Allegiant Travel Co. Files 8-K: Material Agreement, Officer Changes
Ticker: ALGT · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1362468
Sentiment: neutral
Topics: material-agreement, corporate-governance, officer-changes
Related Tickers: ALGT
TL;DR
ALGT filed an 8-K detailing a new material agreement and executive/director changes.
AI Summary
Allegiant Travel Company (ALGT) announced on July 8, 2024, that it entered into a material definitive agreement. The company also reported the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with updates on compensatory arrangements for certain officers. The filing also noted other events.
Why It Matters
This 8-K filing indicates significant corporate actions at Allegiant Travel, including a new material agreement and changes in its leadership structure, which could impact its strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Material definitive agreements and changes in corporate officers/directors can signal significant strategic shifts or internal restructuring, carrying inherent business risks.
Key Players & Entities
- Allegiant Travel Company (company) — Registrant
- July 8, 2024 (date) — Earliest event reported
- Nevada (jurisdiction) — State of incorporation
- 1201 North Town Center Drive (address) — Principal executive offices
- Las Vegas, NV 89144 (address) — Principal executive offices location
FAQ
What is the nature of the material definitive agreement entered into by Allegiant Travel Company?
The filing states that Allegiant Travel Company entered into a material definitive agreement, but the specific details of this agreement are not provided in the excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on July 8, 2024.
What are the key items reported under 'ITEM INFORMATION' in this filing?
The key items reported are: Entry into a Material Definitive Agreement; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers; and Other Events.
In which state is Allegiant Travel Company incorporated?
Allegiant Travel Company is incorporated in Nevada.
What is the address of Allegiant Travel Company's principal executive offices?
The address of Allegiant Travel Company's principal executive offices is 1201 North Town Center Drive, Las Vegas, NV 89144.
Filing Stats: 931 words · 4 min read · ~3 pages · Grade level 10.1 · Accepted 2024-07-18 14:11:37
Key Financial Figures
- $0.001 — ich registered Common stock, par value $0.001 ALGT NASDAQ Stock Market Indicate b
- $600,000 — . Anderson's annual base salary will be $600,000 through the end of the contract in 2026
- $300,000 — nual base salary will be at the rate of $300,000 through the end of 2026 when the contra
- $1,000,000 — her's total compensation will adjust to $1,000,000 per year effective as of September 1, 2
Filing Documents
- algt-20240708.htm (8-K) — 36KB
- algt-20240708_g1.jpg (GRAPHIC) — 82KB
- 0001362468-24-000034.txt ( ) — 349KB
- algt-20240708.xsd (EX-101.SCH) — 2KB
- algt-20240708_lab.xml (EX-101.LAB) — 19KB
- algt-20240708_pre.xml (EX-101.PRE) — 11KB
- algt-20240708_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On July 15, 2024, Allegiant Travel Company (the "Company") entered into Amended and Restated Employment Agreements with two of our executive officers, Gregory Anderson and Scott DeAngelo. These amended employment agreements supersede employment agreements entered into with these executive officers in 2022. Under the new agreements, each of Mr. Anderson and Mr. DeAngelo will begin to receive cash base salaries and each will give up rights to cash bonus potential based on stock price performance as set forth in the 2022 employment agreements. In addition, the stock options provided for in the 2022 employment agreements have been cancelled. Under the new Employment Agreement with Mr. Anderson, he will begin to serve as president and chief executive officer of the Company effective as of September 1, 2024. Mr. Anderson's annual base salary will be $600,000 through the end of the contract in 2026. Under the new Employment Agreement, Mr. Anderson can earn additional compensation in 2025 and 2026 based on the Company's achievement of metrics to be determined by the Compensation Committee each year. Under the new Employment Agreement with Mr. DeAngelo, he will continue to serve as chief marketing officer of the Company. Mr. DeAngelo's annual base salary will be at the rate of $300,000 through the end of 2026 when the contract ends. As part of the consideration for a base salary, 7,700 shares of restricted stock granted to Mr. DeAngelo under the 2022 employment agreement will be cancelled. Under the new Employment Agreement, Mr. DeAngelo can earn discretionary cash bonuses only if awarded in the discretion of the Compensation Committee. Otherwise, the terms of the 2022 Employment Agreements for Mr. Anderson and Mr. DeAngelo are unchanged in any material respect. Section 5 Corporate Governance and Management Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Of
01 Other Events
Item 8.01 Other Events. In anticipation of capital requirements related to fleet investments, the Company is suspending its quarterly cash dividend effective immediately. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 18, 2024 ALLEGIANT TRAVEL COMPANY By: /s/ Robert Neal Name: Robert Neal Title: Senior Vice President, Chief Financial Officer