# EDGAR Filing Document

**Accession Number:** 0001670076
**File Stem:** 0001670076-26-000051
**Filing Date:** 2026-5
**Character Count:** 757457
**Document Hash:** 7f177ca5adfa2b5489282dacf7d8f341
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670076-26-000051.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001670076-26-000051

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontier Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001670076
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 463681866
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40304
- **FILM NUMBER:** 26940527

**BUSINESS ADDRESS:**
- **STREET 1:** 4545 AIRPORT WAY
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80239
- **BUSINESS PHONE:** (720) 374-4490

**MAIL ADDRESS:**
- **STREET 1:** 4545 AIRPORT WAY
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80239

?xml version='1.0' encoding='ASCII'? fron-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

**☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**or**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __ to __**

**Commission File Number: 001-40304**

![Frontier Logo.jpg](fron-20260331_g1.jpg)

**Frontier Group Holdings, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **46-3681866** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

**4545 Airport Way** 

**Denver, CO 80239**

**(720) 374-4550**

**(Address of principal executive offices, including zip code, and Registrant's telephone number, including area code)**

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | ULCC | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

------

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ &nbsp;&nbsp;&nbsp;&nbsp;No ☒

The registrant had 229,789,335 shares of common stock, $0.001 par value per share, outstanding as of May 1, 2026.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page |
| <u>[Part I. Financial Information](#i78947b61bc5d4ab792f7b30d7e744307_13)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Condensed Consolidated Financial Statements](#i78947b61bc5d4ab792f7b30d7e744307_16)</u> <u>[(unaudited)](#i78947b61bc5d4ab792f7b30d7e744307_13)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#i78947b61bc5d4ab792f7b30d7e744307_19)</u> | <u>[3](#i78947b61bc5d4ab792f7b30d7e744307_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations](#i78947b61bc5d4ab792f7b30d7e744307_922)</u> | <u>[4](#i78947b61bc5d4ab792f7b30d7e744307_922)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Income (Loss)](#i78947b61bc5d4ab792f7b30d7e744307_22)</u> | <u>[5](#i78947b61bc5d4ab792f7b30d7e744307_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#i78947b61bc5d4ab792f7b30d7e744307_28)</u> | <u>[6](#i78947b61bc5d4ab792f7b30d7e744307_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Stockholders' Equity](#i78947b61bc5d4ab792f7b30d7e744307_31)</u> | <u>[7](#i78947b61bc5d4ab792f7b30d7e744307_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements](#i78947b61bc5d4ab792f7b30d7e744307_34)</u> | <u>[8](#i78947b61bc5d4ab792f7b30d7e744307_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i78947b61bc5d4ab792f7b30d7e744307_82)</u> | <u>[21](#i78947b61bc5d4ab792f7b30d7e744307_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Glossary of Airline Terms](#i78947b61bc5d4ab792f7b30d7e744307_112)</u> | <u>[37](#i78947b61bc5d4ab792f7b30d7e744307_112)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#i78947b61bc5d4ab792f7b30d7e744307_115)</u> | <u>[39](#i78947b61bc5d4ab792f7b30d7e744307_115)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i78947b61bc5d4ab792f7b30d7e744307_118)</u> | <u>[39](#i78947b61bc5d4ab792f7b30d7e744307_118)</u> |
| <u>[Part II. Other Information](#i78947b61bc5d4ab792f7b30d7e744307_121)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i78947b61bc5d4ab792f7b30d7e744307_124)</u> | <u>[40](#i78947b61bc5d4ab792f7b30d7e744307_124)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i78947b61bc5d4ab792f7b30d7e744307_127)</u> | <u>[40](#i78947b61bc5d4ab792f7b30d7e744307_127)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i78947b61bc5d4ab792f7b30d7e744307_130)</u> | <u>[40](#i78947b61bc5d4ab792f7b30d7e744307_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#i78947b61bc5d4ab792f7b30d7e744307_133)</u> | <u>[40](#i78947b61bc5d4ab792f7b30d7e744307_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i78947b61bc5d4ab792f7b30d7e744307_136)</u> | <u>[40](#i78947b61bc5d4ab792f7b30d7e744307_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information](#i78947b61bc5d4ab792f7b30d7e744307_139)</u> | <u>[40](#i78947b61bc5d4ab792f7b30d7e744307_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#i78947b61bc5d4ab792f7b30d7e744307_145)</u> | <u>[41](#i78947b61bc5d4ab792f7b30d7e744307_145)</u> |
| <u>[Signature](#i78947b61bc5d4ab792f7b30d7e744307_148)</u> | <u>[43](#i78947b61bc5d4ab792f7b30d7e744307_148)</u> |

---

------

**Cautionary Statement Regarding Forward-Looking Statements**

*Certain statements in this Quarterly Report on Form 10-Q should be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Words such as "may," "might," "will," "should," "could," "would," "expect," "intends," "plan," "anticipate," "believe," "estimate," "project," "targets," "predict," "potential" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission (the "SEC") on February 18, 2026 (the "2025 Annual Report"). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations," Part II, Item 1A, "Risk Factors" and other factors set forth in other parts of this Quarterly Report on Form 10-Q, as well as those risks and uncertainties set forth from time to time under the sections captioned "Risk Factors" in our reports and other documents filed with the SEC, including our 2025 Annual Report. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.*

------

**PART I – FINANCIAL INFORMATION**

**ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**FRONTIER GROUP HOLDINGS, INC.** 

**Condensed Consolidated Balance Sheets**

*(unaudited, in millions, except share data)*

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| Cash and cash equivalents | $772 | $671 |
| Accounts receivable, net | 118 | 85 |
| Supplies, net | 106 | 90 |
| Other current assets | 102 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **1098** | **958** |
| Property and equipment, net | 485 | 510 |
| Operating lease right-of-use assets | 4599 | 4806 |
| Pre-delivery deposits for flight equipment | 383 | 428 |
| Intangible assets, net | 27 | 27 |
| Other assets | 425 | 491 |
| **Total assets** | $**7017** | $**7220** |
| **Liabilities and stockholders' equity** |  |  |
| Accounts payable | $115 | $130 |
| Air traffic liability | 459 | 352 |
| Frequent flyer liability | 21 | 16 |
| Current maturities of long-term debt, net | 240 | 301 |
| Current maturities of operating leases | 793 | 779 |
| Other current liabilities | 610 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **2238** | **2103** |
| Long-term debt, net | 343 | 313 |
| Long-term operating leases | 3872 | 4070 |
| Long-term frequent flyer liability | 45 | 44 |
| Other long-term liabilities | 297 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **6795** | **6729** |
| **Commitments and contingencies (Note 8)** |  |  |
| **Stockholders' equity:** |  |  |
| Common stock, $0.001 par value per share, with 229,732,124 and 229,010,827 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively |  |  |
| Additional paid-in capital | 440 | 437 |
| Retained earnings (accumulated deficit) | (213) | 59 |
| Accumulated other comprehensive income (loss) | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **222** | **491** |
| **Total liabilities and stockholders' equity** | $**7017** | $**7220** |

---

*See Notes to Condensed Consolidated Financial Statements*

------

**FRONTIER GROUP HOLDINGS, INC.**

**Condensed Consolidated Statements of Operations**

*(unaudited, in millions, except per share data)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Operating revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger | $952 | $884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 40 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | **992** | **912** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft fuel | 268 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 271 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft rent | 265 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Station operations | 192 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance, materials and repairs | 142 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 43 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 62 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating | 32 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **1275** | **958** |
| **Operating income (loss)** | **(283)** | **(46)** |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (12) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense)** | **2** | **6** |
| Income (loss) before income taxes | (281) | (40) |
| Income tax expense (benefit) | (9) | 3 |
| **Net income (loss)** | $**(272)** | $**(43)** |
| **Earnings (loss) per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(1.18) | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(1.18) | $(0.19) |

---

*See Notes to Condensed Consolidated Financial Statements*

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

*(unaudited, in millions)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Net income (loss)** | $**(272)** | $**(43)** |
| Amortization from cash flow hedges, net of adjustment for deferred tax benefit (expense) of less than $1 for each of the three months ended March 31, 2026 and 2025 |  |  |
| **Other comprehensive income (loss)** |  | **—** |
| **Comprehensive income (loss)** | $**(272)** | $**(43)** |

---

*See Notes to Condensed Consolidated Financial Statements*

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Condensed Consolidated Statements of Cash Flows**

*(unaudited, in millions)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net loss | $(272) | $(43) |
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Deferred income taxes | (9) | 3 |
| &nbsp;&nbsp;Depreciation and amortization | 25 | 20 |
| &nbsp;&nbsp;Gains recognized on sale-leaseback transactions | (47) | (56) |
| &nbsp;&nbsp;Stock-based compensation | 5 | 5 |
| &nbsp;&nbsp;Early Return Agreement charges | 104 |  |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (33) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplies and other current assets | (19) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | (82) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air traffic liability | 107 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 256 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) operating activities | **40** | **(86)** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;Capital expenditures | (12) | (18) |
| &nbsp;&nbsp;Pre-delivery deposits for flight equipment, net of refunds | 45 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) investing activities | **33** | **(29)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of debt, net of issuance costs | 51 | 33 |
| &nbsp;&nbsp;Principal repayments on debt | (83) | (28) |
| &nbsp;&nbsp;Proceeds from sale-leaseback transactions | 62 | 52 |
| &nbsp;&nbsp;Proceeds from the exercise of stock options |  | 6 |
| &nbsp;&nbsp;Tax withholdings on share-based awards | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by financing activities | **28** | **61** |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 101 | (54) |
| Cash, cash equivalents and restricted cash, beginning of period | 671 | 740 |
| **Cash, cash equivalents and restricted cash, end of period** | $**772** | $**686** |

---

*See Notes to Condensed Consolidated Financial Statements*

------

**FRONTIER GROUP HOLDINGS, INC.**

**Condensed Consolidated Statements of Stockholders' Equity**

*(unaudited, in millions, except share data)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>paid-in<br>capital** | **Retained earnings (accumulated deficit)** | **Accumulated other comprehensive income (loss)** | **Total** |
| | **Shares** | **Amount** | **Additional<br>paid-in<br>capital** | **Retained earnings (accumulated deficit)** | **Accumulated other comprehensive income (loss)** | **Total** |
| **Balance at December 31, 2024** | **225440496** | $**—** | $**414** | $**196** | $**(6)** | $**604** |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  | **—** | **—** | (43) | **—** | (43) |
| &nbsp;&nbsp;&nbsp;Shares issued in connection with vesting of restricted stock units | 732422 | **—** | **—** | **—** | **—** |  |
| &nbsp;&nbsp;&nbsp;Shares withheld to cover employee taxes on vested restricted stock units | (224187) | **—** | (2) | **—** | **—** | (2) |
| &nbsp;&nbsp;&nbsp;Shares issued in connection with warrant exercises, net | 248893 | **—** |  | **—** | **—** |  |
| &nbsp;&nbsp;&nbsp;Stock option exercises | 1542583 | **—** | 6 | **—** | **—** | 6 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | **—** | 5 | **—** | **—** | 5 |
| **Balance at March 31, 2025** | **227740207** | $**—** | $**423** | $**153** | $**(6)** | $**570** |
| **Balance at December 31, 2025** | **229010827** | $**—** | $**437** | $**59** | $**(5)** | $**491** |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  | **—** |  | (272) | **—** | (272) |
| &nbsp;&nbsp;&nbsp;Shares issued in connection with vesting of performance and restricted stock units | 1124982 | **—** |  | **—** | **—** |  |
| &nbsp;&nbsp;&nbsp;Shares withheld to cover employee taxes on vested performance and restricted stock units | (403685) | **—** | (2) | **—** | **—** | (2) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | **—** | 5 | **—** | **—** | 5 |
| **Balance at March 31, 2026** | **229732124** | $**—** | $**440** | $**(213)** | $**(5)** | $**222** |

---

*See Notes to Condensed Consolidated Financial Statements*

------

 **FRONTIER GROUP HOLDINGS, INC.**

**Notes to Condensed Consolidated Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

**1. Summary of Significant Accounting Policies**

***Basis of Presentation***

The condensed consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States ("GAAP") and include the accounts of Frontier Group Holdings, Inc. ("FGHI" or the "Company") and its wholly-owned direct and indirect subsidiaries, including Frontier Airlines Holdings, Inc. ("FAH") and Frontier Airlines, Inc. ("Frontier"). All wholly-owned subsidiaries are consolidated, with all intercompany transactions and balances being eliminated.

The Company is an ultra low-cost, low-fare airline headquartered in Denver, Colorado that offers flights throughout the United States and to select international destinations in the Americas, serving approximately 100 airports.

The Company is managed as a single business unit that provides air transportation for passengers and management has concluded there is only one reportable segment. The Company has identified net income (loss) as the primary measurement of the segment's profit or loss. Please see the Company's "Condensed Consolidated Statements of Operations" for net income (loss), as well as other significant revenue and expense components of profit or loss, for the three months ended March 31, 2026 and 2025. The Company has identified total assets as the primary measurement of the segment's assets. Please see the Company's "Condensed Consolidated Balance Sheets" for total assets as of March 31, 2026 and December 31, 2025.

The accompanying condensed consolidated financial statements include the accounts of the Company and reflect all normal recurring adjustments which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Form 10-Q. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 18, 2026 (the "2025 Annual Report").

The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. The air transportation business is subject to significant seasonal fluctuations and is volatile and highly affected by economic cycles and trends.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

**2. Revenue Recognition**

As of March 31, 2026 and December 31, 2025, the Company's air traffic liability balance was $464 million and $361 million, respectively, which includes amounts classified as other long-term liabilities on the Company's condensed consolidated balance sheets. During the three months ended March 31, 2026, 78% of the air traffic liability as of December 31, 2025 was recognized as passenger revenue within the Company's condensed

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

consolidated statements of operations. Of the air traffic liability balances as of March 31, 2026 and December 31, 2025, $70 million and $75 million, respectively, was related to unearned membership fees.

During the three months ended March 31, 2026 and 2025, the Company recognized $11 million and $18 million, respectively, of revenue related to expected and actual expiration of customer rights to book future travel, in passenger revenues within the Company's condensed consolidated statements of operations.

Operating revenues are comprised of passenger revenues, which includes fare and non-fare passenger revenues, and other revenues. Disaggregated operating revenues are as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Passenger revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fare | $449 | $350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-fare passenger revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees | 170 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baggage | 215 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seat selection | 83 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 35 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-fare passenger revenue | 503 | 534 |
| Total passenger revenues | 952 | 884 |
| Other revenues | 40 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | $**992** | $**912** |

---

The Company is managed as a single business unit that provides air transportation for passengers. Operating revenues by principal geographic region, as defined by the U.S. Department of Transportation (the "DOT"), are as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Domestic | $944 | $868 |
| Latin America | 48 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | $**992** | $**912** |

---

The Company attributes operating revenues by geographic region based upon the origin and destination of each passenger flight segment. The Company's tangible assets consist primarily of flight equipment, which are mobile across geographic markets. Accordingly, assets are not allocated to specific geographic regions.

**3. Other Current Assets**

Other current assets consist of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Supplier incentives | $56 | $69 |
| Prepaid expenses | 32 | 26 |
| Forgivable loans | 8 | 11 |
| Income tax and other taxes receivable | 3 | 4 |
| Other | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other current assets** | $**102** | $**112** |

---

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

**4. Other Current Liabilities**

Other current liabilities consist of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Passenger and other taxes and fees payable | $193 | $148 |
| Salaries, wages and benefits | 129 | 143 |
| Station obligations | 99 | 78 |
| Aircraft maintenance | 86 | 65 |
| Fuel liabilities | 47 | 36 |
| Leased aircraft return costs | 8 | 7 |
| Other current liabilities | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other current liabilities** | $**610** | $**525** |

---

**5. Debt**

The Company's debt obligations are as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Secured debt:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-delivery Credit Facilities<sup>(a)</sup> | $298 | $348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Loan Facility<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025-1 EETCs<sup>(c)</sup> | 105 | 105 |
| **Unsecured debt:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affinity card advance purchase of miles<sup>(d)</sup> | 119 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;PSP Promissory Notes<sup>(e)</sup> | 66 | 66 |
| **Total debt** | **588** | **620** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: current maturities of long-term debt, net | (240) | (301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: total debt acquisition costs and other discounts, net | (5) | (6) |
| **Long-term debt, net** | $**343** | $**313** |

---

__________________

(a)The Company has multiple pre-delivery credit facilities which consist of the PDP Financing Facility, the Second PDP Financing Facility and the Third PDP Financing Facility, all as defined below (together, the "Pre-delivery Credit Facilities"). The Pre-delivery Credit Facilities are for the financing of pre-delivery deposit payments ("PDPs") for the Company's A320neo family aircraft purchase agreement. Each facility is collateralized by the Company's purchase agreement for the associated A320neo family aircraft deliveries through the term of the respective facilities. Total commitments (drawn or undrawn) under the Pre-delivery Credit Facilities are $326 million. See Note 8 for the Company's commitment schedule regarding its A320neo family orderbook.

The Company, through an affiliate, entered into a PDP facility in December 2014 (as amended from time to time, the "PDP Financing Facility") for the financing of certain aircraft PDPs. The facility consists of separate loans for each PDP aircraft. Interest is paid every 90 days based on the Secured Overnight Financing Rate ("SOFR") plus a margin for each separate loan. Each separate loan matures upon the earlier of (i) delivery of that aircraft to the Company by Airbus S.A.S. ("Airbus"), (ii) the date one month following the last day of the scheduled delivery month of such aircraft and (iii) if there is a delay in delivery of aircraft, depending on the cause of the delivery delay, up to six months following the last day of the scheduled delivery month of such aircraft. The PDP Financing Facility will be repaid periodically according to the preceding sentence, as amended in 2025, with the facility maturing in December 2027.

In September 2024, the Company, through an affiliate, entered into a PDP facility (the "Second PDP Financing Facility") with a lender not otherwise party to the PDP Financing Facility or Third PDP Financing Facility in connection with the financing of PDPs for certain aircraft deliveries not associated with either the PDP Financing Facility or the Third PDP Financing Facility. Interest is paid quarterly based on SOFR plus an applicable margin. Additionally, the Second PDP Financing Facility requires a commitment fee based on the level of the outstanding loan amounts compared to the committed amount. The Second PDP Financing Facility is expected to be repaid at maturity in September 2027, which may be extended by two additional years. If any such extension request is rejected by the lender, the Company may extend the original maturity date of the Second PDP Financing Facility by six months.

In September 2024, the Company entered into another PDP facility (the "Third PDP Financing Facility") with a lender not otherwise party to the PDP Financing Facility or Second PDP Financing Facility in connection with the financing of PDPs for certain aircraft deliveries not

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

associated with either the PDP Financing Facility or the Second PDP Financing Facility. The Third PDP Financing Facility requires commitment fees to be paid, on a quarterly basis, on each individual aircraft delivery once PDP funding begins, based on the reference amount for that aircraft at a fixed annual rate of the two-year U.S. Treasury Rate plus an applicable margin. The facility consists of separate loans for each PDP aircraft. Each separate loan matures upon the delivery of that aircraft to the Company. The Third PDP Financing Facility will be repaid periodically according to the preceding sentence, with the facility maturing in August 2026.

(b)In September 2024, the Company entered into a revolving line of credit available for general corporate purposes (the "Revolving Loan Facility"). As amended in December 2025 to increase the maximum borrowing capacity, the Revolving Loan Facility provides for $220 million of commitments secured by the Company's loyalty programs and brand-related assets. The Revolving Loan Facility will bear interest at an annual rate of term SOFR for the applicable interest period (or, at the Company's option, an alternate base rate) plus an applicable margin, payable in quarterly installments, on any outstanding balance. A quarterly commitment fee is also payable in arrears at an applicable rate multiplied by the undrawn amount of the Revolving Loan Facility. The Revolving Loan Facility matures in September 2027.

(c)In November 2025, the Company issued approximately $105 million of class A-1 enhanced equipment trust certificates (the "2025-1 EETCs") through a pass-through trust in a private placement. The pass-through trust holds series A-1 equipment notes with a coupon rate of 6.75% and final payment due in October 2032, that are issued by the Company and guaranteed by Frontier Airlines Holdings, Inc. and Frontier Group Holdings, Inc. The equipment notes are secured by liens on substantially all of the Company's spare parts and tooling. Principal and interest on the issued and outstanding certificates is payable semiannually in April and October of each year, commencing in April 2026.

(d)The Company entered into an agreement with Barclays Bank Delaware ("Barclays") in 2003, as amended from time to time, which provides for joint marketing, grants certain benefits to co-branded credit cardholders ("Cardholders") and allows Barclays to market using the Company's customer database, through 2029. Cardholders earn miles under the *FRONTIER Miles* program and the Company sells miles at agreed-upon rates to Barclays and earns fees from Barclays for the acquisition, retention and use of the co-branded credit card by Cardholders. In addition, Barclays will pre-purchase miles if the Company so requests and meets certain conditions precedent. The pre-purchased miles facility amount available to the Company is to be reset on January 15 of each calendar year through 2028, based on the aggregate amount of fees payable by Barclays to the Company on a calendar year basis and subject to certain other conditions, up to an aggregate maximum facility amount of $200 million. The Company pays interest on a monthly basis, which is based on a one-month Effective Federal Funds Rate ("EFFR") plus a margin. Beginning December 2028, the facility is scheduled to be repaid in 12 equal monthly installments.

(e)As a result of the Company's participation in the payroll support programs offered by the U.S. Department of the Treasury (the "Treasury"), the Company obtained a series of 10-year, loans from the Treasury (collectively, the "PSP Promissory Notes") that are due between 2030 and 2031. The PSP Promissory Notes include an annual interest rate of 1.00% for the first five years and SOFR plus 2.00% in the final five years, with bi-annual interest payments. The loans can be prepaid at par at any time without incurring a penalty.

In connection with the term loan facility entered into with the Treasury on September 28, 2020, which was repaid in full in February 2022, and the PSP Promissory Notes, the Company issued warrants to purchase 3,117,940 shares of FGHI common stock at a weighted-average price of $6.95 per share. During the three months ended March 31, 2025, 1,244,608 warrants were exercised. The Company settled the exercises through a net share settlement of 248,893 shares of FGHI common stock and cash of less than $1 million. During the three months ended March 31, 2026, 103,208 warrants expired and no warrants were exercised. As of March 31, 2026, warrants to purchase 134,066 shares of FGHI common stock were outstanding. The remainder of the warrants will expire in June 2026.

Cash payments for interest related to debt were $8 million and $9 million for the three months ended March 31, 2026 and 2025, respectively.

The Company has caused standby letters of credit and surety bonds to be issued to various airport authorities and vendors that are collateralized by a portion of the Company's restricted cash and, as of March 31, 2026 and December 31, 2025, the Company did not have any outstanding letters of credit that were drawn upon.

As of March 31, 2026, future maturities of debt were payable as follows (in millions):

---

| | |
|:---|:---|
| | **Total** |
| Remainder of 2026 | $208 |
| 2027 | 64 |
| 2028 | 63 |
| 2029 | 118 |
| 2030 | 42 |
| Thereafter | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt principal payments** | $**588** |

---

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

The Company continues to monitor covenant compliance with various parties, including, but not limited to, its lenders and credit card processors. As of March 31, 2026, the Company was in compliance with all of its covenants.

**6. Operating Leases**

***Early Return Agreement***

In March 2026, the Company entered into an agreement (the "Early Return Agreement") to early terminate the leases associated with 24 A320neo aircraft, which represented a lease modification. The costs associated with the Early Return Agreement include non-recurring non-cash charges during the three months ended March 31, 2026 comprised of: $73 million related to the write-off of non-recoverable capitalized prepaid maintenance balances recorded in maintenance, materials and repairs within the Company's condensed consolidated statement of operations, $37 million of accelerated depreciation expense related to the remeasurement of useful lives of capitalized maintenance recorded in depreciation and amortization within the Company's condensed consolidated statement of operations and $(6) million of benefit related to the reversal of previously accrued fixed lease return costs. Additionally, as a result of the Early Return Agreement, the Company recorded $35 million of charges in connection with the return condition of aircraft and engines in aircraft rent within the Company's condensed consolidated statement of operations which will largely be settled in fiscal years 2028 and 2029.

***Aircraft***

As of March 31, 2026, the Company leased 183 aircraft with remaining terms ranging from 1 month to 12 years, all of which are under operating leases and are included within operating lease right-of-use assets and operating lease liabilities on the Company's condensed consolidated balance sheets. In addition, as of March 31, 2026, the Company leased 61 spare engines, all of which are under operating leases, with the remaining terms ranging from 1 month to 12 years. As of March 31, 2026, the lease rates for 17 of the engines depended on usage-based metrics which are variable and, as such, these leases were not recorded on the Company's condensed consolidated balance sheets as operating lease right-of-use assets or as operating lease liabilities.

During the three months ended March 31, 2026 and 2025, the Company completed sale-leaseback transactions with third-party lessors for 7 and 4 new Airbus A320neo family aircraft, respectively. Additionally, during the three months ended March 31, 2025, the Company completed two sale-leaseback transactions with third-party lessors for engines. All of the leases from the sale-leaseback transactions are accounted for as operating leases. The Company recognized gains on sale-leaseback transactions of $47 million and $56 million during the three months ended March 31, 2026 and 2025, respectively, which are included as a component of other operating expenses within the Company's condensed consolidated statements of operations.

***Aircraft Rent Expense and Maintenance Obligations***

During the three months ended March 31, 2026 and 2025, aircraft rent expense was $265 million and $161 million, respectively. Aircraft rent expense includes supplemental rent, which is made up of probable lease return condition obligations. The portion of supplemental rent expense (benefit) related to probable lease return condition obligations was $58 million and $(12) million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company's total leased aircraft and spare engine return cost liability was $51 million and $19 million, respectively, which are reflected in other current liabilities and other long-term liabilities on the Company's condensed consolidated balance sheets.

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

During the three months ended March 31, 2025, the Company amended certain aircraft operating leases that were slated to expire in 2026 and 2027 in order to extend the term of the lease, and recorded a benefit of $20 million to aircraft rent in the Company's condensed consolidated statements of operations related to previously accrued lease return costs. These costs were variable in nature and associated with the anticipated utilization and condition of the airframes and engines at the original return date. Given the extension of the terms of these aircraft operating leases, such variable return costs are no longer probable of occurring.

***Airport Facilities***

The Company's facility leases are primarily for space at approximately 100 airports, primarily in the United States. These leases are classified as operating leases and reflect the use of airport terminals, ticket counters, office space, and maintenance facilities. Generally, this space is leased from government agencies that control the use of the airport. The majority of these leases are short-term in nature and renew on an evergreen basis. For these leases, the contractual term is used as the lease term. As of March 31, 2026, the remaining lease terms vary from 1 month to 13 years. At the majority of the U.S. airports, the lease rates depend on airport operating costs or use of the facilities and are reset at least annually, and because of the variable nature of the rates, these leases are not recorded on the Company's condensed consolidated balance sheets as right-of-use assets and lease liabilities.

***Other Property and Equipment***

The Company leases certain other assets such as flight training equipment, building space, and various other equipment. Certain of the Company's leases for other assets are deemed to contain fixed rental payments and, as such, are classified as operating leases and are recorded on the Company's condensed consolidated balance sheets as right-of-use assets and liabilities. The remaining lease terms range from 1 month to 9 years as of March 31, 2026.

***Lease Costs***

The table below presents certain information related to lease costs for operating leases during the three months ended March 31, 2026 and 2025 (in millions):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Operating lease cost<sup>(a)</sup> | $238 | $181 |
| Variable lease cost<sup>(a)</sup> | 117 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total lease costs** | $**355** | $**285** |

---

_________________

(a)&nbsp;&nbsp;&nbsp;&nbsp;Expenses are included within aircraft rent, station operations, maintenance, materials and repairs and other operating within the Company's condensed consolidated statements of operations.

During the three months ended March 31, 2026 and 2025, the Company acquired, through new or modified operating leases, operating lease assets totaling $372 million and $428 million, respectively, which are included in operating lease right-of-use assets on the Company's condensed consolidated balance sheets. During the three months ended March 31, 2026, in connection with the Early Return Agreement, the Company reduced operating lease right-of-use assets and liabilities due to the lease modification remeasurement totaling $419 million and $425 million, respectively. During the three months ended March 31, 2026 and 2025, the Company paid cash of $206 million and $176 million, respectively, for amounts included in the measurement of lease liabilities.

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

**7. Stock-Based Compensation**

During each of the three months ended March 31, 2026 and 2025, the Company recognized $5 million in stock-based compensation expense, which is included as a component of salaries, wages and benefits within the Company's condensed consolidated statements of operations.

***Stock Options***

There were no stock options granted during the three months ended March 31, 2026. During the three months ended March 31, 2026, no vested stock options were exercised. As of March 31, 2026, the weighted-average exercise price of outstanding stock options was $9.32 per share.

***Restricted Stock Units***

During the three months ended March 31, 2026, 2,261,054 restricted stock units were issued with a weighted-average grant date fair value of $5.65 per share. During the three months ended March 31, 2026, 1,083,356 restricted stock units vested, of which 392,442 restricted stock units were withheld to cover employees' tax withholding obligations, with a weighted-average grant date fair value of $8.37 and $8.85 per share, respectively.

***Performance Stock Units***

During the three months ended March 31, 2026, 1,063,239 performance stock units ("PSUs") were issued, of which 550,886 PSUs were issued with a non-market-based performance condition and a weighted-average grant date fair value of $5.65 per share, and the remaining 512,353 PSUs were issued with a market-based condition and a weighted-average grant date fair value of $9.49 per share. During the three months ended March 31, 2026, 41,626 PSUs vested, of which 11,243 PSUs were withheld to cover employees' tax withholding obligations, each with a weighted-average grant date fair value of $11.50 per share.

***Stockholders' Equity***

As of March 31, 2026 and December 31, 2025, the Company had authorized common stock (voting), common stock (non-voting) and preferred stock of 750,000,000, 150,000,000 and 10,000,000 shares, respectively, of which only common stock (voting) were issued and outstanding. All classes of equity have a par value of $0.001 per share.

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

**8. Commitments and Contingencies**

***Flight Equipment Commitments***

As of March 31, 2026, the Company's firm aircraft and engine purchase orders consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **A320neo** | **A321neo** | **Total**<br>**Aircraft**<sup>(a)</sup> | **Engines** |
| **Year Ending** | | | | |
| Remainder of 2026 | 3 | 14 | 17 | 1 |
| 2027 |  | 6 | 6 | 3 |
| 2028 | 9 | 11 | 20 | 2 |
| 2029 |  | 15 | 15 | 5 |
| 2030 |  | 22 | 22 | 7 |
| Thereafter | 3 | 78 | 81 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **15** | **146** | **161** | **20** |

---

__________________

(a)&nbsp;&nbsp;&nbsp;&nbsp;While the schedule presented above reflects the contractual delivery dates as of March 31, 2026, the Company continues to experience delays in the deliveries of Airbus aircraft which may persist in future periods.

The Company is party to certain aircraft and engine purchase agreements that provide for, among other things, varying purchase incentives. These purchase incentives are allocated proportionally by aircraft or engine type over the remaining aircraft or engines to be delivered so that each aircraft's or engine's capitalized cost upon induction would be equal. Therefore, as cash paid for deliveries is greater than the capitalized cost due to the allocation of these purchase incentives, a deferred purchase incentive is recognized, which will ultimately be offset by future deliveries of aircraft or engines with lower cash payments than their associated capitalized cost. As of March 31, 2026 and December 31, 2025, the Company had $67 million and $81 million, respectively, of deferred purchase incentives recognized within other assets on the Company's condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Company had $49 million and $52 million, respectively, of deferred purchase incentives recognized within other long-term liabilities on the Company's condensed consolidated balance sheets.

As of March 31, 2026, purchase commitments for these aircraft and engines, including estimated amounts for contractual price escalations and PDPs, consisted of the following (in millions):

---

| | |
|:---|:---|
| | **Total** |
| **Year Ending** | |
| Remainder of 2026 | $1025 |
| 2027 | 409 |
| 2028 | 1221 |
| 2029 | 1043 |
| 2030 | 1554 |
| Thereafter | 5499 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**10751** |

---

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

***Litigation and Other Contingencies***

The Company is subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained from time to time. Following a federal excise tax audit by the Internal Revenue Service covering the first quarter of 2021 to the second quarter of 2023, in June 2025, the Company received a revised preliminary assessment in the amount of $133 million related to the applicability of federal excise tax to certain optional ancillary products and services. The Company established an estimated liability for certain fees subject to the assessment where it believes a loss for this matter is probable and reasonably estimable. The Company is contesting the updated assessment. The Company could be subject to further excise tax assessments.

The Company previously received an immaterial audit assessment from the U.S. Transportation Security Administration (the "TSA") that covered the third quarter of 2016 through the fourth quarter of 2018 and related to the remittance of TSA fees where flight credits expired unused (the "2016-2018 Audit"). The Company appealed this assessment to the United States Tenth Circuit Court of Appeals. In addition, the Company is under audit by the TSA for the period from the fourth quarter of 2019 through the fourth quarter of 2022 (the "2019-2022 Audit"). In April 2026, the Company lost its appeal regarding the 2016-2018 Audit and received a preliminary assessment for the 2019-2022 Audit in the amount of $42 million, which mainly covered remittance of TSA fees where flight credits expired unused as well as for other passengers that purchased tickets and did not travel. As of March 31, 2026, the Company recorded an additional estimated liability of $77 million, which is largely related to remittance of TSA fees for passengers that purchased tickets and did not travel and is included in other current liabilities and other long-term liabilities on the Company's condensed consolidated balance sheets and in passenger revenues within the Company's condensed consolidated statements of operations. The Company could be subject to further TSA audit examinations and resulting assessments.

The Company regularly evaluates the status of such matters to assess whether a loss is probable and reasonably estimable in determining whether an accrual is appropriate. Further, in determining whether disclosure is appropriate, the Company evaluates each matter to assess if there is at least a reasonable possibility that a loss or additional losses may have been incurred and whether an estimate of possible loss or range of loss can be made.

The ultimate outcomes of legal actions are unpredictable and can be subject to significant uncertainties, and it is difficult to determine whether any loss is probable or even possible. Additionally, it is also difficult to estimate the amount of loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Thus, actual losses may be in excess of any recorded liability or the range of reasonably possible loss. The Company believes the ultimate outcome of any potential lawsuits, proceedings and reviews will likely not, individually or in the aggregate, have a material adverse effect on its condensed consolidated financial position, liquidity or results of operations, other than disclosed herein, and that the Company's current accruals cover matters where loss is deemed probable and can be reasonably estimated.

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

***Employees***

The Company has seven union-represented employee groups that together represented approximately 87% of all employees as of March 31, 2026. The table below sets forth the Company's employee groups and status of the collective bargaining agreements as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| | | | **Percentage of Workforce** |
|<br>**Employee Group** |<br>**Representative** |<br>**Amendable Date**<sup>(a)</sup> | **March 31, 2026** |
| Pilots | Air Line Pilots Association ("ALPA") | January 2024<sup>(b)</sup> | 28% |
| Flight Attendants | Association of Flight Attendants ("AFA-CWA") | May 2024<sup>(c)</sup> | 51% |
| Aircraft Technicians | International Brotherhood of Teamsters ("IBT") | May 2025<sup>(d)</sup> | 6% |
| Aircraft Appearance Agents | IBT | July 2030 | 1% |
| Dispatchers | Transport Workers Union ("TWU") | August 2028 | 1% |
| Material Specialists | IBT | November 2030 | <1% |
| Maintenance Controllers | IBT | December 2030 | <1% |

---

__________________

(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to standard early opener provisions.

(b)&nbsp;&nbsp;&nbsp;&nbsp;ALPA filed for mediation through the National Mediation Board (the "NMB") in January 2024, and the parties are meeting regularly as part of the mediation process. Pursuant to the U.S. Railway Labor Act (the "RLA"), the parties continue to be bound by the existing agreements as negotiations continue.

(c)&nbsp;&nbsp;&nbsp;&nbsp;AFA-CWA filed for mediation through the NMB in October 2024, and the parties are meeting monthly as part of the mediation process, with the first meeting held in February 2025. Pursuant to the RLA, the parties continue to be bound by the existing agreements as negotiations continue.

(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company's collective bargaining agreement with its aircraft technicians, represented by IBT, was still amendable as of March 31, 2026. Pursuant to the RLA, the parties continue to be bound by the existing agreements as negotiations continue.

The Company is self-insured for health care claims, subject to a stop-loss policy, for eligible participating employees and qualified dependent medical and dental claims, subject to deductibles and limitations. The Company's liabilities for claims incurred but not reported are determined based on an estimate of the ultimate aggregate liability for claims incurred. The estimate is calculated from actual claim rates and adjusted periodically as necessary. The Company had accrued $7 million for health care claims estimated to be incurred but not yet paid as of March 31, 2026 and December 31, 2025, which are included as a component of other current liabilities on the Company's condensed consolidated balance sheets.

***General Indemnifications***

The Company has various leases with respect to real property as well as various agreements among airlines relating to fuel consortia or fuel farms at airports. Under some of these contracts, the Company is party to joint and several liability regarding environmental damages. Under others, where the Company is a member of an LLC or other entity that contracts directly with the airport operator, liabilities are borne through the fuel consortia structure.

The Company's aircraft, services, equipment lease and sale and financing agreements typically contain provisions requiring the Company, as the lessee, obligor or recipient of services, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or such other equipment. The Company believes that its insurance would cover most of its exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft, services, equipment lease and sale and financing agreements described above.

------

**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

Certain of the Company's aircraft and other financing transactions include provisions that require payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations. In certain of these financing transactions and other agreements, the Company also bears the risk of certain changes in tax laws that would subject payments to non-U.S. entities to withholding taxes.

Certain of these indemnities survive the length of the related financing or lease. The Company cannot reasonably estimate the potential future payments under the indemnities and related provisions described above because it cannot predict (i) when and under what circumstances these provisions may be triggered, and (ii) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time.

**9. Earnings (Loss) per Share**

Basic earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the respective period. Diluted earnings per share are calculated using the treasury-stock method.

The following table sets forth the computation of earnings (loss) per share on a basic and diluted basis for the periods indicated (in millions, except for share and per share data):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Basic:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(272) | $(43) |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic | 229416506 | 226990750 |
| &nbsp;&nbsp;&nbsp;**Earnings (loss) per share, basic** | $**(1.18)** | $**(0.19)** |
| **Diluted:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(272) | $(43) |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, basic | 229416506 | 226990750 |
| &nbsp;&nbsp;&nbsp;Effect of dilutive potential common shares |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding, diluted | 229416506 | 226990750 |
| &nbsp;&nbsp;&nbsp;**Earnings (loss) per share, diluted** | $**(1.18)** | $**(0.19)** |

---

Due to the net loss for each of the three months ended March 31, 2026 and 2025, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is anti-dilutive.

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**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

**10. Income Taxes**

When a reliable estimate cannot be made, the Company computes the interim income tax provision based on the actual effective tax rate for the year-to-date period by applying the discrete method. The Company has calculated its effective tax rate using the discrete method for the three months ended March 31, 2026 and 2025.

The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting basis of assets and liabilities. Quarterly, the Company assesses whether it is more likely than not that sufficient taxable income will be generated to realize deferred income tax assets, and a valuation allowance is recorded when it is more likely than not that some portion, or all, of the Company's deferred tax assets, will not be realized. The Company considers sources of taxable income from prior period carryback periods, future reversals of existing taxable temporary differences, tax planning strategies and future projected taxable income when assessing the future realization of deferred tax assets, as applicable.

The Company's effective tax rate for the three months ended March 31, 2026 was a benefit of 3.2% on pre-tax loss, compared to an expense of 7.5% on pre-tax loss for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2026 was lower than the statutory rate primarily due to nonrecognition of current period tax benefits due to the valuation allowance recorded for U.S. federal and state net operating losses. The Company's effective tax rate for the three months ended March 31, 2025 was lower than the statutory rate primarily due to nonrecognition of current period tax benefits due to the valuation allowance recorded for U.S. federal and state net operating losses as well as the non-deductibility of certain executive compensation and other employee benefits partially offset by net windfalls related to the vesting and exercise of the Company's share-based awards.

In assessing the sources of taxable income and the need for a valuation allowance, the Company considers all available positive and negative evidence, which includes a recent history of cumulative losses. As of March 31, 2026, it was more likely than not that the benefit from a portion of its federal, state and foreign deferred tax assets will not be realized. Accordingly, as of March 31, 2026, the Company had a valuation allowance of $119 million against its deferred tax assets for U.S. federal, state and foreign net operating loss carryforwards, which included increases in the Company's valuation allowance of $49 million, $4 million and $1 million, respectively, recorded during the three months ended March 31, 2026.

**11. Fair Value Measurements**

Under ASC 820, *Fair Value Measurements and Disclosures*, disclosures relating to how fair value is determined for assets and liabilities are required, and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs, as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes several valuation techniques in order to assess the fair value of its financial assets and liabilities.

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**FRONTIER GROUP HOLDINGS, INC.** 

**Notes to Condensed Consolidated Financial Statements (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

***Cash, Cash Equivalents and Restricted Cash***

Cash, cash equivalents and restricted cash are comprised of liquid money market funds, time deposits, and cash, and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. Cash, cash equivalents and restricted cash are carried at cost, which management believes approximates fair value. As of March 31, 2026 and December 31, 2025, the Company had $18 million and $17 million, respectively, of restricted cash as a component of cash and cash equivalents on the Company's condensed consolidated balance sheets.

***Debt***

The estimated fair value of the Company's debt agreements has been determined to be a Level 3 measurement, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes a discounted cash flow method to estimate the fair value of the Level 3 debt.

The carrying amounts and estimated fair values of the Company's debt are as follows (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying<br>Value**  | **Estimated**<br>**Fair Value** | **Carrying**<br>**Value**  | **Estimated**<br>**Fair Value**  |
| **Secured debt:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-delivery Credit Facilities | $298 | $302 | $348 | $352 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025-1 EETCs | 105 | 108 | 105 | 109 |
| **Unsecured debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affinity card advance purchase of miles | 119 | 115 | 101 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;PSP Promissory Notes | 66 | 64 | 66 | 65 |
| **Total debt** | $**588** | $**589** | $**620** | $**626** |

---

The tables below present disclosures about the fair value of assets and liabilities measured at fair value on a recurring basis on the Company's condensed consolidated balance sheets (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Fair Value Measurements as of March 31, 2026** | **Fair Value Measurements as of March 31, 2026** | **Fair Value Measurements as of March 31, 2026** | **Fair Value Measurements as of March 31, 2026** |
|<br>**Description** |<br>**Balance Sheet<br>Classification** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Cash, cash equivalents and restricted cash | Cash and cash equivalents | $772 | $772 | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** |
|<br>**Description** |<br>**Balance Sheet<br>Classification** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Cash, cash equivalents and restricted cash | Cash and cash equivalents | $671 | $671 | $— | $— |

---

The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2025 and March 31, 2026.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 8. "Financial Statements and Supplementary Data" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 18, 2026 (the "2025 Annual Report").

**Recent Developments**

*Macroeconomic Conditions.* In February 2026, the Supreme Court ruled that the International Emergency Economic Powers Act ("IEEPA") does not give the President the authority to impose tariffs and therefore any tariffs imposed by President Trump under the IEEPA were not authorized. Subsequently, the Trump Administration imposed a new 10% across-the-board surcharge on imports. Additionally, effective September 2025, the United States and European Union reached a trade agreement. The agreement, among other changes, included an exemption on tariffs for aircraft and aircraft parts. We continue to monitor the situation and the related impacts to our business.

These or additional changes in U.S. or international trade policies, along with continued uncertainty surrounding such policies, could lead to further weakened business conditions for the transportation industry, which may adversely impact our operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among other impacts.

Recent geopolitical tensions and military conflict in the Middle East, including developments involving Iran, have contributed to volatility in global energy markets. Higher crude oil prices can increase our jet fuel costs, which we experienced during the three months ended March 31, 2026. In addition, related instability may create supply chain challenges affecting aircraft parts and other operational inputs. Continued uncertainty or further escalation could pressure our operating costs and negatively affect our financial performance. We continue to monitor the situation and the related impacts to our business.

*Labor.* We are currently in negotiations with the unions which represent our pilots, flight attendants, and aircraft technicians regarding their next labor contracts. Please refer to "Notes to Condensed Consolidated Financial Statements — 8. Commitments and Contingencies" for additional information.

*Legal/Regulatory.* During 2025, we obtained a revised preliminary assessment in the amount of $133 million related to the applicability of federal excise tax to certain optional ancillary products and services. We established reserves for certain fees subject to the assessment where we believe a loss for this matter is probable and estimable and we are contesting the assessment.

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We previously received an immaterial audit assessment from the U.S. Transportation Security Administration (the "TSA") that covered the third quarter of 2016 through the fourth quarter of 2018 and related to the remittance of TSA fees where flight credits expired unused (the "2016-2018 Audit"). We appealed this assessment to the United States Tenth Circuit Court of Appeals. In addition, we are under audit by the TSA for the period from the fourth quarter of 2019 through the fourth quarter of 2022 (the "2019-2022 Audit"). In April 2026, we lost our appeal regarding the 2016-2018 Audit and received a preliminary assessment for the 2019-2022 Audit in the amount of $42 million, which mainly covered remittance of TSA fees where flight credits expired unused as well as for other passengers that purchased tickets and did not travel. As of March 31, 2026, we recorded an additional estimated liability of $77 million (the "TSA Reserve"), which is largely related to remittance of TSA fees for passengers that purchased tickets and did not travel and is included in other current liabilities and other long-term liabilities on our condensed consolidated balance sheets and in passenger revenues within our condensed consolidated statements of operations. We could be subject to further TSA audit examinations and resulting assessments.

*Fleet.* In March 2026, we entered into an agreement (the "Early Return Agreement") to terminate the leases associated with 24 A320neo aircraft, expected to be completed by the second quarter of 2026. For the three months ended March 31, 2026, we recognized $139 million of operating expenses related to the Early Return Agreement, which includes one-time charges for lease return costs and costs related to the write-off of non-recoverable capitalized prepaid maintenance and accelerated depreciation of capitalized maintenance. Please refer to "Notes to Condensed Consolidated Financial Statements — 6. Operating Leases" for additional information.

**Overview**

The following table provides select financial and operational information for the three months ended March 31, 2026 and 2025 (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** |
| | **2026** | **2025** | **Change** |
| Total operating revenues | $992 | $912 | 9% |
| Total operating expenses | $1275 | $958 | 33% |
| Pre-tax income (loss) | $(281) | $(40) | 603% |
| Adjusted pre-tax income (loss) | $(69) | $(40) | 73% |
| Available seat miles ("ASMs") | 9809 | 9949 | (1)% |
| Earnings (loss) per share, diluted | $(1.18) | $(0.19) | 521% |

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*Revenues*

Total operating revenues for the three months ended March 31, 2026 totaled $992 million, an increase of 9% compared to the three months ended March 31, 2025. Revenue per available seat mile ("RASM"), increased by 10% driven by a 2% increase in total revenue per passenger as compared to the corresponding prior year period, alongside a 3.5-point increase in load factor. Capacity, as measured by ASMs, for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, decreased by 1%.

Adjusted RASM, a non-GAAP measure, increased from $9.17 during the three months ended March 31, 2025 to $10.86 during the three months ended March 31, 2026. For the three months ended March 31, 2026, this excludes the impact of $73 million related to the TSA Reserve associated with prior periods. There were no adjustments for the three months ended March 31, 2025.

*Operating Expenses*

Total operating expenses during the three months ended March 31, 2026 increased to $1,275 million, resulting in a cost per available seat mile ("CASM") of 13.00¢, an increase of 35%, as compared to the three months ended March 31, 2025. Fuel expense for the three months ended March 31, 2026 was $30 million higher than the

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corresponding prior year period. The 13% increase in fuel expense for the three months ended March 31, 2026 was primarily driven by the 13% increase in fuel cost per gallon.

Our non-fuel expenses increased by 40% during the three months ended March 31, 2026, as compared to the corresponding prior year period, driven primarily by expenses related to the Early Return Agreement, higher rent expense due to increased lease return costs and larger fleet, and higher employee costs. CASM (excluding fuel), a non-GAAP measure, increased 42% to 10.27¢, on a 1% decrease in capacity, for the three months ended March 31, 2026, as compared to the corresponding prior year period, due to the aforementioned drivers of increased non-fuel expenses.

Adjusted CASM (excluding fuel), a non-GAAP measure, increased from 7.24¢ for the three months ended March 31, 2025 to 8.85¢ for the three months ended March 31, 2026. For the three months ended March 31, 2026, this excludes the impact of $139 million in expenses relating to the Early Return Agreement. There were no adjustments for the three months ended March 31, 2025.

*Net Income (Loss)*

We generated a net loss of $272 million during the three months ended March 31, 2026, compared to net loss of $43 million for the three months ended March 31, 2025. Considering the aforementioned non-GAAP adjustments and related $8 million of tax impacts, our adjusted net loss, a non-GAAP measure, was $68 million for the three months ended March 31, 2026. There were no non-GAAP adjustments for the three months ended March 31, 2025.

For the reconciliation to the corresponding GAAP measures of the aforementioned non-GAAP adjusted measures, see "Results of Operations — "Reconciliation of GAAP to Non-GAAP Financial Data.", "Reconciliation of Passenger Revenue to Adjusted Passenger Revenue", and "Results of Operations — Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss), Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss), and Net Income (Loss) to EBITDA, EBITDAR, Adjusted EBITDA, and Adjusted EBITDAR."

*Liquidity*

As of March 31, 2026, our total available liquidity was $974 million, consisting of $754 million of unrestricted cash and cash equivalents and availability under our revolving line of credit (the "Revolving Loan Facility").

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**Results of Operations**

***Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025***

*Operating Revenues*

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** |
| | **2026** | **2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** |
| **Operating revenues ($ in millions):** |  |  |  |  |
| Passenger | 952 | 884 | $68 | 8% |
| Other | 40 | 28 | 12 | 43% |
| **Total operating revenues** | **992** | **912** | $**80** | 9% |
| **Operating statistics:** |  |  |  |  |
| ASMs (millions) | 9809 | 9949 | (140) | (1)% |
| Revenue passenger miles ("RPMs") (millions) | 7686 | 7454 | 232 | 3% |
| Average stage length (miles) | 899 | 925 | (26) | (3)% |
| Load factor | 78.4% | 74.9% | 3.5 pts | N/A |
| RASM (¢) | 10.11 | 9.17 | 0.94 | 10% |
| Total ancillary revenue per passenger ($) | 65.24 | 71.72 | (6.48) | (9)% |
| Total revenue per passenger ($) | 119.17 | 116.33 | 2.84 | 2% |
| Adjusted RASM (¢)<sup>(a)</sup> | 10.86 | 9.17 | 1.69 | 18% |
| Adjusted total ancillary revenue per passenger ($)<sup>(a)</sup> | 72.50 | 71.72 | 0.78 | 1% |
| Adjusted total revenue per passenger ($)<sup>(a)</sup> | 127.95 | 116.33 | 11.62 | 10% |
| Passengers (thousands) | 8324 | 7839 | 485 | 6% |

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__________________

(a)This metric is not calculated in accordance with GAAP. For the reconciliation to the corresponding GAAP measures of the aforementioned non-GAAP adjusted measures, see "Reconciliation of GAAP to Non-GAAP Financial Data."

Total operating revenue increased $80 million, or 9%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Revenue was favorably impacted by the 10% increase in RASM, driven by a 2% increase in total revenue per passenger as compared to the corresponding prior year period, alongside a 3.5-point increase in load factor. Revenue was unfavorably impacted by $77 million related to the TSA Reserve during the three months ended March 31, 2026. In addition, capacity, as measured by ASMs, for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, decreased by 1% primarily due to a 12% decrease in average daily aircraft utilization partially offset by the 14% increase in average aircraft in service.

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*Operating Expenses*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** | **Cost per ASM** | **Cost per ASM** | **Cost per ASM** | **Cost per ASM** | **Change** |
| | **2026** | **2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** | **2026** | **2026** | **2025** | **2025** | **Change** |
| **Operating expenses ($ in millions):**<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |
| Aircraft fuel | $268 | $238 | $30 | 13% | 2.73 | ¢ | 2.39 | ¢ | 14% |
| Salaries, wages and benefits | 271 | 249 | 22 | 9% | 2.76 |  | 2.50 |  | 10% |
| Aircraft rent | 265 | 161 | 104 | 65% | 2.70 |  | 1.62 |  | 67% |
| Station operations | 192 | 180 | 12 | 7% | 1.96 |  | 1.81 |  | 8% |
| Maintenance, materials and repairs | 142 | 51 | 91 | 178% | 1.45 |  | 0.51 |  | 184% |
| Sales and marketing | 43 | 41 | 2 | 5% | 0.44 |  | 0.41 |  | 7% |
| Depreciation and amortization | 62 | 20 | 42 | 210% | 0.63 |  | 0.20 |  | 215% |
| Other operating | 32 | 18 | 14 | 78% | 0.33 |  | 0.19 |  | 74% |
| **Total operating expenses** | $**1275** | $**958** | $**317** | 33% | **13.00** | **¢** | **9.63** | **¢** | 35% |
| **Operating statistics:** |  |  |  |  |  |  |  |  |  |
| ASMs (millions) | 9809 | 9949 | (140) | (1)% |  |  |  |  |  |
| Average stage length (miles) | 899 | 925 | (26) | (3)% |  |  |  |  |  |
| Passengers (thousands) | 8324 | 7839 | 485 | 6% |  |  |  |  |  |
| Departures | 51893 | 51358 | 535 | 1% |  |  |  |  |  |
| CASM (excluding fuel) (¢)<sup>(b)</sup> | 10.27 | 7.24 | 3.03 | 42% |  |  |  |  |  |
| Adjusted CASM (excluding fuel) (¢)<sup>(b)</sup> | 8.85 | 7.24 | 1.61 | 22% |  |  |  |  |  |
| Fuel cost per gallon ($) | 2.88 | 2.55 | 0.33 | 13% |  |  |  |  |  |
| Fuel gallons consumed (thousands) | 92962 | 93212 | (250) | —% |  |  |  |  |  |

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__________________

(a)Cost per ASM figures may not recalculate due to rounding.

(b)These metrics are not calculated in accordance with GAAP. For the reconciliation to the corresponding GAAP measures of the aforementioned non-GAAP adjusted measures, see "Reconciliation of GAAP to Non-GAAP Financial Data."

*Aircraft Fuel*. Aircraft fuel expense increased by $30 million, or 13%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increase was due to a 13% increase in fuel cost per gallon.

*Salaries, Wages and Benefits*. Salaries, wages and benefits expense increased by $22 million, or 9%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increase was primarily due to higher crew costs, as compared to the corresponding prior year period.

*Aircraft Rent*. Aircraft rent expense increased by $104 million, or 65%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to additional lease return expense, in part related to the Early Return Agreement, and a larger fleet.

*Station Operations*. Station operations expense increased by $12 million, or 7%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to an increase in airport cost sharing arrangements and a 6% increase in passengers.

*Maintenance, Materials and Repairs*. Maintenance, materials and repair expense increased by $91 million, or 178%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This increase was primarily due to the write-off on non-recoverable prepaid maintenance balances related to the Early Return Agreement and the 14% increase in average aircraft in service, which resulted in higher aircraft repair and materials costs.

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*Sales and Marketing*. Sales and marketing expense increased by $2 million, or 5%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to an increase in credit card fees, partially offset by a decrease in third-party distribution channel fees. The following table presents our distribution channel mix:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| **Distribution Channel** | **2026** | **2025** | **Change** | **Change** |
| Our website, mobile app and other direct channels | 69% | 74% | (5) | pt |
| Third-party channels | 31% | 26% | 5 | pt |

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*Depreciation and Amortization*. Depreciation and amortization expense increased by $42 million, or 210%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to the accelerated depreciation on capitalized maintenance costs related to the Early Return Agreement and the increase in capitalized maintenance depreciation due to our growing fleet.

*Other Operating Expense*. Other operating expenses increased by $14 million, or 78%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This increase was primarily driven by the decrease in sale-leaseback gains, as a result of 7 aircraft inductions compared to 4 aircraft inductions and 2 engine inductions in the corresponding prior year period subject to sale-leaseback transactions, and an increase in travel costs.

*Other Income (Expense).* Other income decreased by $4 million, or 67%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily due to increased interest expense, driven by higher principal balances on our debt from the addition of the class A-1 enhanced equipment trust certificates (the "2025-1 EETCs") and decreased interest income from lower interest rates on interest-bearing cash accounts.

*Income Taxes.* Our effective tax rate for the three months ended March 31, 2026 was a benefit of 3.2%, compared to an expense of 7.5% for the three months ended March 31, 2025, on pre-tax loss for each of the respective periods. The primary difference between the effective tax rate and the federal statutory rate for the three months ended March 31, 2026 was related to the increase in our valuation allowance relating to U.S. federal and state net operating loss. Please refer to "Notes to Condensed Consolidated Financial Statements — 10. Income Taxes" for additional information.

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<u>Reconciliation of GAAP to Non-GAAP Financial Data</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **($ in millions)** | **Per ASM (¢)** | **($ in millions)** | **Per ASM (¢)** |
| **Non-GAAP financial data:**<sup>(a)</sup> |  |  |  |  |
| **RASM** |  | **10.11** |  | **9.17** |
| TSA Reserve<sup>(b)</sup> | 73 | 0.75 |  |  |
| **Adjusted RASM (¢)**<sup>(c)</sup> |  | **10.86** |  | **9.17** |
| **CASM** |  | **13.00** |  | **9.63** |
| Aircraft fuel | (268) | (2.73) | (238) | (2.39) |
| **CASM (excluding fuel)**<sup>(d)</sup> |  | **10.27** |  | **7.24** |
| Early Return Agreement<sup>(e)</sup> | (139) | (1.42) |  |  |
| **Adjusted CASM (excluding fuel)**<sup>(d)</sup> |  | **8.85** |  | **7.24** |
| Aircraft fuel | 268 | 2.73 | 238 | 2.39 |
| **Adjusted CASM**<sup>(f)</sup> |  | **11.58** |  | **9.63** |
| Net interest expense (income) | (2) | (0.02) | (6) | (0.07) |
| **Adjusted CASM + net interest**<sup>(g)</sup> |  | **11.56** |  | **9.56** |
| **CASM** |  | **13.00** |  | **9.63** |
| Net interest expense (income) | (2) | (0.02) | (6) | (0.07) |
| **CASM + net interest**<sup>(g)</sup> |  | **12.98** |  | **9.56** |

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__________________

(a)Revenue and cost per ASM figures may not recalculate due to rounding.

(b)We received a court ruling relating to the remittance of TSA fees for unused travel covering the 2016-2018 Audit that resulted in a $73 million charge, the TSA Reserve, that covers probable losses in prior years subject to audit that were recorded during the three months ended March 31, 2026. See "Notes to the Condensed Consolidated Financial Statements — 8. Commitments and Contingencies" and "Reconciliation of Passenger Revenue to Adjusted Passenger Revenue" for additional information.

(c)Adjusted RASM is included as a supplemental disclosure because we believe it is a useful metric to properly compare our revenue performance to our peers, as RASM metrics are well-recognized performance measurements in the airline industry that are frequently used by our management, as well as by investors, securities analysts and other interested parties in comparing the operating performance of companies in the airline industry. Additionally, we believe this metric is useful because it removes certain items that may not be indicative of our base operating performance or future results. Adjusted RASM is not determined in accordance with GAAP, may not be comparable across all carriers and should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

(d)CASM (excluding fuel) and Adjusted CASM (excluding fuel) are included as supplemental disclosures because we believe that excluding aircraft fuel is useful to investors as it provides an additional measure of management's performance excluding the effects of a significant cost item over which management has limited influence. The price of fuel, over which we have limited control, impacts the comparability of period-to-period financial performance, and excluding the price of fuel allows management an additional tool to understand and analyze our non-fuel costs and core operating performance, and increases comparability with other airlines that also provide a similar metric. CASM (excluding fuel) and Adjusted CASM (excluding fuel) are not determined in accordance with GAAP and should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

(e)We entered into the Early Return Agreement to early terminate the leases associated with 24 A320neo aircraft and as a result incurred non-recurring charges of $139 million in the first quarter of 2026. The $139 million includes $73 million related to the write-off of non-recoverable capitalized prepaid maintenance balances recorded in maintenance, materials and repairs; $37 million of accelerated depreciation expense related to the remeasurement of useful lives of capitalized maintenance; $35 million of lease return costs recorded in aircraft rent and $(6) million of a reversal of previously accrued lease return costs. See "Notes to Condensed Consolidated Financial Statements — 6. Operating Leases" for additional information.

(f)Adjusted CASM is included as supplemental disclosure because we believe it is a useful metric to properly compare our cost management and performance to other peers, as derivations of Adjusted CASM are well-recognized performance measurements in the airline industry that are frequently used by our management, as well as by investors, securities analysts and other interested parties in comparing the operating performance of companies in the airline industry. Additionally, we believe this metric is useful because it removes certain items that may not be indicative of our base operating performance or future results. Adjusted CASM is not determined in accordance with

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GAAP, may not be comparable across all carriers and should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

(g)Adjusted CASM including net interest and CASM including net interest are included as supplemental disclosures because we believe they are useful metrics to properly compare our cost management and performance to other peers that may have different capital structures and financing strategies, particularly as it relates to financing primary operating assets such as aircraft and engines. Additionally, we believe Adjusted CASM including net interest is useful because it removes certain items that may not be indicative of our base operating performance or future results. Adjusted CASM including net interest and CASM including net interest are not determined in accordance with GAAP, may not be comparable across all carriers and should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

<u>Reconciliation of Passenger Revenue to Adjusted Passenger Revenue</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **($ in millions)** | **Per Passenger $** | **($ in millions)** | **Per Passenger $** |
| **Non-GAAP Revenue per Passenger:**<sup>(a)(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fare revenue: | 449 | 53.93 | 350 | 44.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA Reserve | 13 | 1.52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted fare revenue:**<sup>(c)</sup> | **462** | **55.45** | **350** | **44.61** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-fare passenger revenue: | 503 | 60.45 | 534 | 68.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA Reserve | 60 | 7.26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted non-fare revenue:**<sup>(c)</sup> | **563** | **67.71** | **534** | **68.15** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue: | 40 | 4.79 | 28 | 3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA Reserve |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted other revenue:**<sup>(c)</sup> | **40** | **4.79** | **28** | **3.57** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary revenue: | 543 | 65.24 | 562 | 71.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA Reserve | 60 | 7.26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted ancillary revenue:**<sup>(c)</sup> | **603** | **72.50** | **562** | **71.72** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue: | 992 | 119.17 | 912 | 116.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA Reserve | 73 | 8.78 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted total revenue:**<sup>(c)</sup> | **1065** | **127.95** | **912** | **116.33** |

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__________________

(a)Revenue per passenger figures may not recalculate due to rounding.

(b)See "Reconciliation of GAAP to Non-GAAP Financial Data" above for discussion of adjusting items.

(c)Adjusted fare revenue, adjusted non-fare revenue, adjusted other revenue, adjusted ancillary and adjusted total revenue, and respective metrics per passenger, (collectively, "revenue per passenger") are included as supplemental disclosures because we believe they are useful metrics to properly compare our revenue performance to our peers, as revenue per passenger metrics are well-recognized performance measurements in the airline industry that are frequently used by our management, as well as by investors, securities analysts and other interested parties in comparing the operating performance of companies in the airline industry. Additionally, we believe these metrics are useful because they remove certain items that may not be indicative of our base operating performance or future results. These metrics are not determined in accordance with GAAP, may not be comparable across all carriers and should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

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<u>Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss), Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss), and Net Income (Loss) to EBITDA, EBITDAR, Adjusted EBITDA, and Adjusted EBITDAR</u>

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(in millions)** | **(in millions)** |
| **Non-GAAP financial data (unaudited):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted pre-tax income (loss)<sup>(a)</sup> | $(69) | $(40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income (loss)<sup>(a)</sup> | $(68) | $(43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA<sup>(a)</sup> | $(221) | $(26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAR<sup>(b)</sup> | $44 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA<sup>(a)</sup> | $(46) | $(26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDAR<sup>(b)</sup> | $190 | $135 |

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__________________

(a)Adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA are included as supplemental disclosures because we believe they are useful indicators of our operating performance. Derivations of pre-tax income (loss), net income (loss) and EBITDA are well-recognized performance measurements in the airline industry that are frequently used by our management, as well as by investors, securities analysts and other interested parties in comparing the operating performance of companies in our industry.

Adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA have limitations as analytical tools. Some of the limitations applicable to these measures include: adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; EBITDA and adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; EBITDA, and adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our indebtedness; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and adjusted EBITDA do not reflect any cash requirements for such replacements; and other companies in our industry may calculate adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. Because of these limitations, adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA should not be considered in isolation from or as a substitute for performance measures calculated in accordance with GAAP. In addition, because derivations of adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA are not determined in accordance with GAAP, such measures are susceptible to varying calculations and not all companies calculate the measures in the same manner. As a result, derivations of pre-tax income (loss), net income (loss) and EBITDA, including adjusted pre-tax income (loss), adjusted net income (loss) and adjusted EBITDA, as presented may not be directly comparable to similarly titled measures presented by other companies.

For the foregoing reasons, each of adjusted pre-tax income (loss), adjusted net income (loss), EBITDA and adjusted EBITDA has significant limitations which affect its use as an indicator of our profitability. Accordingly, you are cautioned not to place undue reliance on this information.

(b)EBITDAR and adjusted EBITDAR are included as supplemental disclosures because we believe them to be useful solely as valuation metrics for airlines as their calculations isolate the effects of financing in general, the accounting effects of capital spending and acquisitions (primarily aircraft, which may be acquired directly, directly subject to acquisition debt, by capital lease or by operating lease, each of which is presented differently for accounting purposes), and income taxes, which may vary significantly between periods and for different airlines for reasons unrelated to the underlying value of a particular airline. However, EBITDAR and adjusted EBITDAR are not determined in accordance with GAAP, are susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, EBITDAR and adjusted EBITDAR, as presented, may not be directly comparable to similarly titled measures presented by other companies. In addition, EBITDAR and adjusted EBITDAR should not be viewed as measures of overall performance since they exclude aircraft rent, which is a normal, recurring cash operating expense that is necessary to operate our business. Accordingly, you are cautioned not to place undue reliance on this information.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(in millions)** | **(in millions)** |
| **Adjusted net income (loss) reconciliation (unaudited):** |  |  |
| Net income (loss) | $(272) | $(43) |
| Non-GAAP Adjustments<sup>(a)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;TSA Reserve | 73 | **—** |
| &nbsp;&nbsp;&nbsp;Early return agreement | 139 |  |
| **Pre-tax impact** | **212** | **—** |
| &nbsp;&nbsp;&nbsp;Tax benefit (expense), related to non-GAAP adjustments | (8) |  |
| **Net income (loss) impact** | $**204** | $**—** |
| **Adjusted net income (loss)** | $**(68)** | $**(43)** |
| **Adjusted pre-tax income (loss) reconciliation (unaudited):** |  |  |
| Income (loss) before income taxes | $(281) | $(40) |
| &nbsp;&nbsp;&nbsp;Pre-tax impact | 212 |  |
| **Adjusted pre-tax income (loss)** | $**(69)** | $**(40)** |
| **EBITDA, EBITDAR, Adjusted EBITDA and Adjusted EBITDAR reconciliation (unaudited):** |  |  |
| Net income (loss) | $(272) | $(43) |
| Plus (minus): |  |  |
| &nbsp;&nbsp;Interest expense | 12 | 9 |
| &nbsp;&nbsp;Capitalized interest | (8) | (8) |
| &nbsp;&nbsp;Interest income and other | (6) | (7) |
| &nbsp;&nbsp;Income tax expense (benefit) | (9) | 3 |
| &nbsp;&nbsp;Depreciation and amortization | 62 | 20 |
| **EBITDA** | **(221)** | **(26)** |
| Plus: Aircraft rent | 265 | 161 |
| **EBITDAR** | $**44** | $**135** |
| **EBITDA** | $**(221)** | $**(26)** |
| **Plus (minus)**<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;TSA Reserve | 73 |  |
| &nbsp;&nbsp;Early Return Agreement<sup>(b)</sup> | 102 |  |
| **Adjusted EBITDA** | $**(46)** | $**(26)** |
| &nbsp;&nbsp;Plus: Aircraft rent | 265 | 161 |
| &nbsp;&nbsp;Minus: Early Return Agreement<sup>(c)</sup> | (29) | **—** |
| **Adjusted EBITDAR** | $**190** | $**135** |

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___________________

(a)See "Reconciliation of GAAP to Non-GAAP Financial Data" above for discussion of adjusting items.

(b)Represents lease termination costs and write-off of non-recoverable capitalized maintenance costs associated with the Early Return Agreement. See "Notes to Condensed Consolidated Financial Statements — 6. Operating Leases" for additional information.

(c)Represents lease termination costs related to aircraft rent associated with the Early Return Agreement. See "Notes to Condensed Consolidated Financial Statements — 6. Operating Leases" for additional information.

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**Comparative Operating Statistics**

The following table sets forth our operating statistics for the three months ended March 31, 2026 and 2025. These operating statistics are provided because they are commonly used in the airline industry and, as such, allow readers to compare our performance against our results for the corresponding prior year period, as well as against the performance of our peers.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Change** | **Change** |
| **Operating statistics (unaudited)**<sup>(a)</sup> |  |  |  |  |
| Available seat miles ("ASMs") (millions) | 9809 | 9949 | (1) | % |
| Departures | 51893 | 51358 | 1 | % |
| Average stage length (miles) | 899 | 925 | (3) | % |
| Block hours | 136148 | 136736 |  | % |
| Average aircraft in service | 178 | 156 | 14 | % |
| Aircraft – end of period | 183 | 163 | 12 | % |
| Average daily aircraft utilization (hours) | 8.5 | 9.7 | (12) | % |
| Passengers (thousands) | 8324 | 7839 | 6 | % |
| Average seats per departure | 210 | 208 | 1 | % |
| RPMs (millions) | 7686 | 7454 | 3 | % |
| Load factor | 78.4% | 74.9% | 3.5 | pts |
| Fare revenue per passenger ($) | 53.93 | 44.61 | 21 | % |
| Non-fare passenger revenue per passenger ($) | 60.45 | 68.15 | (11) | % |
| Other revenue per passenger ($) | 4.79 | 3.57 | 34 | % |
| Total ancillary revenue per passenger ($) | 65.24 | 71.72 | (9) | % |
| Total revenue per passenger ($) | 119.17 | 116.33 | 2 | % |
| Total revenue per available seat mile ("RASM") (¢) | 10.11 | 9.17 | 10 | % |
| RASM, stage-length adjusted to 1,000 miles (¢) <sup>(c)</sup> | 9.59 | 8.81 | 9 | % |
| Adjusted fare revenue per passenger ($)<sup>(b)</sup> | 55.45 | 44.61 | 24 | % |
| Adjusted non-fare passenger revenue per passenger ($)<sup>(b)</sup> | 67.71 | 68.15 | (1) | % |
| Adjusted other revenue per passenger ($)<sup>(b)</sup> | 4.79 | 3.57 | 34 | % |
| Adjusted total ancillary revenue per passenger ($)<sup>(b)</sup> | 72.50 | 71.72 | 1 | % |
| Adjusted total revenue per passenger ($)<sup>(b)</sup> | 127.95 | 116.33 | 10 | % |
| Adjusted RASM (¢)<sup>(b)</sup> | 10.86 | 9.17 | 18 | % |
| Adjusted RASM, stage-length adjusted to 1,000 miles (¢)<sup>(b)(c)</sup> | 10.29 | 8.81 | 17 | % |
| Cost per available seat mile ("CASM") (¢) | 13.00 | 9.63 | 35 | % |
| CASM (excluding fuel) (¢)<sup>(b)</sup> | 10.27 | 7.24 | 42 | % |
| CASM + net interest (¢)<sup>(b)</sup> | 12.98 | 9.56 | 36 | % |
| Adjusted CASM (¢)<sup>(b)</sup> | 11.58 | 9.63 | 20 | % |
| Adjusted CASM (excluding fuel) (¢)<sup>(b)</sup> | 8.85 | 7.24 | 22 | % |
| Adjusted CASM (excluding fuel), stage-length adjusted to 1,000 miles (¢)<sup>(b)(c)</sup> | 8.39 | 6.96 | 21 | % |
| Adjusted CASM + net interest (¢)<sup>(b)</sup> | 11.56 | 9.56 | 21 | % |
| Adjusted CASM + net interest, stage-length adjusted to 1,000 miles (¢)<sup>(b)(c)</sup> | 10.96 | 9.20 | 19 | % |
| Fuel cost per gallon ($) | 2.88 | 2.55 | 13 | % |
| Fuel gallons consumed (thousands) | 92962 | 93212 |  | % |
| Full-time equivalent employees | 8198 | 7906 | 4 | % |

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_______________

(a)Figures may not recalculate due to rounding. See "Glossary of Airline Terms" for definitions of terms used in this table.

(b)These metrics are not calculated in accordance with GAAP. For the reconciliation to corresponding GAAP measures, see "Results of Operations—Reconciliation of GAAP to Non-GAAP Financial Data."

(c)Stage-Length Adjusted (SLA) to 1,000 miles: Applicable Operating Statistic \* Square root (stage length / 1,000).

**Liquidity and Capital Resources**

***Overview***

As of March 31, 2026, our total available liquidity was $974 million, consisting of $754 million of unrestricted cash and cash equivalents and $220 million of funds available to be drawn under our undrawn Revolving Loan Facility. We had $583 million of total debt, net, of which $240 million is short-term and consists primarily of amounts outstanding under our Pre-delivery Credit Facilities. Our total debt, net is comprised of $298 million outstanding under our Pre-delivery Credit Facilities, $119 million outstanding under our pre-purchased miles facility with Barclays Bank Delaware ("Barclays"), $105 million of 2025-1 EETCs and $66 million in 10-year notes (collectively, the "PSP Promissory Notes") from the U.S. Department of the Treasury (the "Treasury"), partially offset by $5 million in deferred debt acquisition costs.

In connection with the term loan facility entered into with the Treasury in September 2020, which was repaid in full in February 2022, and the PSP Promissory Notes, we issued warrants (the "Warrants") to purchase 3,117,940 shares of FGHI common stock at a weighted-average price of $6.95 per share. In June 2024, the Treasury sold all such Warrants to a financial institution. During the three months ended March 31, 2026, 103,208 warrants expired and no warrants were exercised. As of March 31, 2026, warrants to purchase 134,066 shares of FGHI common stock were outstanding and set to expire by June 2026.

We continue to monitor our covenant compliance with various parties, including, but not limited to, our lenders and credit card processors. As of the date of this report, we are in compliance with all of our covenants.

The following table presents the major indicators of our financial condition and liquidity as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **($ in millions)** | **($ in millions)** |
| Cash and cash equivalents | $772 | $671 |
| Total current assets, excluding cash and cash equivalents | $326 | $287 |
| Total current liabilities, excluding current maturities of long-term debt, net and operating leases | $1205 | $1023 |
| Current maturities of long-term debt, net | $240 | $301 |
| Long-term debt, net | $343 | $313 |
| Stockholders' equity | $222 | $491 |
| Debt to capital ratio | 72% | 56% |
| Debt to capital ratio, including operating lease obligations | 96% | 92% |

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***Use of Cash and Future Obligations***

We expect to meet our cash requirements for the next twelve months through use of our available cash and cash equivalents, our Pre-delivery Credit Facilities, cash flows from operating activities and sale-leaseback financing. We expect to meet our long-term cash requirements with cash flows from operating and financing activities, including, but not limited to, potential future borrowings under the Pre-delivery Credit Facilities, our undrawn Revolving Loan Facility and/or potential issuances of debt or equity. The Revolving Loan Facility also permits us to enter into additional indebtedness secured by our loyalty program and brand-related assets, to the extent such indebtedness is

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pari passu to that of the Revolving Loan Facility. Our primary uses of cash are for working capital, aircraft PDPs, debt repayments, and capital expenditures.

Our single largest capital commitment relates to the acquisition of aircraft. As of March 31, 2026, we operated a total of 183 aircraft under operating leases. PDPs relating to future deliveries under our agreement with Airbus are required at various times prior to each aircraft's delivery date. As of March 31, 2026, our Pre-delivery Credit Facilities, which allow us to draw up to an aggregate of $326 million, had $298 million outstanding. As of March 31, 2026, we had $383 million of PDPs held by Airbus which have been partially financed by our Pre-delivery Credit Facilities.

As of March 31, 2026, we had a firm obligation to purchase 161 A320neo family aircraft and 20 additional spare engines to be delivered by 2033. Of our aircraft commitments, 23 had committed operating leases for deliveries occurring between 2026 and 2029. We intend to evaluate financing options for the remaining aircraft.

The following table summarizes current and long-term material cash requirements as of March 31, 2026, which we expect to fund primarily with operating and financing cash flows (in millions):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Material Cash Requirements** | **Material Cash Requirements** | **Material Cash Requirements** | **Material Cash Requirements** | **Material Cash Requirements** | **Material Cash Requirements** | **Material Cash Requirements** |
| | **Remainder of 2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Debt obligations<sup>(a)</sup> | $208 | $64 | $63 | $118 | $42 | $93 | $588 |
| Interest commitments<sup>(b)</sup> | 26 | 22 | 17 | 12 | 7 | 6 | 90 |
| Operating lease obligations<sup>(c)</sup> | 577 | 748 | 738 | 691 | 629 | 2884 | 6267 |
| Flight equipment purchase obligations<sup>(d)</sup> | 1025 | 409 | 1221 | 1043 | 1554 | 5499 | 10751 |
| **Total** | $**1836** | $**1243** | $**2039** | $**1864** | $**2232** | $**8482** | $**17696** |

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__________________

(a)Includes principal commitments only associated with our Pre-delivery Credit Facilities with borrowings as of March 31, 2026, our affinity card unsecured debt due through 2029, the PSP Promissory Notes through 2031, and our class A-1 enhanced equipment certificate through 2032. See "Notes to Condensed Consolidated Financial Statements — 5. Debt."

(b)Represents interest and commitment fees on debt obligations and our undrawn Revolving Loan Facility.

(c)Represents gross cash payments related to our operating fixed lease obligations that are not subject to discount as compared to the obligations measured on our condensed consolidated balance sheets. Also includes lease return obligations related to the Early Return Agreement. See "Notes to Condensed Consolidated Financial Statements — 6. Operating Leases."

(d)Represents purchase commitments for aircraft and engines. See "Notes to Condensed Consolidated Financial Statements — 8. Commitments and Contingencies."

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***Cash Flows***

The following table presents information regarding our cash flows in the three months ended March 31, 2026 and 2025 (in millions):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net cash provided by (used in) operating activities | $40 | $(86) |
| Net cash provided by (used in) investing activities | 33 | (29) |
| Net cash provided by financing activities | 28 | 61 |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | **101** | **(54)** |
| Cash, cash equivalents and restricted cash at beginning of period | 671 | 740 |
| **Cash, cash equivalents and restricted cash at end of period** | $**772** | $**686** |

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*Operating Activities*

During the three months ended March 31, 2026, net cash provided by operating activities totaled $40 million, which was driven by $78 million of non-cash adjustments and $234 million of inflows from changes in operating assets and liabilities, partially offset by a $272 million net loss.

The $234 million of inflows from changes in operating assets and liabilities included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $256 million in increases in other liabilities primarily driven by the TSA Reserve, cash received for supplier incentives, increased leased aircraft return accruals related to the Early Return Agreement, and increases to other operational related accruals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $107 million in increases in our air traffic liability primarily driven by increased bookings on higher average fares and volume; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5 million in increases in accounts payable; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $82 million in increases in other long-term assets primarily driven by increases in capitalized maintenance and prepaid maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $33 million in increases in accounts receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $19 million in increases in supplies and other current assets.

Our net loss of $272 million was also adjusted by the following non-cash items to arrive at cash provided by operating activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $104 million in adjustments for the Early Return Agreement primarily related to non-cash impacts from non-recoverable capitalized prepaid maintenance and accelerated depreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $25 million in depreciation and amortization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5 million in stock-based compensation expense; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $47 million in gains recognized on sale-leaseback transactions and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9 million in deferred income tax expense.

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During the three months ended March 31, 2025, net cash used in operating activities totaled $86 million, which was driven by a $43 million net loss, $28 million of non-cash adjustments and $15 million of outflows from changes in operating assets and liabilities.

The $15 million of outflows from changes in operating assets and liabilities included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $49 million in increases in other long-term assets primarily driven by increases in capital maintenance and prepaid maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $24 million in decreases in other liabilities primarily driven by leased aircraft return accruals and other operational related accruals offset by increased passenger taxes payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $16 million in increases in accounts receivable; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $64 million in increases in our air traffic liability primarily driven by increased bookings on higher average fares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6 million in decreases in supplies and other current assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4 million in increases in accounts payable.

Our net loss of $43 million was also adjusted by the following non-cash items to arrive at cash used in operating activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $56 million in gains recognized on sale-leaseback transactions; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $20 million in depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5 million in stock-based compensation expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3 million in deferred income tax expense.

*Investing Activities*

During the three months ended March 31, 2026, net cash provided by investing activities totaled $33 million, driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $45 million in net inflows for PDP activity; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $12 million in cash outflows for capital expenditures.

During the three months ended March 31, 2025, net cash used in investing activities totaled $29 million, driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $18 million in cash outflows for capital expenditures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $11 million in net outflows for PDP activity.

*Financing Activities*

During the three months ended March 31, 2026, net cash provided by financing activities was $28 million, driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $62 million in net proceeds received from sale-leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $51 million in cash proceeds from debt issuances, consisting of $33 million drawn on our Pre-delivery Credit Facilities and $18 million in draws on our Barclays facility; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $83 million in cash outflows from principal repayments on debt related to our Pre-delivery Credit Facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2 million in cash outflows for payments related to tax withholdings of share-based awards.

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During the three months ended March 31, 2025, net cash provided by financing activities was $61 million, primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $52 million in net proceeds received from sale-leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $33 million in cash proceeds from debt issuances, consisting of $32 million of net borrowings on our Pre-delivery Credit Facilities, and $1 million in draws on our Barclays facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6 million in proceeds from the exercise of stock options; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $28 million in cash outflows from principal repayments on the Pre-delivery Credit Facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2 million in cash outflows for payments related to tax withholdings of share-based awards.

As of March 31, 2026, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our results of operations, financial condition or cash flows.

**Critical Accounting Policies and Estimates**

There have been no material changes in our critical accounting policies and estimates during the three months ended March 31, 2026. For information regarding our critical accounting policies and estimates, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates" included in Part II, Item 7 of our 2025 Annual Report.

**Recently Adopted Accounting Pronouncements**

See "Notes to Consolidated Financial Statements —1. Summary of Significant Accounting Policies" included in Part II, Item 8 of our 2025 Annual Report for a discussion of recent accounting pronouncements.

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**GLOSSARY OF AIRLINE TERMS**

Set forth below is a glossary of industry terms:

"A320 family" means, collectively, the Airbus series of single-aisle aircraft, including the A320ceo, A320neo, A321ceo and A321neo aircraft.

"A320neo family" means, collectively, the Airbus series of single-aisle aircraft that feature the new engine option, including the A320neo and A321neo aircraft.

"Adjusted CASM" is a non-GAAP measure and means operating expenses, excluding special items, divided by ASMs. For a discussion of such special items and a reconciliation of CASM to CASM (excluding fuel), Adjusted CASM (excluding fuel), Adjusted CASM, Adjusted CASM including net interest and CASM including net interest, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations."

"Adjusted CASM including net interest" or "Adjusted CASM + net interest" is a non-GAAP measure and means the sum of Adjusted CASM and net interest expense (income) excluding special items divided by ASMs. For a discussion of such special items and a reconciliation of CASM to CASM (excluding fuel), Adjusted CASM (excluding fuel), Adjusted CASM, Adjusted CASM including net interest and CASM including net interest, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations."

"Adjusted CASM (excluding fuel)" is a non-GAAP measure and means operating expenses less aircraft fuel expense, excluding special items, divided by ASMs. For a discussion of such special items and a reconciliation of CASM to CASM (excluding fuel), Adjusted CASM (excluding fuel), Adjusted CASM, Adjusted CASM including net interest and CASM including net interest, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations."

"Adjusted RASM" is a non-GAAP measure and means total revenues, excluding special items, divided by ASMs. For a discussion of such special items and a reconciliation of RASM to adjusted RASM, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations."

"Air traffic liability" means the value of tickets, unearned membership fees, customer rights to book future travel and other related fees sold in advance of travel.

"Ancillary revenue" means the sum of non-fare passenger revenue and other revenue.

"Available seat miles" or "ASMs" means seats (empty or full) multiplied by miles the seats are flown.

"Average aircraft in service" means the average number of aircraft used in flight operations, as calculated on a daily basis.

"Average daily aircraft utilization" means block hours divided by number of days in the period divided by average aircraft in service.

"Average stage length" means the average number of miles flown per flight segment.

"Block hours" means the number of hours during which the aircraft is in revenue service, measured from the time of gate departure before take-off until the time of gate arrival at the destination.

"CASM" or "unit costs" means operating expenses divided by ASMs.

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"CASM (excluding fuel)" is a non-GAAP measure and means operating expenses less aircraft fuel expense, divided by ASMs.

"CASM including net interest" or "CASM + net interest" is a non-GAAP measure and means the sum of CASM and net interest expense (income) divided by ASMs.

"DOT" means the U.S. Department of Transportation.

"Fare revenue" consists of base fares for air travel, including miles redeemed under our frequent flyer program, unused and expired passenger credits, and revenue derived from charter flights.

"Fare revenue per passenger" means fare revenue divided by passengers.

"Load factor" means the percentage of aircraft seat miles actually occupied on a flight (RPMs divided by ASMs).

"Net interest expenses (income)" means interest expense, capitalized interest, interest income and other.

"Non-fare passenger revenue" consists of fees related to certain ancillary items such as baggage, service fees, seat selection, and other passenger-related revenue that is not included as part of base fares for travel.

"Non-fare passenger revenue per passenger" means non-fare passenger revenue divided by passengers.

"Other revenue" consists primarily of services not directly related to providing transportation, such as the advertising, marketing and brand elements of the *FRONTIER Miles* affinity credit card program, and commissions revenue from the sale of items such as rental cars and hotels.

"Other revenue per passenger" means other revenue divided by passengers.

"Passengers" means the total number of passengers flown on all flight segments.

"Passenger revenue" consists of fare revenue and non-fare passenger revenue.

"PDP" means pre-delivery deposit payments, which are payments required by aircraft manufacturers in advance of delivery of the aircraft.

"RASM" or "unit revenue" means total revenue divided by ASMs.

"Revenue passenger miles" or "RPMs" means the number of miles flown by passengers.

"Total ancillary revenue per passenger" means ancillary revenue divided by passengers.

"Total revenue per passenger" means the sum of fare revenue, non-fare passenger revenue, and other revenue (collectively, "Total Revenue") divided by passengers.

"TSA" means the U.S. Transportation Security Administration.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

There have been no material changes in market risk from the information provided in Part II, Item 7A. "Quantitative and Qualitative Disclosures About Market Risk", in our 2025 Annual Report, other than as described below with respect to aircraft fuel as a result of recent geopolitical tensions which have contributed to volatility in the global energy markets. The adverse effects of changes in these markets could pose a potential loss as discussed below. The sensitivity analysis provided does not consider the effects that such adverse changes may have on overall economic activity, nor does it consider additional actions we may take to mitigate our exposure to such changes. Actual results may differ.

*Aircraft Fuel.* Our results of operations can vary materially due to changes in the price and availability of aircraft fuel and are also impacted by the number of aircraft in use and the number of flights we operate. Aircraft fuel represented approximately 21% and 25% of total operating expenses for the three months ended March 31, 2026 and 2025, respectively. Unexpected changes in the pricing of aircraft fuel or a shortage or disruption in the supply of aircraft fuel could have a material adverse effect on our business, results of operations and financial condition. Based on our fuel consumption during the three months ended March 31, 2026, a hypothetical 10% increase in the average price per gallon of aircraft fuel would have increased aircraft fuel expense by approximately $27 million.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

Management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the "Exchange Act"), refers to the controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our principal executive officer and principal financial officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.

**Changes in Internal Control Over Financial Reporting**

During the three months ended March 31, 2026, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we have been and will continue to be subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained. We believe the ultimate outcome of such lawsuits, proceedings and reviews is not reasonably likely, individually or in the aggregate, to have a material adverse effect on our business, results of operations and financial condition.

**ITEM 1A. RISK FACTORS**

There have been no material changes to the risk factors disclosed in Item 1A "Risk Factors" contained in our 2025 Annual Report. Investors are urged to review all such risk factors carefully.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Unregistered Sales of Equity Securities**

None.

**Use of Proceeds**

None.

**Issuer Purchases of Equity Securities**

We do not have a share repurchase program and no shares were repurchased during the first quarter of 2026.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

**Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements**

During the fiscal quarter ended March 31, 2026, none of our directors or officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any other "non-Rule 10b5-1 trading arrangement."

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**ITEM 6. EXHIBITS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Filed Herewith** |
| **<u>Exhibit Number</u>** | **<u>Exhibit Description</u>** | **<u>Form</u>** | **<u>File Number</u>** | **<u>Date</u>** | **<u>Number</u>** | |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of Frontier Group Holdings, Inc.](https://www.sec.gov/Archives/edgar/data/1670076/000167007625000125/frontier-ex31xamendedandre.htm)</u> | 8-K | 001-40304 | 5/16/2025 | 3.1 |  |
| 3.2 | <u>[Amended and Restated Bylaws of Frontier Group Holdings, Inc.](https://www.sec.gov/Archives/edgar/data/1670076/000167007624000111/aex31xarbylawsxapproved724.htm)</u> | 8-K | 001-40304 | 7/25/2024 | 3.1 |  |
| 4.1 | <u>[Form of Common Stock Certificate.](https://www.sec.gov/Archives/edgar/data/1670076/000119312521073416/d76056dex42.htm)</u> | S-1 | 333-254004 | 3/8/2021 | 4.2 |  |
| 4.2 | <u>[Form of Common Stock Warrant.](https://www.sec.gov/Archives/edgar/data/1670076/000167007624000123/frontier-ex42xformofcomm.htm)</u> | 10-Q | 001-40304 | 8/8/2024 | 4.2 |  |
| 10.1(a) †^ | <u>[First Amended and Restated Credit Agreement, dated March 11, 2026, by and among Vertical Horizons JSA Limited, as borrower, JSA International U.S. Holdings, LLC, as lender and administrative agent, and Bank of Utah, not in its individual capacity but solely as security trustee.](frontier-ex101axulccxjsa_f.htm)</u> |  |  |  |  | X |
| 10.1(b) †^ | <u>[Amendment No. 1 to Eleventh Amended and Restated Credit Agreement, dated as of March 11, 2026, by and among Vertical Horizons, Ltd., as borrower, each lender identified on Schedule I thereto, and Bank of Utah, not in its individual capacity but solely as security trustee.](frontier-ex101bulccxcitifr.htm)</u> |  |  |  |  | X |
| 10.1(c) †^ | <u>[Amendment to Step-In Agreement, dated as of March 11, 2026, by and among Vertical Horizons, Ltd., as buyer, Bank of Utah, not in its individual capacity but solely as security trustee, and Airbus S.A.S.](frontier-ex101cxulccxbouxx.htm)</u> |  |  |  |  | X |
| 10.1(d) †^ | <u>[Amendment to Step-In Agreement, dated as of March 11, 2026, by and between Frontier Group Holdings, Inc., as guarantor, Frontier Airlines, Inc., as original buyer, Vertical Horizons JSA Limited, as buyer, JSA International U.S. Holdings, LLC, as financier, and Airbus S.A.S.](frontier-ex101dxulccxjsaam.htm)</u> |  |  |  |  | X |
| 10.2 † | <u>[Amendment No. 20 to Airbus A320 Family Aircraft Purchase Agreement, dated as of March 11, 2026, by and between Airbus S.A.S. and Frontier Airlines, Inc.](frontier-ex102xulccxairbus.htm)</u> |  |  |  |  | X |
| 10.3(a) †^ | <u>[Amendment No. 2 to Master Services Agreement, dated February 26, 2026, by and among Frontier Airlines Holdings, Inc., on behalf of itself and Frontier Airlines, Inc., U.S. Bank National Association, acting through its Canadian Branch, Elavon Company Canada, and Evalon Inc.](frontier-ex103axullcxelavo.htm)</u> |  |  |  |  | X |
| 10.3(b) †^ | <u>[Amendment No. 5 to Rate per Flight Hour Agreement, dated as of March 11, 2026, by and between CFM International, Inc. and Frontier Airlines, Inc.](frontier-ex103bxulccxleapx.htm)</u> |  |  |  |  | X |
| 10.4(a) # | <u>[Non-Employee Director Compensation Program, as amended on](frontier-ex104axulccxfront.htm)[February 5, 2026](frontier-ex104axulccxfront.htm)[and to be effective as of May 14, 2026.](frontier-ex104axulccxfront.htm)</u> |  |  |  |  | X |
| 10.4(b) # | <u>[Second Amendment to the Amended and Restated Employment Agreement, dated as of January 7, 2026, by and between Frontier Airlines, Inc. and James G. Dempsey.](frontier-ex104bxulccxamend.htm)</u> |  |  |  |  | X |
| 10.4(c) # | <u>[Separation Agreement, dated January 1, 2026, by and between Frontier Airlines, Inc. and Barry L. Biffle.](frontier-ex104cxulccxsepar.htm)</u> |  |  |  |  | X |
| 31.1 | <u>[Certification of the Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex311q12026.htm)</u> |  |  |  |  | X |

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| | | |
|:---|:---|:---|
| 31.2 | <u>[Certification of the Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex312q12026.htm)</u> | X |
| 32.1\* | <u>[Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex321q12026.htm)</u> | X |
| 32.2\* | <u>[Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex322q12026.htm)</u> | X |
| 101.INS | Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. | X |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | X |

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__________________

\*&nbsp;&nbsp;&nbsp;&nbsp;The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and are not deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained in such filing.

#&nbsp;&nbsp;&nbsp;&nbsp;Indicates management contract or compensatory plan.

†&nbsp;&nbsp;&nbsp;&nbsp;Certain portions of this document that constitute confidential information have been redacted in accordance with Regulation S-K, Item 601(b)(10).

^&nbsp;&nbsp;&nbsp;&nbsp;Schedules to this document have been omitted in accordance with Regulation S-K, Item 601(a)(5).

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**SIGNATURE**

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 thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | FRONTIER GROUP HOLDINGS, INC. |
| Date: May 5, 2026 | By: | /s/ Mark C. Mitchell |
|  |  | Mark C. Mitchell |
|  |  | Senior Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) |

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## Exhibit 10.1

**Exhibit 10.1(a)†^**

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

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| |
|:---|
| DATED AS OF MARCH 11, 2026 |
| <br>VERTICAL HORIZONS JSA LIMITED,<br>AS BORROWER,<br>JSA INTERNATIONAL U.S. HOLDINGS, LLC,<br>AS LENDER,<br>JSA INTERNATIONAL U.S. HOLDINGS, LLC,<br>AS ADMINISTRATIVE AGENT,<br>AND<br>BANK OF UTAH,<br>NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY<br>AS SECURITY TRUSTEE |
| FIRST AMENDED AND RESTATED CREDIT AGREEMENT<br>IN RESPECT OF THE PDP FINANCING OF<br>[\*\*\*] AIRBUS AIRCRAFT |

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\|US-DOCS\168361378.3\|\|

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**CONTENTS**

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| | |
|:---|:---|
| **Clause** | **Page** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| 1. | Certain Definitions | 1 |
| 2. | LOANS; Borrowing Dates; Closing Procedure | 2 |
| 3. | Fees; Cancellation of Facility Amount | 5 |
| 4. | Conditions | 6 |
| 5. | The Certificates | 11 |
| 6. | Termination of Interest in Collateral | 28 |
| 7. | Borrower's Representations and Warranties. | 28 |
| 8. | General Indemnity | 31 |
| 9. | Indemnity to the Administrative Agent | 35 |
| 10. | Covenants of the Borrower | 35 |
| 11. | The Administrative Agent | 44 |
| 12. | The Security Trustee | 45 |
| 13. | Conduct of Business by the Finance Parties | 45 |
| 14. | Supplements and Amendments to this Agreement and Other Documents | 45 |
| 15. | Notices | 47 |
| 16. | Governing Law; Consent to Jurisdiction; Waiver of Jury Trial; Agent for Service of Process | 47 |
| 17. | Invoices and Payment of Expenses | 49 |
| 18. | Confidentiality | 49 |
| 19. | Miscellaneous | 50 |
| 20. | Limitation of Security Trustee Liability | 53 |
| 21. | Limitation on Liability | 53 |
| 22. | **Contractual Recognition of Bail-in** | 54 |
| 23. | Acknowledgement Regarding Any Supported QFCs | 56 |
| 24. | Divisions | 57 |
| 25. | Certain ERISA Matters | 57 |
| 26. | No Advisory or Fiduciary Responsibility | 58 |
| 27. | Right of Setoff | 59 |
|  | Schedule I Notice & Account Information | 1 |
|  | Schedule II ASSIGNED AIRCRAFT SCHEDULE | 2 |
|  | Schedule III AIRCRAFT SCHEDULE | 7 |
|  | Schedule IV The Administrative Agent | 11 |
|  | Schedule V The Security Trustee | 20 |
|  | Schedule VI BFE | 28 |

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\|US-DOCS\168361378.3\|\|

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| | |
|:---|:---|
| Exhibit A Funding Notice | 29 |
| Exhibit B Loan Assignment Agreement | 31 |
| Exhibit C Form of Step-In Agreement | 37 |
| Exhibit D-1 Form of US Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For US Federal Income Tax Purposes) | 38 |
| Exhibit D-2 Form of US Tax Compliance Certificate (For Non-US Participants That Are Not Partnerships For US Federal Income Tax Purposes) | 39 |
| Exhibit D-3 Form of US Tax Compliance Certificate (For Non-US Participants That Are Partnerships For US Federal Income Tax Purposes) | 40 |
| Exhibit D-4 Form of US Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For US Federal Income Tax Purposes) | 41 |
| Exhibit E Form of Loan Certificate | 42 |
| Exhibit F Form of Compliance Certificate | 45 |
| Exhibit G Form of Notice of Aircraft Schedule Amendment | 46 |
| Schedule I Amended And Restated Aircraft Schedule | 48 |

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\|US-DOCS\168361378.3\|\|

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**THIS FIRST AMENDED AND RESTATED CREDIT AGREEMENT** dated as of March 11, 2026 (this "**Agreement**") is among

(1)VERTICAL HORIZONS JSA LIMITED, an exempted company incorporated with limited liability under the laws of the Cayman Islands whose registered office is at the offices of Walkers Fiduciary Limited, 190 Elgin Avenue, Grand Cayman, George Town, KY1-9008, Cayman Islands (the "**Borrower**");

(2)JSA INTERNATIONAL U.S. HOLDINGS, LLC (the "**Initial Lender**", along with any permitted assigns after the date hereof, the "**Lenders**");

(3)JSA INTERNATIONAL U.S. HOLDINGS, LLC, as the Administrative Agent acting on behalf of the Lenders (the "**Administrative Agent**"); and

(4)BANK OF UTAH, not in its individual capacity but solely as Security Trustee acting on behalf of the Administrative Agent and the Lenders (the "**Security Trustee**").

**WHEREAS**, this Agreement amends and restates in its entirety the Credit Agreement dated as of September 26, 2024 (such date, the "**Effective Date**" and such agreement, the "**Original Credit Agreement**"), among, inter alios, the Lender, the Administrative Agent and the Security Trustee pursuant to which the Lender made certain Loans available with respect to the Aircraft;

**WHEREAS**, following the execution and delivery of the Original Credit Agreement, the Borrower, the Security Trustee and the Administrative Agent entered into that certain Mortgage and Security Agreement on or around the Effective Date (the "**Mortgage**") pursuant to which the Borrower agreed, among other things, that Loan Certificates issued thereunder and all other obligations to the Lenders and/or any Agent hereunder or under any other Operative Document will be secured by the mortgage and security interest granted by the Borrower in favor of the Security Trustee with respect to the Aircraft Pool;

**NOW**, **THEREFORE**, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

1.**CERTAIN DEFINITIONS**

1.1Except as otherwise defined in this Agreement, including its annexes, schedules and exhibits, terms used herein in capitalized form shall have the meanings attributed thereto in Annex A.

1.2Unless the context otherwise requires, any reference herein to any of the Operative Documents refers to such document as it may be modified, amended or supplemented from time to time in accordance with its terms and the terms of each other agreement restricting the modification, amendment or supplement thereof.

1.3The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to ABR, the Term SOFR Reference Rate, Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark

\|US-DOCS\168361378.3\|\|

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Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, ABR, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of ABR, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain ABR, the Term SOFR Reference Rate, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

2.**LOANS; BORROWING DATES; CLOSING PROCEDURE**

2.1Subject to the terms and conditions of this Agreement, including the satisfaction of the conditions precedent in Clauses 4.1 and 4.2, as applicable, the Lenders made a secured loan to the Borrower (each, a "**Loan**") on (i) the Effective Date (the "**Initial Borrowing Date**"), in the amount of $130,000,000 (the "**Initial Loan**"), and (ii) a date specified by the Borrower pursuant to Clause 2.3(a) prior to the [\*\*\*] of the Effective Date, in the amount of $20,000,000 (each, a "**Borrowing Date**"). Except as provided in Clauses 5.13 and 5.14, each Loan shall be a SOFR Loan; provided that any Loan that is deemed to be an ABR Loan as provided herein shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.

2.2If any Lender shall default in its obligation to make the amount of its Commitment available pursuant to Clause 2.1, [\*\*\*]. Without limiting the above, if the Administrative Agent disburses the amount of the Lender's Loan without first having received funds from a defaulting Lender, then such defaulting Lender hereby agrees to indemnify the Administrative Agent against any loss it may incur as a result of such failure to fund by such defaulting Lender.

2.3As more particularly specified in Clause 5.2, the Borrower shall upon request execute and deliver to each Lender a Loan Certificate to evidence such Lender's Loan. Each Loan shall be evidenced by this Agreement, the Original Credit Agreement, any Loan Certificate with respect thereto, and notations made from time to time by the Lenders in its books and records, including computer records. The Lenders shall record in their books and records, including computer records, the principal amount of the Loans owing to them from time to time. Absent evidence to the contrary, the Lender's books and records shall constitute presumptive evidence of the accuracy of the information contained therein. Failure by any Lender to make any such notation or record shall not affect the obligations of the Borrower to such Lender with respect to the repayment of its Loans.

\|US-DOCS\168361378.3\|\|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower agrees to give the Administrative Agent written notice in respect of any Loans (the "**Funding Notice**"), [\*\*\*], or such shorter period as may be acceptable to the Administrative Agent, prior to each Borrowing Date, such notice to be received by the Administrative Agent prior to [\*\*\*] and which shall be in substantially the form of <u>Exhibit A</u>. On the Initial Borrowing Date, the Lenders shall make Loans relating to certain Aircraft for which Advances were paid by or on behalf of the Borrower prior to the Initial Borrowing Date in the amounts equal to the applicable Financed Amounts. The proceeds of such Loans shall be paid to the Borrower; provided, however, that the Borrower shall have paid all Advances relating to any such Aircraft that were due and payable prior to the Initial Borrowing Date, and the Borrower shall remain responsible (and shall not be reimbursed from the proceeds of the Initial Loan) for the Advances in an amount equal to the Equity Contributions applicable as of the Initial Borrowing Date for each such Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that any Loan shall not be consummated in accordance with the terms hereof on the Effective Date or the Borrowing Date specified in a Funding Notice, the Lenders and the Borrower shall cooperate with each other to arrange a mutually acceptable postponement of such date (the "**Delayed Borrowing Date**"). [\*\*\*]

2.4On the Initial Borrowing Date, subject to the satisfaction of the conditions precedent set forth in Clause 4.1, the Initial Lender, through or on behalf of the Administrative Agent, agrees to transfer the amount of the Initial Loan under this Agreement to such account as the Borrower shall direct the Administrative Agent in writing to reimburse Borrower for a portion of previously funded Purchase Price Installments. On each other Borrowing Date for each subsequent Loan specified in the Funding Notice referred to in Clause 2.3, subject to the terms and conditions of this Agreement, the Lenders, through or on behalf of the Administrative Agent, agree to transfer the applicable Loan amount by wiring such amounts to the account or accounts specified in the applicable Funding Notice. The Borrower agrees that the actual transfer of the proceeds of Loans to the bank designated by the Borrower shall constitute conclusive evidence that the Loans were made.

2.5Prior to the Scheduled Delivery Date of each Aircraft, subject to Clause 3.5, the Borrower shall use commercially reasonable efforts to satisfy the Substitution Requirement with respect to such Aircraft or otherwise reallocate Loans with respect to such Aircraft to future pre-delivery payments for any other Aircraft in the Aircraft Pool; provided, that, the Borrower shall not replace any Removed Aircraft (as defined below) with, or reallocate Loans to future pre-delivery payments with respect to, any Aircraft carrying Engines manufactured by CFM International, Inc. prior to the CFM Allocation Date. Subject to satisfaction of the Substitution Requirement, the Borrower will be permitted at any time to remove a particular Aircraft described in the Aircraft Schedule (a "**Removed Aircraft**") and replace it with an aircraft from the Assigned Aircraft Schedule (the "**Substituted Aircraft**"); provided, that the Borrower will be permitted to remove a particular Aircraft described in the Aircraft Schedule without replacing such Aircraft by (i) providing applicable Cash Collateral in accordance with Clause 2.6 or (ii) depositing funds in the Restricted Account in accordance with Clause 2.7. Notwithstanding anything to the contrary set forth herein, (a) the Aircraft Pool at any given time shall not exceed [\*\*\*] Aircraft and (b) no more than [\*\*\*] Aircraft shall be financed hereunder at any given time. Any update to the Aircraft Schedule pursuant to this Clause 2.5, shall be effective for all purposes hereunder on the earlier of (x) the Delivery Date of the Removed Aircraft and (y) such earlier date as may be specified by the Borrower in writing.

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2.6In the event the Borrower does not substitute a Removed Aircraft in accordance with Clause 2.5 or otherwise allocate Loans with respect to a Removed Aircraft to future pre-delivery payments for any other Aircraft in the Aircraft Pool, the Borrower shall, subject to Clause 2.7, within [\*\*\*] following the Delivery Date of such Removed Aircraft, deposit in an Eligible Account (the "**Cash Collateral Account**"), cash in an amount equal to the aggregate amount of all Loans made in respect of the Removed Aircraft (the "**Cash Collateral**"); provided, that, in the alternative, the Administrative Agent may require the Borrower to deposit such amount in a Restricted Account pursuant to Clause 2.7. Following the occurrence of an Event of Default which is continuing, in addition to all rights and remedies of the Security Trustee elsewhere in this Agreement or under Law or pursuant to any Operative Document, the Security Trustee may immediately or at any time thereafter, without notice to the Borrower, use, enforce, apply and/or retain all or part of the Cash Collateral in or towards the payment or discharge of any matured obligation owed by the Borrower under this Agreement or any other Operative Documents, in such order as the Majority Lenders shall direct.

2.7In the event the Borrower does not substitute an Aircraft in accordance with Clause 2.5 or otherwise allocate Loans with respect to a Removed Aircraft to future pre-delivery payments for any other Aircraft in the Aircraft Pool, in each case, within [\*\*\*] following the Delivery Date of such Removed Aircraft, the Borrower shall promptly, and in any event, within [\*\*\*] following receipt of written request from the Administrative Agent, deposit in a restricted deposit account in the sole dominion and control of the Administrative Agent (the "**Restricted Account**"), cash in an amount equal to the amount of Cash Collateral that would have been required to be deposited pursuant to Clause 2.6 (the "**Restricted Funds**"). The amount of any Restricted Funds shall be deemed a prepayment of the Loans and shall reduce the outstanding principal amount of the Loans; provided, that any Restricted Funds shall bear interest at a rate per annum equal to the Restricted Account Rate and the Borrower shall pay to the Administrative Agent, in arrears, interest accrued on any Restricted Funds on each applicable Interest Payment Date. In the event an Advance is due and payable to Airbus in accordance with the Assigned Purchase Agreement, the Administrative Agent shall, following receipt of written request from the Borrower not less than [\*\*\*] prior to such payment date, release Restricted Funds to the Borrower in the amount of such Advance, not less than [\*\*\*] prior to such payment date; provided, that if any Restricted Funds are not released within [\*\*\*] of deposit, such funds shall promptly be deposited in a Cash Collateral Account. Upon release or deposit into the Cash Collateral Account, such Restricted Funds shall immediately be deemed a Loan hereunder for all purposes, and shall accrue interest from such date in accordance with Clause 5.2(b).

3.**FEES; CANCELLATION OF FACILITY AMOUNT** 

3.1Each Loan Certificate shall bear interest and be repaid in accordance with the applicable terms of this Agreement and the Mortgage.

3.2The Borrower shall pay to the Administrative Agent for the account of the Lenders, the fees set forth in the relevant Fee Letter.

3.3The Borrower shall pay to the Administrative Agent for the account of each Lender, the Commitment Fee quarterly in arrears on the last Business Day of each March, June, September and December commencing after the Effective Date, based on the daily average of the undrawn portion of the Commitment during such period, calculated daily on the basis of a year of 360 days and the actual number of days elapsed.

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3.4The Borrower shall pay to the Administrative Agent for the account of the Administrative Agent, an amount equal to [\*\*\*] on the Effective Date, and shall pay an amount equal to [\*\*\*] to the Administrative Agent on each yearly anniversary of the Effective Date until the date on which the Security Trustee releases the Collateral from the Lien of the Mortgage in accordance with Clause 7.1 of the Mortgage.

3.5In the event that the Borrower has requested an extension of the Original Maturity Date but the Lenders reject an extension request or do not deliver an Extension Notice by the Extension Notice Deadline pursuant to Clause 5.2(g), the Borrower may by written notice to the Administrative Agent (a "**Wind Down Notice**"), delivered within [\*\*\*] following such rejection or the Extension Notice Deadline, as applicable, extend the Original Maturity Date by [\*\*\*].

3.6During the Wind Down Period, the Borrower, by written notice to each Lender and the Administrative Agent, may opt to repay the facility on each Delivery Date by the amount of the Loan with respect to the Aircraft delivered on such Delivery Date; provided that such written notice, specifying the applicable amount of such repayment, shall be delivered to the Administrative Agent and each Lender not less than [\*\*\*] prior to such Delivery Date.

4.**CONDITIONS**

4.1**Conditions Precedent to the Effectiveness of the Original Credit Agreement and the Initial Loan**

It is agreed that the effectiveness of each Lender's obligations pursuant to the Original Credit Agreement and the Initial Lender's obligation to make the Initial Loan are subject to the satisfaction prior to or on the Effective Date of the following conditions precedent and the occurrence of the Initial Loan by the Initial Lender on the Effective Date shall be conclusive and binding evidence that such conditions precedent has been satisfied or waived by the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following documents shall have been duly authorized, executed and delivered by the party or parties thereto, shall each be reasonably satisfactory in form and substance to the Administrative Agent and shall be in full force and effect and executed counterparts shall have been delivered to the Administrative Agent and its counsel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Original Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Mortgage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Share Charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)each Lender's Loan Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Subordinated Loan Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the Process Agent Appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the Step-In Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)the Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)the Re-Assignment Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the Assigned Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrative Agent shall have received the following, in each case in form and substance satisfactory to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the memorandum and articles of association of the Borrower, a certificate of good standing of the Borrower, the certificate of incorporation of the Borrower, the declaration of trust in respect of the shares of the Borrower (as amended) and a copy of resolutions of the board of directors of the Borrower duly authorizing the execution, delivery and performance by the Borrower of this Agreement, the Mortgage and each other document required to be executed and delivered by the Borrower on the Effective Date, each certified by a director of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)an officer's certificate from an officer of each Guarantor (a) attaching copies of the constituent documents of such Guarantor, (b) attaching copies of the resolutions of the board of directors of such Guarantor, certified by an officer of such Guarantor, duly authorizing the execution, delivery and performance by such Guarantor of the Guarantee made by such Guarantor, and the Subordinated Loan Agreement, the Assignment Agreement, the Step-In Agreement, the Engine Agreements, the Option Agreement, the Servicing Agreement (in each case to the extent it is a party to such Operative Document) and each other document required to be executed and delivered by such Guarantor on the Effective Date, (c) a certificate of good standing of such Guarantor, and (d) listing the Person or Persons authorized to execute and deliver the Operative Documents, and any other documents to be executed on behalf of such Guarantor in connection with the transactions contemplated hereby, including a sample signature of such Person or Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a certificate of the Borrower as to the Person or Persons authorized to execute and deliver the Operative Documents, and any other documents to be executed on behalf of the Borrower in connection with the transactions contemplated hereby and as to the signature of such Person or Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Administrative Agent shall have received a certificate of the Borrower that the aggregate amount of Financed Amounts together with all Equity Contributions in connection with each Aircraft, shall be sufficient when paid to Airbus in accordance with this Agreement to satisfy the obligations of the Borrower with respect to all Advances due and payable for each such Aircraft.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Evidence shall have been delivered of the entry into the Parent's register of mortgages and charges of the Share Charge (other than in respect of such entry in anticipation of the Share Charge).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)All documentation required to accomplish any necessary or advisable filings or registrations in the Cayman Islands shall have been delivered to local Cayman Islands counsel, and such registrations shall be initiated and there shall exist no Lien of record in respect of the Collateral that ranks in priority to the Lien of the Mortgage and the other Operative Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Administrative Agent shall have received an opinion addressed to the Lenders, and the Administrative Agent from one or more special counsel to the Borrower, in each applicable jurisdiction (including in the Cayman Islands and New York), with such opinions reasonably satisfactory in form and substance to the Lenders, as to the valid, binding and enforceable nature of the Operative Documents in place on the Effective Date, due execution by the Borrower, each Guarantor, and the creation and perfection in the Collateral assigned and charged pursuant to the Mortgage and Share Charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Administrative Agent shall have received an incumbency certificate together with a company extract evidencing the signing authority of the persons named in the incumbency certificate or such other evidence as shall be reasonably satisfactory to the Lenders as regards the signing authority of Airbus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Administrative Agent shall have received an incumbency certificate together with a company extract evidencing the signing authority of the persons named in the incumbency certificate or such other evidence as shall be reasonably satisfactory to the Lenders as regards the signing authority of the Engine Manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Administrative Agent shall have received the amounts due and payable pursuant to Clause 3.2 and 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Administrative Agent and the Lenders shall have (i) received its customary "know your customer" documentation completed by the Borrower, Parent, and/or each Guarantor, as the case may be and (ii) completed and be satisfied with its business and legal due diligence review of the Obligors and the transactions contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Administrative Agent shall have received a copy of the Assigned Purchase Agreement in the form agreed between the Borrower, Airbus and the Administrative Agent. The Administrative Agent shall not have received any notice, nor shall it otherwise be aware, that an Airbus Termination Event has occurred and is continuing, and the Administrative Agent shall be satisfied (acting reasonably) that the Assigned Purchase Agreement is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The Administrative Agent shall have received a certificate from the Borrower confirming that payment to Airbus of the Loans will to the extent of such payments satisfy the pre-delivery payment obligations of the Borrower to Airbus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Administrative Agent shall have received an audited consolidated balance sheet and related statements of Frontier Group Holdings and its subsidiaries at and as of the end of the fiscal year of such Guarantor ended December 31, 2023, together with an audited consolidated statement of income for such fiscal year, each of which shall be prepared in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)The Initial Lender shall have received written confirmation from Airbus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)that the details of the Advances, the due dates thereof, and the Financed Amounts in respect thereof, are set out in the Aircraft Schedule and the Assigned Aircraft Schedule are true and accurate, which confirmation may be provided in the Step-In Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that no Airbus Termination Event (as defined in the Step-In Agreement) has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Borrower shall discharge its obligations under the Fee Letter as such obligations are due to be performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)The Administrative Agent shall have received a certificate of a director of the Borrower, certifying that on the Initial Borrowing Date, (A) the representations and warranties of the Borrower contained in Clause 7 are true and accurate in all material respects (without duplication of any materiality qualifier contained therein) as though made on and as of such date except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and warranties shall be true and accurate in all material respects (without duplication of any materiality qualifier contained therein) on and as of such earlier date), (B) no event has occurred or is continuing which constitutes (or would, with the passage of time or the giving of notice or both, constitute) an Event of Default, and (C) no material adverse change in the financial condition or operations of Frontier Airlines and its Affiliates has occurred which taken as a whole would have a material adverse effect on the ability of Frontier Airlines or the Borrower, to carry on its business or to perform its obligations under the Agreement or any other Operative Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)The Administrative Agent shall have received a copy of any other Authorization which the Administrative Agent reasonably considers to be necessary following advice from its legal advisors (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Operative Document or for the validity and enforceability of any Operative Document.

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The Borrower shall discharge or shall procure the discharge of all fees payable to the Parent in respect of the Borrower and the transaction as such obligations are due to be performed in accordance with the Operative Documents.

4.2**Conditions Precedent to the Lenders' Making Loans After the Initial Loan**

It is agreed that the obligations of the Lenders to make Loans to the Borrower (other than the Initial Loan) is subject to the satisfaction prior to or on the Borrowing Date for such Loan of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent shall have received a Funding Notice with respect to the Borrowing Date for such Loan pursuant to Clause 2 (or shall have waived such notice either in writing or as provided in Clause 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A certificate of a director of the Borrower, certifying that on such Borrowing Date, (A) the representations and warranties of the Borrower contained in Clause 7 are true and accurate in all material respects as though made on and as of such date except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and warranties shall be true and accurate on and as of such earlier date) and (B) no event has occurred or is continuing which constitutes (or would, with the passage of time or the giving of notice or both, constitute) an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Administrative Agent shall have received for the account of the Lenders all fees specified in Clauses 3.3 and 3.4 that are due and payable on or prior to such Borrowing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent shall not have received any notice, or is not otherwise aware, that an Airbus Termination Event has occurred and is continuing, and the Administrative Agent is satisfied (acting reasonably) that the Assigned Purchase Agreement is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Administrative Agent shall be satisfied that the Liens constituted by the relevant Operative Documents which purport to create such Liens and which are required pursuant to the terms of this Agreement are in full force and effect and have been fully perfected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each Guarantee shall be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Loans have not become due and payable or will not, with the passing of time, become due and payable pursuant to Clause 5.9(d) or (e).

4.3**Post-Effective Date Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No later than [\*\*\*] after the Effective Date, the Administrative Agent shall have received a fully executed account control agreement, among the Security Trustee, Borrower, and the applicable Eligible Institution, with respect to the Cash Collateral Account, which shall be in form and substance satisfactory to Administrative Agent in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No later than [\*\*\*] after the Effective Date, the Administrative Agent shall have received a fully executed Engine Agreement with International Aero Engines, LLC, which shall be in form and substance satisfactory to Administrative Agent in its sole discretion.

4.4**Conditions Precedent to the Restatement Date**

It is agreed that the effectiveness of this Agreement on the Restatement Date are subject to the satisfaction prior to or on the Restatement Date of the following conditions precedent, which shall be conclusive and binding evidence that such conditions precedent has been satisfied or waived by the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following documents shall have been duly authorized, executed and delivered by the party or parties thereto, shall each be reasonably satisfactory in form and substance to the Administrative Agent and shall be in full force and effect and executed counterparts shall have been delivered to the Administrative Agent and its counsel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each Reaffirmation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Amendment to Step-In Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Assignment Amendment Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Second A&R Engine Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrative Agent shall have received the following, in each case in form and substance satisfactory to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i)&nbsp;&nbsp;&nbsp;&nbsp;The Initial Lender shall have received written confirmation from Airbus (A) that the details of the Advances, the due dates thereof, and the Financed Amounts in respect thereof, are set out in the Aircraft Schedule and the Assigned Aircraft Schedule are true and accurate, which confirmation may be provided in the Amendment to Step-In Agreement and (B) that no Airbus Termination Event (as defined in the Step-In Agreement) has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received all fees required to be paid, and all expenses required to be paid and for which invoices have been presented (including the reasonable and documented out-of-pocket fees and expenses of legal counsel for the Administrative Agent), on or before the Restatement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a certificate of a director of the Borrower, certifying that on the Restatement Date, (A) the representations and warranties of the Borrower contained in Clause 7 are true and accurate in all material respects (without duplication of any materiality qualifier contained therein) as though made on and as of such date except to the extent that such

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representations and warranties relate solely to an earlier date (in which case such representations and warranties shall be true and accurate in all material respects (without duplication of any materiality qualifier contained therein) on and as of such earlier date), (B) no event has occurred or is continuing which constitutes (or would, with the passage of time or the giving of notice or both, constitute) an Event of Default, and (C) no material adverse change in the financial condition or operations of the Borrower has occurred which taken as a whole would have a material adverse effect on the ability of the Borrower to carry on its business or to perform its obligations under the Agreement or any other Operative Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a certificate of a responsible officer of Frontier Airlines, certifying that on the Restatement Date, no material adverse change in the financial condition or operations of Frontier Airlines and its Affiliates has occurred which taken as a whole would have a material adverse effect on the ability of Frontier Airlines to carry on its business or to perform its obligations under the Operative Documents.

5.**THE CERTIFICATES**

5.1**Form of Loan Certificates**

The Loan Certificates shall each be substantially in the form specified in Exhibit E.

5.2**Terms of Loan Certificates; Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Effective Date, the Borrower shall issue a Loan Certificate to the Initial Lender in an aggregate original principal amount equal to the Maximum Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Loan shall bear interest at a rate per annum equal to the Applicable Rate in effect for such Interest Period. The Borrower shall pay, in arrears, interest accrued in the relevant Interest Period in Dollars on the outstanding principal balance of each Loan on the applicable Interest Payment Date for such Loan. The Interest Periods for the Loans can vary in accordance with the definition of Interest Period. Interest shall be payable with respect to the first but not the last day of each Interest Period and shall be payable from (and including) the date of (i) the making of a Loan or (ii) the immediately preceding Interest Payment Date, as the case may be, to (and excluding) the next succeeding Interest Payment Date. Interest hereunder and under the Loan Certificates shall be calculated on the basis of a year of 360 days and actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If any sum payable under the Loan Certificates or under the Mortgage falls due on a day which is not a Business Day, then such sum shall be payable on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The outstanding principal amount of each Loan shall be due and payable on the Maturity Date, unless any such Loan is permitted to be repaid prior to the Maturity Date in accordance with Clause 3.5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Loan Certificate shall bear interest at the Past Due Rate on any principal thereof and, to the extent permitted by Applicable Law, interest (other than interest accrued at the Past Due Rate) and other amounts due thereunder and hereunder, not paid when due (whether at stated maturity, by acceleration or otherwise), for any period during which the same shall be overdue, payable on demand by such Lender given through the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Loan Certificates shall be executed on behalf of the Borrower by one of its authorized officers. Loan Certificates bearing the signatures of individuals who were at any time the proper officers of the Borrower shall bind the Borrower, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the delivery of such Loan Certificates or did not hold such offices at the respective dates of such Loan Certificates. No Loan Certificates shall be issued hereunder except those provided for in Clause 5.2(a) and any Loan Certificates issued in exchange or replacement therefor pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon the written request of the Borrower, which shall be no later than the applicable Extension Request Deadline, the Lenders shall have the right in their sole discretion to extend the Maturity Date by two (2) years by delivering an Extension Notice to the Borrower no later than [\*\*\*] following receipt of such written request from the Borrower (the "**Extension Notice Deadline**"). Any such extension shall require the unanimous consent of all Lenders, each acting at their own discretion.

5.3**Taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any and all payments by or on account of any obligation of the Borrower hereunder to the Lenders, the Administrative Agent or the Security Trustee, under the Loan Certificates and each other Operative Document shall be made free and clear of and without deduction or withholdings for any Taxes, except as required by Applicable Law; <u>provided</u> that if the applicable withholding agent shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Clause 5.3) the Security Trustee, the Administrative Agent and each Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall pay the full amount deducted to the relevant Governmental Entity in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, the Borrower shall, or shall cause the Security Trustee to, pay any Indemnified Taxes or Taxes addressed in Clause 5.3(j) to the relevant Governmental Entity in accordance with Applicable Law and shall indemnify the Security Trustee, the Administrative Agent and each Lender on an After-Tax Basis within [\*\*\*] after written demand therefor, for the full amount of any Indemnified Taxes paid by the Security Trustee, the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Clause) and, other than any of the following to the extent (but only to the extent) resulting from the gross negligence or willful misconduct of the Security Trustee, the Administrative Agent or such Lender, any penalties, interest and reasonable expenses arising

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therefrom or with respect thereto, whether or not such Indemnified Taxes are correctly or legally imposed or asserted by the relevant Governmental Entity. Determinations and calculations made by a Lender with respect to an indemnity due hereunder shall be conclusive absent manifest error, <u>provided</u> that such determinations and calculations are made on a reasonable basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)As soon as practicable after any payment of Taxes by the Borrower to a Governmental Entity, the Borrower shall, or shall cause the Security Trustee to, deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Entity evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Person that at any time is entitled to an exemption from or reduction of any Indemnified Tax, at the request of the Borrower or the Security Trustee, shall deliver to it (with a copy to the Administrative Agent) such properly completed and executed documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Security Trustee as will permit the utilization of such exemption or reduction, provided that, other than such documentation set forth in paragraphs (d)(i), (d)(ii), and (l) of this Clause 5.3, such Person has determined in its reasonable good faith judgment that to do so will not result in any adverse consequences to such Person, unless the adverse consequence can be cured through an indemnity (such determination to be made by such Person in its reasonable good faith judgment), and such Person is indemnified for any adverse consequence by the Borrower in a manner reasonably satisfactory to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Lender that is a U.S. Person shall deliver to the Borrower or the Security Trustee (with a copy to the Administrative Agent) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Security Trustee), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower or the Security Trustee (with a copy to the Administrative Agent) (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Security Trustee), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Operative Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Operative Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit D-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code (a "**U.S. Tax Compliance Certificate**") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower or the Security Trustee (with a copy to the Administrative Agent) (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Security Trustee), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Security Trustee to determine the withholding or deduction required to be made.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower or the Security Trustee in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Borrower becomes obligated to pay any Indemnified Taxes pursuant to this Clause 5.3, each applicable Lender and the Administrative Agent hereby agrees to cooperate with the Borrower, as described in Clauses 5.11(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any party receives a refund of any Taxes as to which it has been indemnified pursuant to this Clause 5.3 (including by the payment of additional amounts pursuant to this Clause 5.3), such party shall, as soon as reasonably practicable, pay to the indemnifying party the amount of such refund received on such refund and not in excess of amounts previously paid by the indemnifying party to the

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indemnified party pursuant to this Clause 5.3, net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than interest received on such refund from the relevant Governmental Authority). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender hereby agrees to indemnify the Borrower, the Security Trustee, or any other applicable withholding agent, as the case may be, for any Taxes of a type collected by way of withholding which the Borrower, the Security Trustee or such withholding agent fails to withhold on payments to such Lender as a direct result of the failure of such Lender to provide the form or certificate required to be provided by such Lender under Clause 5.3(d) or the invalidity of any such form or certificate required to be provided by such Lender under Clause 5.3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Without limiting the foregoing, each Person that is an assignee of a Lender pursuant to Clause 5.6 and/or Clause 19.3(d) shall, upon the effectiveness of such transfer, be required to provide all of the forms and statements to the extent required pursuant to this Clause 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Borrower will pay to each Indemnitee interest at the Applicable Rate, to the extent permitted by Applicable Law, on any amount not paid when due under this Clause 5.3 until the same shall be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrower agrees to pay any present or future stamp or documentary Taxes or any other license, excise or property Taxes (i) imposed by any taxing authority which may arise from the registration, filing, recording, or perfection of any security interest of or in connection with this Agreement or the other Operative Documents or (ii) imposed by any taxing authority in connection with an Event of Default. The Borrower will provide appropriate documentation, including receipts if available, when requested to evidence payment by the Borrower of any such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)All consideration expressed to be payable under an Operative Document by any party to any Finance Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Finance Party to any party in connection with an Operative Document, that party shall pay to the Lender (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT. Where an Operative Document requires any party to reimburse the Lender for any costs or expenses, that party shall also at the same time pay and indemnify the Lender against all VAT incurred by the Lender in respect of the costs or expenses to the extent that the Lender reasonably determines that neither

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it nor any other member of any group of which it is a member for VAT purposes is entitled to credit or repayment from the relevant Tax authority in respect of the VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)If a payment made to a Lender under any Operative Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Security Trustee at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Security Trustee such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Security Trustee as may be necessary for the Borrower and the Security Trustee to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (l), "FATCA" shall include all amendments made to FATCA after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)On or before the date the Administrative Agent (or any successor thereto) becomes a party to this Agreement, the Administrative Agent shall provide the Borrower with a properly completed and executed copy of, if it is a U.S. Person, IRS Form W-9 (or any successor form) certifying that it is exempt from U.S. federal backup withholding, or, if it is not a U.S. Person, (1) a properly completed and executed copy of IRS Form W-8ECI (or any successor form) with respect to payments to be received by it as a beneficial owner and (2) a properly completed and executed IRS Form W-8IMY (or any successor form) (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders, certifying that, for such purpose, it is either (a) a "qualified intermediary" assuming primary withholding responsibility under Chapters 3 and 4 of the Code and primary Form 1099 reporting and backup withholding responsibility for payments it receives on behalf of others or (b) a U.S. branch and that payment it receives for others is not effectively connected with the conduct of a trade or business in the United States and that has agreed to be treated as a U.S. Person for U.S. federal tax purposes. Such Administrative Agent agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Administrative Agent in writing of its legal inability to do so.

5.4**Distribution of Funds Received**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent shall maintain records of all amounts paid to it by the Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provided that no Event of Default has occurred and is then continuing, each installment of interest payable on the Loan Certificates shall be distributed as promptly as possible on or after the date that such amount is actually received by the Administrative Agent from the Borrower:

***First***, to the Lenders ratably, without priority of one over the other, to the payment in full of (A) the aggregate amount of interest due under the Loan Certificates in an amount equal to (i) accrued interest at the rate provided in each Loan Certificate, (ii) any overdue interest thereon, and (iii) the breakage costs, if

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any, and (B) any other amounts (other than principal) then due and owing to the Lenders or any Agent hereunder and under the other Operative Documents;

***Second***, the balance, if any, thereof thereafter remaining to the Borrower or such other Person(s) as may then lawfully be entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Provided that no Event of Default has occurred and is then continuing, each payment made by the Borrower as repayment of Loans shall be distributed as promptly as possible on or after the date that such amount is actually received by the Administrative Agent from the Borrower:

***First***, to the Lenders ratably, without priority of one over the other, to the payment in full of (A) the aggregate amount of interest due under the Loan Certificates in respect of such Aircraft being in an amount equal to (i) accrued interest at the rate provided in each Loan Certificate, and (ii) any overdue interest thereon plus the breakage costs, if any, due to the Lenders in respect of such payment, and (B) any other amounts (other than principal) then due and owing to the Lenders or any Agent hereunder and under the other Operative Documents;

***Second***, to the Lenders ratably, without priority of one over the other, to the payment in full of the outstanding principal amount of the Loans in respect of such Aircraft made by the Lenders which is being repaid;

***Third***, the balance, if any, thereof thereafter remaining to the Borrower or such other Person(s) as may then lawfully be entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Upon any partial repayment of the Loan Certificates pursuant to Clause 5.10(a) hereof, the amount paid by Borrower shall be applied against the amounts which Borrower is obligated to pay in connection with such prepayment pursuant to Clause 5.10(a) (it being understood that no prepayment shall be permitted under Clause 5.10(a) unless the Borrower pays a sufficient amount to satisfy the amounts owed by it under Clause 5.10(a) in connection with such prepayment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)After an Event of Default shall have occurred, and so long as such Event of Default shall be continuing, amounts actually received by the Security Trustee from the Borrower and all proceeds resulting from any sale of any of the Collateral shall be applied in the following order of priority:

***First***, to the extent not theretofore paid by or on behalf of the Borrower, to pay all costs and expenses of each Agent incurred in connection with the performance of its duties hereunder or under any other Operative Document, including reasonable attorneys' fees and expenses, and all costs and expenses incurred by the Security Trustee in connection with its entering upon, taking possession of, holding, operating, managing, selling or otherwise disposing of the Collateral or any part thereof, any and all Taxes, assessments or other charges of any kind prior to the Lien of any Operative Document that the Security Trustee determined in good faith to pay or be paid, and all amounts payable to each Agent hereunder or under

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any of the Operative Documents in respect of any indemnities or other obligations of the Borrower;

***Second***, to the Lenders ratably, without priority of one over the other, to the payment of all accrued and unpaid interest (including the breakage costs, if any, and interest on account of overdue payments of principal and interest) then due the Lenders under this Agreement or any of Loan Certificates;

***Third***, to the Lenders ratably, without priority of one over the other, to the payment in full of the principal amount of the Loan Certificates;

***Fourth****,* to the Lenders ratably, without priority of one over the other, to the payment of any other amount, indebtedness or obligations (other than principal) due and payable to the Lenders under any Operative Documents;

***Fifth*,** the balance, if any, thereof thereafter remaining, to the Borrower or such other Person(s) as may then lawfully be entitled thereto.

If the Security Trustee purchases and subsequently sells any Aircraft to a third party (or otherwise disposes of any of its rights under the Operative Documents relating to such Aircraft), any net sale proceeds (after deduction of all relevant costs, including maintenance, storage and insurance) which exceed the Loan allocable to such Aircraft to the extent actually received by the Security Trustee shall be distributed under this Clause (e).

5.5**Method of Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Principal and interest and other amounts due hereunder or under the Loan Certificates or in respect hereof or thereof shall be payable in Dollars in immediately available funds prior to [\*\*\*], on the due date thereof, to the Administrative Agent and the Administrative Agent shall, subject to the terms and conditions of Clause 5.4, remit all such amounts so received by it to the Lenders at such account or accounts at such financial institution or institutions in New York as the Lenders shall have designated to the Administrative Agent in writing, in immediately available funds for distribution to the relevant Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All such payments by the Borrower and the Administrative Agent shall be made free and clear of and without reduction on account of all wire and other like charges. Prior to the due presentment for registration of transfer of any Loan Certificate, the Borrower and the Administrative Agent may deem and treat the Person in whose name any Loan Certificate is registered on the Certificate Register as the absolute owner of such Loan Certificate for the purpose of receiving payment of all amounts payable with respect to such Loan Certificate and for all other purposes whether or not such Loan Certificate shall be overdue, and neither the Borrower nor the Administrative Agent shall be affected by any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Administrative Agent disburses funds on a payment date without first having received funds from the Borrower and if the Borrower subsequently fails to make such payment before the end of the day, then on the next succeeding

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Business Day following demand from the Administrative Agent, each Lender which has received such funds will refund to the Administrative Agent the amount advanced by the Administrative Agent which such Lender received.

5.6**Registration, Transfer and Exchange of Loan Certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent agrees with the Borrower that the Administrative Agent shall keep a register (herein sometimes referred to as the "**Certificate Register**") in which provision shall be made for the registration of Loan Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Prior to the due presentment for registration of the transfer of any Loan Certificate, the Borrower and the Administrative Agent shall deem and treat the person in whose name such Loan Certificate is registered on the Certificate Register as the absolute owner of such Loan Certificate, and the Lender for the purpose of receiving payment of all amounts payable with respect to such Loan Certificate, and for all other purposes whether or not such Loan Certificate is overdue, and neither the Borrower nor the Administrative Agent shall be affected by notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Certificate Register shall be kept at the office of the Administrative Agent specified in this Agreement or at the office of any successor Administrative Agent, and the Administrative Agent is hereby appointed "Certificate Registrar" for the purpose of registering Loan Certificates and transfers of Loan Certificates as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Upon surrender for registration of transfer of any Loan Certificate at the office of the Administrative Agent specified in this Agreement and upon delivery by the Administrative Agent to the Borrower of such surrendered Loan Certificate, the Borrower shall execute, and the Administrative Agent shall deliver, in the name of the designated transferee or transferees, one or more new Loan Certificates of a like aggregate principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Lender may assign all or part of an interest in any Loan Certificate held by it to any Person, subject to the extent to which it may transfer its interest in any such Loan Certificate held by it in accordance with Clause 19.3(d) and (e), and such permitted transferee shall be deemed a "Lender" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)All Loan Certificates issued upon any registration of transfer or exchange of Loan Certificates shall be the valid obligations of the Borrower evidencing the same obligations, and entitled to the same security and benefits under the Mortgage and this Agreement, as the Loan Certificates surrendered upon such registration of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Every Loan Certificate presented or surrendered for registration of transfer, shall (if so required by the Administrative Agent) be duly endorsed, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Administrative Agent duly executed by the Lender thereof or its attorney duly authorized in writing, and the Administrative Agent may require evidence reasonably satisfactory to it as to the compliance of any such transfer with the Securities Act and the securities laws of any applicable state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Administrative Agent shall make a notation on each new Loan Certificate or Loan Certificates of the current outstanding principal of such Loan and the date to

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which interest accrued on such old Loan Certificate or Loan Certificates has been paid and the extent, if any, to which any interest therein has been subject to a registered assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Administrative Agent shall not be required to register the transfer of any surrendered Loan Certificates as above provided during the [\*\*\*] period preceding the due date of any payment on such Loan Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Administrative Agent shall give the Borrower, the Security Trustee and each Lender notice of such transfer of a Loan Certificate under this Clause 5.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Prior to or simultaneously with the transfer by a Lender of its Loan Certificates or its interest in this Agreement, the transferee of such Lender shall notify the Borrower of its identity and of the country of which such transferee is a resident for tax purposes.

5.7**Mutilated, Destroyed, Lost or Stolen Loan Certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Loan Certificate shall become mutilated, destroyed, lost or stolen, the Borrower shall, upon the written request of the affected Lender, execute and deliver in replacement thereof, a new Loan Certificate, in the same principal amount, dated the date of such Loan Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Loan Certificate being replaced has become mutilated, such Loan Certificate shall be surrendered to the Administrative Agent and the original thereof shall be furnished to the Borrower by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Loan Certificate being replaced has been destroyed, lost or stolen, the affected Lender shall furnish to the Borrower and the Administrative Agent such security or indemnity as may be reasonably required by them to hold the Borrower and the Administrative Agent harmless and evidence satisfactory to the Borrower and the Administrative Agent of the destruction, loss or theft of such Loan Certificate and of the ownership thereof, provided, however, that if the affected Lender is an original party to this Agreement or an Affiliate thereof, the written notice of such destruction, loss or theft and such ownership and the written undertaking of such Lender delivered to the Borrower and the Administrative Agent to hold harmless the Borrower and the Administrative Agent in respect of the execution and delivery of such new Loan Certificate shall be sufficient evidence, security and indemnity.

5.8**Payment of Expenses on Transfer**

Upon the issuance of a new Loan Certificate or new Loan Certificates pursuant to Clause 5.6 or 5.7, the Borrower and/or the Administrative Agent may require from the party requesting such new Loan Certificate or Loan Certificates payment of a sum sufficient to reimburse the Borrower and/or the Administrative Agent for, or to provide funds for, the payment of any transfer or registration tax or other governmental charge of the same type in connection therewith or any charges and expenses connected with such tax or other governmental charge paid or payable by the Borrower or the Administrative Agent, and any out of pocket expenses, including reasonable and documented legal fees (for external counsel) incurred, of the Borrower or the Administrative Agent.

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5.9**Prepayment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Upon the occurrence of a Material Event of Default, the aggregate outstanding principal amount of all Loans shall become immediately due and payable, and the Borrower shall thereupon prepay the Loan Certificates relating to such Loans, together with accrued interest thereon to the date of prepayment plus breakage costs, if any, and all other amounts due, owing and payable under the Operative Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Upon the occurrence of a termination or cancellation of the Assigned Purchase Agreement with respect to any Aircraft for any reason whatsoever, the aggregate outstanding principal amount of all Loans relating to such Aircraft shall become due and payable within [\*\*\*], and the Borrower shall thereupon prepay the Loan Certificates to the extent of the Loans with respect to such Aircraft, together with accrued interest thereon to, and including the date of prepayment plus breakage costs, if any, and all other amounts due under the Operative Documents with respect to such Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In the event that a Lender is entitled to a payment under Clause 5.3, 5.11, 5.12 or 5.13 (an "**Affected Lender**") and without prejudice to the Finance Party's rights hereunder and under the Mortgage, the Borrower, the Administrative Agent and the Affected Lender shall cooperate (at no cost to itself) for a period of [\*\*\*] to restructure the Loan for the Affected Lender with a view to eliminating or reducing the need for any such payment, it being agreed that the Affected Lender shall have no obligation to proceed with such restructuring to the extent such restructuring would or may reasonably be expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;result in an adverse regulatory consequence for the Affected Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;involve any unreimbursed or unindemnified cost for the Affected Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;be inconsistent with the Affected Lender's internal policies.

If no restructuring can be arranged within such time period, the Borrower may, with notice to the Affected Lender, attempt within such time period to find an entity reasonably satisfactory to the Administrative Agent to purchase the Affected Lender's Loan Certificate and assume the Affected Lender's Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Affected Lender shall be paid (by the purchasing entity or the Borrower) the outstanding principal balance of its Loan Certificate, all accrued and unpaid interest thereon, the breakage costs, if any, incurred (calculated as if such purchase were a prepayment of such Affected Lender's Loan Certificate) and

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all other amounts owed to the Affected Lender under any Operative Document as a condition precedent to such purchase. Upon such payment, such Affected Lender shall transfer its Loan Certificate to the Borrower or such other purchaser, without representation or warranty except for the absence of any Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In the event the Borrower is unable to find a purchaser of the Affected Lender's Loan Certificate pursuant to clause (f) above, then, so long as no Default or Event of Default shall have occurred and be continuing on at least [\*\*\*] prior written notice, the Borrower may prepay on the date specified in its notice of prepayment, in whole the Affected Lender's Loan Certificate at the principal amount thereof together with accrued and unpaid interest thereon to the date of prepayment plus the breakage costs, if any, and all other amounts due to the Affected Lender hereunder, thereunder and under the other Operative Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event that Airbus refunds any amounts under the Assigned Purchase Agreement relating to the Aircraft, a principal amount of the Loans (and breakage costs, if any, related thereto) relating to such Aircraft equal to such refund shall become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Any notice of prepayment delivered pursuant to Clauses 5.9(d), (g) or (h) shall be irrevocable and shall identify the amount to be prepaid and the Loans relating to an Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)If the aggregate outstanding principal amount of all Loan Certificates exceeds the Facility Amount, the Loans (and all interest accrued thereon and breakage costs, if any, related thereto) shall become immediately due and payable in a principal amount equal to that which when applied, would reduce the aggregate outstanding principal amount of all Loan Certificates to below the Facility Amount.

5.10**Provisions Relating to Prepayment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notice of prepayment having been given, the principal amount of the Loan Certificates to be prepaid, plus accrued interest thereon to the date of prepayment, together with the breakage costs, if any, shall become due and payable on the prepayment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On the date fixed for prepayment under Clause 5.9, immediately available funds in Dollars shall be deposited by the Borrower in the account of the Administrative Agent at the place and by the time and otherwise in the manner provided in Clause 5.5, in an amount equal to the principal amount of Loan Certificates to be prepaid together with accrued and unpaid interest thereon to the date fixed for such prepayment, the breakage costs, if any, and all other amounts due to the Lenders under the Operative Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender shall furnish to the Borrower, with a copy to the Administrative Agent, a certificate setting forth the breakage costs, if any, due to such Lender, which certificate shall be presumptively correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, amounts repaid or prepaid on account of the Loans may not be reborrowed.

5.11**Increased Costs**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall pay directly to each Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender on an After-Tax Basis for any increase in costs that such Lender determines are attributable to its making or maintaining of its Commitment or the Loans evidenced by its Loan Certificates or funding arrangements utilized in connection with such Loans, or any reduction in any amount receivable by such Lender hereunder or under any Operative Document in respect of any of its Commitments, such Loans or such arrangements (such increases in costs and reductions in amounts receivable (including any amounts covered by clause (b) below) being herein called "**Additional Costs**"), resulting from any Regulatory Change that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)imposes any Tax (other than Taxes described in clauses (b) through (e) of the definition of Excluded Taxes) that is the functional equivalent of any reserve, special deposit or similar requirement of the sort covered by Clause 5.11(a)(ii); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)imposes or modifies any reserve, special deposit or similar requirements (including any Reserve Requirement) relating to any extension of credit or other assets of, or any deposits with or other liabilities of, such Lender, any commitment of such Lender (including, without limitation the Commitment of such Lender hereunder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)imposes any other condition affecting this Agreement, the Loan Certificates (or any of such extensions of credit or liabilities) or its Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting the effect of the foregoing provisions of this Clause 5.11 (but without duplication), the Borrower shall pay directly to each Lender from time to time on request such amounts as such Lender may determine to be necessary to compensate such Lender (or, without duplication, the bank holding company of which such Lender is a subsidiary) for any increase in costs that it determines are attributable to the maintenance by such Lender (or any lending office or such bank holding company) of capital in respect of the Commitments or Loan of such Lender hereunder, pursuant to any law or regulation or any interpretation, directive or request (whether or not having the force of law and whether or not failure to comply therewith would be unlawful so long as compliance therewith is standard banking practice in the relevant jurisdiction) of any court or governmental or monetary authority following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Regulatory Change; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)implementing any risk-based capital guideline or other similar requirement issued by any government or governmental or supervisory authority implementing at the national level the Basel Accord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)implementing any requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in each case after the Effective Date (such compensation to include, without limitation, an amount equal to any reduction of the rate of return on assets or equity of such Lender (or any lending office or such bank holding company) could have achieved but for such law, regulation, interpretation, directive or

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request). For purposes of this Clause 5.11(b), "**Basel Accord**" means the proposals for risk-based capital framework described by the Basel Committee on Banking Regulations and Supervisory Practices commonly known as Basel III, as amended, modified and supplemented and in effect from time to time, or any replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Clauses 5.11(d) and (e) apply in respect of this Clause 5.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Lender shall notify the Borrower of any event occurring after the Effective Date entitling such Lender to compensation under paragraph (a) or (b) of this Clause 5.11 as promptly as practicable, but in any event within [\*\*\*], after such Lender obtains actual knowledge thereof; provided that (i) such Lender shall, with respect to compensation payable pursuant to this Clause 5.11 in respect of any Additional Costs resulting from such event, only be entitled to payment under this Clause 5.11 for Additional Costs incurred from and after the date that is [\*\*\*] prior to the date of receipt of such notice by the Borrower, (ii) each Lender will use commercially reasonable efforts (at the Borrower's expense) to mitigate the amount of compensation under paragraph (a) or (b) of this Clause 5.11 associated with such event, including designating a different lending office for the Loan evidenced by such Lender's Loan Certificate affected by such event if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the sole opinion of such Lender, result in any economic, legal or regulatory disadvantage to such Lender, and (iii) no Lender shall discriminate against the Borrower in making any claim for compensation under this Clause 5.11, and no Lender shall treat the Borrower less favorably than such Lender's other similarly situated borrowers. When submitting a claim pursuant to Clause 5.11, each Lender will furnish to the Borrower an officer's certificate setting forth in reasonable detail (x) the events giving rise to compensation under paragraph (a) or (b) of this Clause 5.11, (y) the basis for determining and allocating such compensation and (z) the amount of each request by such Lender for such compensation (subject, however, to any limitations such Lender may require in respect of disclosure of confidential information relating to its capital structure), together with a statement that the determinations and allocations made in respect of such compensation comply with the provisions of this Clause 5.11, including as provided by the last proviso of this paragraph (d). Determinations and allocations by any Lender for purposes of this Clause 5.11 of the effect of any Regulatory Change pursuant to Clause 5.11(a), or of the effect of capital maintained pursuant to Clause 5.11(b), on its costs or rate of return of maintaining the Loan evidenced by its Loan Certificate or its Commitment, or on amounts receivable by it in respect of its Loan Certificate, and of the amounts required to compensate such Lender under this Clause 5.11, shall be conclusive absent manifest error; provided that such determinations and allocations are made on a reasonable basis and, in the case of allocations, are made fairly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrower shall not be required to make payments under this Clause 5.11 to any Lender if (i) a claim hereunder arises solely through circumstances peculiar to such Lender and which do not affect commercial banks in the jurisdiction of organization of such Lender generally, (ii) such Lender is not seeking similar compensation for such costs from its borrowers generally in similarly situated commercial loans, or (iii) the claim arises out of a voluntary relocation by such Lender of its lending office (it being understood that any such relocation effected pursuant to this Clause 5.11 is not "voluntary").

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5.12**Illegality**

Notwithstanding any other provision of this Agreement or the Mortgage, if any Lender (an "**Illegal Lender**") shall notify the Administrative Agent that the introduction after the Effective Date of or any change after the Effective Date in or in the interpretation of any law or regulation shall make it unlawful, or any central bank or other Governmental Entity asserts that it is unlawful, for such Lender to make, fund or allow to remain outstanding its Loan Certificate, then such Lender shall, promptly after becoming aware of the same, deliver to the Borrower through the Administrative Agent a certificate to that effect, and the Borrower shall, subject to Clause 5.9(f), prepay the aggregate outstanding principal amount of the Loan Certificate held by such Illegal Lender in full, together with accrued interest thereon to the date of prepayment plus the breakage costs, if any, and all other amounts due thereunder and hereunder and under the other Operative Documents to such Illegal Lender.

5.13**Inability to Determine Rates**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14Subject to Clause 5.14, if, on or prior to the first day of any Interest Period for any SOFR Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Majority Lenders determine that for any reason in connection with any request for a SOFR Loan or a conversion thereto or a continuation thereof that Term SOFR for any requested Interest Period with respect to a proposed SOFR Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, and the Required Lenders have provided notice of such determination to the Administrative Agent,

the Administrative Agent will promptly so notify the Borrower and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to continue SOFR Loans or to convert ABR Loans to SOFR Loans, shall be suspended (to the extent of the affected SOFR Loans or affected Interest Periods) until the Administrative Agent (with respect to clause (b), at the instruction of the Majority Lenders) revokes such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans in the amount specified therein and (ii) any outstanding affected SOFR Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Clause 5.11. Subject to Clause 5.14, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR"

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cannot be determined pursuant to the definition thereof on any given day, the interest rate on ABR Loans shall be determined by the Administrative Agent without reference to clause (c) of the definition of "ABR" until the Administrative Agent revokes such determination.

5.16**Benchmark Replacement Setting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Operative Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at [\*\*\*] after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Majority Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Clause 5.14(a) will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Operative Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Operative Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Clause 5.14(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Clause 5.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Operative Document, except, in each case, as expressly required pursuant to this Clause 5.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Operative Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not

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or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

6.**TERMINATION OF INTEREST IN COLLATERAL**

None of the Administrative Agent, Security Trustee or any Lender shall have any further interest in, or other right with respect to, the Mortgage Collateral with respect to any Aircraft when and if the principal amount of, the breakage costs on, if any, interest on and other amounts due under all Loans in relation to such Aircraft held by such Lender and all other sums due to such Lender hereunder and under the other Operative Documents in respect of such Aircraft shall have been finally and indefeasibly paid in full. Upon payment in full of any Loans relating to an Aircraft, the Security Trustee shall release that portion of the Collateral which relates solely to the applicable Aircraft from the Lien of the Mortgage and such Aircraft shall thereafter cease to be an "Aircraft" for the purposes of the Operative Documents.

7.**BORROWER'S REPRESENTATIONS AND WARRANTIES**

The Borrower represents and warrants that on the date hereof and on each Borrowing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Borrower is a Cayman Islands exempted company, duly incorporated and validly existing pursuant to the laws of the Cayman Islands; is duly qualified to do business as a foreign corporation in each jurisdiction in which its operations or the nature of its business requires, except where the failure to be so qualified would not have a Material Adverse Effect; and has the corporate power and authority to purchase the Assigned Aircraft under the Assigned Purchase Agreement and to enter into and perform its obligations under the Operative Documents to which it is or shall be a party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the execution, delivery and performance by the Borrower of the Operative Documents to which it is a party have been duly authorized by all necessary corporate action on the part of the Borrower, do not require any shareholder approval, or approval or consent of any trustee or holders of any indebtedness or obligations of the Borrower except such as have been duly obtained and are in full force and effect, and none of the execution, delivery or performance by the Borrower of such Operative Documents contravenes any law, judgment, government rule, regulation or order binding on the Borrower or the memorandum and articles of association of the Borrower or contravenes the provisions of, or constitutes a default under, or results in the creation of any Lien (other than Permitted Liens) upon the property of the Borrower under, any indenture, mortgage, contract or other agreement to which the Borrower is a party or by which it or its properties may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)neither the execution and delivery by the Borrower of the Operative Documents to which it is a party nor the performance by the Borrower of its obligations thereunder requires the consent or approval of, the giving of notice to, or the registration with, or the taking of any other action in respect of any Federal, state or foreign government authority or agency, except for those specified in the opinions referred to in Clause 4.1(g) or those that would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Operative Documents to which the Borrower is a party each constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with the terms thereof except as such enforceability may be limited by equitable principles or applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)there is no pending or (to the best of Borrower's knowledge) threatened action or proceeding before any court, arbitrator or administrative agency that individually (or in the aggregate in the case of any group of related actions or proceedings) is expected by the Borrower to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)except as specified in the opinions referred to in Clause 4.1(g), no further action, including any filing or recording of any document, is necessary or advisable in order to establish and perfect the first ranking Lien on the Collateral in favor of the Security Trustee pursuant to the Mortgage or the Share Charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)there has not occurred any event which constitutes a Default or an Event of Default, in each case, which is presently continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the Assigned Purchase Agreement and the Engine Agreements are in full force and effect and none of the Borrower or, to the knowledge of the Borrower, Airbus or any Engine Manufacturer is in default of any of its material obligations thereunder. Neither the Borrower nor any Guarantor has assigned or granted any Lien in its rights under the Assigned Purchase Agreement in respect of any of the Assigned Aircraft or the Engine Agreements or the Engines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower has filed or caused to be filed all federal, state, local and foreign Tax returns which are required to be filed and has paid or caused to be paid or provided adequate reserves for the payment of all Taxes (whether or not shown to be due and payable on such returns) or (except to the extent being contested in good faith and by appropriate proceedings and for the payment of which adequate reserves have been provided in accordance with generally accepted accounting

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principles) on any assessment received by the Borrower, to the extent that such Taxes have become due and payable, except such returns or Taxes as to which the failure to file or pay, as the case may be, could not be reasonably expected to materially and adversely affect the assets, operations or financial condition, of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)the Borrower is not in violation of any law, order, injunction, decree, rule or regulation applicable to the Borrower of any court or administrative body, which default or violation would reasonably be expected to materially and adversely affect the operations or financial condition of the Borrower or the Borrower's ability to execute, deliver and perform its obligations under the Operative Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the Borrower is not an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the Borrower is fully solvent (on a cash flow and balance sheet basis) and will be fully solvent immediately following the execution of this Agreement, the Operative Documents and the consummation of the transactions contemplated hereby and thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)each of the dates in the column entitled "Borrowing Date" in the table set out in the Aircraft Schedule and the Assigned Aircraft Schedule is the date on which the Advance to which such date is expressed to correspond in such table is due and payable to Airbus in accordance with the Assigned Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)the Borrower is in compliance with all requirements of law except where such non-compliance could not reasonably be expected to have a Material Adverse Effect; provided, however, that where such compliance relates to any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions, each of the Borrower and the Guarantors is in compliance in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)the Borrower and each Guarantor maintains and enforces policies and procedures designed to promote and achieve compliance by the Borrower and the Guarantors with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)none of the Borrower or the Guarantors or, any of their respective directors, officers or, to the Borrower's knowledge, any of their respective affiliates, agents or employees (i) has conducted their respective businesses or taken any action that would constitute or give rise to a violation of any Anti-Corruption Law or Anti-Money Laundering Law or (ii) is or has been subject to any action, proceeding, litigation, claim or, to the Borrower's knowledge, investigation brought by any Governmental Entity with regard to any actual or alleged violation of any Anti-Corruption Laws or Anti-Money Laundering Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)the Borrower shall not knowingly, directly or indirectly, (i) use, lend, contribute or otherwise make available any part of the proceeds of any Loan hereunder to fund any activities or business of a Sanctioned Person or in any manner that

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would result in a violation of Sanctions by any Person party hereto or (ii) fund all or part of any repayment or reimbursement of the obligations hereunder out of proceeds derived from any transaction or activity involving a Sanctioned Person or Sanctioned Jurisdiction that was conducted in violation of Sanctions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)the Borrower shall not knowingly, directly or indirectly, use any part of the proceeds of any Loan hereunder for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in each case in violation of Anti-Corruption Laws.

8.**GENERAL INDEMNITY**

8.1Subject to the next following paragraph, the Borrower hereby agrees to indemnify each Indemnitee against, and agrees to protect, save and keep harmless each of them from any and all Expenses imposed on, incurred by or asserted against any Indemnitee arising out of or directly resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)following delivery of any Aircraft, Airframe or Engine, the operation, possession, use, maintenance, overhaul, testing, registration, re-registration, delivery, non-delivery, lease, non-use, modification, alteration, or sale of any such Aircraft, Airframe or Engine, or any engine used in connection with any such Airframe or any part of any of the foregoing, any lessee or any other Person whatsoever, including, without limitation, claims for death, personal injury or property damage or other loss or harm to any person whatsoever and claims relating to any laws, rules or regulations pertaining to such operation, possession, use, maintenance, overhaul, testing, registration, re-registration, delivery, non-delivery, lease, non-use, modification, alteration, sale or return including environmental control, noise and pollution laws, rules or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)following delivery of any Aircraft, Airframe or Engine, the manufacture, design, purchase, acceptance, rejection, delivery, or condition of any such Aircraft, Airframe or Engine, any engine used in connection with any such Airframe, or any part of any of the foregoing including, without limitation, latent and other defects, whether or not discoverable, or trademark or copyright infringement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) the execution or delivery of this Agreement, any other Operative Document or any agreement or instrument contemplated hereby or thereby, (ii) any breach of or failure to perform or observe, or any other noncompliance with, any covenant or agreement to be performed, or other obligation of any Obligor under any of the Operative Documents, or the falsity of any representation or warranty of any Obligor in any of the Operative Documents, (iii) the Loans or the use of or proposed use of proceeds therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)assuming the Lenders are making Loans in the ordinary course of their business for their own accounts, the offer, sale and delivery by the Borrower or anyone acting on behalf of the Borrower of any Loan Certificates or successor debt obligations issued in connection with the refunding or refinancing thereof (including, without limitation, any claim arising out of the Securities Act, the Securities Exchange Act of 1934, as amended, or any other federal or state statute, law or regulation, or at common law or otherwise relating to securities (collectively "**Securities Liabilities**")) (the indemnity provided in this Clause 8.1(d) to extend also to any Person who controls an Indemnitee, its successors,

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assigns, employees, directors, officers, servants and agents within the meaning of clause 15 of the Securities Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)purchasing any Aircraft following an Event of Default, including any costs incurred after purchasing such Aircraft and prior to resale of such Aircraft and the recovery of all other amounts owing hereunder following an Event of Default or the enforcement against the Borrower or any other Obligor of any of the terms thereof (including, without limitation, pursuant to clause 5 of the Mortgage) and including any amounts payable by any Indemnitee pursuant to clause 11.2 or 11.3 of the Step-In Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any actual claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto.

8.2The foregoing indemnity shall not extend to any Expense of any Indemnitee to the extent attributable to one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)acts or omissions involving the willful misconduct or gross negligence of such Indemnitee, as determined by a court of competent jurisdiction by final and nonappealable judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Tax, or increase in Tax liability under any Tax law (such matter being subject to the indemnity in Clause 5.3); provided, however, that this clause (b) shall not apply to (A) Taxes which have arisen as a result of or while an Event of Default has occurred and is continuing or (B) Taxes taken into consideration in making any payments on an After-Tax Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)except to the extent attributable to acts or events occurring prior thereto, acts or events (other than acts or events related to the performance by any Obligor of its obligations pursuant to the terms of the Operative Documents) that occur after the Mortgage is required to be terminated in accordance with clause 7.1 of the Mortgage; provided, that nothing in this clause (c) shall be deemed to exclude or limit any claim that any Indemnitee may have under Applicable Law by reason of an Event of Default or for damages from any Obligor for breach of any Obligor's covenants contained in the Operative Documents or to release any Obligor from any of its obligations under the Operative Documents that expressly provide for performance after termination of the Mortgage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to the extent attributable to any transfer by or on behalf of such Indemnitee of any Loan Certificate or interest therein, except for Expenses incurred as a result of any such transfer after an Event of Default, pursuant to the exercise of remedies under any Operative Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to the extent solely attributable to the incorrectness or breach of any representation or warranty of such Indemnitee or any related Indemnitee contained in or made pursuant to any Operative Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)to the extent solely attributable to the failure by such Indemnitee or any related Indemnitee to perform or observe any agreement, covenant or condition on its part to be performed or observed in any Operative Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)to the extent solely attributable to the offer or sale by such Indemnitee or any related Indemnitee of any interest in the Collateral, the Loan Certificates, or any similar interest in violation of the Securities Act or other applicable federal, state or foreign securities laws (other than any thereof caused by acts or omissions of any Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)to the extent attributable to any amount which such Indemnitee expressly agrees with the Borrower to pay or such Indemnitee expressly agrees with the Borrower shall not be paid by or be reimbursed by the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)for any Lien attributable to such Indemnitee or any related Indemnitee other than any Lien created pursuant to any Operative Document.

8.3For purposes of this Clause 8, a Person shall be considered a "related" Indemnitee with respect to an Indemnitee if such Person is an Affiliate or employer of such Indemnitee, a director, officer, employee, agent, or servant of such Indemnitee or any such Affiliate or a successor or permitted assignee of any of the foregoing.

8.4The Borrower further agrees that any payment or indemnity pursuant to this Clause 8 in respect of any "Expense" shall be on an After-Tax Basis.

8.5If a claim is made against an Indemnitee involving one or more Expenses and such Indemnitee has notice thereof, such Indemnitee shall after receiving such notice give notice of such claim to the Borrower; provided that the failure to provide such notice shall not release the Borrower from any of its obligations to indemnify hereunder except to the extent that the Borrower is prejudiced as a result of the failure to give such notice, and no payment by the Borrower to an Indemnitee pursuant to this Clause 8 shall be deemed to constitute a waiver or release of any right or remedy which the Borrower may have against such Indemnitee for any actual damages as a result of the failure by such Indemnitee to give the Borrower such notice.

8.6Notwithstanding any other provision of this Clause 8 to the contrary, in the case of any Expense indemnified by the Borrower hereunder which is covered by a policy of insurance maintained by the Borrower, it shall be a condition of such indemnity with respect to any particular Indemnitee that such Indemnitee shall reasonably cooperate (at no cost or liability to itself, and (if so requested) subject to being indemnified by the Borrower with respect to any liabilities it may incur as a result of an insurer's investigation, defense or compromise) with the insurers in the exercise of their rights to investigate, defend or compromise such claim as may be required to retain the benefits of such insurance with respect to such claim.

8.7To the extent of any payment of any Expense pursuant to this Clause 8, the Borrower, without any further action, shall be subrogated to any claims the Indemnitee may have relating thereto. The Indemnitee agrees to give such reasonable further assurances or agreements and to reasonably cooperate with the Borrower to permit the Borrower to pursue such claims, if any, to the extent reasonably requested by the Borrower at no cost or liability to itself, and (if so requested) subject to being indemnified with respect to the Borrower's pursuit of such claims.

8.8In the event that the Borrower shall have paid an amount to an Indemnitee pursuant to this Clause 8, and such Indemnitee subsequently shall be reimbursed in respect of such indemnified amount from any other Person, such Indemnitee shall promptly pay the Borrower the amount of such reimbursement, including interest received attributable

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thereto (but net of costs, if any, of recovery of such amounts), provided that no Default or Event of Default has occurred and is continuing.

8.9The Borrower will pay to each Indemnitee on demand, to the extent permitted by Applicable Law, interest on any amount of indemnity not paid when due pursuant to this Clause 8 until the same shall be paid, at the Past Due Rate.

8.10To the fullest extent permitted by Applicable Law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Operative Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in this Clause 8 shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Operative Documents or the transactions contemplated hereby or thereby.

9.**INDEMNITY TO THE ADMINISTRATIVE AGENT**

The Borrower shall promptly indemnify the Administrative Agent against any actual cost, loss or liability incurred by the Administrative Agent as a result of investigating any event which it reasonably believes is an Event of Default and upon such investigation such event transpires to be a Default or an Event of Default other than any cost, loss or liability resulting from the Administrative Agent willful misconduct or gross negligence.

10.**COVENANTS OF THE BORROWER.**

The Borrower hereby covenants for the benefit of all Lenders, as follows:

10.1***Transfer:*** Except as expressly contemplated by the Operative Documents or herein, the Borrower shall not (and the Borrower shall procure that each other Obligor shall not) directly or indirectly assign, convey or otherwise transfer any of its right, title or interest in and to the Collateral or this Agreement or any of the other Operative Documents; provided, that the Borrower shall have the option (at its sole discretion) to transfer certain Aircraft to other airlines [\*\*\*] subject to the terms and conditions in the Operative Documents and the Airbus Purchase Agreement.

10.2***Taxes and Adequate Records:*** The Borrower will (and will procure that each other Obligor will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)pay and discharge all Taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such Tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(other than in respect of itself) keep adequate records and books of account, in which complete entries will be made in accordance with generally accepted accounting principles consistently applied; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)permit representatives of any Lender, the Administrative Agent or the Security Trustee, during normal business hours and upon reasonable prior notice, to examine, copy and make extracts from its books and records and to discuss its business and affairs with its officers, all to the extent reasonably requested by such Lender, the Administrative Agent or the Security Trustee (as the case may be).

10.3***Special Purpose:*** The Borrower will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)have any employees earning compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)except for the Loans and as expressly contemplated by the Operative Documents, incur or contract to incur any indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)engage in any activity other than the execution, delivery and performance of the Operative Documents to which it is a party and activities incidental thereto, as well as ordinary corporate housekeeping activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)except as required to perform its obligation under the Operative Documents to which it is a party, make or agree to make any capital expenditure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)create or own any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)except as required to perform its obligation under the Operative Documents to which it is a party, make any investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)except as required to perform its obligation under the Operative Documents to which it is a party, declare or make any dividend payment or distribution to its shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)enter into any contracts with, incur any material obligation to, or grant any security interest, pledge or lien to, any third party (excluding any contracts entered into in connection with, any payment or other obligation incurred pursuant to, and any liens granted pursuant to, the Operative Documents).

10.4***Operative Documents:*** The Borrower shall ensure that the Servicing Agreement, the Option Agreement and the Subordinated Loan Agreement remain in place and in full force and effect and that neither it nor any other Obligor shall breach any of the terms of any of such documents. The Borrower shall ensure that no amendment, variation, waiver or other change is made to its memorandum and articles of association or other constituent documents, the Servicing Agreement, the Option Agreement or the Subordinated Loan Agreement.

10.5***Assigned Purchase Agreement and Engine Agreements***: The Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)duly perform all of its obligations under the Assigned Purchase Agreement and the Engine Agreements, and take all actions necessary to keep the Assigned Purchase Agreement and the Engine Agreements in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)promptly upon acquiring actual knowledge of the same, notify the Administrative Agent of any material default (whether by the Borrower, Airbus or an Engine Manufacturer) under or cancellation, termination or rescission or purported cancellation, termination or rescission of the Assigned Purchase Agreement or an

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Engine Agreement specifying in reasonable detail the nature of such default, cancellation, rescission or termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)not, without the Security Trustee's prior written consent, in any way modify, cancel, terminate or amend or consent to the modification, cancellation, termination or amendment of the Assigned Purchase Agreement or an Engine Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)not accept delivery of any Aircraft from Airbus before or concurrently repaying to the Lenders all amounts owing in respect of the Loans relating to that Aircraft, unless such Aircraft is substituted in accordance with Clause 2.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)not enter into or consent to any change order or other amendment, modification or supplement to the Assigned Purchase Agreement or an Engine Agreement, in relation to the Assigned Aircraft, without the written consent and countersignature of the Security Trustee (acting at the unanimous direction of the Lenders) if such change order, amendment, modification or supplement would require the consent of the Lender under the Step-In Agreement or the Security Trustee under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)provide to the Security Trustee and the Administrative Agent promptly after the execution of the same copies, certified by the Borrower, of all material change orders (other than non charge change orders), amendments, modifications or supplements to the Assigned Purchase Agreement that would require the consent of the Lender under the Step-In Agreement or the Security Trustee under this Agreement.

10.6***Leasing or Sale of Aircraft:*** The Borrower shall not enter into any binding agreement for the leasing or sale of any Assigned Aircraft other than pursuant to the Option Agreement; provided, that, the Borrower shall have the option (at its sole discretion) to transfer certain Assigned Aircraft to other airlines [\*\*\*] subject to the terms and conditions in the Operative Documents and the Airbus Purchase Agreement.

10.7***Further Assurances:*** The Borrower covenants and agrees with each Agent and the Lenders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower will cause to be done, executed, acknowledged and delivered all further documents and agreements and assurances as reasonably necessary and as any Lender shall reasonably require for accomplishing the purposes of this Agreement and the other Operative Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower, at its expense, will take, or cause to be taken, all actions (including the filing of financing statements under the Uniform Commercial Code in all applicable jurisdictions and perfection in any other jurisdiction in relation to any Operative Document) to (A) cause the security interest granted in respect of the Collateral to at all times be and remain perfected, (B) establish the priority of the Mortgage with respect to the Mortgage Collateral, (C) cause the lien of the Mortgage to at all times be and remain a perfected Lien, (D) establish the priority of the Mortgage; and (E) establish the priority of the share charge with respect to the shares of the Borrower and (F) establish the priority of the Security Trustee's security interest in the Aircraft to the extent possible or feasible prior to delivery (or when manufacturer's serial numbers are available in respect of the Airframe and the Engines are anticipated as being delivered and there is a possibility that such equipment may be delivered by Airbus before the Lenders are repaid the

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Loans in respect of an Aircraft), including by, subject to the terms of the Step-In Agreement, making filings in respect of one or more of prospective international interests, international interests or associated rights with the International Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower shall pay all reasonable costs and expenses (including reasonable and documented costs and disbursements of counsel) incurred by each Agent and the Lenders after the Effective Date in connection with (A) any supplements or amendments of the Operative Documents (including, without limitation, any related recording costs) (other than any supplement or amendment associated with the syndication or transfer of the Loan Certificates or the sale of participation interests therein), (B) any Default and any enforcement or collection proceedings resulting therefrom or in connection with the negotiation of any restructuring or "work-out" (whether or not consummated), or (C) the enforcement of this Clause 10.

10.8***Conduct of Business, Maintenance of Existence:*** The Borrower shall: (i) engage in business solely for the purpose of fulfilling its obligations under the Operative Documents; (ii) preserve, renew and keep in full force and effect its corporate existence and take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of business of the Borrower; provided that the Borrower shall not be required to maintain any such rights, privileges or franchises, if the failure to do so could not reasonably be expected to result in a Material Adverse Effect; and (iii) comply with all contractual obligations and requirements of law, except to the extent that failure to comply therewith could not reasonably be expected to result in a Material Adverse Effect; and comply with the provisions of its Memorandum and Articles of Association.

10.9***Increase in Lender's Net Price:*** The Borrower shall not amend the detail specification for an Assigned Aircraft or consent to the amendment of the detail specification for an Assigned Aircraft, including, without limitation, by issuing an SCN, if such amendment would cause the purchase price of the Assigned Aircraft to exceed the Lender's Net Price payable upon a Step-In (as defined in the Step-In Agreement) pursuant to the Step-In Agreement; provided however that Lenders shall not unreasonably withhold consent to a reasonable request by the Borrower to a change in the detail specification for an Assigned Aircraft, including, without limitation, by issuing an SCN, if such amendment would cause the margin to increase in the facility due to a LTV Test failure.

10.10***BFE***: The Borrower shall not agree to any material change in the specification of BFE to be installed on the Assigned Aircraft on or prior to the Delivery Date, which is listed in Schedule VI, if such amendment would result in the cost of the BFE outstanding to be paid on the Delivery Date in respect of such Assigned Aircraft to exceed the BFE Budget (as escalated in accordance with the escalation formula set out in Schedule VI); provided however that Lenders shall not unreasonably withhold consent to a reasonable request by the Borrower to a change in the specification of BFE for an Assigned Aircraft on or prior to the Delivery Date if such amendment would result in the cost of the BFE outstanding to be paid on the Delivery Date in respect of such Assigned Aircraft to cause the margin to increase in the facility due to a LTV Test failure.

10.11***Change in Configuration or Specification as a Passenger Carrying Aircraft:*** The Borrower shall not alter the configuration or specification of any Assigned Aircraft as a commercial passenger carrying aircraft and shall ensure that the Assigned Aircraft is at all times required to be delivered by Airbus in the Required Specification; provided

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however that Lenders shall not unreasonably withhold consent to a reasonable request by the Borrower to a change in the configuration or specification for an Assigned Aircraft if such amendment would cause the margin to increase in the facility due to a LTV Test failure, provided that the Assigned Aircraft is at all times configured as a commercial passenger carrying aircraft.

10.12***Extension of Scheduled Delivery Date:*** The Borrower shall not agree to extend the Scheduled Delivery Date of any Assigned Aircraft beyond the end of the applicable Scheduled Delivery Month; *provided* that if and to the extent that there is a delay in the delivery of an Assigned Aircraft by Airbus arising out of circumstances beyond the control of Frontier Airlines or the Borrower and which Airbus is entitled to impose upon Frontier Airlines or the Borrower without their consent pursuant to the terms of the Assigned Purchase Agreement including an "Excusable Delay" and a "Non-Excusable Delay" under (and as defined in) the Assigned Purchase Agreement (any such delay, a "**Relevant Delay**"), then the Scheduled Delivery Date for such Assigned Aircraft may be delayed by no more than [\*\*\*] from the last day of the Scheduled Delivery Month specified for such Assigned Aircraft in the Aircraft Schedule or the Assigned Aircraft Schedule; provided however, that Lenders shall not unreasonably withhold consent to a reasonable request by the Borrower to a change in the Scheduled Delivery Date of any Assigned Aircraft beyond the end of the applicable Scheduled Delivery Month. The Borrower shall promptly, and in any event within [\*\*\*] of receipt of notice from Airbus, provide a notice to the Administrative Agent (on behalf of the Lenders) of the details of any change in the Scheduled Delivery Date of any Assigned Aircraft in substantially the form of Notice of Aircraft Schedule Amendment attached hereto as Exhibit G.

10.13***Liens:*** The Borrower will not directly or indirectly create, incur, assume or suffer to exist any Lien on or with respect to any of its assets including the Collateral except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the rights of the Borrower as provided in the Mortgage the Liens thereof and any other rights existing pursuant to the Operative Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Liens for Taxes of the Borrower and Frontier Airlines either not yet due or being contested in good faith by appropriate proceedings (and for which adequate reserves have been provided in accordance with GAAP), so long as the continuing existence of such Liens during such proceedings do not involve any material risk of the termination, sale, forfeiture or loss of, the Assigned Purchase Agreement, an Engine Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liens arising out of any judgment or award against the Borrower or Frontier Airlines with respect to which an appeal or proceeding for review is being prosecuted diligently and in good faith, so long as such Liens do not result in a material risk of the termination, sale, forfeiture or loss of, the Assigned Purchase Agreement or an Engine Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any other Lien with respect to which the Borrower or Frontier Airlines shall have provided a bond or other security in an amount and under terms reasonably satisfactory to the Security Trustee.

The Borrower will promptly, at its own expense, take (or cause to be taken) such actions as may be necessary duly to discharge any Lien not excepted above if the same shall arise at any time.

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10.14***Amendments, Supplements, Etc.:*** Forthwith upon the execution and delivery of any amendment to the Mortgage, if an applicable legal system having jurisdiction over the Borrower or the Mortgage Collateral is in existence that permits for filing and/or recording of the Mortgage and amendments or supplements thereto, the Borrower will cause such amendment to be duly filed and recorded, and maintained of record, in accordance with all Applicable Laws. In addition, the Borrower will promptly and duly execute and deliver to the Security Trustee such further documents and take such further action as the Security Trustee may from time to time reasonably request in order to more effectively carry out the intent and purpose of the Mortgage and establish and protect the rights and remedies created or intended to be created in favor of the Security Trustee under the Mortgage and the other Operative Documents, including, without limitation, if requested by the Security Trustee, at the expense of Borrower, the execution and delivery of supplements or amendments hereto, each in recordable form, in accordance with the laws of such jurisdiction as the Security Trustee may reasonably request.

10.15***Access to or Furnishing of Information:*** The Borrower agrees to furnish to the Administrative Agent and to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)as soon as available, but not later than [\*\*\*] after the close of each fiscal year of Frontier Group Holdings occurring after the Effective Date, an audited and consolidated balance sheet and related statements of Frontier Group Holdings and its subsidiaries at and as of the end of such fiscal year, together with an audited and consolidated statement of income and consolidated statement of cash flow for such fiscal year, each of which shall be prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)as soon as available, but not later than [\*\*\*] after the close of (i) each of the first three quarters of each fiscal year of Frontier Group Holdings and (ii) the fourth fiscal quarter of Frontier Group Holdings for the fiscal year ended December 31, 2024, (A) an unaudited and consolidated balance sheet of Frontier Group Holdings and its subsidiaries at and as of the end of such quarter, together with an unaudited and consolidated statement of income and consolidated statement of cash flow for such quarter, each of which shall be prepared in accordance with GAAP and (B) a compliance certificate substantially in the form of Exhibit F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)as soon as available, but not later than [\*\*\*] after the close of each fiscal year of Frontier Group Holdings occurring while amounts are outstanding under this Agreement or any Loan Certificate, a certificate of the chief financial officer, Treasurer, any Vice President, or other officer of Frontier Group Holdings stating that such authorized officer has reviewed the activities of the Borrower and itself and that, to the best of the knowledge of such authorized officer, there exists no Default or Event of Default or event which would require the prepayment of any loans pursuant to Clause 5.9(d) or (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)from time to time, notification of any material changes to BFE, optional features or SCNs with respect to any Assigned Aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)promptly after the occurrence thereof and actual knowledge thereof by a responsible officer of the Borrower, notice of any Default, Event of Default or any event that has resulted or would reasonably be expected to result in a Material Adverse Effect, in each case, accompanied by a statement of a responsible officer of Frontier Group Holdings setting forth details of the occurrence referred to therein and stating the action the Borrower or applicable Guarantor proposes to take with respect thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)promptly after the occurrence thereof, any Aviation Authority required modifications in respect of the Assigned Aircraft that the Borrower or any Guarantor is aware of, and any optional changes effected in the prior calendar month, that would lead to an increase in the Lender's Net Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)promptly upon receiving notification thereof from Airbus, the Scheduled Delivery Date (or any change or extension of the Scheduled Delivery Date) of an Assigned Aircraft.

10.16***Maintenance of Separate Existence:*** The Borrower shall maintain certain policies and procedures relating to its existence as a separate company as follows and shall do all things necessary to maintain their corporate existence separate and distinct from any other Person. The Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)observe all formalities necessary to remain a legal entity separate and distinct from each Guarantor and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)maintain its assets and liabilities separate and distinct from those of each Guarantor and any other Person in such a manner that it is not difficult to segregate, identify or ascertain such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)maintain records, books and accounts separate from those of each Guarantor and any other Person (other than as otherwise specified in the Operative Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)pay its obligations in the ordinary course of business as a legal entity separate from each Guarantor and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)keep its funds separate and distinct from any funds of each Guarantor and any other Person, and receive, deposit, withdraw and disburse such funds separately from any funds of each Guarantor and any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)not agree to pay, assume, guarantee or become liable for any debt of, or otherwise pledge its assets for the benefit of, any Guarantor or any other Person except as otherwise permitted under the Operative Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)not hold out that it is a division of any Guarantor or any other Person or that any Guarantor or any other Person is a division of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)not induce any third party to rely on the creditworthiness of any Guarantor or any other Person in order that such third party will contract with it (other than the guarantee of the Guarantors in favor of Airbus made in connection with the Assigned Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)allocate and charge fairly and reasonably any common overhead shared with any Guarantor or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)hold itself out as a separate entity, and correct any known misunderstanding regarding its separate identity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)conduct business in its own name and ensure that all communications are made solely in its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)not acquire the securities of any Guarantor or any Affiliate thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)prepare separate financial statements, if required to prepare such pursuant to Applicable Law, and separate Tax returns and pay any Taxes required to be paid under applicable Tax law (<u>provided</u> that each Guarantor and its Affiliates may publish financial statements that consolidate those of such Guarantor and its Affiliates, and subsidiaries of such Guarantor may file consolidated Tax returns with such Guarantor and its Affiliates for Tax purposes provided that so doing does not give rise to any incremental Tax liabilities on the part of the Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)not enter into any transaction between itself and any Guarantor or their Affiliates that is more favorable to either such Guarantor or any of their Affiliates than transactions that either such Guarantor and its Affiliates would have been able to enter into at such time on an arm's-length basis with a non-affiliated third party, or vice versa.

For the avoidance of doubt, the Borrower is authorized to engage in any activity or other undertaking expressly required or expressly authorized by the Operative Documents.

10.17***Independent Director:*** The Borrower shall have at least one Independent Director whose vote shall be required to take any Material Action with respect to the Borrower (it being understood that this Agreement shall not require the vote of an Independent Director for any other matter other than a Material Action).

10.18***Management and Control; COMI:*** Management and control of, and the principal place of business of the Borrower shall be located in the Cayman Islands. The Borrower shall ensure that it does not have a Center of Main Interests (as defined in EU Insolvency Regulations) in the European Union.

10.19***Subordinated Loan:*** The Borrower shall not pay or repay any amount under the Subordinated Loan Agreement while the Secured Obligations remain outstanding.

10.20***LTV and Fixed Charge Coverage Ratio***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In this Clause 10.20 the following capitalized terms have the following meaning

"**LTV**" means as of any applicable LTV Test Date for an Aircraft or the Aircraft Pool, the percentage equivalent of a fraction determined by the formula of (AP – (PPI – LA))/AAV where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"**AP**" means the Assignable Price of such Aircraft or the sum of the Assignable Prices of all Aircraft in the Aircraft Pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"**PPI**" means an amount equal to the aggregate of all Purchase Price Installments paid to Airbus as of the applicable LTV Test Date in respect of such Aircraft or the sum of the Purchase Price Installments paid to Airbus as of the applicable LTV Test Date in respect of all Aircraft in the Aircraft Pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;"**LA**" means the aggregate amount of all Loans made in respect of such Aircraft, as of the applicable LTV Test Date (if any) or the sum of the

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Loans made in respect of all Aircraft in the Aircraft Pool, as of the applicable LTV Test Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"**AAV**" means the Average Appraisal Value of such Aircraft, in respect of such LTV Test Date or the sum of the Average Appraisal Values of all Aircraft in the Aircraft Pool, as stated in the Aircraft Appraisal for each Aircraft prepared in respect of such LTV Test Date.

"**Maximum LTV**" means on any LTV Test Date, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If on any LTV Test Date, with respect to a Aircraft or the Aircraft Pool (as the case may be), the LTV in respect of each applicable Aircraft or the Aircraft Pool (as the case may be) in respect of which a Loan is outstanding exceeds the Maximum LTV for such Aircraft or the Aircraft Pool (as the case may be) (the "**LTV Test**"), the Loans shall be subject to the additional margin as provided for in the definition of "Applicable Margin".

10.21***Equity Contribution***: The Borrower shall pay an amount equal to each Equity Contribution in respect of an Assigned Aircraft to Airbus on or before the applicable Borrowing Date or the date such Assigned Aircraft is added to the Aircraft Pool pursuant to Clause 2.5, as applicable; provided that, if, on any date of determination, the aggregate of the future Equity Contributions and the available undrawn Commitment is not sufficient to satisfy all future Advances payable under the terms of the Assigned Purchase Agreement, such shortfall shall be paid by the Borrower.

10.22***Unrestricted Cash and Cash Equivalents***. If on any FCCR Test Date, the aggregate Unrestricted Cash and Cash Equivalents of the Guarantors is less than [\*\*\*], the Loans shall be subject to the additional margin as provided for in the definition of "Applicable Margin".

10.23***KYC Information***: Upon the reasonable request of the Administrative Agent (or any Lender acting through the Administrative Agent), the Borrower shall provide to the Administrative Agent and the Lenders (i) the documentation and other information so requested for the purposes of compliance with applicable "know your customer" and anti-money-laundering rules and regulations, including the PATRIOT Act and (ii) a Beneficial Ownership Certification in relation to the Borrower under the Beneficial Ownership Regulation.

10.24***Aircraft Pool***. As of the Restatement Date, the Aircraft that the Borrower shall have allocated to this facility shall be a reasonable selection of aircraft reflecting a ratio reasonably similar to the ratio of A320neo Aircraft to A321neo Aircraft to be delivered pursuant to the Airbus Purchase Agreement or other purchase agreements between any of the Obligors and Airbus as of the Restatement Date.

10.25***Loan Outstanding Amount.*** If at any time the amount of the Loans outstanding, in respect of the Aircraft Pool, are greater than the aggregate Financed Amount, then within [\*\*\*] thereof, the Borrower shall either (i) allocate Loans to future pre-delivery payments due that are related to the Aircraft Pool or (ii) deposit funds in an Eligible Account in an amount equal to the difference between the outstanding amount of the Loans and the aggregate Financed Amount; provided, that, in the alternative, the Administration Agent may require the Borrower to deposit such excess funds in a Restricted Account during such period pursuant to Clause 2.7 and such funds shall be

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Restricted Funds in accordance with Clause 2.7. Following the occurrence of an Event of Default which is continuing, in addition to all rights and remedies of the Security Trustee elsewhere in this Agreement or under Law or pursuant to any Operative Document, the Security Trustee may immediately or at any time thereafter, without notice to the Borrower, use, enforce, apply and/or retain all or part of the amounts deposited in an Eligible Account pursuant to this Clause 10.25 in or towards the payment or discharge of any matured obligation owed by the Borrower under this Agreement or any other Operative Documents, in such order as the Majority Lenders shall direct.

11.**THE ADMINISTRATIVE AGENT**

The provisions of Schedule IV (*Administrative Agent*) shall apply to this Agreement.

12.**THE SECURITY TRUSTEE**

The provisions of Schedule V (*The Security Trustee*) shall apply to this Agreement.

13.**CONDUCT OF BUSINESS BY THE FINANCE PARTIES**

13.1No provision of this Agreement or any other Operative Document will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2without limiting the obligations of the Finance Parties to mitigate or otherwise take actions contained in this Agreement, oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in respect of Tax or to investigate the extent, order and manner of any such claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or, except as otherwise required by Clauses 5.3 and 5.11, any computations in respect of Tax.

14.**SUPPLEMENTS AND AMENDMENTS TO THIS AGREEMENT AND OTHER DOCUMENTS**

14.1**Instructions of Majority; Limitations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At any time and from time to time, at the request of the Borrower, the Administrative Agent (but only on the written direction of the Majority Lenders) shall (x) execute a supplement hereto for the purpose of adding provisions to, or changing or eliminating provisions of, this Agreement or any other Operative Document as specified in such request or (y) provide a consent when required by the terms of any Operative Document, provided that, except as permitted in Clause 5.14, without the consent of each Lender adversely affected thereby, no such amendment of or supplement to any such document, or waiver or modification of the terms of any thereof, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)modify any of the provisions of this Clause 14.1 or the definitions of the terms, "Majority Lenders" or "Operative Documents", contained herein or in any other Operative Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)increase the principal amount of any Loan Certificate or reduce the amount or extend the time of payment of any amount owing or payable under any Loan Certificate or (except as provided in the Operative Documents) increase or reduce the breakage costs, if any, or interest payable on any Loan Certificate (except that only the consent of the Lender shall be required for any decrease in any amounts of or the rate of breakage costs, if any, or interest payable on such Loan Certificate or any extension for the time of payment of any amount payable under such Loan Certificate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)reduce, modify or amend any indemnities in favor of any Lender or in favor of or to be paid by the Borrower or alter the definition of "Indemnitee" to exclude any Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)release the Borrower from its obligations in respect of the payment of the principal and interest then outstanding (or other amounts payable therewith) or change any of the circumstances under which any amounts payable pursuant to this Agreement and the other Operative Documents are payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing, without the consent of each Lender, no such supplement to this Agreement, the Mortgage or the Share Charge, or waiver or modification of the terms hereof or of any other agreement or document shall expressly permit the creation of any Lien on the Collateral or any part thereof, except as herein expressly permitted, or deprive any Lender of the benefit of the Lien of the Mortgage on the Collateral or the Lien of the Share Charge except in connection with the exercise of remedies under Clause 7 of the Mortgage or under equivalent provisions of the Share Charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At any time and from time to time, subject to satisfaction of the Substitution Requirement, the Borrower may amend the Aircraft Schedule to give effect to the substitution of an Aircraft made in accordance with Clause 2.5 which shall be effected by the execution and delivery by the Borrower of a notice to the Administrative Agent (on behalf of the Lenders), which has been signed by the Borrower and countersigned by the Administrative Agent, in substantially the form of Notice of Aircraft Schedule Amendment attached hereto as <u>Exhibit G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except as provided in this Clause 14.1, the Security Trustee shall not amend, supplement or waive the terms of this Agreement, the Mortgage, the Share Charge or any other Operative Documents.

14.2**Administrative Agent Protected**

If, in the reasonable opinion of the institution acting as the Administrative Agent hereunder any document required to be executed pursuant to the terms of Clause 14.1 affects any right, duty, immunity or indemnity with respect to it under this Agreement or any other Operative Document, the Administrative Agent may in its reasonable discretion decline to execute such document.

14.3**Documents Mailed to Lenders**

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Promptly after the execution by the Administrative Agent of any document entered into pursuant to Clause 14.1, the Administrative Agent shall mail, by certified mail, postage prepaid, a conformed copy thereof to each Lender at its address shown on the Certificate Register, but the failure of the Borrower or Administrative Agent, to mail such conformed copies shall not impair or affect the validity of such document.

15.**NOTICES**

15.1All notices, demands, instructions and other communications required or permitted to be given to or made upon any party hereto shall be in writing and shall be personally delivered or sent by registered or certified mail, postage prepaid, or by facsimile or electronic mail, or by prepaid courier service, and shall be effective upon receipt.

15.2Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Clause 15, notices, demands, instructions and other communications in writing shall be given to or made upon the parties hereto at their addresses (or to their facsimile numbers) as follows: (a) if to the Borrower or the Security Trustee, to the addresses specified in clause 7.7 of the Mortgage, (b) if to a Lender or the Administrative Agent to the address specified on Schedule I, or (c) if to any subsequent Lender, addressed to such Lender at its address specified in the Certificate Register maintained pursuant to Clause 5.6.

15.3Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e mail, FpML, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Clause 2 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such clause by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

16.**GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; AGENT FOR SERVICE OF PROCESS.**

16.1THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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16.2The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and the Borrower irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. The Borrower agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against another party or its properties in the courts of any jurisdiction.

16.3The Borrower irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Clause 16.2. The Borrower hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

16.4Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Clause 15. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

16.5EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS CLAUSE.

16.6The Borrower hereby irrevocably appoints and designates Corporation Service Company (the "**Agent for Service of Process**"), having an address at Corporation Service Company, 19 West 44th Street, Suite 200, New York, NY 10036, as its true and lawful attorney-in-fact and duly authorized agent for the limited purpose of accepting service of legal process and the Borrower agrees that service of process upon such party shall constitute personal service of such process on such person. The Borrower shall maintain the designation and appointment of the Agent for Service of Process at such address until all amounts payable under this Agreement shall have been paid in full. If the Agent for Service of Process shall cease to so act, the Borrower shall immediately designate and shall promptly deliver to the Administrative Agent evidence in writing of acceptance by another agent for service of process of such appointment, which such other agent for service of process shall have an address for receipt of service of process in the State of New York and the provisions above shall equally apply to such other agent for service of process.

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17.**INVOICES AND PAYMENT OF EXPENSES**

Each Agent and the Lenders shall promptly submit to the Borrower copies of invoices of the Transaction Expenses (as defined below) as they are received. The Borrower agrees to pay Transaction Expenses promptly upon receipt of detailed invoices of such Transaction Expenses regardless as to whether or not the Effective Date or the Restatement Date occurs (except in circumstances where such failure to occur is as a result of the breach by any Lender of its obligations hereunder following satisfaction by the Borrower of the Conditions Precedent set out in Clause 4 (*Conditions*)). For the purposes hereof, "Transaction Expenses" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with respect to the preparation, negotiation, execution and delivery of this Agreement and the payment or anticipated drawing of each Loan on each Borrowing Date, the reasonable fees, expenses and disbursements of O'Melveny & Myers LLP, special counsel to the Lenders and the Administrative Agent, as well as the reasonable fees and expenses of special Cayman Islands counsel and any counsel to the Security Trustee (subject to any agreed caps);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all fees, Taxes (including license, documentary, stamp, excise and property Taxes) and other charges payable in connection with the recording or filing of instruments and financing statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)each Agent's and each Lender's reasonable out-of-pocket costs and expenses relating to the negotiation and closing of this transaction (with any travel expenses requiring prior notice to the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)each Agent's and each Lender's reasonable out-of-pocket costs and expenses relating to any release or discharge of any Collateral or the delivery of the Aircraft contemplated hereby (including the reasonable fees, expenses and disbursements of legal counsel and with any travel expenses requiring prior notice to the Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)each Agent's and each Lender's reasonable out-of-pocket costs and expenses relating to any waiver, consent, amendment, supplement, modification or enforcement of, or preservation of rights under, the Operative Documents (including (i) the reasonable fees, expenses and disbursements of legal counsel, (ii) any travel expenses requiring prior notice to the Borrower and (iii) for the avoidance of doubt, costs and expenses reasonably incurred by the Administrative Agent in responding to, evaluating, negotiating or complying with Clause 5.14).

18.**CONFIDENTIALITY**

Each of the Lenders and each Agent covenants and agrees to keep confidential, and not to disclose to any third parties, the Operative Documents and all non-public information received by it from the Borrower, Airbus or the Engine Manufacturer pursuant to the Operative Documents or the Assigned Purchase Agreement or an Engine Agreement, if any is so delivered, provided that, to the extent permitted by any applicable confidentiality agreement with Airbus or the Engine Manufacturer, such information may be made available:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any transferee or participant (or any prospective transferee or participant) of a Lender's Commitments, Loan or Loan Certificates or the Security Trustee's respective interest in the Collateral, in each case so long as such transferee or participant (or prospective transferee or participant) first executes and delivers to the respective Lender a confidentiality agreement consistent with the foregoing or is otherwise bound by a substantially similar obligation of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to any Lender's counsel or independent certified public accountants, independent insurance advisors, reinsurance or insurance broker, or other agents who agree to hold such information confidential on the terms provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)as may be required by Applicable Law or by any statute, court or administrative order or decree or governmental ruling or regulation (or, in the case of any Lender, to any bank examiner, regulatory authorities or self-regulatory bodies with jurisdiction or oversight over such Lender and its Affiliates or other regulatory personnel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)as may be necessary for purposes of enforcement of any Operative Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to any Lender's Affiliates and to its and its Affiliates' officers, directors, employees, representatives and legal counsel, and to any actual or prospective party to any swap, derivative or other transactions under which payments are to be made in connection with this Agreement or the payments hereunder; provided that such persons agree to hold such information confidential on the terms provided and any such disclosure is on a "need to know" basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)to another specified person, with the prior written consent of all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Notwithstanding anything to the contrary herein or in any other Operative Document, none of Borrower, Frontier Airlines, Frontier Holdings or the Administrative Agent shall be required to provide any confidential information (including any copy of any related Engine Agreement) to any Lender regarding any Engine manufactured by the Engine Manufacturer unless such Lender has entered into a non-disclosure agreement with the Engine Manufacturer with respect to such confidential information.

19.**MISCELLANEOUS**

19.1The representations, warranties, indemnities and agreements of the Borrower provided for in this Agreement and each party's obligations under any and all thereof, shall survive the expiration or other termination of this Agreement or any other Operative Document, except as expressly provided herein or therein.

19.2This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. Neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented, waived or modified, except by an instrument in writing signed by the party or parties thereto.

19.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall be binding upon and shall inure to the benefit of, and shall be enforceable by, the parties hereto and their respective successors and permitted

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assigns including each successive holder of any Loan Certificate(s) issued and delivered pursuant to this Agreement. Each Lender, by its acceptance of its Loan Certificate, agrees to be bound by all of the provisions of this Agreement and the other Operative Documents applicable to a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower may not assign any of its rights or obligations under this Agreement or the other Operative Documents except to the extent expressly provided thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender, at no cost to any Obligor, may assign any of its Loans and its Loan Certificates to (A) Permitted Lenders or (B) any Person with, unless a Default is continuing, the consent of the Borrower and the Guarantors, in each case, such consent not to be unreasonably withheld or delayed; <u>provided</u> that (i) each such assignment by a Lender of its Loans, Loan Certificates and Commitment shall be made in such manner so that the same portion of its Loans, Loan Certificates and Commitment is assigned to the respective assignee; (ii) no assignment shall be permitted if such would result in the Borrower or any Guarantor incurring any increased liability or cost under the Operative Documents as a result of such assignment based on laws in effect as of the date of such arrangement; and (iii) such assignment shall be effected by the execution and delivery by the assignee and assignor of an agreement in the form of the Loan Assignment Agreement attached as Exhibit B hereto. Upon execution and delivery by the assignee to the Borrower, the Administrative Agent and the Security Trustee of the Loan Assignment Agreement pursuant to which such assignee agrees to become a "Lender" hereunder (if not already a Lender) having the Commitment and/or Loan amount specified in such instrument, and upon consent thereto by the Borrower and, the Administrative Agent, to the extent required above, the assignee shall have, to the extent of such assignment (unless otherwise provided in such assignment with the consent of the Borrower, the Security Trustee and the Administrative Agent), the obligations, rights and benefits of a Lender hereunder holding the Commitment and/or Loan (or portions thereof) assigned to it (in addition to the Commitment and Loan, if any, theretofore held by such assignee) and the assigning Lender shall, to the extent of such assignment, be released from the Commitment (or portion thereof) so assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Upon prior written notice to the Borrower, each Lender may sell or agree to sell to one or more Persons, other than a Prohibited Assignee, a participation in all or any part of the Loan held by it, or in its Commitments, in which event each purchaser of a participation (a "**Participant**") shall be entitled to the rights and benefits of the provisions hereof with respect to its participation in such Loan and Commitments as if such Participant were a "Lender" for purposes hereof. In no event shall a Lender that sells a participation agree with the Participant to take or refrain from taking any action hereunder or under any other Operative Document except that such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase or extend the term, or extend the time or waive any requirement for the reduction or termination, of such Lender's Commitment, (ii) extend the date fixed for the payment of regularly scheduled principal of or interest on the Loan or any portion of any fee hereunder payable to the Lender, (iii) reduce the amount of any such payment of principal or (iv) reduce the rate at which interest is payable thereon, or any fee hereunder payable

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to the Lenders, to a level below the portion of such rate or fee which the Participant is entitled to receive; provided that no Participant shall be entitled to any amounts under Clause 5.3 or 5.11 greater than the related Lender would be entitled to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In addition to the assignments and participations permitted under the foregoing provisions of this Clause 19.3, any Lender may assign and pledge all or any portion of its Loan and its Loan Certificates to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by such Federal Reserve Bank provided that neither the Borrower nor any Guarantor would incur an increased liability or cost under the Operative Documents as a result of such arrangement or pledge based on laws in effect at the time of such sale. No such assignment shall release the assigning Lender from its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding the above, a Lender may not assign or transfer all or any portion of its Loan, Commitment or any Loan Certificate or interest therein (i) in violation of the Securities Act or applicable foreign or state securities laws (ii) or with respect to Commitments, prior to the drawdown of the related Loans.

19.4The words "execution," "signed," "signature," and words of like import in this Agreement and the other Operative Documents shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

19.5This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested. The parties agree that this Agreement, any addendum, exhibit or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with E-Sign, UETA and any applicable state law. Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any secure third party electronic signature capture service with appropriate document access tracking, electronic signature tracking and document retention as may be reasonably chosen by a signatory hereto, including but not limited to DocuSign.

20.**LIMITATION OF SECURITY TRUSTEE LIABILITY**

It is expressly understood and agreed by the parties that (A) this document is executed and delivered by Bank of Utah, not individually or personally, but solely as Security Trustee, (B) each of the representations, undertakings and agreements herein made on the part of the Security Trustee is made and intended not as personal representations, undertakings and agreements by Bank of Utah, but only in its capacity as Security Trustee for the Administrative Agent and the Lenders, (C) nothing herein contained shall

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be construed as creating any liability on Bank of Utah, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (D) under no circumstances shall Bank of Utah be personally liable for the payment of any indebtedness or expenses of the Lenders or the Administrative Agent or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Security Trustee under this Agreement, the Operative Documents or any other related documents excluding, in each case, gross negligence, willful misconduct or simple negligence in the handling of money by the Security Trustee for which it shall be liable in its individual capacity.

21.**LIMITATION ON LIABILITY**

21.1Notwithstanding anything contained in this Agreement to the contrary, recourse against the Borrower with respect to this Agreement shall be limited to the assets of the Borrower (other than the Borrower's paid up ordinary share capital (not to exceed [\*\*\*]) and the Borrower's transaction fee (not to exceed [\*\*\*])), as they may exist from time to time and each of the Security Trustee, the Administrative Agent and the Lenders agree not to seek before any court or Governmental Entity to have any shareholder, director or officer of the Borrower, held liable, in their personal or individual capacities, for any actions or inactions of the Borrower or any obligations or liability of the Borrower under this Agreement other than in the case of gross negligence or willful misconduct.

21.2Each of the Security Trustee, the Administrative Agent and the Lenders agree that with respect to any actions or inactions of the Borrower or any obligations or liability of the Borrower under this Agreement, it shall not commence any case, proceeding, proposal or other action under any existing or future law of any jurisdiction relating to the bankruptcy, insolvency, reorganization, arrangement in the nature of insolvency proceedings, adjustment, winding-up, liquidation (including provisional liquidation), dissolution, restructuring or analogous relief with respect to the Borrower.

21.3Nothing in this Clause 21 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.1be construed to limit the exercise of remedies pursuant to this Agreement in accordance with its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2be construed to waive, release, reduce, modify or otherwise limit the obligations and liabilities of any guarantor of the Borrower's obligations or liabilities hereunder.

21.4The provisions of this Clause 21 shall survive the termination of this Agreement.

22. CONTRACTUAL RECOGNITION OF BAIL-IN

Notwithstanding anything to the contrary in any Operative Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Operative Document, to the extent such liability is unsecured, may be subject to the Write-Down And Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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22.1the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

22.2the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.1a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.2a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Operative Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.3the variation of the terms of such liability in connection with the exercise of the Write-Down And Conversion Powers of the applicable Resolution Authority.

22.3The following definitions shall apply for the purposes of this Clause 22:

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution*.*** 

"**Bail-In Action**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"**Bail-In Legislation**" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"**EEA Financial Institution**" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

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"**EEA Resolution Authority**" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Resolution Authority**" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"**UK Resolution Authority**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

23.**ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS**

To the extent that the Operative Documents provide support, through a guarantee or otherwise, for interest rate hedges or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Operative Documents and any

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Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

23.1In the event a Covered Entity that is party to a Supported QFC (each, a "**Covered Party**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Operative Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Operative Documents were governed by the laws of the United States or a state of the United States.

As used in this Clause 23, the following terms have the following meanings:

"**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**QFC**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

24.**DIVISIONS**

For all purposes under the Operative Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person

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comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

25.**CERTAIN ERISA MATTERS**

25.1Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)such Lender is not using "*plan assets*" (within the meaning of 29 CFR §2510.3-101, as modified by *Section 3(42)* of ERISA, or otherwise) of one or more Benefit Plans in connection with the Borrowings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Borrowings and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(A) such Lender is an investment fund managed by a "*Qualified Professional Asset Manager*" (within the meaning of *Part VI* of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Borrowings and this Agreement, (C) the entrance into, participation in, administration of and performance of the Borrowings and this Agreement satisfies the requirements of *subsections (b)* through *(g)* of *Part I* of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of *subsection (a)* of *Part I* of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Borrowings and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

25.2In addition, unless either (x) subclause (a) in the immediately preceding Clause 25.1 is true with respect to a Lender or (y) a Lender has not provided another representation, warranty and covenant as provided in subclause (d) in the immediately preceding Clause 25.1, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Borrowings, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Operative Document or any documents related hereto or thereto).

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26.**NO ADVISORY OR FIDUCIARY RESPONSIBILITY**

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Operative Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (a) (i) no fiduciary, advisory or agency relationship between the Borrower and its Affiliates and the Administrative Agent or any Lender is intended to be or has been created in respect of the transactions contemplated hereby or by the other Operative Documents, irrespective of whether the Administrative Agent, or any Lender has advised or is advising the Borrower or its Affiliates on other matters, (ii) the Administrative Agent and the Lenders are arm's-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (iii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent that it has deemed appropriate and (iv) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Operative Documents; and (b) (i) the Administrative Agent and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or its Affiliates, or any other Person; (ii) none of the Administrative Agent and the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Operative Documents; and (iii) the Administrative Agent and the Lenders and their respective branches and Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent and the Lenders has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by Applicable Law, the Borrower hereby waives and releases any claims that it may have against any of the Administrative Agent and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

27.**RIGHT OF SETOFF**

If an Event of Default shall have occurred and be continuing, each Lender, and each of their respective branches and Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender or any such branch or Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Operative Document to such Lender or its respective branches or Affiliates, irrespective of whether or not such Lender, branch or Affiliate shall have made any demand under this Agreement or any other Operative Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender different from the branch office or Affiliate holding

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such deposit or obligated on such indebtedness. The rights of each Lender and their respective branches and Affiliates under this Clause 27 are in addition to other rights and remedies (including other rights of setoff) that such Lender or its respective branches or Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

28.**EFFECT OF AMENDMENT AND RESTATEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On and as of the Restatement Date, the Original Credit Agreement shall be amended, restated and superseded in its entirety by this Agreement. The parties hereto acknowledge and agree that (i) this Agreement and the other Operative Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation, payment or reborrowing, or termination of the "Obligations" (as defined in the Original Credit Agreement) as in effect prior to the Restatement Date and (ii) such "Obligations" are in all respects continuing (as amended and restated hereby) with only the terms thereof being modified as provided in this Agreement. Each reference to the "Credit Agreement" in any Operative Document shall be deemed to be a reference to the Original Credit Agreement, as amended and restated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower and each Guarantor hereby confirm that each Operative Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Operative Documents, the payment and performance of all "Obligations" under each of the Operative Documents to which it is a party (in each case as such terms are defined in the applicable Operative Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower and each Guarantor acknowledge and agree that (i) any of the Operative Documents to which it is a party or is otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid, enforceable, ratified and confirmed in all respects and shall not be impaired or limited by the execution or effectiveness of this Agreement, and (ii) all security interests created under any of the Operative Documents shall continue in full force and effect pursuant to the terms of such Operative Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each applicable Lender severally agrees to continue its Loans outstanding immediately prior to the effectiveness of the amendment and restatement of the Original Credit Agreement on the Restatement Date as a Loans hereunder, and as of the Restatement Date, such Loans shall be automatically deemed to constitute a Loans outstanding under this Agreement.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**BORROWER**<br>VERTICAL HORIZONS JSA LIMITED, as Borrower<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Gennie Bigord&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Gennie Bigord<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Director  |
| &nbsp;&nbsp;&nbsp;&nbsp;**SECURITY TRUSTEE**<br>BANK OF UTAH, not in its individual capacity but solely as Security Trustee<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jon Croasmun&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: &nbsp;&nbsp;&nbsp;&nbsp;Jon Croasmun<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President  |

---

[Credit Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;**ADMINISTRATIVE AGENT**<br>**JSA INTERNATIONAL U.S. HOLDINGS, LLC,** as Administrative Agent<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sruti Prakash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: &nbsp;&nbsp;&nbsp;&nbsp;Sruti Prakash<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;EVP and General Counsel<br>

[Credit Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;**LENDERS**<br>**JSA INTERNATIONAL U.S. HOLDINGS, LLC,** as a Lender<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sruti Prakash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: &nbsp;&nbsp;&nbsp;&nbsp;Sruti Prakash<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;EVP and General Counsel<br>

[Credit Agreement]

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**Schedule I<br>NOTICE & ACCOUNT INFORMATION**

**Lenders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**JSA International U.S. Holdings, LLC

###

Attention: Legal

Telephone: ###

E-mail: ###

**Administrative Agent&nbsp;&nbsp;&nbsp;&nbsp;**JSA International U.S. Holdings, LLC

###

&nbsp;&nbsp;&nbsp;&nbsp;Attention: Legal

&nbsp;&nbsp;&nbsp;&nbsp;Telephone: ###

&nbsp;&nbsp;&nbsp;&nbsp;E-mail: ###

**Account Details**:&nbsp;&nbsp;&nbsp;&nbsp;Bank: ###

&nbsp;&nbsp;&nbsp;&nbsp;Address: ###

&nbsp;&nbsp;&nbsp;&nbsp;ABA No.: ###

&nbsp;&nbsp;&nbsp;&nbsp;Account Name: ###

&nbsp;&nbsp;&nbsp;&nbsp;Account No.: ###

&nbsp;&nbsp;&nbsp;&nbsp;Reference: ###

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**Schedule II<br>ASSIGNED AIRCRAFT SCHEDULE**

[\*\*\*]

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**Schedule III<br>AIRCRAFT SCHEDULE**

**[\*\*\*]**

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**Schedule IV<br>THE ADMINISTRATIVE AGENT**

1.**Appointment of the Administrative Agent**

1.1Each of the Lenders appoints the Administrative Agent to act as its agent under and in connection with the Operative Documents.

1.2Each of the Lenders authorizes the Administrative Agent to exercise the rights, powers, authorities and discretions specifically given to the Administrative Agent under or in connection with the Operative Documents together with any other incidental rights, powers, authorities and discretions.

1.3Unless expressly provided otherwise in the Operative Documents, each of the Lenders shall exercise its rights through the Administrative Agent or the Security Trustee.

2.**Duties of the Administrative Agent**

2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Administrative Agent for that Party by any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Paragraph (a) above shall not apply to any assignment agreement executed pursuant to Clause 19.3(c)(i) or (ii).

2.2The Administrative Agent shall promptly forward to each of the Lenders a copy of any document or notice which is delivered to the Administrative Agent by the Security Trustee.

2.3If the Administrative Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Lenders.

2.4The Administrative Agent shall promptly notify the Lenders of any Default (in relation to which it has actual knowledge) arising under Clause 4(a) (*Non Payment)* of the Mortgage.

2.5The Administrative Agent's duties under the Operative Documents are solely mechanical and administrative in nature.

2.6Except where an Operative Document expressly and specifically provides otherwise, the Administrative Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

3.**No fiduciary duties**

3.1Nothing in this Agreement constitutes the Administrative Agent as a trustee or fiduciary of any other Person.

3.2The Administrative Agent shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

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4.**Business with the Borrower**

The Administrative Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

5.**Rights and discretions of the Administrative Agent**

5.1The Administrative Agent may rely on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any representation, notice or document believed by it to be genuine, correct and appropriately authorized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any statement made by a director, authorized signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

5.2The Administrative Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)no Default has occurred (unless it has actual knowledge of a Default arising under Clause 4(a) (*Non-Payment)* of the Mortgage); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised.

5.3The Administrative Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts **provided that** such engagement shall not cause any additional expense or cost to the Borrower or any Guarantor unless approved in advance in writing by either such Guarantor.

5.4The Administrative Agent may act in relation to the Operative Documents through its personnel and agents.

5.5The Administrative Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.

5.6Notwithstanding any other provision of any Operative Document to the contrary, the Administrative Agent is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

6.**Majority Lenders' instructions**

6.1Unless a contrary indication appears in an Operative Document, the Administrative Agent shall act in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from acting or exercising any right, power, authority or discretion vested in it as Administrative Agent) and shall not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with such an instruction of the Majority Lenders.

6.2Unless a contrary indication appears in an Operative Document, any instructions given by the Majority Lenders will be binding on all the Lenders.

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6.3The Administrative Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions.

6.4In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Administrative Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.

6.5The Administrative Agent is not authorized to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Operative Document.

7.**Responsibility for documentation**

The Administrative Agent is not (i) responsible for the legality, validity, effectiveness, adequacy or enforceability of any Operative Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Operative Document or (ii) responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by Applicable Law or regulation relating to insider dealing or otherwise, unless the Administrative Agent is informed by the Borrower or any Guarantor in writing that specific information being provided to the Administrative Agent is non-public information.

8.**Exclusion of liability**

8.1Without limiting sub-clause 8.2, the Administrative Agent will not be liable for any action taken by it under or in connection with any Operative Document, unless directly caused by its gross negligence or willful misconduct.

8.2No Party may take any proceedings against any officer, employee or agent of the Administrative Agent in respect of any claim it might have against the Administrative Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Operative Document and any officer, employee or agent of the Administrative Agent may rely on this sub-clause. Any third party referred to in this sub-clause 8.2 may enjoy the benefit of and enforce the terms of this sub-clause 8.2.

8.3The Administrative Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Operative Documents to be paid by the Administrative Agent if the Administrative Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the Administrative Agent for that purpose.

8.4Nothing in this Agreement shall oblige the Administrative Agent to carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Administrative Agent.

9.**Lenders' indemnity to the Administrative Agent**

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Each Lender shall (in proportion to its share of the total Commitments or, if the total Commitments are then zero, to its share of the total Commitments immediately prior to their reduction to zero) indemnify the Administrative Agent, within [\*\*\*] of demand, against any cost, loss or liability incurred by the Administrative Agent (otherwise than by reason of the Administrative Agent's gross negligence or willful misconduct) in acting as Administrative Agent under the Operative Documents (unless the Administrative Agent has been reimbursed by the Borrower pursuant to an Operative Document).

10.**Resignation of the Administrative Agent**

10.1The Administrative Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.

10.2Alternatively, the Administrative Agent may resign with the consent of the Borrower (such consent not to be unreasonably withheld or delayed and **provided that**, such consent shall not be required if there shall have occurred and be continuing an Event of Default) by giving notice to the Lenders, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Administrative Agent.

10.3If the Majority Lenders have not appointed a successor Administrative Agent in accordance with sub-clause 10.2 within [\*\*\*] after notice of resignation was given, the Administrative Agent (after consultation with the Borrower) may appoint a successor Administrative Agent.

10.4The retiring Administrative Agent shall, at its own cost, make available to the successor Administrative Agent such documents and records and provide such assistance as the successor Administrative Agent may reasonably request for the purposes of performing its functions as Administrative Agent under the Operative Documents.

10.5The Administrative Agent's resignation notice shall only take effect upon the appointment of a successor.

10.6Upon the appointment of a successor, the retiring Administrative Agent shall be discharged from any further obligation in respect of the Operative Documents but shall remain entitled to the benefit of this Clause 10. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

10.7With (prior to the occurrence of an Event of Default that is continuing) the consent of the Borrower (such consent not to be unreasonably withheld or delayed), the Majority Lenders may, by notice to the Administrative Agent, require it to resign in accordance with sub-clause 10.2. In this event, the Administrative Agent shall resign in accordance with sub-clause 10.2.

11.**Confidentiality**

11.1In acting as agent for the Lenders, the Administrative Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

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11.2If information is received by another division or department of the Administrative Agent, it may be treated as confidential to that division or department and the Administrative Agent shall not be deemed to have notice of it.

11.3Notwithstanding any other provision of any Operative Document to the contrary, the Administrative Agent is not obliged to disclose to any other person any confidential information or any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.

12.**Relationship with the Lenders**

The Administrative Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than [\*\*\*] prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

13.**Credit appraisal by the Lenders**

Without affecting the responsibility of the Obligors for information supplied by it or on its behalf in connection with any Operative Document and the transactions contemplated thereby, each Lender confirms to the Administrative Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Operative Document including but not limited to:

13.1the financial condition, status and nature of the Obligors;

13.2the legality, validity, effectiveness, adequacy or enforceability of any Operative Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Operative Document;

13.3whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Operative Document, the transactions contemplated by the Operative Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Operative Document; and

13.4the adequacy, accuracy and/or completeness of any information provided by any Party or by any other person under or in connection with any Operative Document, the transactions contemplated by the Operative Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Operative Document.

14.**Written Directions**

The Borrower shall be entitled to rely on any written direction believed by it (acting reasonably) to be given by the Administrative Agent or the Security Trustee, as the case may be, as having been authorized, to the extent required by this Agreement, by all the Finance Parties.

15.**Erroneous Payments**

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15.1If the Administrative Agent (x) notifies a Lender, the Security Trustee, or any Person who has received funds on behalf of a Lender, the Security Trustee (any such Lender, the Security Trustee or other recipient (and each of their respective successors and assigns), a "**Payment Recipient**") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding Clause 15.2) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, the Security Trustee or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Clause 15 and held in trust for the benefit of the Administrative Agent, and such Lender or Security Trustee shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than [\*\*\*] thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this Clause 15.1 shall be conclusive, absent manifest error.

15.2Without limiting immediately preceding Clause 15.1, each Lender, the Security Trustee or any Person who has received funds on behalf of a Lender or the Security Trustee (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such Lender or Security Trustee shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within [\*\*\*] of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of

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its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Clause 15.2(b).

For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Clause 15.2(b) shall not have any effect on a Payment Recipient's obligations pursuant to Clause 15.2(a) or on whether or not an Erroneous Payment has been made.

15.3Each Lender or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or Financing Party under any Operative Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Financing Party under any Operative Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding Clause 15.1.

15.4(i) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor in accordance with immediately preceding Clause 15.1, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency"**), upon the Administrative Agent's notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed to have assigned its Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment Agreement (or, to the extent applicable, an agreement incorporating an Assignment Agreement by reference pursuant to an approved electronic platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Loan Certificates evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Certificate Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment

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will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Loans acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Loans are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to the applicable Lender from time to time.

15.5The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Operative Documents with respect to such amount (the "**Erroneous Payment Subrogation Rights**") (provided that the Obligors' Secured Obligations under the Operative Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Secured Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Secured Obligations owed by the Borrower or any other Guarantor; provided that this Clause 15 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making such Erroneous Payment.

15.6To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

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15.7Each party's obligations, agreements and waivers under this Clause 15 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Secured Obligations (or any portion thereof) under any Operative Document.

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**Schedule V<br>THE SECURITY TRUSTEE**

1.**Acceptance of Trusts**

The Security Trustee hereby confirms its acceptance of the trusts created under the Mortgage and the other Operative Documents and covenants and agrees to perform and observe all of its covenants and undertakings set forth in this Agreement, the Mortgage and the other Operative Documents, which shall govern the duties and responsibilities of the Security Trustee to the Finance Parties. The parties hereto agree that Bank of Utah, in its capacity as Security Trustee, acts hereunder solely as security trustee as herein provided and not in its individual capacity except as otherwise herein provided.

2.**Duties and Responsibilities of the Security Trustee to the Finance Parties**

2.1In the event the Security Trustee shall have knowledge of an Event of Default (which shall not have been cured), the Security Trustee shall give prompt written notice of such Event of Default to the Administrative Agent. Subject to the provisions of sub-clause 3.3 of this Schedule V, the Security Trustee shall take such action with respect to any Event of Default as the Security Trustee shall be instructed in writing by the Majority Lenders. If the Security Trustee shall not have received instructions as above provided within [\*\*\*] after the mailing of notice of such Event of Default the Security Trustee shall, subject always to instructions received thereafter pursuant to the preceding sentence, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default as it shall determine advisable in the best interests of the Finance Parties and shall use the same degree of care and skill in connection therewith as a prudent person would use under the circumstances in the conduct of his or her own affairs. In the absence of actual knowledge of an officer in the "Corporate Trust Department" or its equivalent of the Security Trustee, the Security Trustee shall not be deemed to have knowledge of an Event of Default unless notified in writing of such Event of Default by the Administrative Agent.

2.2Subject to the terms of sub-clauses 2.1 and 2.3(f) of this Schedule V, with respect to the Aircraft and each Operative Document, upon the written instructions at any time and from time to time of the Majority Lenders, the Security Trustee shall take such of the following actions as may be specified in such instructions: (i) give such notice or direction or exercise such right, remedy or power hereunder or under the Operative Documents as shall be specified in such instructions; and (ii) approve as satisfactory to the Security Trustee all matters expressly required by the terms hereof or thereof to be satisfactory to the Security Trustee, it being understood that without the written instructions of the Majority Lenders the Security Trustee shall not approve any such matter as satisfactory to the Security Trustee. The Security Trustee shall execute such documents as may be required under this Agreement or any other Operative Document as may be specified from time to time in written instructions of the Majority Lenders.

2.3No provision of this Agreement shall be construed to relieve the Security Trustee from liability for the Security Trustee's own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct or the Security Trustee's simple negligence in the handling of money, except that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the duties and obligations of the Security Trustee shall be determined solely by the express provisions of this Agreement, and the Security Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Security Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the exercise of good faith, the Security Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Security Trustee and conforming to the requirements of this Agreement; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Security Trustee, the Security Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Agreement or the other Operative Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Security Trustee shall not be liable for any error of judgment made in good faith by a responsible officer of it, unless it shall be proved that the Security Trustee was grossly negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Security Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith and without gross negligence (or simple negligence in the handling of money) in accordance with the direction in writing of the Majority Lenders, relating to the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any right or power conferred upon the Security Trustee under this Agreement, and shall not be obligated to perform any discretionary act under this Agreement without the instructions in writing of the Majority Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Security Trustee shall not be under any obligation to exercise any rights or powers or take any other action upon the instructions of the Majority Lenders (including, without limitation, the insuring, taking care of or taking possession of the Aircraft or any Engine), and no provision of this Agreement shall require the Security Trustee to expend or risk its own funds or otherwise incur any financial liability, unless and until the Security Trustee shall have been fully indemnified by any person reasonably acceptable to the Security Trustee against all liability and expense in connection with the exercise of such right or power or the taking of such other action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Security Trustee shall have a claim and Lien upon, the Collateral and this Agreement and the Assigned Purchase Agreement prior to the other Finance Parties for any costs or expenses incurred by the Security Trustee acting in accordance with written instructions from Administrative Agent and for which the Security Trustee shall not have been reimbursed.

2.4Promptly upon receipt by the Security Trustee from either Obligor of the financial statements, reports and other documents to be furnished by either Obligor pursuant to this Agreement or pursuant to the other Operative Documents, if any, and of all other notices and documents to be delivered by the Obligors to the Security Trustee pursuant to the other Operative Documents, the Security Trustee shall furnish copies thereof to the Administrative Agent, unless such notices and documents have previously been so provided.

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3.**Certain Rights of the Security Trustee**

Except as otherwise provided above:

3.1the Security Trustee may rely, and shall be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, trust certificate, guaranty or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

3.2whenever in the administration of this Agreement the Security Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Security Trustee (unless other evidence be herein specifically prescribed) may, in the exercise of good faith on its part, rely on a certificate of a responsible officer of any Person;

3.3the Security Trustee may consult with counsel, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by it hereunder in good faith and in reliance thereon;

3.4the Security Trustee shall not be liable for any action taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement; and

3.5in furtherance of any trust created hereby, the other Finance Parties shall provide the Security Trustee with all such further documents as the Security Trustee may reasonably request from time to time, in order to give effect to the trust created hereby.

4.**Application of Debt Service and Other Payment**

To the extent received and subject to Clause 5 (*Funds May Be Held by Security Trustee*) of this Schedule V, the Security Trustee covenants and agrees to apply all payments received by it under this Agreement and the other Operative Documents when and as the same shall be received in the order of priorities specified in Clause 5.4 (*Distribution of Funds Received*) of this Agreement.

5.**Funds May Be Held by Security Trustee**

Any monies, proceeds from any Collateral, until at any time paid to or property held by the Security Trustee as part of the Collateral, paid out by the Security Trustee as herein provided, shall be held by the Security Trustee on deposit in an Eligible Account, and the Security Trustee shall (unless an Event of Default shall have occurred and be continuing) account to the Borrower for interest upon any such monies so held or shall invest such monies in Cash Equivalents.

6.**Security Trustee Not Liable for Delivery Delays or Defects in the Aircraft or Title or any Operative Document; May Perform Duties by Other Finance Parties; Reimbursement of Expenses; Holding of the Operative Documents; Monies Held in Trust**

6.1Except as otherwise provided in Clause 2 (*Duties and Responsibilities of the Security Trustee*) of this Schedule V above, the Security Trustee shall not be liable to any Person

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for any delay in the delivery of the Aircraft, or for any default on the part of Airbus or the Borrower, or for any defect in the Aircraft or in the title thereto or any Operative Document, nor shall anything herein be construed as a warranty on the part of the Security Trustee in respect thereof or as a representation on the part of the Security Trustee in respect of the value thereof, or in respect of the title thereto or adequacy thereof, except to the extent provided in sub-clause 6.2 of this Schedule V.

6.2Except as otherwise provided in Clause 2 of this Schedule V (*Duties and Responsibilities of the Security Trustee*) above, the Security Trustee may perform its powers and duties hereunder by or through such attorneys, agents and servants as it shall appoint, and shall be answerable for only its own acts, gross negligence, willful misconduct (or mere negligence in the handling of money), and not for the default or misconduct of any attorney, agent or servant appointed by it with due care. The Security Trustee shall not be responsible in any way for the recitals herein contained or for the execution or validity of this Agreement or any other Operative Document.

6.3Subject to any limitations set forth in a Fee Letter, the Security Trustee shall be entitled to receive payment of its reasonable expenses and disbursements hereunder (except expenses and disbursements incurred pursuant to sub-clause 8.1 of this Schedule V but including its expenses and disbursements in connection with the enforcement of its rights as Security Trustee for the relevant Collateral, in enforcing remedies hereunder, under the Agreement or under the other Operative Documents, or in collecting upon, maintaining, refurbishing or preparing for sale any portion of the Collateral) and to receive compensation for all services rendered by it in performing its duties in accordance with the terms of this Agreement. All such fees, expenses and disbursements shall be paid by the Borrower (unless paid by a Guarantor) in accordance with the relevant Fee Letter.

6.4Any monies or proceeds from any Collateral at any time held by the Security Trustee hereunder or any other Operative Document shall, until paid out by the Security Trustee as herein provided, be held by it in trust as herein provided for the benefit of the Finance Parties.

7.**Successor Security Trustee**

7.1**Persons Eligible for Appointment as Security Trustee**

There shall at all times be a Security Trustee hereunder, which shall be a banking institution, trust company or corporation having a combined capital and surplus of at least [\*\*\*] and in the case of a corporation, which is authorized under Applicable Law to exercise corporate trust powers and is subject to supervision or examination by federal or state banking authority. If any such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Clause 7.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Security Trustee shall cease to be eligible in accordance with the provisions of this Clause 7.1, the Security Trustee shall resign immediately in the manner and with the effect specified in Clause 8 (*Resignation and Removal; Appointment of Successor Security Trustee*) of this Schedule V below.

8.**Resignation and Removal; Appointment of Successor Security Trustee**

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8.1The Security Trustee may at any time resign by giving written notice of resignation to the Administrative Agent, with a copy to the Borrower and the Administrative Agent shall promptly notify the Lenders thereof. Upon receipt by the Lenders of such written notice of resignation, the Lenders shall promptly appoint a successor agent, by written instrument, which successor shall be reasonably acceptable to the Borrower so long as no Event of Default shall have occurred and be continuing, in which case, one copy of which instrument shall be delivered to the Security Trustee so resigning, one copy to the successor agent and one copy to each of the Finance Parties. If no successor agent shall have been so appointed and have accepted appointment within [\*\*\*] after the giving of such notice of resignation, the resigning agent may petition any court of competent jurisdiction for the appointment of a successor agent, or the Finance Parties may petition any such court for the appointment of a successor agent. Such court may thereupon, after such notice, if any, as it may deem proper, prescribe and appoint a successor agent reasonably acceptable to Administrative Agent.

8.2With the consent of the Borrower (such consent not to be unreasonably withheld or delayed), the Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance with Clause 8.1 of this Schedule V. In this event, the Security Trustee shall resign in accordance with Clause 8.1 of this Schedule V.

8.3Any resignation or removal of the Security Trustee and appointment of a successor trustee pursuant to any of the provisions of this Clause 8 shall become effective upon acceptance of appointment by the successor trustee as provided in Clause 9 of this Schedule V (*Acceptance of Appointment by Successor Security Trustee*) below.

9.**Acceptance of Appointment by Successor Security Trustee**

Any successor trustee appointed as provided in Clause 8 of this Schedule V (*Resignation and Removal; Appointment of Successor Security Trustee*) above shall execute, acknowledge and deliver to the relevant beneficiaries, and to its predecessor agent an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the title, rights, powers, duties and obligations of its predecessor hereunder and under the Operative Documents to which its predecessor was a party, with like effect as if originally named as the "Security Trustee" herein and therein, and every provision hereof or thereof applicable to the retiring trustee shall apply to such successor trustee with like effect as if such successor trustee had been originally named herein and therein in the place and instead of the Security Trustee; but nevertheless, on the written request of a Finance Party, or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall transfer and deliver to such successor all monies, if any, the Aircraft, the Collateral, the Operative Documents and other property held by the trustee so ceasing to act, shall execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act, and shall execute and deliver such instruments of transfer as may be reasonably requested by such successor trustee or required by any Applicable Law. Upon request of any such successor trustee, the relevant beneficiary shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers and recognizing the transfer of title as aforesaid, and shall do and perform any and all acts

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necessary to establish and maintain the title and rights of the successor trustee in and to the Aircraft, the Collateral, the Operative Documents and other property in the Collateral. Any trustee ceasing to act shall, nevertheless, retain a Security Interest upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Clause 6 of this Schedule V (*Security Trustee Not Liable for Delivery Delays or Defects in the Aircraft or Title or any Operative Document; May Perform Duties by other Finance Parties; Reimbursement of Expenses; Holding of the Operative Documents; Monies held in Trust*). No successor trustee shall accept appointment as provided in this Clause 9 of this Schedule V (*Acceptance of Appointment by Successor Security Trustee*) unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Clause 7.1 of this Schedule V (*Persons Eligible for Appointment as Security Trustee*). Upon acceptance of appointment by a successor trustee as provided in this Clause 9 of this Schedule V such successor trustee shall mail notice of the succession of such trustee hereunder to the Finance Parties.

10.**Merger or Consolidation of Security Trustee**

Any corporation into which the Security Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger or conversion or consolidation to which the Security Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Security Trustee, shall be the successor of the Security Trustee hereunder, provided such corporation shall be eligible under the provisions of Clause 7.1 of this Schedule V (*Persons Eligible for Appointment as Security Trustee*), without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

11.**Appointment of Additional and Separate Security Trustees**

If at any time or times the Security Trustee shall deem it necessary or prudent in order to conform to any law of any jurisdiction in which the Aircraft, the Collateral or any Operative Document shall be situated or in which any of the same is expected to be enforced, or the Security Trustee shall be advised by counsel that it is so necessary or prudent in the interest of the beneficiaries or the beneficiaries shall in writing so request the Security Trustee, the Security Trustee shall execute and deliver an agreement supplemental hereto and all other instruments and agreements necessary or proper to constitute another bank or trust company or one or more persons approved by the Security Trustee, the Administrative Agent and, while no Default is continuing, the Borrower (such consent not to be unreasonably withheld or delayed) which is a reputable financial institution either to act as additional trustee or trustees of the Aircraft, the Collateral or the Operative Documents, jointly with the Security Trustee originally named herein or any successor or successors, or to act as separate agent or agents of the Aircraft, the Collateral or the Operative Documents, in any such case with such powers as may be provided in such supplemental agreement, and to vest in such bank, trust company or Person as such additional agent or separate agent, as the case may be, any property, title, right or power of the Security Trustee deemed necessary or advisable, subject to the remaining provisions of this sub-clause. The Security Trustee may execute, deliver and

\|US-DOCS\168361378.3\|\|

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perform any deed, conveyance, assignment or other instrument in writing as may be required by any additional agent or separate agent for more fully and certainly vesting in and confirming to it or him any property, title, right or powers which by the terms of such supplemental agreement are expressed to be conveyed or conferred to or upon such additional agent or separate agent. Every additional agent and separate agent hereunder shall, to the extent permitted by law, be appointed and act as and be such, and the Security Trustee and its successors as the Security Trustee shall act as and be such, subject to the following provisions and conditions:

11.1all powers, duties, obligations and rights conferred upon the Security Trustee in respect of the receipt, custody and payment of monies shall be exercised solely by the Security Trustee or its successor as Security Trustee;

11.2all other rights, powers, duties and obligations conferred or imposed upon the Security Trustee shall be conferred or imposed upon and exercised or performed by the Security Trustee or its successor as Security Trustee and such additional agent or agents and separate agent or agents jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Security Trustee or its successor as Security Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Aircraft in any such jurisdiction) shall be exercised and performed by such additional agent or agents or separate agent or agents;

11.3no power hereby given to, or which it is hereby provided may be exercised by, any such additional agent or separate agent shall be exercised hereunder by such additional agent or separate agent except jointly with, or with the consent of, the Security Trustee or its successor as Security Trustee, anything herein contained to the contrary notwithstanding; and

11.4no agent hereunder shall be personally liable by reason of any act or omission of any other agent hereunder.

If at any time the Security Trustee shall deem it no longer necessary or prudent in order to conform to any such law or shall be advised by such counsel that it is no longer so necessary or prudent in the interest of the Finance Parties then the Administrative Agent shall in writing so request the Security Trustee, and the Security Trustee shall execute and deliver all instruments and agreements necessary or proper to remove any additional agent or separate agent. Any additional agent or separate agent may at any time by an instrument in writing constitute the Security Trustee his agent or attorney-in-fact, with full power and authority, to the extent which may be authorized by law, to do all acts and things and exercise all discretion which he is authorized or permitted to do or exercise, for and in his behalf and in his name. In case any such additional agent or separate agent shall die, become incapable of acting, resign or be removed, all the assets, property, rights, powers, trusts, duties and obligations of such additional agent or separate agent, as the case may be, so far as permitted by law, shall vest in and be exercised by the Security Trustee, without the appointment of a new successor to such additional agent or separate agent, unless and until a successor is appointed in the manner hereinbefore provided. Any request, approval or consent in writing by the Security Trustee to any additional agent or separate agent shall be sufficient warrant to such additional agent or separate

\|US-DOCS\168361378.3\|\|

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agent, as the case may be, to take such action as may be so requested, approved or consented to. Each additional agent and separate agent appointed pursuant to this Clause 11 (*Appointment of Additional and Separate Security Trustees*) shall be subject to, and shall have the benefit of, Clause 2 of this Schedule V (*Duties and Responsibilities of the Security Trustee to the Finance Parties*) and Clause 3 of this Schedule V (*Certain Rights of the Security Trustee*).

12.**Dealing with Parties**

The Security Trustee may accept deposits from, lend money to and generally engage in any kind of banking activities or other business with any party to the Operative Documents and any Affiliate of such party.

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**Schedule VI<br>BFE**

[\*\*\*]

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**Exhibit A<br>FUNDING NOTICE**

____________, 20__

JSA International U.S. Holdings, LLC, Administrative Agent

Re:&nbsp;&nbsp;&nbsp;&nbsp;**Predelivery Deposit Payment Financing for [\*\*\*] Airbus Aircraft**

Ladies and Gentlemen:

Reference is hereby made to that certain First Amended and Restated Credit Agreement dated as of [____], 2026 (the "**Credit Agreement**"; capitalized terms used herein without definition shall have the definitions specified in the Credit Agreement) entered into among Vertical Horizons JSA Limited, as borrower (the "**Borrower**"), the lenders party thereto, as lenders (the "**Lenders**"), Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as administrative agent.

1. Pursuant to Clause 2.3(a) of the Credit Agreement, Borrower hereby requests a Loan in accordance with the following parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Aircraft Number(s): ____

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Initial Borrowing/Borrowing Date: ______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Loan: $_________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Equity Contribution: $_________

2. The Borrower confirms that all Equity Contributions for the Aircraft the subject of this Loan have been made or will be made by the Borrowing Date.

3. Please distribute the proceeds of the Loan as follows: [Insert payment instructions]

4. Borrower hereby confirms that the representations and warranties of the Borrower in Clause 7 of the Credit Agreement are true and accurate on the date hereof as though made on the date hereof except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date).

5. In consideration of the Lenders making their funds available on the Borrowing Date specified in this Funding Notice, in the event that the Loan does not take place on the

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Borrowing Date specified in this Funding Notice or in the event the Loan takes place on any Delayed Borrowing Date, the Borrower shall compensate the Lenders for their net loss on such funds, including breakage costs, if any, by paying the Lenders interest on the aggregate amount thereof (calculated on the basis of a 360-day year and actual days elapsed) at a rate equal to the Applicable Rate for the period from and including the Borrowing Date specified in this Funding Notice to but excluding the earlier of (x) the Business Day on which the Borrowing Date shall actually occur, (y) the Business Day on which the Borrower shall notify the Lenders that the Borrowing will not occur prior to the Delayed Borrowing Date (if such notice is given prior to [\*\*\*] or if later, until the Business Day subsequent to such notice date), or (z) the Delayed Borrowing Date.

For the purposes of the first Loan under this Funding Notice, the Credit Agreement shall be treated as executed and delivered even if it is yet to be executed and delivered. By signing below the Borrower indemnifies the Lenders against any loss they may incur in respect of the first Loan under this Funding Notice.

The terms and provisions of this Funding Notice shall be binding upon and inure to the benefit of the Lenders and the Borrower and their successors and assigns.

THIS FUNDING NOTICE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,<br>VERTICAL HORIZONS JSA LIMITED<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title:<br>

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**Exhibit B<br>LOAN ASSIGNMENT AGREEMENT**

**LOAN ASSIGNMENT AGREEMENT** dated as of __________, ____ between _______________________________ (the "**Assignee**") and _____________________________ (the "**Assignor**") [_____________ (the "**Borrower**") and, ________________ (the "**Guarantors**")].

**RECITALS**

**WHEREAS**, the Assignor is the holder of the Loan Certificate No. ____ dated as of ____________, ____ (the "**Assignor's Loan Certificate**") issued under the Credit Agreement dated as of September 26, 2024 (the "**Credit Agreement**") among Vertical Horizons JSA Limited ("**Borrower**"), the Lenders party thereto, Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as Administrative Agent (the "**Administrative Agent**");

**WHEREAS**, the Assignor proposes to assign to the Assignee $____________ of the $_____________ Assignor's Loan Certificate and a pro rata portion of all of the rights and obligations of the Assignor under the Credit Agreement and the other Operative Documents (as defined below) in respect thereof, on the terms and subject to the conditions specified herein, and the Assignee proposes to accept the assignment of such rights and obligations from the Assignor on such terms and subject to such conditions;

**NOW**, **THEREFORE**, in consideration of the foregoing and the mutual agreements contained herein, the parties hereto agree as follows:

1.**Definitions**

Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as therein defined.

2.**Assignment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On ____________, ____ (the "**Effective Date**"), and on the terms and subject to the conditions specified herein, the Assignor will sell, assign and transfer to the Assignee, without recourse to or representation, express or implied, by the Assignor (except as expressly specified in Paragraph 5 hereof), a $___________ portion of the Assignor's Loan Certificate and a pro rata portion of the rights and obligations of the Assignor under the Credit Agreement and the other Operative Documents in respect thereof (but not with respect to any indemnity or other claim, interest thereon at the Past Due Rate and breakage amounts, if any, accrued and unpaid as of the Effective Date or thereafter payable to the Assignor in respect of the period prior to the Effective Date), and the Assignee shall accept such assignment from the Assignor and assume all of the obligations of the Assignor accruing from and after the Effective Date under the Credit Agreement and the other Operative Documents relating to the Assignor's Loan Certificate on such terms and subject to such conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the satisfaction of the conditions specified in Paragraph 4, (A) the Assignee shall, on the Effective Date, succeed to the rights and be obligated to perform the

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obligations of a Lender under the Credit Agreement and the other Operative Documents, and (B) the Assignor shall be released from its obligations under the Credit Agreement and the other Operative Documents accrued from and after the Effective Date, in each case to the extent such obligations have been assumed by the Assignee.

3.**Payments**

As consideration for the sale, assignment and transfer contemplated in Paragraph 2 hereof, the Assignee shall pay to the Assignor, on the Effective Date, in lawful currency of the United States and in immediately available funds, to the account specified below its signature on the signature pages hereof, an amount equal to $_______________.

4.**Conditions**

This Assignment Agreement shall be effective upon the due execution and delivery of this Assignment Agreement by the Assignor and the Assignee and the effectiveness of the assignment contemplated by Paragraph 2 hereof is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the receipt by the Assignor of the payment provided for in Paragraph 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the delivery to the Administrative Agent of the Assignor's Loan Certificate, duly endorsed for [partial] transfer to the Assignee, together with a request in the form attached hereto as Exhibit A that a new Loan Certificate be issued to the Assignee and Assignor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the notification by the Assignee to the Borrower of its identity and of the country of which the Assignee is a resident for tax purposes.

5.**Representations and Warranties of the Assignor**

The Assignor represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Assignor has full power and authority, and has taken all action necessary to execute and deliver this Assignment Agreement and any other documents required or permitted to be executed or delivered by it in connection with this Assignment Agreement and to fulfill its obligations under, and to consummate the transactions contemplated by, this Assignment Agreement, and no governmental authorizations or other authorizations are required in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)this Assignment Agreement constitutes the legal, valid and binding obligation of the Assignor, enforceable against the Assignor in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Assignor has received no written notice of any Default having occurred and continuing on the date of execution hereof.

6.**Representations and Warranties of the Assignee**

The Assignee hereby represents and warrants to the Assignor and Borrower that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Assignee has full power and authority, and has taken all action necessary to execute and deliver this Assignment Agreement and any and all other documents required or permitted to be executed or delivered by it in connection with this Assignment Agreement and to fulfill its obligations under, and to consummate the transactions contemplated by, this Assignment Agreement, and no governmental authorizations or other authorizations are required in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)this Assignment Agreement constitutes the legal, valid and binding obligation of the Assignee, enforceable against the Assignee in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Assignee has fully reviewed the terms of the Operative Documents and has independently and without reliance upon the Assignor and based on such information as the Assignee has deemed appropriate, made its own credit analysis and decision to enter into this Assignment Agreement.

7.**Further Assurances**

The Assignor and the Assignee hereby agree to execute and deliver such other instruments, and take such other action, as either party may reasonably request in connection with the transactions contemplated by this Assignment Agreement.

8.**Governing Law**

THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

9.**Notices**

All communications between the parties or notices in connection herewith shall be in writing, hand-delivered or sent by ordinary mail or facsimile, addressed as specified on the signature pages hereof. All such communications and notices shall be effective upon receipt.

10.**Binding Effect**

This Assignment Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

11.**Integration of Terms**

This Assignment Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and other writings with respect to the subject matter hereof.

12.**Counterparts**

This Assignment Agreement may be executed in one or more counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same instrument.

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**IN WITNESS WHEREOF**, the parties have caused this Assignment Agreement to be executed and delivered by their duly authorized officers as of the date first above written.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**[ASSIGNEE]**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |
| Address for Notices: |
| Wire Instructions: |
| &nbsp;&nbsp;&nbsp;&nbsp;**[ASSIGNOR]**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |
| Address for Notices: |
| Wire Instructions: |

---

\|US-DOCS\168361378.3\|\|

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[**BORROWER]**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |
| &nbsp;&nbsp;&nbsp;&nbsp;[**GUARANTOR]**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title:<br>[**GUARANTOR]**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title:<br>[**GUARANTOR]**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |

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\|US-DOCS\168361378.3\|\|

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**Exhibit C<br>FORM OF STEP-IN AGREEMENT**

[on file with Airbus]

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**Exhibit D-1<br>FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the First Amended and Restated Credit Agreement dated as of March 11, 2026 (as amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"), among Vertical Horizons JSA Limited ("<u>Borrower</u>"), the Lenders party thereto, Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as Administrative Agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Clause 5.3 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a "ten percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

By:_________________________________

Name:

Title:

Date: ________ __, 20[ ]

\|US-DOCS\168361378.3\|\|

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**Exhibit EEXHIBIT D-2<br>FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the First Amended and Restated Credit Agreement dated as of March 11, 2026 (as amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"), among Vertical Horizons JSA Limited ("<u>Borrower</u>"), the Lenders party thereto, Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as Administrative Agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Clause 5.3 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a "ten percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

By:_________________________________

Name:

Title:

Date: ________ __, 20[ ]

\|US-DOCS\168361378.3\|\|

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**Exhibit FEXHIBIT D-3<br>FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the First Amended and Restated Credit Agreement dated as of March 11, 2026 (as amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"), among Vertical Horizons JSA Limited ("<u>Borrower</u>"), the Lenders party thereto, Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as Administrative Agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Clause 5.3 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a "bank" extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a "ten percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

By:_________________________________

Name:

Title:

Date: ________ __, 20[ ]

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**Exhibit GEXHIBIT D-4<br>FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the First Amended and Restated Credit Agreement dated as of March 11, 2026 (as amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"), among Vertical Horizons JSA Limited ("<u>Borrower</u>"), the Lenders party thereto, Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as Administrative Agent (the "<u>Administrative Agent</u>").

Pursuant to the provisions of Clause 5.3 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Operative Document, neither the undersigned nor any of its direct or indirect partners/members is a "bank" extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a "ten percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a "controlled foreign corporation" related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

By:_________________________________

Name:

Title:

Date: ________ __, 20[ ]

\|US-DOCS\168361378.3\|\|

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**Exhibit H<br>FORM OF LOAN CERTIFICATE**

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| | |
|:---|:---|
| No. | New York, New York |
| Up to $ | [Effective Date] |

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Vertical Horizons JSA Limited (the "**Borrower**") hereby promises to pay to [_____] (the "**Lender**"), or registered transferees, the principal sum of _________________________ ($__________), or, if less, the aggregate unpaid principal amount of all Loans made by Lender to Borrower pursuant to that certain First Amended and Restated Credit Agreement dated as of March 11, 2026 (as amended, restated, supplemented or otherwise modified from time to time, the "**Credit Agreement**") among the Borrower, Bank of Utah, not in it individual capacity but solely as security trustee as Security Trustee, and JSA International U.S. Holdings, LLC, as Administrative Agent (the "**Administrative Agent**") and certain lenders named therein, payable in full on the final Maturity Date, together with interest on the unpaid principal amount hereof from time to time outstanding from and including the Effective Date until such principal amount is paid in full. The applicable interest rate for the Loans evidenced by this note can vary in accordance with the definition of "Applicable Rate" in the Credit Agreement. Interest shall accrue with respect to each Interest Period at the Applicable Rate in effect for such Interest Period and shall be payable in arrears on each Interest Payment Date and on the date this Loan Certificate is paid in full. This Loan Certificate shall bear interest at the Past Due Rate on any principal hereof, and, to the extent permitted by Applicable Law, interest and other amounts due hereunder, not paid when due (whether at stated maturity, by acceleration or otherwise), for any period during which the same shall be overdue, payable on demand by the Lender.

Borrower hereby acknowledges and agrees that this note is one of the Loan Certificates referred to in, evidences indebtedness incurred under, and is subject to the terms and provisions of, the Credit Agreement including, without limitation, the repayment in full of the Loans made in respect of an Aircraft in accordance with Clause 5.2(d) of the Credit Agreement. The Credit Agreement, to which reference is hereby explicitly made, sets forth said terms and provisions, including those under which this Loan Certificate may or must be paid prior to its due date or may have its due date accelerated.

All payments of principal, the breakage costs, if any, and interest and other amounts to be made to the Lender or under the Credit Agreement and that certain Mortgage and Security Agreement dated as of the Effective Date (as amended or supplemented from time to time, the "**Mortgage**") among the Borrower, the Administrative Agent and the Security Trustee, shall be made in accordance with the terms of the Credit Agreement and the Mortgage.

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The Lender, by its acceptance of this Loan Certificate, agrees to be bound by all provisions of the Operative Documents applicable to Lenders.

There shall be maintained a Certificate Register for the purpose of registering transfers and exchanges of Loan Certificates at the office of the Administrative Agent specified in the Credit Agreement or at the office of any successor Administrative Agent in the manner provided in Clause 5.6 of the Credit Agreement. As provided in the Credit Agreement and the Mortgage and subject to certain limitations specified therein, this Loan Certificate or any interest herein may, subject to the next following paragraph, be assigned or transferred, and the Loan Certificates are exchangeable for a like aggregate original principal amount of Loan Certificates of any authorized denomination, as requested by the Lender surrendering the same.

Prior to the due presentment for registration or transfer of this Loan Certificate, the Borrower and the Administrative Agent shall deem and treat the person in whose name this Loan Certificate is registered on the Certificate Register as the absolute owner of this Loan Certificate and the Lender for the purpose of receiving payment of all amounts payable with respect to this Loan Certificate and for all other purposes whether or not this Loan Certificate is overdue, and neither the Borrower nor the Administrative Agent shall be affected by notice to the contrary.

This Loan Certificate is subject to prepayment as permitted by Clauses 5.9 and 5.10 of the Credit Agreement and to acceleration by the Administrative Agent as provided in Clause 5 of the Mortgage, and the Lender, by its acceptance of this Loan Certificate, agrees to be bound by said provisions.

Terms defined in the Credit Agreement and in the Mortgage have the same meaning when used in this Loan Certificate.

THIS LOAN CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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**IN WITNESS WHEREOF**, the Borrower has caused this Loan Certificate to be executed in its corporate name by its officer thereunto duly authorized, as of the date hereof.

 VERTICAL HORIZONS JSA LIMITEDBy:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Name:Title:

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**Exhibit I**<br> FORM OF COMPLIANCE CERTIFICATE

[\*\*\*]

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**Exhibit J<br>Form of Notice of Aircraft Schedule Amendment**

____________, 20__

JSA International U.S. Holdings, LLC, Administrative Agent

Re:&nbsp;&nbsp;&nbsp;&nbsp;**Amended and Restated Aircraft Schedule**

Ladies and Gentlemen:

Reference is hereby made to that certain First Amended and Restated Credit Agreement dated as of March 11, 2026 (the "**Credit Agreement**"; capitalized terms used herein without definition shall have the definitions specified in the Credit Agreement) entered into among Vertical Horizons JSA Limited, as borrower (the "**Borrower**"), the institutions listed on Schedule I thereto, as lenders (the "**Lenders**"), Bank of Utah, not in its individual capacity but solely as Security Trustee, and JSA International U.S. Holdings, LLC, as administrative agent (the "**Administrative Agent**").

[Pursuant to Clause 2.5 of the Credit Agreement, Borrower hereby notifies the Administrative Agent (on behalf of the Lenders) of the details of the Substituted Aircraft as set forth in <u>Schedule I</u> attached hereto and the Administrative Agent by signing the below hereby acknowledges that the Aircraft Schedule (Schedule III of the Credit Agreement) is hereby amended and restated in its entirety as of the date set forth above to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in <u>Schedule I</u> attached hereto. The Borrower hereby confirms that (i) the Substitution Requirement has been satisfied with respect to such Substituted Aircraft and (ii) all Equity Contributions for the Substituted Aircraft have been made.]

[Pursuant to Clause 10.12 of the Credit Agreement, Borrower hereby notifies the Administrative Agent (on behalf of the Lenders) of the details of the delivery changes with respect to certain Aircraft as set forth in <u>Schedule I</u> attached hereto and the Administrative Agent by signing the below hereby acknowledges that the Aircraft Schedule (Schedule III of the Credit Agreement) is hereby amended and restated in its entirety as of the date set forth above to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in <u>Schedule I</u> attached hereto.]

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This Notice may be executed in one or more counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same instrument.

THIS NOTICE OF AIRCRAFT SUBSTITUTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,<br>VERTICAL HORIZONS JSA LIMITED, as Borrower<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |
| Acknowledged and agreed by:<br>JSA INTERNATIONAL U.S. HOLDINGS, LLC, as Administrative Agent<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |  |

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**SCHEDULE I**

**AMENDED AND RESTATED AIRCRAFT SCHEDULE**

**[see attached]**

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**ANNEX A**

**Definitions**

For all purposes of the Credit Agreement and the Mortgage and Security Agreement the following terms shall have the following meanings (such definitions to be equally applicable to both the singular and plural forms of the terms defined). Any agreement referred to below shall mean such agreement as amended, supplemented and modified from time to time in accordance with the applicable provisions thereof and of the other Operative Documents. Unless otherwise specified, Clause references are to Clauses of the Credit Agreement or the Mortgage.

"**A320neo Aircraft**" means any aircraft that are identified as an A320neo aircraft on the Aircraft Schedule or the Assigned Aircraft Schedule.

"**A321neo Aircraft**" means any aircraft that are identified as an A321neo aircraft on the Aircraft Schedule or the Assigned Aircraft Schedule.

"**ABR**" means, for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% and (c) Term SOFR for a one-month tenor in effect on such day plus 1.00 %. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate or Term SOFR, respectively.

"**ABR Loan**" means a Loan that bears interest based on the ABR.

"**Accounts**" means any bank accounts, deposit accounts or other accounts in the name of the Borrower.

"**Additional Costs**" has the meaning specified in Clause 5.11(a) of the Credit Agreement.

"**Administration Agreement**" means the administration agreement dated on or about the Effective Date between the Parent, Walkers Fiduciary Limited, as administrator, the Borrower and Frontier Airlines as obligor.

"**Administrative Agent**" means JSA International U.S. Holdings, LLC in its capacity as Administrative Agent under the Credit Agreement and any successor thereto in such capacity.

"**Advance**" means each Purchase Price Installment paid or payable by or on behalf of the Borrower in respect of each Assigned Aircraft in accordance with the terms of the Assigned Purchase Agreement which, for each Purchase Price Installment due on or after the Effective Date, is in the amount and payable on the date specified in the Aircraft Schedule or the Assigned Aircraft Schedule.

"**Affected Financial Institution**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Affected Lender**" has the meaning specified in Clause 5.9(f) of the Credit Agreement.

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"**Affiliate**" means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by, or under common control with, such Person. The term "control" means the possession, directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

"**After-Tax Basis**" means on a basis that any payment to be received or receivable by any Person (the "<u>original payment</u>") is supplemented by a further payment or payments to such Person so that the sum of all such payments (including the original payment), after deducting the net amount of all Taxes payable by such Person or any of its Affiliates under any law or required by Governmental Entity as a result of the receipt or accrual of such payments (after reduction by the amount of current Taxes saved by such Person as a result of the event or item for which such payments are being made to such Person), is equal to the original payment due to such Person.

"**Agents**" means collectively the "**Security Trustee**" and the "**Administrative Agent**" (each an "**Agent**").

"**Agent for Service of Process**" has the meaning specified in Clause 16.6 of the Credit Agreement.

"**Airbus**" means Airbus S.A.S., in its capacity as manufacturer of the Assigned Aircraft, and its successors and assigns.

"**Airbus Purchase Agreement**" means, with respect to each Assigned Aircraft, the aircraft purchase agreement, dated as of September 30, 2011 between Airbus and Frontier Airlines, as amended and supplemented from time to time (but excluding any letter agreements entered into from time to time in relation thereto).

"**Aircraft**" means, as of any date of determination, any or all, as the context may require, each aircraft set forth on the Aircraft Schedule, which, for the avoidance of doubt, shall not exceed [\*\*\*] Aircraft at any given time.

"**Aircraft Lease Agreement**" means [\*\*\*].

"**Aircraft Operating Lease Agreement**" means [\*\*\*].

"**Aircraft Pool**" has the meaning given to it in Clause 10.20(a) of the Credit Agreement.

"**Aircraft Schedule**" means Schedule III to the Credit Agreement as updated by the Borrower from time to time in accordance with Clause 2.5 of the Credit Agreement to reflect any Substituted Aircraft.

"**Airframe**" means each Aircraft, as described in the Aircraft Schedule (excluding the Engines) together with any and all Parts incorporated in, installed on or attached to such airframes on the respective Delivery Date.

"**Amendment to Step-In Agreement**" has the meaning given to it in the definition of Step-In Agreement.

"**Annualized FCCR**" means as of any applicable FCCR Test Date, the ratio of, (a) the sum of (i) Consolidated EBITDAR of Frontier Holdings for the fiscal quarter of Frontier Holdings

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immediately preceding such FCCR Test Date for which financial statements were delivered pursuant to Clause 10.15(a) of the Credit Agreement and (ii) the sum of the Consolidated EBITDAR of Frontier Holdings for each of the three fiscal quarters of Frontier Holdings immediately preceding the fiscal quarter referred to in clause (a)(i), to (b) the Fixed Charges of Frontier Holdings for the fiscal quarter of Frontier Holdings immediately preceding such FCCR Test Date for which financial statements were delivered pursuant to Clause 10.15(a) of the Credit Agreement and (ii) the sum of the Fixed Charges of Frontier Holdings for each of the three fiscal quarters of Frontier Holdings immediately preceding the fiscal quarter referred to in clause (b)(i).

"**Anti-Corruption Laws**" means (a) the United States Foreign Corrupt Practices Act of 1977, (b) the United Kingdom Bribery Act of 2010, and (c) any other laws, rules and regulations relating to bribery or corruption issued, administered or enforced by the United States, the United Kingdom, the European Union or any other Governmental Authority having jurisdiction over the Borrower or the Lenders, each as amended from time to time.

"**Anti-Money Laundering Laws**" means any laws or regulations relating to money laundering or terrorist financing issued, administered or enforced from time to time by the United States, the United Kingdom, the European Union or any other Governmental Authority having jurisdiction over the Borrower or the Lenders, each as amended from time to time.

"**Applicable Law**" means all applicable laws, treaties, judgments, decrees, injunctions, writs, conventions actions and orders of any Governmental Entity and all applicable rules, guidelines, regulations, orders, directives, licenses and permits of any Governmental Entity and all applicable interpretations thereof.

"**Applicable Margin**" means [\*\*\*]; *provided however, that* if on any FCCR Test Date, (i) Annualized FCCR is [\*\*\*] and the Borrower is not in compliance with the LTV Test or (ii) the Guarantors have, as of such date, Unrestricted Cash and Cash Equivalents in an aggregate amount of less than [\*\*\*], then the Applicable Margin shall be [\*\*\*] until such next FCCR Test Date on which the conditions of subsections (i) and (ii) cease to exist in which case the Applicable Margin shall return to [\*\*\*] as of such FCCR Test Date.

"**Applicable Rate**" means, for any Interest Period, a rate per annum equal to [\*\*\*] Term SOFR for such Interest Period plus the Applicable Margin, save that for the purposes of giving effect to Clauses 5.13 and 5.14 of the Credit Agreement, the Applicable Rate shall be deemed, where applicable, a rate per annum equal to the ABR plus the Applicable Margin.

"**Approved Appraisers**" means collectively, Avitas, IBA and Oriel or any such other independent aircraft appraiser mutually agreed upon by the Administrative Agent and the Borrower.

"**Assignable Price**" means, in respect of an Aircraft, the "Purchase Price" or "Final Price" (as such term is defined in the Assigned Purchase Agreement or Replacement Purchase Agreement, as applicable) of such Aircraft as may be increased from time pursuant to the escalation provisions set out in the Assigned Purchase Agreement and the related Engine Agreement, plus the cost of the BFE in respect of such Aircraft and as may be decreased pursuant to any credit letter or memorandum issued by Airbus in favor of the Initial Lender.

"**Assigned Aircraft**" means the aircraft set forth on the Assigned Aircraft Schedule and the Aircraft Schedule.

"**Assigned Aircraft Schedule**" means Schedule II to the Credit Agreement.

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"**Assigned Purchase Agreement**" means the Airbus Purchase Agreement, as assigned by Frontier Airlines to the Borrower, as assumed by the Borrower and as amended pursuant to the Assignment Agreement.

"**Assignment Agreement**" means the Airbus Purchase Agreement Assignment, Assumption and Release Agreement, dated as of September 26, 2024, between Frontier Airlines, the Borrower and Airbus in respect of the Aircraft, as amended by the Assigned Amendment Agreement, dated as of March 11, 2026 (the "**Assigned Amendment Agreement**"), as may be further amended, restated, supplemented or otherwise modified from time to time.

"**Assigned Amendment Agreement**" shall have the meaning given to it in the definition of Step-In Agreement.

"**associated rights**" is defined in the Cape Town Convention.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to the Credit Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to the Credit Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Clause 5.14(d) of the Credit Agreement.

"**Average Appraisal Value**" means, with respect to an Aircraft, the average of the desktop valuations reflecting the monthly value of such Aircraft prepared by two Approved Appraisers selected by the Borrower for such Aircraft on the applicable LTV Test Date on the assumption that the Aircraft is delivered in the condition required pursuant to the Assigned Purchase Agreement, and in full life condition, on the date that such Average Appraisal Value is calculated.

"**Bail-In Action**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Bail-In Legislation**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Basel Accord**" has the meaning specified in Clause 5.11(b) of the Credit Agreement.

"**Basel II**" means the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of the Credit Agreement (but excluding any amendment arising out of Basel III).

"**Basel III**" means the agreements on capital requirements, leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision on December 16, 2010 in the form existing on the date of the Mortgage or any other applicable law or regulation implementing such

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paper (whether such implementation, application or compliance is by a Governmental Entity, any Lender or holding company of a Lender).

"**Benchmark**" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Clause 5.14(a) of the Credit Agreement.

"**Benchmark Replacement**" means with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of the Credit Agreement and the other Operative Documents.

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" means the earliest to occur of the following events with respect to the then-current Benchmark:

(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of

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the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(a)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

(b)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(c)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Unavailability Period**" means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Operative Document in accordance with Clause 5.14 of the Credit Agreement and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Operative Document in accordance with Clause 5.14 of the Credit Agreement.

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Benefit Plan**" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for

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purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"**BFE Budget**" means, with respect to each A320neo Aircraft and A321neo Aircraft, an amount set forth in Schedule VI of the Credit Agreement.

"**BHC Act Affiliate**" has the meaning specified in Clause 23.1 of the Credit Agreement.

"**Borrower**" means Vertical Horizons JSA Limited, a Cayman Islands exempted company.

"**Borrowing Date**" has the meaning specified in Clause 2.1 of the Credit Agreement.

"**Business Day**" means any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in New York City, provided that, in connection with a SOFR Loan, the term "Business Day" shall also exclude a day that is not a U.S. Government Securities Business Day.

"**Buyer Furnished Equipment**" or "**BFE**" means those items of equipment which are identified in the specification of an Assigned Aircraft in the Assigned Purchase Agreement as being furnished by the "Buyer".

"**Cape Town Convention**" means the English language version of the Convention on International Interests in Mobile Equipment (the "**Convention**") and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the "**Protocol**"), both signed in Cape Town, South Africa on November 16, 2001, together with any protocols, regulations, rules, orders, agreements, instruments, amendments, supplements, revisions or otherwise that have or will be subsequently made in connection with the Convention and/or the Protocol by the "**Supervisory Authority**" (as defined in the Protocol), the "**International Registry**" or "**Registrar**" (as defined in the Convention) or an appropriate "**registry authority**" (as defined in the Protocol) or any other international or national body or authority.

"**Cash Collateral**" has the meaning given to it in Clause 2.6 of the Credit Agreement.

"**Cash Collateral Account**" has the meaning given to it in Clause 2.6 of the Credit Agreement.

"**Cash Equivalents**" means the following securities (which shall mature within [\*\*\*] of the date of purchase thereof): (a) direct obligations of the U.S. Government; (b) obligations fully guaranteed by the U.S. Government; (c) certificates of deposit issued by, or bankers' acceptances of, or time deposits or a deposit account with, the Administrative Agent or any bank, trust company or national banking association incorporated or doing business under the laws of the United States or any state thereof having a combined capital and surplus and retained earnings of at least [\*\*\*] and having a rating of Aa or better by Moody's or AA or better by Standard & Poor's; (d) commercial paper of any issuer doing business under the laws of the United States or one of the states thereof and in each case having a rating assigned to such commercial paper by Standard & Poor's of at least A-1 or its equivalent or by Moody's of at least P-1 or its equivalent; or (e) money market funds which are rated at least Aaa by Moody's, at least AAAm or AAAm-G by Standard and Poor's or at least AAA by Fitch, Inc., including funds which meet such rating requirements for which the Administrative Agent or an Affiliate of the Administrative Agent serves as an investment advisor, administer, administrator, shareholder servicing agent and/or custodian or subcustodian.

"**Certificate Register**" has the meaning specified in Clause 5.6(a) of the Credit Agreement.

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"**CFM Allocation Date**" means the [\*\*\*] following a delivery of a written notice from the Borrower to the Administrative Agent, indicating that Frontier Airlines has selected CFM International, Inc. as the Engine provider for an Aircraft.

"**Charged Property**" has the meaning given to it in the Share Charge.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Collateral**" means, collectively, (i) the Mortgage Collateral and (ii) the Charged Property.

"**Commitment**" means the Lender's Maximum Commitment minus the aggregate amount of all Loans made by the Lender.

"**Commitment Fee**" means [\*\*\*]

"**Conforming Changes**" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "ABR," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of the Credit Agreement and the other Operative Documents).

"**Consolidated EBITDAR**" means, with respect to Frontier Group Holdings and its consolidated subsidiaries for any fiscal quarter of Frontier Group Holdings, the Consolidated Net Income of Frontier Group Holdings for such period plus, without duplication:

(1)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to any extraordinary loss plus any net loss realized by Frontier Group Holdings or any of its subsidiaries in connection with any disposition of assets, to the extent such losses were deducted in computing such Consolidated Net Income; plus

(2)&nbsp;&nbsp;&nbsp;&nbsp;provision for taxes based on income or profits of Frontier Group Holdings and its consolidated subsidiaries, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

(3)&nbsp;&nbsp;&nbsp;&nbsp;the Fixed Charges of Frontier Group Holdings and its consolidated subsidiaries, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus

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(4)&nbsp;&nbsp;&nbsp;&nbsp;any foreign currency translation losses (including losses related to currency remeasurements of Financial Indebtedness) of Frontier Group Holdings and its consolidated subsidiaries for such period, to the extent that such losses were deducted in computing such Consolidated Net Income; plus

(5)&nbsp;&nbsp;&nbsp;&nbsp;depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non cash charges and expenses (excluding any such non cash charge or expense to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of a prepaid cash charge or expense that was paid in a prior period) of Frontier Group Holdings and its consolidated subsidiaries to the extent that such depreciation, amortization and other non cash charges or expenses were deducted in computing such Consolidated Net Income; plus

(6)&nbsp;&nbsp;&nbsp;&nbsp;the amortization of debt discount to the extent that such amortization was deducted in computing such Consolidated Net Income; plus

(7)&nbsp;&nbsp;&nbsp;&nbsp;deductions for grants to any employee of Frontier Group Holdings and its consolidated subsidiaries of any equity interests during such period to the extent deducted in computing such Consolidated Net Income; plus

(8)&nbsp;&nbsp;&nbsp;&nbsp;any net loss arising from the sale, exchange or other disposition of capital assets by Frontier Group Holdings and its consolidated subsidiaries (including any fixed assets, whether tangible or intangible, all inventory sold in conjunction with the disposition of fixed assets and all securities) to the extent such loss was deducted in computing such Consolidated Net Income; plus

(9)&nbsp;&nbsp;&nbsp;&nbsp;any losses arising under fuel hedging arrangements entered into prior to the Effective Date and any losses actually realized under fuel hedging arrangements entered into after the Effective Date, in each case to the extent deducted in computing such Consolidated Net Income; plus

(10)&nbsp;&nbsp;&nbsp;&nbsp;proceeds from business interruption insurance for such period, to the extent not already included in computing such Consolidated Net Income; plus

(11)&nbsp;&nbsp;&nbsp;&nbsp;any expenses and charges that are covered by indemnification or reimbursement provisions in connection with any permitted acquisition, merger, disposition, incurrence of Financial Indebtedness, issuance of equity interests or any investment to the extent (a) actually indemnified or reimbursed and (b) deducted in computing such Consolidated Net Income; plus

(12)&nbsp;&nbsp;&nbsp;&nbsp;non cash items, other than the accrual of revenue in the ordinary course of business, to the extent such amount increased such Consolidated Net Income; minus

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(13)&nbsp;&nbsp;&nbsp;&nbsp;the sum of (A) income tax credits, (B) interest income included in computing such Consolidated Net Income, and (C) any income generated in connection with sale and leaseback transactions;

in each case, determined on a consolidated basis in accordance with GAAP.

"**Consolidated Net Income**" means, with respect to Frontier Group Holdings and its consolidated subsidiaries for any fiscal quarter of Frontier Group Holdings, the aggregate of the net income (or loss) of Frontier Group Holdings and its consolidated subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and without any reduction in respect of preferred stock dividends; provided that:

(1)&nbsp;&nbsp;&nbsp;&nbsp;all (a) extraordinary, nonrecurring, special or unusual gains and losses or income or expenses, including, without limitation, any expenses related to a facilities closing and any reconstruction, recommissioning or reconfiguration of fixed assets for alternate uses; any severance or relocation expenses; executive recruiting costs; restructuring or reorganization costs (whether incurred before or after the effective date of any applicable reorganization plan); curtailments or modifications to pension and post retirement employee benefit plans; (b) any expenses (including, without limitation, transaction costs, integration or transition costs, financial advisory fees, accounting fees, legal fees and other similar advisory and consulting fees and related out of pocket expenses), cost savings, costs or charges incurred in connection with any issuance of securities, acquisitions, dispositions, recapitalizations or incurrences or repayments of Financial Indebtedness (in each case whether or not successful) and (c) gains and losses realized in connection with any sale of assets (other than the gains realized with the sale of any aircraft and/or the sale of any engines), the disposition of securities, the early extinguishment of Financial Indebtedness or associated with Hedging Obligations, together with any related provision for taxes on any such gain, will be excluded;

(2)&nbsp;&nbsp;&nbsp;&nbsp;the net income (but not loss) of any Person that is not Frontier Group Holdings or a consolidated subsidiary of Frontier Group Holdings or that is accounted for by the equity method of accounting will be included for such period only to the extent of the amount of dividends or similar distributions paid in cash to Frontier Group Holdings or a consolidated subsidiary of Frontier Group Holdings;

(3)&nbsp;&nbsp;&nbsp;&nbsp;the net income (but not loss) of any subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that subsidiary of that net income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that subsidiary or its stockholders;

(4)&nbsp;&nbsp;&nbsp;&nbsp;the cumulative effect of a change in accounting principles on Frontier Group Holdings and its consolidated subsidiaries will be excluded;

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(5)&nbsp;&nbsp;&nbsp;&nbsp;the effect of non cash gains and losses of Frontier Group Holdings and its consolidated subsidiaries resulting from Hedging Obligations, including attributable to movement in the mark to market valuation of Hedging Obligations pursuant to Financial Accounting Standards Board Statement No. 133 will be excluded;

(6)&nbsp;&nbsp;&nbsp;&nbsp;any non cash compensation expense recorded from grants by Frontier Group Holdings and its consolidated subsidiaries of stock appreciation or similar rights, stock options or other rights to officers, directors or employees, will be excluded;

(7)&nbsp;&nbsp;&nbsp;&nbsp;the effect on Frontier Group Holdings and its consolidated subsidiaries of any non cash items resulting from any write up, write down or write off of assets (including intangible assets, goodwill and deferred financing costs) in connection with any acquisition, disposition, merger, consolidation or similar transaction or any other non cash impairment charges incurred subsequent to the Effective Date resulting from the application of Financial Accounting Standards Board Accounting Standards Codifications 205—Presentation of Financial Statements, 350—Intangibles—Goodwill and Other, 360—Property, Plant and Equipment and 805—Business Combinations (excluding any such non cash item to the extent that it represents an accrual of or reserve for cash expenditures in any future period except to the extent such item is subsequently reversed), will be excluded;

(8)&nbsp;&nbsp;&nbsp;&nbsp;any provision for income tax reflected on Frontier Group Holdings' financial statements for such period will be excluded to the extent such provision exceeds the actual amount of taxes paid in cash during such period by Frontier Group Holdings and its consolidated subsidiaries; and

(9)&nbsp;&nbsp;&nbsp;&nbsp;any amortization of deferred charges resulting from the application of Financial Accounting Standards Board Accounting Standards Codifications 470-20 Debt With Conversion and Other Options that may be settled in cash upon conversion (including partial cash settlement) will be excluded.

"**Control**" means, with respect to a Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;appoint or remove all, or the majority, of the directors or other equivalent officers of such Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;give directions with respect to the operating and financial policies of such Person which the directors or other equivalent officers of such Person are obliged to comply with, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the holding of more than one-half of the issued share capital of such Person (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital).

"**Covered Entity**" has the meaning specified in Clause 23.1 of the Credit Agreement.

"**Covered Person**" has the meaning specified in Clause 23.1 of the Credit Agreement.

"**Credit Agreement**" means that certain First Amended and Restated Credit Agreement dated as of the Restatement Date, among the Borrower, the Lenders, the Administrative Agent and the Security Trustee, as amended and supplemented from time to time.

"**Declaration of Trust**" means the declaration of trust dated on or about the Effective Date made by the Parent in relation to, inter alia, the shares of the Borrower, as the same may be amended, restated and/or novated from time to time.

"**Default**" means any event which with the giving of notice or the lapse of time or both if not timely cured or remedied would become an Event of Default pursuant to Clause 4 of the Mortgage.

"**Default Right**" has the meaning specified in Clause 23.1 of the Credit Agreement.

"**Delayed Borrowing Date**" has the meaning specified in Clause 2.3(b) of the Credit Agreement.

"**Delivery Date**" means, for any Assigned Aircraft, the date on which such Assigned Aircraft is to be delivered by Airbus and accepted by Borrower or its permitted assignee under the Assigned Purchase Agreement.

"**Dollars**", "**Dollar**" and "**$**" means the lawful currency of the United States of America.

"**EEA Financial Institution**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**EEA Member Country**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**EEA Resolution Authority**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Effective Date**" means the date of the execution and delivery of the Original Credit Agreement and the satisfaction of the conditions precedent in Clause 4.1 thereof.

"**Eligible Account**" means an account established by and with an Eligible Institution at the request of the Security Trustee, which institution (a) agrees, by entering into an account control agreement, for all purposes of the New York UCC, including Article 8 thereof, that (i) such account shall be a "securities account" (as defined in Section 8-501 of the New York UCC), (ii) such institution is a "securities intermediary" (as defined in Section 8-102(a)(14) of the New York UCC), (iii) all property (other than cash) credited to such account shall be treated as a "financial asset" (as defined in Section 8-102(9) of the New York UCC), (iv) the Security Trustee shall be the "entitlement holder" (as defined in Section 8-102(7) of the New York UCC) in respect of such account, (v) it will comply with all entitlement orders issued by the Security Trustee to the exclusion of the Borrower, (vi) it will waive or subordinate in favor of the Security Trustee all claims (including without limitation claims by way of security interest, lien, right of set-off or right of recoupment), and (vii) the "securities intermediary jurisdiction" (under Section 8-110(e) of the New York UCC) shall be the State of New York, or (b) otherwise enters

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into an account control agreement, charge over a bank account or similar document that is satisfactory to the Security Trustee.

"**Eligible Institution**" means (a) the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a long-term unsecured debt rating from Moody's of at least A3 or its equivalent and from Standard & Poor's of at least A- or its equivalent, or (b) a banking institution in another jurisdiction that is satisfactory to the Security Trustee.

"**Engine**" means, in respect of each Airframe, each of the engines delivered with such Airframe under the Assigned Purchase Agreement.

"**Engine Agreement**" means each agreement entered into among the Borrower, any Engine Manufacturer, Frontier Airlines and the Security Trustee, including the Second Amended and Restated Engine Benefits Agreement, dated as of the Restatement Date (the "**Second A&R Engine Agreement**"), as may be further amended, restated, supplemented and modified from time to time.

"**Engine Manufacturer**" means International Aero Engines, LLC or CFM International, Inc.

"**Equity Contribution**" means an amount not less than [\*\*\*]

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

"**Erroneous Payment**" has the meaning assigned to it in Clause 15.1 in Schedule IV of the Credit Agreement.

"**Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in Clause 15.4(i) in Schedule IV of the Credit Agreement.

"**Erroneous Payment Impacted Class**" has the meaning assigned to it in Clause 15.4(i) in Schedule IV of the Credit Agreement.

"**Erroneous Payment Return Deficiency**" has the meaning assigned to it in Clause 15.4(i) in Schedule IV of the Credit Agreement.

"**Erroneous Payment Subrogation Rights**" has the meaning assigned to it in Clause 15.5 in Schedule IV of the Credit Agreement.

"**EU Bail-In Legislation Schedule**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Event of Default**" means the occurrence of:

(1)For so long as the Initial Lender remains a Lender under the facility, an "Event of Default" occurs under subparagraph (a), (e), (f) or (h) of Clause 15.1 of any Aircraft Lease Agreement or under subparagraph (a), (b) or (g) of Section 20.1 of any Aircraft Operating Lease Agreement (each, a "**Lease EoD**"); provided that (A) such Lease EoD is not cured within [\*\*\*] of its occurrence and is not the subject of a reasonable dispute by Frontier, or (B) if any Lease Agreement is terminated in accordance with the terms of that Lease Agreement in relation to a Lease EoD, that Frontier has not complied with any

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steps required to be taken (including payments required to be made under the relevant Lease Agreement) within [\*\*\*] of the occurrence of the Lease EoD;

(2)Default in payment by the Borrower or any Guarantor when due of (a) any principal, and such default continues un-remedied for at least [\*\*\*] after the date due therefor and (b) interest, fees, or any other payment, and such default continues un-remedied for at least [\*\*\*] after Borrower or such Guarantor receives written notice of such Default from the Lenders (or Administrative Agent);

(3)The filing of a decree or order for relief by a court having jurisdiction in the premises in respect of any Obligor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of any Obligor, or ordering the winding-up or liquidation of any Obligor's, and such decree or order shall remain unstayed and in effect for a period of [\*\*\*]

(4)The commencement by any Obligor of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by any Obligor to the entry of an order for relief in an involuntary case under any such law, or the consent by any Obligor to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of any Obligor, or the making by any Obligor of any general assignment for the benefit of creditors, or the failure by any Obligor generally to pay its debts as such debts become due, or the taking of action by any Obligor in furtherance of any of the foregoing;

(5)Any representation, warranty, certification or statement made by any Obligor in any Operative Document shall prove to have been incorrect in any material respect when made (or deemed made), and such representation, warranty, certification or statement, if susceptible to cure, is not remedied within [\*\*\*] after there shall have been delivered to the Obligors (by the Lenders or the Administrative Agent) a written notice specifying such default and demanding that it be remedied;

(6)Default in the observance or performance in any material respect of any covenant or agreement of any Obligor under the Operative Documents (other than a covenant or agreement, a default in the observance or performance of which is elsewhere specifically dealt with in this definition), and such default shall continue or not be cured, for a period of (1) if no other cure period is included in such covenant or agreement, [\*\*\*] or (2) otherwise, the cure period set forth in such agreement or covenant, in each case after there shall have been delivered to the Obligors (by the Lenders or the Administrative Agent) a written notice specifying such default and demanding that it be remedied;

(7)One or more final non-appealable judgments shall be entered against, or settlements by any Obligor by a court of competent jurisdiction assessing monetary damages in excess of (x) [\*\*\*] in the case of the Borrower or (y) [\*\*\*] in the case of any Guarantor, in each case in the aggregate and such amount is not discharged, paid or stayed within [\*\*\*]

(9)Frontier Airlines fails to enter into the Specified Amendments with respect to any Lease Agreement within [\*\*\*] following the Effective Date;

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(10)There is any breach or default under the Assigned Purchase Agreement which would entitle the Lender to issue a Decision Notice (as such term is defined in the Step-In Agreement) in accordance with the Step-In Agreement; or

(11)Other than during the Wind Down Period, in connection with the Delivery Date of an Aircraft, the Borrower fails to substitute such Aircraft or otherwise reallocate Loans with respect to such Aircraft to future pre-delivery payments for any other Aircraft in the Aircraft Pool in accordance with Clause 2.5, or deposit Cash Collateral in the Cash Collateral Account with respect to such Aircraft in accordance with Clause 2.6, or deposit Restricted Funds in a Restricted Account with respect to such Aircraft in accordance with Clause 2.7.

"**Excluded Taxes**" means, with respect to the Administrative Agent, the Security Trustee, any Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) any Taxes imposed on all or part of the net income, net profits, or net gains (whether worldwide, or only insofar as such income, profits, or gains are considered to arise in or relate to a particular jurisdiction or otherwise) of such Person or any franchise, net worth, or net capital Taxes imposed on such Person, in each such cases as a result of such Person being organized in, maintaining its principal place of business or lending office in, or conducting activities unrelated to the transactions contemplated by the Operative Documents in the jurisdiction imposing such Taxes and in each such cases other than a sales, use, property, value added, stamp, registration, documentary, goods and services, license, excise, or, except as provided in Clause 5.3(a) of the Credit Agreement withholding Taxes, (b) any Taxes imposed on all or part of the gross income or gross receipts (other than Taxes in the nature of a sales, use, property, value added, stamp, registration, documentary, goods and services, license, excise or, except as provided in Clause 5.3(a) of the Credit Agreement withholding Taxes) of such Person, in each such case as a result of such Person being organized in, or maintaining its principal place of business or lending office in the jurisdiction imposing such Taxes, (c) U.S. federal withholding Taxes imposed on amounts payable to or for the account of a Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Clause 5.3, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (d) any Taxes imposed as a result of such Person's failure to comply with Clause 5.3(d) of the Credit Agreement or (e) any Taxes imposed under FATCA.

"**Expense**" or "**Expenses**" means any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements (including reasonable legal fees and expenses) of whatever kind and nature but excluding Taxes, any breakage costs and overhead of whatsoever kind and nature.

"**Extension Request Deadline**" means (i) the [\*\*\*] of the Effective Date or (ii) if the Lenders deliver an Extension Notice, pursuant to, and in accordance with, Clause 5.2(g) of the Credit Agreement, the [\*\*\*] of the prior Extension Request Deadline.

"**Extension Notice**" means each extension notice delivered by the Lenders to the Borrower pursuant to, and in accordance with Clause 5.2(g) of the Credit Agreement, extending the Maturity Date.

"**Extension Notice Deadline**" has the meaning assigned to it in Clause 5.2(g) of the Credit Agreement.

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"**Facility Amount**" means an amount equal to US$150,000,000.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of the Credit Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Entities and implementing such Sections of the Code.

"**FCCR Test Date**" means (i) the date that is [\*\*\*] following September 30, 2024 and (ii) each date falling [\*\*\*] after the last day of each fiscal quarter or fiscal year, as the case may be, of Frontier Group Holdings thereafter commencing with the third fiscal quarter of 2024.

"**Federal Funds Rate**" means for any day, a floating rate equal to the weighted average of the rates on overnight federal funds transactions among members of the Federal Reserve System, as determined by Administrative Agent in its reasonable discretion, which determination shall be presumptively correct (absent manifest error).

"**Fee Letter**" means collectively (i) that certain Fee Letter (Early Commitment Fee) dated August 7, 2024, among the Initial Lender, the Administrative Agent, Frontier Airlines, Frontier Holdings and Frontier Group Holdings, (ii) that certain Fee Letter dated the Effective Date among the Borrower, the Initial Lender and the Administrative Agent and (ii) each Letter Agreement to be entered into among the Borrower, the Lender party thereto and the Administrative Agent.

"**Finance Parties**" means together the Lenders, the Administrative Agent and the Security Trustee (each a "**Finance Party**").

"**Financed Amount**" means, with respect to an Aircraft and a Borrowing Date, the amount set out in the column entitled "Financial Amount" and which corresponds to such Aircraft and Borrowing Date, in the table set out in the Aircraft Schedule.

"**Financial Indebtedness**" means any indebtedness for or in respect of:

(1)moneys borrowed;

(2)any amount raised by acceptance under any acceptance credit facility;

(3)any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

(4)the amount of any liability in respect of any lease, lease purchase, installment sale, conditional sale, hire purchase or credit sale or other similar arrangement (whether in respect of aircraft, machinery, equipment, land or otherwise) entered into primarily as a method of raising finance or for financing the acquisition of the relevant asset;

(5)payments under any lease with a term, including optional extension periods, if any, capable of exceeding [\*\*\*] (whether in respect of aircraft, machinery, equipment, land or otherwise) characterized or interpreted as an operating lease in accordance with the relevant accounting standards but either entered into primarily as a method of financing the acquisition of the asset leased or having a termination sum payable upon any termination of such lease;

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(6)any amount raised by receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis) including any bill discounting, factoring or documentary credit facilities;

(7)any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;

(8)any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account);

(9)obligations (whether or not conditional) arising from a commitment to purchase or repurchase shares or securities where such commitment is or was in respect of raising finance;

(10)any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and

the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) through (j) above.

"**Fixed Charges**" means, with respect to Frontier Group Holdings and its consolidated subsidiaries for any fiscal quarter of Frontier Group Holdings, the sum, without duplication, of:

(1)&nbsp;&nbsp;&nbsp;&nbsp;the consolidated interest expense (net of interest income) of Frontier Group Holdings and its subsidiaries for such period to the extent that such interest expense is payable in cash (and such interest income is receivable in cash); plus

(2)&nbsp;&nbsp;&nbsp;&nbsp;the interest component of leases that are capitalized in accordance with GAAP of Frontier Group Holdings and its subsidiaries for such period to the extent that such interest component is related to lease payments payable in cash; plus

(3)&nbsp;&nbsp;&nbsp;&nbsp;any interest expense actually paid in cash for such period by Frontier Group Holdings or Frontier Airlines on Financial Indebtedness of another Person that is guaranteed by Frontier Group Holdings or its subsidiaries or secured by a Lien on assets of Frontier Group Holdings or its subsidiaries; plus

(4)&nbsp;&nbsp;&nbsp;&nbsp;the aircraft rent expense of Frontier Group Holdings and its subsidiaries for such period to the extent that such aircraft rent expense is payable in cash,

all as determined on a consolidated basis in accordance with GAAP.

"**Floor**" means a rate of interest equal to [\*\*\*]

"**Foreign Lender**" means any Lender that is that is not a U.S. Person.

"**Frontier Airlines**" means Frontier Airlines, Inc.

"**Frontier Group Holdings**" means Frontier Group Holdings, Inc.

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"**Frontier Holdings**" means Frontier Airlines Holdings, Inc.

"**Funding Notice**" has the meaning specified in Clause 2.3(a) of the Credit Agreement.

"**GAAP**" means generally accepted accounting principles, as in effect in the United States of America from time to time.

"**Governmental Entity**" means and includes (a) any national government, political subdivision thereof, or state or local jurisdiction therein, (b) any board, commission, department, division, organ, instrumentality, taxing authority, regulatory body, court or judicial body, central bank or agency of any entity referred to in (a) above, however constituted, and (c) any association, organization or institution (international or otherwise) of which any entity mentioned in (a) or (b) above is a member.

"**Group**" means Frontier Group Holdings and its subsidiaries at any time.

"**Guarantee**" means each guarantee, amended and restated as applicable, as the context may require, dated as of the Effective Date and entered into by each Guarantor in favor of the Security Trustee on account of the obligations of the Borrower.

"**Guarantor**" means each of Frontier Airlines, Frontier Holdings and Frontier Group Holdings.

"**Hedging Obligations**" means, with respect to any Person, all obligations and liabilities of such Person under:

(11)interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements;

(12)other agreements or arrangements designed to manage interest rates or interest rate risk; and

other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates, fuel prices or other commodity prices, but excluding (x) clauses in purchase agreements and maintenance agreements pertaining to future prices and (y) fuel purchase agreements and fuel sales that are for physical delivery of the relevant commodity.

"**Illegal Lender**" has the meaning specified in Clause 5.12 of the Credit Agreement.

"**Indemnified Taxes**" means Taxes other than Excluded Taxes.

"**Indemnitee**" or "**Indemnitees**" means the Security Trustee, the Administrative Agent, the Lenders and each of their Affiliates, and each of their respective successors, permitted assigns, partners, directors, officers, agents and employees.

"**Independent Director**" means a director who at the time of their appointment or at any time when such Person is serving as an Independent Director is not, and has not been for the five (5) years prior to its appointment as an Independent Director, (i) an employee, officer, director, consultant, customer or supplier, or the beneficial owner (directly or indirectly) of the Borrower or any Guarantor; <u>provided</u>, <u>however</u>, that such person may serve as a trustee, director, servicer independent director or manager, independent servicer or non-economic director or in a similar capacity for any other affiliate such Person, or (ii) a spouse of, or Person related to (but not more remote than first cousins), a Person referred to in clause (i) above.

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"**Initial Borrowing Date**" has the meaning specified in Clause 2.1 of the Credit Agreement.

"**Initial Loan**" has the meaning specified in Clause 2.1 of the Credit Agreement.

"**Interest Payment Date**" means, (a) as to any ABR Loan, the last Business Day of each March, June, September and December to occur while such Loan is outstanding and the Maturity Date and (b) as to any SOFR Loan, the last of the applicable Interest Period and the Maturity Date.

"**Interest Period**" means, in respect of a (A) SOFR Loan (a) initially, the period commencing on the date that such Loan is made and ending three months thereafter, and (b) thereafter, the period commencing on the last day of the previous Interest Period applicable to such Loan and ending three months thereafter and (B) in respect of any Restricted Funds, (a) initially, the period commencing on the date that such Restricted Funds are deposited in the Restricted Account and ending three months thereafter, and (b) thereafter, the period commencing on the last day of the previous Interest Period applicable to such Restricted Funds and ending three months thereafter; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no Interest Period shall extend beyond the Maturity Date.

"**International interest**" is defined in the Cape Town Convention.

"**International Registry**" is defined in the Cape Town Convention.

"**Lease Agreements**" means, each Aircraft Operating Lease Agreement and each Aircraft Lease Agreement, as amended, modified and supplemented to the Effective Date and as further amended, modified or supplemented by the Specified Amendments.

"**Lender**" means each Lender identified in Schedule I to the Credit Agreement and any assignee or transferee of such Lender.

"**Lender's Net Price**" means, in respect of an Assigned Aircraft, the amount specified in the column headed "Lender's Net Price" which corresponds to such Assigned Aircraft in the table set out in the Aircraft Schedule or the Assigned Aircraft Schedule which is inclusive of all credits in respect of the Engines to be made available pursuant to the relevant Engine Agreement and subject to escalation from the Effective Date in an amount equal to any escalation of the Airframe purchase price or SCN cost in accordance with the Assigned Purchase Agreement, the Engine purchase price as agreed in the relevant Engine Agreement and the BFE Budget in accordance with the Credit Agreement.

"**Lien**" means any mortgage, pledge, lien, claim, encumbrance, lease, security interest or other lien of any kind on property.

"**Loan**" has the meaning specified in Clause 2.1 of the Credit Agreement.

"**Loan Certificates**" means the loan certificates issued pursuant to Clause 5.2(a) of the Credit Agreement and any such certificates issued in exchange or replacement therefor pursuant to Clause 5.6 or 5.7 of the Credit Agreement.

"**Loan Documents**" means the Credit Agreement, any Guarantee, the Mortgage, and the Share Charge, and any amendments or supplements of any of the foregoing.

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"**LTV**" has, in respect of an Aircraft, the meaning given to it in Clause 10.20(a) of the Credit Agreement.

"**LTV Test**" has the meaning given to it in Clause 10.20(b) of the Credit Agreement.

"**LTV Test Date**" means each FCCR Test Date on which the Annualized FCCR is less than [\*\*\*]

"**Majority Lenders**" means, as of any date of determination, the Lenders of not less than 51% in aggregate outstanding principal amount of all Loan Certificates as of such date. For all purposes of the foregoing definition, in determining as of any date the then aggregate outstanding principal amount of Loan Certificates, there shall be excluded any Loan Certificates, if any, held by the Borrower, any Guarantor or any of their Affiliates (unless such Persons own all Loan Certificates then outstanding).

"**Manuals and Technical Records**" means together, those records, logs, manuals, technical data and other materials and documents relating to each Assigned Aircraft, together with any amendments thereto, as shall be delivered pursuant to the Assigned Purchase Agreement.

"**Material Action**" means, with respect to any Person, to consolidate or merge such Person with or into any other Person, or sell all or substantially all of the assets of such Person or to institute proceeding to have such Person be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against such Person or file a petition seeking, or consent to, reorganization or relief with respect to such Person under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or a substantial part of its property, or make any assignment for the benefit of creditors of such Person, or admit in writing such Person's inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to the fullest extent permitted by law, dissolve or liquidate such Person.

"**Material Adverse Effect**" means a material adverse effect on the business, operations, properties or financial condition of the Borrower or any Guarantor, taken as a whole, or a material adverse effect on the ability of the Borrower or the Guarantors to observe or perform its obligations, liabilities and agreements under any Operative Document to which it is a party.

"**Material Event of Default**" means the occurrence of (i) an "Event of Default" or "Termination Event" or such similar event howsoever described pursuant to any agreement in respect of Financial Indebtedness (or any agreement guaranteeing Financial Indebtedness) in an amount equal to at least [\*\*\*] entered into by any Guarantor excluding any such event: (A) which is technical and is due to an administrative error; or (B) which is curable and the applicable Guarantor taking all necessary steps to cure such event and such has not been continuing for more than [\*\*\*] beyond any grace period provided for in the applicable agreement or (ii) an Event of Default as described in clauses (iii) or (iv) of the definition thereof with respect to any Obligor.

"**Maturity Date**" means the latest of (i) the Original Maturity Date, (ii) if the Borrower delivers a Wind Down Notice pursuant to Clause 3.5 of the Credit Agreement, the last day of the Wind Down Period, and (iii) if the Lenders deliver an Extension Notice pursuant to Clause 5.2(g) of the Credit Agreement, the date specified in the most recent Extension Notice.

"**Maximum Commitment**" means, the Facility Amount.

"**Maximum LTV**" has, in respect of an Aircraft the, meaning given to it in Clause 10.20(a) of the Credit Agreement.

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"**Mortgage**" means the Mortgage and Security Agreement dated as of the Effective Date, among the Borrower, the Administrative Agent and the Security Trustee.

"**Mortgage Collateral**" means the Collateral as defined in the Granting clause of the Mortgage.

"**Obligors**" means each of the Borrower and each Guarantor (each an "**Obligor**").

"**Operative Documents**" means the Credit Agreement, the Mortgage, the Loan Certificates, the Share Charge, the Guarantees, the Assigned Purchase Agreement, the Assignment Agreement, the Re-Assignment Agreement, the Step-In Agreement, the Engine Agreements, the Option Agreement, the Servicing Agreement, the Subordinated Loan Agreement, the Declaration of Trust, the Administration Agreement, each Fee Letter and any amendments or supplements of any of the foregoing.

"**Option Agreement**" means the Option Agreement, dated as of the Effective Date, between Frontier Airlines and the Borrower.

"**Original Maturity Date**" means the date that is the three (3) year anniversary of the Effective Date.

"**Original Credit Agreement**" has the meaning specified for such term in the recitals to the Credit Agreement.

"**Parent**" means Walkers Fiduciary Limited, a Cayman Islands company (as trustee of the Trust).

"**Part**" means an appliance, component, part, instrument, accessory, furnishing or other equipment of any nature, including Buyer Furnished Equipment and Engines which is installed in, attached to or supplied with an Assigned Aircraft on the Delivery Date thereof.

"**Participant**" has the meaning specified in Clause 19.3(d) of the Credit Agreement.

"**Party**" means a party to the Credit Agreement.

"**Past Due Rate**" means a per annum rate equal to the Applicable Rate plus [\*\*\*] calculated on the basis of a year of 360 days and actual number of days elapsed.

"**PATRIOT Act**" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"**Payment Recipient**" has the meaning assigned to it in Clause 15.1 in Schedule IV of the Credit Agreement.

"**Periodic Term SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Permitted Lenders**" means (a) a Lender, (b) an Affiliate of a Lender, and (c) any other Person, in the case of this clause (c) with respect to an assignment or participation pursuant to Clause 19.3(c) of the Credit Agreement, to the extent consented to by any Person whose consent is required for an assignment to such Person; provided that the following shall not constitute Permitted Lenders: (i) Illegal Lenders, (ii) natural persons, (iii) Prohibited Assignees and (iv) any Guarantor, Parent, Borrower or any Affiliate of any of the foregoing.

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"**Permitted Lien**" means any Lien permitted under Clause 10.13 of the Credit Agreement.

"**Person**" means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, estate or trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Prime Rate**" means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in New York City. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business on the day specified in the public announcement of such change.

"**Process Agent Appointment**" means an appointment and acceptance of process agent pursuant to which the Borrower appoints Corporation Service Company as agent for service of process in connection with the transactions contemplated by the Operative Documents.

"**Prohibited Assignee**" means (a) any Person identified in writing to the Administrative Agent on or prior to the Effective Date (which list may be updated by any Guarantor or the Borrower from time to time with the prior written consent of the Administrative Agent; provided, for the avoidance of doubt, such updated list shall not be applied for retroactive disqualifications), (b) any Person that operates a commercial passenger air carrier business or otherwise is or becomes a competitor of any Guarantor or the Borrowers and (c) any Affiliate of any person described in clause (a) or (b) (other than any Affiliate of such Person under common control with such person, which Affiliate is not actively involved in the management and/or operations of such Person) that is readily identifiable as such solely by name or identified on a list delivered by any Guarantor or the Borrower to the Administrative Agent on the Effective Date, which list may be updated by any Guarantor or the Borrower from time to time with the prior written consent of the Administrative Agent; provided, for the avoidance of doubt, such updated list shall not be applied for retroactive disqualifications.

"**Prospective International Interest**" is defined in the Cape Town Convention.

"**PTE**" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**Purchase Price Installment**" has the meaning given to the term Pre-Delivery Payment Amount in the Assigned Purchase Agreement.

"**QFC**" has the meaning specified in Clause 23.1 of the Credit Agreement.

"**QFC Credit Support**" has the meaning specified in Clause 23 of the Credit Agreement.

"**Re-Assignment Agreement**" means the Airbus Purchase Agreement Re-Assignment, Assumption and Release Agreement, dated as of September 26, 2024, between Frontier Airlines, the Borrower and Airbus in respect of the Aircraft.

"**Reaffirmation Agreement**" means each reaffirmation agreement, dated as of the Restatement Date and entered into by each Guarantor in favor of the Security Trustee on account of the obligations of the Borrower.

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"**Regulation D**" means Regulation D of the Board of Governors of the Federal Reserve System (or any successor), as the same may be modified and supplemented and in effect from time to time.

"**Regulatory Change**" means, with respect to any Lender, any change that occurs after the Effective Date in Federal, state or foreign law or regulations (including Regulation D) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks or financial institutions including such Lender of or under any Federal, state or foreign law or regulations (whether or not having the force of law and whether or not failure to comply therewith would be unlawful so long as compliance therewith is standard banking practice in the relevant jurisdiction) by any court or governmental or monetary authority charged with the interpretation or administration thereof. For the avoidance of doubt, the coming into effect of any applicable law or regulations, policies, orders, directives or guidelines issued by any governmental body, central bank, monetary authority or other regulatory organization (whether or not having the force of law) with respect to, arising out of, or in connection with (a) Basel II, (b) Basel III or (c) the Dodd Frank Wall Street Reform and Consumer Protection Act shall be deemed a Regulatory Change.

"**Relevant Delay**" has the meaning specified in Clause 10.12 of the Credit Agreement.

"**Relevant Governmental Body**" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

"**Removed Aircraft**" has the meaning specified in Clause 2.5 of the Credit Agreement.

"**Replacement Purchase Agreement**" has the meaning specified in the Step-In Agreement.

"**Required Specification**" means:

(a)&nbsp;&nbsp;&nbsp;&nbsp;in respect of each A320neo Aircraft, a maximum takeoff weight of [\*\*\*] tonnes and with [\*\*\*] installed thereon; and

(b)&nbsp;&nbsp;&nbsp;&nbsp;in respect of the A321neo Aircraft, a maximum takeoff weight of [\*\*\*] tonnes with [\*\*\*] installed thereon.

"**Reserve Requirement**" means, for any Loan Certificate, the average maximum rate at which reserves (including, without limitation, any marginal, supplemental or emergency reserves) are required to be maintained during the Interest Period in respect of such Loan Certificate under Regulation D by member banks of the Federal Reserve System in New York City with deposits exceeding one billion Dollars against "Eurocurrency liabilities" (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve Requirement includes any other reserves required to be maintained by such member banks by reason of any Regulatory Change with respect to (i) any category of liabilities that includes deposits by reference to which Term SOFR is to be determined or (ii) any category of extensions of credit or other assets that includes the Loan Certificates.

"**Resolution Authority**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Restatement Date**" means March 11, 2026.

"**Restricted Account**" has the meaning specified in Clause 2.7 of the Credit Agreement.

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"**Restricted Account Rate**" means, for any Interest Period, a rate per annum equal to [\*\*\*] Term SOFR for such Interest Period plus[\*\*\*]

"**Restricted Funds**" has the meaning specified in Clause 2.7 of the Credit Agreement.

"**Sanctioned Jurisdiction**" means any country or territory that is the subject of comprehensive Sanctions broadly restricting or prohibiting dealings with, in or involving such country or territory (currently, Iran, Cuba, Syria, North Korea and the Crimea, Donetsk and Luhansk regions of Ukraine).

"**Sanctioned Person**" means any individual or entity (a) identified on a Sanctions List, (b) organized, domiciled or resident in a Sanctioned Jurisdiction, or (c) otherwise the target of Sanctions (target of Sanctions signifying a person with whom a U.S., UK or EU person would be prohibited or restricted by law from engaging in trade, business or other activities, including by reason of ownership or control by one or more individuals or entities described in clauses (a) or (b)).

"**Sanctions**" means any economic or financial sanctions or trade embargoes imposed, administered or enforced by (a) the U.S. (including OFAC, the U.S. Department of Commerce and U.S. Department of State), (b) the United Nations Security Council, (c) the European Union (and each of its member states insofar as any Sanctions administered by the European Union require implementation or enforcement thereof by such member state), (d) the United Kingdom (including His Majesty's Treasury), or (e) any other Governmental Authority having jurisdiction over the Borrower, the Administrative Agent or the Lenders.

"**Sanctions List**" means any list of designated individuals or entities that are the subject of Sanctions, including (a) the Specially Designated Nationals and Blocked Persons List maintained by OFAC, the Entity List maintained by the U.S. Department of Commerce, or any other similar publicly available list of any U.S. Governmental Authority to implement sanctions programs, (b) the Consolidated United Nations Security Council Sanctions List, (c) the consolidated list of persons, groups and entities subject to European Union financial sanctions maintained by the European Union or any of its member states insofar as any Sanctions administered by the European Union require implementation or enforcement thereof by such member state (d) the Consolidated List of Financial Sanctions Targets in the United Kingdom maintained by His Majesty's Treasury and (e) any other similar publicly available list of any applicable Governmental Authority having jurisdiction over the Borrower, the Administrative Agent or the Lenders to implement sanctions programs.

"**Scheduled Delivery Date**" means, for each Assigned Aircraft, the expected Delivery Date of such Assigned Aircraft as notified by Airbus to the Borrower.

"**Scheduled Delivery Month**" means, in respect of an Assigned Aircraft, the month which corresponds to such Assigned Aircraft in the column entitled "Scheduled Delivery Month" in the table set out in the Aircraft Schedule or the Assigned Aircraft Schedule.

"**SCN**" means a "Specification Change Notice" as defined in the Airbus Purchase Agreement.

"**Second A&R Engine Agreement**" shall have the meaning given to it in the definition of Engine Agreement.

"**Secured Obligations**" means any and all moneys, liabilities and obligations which are now or at any time hereafter may be expressed to be due, owing or payable by the Borrower, the Parent and each Guarantor to the Lenders and/or any Agent in any currency, actually or contingently,

\|US-DOCS\168361378.3\|\|

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with another or others, as principal or surety, on any account whatsoever under any Operative Document or as a consequence of any breach, non-performance, disclaimer or repudiation by the Borrower, any Guarantor or the Parent (or by a liquidator, receiver, administrative receiver, administrator, or any similar officer in respect of any of them) of any of their obligations to the Lenders and/or any Agent under any Operative Document.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Securities Liability**" has the meaning specified in Clause 8.1(d) of the Credit Agreement.

"**Security Trustee**" means Bank of Utah, not in its individual capacity but solely as Security Trustee on behalf of the Administrative Agent and the Lenders under the Credit Agreement, and any successor thereto in such capacity.

"**Security Trustee Fee Letter**" means the Bank of Utah fee letter dated on or about the Effective Date by the Security Trustee.

"**Servicing Agreement**" means the Servicing Agreement dated as of the Effective Date, between the Borrower and Frontier Airlines.

"**Share Charge**" means the Share Charge dated as of the Effective Date, among the Parent and the Security Trustee, as confirmed pursuant to each Deed of Confirmation.

"**SOFR**" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**SOFR Loan**" means a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of "ABR".

"**Specified Amendments**" means an amendment to each Lease Agreement, in form and substance acceptable to the Initial Lender, which adds a cross-default to the Credit Agreement as an "Event of Default" thereunder.

"**Step-In Agreement**" means the Step-In Agreement, dated as of September 26, 2024, among Frontier Group Holdings, as Guarantor, Frontier Airlines, as Original Buyer, the Borrower, as Buyer, the Lender, as Financier and Airbus, as amended by the Amendment to Step-In Agreement, dated as of March 11, 2026 (the "**Amendment to Step-In Agreement**"), as may be further amended, restated, supplemented or otherwise modified from time to time.

"**Step-In Event**" has the meaning given to it in the Step-In Agreement.

"**Subordinated Loan Agreement**" means the Subordinated Loan Agreement, dated as of the Effective Date, between Frontier Airlines and the Borrower and the Subordinated Promissory Note dated the Effective Date, issued by the Borrower thereunder.

"**Substituted Aircraft**" has the meaning specified in Clause 2.5 of the Credit Agreement.

"**Substitution Requirement**" means that, prior to the Scheduled Delivery Date for any Aircraft, (i) the Borrower had provided Administrative Agent and each Lender not less than [\*\*\*] prior

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written notice, which shall be in substantially the form of Notice of Aircraft Schedule Amendment attached hereto as Exhibit G, that it intends to substitute an Aircraft on the Aircraft Schedule effective upon the Delivery Date of such Aircraft (or such earlier date as may be specified by the Borrower) with an aircraft on the Assigned Aircraft Schedule, pursuant to Clause 2.5 of the Credit Agreement, (ii) the Borrower has identified one or more Substituted Aircraft and provided to the Administrative Agent and each Lender with an updated Aircraft Schedule, (iii) the Borrower has provided written notice to Airbus regarding the Substituted Aircraft becoming a "Relevant Aircraft" under the Step-In Agreement, and (iv) the Borrower has provided written notice to each Engine Manufacturer regarding the Substituted Airraft becoming a "Subject Aircraft" (or such other applicable defined term) under the relevant Engine Agreement, together with an updated Exhibit 1 (or such other applicable exhibit or schedule) to the relevant Engine Agreement.

"**Supported QFC**" has the meaning specified in Clause 23 of the Credit Agreement.

"**Tax**" or "**Taxes**" means any and all present or future fees (including, without limitation, license, documentation and registration fees), taxes (including, without limitation, income, gross receipts, sales, rental, use, turnover, value added, property (tangible and intangible), excise and stamp taxes), licenses, levies, imposts, duties, recording charges or fees, charges, assessments, or withholdings of any nature whatsoever imposed by any Governmental Entity, together with any assessments, penalties, fines, additions to tax and interest thereon.

"**Term SOFR**" means for any calculation with respect to a SOFR Loan and with respect to any Interest Period, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is [\*\*\*] U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of [\*\*\*] on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then the Screen Rate will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than [\*\*\*] U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.

"**Transferee**" means any person to whom the Collateral or any of it is transferred in accordance with the terms of the Credit Agreement, the Mortgage or the Step-In Agreement.

"**Trust**" means the trust constituted by the Declaration of Trust designated as the Vertical Horizons JSA Limited Trust.

"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

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"**U.S. Person**" means a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"**U.S. Special Resolution Regimes**" has the meaning specified in Clause 23 of the Credit Agreement.

"**U.S. Tax Compliance Certificate**" has the meaning specified in Clause 5.3(d)(ii)(C).

"**UK Financial Institution**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**UK Resolution Authority**" has the meaning specified in Clause 22.3 of the Credit Agreement.

"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Unrestricted Cash and Cash Equivalents**" means at any date in respect of Frontier Group Holdings, the sum of (a) the undrawn portion available under any revolving, or similar credit facilities that have a maturity of one (1) year or more from such date, and (b) the cash and cash equivalents (in each case, as such terms are defined by GAAP) of Frontier Group Holdings on a consolidated basis, that may be in each case (i) classified as "unrestricted" in accordance with GAAP on the consolidated balance sheets of Frontier Group Holdings or (ii) classified in accordance with GAAP as "restricted" on the consolidated balance sheets of the Guarantor solely in favor of the Security Trustee and the Lenders, provided that if Frontier Group Holdings agrees to any more onerous definition pursuant to any financial covenant in any agreement to which it is a party, this definition shall be deemed to be deleted and replaced with such other definition.

"**VAT**" means a consumption tax, value added tax, goods and services tax or similar tax, however it may be described.

"**Wind Down Notice**" has the meaning specified in Clause 3.5 of the Credit Agreement.

"**Wind Down Period**" means the period commencing on the Original Maturity Date and ending on the date that is [\*\*\*] after the Original Maturity Date.

"**Write-Down and Conversion Powers**" has the meaning specified in Clause 22.3 of the Credit Agreement.

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## Exhibit 10.1

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| | |
|:---|:---|
| ![image_1.jpg](image_1.jpg) | CLIFFORD CHANCE US LLP<br>**Exhibit 10.1(b) †^** |
| <br>[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. | <br>[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. |

---

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| |
|:---|
| DATED AS OF MARCH 11, 2026 |
| VERTICAL HORIZONS, LTD.,<br>AS BORROWER<br>EACH LENDER<br>IDENTIFIED ON THE SIGNATURE PAGE HERETO<br>AS LENDERS<br>BANK OF UTAH, <br>AS FACILITY AGENT<br>BANK OF UTAH,<br>NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY<br>AS SECURITY TRUSTEE |
| AMENDMENT NO. 1 TO ELEVENTH AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF DECEMBER 24, 2025<br>IN RESPECT OF THE PDP FINANCING OF <br>TEN (10) AIRBUS A320NEO AIRCRAFT AND THIRTY-TWO (32) AIRBUS A321NEO AIRCRAFT  |

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**TABLE CONTENTS**

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| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Certain Definitions | 1 |
| 2. | Amendments | 1 |
| 3. | Conditions Precedent | 2 |
| 4. | Reference to and Effect on the Credit Agreement | 2 |
| 5. | Miscellaneous | 2 |

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Schedule III &nbsp;&nbsp;&nbsp;&nbsp;Advances

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**THIS AMENDMENT NO. 1 TO ELEVENTH AMENDED AND RESTATED CREDIT AGREEMENT** dated as of March 11, 2026 (this "**Amendment**") is among

(1)**VERTICAL HORIZONS, LTD**., an exempted company incorporated with limited liability pursuant to the laws of the Cayman Islands (the "**Borrower**");

(2)**EACH LENDER IDENTIFIED ON THE SIGNATURE PAGE HERETO**;

(3)**BANK OF UTAH**, as the Facility Agent acting on behalf of the Lenders; and

(4)**BANK OF UTAH**, not in its individual capacity but solely as Security Trustee acting on behalf of the Facility Agent and the Lenders.

**WHEREAS**, certain parties hereto entered into the eleventh amended and restated credit agreement dated as of December 24, 2025 (as amended, supplemented and otherwise modified from time to time, the "**Credit Agreement**"), among the Borrower, each Lender identified on Schedule I thereto, the Facility Agent and the Security Trustee, pursuant to which the Lenders made Loans available with respect to the Aircraft;

**WHEREAS**, the parties hereto now wish to amend the Credit Agreement as more particularly set forth herein; and

**NOW**, **THEREFORE**, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

1.**CERTAIN DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Except as otherwise defined in this Amendment, terms used herein in capitalized form shall have the meanings attributed thereto in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Unless the context otherwise requires, any reference herein to any of the Operative Documents refers to such document as it may be modified, amended or supplemented from time to time in accordance with its terms and the terms of each other agreement restricting the modification, amendment or supplement thereof.

2.**AMENDMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1As of the date on which all of the conditions precedent listed in Clause 3 are either satisfied or waived in writing by the Facility Agent (hereinafter referred to as, the "**Effective Date**") the Credit Agreement shall be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1Schedule III of the Credit Agreement is hereby deleted in its entirety and replaced in the form of Schedule III attached hereto.

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3.**CONDITIONS PRECEDENT**

It is agreed that the effectiveness of this Amendment is subject to the fulfillment of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1this Amendment shall have been duly authorized, executed and delivered by the parties hereto, shall each be satisfactory in form and substance to the Facility Agent and shall be in full force and effect and executed counterparts shall have been delivered to the Facility Agent and its counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3each Guarantee shall be in full force and effect after giving effect to this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4the Loans have not become due and payable or will, with the passing of time, become due and payable pursuant to clause 5.9(c), (d), or (e) of the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5the Borrower hereby confirms that the representations and warranties of the Borrower in Clause 7 of the Credit Agreement are true and accurate on the date hereof as though made on the date hereof except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date).

4.**REALLOCATION**

On the Effective Date the aggregate outstanding principal amount of the Loan shall be deemed to have been repaid and reborrowed such that the outstanding principal amount of the Loan reflects the amounts allocated to each Aircraft as set forth in Schedule III attached hereto.

5.**REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT**

The Credit Agreement, as specifically amended by this Amendment, shall continue to be in full force and effect. This Amendment shall not constitute an amendment or waiver of any other provision of the Credit Agreement or the other Operative Documents not expressly referred to herein.

6.**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1This Amendment shall in all respects be governed by, and construed in accordance with, the law of the State of New York whether in contract, tort or otherwise and whether at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail (PDF) or telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. A party's electronic signature (complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) shall have the same validity and effect as a signature affixed by the party's hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3The provisions of the Credit Agreement with respect to delivery of notices, jurisdiction, service of process, waiver of trial by jury, venue and inconvenient forum are incorporated in this Amendment by reference as if such provisions were set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4This Amendment shall be deemed an "Operative Document" as such term is defined in Annex A to the Credit Agreement.

[signature pages follow]

24016495238-v4 - 3 - 80-40605773

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**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

&nbsp;&nbsp;&nbsp;&nbsp;**BORROWER**<br>**VERTICAL HORIZONS, LTD.**, Borrower<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ellen Christian</u><br>Name: &nbsp;&nbsp;&nbsp;&nbsp;Ellen Christian<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Director <br>

Amendment No. 1 to Eleventh Amended and Restated Credit Agreement (Citi/Frontier PDP)

------

&nbsp;&nbsp;&nbsp;&nbsp;**SECURITY TRUSTEE**<br>**BANK OF UTAH**, not in its individual capacity but solely as Security Trustee<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jon Croasmun</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Jon Croasmun<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President <br>

Amendment No. 1 to Eleventh Amended and Restated Credit Agreement (Citi/Frontier PDP)

------

&nbsp;&nbsp;&nbsp;&nbsp;**FACILITY AGENT**<br>**BANK OF UTAH**, as Facility Agent<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jon Croasmun</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Jon Croasmun<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President <br>

Amendment No. 1 to Eleventh Amended and Restated Credit Agreement (Citi/Frontier PDP)

------

&nbsp;&nbsp;&nbsp;&nbsp;**NATIXIS, NEW YORK BRANCH**, as a Lender<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Scott Dunlop</u><br>Name: Scott Dunlop<br>Title: Executive Director <br>By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Mark A Kirk</u> <br>Name: Mark A Kirk<br>Title: Director<br>

Amendment No. 1 to Eleventh Amended and Restated Credit Agreement (Citi/Frontier PDP)

------

&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby acknowledges and agrees that notwithstanding the amendments contemplated by this Amendment, each Guarantee shall remain in full force and effect and shall be a guarantee of the Borrower's obligations as amended by this Amendment.<br><u>Acknowledged and agreed</u>:<br>**GUARANTORS**<br>**FRONTIER AIRLINES HOLDINGS, INC.**, as a Guarantor<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Howard Diamond</u><br>Name: Howard Diamond<br>Title: EVP, Legal and Corporate Affairs <br>**FRONTIER AIRLINES, INC.**, as a Guarantor<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Howard Diamond</u><br>Name: Howard Diamond<br>Title: EVP, Legal and Corporate Affairs <br>**FRONTIER GROUP HOLDINGS, INC.**, as a Guarantor<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Howard Diamond</u><br>Name: Howard Diamond<br>Title: EVP, Legal and Corporate Affairs <br>

Amendment No. 1 to Eleventh Amended and Restated Credit Agreement (Citi/Frontier PDP)

------

**SCHEDULE III**

**ADVANCES**

[\*\*\*]

## Exhibit 10.1

**Exhibit 10.1(c)†^**

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

**<u>11 March</u> 2026**

**AMENDMENT TO STEP-IN AGREEMENT**

**Vertical Horizons, Ltd.**

as Buyer

**Bank of Utah**

**not in its individual capacity but solely as security trustee**

as Security Trustee

**Airbus S.A.S.**

as Airbus

Pre-Delivery Payment Financing

Aircraft Purchase Agreement dated 30 September 2011

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**THIS AMENDMENT AGREEMENT** (this "**Agreement**") is made as a deed on <u>11 March</u> 2026

**BETWEEN**

(1)**VERTICAL HORIZONS, LTD.**, an exempted company incorporated with limited liability under the laws of the Cayman Islands whose registered address and principal place of business is at the offices of Intertrust SPV (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands (the "**Buyer**");

(2)**BANK OF UTAH**, not in its individual capacity but solely as security trustee for the Facility Agent and the Lenders (the "**Security Trustee**"); and

(3)**AIRBUS S.A.S.**, registered in France and having its registered office at 2 rond-point Emile Dewoitine, 31700 Blagnac, France ("**Airbus**"),

(each a "**Party**", and together, the "**Parties**").

**RECITALS**

(A)In connection with the pre-delivery payment financing of certain aircraft, the Parties entered into an amended and restated step-in agreement dated 24 December 2025 (the "**Step-In Agreement**").

(B)In connection with an assignment, re-assignment and amendment agreement dated on or about the date hereof and made between Frontier, the Buyer and Airbus, the Parties wish to amend the Step-In Agreement in accordance with the terms and conditions of this Agreement.

**IT IS AGREED AS FOLLOWS:**

**1. INTERPRETATION**

1.1In this Agreement (including the recitals), unless the context otherwise requires, (i) capitalised words and expressions shall have the respective meanings ascribed to them in the Step-In Agreement and (ii) the following terms shall have the meaning set forth below:

**Assigned Aircraft** means the Aircraft bearing [\*\*\*].

**Re-Assigned Aircraft** means the Aircraft bearing [\*\*\*].

**Rescheduled Aircraft** means the Aircraft bearing [\*\*\*].

1.2The provisions of clause 1.2 of the Step-In Agreement shall apply to this Agreement as if set out herein in full, *mutatis mutandis*.

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

1.3Each Party hereby agrees that each document executed by it and any document appended to any such document is amended in accordance with this Agreement and that all of those documents shall be construed accordingly.

**2. Amendment to the Step-In Agreement**

2.1The following definitions in clause 1.1 of the Step-In Agreement shall be amended and restated as follows:

"**A320neo Airframes** means, as the context requires, all or any of the [\*\*\*] Airbus A320neo aircraft which are the subject of this Agreement and bearing CAC-IDs [\*\*\*] together with all Parts incorporated in, installed on or attached to such airframes on the respective Delivery Dates of such airframes.

**A321neo Airframe** means as the context requires, all or any of the [\*\*\*] Airbus A321neo aircraft which is the subject of this Agreement and bearing CAC-IDs [\*\*\*] together with all Parts incorporated in, installed on or attached to such airframe on its Delivery Date."

2.2A new clause 8.7 shall be added to the Step-In Agreement and shall read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3"For the purposes of this Agreement (including in relation to the definition of the terms [\*\*\*] where there [\*\*\*], Schedule 1 shall prevail. The foregoing is an agreement between Airbus and each of the other Parties for the purposes of this Agreement, and shall not prejudice any other agreements or arrangements among such other Parties (whether under the PDP Loan Agreement or otherwise)."

2.4All tables in schedule 1 (Pre-Delivery Payments, Scheduled Delivery Months) to the Step-In Agreement shall be amended and restated as quoted in Schedule 1 hereto.

**3. Amendment to the form of Replacement Purchase Agreement**

3.1The table in clause 9.1.1 of schedule 3 (Form of Replacement Purchase Agreement) to the Step-In Agreement shall be amended and restated as quoted in Schedule 2 hereto.

3.2The tables in exhibit D (Pre-Delivery Payment) of schedule 3 (Form of Replacement Purchase Agreement) to the Step-In Agreement shall be amended and restated as quoted in Schedule 3 hereto.

**4. MISCELLANEOUS**

4.1Each party repeats on the date hereof the representations and warranties made by it under clause 2 (*Representations and Warranties*) of the Step-In Agreement, provided that any references therein to any other capitalized terms shall be to such terms as amended from time to time.

4.2This Agreement shall be governed by English law. Clauses 14 (*Confidentiality*), 17 (*Further Assurance*), 20 (*Counterparts*), 22 (*Governing Law and Jurisdiction*) and 24

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

*(Limited Recourse)* of the Step-In Agreement shall apply to this Agreement *mutatis mutandis*.

**IN WITNESS** whereof each of the Parties has executed this Agreement as a deed the day and year first before written.

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**<u>SCHEDULE 1</u>**

*(Tables in respect of the Assigned Aircraft and the Rescheduled Aircraft to be added to schedule 1 (Pre-Delivery Payments, Scheduled Delivery Months) to the Step-In Agreement)*

*QUOTE*

[\*\*\*]

*UNQUOTE*

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**<u>SCHEDULE 2</u>**

*(Details of the Assigned Aircraft and the Rescheduled Aircraft to be reflected in the table in clause 9.1.1 of schedule 4 (Form of Replacement Purchase Agreement) to the Step-In Agreement)*

*QUOTE*

[\*\*\*]

*UNQUOTE*

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**<u>SCHEDULE 3</u>**

*(Tables in respect of the Assigned Aircraft and the Rescheduled Aircraft to be added into exhibit D (Pre-Delivery Payments) of schedule 4 (Form of Replacement Purchase Agreement) to the Step-In Agreement)*

*QUOTE*

[\*\*\*]

*UNQUOTE*

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**Execution Page – Buyer**

**Amendment to Step-In Agreement**

---

| | |
|:---|:---|
| Executed as a deed by <br>**Vertical Horizons, Ltd.**<br>and signed by Ellen Christian<br>Its Director <br>being a person/persons who in accordance with the laws of the Cayman Islands is/are acting under the authority of the company <br>in the presence of: | &nbsp;&nbsp;&nbsp;&nbsp;)))&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ellen Christian&nbsp;&nbsp;&nbsp;&nbsp;</u>))))) |
| Name: Kriste Rankin<br>Address:<br>One Nexus Way, Camana Bay,<br>Grand Cayman KY1-9005<br>Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>/s/ Kriste Rankin&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**Execution Page – Security Trustee**

**Amendment to Step-In Agreement**

---

| | |
|:---|:---|
| Executed as a deed by <br>**Bank of Utah, not in its individual capacity but solely as Security Trustee** <br>and signed by Jon Croasmun<br>its Senior Vice President <br>being a person/persons who in accordance with the laws of the State of Utah is/are acting under the authority of the company <br>in the presence of: | &nbsp;&nbsp;&nbsp;&nbsp;)))))&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jon Croasmun&nbsp;&nbsp;&nbsp;&nbsp;</u>)&nbsp;&nbsp;&nbsp;&nbsp;Jon Croasmun, Senior Vice President ))))) |
| Name: Christina Craven<br>Address: 50 S. 200 E., Ste. 110, SLC, UT 84111 | &nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>/s/ Christina Craven&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

------

**Execution Page – Airbus**

**Amendment to Step-In Agreement**

---

| | |
|:---|:---|
| Executed as a deed by <br>**Airbus S.A.S.**<br>and signed by Paul Meijers <br>its Executive Vice President Commercial Transactions <br>being a person/persons who in accordance with the laws of France is/are acting under the authority of the company<br>in the presence of: | &nbsp;&nbsp;&nbsp;&nbsp;)))&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Paul Meijers&nbsp;&nbsp;&nbsp;&nbsp;</u>))))) |
| Name: Denailly N. Laure <br>Address: 2 Rond-Point Emile Dewoitine, 31700 Blagnac France | &nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>/s/ Denailly N. Laure&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

*Amendment to Step-In Agreement*

*Vertical Horizons / Bank of Utah / Airbus – PDP Financing*

## Exhibit 10.1

**Exhibit 10.1(d)†^**

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

**<u>11 March</u> 2026**

**AMENDMENT TO STEP-IN AGREEMENT**

**Frontier Group Holdings, Inc.**

as Guarantor

**Frontier Airlines, Inc.**

as Original Buyer

**Vertical Horizons JSA Limited**

as Buyer

**JSA International U.S. Holdings, LLC**

as Financier

**Airbus S.A.S.**

as Airbus

Pre-Delivery Payment Financing

Aircraft Purchase Agreement dated 30 September 2011

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**THIS AMENDMENT AGREEMENT** (this "**Agreement**") is made as a deed on <u>11 March</u> 2026

**BETWEEN**

(1) &nbsp;&nbsp;&nbsp;&nbsp;**Frontier Group Holdings, Inc.**, a company incorporated and existing under the laws of the State of Delaware, United States of America having its principal office located at 4545 Airport Way, Denver, Colorado 80239, United States of America (the **Guarantor**);

(2) &nbsp;&nbsp;&nbsp;&nbsp;**Frontier Airlines, Inc.**, a company incorporated and existing under the laws of the State of Colorado, United States of America having its principal office located at 4545 Airport Way, Denver, Colorado 80239, United States of America (the **Original Buyer**);

(3)&nbsp;&nbsp;&nbsp;&nbsp;**Vertical Horizons JSA Limited**, an exempted company incorporated with limited liability and existing under the laws of the Cayman Islands with company registration number 412253 and with its registered office at the offices of Walkers Fiduciary Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands (the **Buyer**);

(4)&nbsp;&nbsp;&nbsp;&nbsp;**JSA International U.S. Holdings, LLC**, a limited liability company organized and existing under the laws of the State of Delaware having its principal office located at 909 Montgomery Street, Suite 500, San Francisco, California 94133, United States of America (the **Financier**); and

(5) &nbsp;&nbsp;&nbsp;&nbsp;**Airbus S.A.S.**, a French *société par actions simplifiée* with its registered office at 2, rond-point Emile Dewoitine, 31700 Blagnac, France (**Airbus**)

(each a **Party**, and together, the **Parties**).

**RECITALS**

(A)For the purpose of financing the pre-delivery payments relating to certain aircraft ordered by the Original Buyer from Airbus, the Parties entered into a step-in agreement dated 26 September 2024 (as amended and supplemented from time to time, the "**Step-In Agreement**").

(B)The Parties wish to amend the Step-In Agreement pursuant to the terms hereof.

**IT IS AGREED AS FOLLOWS:**

**1. INTERPRETATION**

1.1In this Agreement (including the recitals), unless the context otherwise requires, (i) capitalised words and expressions shall have the respective meanings ascribed to

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

them in the Step-In Agreement and (ii) the following terms shall have the meaning set forth below:

**2026 Purchase Documents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an amendment agreement dated of even date herewith and made between Airbus and the Financier in relation to the Replacement Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)an assignment and amendment agreement dated of even date herewith and made between the Original Buyer, the Buyer and Airbus in relation to the Purchase Agreement and the Assigned Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the guarantor confirmation dated of even date herewith and issued by the Guarantor in relation to the Airbus Buyer Guarantee.

1.2The provisions of clause 1.2 of the Step-In Agreement shall apply to this Agreement as if set out herein in full, *mutatis mutandis*.

1.3Each Party hereby agrees that each document executed by it and any document appended to any such document is amended in accordance with this Agreement and that all of those documents shall be construed accordingly.

**2. Amendment**

2.1In clause 1.1 of the Step-In Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)the definition of "***Purchase Documents***" shall additionally include the 2026 Purchase Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)for the avoidance of doubt, the definitions of "***Assigned Purchase Agreement***" and "***Airbus Buyer Guarantee***" shall be construed as such document as amended, supplemented and confirmed on or about the date hereof (without limiting the operation of clause 1.2(b) of the Step-In Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)references to "*date of this Agreement*" in the definitions of "***Original Scheduled Delivery Period***", "***Scheduled Delivery Month***" and "***Scheduled Delivery Quarter***" shall be to the date hereof.

2.2A new clause 8.8 shall be added to the Step-In Agreement and shall read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3"For the purposes of this Agreement (including in relation to the definition of the terms [\*\*\*] where there [\*\*\*], the Aircraft Schedule shall prevail. The foregoing is an agreement between Airbus and each of the other Parties for the purposes of this Agreement, and shall not prejudice any other agreements or arrangements among such other Parties (whether under the Loan Documents or otherwise)."

2.4Schedule 3 (*Aircraft Schedule*) to the Step-In Agreement shall be entirely restated as quote in Appendix 1 hereto. References to "*On or before the date of this Agreement*" in Part B of such Schedule 3 shall be to: On or before the date of this Agreement.

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

2.5Schedule 7 (*Financed and Non-Financed Aircraft*) to the Step-In Agreement shall be entirely restated as quoted in Appendix 2 hereto.

**3. Miscellaneous**

3.1Each party repeats on the date hereof the representations and warranties made by it under Schedule 1 (*Representations and Warranties*) of the Step-In Agreement, provided that any references therein to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)"*Agreement*" shall be to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)"*Relevant Document(s)*" shall be additionally to the 2026 Purchase Document(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)"*Purchase Document(s)*" shall be additionally to the 2026 Purchase Document(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)any document shall be to such document as amended and supplemented from time to time, including on or about the date hereof.

3.2This Agreement shall be governed by English law.

3.3Clauses 15 (*Confidential Information*), 19 (*Further Assurance*), 20 (*Costs and Expenses*), 21 (*Third Party Rights*), 22 (*Counterparts*) and 24 (*Governing Law and Jurisdiction*) of the Step-In Agreement shall apply to this Agreement *mutatis mutandis*.

**IN WITNESS** whereof each of the Parties has executed this Agreement as a deed the day and year first before written.

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**<u>Appendix 1</u>**

*(Restated Schedule 3 (Aircraft Schedule) to the Step-In Agreement)*

*QUOTE*

**[\*\*\*]**

*UNQUOTE*

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**<u>Appendix 2</u>**

*(Restated Schedule 7 (Financed and Non-Financed Aircraft) to the Step-In Agreement)*

*QUOTE*

**1. Aircraft**

The Parties hereby agree and confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[\*\*\*] Airbus aircraft (being the "Aircraft" for the purposes of this Agreement) will be transferred from the Purchase Agreement to the Assigned Purchase Agreement, subject to the occurrence of the Effective Time (as that term is defined in the Assignment Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any of the Aircraft may be financed pursuant to the Loan Agreement and may become subject to the arrangements contemplated by this Agreement as a "Relevant Aircraft" **provided that**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[\*\*\*] Aircraft ([\*\*\*] Aircraft as may from time to time be agreed in writing (including by email) by Airbus, acting in its sole discretion) may at any time be subject to the arrangements contemplated by this Agreement as "Relevant Aircraft"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no Aircraft may become subject to the arrangements contemplated by this Agreement as a "Relevant Aircraft" after (x) the [\*\*\*] or (y) if Airbus receives a copy of any Loan Extension Notice and any Financier Extension Consent pursuant to paragraph 2(c)(ii) below, the [\*\*\*] (or such later date as may from time to time be agreed in writing (including by email) by Airbus, acting in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any Non-Financed Aircraft will remain subject to the Assigned Purchase Agreement until the scintilla temporis prior to Delivery of such Non-Financed Aircraft, at which time a Re-Assignment Event will occur in relation to such Non-Financed Aircraft and such Non-Financed Aircraft will become subject to the Purchase Agreement, as contemplated by Clause 9.2(e)(iii), Clause 9.3(d) and clause 2 of the Re-Assignment Agreement (subject to any earlier termination pursuant to Clause 9.2(e)(i) or Clause 9.2(e)(ii) and subject to the provisions of Clause 9.4); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Buyer will be responsible (pursuant to the Assigned Purchase Agreement and subject to the provisions of the Airbus Buyer Guarantee) for the payment to Airbus of all Pre-Delivery Payments (including Financed Pre-Delivery Payments) for each Aircraft, whether such Aircraft is a Relevant Aircraft or a Non-Financed Aircraft.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Loan Arrangements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Financier, the Original Buyer and the Buyer hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)confirms in favour of Airbus that the Aircraft to be initially financed pursuant to the Loan Agreement will be the [\*\*\*] Aircraft with rank numbers [\*\*\*] which are defined as the "Initial Aircraft" in the Assignment Agreement;

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)confirms in favour of Airbus that (x) [\*\*\*] Aircraft ([\*\*\*] Aircraft as may from time to time be agreed in writing (including by email) by Airbus, acting in its sole discretion) may at any time be financed pursuant to the Loan Agreement and (y) the Mortgage will at all times cover only the Relevant Aircraft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)agrees that, if (x) [\*\*\*] Aircraft ([\*\*\*] Aircraft as may from time to time be agreed in writing (including by email) by Airbus, acting in its sole discretion) are at any time financed pursuant to the Loan Agreement or (y) the Mortgage at any time covers a Non-Financed Aircraft, the applicable circumstances shall constitute a Financier Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Financier, the Original Buyer and the Buyer hereby undertakes in favour of Airbus that it will promptly deliver to Airbus all information that Airbus may from time to time reasonably request in the context of the transactions contemplated by the Loan Agreement so as to enable Airbus to verify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the identity of the Aircraft that are financed pursuant to the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that [\*\*\*] Aircraft ([\*\*\*] Aircraft as may from time to time be agreed in writing (including by email) by Airbus, acting in its sole discretion) are financed pursuant to the Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)that no Non-Financed Aircraft are covered by the Mortgage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each of the Financier, the Original Buyer and the Buyer hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)confirms in favour of Airbus that (x) the final repayment date for all of the loans pursuant to the Loan Agreement is currently the [\*\*\*] and (y) such final repayment date may be extended to the [\*\*\*] if (x) the Buyer delivers to the Financier a related notice (the Loan Extension Notice) on or before [\*\*\*] and (y) the Financier agrees in writing to the applicable extension request (the Financier Extension Consent) in each case pursuant to and in accordance with the provisions of the Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)undertakes in favour of Airbus that it will deliver to Airbus a copy of (x) any Loan Extension Notice and (y) any Financier Extension Consent, in each case promptly following its delivery pursuant to the Loan Agreement.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Termination of Assigned Purchase Agreement**

The Parties hereby agree and confirm that, if Airbus delivers an Airbus Termination Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Airbus will be entitled to terminate or cancel the Assigned Purchase Agreement (as it relates to any Non-Financed Aircraft) after Airbus has taken the actions specified in Clause 5.2(a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in such circumstances, the provisions of Clauses 5.2(b) to (e) inclusive will not apply.

*UNQUOTE*

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**Execution Page (1) – Guarantor**

**Amendment to Step-In Agreement**

**Executed as a deed for and on behalf of**

**Frontier Group Holdings, Inc.**

<u>/s/ Howard Diamond</u> 

Name: &nbsp;&nbsp;&nbsp;&nbsp;Howard Diamond

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVP, Legal and Corporate Affairs

**In the presence of and witnessed by**<br>

<br><u>/s/ Zachariah Roffe</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;Zachariah Roffe

Address: &nbsp;&nbsp;&nbsp;&nbsp;4545 Airport Way, Denver, CO 80239

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**Execution Page (2) – Original Buyer**

**Amendment to Step-In Agreement**

**Executed as a deed for and on behalf of**

**Frontier Airlines, Inc.**

<u>/s/ Howard Diamond</u> 

Name: &nbsp;&nbsp;&nbsp;&nbsp;Howard Diamond

Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVP, Legal and Corporate Affairs

**In the presence of and witnessed by**<br>

<br><u>/s/ Zachariah Roffe</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zachariah Roffe

Address: &nbsp;&nbsp;&nbsp;&nbsp;4545 Airport Way, Denver, CO 80239

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**Execution Page (3) – Buyer**

**Amendment to Step-In Agreement**

**Executed as a deed for and on behalf of**

**Vertical Horizons JSA Limited**

<u>/s/ Gennie Bigord</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;Gennie Bigord

Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director

**In the presence of and witnessed by**<br>

<br><u>/s/ Lucy Parchman</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;Lucy Parchman

Address: &nbsp;&nbsp;&nbsp;&nbsp;190 Elgin Avenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Town, KY1-9008, Grand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman, Cayman Islands

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

**Execution Page (4) – Financier**

**Amendment to Step-In Agreement**

**Executed as a deed for and on behalf of**

**JSA International U.S. Holdings, LLC**

<u>/s/ Sruti Prakash</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;Sruti Prakash

Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVP and General Counsel

**In the presence of and witnessed by**<br>

<br><u>/s/ Deanna Martin</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deanna Martin

Address: &nbsp;&nbsp;&nbsp;&nbsp;909 Montgomery Street, Ste. 500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA 94133 USA

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

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**Execution Page (5) – Airbus**

**Amendment to Step-In Agreement**

**Executed as a deed for and on behalf of**

**Airbus S.A.S.**

<u>/s/ Paul Meijers</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;Paul Meijers

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President Commercial Transactions

**In the presence of and witnessed by**<br>

<br><u><br>/s/ Denailly N. Laure</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denailly N. Laure

Address:&nbsp;&nbsp;&nbsp;&nbsp;2 Rond-Point Emile Dewoitine, 31700 Blagnac France

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

------

*Amendment to Step-In Agreement*

*FFT / JSA / Airbus*

## Exhibit 10.2

**Exhibit 10.2†**

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

<u>Amendment No. 20</u>

This Amendment No. 20 (this "**Amendment**") is entered into as of March 11, 2026, between Airbus S.A.S., a *société par actions simplifiée* organized and existing under the laws of France, having its registered office located at 2, Rond-Point Emile Dewoitine, 31700 Blagnac, France (the "**Seller**"), and Frontier Airlines, Inc., a corporation organized and existing under the laws of the State of Colorado, United States of America, having its principal corporate offices located at 4545 Airport Way, Denver, Colorado 80239 USA (the "**Buyer**" and, together with the Seller, the "**Parties**").

WITNESSETH

WHEREAS, the Buyer and the Seller entered into an A320 Family Aircraft Purchase Agreement dated as of September 30, 2011 (as amended, supplemented and modified from time to time prior to the date hereof, the "**Agreement**");

WHEREAS, the Buyer has requested and the Seller has agreed to defer the Scheduled Delivery Month or Scheduled Delivery Quarter of certain Aircraft as set forth in this Amendment (the "**Deferrals**"); and

WHEREAS, the Parties wish to amend certain terms of the Agreement including the delivery schedule of certain Aircraft pursuant to the terms and conditions of this Amendment;

**1.**NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE SELLER AND THE BUYER AGREE AS FOLLOWS:

Capitalized terms used herein and not otherwise defined herein will have the meanings assigned to them in the Agreement. The terms "herein," "hereof" and "hereunder" and words of similar import refer to this Amendment.

**1.&nbsp;&nbsp;&nbsp;&nbsp;DELIVERY SCHEDULE**

&nbsp;&nbsp;&nbsp;&nbsp;The parties agree the delivery schedule table set forth in Clause 9.1 of the Agreement is deleted in its entirety and replaced with the delivery schedule table attached hereto as Appendix A.

CT0905340 EXECUTION_AMD19_FFT_A320&nbsp;&nbsp;&nbsp;&nbsp; 1 <br>

*Confidential*

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**2.&nbsp;&nbsp;&nbsp;&nbsp;SELLER PRICE REVISION FORMULA**

2.1&nbsp;&nbsp;&nbsp;&nbsp;In respect of Aircraft identified in Clause 9.1 of the Agreement as Ranks 157, 162, 173 and 176 and in consideration of the Deferrals, Appendix A of Amendment No. 19 to the Agreement is hereby amended to update the table therein solely with respect to such Aircraft, as follows:

[\*\*\*]

2.2&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 6.2(b) of the Third Amended and Restated Letter Agreement No. 2, dated as of November 13, 2021, is hereby amended by (A) replacing [\*\*\*]

**3.&nbsp;&nbsp;&nbsp;&nbsp;Commercial Matters**

3.1&nbsp;&nbsp;&nbsp;&nbsp;In respect of Aircraft with a Scheduled Delivery Quarter or Scheduled Delivery Month after the year 2027, as of the date of this Amendment, Paragraph 12.2 of Amended and Restated Letter Agreement No. 7, dated December 28, 2017 is hereby deleted and replaced with the following:

"12.2 &nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

3.2&nbsp;&nbsp;&nbsp;&nbsp;In consideration of Clause 3.1 above, [\*\*\*] after the date of Amendment No. 20, [\*\*\*]

3.3&nbsp;&nbsp;&nbsp;&nbsp;In consideration of Clause 3.2 above, [\*\*\*] with a Scheduled Delivery Quarter or Scheduled Delivery Month as of the date of this Amendment No. 20 after [\*\*\*] in respect of each such Aircraft [\*\*\*].

**4.&nbsp;&nbsp;&nbsp;&nbsp;SPECIFICATION AND DELIVERY MATTERS**

4.1&nbsp;&nbsp;&nbsp;&nbsp;In respect to Aircraft identified in Clause 9.1 of the Agreement as Ranks 173, 176, 209, 230, 214, 89, 205, 232, 157, 233 and 216, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Specification has been agreed between the Buyer and Seller pursuant to the Agreement and, as of the date of this Amendment, [\*\*\*]

CT0905340 _EXECUTION_AMD20_FFT_A320 2 <br> *Confidential*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)[\*\*\*] for all purposes of the Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)[\*\*\*]

4.2&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Clause 2.4.2 of the Agreement, the Parties agree an Aircraft with a Scheduled Delivery Month in [\*\*\*], will have the [\*\*\*] installed thereon and the Buyer will execute the required SCN to incorporate the installation of such [\*\*\*], subject to the requirements of [\*\*\*] of the Agreement.

4.3&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 3.1 of Second Amended and Restated Letter Agreement No. 3, dated as of October 9, 2019, is hereby amended by deleting Paragraphs 3.1(vi) and 3.1(vii) in their entirety and replacing them with the following:

[\*\*\*]

**5.&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;This Amendment is being entered into by the Parties [\*\*\*].

**6.&nbsp;&nbsp;&nbsp;&nbsp;EFFECT OF AMENDMENT**

&nbsp;&nbsp;&nbsp;&nbsp;The Agreement will be deemed amended to the extent herein provided, and, except as specifically amended hereby, will continue in full force and effect in accordance with its previous terms. This Amendment contains the entire agreement between the Buyer and the Seller with respect to the subject matter hereof and supersedes any previous understandings, commitments, or representations whatsoever, whether oral or written, related to the subject matter of this Amendment.

Both Parties agree that this Amendment will constitute an integral, non-severable part of the Agreement and will be governed by its provisions, except that if the Agreement and this Amendment have specific provisions that are inconsistent, the specific provisions contained in this Amendment will govern.

**7.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS**

This Amendment is subject to the provisions of Clauses 21, 22.6 and 22.11 of the Agreement.

CT0905340 _EXECUTION_AMD20_FFT_A320 3 <br> *Confidential*

------

**8.&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS**

This Amendment may be signed by the Parties in counterparts, which when signed and delivered will each be an original and together constitute but one and the same instrument. Counterparts may be delivered in original, faxed or emailed form, with originals to be delivered in due course.

CT0905340 _EXECUTION_AMD20_FFT_A320 4 <br> *Confidential*

------

IN WITNESS WHEREOF, the Parties have caused this Amendment to be signed by their respective duly authorized officers or agents as of the day and year first above written.

Airbus S.A.S.

By: <u>/s/ Paul Meijers</u> 

Name: Paul Meijers

Title: Executive Vice President

Commercial Transactions

Frontier Airlines, Inc.

By: <u>/s/ Howard Diamond</u>

Name: Howard Diamond

Title: EVP, Legal and Corporate Affairs

CT0905340 EXECUTION_AMD20_FFT_A320&nbsp;&nbsp;&nbsp;&nbsp; <br>

*Confidential*

------

Appendix A to Amendment No. 20

Delivery Schedule Table

[\*\*\*]

CT0905340 EXECUTION_AMD20_FFT_A320&nbsp;&nbsp;&nbsp;&nbsp; <br>

*Confidential*

------

Appendix B to Amendment No. 20

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

<u>Form of Airframe Warranties Agreement</u>

This airframe warranties agreement (this **Agreement**) is executed on _____ __________ _____ by Airbus S.A.S., a *société par actions simplifiée* duly created and existing under French law, having its registered office at 2, rond-point Emile Dewoitine, 31700 Blagnac, France and includes its successors and assigns (the **Manufacturer**), in favour of the Relevant Parties (as defined below) from time to time.

**1. DEFINITIONS AND INTERPRETATION**

**1.1DEFINITIONS**

Capitalised words and expressions have the meanings set out in Schedule 1 (*Definitions and Interpretation*), except where the context otherwise requires.

**1.2INTERPRETATION**

Headings are to be ignored in construing this Agreement and, unless the contrary intention is stated in this Agreement or a Relevant Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1"**Manufacturer**" or any other person includes, without prejudice to the provisions of this Agreement restricting transfer or assignment, any successor and any assignee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2words importing the plural shall include the singular and *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3any document shall include that document as amended, novated, assigned or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4a Clause or a Schedule is a reference to a clause of, or a schedule to, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5any law, or to any specified provision of any law, is a reference to such law or provision as amended, substituted or re-enacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6a "**person**" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust or partnership (whether or not having separate legal personality) of two or more of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7**"including"** and similar words and terms shall not be construed as limiting and shall mean "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9technical and trade terms not otherwise defined herein shall have the meanings assigned to them as generally accepted in the aircraft manufacturing industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10references to days other than Business Days shall be construed as references to calendar days.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this Agreement includes the Schedules.

For the purpose of Schedule 2 (*Warranties*), reference to "Agreement" means this Agreement.

For the purpose of Schedule 2 (*Warranties*) only, the term "Buyer" shall be construed as if it referred to the "Entitled Party" and the term "Seller" shall be construed as if it referred to the "Manufacturer".

**2. EFFECTIVENESS**

**2.1EFFECTIVE DATE**

This Agreement takes effect from the date hereof.

**2.2AMENDMENT**

Save as expressly set out in this Agreement, the prior written consent of the Manufacturer and the Controlling Party shall be required to terminate or vary this Agreement. Any such termination or variation shall then be binding on the Manufacturer and the Relevant Parties.

**3. BENEFIT OF WARRANTIES**

**3.1GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1Pursuant to the terms of this Agreement, the Manufacturer agrees to make available to the Entitled Party (from time to time) the Warranties. The entitlement of any Entitled Party to make a claim under the Warranties shall be subject to such Entitled Party being an Eligible Person at the time of any Warranty Claim and only as specified in this Agreement or as otherwise agreed in accordance with Clause 3.2 (*Relevant Parties*) (and any agreement otherwise between any or all of the Relevant Parties and/or any other person shall have no effect and shall not bind the Manufacturer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2The terms and conditions of the Warranties shall be binding upon the Entitled Party and shall apply to all claims made in respect of the Warranties (INCLUDING THE RELEASE, WAIVER AND RENUNCIATION IN CLAUSE 1.6 OF THE WARRANTIES, EACH AND EVERY DISCLAIMER (INCLUDING THE DISCLAIMERS OF ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR PURPOSE) AND THE LIMITATIONS ON LIABILITY SET FORTH THEREIN). Only one Entitled Party shall be entitled to benefit from and to make a claim under the Warranties at any one time

**3.2RELEVANT PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1The Entitled Party on the Delivery Date shall be the Initial Entitled Party. Such person shall remain the Entitled Party unless and until a different Eligible Person is specified as the New Entitled Party in a Replacement Entitled Party Notice delivered in accordance with Clause 4.1 (*Termination of Entitled Party's Rights*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2The Controlling Party on the Delivery Date shall be the Initial Controlling Party. Such person shall remain the Controlling Party unless and until a different Eligible Person is specified as the New Controlling Party in a Replacement Controlling Party Notice delivered in accordance with Clause 4.2 (*Termination of Controlling Party's Rights*).

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3The Entitled Party and the Controlling Party may (but are not required to) be the same person.

**3.3EXECUTION BY THE MANUFACTURER OF RELEVANT NOTICES**

The Manufacturer will, as soon as practicable following receipt by it of a Relevant Notice, countersign such Relevant Notice and return it to the Controlling Party.

**4. TERMINATION OF WARRANTY RIGHTS**

**4.1TERMINATION OF ENTITLED PARTY'S RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1With immediate and automatic effect at the time of the receipt by the Manufacturer of a Replacement Entitled Party Notice (the **Relevant Time**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Outgoing Entitled Party shall cease to be the Entitled Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the New Entitled Party shall be the Entitled Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;save to the extent of any claim or right to claim against the Manufacturer, in each case which prior to the Relevant Time (A) exists and (B) has been notified in writing to the Manufacturer in accordance with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all rights of the Outgoing Entitled Party under this Agreement shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Manufacturer shall have no liability whatsoever to the Outgoing Entitled Party in any respect under this Agreement.

For the avoidance of doubt, the benefit of any other claim or right to claim against the Manufacturer shall accrue to the New Entitled Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2Without prejudice to Clause 4.1 (*Termination of Entitled Party's Rights*), a copy of a Replacement Entitled Party Notice shall be sent by the Controlling Party to the Outgoing Entitled Party for information, but the receipt or non-receipt of such copy by the Outgoing Entitled Party shall not affect the rights or obligations of any person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3For the purposes of this Clause 4.1 (*Termination of Entitled Party's Rights*), the **Outgoing Entitled Party** means the person specified as such in the relevant Replacement Entitled Party Notice (being the person who, immediately prior to service thereof, was the Entitled Party) and the **New Entitled Party** means the person specified as such in the relevant Replacement Entitled Party Notice.

**4.2TERMINATION OF CONTROLLING PARTY'S RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1With immediate and automatic effect upon the receipt by the Manufacturer of a Replacement Controlling Party Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Outgoing Controlling Party shall cease to be the Controlling Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the New Controlling Party shall be the Controlling Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all rights of the Outgoing Controlling Party under this Agreement shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Manufacturer shall have no further liability whatsoever to the Outgoing Controlling Party in any respect under this Agreement.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2Without prejudice to Clause 4.2 (*Termination of Controlling Party's Rights*), a copy of a Replacement Controlling Party Notice shall be sent by the New Controlling Party to the Entitled Party for information, but the receipt or non-receipt of such copy by the Entitled Party shall not affect the rights or obligations of any person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3For the purposes of this Clause 4.2 (*Termination of Controlling Party's Rights*), the **Outgoing Controlling Party** means the person specified as such in the relevant Replacement Controlling Party Notice (being the person who, immediately prior to service thereof, was the Controlling Party) and the **New Controlling Party** means the person specified as such in the relevant Replacement Controlling Party Notice.

**4.3OTHER WARRANTY AGREEMENTS**

This Agreement shall not interfere with or limit the terms of any separate warranty arrangements with respect to the Aircraft that the Manufacturer may, from time to time, have made with any person, provided that nothing in such arrangements shall limit the rights of any Relevant Party in respect of the Warranties unless and to the extent it has expressly agreed the same in writing with the Manufacturer.

**4.4LAPSE OF WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1The entitlement of any Relevant Party to enforce the rights under any Warranty shall automatically lapse on the date on which that Warranty expires in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2Following the date on which all Warranties have expired in accordance with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;no change to the identity of the Controlling Party or the Entitled Party may be made hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Manufacturer shall cease to be under any obligation to execute Relevant Notices pursuant to Clause 3.3 (*Execution by the Manufacturer of Relevant Notices*).

**5. MANUFACTURER LIMIT OF LIABILITY**

By execution of any Relevant Notice, each party thereto agrees that:

5.1the Manufacturer shall not incur any Liability under this Agreement by reason of the Transaction Documents, except to the extent such Liability is directly attributable to the gross negligence ("faute lourd") or wilful misconduct ("faute dolosive") of the Manufacturer;

5.2any performance by the Manufacturer that discharges its obligation in respect of any of the Warranties in favour of any Relevant Party in accordance with this Agreement will satisfy the respective interests of each Relevant Party from time to time, and nothing in this Agreement shall give rise to or impose upon the Manufacturer any several or duplicate liability with respect to such Warranties;

5.3the Manufacturer shall (i) be entitled to rely conclusively on the information contained in any Relevant Notice, without enquiring as to the accuracy and validity of such Relevant Notice or to the entitlement of the party serving such Relevant Notice to serve it, (ii) have no duty so to enquire and (iii) not be liable for acting in accordance with such Relevant Notice;

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

5.4If a Relevant Party commences or has commenced against it any bankruptcy, insolvency, reorganization, receivership, suspension of payments, dissolution, liquidation, assignment for the benefit of creditors, moratorium, or other similar court proceeding under debtor relief laws of any applicable jurisdiction (Bankruptcy Proceedings), or the Manufacturer otherwise believes in good faith that it is or could be the subject of conflicting claims or another dispute hereunder as to the relative rights and interests of the Relevant Parties, the Manufacturer shall have the right to refrain from acting in accordance with any Relevant Notice (other than the Initial Notice) received by the Manufacturer after the commencement of such Bankruptcy Proceedings, until (a) any Relevant Party provides (i) an order from a court of appropriate jurisdiction (which may be a bankruptcy court) or (ii) an assurance from the administrator, receiver, liquidator, bankruptcy trustee or other applicable insolvency officer of the Relevant Party subject to such Bankruptcy Proceedings, in either case confirming the relative rights and interests of the Relevant Parties in respect of the Warranties or (b) the Manufacturer is indemnified to its reasonable satisfaction for all Liabilities (including legal fees and expenses incurred in connection with the enforcement of such indemnity) but excluding to the extent such Liability is directly attributable to the gross negligence ("faute lourd") or wilful misconduct ("faute dolosive") of the Manufacturer) incurred or suffered by the Manufacturer regarding the relative rights and interests of the Relevant Parties in respect of the Warranties and the transfer of the benefit of such Warranties and arising out of or in relation to any such Bankruptcy Proceedings, conflicting claim or dispute. Until such order or assurance or such indemnification is obtained, the Manufacturer shall be permitted to perform hereunder to and on the instruction of the then Entitled Party designated prior to such Bankruptcy Proceedings, conflicting claim or dispute having arisen and the Manufacturer shall have no liability to any other Relevant Party in connection therewith.

5.5without limiting the foregoing, the Manufacturer may refrain from doing anything and shall not be required to take any action that, in its good faith opinion, is contrary to any applicable law or regulation, including sanctions and export control laws and regulations, may be otherwise actionable in any legal proceeding by any person or otherwise expose the Manufacturer to liability, and may do anything which, in its good faith opinion, is necessary or desirable to comply with any applicable law or regulation; and

5.6the Manufacturer shall not be deemed to have knowledge of any change in the authority of any Relevant Party to exercise the rights established under this Agreement until the Manufacturer has received written notice thereof in accordance with this Agreement.

**6. PARTIAL INVALIDITY**

If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

**7. REMEDIES AND WAIVERS**

No failure by the Manufacturer or any Relevant Party to exercise, nor any delay in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**8. NOTICES**

**8.1FORM OF COMMUNICATION**

Any notice or other communication given or to be made under this Agreement shall be in writing in the English language and shall be addressed to the recipient as set out below. In the absence of evidence of earlier receipt, any notice or other communication shall be deemed to have been duly given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1if sent by post, [\*\*\*] after posting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2if sent by email, when transmission has been confirmed by an email delivery receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.3**Any notice or other communication delivered to the Manufacturer outside [\*\*\*].

**8.2RELEVANT PARTIES' ADDRESSES**

The contact details for any Relevant Party shall be set out in a Relevant Notice or shall be such other address as such Relevant Party may notify to the Manufacturer and each other Relevant Party from time to time in writing. Only a Relevant Party shall be entitled to notify the Manufacturer of a change to its contact details, and the Manufacturer shall have no obligation to acknowledge such notice, and accordingly the provisions of Clause 5.3 of this Agreement shall apply to any such notice.

**8.3MANUFACTURER'S ADDRESS**

The contact details for the Manufacturer are as set out below as at the date of this Agreement:

Address:&nbsp;&nbsp;&nbsp;&nbsp;Airbus S.A.S.

&nbsp;&nbsp;&nbsp;&nbsp;2, rond-point Emile Dewoitine

&nbsp;&nbsp;&nbsp;&nbsp;31700 Blagnac – France

Email:&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]**

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Head of Services Contracts

The Manufacturer may amend the contact details specified above by sending written notice to the Controlling Party.

**8.4ELECTRONIC MAIL**

Any notice or other communication given or to be made under this Agreement to the Manufacturer shall also be sent by electronic mail to the following address (provided that the receipt or non-receipt of such electronic mail by the Manufacturer shall not affect the rights or obligations of any person under this Agreement): **[\*\*\*]**

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**9. BENEFIT OF AGREEMENT**

No Relevant Party may assign or otherwise transfer (in whole or in part) any rights that it may have under this Agreement or the Warranties (including any rights to proceeds of any claim in respect of the Warranties) other than pursuant to the delivery of a Relevant Notice to the Manufacturer in strict compliance with the express provisions of this Agreement and any such transfer shall only be effective as to the Manufacturer upon its receipt of the applicable Relevant Notice as provided herein. Any purported assignment or other transfer by a Relevant Party of rights hereunder or the Warranties that does not comply with the requirements of this Agreement shall be null and void and of no force or effect. No provision of this Agreement is intended to or shall confer upon any person other than the Manufacturer and the Relevant Parties from time to time any rights, remedies or other benefits hereunder.

**10. LAW AND JURISDICTION**

**10.1GOVERNING LAW**

PURSUANT TO AND IN ACCORDANCE WITH SECTION 5 1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW (OR ANY SIMILAR SUCCESSOR PROVISION), EACH OF THE MANUFACTURER AND (BY THEIR SIGNATURE OF RELEVANT NOTICE(S)) THE RELEVANT PARTIES AGREES THAT THIS AGREEMENT IN ALL RESPECTS AND ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE RELATIONSHIPS BEING ESTABLISHED HEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK AS APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS SHALL NOT APPLY.

**10.2EXCLUSIVE JURISDICTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1Pursuant to and in accordance with Section 5 1402 of the New York General Obligations Law, each of the Manufacturer and (by their signature of Relevant Notice(s)) the Relevant Parties irrevocably agrees that the United States District Court for the Southern District of New York sitting in The Borough of Manhattan and any New York state court sitting in the County of New York, New York, and all related appellate courts, shall have exclusive jurisdiction to hear and settle any suit, action, proceeding or other dispute arising out of or relating to this Agreement, including any claim or cause of action based upon or arising out of this Agreement or any dealings between the parties relating to the subject matter of this Agreement or the transactions contemplated hereby or the relationships being established hereunder and submits itself and its property to the jurisdiction of the foregoing courts with respect to such suit, action, proceeding or other dispute, hereby waiving any other jurisdictions which may be available thereto by reason of domicile or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2Each of the Manufacturer and (by their signature of Relevant Notice(s)) the Relevant Parties:

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Appendix B to Amendment No. 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;waives to the fullest extent permitted by law any objection which it may now or hereafter have to the courts referred to in Clause 10.2.1 (*Exclusive Jurisdiction*) on grounds of inconvenient forum or otherwise as regards suits, actions, proceedings or other disputes in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;waives to the fullest extent permitted by law any objection which it may now or hereafter have to the laying of venue of any suit, action, proceeding or other dispute arising out of or relating to this Agreement brought in the courts referred to in Clause 10.2.1 (*Exclusive Jurisdiction*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;agrees that a judgment or order of any court referred to in Clause 10.2.1 (*Exclusive Jurisdiction*) in connection with this Agreement is conclusive and binding on it and may be enforced against it in the courts of any other jurisdiction as if made by the highest court in that other jurisdiction and accordingly will not seek to, nor be entitled to, contest and/or delay and/or obstruct registration or enforcement of any such judgment and/or award and/or order on grounds of public policy or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3Waiver of Jury Trial**

EACH OF THE MANUFACTURER AND (BY THEIR SIGNATURE OF RELEVANT NOTICE(S)) THE RELEVANT PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TO A JURY TRIAL IN RESPECT OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THE RELATIONSHIP BEING ESTABLISHED HEREUNDER. EACH RELEVANT PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH ITS LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS CLAUSE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

**10.3SERVICE OF PROCESS**

In addition, each of the Manufacturer and (by their signature of Relevant Notice(s)) the Relevant Parties agrees that any and all process and other documents commencing or relating to any suit, action, proceeding or other dispute may be served by prepaid mailing by air mail, certified or registered mail, or by personal delivery (including by Federal Express, DHL, UPS or other air courier service), at its address for notice provided for in Clause 8 (*Notices*) above. These documents may, however, also be served on it anywhere in the world and in any other manner, in each case to the extent permitted by law.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**SCHEDULE 1**

**DEFINITIONS AND INTERPRETATION**

**PART A - SPECIFIC DEFINITIONS**

**Airframe** means the _____ aircraft with manufacturer's serial number _____ (excluding the Propulsion Systems installed thereon) together with all parts incorporated in, installed on or attached to such airframe on the Delivery Date.

**Buyer** means _____, being the person named as "Buyer" in the bill of sale in respect of the Aircraft issued by the Manufacturer on the Delivery Date.

**Initial Controlling Party** means _____ (as security trustee for certain other parties pursuant to certain transaction documents relating to the financing of the Aircraft).

**Initial Entitled Party** means _____.

**PART B - GENERAL DEFINITIONS**

**Affiliate** means, with respect to any natural or legal person, another natural or legal person directly or indirectly Controlling, Controlled by or under common Control with such person.

**Airbus Software** means each of the Manufacturer's proprietary software including any combination of databases, software or data, configurations, processes and rules and in each case together with any related documentation (excluding any software embedded in any component, furnishing or equipment installed on the Aircraft and itself bearing a part number).

**AirbusWorld** means the Manufacturer's customer portal.

**Aircraft** means, collectively, the Airframe and the Propulsion Systems installed thereon.

**Aircraft Purchase Agreement** means the purchase agreement pursuant to which, *inter alia*, the Manufacturer has agreed to sell the Aircraft.

**Aviation Authorities** means when used in respect of any jurisdiction the government entity which, under the laws of such jurisdiction, has control over civil aviation or the registration, airworthiness or operation of aircraft in such jurisdiction.

**Bankruptcy Proceedings** has the meaning given to that term in Clause 5.4 (*Manufacturer Limit of Liability*).

**Beyond Economic Repair** has the meaning set out in Clause 1.1.7.3 of Schedule 2 (*Warranties*).

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Appendix B to Amendment No. 20

**BFE Supplier** means a supplier of Buyer Furnished Equipment.

**Business Day** means a day (other than a Saturday or Sunday) on which banks are open for general business in Toulouse, France.

**Buyer Furnished Equipment** means the buyer furnished equipment identified in the Specification as supplied by or on behalf of the Buyer in respect of the Aircraft on or prior to the Delivery Date.

**Buyer's Goods and Services Account** means the Buyer's account with the Manufacturer for the purchase of Goods and Services.

**Buyer Manhours** means the manhours specified in the relevant Manufacturer documentation (excluding any manhours required for maintenance work concurrently being carried out on the Aircraft or on the Warranted Part) as being required to:

&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;remove a Warranted Part from an Aircraft and reinstall it thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;for the Inhouse Warranty, disassemble, inspect, repair or modify, reassemble, perform the final inspection and test a Warranted Part.

**Control** means, in respect of a natural or legal person, the power of another natural or legal person to direct the affairs and/or control the composition of the board of directors or equivalent body of the first natural or legal person and the terms "Controlling" and "Controlled" shall be construed accordingly.

**Controlling Party** means, at any time, the person who is the controlling party for the purposes of this Agreement, being the Initial Controlling Party or the person named as the New Controlling Party in any Replacement Controlling Party Notice delivered to the Manufacturer in accordance with this Agreement.

**Country of Registration** means the country in which the Aircraft is registered.

**Delivery** means the transfer of title to the Aircraft by the Manufacturer to the Buyer.

**Delivery Date** means the date on which Delivery occurs.

**Direct Labour Costs** means the amount obtained by multiplying the Buyer Manhours by the Inhouse Warranty Labour Rate.

**Direct Material Costs** means the net prices at which the Buyer acquired the material to perform an Inhouse Warranty (excluding any parts and materials used for maintenance performed in parallel to the Inhouse Warranty repair).

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Appendix B to Amendment No. 20

**Eligible Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Entitled Party: the person that has the present right to possession of the Airframe, whether (a) as owner, mortgagee or pledgee or under a lease or other bailment of the Airframe or any analogous instrument or (b) as a duly appointed nominee of any such person;

&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the Controlling Party: a person that either (a) has the present right to possession of the Airframe whether (x) as owner, mortgagee or pledgee or under a lease or other bailment of the Airframe or any analogous instrument or (y) as a duly appointed nominee of any such person; or (b) may have such right subject only to the enforcement of rights under the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in all cases, a person that is neither (a) subject to any sanctions or similar instruments such as would result in the Manufacturer being in breach of or being exposed to a risk of being sanctioned under any sanctions or export control laws and regulations adopted by the United States of America, the Republic of France, the Federal Republic of Germany, the Kingdom of Spain, the United Kingdom of Great Britain and Northern Ireland, the European Union or the United Nations by having a legal relationship under this Agreement with such person in respect of the Warranties and the Airframe nor (b) an aircraft manufacturer or a person owned or controlled by an aircraft manufacturer.

**Entitled Party** means, at any time, the person who is entitled at such time to make claims under the Warranties under and in accordance with this Agreement, being the Initial Entitled Party or the person named as the new Entitled Party in any Replacement Entitled Party Notice delivered to the Manufacturer in accordance with this Agreement.

**Extrinsic Force** means an external force that is not expected to be encountered in the normal day-to-day operation of aircraft, including foreign object damage, hard landing and operation otherwise than in accordance with the Aircraft Flight Manual.

**Failure** means a defect of any Item that is expected by the Manufacturer to occur on Airbus aircraft on a fleet-wide basis and that materially impairs such Item.

**Flight Cycles** means one (1) take off and landing of the Aircraft, and for this purpose "take off and landing" shall include "touch and go" take offs and landings.

**Flight Hours** means each hour or part thereof elapsing from the moment at which the wheels of the Aircraft leave the ground upon take off until the wheels of the Aircraft touch the ground upon the landing of such Aircraft following such take off.

**Goods and Services** means any goods and services that may be purchased by the Buyer from the Manufacturer or its wholly owned subsidiaries which provide support and services in respect of Airbus aircraft operations, excluding aircraft.

**Inhouse Warranty** has the meaning set out in Clause 1.1.7 of Schedule 2 (*Warranties*).

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**Inhouse Warranty Labour Rate** means either (i) the agreed labour rate applicable pursuant to any existing agreement between the Manufacturer and the Entitled Party or (ii) a labour rate to be agreed between the Entitled Party and the Manufacturer corresponding to the labour rate generally applicable to operators of Airbus aircraft in the region, in the event that the Entitled Party is not already an Airbus aircraft operator. Such labour rate is deemed to represent the Buyer's composite labour rate, meaning the average hourly rate (excluding all fringe benefits, premium time allowances, social security charges, business taxes and the like) paid to the Entitled Party's employees whose jobs are directly related to the performance of the repair and revised in accordance with Schedule 2 (*Inhouse Warranty Labour Rate Revision Formula*) of Schedule 2 (*Warranties*).

**Initial Notice** means a notice signed by the Initial Entitled Party and the Initial Controlling Party in the form of Schedule 3 (*Initial Notice*).

**Interface Issue** has the meaning set out in Clause 1.4 of Schedule 2 (*Warranties*).

**IP Claim** has the meaning set out in Clause 2.2.1 of Schedule 2 (*Warranties*).

**Item** means any item listed in Schedule 1 (*Seller Service Life Policy - List of Items*) of Schedule 2 (*Warranties*).

**Liabilities** means losses, liabilities, actions, claims, proceedings, penalties, fines, judgments, damages, fees, costs and expenses and "Liability" means any such thing.

**Maximum Amount** has the meaning set out in Clause 1.1.7.3 of Schedule 2 (*Warranties*).

**New Controlling Party** has the meaning given to that term in Clause 4.2.3 (*Termination of Controlling Party's Rights*).

**New Entitled Party** has the meaning given to that term in Clause 4.1.3 (*Termination of Entitled Party's Rights*).

**Other Part** means any Supplier Part, the Propulsion Systems, any Buyer Furnished Equipment and any component, equipment, accessory, or part installed on an Aircraft at Delivery which is not a Warranted Part.

**Outgoing Controlling Party** has the meaning given to that term in Clause 4.2.3 (*Termination of Controlling Party's Rights*).

**Outgoing Entitled Party** has the meaning given to that term in Clause 4.1.3 (*Termination of Entitled Party's Rights*).

**Propulsion Systems** means the engines and, if provided by the engine manufacturer, the nacelles and thrust reversers installed on the Aircraft at Delivery.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**Propulsion Systems Manufacturer** means the manufacturer of the Propulsion Systems.

**Relevant Notice** means an Initial Notice, a Replacement Entitled Party Notice or a Replacement Controlling Party Notice.

**Relevant Party** means, at any time, each of the Entitled Party and the Controlling Party at such time.

**Relevant Time** has the meaning given to that term in Clause 4.1.1 (*Termination of Entitled Party's Rights*).

**Replacement Controlling Party Notice** means a dated notice, executed by the Outgoing Controlling Party and the New Controlling Party named therein, and acknowledged by the Manufacturer, in the form of Schedule 5 (*Replacement Controlling Party Notice*).

**Replacement Entitled Party Notice** means a dated notice, executed by the Controlling Party and the New Entitled Party named therein, and acknowledged by the Manufacturer, in the form of Schedule 4 (*Replacement Entitled Party Notice*).

**Replacement Part** has the meaning set out in Clause 1.1.6.3 of Schedule 2 (*Warranties*).

**Retention Period** has the meaning set out in Clause 1.1.7.4 of Schedule 2 (*Warranties*).

**Returned Part** has the meaning set out in Clause 1.1.6.3 of Schedule 2 (*Warranties*).

**Seller Representative(s)** means a customer support representative of the Manufacturer.

**Seller Service Bulletin** or **Seller SB** means a document issued by the Manufacturer (as aircraft manufacturer) (excluding service bulletins relating to Supplier topics) to all operators of an aircraft type, notifying them of a modification to the design of, or the need to inspect, or perform an upgrade on, a delivered aircraft to either maintain its level of safety or improve the operation of such aircraft type.

**Service Life Policy** has the meaning set out in clause 1.2.1 of Schedule 2 (*Warranties*).

**Specification** means the aircraft specification as further detailed in the Technical Data available to the Buyer at Delivery.

**SPSA Application** means the application available on AirbusWorld, which provides the Buyer with access to the Supplier Support Conditions.

**Supplier** means any supplier of Supplier Parts with whom the Manufacturer has entered into Supplier Support Conditions.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**Supplier Part** means any component, equipment, accessory, software or part installed in the Aircraft at the time of Delivery which is included in a Supplier Support Conditions. For the sake of clarity, Propulsion Systems, Buyer Furnished Equipment and other equipment selected by the Buyer and provided by suppliers with whom the Manufacturer has no existing warranty arrangements are not Supplier Parts.

**Supplier Software Sublicense Agreement** has the meaning set out in Clause 1.3.1 of Schedule 2 (*Warranties*).

**Supplier Support Conditions** or **SSC** means the agreement between the Manufacturer and a Supplier, based on the conditions set out in the "World Airlines Support Guide", which includes warranties, and when applicable, service life policies for a Supplier Part.

**Technical Data** means the technical data provided by the Manufacturer to the Buyer in respect of the Aircraft at Delivery.

**Transaction Documents** means all documents (excluding this Agreement and any Relevant Notice and the Aircraft Purchase Agreement) entered into between the Relevant Parties and other persons in connection with the acquisition, leasing, bailment and/or financing of the Aircraft.

**Warranted Part(s)** means any component, equipment, accessory, Airbus Software or part which is installed on the Aircraft at Delivery and that bears a part number of the Manufacturer at the time of Delivery of such Aircraft.

**Warranties** means, insofar as they relate to the Airframe, such warranties, rights and provisions as are set out in Schedule 2 (*Warranties*).

**Warranty Claim** has the meaning set out in Clause 1.1.5.1 of Schedule 2 (*Warranties*).

**Warranty Period** has the meaning set out in Clause 1.1.3 of Schedule 2 (*Warranties*).

A3_____ MSN______AWA

------

Appendix B to Amendment No. 20

**SCHEDULE 2**

**WARRANTIES**

[INSERT STANDARD AIRBUS WARRANTIES HERE]

A3_____ MSN______AWA

------

Appendix B to Amendment No. 20

**SCHEDULE 3**

**INITIAL NOTICE**

To:&nbsp;&nbsp;&nbsp;&nbsp;**Airbus S.A.S.**

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Head of Services Contracts

CC:&nbsp;&nbsp;&nbsp;&nbsp;[**_____**]

Attention:&nbsp;&nbsp;&nbsp;&nbsp;_____

Date: _____ __________ _____

**One A3_____ airframe with MSN _____** (the **Airframe**)

1. Unless otherwise defined, terms used in this notice bear the same meanings as those set forth in the airframe warranties agreement dated on the date hereof entered into by Airbus S.A.S. in relation to the Airframe (the **Airframe Warranties Agreement**).

2. We hereby give notice that: (a) _____ is the Initial Entitled Party; and (b) _____ is the Initial Controlling Party.

3. The contact details of the Initial Entitled Party for the purposes of clause 8.2 (*Relevant Parties' Addresses*) of the Airframe Warranties Agreement are as follows:

[•]

4. The contact details of the Initial Controlling Party for the purposes of clause 8.2 (*Relevant Parties' Addresses*) of the Airframe Warranties Agreement are as follows:

[•]

5. This is the Initial Notice.

6. By its signature below and in consideration of the Manufacturer making available to it the rights specified under the Airframe Warranties Agreement and for other good and valuable consideration, receipt of which is hereby acknowledged, the Initial Entitled Party hereby: (i) represents and warrants that it is an Eligible Person; and (ii) joins as party to, and agrees to be bound by and perform its obligations under (as, and for so long as it remains, the Entitled Party) the terms and conditions of the Airframe Warranties Agreement.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

7. By its signature below and in consideration of the Manufacturer making available to it the rights specified under the Airframe Warranties Agreement and for other good and valuable consideration, receipt of which is hereby acknowledged, the Initial Controlling Party hereby: (i) represents and warrants that it is an Eligible Person; and (ii) joins as party to, and agrees to be bound by and perform its obligations under (as, and for so long as it remains, the Controlling Party) the terms and conditions of the Airframe Warranties Agreement.

8. This notice shall be governed by and construed in accordance with the laws of the State of New York.

[**NAME OF INITIAL CONTROLLING PARTY**]

Name:

Title:

Signature:

[**NAME OF INITIAL ENTITLED PARTY**]

Name:

Title:

Signature:

Accepted and agreed for and on behalf of:

**AIRBUS S.A.S.**

Name:

Title:

Signature:

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**SCHEDULE 4**

**REPLACEMENT ENTITLED PARTY NOTICE**

To:&nbsp;&nbsp;&nbsp;&nbsp;**Airbus S.A.S.**

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Head of Services Contracts

CC:&nbsp;&nbsp;&nbsp;&nbsp;[**Outgoing Entitled Party**]

Attention:&nbsp;&nbsp;&nbsp;&nbsp;_____

Date: _____ __________ _____

**One A3_____ airframe with MSN _____** (the **Airframe**)

1. Unless otherwise defined, terms used in this notice bear the same meanings as those set forth in the airframe warranties agreement dated [•] entered into by Airbus S.A.S. in relation to the Airframe (the **Airframe Warranties Agreement**).

2.[•] (the **Controlling Party**) hereby gives notice that, as from today's date: (a) [•] (being the "Outgoing Entitled Party" for the purposes of the Airframe Warranties Agreement) has ceased to be the Entitled Party; and (b) [•] (the **New Entitled Party**) is the new Entitled Party.

3. The contact details of the New Entitled Party for the purposes of clause 8.2 (*Relevant Parties' Addresses*) of the Airframe Warranties Agreement are as follows:

[•]

4. This is a Replacement Entitled Party Notice.

5. By its signature below and in consideration of the Manufacturer making available to it the rights specified under the Airframe Warranties Agreement and for other good and valuable consideration, receipt of which is hereby acknowledged, the New Entitled Party hereby: (i) represents and warrants that it is an Eligible Person; and (ii) joins as party to, and agrees to be bound by and perform its obligations under (as, and for so long as it remains, the Entitled Party) the terms and conditions of the Airframe Warranties Agreement.

6. This notice shall be governed by and construed in accordance with the laws of the State of New York.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

---

| | |
|:---|:---|
| [**NAME OF CONTROLLING PARTY**]<br>Name:<br>Title:<br>Signature:<br>[**NAME OF NEW ENTITLED PARTY**]<br>Name:<br>Title:<br>Signature: | Accepted and agreed for and on behalf of:<br>**AIRBUS S.A.S.**<br>Name:<br>Title:<br>Signature: |

---

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

**SCHEDULE 5**

**REPLACEMENT CONTROLLING PARTY NOTICE**

To:&nbsp;&nbsp;&nbsp;&nbsp;**Airbus S.A.S.**

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Head of Services Contracts

CC:&nbsp;&nbsp;&nbsp;&nbsp;[**Entitled Party**]

Attention:&nbsp;&nbsp;&nbsp;&nbsp;_____

Date: _____ __________ _____

**One A3_____ airframe with MSN _____** (the **Airframe**)

1. Unless otherwise defined, terms used in this notice bear the same meanings as those set forth in the airframe warranties agreement dated [•] entered into by Airbus S.A.S. in relation to the Airframe (the **Airframe Warranties Agreement**).

2. We hereby give notice that, as from today's date: [•] (the **Outgoing Controlling Party**) has ceased to be the Controlling Party; and [•] (the **New Controlling Party**) is the new Controlling Party.

3. The contact details of the New Controlling Party for the purposes of clause 8.2 (*Relevant Parties' Addresses*) of the Airframe Warranties Agreement are as follows:

[•]

4. This is a Replacement Controlling Party Notice.

5. By its signature below and in consideration of the Manufacturer making available to it the rights specified under the Airframe Warranties Agreement and for other good and valuable consideration, receipt of which is hereby acknowledged, the New Controlling Party hereby: (i) represents and warrants that it is an Eligible Person; and (ii) joins as party to, and agrees to be bound by and perform its obligations under (as, and for so long as it remains, the Controlling Party) the terms and conditions of the Airframe Warranties Agreement.

6. This notice shall be governed by and construed in accordance with the laws of the State of New York.

A3_____ MSN______AWA

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Appendix B to Amendment No. 20

---

| | |
|:---|:---|
| [**NAME OF OUTGOING CONTROLLING PARTY**]<br>Name:<br>Title:<br>Signature:<br>[**NAME OF NEW CONTROLLING PARTY**]<br>Name:<br>Title:<br>Signature: | Accepted and agreed for and on behalf of:<br>**AIRBUS S.A.S.**<br>Name:<br>Title:<br>Signature: |

---

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Appendix B to Amendment No. 20

**EXECUTION PAGE**

**Executed on the day and year first above written by**

**AIRBUS S.A.S.**

Name:

Title:

Signature:

A3_____ MSN______AWA

## Exhibit 10.3

**Exhibit 10.3(a)†^**

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

**SECOND AMENDMENT TO MASTER SERVICES AGREEMENT**

THIS SECOND AMENDMENT TO MASTER SERVICES AGREEMENT (this "<u>Amendmen</u>t") is entered into as of the date of the last signature hereto, by and among Frontier Airlines Holdings, Inc. ("Company"), U.S. Bank National Association ("<u>U.S. Bank</u>"), U.S. Bank National Association, acting through its Canadian branch ("<u>U.S. Bank Canada</u>"), Elavon Canada Company ("<u>Elavon Canada</u>") and Elavon, Inc. (together with U.S. Bank, U.S. Bank Canada, and Elavon Canada, the "<u>Provider</u>").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Company and Provider are parties to a certain Master Services Agreement dated as of April 25, 2023 (as amended, supplemented, or otherwise modified from time to time, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Parties desire to amend certain terms of the Agreement as set forth herein.

**NOW, THEREFORE, IT IS HEREBY AGREED** by and between the Parties as follows:

2.<u>Definitions</u>. All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meanings ascribed to them in the Agreement.

3.<u>Amendments</u>. The following amendment is made to the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) &nbsp;&nbsp;&nbsp;&nbsp;The following definition is added to Appendix 1 (Definitions) in alphabetical order as follows:

""**Air Traffic Liability**" or "**ATL**" means Company's air traffic liability calculated by Company in accordance with U.S. GAAP and limited to Transactions processed by Provider, and including estimated taxes directly related to such ATL. ATL shall be adjusted as follows: (A) to exclude [\*\*\*] and (B) to recognize subscriptions on a straight-line basis over the applicable subscription period. ."&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The definition of "Calculation Date" in Section 1 (Certain Definitions) of Schedule D (Exposure Protection Schedule) is deleted and replaced with the following definition:

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Reporting**. Section 10.12 is amended and restated to read as follows:

"10.12&nbsp;&nbsp;&nbsp;&nbsp;A report of the previous month's activities through the last calendar day of the month is due prior to [\*\*\*]. The report's contents will include: [\*\*\*].

Schedule D Definitions. The following definition is added to Section 1 of Schedule D (Exposure Protection Schedule) in alphabetical order as follows:

[\*\*\*]

4820-7052-4567\8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Exposure Limit**. A new Section 2(g) is added to Section 2 of Schedule D (Exposure Protection Schedule) as follows:

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Methodology**. Section 8 of the Schedule D (Exposure Protection Schedule) is amended and restated in its entirety as follows:

**[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Compliance certificate.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)(i) &nbsp;&nbsp;&nbsp;&nbsp;The following sentence is added to the end of Section 10 (Compliance Certificate) of Schedule D (Exposure Protection Schedule):

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The compliance certificate attached to the Exposure Protection Schedule as Attachment 1 is amended and restated in its entirety and attached hereto as Exhibit A.

4.<u>Effectiveness of Amendment Date</u>. This Amendment shall become effective upon execution and delivery to Provider of duly executed counterparts hereof by the Provider and Company as of the date of the last signature hereto.

5.<u>Merger and Integration, Superseding Effect</u>. Except as expressly modified under this Amendment, all of the terms and conditions remain in full force and effect. This Amendment, from and after the date hereof, embodies the entire agreement and understanding between the parties hereto, and supersedes and has merged into it all prior oral and written agreements, on the same subjects by and between the parties hereto with the effect that this Amendment shall control with respect to the specific subjects hereof and thereof. All references contained in the Agreement shall mean the Agreement as supplemented and amended hereby.

6.<u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

7.<u>Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original, and all of which counterparts of this Amendment when taken together, shall constitute one and the same instrument.

[The remainder of this page is intentionally left blank]

&nbsp;&nbsp;&nbsp;&nbsp;2

------

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date of the last signature below.

FRONTIER AIRLINES HOLDINGS, INC.&nbsp;&nbsp;&nbsp;&nbsp;U.S. BANK NATIONAL ASSOCIATION

By: <u>/s/ Howard Diamond&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Kurt Jarrett</u> <br> Its: <u>General Counsel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its: Authorized Representative<br> Date: <u>02/26/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: <u>02/26/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

U.S. BANK NATIONAL ASSOCIATION, acting through its Canadian Branch

By: <u>/s/ Kurt Jarrett</u><br> Its: Authorized Representative<br> Date: <u>02/26/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

ELAVON CANADA COMPANY

By: <u>/s/ Kurt Jarrett</u><br> Its: Authorized Representative<br> Date: <u>02/26/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

ELAVON, INC.

By: <u>/s/ Kurt Jarrett</u> 

Its: Authorized Representative<br> Date: <u>02/26/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**EXHIBIT A**

**ATTACHMENT 1 TO EXPOSURE PROTECTION SCHEDULE<br>FORM OF MONTHLY COMPLIANCE CERTIFICATE**

**[\*\*\*]**

## Exhibit 10.3

C2 - Confidential

**Exhibit 10.3(b)†^**

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

.![image_0a.jpg](image_0a.jpg)

**AMENDMENT NUMBER 5**

**TO**

**RATE PER FLIGHT HOUR AGREEMENT**

**Between**

**FRONTIER AIRLINES, INC.**

**And**

**CFM INTERNATIONAL, INC.**

**Agreement Number: 1-2494673211**

**Dated: March 11, 2026**

This proposed Amendment will remain open until March 30, 3026, and will expire if not signed by all Parties on or before that date.

**PROPRIETARY INFORMATION NOTICE**<br>The information contained in this document is CFM Proprietary Information and is disclosed in confidence. It is the property of CFM and will not be used, disclosed to others or reproduced without the express written consent of CFM. If consent is given for reproduction in whole or in part, this notice and the notice set forth on each page of this document will appear in any such reproduction. Export control laws may also control the information contained in this document. Unauthorized export or re-export is prohibited.<br>

------

C2 - Confidential

**Amendment No 5**

**To**

**RATE PER FLIGHT HOUR AGREEMENT NO. 1-2494673211**

**This Amendment No. 5** (this "Amendment") **to CFM Rate per Flight Hour Agreement No. 1- 2494673211** (as assigned and amended from time to time, the "Service Agreement") is entered into this 11<sup>th</sup> day of March, 2026, and made effective as of the [DAY] day of March 2026, by and between **CFM International, Inc.** ("CFM") and **Frontier Airlines, Inc.** ("AIRLINE") (CFM and AIRLINE being hereinafter collectively referred to as the "Parties"). Capitalized terms used and not otherwise defined herein shall have the meanings as set forth in the Service Agreement.

**WHEREAS**, CFM and Republic Airways Holdings Inc. ("Republic") entered into the Service Agreement dated October 17, 2011, whereby CFM provides Engine shop maintenance and other services to support maintenance and overhauls of LEAP-1A Engines;

**WHEREAS**, CFM and Republic entered into the Assignment, Assumption, and Amendment Agreement dated as of November 5th, 2013, whereby Republic assigned all its rights and obligations under the Service Agreement to AIRLINE;

**WHEREAS**, the Parties entered into Amendment No. 1 dated August 29th, 2017, whereby certain terms of the Service Agreement were amended;

**WHEREAS**, the Parties entered into Amendment No. 2 dated August 12<sup>th</sup>, 2021, whereby additional Engines were added as covered Engines under the Service Agreement;

**WHEREAS**, the Parties entered into Amendment No. 3 dated July 28, 2023, whereby the Parties amended the Service Agreement to add [\*\*\*] under the Service Agreement; and

**WHEREAS**, the Parties entered into Amendment No. 4 dated September 30, 2025, whereby the Parties amended the Service Agreement to delete and replace Exhibit D titled "Price Adjustment Matrix" and amend certain other terms of the Service Agreement; and

**WHEREAS**, the Parties now wish to amend the Service Agreement to reflect their mutual agreement [\*\*\*] forty-eight (48) [\*\*\*] and the other matters below related thereto, subject to the terms and conditions of this Amendment.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements herein contained and other valuable consideration, the receipt and adequacy of which are hereby acknowledged the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Service Agreement is amended to [\*\*\*] forty-eight (48) [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Exhibit B (Engines Covered and Operating Parameters) of the Service Agreement is amended to delete its first paragraph in its entirety and replace it with the following:

**<u>CFM PROPRIETARY INFORMATION</u>**

Subject to restrictions on the cover or first page

------

C2 - Confidential

"The Engines covered by this Service Agreement are set forth below. AIRLINE will maintain a Spare Engine(s) to installed Engines ratio of [\*\*\*], rounded up to the next whole Engine, during the term of this Service Agreement. Subject to the foregoing minimum, and otherwise in accordance with the applicable terms and conditions of this Service Agreement, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The section heading reading "Aircraft Delivery Schedule / Install + Spare Engine" and the text immediately thereunder (i.e. the Aircraft Delivery Schedule and Spare Engine Delivery Schedule) in Exhibit B (Engines Covered and Operating Parameters) of the Service Agreement is deleted in its entirety and replaced with the model names and ESNs in Exhibit B attached hereto. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Article 12.2 (Removal of Engines) is amended to delete the text of the section titled "Maximum Removals" in its entirety and replace it with the following:

"If the number of Engines decreases such that it will not be possible that a minimum of [\*\*\*] Engines will undergo at least a minimum of [\*\*\*] Performance Restoration Shop Visits at the time of any Engine removal, CFM may terminate this Service Agreement upon written notice to AIRLINE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Notwithstanding anything in the Service Agreement to the contrary, the Parties agree and acknowledge that [\*\*\*] shall occur solely between AIRLINE and such Engines' Lessor. Accordingly, to the extent the [\*\*\*] would otherwise give CFM the rights to [\*\*\*], CFM hereby waives such rights with respect to such [\*\*\*], in each case on a non-precedent setting basis and expressly subject to Section 6 of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.For the avoidance of doubt, the Parties agree that the waivers set forth in Section 5 of this Amendment are limited to the subject matter and transactions contemplated herein, and no such waiver shall be deemed a future or further waiver of CFM's rights or AIRLINE's obligations with respect to Engines other than the Removed Engines pursuant to Articles 7.1 and 12.2 of the Service Agreement, respectively. Furthermore, without limiting the amendments set forth herein, the Parties agree that this Amendment is extended to AIRLINE on a non-precedent setting basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.AIRLINE and CFM agree and acknowledge that nothing herein shall operate to limit AIRLINE's obligations pursuant to the Service Agreement other than as set forth explicitly herein. Except as set forth herein, the terms and conditions set forth in the Service Agreement shall remain in full force and effect and remain unchanged. The obligations set forth in this Amendment are in addition to the obligations set forth in the Service Agreement. In the event of inconsistency between the terms of the Service of Agreement and the terms of this Amendment, the terms of this Amendment shall take precedence. Except as otherwise provided by the terms and conditions hereof, this Amendment contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes any previous understandings, commitments, or representations whatsoever, whether oral or written, related to the subject matter of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.This Amendment may be signed by the Parties in separate counterparts, and any single counterpart or set of counterparts, when signed and delivered to the other Party, shall together constitute one and the same document and be an original Service Agreement for all purposes.

**IN WITNESS WHEREOF**, the Parties have executed this Amendment as of the date last executed below.

**<u>CFM PROPRIETARY INFORMATION</u>**

Subject to restrictions on the cover or first page

------

C2 - Confidential

---

| | | | |
|:---|:---|:---|:---|
| **CFM International, Inc.** | **CFM International, Inc.** | **Frontier Airlines, Inc.** | **Frontier Airlines, Inc.** |
| By: | /s/ Jean-Marc Domergue | By: | /s/ Howard Diamond |
| Name: | Jean-Marc Domergue | Name: | Howard Diamond |
| Title: | VP – Contracts | Title: | EVP, Corporate & Legal Affairs and Secretary |
| Date: | March 10, 2026 | Date: | March 11, 2026 |

---

**<u>CFM PROPRIETARY INFORMATION</u>**

Subject to restrictions on the cover or first page

------

C2 - Confidential

<u>Exhibit B: Engines Covered</u>

[\*\*\*]

**<u>CFM PROPRIETARY INFORMATION</u>**

Subject to restrictions on the cover or first page

------

C2 - Confidential

<u>Annex 1: Removed Engines</u>

[\*\*\*]

**<u>CFM PROPRIETARY INFORMATION</u>**

Subject to restrictions on the cover or first page

## Exhibit 10.4

**Exhibit 10.4(a) #**

**FRONTIER GROUP HOLDINGS, INC.**

**NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM**

Non-employee members of the board of directors (the "<u>Board</u>") of Frontier Group Holdings, Inc. (the "<u>Company</u>") shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this "<u>Program</u>"). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a "<u>Non-Employee Director</u>") who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Program shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time, without advance notice, in its sole discretion. The terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors. This Program, as amended, is effective as of May 14, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Retainers</u>. Each Non-Employee Director shall be eligible to receive an annual retainer of $100,000 for service on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Annual Retainers</u>. In addition, a Non-Employee Director shall receive the following annual retainers, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Chair of the Audit Committee</u>. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $25,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Chair of the Compensation Committee</u>. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $20,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;<u>Chair of the Nominating and Corporate Governance Committee</u>. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $20,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Chair of the Finance Committee</u>. A Non-Employee Director serving as Chairperson of the Finance Committee shall receive an additional annual retainer of $20,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; <u>Chair of the Safety and Security Committee</u>. A Non-Employee Director serving as Chairperson of the Safety and Security Committee shall receive an additional annual retainer of $20,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Retainers</u>. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in

\|US-DOCS\169645657.2\|\|

------

Section 1(b), for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity Compensation</u>. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company's 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the "<u>Equity Plan</u>") and shall be evidenced by the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of Restricted Stock Units hereby are subject in all respects to the terms of the Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Awards</u>. Each person who is initially elected to the Board as a Non-Employee Director shall be granted, automatically and without necessity of any action by the Board or any committee thereof, on the date of such initial election Restricted Stock Units with respect to that number of shares of Company common stock (the "<u>Common Stock</u>") calculated by dividing (i) the product of (A) $160,000 multiplied times (B) a fraction, the numerator of which is the number of days remaining until the first anniversary of the annual meeting of the Company's stockholders that immediately preceded such Non-Employee Director's election or appointment and the denominator of which is 365, by (ii) the per share Fair Market Value (as defined in the Equity Plan) of the Common Stock as of the date of appointment or election and rounding down to the nearest whole number. The awards described in this Section 2(a) shall be referred to as "<u>Initial Awards</u>." No Non-Employee Director shall be granted more than one Initial Award.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsequent Awards</u>. On the date of each annual meeting of the Company's stockholders, each Non-Employee Director who will continue to serve as a Non-Employee Director immediately following such annual meeting shall be granted, automatically and without necessity of any action by the Board or any committee thereof, on the date of such annual meeting Restricted Stock Units with respect to that number of shares of Common Stock calculated by dividing (i) $160,000 by (ii) the per share Fair Market Value of the Common Stock on the date of grant ("<u>Subsequent Award</u>"). For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company's stockholders shall only receive an Initial Award having a value of $160,000 in connection with such election, and shall not receive any Subsequent Award on the date of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms of Awards Granted to Non-Employee Directors</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting</u>. Each Initial Award and each Subsequent Award shall vest in full on the earlier of (A) the first anniversary of the date of grant or (B) immediately prior to the next annual meeting of the Company's stockholders after the date of grant, subject to the Non-Employee Director continuing to provide services to the Company through such vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control Acceleration</u>. All of a Non-Employee Director's Initial Awards and Subsequent Awards, and any other equity-based awards outstanding and held by the Non-Employee Director, shall vest and, if applicable, become exercisable and all restrictions thereon shall lapse with respect to one hundred percent (100%) of the shares subject thereto immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.

\|US-DOCS\169645657.2\|\|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement</u>. Notwithstanding Section 2 of this Program, following the vesting of an Initial Award or Subsequent Award, the Company shall, in its sole discretion, either (A) pay to a Non-Employee Director an amount in cash equal to the Fair Market Value (as defined in the Equity Plan) of a number of shares equal to the number of Restricted Stock Units subject to the award that vest on the applicable vesting date, rounded down to the nearest cent, or (B) deliver to the Non-Employee Director a number of shares equal to the number of Restricted Stock Units subject to the award that vest on the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Election to Defer Issuances</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;General. The Board or the Compensation Committee may, in its discretion, provide each Non-Employee Director the opportunity to defer the issuance of the shares underlying Restricted Stock Units granted under this Program, including Initial Awards and Subsequent Awards, that would otherwise be issued to the Non-Employee Director in connection with the vesting or grant of the Restricted Stock Units until the earliest of a fixed date properly elected by the Non-Employee Director, the Non-Employee Director's Termination of Service or a Change in Control (as defined under the Equity Plan). Any such deferral election ("Deferral Election") shall be subject to such rules, conditions and procedures as shall be determined by the Board or the Compensation Committee, in its sole discretion, which rules, conditions and procedures shall at all times comply with the requirements of Section 409A of the Code, unless otherwise specifically determined by the Board or the Compensation Committee. If an individual elects to defer the delivery of the shares underlying Restricted Stock Units granted under this Program, settlement of the deferred Restricted Stock Units shall be made in accordance with the terms of the Deferral Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Deferral Election must be submitted to the Company in the form and manner specified by the Board or its Compensation Committee (or delegate). Deferral Elections must comply with the following timing requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Deferral Election. Each individual who first becomes a Non-Employee Director may make a Deferral Election with respect to the Non-Employee Director's Initial Awards and Subsequent Awards to be paid in the same calendar year as such individual first becomes a Non-Employee Director (the "Initial Deferral Election"). The Initial Deferral Election must be submitted to the Company on or before the date that the individual first becomes a Non-Employee Director (the "Initial Election Deadline"), and the Initial Deferral Election shall become final and irrevocable as of the Initial Election Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Deferral Election. No later than December 31 of each calendar year, or such earlier deadline as may be established by the Board or the Compensation Committee, in its discretion (the "Annual Election Deadline"), each individual who is a Non-Employee Director as of immediately before the Annual Election Deadline may make a Deferral Election with respect to the Subsequent Awards to be granted in the following calendar year (the "Annual Deferral Election"). The Annual Deferral Election must be submitted to the Company on or before the applicable Annual Election Deadline and shall become effective and irrevocable for the subsequent calendar year as of the Annual Election Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reimbursements</u>. The Company shall reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket travel and other business expenses incurred by such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company's applicable expense reimbursement policies and procedures as in effect from time to time.

\|US-DOCS\169645657.2\|\|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Flight Benefits</u>. Each Non-Employee Director shall be eligible to receive flight benefits on Frontier Airlines in the form of a Universal Air Travel Plan, Inc. ("<u>UATP</u>") card made available once per 12-month period that provides for travel solely on Frontier Airlines in the amount of $5,500, for each Non-Employee Director other than the Chairman of the Board, and $13,750, for the Chairman of the Board, in each case, that must be used, if at all, within 12 months of the date the UATP card is issued. Each Non-Employee Director shall also be eligible to receive flight benefits following service on the Board, for a period of time equal to the number of years of service for Non-Employee Directors who have served for less than five years, and for life for Non-Employee Directors who have served at least five years, in each case at the same amount provided during service as a Non-Employee Director.

\* \* \* \* \*

\|US-DOCS\169645657.2\|\|

## Exhibit 10.4

**Exhibit 10.4(b)#**

**SECOND AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT**

THIS SECOND AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "***Amendment***"), is made effective as of January 7, 2026 (the "***Amendment Effective Date***"), by and between Frontier Airlines, Inc., a Colorado corporation ("***Frontier***"), and James G. Dempsey (the "***Executive***"). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement (as defined below).

**RECITALS**

A.The Company and Executive previously entered into an Amended and Restated Employment Agreement effective as of April 13, 2017, as amended by the Amendment to the Amended and Restated Employment Agreement effective as of October 16, 2023 (as amended, the "***Agreement***").

B.Executive has been promoted to President and Chief Executive Officer effective as of January 7, 2026 and the parties hereto wish to amend the Agreement to revise certain provisions in connection with Executive's promotion as set forth herein.

**AMENDMENT**

The Company and Executive hereby amend the Agreement as follows, effective as of the Amendment Effective Date.

1.<u>Section 1(f)</u> "<u>Certain Definitions—Cause</u>" of the Agreement is hereby deleted in its entirety and replaced with the following:

"(f) "Cause" shall mean (i) Executive's gross negligence or willful misconduct in the performance of the duties and services required of Executive pursuant to this Agreement or any other written agreement between Executive and the Company; (ii) Executive's conviction of, or plea of guilty or nolo contendere to, a felony or crime involving moral turpitude (or any similar crime in any jurisdiction outside the United States); (iii) Executive's willful refusal to perform the duties and responsibilities required of Executive under this Agreement or as lawfully directed by the Board which remains uncorrected for thirty (30) days following written notice to Executive by the Company of such breach; (iv) Executive's material breach of any material provision of this Agreement, any confidential information or restrictive covenant agreement with the Company or corporate code or policy which remains uncorrected for thirty (30) days following written notice to Executive by the Company of such breach; (v) any act of fraud, embezzlement, material misappropriation or dishonesty committed by Executive against the Company; or (v) any acts, omissions or statements by Executive which the Company determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company. For purposes of this Section 1(f), an act or failure to act shall be considered "willful" only if done or omitted to be done without a good faith reasonable belief that such act or failure to act was in the best interests of the Company."

\|

------

**Exhibit 10.4(b)#**

2.<u>Section 1(m)</u> "<u>Certain Definitions—Constructive Termination</u>" of the Agreement is hereby deleted in its entirety and replaced with the following:

"(m) A "<u>Constructive Termination</u>" shall mean Executive's resignation from employment with the Company that is effective within one-hundred twenty (120) days after the occurrence, without Executive's written consent, of any of the following: (i) a material diminution in Executive's base salary that is not proportionately applicable to other officers and key employees of the Company generally; (ii) a material diminution in Executive's job responsibilities or duties inconsistent in any material respect with Executive's duties or responsibilities in effect immediately prior to such change, provided, that any change made solely as the result of the Company becoming a subsidiary or business unit of a larger company in a Change in Control shall not provide for Executive's Constructive Termination hereunder; (iii) the relocation of Executive's direction to a facility or a location more than fifty (50) miles from Executive's then-present location; or (iv) the failure by any successor entity or corporation following a Change in Control to assume the obligations under this Agreement. Notwithstanding the foregoing, a resignation shall not constitute a "Constructive Termination" unless the condition giving rise to such resignation continues uncured by the Company more than thirty (30) days following Executive's written notice of such condition provided to the Company within sixty (60) days of the first occurrence of such condition and such resignation is effective within thirty (30) days following the end of such notice period."

3.<u>Section 2(c)</u> "<u>Employment—Position and Duties</u>" of the Agreement is hereby deleted in its entirety and replaced with the following:

"(c) <u>Position and Duties</u>. Effective as of the Amendment Effective Date, Executive shall serve as the President and Chief Executive Officer of the Company. Executive shall continue to devote substantially all of his time and attention during normal business hours to the business of the Company, will continue act in the best interest of the Company while performing his duties for the Company and will continue to perform with due care his duties and responsibilities for the Company. Executive's duties will include those normally incidental to the position of President and Chief Executive Officer of a company of the Company's size and nature as well as whatever additional duties may be reasonably assigned to him by the Board, consistent with the duties of a President and Chief Executive Officer. Executive shall report to the Board. Executive agrees not to engage in any activity that materially interferes with the performance of Executive's duties hereunder. Executive also agrees not to hold outside employment. Any position held with a personal or family investment will not count as such employment, provided the pertinent personal or family investment and any related operating business is owned entirely by Executive and/or members of Executive's family. Executive acknowledges and agrees that Executives owes the Company a duty of loyalty and that the obligations described in this Agreement are in addition to, and not in lieu of, the obligations Executive owes the Company under the common law."

\|

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**Exhibit 10.4(b)#**

4.<u>Section 3</u> "<u>Compensation and Related Matters</u>" is hereby deleted in its entirety and replaced with the following:

"3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Related Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Base Salary</u>. Effective as of the Amendment Effective Date, Executive shall receive a base salary at a rate of seven hundred and forty-seven thousand dollars ($747,000) per annum (the "***Annual Base Salary***"), which shall be paid in accordance with the customary payroll practices and procedures of the Company. Such Annual Base Salary shall be reviewed by the Board from time to time but no less frequently than annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Bonus</u>. During the Term, Executive will continue to be eligible to earn a discretionary cash performance bonus (an "***Annual Bonus***") under the Company's incentive bonus program. Executive's annual bonus opportunity with respect to period beginning for the 2026 calendar year and with respect to any future calendar year shall be increased to one hundred and twenty-five percent (125%) of the amount paid as Annual Base Salary during such calendar year at the target achievement (the "***Target Bonus***") and two hundred and fifty percent (250%) of the amount paid as Annual Base Salary during such calendar year at the maximum achievement. The amount of any Annual Bonus payable under the incentive bonus program may thus vary from zero percent (0%) to two hundred and fifty percent (250%) based on the achievement as determined by the Board in its sole discretion of individual and Company performance goals to be set by the Board. The amount of any Annual Bonus shall be payable on such date as is determined by the Board for the payment of all such annual bonuses, which date shall be as soon as reasonably practicable after the final audited financial performance information for the Company is available for the calendar year to which such annual bonuses relate. Notwithstanding any other provision of this Agreement, no bonus shall be payable with respect to any calendar year unless Executive remains continuously employed with the Company during the period beginning on the first day of each fiscal year of the Company and ending on the applicable bonus payment date except as otherwise provided in Section 5(a) and Section 5(c)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. During the Term, Executive may continue to participate in such employee and executive benefit plans and programs as the Company may from time to time offer generally to provide to its executives, pursuant to the terms and eligibility requirements of those plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Flight Benefits</u>. During the Term, the Company shall provide Executive, and Executive's spouse, minor children and parents, a positive space benefit, with the priority code PS2B, to travel on Frontier Airlines. During the Term, Executive shall also be eligible to receive flight benefits on Frontier Airlines in the form of a Universal Air Travel Plan, Inc. ("***UATP***") card made available once per twelve month period that provides for travel by Executive and Executive's family and friends solely on Frontier Airlines, in the amount of twenty thousand dollars ($20,000) that must be used, if at all, within twelve months of the date the UATP card is issued (the flight benefits described in this section are referred to collectively as the "***Flight Benefits***").

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**Exhibit 10.4(b)#**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Vacation</u>. During the Term, Executive shall continue to be entitled to no less than four (4) weeks of annual paid vacation plus Frontier-recognized holidays (currently seven (7) in number), in accordance with the Company's vacation policy, as it may be amended from time to time. Vacation time is not tracked, nor is unused vacation time paid out upon a termination. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. Holidays shall be provided in accordance with Company policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) <u>Business Expenses</u>. During the Term, the Company shall continue to reimburse Executive for all reasonable, documented, out-of-pocket travel and other business expenses incurred by Executive in the performance of Executive's duties to the Company in accordance with the Company's expense reimbursement policies and procedures applicable to similarly situated executives."

5.<u>Section 4(a)(iv)</u> "<u>Termination—Circumstances-- Termination without Cause</u>" is hereby deleted in its entirety and replaced with the following:

"(iv) Termination without Cause. The Company may terminate Executive's employment without Cause. In the event that the Company gives Executive a notice of non-extension, and Executive serves as President and Chief Executive Officer until the end of the Term, the Company shall be deemed to have terminated Executive's employment without Cause as of the end of the Term."

6. The Section titled "2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Equity Awards</u>" is hereby deleted in its entirety and replaced with the following and the numbering of the immediately prior Section and Sections that follow are hereby corrected accordingly to be in sequential order:

"6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Equity Awards.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existing Awards</u>. Each of Executive's outstanding equity awards, including, without limitation, any stock options and restricted stock units, shall remain outstanding and eligible to vest in accordance with its terms and conditions as in effect on the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Grants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For fiscal year 2026, Executive will be granted, pursuant to Group's 2021 Incentive Award Plan (the "***Equity Plan***"), long-term equity incentive awards with an aggregate grant date fair value equal to $3,500,000 to be granted in ordinary course. The number of shares issuable upon vesting of such equity awards and the vehicles, mix and vesting terms and conditions shall be the same as the terms and conditions of the equity awards to be granted to the Company's other executive officers and the equity awards shall otherwise be subject to the terms of the Equity Plan, the equity award agreement evidencing the Equity Award to be entered into between Executive and Group, and the provisions set forth in the Agreement.

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**Exhibit 10.4(b)#**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with Executive's promotion, Executive will be granted, pursuant to the Equity Plan, a target number of performance stock units with a grant date fair value based on the Monte Carlo simulation method equal to $1,750,000, which performance stock units will vest as to 100% on the fourth annual anniversary of the grant date, subject to Executive's continuing service to the Company through the vesting date (the "***Vesting Date***"). The number of performance stock units that vest is determined by multiplying the target number of performance stock units by a performance multiplier, which shall be the quotient obtained by dividing (i) the lesser of $30 per share or the average closing price of a share as reported on NASDAQ for the 40 consecutive trading days ending on the earlier of December 31, 2029 or a Change in Control, by (ii) the average closing price of a share as reported on NASDAQ for the 20 consecutive trading days ending on January 1, 2026, provided, however, that if the performance multiplier is below 0.5, no performance stock units shall vest. These performance stock units shall otherwise be subject to the terms of the Equity Plan, the performance stock unit agreement evidencing the award to be entered into between Executive and Group, and the provisions set forth in the Agreement."

7. New Section 5(b)(iv) is inserted after Section 5(b)(iii) of the Agreement:

"(iv) Executive shall be eligible to receive a prorated portion of the Annual Bonus Executive would have received with respect to the calendar year during which the Date of Termination occurs had he remained in continuous employment through the date of payment, with the amount determined based on actual performance against applicable metrics and subject to discretionary adjustments permitted under the applicable incentive bonus program and with proration determined by dividing the number of days Executive served hereunder in the calendar year during which the Date of Termination occurred by the total number of days in the calendar year in which the Date of Termination occurred, in each case, as determined by the Board. Any such prorated Annual Bonus shall be payable on the regularly scheduled payment date under the Company's incentive bonus program (in the calendar year following the calendar year in which the Date of Termination occurs)."

8. New Section 11 is inserted after Section 10 of the Agreement:

"11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Exceptions.</u> 

Notwithstanding anything in this Agreement to the contrary, nothing herein shall prohibit Executive from (i) filing a charge with the U.S. Equal Employment Opportunity Commission ("***EEOC***") or the U.S. National Labor Relations Board ("***NLRB***"), or any similar state or local government agency or commission; (ii) reporting possible violations of law or regulation to, participating in any proceeding or investigation by, communicating with, providing information to, or cooperating with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the EEOC, the NLRB, the U.S. Occupational Safety and Health Administration, the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice or any other securities regulatory agency, self-regulatory authority or federal, state or local regulatory authority (collectively, "***Government Agencies***"), or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, in each

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**Exhibit 10.4(b)#**

case, without providing notice to the Company; (iii) receiving an award for information provided to any Government Agency; (iv) exercising any rights Executive may have under Section 7 of the U.S. National Labor Relations Act; (v) conferring with Executive's attorney; (vi) discussing or disclosing information about acts in the workplace that Executive believes are unlawful, such as harassment or discrimination, or any other conduct that Executive has reason to believe is unlawful; and/or (vii) engaging in any other activity that is protected by law and cannot be released herein. Pursuant to 18 USC Section 1833(b), Executive acknowledges that (1) Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (2) if Executive files a lawsuit for retaliation by the Company or its affiliates for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Further, nothing in this Agreement is intended to or shall preclude Executive from providing truthful testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. If Executive is required to provide testimony or produce documents, then unless otherwise directed or requested by a Governmental Agency or law enforcement, Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten days prior to providing such testimony (or, if such notice is not possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process."

11. This Amendment shall be and, as of the Amendment Effective Date, is hereby incorporated in and forms a part of the Agreement.

12. Except as expressly provided herein, all terms and conditions of the Agreement shall remain in full force and effect. In the event of any conflict between the original terms of the Agreement and this Amendment, the terms of this Amendment shall prevail.

13. This Amendment shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the State of Colorado, without giving effect to any principles of conflicts of law, whether of the State of Colorado or any other jurisdiction, and where applicable, the laws of the United States, that would result in the application of the laws of any other jurisdiction.

*(Signature page follows)*

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**Exhibit 10.4(b)#**

**IN WITNESS WHEREOF**, the parties hereto have executed this Amendment effective as of the date first written above.

---

| | |
|:---|:---|
| <br>**FRONTIER AIRLINES, INC.** | <br>**FRONTIER AIRLINES, INC.** |
| <br>By: | <br>/s/ Howard Diamond |
|  | Name: Howard Diamond |
|  | Title: EVP, Legal & Corporate Affairs |
| <br>**EXECUTIVE**<br>/s/ James G. Dempsey | <br>**EXECUTIVE**<br>/s/ James G. Dempsey |
| James G. Dempsey | James G. Dempsey |

---

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## Exhibit 10.4

**Exhibit 10.4(c)#**

**SEPARATION AGREEMENT**

This Separation Agreement (the "***Agreement***") is entered into by and between Barry L. Biffle ("***Executive***") and Frontier Airlines, Inc. (the "***Company***") (each a "***Party***" and together the "***Parties***"), effective as of January 1, 2026 (the "***Effective Date***"). Capitalized terms used but not defined herein have the meaning given to such terms in the Employment Agreement by and between Executive and the Company effective as of March 15, 2016 (the "***Employment Agreement***").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS Executive is employed with the Company and served as Chief Executive Officer, pursuant to the Employment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS Executive's status as Chief Executive Officer and as an officer of the Company and its Affiliates ended effective as of December 15, 2025, and Executive's employment with the Company will terminate effective as of December 31, 2025 (the "***Separation Date***");

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as of the Transition Date, Executive holds certain restricted stock units ("***RSUs***") and performance stock units ("***PSUs***") each as set forth on **<u>Exhibit A</u>** (collectively the "***Equity Awards***"), subject to vesting and other terms and conditions under the Frontier Group Holdings, Inc. (the "***Parent***") 2021 Incentive Award Plan (the "***Plan***") and the applicable grant notices and agreements (the "***Equity Agreements***"); and

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS the Parties wish to provide for an orderly transition of the Executive's employment, and to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive's employment with or separation from the Company.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Transition and Separation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Executive acknowledges and agrees that Executive's status as Chief Executive Officer and as an officer of the Company and its Affiliates ended effective as of December 15, 2025 (the "***Transition Date***"). Executive hereby agrees to execute such further document(s) as shall be determined by the Company as reasonably necessary or desirable to give effect to the termination of Executive's status as an officer of the Company and its Affiliates. During the period commencing on the Transition Date and ending on the Separation Date Executive shall remain employed by the Company reporting to the Chief Executive Officer and will continue to be paid an Annual Base Salary and be eligible for a Target Bonus at the rate in effect on the date of this Agreement in accordance with the Company's regular payroll procedures and be eligible for all employee benefit plans available to employees of the Company. Executive and the Company acknowledge and agree that Executive's employment shall terminate on the Separation Date. As of the Separation Date, Executive will be deemed to have resigned from the Board of Directors of Parent (the "***Board***") and all other positions with the Company and its Affiliates. Executive agrees to promptly sign all documents and cooperate in whatever steps are necessary to complete such resignations. After the Separation Date, Executive shall not represent to anyone that Executive is an employee, agent, or representative of the Company, nor shall Executive say or do anything to attempt to bind or obligate the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Separation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Accrued Obligations*. Regardless of whether Executive signs this Agreement, on or before the Separation Date, the Company will pay to Executive (i) all accrued base salary and all unused paid time off accrued through the Separation Date and (ii) any unreimbursed business expenses incurred by Executive, in accordance with Company policy, prior to the Separation Date (collectively, the "***Accrued Obligations***"). Executive agrees that, with the payment of the Accrued Obligations and except as set forth in Section 2(d) herein, Executive will have been paid all compensation, including all wages, bonuses and commissions, and other payments that Executive is entitled to receive from the Company, and (ii) will not be eligible for any other compensation or other payments from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Benefits and COBRA*. If Executive or Executive's dependents are currently enrolled in Company-sponsored healthcare benefits, then Executive's benefits will expire on December 31, 2025. Executive will have the opportunity to continue such benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or the applicable state equivalent (together, "***COBRA***"). Except as provided in Section 3(d) below, Executive will be responsible for all COBRA premium costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Vested and Unvested Equity Awards*. Except as provided in Section 2(d), all unvested shares underlying the Equity Awards shall be forfeited and/or cancelled on the Separation Date with no further compensation owed to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Severance Benefits*. Pursuant to the terms and conditions of the Employment Agreement, the Company agrees that Executive's employment separation will be treated as a termination pursuant to Section 4(a)(iv) of the Employment Agreement. As such, subject to and conditioned upon (x) the effectiveness of this Agreement and Executive's continued compliance with this Agreement and the Restrictive Covenants (as defined below), (y) Executive's delivery to the Company of an executed version of the release of claims attached hereto as **<u>Exhibit B</u>** (the "***Release***") that is signed on (but not earlier than) or within 21 days after the Separation Date, and becomes effective and irrevocable within 30 days following the Separation Date, and (z) Executive's execution of the Notice of Restrictive Covenants provided to Executive contemporaneously with this Agreement ("***Notice of Restrictive Covenants***") no later than the date on which Executive executes this Agreement, Executive shall be entitled to the following payments and benefits (the "***Separation Benefits***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Executive shall be entitled to receive as severance an amount equal to $1,680,750, which constitutes one times Executive's Annual Base Salary plus Target Bonus, payable in a cash lump sum, less applicable withholdings, within sixty (60) days following the Separation Date. In addition, Executive shall be eligible to receive the Annual Bonus Executive would have received with respect to the calendar year 2025 had he remained in continuous employment through the date of payment, with the amount determined based on actual performance against applicable metrics, with any discretionary adjustments based solely on the corporate attainment level, in each case, as determined by the Board. Such Annual Bonus shall be payable on the regularly scheduled payment date under the Company's incentive bonus program (in the calendar year following the calendar year in which the Date of Termination occurs) but no later than March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall continue to provide Executive with the UATP Flight Benefits at the level in place as of the Separation Date for Executive's lifetime.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;As additional severance, Executive shall be entitled to receive $64,341, less applicable withholdings, payable in a cash lump sum, within sixty (60) days following the Separation Date. Executive acknowledges that Executive shall be solely responsible for all matters relating to any continuation of coverage pursuant to COBRA, including, without limitation, Executive's election of such coverage and Executive's timely payment of premiums.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A portion of the PSUs granted to you on February 6, 2025 will remain outstanding and a pro-rated number of such PSUs will vest upon the completion of the Performance Period based on the Achievement Factor, as defined and in accordance with the terms set forth in the applicable Equity Agreement, multiplied by a fraction, the numerator of which is the number of days elapsed from the first day of the Performance Period through and including the Separation Date and the denominator of which is the total number of days in the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The tranche of the RSUs that are scheduled to vest in February 2026 (consisting of, for the avoidance of doubt, 56,280 RSUs granted on February 8, 2023, 9,897 RSUs granted on April 2, 2023 and 61,804 RSUs granted on February 6, 2025) shall remain outstanding and will vest and be settled in February 2026. All remaining tranches of the RSUs shall be forfeited and/or cancelled on the Separation Date with no further compensation owed to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Withholdings and Other Deductions</u>. All compensation payable to Executive hereunder shall be subject to such withholdings and deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Adequate Consideration</u>. Executive acknowledges and agrees that the Separation Benefits and the Company's other promises in this Agreement are in full accord and satisfaction of the Company's obligations under the Employment Agreement and are sufficient consideration for the Executive's releases and other promises in this Agreement and the Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Continuing Obligations under Restrictive Covenants; Return of Company Property; Forfeiture and Clawback</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Continuing Obligations under Restrictive Covenants*. Executive understands that Executive remains bound by the restrictive covenants set forth in Section 8 of the Employment Agreement in accordance with the terms thereof; *provided, however*, that the non-competition covenant in Section 8(c)(i) of the Employment Agreement shall be interpreted to be no broader than the non-competition covenant in Section 1(b)(i) of **<u>Exhibit C</u>** of this Agreement, and the non-solicitation covenant in Section 8(c)(ii) of the Employment Agreement shall be interpreted to apply for only 12 months after the Separation Date. Payment of any Separation Benefits is conditioned on (1) Executive's continued compliance with the restrictive covenants in Section 8 of the Employment Agreement (subject to this Section 3(a)) and the restrictive covenants in Exhibit C of this Agreement (collectively, the "***Restrictive Covenants***") and (2) Executive's execution of the Notice of Restrictive Covenants no later than the date on which Executive executes this Agreement. The Restrictive Covenants in **<u>Exhibit C</u>** of this Agreement shall not be effective until fourteen (14) days after Executive receives a copy of this Agreement and the Notice. Nothing in this Agreement limits or restricts the Company's rights to enforce the Restrictive Covenants (subject to this Section 3(a)) or to seek all available relief or remedies for future violations of the Restrictive Covenants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Return of Company Property*. Executive agrees that Executive has returned to the Company all Company documents (and all copies thereof) and all Company property and equipment that Executive has in their possession or control that contain or embody any proprietary or confidential information of the Company or any of its affiliates in whatever form (including information in electronic form and all reproductions thereof in whole or in part). Executive further agrees that Executive will not copy, delete, or alter in any way any Company information or material contained upon any Company issued computer or Company equipment. In addition, if Executive has used any personally owned computer, server, e-mail system or cloud system (e.g., Box, Dropbox, GoogleDrive), memory stick, flash memory card, or portable electronic device (e.g., iPhone, iPad, Android) (collectively, "Personal Systems") to receive, store, prepare or transmit any Company confidential or proprietary data, materials or information, Executive has provided to the Company with a computer-useable forensic copy of all such information and then permanently delete and expunge all such Company confidential or proprietary information from such Personal Systems without retaining any copy or reproduction in any form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Forfeiture and Clawback*. If Executive breaches the terms of this Agreement or the Company determines that during Executive's employment with the Company and its affiliates, Executive engaged in conduct that would have constituted Cause, the Company's obligations to provide any further Separation Benefits will cease, Executive will be obligated to immediately repay or reimburse the Company for any Separation Benefits that Executive has received and Executive will forfeit any Equity Awards that remain outstanding and, to the extent permitted by applicable law, shall pay the Company an amount equal to all proceeds received in connection with any sale or other disposition of any shares underlying the Equity Awards. Executive further agrees that Executive is and shall continue to be bound by and subject to the terms of the Parent's Policy for Recovery of Erroneously Awarded Compensation of Frontier Group Holdings, Inc., dated as of October 2, 2023. (the "***Clawback Policy***") and compensation received by Executive may be subject to reduction, cancellation, forfeiture and/or recoupment to the extent necessary to comply with the Policy, notwithstanding any other agreement to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*<u>Non-Disparagement</u>*. Each of the Parties remains bound by the non-disparagement obligation in Section 8(d) of the Employment Agreement, except that, (i) for purposes of the Company, its obligation shall extend only to the Company's officers and directors as of the time that the Parties enter into this Agreement, and (ii) either Party may be permitted to make truthful statements as deemed necessary in good faith in any pending or threatened litigation, arbitration, or other legal proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Executive's Release of the Company</u>. Executive understands that by agreeing to the release contained in this Section 4, Executive is agreeing not to sue, or otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything that has occurred as of the date Executive signs this Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On behalf of Executive and Executive's heirs and assigns, Executive hereby releases and forever discharges the "***Releasees***" hereunder, consisting of the Company, and each of its owners, affiliates, divisions, predecessors, successors, assigns, agents, directors, officers, partners, employees, and insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called "***Claims***"), which Executive has against the Releasees as of the Effective Date, or any of them, arising out of, based upon, or relating to Executive's hire, employment or resignation by the Releasees, or any of them, from

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the beginning of time to the date hereof, including, without limiting the generality of the foregoing, Claims arising under federal, state, or local laws relating to employment, Claims of any kind that may be brought in any court or administrative agency, any Claims arising under Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq., the Equal Pay Act, 29 U.S.C. § 206(d), the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the False Claims Act, 31 U.S.C. § 3729 et seq., the Executive Retirement Income Security Act, 29 U.S.C. § 1001 et seq., the Worker Adjustment and Retraining Notification ("***WARN***") Act, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the Sarbanes-Oxley Act of 2002, the Colorado Anti-Discrimination Act, the Workplace Accommodations for Nursing Mothers Act, the Pregnant Workers Fairness Act, the Lawful Off-Duty Activities Statute, the Personnel Files Employee Inspection Right Statute, the Colorado Labor Peace Act, the Colorado Labor Relations Act, the Colorado Equal Pay Act, the Colorado Overtime and Minimum Pay Standards Order, the Colorado Healthy Families and Workplaces Act, and/or Colorado FAMLI, each as amended, and/or the Colorado WARN Act, and/or any and all other federal, state and local laws, statutes, executive orders, regulations municipal ordinances, common law, and any other jurisdiction worldwide, Claims for breach of contract, Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy, and/or breach of the implied covenant of good faith and fair dealing, and Claims for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney's fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the generality of the foregoing, Executive does not release the following claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Claims under the Age Discrimination in Employment Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Claims for workers' compensation insurance benefits under the terms of any worker's compensation insurance policy or fund of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Claims to continued participation in certain of the Company's group benefit plans pursuant to the terms and conditions of COBRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Claims to any benefit entitlements vested as of the date of Executive's employment termination, pursuant to written terms of any Company employee benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Claims for any wages or remuneration unpaid as of the date of Executive's employment termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Claims for any breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Claims for indemnification under any indemnification agreement, the Company's Bylaws or any applicable law with respect to Executive's liability as an employee of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Executive's right to bring to the attention of the Equal Employment Opportunity Commission claims of discrimination; <u>provided</u>, <u>however</u>, that

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Executive does release Executive's right to secure any damages for alleged discriminatory treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Waiver of Unknown Claims*. Executive acknowledges and agrees that the release provisions of this Agreement specifically cover known and unknown claims. Accordingly, Executive expressly waives Executive's rights under Section 1542 of the California Civil Code, and any similar laws of other states, which provides: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Exceptions</u>. Notwithstanding anything in this Agreement or the Restrictive Covenants to the contrary, nothing contained in this Agreement or the Restrictive Covenants shall prohibit either Party to this Agreement (or either party's attorney(s)) from (i) filing a charge with, reporting possible violations of law or regulation to, participating in any investigation by, or cooperating with the U.S. Equal Employment Opportunity Commission, the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice or any other securities regulatory agency, self-regulatory authority or federal, state or local regulatory authority (collectively, "***Government Agencies***"), or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, (ii) communicating directly with, cooperating with, or providing information (including trade secrets) in confidence to any Government Agencies for the purpose of reporting or investigating a suspected violation of law, or from providing such information to such party's attorney(s) or in a sealed complaint or other document filed in a lawsuit or other governmental proceeding, (iii) receiving an award for information provided to any Government Agency, and/or (iv) exercising any rights Executive may have under Section 7 of the U.S. National Labor Relations Act. Pursuant to 18 USC Section 1833(b), Executive acknowledges that (1) Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (2) if Executive files a lawsuit for retaliation by the Company or its affiliates for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Further, nothing in this Agreement is intended to or shall preclude either party from providing truthful testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. If Executive is required to provide testimony or produce documents, then unless otherwise directed or requested by a Governmental Agency or law enforcement, Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten days prior to providing such testimony (or, if such notice is not possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Ongoing Cooperation</u>. Executive shall cooperate with the Company and its affiliates, upon the Company's reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Executive's duties and

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responsibilities to the Company or its affiliates during Executive's employment with the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company's reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant Company documents which are or may have come into Executive's possession during his or her employment); provided, however, that any such request by the Company shall not be unduly burdensome or interfere with Executive's personal schedule or ability to engage in gainful employment. To the extent permitted by applicable law, the Company will reimburse Executive for reasonable out-of-pocket expenses, if any, incurred in connection with any such cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>DISPUTE RESOLUTION</u>**. TO ENSURE THE TIMELY AND ECONOMICAL RESOLUTION OF DISPUTES THAT ARISE IN CONNECTION WITH THIS AGREEMENT, EXECUTIVE AND THE COMPANY AGREE THAT ANY AND ALL DISPUTES, CLAIMS, OR CAUSES OF ACTION ARISING FROM OR RELATING TO THE ENFORCEMENT, BREACH, PERFORMANCE OR INTERPRETATION OF THIS AGREEMENT, EXECUTIVE'S EMPLOYMENT, OR THE TERMINATION OF EXECUTIVE'S EMPLOYMENT, SHALL BE RESOLVED TO THE FULLEST EXTENT PERMITTED BY LAW BY FINAL, BINDING AND CONFIDENTIAL ARBITRATION IN THE COUNTY OF DENVER, COLORADO, THROUGH JUDICIAL ARBITRATION & MEDIATION SERVICES/ENDISPUTE ("***JAMS***") IN CONFORMITY WITH THE THEN-EXISTING JAMS EMPLOYMENT ARBITRATION RULES AND COLORADO LAW. A LINK TO THE CURRENT JAMS EMPLOYMENT ARBITRATION RULES FOLLOWS: HTTPS://WWW.JAMSADR.COM/RULES-EMPLOYMENT-ARBITRATION/ENGLISH. BY AGREEING TO THIS ARBITRATION PROCEDURE, BOTH EXECUTIVE AND THE COMPANY WAIVE THE RIGHT TO RESOLVE ANY SUCH DISPUTE THROUGH A TRIAL BY JURY OR JUDGE OR ADMINISTRATIVE PROCEEDING. THE ARBITRATOR SHALL: (A) HAVE THE AUTHORITY TO COMPEL ADEQUATE DISCOVERY FOR THE RESOLUTION OF THE DISPUTE AND TO AWARD SUCH RELIEF AS WOULD OTHERWISE BE PERMITTED BY LAW; AND (B) ISSUE A WRITTEN ARBITRATION DECISION, TO INCLUDE THE ARBITRATOR'S ESSENTIAL FINDINGS AND CONCLUSIONS AND A STATEMENT OF THE AWARD. THE COMPANY SHALL PAY ALL JAMS'S ARBITRATION FEES IN EXCESS OF THE AMOUNT OF COURT FEES THAT WOULD BE REQUIRED IF THE DISPUTE WERE DECIDED IN A COURT OF LAW. NOTHING IN THIS AGREEMENT IS INTENDED TO PREVENT EITHER EXECUTIVE OR THE COMPANY FROM OBTAINING INJUNCTIVE RELIEF IN COURT TO PREVENT IRREPARABLE HARM PENDING THE CONCLUSION OF ANY SUCH ARBITRATION. NOTWITHSTANDING THE FOREGOING, EXECUTIVE AND THE COMPANY EACH HAVE THE RIGHT TO RESOLVE ANY ISSUE OR DISPUTE OVER INTELLECTUAL PROPERTY RIGHTS BY COURT ACTION INSTEAD OF ARBITRATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Code Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other such guidance that may be issued after the Effective Date (collectively, "***Section 409A***"). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Effective Date, the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that the Company determines are necessary or appropriate to preserve the intended tax treatment of the compensation and

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benefits payable hereunder, including without limitation actions intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section 409A, <u>provided</u>, <u>however</u>, that this Section 9 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such amendments, policies or procedures or to take any other such actions. In no event shall the Company, its affiliates or any of their respective officers, directors or advisors be liable for any taxes, interest or penalties imposed under Section 409A or any corresponding provision of state or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any right under this Agreement to a series of installment payments shall be treated as a right to a series of separate payments. Any payments subject to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this Agreement may only be made upon Executive's "separation from service" (within the meaning of Section 409A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of Executive's separation from service to be a "specified employee" for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive's benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the 6-month period measured from the date of Executive's separation from service or (ii) the date of Executive's death. Upon the first business day following the expiration of the applicable Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 9(c) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Choice of Law</u>. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Waiver</u>. Subject to Section 1(b)(iii) in Exhibit C, no provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Headings</u>. The headings in this Agreement are provided solely for convenience, and are not intended to be part of, nor to affect or alter the interpretation or meaning of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Severability</u>. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Assignment</u>. This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be assignable by Executive other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive's legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company, each of the Releasees, and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Ambiguities</u>. Both parties have participated in the negotiation of this Agreement and, thus, it is understood and agreed that the general rule that ambiguities are to be construed against the drafter shall not apply to this Agreement. In the event that any language of this Agreement is found to be ambiguous, each party shall have an opportunity to present evidence as to the actual intent of the parties with respect to any such ambiguous language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Entire Agreement / Amendments</u>. This Agreement (including the exhibits hereto), the Restrictive Covenants in Section 8 of the Employment Agreement (subject to Section 3(a) herein) and Section 5(d) of the Employment Agreement (subject to Section 3(a) herein), the Equity Agreements and the Clawback Policy, constitute the entire agreement between the parties concerning the subject matter hereof. All prior discussions and negotiations have been and are merged and integrated into, and are superseded by, this Agreement (including the exhibits hereto), the Restrictive Covenants in Section 8 of the Employment Agreement (subject to Section 3(a) herein) and Section 5(d) of the Employment Agreement (subject to Section 3(a) herein), the Equity Agreements and the Clawback Policy. Executive acknowledges and agrees that the payments and benefits set forth herein constitute full and complete satisfaction of the Company's obligations to Executive under the Employment Agreement and any severance policy or practice that may cover Executive and Executive shall have no right, title or interest in any payments or benefits under the Employment Agreement, any such plan or any such policy or practice. Subject to Section 1(b)(iii) in Exhibit C, no amendments to this Agreement will be valid unless written and signed by Executive and a duly authorized representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.

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IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the foregoing on the dates shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | **FRONTIER AIRLINES, INC.** |
| Dated: January 1, 2026 | <u>/s/ Howard Diamond</u> |
| | Howard Diamond, Executive Vice President, Legal and Corporate Affairs |
| | **EXECUTIVE** |
| Dated: January 1, 2026 | <u>/s/ Barry L. Biffle</u> |
| | Barry L. Biffle |

---

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**EXHIBIT A**

---

| | | |
|:---|:---|:---|
| **Award Type** | **Grant Date** | **Awards <br>Outstanding as of December 15, 2025** |
| RSU | 8-Feb-2023 | 56280 |
| RSU | 2-Apr-2023 | 9897 |
| RSU | 25-Oct-2023 | 234375 |
| RSU | 6-Feb-2025 | 185414 |
| PSU | 6-Feb-2025 | 21739 |
| PSU | 6-Feb-2025 | 42992 |
| PSU | 6-Feb-2025 | 62919 |
| PSU | 6-Feb-2025 | 30902 |
| PSU | 6-Feb-2025 | 61805 |
| PSU | 6-Feb-2025 | 92707 |

---

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**EXHIBIT B**

**GENERAL RELEASE**

This Release of Claims ("***Release***") is entered into as of January 1, 2026, between Barry L. Biffle ("***Executive***") and Frontier Airlines, Inc. (the "***Company***" and, together with Executive, the "***Parties***"), effective eight days after Executive's signature hereto (the "***Effective Date***"), unless Executive revokes Executive's acceptance of this Release as provided in Paragraph 1(c), below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Executive's Release of the Company</u>. Executive understands that by agreeing to this Release, Executive is agreeing not to sue, or otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything that has occurred as of the date Executive signs this Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On behalf of Executive and Executive's heirs and assigns, Executive hereby releases and forever discharges the "***Releasees***" hereunder, consisting of the Company, and each of its owners, affiliates, divisions, predecessors, successors, assigns, agents, directors, officers, partners, employees, and insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called "***Claims***"), which Executive has against the Releasees as of the Effective Date, or any of them, arising out of, based upon, or relating to Executive's hire, employment or resignation by the Releasees, or any of them, from the beginning of time to the date hereof, including, without limiting the generality of the foregoing, Claims arising under federal, state, or local laws relating to employment, Claims of any kind that may be brought in any court or administrative agency, any Claims arising under the Age Discrimination in Employment Act ("***ADEA***"), 29 U.S.C. § 621, et seq., Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq., the Equal Pay Act, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the False Claims Act, 31 U.S.C. § 3729 et seq., the Executive Retirement Income Security Act, 29 U.S.C. § 1001 et seq., the Worker Adjustment and Retraining Notification ("WARN") Act, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the Sarbanes-Oxley Act of 2002, the Colorado Anti-Discrimination Act, the Workplace Accommodations for Nursing Mothers Act, the Pregnant Workers Fairness Act, the Lawful Off-Duty Activities Statute, the Personnel Files Employee Inspection Right Statute, the Colorado Labor Peace Act, the Colorado Labor Relations Act, the Colorado Equal Pay Act, the Colorado Overtime and Minimum Pay Standards Order, the Colorado Healthy Families and Workplaces Act, and/or Colorado FAMLI, each as amended, and/or the Colorado WARN Act, and/or any and all other federal, state and local laws, statutes, executive orders, regulations municipal ordinances, common law, and any other jurisdiction worldwide, Claims for breach of contract, Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy, and/or breach of the implied covenant of good faith and fair dealing, and Claims for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney's fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the generality of the foregoing, Executive does not release the following claims:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Claims for workers' compensation insurance benefits under the terms of any worker's compensation insurance policy or fund of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Claims to continued participation in certain of the Company's group benefit plans pursuant to the terms and conditions of COBRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Claims to any benefit entitlements vested as of the date of Executive's employment termination, pursuant to written terms of any Company employee benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Claims for any breach of the Separation Agreement, dated as of January 1, 2026, between the Parties (the "***Separation Agreement***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Claims for indemnification under any indemnification agreement with the Company, the Company's Bylaws or any applicable law with respect to Executive's liability as an employee of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Executive's right to bring to the attention of the Equal Employment Opportunity Commission claims of discrimination or retaliation; <u>provided</u>, <u>however</u>, that Executive does release Executive's right to secure any damages or other remedies for alleged discriminatory or retaliatory treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Waiver of Unknown Claims*. Executive acknowledges and agrees that the release provisions of this Agreement specifically cover known and unknown claims. Accordingly, Executive expressly waives Executive's rights under Section 1542 of the California Civil Code, and any similar laws of other states, which provides: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In accordance with the Older Workers Benefit Protection Act of 1990, Executive has been advised of, and acknowledges, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Executive has the right to consult with an attorney before signing this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Executive has been given at least twenty-one (21) days to consider this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Executive has seven (7) days after signing this Release to revoke it, and Executive will not receive the payments and benefits provided for under Section 3(b) of the Transition and Separation Agreement unless and until such seven (7) day period has expired. If Executive wishes to revoke this Release, Executive must deliver notice of Executive's revocation in writing, no later than 5:00 p.m. on the 7th day following Executive's execution of this Release to Howard Diamond, ###.

\|US-DOCS\171040153.1\|\|

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Exceptions</u>. Notwithstanding anything in this Release to the contrary, nothing contained in this Release shall prohibit either party to the Release (or either party's attorney(s)) from (i) filing a charge with, reporting possible violations of law or regulation to, participating in any investigation by, or cooperating with the U.S. Equal Employment Opportunity Commission, the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice or any other securities regulatory agency, self-regulatory authority or federal, state or local regulatory authority (collectively, "***Government Agencies***"), or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, (ii) communicating directly with, cooperating with, or providing information (including trade secrets) in confidence to any Government Agencies for the purpose of reporting or investigating a suspected violation of law, or from providing such information to such party's attorney(s) or in a sealed complaint or other document filed in a lawsuit or other governmental proceeding, (iii) receiving an award for information provided to any Government Agency, and/or (iv) exercising any rights Executive may have under Section 7 of the U.S. National Labor Relations Act. Pursuant to 18 USC Section 1833(b), Executive acknowledges that (1) Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (2) if Executive files a lawsuit for retaliation by the Company or its affiliates for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Further, nothing in this Release is intended to or shall preclude either party from providing truthful testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. If Executive is required to provide testimony or produce documents, then unless otherwise directed or requested by a Governmental Agency or law enforcement, Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten days prior to providing such testimony (or, if such notice is not possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Executive Representations</u>. Executive represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Executive has returned to the Company all Company property in Executive's possession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Executive has been paid all, and is not eligible to receive from the Company any, wages, commissions, bonuses or other compensation, accrued unused vacation, or other payments from the Company, except as expressly set forth in the Separation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the course of Executive's employment Executive did not sustain any injuries for which Executive might be entitled to compensation pursuant to worker's compensation law or Executive has disclosed any injuries of which Executive is currently, reasonably aware for which Executive might be entitled to compensation pursuant to worker's compensation law; and

\|US-DOCS\171040153.1\|\|

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Executive has not initiated any adversarial proceedings of any kind against the Company or against any other person or entity released herein, nor will Executive do so in the future, except as specifically allowed by this Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Severability</u>. The provisions of this Release are severable. If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Choice of Law</u>. This Release shall in all respects be governed and construed in accordance with the laws of the State of Colorado, including all matters of construction, validity and performance, without regard to conflicts of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Integration Clause</u>. This Release, the Separation Agreement, the Restrictive Covenants, Section 5(d) of the Employment Agreement, and the Recovery Policy (each as defined in the Separation Agreement) contain the Parties' entire agreement with regard to the separation of Executive's employment, and supersede and replace any prior agreements as to those matters, whether oral or written. This Release may not be changed or modified, in whole or in part, except by an instrument in writing signed by Executive and a duly authorized officer or director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Execution in Counterparts</u>. This Release may be executed in counterparts with the same force and effectiveness as though executed in a single document. Facsimile signatures shall have the same force and effectiveness as original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Intent to be Bound</u>. The Parties have carefully read this Release in its entirety; fully understand and agree to its terms and provisions; and intend and agree that it is final and binding on all Parties. This Release shall inure to the benefit of each of the Releasees.

*[Signature page follows]*

\|US-DOCS\171040153.1\|\|

------

&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the foregoing on the dates shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EXECUTIVE | FRONTIER AIRLINES, INC. |
| <u>/s/ Barry L. Biffle</u> | <u>/s/ Howard Diamond</u> |
| Barry L. Biffle&nbsp;&nbsp;&nbsp;&nbsp; | By: Howard Diamond |
|  | Title: Executive Vice President, Legal and Corporate Affairs |
| Dated: January 1, 2026 | Date: January 1, 2026 |

---

\|US-DOCS\171040153.1\|\|

------

**EXHIBIT C**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Restrictive Covenants.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the Separation Agreement between Barry L. Biffle ("***Executive***") and Frontier Airlines, Inc. (the "***Company***") dated as of January 1, 2026 (the "***Separation Agreement***"), this Exhibit C is incorporated and made a part of the Separation Agreement as if set forth in full therein. Capitalized terms used but not defined herein have the meaning given to such terms in the Separation Agreement. The term "Company" as used in this Exhibit C shall include the Company and any Affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Competition/Non-Solicitation</u>. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company, and further acknowledges and recognizes that the Company has entered into the Separation Agreement in reliance on, among other things, Executive's agreement to be bound by the provisions set forth in this Section 1(b). Accordingly, Executive agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Executive shall not at any time during Executive's employment with the Company and shall not at any time during the twelve (12) month period following Executive's termination of employment from the Company, directly or indirectly: (A) engage, participate or assist in any Competing Business (defined as any commercial passenger airline business that is authorized by any governmental authority to operate in any part of the United States, other than any commercial passenger airline business that is (i) based outside United States and (ii) does not include in its route network point to point flying within United States) in the United States; (B) enter the employ of, or render any services to, any person or entity engaged in any Competing Business in the United States, in any role or capacity (x) that involves the same or similar types of services Executive performed for the Company or any of its subsidiaries, or parent entities, or any of the Company's parent entities' subsidiaries (collectively, the Company's "***Affiliates***") at any time during the last two years of Executive's employment with the Company, (y) that involves executive, managerial, strategic, sales, marketing or operational responsibilities for the Competing Business, or (z) in which Executive could reasonably be expected to use or disclose Confidential Information; or (C) acquire a financial interest in, or otherwise become actively involved with, any Person engaged in any Competing Business in the United States; in each case, whether as an individual, employee, contractor, partner, shareholder, officer, director, principal, agent, trustee or consultant. Nothing herein shall prohibit Executive from being a passive owner of not more than two percent (2%) of the outstanding equity interest in any entity that is publicly traded, so long as Executive has no active participation in the business of such entity.(ii) Executive hereby agrees that Executive shall not at any time during Executive's employment with the Company and shall not at any time during the twelve (12) month period following Executive's termination of employment from the Company, directly or indirectly, either for himself or on behalf of any other person or entity, (A) recruit or otherwise solicit or induce any employee, customer or supplier of the Company to terminate its employment or arrangement with the Company, or otherwise change its relationship with the Company, or (B) hire, or cause to be hired, any person or entity who was employed by the Company at any time during the twelve (12)-month period immediately prior to the termination of Executive's employment or who thereafter becomes employed by the Company.

\|US-DOCS\171040153.1\|\|

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event any of the terms of this Section 1(b) shall be determined by any court of competent jurisdiction or arbitrator to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect or for any other reason, such unenforceable term (A) will be interpreted to, and modified by the court of competent jurisdiction or arbitrator, as applicable, to, extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, or (B) otherwise will be interpreted and modified to the minimum extent necessary to make the term enforceable, all as determined by such court or arbitrator in such action. In the event any unenforceable term cannot be so interpreted and modified, the term shall be severed from this Exhibit C and the remainder of Exhibit shall be so enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Executive understands that the restrictions set forth in this Section 1(b) are intended to protect the Company's trade secrets, established employee, customer and supplier relations, and the general goodwill of its business, and Executive agrees that such restrictions are reasonable and appropriate for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Tolling</u>. In the event Executive engages in conduct in violation of his covenants in this Section 1(b), the applicable restricted period shall be extended for a period of time equal to the time in which Executive engaged in the activity prohibited by this Section 1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentiality</u>. As used in this Agreement, "Confidential Information" means information belonging to the Company or any Affiliate which is of value to the Company or such Affiliate in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company or such Affiliate. Confidential Information includes, without limitation, financial information, reports, forecasts, inventions, improvements and other intellectual property, trade secrets, know-how, designs, processes or formulae, software, market or sales information or plans, customer lists, business plans and prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information also includes information developed by Executive in the course of Executive's employment by the Company, as well as other information to which Executive may have had access to in connection with Executive's employment. Confidential Information also includes the confidential information of others with which the Company or any Affiliate had or has a business relationship and which is known by Executive or which Executive should have reason to know about. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of Executive's duties under this Section 1(c) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive understands and agrees that Executive's employment creates a relationship of confidence and trust between Executive and the Company with respect to all Confidential Information. At all times, both during Executive's employment with the Company and after its termination, Executive will keep in confidence and trust all Confidential Information, and will not use or disclose any Confidential Information without the written consent of the Company, except as may be necessary in the ordinary course of performing Executive's duties to the Company or as otherwise required by law.

\|US-DOCS\171040153.1\|\|

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are or were furnished to Executive by the Company or any Affiliate or are or were produced by Executive in connection with Executive's employment will be and remain the sole property of the Company. Executive has returned to the Company all such materials and property..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The obligations in this Section 1(c) relating to disclosure of Confidential Information shall not prohibit disclosure of information that arose or arises from Executive's general training, knowledge, skill or experience, whether gained on the job or otherwise, information that is readily ascertainable to the public, or information that Executive otherwise has a right to disclose as legally protected conduct.

\|US-DOCS\171040153.1\|\|

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Exhibit C or the Separation Agreement to the contrary, nothing herein or in the Separation Agreement shall prohibit Executive from (i) filing a charge with the U.S. Equal Employment Opportunity Commission ("***EEOC***") or the U.S. National Labor Relations Board ("***NLRB***"), or any similar state or local government agency or commission, *provided, however*, Executive releases and waives Executive's right to receive damages or other relief in connection with any such charge filed with the EEOC or any similar state or local agency or any subsequent proceeding relating thereto, to the maximum extent permitted under applicable law; (ii) reporting possible violations of law or regulation to, participating in any proceeding or investigation by, communicating with, providing information to, or cooperating with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Equal Employment Opportunity Commission, the EEOC, the NLRB, the U.S. Occupational Safety and Health Administration, the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice or any other securities regulatory agency, self-regulatory authority or federal, state or local regulatory authority (collectively, "***Government Agencies***"), or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, in each case, without providing notice to the Company; (iii) receiving an award for information provided to any Government Agency; (iv) exercising any rights Executive may have under Section 7 of the U.S. National Labor Relations Act; (v) conferring with Executive's attorney; (vi) discussing or disclosing information about acts in the workplace that Executive believes are unlawful, such as harassment or discrimination, or any other conduct that Executive has reason to believe is unlawful; and/or (vii) engaging in any other activity that is protected by law and cannot be released herein. Pursuant to 18 USC Section 1833(b), Executive acknowledges that (1) Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (2) if Executive files a lawsuit for retaliation by the Company or its affiliates for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Further, nothing in this Agreement is intended to or shall preclude Executive from providing truthful testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. If Executive is required to provide testimony or produce documents, then unless otherwise directed or requested by a Governmental Agency or law enforcement, Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten days prior to providing such testimony (or, if such notice is not possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process.

\|US-DOCS\171040153.1\|\|

------

**<u>Notice of Restrictive Covenants</u>**

This Notice of Restrictive Covenants (this "**Notice**") is provided to you by Frontier Airlines, Inc. (the "**Company**") on December 24, 2025, in accordance with the Colorado Act Concerning Restrictive Employment Agreements.

As you know, as a condition to receiving the Separation Benefits set forth in the Separation Agreement the Company provided to you contemporaneously herewith on December 23, 2025 ("**Separation Agreement**"), you are required to comply with the restrictive covenants set forth in Exhibit C of the Separation Agreement and Section 8 of the Employment Agreement that you entered into with the Company on March 15, 2016 ("**Employment Agreement**"). The restrictive covenants restrict your options for subsequent employment following your separation of employment from the Company, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 1(b)(i) of Exhibit C to the Separation Agreement, which includes certain non-competition covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 1(b)(ii) of Exhibit C to the Separation Agreement, which prohibits soliciting and other conduct with respect to the Company's customers and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 1(c) of Exhibit C to the Separation Agreement, which restricts the use and disclosure of Confidential Information (as defined in therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8(c)(i) of the Employment Agreement (subject to Section 3(a) of the Separation Agreement), which includes certain non-competition covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8(c)(ii) of the Employment Agreement (subject to Section 3(a) of the Separation Agreement), which prohibits soliciting and other conduct with respect to the Company's customers and employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8(e) of the Employment Agreement, which restricts the use and disclosure of Confidential Information (as defined in the Employment Agreement).

**By signing below, you acknowledge receipt of this Notice as provided above.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Signature: | <u>/s/ Barry Biffle</u> |
| | Barry Biffle |
| &nbsp;&nbsp;Date: | January 1, 2026 |

---

\|US-DOCS\171040153.1\|\|

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, James G. Dempsey, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Frontier Group Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 5, 2026 | /s/ James G. Dempsey |
| | James G. Dempsey |
| | Chief Executive Officer |
| | *(Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Mark C. Mitchell, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Frontier Group Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 5, 2026 | /s/ Mark C. Mitchell |
| | Mark C. Mitchell |
| | Senior Vice President and Chief Financial Officer |
| | *(Principal Financial Officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer Pursuant to 18 U.S.C. § 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Frontier Group Holdings, Inc. (the "Company") hereby certifies, to such officer's knowledge, that:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 5, 2026 | /s/ James G. Dempsey |
| | | James G. Dempsey |
| | | Chief Executive Officer |
| | | *(Principal Executive Officer)* |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer Pursuant to 18 U.S.C. § 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Frontier Group Holdings, Inc. (the "Company") hereby certifies, to such officer's knowledge, that:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 5, 2026 | /s/ Mark C. Mitchell |
| | | Mark C. Mitchell |
| | | Senior Vice President and Chief Financial Officer |
| | | *(Principal Financial Officer)* |

---

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