Document:

Third Amendment to Investor Rights Agreement

 Exhibit 10.2 
 SPIRIT AIRLINES, INC. 
 THIRD AMENDMENT TO 

SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
 This Third Amendment to Second Amended and Restated Investor Rights Agreement (this “Amendment”), dated as of May 25, 2011, is by and among Spirit Airlines, Inc., a Delaware
corporation (the “Company”), and the undersigned parties with respect to that certain Second Amended and Restated Investor Rights Agreement, dated as of July 13, 2006, by and among (i) the Company, (ii) OCM Spirit
Holdings, LLC, a Delaware limited liability company (“Holdings”), (iii) OCM Spirit Holdings II, LLC, a Delaware limited liability company (“Holdings II”), (iv) OCM Spirit Holdings III, LLC, a Delaware
limited liability company (“Holdings III”), (v) OCM Spirit Holdings III-A, LLC, a Delaware limited liability company (“Holdings III-A”), (vi) OCM Principal Opportunities Fund II, L.P., a Delaware limited
partnership (“POF II”), (vii) OCM Principal Opportunities Fund III, L.P., a Delaware limited partnership (“POF III,” and together with POF II, collectively, the “POF Investors”) (viii) POF
Spirit Foreign Holdings, LLC, a Delaware limited liability company (“Foreign Holdings”) (Holdings, Holdings II, Holdings III, Holdings III-A, the POF Investors and Foreign Holdings are referred to herein, collectively, as
“Oaktree” or the “Oaktree Investors”), (ix) Indigo Florida L.P., a Cayman Islands exempt limited partnership (“Indigo Florida”), and Indigo Miramar LLC, a Delaware limited liability company
(“Indigo Miramar”) (collectively, “Indigo” or the “Indigo Investors”), (x) the individuals listed on the Schedule of Co-Investors attached thereto (each, a “Co-Investor” and,
collectively, the “Co-Investors”), and (xi) each other Person listed from time to time on a “Schedule of New Securityholders” attached to the Investor Rights Agreement, as amended by the Amendment to Second Amended
and Restated Investor Rights Agreement, dated as of July 20, 2010 and the Second Amendment to Second Amended and Restated Investor Rights Agreement, dated as of February 1, 2011 (as so amended, “Investor Rights
Agreement”). Capitalized terms used in this Amendment and not otherwise defined shall have the meaning ascribed to them in the Investor Rights Agreement. 
 RECITALS 
 WHEREAS, the Company has entered into an
Underwriting Agreement relating to its initial Public Offering (the “Initial Public Offering”). 

WHEREAS, the Company and the undersigned parties wish to amend the Investor Rights Agreement to cause to be terminated,
contemporaneous upon the closing of the Initial Public Offering, provisions not intended by the parties to continue in effect from an after the Initial Public Offering notwithstanding the amount of actual proceeds realized by the Company in such
offering. 
 WHEREAS, pursuant to Section 19A of the Investor Rights Agreement, any provision of the Investor Rights
Agreement may be amended, modified or waived if such amendment, modification or waiver is approved in writing by the Company, the Majority Indigo Holders and the Majority Oaktree Holders. 

WHEREAS, the undersigned constitute the Company, the Majority Indigo Holders and the Majority Oaktree Holders. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Termination of Provisions upon Closing of the Initial Public Offering. Contemporaneous with the Closing of the Initial Public Offering, the following Sections of the Investor Rights Agreement
shall terminate and cease to be of further force or effect: Sections 2, 3, 4, 5, 6, 7, 8 and 17. 
 2. Reference to and
Effect on the Investor Rights Agreement. On or after the date hereof, each reference in the Investor Rights Agreement to “this Agreement,” “hereunder,” “herein” or words of like import shall mean and be a reference
to the Investor Rights Agreement as further amended hereby. No reference to this Amendment need be made in any instrument or document at any time referring to the Investor Rights Agreement, a reference to the Agreement, in any of such to be deemed a
reference to the Investor Rights Agreement as further amended hereby. 
 3. No Other Amendments. Except as set forth
herein, the Investor Rights Agreement shall remain in full force and effect in accordance with its terms. 
 5.
Counterparts. This Amendment may be executed in any number of counterparts, each of which may be executed by less than all of the parties necessary to give effect to this Amendment, each of which shall be enforceable against the parties
actually executing such counterparts, and all of which together shall constitute one instrument. Any signature page delivered electronically or by facsimile (including without limitation transmission by Portable Document Format or other fixed image
form) shall be binding to the same extent as an original signature page. 
 6. Headings. All section headings herein are
inserted for convenience only and shall not modify or affect the construction or interpretation of any provisions of this Amendment or the Investor Rights Agreement. 
 7. Governing Law. This Amendment and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with
the laws of the State of Delaware, without giving effect to principles of conflicts of law. 
 (Signature pages follow)

  
 2 

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

			
	 SPIRIT AIRLINES, INC.,
 a Delaware corporation

		
	By:	 	/s/ Thomas Canfield
	Name:	 	Thomas Canfield
	Title:	 	SVP, General Counsel and Secretary

SIGNATURE PAGE TO SPIRIT AIRLINES, INC. THIRD AMENDMENT TO 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

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

					
	OCM SPIRIT HOLDINGS, LLC
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President
	
	OCM SPIRIT HOLDINGS II, LLC
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President
	
	OCM SPIRIT HOLDINGS III, LLC
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President

 SIGNATURE PAGE TO
SPIRIT AIRLINES, INC. THIRD AMENDMENT TO 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

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

					
	OCM SPIRIT HOLDINGS III-A, LLC
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President
	
	OCM PRINCIPAL OPPORTUNITIES FUND II, L.P.
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President
	
	OCM PRINCIPAL OPPORTUNITIES FUND III, L.P.
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President

 SIGNATURE PAGE TO
SPIRIT AIRLINES, INC. THIRD AMENDMENT TO 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

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

					
	POF SPIRIT FOREIGN HOLDINGS, LLC
		
	By:	 	 Oaktree Capital Management, LLC,
 its managing member

			
		 	By:	 	/s/ Jordon L. Kruse
		 	Name:	 	Jordon L. Kruse
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Zachary H. Serebrenik
		 	Name:	 	Zachary H. Serebrenik
		 	Title:	 	Vice President

 SIGNATURE PAGE TO
SPIRIT AIRLINES, INC. THIRD AMENDMENT TO 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

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

			
	INDIGO MIRAMAR LLC, a Delaware limited liability company
		
	By:	 	INDIGO MANAGEMENT LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ William A. Franke

		 	Name: William A. Franke
		 	Its: Manager
	
	INDIGO FLORIDA, L.P., a Cayman Islands exempted limited partnership
		
	By:	 	 INDIGO PACIFIC PARTNERS L.P.,

a Cayman Islands exempted limited partnership, its general partner

		
	By:	 	 INDIGO PACIFIC MANAGEMENT LP,

A Cayman Islands exempted limited partnership, its general partner

		
	By:	 	 INDIGO PACIFIC CAPITAL LLC,

a Delaware limited liability company, its general partner

		
	By:	 	 INDIGO PACIFIC PARTNERS LLC,

a Delaware limited liability company, its sole member

		
	By:	 	 /s/ William A. Franke

		 	Name: William A. Franke
		 	Its:       Managing Member

 SIGNATURE PAGE TO SPIRIT AIRLINES, INC. THIRD AMENDMENT TO 
 SECOND
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENTTermination Agreement

 EXHIBIT 10.3 
 TERMINATION AGREEMENT 
 This TERMINATION AGREEMENT (this
“Agreement”) is dated as of June 1, 2011 by and between Spirit Airlines, Inc., a Delaware corporation (the “Company”) and Indigo Partners LLC (the “Consultant”). Each of the Company and the
Consultant are sometimes referred to herein individually, as a “Party” and, together as the “Parties.” 
 RECITALS 
 WHEREAS, the Parties are parties to that certain
Professional Services Agreement, dated as of July 13, 2006 (the “Services Agreement”); and 
 WHEREAS,
subject to the provisions hereof, the Parties desire to terminate their respective responsibilities and obligations arising under the Services Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises herein made, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree
as follows: 
 AGREEMENT 
  

	Article I.	    Termination of Services Agreement 

 Section 1.01 Pursuant to Section 11 of the Services Agreement, each of the Parties hereby acknowledges and agrees that effective immediately, the Services Agreement is hereby terminated in its
entirety, that the Services Agreement is of no further force or effect, and that the Parties have no further rights, obligations, duties or liabilities under the Services Agreement or in respect thereof, provided, however, that
Sections 7 and 8 of the Services Agreement shall survive the termination thereof, and provided further that nothing herein shall modify the obligations of the parties hereto pursuant to Section 1.1 of that certain Amendment
No. 1, dated as of May 25, 2011, to the Recapitalization Agreement, dated as of September 17, 2010, by and among the Company, the Consultant and the other parties named therein. 

 

	Article II.	    Miscellaneous 

Section 2.01 Each Party hereto from time to time hereafter, and upon request, shall execute, acknowledge and deliver such other instruments as reasonably
may be required to carry out the terms and conditions of this Agreement. 
 Section 2.02 This Agreement is binding upon, inures to the benefit
of and is enforceable by the Parties and their respective successors, heirs and assigns (including any successor entity to the Company). 

 Section 2.03 This Agreement shall be governed by and construed in accordance with the domestic laws of the
State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Delaware. 
 Section 2.04 This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument. 
 Section 2.05 The headings used in this Agreement have been inserted for
convenience of reference only and do not define or limit the provisions hereof. 
 Section 2.06 This Agreement constitutes the entire agreement
among the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

[Signature Page Follows] 

  
 2 

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

			
	INDIGO PARTNERS LLC
		
	By:	 	/s/ William A. Franke
		
	Its:	 	President and Managing Partner

 [Signature Page to Termination Agreement] 

 
			
	SPIRIT AIRLINES, INC.
		
	By:	 	/s/ Thomas Canfield
		
	Its:	 	SVP, General Counsel & Secretary

 [Signature Page to Termination Agreement]

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