
91-1292054
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
19300
International Boulevard, Seattle, Washington
|
98188
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2.
below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
ALASKA AIR GROUP,
INC.
Registrant
Date:
February 1, 2010
/s/ Brandon S.
Pedersen
Brandon
S. Pedersen
Vice
President/Finance and Controller
/s/ Glenn S.
Johnson
Glenn S.
Johnson
Executive
Vice President/Finance and Chief Financial Officer