Document:

Exhibit 10.9

 

FORWARD PURCHASE AGREEMENT

 

This Forward Purchase
Agreement (this “Agreement”) is entered into as of February [●], 2021, by and between MSD
Acquisition Corp., a Cayman Islands exempted company (the “Company”), and the party listed as
the purchaser on the signature page hereof (the “Purchaser”).

 

WHEREAS, the Company
was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company
has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement
on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”)
of units (the “Units”) at a price of $10.00 per Unit, each comprised of one Class A ordinary share
of the Company, par value $0.0001 per share (the “Ordinary Share(s)”), and one-fifth of one redeemable
warrant, where each whole redeemable warrant is exercisable to purchase one Ordinary Share at an exercise price of $11.50 per share
(the “Warrant(s)”);

 

WHEREAS, following
the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a
Business Combination; and

 

WHEREAS, the parties
wish to enter into this Agreement, pursuant to which immediately prior to the closing of the Company’s initial Business Combination
(the “Business Combination Closing”), the Company shall issue and sell, and the Purchaser shall
purchase, on a private placement basis, up to $50,000,000 of units, at a price of $10.00 per unit, each comprised of one Ordinary
Share (the “Forward Purchase Shares”) and one-fifth of one warrant to purchase one Ordinary Share
at an exercise price of $11.50 (the “Forward Purchase Warrants” and, together with the Forward
Purchase Shares, the “Forward Purchase Securities”) on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

 

1. Sale
and Purchase.

 

(a) Forward Purchase
Securities.

 

(i) The
Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, (1) the number of Forward Purchase
Shares that is the quotient of (x) the amount of capital committed to the Purchaser and allocated to this Agreement as notified
by the Purchaser to the Company no later than five (5) Business Days prior to such time as any definitive agreement with respect
to a Business Combination is executed by the Company (the “Allocation Notice”), which amount shall
be no more than $50,000,000 in the Purchaser’s sole discretion, and (y) $10.00 (the “Number of Forward Purchase
Shares”), plus (2) the number of Forward Purchase Warrants which is the product of (x) the number of Forward
Purchase Shares as determined by clause (1) and (y) 1/5 (the “Number of Forward Purchase Warrants”)
for an aggregate purchase price of $10.00 multiplied by the number of Forward Purchase Shares issued and sold hereunder (the “FPS
Purchase Price”). No fractional Forward Purchase Warrants will be issued.

 

(ii) Each
Forward Purchase Warrant will have the same terms as the Company’s private placement warrants, purchased by MSD Sponsor Holdings,
LLC in a private placement occurring simultaneously with the closing of the IPO, and will be subject to the terms and conditions
of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company, as Warrant
Agent, in connection with the IPO (the “Warrant Agreement”). Each Forward Purchase Warrant will
entitle the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment as described in
the Warrant Agreement and only whole Forward Purchase Warrants will be exercisable. The Forward Purchase Warrants will become exercisable
on the later of thirty (30) days after the Business Combination Closing and twelve (12) months from the IPO Closing, and will expire
five years after the Business Combination Closing or earlier upon redemption or the liquidation of the Company, as described in
the Warrant Agreement.

 

     

     

    

 

(iii) The
Company shall deliver written notice to the Purchaser as early as practicable, and in any case at least eleven (11) Business Days
before the funding of the FPS Purchase Price to the Escrow Account (defined below), specifying the anticipated date of the Business
Combination Closing, the aggregate FPS Purchase Price and instructions for wiring the FPS Purchase Price to an account (the “Escrow
Account”) of a third-party escrow agent, which shall be the Company’s transfer agent (the “Escrow
Agent”), pursuant to an escrow agreement between the Company and the Escrow Agent (the “Escrow
Agreement”). Two (2) Business Days before the anticipated date of the Business Combination Closing specified
in such written notice, the Purchaser shall deliver the FPS Purchase Price in cash via wire transfer to the account specified in
such written notice, to be held in escrow pending the Business Combination Closing. If the Business Combination Closing does not
occur within thirty (30) days after the Purchaser delivers the FPS Purchase Price to the Escrow Agent, the Escrow Agreement will
provide that the Escrow Agent shall automatically return to the Purchaser the FPS Purchase Price; provided that the return
of the FPS Purchase Price placed in escrow shall not terminate the Agreement or otherwise relieve either party of any of its obligations
hereunder. The Purchaser agrees that it shall cooperate in good faith and use reasonable best efforts to effect the funding of
the FPS Purchase Price on such notice as necessary to facilitate the consummation of the proposed Business Combination. For the
purposes of this Agreement, “Business Day” means any day, other than a Saturday or a Sunday, that
is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to
close in the City of New York, New York.

 

(iv) The
closing of the sale of the Forward Purchase Securities (the “FPS Closing”) shall be held on the
same date as, and immediately prior to, the Business Combination Closing (such date being referred to as the “Closing
Date”). At the FPS Closing, the Company will issue to the Purchaser the Forward Purchase Securities, registered
in the name of the Purchaser, against (and concurrently with) release of the FPS Purchase Price by the Escrow Agent to the Company.

 

(b) Delivery of Forward
Purchase Securities.

 

(i) The
Company shall register the Purchaser as the owner of the Forward Purchase Securities purchased by the Purchaser hereunder in the
register of members of the Company (in respect of the Ordinary Shares) and with the Company’s transfer agent by book entry
on or promptly after (but in no event more than two (2) Business Days after) the date of the FPS Closing.

 

(ii) Each
register and book entry for the Forward Purchase Securities purchased by the Purchaser hereunder shall contain a notation, and
each certificate (if any) evidencing the Forward Purchase Securities shall be stamped or otherwise imprinted with a legend, in
substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

(c) Legend Removal.
If the Forward Purchase Securities are eligible to be sold without restriction under Rule 144 under the Securities Act of 1933,
as amended (the “Securities Act”), then at the Purchaser’s request in connection with a
sale of such Forward Purchase Securities, the Company will, at its sole expense, cause the Company’s transfer agent to remove
the legend set forth in Section 1(b)(ii) hereof. In connection therewith, if required by the Company’s transfer agent, the
Company will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any
other authorizations, certificates and directions required by the transfer agent, that authorize and direct the transfer agent
to transfer such Forward Purchase Securities without any such legend; provided, however, that the Company will not
be required to deliver any such opinion, authorization or certificate or direction if it reasonably believes that removal of the
legend could reasonably be expected to result in or facilitate transfers of Forward Purchase Securities in violation of applicable
law.

 

(d) Registration
Rights. The Purchaser shall have registration rights with respect to the Forward Purchase Securities as set forth on Exhibit
A (the “Registration Rights”).

 

    2

     

    

 

2. Representations
and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a)
Organization and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws
of the jurisdiction of its formation (if the concept of “good standing” is a recognized concept in such
jurisdiction) and has all requisite power and authority to carry on its business as presently conducted and as proposed to be
conducted.

 

(b)
Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when
executed and delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser,
enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by
applicable federal or state securities laws.

 

(c) Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with
the consummation of the transactions contemplated by this Agreement.

 

(d) Compliance with
Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the
Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of its organizational documents, if applicable, (ii) of any instrument, judgment, order, writ or decree to which it is a party
or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under
any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal
or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material
adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.

 

(e) Purchase Entirely
for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company,
which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Securities
to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser
further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person
to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Forward Purchase Securities.
If the Purchaser was formed for the specific purpose of acquiring the Forward Purchase Securities, each of its equity owners is
an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. For purposes of this Agreement,
“Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity or any government or any department or agency thereof.

 

(f) Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering and sale of the Forward Purchase Securities, as well as the terms of the IPO, with
the Company’s management.

 

    3

     

    

 

(g) Restricted Securities.
The Purchaser understands that the offer and sale of the Forward Purchase Securities to the Purchaser has not been, and will not
be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities
Act that depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s
representations as expressed herein. The Purchaser understands that the Forward Purchase Securities are “restricted securities”
under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward
Purchase Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from
such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to
register or qualify the Forward Purchase Securities, or any Ordinary Shares that the Forward Purchase Securities may be converted
into or exercised for, for resale, except pursuant to the Registration Rights. The Purchaser further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to,
the time and manner of sale, the holding period for the Forward Purchase Securities, and requirements relating to the Company
that are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.
The Purchaser acknowledges that the Company filed the Registration Statement for the IPO with the SEC. The Purchaser understands
that the offering of the Forward Purchase Securities hereunder is not, and is not intended to be, part of the IPO, and that the
Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with respect to such offering of the
Forward Purchase Securities.

 

(h) No Public Market.
The Purchaser understands that no public market now exists for the Forward Purchase Securities, and that the Company has made
no assurances that a public market will ever exist for the Forward Purchase Securities.

 

(i) High Degree of
Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Securities involves a high degree of risk
which could cause the Purchaser to lose all or part of its investment.

 

(j) Accredited Investor.
The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

(k) Foreign Investors.
If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as
amended), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction
in connection with any invitation to subscribe for the Forward Purchase Securities or any use of this Agreement, including (i)
the legal requirements within its jurisdiction for the purchase of the Forward Purchase Securities, (ii) any foreign exchange
restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the
income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of
the Forward Purchase Securities. The Purchaser’s subscription and payment for and continued beneficial ownership of the
Forward Purchase Securities will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.

 

(l) No General Solicitation.
Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or
indirectly, including through a broker or finder, (i) to its knowledge, engaged in any general solicitation, or (ii) published
any advertisement in connection with the offer and sale of the Forward Purchase Securities.

 

(m) Residence.
The principal place of business of the Purchaser is the office located at the address of the Purchaser set forth on the signature
page hereof.

 

(n) Non-Public Information.
The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of material non-public
information relating to the Company.

 

(o) Adequacy of Financing.
The Purchaser has, or will have, from and after receipt of capital commitments not subject to opt-out rights (or for which the
party with such opt-out rights has agreed to fund in respect of this Agreement) in an aggregate amount not less than the FPS Purchase
Price, available to it sufficient funds to satisfy its obligations under this Agreement.

 

(p) Affiliation of
Certain FINRA Members. The Purchaser is neither a person associated nor affiliated with any underwriter of the IPO or, to
its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that
is participating in the IPO.

 

    4

     

    

 

(q) No Other Representations
and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any
certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor
any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be
deemed to make any other express or implied representation or warranty with respect to the Purchaser and the offering, sale and
purchase of the Forward Purchase Securities, and the Purchaser Parties disclaim any such representation or warranty. Except for
the specific representations and warranties expressly made by the Company in Section 3 of this Agreement and in any certificate
or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations
or warranties that may have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates
(collectively, the “Company Parties”).

 

3. Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser as follows:

 

(a) Incorporation
and Corporate Power. The Company is an exempted company duly incorporated and validly existing and in good standing under
the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted
and as proposed to be conducted. The Company has no subsidiaries.

 

(b) Capitalization.
The authorized share capital of the Company consists, as of the date hereof, of:

 

(i) 500,000,000
Ordinary Shares, none of which are issued and outstanding;

 

(ii) 50,000,000
Class B ordinary shares of the Company, par value $0.0001 per share (“Class B Shares”), 14,375,000
of which are issued and outstanding; and all of the issued and outstanding Class B ordinary shares of the Company have been duly
authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws and the Charter; and

 

(iii) 5,000,000
preference shares, none of which are issued and outstanding.

 

(c) Authorization.
All corporate action required to be taken by the Company’s Board of Directors and shareholders in order to authorize the
Company to enter into this Agreement, and to issue the Forward Purchase Securities at the FPS Closing, and the securities issuable
upon conversion or exercise of the Forward Purchase Securities, has been taken or will be taken prior to the FPS Closing, as applicable.
All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of
this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the FPS Closing,
and the issuance and delivery of the Forward Purchase Securities and the securities issuable upon conversion or exercise of the
Forward Purchase Securities has been taken or will be taken prior to the FPS Closing, as applicable. This Agreement, when executed
and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the
Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable
federal or state securities laws.

 

(d) Valid Issuance
of Forward Purchase Securities.

 

(i) The
Forward Purchase Securities, when issued, sold and delivered in accordance with the terms and for the consideration set forth in
this Agreement and the Charter and registered in the register of members of the Company, and the securities issuable upon conversion
or exercise of the Forward Purchase Securities, when issued in accordance with the terms of the Forward Purchase Securities and
this Agreement and the Charter (in respect of the Forward Purchase Shares), and registered in the register of members of the Company,
will be validly issued, fully paid and nonassessable and free of all preemptive or similar rights, liens, encumbrances and charges
with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement,
applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy
of the representations of the Purchaser in this Agreement and subject to the filings described in Section 3(e) below, the Forward
Purchase Securities will be issued in compliance with all applicable federal and state securities laws.

 

    5

     

    

 

(ii) No
“bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined
below), except for a Disqualification Event as to which Rule 506(d)(2)(ii)—(iv) or (d)(3), is applicable. “Company
Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated
under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

(e) Governmental
Consents and Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement,
no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any
federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the
transactions contemplated by this Agreement, except for any filings pursuant to Regulation D of the Securities Act, applicable
state securities laws, and pursuant to the Registration Rights.

 

(f) Compliance with
Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement by the Company will not result in any violation or default (i) of any provisions of the Company’s amended
and restated memorandum and articles of association, as they may be amended and/or restated from time to time (the “Articles”),
(ii) of any instrument, judgment, order, writ or decree to which the Company is a party or by which the Company is bound, (iii)
under any note, indenture or mortgage to which the Company is a party or by which the Company is bound, (iv) under any lease,
agreement, contract or purchase order to which the Company is a party or by which the Company is bound or (v) of any provision
of federal or state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have
a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement.

 

(g) Operations.
As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations
other than organizational activities and activities in connection with the IPO and offering of the Forward Purchase Securities.

 

(h) Foreign Corrupt
Practices. Neither the Company, nor, to the knowledge of the Company, any director, officer, agent, employee or other Person
acting on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct
or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or
is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(i) Compliance with
Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements and all applicable U.S. and non-U.S. anti-money laundering laws, rules and
regulations, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of
2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws
is pending or, to the knowledge of the Company, threatened.

 

(j) Absence of Litigation.
There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory
organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s
officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such.

 

(k) No General Solicitation.
Neither the Company, nor any of its officers, directors, employees, agents or shareholders has either directly or indirectly,
including through a broker or finder, (i) engaged in any general solicitation, or (ii) published any advertisement in connection
with the offer and sale of the Forward Purchase Securities.

 

    6

     

    

 

(l) No Other Representations
and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 3 and in any
certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any
other express or implied representation or warranty with respect to the Company, the offering, sale and purchase of the Forward
Purchase Securities, the IPO or a potential Business Combination, and the Company Parties disclaim any such representation or
warranty. Except for the specific representations and warranties expressly made by the Purchaser in Section 2 of this Agreement
and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying
upon any other representations or warranties that may have been made by any of the Purchaser Parties.

 

4. Additional Agreements,
Acknowledgements and Waivers of the Purchaser.

 

(a) Trust Account.

 

(i) The
Purchaser hereby acknowledges that it is aware that the Company will establish a trust account (the “Trust Account”)
for the benefit of its public shareholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that
it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the
Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may
have in respect of any Ordinary Shares issued in the IPO (the “Public Shares”) held by it.

 

(ii)
The Purchaser hereby agrees that it shall have no right of set-off or any right,
title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account,
and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future,
except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In
the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall not pursue such Claim
against the Trust Account or against the property or any monies in the Trust Account, except for redemption and liquidation
rights, if any, the Purchaser may have in respect of any Public Shares held by it.

 

(b) No Short Sales.
The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any understanding with
it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For purposes
of this Section 4(b), “Short Sales” shall include, without limitation, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business
as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including
on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

(c) Allocation Notice.
The Purchaser shall deliver the Allocation Notice to the Company immediately upon the allocation to this Agreement of capital
which has been committed to the Purchaser (in accordance with all binding obligations of the Purchaser), which in no event shall
be later than five (5) Business Days prior to such time as any definitive agreement with respect to a Business Combination is
executed by the Company.

 

5.
Additional Agreements of the Company.

 

(a) No Material Non-Public
Information. The Company agrees that no information provided to the Purchaser in connection with this Agreement will, upon
the IPO Closing, constitute material non-public information of the Company.

 

(b) Nasdaq Listing.
The Company will use commercially reasonable efforts to effect and maintain the listing of the Ordinary Shares on The Nasdaq Capital
Market (or another national securities exchange).

 

    7

     

    

 

(c) No Amendments
to the Articles. The amended and restated memorandum and articles of association of the Company will be in substantially the
form attached to the Registration Statement and will not be amended in any material respect prior to the IPO Closing without the
Purchaser’s prior written consent.

 

6. FPS
Closing Conditions.

 

(a) The
obligation of the Purchaser to purchase the Forward Purchase Securities at the FPS Closing under this Agreement shall be subject
to the fulfillment, at or prior to the FPS Closing of each of the following conditions, any of which, to the extent permitted by
applicable laws, may be waived by the Purchaser:

 

(i) The Business Combination shall be consummated substantially concurrently with, and
immediately following, the purchase of the Forward Purchase Securities;

 

(ii)
The Company shall have delivered to such Purchaser a certificate evidencing the
Company’s good standing as a Cayman Islands exempted company, as of a date within ten (10) Business Days of the Closing
Date;

 

(iii)
The representations and warranties of the Company set forth in Section 3 of
this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the FPS Closing, as
applicable, with the same effect as though such representations and warranties had been made on and as of such date (other
than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as
of such specified date), except where the failure to be so true and correct would not have a material adverse effect on the
Company or its ability to consummate the transactions contemplated by this Agreement;

 

(iv)
The Company shall have performed, satisfied and complied in all material respects
with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the
Company at or prior to the FPS Closing; and

 

(v)
No order, writ, judgment, injunction, decree, determination, or award shall have
been entered or threatened by or with any governmental, regulatory, or administrative authority or any court, tribunal, or
judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect or threatened, preventing the
purchase by the Purchaser of the Forward Purchase Securities.

 

(b) The
obligation of the Company to sell the Forward Purchase Securities at the FPS Closing under this Agreement shall be subject to the
fulfillment, at or prior to the FPS Closing of each of the following conditions, any of which, to the extent permitted by applicable
laws, may be waived by the Company:

 

(i) The
Business Combination shall be consummated substantially concurrently with, and immediately following, the purchase of the Forward
Purchase Securities;

 

(ii) The
representations and warranties of the Purchaser set forth in Section 2 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the FPS Closing, as applicable, with the same effect as though such representations
and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as
of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct
would not have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement;

 

(iii) The
Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the FPS Closing; and

 

(iv) No
order, writ, judgment, injunction, decree, determination, or award shall have been entered or threatened by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or
prohibition shall be in effect or threatened, preventing the purchase by the Purchaser of the Forward Purchase Securities.

 

    8

     

    

 

7. Termination.
This Agreement may be terminated at any time prior to the FPS Closing:

 

(a)
by mutual written consent of the Company and the Purchaser; or

 

(b)
automatically:

 

(i)
if the IPO is not consummated on or prior to twelve months from the date of this
Agreement; or

 

(ii)
if the Business Combination is not consummated within twenty-four (24) months from
the IPO Closing, or such later date as may be approved by the Company’s shareholders in accordance with the
Articles.

 

In the event of any
termination of this Agreement pursuant to this Section 7, the FPS Purchase Price (and interest thereon, if any), if previously
paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser in accordance with
written instructions provided by the Purchaser to the Company, and thereafter this Agreement shall forthwith become null and void
and have no effect, without any liability on the part of the Purchaser or the Company and their respective directors, officers,
employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease; provided,
however, that nothing contained in this Section 7 shall relieve either party from liabilities or damages arising
out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in
this Agreement. Section 4(a) shall survive termination of this Agreement.

 

8. General
Provisions.

 

(a) Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (i) hand delivery to the party to be notified, (ii) when sent, if sent by electronic
mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next Business Day or (iii) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid,
specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent
to: MSD Acquisition Corp., 645 Fifth Avenue, 21st Floor, New York, New York 10022, Attn: Marcello Liguori with a copies to the
Company’s counsel at: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn: Christian O. Nagler
and Kirkland & Ellis LLP, 609 Main Street, Houston, TX 77002, Attn: Debbie P. Yee, P.C., email: debbie.yee@kirkland.com, fax:
(713) 836-3601.

 

All communications
to the Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address,
facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 8(a).

 

(b) No Finder’s
Fees. Other than fees payable to the underwriters of the IPO or any other investment bank or financial advisor who assists
the Company in sourcing targets for a Business Combination, which fees shall be the responsibility of the Company, each party
represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction.
The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the
nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against
such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature
of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such
liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

(c) Survival of Representations
and Warranties. All of the representations and warranties contained herein shall survive the FPS Closing.

 

    9

     

    

 

(d) Entire Agreement.
This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced herein,
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby.

 

(e) Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f) Assignments.
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written consent of the other party. Notwithstanding the foregoing, the Purchaser may
assign and delegate all or a portion of its rights and obligations to purchase the Forward Purchase Securities to one or more
other persons upon the consent of the Company (which consent shall not be unreasonably conditioned, withheld or delayed); provided,
however, that no consent of the Company shall be required if such assignment or delegation is to an affiliate of the Purchaser;
provided, further, that no such assignment or delegation shall relieve the Purchaser of its obligations hereunder
(including its obligation to purchase the Number of Forward Purchase Shares and the Number of Forward Purchase Warrants hereunder)
and the Company shall be entitled to pursue all rights and remedies against the Purchaser subject to the terms and conditions
hereof.

 

(g) Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

(h) Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning
or interpretation of this Agreement.

 

(i) Governing Law.
This Agreement, the entire relationship of the parties hereto, and any dispute between the parties (whether grounded in contract,
tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the
State of New York, without giving effect to its choice of laws principles.

 

(j) Jurisdiction.
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or
based upon this Agreement except in state courts of New York or the United States District Court for the Southern District of
New York, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action
or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in
or by such court.

 

(k) WAIVER OF JURY
TRIAL. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(l) Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of
the Company and the Purchaser.

 

    10

     

    

 

(m) Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to
delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n) Expenses.
Each of the Company and the Purchaser will be responsible for payment of its own costs and expenses incurred in connection with
the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including
all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible
for the fees of its transfer agent; stamp taxes and all of The Depository Trust Company’s fees associated with the issuance
and resale of the Forward Purchase Securities and the securities issuable upon conversion or exercise of the Forward Purchase
Securities.

 

(o) Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

(p) Waiver. No
waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

(q) Specific Performance.
The Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement was not performed by the Purchaser
in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms hereof, in addition
to any other remedy at law or equity.

 

 

[Signature Page Follows]

 

    11

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	PURCHASER:
	 	 	 
	MSD Sponsor Holdings, LLC
	 	 	 
	By:	 	 
	Name:		 
	Title:		 
	 	 	 
	Address for Notices:
	 	 	 
	645 Fifth Avenue, 21st Floor
	New York, New York 10022
	Attention:
	Email:
	 	 	 
	COMPANY:
	 	 	 
	MSD Acquisition Corp.
	 	 	 
	By:	 	 
	Name:		 
	Title:		 

 

with copies (which shall not constitute notice)
to:

 

	Kirkland & Ellis LLP
	601 Lexington Avenue
	New York, New York 10022
	Attention:	 Christian O. Nagler
	 
	and
	 
	Kirkland & Ellis LLP
	609 Main Street Houston, Texas 77002
	Attn:	 Debbie P. Yee, P.C.
	Email:	 debbie.yee@kirkland.com

 

[Signature Page to Forward Purchase Agreement]

 

    12

     

    

 

[Exhibit A]

 

Registration Rights

 

1.
Within thirty (30) days after the Business Combination Closing, the Company shall
use reasonable best efforts (i) to file a registration statement on Form S-3 for a secondary offering (including any
successor registration statement covering the resale of the Registrable Securities, a “Resale
Shelf”) of (x) the Ordinary Shares and Forward Purchase Warrants (and underlying Ordinary Shares)
comprising the Forward Purchase Securities and (y) any other equity security of the Company issued or issuable with respect
to the securities referred to in clause (x) by way of a share capitalization or share split or in connection with a
combination of shares, recapitalization, merger, consolidation or reorganization (collectively, for so long as such
securities are held by the Purchaser or its assignees under the Agreement (each, a
“Holder”), the “Registrable Securities”) pursuant to Rule
415 under the Securities Act; provided that if Form S-3 is unavailable for such a registration, the Company shall
register the resale of the Registrable Securities on another appropriate form and undertake to register the Registrable
Securities on Form S-3 as soon as such form is available, (ii) to cause the Resale Shelf to be declared effective under the
Securities Act promptly thereafter, but in no event later than sixty (60) days after the initial filing of the Resale Shelf,
and (iii) to maintain the effectiveness of such Resale Shelf with respect to the Registrable Securities until the earliest of
(A) the date on which such securities are no longer Registrable Securities and (B) the date all of the Registrable Securities
covered by the Resale Shelf can be sold publicly without restriction or limitation under Rule 144 under the Securities Act
and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act.

 

2. The
Holders may, after the Resale Shelf becomes effective, deliver a written notice to the Company (the “Underwritten
Offering Notice”) specifying that the sale of some or all of the Registrable Securities subject to the Resale
Shelf is intended to be conducted through a firm commitment underwritten offering (an “Underwritten Offering”);
provided, however, that the Holders of Registrable Securities may not, without the Company’s prior written
consent, (i) launch an Underwritten Offering the anticipated gross proceeds of which shall be less than $10,000,000 (unless the
Holders are proposing to sell all of their remaining Registrable Securities), (ii) launch more than three Underwritten Offerings
at the request of the Holders within any three-hundred sixty-five (365) day-period or (iii) launch an Underwritten Offering within
the period commencing fourteen (14) days prior to and ending two (2) days following the Company’s scheduled earnings release
date for any fiscal quarter or year. In the event of an Underwritten Offering, the Holders representing a majority-in-interest
of the Registrable Securities to be included in such Underwritten Offering shall select the managing underwriter(s) for the Underwritten
Offering; provided that the choice of such managing underwriter(s) shall be subject to the consent of the Company, which
is not to be unreasonably withheld, conditioned or delayed. If the underwriter(s) for any Underwritten Offering pursuant to this
paragraph 2 of this Exhibit A (each, a “Secondary Offering”) advise the Company and the Holders
that, in their good faith opinion, marketing factors require a limitation on the number of securities that may be included in such
Secondary Offering, the number of securities to be so included shall be allocated as follows: (i) first, to the Holders that have
requested to participate in such Secondary Offering, allocated pro rata among such Holders on the basis of the percentage of the
Registrable Securities requested to be included in such Secondary Offering by such Holders, and (ii) second, to the holders of
any other securities of the Company that have been requested to be so included.

 

3. Upon
receipt of prior written notice by any Holder that they intend to effect a sale of Registrable Securities held by them as are then
registered pursuant to the Resale Shelf, the Company shall use its reasonable best efforts to cooperate in such sale (whether or
not such sale constitutes an Underwritten Offering), including by amending or supplementing the prospectus related to such Resale
Shelf as may be reasonably requested by such Holder for so long as such Holder holds Registrable Securities.

 

4. In
the event the Company is prohibited by applicable rule, regulation or interpretation by the staff (the “Staff”)
of the SEC from registering all of the Registrable Securities on the Resale Shelf or the Staff requires that any Holder be specifically
identified as an “underwriter” in order to permit such registration statement to become effective, and such Holder
does not consent in writing to being so named as an underwriter in such registration statement, the number of Registrable Securities
to be registered on the Resale Shelf will be reduced on a pro rata basis among all Holders to be so included, unless otherwise
required by the Staff, so that the number of Registrable Securities to be registered is permitted by the Staff and such Holder
is not required to be named as an “underwriter”; provided, that any Registrable Securities not registered due
to this paragraph 4 shall thereafter as soon as allowed by the SEC guidance be registered to the extent the prohibition no longer
is applicable.

 

    A-1

     

    

 

5.
If at any time the Company proposes to file a registration statement (a
“Registration Statement”) on its own behalf, or on behalf of any other Persons who have
registration rights (“Other Holders”), relating to an Underwritten Offering of ordinary
shares (a “Company Offering”), then the Company will provide the Holders with notice in
writing (an “Offer Notice”) at least three (3) Business Days prior to such filing, which
Offer Notice will offer to include in the Registration Statement the Registrable Securities held by each Holder (the
“Piggyback Securities”). Within three (3) Business Days after receiving the Offer Notice,
each Holder may make a written request (a “Piggyback Request”) to the Company to include
some or all of such Holder’s Registrable Securities in the Registration Statement. If the underwriter(s) for any
Company Offering advise the Company that, in their good faith opinion, marketing factors require a limitation on the number
of securities that may be included in the Company Offering, the number of securities to be so included shall be allocated as
follows: (i) first, to the Company and the Other Holders, if any; and (ii) second, to the Holders and any other holders of
similar piggyback rights, based pro rata on the value of the securities requested to be sold in such Company Offering by each
requesting holder. By written notice delivered to the Company, any Holder (an “Opting-Out Holder”)
may elect to waive its right to participate in Company Offerings (“Registration Opt-Out”) until
such time as such written notice is rescinded in writing. During such time as a Registration Opt-Out is in effect: (x) the
Opting-Out Holder shall not receive notices of any proposed Company Offering and (y) shall not be entitled to participate in
any such Company Offering.

 

6.
In connection with any Underwritten Offering, the Company shall enter into such
customary agreements and take all such other actions in connection therewith (including those requested by Holders
representing a majority-in-interest of the Registrable Securities to be included in such Underwritten Offering) in order to
facilitate the disposition of such Registrable Securities as are reasonably necessary or required, and in such connection
enter into a customary underwriting agreement that provides for customary opinions, comfort letters and officer’s
certificates and other customary deliverables.

 

7.
The Company shall pay all fees and expenses incident to the performance of or
compliance with its obligation to prepare, file and maintain the Resale Shelf (including the fees of its counsel and
accountants). The Company shall also pay all Registration Expenses. For purposes of this paragraph 7,
“Registration Expenses” shall mean the out-of-pocket expenses of any Secondary Offering and
any Company Offering, including, without limitation, the following: (i) all registration and filing fees (including fees with
respect to filings required to be made with FINRA and any securities exchange on which the Registrable Securities are then
listed); (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements
of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities); (iii) printing,
messenger, telephone and delivery expenses; (iv) reasonable fees and disbursements of counsel for the Company; (v) reasonable
fees and disbursements of all independent registered public accountants of the Company; and (vi) reasonable fees and expenses
of one (1) legal counsel selected by Holders representing a majority-in-interest of the Registrable Securities participating
in any such Secondary Offering, but shall not include any incremental selling expenses relating to the sale of Registrable
Securities, such as underwriters’ commissions and discounts, brokerage fees and underwriter marketing costs; and
provided that the Company shall only be responsible for expenses under clause (vi) with respect to two Secondary Offerings in
any consecutive three-hundred sixty-five (365) day-period.

 

8.
The Company may suspend the use of a prospectus included in the Resale Shelf by
furnishing to the Holders a written notice (“Suspension Notice”) stating that in the good
faith judgment of the Company, it would be either (i) prohibited by the Company’s insider trading policy (as if the
Holders were covered by such policy) or (ii) materially detrimental to the Company and its shareholders for such prospectus
to be used at such time. The Company’s right to suspend the use of such prospectus under clause (ii) of the preceding
sentence may be exercised for a period of not more than ninety (90) days after the date of such notice to the Holders; provided
that such period may be extended for an additional thirty (30) days with the consent of Holders representing a
majority-in-interest of the Registrable Securities, which consent shall not be unreasonably withheld; provided
further, that such right to suspend the use of a prospectus shall be exercised by the Company not more than once in any
twelve (12) month period. The Holders shall not effect any sales of Registrable Securities pursuant to the Resale Shelf at
any time after they have received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice
(as defined below). The Holders may recommence effecting sales of the Registrable Securities pursuant to the Resale Shelf
following further written notice to such effect (an “End of Suspension Notice”) from the
Company to the Holders. The Company shall act in good faith to permit any suspension period contemplated by this paragraph 8
to be concluded as promptly as reasonably practicable.

 

    A-2

     

    

 

9.
The Holders agree that, except as required by applicable law, the Holders shall
treat as confidential the receipt of any Suspension Notice (provided that in no event shall such notice contain any material
non-public information of the Company) hereunder and shall not disclose or use the information contained in such Suspension
Notice without the prior written consent of the Company until such time as the information contained therein is or becomes
public, other than as a result of disclosure by a Holder of Registrable Securities in breach of the terms of this
Agreement.

 

10.
The Company agrees to indemnify, to the extent permitted by law, each Holder of
Registrable Securities, its officers and directors and each person who controls such Holder (within the meaning of the
Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees) caused by any
untrue or alleged untrue statement of material fact contained in the Resale Shelf (or any amendment or supplement thereto),
the related prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein.

 

11.
The Company’s obligation under paragraph 1 of this Exhibit A is subject to
each Holder furnishing to the Company in writing such information as the Company reasonably requests for use in connection
with the Resale Shelf, the related prospectus, or any amendment or supplement thereto. Each Holder shall indemnify the
Company, its officers, directors, managers, employees, agents and representatives, and each person who controls the Company
(within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any
untrue statement or alleged untrue statement of material fact contained in the Resale Shelf, the related prospectus, or any
amendment or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is
contained in any information so furnished in writing by such Holder expressly for inclusion in such Resale Shelf, related
prospectus or amendment or supplement thereto, as applicable; provided that the obligation to indemnify shall be individual,
not joint and several, and shall be limited to the net amount of proceeds received by the applicable Holder from the sale of
Registrable Securities pursuant to the Resale Shelf.

 

12.
The Company shall cooperate with the Holders, to the extent the Registrable
Securities become freely tradable, to facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legend) representing the Registrable Securities to be offered pursuant to a Resale Shelf and enable such
certificates to be in such denominations or amounts, as the case may be, as the Holders may reasonably request and registered
in such names as each Holder may request.

 

13.
If requested by Holders representing a majority-in-interest of the Registrable
Securities, the Company shall as soon as practicable, subject to any Suspension Notice, (i) incorporate in a prospectus
supplement or post-effective amendment such information as each Holder reasonably requests to be included therein relating to
the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of
Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of
the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or
post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment; and (iii) supplement or make amendments to any Registration Statement if reasonably requested by
Holders representing a majority-in-interest of the Registrable Securities.

 

14. As long as
Registrable Securities are outstanding, the Company, at all times while it shall be reporting under the Exchange Act,
covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act, and to
promptly furnish the Holders with true and complete copies of all such filings, unless filed through the SEC’s EDGAR
system. The Company further covenants that it shall take such further action as the Holders may reasonably request, all to
the extent required from time to time, to enable the Holders to sell the Ordinary Shares and Forward Purchase Warrants held
by the Holders without registration under the Securities Act within the limitation of the exemptions provided by Rule 144
promulgated under the Securities Act, including providing any legal opinions, to the extent such exemption is available to
the Purchaser at such time. Upon the request of any Holder, the Company shall deliver to such Holder a written certification
of a duly authorized officer as to whether it has complied with such requirements.

 

    A-3EX-10.18

 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). 
 Such excluded information is not material and would likely cause competitive harm to the
registrant if publicly disclosed. 
 Exhibit 10.18 

Execution Version 

AMENDED AND RESTATED FRONTIER AIRLINES, INC. CREDIT CARD AFFINITY AGREEMENT 

THIS AMENDED AND RESTATED AGREEMENT is made as of September 15, 2020 (“Effective Date”), by and between Frontier
Airlines, Inc., a Colorado corporation, having its principal office at 4545 Airport Way, Denver, CO 80239 (“Frontier”) and Barclays Bank Delaware, having its principal office at 125 S. West Street, Wilmington, Delaware 19801,
formerly known as Juniper Bank, (“Barclays”). 
 RECITALS: 

WHEREAS, Frontier and Barclays entered into that certain Frontier Airlines, Inc. Credit Card Affinity Agreement, dated as of March 12,
2003, which agreement has been supplemented by a letter agreement May 20, 2020 and amended by thirteen amendments (as so supplemented and amended, the “Original Agreement”); 

WHEREAS, Frontier and Barclays desire to amend and restate the Original Agreement in its entirety. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties herein contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
  

	 	1.	 Definitions. 

(a)    “Account” means a Barclays Card account opened pursuant to an application under this
Agreement, which is or may be eligible from time to time to make a purchase, to receive a cash advance, or to transfer a balance. 

(b)    “Active Frequent Flyer” means a Frontier Member that has flown on a Frontier flight or has
opened a new Frontier Miles account or earned miles in their Frontier Miles account [***]. 
 (c)    “Added
Earnings Program” means the direct and indirect solicitation by Frontier of applications for Barclays Cards from Frontier Members and other Frontier customers without the direct marketing participation of Barclays as more fully
described in section 3(e). 
 (d)    “Adjustable Rate” has the meaning ascribed in section
5(f)(iii)(2). 
 (e)    “Affiliate” means, with respect to any entity or organization, any other
entity or organization directly or indirectly controlling, controlled by, or under common control with such entity or organization. The terms “controlling”, “controlled by” and “under common

  
 1 

Restricted - External 

 
control with” mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies, whether through the ownership of voting securities,
by contract or otherwise. 
 (f)    “Affinity Program” means the
co-branded credit card program between Barclays and Frontier, the terms of which are set forth in this Agreement. 

(g)    “Air Transportation Excise Tax” means any excise tax imposed for the transportation of
persons or property by air. 
 (h)    “Annual Reset Date” has the meaning ascribed in section
5(f)(ii). 
 (i)    “Annualized Run Rate” has the meaning ascribed in section 5(f)(ii)(2). 

(j)    “Applicable Anti-Bribery Law” means any bribery, fraud, kickback, or other similar anti-corruption law or regulation to which Frontier or Barclays or its respective Associated Persons, as applicable, is subject in carrying out its obligations under this Agreement. Where relevant this may include
but is not limited to the Bribery Act and the FCPA. 
 (k)    “Applicable Law” means, with
respect to any party, any applicable federal, state or local law (including common law), codes, statutes, ordinances, rules, regulations, regulatory bulletins or written guidance, regulatory examinations or orders, written decrees and written orders
of any Governmental Authority as may be amended and in effect from time to time during the Term, including but not limited to: (i) the Truth in Lending Act and Regulation Z; (ii) the Equal Credit Opportunity Act and Regulation B;
(iii) the Fair Debt Collection Practices Act; (iv) the Fair Credit Reporting Act; (v) the Electronic Funds Transfer Act and Regulation E; (vi) the Gramm-Leach-Bliley Act and its implementing regulations; (vii) the Bank
Secrecy Act of 1970, as amended by the USA PATRIOT Act, and its implementing regulations; (viii) the Federal Trade Commission Act; and (x) privacy and data protection directives, practices and standards. 

(l)    “Arbitration Demand” has the meaning ascribed in section 23(b)(ii). 

(m)    “Arbitration Panel” has the meaning ascribed in section 23(b)(iv). 

(n)    “Associated Person” means in relation to any entity, any employee, subsidiary or
subcontractor that performs any services for or on behalf of that entity in any capacity and including, without limitation agents and representatives. For the avoidance of doubt, Barclays and its Affiliates shall not be deemed to be Associated
Persons of Frontier for the purposes of this Agreement and Frontier and its Affiliates shall not be deemed to be Associated Persons of Barclays for the purposes of this Agreement. 

(o)    “Barclays Cards” means the Affinity Program credit cards issued by Barclays. 

(p)    “Barclays Cardholders” means the holders of Barclays Cards. 

(q)    “Barclays Indemnitee” has the meaning ascribed in section 13(c). 

  
 2 

Restricted - External 

 (r)    “Barclays Marks” means the Marks of
Barclays that are set forth in Exhibit A. 
 (s)    “Barclays Products” means
those financial products described on Schedule C attached hereto, as such exhibit may be amended by Barclays and Frontier from time to time in writing. 

(t)    “Barclays Volume Incentive Contribution” has the meaning ascribed in section 4(a).

 (u)    “Benchmark Market” means the then-current market in place for airlines in the United
States, excluding [***]. 
 (v)    “Bonus Miles” means miles awarded to Barclays Cardholders to
incent behavior, rather than as result of Net Purchases. 
 (w)    “Bribery Act” means the UK
Bribery Act 2010 (as amended from time to time). 
 (x)    “Business Account” means a business
Account (without regard to the number of authorized user accounts set up under such Account), opened in response to business card marketing efforts made pursuant to the Affinity Program. 

(y)    “Business Combination” means any business combination transaction between Frontier,
Frontier’s ultimate parent or any of their respective subsidiaries and an Other Carrier, whether by merger or consolidation, by acquisition of a majority of equity securities pursuant to a tender offer, exchange offer or purchase, or by
acquisition of a majority of assets pursuant to a sale, conveyance or other transfer of assets. 

(z)    “Buy Down Reduction” has the meaning ascribed in section 5(f)(iv)(5). 

(aa)    “Cardholder Agreements” means the agreement between Barclays and a Barclays Cardholder
governing the use of an Account, together with any amendments, modifocations or supplements thereto (including through issuance of a change in terms notice) and any replacement of any such agreement. 

(bb)    “Cardholder Data” means all personally identifiable information about a Barclays
Cardholder (a) received by or on behalf of Barclays in connection with the Barclays Cardholder’s application for an Account in connection with the Affinity Program; (b) otherwise obtained or generated by or on behalf of Barclays for
inclusion in its database of Barclays Cardholder information, including all transaction and experience information collected by or on behalf of Barclays with regard to each purchase charged by a Barclays Cardholder using an Account. 

(cc)    “CARES Act” has the meaning ascribed in section 34(a). 

(dd)    “CARES Act Facility Amount” has the meaning ascribed in section 5(f)(ii). 

  
 3 

Restricted - External 

 (ee)    “CARES Act Loan” has the meaning
ascribed in section 34(b). 
 (ff)    “Collateral Agent” has the meaning ascribed in section
34(b). 
 (gg)    “Competing Agreement” has the meaning ascribed in section 27(b). 

(hh)    “Conditions Precedent” has the meaning ascribed in section 5(f)(v). 

(ii)    “Confidential Information” has the meaning ascribed in section 11(a). 

(jj)    “Cross-Sell Products” has the meaning ascribed in section 7(c)(ii). 

(kk)    “Direct Agreement” has the meaning ascribed in section 34(b). 

(ll)    “Disclosing Party” has the meaning ascribed in section 11(a). 

(mm)    “Dispute” has the meaning ascribed in section 23. 

(nn)    “Disputing Party” has the meaning ascribed in section 23(b)(i). 

(oo)    “Effective Date” has the meaning ascribed in the Introduction. 

(pp)    “Executives” has the meaning ascribed in section 23(a). 

(qq)    “Exercise Notice” has the meaning ascribed in section 16(g)(ii). 

(rr)    “Facility” has the meaning ascribed in section 5(f)(ii). 

(ss)    “FCPA” means the U.S. Foreign Corrupt Practices Act 1977 (as amended from time to time).

 (tt)    “Fees” means, collectively, New Account Premiums, Renewal Premiums, Marketing
Premiums, Purchase Mile Fees and Bonus Mile Fees as those terms are defined in section 5. 

(uu)    “FMV” has the meaning ascribed in section 16(g)(iii)(1). 

(vv)    “Force Majeure Event” has the meaning ascribed in section 33. 

(ww)    “Frontier Marks” means the Marks of Frontier that are set forth in Exhibit
B. 
 (xx)    “Frontier Members” means existing or potential members of Frontier Miles.

 (yy)    “Frontier Member Data” means all personally identifiable information regarding
Frontier Members that is obtained or generated by or on behalf of Frontier or any of its Affiliates at any time. 

  
 4 

Restricted - External 

 (zz)    “Frontier Miles” means Frontier’s
frequent flyer membership program. 
 (aaa)    “GAAP” means generally accepted accounting
principles. 
 (bbb)    “Government Entity” means (i) any national, federal, state,
province, local and/or municipal government department, agency, office and/or instrumentality; (ii) any company or organization where a government has 50% or more ownership interest; (iii) any company or organization where a government
controls a majority of votes attaching to shares; or (iv) companies and organizations that are controlled by a government. For example, the term “Government Entity” will generally include companies and organizations that: have
constituting statutes that establish that they are instrumentalities, agents or mandatories of a government; perform functions or services that are public-in-nature
(i.e. for the benefit of the general public or a large sector of the population); are financially dependent on the government (i.e. the government is responsible for losses or funding of operations); do not operate on a normal commercial basis (e.g.
because they are given special powers by legislation); or have boards of directors or management committees where the government nominates a majority of directors or officers. 

(ccc)    “Governmental Authority” means any federal, state or local governmental or regulatory
authority, agency, court, tribunal, commission or other entity exercising executive, legislative or judicial functions of or pertaining to government and having jurisdiction over this Agreement or either of the Parties including but not limited to
government in the United States including the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation. 

(ddd)    “Infringement Losses” has the meaning ascribed in section 13(c). 

(eee)    “Initial Term” means that period that began on the Effective Date of the Original
Agreement and ends on March 31, 2029. 
 (fff)    “Interest Period” has the meaning
asccribed in section 5(f)(iii)(2). 
 (ggg)    “Joint Marketing Fund” has the meaning ascribed
in section 8. 
 (hhh)    “Lists” means lists of the Frontier Members, including names and
residential addresses and, where available, residential telephone numbers; provided that such List shall not include the name and/or related information regarding any Frontier Member that has expressly requested that Frontier or its Affiliate not
provide such information to third parties. 
 (iii)    “Loan Agreement” has the meaning ascribed
in section 34(b). 
 (jjj)    “Loan Repayment Date” has the meaning ascribed in section
5(f)(ii). 
 (kkk)    “Marketing Plans” means the plans developed from time to time during the
Term in accordance with section 7. 
 (lll)    “Marketing Premium” means the amount payable by
Barclays to Frontier for each Account generated as a result of an Added Earnings Program, as described more particularly in section 5. 

  
 5 

Restricted - External 

 (mmm)    “Marks” means, with respect to a party,
the name, trademarks, service marks, copyrights and logo of the party. 
 (nnn)    “Mutual Agreement
Period” has the meaning ascribed in section 16(g)(iii)(2)(A). 

(ooo)    “NAF” has the meaning ascribed in section 23(b)(i). 

(ppp)    “Near Prime Applicant” means an applicant for a Barclays Product who does not meet one or
more of the Prime Applicant Criteria. 
 (qqq)    “Near Prime Account” means an Account that is
opened in response to an application from a Near Prime Applicant and used for a purchase, balance transfer or cash advance. 

(rrr)    “Net Purchases” [***]. In no event shall Net Purchases include (i) purchases that
are posted to an Account that has been reported lost or stolen (unless such purchases or balance transfers represent bona fide purchases posted to a lost or stolen Account, on which Fees have not yet been paid by Barclays); (ii) balance transfers,
cash advance transactions and/or cash advance transaction fees; and (iii) annual fees, finance charges, and any other bank fee or charge posted to the Account (such fees include, but are not limited to, late fees, return check fees, overlimit
fees, credit insurance premiums, collection costs and administrative fees). 

(sss)    “Network” means [***] or any successor thereto or any other card association or card
network from time to time designated pursuant to section 4(a) under which the Barclays Cards are issued. 

(ttt)    “Network Rules” means the written rules, policies, requirements, guidelines and standards
(including PCI DSS and payment brand rules) adopted or enacted by the Network and applicable to the Barclays Cards or any transactions using the Barclays Cards. 

(uuu)    “Original Agreement” has the meaning ascribed in the Recitals. 

(vvv)    “Original Facility Amount” has the meaning ascribed in section 5(f)(ii). 

(www)    “Other Carrier” means any air carrier (other than a subsidiary of Frontier), its parent,
or any of their respective subsidiaries. 
 (xxx)    “Other Issuer” has the meaning ascribed in
section 27(b). 
 (yyy)    “Pandemic” has the meaning ascribed in section 16(f). 

(zzz)    “PCI DSS” means Payment Card Industry Data Security Standards, as they may be revised,
restated, amended, supplemented, or otherwise modified. 
 (aaaa)    “PE” means average
passenger enplanement, which will include passengers flown on Frontier flights operated by carriers operating flights for Frontier under a codeshare, capacity purchase agreement, or similar type agreements. 

  
 6 

Restricted - External 

 (bbbb)    “Portfolio” has the meaning ascribed
in section 16(g)(i). 
 (cccc)    “Post Termination Option Period” has the meaning ascribed in
section 16(g)(ii). 
 (dddd)    “Premiums” has the meaning ascribed in section 2(a). 

(eeee)    “Pre-Purchased Miles” has the meaning ascribed
in section 5(f)(ii). 
 (ffff)    “Prime Applicants” means an applicant for a Barclays Product
who meets each of the Prime Applicant Criteria. 
 (gggg)    “Prime Applicant Criteria” means:
(i) a FICO of [***] or better, (ii) annual income of at least [***], (iii) [***] on file at credit bureau, and (iv) no major derogatory items (bankruptcy, foreclosure, suits, liens judgments or collections). 

(hhhh)    “Principal Interest & Rent” means amounts due in
respect of borrowed money or leases of assets; and all other terms are defined as they are under GAAP. 

(iiii)    “PSP Loans” has the meaning ascribed in section 34(a). 

(jjjj)    “PSP Notes” means any promissory notes, as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, issued by Frontier Group Holdings, Inc. in favor of Treasury in connection with the PSP Loans. 

(kkkk)    “Public Official” means (i) any officer, employee or representative of a
government, whether national, federal or local; (ii) any individual exercising a legislative, administrative or judicial function, whether appointed or elected; (iii) any officer, employee or representative of any Government Entity,
including but not limited to central banks, sovereign wealth funds, state-run hospitals and any business venture that is owned or controlled by a Government Entity; (iv) any candidate for or holder of
public office; (v) any political party or official of a political party; (vi) any officer, employee or representative of a public international organization; or (vii) any member of a royal family. 

(llll)    “Purchase Miles” means miles awarded to Barclays Cardholders as a result of Net
Purchases. 
 (mmmm)    “Purchase Option” has the meaning ascribed in section 16(g)(i). 

(nnnn)    “Receiving Party” has the meaning ascribed in section 11(b). 

(oooo)    “Reduction” has the meaning ascribed in section 5(f)(iv)(3). 

(pppp)    “Renewal Premium” means the amount payable for each renewal of a Barclays Product, to be
paid by Barclays to Frontier as described more particularly in section 5. 
 (qqqq)    “Repurchase
Commencement Date” has the meaning ascribed in section 5(f)(iv)(3). 

  
 7 

Restricted - External 

 (rrrr)    “Resource Fund” has the meaning
ascribed in section 6(a). 
 (ssss)    “Revenue Share” has the meaning ascribed in section
5(f)(ii). 
 (tttt)    “Revolver Percentage” has the meaning ascribed in
section 5(b)(iv)(1)(A)(i). 
 (uuuu)    “Semi-Annual Reset Date” has the meaning ascribed
in section 5(f)(ii)(2). 
 (vvvv)    “Signing Bonus” has the meaning ascribed in section
5(f)(i). 
 (wwww)    “Subsequent Purchase” has the meaning ascribed in
section 5(f)(iv)(1). 
 (xxxx)    “Subsequent Purchase Date” has the meaning ascribed in
section 5(f)(iv)(1). 
 (yyyy)    “Target Size” has the meaning ascribed in section
5(f)(ii). 
 (zzzz)    “Term” means the Initial Term plus any extension or renewal term of this
Agreement. 
 (aaaaa)    “Third Party Infringement Claim” has the meaning ascribed in
section 13(c). 
 (bbbbb)    “Treasury” has the meaning ascribed in section 34(a). 

(ccccc)     “Unrestricted Cash” means the sum of cash, cash equivalents, short-term investments
and available for sale securities (in each case unrestricted) maintained by Frontier as depicted on its balance sheet. 

(ddddd)    “[***]” means the outstanding dollar amount of the [***] held by Barclays on any given measurement
date. 
 (eeeee)    “Volume Incentive” has the meaning ascribed in section 4(a). 

 

	 	2.	 License to Use Marks. 

(a)    During the Term, Barclays shall have the right and license to use the Frontier Marks as they now exist or as they
may be modified during the Term hereof solely in connection with Barclays’ marketing of the Affinity Program and Barclays Products to Frontier Members under this Agreement. Such right and license is restricted to the products and services
described herein and shall not apply or extend to any other product or service offered by Barclays. Frontier hereby agrees that the Frontier Marks may be used on the Barclays Cards as well as merchandise that has been approved by Frontier and is
used to encourage individuals to apply for or use Barclays Products and/or to participate in the Affinity Program (“Premiums”). The parties agree that Barclays will only issue credit cards and approved Premiums bearing the
Frontier Marks pursuant to this Agreement, unless otherwise mutually agreed in writing by the parties. Except for 

  
 8 

Restricted - External 

 
amounts paid to Frontier pursuant to section 5, Barclays shall not be required to pay any additional amounts to Frontier, or on account of Frontier, in connection with the use of the Frontier
Marks in conjunction with the Affinity Program. Following expiration or termination of this Agreement for any reason, Barclays Products issued (and all Premiums approved) during the Term hereof may continue to bear the Frontier Marks until the
normal expiration date of such Barclays Products (not to exceed [***] from the issuance thereof). Subject to and consistent with the applicable Network Rules, Barclays shall comply with the standards established by Frontier with respect to the form
of the Frontier Marks and their usage. 
 (b)    Frontier is granted permission to use during the Term the Barclays
Marks. Such permission is expressly limited to uses by Frontier necessary to perform its obligations under this Agreement, including without limitation its execution of any of its obligations under any Marketing Plan. Frontier agrees and recognizes
Barclays’ exclusive ownership of such marks and names. Frontier agrees that it will not use the Barclays Marks without the express prior written consent of Barclays. 

(c)    Each party agrees not to take any action inconsistent with the other party’s ownership of its Marks and
further agrees to take any action, including without limitation assistance in legal proceedings, which the owner deems necessary to establish and preserve exclusive rights in and to its Marks. It is expressly understood that each party is not
purchasing or acquiring any right, title or interest in the other party’s Marks. 
 (d)    Subject to the
foregoing, each of the parties hereto is and shall remain the owner of all rights in and to its Marks, as the same now exist or as they may hereafter be modified. Any and all rights to the Frontier Marks not herein specifically granted and licensed
to Barclays are reserved to Frontier. Except as otherwise specifically provided, upon the expiration or termination of this Agreement, all rights conveyed by Frontier to Barclays with respect to the use of the Frontier Marks shall cease, and all
such rights shall revert to Frontier. Upon expiration or termination of this Agreement, Barclays shall have no further right to market Barclays Products using the Frontier Marks or to further utilize any promotional materials or Premiums containing
the Frontier Marks. However, nothing contained herein shall require Barclays to cancel any Account or to terminate any Barclays Card issued in connection with this Agreement. 
  

	 	3.	 Marketing of the Affinity Program; Member Lists. 

(a)    During the Term, Barclays, at its own expense, shall design and develop marketing, promotion and solicitation
materials, including Premiums, to promote the Affinity Program and Barclays Products. Barclays shall submit to Frontier, for its prior approval, samples of all marketing, promotional or solicitation materials, printed or otherwise, including, but
not limited to telephone scripts, which Barclays intends to utilize to market or service the Affinity Program and Barclays Products. Frontier shall review such materials and respond to Barclays’ requests for approval within [***]. Barclays may
communicate to Barclays Cardholders information that does not bear Frontier Marks, provided, however, that prior to any such communication which pertains to non-Affinity Program frequent flyer or other
travel-related products and services, Barclays must obtain Frontier’s approval, which approval shall not be unreasonably withheld or delayed. 

  
 9 

Restricted - External 

 (b)    From time to time through the Term, Barclays shall market,
promote and advertise the Affinity Program and Barclays Products to Frontier Members and such other target markets as Frontier and Barclays may from time to time agree upon. The Barclays Products shall consist of the products listed in
Schedule C unless mutually agreed upon otherwise by the parties. Barclays shall make available to Frontier competitive and compelling products, as such products become available, for possible designation as Barclays Products to be
added to Schedule C. 
 (c)    Frontier may supply inserts to Barclays to
be included in or with monthly communications of digital and non-digital billing statements to Barclays Cardholders subject to Barclays’ reasonable determination of available space, size and weight
limitations. Barclays will pay for the normal cost of mailing non-digital statement insertions as described, excluding the cost of preparing and producing the actual insert which shall be the sole
responsibility of Frontier. If the inserts added by Frontier increase the postal expense incurred by Barclays to mail statements with such inserts, Barclays shall inform Frontier in advance and, provided Frontier agrees to reimburse Barclays for
such incremental postage expense, Barclays will use reasonable efforts to include such insertion. 
 (d)    From time to
time during the Term, Frontier, at its expense, shall provide Barclays or its list processor with Lists. Subject to applicable regulatory record retention requirements and except as may be necessary to complete a marketing campaign, Barclays and/or
its list processor shall promptly destroy each outdated List upon receipt of an updated List from Frontier. Barclays shall use the Lists for the sole purpose of marketing and servicing the Barclays Cards (or such other Affinity Program products as
Frontier may approve in writing from time to time), and Barclays shall not rent, use or permit any third party handling such Lists to use them for any other purpose. Barclays shall not rent or otherwise make available such Lists to any third party
except for the purposes of fulfilling obligations under this Agreement, subject to the execution of an appropriate confidentiality agreement by such third party. The Lists provided by Frontier are and shall remain the sole property of Frontier. 

(e)    Upon request by Frontier and with prior written approval by Barclays, which approval shall not be unreasonably
withheld or delayed, Barclays shall permit Frontier, subject to reasonable restrictions set forth by Barclays, to conduct Added Earnings Program from time to time during the Term, provided, Barclays’ approval and restrictions will not impair
Frontier’s ability to reach the target levels of income anticipated by the parties. Any marketing materials developed by Frontier must be approved in writing by Barclays prior to distribution by Frontier (provided that such approval shall not
be unreasonably withheld or delayed), however, the text of Barclays Products applications and disclosures used for the Added Earnings Program must be supplied to Frontier by Barclays. Unless otherwise agreed to by Barclays and Frontier, all expenses
incurred by Frontier and Barclays with respect to Added Earnings Programs shall be borne solely by Frontier, provided that Barclays’ expenses shall be limited to those
out-of-pocket expenses that are pre-approved by Frontier in writing. For each Account opened by Frontier as a result of an Added
Earnings Program, Barclays shall pay to Frontier the Marketing Premium described in section 5, net of any Barclays out-of-pocket expenses related to the Added Earnings
Program as pre-approved in accordance with the previous sentence, in lieu of the New Account Premium described in section 5. Frontier may, upon at least [***] written notice, elect to conduct Added Earnings
Programs through the event and airport channels provided that: (i) Frontier has demonstrated, to Barclays’ satisfaction, that Frontier is in compliance with Barclays’ reasonable 

  
 10 

Restricted - External 

 
restrictions and requirements for such event channels as required by Applicable Law, Network Rules and fraud control policies, as well as industry standards regarding the security of the
applications and privacy of the applicants; (ii) such event channels continue to meet Barclays’ underwriting and profitability targets; and (iii) the event channels, as operated by Frontier meet volume forecasts established by the
Joint Marketing Committee. 
 (f)    Frontier agrees, in order to promote the success of the Affinity Program, that it
shall, in a manner consistent with Applicable Law and Network Rules, use commercially reasonable efforts to market the Affinity Program in the United States of America by, at all times undertaking, the promotional activities set forth in
Schedule F together with such additional promotional activities as Frontier, subject to Barclays’ approval, deems appropriate. 
  

	 	4.	 Issuance and Servicing of Barclays Products. 

(a)    Frontier has designated [***] as the Network for the Affinity Program. Barclays acknowledges that Frontier is
required to comply with the Network Rules and agrees to cooperate with Frontier and provide commercially reasonable assistance and documentation as permitted by Applicable Law and Barclays’ policies which are necessary in order for Frontier to
comply with the Network Rules. Frontier shall (upon expiration, termination by the Network, or termination by Frontier following a breach by the Network, of the applicable agreement between the Network and Frontier) have the right to designate a
different Network for all Accounts, so long as Barclays has an existing relationship with the designated Network. Frontier shall, as soon as reasonably practicable, apprise Barclays of any events, facts or developments which could lead to the
trigger of this right. [***] or the newly designated Network. Frontier warrants and represents that the applicable Network agreement between the Network and Frontier allows for Barclays to continue issuing Network branded Affinity Cards
notwithstanding termination of such Network agreement. For purposes of this section 4(a), the increase/decrease in Interchange Fees and expenses shall be calculated as of the date such newly designated Network becomes the Network for purposes
of this Agreement. 
 The definitive agreement between the Network and Barclays includes the payment of an Affinity Program related volume
incentive (“Volume Incentive”) [***]. 
 The Volume Incentive [***] (“Barclays Volume Incentive
Contribution”). [***] Barclays Volume Incentive Contribution so long as [***] remains the Network and without regard to spend thresholds that may be imposed by [***]. 

Frontier has entered into an agreement with the Network for the payment of all or part of the Volume Incentive, Barclays will continue to fund
the Volume Incentive so that the combined Volume Incentive under this Agreement and the agreement between Frontier and the Network is equal to [***], provided Barclays will not be required to fund [***] of the combined Volume Incentive. 

(b)    Barclays may solicit Frontier Members regarding the Affinity Program and issue Barclays Cards and other Barclays
Products in accordance with Barclays’ standard consumer credit card product or other issuing policies and credit practices, subject to Applicable Law. All decisions concerning the creditworthiness of any Frontier Member shall be made at the
sole discretion of Barclays. [***]. 

  
 11 

Restricted - External 

 (c)    Barclays Cardholders shall be governed by the terms of Cardholder
Agreements. Cardholder Agreements shall specify that the laws of the State of Delaware, and as applicable, federal law, shall govern the terms and conditions of the Account and the extension of credit by Barclays. Barclays shall have the right,
subject to the limitations set forth in this section 4(c) to (i) amend the Cardholder Agreements in accordance with Applicable Law, and (ii) alter the pricing on Accounts, in accordance with Barclays’ standard credit policies and
the applicable Cardholder Agreements in the event of late payments, non-payments, payment by checks returned for insufficient funds, bankruptcy or other failure of a Barclays Cardholder to abide by the terms
of the Cardholder Agreement. [***]. Barclays shall process all applications and customer service requests in a timely and efficient manner. [***]. 

(d)    Barclays shall be the sole creditor under Applicable Law as to all debts incurred through the use of Barclays
Cards, shall be the sole owner of the Accounts and may securitize Account receivables from time to time. In addition, any and all outstanding balances with respect thereto (including, without limitation, all amounts owing for the payments of goods
and services, periodic finance charges, late and other charges) and all records developed and retained by Barclays for the sole purpose of administering the Accounts shall be the sole property of Barclays or its assigns and Frontier shall have no
rights or interests therein. 
  

	 	5.	 Fees. 

(a)    During the Term, Barclays shall pay to Frontier Fees for the acquisition, retention and use of Accounts, as follows:

 (i)    New Account Premiums: For Accounts opened hereunder, other than Accounts for which the
Marketing Premium is paid, a New Account Premium of [***] for each annual fee Account and [***] for each no annual fee Account opened hereunder. 

(ii)    Renewal Premiums: For each Account that is open to new charges and is not: (1) in
default, (2) more than [***] past due under the Cardholder Agreement, or (3) flagged as lost, stolen, or fraudulent according to Barclays’ records: [***] for each active no annual fee Account and [***] for each annual fee Account,
provided, however, that any annual fee Account issued with or converted to an annual fee of [***], [***] instead of [***]. For purposes of this Agreement an active no fee Account means an Account [***] prior to the Account anniversary. 

(iii)    Marketing Premiums: From the Effective Date through December 31, 2020, for each
Account generated for a Prime Applicant as a result of the Added Earnings Program on or after June 1, 2018, a Marketing Premium of [***] on first use and for each Near Prime Account generated as a result of an Added Earning Program on or after
June 1, 2018, a Marketing Premium of [***] on first use. Beginning on January 1, 2021 through the remainder of the Term, for each Account (Consumer and Business) generated for a Prime Applicant as a result of the Added Earnings Program, a
Marketing Premium of [***] on first use, and for each Near Prime Applicant generated as a result of the Added Earnings Program, a Marketing Premium of [***] on first use. 

  
 12 

Restricted - External 

 (iv)    Notwithstanding the foregoing, Barclays shall
not be obligated to pay to Frontier any (y) Marketing Premiums [***] in the event that the Accounts on which such fees are calculated represent replacement Accounts for lost or stolen Barclays Cards. 

(b)    Bonus Mile Fees and Purchase Mile Fees: 

(i)    Barclays shall pay Frontier Purchase Miles Fees hereunder as follows: 

(A)    Effective Date through December 31, 2020: [***] for each Purchase Mile. 

(B)    Beginning on January 1, 2021 through [***]: [***] for each Purchase Mile. 

(C)    Beginning on [***] through the remainder of the Term: [***] for each Purchase Mile. 

(ii)    Barclays shall pay Frontier Bonus Mile Fees hereunder as follows: 

(A)    Effective Date through December 31, 2020: [***] for each Bonus Mile. 

(B)    January 1, 2021 through the remainder of the Term: [***] for each Bonus Mile. 

(iii)    The Purchase Mile Fees and Bonus Miles Fees are inclusive of taxes, [***]. 

(iv)    With respect to the Purchase Mile Fees and Bonus Mile Fees to be paid pursuant to section 5(b)(i)
above, Barclays shall pay Frontier a “Purchase Mile Fee” and “Bonus Fee” as described more particularly below, as compensation for both transportation elements of the Affinity Program and for marketing elements (such as
administrative costs, the exclusivity provisions set forth in the Agreement, brand elements, and access to Lists), with a reasonable allocation between transportation and marketing elements. The Purchase Mile Fee and Bonus Fee are inclusive of taxes
applicable to the transportation element of the program, [***]. All tax obligations and responsibilities related to these Purchase Mile Fees and Bonus Fees payments reside with Frontier. 

(1)    Purchase Miles Fee. Frontier shall award [***] Purchase Mile on each Account with an annual
fee for each [***] of Net Purchases posted to such Account and Barclays shall compensate Frontier as follows: 

  
 13 

Restricted - External 

 (A)    The Purchase Miles Fee for Purchase Miles shall
be determined based on the [***], established by Barclays as follows: 
 i.    On or before [***] of
each year, Barclays shall, based on the then current Affinity Program performance, establish, and advise Frontier of, the percentage of Revolvers as compared to the total number of users of Accounts (“Revolver Percentage”) to
be utilized for the [***] period beginning that [***] as applicable. 
 ii.    The Purchase Miles Fees
for each Revolver Mile will be determined by Revolver Percentage as set forth on the Base Mile Table on Schedule H. 

iii.    The Purchase Miles Fee for each Transactor Mile will be [***]. 

iv.    Each month Barclays will calculate the number of Miles awarded in each category of Miles awarded
for purchases (e.g., Purchase Miles and Bonus Miles). 
 v.    Barclays shall apply the Revolver
Percentage to the number of Miles awarded in each category to determine the number of Miles awarded to a Transactor and thus subject to the applicable Transactor Sales Fee and the number of Miles awarded to a Revolver and thus subject to the
applicable Revolver Sales Fee. 
 (2)    Bonus Fees. Bonus Fees for Miles awarded for Net
Purchases shall be determined based on the [***], as established by Barclays pursuant to section 5(b)(ii)(1)(A)(i) and determined as follows: 

(A)    Bonus Fees for each Revolver Miles awarded for purchases will be determined by Revolver Percentage
as set forth on the Bonus Miles table on Schedule H. 
 (B)    The Bonus Fees for each
Transactor Mile awarded for Purchases will be [***]. 
 (C)    To the extent that Barclays awards Bonus
Miles other than in connection with purchases, the Bonus Fees for such Bonus Miles shall be [***] for each Bonus Mile through December 31, 2020, and [***] for each Bonus Mile from January 1, 2021 through the remainder of the Term. 

(3)    Purchase Mile and Bonus Fees for No Fee Accounts. Frontier shall award one Purchase Mile on
each no fee Account for every [***] ($[***]) of Net Purchases posted to such Account for [***] of Net Purchases posted to such Account at the cost set forth section 5(b)(iv)(1) and section 5(b)(iv)(2). 

(4)    Frontier will from time to time award Bonus Miles to Accounts. Bonus Miles will be awarded as agreed
from time to time by the parties 

  
 14 

Restricted - External 

 
for, by way of example and not limitation, rewards to Frontier Members when they open Accounts, rewards to Barclays Cardholders for engaging in certain categories of transactions as the parties
may agree, including, but not limited to, the use of an Account to purchase Frontier tickets. The Bonus Mile Fee shall be in addition to, and not in lieu of, the Purchase Mile Fee that is due for a transaction. For example: 

For the Frontier Mastercard with an annual fee, the first mile awarded by Frontier will be compensated as a Purchase Mile Fee, and the
additional miles (additional [***] miles for Frontier Net Purchases and additional [***] miles for restaurants) will be compensated as a Bonus Mile Fee. 

(c)    Barclays shall provide Frontier with a reconciliation report within [***] days following the end of the contract
month, setting forth the amount of Fees earned by Frontier under this section 5 during such month. Barclays shall pay all Fees net of [***] under section 3(e) to Frontier within [***] days following the transmittal of the reconciliation report. 

(d)    The parties agree to create reasonable procedures to prevent Barclays Cardholders from circumventing limitations on
mileage awards. 
 (e)    Barclays’ obligation to pay any of the aforementioned Fees to Frontier shall cease on the
Termination Date or upon the expiration of the Wind-down Period, as applicable. 
 (f)    Signing Bonus and Pre-Purchased Mileage Facility. 
 (i)    Signing Bonus. On
or before September 21, 2020, Barclays shall pay Frontier a signing bonus in the amount of twenty-five million dollars ($25,000,000) (“Signing Bonus”), which shall be fully earned as of the Effective Date and not subject
to setoff, deduction or other reduction. 

(ii)    Pre-Purchased Miles Facility. Barclays will continue
to maintain a Pre-Purchased Miles facility (the “Facility”) pursuant to which Barclays will pre-purchase Purchase Miles (“Pre-Purchased Miles”). Subject to, and adjusted as contemplated by, the further terms of this section 5(f), the target size of the Facility (the “Target Size”) will be equal to
the aggregate amount of Fees payable by Barclays to Frontier under section 5 on an annual calendar year basis (“Revenue Share”). Beginning on the Effective Date and ending on the date on which all of Frontier’s
obligations under the CARES Act Loan shall have been paid in full (the “Loan Repayment Date”), Barclays shall reduce the amount of the Facility from the amount being held on September 25, 2020 (the “Original
Facility Amount”) to a cap of $15 million (the “CARES Act Facility Amount”). On September 25, 2020, Frontier shall pay Barclays an amount equal to the Original Facility Amount minus the CARES Act
Facility Amount. The CARES Act Facility Amount will remain in place until the Loan Repayment Date. Frontier shall notify Barclays no less than [***] prior to the Loan Repayment Date, and on the Loan Repayment Date the Unrestricted Cash levels, PE
and Active Frequent Flyer forecasts set forth in Schedule G will be added to those [***] in effect prior to the Loan Repayment Date, to be measured monthly to support 

  
 15 

Restricted - External 

 
future activity under the Facility. On the Loan Repayment Date Barclays will increase the amount of the Facility based on twelve (12 ) months forecasted Revenue Share up to a cap of
$200 million dollars ($200,000,000). At such time as the forecasted Revenue Share reaches [***] and for the remainder of the Term thereafter, any increase in the Target Size at an Annual Reset Date or Semi-Annual Reset Date for amounts over
[***] will be calculated based on [***] of the projected Revenue Share. The amount of the Facility will be reset for the then current calendar year on January 15 of each calendar year during the Initial Term through and including
January 15, 2028 (each, an “Annual Reset Date”). The price for each Pre-Purchased Mile purchased by Barclays pursuant to any provision of this section 5(f) shall be [***].

 The rates set forth in section 5(b)(i) shall be applied in any determination of price for Pre-Purchased Miles
made hereunder. Barclays obligation to purchase additional Pre-Purchased Miles in respect of any Annual Reset Date or Semi-Annual Reset Date (as defined below) pursuant to this section 5(f) shall be
conditioned upon the Conditions Precedent (as defined below) being satisfied on such date. If the Conditions Precedent are not satisfied on any such date then, notwithstanding any other provision of this section 5(f), the Target Size of the Facility
will not be subject to increase but may be reduced as provided in section 5(f)(ii)(1) or section 5(f)(ii)(2). 

(1)    A forecast of Revenue Share for each calendar year during the Initial Term through 2027, for
purposes of determining the Target Size for such year, will be developed jointly by Barclays and Frontier on or before each January 15 through January 15, 2028. In the event Barclays and Frontier do not agree on any such forecast (such
agreement not to be unreasonably withheld or delayed by either party), an annualized amount based upon the actual Revenue Share for the months of [***] of the immediately preceding calendar year will be used for calculating the Target Size for the
new calendar year. If the Target Size is larger than the then current size of the Facility on any January 15 through January 15, 2028, Barclays will increase the Target Size of the Facility to the amount of the forecasted Revenue Share for
such year by [***] of such year by means of the purchase of additional Pre-Purchased Miles. If the Target Size is less than the then current size of the Facility on any January 15 through January 15,
2028, the Facility will be reduced to the new Target Size following the annual review process by amortizing the amount of the reduction equally over [***] of such year by deducting such reduction amounts from monthly Revenue Share amounts otherwise
due to Frontier under this Agreement. 
 (2)    If on [***] of any year [***] the annualized Revenue
Share for the year, calculated based upon the actual Revenue Share for the [***] of the year (“Annualized Run Rate”), is projected to be [***] below the Target Size set for such year, Barclays shall recover the amount in
excess of the [***], and the Target Size will be reduced, in [***] of Revenue Share amounts otherwise due to Frontier under this Agreement. If on [***] of any year the Annualized Run Rate for the year is projected to be [***] above the Target Size
for such year, Barclays shall increase the Target Size by the amount of the Revenue Share in excess of the [***]. The increase in the amount of the Facility will be accomplished by means of the purchase of additional
Pre-Purchased Miles by Barclays on or before [***] of the applicable year. 

  
 16 

Restricted - External 

 (3)    Notwithstanding the foregoing provisions of this
section 5(f), the maximum Target Size of the Facility will be $15 million through the Loan Repayment Date and thereafter $200 million. If actual Revenue Share payable to Frontier pursuant to this Agreement has exceeded
$200 million on any rolling consecutive twelve-month period during the Initial Term and the [***] shall have been continually satisfied during such period, Barclays will employ commercially reasonable efforts to resize the Facility based
on the overall attributes of the Frontier business at the time. [***]. If such forecast exceeds the maximum Target Size of the Facility set forth in this section 5(f)(ii)(3), and the [***] have been continually satisfied during [***], Barclays will
employ commercially reasonable efforts to resize the Facility and the [***] set forth in section 5(f)(v) based on the overall attributes of the combined business at the time, subject to credit risk review and approval. 

(iii)    Use of Pre-Purchased Miles. Barclays shall use the Pre-Purchased Miles to [***] in the manner and in accordance with the following terms and conditions. In addition, Frontier shall pay interest on [***] as set forth below. 

(1)    In each mouth that Barclays holds Pre-Purchased Miles, it
shall compensate Frontier for Fees earned hereunder with Pre-Purchased Miles pursuant to the following process: [***]. For the avoidance of doubt, the reporting and use of
Pre-Purchased Miles [***] shall occur within the time frames established in sections 5(a)-(d). 

(2)    On the [***] of each calendar month, except for the month of [***] where the interest payment shall
be due [***], so long as any Pre-Purchased Miles remain outstanding, Frontier will pay Barclays interest accruing under the Pre-Purchased Miles at the Adjustable Rate
during the preceding Interest Period. Unless otherwise agreed, Barclays shall deduct the interest payment for the prior month from the payment otherwise due pursuant to section 5(c). “Adjustable Rate” for all Miles purchased shall mean One
Month LIBOR, or such subsequent comparable index as mutually agreed by the parties, such agreement not to be unreasonably withheld or delayed, on the last business day of each calendar month prior to the next Interest Period as published on
Bloomberg page USSW, [***]. “Interest Period” shall mean for any calendar month during the Initial Term, the period beginning on the first day of the calendar month and ending on the last day of such calendar month or the date on which no Pre-Purchased Miles remain outstanding, as applicable. The monthly calculation will be as follows: the average outstanding dollar amount of the Pre-Purchased Miles held by
Barclays during the Interest Period times (Adjustable Rate/360 times the number of calendar days in the Interest Period). 

  
 17 

Restricted - External 

 (iv)    Subsequent Monthly Purchases. 

(1)    For each calendar month through March 31, 2028, provided that in each such month the Conditions
Precedent are satisfied, Barclays shall purchase additional Pre-Purchased Miles in an amount equal to the difference between the then effective Target Size and the then Unused
Pre-Purchased Miles held by Barclays (each, a “Subsequent Purchase”). Each Subsequent Purchase shall occur no later than the [***] of the month following the month in which [***] are
measured or [***] due pursuant to section 14(b) (each a “Subsequent Purchase Date”); provided that Subsequent Purchases that occur in [***] shall occur on the later of [***] due pursuant to section 14(b). 

(2)    No Subsequent Purchase shall be made pursuant to section 5(f)(iv)(1) with respect to any month
in which the Facility is increased pursuant to section 5(f)(ii), 5(f)(ii)(1), section 5(f)(ii)(2) or section 5(f)(ii)(3). 

(3)    Prior to March 31, 2028 (“Repurchase Commencement Date”), in each month
in which a Conditions Precedent is not satisfied, the Facility will be reduced by one-twelfth of the Facility as measured in the first month in which the Conditions Precedent were not satisfied
(“Reduction”). For avoidance of doubt, it is the intent that the size of the Reduction shall be fixed on the first measuring date and shall not be recalculated monthly. 

(4)    In the event the Facility is reduced pursuant to section 5(f)(iv)(3) because of a failure of
any Condition Precedent to be satisfied, and all Conditions Precedent are subsequently satisfied for three (3) consecutive months and it is prior to the Repurchase Commencement Date, then, subject to section 5(f)(iv)(6), the Facility shall be
increased each month [***]. Until and unless the Facility is returned to the level prescribed in this section 5(f)(iv)(4), no increases will be made to the Target Size of the Facility under section 5(f)(ii), 5(f)(ii)(1),
section 5(f)(ii)(2) or section 5(f)(ii)(3). 
 (5)    Commencing on the Repurchase Commencement
Date, the Facility will be reduced by one-twelfth of the Facility as measured on the Repurchase Commencement Date each month until such time as no Pre-Purchased Miles
remain outstanding (“Buy Down Reduction”). Any reduction in the Facility will be offset against Revenue Share otherwise payable to Frontier, at the value of [***] per reduced
Pre-Purchased Mile. However, in the event that the Revenue Share earned during a calendar month hereunder is less than the Reduction or Buy Down Reduction, as applicable, then Frontier shall for each such
month pay Barclays the [***]. 
 (6)    The parties acknowledge and agree that in the event the Facility
is in the process of being reduced to its currently effective Target Size pursuant to section 5(f)(ii)(1), section 5(f)(ii)(2) or section 5(f)(ii)(3), the Reduction contemplated by this section 5(f)(iv) shall control and take
precedence over the reductions contemplated by any of section 5(f)(ii)(1), section 5(f)(ii)(2) or section 5(f)(ii)(3), and the Facility shall be reduced monthly solely by the Reduction; provided, that, in the event that in any month a
Reduction payment is 

  
 18 

Restricted - External 

 
no longer required under this section 5(f)(iv) because the [***] have been met for the period of time required hereunder and the Facility has not yet been reduced to the currently effective
Target Size, then the reduction payments contemplated by section 5(f)(ii)(1), section 5(f)(ii)(2) or section 5(f)(ii)(3) shall be made until the currently effective Target Size is reached, such reduction payments to be amortized over the
remaining months prior to the next Annual Reset Date or Semi-Annual Reset Date, as applicable. 

(v)    Conditions Precedent. Barclays’ obligation to make any purchase of Pre-Purchased Miles pursuant to this section 5(f) will only arise upon and is subject to the satisfaction or waiver of the following conditions (“Conditions Precedent”) each month prior to
the month in which any such purchase of additional Pre-Purchased Miles is to be made: 

(1)    Frontier shall provide Barclays with the reports as required pursuant to section 14(b) hereof. For
the avoidance of doubt, prior to the Loan Repayment Date, Frontier shall not need to provide the certification set forth in 14(b)(v). 

(2)    Frontier shall make available a person able to participate in monthly or quarterly calls with
Barclays’ Chief Financial Officer and/or Chief Risk Officer as determined necessary by Barclays. 

(3)    From the Effective Date to the Loan Repayment Date, Frontier shall maintain Unrestricted Cash at a
minimum level of [***]. Upon the Loan Repayment Date and thereafter, Frontier shall maintain Unrestricted Cash at the levels set forth in Schedule G prior to any purchase by Barclays of additional
Pre-Purchased Miles (measured at the end of each month), provided that if Frontier fails to meet the Unrestricted Cash level in any applicable month, Frontier must then also meet the EBITDAR coverage ratio
level set forth below. [***] 
 If Unrestricted Cash falls below the agreed upon level, then the EBITDAR, defined as earnings
before interest, taxes, depreciation, amortization and rent (excluding any non-cash, non-operating expense) measured on a rolling 4 month basis is greater than 1.0 x the
rolling 4 month sum of Principal, Interest & Rent; [***]. 
 (4)    Frontier shall not be in
default of any indebtedness for borrowed money in excess of [***], which default is continuing as of the last day of the month being measured, as determined following expiration of applicable cure, grace or dispute periods. 

(5)    Frontier engages in a [***]. 

(6)    Frontier shall not become subject to voluntary or involuntary bankruptcy, insolvency, receivership,
conservatorship or like proceedings, and for which Barclays does not terminate pursuant to section 16(d). 

  
 19 

Restricted - External 

 (7)    The average PE for the [***] for which Frontier
has reported data declines by [***] from the average PE in the [***] set forth in Schedule G beginning the first month after the Loan Repayment Date or [***], whichever is later. For the avoidance of doubt, this condition is waived for
[***] so long as the Loan Repayment Date has not yet occurred. In the event that the Loan Repayment Date occurs prior to [***], the parties will mutually agree upon PE targets to be in effect for the months between the Loan Repayment Date through
[***]. 
 (8)    The average Frontier Miles for the [***] for which Frontier has reported data declines
by [***] from the average PE in the [***] set forth in Schedule G beginning the first month after the Loan Repayment Date or [***], whichever is later. For the avoidance of doubt, this condition is waived for [***], so long as the Loan
Repayment Date has not yet occurred. In the event that the Loan Repayment Date occurs prior to [***], the parties will mutually agree upon Frontier Miles targets to be in effect for the months between the Loan Repayment Date through [***]. 

(9)    Frontier fails to maintain the marketing channels set forth in Schedule F. 

(10)    Frontier fails to maintain Frontier Miles or a successor program that is as competitive on a
relative basis in the Benchmark Market as Frontier Miles [***]. Such notice will commence a [***] period during which Frontier will provide a mitigation plan to Barclays upon which the parties shall meet and agree. Frontier may implement the
mitigation plan and cure the deficiency within [***] of receipt of such notice from Barclays, during which period no Reduction in the size of the Facility shall occur under section 5(f)(iv), however, if the implementation of such mitigation plan
cannot reasonably be performed within such [***] period due to technical limitations, such period may be extended by mutual agreement of the parties without the occurrence of a Condition Precedent. 

(11)    Frontier fails to maintain its ownership of the Frontier Marks and/or its ability to grant Barclays
the right to use the Frontier Marks is eliminated or materially impaired. 
 (12)    Frontier is not
otherwise in breach of this Agreement. 
 (vi)    Prepayment. Frontier may repurchase all or any
portion of the Pre-Purchased Miles at any time, or from time to time, without penalty or premium, for a purchase price of [***] per Pre-Purchased Mile. Frontier shall
repurchase all Unused Pre-Purchased Miles, if any, that are outstanding on the date of a failure to satisfy a Condition Precedent as set forth in section 5(f)(v)(5) or (11) above or upon termination of
this Agreement, whether termination is at the end of the Initial Term or upon an event causing an earlier termination, for a Purchase Price of [***] per Pre-Purchased Mile, which Purchase Price shall be
payable on the date of termination. Any prepayment shall include accrued interest, if any, in accordance with section 5(f)(iii)(2). 

(vii)    Acceptance of Payment with Pre-Purchase Miles.
Frontier agrees to [***]. 

  
 20 

Restricted - External 

 (viii)    Other Uses of Pre-Purchased Miles. Barclays may use Pre-Purchased Miles for purposes other than as set forth in this section 5(f) subject to Frontier’s approval of such other uses,
which approval shall not be unreasonably withheld or delayed. If Frontier has not satisfied [***] under section 5(f)(v), Frontier’s approval of other uses is not required. Frontier shall provide commercially reasonable methods to [***]. This
obligation shall survive termination of this Agreement. If Barclays uses Pre-Purchased Miles pursuant to this section 5(f)(vii) Barclays shall provide monthly reports detailing the use of such Pre-Purchased Miles. The Pre-Purchased Miles Barclays uses under this section 5(f)(viii) during any month will be deducted from the Facility and included in calculating Unused
Pre- Purchased Miles. 
 (ix)    Air Transportation Excise
Tax. [***], as set forth in section 5(b), [***]. 
 (x)    Assignment of Pre-Purchased Miles Obligations. After the Loan Repayment Date, Barclays may, without prior notice to or consent by Frontier, assign less than [***] of its ongoing obligations to purchase Pre-Paid Miles hereunder, to a commercial lender. Frontier hereby consents to Barclays providing such lender with relevant Affinity Program financial information and portions of the Agreement necessary to facilitate
such transaction subject to the requirements of section 11 hereof.  
  

	 	6.	 Resource Fund 

(a)    Barclays will pay Frontier annually, [***] toward dedicated resources to support the Affinity Program
(“Resource Fund”). The Resource Fund is intended in part to ensure operational control measures are in place for accurate and timely Frontier Member enrollment, mileage awards, benefit fulfillment, and Barclays Cardholder
escalations as more fully identified below: 
 (i)    Monitor Enrollment Files Daily 

(ii)    Monitor Awards Files Daily 

(iii)    Identify exceptions and results errors for both enrollment and award files daily: 

(1)    Exceptions/error codes to be worked and resolved by Barclays, Frontier, or by joint effort of the
parties to be agreed upon and confirmed annually or prior to codes being changed or added. 
 (2)    Each
party, as applicable, shall resolve assigned errors within fifteen (15) business days. 

(3)    Each party shall work to ensure all Barclays Cardholders are assigned a Frontier Miles number within
[***] of Account approval. 

  
 21 

Restricted - External 

 (iv)    Participate in joint reconciliation of Barclays
Cardholder awards-related issues with Barclays respond to research/reconciliation requests as follows: 

(1)    Provide fully vetted resolution to escalations within [***] 

(2)    Provide resolution to non-escalated requests within [***].

 (v)    The parties will complete a full portfolio synchronization (to include enrollment data and
miles balances) quarterly. 
 (b)    In addition, Frontier will maintain file enhancements as follows: 

(i)    Response files sent for all Barclays enrollment and awards files. 

(ii)    Response files sent within [***] of Barclays file transmission. 

(iii)    Response files to contain a
one-to-one response (Success/Error) record for each record in Barclays’ file. Final file layouts to be agreed upon by the parties. 

 

	 	7.	 Marketing Plans. 

(a)    Every [***], the parties shall meet to develop a Marketing Plan for the ensuing [***] period. The parties shall make
themselves available for discussions and consultations regarding the Marketing Plans, and shall use all reasonable resources, including the assignment of adequate personnel, as may be necessary to develop each Marketing Plan. In addition, the
parties, upon either party’s reasonable request, shall participate in additional meetings to revise the then-current Marketing Plan based on ongoing campaign results or changes to the marketing environment. Each Marketing Plan will establish
the efforts to be completed by each party in order to promote the Affinity Program and set forth whether new Accounts originated pursuant to the Marketing Plan will be considered a new Account resulting in the payment of the New Account Premium or
the Marketing Premium, or allocated between the two according to some formula. The Marketing Plans shall be developed based upon the parties’ reasonable and objective evaluations as to the most effective and efficient means to advertise and
promote the Affinity Program, in light of the following parameters: 
 (i)    The anticipated average
annual cost per Account is [***]; and 
 (ii)    The performance of earlier marketing efforts, the cost
effectiveness of the particular marketing channels and other factors effecting response rates, including but not limited to general economic trends and trends regarding Frontier Miles participation. 

(b)    The parties shall maintain a Joint Marketing Committee, to be comprised of an equal number of members from each
party and to include, at a minimum, the Frontier Affinity Program administrator and the Barclays Affinity Program manager. [***]. 

  
 22 

Restricted - External 

 (c)    Cross Sell Opportunities. 

(i)    Barclays shall use commercially reasonable efforts to provide Frontier with opportunities to cross
sell Frontier products and services, but not the Barclays Card, to Barclays non-Affinity Program cardholders in the billing statements and, to the extent approved by another Barclays partner, customer
statements of the Barclays cardholders in that partner’s program. Frontier acknowledges that inclusion of inserts in any mailing is subject to reasonable space, weight, size, content, and scheduling restrictions. In the event that Frontier
inserts increase the postal expense incurred by Barclays to mail statements with such inserts, Barclays shall inform Frontier in advance and, provided Frontier agrees to reimburse Barclays for such incremental postage expense, Barclays will use
reasonable efforts to include such insertion in the statement mailing, or, if not approved or otherwise feasible, in the next available statement mailing. Frontier shall bear the cost of preparing and producing the insert. Barclays shall have the
right to review and approve of all inserts, with such approval not to be unreasonably withheld, delayed or conditioned. Frontier acknowledges that, with respect to any cross sell opportunities involving third parties (e.g. the Network or other
Barclays partners) Barclays will use commercially reasonable efforts to obtain the cooperation or permission of such third party, but the third party’s participation or approval remains in that third party’s sole discretion. 

(ii)    Frontier acknowledges that this Agreement does not prohibit Barclays from offering Barclays-branded
loans and deposit products, and any other products and/or services (“Cross-Sell Products”) to Barclays Cardholders in Barclays channels; provided that such Cross-Sell Products shall not include any reference to Frontier or
otherwise use any Frontier Marks. 
  

	 	8.	 Account Joint Marketing Fund. 

Barclays shall fund a joint marketing fund (“Joint Marketing Fund”) in the amount of [***] for the Term. The Joint
Marketing Fund shall be used as mutually agreed upon by the parties to promote the Affinity Program to both new and existing Barclays Cardholders. [***]. No portion of the Joint Marketing Fund represents an amount paid for taxable transportation,
the right to air travel, or the right to provide mileage awards for air transportation under Section 4261 of the Internal Revenue Code. 
  

	 	9.	 Privacy and Data Security. 

(a)    A copy of Barclays’ privacy policy can be accessed at
https://cards.barclaycardus.com/banking/privacy-policy/; a copy of Frontier’s privacy policy can be accessed at https://www.flyfrontier.com/legal/privacy-policy/. Each party may modify its privacy policy from time to time. Each
party shall communicate in writing all changes in its privacy policy to the other party. Both parties acknowledge that, to the extent a party receives information regarding Barclays Cardholders or Frontier Members from the other party and does not
receive that same information from any additional source, such party’s use and disclosure of such information to unaffiliated third parties is limited by the other party’s privacy policy and Applicable Law. 

  
 23 

Restricted - External 

 (b)    Each party shall comply with the data security standards set
forth on Schedule E hereto as it relates to the other party’s Confidential Information, as well as Applicable Law. 
  

	 	10.	 Relationship. 

Nothing in this Agreement is intended to or shall be construed to constitute or establish an agency, joint venture, partnership or fiduciary
relationship between the parties, and neither party shall have the right or authority to act for or on behalf of the other party. 
  

	 	11.	 Confidentiality. 

(a)    The parties acknowledge and agree that all information provided to or in connection with either party’s
performance under this Agreement shall be considered confidential and proprietary information (“Confidential Information”) and except as described in subsection (b) below, shall not be disclosed to any third party
(including any Affiliate) without the prior written consent of the party providing the Confidential Information (“Disclosing Party”). Confidential Information shall include, without limitation: (i) names, addresses, and
demographic, behavioral, and credit information relating to Barclays Cardholders, Frontier Members, Frontier customers, subscribers or employees, (ii) marketing materials, proposed plans and targeting methods; (iii) business objectives,
assets and properties; and (iv) programming techniques and technical, developmental, cost and account processing information. For purposes of clarification, names, addresses, and demographic, behavioral, and credit information relating to
Barclays Cardholders shall be deemed to be Barclays’ Confidential Information, and names, addresses, and demographic, behavioral, and credit information relating to Frontier Members, Frontier customers, subscribers or employees shall be deemed
to be Frontier’s Confidential Information. 
 (b)    The party receiving Disclosing Party’s Confidential
Information (“Receiving Party”) shall use Confidential Information only for the purpose of performing the terms of this Agreement and shall not accumulate in any way or make use of Confidential Information for any other
purpose. Receiving Party shall ensure that only its employees, authorized agents, or subcontractors who need to know Confidential Information to perform this Agreement will receive Confidential Information and that such persons agree to be bound by
the provisions of this section 11 and maintain the existence of this Agreement and the nature of their obligations hereunder strictly confidential. 

(c)    The obligations with respect to Confidential Information shall not apply to Confidential Information that:
(i) either party or its personnel already know at the time it is disclosed as shown by their written records; (ii) is publicly known without breach of this Agreement, provided that this exception does not apply to customer information as
described in section 11(a)(i); (iii) either party receives from a third party, unless the Receiving Party knows that the third party is or will be in breach of a duty of confidentiality by supplying such information; (iv) either party, its
agents or subcontractors, develop independently without use of Confidential Information; (v) either party is required by law, regulation or valid court or governmental agency order to disclose, in which case the party receiving such an order
must give notice to the other party, allowing them to seek a protective order, unless the court or government agency prohibits the Receiving Party from so notifying the Disclosing Party at the time of its request. 

  
 24 

Restricted - External 

 (d)    Each party agrees that any unauthorized use or disclosure of
Confidential Information may cause immediate and irreparable harm to the Disclosing Party for which money damages may not constitute an adequate remedy. In that event, each party agrees that injunctive relief may be warranted in addition to any
other remedies the Disclosing Party may have. In addition, the Receiving Party agrees promptly to advise the Disclosing Party in writing of any unauthorized misappropriation, disclosure or use by any person of the Confidential Information which may
come to its attention and to take all steps at its own expense reasonably requested by the Disclosing Party to limit, stop or otherwise remedy such misappropriation, disclosure or use. Notwithstanding the foregoing, neither party shall have any
liability for any disclosure of Confidential Information that occurs as a direct result of a Force Majeure Event. 

(e)    In accordance with Receiving Party’s document retention policies and standards and Applicable Law, Receiving
Party will destroy or erase all copies of Disclosing Party’s Confidential Information in Receiving Party’s possession or control. 

(f)    Except as necessary for its performance under this Agreement, neither party shall use the name of the other party
or its Affiliates in connection with any representation, solicitation, promotion, sales or marketing publication or advertisement, or make any public statement relating to the other party or its Affiliates, without the prior full disclosure of same
to the other party, and the prior written consent of such party which consent shall not be unreasonably withheld or delayed. 

(g)    Except as may be required by Applicable Law, neither party, nor any of their Affiliates, shall issue a press
release or make a public announcement or any disclosure to any third party related to the transactions contemplated by this Agreement without the prior consent of the other party, which consent shall not be unreasonably withheld or delayed. 

(h)    The parties shall keep confidential and not disclose, and shall cause their officers, employees, and agents to keep
confidential and not disclose, any of the terms and conditions of this Agreement to any third party without the prior written consent of the other party. 

(i)    The obligations of the parties hereunder shall survive and be enforceable by temporary and permanent injunctive
relief against the breaching party and its employees, officers, directors, agents, representatives, and contractors following expiration or termination of this Agreement. 
  

	 	12.	 Representations and Warranties; Covenants. 

(a)    Barclays represents and warrants that it is (i) a Delaware state chartered bank, validly existing and in good
standing under the laws of the United States; (ii) the execution and delivery by Barclays of this Agreement, and the performance by Barclays of the transactions contemplated hereby, are within Barclays’ corporate powers, have been duly
authorized by all necessary corporate action, do not require any consent or other action by or in respect of, or filing with, any third party or governmental body or agency (other than informational filings required by Mastercard), and do not
contravene, violate or conflict with, or constitute a default under, any provision of Applicable Law or of the charter or by-laws of Barclays or of any agreement, judgment, injunction, order, decree or other
instrument binding upon Barclays; (iii) it is the owner 

  
 25 

Restricted - External 

 
of its Marks and has the right to and is authorized to grant Frontier the right and license to use the respective name, trademarks, service marks, copyrights and logos as set forth in
Exhibit B and it is not currently aware of any claims, and is not currently involved in any litigation, challenging Barclays’ ownership of the Marks; and (iv) that it is, and will remain at all times during the Term, in
material compliance with any Applicable Law (including without limitation the Gramm-Leach-Bliley Act and banking, usury, consumer credit and debt collection related laws) and any other rule, regulation and directive (including without limitation the
Network Rules and any banking, debt collection and credit related rules, regulations and directives) applicable to the performance of its obligations under this Agreement. 

(b)    Frontier represents and warrants that it is validly existing and in good standing under the laws of the State of
Colorado. Frontier further represents and warrants that (i) the execution and delivery by Frontier of this Agreement, and the performance by Frontier of the transactions contemplated hereby, are within Frontier’s powers, have been duly
authorized by all necessary action, do not require any consent or other action by or in respect of, filing with, any third party or any governmental body or agency, and do not contravene, violate or conflict with, or constitute a default under, any
provision of Applicable Law or under any governing documents, charter or bylaw, or any agreement, judgment, injunction, order, decree or other instrument binding on Frontier and do not require the payment of any other fees or royalties, except as
set forth herein, on the part of Barclays; (ii) as of the Effective Date, Frontier Miles has at least the number of members set forth in Schedule G; and (iii) it is the owner of its Marks and has the right to and is
authorized to grant to Barclays the right and license to use the respective name, trademarks, service marks, copyrights and logos as set forth in Exhibit B and it is not currently aware of any claims, and is not currently involved in
any litigation, challenging Frontier’s ownership of the Marks. Frontier represents and warrants that it has the right, power and authority to execute this Agreement and act in accordance herewith. 

 

	 	13.	 Release and Indemnification. 

(a)    [***]. 

(b)    [***]. 

(c)    [***]. 

(d)    Barclays shall promptly notify Frontier upon becoming aware of each Third Party Infringement Claim. Thereafter,
Frontier shall promptly assume control of the investigation, defense, and/or settlement of the Third Party Infringement Claim, with counsel reasonably acceptable to Barclays, and Barclays shall reasonably cooperate with Frontier in connection
therewith, in each case, at Frontier’s sole cost and expense. Barclays may participate in the defense and/or settlement of such Third Party Infringement Claim with counsel of its own choosing and at its own cost and expense. Frontier shall not
settle any Third Party Infringement Claim on any terms or in any manner that adversely affects the rights of Barclays, or that requires Barclays to admit any liability, without Barclays’ prior written consent. If Frontier fails or refuses to
assume control of the defense and/or settlement of such Third Party Infringement Claim in a timely manner, Barclays shall have the right, but not the obligation, to defend such Third Party Infringement Claim on its own behalf (including settling the
same) after giving notice to Frontier. Neither Barclays’ 

  
 26 

Restricted - External 

 
failure to perform any obligation under this section 13(d) nor any act or omission of Barclays in the defense or settlement of any Third Party Infringement Claim shall relieve Frontier of its
obligations under this section 13 (including with respect to any Infringement Losses), except to the extent that Frontier can demonstrate that it has been materially prejudiced thereby. 

 

	 	14.	 Reports and Records. 

(a)    During the Term, Barclays shall furnish to Frontier, via electronic transfer or such other method of delivery (e.g.,
electronic or paper) as agreed to by the parties, said agreement not to be unreasonably withheld or delayed: 

(1)    On the [***], Barclays shall report to Frontier all Accounts newly established, closed, or upgraded
by Barclays during the prior week, and the Frontier Miles number associated with each such Account. 

(2)    Within [***] following the closing of each billing cycle of each month, Barclays shall provide to
Frontier a transaction file showing the total Purchase Miles, Bonus Miles, and adjustments for each Account for that cycle for the purpose of posting miles to the Frontier Member’s Frontier Miles account. The parties shall mutually agree on the
format, transmission process and reconciliation of the transaction file. 
 (3)    On or about the [***],
Barclays shall issue to Frontier a report which shows, for each Barclays Product and source of Purchase Miles or Bonus Miles (i.e., purchases, Account activation, each type of Bonus Mile transaction, incentives, and adjustments): (i) the transaction
or source code, (ii) the number of transactions in the previous month for that code, (iii) the Purchase Miles and Bonus Miles earned for that code, and (iv) the Purchase Mile Fees and Bonus Mile Fees earned for the transaction type
during the preceding month, or a report of equivalent detail as may be agreed upon by the parties. 

(4)    At least monthly, Barclays shall provide Frontier with a report showing for all [***]. 

(5)    A monthly report showing all Fees earned, segregated by Fee type. 

(6)    On the [***] following the completion of each calendar quarter, a report showing actual versus
target data for the Service Levels set forth on Schedule D for the previous calendar quarter. 

(b)    Frontier shall make available to Barclays the following reports: (i) annual audited financial statements [***]
after the end of each fiscal year and unaudited quarterly financial statements [***] after the end of each fiscal quarter, except that in the event Frontier becomes a public company, such reports shall be made available in accordance with S.E.C.
reporting deadlines; (ii) annual financial plans and monthly projections for the following year as soon as practicable after preparation thereof in the ordinary course of business but in no event later than [***] of each year;
(iii) monthly income statements and balance sheet results within forty- five 

  
 27 

Restricted - External 

 
(45) days following the close of each month; (iv) [***] after the end of each month, a monthly certification from Frontier that [***] were met as of the end of the then ended month and to include
a statement of the month end [***] and rolling [***] EBITDAR for the then ended month; and (v) monthly certification of compliance with Schedule G including reporting of Active Frequent Flyers and Passenger Enplanements as well as
the baseline Active Frequent Flyers and baseline Passenger Enplanements [***] following the end of each month. In addition, Frontier agrees to make available an appropriate person for monthly or quarterly calls, as determined by Barclays, with
Barclays Chief Financial Officer and/or Chief Risk Officer; provided that each month or quarter Barclays desires to have such a call, it will provide Frontier with prior notice. 

 

	 	15.	 Right to Audit. 

(a)    Upon Frontier’s request and upon reasonable prior notice, Barclays shall make pertinent records regarding the
Affinity Program, including the source codes assigned by Barclays to Accounts, which such records shall be retained throughout the Term, available to Frontier or its designated auditors, at the sole cost and expense of Frontier, at the business
premises of Barclays during ordinary business hours, for the purpose of verifying Barclays’ compliance with the terms of this Agreement. Nothing herein shall be deemed to grant to Frontier the right to audit internal records of Barclays
regarding the revenues, income, or profits to Barclays of the Affinity Program, or generally. 
 (b)    Upon
Barclays’ request and upon reasonable prior notice, Frontier shall make pertinent records regarding the Affinity Program available to Barclays or its auditors, at the sole cost and expense of Barclays, at the business premises of Frontier
during ordinary business hours for the sole purpose of verifying Frontier’s compliance with the terms of this Agreement. Nothing herein shall be deemed to grant to Barclays the right to audit internal records of Frontier regarding the revenues,
income, or profits of the Affinity Program to Frontier, or generally. 
 (c)    Each party shall have the right, upon
reasonable notice to the other, at its own expense, to audit and review the customer service instructions and materials of the other, and shall have the right, subject to privacy law concerns, to reasonably monitor the other’s telemarketing or
customer service phone contacts regarding the Affinity Program. 
 (d)    Notwithstanding anything in this section 15 to
the contrary, if an audit conducted by a party under this section 145reveals a discrepancy of more than [***] between actual data and data supplied to the other party, or between actual performance and performance required under this Agreement (if,
in either such case, such discrepancy is numerically verifiable), then the party which is the subject of the audit shall pay all of the expenses incurred by the other party in connection with such audit. 

 

	 	16.	 Term and Termination. 

(a)    This Agreement shall become effective on the Effective Date and shall continue for the Initial Term. 

(b)    If there is a material default by either party in the performance of the terms and conditions of this Agreement,
and such default shall continue for a period of [***] after receipt by the defaulting party of written notice thereof from the non-defaulting party (setting forth in

  
 28 

Restricted - External 

 
detail the nature of such default), this Agreement shall upon the written election of the non-defaulting party terminate on the [***] following the
delivery of the written notice. If, however, despite the ongoing commercially reasonable efforts by the defaulting party to cure the default set forth in the notice, the default cannot be remedied within such [***] period, such time period shall be
extended for an additional period of not more than [***], so long as the defaulting party has notified the non-defaulting party in writing and in detail of its plans to initiate substantive steps to remedy the
default and diligently thereafter pursues the same to completion within such additional [***] period. In the event that any [***], then Barclays shall have the right to terminate this Agreement [***] advance written notice. Such written notice shall
include a detailed explanation and evidence of the burden imposed as a result of such change. 
 (c)    Change of
Control; Material Change. 
 (i)    In the event of a Change of Control of Barclays,
Frontier shall have the option to [***] to the process set forth in section 16(g)(i). 
 (ii)    In
the event that any material change in any Applicable Law, or Network Rule, applicable interchange rate or regulation of the Network [***], as determined in the sole discretion of Barclays, Barclays shall have the right to terminate this Agreement
[***] advance written notice, or such earlier date if required by Applicable Law, provided that before doing so Barclays and Frontier meet in good faith to renegotiate this Agreement to ameliorate the financial impact of said change. In the event
the discussions fail to produce a revised Agreement, such written notice shall include a detailed explanation and evidence of the burden imposed as a result of such change. 

(d)    If either party becomes the subject of an event where (i) the party becomes insolvent, (ii) a party
engages in willful and wanton conduct to the material detriment of the other party, (iii) voluntary or involuntary proceedings by or against such party are instituted in bankruptcy or under any insolvency law, or a receiver or custodian is
appointed for such party, or proceedings are instituted by or against such party for the dissolution of such party (other than an administrative dissolution for which the party is taking corrective action), which proceedings, if involuntary, are not
dismissed within [***] after the date of filing, or (iv) such party makes an assignment for the benefit of its creditors, or (v) substantially all of the assets of such party are seized or attached and not released within [***] thereafter,
the other party may, by giving written notice to the affected party, terminate this Agreement. 
 (e)    In the event
Barclays fails to meet the service levels described in Schedule D for [***] successive months, and Barclays is unable to cure such default within [***] of written notice from Frontier to Barclays
setting forth the nature of such default, Frontier may terminate this Agreement for cause at the end of such [***] cure period. 

(f)    Notwithstanding the foregoing, as a result of the pandemic occurring as of the Effective Date
(“Pandemic”), the parties acknowledge that Barclays’ obligations regarding serviding of Accounts, including the Service Levels set forth in Schedule D, may not be fulfilled or met. Frontier agrees to
irrevocably waive, and will not exercise its rights hereunder with respect to Barclays’ failure to comply with or meet such obligations resulting or arising from such Pandemic. 

  
 29 

Restricted - External 

 (g)    Portfolio Purchase Option. 

(i)    If this Agreement is terminated other than by Barclays pursuant to section 16(b) or section 16(f),
or pursuant to section 16(d) based on the status of Frontier, then Frontier shall have the option (“Purchase Option”) to purchase or arrange for the purchase of all of the Accounts and the aggregate indebtedness under such
Accounts, [***]; 
 (ii)    Exercise of Purchase Option. Frontier may exercise the Purchase Option
by giving written notice (“Exercise Notice”) to Barclays not later [***] prior to the date of termination if termination occurs pursuant to section 16(a), or, not later than [***] after the date of termination for any
termination event (other than natural expiration) that triggers the Purchase Option (“Post Termination Option Period”). Within [***] prior to expiration of the Agreement or [***] after the date of termination for any
termination event (other than natural expiration) that triggers the Purchase Option Barclays will provide portfolio data as requested by Frontier, necessary for Frontier to evaluate the exercise of the Purchase Option. [***] Barclays shall continue
to operate the Affinity Program (including servicing, managing and administering Accounts and Barclays Cardholders and paying all Sales Fees and other fees owed to Frontier, under the terms of this Agreement) through the Post Termination Option
Period and, if the Purchase Option is exercised, through the date the Portfolio is purchased, as if this Agreement had not been terminated. 

(iii)    Determination of Fair Market Value.  

(1)    The fair market value (“FMV”) of the Portfolio shall be, as of the date of
such determination. The appraisers shall be given the following instructions for preparing their valuations: 

(A)    The entire pre-written off amount of Credit Card Portfolio
accounts must be purchased; 
 (B)    Assume [***]; 

(C)    Assume [***]; and 

(D)    Assume [***] 

(2)    The process for determining the FMV shall be as follows: 

(A)    Negotiations. For a period of [***] (“Mutual Agreement Period”)
after receipt of the Exercise Notice, the parties shall meet in good faith to attempt to agree on the FMV. If the parties are able to agree upon the FMV, such agreed upon value shall constitute the Portfolio purchase price. 

(B)    Appraisal Process. In the event the parties are not able to agree on the FMV within the
Mutual Agreement Period, Frontier and Barclays shall within [***] of the conclusion of the Mutual Agreement Period jointly and mutually agree upon the selection of an independent 

  
 30 

Restricted - External 

 
valuation or appraisal firm of national standing recognized as having the capability to appraise credit card portfolios within the credit card industry and must have had significant recent
experience in performing such appraisals of the kind, size and nature of the Portfolio. If Frontier and Barclays are unable to jointly and mutually agree as to such firm, then each of Frontier and Barclays will select such a firm, and the two firms
selected shall, within [***], select a third such firm. Such firm(s) will determine the FMV, provided, however, that if three such firms are selected as described above, then the highest and lowest determinations of FMV made by two of the three
firms will be discarded and the remaining determination will be the FMV. Within [***] of its or their engagement, the appraisal firm (or firms) shall send to each of Frontier and Barclays the determination of the FMV, along with such documents and
calculations (including the methodology used) that reasonably support the determination, and such determination shall constitute the Portfolio purchase price. Each firm utilized shall (1) execute a confidentiality and non-disclosure agreement in a form reasonably satisfactory to the parties, and (2) agree to complete the appraisal of the Portfolio in accordance with this section 16(g)(iii)(2)(B) and within the time frames
set forth herein. Barclays agrees that within [***] of selection of the independent firms, it will provide all data to the independent firms necessary for these firms to determine the FMV. 

(iv)    Portfolio Conversion. If Frontier exercises the Purchase Option, the [***] be purchased
pursuant to a purchase and sale agreement, which terms: (1) shall establish a purchase price as determined in accordance with section 16(g)(iii)(2)(A) or section 16(g)(iii)(2)(B), as applicable; and (2) shall establish a purchase date that
allows Barclays, upon the exercise of commercially reasonable efforts in regard thereto, to remove the Accounts and associated indebtedness from any applicable loan or asset securitization arrangement. 

(v)    Continued Payment of Fees. Unless and until Frontier exercises its Purchase Option, Barclays
shall pay Frontier in immediately available funds amounts due under the Agreement due Frontier through the expiration of the Purchase Option. 

(vi)    Post-Termination Solicitation of Frontier Members. Notwithstanding anything contained in
section 4, section 16, and section 17, and for the avoidance of doubt, upon termination of this Agreement, and in the event that Frontier was eligible to exercise its Purchase Option pursuant to section 16(g)(ii) but declines to do so, nothing
contained in this Agreement shall prevent Frontier from soliciting Frontier Members through the use of Frontier Member Data to enroll in a subsequently created co-branded credit card program between Frontier
and other parties, including but not limited to competitors of Barclays. Notwithstanding the foregoing, neither Frontier nor any entity which Frontier controls shall by itself or in conjunction with others, directly or indirectly, use the fact that
a person is a Barclays Cardholder to specifically target any offer of a credit card or credit card related product to any Barclays Cardholder, provided that nothing herein shall be construed to prevent Frontier from offering a credit card or credit
card related product if the offer did not include Barclays Cardholder membership as a criteria in selecting the recipients of the offer. 

  
 31 

Restricted - External 

	 	17.	 Exclusivity. 

(a)    Frontier. During the Term, Barclays shall have the exclusive right to [***]. 

(b)    To the extent that Barclays is conducting tabling events hereunder in airports where Barclays also conducts tabling
events on behalf of other of its co-branded airline products, Barclays agrees [***]. The parties recognize that this commitment is not intended to include the location of the tabling event or the terms and
value proposition of the credit card being offered. 
  

	 	18.	 Notices. 

Any and all notices or other communications required or permitted under this Agreement shall be in writing and shall be delivered either by
personal delivery; by email; by nationally recognized overnight courier service; or by certified or registered mail, return receipt requested, addressed as follows: 

If to Barclays, to: 

Barclays Bank Delaware 

125 S. West St. 

Wilmington, DE 19801 

Attention: [***] 

Email Address: ### 

with a copy to: General Counsel at same address 

Email Address: ### 

If to Frontier, to: 

Frontier Airlines, Inc. 

4545 Airport Way 

Denver, CO 80239 

Attention: [***] 

Email Address: ### 

with a copy to: General Counsel 

Email Address: ### 
 or to
such other person or address as either party shall have previously designated to the other by written notice given in the manner set forth above. Notices shall be deemed given one day after sent, if sent by email or by overnight courier; when
delivered and receipted for, if hand delivered; or when receipted for (or upon the date of attempted delivery where delivery is refused) if sent by certified or registered mail, return receipt requested. Where notice requires a response in [***] or
fewer business days, the notice should be sent by hand delivery or telecopy. 

  
 32 

Restricted - External 

	 	19.	 Assignment. 

Any assignment by either party of that party’s rights and/or obligations pursuant to this Agreement shall be subject to the prior written
consent of the other party to this Agreement, which consent shall not be unreasonably withheld, provided, the assigning party will be responsible for all legal costs and expenses of the non-assigning party
relating to the completion of due diligence and documentation required, whether the assignment requires consent or is permitted pursuant to this section 18 as set forth below. In addition, and notwithstanding the foregoing, Barclays may, with the
prior written consent of Frontier (which may not be unreasonably withheld), (i) assign this Agreement and any of Barclays’ rights and obligations, to any federally regulated financial institution upon the condition that the assignee shall
assume, either expressly or by operation of law, all of Barclays’ rights and obligations, to any federally regulated financial institution upon the condition that the assignee shall assume, either expressly or by operation of law, all of
Barclays’ obligations hereunder, upon the delivery of prior written notice thereof to Frontier; or (ii) assign this Agreement to an Affiliate with the necessary resources to undertake Barclays’ obligations hereunder or to an entity
that merges with Barclays or acquires all or substantially all the assets and obligations of Barclays, [***] if any, necessitated by said assignment. Frontier, without prior written notice to or consent by Barclays (a) may assign its rights and
obligations pursuant to this Agreement to an Affiliate and (b) may assign its rights under this contract including to receive Fees pursuant to this Agreement to a commercial lending institution, lender or other financial institution which
provides a credit facility to Frontier as collateral security for such credit facility, or to an entity that merges with Frontier or acquires all or substantially all of the assets of Frontier. 

 

	 	20.	 Entire Agreement/Amendment. 

This Agreement, including schedules and exhibits, constitutes the entire understanding between the parties with respect to the subject matter,
and supersedes all prior written and oral proposals, understandings, agreements and representations, all of which are merged herein. No amendment or modification of this Agreement shall be effective unless it is in writing and executed by all of the
parties hereto. 
  

	 	21.	 Non-Waiver of Default. 

The failure of either party to insist, in any one or more instances, on the performance of any terms or conditions of this Agreement shall not
be construed as a waiver or relinquishment of any rights granted hereunder or of the future performance of any such term or condition, and the obligations of the non-performing party with respect thereto shall
continue in full force and effect. 
  

	 	22.	 Severability. 

In the event that any provision of this Agreement shall, for any reason, be deemed to be invalid and unenforceable, the remaining provisions of
this Agreement shall remain in full force and effect. 

  
 33 

Restricted - External 

	 	23.	 Alternate Dispute Resolution. 

The parties hereby waive their rights to resolve disputes through any court proceeding or litigation and acknowledge that all disputes shall be
resolved pursuant to this section 22, except that equitable relief may be sought pursuant to section 11 from any court of competent jurisdiction. Both parties represent to the other that this waiver is made knowingly and voluntarily after
consultation with and upon the advice of counsel and is a material part of this Agreement. 
 Any controversy or claim between the parties
arising from or in connection with this Agreement or the relationship of the parties under this Agreement whether based on contract, tort, common law, equity, statute, regulation, order or otherwise (“Dispute”), except claims
for equitable relief is sought pursuant section 11, shall be resolved as follows: 
 (a)    Informal Dispute
Resolution. 
 (i)    Upon written request a duly appointed representative(s) of each party will meet
for the purpose of attempting to resolve such Dispute. Should they be unable to resolve the Dispute, the President or a Vice President of Frontier will meet with Barclays’ Director of Partnership Marketing (“Executives”)
in an effort to resolve the Dispute. Said meeting shall be in person or by telephone. 
 (ii)    The
Executives shall meet as often as the parties agree to discuss the problem in an effort to resolve the Dispute without the necessity of any formal proceeding. 

(iii)    Formal proceedings for the resolution of a Dispute may not be commenced until the earlier of: 

(1)    the parties concluding in good faith that amicable resolution through the procedures set forth in
section 23(b)(i)-(ii) does not appear likely; or 
 (2)    the expiration of the [***] period immediately
following the initial request to negotiate the Dispute; 
 provided, however, that this section 23(a) will not be construed to prevent a party from
instituting formal proceedings earlier to avoid the expiration of any applicable limitations period, to preserve a superior position with respect to other creditors or to seek temporary or preliminary injunctive relief. The commencement of a
proceeding pursuant to this provision does not relieve a party from the executive consultation requirement contained in this section 23(a). 

(b)    Arbitration. 

(i)    If the parties are unable to resolve any Dispute as contemplated in section 23(a), such Dispute
shall be submitted to mandatory and binding arbitration at the election of either Frontier, on the one hand, and Barclays on the other hand (“Disputing Party”). Except as otherwise provided in this section 23(b), the
arbitration shall be pursuant to the Code of Procedure of the National Arbitration Forum (“NAF”), P.O. Box 50191, Minneapolis, MN 55405, (800) 474-2371. 

  
 34 

Restricted - External 

 (ii)    To initiate arbitration, the Disputing Party
shall notify the other party in writing (“Arbitration Demand”) with a copy to the NAF, which shall (i) describe in reasonable detail the nature of the Dispute, (ii) state the amount of the claim, and,
(iii) specify the requested relief. Within [***] after the other party’s receipt of the Arbitration Demand, such other party shall file, and serve on the Disputing Party, a written statement (i) answering the claims set forth in the
Arbitration Demand and including any affirmative defenses of such party; (ii) asserting any counterclaim, which shall (A) describe in reasonable detail the nature of the Dispute relating to the counterclaim, (B) state the amount of
the counterclaim, and (C) specify the requested relief. 
 (iii)    If the amount of the controversy
set forth in either the claim or counterclaim is less than [***], then the matter shall be resolved by a single arbitrator selected pursuant to the rules of the NAF. 

(iv)    If the amount of the controversy set forth in either the claim or counterclaim is equal to or
exceeds [***], then the matter shall be resolved by a panel of three arbitrators (“Arbitration Panel”) selected pursuant to the rules of the NAF. Decisions of a majority of the members of the Arbitration Panel shall be
determinative. 
 (v)    The arbitration hearing shall be held in Chicago, Illinois. The Arbitrator or
Arbitration Panel is specifically authorized in proceeding pursuant to section 23(b)(iv) to render partial or full summary judgment as provided for in the Federal Rules of Civil Procedure. Unless otherwise agreed by the parties, partial or full
summary judgment shall not be available in proceedings pursuant to section 23(b)(iii). In the event summary judgment or partial summary judgment is granted, the non-prevailing party may not raise as a basis
for a motion to vacate an award that the Arbitrator or Arbitration Panel failed or refused to consider evidence bearing on the dismissed claim(s) or issue(s). The Federal Rules of Evidence shall apply to the arbitration hearing. The party bringing a
particular claim or asserting an affirmative defense will have the burden of proof with respect thereto. The arbitration proceedings and all testimony, filings, documents and information relating to or presented during the arbitration proceedings
shall be deemed to be information subject to the confidentiality provisions of this Agreement. The Arbitration Panel will have no power or authority, under the Code of Procedure of the NAF or otherwise, to relieve the parties from their agreement
hereunder to arbitrate or otherwise to amend or disregard any provision of this Agreement, including, without limitation, the provisions of this section 23. 

(vi)    Should an arbitrator refuse or be unable to proceed with arbitration proceedings as called for by
this section 23(b), the arbitrator shall be replaced pursuant to the rules of the NAF. If an arbitrator is replaced after the arbitration hearing has commenced, then a rehearing shall take place in accordance with this section 23 and the Code of
Procedure of the NAF. 
 (vii)    At the time of granting or denying a motion of summary judgment as
provided for in section 23(b)(v) and within [***] after the closing of the arbitration hearing, the arbitrator or Arbitration Panel will prepare and distribute to the parties a writing setting forth the arbitrator’s or Arbitration Panel’s
finding of facts and conclusions 

  
 35 

Restricted - External 

 
of law relating to the Dispute, including the reasons for the giving or denial of any award. The findings and conclusions and the award, if any, shall be deemed to be information subject to the
confidentiality provisions of this Agreement. 
 (viii)    The arbitrator or Arbitration Panel is
instructed to schedule promptly all discovery and other procedural steps and otherwise to assume case management initiative and control to effect an efficient and expeditious resolution of the Dispute. The arbitrator or Arbitration Panel is
authorized to issue monetary sanctions against either party if, upon a showing of good cause, such party is unreasonably delaying the proceeding. 

(ix)    Any award rendered by the arbitrator or Arbitration Panel will be final, conclusive and binding
upon the parties and any judgment hereon may be entered and enforced in any court of competent jurisdiction. 

(x)    Each party will bear a pro rata share of all fees, costs and expenses of the arbitrators, and
notwithstanding any law to the contrary, each party will bear all the fees, costs and expenses of its own attorneys, experts and witnesses; provided, however, that in connection with any judicial proceeding to compel arbitration pursuant to this
Agreement or to confirm, vacate or enforce any award rendered by the arbitrator or Arbitration Panel, the prevailing party in such a proceeding shall be entitled to recover reasonable attorney’s fees and expenses incurred in connection with
such proceedings, in addition to any other relief to which it may be entitled. 
  

	 	24.	 Governing Law. 

This Agreement shall be governed by, and construed and enforced in accordance with the laws of the State of Delaware. 

 

	 	25.	 Right of First Offer. 

[***] Barclays agrees Frontier may provide gift and stored value cards to Frontier Members without using Barclays banking products or services.

  

	 	26.	 Merchant Acquirer. 

To the extent that Barclays develops a US merchant acquiring solution for airline programs, Barclays will provide a merchant acquiring proposal
to Frontier. 
  

	 	27.	 Business Combination. 

In the event Frontier engages in, or is subject to, a Business Combination (as defined below) with an Other Carrier (as defined below), the
following provisions shall apply: 
 (a)    [***]. 

(b)    [***]. 

  
 36 

Restricted - External 

 (c)    [***]. 

(d)    [***]. In such circumstance, Barclays will [***]. 

(e)    If a Business Combination to which this section 27 applies will result in a significantly larger combined airline
with Barclays as the exclusive credit card issuer, Barclays agrees that it will evaluate in good faith appropriate adjustments to increase the Target Size of the Facility. 

(f)    If, in connection with a Business Combination to which this section 27 applies, [***]. 

(g)    This section 27 shall only apply to a Business Combination involving [***]. 

 

	 	28.	 Anti-Bribery and Corruption. 

(a)    Anti-Bribery - Undertakings, Representations and Warranties. 

(i)    Frontier understands that Barclays is committed to complying with all anti-bribery laws and
regulations to which Barclays is subject, including the Bribery Act and the FCPA. Frontier represents and warrants that neither it nor any of its Associated Persons have taken or will take any action that might cause Barclays to violate either the
Bribery Act or the FCPA, namely: that neither it nor any of its Associated Persons will, in violation of any Applicable Anti-Bribery Law, authorize, offer, give or agree to offer or give, directly or indirectly, any payment, gift or other advantage
with respect to any activities undertaken relating to this Agreement which: 
 (1)    is intended to, or
does, influence any person to act or reward any person for acting in breach of an expectation of good faith, impartiality or trust, or which it would otherwise be improper for the recipient to accept; 

(2)    is made to or for the benefit of a Public Official, or to any person while knowing or being aware of
a high probability that all or a portion of the payment, gift or other advantage will be offered or given to a Public Official, with the intention of influencing any act or decision of the Public Official in his/its official capacity, inducing such
Public Official to use his/its influence to affect any act or decision of a Government Entity, or securing an improper advantage; or 

(3)    would otherwise violate Applicable Anti-Bribery Law. 

(ii)    Frontier has implemented and must at all times maintain adequate procedures designed to comply with
its obligations under section 28(a)(i). 
 (iii)    Breach of any of the provisions in section 28(a)(i)
is a material breach of this Agreement pursuant to section 16(b). Notwithstanding anything contained in section 15(b), and without remedy to any other right, relief or remedy, Barclays may terminate this Agreement immediately upon such a breach.

  
 37 

Restricted - External 

 (iv)    Frontier shall keep appropriate up to date
books, accounts, and records that accurately reflect its transactions relating to this Agreement, and the steps taken by it to comply with Applicable Anti-Bribery Laws from the date of this Agreement. Such books, accounts and records shall be
retained for a period of not less than [***] years after their creation. 
  

	 	29.	 Competitive Programs. 

(a)    [***]. 
  

	 	30.	 Ownership of Accounts and Cardholder Data. 

(a)    Ownership and all sharing, use and disclosure of Cardholder Data and Frontier Member Data under this Agreement
shall, to the extent permitted under Applicable Law, be subject to the provisions of this section 30. The parties acknowledge that the same or similar information may be contained in the Cardholder Data, the Frontier Member Data, and other data and
that each pool of data shall therefore be considered separate information, subject to the specific provisions applicable to that data hereunder. 

(b)    Barclays shall be the owner of all Cardholder Data and the Accounts related thereto and Frontier shall not be
considered a creditor on any of such accounts for any purpose whatsoever. 
 (c)    Barclays acknowledges that Frontier
is the exclusive owner of all Frontier Member Data and that subject to the other terms in this Agreement, Frontier and its Affiliates have rights to use and disclose such information independent of whether such information also constitutes
Cardholder Data. 
 (d)    For the avoidance of doubt, the parties agree that Barclays’ ownership interests
described in section 30(a), section 30(b), and section 30(c) shall apply during and after the Term unless the Cardholder Data is transferred to Frontier or its designee pursuant to this Agreement. 

 

	 	31.	 Subordination. 

Frontier hereby acknowledges and agrees that any unsecured loan facility (which, for the avoidance of doubt, shall not include (x) the PSP
Loans (as evidenced by the PSP Notes) and (y) any similar additional loan or note issued in connection with the provision by Treasury of payroll support payments to Frontier) or equity investment obtained by Frontier shall be subordinated to
repayment to Barclays of the Facility. Prior to Frontier entering into any such financing or equity investment, Barclays, Frontier and such lender or investor shall enter into a subordination agreement on terms agreed to by Barclays, such agreement
not to be unreasonably withheld or delayed. This section 31 and any such subordination agreement shall terminate upon (a) the payment in full of all obligations of Frontier under this Agreement to make payments to Barclays from time to time
with respect to the principal, interest or other payment obligations under the Facility, including, without limitation, obligations to reduce the Facility in accordance with this Agreement, and (b) the expiration or termination of all
commitments and all other obligations of Barclays to fund the Facility, with neither Frontier nor any other person or entity having the right to cause the purchase of Pre-Purchased Miles under this Agreement.

  
 38 

Restricted - External 

	 	32.	 Frontier Miles Spin-Off. 

In the event Frontier spins off [***] shall remain unchanged and in full force and effect. 

 

	 	33.	 Force Majeure. 

Neither party shall be liable for non-performance hereunder to the extent such performance is prevented
including: by any fire, earthquake, tornado, flood, explosion, embargo, war, civil war, terrorism, strike, labor dispute, riot, governmental regulation or act, act of God, act of public enemy, global health emergency, epidemic, pandemic, public
health crisis, or by reason of any other cause beyond a party’s reasonable control including any accident or hijacking involving any aircraft of Frontier or any of its Affiliates or any other airline carrier, whether or not specifically
mentioned herein, that persists, despite reasonable care taken by the affected party and all efforts of the affected party to prevent it or mitigate its effects (each, a “Force Majeure Event”). If either party is affected by
a Force Majeure Event, it shall notify the other party as soon as reasonably practicable, in writing, of the nature and extent of the circumstances in question; and together the parties shall use commercially reasonable efforts to overcome the Force
Majeure Event and resume their ability to comply with all of their obligations under this Agreement as soon as possible. A party’s obligations to perform timely shall be excused to the extent and for so long, but only to the extent and for so
long, that such performance is prevented by a Force Majeure Event. During the pendency of such Force Majeure Event, the other party shall be excused from performance of its obligations under this Agreement to the extent such obligations are
dependent upon the parallel performance of the non-performing party. Payment obligations under this Agreement due and owing based on performance prior to the occurrence of a Force Majeure Event shall not be
affected by the Force Majeure Event. If such Force Majeure Event prevents performance by a party hereto of its obligations hereunder for more than [***] days, the other party may terminate this Agreement by written notice to the party whose
performance is so prevented or delayed. 
  

	 	34.	 CARES Act Financing. 

(a)    The parties acknowledge that Frontier received unsecured financing from the United States Department of the Treasury
(“Treasury”) pursuant to the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (Mar. 27, 2020), as the same may be amended form time to time (the “CARES
Act”) on April 30, 2020, as evidenced by a PSP Note. The parties acknowledge that Frontier may receive future unsecured financing from Treasury pursuant to the CARES Act or similar additional payroll support programs provided by
Treasury (such unsecured financings as described in this Section 34(a), the “PSP Loans”), which may be evidenced by an additional PSP Note. 

(b)    The parties acknowledge that Frontier is seeking secured financing from Treasury pursuant to the CARES Act (such
secured financing, the “CARES Act Loan”). In connection with the provision by Treasury of the CARES Act Loan to Frontier, Frontier will enter 

  
 39 

Restricted - External 

 
into that certain Loan and Guarantee Agreement by and among, Frontier, the guarantors party thereto, Treasury, as lender and the Bank of New York Mellon, as administrative agent and collateral
agent (the “Loan Agreement”), pursuant to which Frontier will be required to pledge Frontier Miles as collateral for the CARES Act Loan. In addition, the parties will enter into a
tri-party agreement with The Bank of New York Mellon, as collateral agent (the “Collateral Agent”) designated by Treasury (the “Direct Agreement”). 

(c)    The parties acknowledge that, pursuant to the Direct Agreement, Barclays will be required to pay all amounts due
and owing to Frontier pursuant to this Agreement to the Collateral Agent. Frontier agrees that Barclays’ payment of amounts to the Collateral Agent pursuant to, and in accordance with the terms of, the Direct Agreement shall satisfy
Barclays’ payment obligations to Frontier pursuant to this Agreement up to the amount of such payments actually made to the Collateral Agent. 

(d)    Frontier agrees that Barclays may rely and act upon any instruction received from the Collateral Agent (or any
successor to the Collateral Agent) with respect to this Agreement or the Program, including Frontier Miles, as if such instruction were provided directly by Frontier. Frontier shall (in the absence of gross negligence, bad faith or willful
misconduct) indemnify, defend and hold harmless each Barclays Indemnitee from and against any and all third-party claims by any person and all losses to the extent such losses arise out of, are connected with, or result from Barclays’ reliance
on such instructions from the Collateral Agent or any successor to the Collateral Agent. 
 (e)    The parties further
agree that, during the term of the Direct Agreement, to the extent the Direct Agreement modifies the rights or obligations of the parties under the Agreement, or grants the Collateral Agent rights with respect to the Agreement, the Agreement shall
be deemed to have been modified to reflect the terms of the Direct Agreement. 
 [The rest of this page left intentionally blank] 

  
 40 

Restricted - External 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year
first above written. 
  

			
	FRONTIER AIRLINES, INC.
		
	By:	 	 /s/ Howard Diamond

	Name:	 	Howard Diamond
	Title:	 	General Counsel & Secretary
	
	BARCLAYS BANK DELAWARE
		
	By:	 	 /s/ Robert Highland

	Name:	 	Robert Highland
	Title:	 	Head of US Cards and Partnerships

  
 41 

Restricted - External 

 Execution Version 

EXHIBIT A 
 BARCLAYS
MARKS 

  
 42 

Restricted - External 

 EXHIBIT B 

FRONTIER MARKS 

  
 43 

Restricted - External 

 SCHEDULE C 

PRODUCTS 

  
 44 

Restricted - External 

 SCHEDULE D 

Barclays Service Levels 

  
 45 

Restricted - External 

 SCHEDULE E 

SECURITY STANDARDS 

  
 46 

Restricted - External 

 SCHEDULE F 

  
 47 

Restricted - External 

 SCHEDULE G 

  
 48 

Restricted - External 

 SCHEDULE H 

  
 49 

Restricted - External

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]