Document:

RJF-EX10.25_2014.03.31-10Q

EXHIBIT 10.25

[RAYMOND JAMES LETTERHEAD]

January 9, 2014

Hand Delivery

Mr. Chester B. Helck
255 6th Avenue North
Tierra Verde, FL  33715

Dear Chet:

You informed me today of your decision to retire at the end of this fiscal year.  Congratulations!  This is never an easy decision to make.  I understand you do not wish to stand for re-election as a Director of Raymond James Financial, Inc. (“RJF”).  At my request, you have however agreed to continue to be available to work for RJF in a new role until your retirement, as described below.  In this connection, we have agreed on the following terms:

You will remain CEO, Global Private Client Group and a member of the Executive Committee until February 21st, 2014.  Thereafter, your title will be Senior Advisor of RJF.  You will remain based in our St. Petersburg, Florida, office and will report directly to me.  You will have a dedicated office through March 1, 2014.  Effective March 1, 2014, you will be provided with an office and administrative support as necessary, until September 30, 2014 (the “Retirement Date”).  

1.Your expected duties and compensation in your new role include the following:

a.Supporting RJF and PCG’s objectives;

b.Participation in RJF’s Annual Long-Range Planning Board of Directors Meeting on February 22-23, 2014.

c.In exchange for performing the above-listed duties, your annual salary will remain at $335,000.  Your fiscal 2014 bonus compensation will be $2,400,000, and the cash portion thereof will be paid to you on the second Friday of December, 2014, similar to other senior managers.  You will not be required to be employed on the date the cash portion of your bonus is first scheduled to be paid in order to receive such bonus.  Except as set forth in paragraph 4 below, in the event your employment terminates for any reason prior to the Retirement Date, all rights to unpaid compensation, including any bonus, will cease immediately.

2.Your 2014 bonus will be paid in accordance with the firm’s stock bonus program under the Company’s 2012 Stock Incentive Plan, which currently provides that if your bonus is $275,000 or higher, a portion of your annual bonus will be paid in the form of restricted stock units.  The allocation between cash and restricted stock units varies with the size of the total bonus.  All of those restrictive stock units will be time-based vesting units, cliff vesting on the third anniversary of their grant date.  The grant date for these restricted stock units will be the Retirement Date.

3.Prior to the Retirement Date, you will continue to be eligible to participate in the Company’s group health and welfare plans, in addition to the Profit Sharing Plan, Employee Stock Ownership Plan, Employee Stock Purchase Plan, the 401(k) Plan and the LTIP as outlined in the applicable plan documents.

4.Raymond James acknowledges and agrees the amounts set forth in paragraph 1c. above shall immediately be due and payable to you, or your heirs, assigns, executors and administrators, as applicable, upon any of the following circumstances:

a.Your death, or Disability; or

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b. any Change in Control with respect to RJF, 

as the terms “Disability” and “Change in Control” are defined in the 2012 Stock Incentive Plan.

5.You agree at reasonable times and with reasonable notice to cooperate fully with Raymond James in the investigation of any claims, suits, investigations or enforcement proceedings brought against Raymond James arising from, involving or concerning any portion of your prior employment with Raymond James in order to permit Raymond James to be able to fully and fairly investigate and defend such claims. You affirm that any testimony or information provided pursuant to the terms of this paragraph will be accurate and truthful.  Raymond James agrees to compensate you for any out-of-pocket travel related expenses incurred by you as a part of your compliance with this paragraph.

6.Confidential Information and Noncompete/Nonsolicitation

a.Confidential Information.  You acknowledge that in the course of your employment, you have acquired information about Raymond James Financial and its consolidated subsidiaries (Company Information) and that such Company Information has been disclosed to you in confidence and for Raymond James’s use only.  You shall:  (a) keep such Company Information confidential at all times after your employment with Raymond James; (b) not disclose or communicate Company Information to any third party without the prior consent of Raymond James.  In view of the nature of your employment and the nature of the Company Information which you have received during the course of employment, you agree that any unauthorized disclosure to third parties of Company Information or other violations or threatened violation, of this Agreement would cause irreparable damage to the trade secret status of Company Information and to Raymond James, and that, therefore, Raymond James shall be entitled to an injunction prohibiting you from any such disclosure, attempted disclosure, violation, or threatened violation.  When the Company Information becomes generally available to the public other than by your acts or omissions, it is no longer subject to the restrictions in this Paragraph.  However, Company Information shall not be deemed to come under this exception because it is embraced by more general information that is or becomes generally available to the public.  You acknowledge that the confidentiality provisions of the Raymond James Financial Business Ethics Policy between Raymond James and you remain in full force and effect notwithstanding any other provisions of this letter agreement and, along with the undertakings set forth in this paragraph, shall survive the termination of this letter agreement and your employment.

b.Non-competition and Non-solicitation.  For two (2) years following the end of your employment, you shall not compete with Raymond James or any of its consolidated subsidiaries (“Raymond James”) or solicit as outlined below.  For purposes of this paragraph, a you shall be deemed to have engaged in competition with Raymond James or solicited Raymond James customers or Associates if  you:

(i)own, manage, operate, control, or are  employed by, act as an agent for, participate in or are connected in any manner with the ownership, management, operation or control of any business that is engaged in one or more businesses that are or may be competitive to the business of Raymond James; provided that this restriction shall encompass (A) the State of Florida; (B) all other states in the United States where Raymond James is engaged in business (and every city, county and other political subdivision of such states); and (C) any other countries where Raymond James is engaged in business (and every city, county, province and other political subdivision of such countries);

(ii)solicit or call either for yourself, or for any other person or firm, corporation, association or other entity, any of the customers of Raymond James on whom you called, with whom you became acquainted, or of whom you learned of during your employment; or

(iii)solicit any of the employees or agents of Raymond James to terminate his or her employment or relationship with Raymond James.

7.The period beginning on March 1, 2014 and ending on the Retirement Date shall be referred to as the “Transition Period.” During the Transition Period, you shall not physically report to work unless directed by Raymond James.  You agree to be reasonably available to assist with transition matters, and you will remain available to work 

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on special projects upon written notice and at reasonable times as reasonably requested by Paul Reilly, in his capacity as Chief Executive Officer of RJF.  Notwithstanding the foregoing, Raymond James acknowledges that you may not be domiciled in Florida and shall have a reasonable amount of time to comply with any request for a special project.  (This is now covered in the second paragraph)

8.Limitations Under Code Section 409A.

a.If at the time of your separation from service, (i) you are a specified employee (within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”) and using the identification methodology selected by Raymond James from time to time), and (ii) Raymond James makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A), the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then Raymond James will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day after such six-month period, together with interest for the period of delay, compounded annually, equal to the prime rate (as published in the Wall Street Journal) in effect as of the dates the payments should otherwise have been provided.

b.It is the intention of the parties that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code.  To the extent such potential payments or benefits could become subject to such Section, the parties shall cooperate to amend this Agreement with the goal of giving the Associate the economic benefits described herein in a manner that does not result in such tax being imposed.

c.With respect to payments under this Agreement, for purposes of Section 409A of the Code of 1986, each severance payment will be considered one of a series of separate payments.

d.You will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified as deferred compensation only upon a “separation from service” within the meaning of Section 409A.

e.Any amount that you are entitled to be reimbursed under this Agreement will be reimbursed to you as promptly as practical and in any event not later than the last day of the calendar year after the calendar year in which the expenses were incurred, and the amount of the expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year.

f.If on the due date for any payment pursuant to this Section which constituted deferred compensation within the meaning of Section 409A, all revocation periods with respect to the release have not yet expired, such payment will not be made until such revocation period has expired and if such revocation period has not expired by the end of the calendar year in which the payment would have otherwise been made, the payment shall be forfeited.

9.Announcements.    The parties hereto shall work together on the wording of both a private and a public message related to the end of your employment to be reflected as retirement.  In the event any person or entity asks any party hereto about your employment with Raymond James and any disputes relating thereto, such party’s response should be consistent with the wording of the public message.

    

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Once again, congratulations on your decision.  We appreciate your dedication and hard work over the years.  You have been a very valuable contributor and leader in the success of PCG.  Again, thank you.

Sincerely,

/s/ Paul C. Reilly
Paul C. Reilly
Chief Executive Officer

I have read and understood this letter agreement and agree to comply with its terms and conditions, which I acknowledge to be final and binding: 

/s/ Chester B. Helck            
Chester B. Helck

139EX 10.1 PBP Plan Amended

ALASKA AIR GROUP PERFORMANCE BASED PAY PLAN
(Amended and Restated February 11, 2014)

The Board of Directors (the “Board”) of Alaska Air Group, Inc. (the “Company”) has adopted a plan to
reward employees of Alaska Airlines, Inc. (“Alaska”) and Horizon Air Industries, Inc. (“Horizon”). The
plan, formerly known as the Management Incentive Plan, has been renamed as the Performance Based
Pay Plan (“Plan”). This memorandum is provided to explain the key elements of how the Plan will
operate. The Performance Based Pay award (“Award”) of each eligible Participant will depend upon the
degree to which the Company achieves the performance goals and award modifier set by the
Compensation and Leadership Development Committee (the “Committee”) of the Board for each
calendar year (a “Plan Year”) and the discretion of the Committee and Chief Executive Officer
explained below. This Amended and Restated Plan is effective beginning with the 2014 Plan Year and
each year thereafter until amended, restated or terminated, pursuant to paragraph 8.

1.     ELIGIBILITY
Eligibility to participate in the Plan during a Plan Year is limited to officers and other employees
of Alaska and Horizon who (a) are designated by the Committee (attached as Annex B), and (b)
are designated employees of Alaska or Horizon as of December 31 of the Plan Year, or (c) were
designated employees during the Plan Year and do not meet the requirement of (b) because their
employment ended due to retirement at age 52 or older, disability or death (each a “Participant,”
or collectively “Participants”). Any employee terminated for cause prior to payment under the
Plan shall not be eligible to receive a payment regardless of their employment status on
December 31 of the Plan Year. Individuals may become Participants during the Plan Year if
they are newly hired during the year and meet the requirements of the preceding sentence.
Participants who are on temporary medical leave, military leave, or otherwise not working either
full-time or part-time for Alaska or Horizon for reasons approved by the Board, but who remain
employed, shall retain eligibility as Participants. Participation in the Plan does not guarantee that
any Award will be paid if applicable performance goals specified for the Plan Year are not
achieved for the year. Unless otherwise provided for in a separate Award agreement, an
individual whose employment with Alaska or Horizon ends for any reason not described in (c)
above, such as resignation or termination, forfeits eligibility upon such end of employment.

2.     BASIS FOR PARTICIPATION
A Participant’s Basis for a Plan Year is used to determine the dollar amount or initial target value
of the Participant’s Award for that year. The “Basis” is the Eligible Pay of the Participant earned
during the Plan Year multiplied by the percentage selected for that Participant by the Board.
“Eligible Pay” means the aggregate wages or salary earned during the Plan Year by the
Participant for services performed for Alaska or Horizon, including cash received for vacation
payouts in connection with the Participant’s transfer between Alaska and Horizon or in
connection with retirement, death or disability], amounts that the Participant could have received
in cash had the Participant not elected to contribute the amount to an employee benefit plan
maintained by the Company or an affiliate and any other voluntary payment the Participant
makes which reduces his/her compensation (such as the Participant’s voluntary contribution to
an Internal Revenue Code (“Code”) Section 401(k) Plan, Code Section 125 medical account,
dependent day care spending account, or charitable gift), but excluding commissions, all bonuses
(including any payment received under this Plan), and all other forms of incentive or other
supplemental pay, employee benefits paid by the employer (such as employer contributions to a
Code Section 401(k) Plan), worker’s compensation payments, disability payments, cash and noncash

fringe benefits and perquisites (such as per diems, auto expense reimbursement, relocation
reimbursement or travel reimbursement). Awards may be paid in cash or by act of the
Committee, the Company’s Common Stock. Alternatively, Awards may, by act of the
Committee, be denominated in shares of the Company’s Common Stock that are subject to
conditions and restrictions established by the Committee and based on the achievement of
performance goals as provided for in a Performance Share Award Agreement (such shares of
Common Stock are referred to as “Performance Shares”).

3.     CALCULATION OF THE AWARD
The size of the Award earned for a Plan Year will depend upon the extent to which the
performance goals and award modifier of the Company have been achieved during that Plan
Year and the discretion of the Committee. Separate performance weighting has been established
for each performance goal. The Award will equal either (i) in the case of cash-based Awards,
the dollar amount achieved by multiplying the Participant’s Basis by the sum of the weighted
percentage achievement factors, or (ii) in the case of Common Stock Based Awards, the number
of shares which is equal to the cash award under the preceding clause (i) divided by the closing
price of the Company’s Stock on the NYSE on the date of such Award, or (iii) in the case of
Awards denominated in Performance Shares, the actual number of shares of Common Stock
earned by the Participant will be determined based on the achievement of performance goals as
described in the applicable Performance Share Award Agreement, in each case, as such amounts
may be adjusted in the Committee’s discretion pursuant to paragraph 6 or pursuant to the terms
of an applicable Performance Share Award Agreement. All calculations will be performed by
the Human Resources Department of Alaska and will be subject to approval by the Committee.
Once approved by the Committee, such calculations shall be conclusively presumed to be
accurate.

4.     PERFORMANCE WEIGHTING
In order to achieve any Award for a particular performance goal, a “Threshold” must be
achieved. An Award of 25% of full entitlement is achieved if “Threshold” is reached. A full
entitlement is achieved when the “Target” is reached, and a double entitlement is possible if the
“Maximum” is achieved. This weighting applies to each goal individually. Once the Threshold
is achieved, the percentage of the difference between the Threshold and Target achieved is
multiplied by the weighting factor as specified in the attachment for the applicable Plan Year. If
the Target is exceeded, the percentage of the difference between the Target and the Maximum
achieved is multiplied by the weighting factor as specified in the attachment for the applicable
Plan Year. Since the difference between the Threshold and Target is, in most cases,
arithmetically different from the difference between the Target and the Maximum, calculations
will be performed utilizing either the Threshold-Target range, or Target-Maximum range, as
applicable, to locate the percentage of the Target, or the percentage of the Maximum, as
applicable, that has been achieved. Additional performance weighting criteria and the
methodology for determining the number of shares issued to a Participant pursuant to an Award
of Performance Shares may be set forth or described in an applicable Performance Share Award
Agreement.

5.     PERFORMANCE GOALS AND APPLICABLE PERFORMANCE WEIGHTING
FACTORS
The Committee will establish the performance goals and award modifier for each Plan Year
during the life of this Plan, and will provide Annex A to this Plan that outlines goals, award
modifiers and the weighting factors.

6.     DISCRETIONARY FACTOR
In the case of a Participant described in paragraph 1(c) who retired due to age, terminated
employment due to disability, or died during the year, or a Participant who took a leave of
absence or worked a reduced schedule during any portion of the year, the Committee retains
absolute discretionary authority to adjust the Award to such Participant based upon the
Committee’s determination of such Participant’s contribution to the Company.

7.     TIMING OF AWARDS
It is the intent of the Board to distribute the Award, or actual shares of the Company’s Common
Stock for Awards denominated in Performance Shares, for a Plan Year no later than March 15 of
the following year for each Plan Year that Participants have become entitled to an Award. The
terms and conditions of an Award denominated in Performance Shares will be set forth in a
Performance Share Award Agreement with a Participant. A deceased Participant's Award will
be paid, or shares of the Company’s Common Stock underlying an Award denominated in
Performance Shares will be distributed, to the beneficiary designated by the Participant for
purposes of the Company's group term life insurance plan covering the deceased Participant, and
in the absence of any designation, will be paid or distributed to the Participant’s estate.

8.     AMENDMENT
The Board, acting through the Committee, retains the right to modify the Plan at any time in any
manner that it deems appropriate, provided that (a) no amendment that adversely affects the
rights of Participants or their beneficiaries shall be effective for a Plan Year that ended prior to
the Plan Year in which the amendment was adopted, and (b) it will not terminate the Plan for any
Plan Year during that Plan Year unless it is clear that Participants will not receive an Award for
that Plan Year. It is understood that the Committee of the Board will review the Plan yearly and
may make changes to the Plan for the next Plan Year.

9.     CLAWBACK POLICY.
The Award is subject to the terms of the Company’s recoupment, clawback or similar policy as it
may be in effect from time to time, as well as any similar provisions of applicable law, any of
which could in certain circumstances require forfeiture of the Award and repayment or forfeiture
of any shares of Common Stock or cash or other property received with respect to the Award
(including any value received from a disposition of the shares acquired pursuant to the Award).

10.     MISCELLANEOUS
a.     This memorandum, including its attachments, constitutes the entire understanding
relating to an Award to any employee of Alaska or Horizon, and supersedes all prior oral
or written agreements, representations or commitments relating to such Awards.
b.     This Plan is not a commitment of the Company, Alaska or Horizon, to any officer or
employee of such company, to continue that individual in its employ in order to qualify
for an Award. Nothing contained in this Plan may be considered to be a promise of
continued employment. Any employee who shall file suit against his or her employer for
wrongful termination shall automatically cease to be a Participant.
c.     In the event that a Participant has a written employment agreement with Alaska or
Horizon which entitles such Participant to participate in the Management Incentive Plan,
this Plan is intended, for the purpose of such agreements, to be considered to be the same
plan and may continue to be referred to as the MIP.
d.     This memorandum and the rights and obligations provided for herein shall be construed
and interpreted in accordance with the law of the state of Washington, excluding its

conflicts of law rules.
e.     No unpaid Award will be subject to the debts, liabilities, contracts or engagements of any
Participant, and may not be alienated, pledged, garnished or sold, and any attempt to do
so shall be void.
f.     Awards of Common Stock, Performance Shares, and the issuance of shares of the
Company’s Common Stock underlying Awards of Performance Shares, are deemed to be
made pursuant to the Company’s 2008 Performance Incentive Plan, or any such
successor plan.
g.     All Plan Awards are subject to applicable federal, state, and local deductions.

Dated: February 11, 2014 Alaska Air Group, Inc.
______________________________
J. Kenneth Thompson
Chairman
Compensation and Leadership Development Committee
Alaska Air Group, Inc. Board of Directors

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