SPIRIT AIRLINES, INC. (NASDAQ:SAVE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 15, 2018, the Board of Directors (“Board”) of Spirit Airlines, Inc. (the “Company) appointed Scott M. Haralson as Senior Vice President and Chief Financial Officer of the Company, effective October 16, 2018. In that role, he will succeed Edward (Ted) M. Christie III who was promoted to President and Chief Financial Officer on January 1, 2018 and who will become President and Chief Executive Officer on January 1, 2019. A copy of the Company’s press release of October 17, 2018 is attached as Exhibit 99.1.
Mr. Haralson, age 45, has served as the Company’s Vice President Financial Planning and Analysis and Corporate Real Estate since August 2017 and, prior to that, as its Vice President Financial Planning and Analysis since he joined the Company in April 2012. From January 2010 to August 2012, Mr. Haralson served as the Director of Finance for Dish Network and from January 2009 to January 2010, as the Director of Financial Planning and Analysis for Frontier Airlines. He also served as Chief Financial Officer at Guardian Gaming from March 2008 to January 2009 and at Swift Aviation from July 2006 to March 2008. From August 2000 to July 2006, Mr. Haralson served in various financial management positions at America West and US Airways
Under the terms of an offer letter between the Company and Mr. Haralson, Mr. Haralson’s annual base salary will be $325,000, subject to such increases as the Board may determine in its discretion (with the first review occurring on or about February 1, 2020). He will be eligible for an annual performance-based bonus opportunity with a target achievement of 70% of his annual base salary, with actual payment ranging from 0% to 200% of said target. In connection with his appointment, Mr. Haralson will receive an off-cycle equity-based grant of restricted stock units having a grant date value of $50,000 and vesting 50%, 25% and 25% on the second, third and fourth anniversaries of the grant date. He will be entitled to receive annual long-term incentive awards in accordance with the Company’s normal executive compensation practices. It is contemplated that the 2019 annual long-term incentive award at the Senior Vice President level will have a grant date target range value of $225,000 to $675,000 and will be split 40/60 between restricted stock units, vesting 25% annually over four years, and performance share units, to be settled in shares of Company common stock after a three-year measurement period. The one-time off-cycle grant and any subsequent annual grants will be subject to the terms of the Company’s 2015 Incentive Award Plan and the respective award agreements.
Mr. Haralson will be entitled to the vacation, travel and other benefits afforded to other senior executives of the Company. He will be eligible for coverage under the Company’s 2017 Executive Severance Plan. He also will be subject to customary covenants relating to Company confidential and proprietary information and trade secrets, and to customary non-solicitation, and non-disparagement covenants.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1Press Release dated October 17, 2018.
Spirit Airlines, Inc. ExhibitEX-99.1 2 exhibitpressrelease.htm EXHIBIT 99.1 Exhibit Spirit Airlines has Appointed Scott M. Haralson as Chief Financial Officer MIRAMAR,…To view the full exhibit click here
About SPIRIT AIRLINES, INC. (NASDAQ:SAVE)
Spirit Airlines, Inc. is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket. The Company offers a range of optional services, allowing customers to save by paying only for the options they choose such as bags, advance seat assignments and refreshments. The Company’s route network includes approximately 151 markets throughout North America, Central America, South America and the Caribbean. The Company operates international services to Aruba, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Peru and St. Maarten, as well as Puerto Rico and the United States Virgin Islands.