Document:

Exhibit

Exhibit 10.41

SPIRIT AIRLINES, INC. 

2015 INCENTIVE AWARD PLAN
PERFORMANCE AWARD GRANT NOTICE  
AND PERFORMANCE AWARD AGREEMENT
[STOCK APPRECIATION]

Spirit Airlines, Inc., a Delaware corporation (the “Company”), pursuant to its 2015 Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the individual listed below (“Participant”), a performance award (the “Performance Award”), representing the right to receive shares of the Company’s Common Stock (each, a “Share”), upon the achievement of certain performance goals and satisfaction of applicable vesting requirements and continued employment requirements.  The Performance Award is subject to all of the terms and conditions set forth herein and in the Performance Award Agreement attached hereto as Exhibit A (the “Award Agreement”) and the Plan, each of which is incorporated herein by reference.  Capitalized terms not specifically defined in this Grant Notice or the Award Agreement shall have the meanings specified in the Plan.  
	
		
	Participant:
	 

	Grant Date:
	 

	 
	 

	Performance Period:
	January 1, 2018 through and including December 31, 2019

	Performance Goals:
	Participant is eligible to be issued Shares as of the Settlement Date with the number thereof determined based upon the Company’s attainment of the Performance Goal at the end of the Performance Period, as set forth in Section 2.2(a) of the Award Agreement.

	Termination:
	Except as otherwise set forth in the Award Agreement, Participant shall forfeit the Performance Award (including, without limitation, the right to receive Shares) upon Participant’s Termination of Service prior to the Settlement Date (even if the Performance Period has ended).

By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Award Agreement and this Grant Notice.  Participant has reviewed the Plan, the Award Agreement and this Grant Notice in their entirety, and fully understands all provisions of the Plan, the Award Agreement and this Grant Notice.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under or with respect to the Plan, this Grant Notice, the Award Agreement or the Performance Award (including, without limitation, the Performance Goal and any underlying Shares).  Further, by signing below, Participant agrees that Participant has read, fully understands and agrees to abide by the terms of the Company’s Insider Trading Policy and has read and fully understands the Plan Prospectus and Prospectus Supplement, if applicable, copies of which have been provided to Participant.
In addition, by signing below, Participant agrees that the Company, in its sole discretion, may satisfy any withholding obligations in accordance with Section 3.5 of the Award Agreement by (i) 

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Exhibit 10.41

withholding Shares otherwise issuable to Participant pursuant to the Performance Award, (ii) instructing a broker on Participant’s behalf to sell Shares otherwise issuable to Participant and submit the proceeds of such sale to the Company, or (iii) using any other method permitted by the Plan or Section 3.5 of the Award Agreement.

	
				
	SPIRIT AIRLINES, INC.:
	PARTICIPANT:

	By:
	   
	By:
	   

	Print Name:
	Thomas C. Canfield   
	Print Name:
	   

	Title:
	SVP, General Counsel and Secretary
	 
	 

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Exhibit 10.41

EXHIBIT A

TO PERFORMANCE AWARD GRANT NOTICE
PERFORMANCE AWARD AGREEMENT
[STOCK APPRECIATION]

Pursuant to the Performance Award Grant Notice (the “Grant Notice”) to which this Performance Award Agreement (this “Agreement”) is attached, Spirit Airlines, Inc., a Delaware corporation (the “Company”), has granted to Participant a performance award under the Spirit Airlines, Inc. 2015 Incentive Award Plan, as amended from time to time (the “Plan”), representing the right to receive shares of the Company’s Common Stock (each, a “Share”), subject to the terms and conditions set forth in the Plan, this Agreement and the Grant Notice. 
ARTICLE 1. 
GENERAL
1.1    Defined Terms.  Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless the context clearly indicates otherwise.  Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.
(a)    “Applicable Multiplier” shall be determined based on the Stock Price Increase as set forth below:
	
		
	Stock Price Increase
	Applicable Multiplier

	Less than 1.3
	0

	Equal to or greater than 1.3 but less than 1.5
	1.0

	Equal to or greater than 1.5 but less than 1.625
	1.2

	Equal to or greater than 1.625 but less than 1.75
	1.4

	Equal to or greater than 1.75 but less than 1.875
	1.65

	Equal to or greater than 1.875 but less than 2.0
	1.95

	Equal to or greater than 2.0 but less than 2.125
	2.3

	Equal to or greater than 2.125 but less than 2.5
	2.7

	Equal to or greater than 2.5
	3.7

B-1

Exhibit 10.41

(a)    “Base Salary” shall mean Participant’s annual base salary on December 31, 2019; provided that Base Salary shall not be less than Participant’s annual base salary as of January 1, 2018.
(b)    “Cause” shall mean that Participant has: (i) refused or repeatedly failed to perform the duties assigned to him/her but only if Participant’s refusal or repeated failure to perform the duties assigned to him/her were willful and deliberate on Participant’s part or committed in bad faith or without reasonable belief that such refusal or failure was in the best interests of the Company; (ii) engaged in a willful or intentional act that has the effect of injuring the reputation or business of the Company in any material respect; (iii) continually or repeatedly been absent from the Company, unless due to an approved leave due to serious illness or disability; (iv) used illegal drugs or been impaired due to other substances; (v) been convicted of any felony; (vi) committed an act of gross misconduct, fraud, embezzlement or theft against the Company; (vii) engaged in any act of such extreme nature that the Company determines to be grounds for immediate dismissal, including, but not limited to, harassment of any nature; or (viii) violated a material Company policy as determined by the Company’s Chief Executive Officer, the Administrator and/or the Board.
(c)     “Commencement Date Average Stock Price” means $44.76, being the average of the Common Stock Prices for the last ten (10) trading days ended prior to January 1, 2018.
(d)    “Common Stock Price” shall mean, as of a particular date, the Fair Market Value for a Share as of such date.
(e)    “Good Reason” shall mean the occurrence of any of the following events, upon or following a Change in Control, without Participant’s express written consent: (i) the assignment to Participant of any duties which constitutes a material negative change in Participant’s position(s), duties or responsibilities with the Company immediately prior to the such change; provided, however, that the fact that Participant’s duties following a Change in Control are owed to a successor or an Affiliate of a successor (whether or not public) shall not in and of itself constitute a change in such Participant’s position(s), duties or responsibilities in any material respect; (ii) a material reduction in Participant’s base salary or bonus opportunity as in effect immediately prior to such reduction; (iii) any requirement that Participant be based more than fifty (50) miles from Participant’s principal place of employment immediately prior to the change in location of Participant’s principal place of employment; (iv) the failure of a successor to: (a) continue in effect any material employee benefit plan or compensation plan in which Participant and Participant’s eligible dependents are participating immediately prior to the Change in Control, unless Participant is permitted to participate in other plans providing Participant with substantially equivalent benefits in the aggregate, or (b) provide Participant with paid vacation in accordance with the plans, practices, programs and policies of the Company and its Affiliates in effect for Participant immediately prior to such Change in Control or as in effect generally at any time thereafter with respect to other similarly situated executives of the Company. Notwithstanding the foregoing, Participant shall not have “Good Reason” unless Participant notifies the Company in writing of Participant’s intent to resign within ninety (90) days after the initial occurrence of the event giving rise to a claim for Good Reason, the Company fails to cure the Good Reason provided by Participant in such notice within thirty (30) days after the Company’s receipt of the notice, and Participant’s resignation is effective within ninety (90) days of the Company’s failure to cure.
(f)    “Measurement Date” shall mean December 31, 2019.
(g)    “Performance Commencement Date” shall mean January 1, 2018.

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Exhibit 10.41

(i)    “Performance Goal” shall mean as defined in Section 2.2(a). 
(h)    “Stock Price Increase” shall mean the positive quotient obtained by dividing (i) the Valuation Date Average Stock Price by (ii) the Commencement Date Average Stock Price.
(i)    “Settlement Date” shall mean the date the Administrator determines that Shares with respect to the Performance Award, pursuant to Section 2.2(a) below, shall be issued to Participant, which date shall be no later than sixty (60) days after December 31, 2021 (for the avoidance of doubt, this deadline is intended to comply with the “short-term deferral” exception from Section 409A of the Code).
(j)    “Valuation Date” shall mean the Measurement Date; provided, however, that, for purposes of Section 2.5, such term shall mean the earliest of (i) the Measurement Date or (ii) the date upon which a Change in Control or, if earlier, Participant’s death or disability shall occur.
(k)    “Valuation Date Average Stock Price” means the average of the Common Stock Prices for the last thirty (30) trading days ending prior to and including the Valuation Date; provided, however, that the Administrator may, in its sole discretion, reduce the average so determined to the extent it deems necessary or appropriate to exclude the effect of any stock price increases that are attributable to (i) stock repurchases by the Company after the Commencement Date, (ii) a Change in Control consummated after the Commencement Date or (iii) a transaction initiated after the Commencement Date that, if consummated, would constitute a Change in Control and, provided further,  that the Administrator may, in its sole discretion, make appropriate adjustments to take into account stock dividends, stock splits, reverse stock splits and other similar events.
1.2    Incorporation of Terms of Plan.  The Performance Award is subject to the terms and conditions of the Plan which are incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
ARTICLE 2.     
GRANT OF PERFORMANCE AWARD
2.1    Grant of Performance Award.  The Company confirms that, in consideration of Participant’s past and/or continued employment with or service to the Company or a Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company has granted to Participant a performance award as set forth in the Grant Notice (the “Performance Award”), upon the terms and conditions set forth in the Plan, this Agreement and the Grant Notice.
2.2    Performance-Based Right to Shares.
(a)    Participant’s right to receive any Shares is contingent on the Company’s attainment of a Stock Price Increase of 1.3 or greater (the “Performance Goal”).  Accordingly, Participant will not become entitled to any Shares or other consideration with respect to the Performance Award unless and until the Administrator determines whether and to what extent the Performance Goal has been attained.  Upon such determination by the Administrator and subject to the provisions of the Plan and this Agreement (including continued service through December 31, 2021), Participant shall be entitled to receive Shares based on to the extent to which the Performance Goal is attained (as determined by the Administrator in its sole discretion).  Accordingly, the number of Shares to be delivered to Participant on the Settlement Date, if any, shall be equal to the quotient obtained by dividing (i) the product of Base Salary times the Applicable Multiplier by (ii) the Valuation Date Average Stock Price; provided that any fractional Share shall be rounded down. 

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Exhibit 10.41

(b)    Participant’s right to receive Shares pursuant to the Performance Award shall vest and become non-forfeitable on December 31, 2021, subject to Participant’s continued full-time employment in active service through December 31, 2021 except as provided in Section 2.5 below.  Unless otherwise determined by the Administrator, partial employment, even if substantial, prior to December 31, 2021 will not entitle Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a Termination of Service, except as provided in Section 2.5 below or under the Plan.   
(c)    If the Administrator determines following the Measurement Date that Participant is not entitled to any Shares in accordance with Section 2.2(a), the Performance Award shall automatically and without further action be cancelled and forfeited by Participant, and Participant shall have no further right or interest in or benefit under or with respect to the Performance Award or this Agreement.
(d)    Reference is made to Section 2.5, entitling Participant to a prorated settlement in the event of a Change in Control or Participant’s death or permanent disability prior to the Measurement Date.
2.3    Delivery of Shares.  Subject to the other provisions of this Agreement, as soon as practicable following the vesting of Participant’s right to receive Shares pursuant to Section 2.2 or Section 2.5 hereof (but no later than 30 days after the date of such vesting), the Company shall deliver to Participant the number of Shares determined in accordance with Section 2.2(a) above (either by delivering one or more certificates for such Shares or by entering such Shares in book entry form, as determined by the Company in its sole discretion).  Notwithstanding the foregoing, in the event Shares cannot be issued pursuant to Section 2.4(a), (b) or (c) hereof, then the Shares shall be issued pursuant to the preceding sentence as soon as administratively practicable after the Administrator determines that Shares can again be issued in accordance with Sections 2.4(a), (b) and (c) hereof.
2.4    Conditions to Delivery of Shares.  Subject to Section 11.4 of the Plan and Section 3.5 hereof, the Shares deliverable hereunder, or any portion thereof, may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company.  Such shares of Common Stock shall be fully paid and nonassessable.  The Company shall not be required to issue or deliver any Shares deliverable hereunder prior to fulfillment of all of the following conditions:
(a)    The admission of such Shares to listing on all stock exchanges on which such Common Stock is then listed;
(b)    The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable;
(c)    The obtaining of any approval or other clearance from any federal, state or local governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable;
(d)    The receipt by the Company of full payment for such Shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 3.5 hereof; and
(e)    The lapse of such reasonable period of time following the Valuation Date as the Administrator may from time to time establish for reasons of administrative convenience.

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Exhibit 10.41

2.5    Change in Control, Death or Permanent Disability Prior to Measurement Date.
(a)    Subject to Sections 2.4 and 2.8 hereof, notwithstanding any contrary provision of this Agreement, in the event of a Change in Control or Participant’s death or permanent disability (within the meaning of Section 22(e) of the Code), in each case at any time prior to the Measurement Date but while Participant is employed in active full-time service with the Company, Participant shall be entitled to a prorated settlement pursuant to which the Company shall deliver to Participant that number of Shares determined pursuant to Section 2.2(a) hereof multiplied by a fraction (not to exceed one) having (i) numerator equal to the number of whole months (counting each month as ending on the first day of a calendar month) elapsed from the Performance Commencement Date until the date of Change in Control, death or permanent disability and (ii) a denominator of twenty-four (24).  Such Shares shall be issued to Participant immediately prior to (and subject to the consummation of) such Change in Control, or in the case death or permanent disability, no later than sixty (60) days after such date.  Upon issuance of such Shares to Participant, all rights under or with respect to the Performance Award and this Agreement (including, without limitation, rights relating to unpaid Shares) shall automatically and without further action be cancelled and forfeited by Participant, and Participant shall not be entitled to any further payments or benefits with respect thereto.
(b)    Notwithstanding any contrary provision of this Agreement, upon Participant’s Termination of Service for any or no reason (other than Participant’s death or permanent disability, as described in Section 2.5(a) above) prior to the Measurement Date, all rights with respect to any unpaid Shares pursuant to the Performance Award and this Agreement shall automatically and without further action be cancelled and forfeited by Participant, and Participant shall not be entitled to any payments or benefits with respect thereto.
2.6    Change in Control, Death or Permanent Disability on or After Measurement Date.  
(a)    In the event the successor corporation in a Change in Control transaction that is to become effective after the Measurement Date fails to assume or substitute the Performance Award in accordance with Section 14.2 of the Plan, the Performance Award will automatically vest in full immediately prior to the consummation of such Change in Control.
(b)    In the event (i) Participant incurs a Termination of Service after the Measurement Date by reason of the Company’s termination of Participant’s employment other than for Cause or by reason of Participant’s resignation for Good Reason and (ii) such Termination of Service is effective on or after the execution of a definitive agreement that contemplates a transaction that, if consummated, would constitute a Change in Control (a “Transaction Agreement”) but before the effective date of such Change in Control, then the Performance Award (if still in effect) shall automatically vest in full upon the effective date of such Change in Control (and such Shares shall be issued to Participant immediately prior to (and subject to the consummation of) such Change in Control); provided, that if such Transaction Agreement is terminated in accordance with its terms or a Change in Control does not otherwise occur as a result of the transaction contemplated by the Transaction Agreement, as determined by the Administrator in its sole discretion, then the Performance Award will thereupon be automatically forfeited, terminated and cancelled as of the date of termination of the Transaction Agreement or other determination date, without payment of any consideration therefor, and Participant, or Participant’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder in respect of the Performance Award or any unpaid Shares.
(c)    In the event (i) Participant incurs a Termination of Service after the Measurement Date by reason of the Company’s termination of Participant’s employment other than for Cause or by reason of Participant’s resignation for Good Reason and (ii) such Termination of Service is effective 

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Exhibit 10.41

during the period beginning on the effective date of a Change in Control and ending on the twenty four (24) month anniversary thereof, then the Performance Award (if still in effect) will automatically vest in full as of the date of such Termination of Service and the Shares shall be issued to the Participant as soon as practicable after such Termination of Service and not later than sixty (60) days after such date.
(d)    If Participant is an employee of the Company who has a Termination of Service after the Measurement Date by reason of Participant’s death or permanent disability (within the meaning of Section 22(e) of the Code), the Performance Award (if still in effect) will automatically vest in full as of the date of such Termination of Service and the Shares shall be issued to the Participant as soon as practicable after such Termination of Service and not later than sixty (60) days after such date.
2.7    Right to Continued Employment.  Nothing in the Plan or this Agreement shall confer upon Participant any right to continue in the employ or service of the Company, any parent of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries or other affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.
2.8    Effect of Termination of Service.  Notwithstanding any contrary provision of this Agreement, upon Participant’s Termination of Service for any or no reason (other than as set forth in Section 2.5 above) prior to the Settlement Date, all rights with respect to the Performance Award and this Agreement shall automatically and without further action be cancelled and forfeited by Participant, and Participant shall not be entitled to any payments or benefits with respect thereto.
2.9    Rights as Stockholder.  The holder of the Performance Award shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the Performance Award and any Shares underlying the Performance Award and deliverable hereunder unless and until such Shares shall have been duly issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
2.10    Clawback.  If Participant, at any time during the period commencing on the Grant Date and ending on the second anniversary of the date on which Participant incurs a Termination of Service, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company in the determination of the Administrator (including, without limitation, committing fraud or conduct contributing to any financial restatements or irregularities, or violating a non-competition, non-solicitation, non-disparagement or non-disclosure covenant or agreement with the Company or any parent or Subsidiary, as determined by the  Administrator), then Participant must pay to the Company any proceeds, gains or other economic benefit actually or constructively received by Participant upon receipt of the Performance Award or upon the resale of the Performance Award and this Agreement and the Grant Notice shall terminate and the Performance Award  (whether or not vested) shall be forfeited without payment of any consideration therefor.  In addition and without limiting the foregoing, to the extent required by applicable law and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company which applies to Participant, this Agreement and the Performance Award shall be subject (including on a retroactive basis) to such clawback, forfeiture or similar requirements, and such requirements shall be deemed incorporated by reference into this Agreement

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Exhibit 10.41

ARTICLE 3.     
OTHER PROVISIONS
3.1    Administration.  The Administrator shall have the power to interpret the Plan, this Agreement and the Grant Notice and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons.  No member of the Committee or the Board shall be personally liable for any action, determination or interpretation taken or made, or omitted to be taken or made, under or with respect to the Plan, this Agreement, the Grant Notice or the Performance Award (unless constituting fraud or a willful criminal act or omission).  The duties and obligations of the Company, the Administrator and each member of the Administrator shall be determined only with reference to the Plan and this Agreement, and no implied duties or obligations shall be read into the Plan, this Agreement or the Grant Notice on the part of the Company, the Administrator or any member of the Administrator.  Under no circumstances shall the Company, the Administrator or any member of the Administrator be obligated to prove good faith for any purpose, it being specifically understood and agreed that the Administrator and each member of the Administrator shall be presumed in all instances to have acted in good faith.  To overcome this presumption of good faith, Participant shall have the burden of proving, by clear and convincing evidence, that the Administrator or the member of the Administrator, as the case may be, intentionally acted in bad faith.
3.2    Grant is Not Transferable.  During the lifetime of Participant, the Performance Award and the rights and privileges conferred hereby will not be sold, transferred, assigned, pledged, hypothecated or otherwise disposed in any way (whether by operation of law or otherwise), and will not be subject to sale under execution, attachment or similar process, unless and until the Shares underlying the Performance Award have been issued.  Upon any attempt to sell, transfer, assign, pledge, hypothecate or otherwise dispose of the Performance Award (including any underlying Shares), or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, the Performance Award and the rights and privileges conferred hereby immediately will become null and void.  Unless and until the Shares underlying the Performance Award have been issued, neither the Performance Award nor any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect.  Notwithstanding anything herein to the contrary, this Section 3.2 shall not prevent transfers by will or applicable laws of descent and distribution; provided, however, that all such transfers shall be subject to the terms and conditions of the Plan, the Grant Notice and this Agreement.
3.3    Binding Agreement.  Subject to the limitation on the transferability of the Performance Award contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
3.4    Adjustments upon Specified Events.  The Administrator may accelerate payment of the Shares underlying the Performance Award in such circumstances as it, in its sole discretion, may determine.  In addition, upon the occurrence of certain events relating to the Common Stock contemplated by Section 14.2 of the Plan, the Administrator shall make such adjustments as the Administrator deems appropriate with respect to the Performance Award and the number and kind of securities that may be issued in respect thereof.  

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Exhibit 10.41

Participant acknowledges that the Performance Award is subject to amendment, modification and termination in certain events as provided in this Agreement and Article 14 of the Plan.
3.5    Withholding.
(a)    Notwithstanding anything to the contrary in this Agreement or the Grant Notice, the Company shall be entitled to require payment by Participant of any sums required by applicable law to be withheld with respect to the grant or vesting of the Performance Award or the issuance of Shares pursuant to thereto.  Such payment shall be made in the manner determined by the Company in its sole discretion, and may be made by deduction from other compensation payable to Participant or in such other form of consideration acceptable to the Company, which may include:
(i)    Cash or check;
(ii)    Surrender of Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the amount permitted to be withheld without incurring an adverse accounting charge; or
(iii)    Other property acceptable to the Company (including, without limitation, through the delivery of a notice that Participant has placed a market sell order with a broker with respect to Shares payable pursuant to the Performance Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of its withholding obligations; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale).
(b)    The Company shall not be obligated to deliver any new certificate representing Shares to Participant or Participant’s legal representative or enter such Shares in book entry form unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of Participant resulting from the grant or vesting of the Performance Award or the issuance of Shares pursuant thereto.
3.6    Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal executive office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address reflected on the Company’s records.  By a notice given pursuant to this Section 3.6, either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
3.7    Titles.  Titles provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
3.8    Governing Law.  The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement and the Grant Notice, regardless of the law that might be applied under principles of conflicts of laws.
3.9    Conformity to Securities Laws.  Participant acknowledges that the Plan, this Agreement and the Grant Notice are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange 

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Exhibit 10.41

Commission thereunder, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Performance Award is granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan, this Agreement and the Grant Notice shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
3.10    Amendments, Suspension and Termination.  To the extent permitted by the Plan, the Administrator or the Board may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, this Agreement, the Grant Notice and/or the Performance Award, prospectively or retroactively (including after Participant’s termination of employment or service with the Company); provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of Participant with respect to the Performance Award (including any unpaid Shares) shall not to that extent be effective without Participant’s consent unless the Committee or the Board, as applicable, determines that such either is required or advisable in order for the Company, the Plan or the Performance Award (including any unpaid Shares) to satisfy any applicable law or regulation.  Nothing in this Agreement or the Grant Notice shall restrict in any way the adoption of any amendment, modification, suspension or termination to the Plan in accordance with the terms of the Plan.
3.11    Successors and Assigns.  The Company may assign any of its rights under this Agreement and the Grant Notice to single or multiple assignees, and this Agreement and the Grant Notice shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth in Section 3.2 hereof, this Agreement and the Grant Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.
3.12    Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Performance Award and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
3.13    Not a Contract of Employment.  Nothing in the Plan, this Agreement or the Grant Notice shall confer upon Participant any right to continue to serve as an employee or other service provider of the Company, any parent of the Company or any Subsidiary.
3.14    Certain Covenants of Participant 
(a)    Except as may be required by law or legal process, Participant shall not at any time during the period when Participant is employed by the Company and continuing for two years following the termination of Participant’s employment with the Company (the “Restricted Period”) disclose to any person or entity or use any information not in the public domain or generally known in the industry that the Company treats as confidential or proprietary, in any form, acquired by the Participant while providing services to the Company or any predecessor to the Company’s business or, if acquired following the date of Termination of Services, such information which, to the Participant’s knowledge, has been acquired, directly or indirectly, from any person or entity owing a duty of confidentiality to the Company or any of its subsidiaries or affiliates, including but not limited to information regarding clients, customers, investors, vendors, suppliers, trade secrets, training programs, manuals or materials, technical information, contracts, systems, procedures, 

9

Exhibit 10.41

mailing lists, know-how, trade names, improvements, price lists, financial or other data (including the revenues, costs or profits associated with any of the Company’s products or services), business plans, code books, invoices and other financial statements, computer programs, software systems, databases, discs and printouts, plans (business, technical or otherwise), customer and industry lists, correspondence, internal reports, personnel files, sales and advertising material or any other compilation of information, written or unwritten, which is or was used in the business of the Company or any subsidiaries or affiliates thereof. The Participant agrees and acknowledges that all of such information, in any form, and copies and extracts thereof, are and shall remain the sole and exclusive property of the Company, and upon the date of Termination of Services, the Participant shall return to the Company the originals and all copies of any such information provided to or acquired by the Participant in connection with the performance of his duties for the Company, and shall return to the Company all files, correspondence and/or other communications received, maintained and/or originated by the Participant during the course of his/her service with the Company.
(b)    During the Restricted Period, the Participant shall not, directly or indirectly, (i) solicit or attempt to solicit for employment or hire, or cause any person to employ or hire, any employee or exclusive contractor of the Company or (ii) encourage or induce any employee or contractor of the Company to terminate or restrict his/her relationship with the Company or any of its subsidiaries or affiliates. 
(c)    Nothing contained in this Agreement or any other agreement with the Company (including but not limited to the non-solicitation and non-competition clauses, and the confidentiality obligations) limits Participant’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  Participant further understands that this Agreement does not limit Employee's ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Although by signing this Agreement, Participant is waiving his right to recover any individual relief (including any money damages, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by Participant or on Participant’s behalf by any third party, nothing in this Agreement or any other Agreement with the Company limits Participant’s right to receive an award for information provided to any Government Agencies. Participant is also provided notice that under the 2016 Defend Trade Secrets Act (DTSA): (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act) that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.
3.15    Entire Agreement.  The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.
3.16    Section 409A; Taxes.  The Performance Award is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any 

10

Exhibit 10.41

such regulations or other guidance that may be issued after the date hereof, “Section 409A”).  Notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the Performance Award (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right, in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so, and without Participant’s consent), to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate for the Performance Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.  This Section 3.15 does not create an obligation on the part of the Company to modify the Plan or this Award Agreement and does not guarantee that the Performance Award will not be subject to taxes, interest and penalties under Section 409A.  For the avoidance of doubt, Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for his account in connection with this Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold Participant (or any beneficiary) harmless from any or all of such taxes or penalties.
3.17    Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement and the Grant Notice create only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust or separate fund of any kind, or a fiduciary relationship between the Company, any parent of the Company, any Subsidiary, or the Administrator, on the one hand, and Participant or other person or entity, on the other hand.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Performance Award, and rights no greater than the right, as a general unsecured creditor, to receive Shares pursuant to this Agreement and the Performance Award as and when payable hereunder.

11Exhibit

Exhibit 10.42

FORM OF SEVERANCE AND RELEASE AGREEMENT 1 

This Severance and Release Agreement (sometimes referred to as Agreement) is entered in connection with your decision to receive a severance package offered by Spirit Airlines, Inc. (“Spirit or Company”), pursuant to the terms of the Spirit Airlines Inc. 2017 Executive Severance Plan (“Executive Severance Plan”).  The purpose of this Agreement is to summarize the payment and benefits that will be available to you in return for a release of claims.

RELEASE AND WAIVER

You acknowledge and agree that certain of the payments and benefits described in section A below are contingent on your entering into the Agreement and not revoking (or attempting to revoke) such Agreement during the applicable seven-day revocation period set forth herein. In consideration for the benefits described in this Agreement, You and any person acting by, through, under or on behalf of you, release, waive, and forever discharge Spirit Airlines, Inc. its subsidiaries, affiliates, and related entities (“Spirit or Company”) and all of their respective agents, employees, officers, directors, shareholders, members, managers, employee benefit plans and fiduciaries, insurers, successors, and assigns (also collectively referred to as ‘Released Parties’) from any and all claims, liabilities, actions, demands, obligations, agreements, or proceedings of any kind, individually or as part of a group action, whether known or unknown, arising out of, or connected with, claims of unlawful discrimination, harassment, retaliation (including state and federal whistleblower claims), or failure to accommodate; the terms and conditions of your employment; your compensation and benefits; and/or the termination of your employment, including, but not limited to, all matters in law, in equity, in contract, or in tort, or pursuant to statute, including damages, attorney’s fees, costs and expenses and, without limiting the generality of the foregoing, to all claims arising under the Age Discrimination in Employment Act (ADEA), the Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Employee Retirement Income Security Act (ERISA), the Americans with Disabilities Act, the Railway Labor Act, the Family and Medical Leave Act (FMLA), the Worker Adjustment and Retraining Notification Act, the Florida Civil Rights Act of 1992, or any other federal, state, or local law, statute, or ordinance.   
You acknowledge that you have (i) received all compensation due you as a result of services performed for the Company with the receipt of your final paycheck; (ii) reported to the Company any and all work-related injuries or occupational disease incurred by you during your employment by the Company; (iii) been properly provided any leave requested under the FMLA and USERRA or similar state local laws and have not been subjected to any improper treatment, conduct or actions due to a request for or taking such leave; (iv) provided the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company or any other released person or entity; and (v) not filed any complaints, claims, or actions against the Company or any other released person or entity.

	
	
	A.    TERMINATION OF EMPLOYMENT RELATIONSHIP, SEVERANCE BENEFITS AND OBLIGATIONS

Your employment relationship with the Company will end on ___________ (Termination Date). This is an involuntary separation from service as defined in Treasury Regulation 1.409A-1(b)(9). On and after your termination date, you will no longer be authorized to transact business or incur any expenses, obligations and liabilities on behalf of the Company.  Effective on your termination date, your salary, benefits and other entitlements from the Company in respect of services rendered to, or employment with, the Company or any of its Affiliates through and including your employment termination date will end. You agree and acknowledge that you will not be entitled to receive any payments or benefits with respect to or following your termination of employment with the Company other than those described in the following provisions of this section A. You further acknowledge and agree that certain of such payments or benefits exceed the payments and benefits that you would have been entitled to receive had the Company not voluntarily entered into this Agreement.  Unless otherwise required by law, effective ten (10) days after the Company has received your signed, unrevoked Agreement, you will receive the following:

1 The attached form may be updated from time to time to comply with the terms of the Executive Severance Plan and/or changes in law. This severance form is for non change in control terminations and the severance entitlements for change in control terminations shall be as set forth in the Executive Severance Plan.

Page 1 of 6

Exhibit 10.42

1. Severance Pay 

You will receive [    ] months of severance pay (a total amount of $_____________) which will be paid to you in equal installments and consistent with past payroll practices [insert additional severance details, if applicable]. Payments will be made on current payroll pay dates, consisting of the 15th and the last day of the month. Payments will be direct deposited.  These payments will be reduced by any advances or similar outstanding amounts owed to Spirit such as sick days or vacation days used in excess of the number to which you were entitled as of your termination date.  In addition, all garnishments and levies ordered by any court or other competent authority of which the Company is aware or becomes aware will be withheld.  Your payment(s) shall be made semi-monthly subject to the foregoing provisions for the withholding of any federal, state and local taxes as well as any other payments or advances described above.  Amounts the Company is paying in consideration for this Agreement will not be treated as compensation for purposes of eligibility or benefits under any benefit plan of the Company.

[If you are later employed outside Spirit, you will not forfeit any severance pay because of that employment. However, if you are rehired by Spirit you will forfeit any remaining balance of severance pay owed to you but in no instance will you receive less than $1,000 from the Company as consideration for this Agreement]2 [If during the period, you otherwise would receive severance from Spirit, you earn (regardless of when paid) any compensation whether as an employee, consultant or otherwise, such compensation shall reduce the amount of severance pay payable to you by Spirit on a dollar for dollar basis and you acknowledge and agree that you will promptly notify Spirit of any such compensation and payment.]3 To the extent that a federal, state, or local law requires the Company to make a payment to an eligible employee because of involuntary termination of employment or in accordance with a plant closing or advance notice law, including but not limited to the Worker Adjustment and Retraining Notification Act (“WARN”), the severance pay otherwise payable under this Agreement shall be coordinated with and reduced by the amount of any such required payment. 

Notwithstanding anything in this Section 1 to the contrary, in the event any payments called for hereunder are determined to constitute payments of “nonqualified deferred compensation” to which Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) is applicable, the following rules shall apply: 

(a)    All such payments shall be made on the date that is the first payroll date that occurs on or following the first day of the seventh calendar month following your “separation from service” (as that phrase is used for purposes of Code Section 409A); and

(b)    The first sentence of the second paragraph of this Section 1 (regarding the reduction of payments under this Agreement by reason of any advances or similar outstanding amounts owed by you to Spirit) shall not apply to any payments subject to the requirements of Code Section 409A.    

2.     Vacation

You will be compensated for accrued unused vacation, the value of which will be paid to you in a lump sum with your final pay.  This payment is also subject to all applicable federal (including social security), state and local taxes.  Vacation pay will be included as part of your compensation for determining employee or employer contributions to the 401(k) Plan contribution.

3.        Unemployment Benefits

You may apply for unemployment benefits upon termination and the state agency makes the determination of your entitlement to benefits.  Severance pay can and must be disclosed to appropriate authorities. Treatment of severance pay from the beginning of eligibility for unemployment compensation may vary from state to state.

_    _________________________

2 Only for individuals hired prior to September 1, 2014.
3 For individual’s hired on or after September 1, 2014.

Page 2 of 6

Exhibit 10.42

6.    4.        Employee Assistance Program

Employee Assistance Program Services will continue to be available to you for thirty (30) calendar days following your termination date.  You may contact our EAP coordinator for more information.  The EAP phone number is (888) 267-8126.

7.    5.        Healthcare

You (and your spouse and dependents listed on your healthcare forms at Spirit) shall be eligible for certain continued coverage under the terms of the Consolidated Omnibus Budget Reconciliation Act (Public Law 99-272, Title X, commonly known as “COBRA”). Company shall cover you (and your spouse and dependents if listed on your healthcare forms at Spirit) costs of coverage under COBRA at the same rate as if you remained with the Company for a period equal to the shorter of: (i) [     ] months or (ii) the date on which you  accept a new position with another employer. If you obtain new employment within [    ]  months following your termination of employment at Spirit, you must provide notification as provided in section L. 

8.    6.        Travel

You (and your eligible travel dependents as indicated in your current Spirit records) shall receive a travel pass on Spirit enabling you and your eligible travel dependents (indicated in your current Spirit records) to travel free of charge in any class of service that is available on Spirit’s flights at the time of reservation for a period equal to the shorter (i)[        ]months or (ii) until (if) you receive similar flight benefits with a new employer.
 
	
	
	B.    COOPERATON 

You agree to cooperate with the Released Parties regarding any pending or subsequently filed litigation, claims or other disputes involving the Released Parties that relate to matters within your knowledge or responsibility.  Without limiting the foregoing, you agree (i) to meet with Released Party’s representatives, its counsel or other designees at mutually convenient times and places with respect to any items within the scope of this provision; (ii) to provide truthful testimony regarding same to any court, agency, or other adjudicatory body; and (iii) to provide the Company with notice of contact by any adverse party or such adverse party’s representative, except as may be required by law.  The Company will reimburse you for reasonable expenses in connection with the cooperation described in this paragraph.

	
	
	C.    NON-ADMISSION 

This Agreement shall not be construed as an admission by any Released Party of any liability or acts of wrongdoing or unlawful discrimination, nor shall it be considered to be evidence of such liability, wrongdoing, or unlawful discrimination.

	
	
	D.    NON-SOLICITATION OF COMPANY EMPLOYEES

You agree that for a period beginning on the date first written above and ending on the date that is the one-year anniversary of the Termination Date, you will not, directly or indirectly, solicit or attempt to solicit, or hire or cause any person to hire, any of Spirit’s employees or exclusive contractors to work with you or to work for any other entity. You agree that you will be subject to the restrictions set forth in Section 5.3 of the Executive Severance Plan.

	
	
	E.    NON-DISPARAGEMENT

You agree that you will not engage in any activity which is intended to embarrass, disparage, harass or adversely affect the Company (including its affiliated companies) its officers, employees and directors, or their respective business operations, practices or services and you agree that you will not make any negative comments about any of the foregoing entities/persons, 

Page 3 of 6

Exhibit 10.42

orally or in writing. You agree that you will be subject to the restrictions set forth in Section 5.2 of the Executive Severance Plan.

	
	
	F.    VOLUNTARY AGREEMENT; ADVICE OF COUNSEL; 454-DAY PERIOD

You acknowledge that:
		
	(a)
	You have read this Agreement and understand its legal and binding effect.  You are acting voluntarily and of your own free will in executing this Agreement.

		
	(b)
	The consideration for this Agreement is in addition to anything of value to which you already are entitled.

		
	(c)
	You have had the opportunity to seek, and you are advised in writing by this Agreement to seek, legal counsel prior to signing this Agreement.

		
	(d)
	You have been given at least 45 days from the date you received this Agreement and any attached information to consider the terms of this Agreement before signing it.  In the event you choose to sign this Agreement prior to the expiration of the 45-day consideration period, you represent that you are knowingly and voluntarily waiving the remainder of the 45-day consideration period.  You understand that having waived some portion of the 45-day consideration period, the Company may expedite the processing of benefits provided to you in exchange for signing this Agreement.

		
	(e)
	You agree with the Company that changes, whether material or immaterial, do not restart the running of the 45-day consideration period.

		
	(f)
	If you are age 40 or over and your termination is part of an employment termination program, you acknowledge that the Company made available to you : (i) the class, unit or group of individuals covered by the employment termination program; the eligibility factors for the program; and applicable time limits; and (ii) the job titles and ages of all individuals eligible or selected for the program as well as those in the same job classification or organizational unit who are not eligible or selected. See Attachment A.

	
	
	G.      REVOCATION

You understand that if you sign this Agreement, you can change your mind and revoke it within seven days after signing it by returning it with written revocation notice to the department identified in section K below. You understand that this Agreement will not be effective until after this seven-day period has expired, and you will not be entitled to receive any benefits until after the Agreement becomes effective.  If the revocation day expires on a weekend or holiday, you understand that you have until the end of the next business day to revoke this Agreement. 

	
	
	H.    BINDING AGREEMENT AND PROMISE NOT TO SUE

You understand that following the seven-day revocation period, this Agreement will be final and binding. Except as provided below in Section J, you promise that you will not pursue any claim that you have settled by this Agreement. If you break this promise, you agree to pay all of the Company’s costs and expenses (including reasonable attorneys’ fees) related to the defense of any such claims except this promise not to sue does not apply to claims that you may have under the Older Workers Benefit Protection Act (OWBPA) and the ADEA.  Although you are releasing claims that you may have under the OWBPA and the ADEA, you understand that you may challenge the knowing and voluntary nature of this Release under the OWBPA and the ADEA before a court, the Equal Employment Opportunity Commission (EEOC), or any other federal, state or local agency charged with the enforcement of any employment laws. 

 4 Note this Section will be reduced to 21 days if it is not in connection with a reduction in force. In   addition, if employee is under age 40 the perid may be further reduced and all refernces to ADEA will be removed from the release agreement, as applicable.

Page 4 of 6

Exhibit 10.42

	
	
	I.   COMPANY PROPERTY; CONFIDENTIALITY

You agree to return all Company property immediately to [Edward Kayton] Sr. Director Human  Resources, Spirit Airlines Inc., 2800 Executive Way, Miramar, FL 33025. You represent and warrant that you have returned all confidential information, computer hardware or software, files, papers, memoranda, correspondence, customer lists, financial data, credit cards, keys, tape recordings, pictures, and security access cards, and any other items of any nature which are the property of the Company. You further agree not to retain any tangible or electronic copies of any such property in your possession or under your control.  

You agree that you will not use or copy any Company information (oral, electronic or written) records, files, materials, intellectual property or trade secrets of the Company (“Company Information”) for your personal use, or for use by you in a business or for a future employer. To the fullest extent permitted by law, you also agree to retain in confidence any confidential information known to you concerning the Company until such information is publicly available. You further agree to maintain the confidentiality of this Agreement and will not disclose in any fashion the terms of this Agreement or the amount of the severance benefits you receive to any person other than my attorneys, accountants, and tax advisors as required by appropriate taxing authorities, or as otherwise required by law.  You agree that you will be subject to the restrictions set forth in Section 5.1 of the Executive Severance Plan.

	
	
	J.   EXCEPTIONS AND NO INTERFERENCE WITH RIGHTS

You understand this Agreement does not apply to (a) any claims or rights that may arise after the date that you signed this Agreement, (b) the Company’s expense reimbursement policies, (c) any vested rights under the Company’s ERISA-covered employee benefit plans as applicable on the date you sign this Agreement, and (d) any claims that the controlling law clearly states may not be released by private agreement. Moreover, nothing contained in this Agreement, the Executive Severance Plan or any other agreement with the Company (including but not limited to the non-solicitation and non-competition clauses, and the nondisparagement and confidentiality obligations) limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  You further understand that this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Although by signing this Agreement you are waiving your right to recover any individual relief (including any money damages, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by you or on your behalf by any third party, nothing in this Agreement or any other agreement with the Company limits your right to receive an award for information provided to any Government Agencies. You are also provided notice that under the 2016 Defend Trade Secrets Act (DTSA): (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act) that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

	
	
	K.   APPLICABLE LAW, NOTICES AND GENERAL PROVISIONS

This Agreement shall be interpreted under the law of the State of Florida.  This Agreement sets forth the entire agreement between the parties.  You are not relying on any other agreements or oral representations not fully addressed in this Agreement.  Any prior agreements between or directly involving you and the Company are superseded by this Agreement, except this Agreement 

Page 5 of 6

Exhibit 10.42

shall not in any way affect, modify, or nullify any prior agreement you entered into with the Company regarding confidentiality, trade secrets, inventions, or unfair competition; provided that the provisions of Section J shall apply.  To the extent of any conflict between the terms of this Agreement and the Executive Severance Plan, the provisions of Executive Severance Plan shall prevail unless this Agreement specifically provides otherwise.  The provisions of this Agreement are severable, and if any part of this Agreement except the Release and Waiver is found by a court of law to be unenforceable, the remainder of this Agreement will continue to be valid and effective. The headings in this Agreement are provided for reference only and shall not affect the substance of this Agreement.  

Receipt of severance pay is conditioned on your representation that you have conducted yourself in an ethical, forthright and honest manner in connection with your work for Spirit. You agree that if you act contrary to the representations and obligations set forth in this Agreement, you may be obligated to pay Spirit an amount equal to the value of the consideration furnished under this Agreement, Spirit shall be entitled to immediately cancel any remaining severance pay owed to you and Spirit may take any other legal action that it deems necessary, except that you are not required to tender back any compensation and your severance pay will not be discontinued if you challenge the knowing and voluntary nature of this Agreement under the OWBPA and ADEA.  Nothing in this Agreement is intended to result in any duplication of any payments or benefits to you and under no circumstances shall the Company be required to make or provide duplicate or correspondence payments or benefits to you under this Agreement or any compensation or benefits plans, policies, programs, agreements or arrangements of the Company, including but not limited to the Executive Severance Plan.

Except as otherwise provided herein, notices to be provided pursuant to this Agreement shall be sent to the following :
Legal Department
C/O General Counsel
Spirit Airlines, Inc.
2800 Executive Way
Miramar, FL 33025

	
						
	I have read and understand the Agreement set forth above.  I accept the consideration stated above and knowingly and voluntarily agree to be bound by the terms of this Agreement.

	Dated:
	 
	Signature:
	 
	Name Printed:_________________________

	 
	 
	 
	Employee
	 

	 
	 
	 

Page 6 of 6

Exhibit 10.42

Attachment A

The information contained herein is provided in accordance with the requirements of the Older Workers Benefit Protection Act (“OWBPA”), 29 U.S.C. sections 621 et seq. 

		
	•
	The decisional unit for this employment termination program is :  

		
	•
	The eligibility factors for the program are:  

		
	•
	The time limits for the program are : 

The Company also is providing you and other eligible employees with information showing the number of employees who are eligible and ineligible for the severance benefits by age and job title. Employees are “eligible” for the employment termination program because the Company selected them for termination and because they are eligible for offered severance benefits.  Employees listed as “ineligible” are ineligible because they will not be terminated. The Company is providing information to you regarding the class, unit, or group considered in the selection decision for the employment termination program applicable to you, as well as information regarding other classes, units, or groups similarly evaluated by higher levels of management.

Job Title                   Age        Eligible        Ineligible

Page 7 of 6

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