Document:

EX-10.25

 Exhibit 10.25 

Ms. Frances Fiorillo 
 November 29, 2005 

 Page 
 1
 
 January 20, 2006 

STRICTLY PRIVATE & CONFIDENTIAL 
 Frances
Fiorillo 
 Dear Frances, 
 As you have now received your H1B
Visa from the United States Citizenship and Immigration Service I am very pleased to tell you that we wish to convert the consultancy agreement that you accepted and agreed to with Virgin USA, Inc. on December 17, 2004 (the “Consultancy
Agreement”) to an employment contract with Virgin America Inc. (the “Company”) pursuant to which you will hold the position of Senior Vice-President, People and In-Flight Service. Below you will
find a synopsis of the significant points we have discussed in relation to both the conversion of your Consultancy Agreement and the employment position you will hold. 

Position 
 To facilitate your United States and Canadian
tax filing requirements, the conversion of your Consultancy Agreement to an employment contract will occur effective January 25, 2006 at which time you will be employed as above in the position of Senior Vice-President, People and In-Flight Service. Until January 25, 2006 the existing Consultancy Agreement will continue to govern the compensation and other aspects of your relationship with both Virgin USA, Inc. and the Company. When the
employment contract takes effect on January 25, 2006 your Company service date will be adjusted to reflect the date you began providing services under the Consultancy Agreement; namely, January 25th, 2005. 
 The position of Senior Vice-President, People and
In-Flight Service is a full-time, exempt position, based at our San Francisco (“SFO”) location. You agree to devote your full business time and best efforts to the performance of your duties to the
Company and agree that during the term of your employment with the Company, you will not engage in any other business, profession or occupation without the consent the Company’s Chief Executive Officer or his or her designee. Your starting base
salary will be $200,000 per annum. You are also eligible to participate in an annual bonus plan with respect to each fiscal year. Your targeted annual bonus percentage is 45% of your base salary earned during the relevant fiscal year. The annual
bonus amount for any fiscal year is discretionary and depends on the Company’s overall results and your individual contribution. 

 Ms. Frances Fiorillo 

November 29, 2005 
  Page 
 2
 
  

 Benefits 

The following benefits will begin immediately on February 1, 2006 or the later date that you choose: (1) medical insurance for yourself and eligible
family and (2) long term disability insurance. Both of these will be subject to medical examination (if required by the provider). In addition you will be entitled to participate in a 401(k) retirement savings plan; provided that while you
remain a resident of Canada, you will not participate in the 401(k) plan. Instead, the Company will pay you an amount equal to what its matching 401(k) contribution would have been in order to allow you to make RRSP (Registered Retirement Savings
Plan) contributions in Canada. For this purpose, it will be assumed that you would have made the maximum contributions to the 401(k) plan that are matched by the Company. 

Your annual vacation entitlement of 4 weeks will accrue from commencement of your employment with the Company, at a rate of 1/12 of the total annual
entitlement per month. Accrual of annual leave is pro-rated; therefore if you join at any point other than the first day of a month, or if you work part-time, you will accrue leave only for the proportion of time worked. The holiday year runs from
January 1 to December 31 each year. Vacation time must be used in accordance with Company policy. The official details contained in the applicable benefit plan documents shall govern in the event of any conflict or inconsistency with the
details listed in this letter or with any other written or oral statements or representations. 
 Relocation 

To assist with your relocation to the Company’s main base of operations in SFO you will receive a housing allowance of $4,000 per month for 16 months
commencing February 1st, 2006, which will be grossed up for all income and payroll taxes in order to provide you with after-tax proceeds of $4,000. In addition, commencing February 1st, 2006 to May 31st 2007 we will provide up to two (2) economy class round trip airline trips per month (plus unlimited travel on the
Company’s airline pursuant to employee travel policies to be implemented) from SFO to your permanent home. 
 As well as the above, you will be
entitled at our expense to receive annually from external consultants of your choosing (but not to exceed a dollar value of $10,000) tax preparation of all Canadian and US returns as well as tax consultations for each year that your permanent home
remains in Canada, and should it be necessary, annual tax equalization to keep you whole with respect to all United States and Canadian taxes (including, without limitation, income, Social Security, employment insurance and similar taxes) on all
compensation items (including, without limitation, salary, living allowance, tax preparation, consulting fees, bonus and stock options) if your US taxes on these items are greater than your Canadian taxes on these items would have been if you had
remained a Canadian resident employee working only in Canada. For this purpose, the calculations of the independent consultants that you have selected will be accepted by the Company as conclusive. 

 Ms. Frances Fiorillo 

November 29, 2005 
  Page 
 3
 
  

 Equity 

As soon as practicable after January 1, 2006, you will be granted options to purchase common stock equal to 0.4% of the Company’s equity on a fully
diluted basis as of the day of grant. These options will vest annually in arrears (provided that you are still employed and not under notice of termination of employment at the relevant vesting date) over 4 years from January 25, 2005, in
equal tranches. The exercise price and the terms and conditions of this option grant will be governed by a separate option plan and related option agreement. The option grant will be subject to dilution, as set out in the option plan. 

It will be a condition of your option grant that you sign the Company’s standard non-compete and confidentiality letters. Copies of these will be
provided to you. 
 Severance 
 Your employment is
terminable “at will” either by you or by the Company. Following any termination of employment, you will not be entitled to any compensation or benefits from the Company (or its affiliates), other than (i) if applicable, that referred
to in the following paragraph, (ii) any awarded, but unpaid, annual bonus for any previously completed fiscal year, (iii) reimbursement for any unreimbursed business expenses properly incurred by you in accordance with applicable policies
prior to the date of such termination and (iv) such employee benefits, if any, as to which you may be entitled under the employee benefit plans in which you are participating as of the date of such termination of employment. 

If the Company fails to capitalize or obtain DOT certification or if your employment is terminated for any reason other than for Cause, you will be eligible
for a six-month lump sum severance package of your base salary, pro-rated target bonus and option vesting. Your eligibility for this severance package will be conditioned on your execution and compliance with a six-month non-competition and
non-solicitation agreement and general release that is reasonably satisfactory to the Company. 
 For this purpose, “Cause” means (a) your
unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) your conviction of, or your plea of “guilty” or “no contest”
to, a felony under the laws of the United States or any State, (c) your gross negligence or willful misconduct, (d) your continuing failure to perform assigned duties after receiving written notification of the failure from the
Company’s Board of Directors or (e) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation. 

No Conflict 
 You hereby represent to the Company that the
execution and delivery of this letter agreement by you and the performance by you of your duties to the Company shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which
you are a party or otherwise bound. 

 Ms. Frances Fiorillo 

November 29, 2005 
  Page 
 4
 
  

 Acceptance 

In consideration for your employment, you agree to conform to the policies, guidelines, practices, and procedures of the Company from time to time. 

For clarification and the protection of both you and the Company, your acceptance of this offer represents the sole agreement between you and the Company. Any
other discussions, promises, representations and understandings are not to be considered part of this offer, unless expressed, in writing, by a representative of the Company. 

This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of laws principles
thereof and may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

Please indicate your acceptance of our offer to convert your Consultancy Agreement to an employment contract on the terms noted by signing below and returning
this letter via post to me by January 24, 2006. 
 Frances, I’m very pleased to be welcoming you on board. You are joining a dynamic group at an
extremely exciting time for us as we expand into a new market. I am confident that you will rise to the challenges presented to you and make a significant contribution to our success. I believe that this will be a mutually rewarding relationship.

 Sincerely, 
 Virgin America Inc. 

/s/ Fred Reid 
 Fred Reid 

Chief Executive Officer 
 Agreed and accepted by: 

 

							
	 /s/ Frances Fiorillo
	 		  	January 25, 2006	  	
	Frances Fiorillo	 		  	Date	  	

  

 Summary of Employment Terms: Frances Fiorillo: 

Company Service Date: January 25, 2005 
 Payroll
Date: January 26, 2006 
 Annual Salary: $200,000 

Annual Target Bonus: 45% 
 Equity Allocation:
0.4%, with vesting commencing from January 25, 2005 
 Benefits: 
  

	 	•	 	Health & Dental start date to be advised 

  

	 	•	 	LTD and Life Insurance effective February 1, 2006 

  

	 	•	 	Annual Vacation – 4 Weeks 

  

	 	•	 	401K – While a resident of Canada will not participate, Instead the company will pay an amount equal to what it’s 401k matching contribution would be assuming that the max employee contributions to the 401k
plan would have been made and matched by the company. 

 Relocation: 

Housing Allowance: $4,000 / month net after tax for 16 months commencing February 1st, 2006.

 Travel: 2 economy class flights/ month Commencing February 1st, 2006 for 16 months to and
from permanent residence and San Francisco 
 Tax Preparation: $10,000 for tax preparation/tax consultations for each year of permanent home remains in
Canada 
 Tax Equalization: as requiredEX-10.26

 Exhibit 10.26 

March 15, 2013 
 PRIVATE & CONFIDENTIAL

 Stephen Forte 
 Dear Stephen: 

We’re very pleased to offer you the position of Chief Operating Officer with Virgin America Inc. (the “Company”). Below you’ll find the
terms of our offer and the benefits you’ll receive when you begin working with us 
 Position 

Effective April 8th, 2013 or another mutually agreed upon date, you will be employed as Chief Operating Officer for the Company. This is a full-time,
exempt position, to be based at our headquarters location near the San Francisco International Airport. You will be reporting to David Cush, President and CEO. 

Compensation and Annual Incentive 
 Your starting base
salary will be $410,000 per year and is subject to annual review by the Compensation Committee of the Board. 
 You are also eligible to participate in an
annual incentive plan each fiscal year. Your targeted annual incentive percentage is 55% of your base salary. The annual incentive amount for any fiscal year will be pro-rated based upon service and is wholly discretionary, and depends on the
Company’s overall results and your individual contributions and performance, as measured and determined by the Company, based on achievement of goals as established during the Company’s normal planning cycle. Any annual incentive for a
calendar year will be paid no later than the end of the following calendar year. For your first year of employment, annual incentive will be guaranteed at 100%, pro rated from date of hire (such that, a portion will be payable in 2014 as part of the
2013 annual incentive awards made to officers, and the remaining portion will be payable in 2015 as part of the 2014 annual incentive awards made to officers). 

Your salary, all incentive payments and any other payments for which you may be entitled will be subject to applicable State & Federal tax
withholding. 
 Benefits 
 Beginning the first of the
month after 30 days of employment, you will be eligible for the following benefits (1) medical insurance, (2) dental insurance, (3) long-term disability insurance, and (4) group life insurance policy of up to 3X base salary
subject to a cap of $750,000 guaranteed issue and subject to the terms and conditions of the applicable plan (which may 

 Letter to Stephen Forte 

March 15, 2013 
  

 
require medical examination, among other things). In addition, beginning the first of the month after 90 days of employment, you will be eligible to participate m the Company’s 401(k)
retirement savings plan, subject to applicable terms and conditions. You will also be eligible for travel privileges which include Positive Space Main cabin leisure travel provided for you and eligible dependents in accordance with the Team Travel
Policy. 
 You and, to the extent applicable, your family, dependents and beneficiaries, shall be allowed to participate in all benefits, plans and programs
subject to the terms of the plan provisions, including improvements or modifications of the same, which are now, or may hereafter be, available to similarly situated Company employees holding an Officer title. 

You will have a vacation entitlement of 20 days per calendar year. Vacation will accrue on a pro rata basis from the start of your employment with
the Company. Vacation time must be used in accordance with Company policy. 
 The official details contained in the applicable benefit plan documents will
govern in the event of any conflict or inconsistency between those documents and this offer. 
 Relocation: 

Upon obtaining a primary residence locally in San Francisco region, you will be eligible for full relocation benefits in accordance with Virgin America
relocation policy for Officer level positions. We will also include a “gross up” amount to account for estimated income tax on such reimbursement. The foregoing is subject to and governed by additional details in our relocation policy, a
copy of which will be provided to you. A relocation representative will also contact you for individual counseling. Also a temporary housing allowance will be provided at $5,000 per month (grossed-up) for
24 months. 
 Equity: 
 Subject to approval by our
Board of Directors, you will be granted an option (the “Option”) under our Stock Incentive Plan (the “Plan”) to purchase 500,000 shares of nonqualified Class G common stock options. The Option exercise price will be the fair
market value of the shares on the date of grant, as determined by the Board of Directors. The Option grant will vest ratably over 3 years. Your option grant is subject to the same restriction as similar management grants, including the
following options are only exercisable when one of the following events has occurred: (A) a Change of Control (as defined in the Plan) of the Company at price per share of the Company’s Class A Common Stock of at least $3.50,
(B) an initial public offering of the Company’s Class A Common Stock at a price per share of at least $3.50, or (C) provided the Company’s Class A Common stock is publicly traded and neither of the preceding two
conditions to exercise under clauses (A) or (B) have previously been satisfied, the date on which the Company’s Class A Common stock is publicly traded and the stock price per share exceeds and has exceeded $3.50 on a daily
moving average basis for the past six months. 
 Severance: 

Should you be involuntarily terminated without Cause, or resign for Good Reason, you will receive 12 months base salary as a severance payment. 

 Letter to Stephen Forte 

March 15, 2013 
  

 For purposes of the foregoing: 

“Cause” shall mean (i) your engagement in misconduct which is injurious to the Company or its affiliates, (ii) your failure to
substantially perform your duties to the Company, (iii) your dishonesty in the performance of your duties to the Company, (iv) your commission of an act or acts constituting any (x) fraud against, or misappropriation or embezzlement
from the Company or any of its affiliates, (y) came involving moral turpitude, or (z) offense that could result in a jail sentence or (v) your breach of any confidentiality or non-competition covenant entered into between you and the
Company. The determination of the existence of Cause shall be made by the board of directors or compensation committee in good faith, which determination shall be conclusive and binding on you. 

“Good Reason” shall mean the termination of employment by you by reason of (i) a reduction in your pay or benefits (unless such a reduction in
pay or benefits applies generally to other officers), (ii) a significant diminution of your position, responsibilities or duties, (iii) the relocation by the Company or its successor of your required work location more than 50 miles
from Burlingame, CA, or (iv) a material breach by the Company of any provision of this agreement. 
 At Will Employment 

Your employment with us is “at will” and can be terminated by either you or the Company at any time, for any reason, with or without notice. Any
statements or representations to the contrary (and, indeed, any statements contradicting any provision in this offer) should be regarded by you as ineffective. Any modification or change in your at will employment status may only occur by way of a
written employment agreement signed by you and the Chief Executive Officer of the Company. 
 Section 409A 

To the extent (a) any payments or benefits to which you become entitled under this offer letter, or under any agreement or plan referenced herein, in
connection with your termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (b) you are deemed at the time of such termination of employment to be a “specified
employee” under Section 409A of the Code, then such payments shall not be made or commence until the earliest of (i) the expiration of the six (6)-month period measured from the date of your
“separation from service” (as such term is at the time defined in Treasury Regulations under Section 409A of the Code) from the Company, or (ii) the date of your death following such separation from service, provided, however,
that such deferral shall only be effected to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) tax for which you would otherwise be liable under
Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the
absence of this paragraph shall be paid to you or your beneficiary in one lump sum (without interest). Any termination of your employment is intended to constitute a “separation from service” and will be determined consistent with the
rules relating to a “separation from service” as such term is defined in Treasury Regulation Section 1.409A-1. 

 Letter to Stephen Forte 

March 15, 2013 
  

 
It is intended that each installment of the payments provided hereunder constitute separate “payments” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further
intended that payments hereunder satisfy, to the greatest extent possible, the exemption from the application of Section 409A of the Code (and any state law of similar effect) provided under Treasury Regulation Section 1.409A-1(b)(4) (as a
“short-term deferral”). To the extent that any provision of this offer letter is ambiguous as to its compliance with Section 409A of the Code, the provision will be read in such a manner so that all payments hereunder comply with
Section 409A of the Code. Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this offer letter is determined to be subject
to Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for
reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which
you incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

Confidentiality/Proprietary Information 
 As a team member
of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the company. To protect the interests
of the Company, you will be required to sign the company’s standard “Team Member Invention Assignment and Confidentiality Agreement” as a condition of your employment. 

We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former
employer or to violate any other obligations you may have to any former employer. 
 During the period that you are employed by the Company, you agree to
not engage in any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are
currently associated with or participate in that competes in any way with the Company. You will not assist any other person or organization which is competing with the Company or is preparing to engage in competition with the business or proposed
business of the Company. You represent that signing this offer letter and commencing your employment with the Company under the terms herein will not violate any agreement currently in place between yourself and current or past employers. 

Authorization to Work 
 Within three (3) business
days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States. 

Acceptance 
 In consideration for and as a condition of
your employment, you agree to conform to the standards, policies, guidelines, practices, and procedures of the Company. 

 Letter to Stephen Forte 

March 15, 2013 
  

 Your acceptance of this offer represents the sole agreement between you and the Company, and supersedes in
its entirety any prior discussions or written agreements. Any other discussions, promises, representations and understandings are not to be considered part of this offer, unless expressed in writing by an authorized representative of the Company.

 Governing Law, Counterparts 
 This Agreement shall be
governed by and construed in accordance with California law, without regard to conflicts of laws principles thereof and may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument. 
 Please indicate your acceptance of our offer of employment by signing below and returning this letter by post, fax or
scanned PDF attachment to email. 

 Letter to Stephen Forte 

March 15, 2013 
  

 We look forward to welcoming you on board. 

Sincerely, 
 David Cush 

President and CEO 
 Agreed and accepted by: 

 

							
	 /s/ Stephen Forte
	  		  	 03/22/2013
	  	
	Stephen Forte	  		  	Date

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