Document:

EX-10.41

 Exhibit 10.41 

PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT 
  

							
	Recipient:	 	Frontier Airlines, Inc.	 	PSP Participant Number: PSA 2004031458
	 		 
	 	 	4545 Airport Way	 	Employer Identification Number: 84-1256945
	 		 
	 	 	 Denver, CO 80239
  
	 	DUNS Number: 831153622

					
	 Additional Recipients: N/A

 

	
Amount of Initial Payroll Support Payment: $70,036,144
  

	
 
 The Department of the Treasury (Treasury) hereby provides Payroll Support (as defined
herein) under Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021. The Signatory Entity named above, on behalf of itself and its Affiliates (as defined herein), agrees to comply with this Agreement and applicable
Federal law as a condition of receiving Payroll Support. The Signatory Entity and its undersigned authorized representatives acknowledge that a materially false, fictitious, or fraudulent statement (or concealment or omission of a material fact) in
connection with this Agreement may result in administrative remedies as well as civil and/or criminal penalties.
  

	  

The undersigned hereby agree to the attached Payroll Support Program Extension Agreement.

 

									
	 		 
	     /s/ Steven T.
Mnuchin
	 		 	     /s/ James
Dempsey

	Department of the Treasury	 		 	Frontier Airlines, Inc.
	 			 
	Name:	 	Steven Mnuchin	 		 	First Authorized Representative:
	 				 
	Title:	 	Secretary	 		 	Name:	 	James Dempsey
	 				 
	Date:	 	January 15, 2021	 		 	Title:	 	Chief Financial Officer
	 				 
	 	 		 		 	Date:	 	January 15, 2021
	 			 
	 	 		 		 	     /s/ Howard
Diamond

	 	 		 		 	Frontier Airlines, Inc.
	 			 
	 	 		 		 	Second Authorized Representative:
	 				 
	 	 		 		 	Name:	 	Howard Diamond
	 				 
	 	 		 		 	Title:	 	General Counsel and Secretary
	 				 
	 	 	 	 	 	 	Date:	 	 January 15, 2021

 

 OMB Approval No. 1505-0263 

  
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 PAYROLL SUPPORT PROGRAM EXTENSION AGREEMENT 

INTRODUCTION 
 Subtitle A of Title IV of
Division N of the Consolidated Appropriations Act, 2021 (PSP Extension Law) directs the Department of the Treasury (Treasury) to provide Payroll Support (as defined herein) to passenger air carriers and certain contractors that must be exclusively
used for the continuation of payment of Employee Salaries, Wages, and Benefits (as defined herein). The PSP Extension Law permits Treasury to provide Payroll Support in such form, and on such terms and conditions, as the Secretary of the Treasury
determines appropriate, and requires certain assurances from the Recipient (as defined herein). 
 This Payroll Support Program Extension Agreement,
including the application and all supporting documents submitted by the Recipient and the Payroll Support Program Extension Certification attached hereto (collectively, Agreement), memorializes the binding terms and conditions applicable to the
Recipient. 
 DEFINITIONS 
 As used in
this Agreement, the following terms shall have the following respective meanings, unless the context clearly requires otherwise. In addition, this Agreement shall be construed in a manner consistent with any public guidance Treasury may from time to
time issue regarding the implementation of the PSP Extension Law. 
 Additional Payroll Support Payment means any disbursement of Payroll Support
occurring after the first disbursement of Payroll Support under this Agreement. 
 Affiliate means any Person that directly or indirectly controls,
is controlled by, or is under common control with, the Recipient. For purposes of this definition, “control” of a Person shall mean having the power, directly or indirectly, to direct or cause the direction of the management and policies
of such Person, whether by ownership of voting equity, by contract, or otherwise. 
 Benefits means, without duplication of any amounts counted as
Salary or Wages, pension expenses in respect of Employees, all expenses for accident, sickness, hospital, and death benefits to Employees, and the cost of insurance to provide such benefits; any Severance Pay or Other Benefits payable to
Employees pursuant to a bona fide voluntary early retirement program or voluntary furlough; and any other similar expenses paid by the Recipient for the benefit of Employees, including any other fringe benefit expense described in lines 10 and 11 of
Financial Reporting Schedule P-6, Form 41, as published by the Department of Transportation, but excluding any Federal, state, or local payroll taxes paid by the Recipient. 

Corporate Officer means, with respect to the Recipient, its president; any vice president in charge of a principal business unit, division, or function
(such as sales, administration or finance); any other officer who performs a policy-making function; or any other person who performs similar policy making functions for the Recipient. Executive officers of subsidiaries or parents of the Recipient
may be deemed Corporate Officers of the Recipient if they perform such policy-making functions for the Recipient. 

  
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 Employee means an individual who is employed by the Recipient and whose principal place of employment
is in the United States (including its territories and possessions), including salaried, hourly, full-time, part-time, temporary, and leased employees, but excluding any individual who is a Corporate Officer or independent contractor. 

Involuntary Termination or Furlough means the Recipient terminating the employment of one or more Employees or requiring one or more Employees to take
a temporary suspension or unpaid leave for any reason, including a shut-down or slow-down of business; provided, however, that an Involuntary Termination or Furlough does not include a Permitted Termination or Furlough. 

Maximum Awardable Amount means the amount determined by the Secretary with respect to the Recipient pursuant to section 403(a) of the PSP Extension
Law. 
 Payroll Support means funds disbursed by the Secretary to the Recipient under this Agreement, including the first disbursement of Payroll
Support and any Additional Payroll Support Payment. 
 PSP Extension Law means Subtitle A of Title IV of Division N of the Consolidated
Appropriations Act, 2021. 
 Permitted Termination or Furlough means, with respect to an Employee, (1) a voluntary furlough, voluntary leave of
absence, voluntary resignation, or voluntary retirement, (2) termination of employment resulting from such Employee’s death or disability, or (3) the Recipient terminating the employment of such Employee for cause or placing such
Employee on a temporary suspension or unpaid leave of absence for disciplinary reasons, in either case, as reasonably determined by the Recipient acting in good faith. 

Person means any natural person, corporation, limited liability company, partnership, joint venture, trust, business association, governmental entity,
or other entity. 
 PSP1 means the Payroll Support Program established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and
Economic Security Act (Pub. L. No. 116-136). 
 Recall means the dispatch of a notice by the Recipient,
via mail, courier, or electronic mail, to an Employee who was subject to an Involuntary Termination or Furlough notifying the Employee that (1) the Employee must, within a specified period of time that is not less than 14 days or such other
period for recall as is specified in an existing collective bargaining agreement entered into before December 27, 2020, elect either (a) to return to employment or bypass return to employment, in accordance with an applicable collective
bargaining agreement or, in the absence of a collective bargaining agreement, the Recipient’s policy; or (b) to permanently separate from employment with the Recipient; and (2) failure to respond within such time period specified
shall be considered an election under clause (1)(b) of this definition. 
 Recipient means, collectively, the Signatory Entity; its Affiliates that
are listed on the signature page hereto as Additional Recipients; and their respective heirs, executors, administrators, successors, and assigns. 

Returning Employee means an Employee of the Recipient who was subject to an Involuntary Termination or Furlough and who has elected to return to
employment pursuant to a Recall. 

  
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 Salary means, without duplication of any amounts counted as Benefits, a predetermined regular
payment, typically paid on a weekly or less frequent basis but which may be expressed as an hourly, weekly, annual or other rate, as well as cost-of-living
differentials, vacation time, paid time off, sick leave, and overtime pay, paid by the Recipient to its Employees, but excluding any Federal, state, or local payroll taxes paid by the Recipient. 

Secretary means the Secretary of the Treasury. 

Severance Pay or Other Benefits means any severance payment or other similar benefits, including cash payments, health care benefits, perquisites, the
enhancement or acceleration of the payment or vesting of any payment or benefit or any other in-kind benefit payable (whether in lump sum or over time, including after October 1, 2022) by the Recipient to
a Corporate Officer or Employee in connection with any termination of such Corporate Officer’s or Employee’s employment (including, without limitation, resignation, severance, retirement, or constructive termination), which shall be
determined and calculated in respect of any Employee or Corporate Officer of the Recipient in the manner prescribed in 17 CFR 229.402(j) (without regard to its limitation to the five most highly compensated executives and using the actual date of
termination of employment rather than the last business day of the Recipient’s last completed fiscal year as the trigger event). 
 Signatory Entity
means the passenger air carrier or contractor that has entered into this Agreement. 
 Taxpayer Protection Instruments means warrants, options,
preferred stock, debt securities, notes, or other financial instruments issued by the Recipient or an Affiliate to Treasury as compensation for the Payroll Support under this Agreement, if applicable. 

Total Compensation means compensation including salary, wages, bonuses, awards of stock, and any other financial benefits provided by the Recipient or
an Affiliate, as applicable, which shall be determined and calculated for the 2019 calendar year or any applicable 12-month period in respect of any Employee or Corporate Officer of the Recipient in the manner
prescribed under paragraph e.5 of the award term in 2 CFR part 170, App. A, but excluding any Severance Pay or Other Benefits in connection with a termination of employment. 

Wage means, without duplication of any amounts counted as Benefits, a payment, typically paid on an hourly, daily, or piecework basis, including cost-of-living differentials, vacation, paid time off, sick leave, and overtime pay, paid by the Recipient to its Employees, but excluding any Federal, state, or local payroll
taxes paid by the Recipient. 
 PAYROLL SUPPORT PAYMENTS 
  

	1.	 Upon the execution of this Agreement by Treasury and the Recipient, the Secretary shall approve the
Recipient’s application for Payroll Support. 

  

	2.	 The Recipient may receive Payroll Support in multiple payments up to the Maximum Awardable Amount, and the
amounts (individually and in the aggregate) and timing of such payments will be determined by the Secretary in his sole discretion. The Secretary may, in his sole discretion, increase or reduce the Maximum Awardable Amount (a) consistent with
section 403(a) of the PSP Extension Law and (b) on a pro rata basis in order to address any shortfall in available funds, pursuant to section 403(c) of the PSP Extension Law. 

  
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	3.	 The Secretary may determine in his sole discretion that any Payroll Support shall be conditioned on, and
subject to, compliance by the Recipient with all applicable requirements under PSP1 if the Recipient received financial assistance in PSP1, and such additional terms and conditions (including the receipt of, and any terms regarding, Taxpayer
Protection Instruments) to which the parties may agree in writing. 

 TERMS AND CONDITIONS 

Retaining and Paying Employees 
  

	4.	 The Recipient shall use the Payroll Support exclusively for the continuation of payment of Wages, Salaries, and
Benefits to the Employees of the Recipient, including the payment of lost Wages, Salaries, and Benefits to Returning Employees. 

  

	 	a.	 Furloughs and Layoffs. The Recipient shall not conduct an Involuntary Termination or Furlough of any
Employee between the date of this Agreement and March 31, 2021. 

  

	 	b.	 Employee Salary, Wages, and Benefits 

 

	 	i.	 Salary and Wages. Except in the case of a Permitted Termination or Furlough, the Recipient shall not,
between the date of this Agreement and March 31, 2021, reduce, without the Employee’s consent, (A) the pay rate of any Employee earning a Salary, or (B) the pay rate of any Employee earning Wages. 

 

	 	ii.	 Benefits. Except in the case of a Permitted Termination or Furlough, the Recipient shall not, between
the date of this Agreement and March 31, 2021, reduce, without the Employee’s consent, the Benefits of any Employee; provided, however, that for purposes of this paragraph, personnel expenses associated with the performance of work duties,
including those described in line 10 of Financial Reporting Schedule P-6, Form 41, as published by the Department of Transportation, may be reduced to the extent the associated work duties are not performed.

  

	4.1.	 If the Recipient received financial assistance in PSP1, the Recipient shall: 

 

	 	a.	 Recall, not later than 72 hours after this Agreement has been executed by each party hereto, any Employees who
were subject to an Involuntary Termination or Furlough between October 1, 2020, and the effective date of this Agreement, and enable each Returning Employee to return to employment within 30 days after making the election to do so;

  
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	 	b.	 compensate, not later than 30 days after a Returning Employee returns to employment, such Returning Employee
for lost Salary, Wages, and Benefits (offset by any amounts received by the Returning Employee from the Recipient or an Affiliate as a result of such Returning Employee’s Involuntary Termination or Furlough, including any Severance Pay or Other
Benefits or furlough pay) between December 1, 2020, and the effective date of this Agreement; and 

  

	 	c.	 restore the rights and protections for any Returning Employees as if such Returning Employees had not been
subject to an Involuntary Termination or Furlough. 

  

	4.2.	 If the Recipient did not receive financial assistance in PSP1, the Recipient shall: 

 

	 	a.	 Recall, not later than 72 hours after this Agreement has been executed by each party hereto, any Employees who
were subject to an Involuntary Termination or Furlough between March 27, 2020, and the effective date of this Agreement, and enable each Returning Employee to return to employment within 30 days of making the election to do so;

  

	 	b.	 compensate, not later than 30 days after a Returning Employee returns to employment, such Returning Employee
for lost Salary, Wages, and Benefits (offset by any amounts received by the Returning Employee from the Recipient or an Affiliate as a result of such Returning Employee’s Involuntary Termination or Furlough, including any Severance Pay or Other
Benefits or furlough pay) between December 1, 2020, and the effective date of this Agreement; and 

  

	 	c.	 restore the rights and protections for any Returning Employees as if such Returning Employees had not been
subject to an Involuntary Termination or Furlough. 

 Dividends and Buybacks 

 

	5.	 Through March 31, 2022, neither the Recipient nor any Affiliate shall, in any transaction, purchase an
equity security of the Recipient or of any direct or indirect parent company of the Recipient that, in either case, is listed on a national securities exchange. 

 

	6.	 Through March 31, 2022, the Recipient shall not pay dividends, or make any other capital distributions,
with respect to the common stock (or equivalent equity interest) of the Recipient. 

 Limitations on Certain Compensation 

 

	7.	 Beginning October 1, 2020, and ending October 1, 2022, the Recipient and its Affiliates shall not pay
any of the Recipient’s Corporate Officers or Employees whose Total Compensation exceeded $425,000 in calendar year 2019 (other than an Employee whose compensation is determined through an existing collective bargaining agreement entered into
before December 27, 2020): 

  

	 	a.	 Total Compensation which exceeds, during any 12 consecutive months of such
two-year period, the Total Compensation the Corporate Officer or Employee received in calendar year 2019; or 

  
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	 	b.	 Severance Pay or Other Benefits in connection with a termination of employment with the Recipient which exceed
twice the maximum Total Compensation received by such Corporate Officer or Employee in calendar year 2019. 

  

	8.	 Beginning October 1, 2020, and ending October 1, 2022, the Recipient and its Affiliates shall not
pay, during any 12 consecutive months of such two-year period, any of the Recipient’s Corporate Officers or Employees whose Total Compensation exceeded $3,000,000 in calendar year 2019 Total Compensation
in excess of the sum of: 

  

	 	a.	 $3,000,000; and 

  

	 	b.	 50 percent of the excess over $3,000,000 of the Total Compensation received by such Corporate Officer or
Employee in calendar year 2019. 

  

	9.	 For purposes of determining applicable amounts under paragraphs 7 and 8 with respect to any Corporate Officer
or Employee who was employed by the Recipient or an Affiliate for less than all of calendar year 2019, the amount of Total Compensation in calendar year 2019 shall mean such Corporate Officer’s or Employee’s Total Compensation on an
annualized basis. 

 Continuation of Service 
  

	10.	 If the Recipient is an air carrier, until March 1, 2022, the Recipient shall comply with any applicable
requirement issued by the Secretary of Transportation under section 407) of the PSP Extension Law to maintain scheduled air transportation service to any point served by the Recipient before March 1, 2020. 

Effective Date 
  

	11.	 This Agreement shall be effective as of the date of its execution by both parties. 

Reporting and Auditing 
  

	12.	 Until the calendar quarter that begins after the later of October 1, 2022, and the date on which no
Taxpayer Protection Instrument is outstanding, not later than 45 days after the end of each of the first three calendar quarters of each calendar year and 90 days after the end of each calendar year, the Signatory Entity, on behalf of itself and
each other Recipient, shall certify to Treasury that it is in compliance with the terms and conditions of this Agreement and provide a report containing the following: 

 

	 	a.	 the amount of Payroll Support funds expended during such quarter; 

 

	 	b.	 the Recipient’s financial statements (audited by an independent certified public accountant, in the case
of annual financial statements); 

  

	 	c.	 a copy of the Recipient’s IRS Form 941 filed with respect to such quarter; and 

  
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	 	d.	 a detailed summary describing, with respect to the Recipient, (a) any changes in Employee headcount during
such quarter and the reasons therefor, including any Involuntary Termination or Furlough, (b) any changes in the amounts spent by the Recipient on Employee Wages, Salary, and Benefits during such quarter, and (c) any changes in Total
Compensation for, and any Severance Pay or Other Benefits in connection with the termination of, Corporate Officers and Employees subject to limitation under this Agreement during such quarter; and the reasons for any such changes.

  

	13.	 If the Recipient or any Affiliate, or any Corporate Officer of the Recipient or any Affiliate, becomes aware of
facts, events, or circumstances that may materially affect the Recipient’s compliance with the terms and conditions of this Agreement, the Recipient or Affiliate shall promptly provide Treasury with a written description of the events or
circumstances and any action taken, or contemplated, to address the issue. 

  

	14.	 In the event the Recipient contemplates any action to commence a bankruptcy or insolvency proceeding in any
jurisdiction, the Recipient shall promptly notify Treasury. 

  

	15.	 The Recipient shall: 

 

	 	a.	 Promptly provide to Treasury and the Treasury Inspector General a copy of any Department of Transportation
Inspector General report, audit report, or report of any other oversight body, that is received by the Recipient relating to this Agreement. 

  

	 	b.	 Immediately notify Treasury and the Treasury Inspector General of any indication of fraud, waste, abuse, or
potentially criminal activity pertaining to the Payroll Support. 

  

	 	c.	 Promptly provide Treasury with any information Treasury may request relating to compliance by the Recipient and
its Affiliates with this Agreement. 

  

	16.	 The Recipient and Affiliates will provide Treasury, the Treasury Inspector General, and such other entities as
authorized by Treasury timely and unrestricted access to all documents, papers, or other records, including electronic records, of the Recipient related to the Payroll Support, to enable Treasury and the Treasury Inspector General to make audits,
examinations, and otherwise evaluate the Recipient’s compliance with the terms of this Agreement. This right also includes timely and reasonable access to the Recipient’s and its Affiliates’ personnel for the purpose of interview and
discussion related to such documents. This right of access shall continue as long as records are required to be retained. In addition, the Recipient will provide timely reports as reasonably required by Treasury, the Treasury Inspector General, and
such other entities as authorized by Treasury to comply with applicable law and to assess program effectiveness. 

 Recordkeeping and
Internal Controls 
  

	17.	 If the Recipient is a debtor as defined under 11 U.S.C. § 101(13), the Payroll Support funds, any claim or
account receivable arising under this Agreement, and any segregated account holding funds received under this Agreement shall not constitute or become property of the estate under 11 U.S.C. § 541. 

  
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	18.	 The Recipient shall expend and account for Payroll Support funds in a manner sufficient to:

  

	 	a.	 Permit the preparation of accurate, current, and complete quarterly reports as required under this Agreement.

  

	 	b.	 Permit the tracing of funds to a level of expenditures adequate to establish that such funds have been used as
required under this Agreement. 

  

	19.	 The Recipient shall establish and maintain effective internal controls over the Payroll Support; comply with
all requirements related to the Payroll Support established under applicable Federal statutes and regulations; monitor compliance with Federal statutes, regulations, and the terms and conditions of this Agreement; and take prompt corrective actions
in accordance with audit recommendations. The Recipient shall promptly remedy any identified instances of noncompliance with this Agreement. 

  

	20.	 The Recipient and Affiliates shall retain all records pertinent to the receipt of Payroll Support and
compliance with the terms and conditions of this Agreement (including by suspending any automatic deletion functions for electronic records, including e-mails) for a period of three years following the period
of performance. Such records shall include all information necessary to substantiate factual representations made in the Recipient’s application for Payroll Support, including ledgers and sub-ledgers, and
the Recipient’s and Affiliates’ compliance with this Agreement. While electronic storage of records (backed up as appropriate) is preferable, the Recipient and Affiliates may store records in hardcopy (paper) format. The term
“records” includes all relevant financial and accounting records and all supporting documentation for the information reported on the Recipient’s quarterly reports. 

 

	21.	 If any litigation, claim, investigation, or audit relating to the Payroll Support is started before the
expiration of the three-year period, the Recipient and Affiliates shall retain all records described in paragraph 20 until all such litigation, claims, investigations, or audit findings have been completely resolved and final judgment entered or
final action taken. 

 Remedies 
  

	22.	 If Treasury believes that an instance of noncompliance by the Recipient or an Affiliate with (a) this
Agreement, (b) sections 404 or 406 of the PSP Extension Law, or (c) the Internal Revenue Code of 1986 as it applies to the receipt of Payroll Support has occurred, Treasury may notify the Recipient in writing of its proposed determination
of noncompliance, provide an explanation of the nature of the noncompliance, and specify a proposed remedy. Upon receipt of such notice, the Recipient shall, within seven days, accept Treasury’s proposed remedy, propose an alternative remedy,
or provide information and documentation contesting Treasury’s proposed determination. Treasury shall consider any such submission by the Recipient and make a final written determination, which will state Treasury’s findings regarding
noncompliance and the remedy to be imposed. 

  
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	23.	 If Treasury makes a final determination under paragraph 22 that an instance of noncompliance has occurred,
Treasury may, in its sole discretion, withhold any Additional Payroll Support Payments; require the repayment of the amount of any previously disbursed Payroll Support, with appropriate interest; require additional reporting or monitoring; initiate
suspension or debarment proceedings as authorized under 2 CFR Part 180; terminate this Agreement; or take any such other action as Treasury, in its sole discretion, deems appropriate. 

 

	24.	 Treasury may make a final determination regarding noncompliance without regard to paragraph 22 if Treasury
determines, in its sole discretion, that such determination is necessary to protect a material interest of the Federal Government. In such event, Treasury shall notify the Recipient of the remedy that Treasury, in its sole discretion, shall impose,
after which the Recipient may contest Treasury’s final determination or propose an alternative remedy in writing to Treasury. Following the receipt of such a submission by the Recipient, Treasury may, in its sole discretion, maintain or alter
its final determination. 

  

	25.	 Any final determination of noncompliance and any final determination to take any remedial action described
herein shall not be subject to further review. To the extent permitted by law, the Recipient waives any right to judicial review of any such determinations and further agrees not to assert in any court any claim arising from or relating to any such
determination or remedial action. 

  

	26.	 Instead of, or in addition to, the remedies listed above, Treasury may refer any noncompliance or any
allegations of fraud, waste, or abuse to the Treasury Inspector General. 

  

	27.	 Treasury, in its sole discretion, may grant any request by the Recipient for termination of this Agreement,
which such request shall be in writing and shall include the reasons for such termination, the proposed effective date of the termination, and the amount of any unused Payroll Support funds the Recipient requests to return to Treasury. Treasury may,
in its sole discretion, determine the extent to which the requirements under this Agreement may cease to apply following any such termination. 

  

	28.	 If Treasury determines that any remaining portion of the Payroll Support will not accomplish the purpose of
this Agreement, Treasury may terminate this Agreement in its entirety to the extent permitted by law. 

 Debts 

 

	29.	 Any Payroll Support in excess of the amount which Treasury determines, at any time, the Recipient is authorized
to receive or retain under the terms of this Agreement constitutes a debt to the Federal Government. 

  

	30.	 Any debts determined to be owed by the Recipient to the Federal Government shall be paid promptly by the
Recipient. A debt is delinquent if it has not been paid by the date specified in Treasury’s initial written demand for payment, unless other satisfactory arrangements have been made. Interest, penalties, and administrative charges shall be
charged on delinquent debts in accordance with 31 U.S.C. § 3717, 31 CFR 901.9, and paragraphs 31 and 32. Treasury will refer any debt that is more than 180 days delinquent to Treasury’s Bureau of the Fiscal Service for debt collection
services. 

  
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	31.	 Penalties on any debts shall accrue at a rate of not more than 6 percent per year or such other higher
rate as authorized by law. 

  

	32.	 Administrative charges relating to the costs of processing and handling a delinquent debt shall be determined
by Treasury. 

  

	33.	 The Recipient shall not use funds from other federally sponsored programs to pay a debt to the government
arising under this Agreement. 

 Protections for Whistleblowers 

 

	34.	 In addition to other applicable whistleblower protections, in accordance with 41 U.S.C. § 4712, the
Recipient shall not discharge, demote, or otherwise discriminate against an Employee as a reprisal for disclosing information to a Person listed below that the Employee reasonably believes is evidence of gross mismanagement of a Federal contract or
grant, a gross waste of Federal funds, an abuse of authority relating to a Federal contract or grant, a substantial and specific danger to public health or safety, or a violation of law, rule, or regulation related to a Federal contract (including
the competition for or negotiation of a contract) or grant: 

  

	 	a.	 A Member of Congress or a representative of a committee of Congress; 

 

	 	b.	 An Inspector General; 

 

	 	c.	 The Government Accountability Office; 

 

	 	d.	 A Treasury employee responsible for contract or grant oversight or management; 

 

	 	e.	 An authorized official of the Department of Justice or other law enforcement agency; 

 

	 	f.	 A court or grand jury; or 

 

	 	g.	 A management official or other Employee of the Recipient who has the responsibility to investigate, discover,
or address misconduct. 

 Lobbying 
  

	35.	 The Recipient shall comply with the provisions of 31 U.S.C. § 1352, as amended, and with the regulations
at 31 CFR Part 21. 

  

  
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 Non-Discrimination 

 

	36.	 The Recipient shall comply with, and hereby assures that it will comply with, all applicable Federal statutes
and regulations relating to nondiscrimination including: 

  

	 	a.	 Title VI of the Civil Rights Act of 1964 (42 U.S.C. § 2000d et seq.), including Treasury’s
implementing regulations at 31 CFR Part 22; 

  

	 	b.	 Section 504 of the Rehabilitation Act of 1973, as amended (29 U.S.C. § 794); 

 

	 	c.	 The Age Discrimination Act of 1975, as amended (42 U.S.C. §§ 6101–6107), including
Treasury’s implementing regulations at 31 CFR Part 23 and the general age discrimination regulations at 45 CFR Part 90; and 

  

	 	d.	 The Air Carrier Access Act of 1986 (49 U.S.C. § 41705). 

Additional Reporting 
  

	37.	 Within seven days after the date of this Agreement, the Recipient shall register in SAM.gov, and thereafter
maintain the currency of the information in SAM.gov until at least October 1, 2022. The Recipient shall review and update such information at least annually after the initial registration, and more frequently if required by changes in the
Recipient’s information. The Recipient agrees that this Agreement and information related thereto, including the Maximum Awardable Amount and any executive total compensation reported pursuant to paragraph 38, may be made available to the
public through a U.S. Government website, including SAM.gov. 

  

	38.	 For purposes of paragraph 37, the Recipient shall report total compensation as defined in paragraph e.5 of the
award term in 2 CFR part 170, App. A for each of the Recipient’s five most highly compensated executives for the preceding completed fiscal year, if: 

  

	 	a.	 the total Payroll Support is $25,000 or more; 

 

	 	b.	 in the preceding fiscal year, the Recipient received: 

 

	 	i.	 80 percent or more of its annual gross revenues from Federal procurement contracts (and subcontracts) and
Federal financial assistance, as defined at 2 CFR 170.320 (and subawards); and 

  

	 	ii.	 $25,000,000 or more in annual gross revenues from Federal procurement contracts (and subcontracts) and Federal
financial assistance, as defined at 2 CFR 170.320 (and subawards); and 

  

	 	c.	 the public does not have access to information about the compensation of the executives through periodic
reports filed under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)) or section 6104 of the Internal Revenue Code of 1986. To determine if the public has access to the compensation information, the Recipient
shall refer to U.S. Securities and Exchange Commission total compensation filings at http://www.sec.gov/answers/execomp.htm. 

  
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	39.	 The Recipient shall report executive total compensation described in paragraph 38: 

 

	 	a.	 as part of its registration profile at https://www.sam.gov; and 

 

	 	b.	 within five business days after the end of each month following the month in which this Agreement becomes
effective, and annually thereafter. 

  

	40.	 The Recipient agrees that, from time to time, it will, at its own expense, promptly upon reasonable request by
Treasury, execute and deliver, or cause to be executed and delivered, or use its commercially reasonable efforts to procure, all instruments, documents and information, all in form and substance reasonably satisfactory to Treasury, to enable
Treasury to ensure compliance with, or effect the purposes of, this Agreement, which may include, among other documents or information, (a) certain audited financial statements of the Recipient, (b) documentation regarding the
Recipient’s revenues derived from its business as a passenger air carrier or regarding the passenger air carriers for which the Recipient provides services as a contractor (as the case may be), and (c) the Recipient’s most recent
quarterly Federal tax returns. The Recipient agrees to provide Treasury with such documents or information promptly. 

  

	41.	 If the total value of the Recipient’s currently active grants, cooperative agreements, and procurement
contracts from all Federal awarding agencies exceeds $10,000,000 for any period before termination of this Agreement, then the Recipient shall make such reports as required by 2 CFR part 200, Appendix XII. 

Other 
  

	42.	 The Recipient acknowledges that neither Treasury, nor any other actor, department, or agency of the Federal
Government, shall condition the provision of Payroll Support on the Recipient’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the Recipient under the
Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment. 

 

	43.	 Notwithstanding any other provision of this Agreement, the Recipient has no right to, and shall not, transfer,
pledge, mortgage, encumber, or otherwise assign this Agreement or any Payroll Support provided under this Agreement, or any interest therein, or any claim, account receivable, or funds arising thereunder or accounts holding Payroll Support, to any
party, bank, trust company, or other Person without the express written approval of Treasury. 

  

	44.	 The Signatory Entity will cause its Affiliates to comply with all of their obligations under or relating to
this Agreement. 

  

	45.	 Unless otherwise provided in guidance issued by Treasury or the Internal Revenue Service, the form of any
Taxpayer Protection Instrument held by Treasury and any subsequent holder will be treated as such form for purposes of the Internal Revenue Code of 1986 (for example, a Taxpayer Protection Instrument in the form of a note will be treated as
indebtedness for purposes of the Internal Revenue Code of 1986). 

  
 13 

	46.	 This Agreement may not be amended or modified except pursuant to an agreement in writing entered into by the
Recipient and Treasury, except that Treasury may unilaterally amend this Agreement if required in order to comply with applicable Federal law or regulation. 

  

	47.	 Subject to applicable law, Treasury may, in its sole discretion, waive any term or condition under this
Agreement imposing a requirement on the Recipient or any Affiliate. 

  

	48.	 This Agreement shall bind and inure to the benefit of the parties and their respective heirs, executors,
administrators, successors, and assigns. 

  

	49.	 The Recipient represents and warrants to Treasury that this Agreement, and the issuance and delivery to
Treasury of the Taxpayer Protection Instruments, if applicable, have been duly authorized by all requisite corporate and, if required, stockholder action, and will not result in the violation by the Recipient of any provision of law, statute, or
regulation, or of the articles of incorporation or other constitutive documents or bylaws of the Recipient, or breach or constitute an event of default under any material contract to which the Recipient is a party. 

 

	50.	 The Recipient represents and warrants to Treasury that this Agreement has been duly executed and delivered by
the Recipient and constitutes a legal, valid, and binding obligation of the Recipient enforceable against the Recipient in accordance with its terms. 

  

	51.	 This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which
together shall constitute a single contract. 

  

	52.	 The words “execution,” “signed,” “signature,” and words of like import in any
assignment shall be deemed to include electronic signatures or the keeping of records in electronic form, 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. Notwithstanding anything herein to the contrary, delivery of an executed counterpart of a signature page of this Agreement by electronic means, or confirmation of the
execution of this Agreement on behalf of a party by an email from an authorized signatory of such party, shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	53.	 The captions and paragraph headings appearing herein are included solely for convenience of reference and are
not intended to affect the interpretation of any provision of this Agreement. 

  

	54.	 This Agreement is governed by and shall be construed in accordance with Federal law. Insofar as there may be no
applicable Federal law, this Agreement shall be construed in accordance with the laws of the State of New York, without regard to any rule of conflicts of law (other than section 5-1401 of the New York General
Obligations Law) that would result in the application of the substantive law of any jurisdiction other than the State of New York. 

  
 14 

	55.	 Nothing in this Agreement shall require any unlawful action or inaction by either party. 

 

	56.	 The requirement pertaining to trafficking in persons at 2 CFR 175.15(b) is incorporated herein and made
applicable to the Recipient. 

  

	57.	 This Agreement, together with the attachments hereto, including the Payroll Support Program Extension
Certification and any attached terms regarding Taxpayer Protection Instruments, constitute the entire agreement of the parties relating to the subject matter hereof and supersede any previous agreements and understandings, oral or written, relating
to the subject matter hereof. There may exist other agreements between the parties as to other matters, which are not affected by this Agreement and are not included within this integration clause. 

 

	58.	 No failure by either party to insist upon the strict performance of any provision of this Agreement or to
exercise any right or remedy hereunder, and no acceptance of full or partial Payroll Support (if applicable) or other performance by either party during the continuance of any such breach, shall constitute a waiver of any such breach of such
provision. 

 ATTACHMENT 

Payroll Support Program Extension Certification of Corporate Officer of Recipient 

  
 15 

 PAYROLL SUPPORT PROGRAM EXTENSION 

CERTIFICATION OF CORPORATE OFFICER OF RECIPIENT 

In connection with the Payroll Support Program Extension Agreement (Agreement) between Frontier Airlines, Inc. and the Department of the Treasury (Treasury)
relating to Payroll Support being provided by Treasury to the Recipient under Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021, I hereby certify under penalty of perjury to the Treasury that all of the following are
true and correct. Capitalized terms used but not defined herein have the meanings set forth in the Agreement. 
 (1) I have
the authority to make the following representations on behalf of myself and the Recipient. I understand that these representations will be relied upon as material in the decision by Treasury to provide Payroll Support to the Recipient. 

(2) The information and certifications provided by the Recipient in an application for Payroll Support, and in any attachments
or other information provided by the Recipient to Treasury related to the application, are true and correct and do not contain any materially false, fictitious, or fraudulent statement, nor any concealment or omission of any material fact. 

(3) The Recipient has the legal authority to apply for the Payroll Support, and it has the institutional, managerial, and
financial capability to comply with all obligations, terms, and conditions set forth in the Agreement and any attachment thereto. 

(4) The Recipient and any Affiliate will give Treasury, Treasury’s designee or the Treasury Office of Inspector General
(as applicable) access to, and opportunity to examine, all documents, papers, or other records of the Recipient or Affiliate pertinent to the provision of Payroll Support made by Treasury based on the application, in order to make audits,
examinations, excerpts, and transcripts. 
 (5) No Federal appropriated funds, including Payroll Support, have been paid or
will be paid, by or on behalf of the Recipient, to any person for influencing or attempting to influence an officer or employee of an agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in
connection with the awarding of any Federal contract, the making of any Federal grant, the making of any Federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any
Federal contract, grant, loan, or cooperative agreement. 
 (6) If the Payroll Support exceeds $100,000, the Recipient shall
comply with the disclosure requirements in 31 CFR Part 21 regarding any amounts paid for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a
Member of Congress in connection with the Payroll Support. 

 I acknowledge that a materially false, fictitious, or fraudulent statement (or concealment or omission of
a material fact) in this certification, or in the application that it supports, may be the subject of criminal prosecution and also may subject me and the Recipient to civil penalties and/or administrative remedies for false claims or otherwise.

  

									
			
	/s/    James Dempsey        	 		 	/s/    Howard Diamond         
	  
	 		 	  

	Corporate Officer of Signatory Entity	 		 	Second Authorized Representative
					
	Name:	 	James Dempsey	 		 	Name:	 	Howard Diamond
					
	Title:	 	Chief Financial Officer	 		 	Title:	 	General Counsel and Secretary
					
	Date:	 	January 15, 2021	 		 	Date:	 	January 15, 2021EX-10.42

 Exhibit 10.42 

PROMISSORY NOTE 
 THE SECURITIES
REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING
THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

Reference is made to that certain Payroll Support Program Extension Agreement (“PSP2 Agreement”) dated as of the date hereof by and among
Frontier Airlines, Inc., a Colorado corporation (“Carrier”), having an office at 4545 Airport Way, Denver, CO 80239 and the United States Department of the Treasury (“Treasury”), having an office at 1500
Pennsylvania Avenue, NW, Washington, D.C. 20220, entered into by Issuer and Treasury pursuant to the Consolidated Appropriations Act, 2021 (December 27, 2020) (“PSP Extension Law”). 

WHEREAS, Carrier has requested that Treasury provide financial assistance to Carrier and certain of its Affiliates (as defined below) that are Recipients (as
defined in the PSP2 Agreement) that shall be used for the continuation of payment of employee wages, salaries, and benefits as is permissible under Section 402(a) of the PSP Extension Law. 

WHEREAS, as appropriate compensation to the Federal Government of the United States of America for the provision of financial assistance under the PSP2
Agreement, Frontier Group Holdings, Inc., a Delaware corporation and parent of Carrier (“Issuer”), has agreed to issue this Promissory Note (“Note”) to Treasury on the terms and conditions set forth herein. 

FOR VALUE RECEIVED, Issuer unconditionally promises to pay to the Holder (as defined below) the principal sum of ZERO DOLLARS ($0.00), subject to increases
and/or decreases made pursuant to Section 2.1, as permissible under the PSP2 Agreement, or Section 2.3, in each case as noted by the Holder in Schedule I (the “Principal Amount”), outstanding hereunder, together with all
accrued interest thereon on the Maturity Date (as defined below) as provided in this Note. Notations made by the Holder in Schedule I shall be final and conclusive absent manifest error; provided, however, that any failure by the
Holder to make such notations or any error by omission by the Holder in this regard shall not affect the obligation of the Issuer to pay the full amount of the principal of and interest on the Note or any other amount owing hereunder. 

 

	1	 DEFINITIONS 

1.1 Defined Terms. As used in this Note, capitalized terms have the meanings specified in Annex A. 

1.2 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” The word “or” is not exclusive. The word “year” shall refer (i) in the case of a leap year, to a year of three
hundred sixty-six (366) days, and (ii) otherwise, to a year of three hundred sixty-five (365) days. Unless the context requires otherwise (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,”
and words of similar import, shall be construed to refer to this Note in its entirety and not to any particular provision hereof, (d) all references herein to Sections, Annexes and Schedules shall be construed to refer to Sections of, and
Annexes and Schedules to, this Note, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

1.3 Accounting Terms. All accounting terms not otherwise defined herein shall be construed in conformity with GAAP, as in effect from time to time.

  

	2	 NOTE 

2.1 Principal Amount. Upon any disbursement to Carrier under the PSP2 Agreement after the Closing Date, the Principal Amount of this Note shall be
increased in an amount equal to 30 % of any such disbursement; provided, however, that no increases in the Principal Amount of this Note shall occur pursuant to this Section until the aggregate principal amount of any
disbursements to Carrier under the PSP2 Agreement is greater than $100,000,000. 

  
 1 

 2.2 Maturity Date. The aggregate unpaid principal amount of the Note, all accrued and unpaid
interest, and all other amounts payable under this Note shall be due and payable on the Maturity Date, unless otherwise provided in Section 5.1. 
 2.3
Prepayments. 
 (a) Optional Prepayments. The Issuer may, upon written notice to the Holder, at any time and from time to time prepay the Note
in whole or in part without premium or penalty in a minimum aggregate principal amount equal to the lesser of $5,000,000 and the Principal Amount outstanding. 

(b) Mandatory Prepayments. If a Change of Control occurs, within thirty (30) days following the occurrence of such Change of Control, the Issuer
shall prepay the aggregate principal amount outstanding under the Note and any accrued interest or other amounts owing under the Note. The Issuer will not, and will not permit any Subsidiary to, enter into any Contractual Obligation (other than this
Note) that, directly or indirectly, restricts the ability of the Issuer or any Subsidiary to make such prepayment hereunder. 
 2.4 Interest. 

(a) Interest Rate. Subject to paragraph (b) of this Section, the Note shall bear interest on the Principal Amount outstanding from time to time at
a rate per annum equal to 1.00% until the fifth anniversary of the Closing Date, and the Applicable SOFR Rate plus 2.00% thereafter until the Maturity Date. All interest hereunder shall be computed on the basis of the actual number of days in each
interest period and a year of 365 or 366 days, as applicable, until the fifth anniversary of the Closing Date and computed in a manner determined by the Holder thereafter, based on prevailing customary market conventions for the use of the
Applicable SOFR Rate in floating-rate debt instruments at the time of the announcement of the Applicable SOFR Rate. Each interest period will be from, and including, the Closing Date, or from and including the most recent interest payment date to
which interest has been paid or provided for, to, but excluding the next interest payment date. 
 (b) Default Interest. If any amount payable by the
Issuer or any Guarantor under this Note (including principal of the Note, interest, fees or other amount) is not paid when due, whether at stated maturity, upon acceleration or otherwise, such amount shall thereafter bear interest at a rate per
annum equal to the applicable Default Rate. While any Event of Default exists, the Issuer or any Guarantor shall pay interest on the principal amount of the Note outstanding hereunder at a rate per annum equal to the applicable Default Rate. 

(c) Payment Dates. Accrued interest on the Note shall be payable in arrears on the last Business Day of March and September of each year, beginning
with March 31, 2021, and on the Maturity Date and at such other times as may be specified herein; provided that (i) interest accrued pursuant to paragraph (b) of this Section shall be payable on demand and (ii) in the
event of any repayment or prepayment of the Note, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 

(d) SOFR Fallback. If, at any time, the Holder or its designee determines that a Benchmark Transition Event has occurred with respect to the Applicable
SOFR Rate or SOFR, or any successor rate, the Holder or its designee will designate a Benchmark Replacement and, as applicable, make Benchmark Conforming Changes in a manner consistent with the methodology set forth in the ARRC Fallback Provisions.
Any determination, decision or election that may be made by the Holder or its designee pursuant to this Section 2.4(d), and any decision to take or refrain from taking any action or making any determination, decision or election arising out of
or relating to this Section 2.4(d), shall be conclusive and binding absent manifest error, may be made by the Holder or its designee in its sole discretion, and, notwithstanding anything to the contrary in this Note, shall become effective
without the consent of the Issuer, any Guarantor or any other party. Any terms used in this Section 2.4(d) but not defined in this Note shall be construed in a manner consistent with the ARRC Fallback Provisions. 

2.5 Payments Generally. 
 (a) Payments by Issuer.
All payments to be made by the Issuer hereunder shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, (i) for so long as Treasury is the Holder of this
Note, each payment under this Note shall be paid in immediately available funds by electronic funds transfer to the account of the United States Treasury maintained at the Federal Reserve Bank of New York specified by Treasury in a written notice to
the Issuer, or to such other account as may be specified from time to time by Treasury in a written notice to the Issuer, or (ii) in the event that Treasury is not the Holder of this Note, then each payment under this Note shall be made in
immediately available funds by electronic funds transfer to 

  
 2 

 
such account as shall be specified by the Holder in a written notice to the Issuer, in each case not later than 12:00 noon (Washington, D.C. time) on the date specified herein. All amounts
received by the Holder after such time on any date shall be deemed to have been received on the next succeeding Business Day and any applicable interest or fees shall continue to accrue. If any payment to be made by the Issuer shall fall due on a
day that is not a Business Day, payment shall be made on the next succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, if such next succeeding Business Day
would fall after the Maturity Date, payment shall be made on the immediately preceding Business Day. Except as otherwise expressly provided herein, all payments hereunder shall be made in Dollars. 

(b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Holder to pay fully all amounts of
principal, interest, fees and other amounts then due hereunder, such funds shall be applied (i) first, to pay interest, fees and other amounts then due hereunder, and (ii) second, to pay principal then due hereunder. 

 

	3	 REPRESENTATIONS AND WARRANTIES 

The Issuer and each Guarantor represents and warrants to the Holder on the Closing Date and is deemed to represent and warrant to the Holder on any date on
which the amount of the Note is increased pursuant to the terms hereof and in accordance with the PSP2 Agreement that: 
 3.1 Existence, Qualification
and Power. The Issuer, each Guarantor and each Subsidiary (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all
requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Note,
and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license,
except, in each case referred to in clause (a) (other than with respect to the Issuer and each Guarantor), (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

3.2 Authorization; No Contravention. The execution, delivery and performance by the Issuer and each Guarantor of the Note have been duly authorized by
all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of its Organizational Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or
require any payment to be made under (i) any material Contractual Obligation to which the Issuer or any Guarantor is a party or affecting the Issuer or any Guarantor or the material properties of the Issuer, any Guarantor or any Subsidiary or
(ii) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Issuer, the Guarantor or any Subsidiary or its property is subject or (c) violate any Law, except to the extent that such
violation could not reasonably be expected to have a Material Adverse Effect. 
 3.3 Governmental Authorization; Other Consents. No approval,
consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the
Issuer or any Guarantor of this Note, except for such approvals, consents, exemptions, authorizations, actions or notices that have been duly obtained, taken or made and in full force and effect. 

3.4 Execution and Delivery; Binding Effect. This Note has been duly executed and delivered by the Issuer and each Guarantor. This Note constitutes a
legal, valid and binding obligation of the Issuer and each Guarantor, enforceable against the Issuer and each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
receivership, moratorium or other Laws affecting creditors’ rights generally and by general principles of equity. 
  

	4	 COVENANTS 

Until all Obligations shall have been paid in full or until any later date as provided for in this Note, the Issuer covenants and agrees with the Holder that:

 4.1 Notices. The Issuer will promptly notify the Holder of the occurrence of any Default. 

4.2 Guarantors. The Guarantors listed on the signature page to this Note hereby Guarantee the Guaranteed Obligations as set forth in Annex B. If any
Subsidiary (other than an Excluded Subsidiary) is formed or acquired after the Closing Date or if any Subsidiary ceases to be an Excluded Subsidiary, then the Issuer will cause such Subsidiary to become a Guarantor of this Note within 30 days of
such Subsidiary being formed or acquired or of such Subsidiary ceasing to be an Excluded Subsidiary pursuant to customary documentation reasonably acceptable to the Holder and on the terms and conditions set forth in Annex B. 

  
 3 

 4.3 Pari Passu Ranking. The Obligations of the Issuer and any Guaranteed Obligations of any Guarantor
under this Note shall be unsecured obligations of the Issuer and any Guarantor ranking pari passu with all existing and future senior unsecured Indebtedness of the Issuer or any Guarantor that is not subordinated in right of payment to the
holder or lender of such Indebtedness. 
  

	5	 EVENTS OF DEFAULT 

5.1 Events of Default. If any of the following events (each, an “Event of Default”) shall occur: 

(a) the Issuer shall fail to pay any principal of the Note when and as the same shall become due and payable, whether at the due date thereof or at a date
fixed for prepayment thereof or otherwise; 
 (b) the Issuer shall fail to pay any interest on the Note, or any fee or any other amount (other than an
amount referred to in clause (a) of this Section) payable under this Note, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of two (2) or more Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Issuer or any Guarantor, including those made prior to the Closing Date, in or
in connection with this Note or any amendment or modification hereof, or any waiver hereunder, or in the PSP2 Agreement, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Note, the
PSP2 Agreement or the PSP2 Application or any amendment or modification hereof or thereof, or any waiver hereunder or thereunder, shall prove to have been incorrect in any material respect (or, in the case of any such representation or warranty
under this Note already qualified by materiality, such representation or warranty shall prove to have been incorrect) when made or deemed made; 
 (d) the
Issuer shall fail to observe or perform any covenant, condition or agreement contained in Section 4.1; 
 (e) the Issuer or any Guarantor shall fail to
observe or perform any covenant, condition or agreement contained in this Note (other than those specified in clause (a), (b) or (d) of this Section) and such failure shall continue unremedied for a period of 30 or more days after notice
thereof by the Holder to the Issuer; 
 (f) (i) the Issuer or any Guarantor shall default in the performance of any obligation relating to any Indebtedness
(other than Indebtedness under the Note) having an aggregate principal amount equal to or greater than $5,000,000 (“Material Indebtedness”) and any applicable grace periods shall have expired and any applicable notice requirements
shall have been complied with, and as a result of such default the holder or holders of such Material Indebtedness or any trustee or agent on behalf of such holder or holders shall have caused such Material Indebtedness to become due prior to its
scheduled final maturity date or (ii) the Issuer or any Guarantor shall default in the payment of the outstanding principal amount due on the scheduled final maturity date of any Indebtedness outstanding under one or more agreements of the
Issuer or any Guarantor, any applicable grace periods shall have expired and any applicable notice requirements shall have been complied with and such failure to make payment when due shall be continuing for a period of more than five
(5) consecutive Business Days following the applicable scheduled final maturity date or the applicable grace period thereunder, in an aggregate principal amount at any single time unpaid exceeding $5,000,000; 

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in
respect of the Issuer, any Guarantor or any Subsidiary or its debts, or of a substantial part of its assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Issuer or any of its Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of 60 or more days or an order or decree
approving or ordering any of the foregoing shall be entered; 
 (h) the Issuer, any Guarantor or any Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (g) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Issuer, any Guarantor or any Subsidiary
or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit of creditors; 

(i) the Issuer, any Guarantor or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

  
 4 

 (j) there is entered against the Issuer, any Guarantor or any Subsidiary (i) a final judgment or order
for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding an amount equal to or greater than $5,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified
of such judgment or order and has not denied or failed to acknowledge coverage), or (ii) a non-monetary final judgment or order that, either individually or in the aggregate, has or could reasonably be
expected to have a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement
of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
 (k) any material provision of the Note, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or the Issuer, any Guarantor or any other Person contests in writing the
validity or enforceability of any provision of the Note; or the Issuer or any Guarantor denies in writing that it has any or further liability or obligation under the Note, or purports in writing to revoke, terminate or rescind the Note; 

then, and in every such event (other than an event with respect to the Issuer or any Guarantor described in clause (g) or (h) of this Section), and
at any time thereafter during the continuance of such event, the Holder may, by notice to the Issuer, take any or all of the following actions, at the same or different times: 

(i) declare any amounts then outstanding under the Note to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Note so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Issuer accrued hereunder, shall
become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Issuer and any Guarantor; and 

(ii) exercise on all rights and remedies available to it under the Note and Applicable Law; 

provided that, in case of any event with respect to the Issuer or any Guarantor described in clause (g) or (h) of this Section, the principal
of the Note then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Issuer and any Guarantor. 
  

	6	 MISCELLANEOUS 

6.1 Notices. 
 (a) Notices Generally. Except in the
case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand
or overnight courier service, mailed by certified or registered mail or sent by email as follows: 
 (i) if to the Issuer or any Guarantor, to Frontier
Airlines, Inc., 4545 Airport Way, Denver, CO, 80239, Attention of General Counsel (Telephone No. ###-###-####; Email: ###); 
 (ii) if to the Holder, to the
Department of the Treasury at 1500 Pennsylvania Avenue, NW, Washington, D.C. 20220, Attention of Assistant General Counsel (Banking and Finance) (Telephone No. ###-###-####; Email: ###); and 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices
delivered through electronic communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Electronic Communications. Notices and other communications to the Holder hereunder may be delivered or furnished by electronic communication
(including e-mail, FpML, and Internet or intranet websites) pursuant to procedures approved by the Holder. The Holder, the Issuer or any Guarantor 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 Holder 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 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. 

  
 5 

 6.2 Waivers; Amendments. 

(a) No Waiver; Remedies Cumulative; Enforcement. No failure or delay by the Holder in exercising any right, remedy, power or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such a right remedy, power or privilege, preclude any other or further
exercise thereof or the exercise of any other right remedy, power or privilege. The rights, remedies, powers and privileges of the Holder hereunder and under the Note are cumulative and are not exclusive of any rights, remedies, powers or privileges
that any such Person would otherwise have. 
 (b) Amendments, Etc. Except as otherwise expressly set forth in this Note, no amendment or waiver of
any provision of this Note, and no consent to any departure by the Issuer therefrom, shall be effective unless in writing executed by the Issuer and the Holder, and each such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given. 
 6.3 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Issuer shall pay (i) all reasonable
out-of-pocket expenses incurred by the Holder (including the reasonable fees, charges and disbursements of any counsel for the Holder) in connection with the
preparation, negotiation, execution, delivery and administration of this Note and the PSP2 Agreement, any other agreements or documents executed in connection herewith or therewith, or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Holder
(including the fees, charges and disbursements of any counsel for the Holder), in connection with the enforcement or protection of its rights in connection with this Note and the PSP2 Agreement, any other agreements or documents executed in
connection herewith or therewith, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including all such out-of-pocket expenses incurred during any workout, restructuring, negotiations or enforcement in respect of such Note, PSP2 Agreement and other agreements or documents
executed in connection herewith or therewith. 
 (b) Indemnification by the Issuer. The Issuer shall indemnify the Holder and each of its Related
Parties (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, obligations, penalties, fines, settlements, judgments, disbursements and
related costs and expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees
of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Issuer) arising out of, in connection with, or as a result of (i) the execution or delivery of this Note or any agreement or
instrument contemplated hereby, the performance by the Issuer or any Guarantor of its obligations hereunder or the consummation of the transactions contemplated hereby, (ii) the Note or the use or proposed use of the proceeds therefrom, or
(iii) any actual or prospective 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 Issuer or any Guarantor, and
regardless of whether any Indemnitee is a party thereto. 
 (c) Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable
Law, the Issuer and any Guarantor 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 Note or any agreement or instrument contemplated hereby, the transactions contemplated hereby, or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above 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 Note or the transactions
contemplated hereby. 
 (d) Payments. All amounts due under this Section shall be payable not later than five (5) days after demand therefor.

 (e) Survival. Each party’s obligations under this Section shall survive the termination of the Note and payment of the obligations hereunder.

 6.4 Successors and Assigns. Neither the Issuer nor any Guarantor may assign or transfer this Note or any of its rights or obligations hereunder
and any purported assignment or transfer in violation of this Note shall be void. Holder may assign or participate a portion or all of its rights under this Note at any time in compliance with all Applicable Laws. This Note shall inure to the
benefit of and be binding upon Issuer, any Guarantor and Holder and their permitted 

  
 6 

 
successors and assigns. Any Holder that assigns, or sells participations in, any portion of the Note will take such actions as are necessary for the Note and such portion to be in
“registered form” (within the meaning of Treasury Regulations Section 5f.103-1). 
 6.5
Counterparts; Integration; Effectiveness. This Note and any amendments, waivers, consents or supplements hereto may be executed in counterparts, each of which shall constitute an original, but all taken together shall constitute a single
contract. This Note constitutes the entire contract between Issuer, any Guarantor and the Holder with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.
Notwithstanding anything herein to the contrary, delivery of an executed counterpart of a signature page of this Note by electronic means shall be effective as delivery of a manually executed counterpart of this Note. 

6.6 Severability. If any term or provision of this Note is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable such term or provision in any other jurisdiction. 

6.7 Right of Setoff. If an Event of Default shall have occurred and be continuing, the Holder 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 the Holder, to or for the credit or the account of the Issuer against any and all of the due and unpaid Obligations of the Issuer now or hereafter existing under this Note to the Holder, irrespective of whether or not the Holder shall have
made any demand under this Note. The rights of the Holder under this Section are in addition to other rights and remedies (including other rights of setoff) that the Holder may have. The Holder agrees to notify the Issuer 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. 
 6.8
Governing Law; Jurisdiction; Etc. This Note will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New
York applicable to contracts made and to be performed entirely within such State. Each of the Issuer, any Guarantor and the Holder agrees (a) to submit to the exclusive jurisdiction and venue of the United States District Court for the District
of Columbia for any civil action, suit or proceeding arising out of or relating to this Note or the transactions contemplated hereby, and (b) that notice may be served upon the Issuer, any Guarantor or the Holder at the applicable address in
Section 6.1 hereof (or upon any Holder that is not Treasury at an address provided by such Holder to Issuer in writing). To the extent permitted by Applicable Law, each of the Issuer, any Guarantor and the Holder hereby unconditionally waives
trial by jury in any civil legal action or proceeding relating to the Note or the transactions contemplated hereby. 
 6.9 Headings. Section headings
used herein are for convenience of reference only, are not part of this Note and shall not affect the construction of, or be taken into consideration in interpreting, this Note. 

  
 7 

 IN WITNESS WHEREOF, the Issuer and each Guarantor have executed this Note as of the day and year written
below. 
  

			
	 FRONTIER GROUP HOLDINGS, INC.,

as Issuer

 
			
		
	By	 	 /s/ James Dempsey

	Name:	 	James Dempsey
	Title:	 	Chief Financial Officer
	Date:	 	January 15, 2021

 
			
	
	 FRONTIER AIRLINES, INC.,
 as
Guarantor

 
			
		
	By	 	 /s/ James Dempsey

	Name:	 	James Dempsey
	Title:	 	Chief Financial Officer
	Date:	 	January 15, 2021

 
			
	
	 FRONTIER AIRLINES HOLDINGS, INC.,

as Guarantor

 
			
		
	By	 	 /s/ James Dempsey

	Name:	 	James Dempsey
	Title:	 	Chief Financial Officer
	Date:	 	January 15, 2021

 ANNEX A 

DEFINITIONS 
 “Affiliate”
means any Person that directly or indirectly Controls, is Controlled by, or is under common Control with, the Issuer. 
 “Applicable Law”
means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject. 
 “Applicable SOFR Rate” means
a rate of interest based on SOFR that shall be determined by the Holder and publicly announced by the Holder on or prior to the fifth anniversary of the Closing Date and shall, to the extent reasonably practicable, be based on customary market
conventions as in effect at the time of such announcement. In no event will the Applicable SOFR Rate be less than 0.00% per annum. 
 “ARRC Fallback
Provisions” means the Fallback Language for New Issuances of LIBOR Floating Rate Notes set forth in the ARRC Recommendations Regarding More Robust Fallback Language for New Issuances of LIBOR Floating Rate Notes, dated April 25, 2019.

 “ASU” means the Accounting Standards Update 2016-02, Leases (Topic 842) by the Financial
Accounting Standards Board issued on February 25, 2016. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Business Day” means any on which Treasury and the Federal Reserve Bank of New York are both open for business. 

“Capitalized Lease Obligations” means, at the time any determination thereof is to be made, the amount of the liability in respect of a
Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; provided that all leases of such Person that are or
would have been treated as operating leases for purposes of GAAP prior to the issuance of the ASU shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purposes of this Note (whether or
not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as capitalized lease
obligations for other purposes. 
 “Capitalized Leases” means all leases that have been or should be, in accordance with GAAP as in effect
on the Closing Date, recorded as capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP;
provided, further, that all leases of such Person that are or would have been treated as operating leases for purposes of GAAP prior to the issuance of the ASU shall continue to be accounted for as operating leases for purposes of all
financial definitions and calculations for purposes of this Note (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective
or retroactive basis or otherwise) to be treated as capitalized lease obligations for other purposes. 
 “Change of Control” means the
occurrence of any of the following: (a) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or
assets of the Issuer and its Subsidiaries, or if the Issuer is a Subsidiary of any Guarantor, such Guarantor (the “Parent Guarantor”) and its Subsidiaries, taken as a whole to any Person (including any “person” (as that
term is used in Section 13(d)(3) of the Exchange Act)); or (b) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any Person (including any “person” (as
defined above)) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Issuer or Parent Guarantor, as applicable, (measured by voting power rather than number of shares), other than (i) any such
transaction where the Voting Stock of the Issuer or Parent Guarantor, as applicable, (measured by voting power rather than number of shares) outstanding immediately prior to such transaction constitutes or is converted into or exchanged for at least
a majority of the outstanding shares of the Voting Stock of such Beneficial Owner (measured by voting power rather than number of shares), or (ii) any merger or consolidation 

  
 Annex A-1 

 
of the Issuer or Parent Guarantor, as applicable, with or into any Person (including any “person” (as defined above)) which owns or operates (directly or indirectly through a
contractual arrangement) a Permitted Business (a “Permitted Person”) or a Subsidiary of a Permitted Person, in each case, if immediately after such transaction no Person (including any “person” (as defined above)) is the
Beneficial Owner, directly or indirectly, of more than 50% of the total Voting Stock of such Permitted Person (measured by voting power rather than number of shares). 

“Closing Date” means the date set forth on the Issuer’s and each Guarantor’s signature page to this Note. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or
other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings analogous thereto. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States of
America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means an interest rate (before as well
as after judgment) equal to the interest rate on the Note plus 2.00% per annum. 
 “Disqualified Equity Interest” means any
equity interest that, by its terms (or the terms of any security or other equity interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable
(other than solely for equity interests that are not Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of Control or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of Control or asset sale event shall be subject to the prior repayment in full of the Note and all other Obligations that are accrued and payable), (b) is redeemable at the option of the holder thereof, in whole or in
part, (c) provides for scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other equity interests that would constitute Disqualified Equity Interests, in each case, prior
to the date that is ninety-one days after the Maturity Date; provided that if such equity interests are issued pursuant to a plan for the benefit of employees of the Issuer or any Subsidiary or by any
such plan to such employees, such equity interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability. 
 “Dollar” and “$” mean lawful money
of the United States. 
 “Event of Default” has the meaning specified in Section 5. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Subsidiary” means any Subsidiary of the Issuer that is not an obligor in respect of any Material Indebtedness that is unsecured of
the Issuer or any of its Subsidiaries, unless such Subsidiary is required to be an obligor under any agreement, instrument or other document relating to any Material Indebtedness that is unsecured of the Issuer or any of its Subsidiaries. 

“GAAP” means United States generally accepted accounting principles as in effect as of the date of determination thereof. Notwithstanding any
other provision contained herein, (a) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB
Accounting Standards Codification 825-Financial Instruments, or any successor thereto (including pursuant to the FASB Accounting Standards Codification), to value any Indebtedness of any subsidiary at “fair value,” as defined therein and
(b) the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations. 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central Bank). 

  
 Annex A-2 

 “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the
purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person securing any Indebtedness or
other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term
“Guarantee” as a verb has a corresponding meaning. 
 “Guaranteed Obligations” has the meaning specified in Annex B. 

“Guarantor” means each Guarantor listed on the signature page to this Note and any other Person that Guarantees this Note. 

“Holder” means the United States Department of the Treasury or its designees or any other Person that shall have rights pursuant to an
assignment hereunder. 
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or
not included as indebtedness or liabilities in accordance with GAAP: (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
(b) all direct or contingent obligations of such Person arising under (i) letters of credit (including standby and commercial), bankers’ acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar
instruments issued or created by or for the account of such Person; (c) net obligations of such Person under any swap contract; (d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade
accounts payable in the ordinary course of business); (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title
retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; (f) attributable indebtedness in respect of any Capitalized Lease Obligation and any synthetic lease obligation of any
Person; (g) all obligations of such Person in respect of Disqualified Equity Interests; and (h) all Guarantees of such Person in respect of any of the foregoing. For all purposes hereof, the Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any swap contract on any date shall be deemed to be the swap termination value thereof as of such date. The amount of any Indebtedness of any
Person for purposes of clause (e) that is expressly made non-recourse or limited-recourse (limited solely to the assets securing such Indebtedness) to such Person shall be deemed to be equal to the lesser
of (i) the aggregate principal amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. 

“Indemnitee” has the meaning specified in Section 6.3(b). 

“Issuer” has the meaning specified in the preamble to this Note. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

  
 Annex A-3 

 “Lien” means any mortgage, pledge, hypothecation, collateral assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect on, the operations, business, properties,
liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Issuer and its Subsidiaries taken as a whole; or (b) a material adverse effect on (i) the ability of the Issuer or any Guarantor to perform its
Obligations, (ii) the legality, validity, binding effect or enforceability against the Issuer or any Guarantors of the Note or (iii) the rights, remedies and benefits available to, or conferred upon, the Holder under the Note. 

“Material Indebtedness” has the meaning specified in Section 5.1(f). 

“Maturity Date” means the date that is ten years after the Closing Date (except that, if such date is not a Business Day, the Maturity Date
shall be the next preceding Business Day). 
 “Note” has the meaning specified in the preamble to this Note. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Issuer arising under or otherwise with
respect to the Note, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against the Issuer or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the
foregoing, the Obligations include (a) the obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by the Issuer under the Note and (b) the obligation of the Issuer to reimburse any amount in
respect of any of the foregoing that the Holder, in each case in its sole discretion, may elect to pay or advance on behalf of the Issuer. 

“Obligee Guarantor” has the meaning specified in Annex B. 

“Organizational Documents” means (a) as to any corporation, the charter or certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) as to any limited liability company, the certificate or articles of formation or organization and operating
or limited liability agreement and (c) as to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity. 
 “Permitted Business” means any business that is the same as, or reasonably related, ancillary, supportive
or complementary to, the business in which the Issuer and its Subsidiaries are engaged on the date of this Note. 
 “Person” means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Principal Amount” has the meaning specified in the preamble to this Note. 

“PSP Extension Law” has the meaning specified in the preamble to this Note. 

“PSP2 Agreement” has the meaning specified in the preamble to this Note. 

“PSP2 Application” means the application form and any related materials submitted by the Carrier to Treasury in connection with an
application for financial assistance under Division N, Title IV, Subtitle A of the PSP Extension Law. 
 “Related Parties” means, with
respect to any Person, such Person’s Affiliates and the agents, advisors and representatives of such Person and of such Person’s Affiliates. 

“SOFR” means the secured overnight financing rate published by the Federal Reserve Bank of New York, as administrator of the benchmark (or a
successor administrator) on the Federal Reserve Bank of New York’s (or such successor’s) website. 

  
 Annex A-4 

 “Subsidiary” of a Person means a corporation, partnership, limited liability company,
association or joint venture or other business entity of which a majority of the equity interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason
of the happening of a contingency) are at the time owned or the management of which is Controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Issuer. 
 “Treasury” has the
meaning specified in the preamble to this Note. 
 “United States” and “U.S.” mean the United States of America. 

“Voting Stock” of any specified Person as of any date means the equity interests of such Person that is at the time entitled to vote in the
election of the board of directors of such Person. 

  
 Annex A-5 

 ANNEX B 

GUARANTEE 
 1. Guarantee of the
Obligations. Each Guarantor jointly and severally hereby irrevocably and unconditionally guarantees to the Holder, the due and punctual payment in full of all Obligations (or such lesser amount as agreed by the Holder in its sole discretion)
when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of
the Bankruptcy Code, 11 U.S.C. § 362(a)) (collectively, the “Guaranteed Obligations”). 
 2. Payment by a Guarantor.
Each Guarantor hereby jointly and severally agrees, in furtherance of the foregoing and not in limitation of any other right which the Holder may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of the Issuer to
pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), such Guarantor will upon demand pay, or cause to be paid, in cash, to the Holder an amount equal to the sum of the unpaid principal amount of
all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest which, but for the Issuer’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such
Guaranteed Obligations, whether or not a claim is allowed against the Issuer for such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to the Holder as aforesaid. 

3. Liability of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional and
shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality
thereof, each Guarantor agrees as follows: 
 (a) this Guarantee is a guarantee of payment when due and not of collectability; 

(b) the Holder may enforce this Guarantee upon the occurrence of an Event of Default notwithstanding the existence of any dispute between the Issuer and the
Holder with respect to the existence of such Event of Default; 
 (c) a separate action or actions may be brought and prosecuted against such Guarantor
whether or not any action is brought against the Issuer or any other Guarantors and whether or not Issuer or such Guarantors are joined in any such action or actions; 

(d) payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge any other
Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid; 
 (e) the Holder, upon such terms as it deems
appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may
(i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of
performance with respect to, or substitutions for, the Guaranteed Obligations or subordinate the payment of the same to the payment of any other obligations; (iii) release, surrender, exchange, substitute, compromise, settle, rescind, waive,
alter, subordinate or modify, with or without consideration, any security for payment of the Guaranteed Obligations, any other guarantees of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with
respect to the Guaranteed Obligations; and (iv) enforce its rights and remedies even though such action may operate to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against the Issuer
or any security for the Guaranteed Obligations; and 
 (f) this Guarantee and the obligations of each Guarantor hereunder shall be valid and enforceable and
shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than payment in full of the Guaranteed Obligations), including the occurrence of any of the following: (i) any failure, delay or
omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy with
respect to the Guaranteed Obligations, or with respect to any security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the

  
 Annex B-1 

 
terms or provisions hereof; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the
Holder’s consent to the change, reorganization or termination of the corporate structure or existence of the Issuer or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (v) any defenses, set-offs or counterclaims which the Issuer or any Guarantor may allege or assert against the Holder in respect of the Guaranteed Obligations, including failure of consideration, lack of authority, validity or
enforceability, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (vi) any other event or circumstance that might in any manner vary the risk of any Guarantor as an obligor in respect
of the Guaranteed Obligations. 
 4. Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of the Holder: (a) any right to
require the Holder, as a condition of payment or performance by such Guarantor, to (i) proceed against Issuer, any Guarantor or any other Person; (ii) proceed against or exhaust any security in favor of the Holder; or (iii) pursue any
other remedy in the power of the Holder whatsoever or (b) presentment to, demand for payment from and protest to the Issuer or any Guarantor or notice of acceptance; and (c) any defenses or benefits that may be derived from or afforded by
law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof. 
 5. Guarantors’
Rights of Subrogation, Contribution, etc. Until the Guaranteed Obligations shall have been paid in full, each Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against the
Issuer or any other Guarantor or any of its assets in connection with this Guarantee or the performance by such Guarantor of its obligations hereunder, including without limitation (a) any right of subrogation, reimbursement or indemnification
that such Guarantor now has or may hereafter have against the Issuer with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that the Holder now has or may hereafter have against
the Issuer, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter held by the Holder. In addition, until the Guaranteed Obligations shall have been paid in full, each Guarantor shall withhold
exercise of any right of contribution such Guarantor may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations. If any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement,
indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been finally and paid in full, such amount shall be held in trust for the Holder and shall forthwith be paid over to the Holder to be credited and
applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof. 
 6. Subordination. Any Indebtedness
of the Issuer or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by the Obligee
Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holder and shall forthwith be paid over to the Holder to be credited and applied against the Guaranteed Obligations but without affecting, impairing or
limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. 
 7. Continuing Guarantee. This Guarantee is a
continuing guarantee and shall remain in effect until all of the Guaranteed Obligations shall have been paid in full. Each Guarantor hereby irrevocably waives any right to revoke this Guarantee as to future transactions giving rise to any Guaranteed
Obligations. 
 8. Financial Condition of the Issuer. The Note may be issued to the Issuer without notice to or authorization from any Guarantor
regardless of the financial or other condition of the Issuer at the time of such grant. Each Guarantor has adequate means to obtain information from the Issuer on a continuing basis concerning the financial condition of the Issuer and its ability to
perform its obligations under the Note, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Issuer and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations.

 9. Reinstatement. In the event that all or any portion of the Guaranteed Obligations are paid by the Issuer or any Guarantor, the obligations of
any other Guarantor hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from the Holder as a
preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder. 

10. Discharge of Guarantee Upon Sale of the Guarantor. If, in compliance with the terms and provisions of the Note, all of the capital stock of any
Guarantor that is a Subsidiary of the Carrier or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) to any Person (other than to the Issuer or to any other Guarantor), the
Guarantee of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any beneficiary or any other Person effective as of the time of such asset sale.

  
 Annex B-2 

 SCHEDULE I 
  

									
	Date	  	 Current Outstanding

Principal Amount
	  	 Increase or Decrease

in Outstanding
 Principal Amount

 
	  	 Resulting

Outstanding
 Principal Amount
	  	Notation Made By
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 

  
 Schedule I

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]