Alaska Airlines and Horizon Air 2013 Annual Report Download - page 60
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EXECUTIVE COMPENSATION
and other employees to achieve specific
Company goals. All of the Company’s
employee groups participated in the
Performance-Based Pay Plan during 2013.
The Committee aligns executive
compensation with the Company’s strategic
plan by choosing a target performance level
for each operational or financial goal
(outlined in the 2013 Performance-Based
Pay Metrics table below) that is consistent
with the Company’s strategic plan goals.
The long-term success of the Company is
highly dependent on running a safe and
reliable operation, meeting and exceeding
the expectations of customers, keeping unit
costs in check, and earning profits that
meet or exceed a 10 percent return on
invested capital over the business cycle.
Each of these key strategic objectives is
reflected in the goals of the Performance-
Based Pay Plan.
Each participant in the Performance-Based
Pay Plan is assigned a target participation
level that is at about the median level of
target participation levels for similarly
situated executives within the Company’s
peer group and is expressed as a
percentage of the participant’s base salary.
For the Named Executive Officers, the 2013
target participation levels are as follows:
2013 Performance-Based Pay Plan
Participation Rates
Name
Target Participation
as % of Base Salary
Bradley D. Tilden 100%
Brandon S. Pedersen 75%
Glenn S. Johnson 75%
Benito Minicucci 75%
Keith Loveless 75%
Incentive award payments may range from
zero to 200% of the Named Executive
Officers’ target based on the achievement of
objective performance standards set by the
Committee at the beginning of each year.
For each performance metric, performance
at the target level will generally result in a
100% payout of the target amount for that
metric, while the payout is generally 200%
for performance at or above the maximum
level and 25% for performance at the
threshold level. The payout percentages are
interpolated for performance between the
levels identified below, but if performance
for a particular metric is below the threshold
level, no payment will be made as to that
metric. The Committee retains discretion to
reduce bonus amounts below the level that
would otherwise be paid. For 2013, the
Performance-Based Pay Plan metrics were
set as follows:
ŠProxy
53