Alaska Airlines and Horizon Air 2009 Annual Report Download - page 53
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resourcefulness and teamwork by key
employees whose performance and
responsibilities directly affect the
performance of the business.
The Committee uses both fixed
compensation and variable performance-
based compensation to achieve a balanced
program that is competitive and provides
appropriate incentives. Base salaries,
benefits, perquisites, retirement benefits,
and change in control benefits are intended
to attract and retain highly qualified
executives and are paid out on a short-term
or current basis. Annual incentives and long-
term equity-based incentives are intended to
motivate executives to achieve specific
performance objectives.
The Committee believes that this mix of
short-term and longer-term compensation
allows it to achieve dual goals of attracting
and retaining highly qualified executives and
providing meaningful performance incentives
for those executives.
Executive Pay Mix and the Emphasis on
Variable Pay
The Compensation Committee believes that
emphasis on variable compensation at the
senior executive levels of the Company is a
key element in achieving a
pay-for-performance culture, aligning
management’s interests with those of the
Company’s stockholders. At the same time,
the Committee believes that the plans
provide meaningful incentives for executives
while balancing risk and appropriate reward.
The Committee, when determining executive
pay, ensures that compensation is closely
aligned with the overall strategy of the
Company, with superior performance and
stockholder return as the ultimate
motivation.
Total direct compensation for a Named
Executive Officer is tailored to place a
substantial emphasis on pay that is tied to
performance objectives. Excluding special
equity awards, for 2009, the Committee
approved target-level compensation for
Mr. Ayer that is 83% variable and tied to
stockholder value creation. With respect to
the other Named Executive Officers, the
Committee approved target compensation
that is on average 76% variable.
76% Variable Pay
24% Base
Pay
83% Variable Pay
17% Base
Pay
Total Direct
Compensation of
Chief Executive Officer
Total Direct
Compensation of Other
Named Executive Officers
ŠProxy
37