Spirit Airlines Board and Executive Compensation Changes
Ticker: FLYYQ · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1498710
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: SAVE
TL;DR
Spirit Airlines shakes up board, adjusts exec pay.
AI Summary
Spirit Airlines, Inc. announced on July 1, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and the election of new directors, alongside updates to compensatory plans for key executives.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, or financial outlook, impacting investor confidence.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can indicate internal shifts that may affect future performance or strategic direction.
Key Players & Entities
- Spirit Airlines, Inc. (company) — Registrant
- July 1, 2024 (date) — Date of earliest event reported
FAQ
What specific roles have seen changes in officers?
The filing indicates changes related to the 'Departure of Directors or Certain Officers' and 'Appointment of Certain Officers', but does not specify the exact roles in this summary.
Were there any new directors elected?
Yes, the filing mentions the 'Election of Directors' as an item of information.
What is the nature of the changes in compensatory arrangements?
The filing notes 'Compensatory Arrangements of Certain Officers' as an item of information, suggesting updates or modifications to executive pay.
What is the principal executive office address for Spirit Airlines?
The principal executive offices are located at 1731 Radiant Drive, Dania Beach, Florida 33004.
What is the Commission File Number for Spirit Airlines?
The Commission File Number for Spirit Airlines is 001-35186.
Filing Stats: 1,110 words · 4 min read · ~4 pages · Grade level 11.1 · Accepted 2024-07-01 17:16:01
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value SAVE New York Stock Excha
- $610,000 — e will receive an annual base salary of $610,000. He will also be eligible for a target
- $200,000 — Cromer will receive a signing bonus of $200,000 (subject to applicable withholdings) an
- $1,000,000 — al long-term incentive ("LTI") award of $1,000,000 in grant date value, comprised of 50% r
- $1,500,000 — n, with an annual target award value of $1,500,000. The Company will provide Mr. Cromer
- $950,000 — annual base salary will be increased to $950,000; (ii) for Mr. John Bendoraitis, Executi
- $650,000 — er, annual base salary will increase to $650,000, annual target short-term incentive ("S
- $525,000 — er, annual base salary will increase to $525,000, annual target STI will increase to 100
- $1,250,000 — target LTI grant value will increase to $1,250,000; and for Mr. Rocky Wiggins, Senior Vice
- $500,000 — er, annual base salary will increase to $500,000, annual target STI will increase to 80%
- $750,000 — target LTI grant value will increase to $750,000. Item7.01. Regulation FD Disclosure.
Filing Documents
- d843518d8k.htm (8-K) — 31KB
- d843518dex101.htm (EX-10.1) — 29KB
- d843518dex991.htm (EX-99.1) — 8KB
- g843518dsp002a.jpg (GRAPHIC) — 77KB
- g843518dsp002b.jpg (GRAPHIC) — 3KB
- g843518dsp003a.jpg (GRAPHIC) — 3KB
- g843518dsp003b.jpg (GRAPHIC) — 3KB
- g843518dsp004a.jpg (GRAPHIC) — 3KB
- g843518dsp004b.jpg (GRAPHIC) — 3KB
- g843518dsp005a.jpg (GRAPHIC) — 7KB
- g843518dsp005b.jpg (GRAPHIC) — 4KB
- g843518dsp006a.jpg (GRAPHIC) — 7KB
- g843518dsp006b.jpg (GRAPHIC) — 3KB
- g843518dsp007.jpg (GRAPHIC) — 7KB
- 0001193125-24-173433.txt ( ) — 362KB
- save-20240701.xsd (EX-101.SCH) — 3KB
- save-20240701_lab.xml (EX-101.LAB) — 17KB
- save-20240701_pre.xml (EX-101.PRE) — 11KB
- d843518d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d)Exhibits Exhibit Number Description 10.1 Frederick A. Cromer Offer Letter 99.1 Press Release, dated July 1, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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 hereunto duly authorized. Date: July 1, 2024 SPIRIT AIRLINES, INC. By: /s/ Thomas Canfield Name: Thomas Canfield Title: Senior Vice President and General Counsel