Document:

Indemnification Agreement

 Exhibit 10.24 
 FORM OF INDEMNIFICATION AGREEMENT 
 OF SPIRIT AIRLINES, INC.

 This Indemnification Agreement (“Agreement”) is effective as of
                    , by and between Spirit Airlines, Inc., a Delaware corporation (the “Company”), and
                     (“Indemnitee”). 
 RECITALS: 
 A. The Company recognizes the difficulty in obtaining liability
insurance for its directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates, the significant cost of such insurance and the limitations in the coverage of such insurance. 

B. The Company further recognizes the substantial increase in corporate litigation in general, subjecting directors, officers, employees,
controlling persons, fiduciaries and other agents and affiliates to expensive litigation risks. 
 C. The current protection
available to directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the Company may not be adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries
and other agents and affiliates of the Company (or persons who may be alleged or deemed to be the same), including the Indemnitee, may not be willing to serve or continue to serve or be associated with the Company in such capacities without
additional protection. 
 D. The Company (a) desires to attract and retain the involvement of highly qualified persons,
such as Indemnitee, to serve and be associated with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by law. 

E. In view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced expenses by the
Company as set forth herein. 
 AGREEMENT: 
 In consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Certain Definitions. 
 (a) “Change in Control” shall be deemed to have occurred if, on or after the date of this Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a corporation owned directly or indirectly by the stockholders
of the Company in substantially the 

 
same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the
Company representing more than 50% of the total voting power represented by the Company’s then outstanding Voting Securities (as defined below), (ii) during any period of two (2) consecutive years, individuals who at the beginning of
such period constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds ( 2/3) of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation
of the Company with any other corporation other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or
(iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of the
Company’s assets. 
 (b) “Claim” shall mean with respect to a Covered Event (as defined below): any
threatened, asserted, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit,
proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other. 
 (c)
References to the “Company” shall include, in addition to Spirit Airlines, Inc., any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which Spirit Airlines, Inc. (or any
of its wholly owned subsidiaries) is a party, which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries, so that if Indemnitee is or was a director,
officer, employee, agent or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture,
employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent
corporation if its separate existence had continued. 
 (d) “Covered Event” shall mean any event or occurrence
related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or any subsidiary, direct or indirect, of the Company, or is or was serving at the request of the Company as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity. 

(e) “Expenses” shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses, and
liabilities, joint or several (including reasonable attorneys’ fees and 

  
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all other costs, expenses and obligations reasonably incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, to
be a witness in or to participate in, any action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance
by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement. 
 (f) “Expense Advance” shall mean a payment to Indemnitee pursuant to Section 3 of
Expenses in advance of the settlement of or final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation, which constitutes a Claim. 

(g) “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with the provisions
of Section 2(d) hereof, who shall not have otherwise performed services for the Company or Indemnitee within the last three (3) years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other
indemnitees under similar indemnity agreements). 
 (h) References to “other enterprises” shall include
employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall include
any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement. 
 (i) “Reviewing
Party” shall mean, subject to the provisions of Section 2(d), any person or body appointed by the Board of Directors in accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which
may include a member or members of the Company’s Board of Directors, Independent Legal Counsel or any other person or body not a party to the particular Claim for which Indemnitee is seeking indemnification, exoneration or hold harmless rights.

 (j) “Section” refers to a section of this Agreement unless otherwise indicated. 

(k) “Voting Securities” shall mean any securities of the Company that vote generally in the election of directors.

 2. Indemnification. 
 (a) Indemnification of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify, exonerate or hold harmless Indemnitee for Expenses to the fullest extent
permitted by law if Indemnitee was or is or becomes a party to or witness or other 

  
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participant in, or is threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or arising in part out of a Covered Event), including all interest,
assessments and other charges incurred in connection with or in respect of such Expenses. 
 (b) Review of Indemnification
Obligations. Notwithstanding the foregoing, in the event any Reviewing Party shall have determined (in a written opinion, in any case in which Independent Legal Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified,
exonerated or held harmless hereunder under applicable law, (i) the Company shall have no further obligation under Section 2(a) to make any payments to Indemnitee not made prior to such determination by such Reviewing Party and
(ii) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee (within thirty (30) days after
such determination); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified, exonerated
or held harmless hereunder under applicable law, any determination made by any Reviewing Party that Indemnitee is not entitled to be indemnified hereunder under applicable law shall not be binding and Indemnitee shall not be required to reimburse
the Company for any Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed).
Indemnitee’s obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be charged thereon. 
 (c) Indemnitee Rights on Unfavorable Determination; Binding Effect. If any Reviewing Party determines that Indemnitee substantively is not entitled to be indemnified, exonerated or held harmless
hereunder in whole or in part under applicable law, Indemnitee shall have the right to commence litigation seeking an initial determination by the court or challenging any such determination by such Reviewing Party or any aspect thereof, including
the legal or factual bases therefor, and, subject to the provisions of Section 15, the Company hereby consents to service of process and to appear in any such proceeding. Absent such litigation, any determination by any Reviewing Party shall be
conclusive and binding on the Company and Indemnitee. 
 (d) Selection of Reviewing Party; Change in Control. If there
has not been a Change in Control, any Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control, any Reviewing Party with respect to all matters thereafter arising concerning Indemnitee’s
indemnification, exoneration or hold harmless rights for Expenses under this Agreement or any other agreement or under the Company’s certificate of incorporation or bylaws as now or hereafter in effect, or under any other applicable law, if
desired by Indemnitee, shall be Independent Legal Counsel selected by the Indemnitee and approved by Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and
Indemnitee as to whether and to what extent Indemnitee would be entitled to be indemnified, exonerated or held harmless hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of
the Independent Legal Counsel referred to above and to fully indemnify, exonerate and hold harmless such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this

  
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Agreement or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be required to pay Expenses of more than one Independent Legal Counsel in
connection with all matters concerning a single Indemnitee, and such Independent Legal Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the Company otherwise determines or (ii) any Indemnitee shall
provide a written statement setting forth in detail a reasonable objection to such Independent Legal Counsel representing other Indemnitees. 
 (e) Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 10 hereof, to the extent that Indemnitee has been successful on the merits or
otherwise, including, without limitation, the dismissal of an action without prejudice, in defense of any Claim, Indemnitee shall be indemnified, exonerated and held harmless against all Expenses incurred by Indemnitee in connection therewith.

 (f) Contribution. If the indemnification, exoneration or hold harmless rights provided for in this Agreement is for
any reason held by a court of competent jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless Indemnitee thereunder, the Company shall contribute to the amount paid or payable by Indemnitee as
a result of such Expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and Indemnitee in connection with the action or inaction which resulted in such Expenses, as
well as any other relevant equitable considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall be deemed to be in the same respective proportions that the
net proceeds from the offering (before deducting expenses) received by the Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the securities
so offered. The relative fault of the Company and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and Indemnitee agree that it would not
be just and equitable if contribution pursuant to this Section 2(f) were determined by pro rata or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph.
In connection with the registration of the Company’s securities, in no event shall Indemnitee be required to contribute any amount under this Section 2(f) in excess of the net proceeds received by Indemnitee from its sale of securities
under such registration statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(1) of the Securities Act) shall be entitled to contribution from any person who was not found guilty of such fraudulent
misrepresentation. 
 3. Expense Advances. 

(a) Obligation to Make Expense Advances. The Company shall make Expense Advances to Indemnitee upon receipt of a written
undertaking by or on behalf of the Indemnitee to repay such amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified, exonerated or held harmless therefor by the Company. 

  
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 (b) Form of Undertaking. Any written undertaking by the Indemnitee to repay any
Expense Advances hereunder shall be unsecured and no interest shall be charged thereon. 
 4. Procedures for
Indemnification and Expense Advances. 
 (a) Timing of Payments. All payments of Expenses (including without
limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no
event later than forty-five (45) days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than twenty (20) days after such written demand by Indemnitee
is presented to the Company. 
 (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to
Indemnitee’s right to be indemnified, exonerated or held harmless or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for
which indemnification, exoneration or hold harmless right will or could be sought under this Agreement. Notice to the Company shall be directed to the Chief Executive Officer and the General Counsel of the Company at the address shown on the
signature page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee). In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within
Indemnitee’s power. 
 (c) No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any
Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct
or have any particular belief or that a court has determined that indemnification, exoneration or hold harmless right is not permitted by this Agreement or applicable law. In addition, neither the failure of any Reviewing Party to have made a
determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified, exonerated or held harmless under this Agreement or applicable law, shall be a defense to Indemnitee’s claim
or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any determination by any Reviewing Party or otherwise as to whether the Indemnitee is entitled to be
indemnified, exonerated or held harmless hereunder, the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 
 (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 4(b) hereof, the Company has liability insurance in effect

  
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which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in accordance with the terms of such policies. 

(e) Selection of Counsel. In the event the Company shall be obligated hereunder to provide indemnification, exoneration or hold
harmless rights for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved by Indemnitee (which approval shall not be
unreasonably withheld) upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company
will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim; provided, however, that (i) Indemnitee
shall have the right to employ Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company,
(B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not continue to retain such counsel to defend such
Claim, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances hereunder. The Company shall have the right to
conduct such defense as it sees fit in its sole discretion, including the right to settle any claim, action or proceeding against Indemnitee without the consent of Indemnitee, provided that the terms of such settlement include either:
(i) a full release of Indemnitee by the claimant from all liabilities or potential liabilities under such claim; or (ii), in the event such full release is not obtained, the terms of such settlement do not limit any indemnification, exoneration
or hold harmless rights Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s certificate of incorporation, bylaws, any agreement, any vote of stockholders or disinterested directors, the General Corporation Law
of the State of Delaware (the “DGCL”) or otherwise. 
 5. Additional Indemnification Rights;
Nonexclusivity. 
 (a) Scope. The Company hereby agrees to indemnify, exonerate and hold harmless the Indemnitee
to the fullest extent permitted by law, notwithstanding that such indemnification, exoneration or hold harmless right is not specifically authorized by the other provisions of this Agreement, the Company’s certificate of incorporation, the
Company’s bylaws or by statute. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify, exonerate or hold harmless a member of its board
of directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or
rule which narrows the right of a Delaware corporation to indemnify, exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or
rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except as set forth in Section 10(a) hereof. 

  
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 (b) Nonexclusivity. The indemnification, exoneration or hold harmless rights and the
payment of Expense Advances provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Company’s certificate of incorporation, its bylaws, any other agreement, any vote of stockholders or
disinterested directors, the DGCL, or otherwise. The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while
serving in an indemnified, exonerated or held harmless capacity even though subsequent thereto Indemnitee may have ceased to serve in such capacity. 
 6. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has
otherwise actually received payment (under any insurance policy, provision of the Company’s certificate of incorporation, bylaws or otherwise) of the amounts otherwise payable hereunder, except as provided in Section 18 below. 

7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification, exoneration
or hold harmless rights by the Company for some or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall nevertheless indemnify, exonerate or hold harmless Indemnitee for the
portion of such Expenses to which Indemnitee is entitled. 
 8. Mutual Acknowledgment. Both the Company and
Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying, exonerating or holding harmless its directors, officers, employees, agents or fiduciaries under this Agreement or
otherwise. Indemnitee understands and acknowledges that the Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification, exoneration or hold harmless rights to a court in
certain circumstances for a determination of the Company’s right under public policy to indemnify, exonerate or hold harmless Indemnitee. 
 9. Liability Insurance. To the extent the Company maintains liability insurance applicable to directors, officers, employees, agents or fiduciaries, Indemnitee shall be covered by such
policies in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors who are not employees of the Company, if Indemnitee is a director who is not employed by
the Company; or of the Company’s officers, if Indemnitee is a director of the company and is also employed by the company, or is not a director of the Company but is an officer; or in the Company’s discretion, if Indemnitee is not an
officer or director but is an employee, agent or fiduciary. 
 10. Exceptions. Notwithstanding any other provision
of this Agreement, the Company shall not be obligated pursuant to the terms of this Agreement: 
 (a) Excluded Action or
Omissions. To indemnify, exonerate or hold harmless Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee is 

  
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prohibited from receiving indemnification, exoneration or hold harmless rights under this Agreement or applicable law; provided, however, that notwithstanding any limitation
set forth in this Section 10(a) regarding the Company’s obligation to provide indemnification, exoneration or hold harmless rights to Indemnitee, Indemnitee shall be entitled under Section 3 to receive Expense Advances hereunder with
respect to any such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has engaged in acts,
omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or applicable law. 
 (b) Claims Initiated by Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to Indemnitee with respect to Claims initiated or brought voluntarily by Indemnitee and not by
way of defense, counterclaim or cross claim, except (i) with respect to actions or proceedings brought to establish or enforce an indemnification, exoneration or hold harmless right under this Agreement or any other agreement or insurance
policy or under the Company’s certificate of incorporation or bylaws now or hereafter in effect relating to Claims for Covered Events, (ii) in specific cases if the Board of Directors has approved the initiation or bringing of such Claim,
or (iii) as otherwise required under Section 145 of the DGCL, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, exoneration, hold harmless right, Expense Advances or insurance recovery, as
the case may be. 
 (c) Lack of Good Faith. To indemnify, exonerate or hold harmless Indemnitee for any Expenses incurred
by the Indemnitee with respect to any action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in Section 13 that each of the material assertions
made by the Indemnitee as a basis for such action was not made in good faith or was frivolous, or (ii) by or in the name of the Company to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as
provided in Section 13 that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 
 (d) Claims Under Section 16(b). To indemnify, exonerate or hold harmless Indemnitee for expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; provided, however, that notwithstanding any limitation set forth in this Section 10(d) regarding the
Company’s obligation to provide indemnification or exoneration or hold harmless, Indemnitee shall be entitled under Section 3 to receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction
over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has violated said statute. 

11. Counterparts. This Agreement may be executed in counterparts and by facsimile or electronic transmission, each of which
shall constitute an original and all of which, together, shall constitute one instrument. 
 12. Binding Effect;
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective 

  
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successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses,
heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or
assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director, officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the
Company’s request. [The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of this Agreement.]1 
 13. Expenses Incurred in Action Relating to Enforcement or Interpretation. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance
policies maintained by the Company to enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee with respect to such action (including without limitation
attorneys’ fees), regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal
therefrom have been exhausted or lapsed) that each of the material assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that until such final judicial determination is
made, Indemnitee shall be entitled under Section 3 to receive payment of Expense Advances hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret
any of the terms of this Agreement, Indemnitee shall be entitled to be indemnified, exonerated or held harmless for all Expenses incurred by Indemnitee in defense of such action (including without limitation costs and expenses incurred with respect
to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been
exhausted or lapsed) that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled
under Section 3 to receive payment of Expense Advances hereunder with respect to such action. 
 14. Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and signed for by the party addressed, on the date of such delivery, (ii) if mailed by
domestic certified or registered mail with postage prepaid, on the third business day after the date postmarked, or (iii) if delivered via overnight express mail or courier service, on the next day after the date postmarked. Addresses for
notice to either party are as shown on the signature page of this Agreement or as subsequently modified by written notice. 
  

	1	Use if Section 18(a) is applicable. 

  
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 15. Consent to Jurisdiction. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the Court of Chancery of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this
Agreement shall be commenced, prosecuted and continued only in the Court of Chancery of the State of Delaware in and for New Castle County, which shall be the exclusive and only proper forum for adjudicating such a claim. 

16. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof
(including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent
permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
 17. Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties to this Agreement, shall be governed by and construed in accordance with the laws
of the State of Delaware without regard to principles of conflicts of laws. 
 18. [Fund Indemnitors; ]Subrogation.

 (a) [The Company hereby acknowledges that Indemnitee has certain indemnification, exoneration, hold harmless or
Expense advancement rights and/or insurance provided by [NAME OF FUND] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e.,
its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance Expenses or to provide indemnification, exoneration or hold harmless rights for the same Expenses incurred by Indemnitee are secondary), (ii) that
it shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, to the extent legally permitted and as required by the certificate of incorporation or bylaws of the Company
(or any agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims
against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any Claim for
which Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect the foregoing and the Fund Indemnitors shall have a right to receive from the Company, contribution and/or be subrogated, to the extent of
such advancement or payment to all of the rights of recovery of Indemnitee against the Company. 

  
 -11-

 (b) Except as provided in Section 18(a) above, i]2[I]n the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee[ (other than against Fund Indemnitors)] from any insurance policy purchase by the Company, who shall execute all documents
required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. In no event, however, shall the Company or any other person have any right of recovery, through
subrogation or otherwise, against (i) Indemnitee, [or ](ii) [any Fund Indemnitor, or (iii) ]any insurance policy purchased or maintained by Indemnitee[ or any Fund Indemnitor]. 

19. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective
unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver. 
 20. Integration and Entire Agreement. This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 

21. No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee
any right to employment by the Company or any of its subsidiaries or affiliated entities. 
 22. Additional Acts.
If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner
that will enable the Company to fulfill its obligations under this Agreement. 
 (The remainder of this page is intentionally
left blank.) 
  

	2	Use if Section 18(a) is applicable. 

  
 -12-

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

			
	SPIRIT AIRLINES, INC.
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	
		
	Address:	 	     2800 Executive Way
     Miramar, Florida 22025

	
	AGREED TO AND ACCEPTED BY:
	
	INDEMNITEE:
	
	  

		
	Name:	 	  

		
	Address:Articles of Association

 Exhibit 4.1 
 For information purposes only 

UNOFFICIAL TRANSLATION 

DELHAIZE BROTHERS AND Co. “THE LION” (DELHAIZE GROUP) 

In French ETABLISSEMENTS DELHAIZE FRERES ET Cie 
 “LE LION” (GROUPE DELHAIZE) 
 In Dutch GEBROEDERS
DELHAIZE EN Cie “DE LEEUW” (DELHAIZE GROEP) 
 Public company (“société anonyme”)

 at Molenbeek-Saint-Jean, rue Osseghem 53 
 Jurisdiction of the Courts of Brussels 
 Company register 0402206045. 

Coordination of the Articles of association as of July 1st, 2010 
 PART ONE – CHARACTER OF THE COMPANY 
 ARTICLE ONE – FORM AND CORPORATE NAME

 The company is a public company (“société anonyme”) calling or having called for public savings. Its
corporate name is “ETABLISSEMENTS DELHAIZE FRERES ET Cie “LE LION” (GROUPE DELHAIZE)”, in Dutch “GEBROEDERS DELHAIZE EN Cie “DE LEEUW” (DELHAIZE GROEP)” and in English “DELHAIZE BROTHERS AND Co. “THE
LION” (DELHAIZE GROUP)”, in abridged “GROUPE DELHAIZE”, in Dutch “DELHAIZE GROEP” and in English “DELHAIZE GROUP”, the company being allowed to use its full corporate name or any of its abridged corporate
names. 
 ARTICLE TWO – CORPORATE PURPOSE 
 The corporate purpose of the company is the trade of durable or non-durable merchandise and commodities, of wine and spirits, the manufacture and sale of all articles of mass consumption, household
articles, and others, as well as all service activities. 
 The company may carry out in Belgium or abroad all industrial, commercial, movable,
real estate, or financial transactions that favor or expand directly or indirectly its industry and trade. 
 It may acquire an interest, by any
means whatsoever, in all businesses, corporations, or enterprises with an identical, similar or related corporate purpose or which favor the development of its enterprise, acquire raw materials for it, or facilitate the distribution of its products.

 ARTICLE THREE – REGISTERED OFFICES 
 The registered offices are located at Molenbeek-Saint-Jean, rue Osseghem 53. 
 The registered
offices may be transferred to any other location in Belgium by mere decision of the board of directors. 
 The company may, by mere decision of
the board of directors, establish administrative offices, branches, workshops, agencies, and seats in Belgium or elsewhere. 
 Any change of the
registered offices is published in the Appendix of the Official Gazette at the initiative of the board of directors. 

 ARTICLE FOUR – DURATION 
 The duration of the company is unlimited. 
 The shareholders meeting may decide to wind up the
company in compliance with the procedure applicable for amending the articles of association. 
 PART TWO – SHARE CAPITAL

 ARTICLE FIVE – CAPITAL 
 The corporate share capital amounts to fifty million seven hundred and three thousand seven hundred twenty five Euros (EUR 50,703,725.00) 

It is divided into 101,407,450 ordinary shares, without nominal value, representing each 1/101,407,450th of the company assets. 

Multiple certificates representative of several ordinary shares may be issued. 
 The shareholders meeting may decide to split company shares at any time in compliance with the procedure applicable for amending the articles of association. 

ARTICLE SIX – INDIVISIBILITY OF SHARES 
 The shares are indivisible and the company recognizes only one owner per share. 
 If there are
joint owners of a share, the company is entitled to suspend the exercise of the rights vested in this share until one person has been appointed in writing by all the co-owners to exercise those rights. 

The rights vested in shares, which are subject to usufruct or pledge, are exercised respectively by the usufructuary and the owner who has pledged them,
unless an agreement to the contrary is signed by all interested parties and notified to the company. 
 ARTICLE SEVEN – MODIFICATION
OF THE SHARE CAPITAL 
 The shareholders meeting may decide to increase or decrease the share capital in one or several times in
compliance with the procedure provided for by legal provisions in force. 
 The board of directors determines the rate and conditions of
issuance of new shares in the event of a share capital increase. 
 Should the board of directors decide to issue new shares without nominal
value below the par value of the existing shares, such circumstance must be mentioned in the notice of the shareholders meeting. 
 Should the
share capital be increased with an issuance premium, the amount of such premium must be fully paid up upon subscription. 
 Should the share
capital be increased by contributions in cash, the holders of convertible bonds or subscription rights may respectively convert their bonds or exercise their subscription rights and possibly benefit from the issuance of new shares as if they were
shareholders, provided such benefit is granted to existing shareholders. 
 The board of directors may, at its own discretion, enter into any
agreement providing for the subscription of all or part of the new shares to be issued, safe for the application of the preemptive rights. 

  
 2 

 In case of a share capital increase, the new shares to be subscribed in cash must be offered by preference
to existing shareholders in proportion to the number of shares that each one of them owns and in accordance with legal provisions in force. 

However, such preemptive right may be limited or withdrawn by the shareholders meeting, acting in the interest of the company, in compliance with the
procedure provided for amending the articles of association. 
 In such case, a specific mention of this proposal must be made in the notice of
the meeting, and the board of directors and the statutory auditor or, in his absence, a certified public accountant appointed by the board of directors, must prepare the reports provided for by legal provisions in force. These reports must be
deposited at the office of the competent commercial court, referred to in the agenda and communicated to the shareholders. 
 ARTICLE
EIGHT – AUTHORIZED CAPITAL 
 A. The board of directors is authorized to increase the share capital in one or several times up to
the amount of nine million six hundred seventy eight thousand eight hundred ninety seven Euros (EUR 9,678,897) on the dates and pursuant to the terms decided by the board of directors for a period of five years as from the date of publication of
this authorization in the Belgian Official Gazette. 
 This authorization is renewable according to the terms provided for by law. 

The board is authorized to increase the capital as mentioned above, by contributions in cash or, to the extent permitted by law, by contributions in
kind, or by incorporation of the available or unavailable reserves or the issuance premium account. In the latter cases, such increase may occur with or without issuance of new shares. 
 The increase of the share capital may also be achieved by the issuance of convertible bonds or subscription rights—whether or not attached to other securities - which may cause the creation of new
shares in compliance with the legal provisions in force. 
 In case of a share capital increase, the board of directors is authorized to limit
or revoke, in the interest of the company, the preferential right provided for by legal provisions in force, including to the benefit of one or more specific persons, whether or not employees of the company or its subsidiaries. 

B. Whenever the share capital increase decided by the board of directors involves an issuance premium, the amount of such premium is, after possible
deduction of costs, allocated to a blocked account which constitutes, together with the share capital, the guarantee of third parties and may only be reduced or suppressed by decision of the shareholders meeting with the quorum and majority
requirements provided for a decrease in capital, without prejudice to the board of directors’ ability to incorporate said account into the share capital pursuant to section A above. 
 ARTICLE NINE – ACQUISITION, PLEDGE AND TRANSFER OF OWN SHARES 
 The company may
acquire or hold in pledge its own shares in compliance with legal provisions in force. The board of directors is authorized to transfer through public or private transactions the shares that the company acquired, under conditions determined by the
board of directors, without the prior approval of the shareholders meeting, in compliance with legal provisions in force. 
 The above-mentioned
authorizations also relate to acquisitions and transfers of shares of the company by its direct subsidiaries, as such subsidiaries are defined by legal provisions on acquisition of shares of the parent company by its subsidiaries, and are renewable
in compliance with legal provisions in force. 

  
 3 

 On May 28, 2009, the extraordinary general meeting authorized the board of directors to acquire up to
ten percent (10%) of the outstanding shares of the company at a minimum unit price of one Euro (EUR 1) and at a maximum unit price not higher than twenty percent (20%) above the highest closing stock market price of the company’s
shares on Euronext Brussels during the twenty trading days preceding such acquisition. Such authorization has been granted for a period of two (2) years as from the date of the extraordinary general meeting of May 28, 2009 and extends to
the acquisition of shares of the company by its direct subsidiaries, as such subsidiaries are defined by legal provisions on acquisition of shares of the parent company by its subsidiaries. 
 ARTICLE TEN – CALLS OF FUNDS 
 Shares that have not been fully paid up may not
be transferred, unless the board of directors has previously approved the transferee. 
 The board of directors may at its own discretion call
funds relating to shares that have not been not fully paid up. 
 If a shareholder fails to pay called funds one month after he is sent a notice
by registered mail, such shareholder will be required to pay without further notice an interest equal to the legal interest rate as from the day of the due date until full payment. 
 If a shareholder further fails to pay called funds one month after a second call of funds, the board of directors may declare the forfeiture of such shareholder and have his securities sold on the stock
exchange, via the agency of an investment company or a credit institution, without prejudice to the right to claim any sum due, as well as damages and interest. 
 The voting rights pertaining to unpaid shares are automatically suspended so long as called payments, duly made and claimable, have not been made. 
 ARTICLE ELEVEN – NATURE OF THE SECURITIES 
 Securities are in bearer, registered
or dematerialized form. Securities that are not entirely paid up shall remain in registered form. 
 Holders of securities may request at their
expense the conversion of securities to registered form at any time or to dematerialized form at any time as of January 1, 2008. 
 Bearer
securities deposited in a securities account as of January 1, 2008 will be automatically converted to dematerialized form as from that date. Bearer securities that are held in physical form on January 1, 2008 and are subsequently deposited
in a securities account at a later date shall be automatically converted to dematerialized form at such later date. Bearer securities that shall not have been deposited in a securities account shall be converted at the choice of their holder to
registered or dematerialized form by December 31, 2013. 
 The register of registered shares, the register of registered subscription
rights and the register of any registered bonds issued by the company are held in electronic form. The board of directors may decide to outsource the maintenance and administration of any electronic register to a third party. All entries in the
registers, including transfers and conversions, can validly be made on the basis of documents or instructions which the transferor, transferee and/or holder of the securities, as applicable, may send electronically or by other means, and the company
may accept and enter any transfer in the registers resulting from correspondence or other documents evidencing the consent of the transferor and the transferee. 

  
 4 

 ARTICLE TWELVE – SHAREHOLDINGS DISCLOSURES 

Any person or legal entity, which owns or acquires securities of the company granting voting right, whether representing the share capital or not, must
disclose to the company and to the Banking and Finance Commission, in compliance with legal provisions in force, the number of securities that such person or legal entity owns, alone or jointly with one or several other persons or legal entities,
when the voting rights attached to such securities amount to three (3,-) per cent or more of the total of the voting rights existing when the situation triggering the disclosure obligation occurs. 

Such person or legal entity must also do so in the event of a transfer, or an additional acquisition, of securities referred to in the preceding
paragraph when, after such transaction, the voting rights attached to securities that it owns amount to five (5,-) per cent, ten (10,-) per cent, and so on by blocks of five (5,-) per cent of the total of the voting rights existing when the
situation triggering the disclosure obligation occurs, or when the voting rights attached to securities that it owns fall below one of those thresholds or below the threshold referred to in the preceding paragraph. 

Any person or legal entity which acquires or transfers, alone or jointly, the direct or indirect control of a corporation which owns three (3,-) per cent
at least of the voting rights of the company must disclose such acquisition or transfer to the company and to the Banking and Finance Commission in compliance with legal provisions in force. 
 A disclosure is also required when, as a result of events changing the breakdown of voting rights, the percentage of the voting rights attached to the voting right securities reaches, exceeds or falls
below the thresholds provided for in the first and second paragraphs above, even when no acquisition or disposal of securities has occurred. A similar disclosure is also required when persons or legal entities enter into, modify or terminate an
agreement of action in concert, when as result thereof, the percentage of the voting rights subject to the action in concert or the percentage of the voting rights of one of the parties to the agreement of action in concert reaches, exceeds or falls
below the thresholds mentioned in the first and second paragraphs above. 
 Disclosure statements relating to the acquisition or transfer of
securities which are made pursuant to this article must be addressed to the Banking and Finance Commission and to the board of directors of the company at the latest the fourth trading day following the day on which (i) the person or legal
entity learns of the acquisition or the disposal or the possibility of exercising voting rights, or, having regard to the circumstances, should have learned it, regardless of the date on which the acquisition, disposal or possibility of exercising
voting rights takes effect, (ii) the person or legal entity is informed of the event changing the break down of voting rights, (iii) an agreement of action in concert is entered into, modified or terminated, or (iv) for securities
acquired by succession, the succession is accepted by the heir, as the case may be, under the benefit of inventory. 
 Unless otherwise provided
by legal provisions in force, no one will be allowed to vote at the shareholders meeting a number of securities greater than the number validly disclosed at the latest twenty days before such meeting, in compliance with legal provisions in force and
with these articles of association, it being understood that a shareholder will in any event be allowed to vote a number of securities that does not exceed three (3,-) per cent of the total of the voting rights existing on the day of the
shareholders meeting or which is between two successive thresholds. 

  
 5 

 PART THREE – ADMINISTRATION AND AUDITING 

ARTICLE THIRTEEN – COMPOSITION OF THE BOARD OF DIRECTORS 
 The company is managed by a board consisting in at least three members, whether shareholders or not, individual or legal entity, appointed for a maximum term of six years by the shareholders meeting and
at all times removable by the latter. 
 The director that is a legal entity notifies to the company the identity of the individual and, as the
case may be, of its substitute, appointed to represent permanently such legal entity at the meetings of the board of directors. Without prejudice to article 17, such individual may not be chosen among the directors of the company. 

Outgoing directors may be reelected. 
 The term
of outgoing but yet not reelected directors ceases immediately after the shareholders meeting convened to elect their possible successor. 

ARTICLE FOURTEEN – VACANCY 

Should there be one or several vacancies among directors before the end of a term as a result of death, resignation or any other cause, all remaining
directors are authorized to fill the vacancy temporarily. 
 In such case, the shareholders meeting decides on the definitive appointment at its
next meeting. 
 The director appointed in the aforementioned circumstances completes the term of the director he is replacing. 

ARTICLE FIFTEEN – CHAIRMANSHIP 
 The board of directors elects a chairman among its members and, as the case may be, a vice-chairman. 
 ARTICLE SIXTEEN – MEETINGS 
 The board of directors meets when convened by its
chairman and under its chairmanship or, if the latter is unable to attend, under the chairmanship of the vice-chairman if a vice-chairman has been elected, or under the chairmanship of a director appointed by his peers. 

The board meets every time required by the interest of the company or whenever requested by two directors. 

Meetings take place at the location indicated in the notice. 
 Notices of the meetings of the board of directors are properly given in writing, by telecopy, by electronic mail or by phone. 
 The board meeting may be held by conference call or any other means of communication. In such case, it is deemed to take place at the registered offices. 

In any case, the director who may not physically attend the board meeting may participate in the deliberation by phone, videoconference or any other
similar means of communication. 

  
 6 

 In the circumstances referred to in paragraphs 5 and 6 above, the vote of the director who was not
physically present will be confirmed either by executing the minutes of the board meeting in which he participated without being physically present, or by telecopy addressed to the registered offices of the company. 

Notices must be made three days in advance safe in case of emergency, which must be justified in the minutes. 

In case of emergency, decisions of the board of directors may be adopted in writing by unanimous written consent of the directors, to the extent
permitted by law. 
 ARTICLE SEVENTEEN – DELIBERATION 
 The board of directors may only deliberate and resolve if half of its members at least are present or represented. 
 Any director who is excused or absent may authorize one of his peers in writing, by telegram, telecopy or any other form of written proxy to represent him at board meetings and to vote on his behalf. In
such case, the represented director is deemed present. 
 However, no proxy holder may represent more than one director at a time. 

Decisions of the board of directors are adopted by majority vote. 
 In case of equality of vote casts, the vote of the chairman of the meeting will prevail. 
 In case
of conflict of interests, the directors will comply with legal provisions in force. 
 If, during a board meeting complying with the quorum
requirement set forth above, one or more present or represented directors must abstain as a result of the preceding paragraph, resolutions are validly adopted by a majority vote of the other present or represented directors. 

ARTICLE EIGHTEEN – MINUTES 

The deliberations of the board of directors are recorded in minutes signed by a majority of directors participating in the meeting. 

Such minutes are recorded in a special register. 
 Proxies are attached thereto. 
 Extracts and copies under private seal of such minutes, to be
submitted to a court or elsewhere, are signed by one director or by a member of the management referred to in article 21. 
 ARTICLE
NINETEEN – POWERS OF THE BOARD 
 The board of directors is vested with the broadest powers to accomplish all necessary or useful
acts in order to achieve the corporate purpose of the company. It is empowered to carry out any act that is not reserved by law to the shareholders’ meeting. It is notably empowered to conclude any loan by means of credit or otherwise, even by
issuance of bonds, provided that they are neither convertible nor with a subscription right attached, unless expressly authorized to do so by the shareholders’ meeting in compliance with legal provisions in force. 

  
 7 

 The board of directors creates within the board an audit committee vested with the authority to permanently
monitor the tasks performed by the statutory auditor and to perform such additional functions as may be provided for by the board of directors. The board of directors may create other committees vested with such authority as the board of directors
will determine. 
 ARTICLE TWENTY – DELEGATION OF POWER 
 The board of directors may entrust the day-to-day management of the company and the representation relating to such management, including the hiring, dismissal and determination of wage of staff members,
to one or several directors, whether they bear the title of managing director or not, or to one or several members of the management, whether chosen among the directors or not, who may be granted variable or invariable fees to be charged on the
general expenses of the company. 
 Such fees, as well as all other terms, notably any severance pay, must be provided for in a special contract
approved by the board of directors, all directors in charge of a permanent position in the company abstaining. 
 Nonetheless, the board of
directors approves the hiring, appointment and dismissal of company officers in charge of the corporate and financial policy of the company, on proposal of the person(s) in charge of the day-to-day management, if any. 

The board, or within the day-to-day management, a person in charge of the day-to-day management, are each authorized to grant authority to certain
directors or other individuals for specific purposes. The proxy holder binds the company within the limits of his or her proxy. 
 ARTICLE
TWENTY-ONE – REPRESENTATION OF THE COMPANY 
 Towards third parties and before a court, the company is represented by two directors
acting jointly, or by one director acting jointly with one of the members of the management of the company appointed for such purpose by the board of directors. The board of directors ensures that the identity of the members of the management
entitled to represent the company jointly with one director is published in the Appendix of the Official Gazette. 
 ARTICLE TWENTY-TWO
– OTHER POSITION 
 Managing directors or members of the management may not accept another managing or administrative position,
whether remunerated or not, from any other entity or company, unless especially authorized by the board of directors. 
 A director or officer
may consider a position of director for another company only to the extent that such position will not affect his duties for the benefit of the company, which must remain effective and permanent at all times. 

ARTICLE TWENTY-THREE – OTHER REMUNERATED POSITIONS 
 Should a director or any other representative of the company be commissioned in order to represent the company with another entity or company, the pays and advantages relating to such position lead to a
proportional reduction of his wages. 
 ARTICLE TWENTY-FOUR – AUDITING 

Control over the company must be entrusted to one or more auditors. They are appointed for a renewable term of three years and may be removed by a
shareholders meeting. 

  
 8 

 Auditors are chosen among the members, whether individuals or legal entities, of the Company Auditors
Institute (Institut des Reviseurs d’Entreprises). 
 The shareholders meeting determines the number of auditors and their
remuneration. 
 If there are no auditors or if all auditors are unable to perform their duties, the board of directors immediately convenes a
shareholders meeting in order to have new auditors appointed. 
 ARTICLE TWENTY-FIVE – DUTIES OF AUDITORS 

Auditors have jointly or individually an unlimited right to audit the financial situation and the balance sheet, and to control whether the operations
recorded in the annual accounts are in compliance with legal provisions in force and the articles of association. They are entitled to be granted at any time access to the records, correspondence, minutes and, generally, all the books and documents
of the company. 
 Every six months at least, directors must provide them with financial statements prepared in compliance with the scheme
required for balance sheets and profit and loss accounts. 
 Auditors must prepare a detailed and written report containing all indications
required by law to the attention of the ordinary shareholders meeting. 
 Employees or other persons for whom they are responsible may assist
auditors at their own expense. 
 ARTICLE TWENTY-SIX – LIABILITY 
 Directors and auditors have no personal liability relating to company commitments. 
 They are
responsible with respect to their office and to any errors committed in the course of their duty in compliance with legal provisions in force. 

ARTICLE TWENTY-SEVEN – INDEMNITY 
 The shareholders’ meeting may determine from time to time the aggregate amount of the directors’ fees to be charged to general expenses. Such fees will be shared between the directors in the
proportion determined by resolution of the board of directors. 
 Auditors’ remuneration consists in a fixed sum determined by the
shareholders’ meeting at the time of appointment. 
 PART FOUR – SHAREHOLDERS MEETINGS 

ARTICLE TWENTY-EIGHT – COMPOSITION AND POWERS 
 The shareholder meeting, when regularly constituted, represents all the shareholders of the company. 
 It is empowered to carry out or ratify all acts performed in the interest of the company. 
 It
consists in holders of ordinary shares who are entitled to vote either in person or by proxy in compliance with legal provisions in force. 

Decisions adopted by the shareholders meeting are binding upon all shareholders, including those who were absent or dissident. 

  
 9 

 ARTICLE TWENTY-NINE – MEETING 
 The ordinary shareholders meeting automatically takes place on the fourth Thursday of May at 3:00 p.m. 
 If that date is not a business day, the meeting takes place on the preceding or following business day. 
 An extraordinary or special meeting may be convened each time it is in the company’s interest. It must be convened at the request of shareholders holding together one fifth of the share capital.

 In the latter case, the shareholders indicate in their request the items to be included in the agenda, and the board of directors or the
auditors must convene a shareholders meeting within six weeks as from the request. 
 Shareholders meetings will take place in one of the
districts of the city of Brussels at the location indicated in the notice. 
 ARTICLE THIRTY – NOTICE 

The shareholders meeting is held on notice of the board of directors or the auditors. 
 The notice contains the agenda and complies with the formal requirements and the timing imposed by legal provisions in force. Notices of shareholders meetings decided by the board of directors may validly
be signed on its behalf by one of the persons in charge of the day-to-day management. 
 The notices of the ordinary shareholders meetings must
include the following agenda items: discussion on the management and auditors reports, discussion on the annual accounts, discharge of liability of directors and auditors, re-election and replacement of outgoing or missing directors and auditors.

 ARTICLE THIRTY-ONE – ATTENDANCE NOTICE AND DEPOSIT OF SECURITIES 
 In order to be admitted to shareholders meeting, holders of registered securities must notify their intent to exercise their rights at the meeting to the board of directors no later than four business
days prior to such meeting. 
 Holders of dematerialized securities must provide notice of their intent to exercise their rights at the meeting
to one of the financial institutions indicated in the notice to the meeting or any institution specified in such notice and pursuant to the modalities set forth in such notice, no later than four business days prior to such meeting. Within the same
timeframe, one of the financial institutions indicated in the notice to the meeting or any institution specified in such notice will communicate to the company a certificate which certifies the blocking of the shares until, and including, the date
of the shareholders meeting. 
 Holders of bearer securities must deposit their securities at the registered offices of the company within the
same timeframe. Unless the body convening the shareholders meeting decides otherwise and indicates so in the notice, the deposit of securities at the registered offices may be replaced by the communication to the company, within the same timeframe,
of a certificate of one of the financial institutions indicated in the notice, which certifies the blocking of the shares until, and including, the date of the shareholders meeting. 
 The holders of bonds may attend the meeting with consultative vote if they have deposited their securities in accordance with this article. 

  
 10 

 ARTICLE THIRTY-TWO – REPRESENTATION 

All holders of securities entitled to vote may be represented by a proxy holder at the shareholders meeting. 

However, under age persons, certified persons, civil companies and commercial companies may be represented by their legal or statutory bodies that, in
turn, may be represented by a proxy holder. Spouses are entitled to represent each other. 
 The board of directors may approve the form of the
proxies. They must be deposited at the location indicated in the notice no later than four business days before the meeting. Proxies may also be sent by telecopy at the number indicated in the notice, no later than four business days before the
meeting, provided that the executed original of such proxies be handed over to the office of the shareholders meeting at the latest at the beginning of such meeting. Failing that, the company will not acknowledge the powers of the proxy holder.

 ARTICLE THIRTY-THREE – OFFICE 
 All shareholders meetings are chaired by the chairman of the board of directors or, should he not attend, by the vice-chairman if a vice-chairman has been elected, or by a managing director or, in absence
of the latter, by the eldest accepting attending director. 
 The chairman appoints the secretary. 

The meeting appoints two observers. 
 The
attending directors complete the office. 
 ARTICLE THIRTY-FOUR – ADJOURNMENT 

The board of directors is allowed to adjourn any ordinary or other shareholders meeting in the course of such meeting. The decision of the board of
directors must not be motivated. 
 The decision to adjourn a meeting cancels all decisions taken and the shareholders are reconvened within
three weeks with the same agenda. 
 Formalities accomplished in compliance with article 31 in order to attend the first shareholders meeting
remain valid for the second meeting. In addition, new deposits of bearer securities and new communications of blocking certificates of bearer securities, as well as new attendance notices made by registered shareholders, are allowed for the purpose
of the second meeting within the timeframe provided by these articles of association. 
 ARTICLE THIRTY-FIVE – NUMBER OF VOTES

 Each share entitles its holder to one vote. 
 ARTICLE THIRTY-SIX – VOTES 
 The meeting may not vote on items that were not
mentioned on the agenda. 
 Unless otherwise provided by legal provisions in force, decisions are adopted by a majority vote, irrespective of
the number of securities present or represented at the meeting. 
 With respect to the appointment of directors or auditors, if no candidate is
elected by a majority vote, a second ballot is organized between the two candidates who obtained the highest number of votes. In case of a tie in the second ballot, the eldest candidate is elected. 

  
 11 

 Votes are expressed by raising hands, by calling names or through electronic devices, unless otherwise
decided by the shareholders meeting. 
 Any shareholder may vote in writing at any shareholders meeting, by using a form to be provided by the
company mentioning (i) the name and address or registered seat of the shareholder, (ii) the number of shares which the shareholder will vote, and (iii) the indication, for each point on the agenda, of the vote of the shareholder.
Shares shall be taken into account for the vote and the computation of the quorum only if the form is received by the company at least four business days prior to the meeting. Any shareholder who votes in writing must comply with the deposit
obligations referred to in article 31. 
 An attendance list, that indicates the name of each shareholder and the number of securities it owns,
is signed by each shareholder or its proxy holder before the meeting starts. 
 ARTICLE THIRTY-SEVEN – MINUTES 

The minutes of shareholders meetings are signed by the officers of the meeting and by any shareholders asking to do so. 

Extract and copies under private seal of such minutes to be produced in court or elsewhere must be signed by one director. 

PART FIVE – INVENTORY AND ANNUAL ACCOUNTS – DISTRIBUTION 
 ARTICLE THIRTY-EIGHT – INVENTORY AND ANNUAL ACCOUNTS 
 The accounting year of
the company begins on the first day of January and ends on the thirty-first day of December. 
 On the thirty-first day of December of each
year, the directors prepare the annual accounts, an inventory and a management report in compliance with the legal provisions in force. 

Shareholders may review the following documents at the registered offices fifteen days prior to the ordinary shareholders meeting : 

 

	 	1.	the annual accounts; 

  

	 	2.	the list of government funds, shares, bonds, and other securities included in the portfolio; 

 

	 	3.	the list of shareholders who have not paid up their shares, with the number of shares they own and their address; 

 

	 	4.	the management report and the auditors report. 

The annual accounts and the management and auditors reports are addressed to registered shareholders with the notice. 

Fifteen days before the meeting, all shareholders are entitled to obtain a copy of the documents mentioned above free of charge upon production of their
security. 

  
 12 

 ARTICLE THIRTY-NINE – VOTE ON ANNUAL ACCOUNTS 

The ordinary shareholders meeting hears the management report and auditors report and discusses the annual accounts. 

Directors answer the questions asked by shareholders with respect to their report or other items on the agenda. 

Auditors answer the questions asked by shareholders with respect to their report. 
 The ordinary shareholders meeting votes on the adoption of the annual accounts. 
 After adoption
of the annual accounts, the meetings votes separately on the discharge of liability of directors and auditors. 
 Such discharge is valid only
to the extent that the annual accounts contain neither omission, nor false indication concealing the company’s genuine situation and, with respect to actions taken in breach of the articles of association, only if they have been especially
indicated in the notice. 
 The management report, auditors report, annual accounts and all documents provided for in legal provisions in force
are deposited by the board of directors at the National Bank of Belgium thirty days after they have been approved by the shareholders meeting. 

ARTICLE FORTY – DISTRIBUTION 

Five percent at least of the net profits is transferred to a legal reserve fund. When the accumulated legal reserve fund is equal to one tenth of the
capital of the company, it is no longer compulsory to transfer further profits to the said reserve. 
 On proposal of the board of directors,
the shareholders’ meeting may decide to transfer sums determined by the latter to the creation of, or the increase in, reserve funds or to a carried forward account or decide on a levy on available reserves or on the carried forward account
from previous years. 
 The shareholders’ meeting determines the allocation of the balance of the net profits on the basis of a proposal of
the board of directors. The shareholders’ meeting may allocate from time to time a part of such balance of the net profits to the directors and such amount will be shared between the directors in the proportion determined by resolution of the
board of directors. 
 ARTICLE FORTY-ONE – PAYMENT OF DIVIDENDS 
 Dividends are paid out annually at the places and on the dates determined by the board of directors. 
 The board of directors may decide under its own responsibility to pay interim dividends to be charged on the profit of the current fiscal year and determine the date of their payment, in compliance with
legal provisions in force. 
 PART SIX – DISSOLUTION – LIQUIDATION 

ARTICLE FORTY-TWO – LIQUIDATION 
 The company may be wound up anticipatively at any time by a shareholders meeting, voting as provided for amending the articles of association. 

  
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 If, as a result of losses, the company’s net assets amount to less than one half of the share capital,
a shareholders meeting must be convened no later than two months as from the day the losses were noticed or should have been noticed pursuant to legal or statutory duties. Such meeting must vote in compliance with the procedure provided for amending
the articles of association on a possible liquidation of the company and on other measures announced in the agenda. 
 The board of directors
duly justifies its proposals in a special report available to shareholders at the registered offices of the company fifteen days before the meeting. 
 If, as a result of losses, the company’s net assets amount to less than one fourth of the share capital, the liquidation takes place if it is approved of by one fourth of the votes cast during the
shareholders meeting. 
 When the net assets amount to less than the legal minimum share capital, any interested party may seize a court and
request the liquidation of the company. 
 ARTICLE FORTY-THREE – WINDING-UP 

Should the company be wound-up, what ever the cause or the time may be, the liquidation is carried out by liquidators appointed by the shareholders
meeting or, failing such appointment, by the board of directors in charge at that time acting as a liquidation comity. 
 To this end, it
benefits from the broadest possible powers under legal provisions in force. 
 The shareholders meeting determines the liquidators’
remuneration. 
 During the liquidation process of the company, auditors benefit from the same powers vis-à-vis the liquidator(s) as
those they have vis-à-vis the board of directors under legal provisions in force. 
 ARTICLE FORTY-FOUR – SHARING AMONG
SHAREHOLDERS 
 If all share are not equally paid-up, the liquidators take such disparity into account before sharing the net assets and
reestablish a balance by treating all shares on an equal basis either by calling upon shareholders additional funds or by reimbursing first the shares that have been paid up in a greater portion in cash. 

The balance is distributed equally among all shares. 
 PART SEVEN – GENERAL PROVISIONS 
 ARTICLE FORTY-FIVE – ELECTION OF DOMICILE

 With respect to the enforcement of these articles of association, any registered shareholder domiciled in a foreign country, unless it
has elected domicile in Belgium, any member of the management, any auditor and any liquidator hereby elects domicile at the registered offices of the company where all communications and notices may be made or summons served. 

ARTICLE FORTY-SIX – GENERAL LAW 
 Parties agree to comply with legal provisions in force. 
 As a result, unless otherwise validly
provided, all public policy provisions of law are deemed to be set forth in these articles of association and all provisions of these articles of association conflicting with such provisions of law are deemed not to exist. 

  
 14 

 ARTICLE FORTY-SEVEN – DISCLOSURE OF SIGNIFICANT SHAREHOLDINGS 

The fourth and fifth paragraphs of article 12 of these articles, as they have been adopted by the shareholders meeting of May 22, 2008 will only
apply beginning September 1, 2008, the date of the entering into force of the Law of May 2, 2007 on the disclosure of significant shareholdings. Until such date, any disclosure statements made pursuant to the first, second and third
paragraphs of article 12 must be addressed to the Banking and Finance Commission and to the board of directors of the company at the latest on the second business day after the occurrence of the event giving rise to the notification or, in case of
securities acquired by succession, within 30 days after such succession has been accepted, in accordance with the Law of 2 March 1989 on the disclosure of significant shareholding. 
 PROVISIONAL MEASURE 
 Securities qualifying as “parts sociales” at
the time of issuance by the company must from now on be characterized as “actions”. The corporate rights attached thereto will not be modified. 
  

			
	A Director,	  	A Director,

  
 15

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