Document:

Employment Agreement - Baldanza

 Exhibit 10.19 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made as of January 24, 2005 (“Effective Date”) by and between Spirit Airlines, Inc., a Delaware corporation (the “Company”), and B. Ben Baldanza (“Executive”).

 In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and Executive, intending to be legally bound, hereby agree as follows: 
 1. Employment. The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on
the Effective Date and ending on the Termination Date (as defined in Section 4 hereof) (the “Employment Period”). 
 2. Position and Duties. 
 (a) During the Employment Period, Executive shall
serve as President and Chief Operating Officer and shall be responsible for the performance of the duties and tasks set forth on Schedule 1, and such other duties as may be assigned to Executive by the Chief Executive Officer
(“CEO”) or the Board of Directors of the Company (“Board”) from time to time. The Executive and the Company acknowledge and agree that in its discretion the Board may determine during the course of the Employment
Period that Executive shall succeed to the position of CEO. 
 (b) Executive shall be responsible for establishing a set of
annual performance objectives for Executive’s position. These objectives will be subject to the review and approval of the Chief Executive Officer and the Board and will be considered in determining any Performance Bonus (as described in
Paragraph 3(f) below) that may be awarded. Executive will conduct a self-appraisal of Executive’s performance, which will be subject to a formal review with the Chief Executive Officer on an annual basis, and an informal review with the Chief
Executive Officer on a semi-annual basis. 
 (c) Executive shall initially report to the Company’s Chief Executive Officer
and shall devote Executive’s reasonable best efforts and Executive’s full business time and attention (except for permitted vacation periods, periods of illness or other incapacity) to the business and affairs of the Company. During the
first year of the Employment Period, Executive shall be permitted to serve as an outside director on the board of another organization, subject to the prior approval of the Company, which approval will not be unreasonably withheld. 

(d) For purposes of this Agreement, all references to “Company” shall include any corporation of which the securities having a
majority of the voting power in electing directors are, at the time of determination, owned by the Company, directly or through one or more subsidiaries. 

 3. Base Salary and Benefits. 

(a) Base Salary. Executive’s base salary shall be $375,000 per annum (the “Base Salary”), which salary shall
be payable bi-weekly in accordance with the Company’s general payroll practices and shall be subject to required withholding. If Executive succeeds to the position of CEO, then Executive’s Base Salary shall be increased to $450,000 per
annum effective as of January 1 of the calendar year during which such succession occurs. Executive’s Base Salary will be subject to review and adjustment on an annual basis at the discretion of the Board (and the Chief Executive Officer
so long as Executive is President) based on Executive’s performance and other relevant considerations as determined by the Board (and the Chief Executive Officer so long as Executive is President). Notwithstanding the foregoing, the
Executive’s Base Salary shall be not less than $375,000 per annum while President, and if Executive succeeds to the position of CEO, not less than $450,000 per annum. 
 (b) Benefit Plans. During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which employees of the Company are generally
eligible. 
 (c) Stock Plan. Executive shall be entitled to receive grants of restricted stock or stock options under the
Company’s 2005 Restricted Stock Plan, and other stock plans that the Company may adopt from time to time (all such plans, as they may be adopted and amended from time to time being hereinafter referred to collectively as the “Stock
Plans”), at a level commensurate with Executive’s position in the Company. 
 (d) Initial Stock Grant.
Executive will receive 225,000 shares of the Company’s non-voting common stock representing 2.25% of its fully diluted common stock pursuant to the Company’s 2005 Restricted Stock Plan (referred to as the “Initial Stock
Grant”). If Executive succeeds to the position of CEO, then Executive will receive 125,000 shares of the Company’s non-voting common stock representing an additional 1.25% of its fully diluted common stock pursuant to the 2005
Restricted Stock Plan, or such other stock plan as may be in effect at the time of such grant. 
 (e) Value upon Liquidation
or Sale. Upon a Liquidity Event (as defined below), with respect to the Initial Stock Grant only, Executive shall be entitled to receive the greater of (i) the value of the Initial Stock Grant as established in such Liquidity Event, or
(ii) the Success Fee set forth in the table below. The Success Fee depends upon the ratio (the “Aggregate Ratio”) of (A) the aggregate gross proceeds received by OCM Principal Opportunities Fund II, L.P. and OCM Principal
Opportunities Fund III, L.P. (collectively, “OCM”) as a result of such Liquidity Event to (B) the aggregate investment made by OCM prior to such Liquidity Event. By way of illustration, in the event that the Success Fee exceeds the
value of the Initial Stock Grant as established in such Liquidity Event, Executive shall receive pursuant to this Section 3(e) an amount equal to the Success Fee less the value of the Initial Stock Grant as established in such Liquidity Event.
For purposes hereof, “Liquidity Event” means the dissolution of the Company, the sale of all or substantially all of the Company’s assets and/or the sale of all or substantially all of the Company’s capital stock (whether by
merger, consolidation or otherwise). 

  
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	 Aggregate Ratio
	  	Success Fee ($ in Millions)
	Greater than .9 to 1.0, but less than 1.0 to 1.0	  	1.0
	Greater than 1.0 to 1.0, but less than 1.1 to 1.0	  	2.0
	1.1 to 1.0 or Greater	  	3.0

 (f) Performance Bonus. In
addition to the Base Salary, Executive shall be eligible to receive a bonus (the “Bonus”) at the end of each fiscal year during the Employment Period based upon Executive’s performance and the Company’s financial results,
at the discretion of the Chief Executive Officer and the Board of Directors. The Bonus will be based on a percentage of Executive’s Base Salary (which percentage target is 50% and in no event shall exceed 100%) and will be prorated for any
partial year during the Employment Period. 
 (g) Relocation Expenses and Expenses Generally. The Company will provide
relocation expense reimbursement to Executive for reasonable out-of-pocket expenses directly associated with Executive and his immediate family’s relocation to the Company’s headquarters in Miramar, Florida, which reimbursement will be
subject to a total allowance of $125,000, which amount shall be subject to necessary gross up for federal income tax purposes, and shall otherwise be subject to the Company’s policy on relocation expense reimbursement generally. The Company
shall reimburse Executive for all reasonable expenses incurred by Executive in the course of performing Executive’s duties under this Agreement which are consistent with the Company’s policies in effect from time to time for senior
executives with respect to travel, entertainment and other business expenses, subject to the Company’s requirements for its executives with respect to reporting and documentation of such expenses. 

(h) Travel, Vacation and Car Allowance. Executive will receive travel benefits as afforded other senior executives of the Company.
Executive will be entitled to twenty (20) paid vacation days per year. Executive will receive a monthly car allowance in the amount of six-hundred dollars ($600.00). 
 4. Term and Termination. 
 This Agreement shall commence on the Effective
Date and shall continue thereafter unless terminated earlier (i) by Executive’s resignation, (ii) Executive’s death or disability, or (iii) by the Company with or without Cause. Executive agrees that Executive shall give
ninety (90) days prior written notice of resignation to the Company. The date on which Executive’s employment with the Company is terminated is referred to herein as the “Termination Date”. 

5. Severance. 
 (a) In the event that the Company terminates Executive’s employment without Cause, the Company will (x) pay to Executive, in equal installments over a period of

  
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twelve (12) months and consistent with past payroll practices, an amount equal to the greater of (i) Executive’s then current Base Salary, or (ii) Executive’s Base Salary
on the date hereof (in each case without giving effect to any bonuses or fringe benefits to which Executive may be entitled) (the “Severance Period”), and (y) provide Executive (and Executive’s spouse and dependants) a
lifetime travel pass for Company’s flights, enabling Executive (and Executive’s spouse and dependants) to travel (free of charge) in any class of service that is available at the time of reservation, if and only if Executive has executed
and delivered to the Company a General Release in form and substance substantially similar to Exhibit A attached hereto and, then, only if Executive has not breached any provision of Section 6, Section 7 or
Section 8 hereof. 
 (b) In the event Executive ceases to be employed by the Company for any reason other than a
termination by the Company without Cause, Executive shall be entitled to receive only his Base Salary (without giving effect to any bonuses or fringe benefits to which Executive may be entitled) through the Termination Date, and Executive shall not
be entitled to any other salary, compensation or benefits from the Company or any of its affiliates thereafter. 
 (c) Except as
otherwise expressly provided herein, all of Executive’s rights to salary, bonuses, fringe benefits and other compensation hereunder which accrue or become payable after the Termination Date shall cease upon such date (other than those expressly
required under applicable law, such as COBRA, and accrued but unpaid vacation time, which shall be paid within thirty (30) days following the Termination Date). The Company may offset any amounts Executive owes the Company against any amounts
the Company owes Executive hereunder. 
 (d) Notwithstanding any other provision of this Section 5, in the event Executive
is terminated without Cause, resigns, dies, or becomes disabled and the Board has, at or prior to the time of such termination, resignation, death or disability, awarded a bonus to Executive which the Company has not yet paid, the Company shall,
within thirty (30) days after the date of such termination, resignation, death or disability, pay such awarded bonus to Executive. 
 (e) For purposes of this Agreement, “Cause” shall mean (i) the commission of a felony or a crime involving moral turpitude or the commission of any other act or omission involving
dishonesty or fraud with respect to the Company or any of its subsidiaries or any of their customers or suppliers, (ii) failure to perform duties of the office held by Executive as directed by the Board or the CEO, following written notice of
such failure by the Board or the CEO to Executive and a failure by Executive, within the ten business (10) days, to cure such failure, (iii) gross negligence, fraud or willful misconduct with respect to the Company or any of its
affiliates, and/or (iv) any breach of Section 6, Section 7 and/or Section 8 of this Agreement. 
 6. Confidential Information. Executive acknowledges that the information, observations and data (including trade secrets) obtained by him while employed by the Company (including those obtained by
him while employed by the Company prior to the date of this Agreement) concerning the business or affairs of the Company and its affiliates (“Confidential Information”) are the property of the Company and its affiliates. Therefore,
Executive agrees that he shall not disclose to any unauthorized person or use for his own purposes any 

  
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Confidential Information without the prior written consent of the Board; provided that, Executive may disclose Confidential Information, (i) to the extent that such Confidential
Information has become generally known to and available for use by the public other than as a result of Executive’s acts or omissions, (ii) if advised to do so by counsel in order maintain compliance with and prevent violation of
applicable law or as required as part of any judicial or administrative proceeding, but only to the extent counsel determines such disclosure is required; provided that, before any disclosure pursuant to the provisions of this clause (ii),
Executive shall notify the Company of any pending disclosure and cooperate with the Company in obtaining appropriate protective measures, and (iii) to Executive’s attorneys and other professional advisors, so long as such attorneys and
advisors have agreed to keep confidential the Confidential Information. Executive shall deliver to the Company at the termination of Executive’s employment with the Company, or at any other time the Company may request, all memoranda, notes,
plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) embodying or relating to the Confidential Information, Work Product (as defined below) or the business of the Company or its affiliates
which he may then possess or have under his control. 
 7. Inventions and Patents. Executive acknowledges that all
inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company’s or any of its affiliates’ actual or
anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive while employed by the Company or any of its affiliates, including any conceived, developed, or made by
Executive while employed by the Company or any of its affiliates prior to the date of this Agreement (“Work Product”) belong to the Company or such affiliate. Executive shall promptly disclose such Work Product to the Board and, at
the Company’s expense, perform all actions reasonably requested by the Board (whether during or after the date on which Executive’s employment with the Company ends) to establish and confirm such ownership (including, without limitation,
assignments, consents, powers of attorney and other instruments). 
 8. Non-Compete, Non-Solicitation. In further
consideration of the severance and other amounts paid and to be paid to Executive hereunder, Executive acknowledges that in the course of his employment with the Company he will become familiar with the trade secrets of the Company and its
affiliates and with other Confidential Information concerning the Company and its affiliates and that his services have been and shall be of special, unique and extraordinary value to the Company and its affiliates. Therefore, Executive agrees that:

 (a) during the Employment Period and for a period of twelve (12) months thereafter (whether Executive resigns, is
terminated, becomes disabled, or otherwise) (the “Noncompete Period”), Executive shall not directly or indirectly own, manage, control, participate in, consult with, render services for, or in any manner engage in any business
competing with the Business of the Company and its subsidiaries or any business in which the Company or any of its subsidiaries has entertained discussions or has requested or received information relating to the acquisition of such business by the
Company or any of its subsidiaries prior to the date on which Executive’s employment by the Company ends; 

  
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 (b) for purposes of this Agreement, the “Business” of the Company and its
subsidiaries means the provision of passenger air transportation services (whether scheduled or charter); 
 (c) during the
Noncompete Period, Executive shall not directly or indirectly through another entity (i) induce or attempt to induce any employee of the Company or its subsidiaries to leave the employ of the Company or such subsidiary, or in any way interfere
with the relationship between the Company and any subsidiary and any employee thereof, (ii) at any time hire any person who was an employee of the Company or any subsidiary within 180 days prior to such time, (iii) induce or attempt to
induce any customer, supplier, licensee or other business relation of the Company or any subsidiary to cease doing business with the Company or such subsidiary or in any way interfere with the relationship between any such customer, supplier,
licensee or business relation and the Company or any subsidiary or (iv) directly or indirectly acquire or attempt to acquire an interest in any business relating to the Business of the Company or any of its subsidiaries and with which the
Company or any of its subsidiaries has entertained discussions or has requested or received information relating to the acquisition of such business by the Company or any of its subsidiaries in the two-year period immediately preceding the date on
which Executive’s employment by the Company ends; 
 (d) if, at the time of enforcement of this Section 8, a
court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for
the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law; 

(e) in the event of the breach or a threatened breach by Executive of any of the provisions of this Section 8, the Company
and its affiliates, in addition and supplementary to other rights and remedies existing in their favor, shall be entitled to specific performance and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce
or prevent any violations of the provisions hereof (without posting a bond or other security). In addition, Executive agrees that, in the event of an alleged breach or violation by Executive of this Section 8, the Noncompete Period shall
be tolled until such breach or violation has been duly cured; and 
 (f) the provisions of this Section 8 are in
consideration of: (i) employment with the Company and (ii) the additional good and valuable consideration as set forth in this Agreement. In addition, Executive agrees and acknowledges that the restrictions contained in
Section 6, Section 7 and this Section 8 do not preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive agrees
and acknowledges that the potential harm to the Company of the non-enforcement of Section 6, Section 7 and/or this Section 8 outweighs any potential harm to Executive of its enforcement by injunction or otherwise.
In addition, Executive acknowledges that he has carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement and is in full accord as to their necessity for the reasonable and proper
protection of confidential and proprietary information of the Company now existing or to be developed in the future. Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to
subject matter, time period and geographical area. 

  
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 9. Executive’s Representations. Executive hereby represents and warrants to the
Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which
Executive is a party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement, confidentiality agreement or any similar agreement with any other person or entity and (iii) upon
the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has consulted with
independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. 
 10. Health Care Benefits. In the event Executive is terminated by the Company without Cause (as defined above) or Executive resigns from his employment with the Company, the Company shall
(i) pay the premiums for Executive’s COBRA coverage, and (ii) after Executive’s eligibility for COBRA benefits lapses, provide Executive, at the Company’s expense, with health insurance benefits reasonably consistent with
the benefits Executive received prior to Executive’s termination by the Company for the period from when Executive’s eligibility for COBRA benefits lapses until Executive turns 65 years of age. Executive’s rights pursuant to this
Section 10 shall cease and of be of no further force and effect upon Executive’s acceptance of other employment which offers health insurance benefits reasonably consistent with the benefits Executive received prior to
Executive’s termination by or resignation from the Company. 
 11. Survival. The provisions of this Agreement shall
survive and continue in full force in accordance with their terms notwithstanding the termination of Executive’s employment with the Company. 
 12. Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class mail,
return receipt requested, to the recipient at the address below indicated: 
 Notices to Executive: 

900 Ponce de Leon Dr. 
 Fort Lauderdale, FL 33316 

  
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 Notices to the Company: 

Spirit Airlines, Inc. 
 2800 Executive Way 
 Miramar, FL 33025 

Facsimile: (954) 447-7967 
 Attention:        Board of Directors 

 General Counsel 
 With copies to: 
 OCM Spirit Holdings, LLC 

c/o Oaktree Capital Management, LLC 
 333 South Grand Avenue, 28th Floor 
 Los Angeles, CA 90401 

Facsimile: (213) 830-6394 
 Attention:        Caleb S. Kramer 

 Jordon L. Kruse 
 and 
 Kirkland & Ellis LLP 

200 East Randolph Drive 
 Chicago, IL 60601 
 Facsimile: (312) 861-2200 

Attention:        John A. Weissenbach 

 Stacey Tobin Kern 
 or
such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement shall be deemed to have been given when so delivered, sent or
mailed. 
 13. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 14. Complete Agreement. This Agreement, those documents expressly referred to herein and other
documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to
the subject matter hereof in any way (including, without limitation, any and all agreements between Executive and the Company dated prior to the date hereof). 

  
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 15. No Strict Construction. The language used in this Agreement shall be deemed to be
the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 
 16. Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

 17. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by
Executive and the Company and their respective heirs, successors and assigns, except that Executive may not assign his rights or delegate his duties or obligations hereunder without the prior written consent of the Company. 

18. Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this
Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Florida. 
 19. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board), its successors and assignees, and
Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate
Executive’s employment for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. 

20. Arbitration. Except with respect to any dispute or claim under Section 6, Section 7 or
Section 8 hereof (which may be pursued in any court of competent jurisdiction as specified below and with respect to which each party shall bear the cost of its own attorneys’ fees and expenses except as otherwise required by
applicable law), each party hereto agrees that the arbitration procedure set forth in Exhibit B hereto shall be the sole and exclusive method for resolving any claim or dispute (“Claim”) arising out of or relating to the
rights and obligations acknowledged and agreed to in this Agreement and the employment of Executive by the Company and its affiliates (including, without limitation, disputes and claims regarding employment discrimination, sexual harassment,
termination and discharge), whether such Claim arose or the facts on which such Claim is based occurred prior to or after the execution and delivery of this Agreement. The parties agree that the result of any arbitration hereunder shall be final,
conclusive and binding on all of the parties hereto. Nothing in this Section 20 shall prohibit a party hereto from instituting litigation to enforce any Final Determination (as defined in Exhibit B hereto). Each party hereto
hereby irrevocably submits to the jurisdiction of any United States District Court or state court of competent jurisdiction sitting in Fort Lauderdale, Florida, and agrees that such court shall be the exclusive forum with respect to any dispute or
claim under Section 6, Section 7 or Section 8 hereof and for the enforcement of any Final Determination. Each party hereto irrevocably consents to service of process by registered mail or personal service and
waives any objection on the grounds of personal jurisdiction, venue or inconvenience of the forum. Each party hereto further agrees that each other party hereto may initiate litigation in any court of competent jurisdiction to execute any judicial
judgment enforcing a Final Determination. 
 *  *  *  *  * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	SPIRIT AIRLINES, INC.
	
	 /s/ Jacob Schorr

	By:	 	Jacob Schorr
	Its:	 	Chief Executive Officer
	
	 /s/ B. Ben Baldanza

	B. Ben Baldanza

 Schedule 1 
 Major Responsibilities 
  

	•	 	 Working closely with the Chief Executive Officer, lead the development of the overall strategic direction and business plan of Company by orchestrating
an ongoing planning process which produces a clear and compelling corporate vision and mid- and long-term business objectives. 

  

	•	 	 Based on the broad direction provided by the strategic plan, develop and gain approval for the Company’s annual business plan, operating plan, and
operating budget. 

  

	•	 	 Manage ongoing business and operating performance against the plans and budgets above, on a quarterly, monthly, weekly, and daily basis. Provide timely
and accurate reporting on financial and operating results and other special projects and initiatives under his/her direction. 

  

	•	 	 Develop and execute an organizational plan for all key functions under Executive as a function of the Company’s strategic and operating plans.
Ensure that major functional “holes” in the organization are addressed and that appropriate succession plans are developed and implemented. 

  

	•	 	 Provide strong and inspired leadership to the commercial and operating employees of Company, promoting and maintaining strong employee morale.
Establish high expectations for all employees with regard to performance and adherence to Company values. 

  

	•	 	 Play the lead role in evolving the corporate culture for the Company in a manner consistent with the business focus of the Company and shareholder
return expectations. 

  

	•	 	 Oversee the day-to-day operations of the Company, ensuring adherence to high levels of safety, cost control, customer service, on-time performance, and
financial performance. Display, and act on, a real and ongoing concern for the delivery of outstanding customer service and operating integrity by probing into daily operating performance and spending time “in the field.”

  

	•	 	 Provide active leadership in the resolution of operational issues as they arise. 

 

	•	 	 Ensure that the Company meets all government and corporate regulations and policies on an ongoing basis. Address potential deviations immediately.

  

	•	 	 Ensure that the Company has full emergency preparedness. Lead and manage the response process when and if emergencies occur.

  

	•	 	 Ensure that the Company develops and maintains, in the face of current and future competition, a compelling and differentiable customer value
proposition that drives profitable traffic growth. 

  
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	•	 	 Working through the SVP & Chief Marketing Officer, ensure that the Company translates its customer value proposition into workable product and
service attributes that can be easily and efficiently implemented in the field day-to-day. 

  

	•	 	 Through advertising and promotion, ensure that the Company has a compelling, exciting, and effective approach to consumer marketing that communicates,
and regularly refreshes its value proposition in the face of competition. 

  

	•	 	 Working through the sales and distribution organization, drive product distribution through efficient online distribution channels at lowest possible
cost. 

  

	•	 	 Manage an effective media relations program to maximize the Company’s profile in target markets. Serve as the primary external ambassador for the
Company. 

  

	•	 	 Jointly with the Chief Executive Officer and the Vice Chairman & General Counsel, manage the overall relationship with the Board of Directors
and the key investors in the company. Engage the Board in discussion and decision making on key strategic issues as they arise. 

  

	•	 	 Jointly with the Chief Executive Officer, manage relationships with senior representatives of various key constituents including employees, suppliers,
various levels of government regulators, local communities, and suppliers. 

  
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 EXHIBIT A 
 GENERAL RELEASE 
 I, [Executive], in consideration of and subject to the
performance by Spirit Airlines, Inc., a Delaware corporation (together with its affiliates, the “Company”), of its material obligations under the Employment Agreement, dated as of January     , 2005 (the
“Agreement”), do hereby release and forever discharge as of the date hereof the Company and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company and its direct or
indirect owners (collectively, the “Released Parties”) to the extent provided below. 
  

	1.	I understand that any payments or benefits paid or granted to me under Section 5(a) of the Agreement represent, in part, consideration for signing this General
Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the payments and benefits specified in paragraph 5(a) of the Agreement unless I execute this General Release and do not
revoke this General Release within the time period permitted hereafter or breach this General Release. 

  

	2.	Except as provided in paragraph 4 below, I knowingly and voluntarily release and forever discharge the Company and the other Released Parties from any and all claims,
controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature
whatsoever in law and in equity, both past and present (through the date of this General Release) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs,
executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil
Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities
Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the
Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or
tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses,
including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 

  

	3.	I represent that I have made no assignment or transfer of any right, claim, demand, cause of action or other matter covered by paragraph 2 above.

  
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	4.	I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise
after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without
limitation, any claim under the Age Discrimination in Employment Act of 1967). 

  

	5.	In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I
expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that
expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an
essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the
event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or
complaint of the type described in paragraph 2 hereof as of the execution of this General Release. 

  

	6.	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission
by the Company, any Released Party or myself of any improper or unlawful conduct. 

  

	7.	I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I challenge the validity of this General Release. I also agree that if I
violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees, and return all payments
received by me pursuant to the Agreement. 

  

	8.	I agree that this General Release is confidential and agree not to disclose any information regarding the terms of this General Release, except to my immediate family
and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. 

 

	9.	Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its
underlying facts and circumstances by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers, Inc. (NASD), any other self-regulatory organization or governmental entity. 

  
 - 14 -

	10.	I agree to reasonably cooperate with the Company in any internal investigation or administrative, regulatory or judicial proceeding. I understand and agree that my
cooperation may include, but not be limited to, making myself available to the Company upon reasonable notice for interviews and factual investigations; appearing at the Company’s request to give testimony without requiring service of a
subpoena or other legal process; volunteering to the Company pertinent information; and turning over to the Company all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my
other permitted activities and commitments. I understand that in the event the Company asks for my cooperation in accordance with this provision, the Company will reimburse me for reasonable travel expenses, including lodging and meals, upon my
submission of receipts, and for my time in the event of any unusual or lengthy required period of cooperation. 

  

	11.	Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising
out of any breach by the Company or by any Released Party of the Agreement, including, but not limited to, any rights which the Executive may have as a shareholder of the Company. 

 

	12.	Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision
of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	1.	I HAVE READ IT CAREFULLY; 

  

	 	2.	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF
1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

 

	 	3.	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  

	 	4.	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND HAVE DONE SO, OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN
VOLITION; 

  

	 	5.	 I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
                         ,          TO CONSIDER IT AND THE CHANGES

  
 - 15 -

	 	 
MADE SINCE THE                          ,
         VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 

  

	 	6.	THE CHANGES TO THE AGREEMENT SINCE                     
    ,          EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST; 

  

	 	7.	I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE
REVOCATION PERIOD HAS EXPIRED; 

  

	 	8.	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

 

	 	9.	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMPANY AND BY ME. 

  

			
	DATE:                          ,
        	 	  

		 	[Executive]

  
 - 16 -

 EXHIBIT B 
 ARBITRATION PROCEDURE 
 1. Notice of Claim. A party asserting a
Claim (the “Claimant”) shall deliver written notice to each party against whom the Claim is asserted (collectively, the “Opposing Party”), with a copy to the persons required to receive copies of notices under the
Agreement (the “Additional Notice Parties”), specifying the nature of the Claim and requesting a meeting to resolve same. The Additional Notice Parties shall be given reasonable notice of and invited and permitted to attend any such
meeting. If no resolution is reached within 10 business days after delivery of such notice, the Claimant or the Opposing Party may, within 45 days after giving such notice, invoke the arbitration procedure provided herein by delivering to each
Opposing Party and the Additional Notice Parties a Notice of Arbitration, which shall specify the Claim as to which arbitration is sought, the nature of the Claim, the basis for the Claim, and the nature and amount of any damages or other
compensation or relief sought (a “Notice of Arbitration”). Each party agrees that no punitive damages may be sought or recovered in any arbitration, judicial proceeding or otherwise. Failure to file a Notice of Arbitration within 45
days shall constitute a waiver of any right to relief for the matters asserted in the notice of claim. Any Claim shall be forever barred, and no relief may be sought therefor, if written notice of such Claim is not made as provided above within one
year of the date such claim accrues. 
 2. Selection of Arbitrator. Within 20 business days after receipt of the Notice
of Arbitration, the Executive and the Board shall meet and attempt to agree on an arbitrator to hear and decide the Claim. If the Executive and the Board cannot agree on an arbitrator within ten business days, then they shall request the American
Arbitration Association (the “AAA”) to appoint an arbitrator experienced in the area of dispute who does not have an ongoing business relationship with any of the parties to the dispute. If the arbitrator selected informs the
parties he cannot hear and resolve the Claim within the time-frame specified below, the Executive and the Board shall request the appointment of another arbitrator by the AAA subject to the same requirements. 

3. Arbitration Procedure. The following procedures shall govern the conduct of any arbitration under this section. All procedural
matters relating to the conduct of the arbitration other than those specified below shall be discussed among counsel for the parties and the arbitrator. Subject to any agreement of the parties, the arbitrator shall determine all procedural matters
not specified herein. 
 (a) Within 30 days after the delivery of a Notice of Arbitration, each party shall afford the other, or
its counsel, with reasonable access to documents relating directly to the issues raised in the Notice of Arbitration. All documents produced and all copies thereof shall be maintained as strictly confidential, shall be used for no purpose other than
the arbitration hereunder, and shall be returned to the producing party upon completion of the arbitration. There shall be no other discovery except that, if a reasonable need is shown, limited depositions may be allowed in the discretion of the
arbitrator, it being the expressed intention and agreement of each party to have the arbitration proceedings conducted and resolved as expeditiously, economically and fairly as reasonably practicable, and with the maximum degree of confidentiality.

  
 - 17 -

 (b) All written communications regarding the proceeding sent to the arbitrator shall be sent
simultaneously to each party or its counsel, with a copy to the Additional Notice Parties. Oral communications between any of the parties or their counsel and the arbitrator shall be conducted only when all parties or their counsel are present and
participating in the conversation. 
 (c) Within 20 days after selection of the arbitrator, the Claimant shall submit to the
arbitrator a copy of the Notice of Arbitration, along with a supporting memorandum and any exhibits or other documents supporting the Claim. 
 (d) Within 20 days after receipt of the Claimant’s submission, the Opposing Party shall submit to the arbitrator a memorandum supporting its position and any exhibits or other supporting documents.
If the Opposing Party fails to respond to any of the issues raised by the Claimant within 20 days of receipt of the Claimant’s submission, then the arbitrator may find for the Claimant on any such issue and bar any subsequent consideration of
the matter. 
 (e) Within 20 days after receipt of the Opposing Party’s response, the Claimant may submit to the arbitrator
a reply to the Opposing Party’s response, or notification that no reply is forthcoming. 
 (f) Within 10 days after the
last submission as provided above, the arbitrator shall notify the parties and the Additional Notice Parties of the date of the hearing on the issues raised by the Claim. Scheduling of the hearing shall be within the sole discretion of the
arbitrator, but in no event more than 30 days after the last submission by the parties, and shall take place within 50 miles of the corporate headquarters of the Company at a place selected by the arbitrator or such other place as is mutually
agreed. Both parties shall be granted substantially equal time to present evidence at the hearing. The hearing shall not exceed one business day, except for good cause shown. 
 (g) Within 30 days after the conclusion of the hearing, the arbitrator shall issue a written decision to be delivered to both parties and the Additional Notice Parties (the “Final
Determination”). The Final Determination shall address each issue disputed by the parties, state the arbitrator’s findings and reasons therefor, and state the nature and amount of any damages, compensation or other relief awarded.

 (h) The award rendered by the arbitrator shall be final and non-appealable, except as otherwise provided under the Florida
Uniform Arbitration Act, and judgment may be entered upon it in accordance with applicable law in such court as has jurisdiction thereof. 
 4. Costs of Arbitration. As part of the Final Determination, the arbitrator shall require that the costs and expenses of the arbitration, including the arbitrator’s fee and both parties’
attorneys’ fees and expenses, be borne and paid by the party that did not, in the arbitrator’s judgment, prevail in the arbitration. In the event that any relief which is awarded is non-monetary, then such costs and expenses shall be
allocated in any manner as may be determined by the arbitrators. 
 5. Satisfaction of Award. If any party fails to pay
the amount of the award, if any, assessed against it within 30 days after the delivery to such party of the Final Determination, 

  
 - 18 -

 
the unpaid amount shall bear interest from the date of such delivery at the lesser of (i) prime lending rate announced by Citibank N.A. plus three hundred basis points and (ii) the
maximum rate permitted by applicable usury laws. In addition, such party shall promptly reimburse the other party for any and all costs or expenses of any nature or kind whatsoever (including attorneys’ fees) reasonably incurred in seeking to
collect such award or to enforce any Final Determination. 
 6. Confidentiality of Proceedings. The parties hereto agree
that all of the arbitration proceedings provided for herein, including any notice of claim, the Notice of Arbitration, the submissions of the parties, and the Final Determination issued by the arbitrator, shall be confidential and shall not be
disclosed at any time to any person other than the parties, their representatives, the arbitrator and the Additional Notice Parties; provided, however, that this provision shall not prevent the party prevailing in the arbitration from submitting the
Final Determination to a court for the purpose of enforcing the award, subject to comparable confidentiality protections if the court agrees; and further provided that the foregoing shall not prohibit disclosure to the minimum extent reasonably
necessary to comply with (i) applicable law (or requirement having the force of law), court order, judgment or decree, including, without limitation, disclosures which may be required pursuant to applicable securities laws, and (ii) the
terms of contractual arrangements (such as financing arrangements) to which the Company or any Additional Notice Party may be subject so long as such contractual arrangements were not entered into for the primary purpose of permitting disclosure
which would otherwise be prohibited hereunder. 

  
 - 19 -Offer Letter - Lancelot

 Exhibit 10.20 

 

 

 CONFIDENTIAL 
 December 11, 2006 
 David Lancelot 
 [Address] 
 Dear Dave: 
 On behalf of Spirit Airlines, Inc., I would like to take this opportunity to confirm the revised terms of Spirit’s offer of employment. We believe that such an association would be mutually
beneficial, and we are enthusiastic about having you join Spirit. 
 Your title will be Senior Vice President and Chief Financial Officer, and
you will report to Ben Baldanza, President and Chief Executive Officer. Your annual base salary will be $285,000 and you will commence employment on January 2, 2007, or at a date to which we mutually agree. Spirit will also provide you with a
monthly car allowance of $500.00. To encourage a quick agreement and help with the family transition, the Company will offer a signing bonus of $25,000 that will be paid in the first 30 days of your employment. 

The Company is designing a Cash Incentive Plan and this is expected to be approved by the Board of Directors in December. If the plan is approved, you
will be eligible to participate in the plan at the Senior Officer level. 
 You will also be granted 90,000 shares of the Company’s
restricted stock, subject to the conditions of the Company’s Restricted Stock Plan. The grant will be made shortly after the Company’s December Compensation Committee meeting. 
 The Company understands and fully supports the need for a transition for you and your family. As a result, the Company will pay for living expenses in Florida for three months from the start date. The
Company will also reimburse actual relocation expenses up to $90,000 (supported by receipts.) The Company is also willing to provide travel between Dallas and Fort Lauderdale for you and your family prior to your start date, in support of the
relocation. Travel between FLL and DFW during your family transition will be subject to the relocation cap above, but the company will also do its best to secure OA pass travel for these trips where possible. 

On your start date you will be eligible for Company-paid employee benefits, which include medical, life and dental insurance, and participation in
Section 125 Flexible Benefits Plan. At that time, you and your family will be eligible for positive space airline travel privileges on Spirit. You will also receive travel privileges on other specified airlines per their respective

 
David Lancelot 
 December 11, 2006 

Page 2 
 agreements and policies. You are
offered three weeks vacation per year and these weeks will be available in your first year of service. 
 After one year of employment, you will
be eligible for 40IK Plan participation and Company-paid Long-Term Disability according to the Plan guidelines. 
 We are happy to host a visit
shortly so that you and your family can get oriented to the South Florida area. We look forward to your acceptance of this offer by no later than December 15, 2006. 
 Should you have any questions, please do not hesitate to let me know. We look forward to you joining the Spirit Organization, and are confident that you will find your association with Spirit Airlines,
Inc. to be challenging and rewarding. 
 Sincerely, 
  

									
	SPIRIT AIRLINES, INC.	 		 	Agreed & Accepted,
			
	/s/ Ben Baldanza	 		 	/s/ David Lancelot
	Ben Baldanza	 		 	Name	 	Date        
	President and CEO	 		 		 	12/14/06

 CB/ 

 

	cc:	Compensation Committee

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