Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On January 13, 2021, the Compensation Committee of the Board of Directors
of Spirit Airlines, Inc. (the "Company") adopted a long-term cash incentive
performance award plan (the "Plan") for executive officers of the Company. Under
the Plan, participants may earn a cash long-term incentive award with a target
value of 100% of their annual base salary in effect for 2021, with aggregate
possible payouts ranging from 0% to 125% of such base salary, depending on the
Company's relative adjusted operating margin performance as compared to an
industry peer group of publicly traded airlines over two-year and three-year
performance periods ending December 31, 2022 and December 31, 2023,
respectively. Plan payouts, if any, will be made promptly following the date
after which all applicable peer companies have reported on SEC Form 10-K with
respect to their 2022 and 2023 fiscal periods, to those participants employed by
the Company on the respective payment date.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following is furnished as an exhibit to this report and shall not be deemed
"filed" for purposes of Section 18 of the Exchange Act:
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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