Document:

Prepared by R.R. Donnelley Financial -- EX-10.51

 Exhibit 10.51 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is entered into as of November 2, 2014, by and among PAR
Investment Partners, L.P., a Delaware limited partnership (“Buyer”), Virgin America Inc., a Delaware corporation (the “Company”), Cyrus Aviation Holdings, LLC, a Delaware limited liability company
(“Cyrus”) and VX Holdings, L.P., a Delaware limited partnership (the “Virgin Group,” and together with Cyrus, the “Sellers”). 

Capitalized terms used but not defined in this Agreement have the meanings ascribed thereto in the Underwriting Agreement among Barclays
Capital Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters, the Company and the Sellers (the “Underwriting Agreement”). 

WHEREAS, in connection with the initial public offering (the “IPO”) of the voting common stock, par value $.01 per share (the
“Common Stock”), of the Company pursuant to the Registration Statement, the Company will complete a recapitalization transaction as described and defined in the Registration Statement as the “2014 Recapitalization” (the
“Recapitalization”); 
 WHEREAS, Buyer desires to purchase from the Sellers and each Seller desires to sell to Buyer shares
of Common Stock pursuant to the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, the closing of the purchase
and sale of the Shares (as defined below) pursuant hereto is conditioned upon the completion of the Recapitalization and the closing of the IPO. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants set forth below, the parties hereto hereby agree as
follows: 
 1. Sale of Shares. 

(a) Purchase and Sale. Subject to the terms and conditions set forth in this Agreement, each Seller, severally and not jointly, hereby
agrees to sell to Buyer, and Buyer hereby agrees to purchase from such Seller, a number of shares of Common Stock (rounded down to the nearest whole share) equal to (i) $25,000,000 divided by (ii) 96% of the price per share of Common Stock
paid by the public in the IPO (as to such Seller the “Seller Shares,” and all Seller Shares collectively, the “Shares”). The purchase price per Share to be paid by Buyer (the “Price Per Share”) is
equal to 96% of the price per share of Common Stock paid by the public in the IPO. The total purchase price to be paid by Buyer for the Shares is equal to (x) the number of Shares multiplied by (y) the Price Per Share (the
“Purchase Price”). 
 (b) Closing. The closing of the sale and purchase of the Shares (the
“Closing”) shall take place at the offices of Latham & Watkins LLP, 140 Scott Drive, Menlo Park, California 94025, or at such other place as shall be agreed upon by the parties hereto, on

  
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the date that all of the conditions set forth in Section 4 of this Agreement are either satisfied or waived. At the Closing, Buyer shall deliver the Purchase Price for the Seller Shares
purchased from each Seller to such Seller in exchange for delivery of such Seller Shares to Buyer by transfer via DWAC. 
 (c) Payment of
Purchase Price. Payment by Buyer of the Purchase Price to the Sellers shall be made by wire transfer of immediately available funds to an account specified in writing by each Seller. 

(d) Payment by Company to Sellers. At the Closing, the Company shall deliver to each Seller by wire transfer of immediately available
funds to an account specified in writing by such Seller an amount equal to $25,000,000 minus the Purchase Price payable to such Seller by Buyer. 

2. Representations and Warranties. 

2.1 Representations and Warranties of the Company. The Company represents and warrants to Buyer as follows: 

(a) The Company has been duly organized and is validly existing as a corporation, limited liability company or similar entity in good standing
under the laws of the State of Delaware, with requisite power and authority to own or lease its properties and conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus. Each Subsidiary has
been duly organized and is validly existing as a corporation, limited liability company or similar entity in good standing under the laws of the jurisdiction of its organization with requisite power and authority to own or lease its properties and
conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus. The Company and each of the Subsidiaries are duly qualified to transact business in all jurisdictions in which the conduct of their
business requires such qualification except where the failure to be so qualified would not reasonably be expected to (i) have, individually or in the aggregate, a material adverse effect on the earnings, business, properties, assets, operations
or condition (financial or otherwise) of the Company and of the Subsidiaries taken as a whole or (ii) prevent the consummation of the transactions contemplated hereby (the occurrence of any such effect or any such prevention described in the
foregoing clauses (i) and (ii) being referred to as a “Material Adverse Effect”). The outstanding shares of capital stock of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and
non-assessable and are owned by the Company or another Subsidiary free and clear of all liens, encumbrances and equities and claims; and no options, warrants or other rights to purchase, agreements or other obligations to issue or other rights to
convert any obligations into shares of capital stock or ownership interests in the Subsidiaries are outstanding. 
 (b) The outstanding
shares of Common Stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable, and no preemptive or similar rights of stockholders exist with respect to any of the Shares or the issue and sale thereof.
Neither the filing of the Registration Statement nor the offering or sale of the Shares as contemplated by this Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the registration of any
shares of Common Stock. 

  
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 (c) The Company has taken all action required for the due authorization and consummation of the
transactions contemplated by that certain Recapitalization Agreement by and among the Company and funds affiliated with or related to Cyrus Capital Partners L.P. and affiliates of Virgin Group Holdings Limited (the “2014 Recapitalization
Agreement”) described in the Registration Statement, the General Disclosure Package and the Prospectus. 
 (d) The Company has an
authorized capitalization as set forth under the caption “Capitalization” and the other information set forth under the caption “Capitalization” in the Registration Statement and the Prospectus (and any similar section or
information contained in the General Disclosure Package) is true and correct in all material respects. All of the Shares conform to the description thereof contained in the Registration Statement, the General Disclosure Package and the Prospectus.
The form of certificates for the Shares conforms to the corporate law of the jurisdiction of the Company’s incorporation and to any requirements of the Company’s organizational documents. Subsequent to the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise stated therein or in this Agreement or contemplated by the 2014 Recapitalization Agreement, the Company has not:
(i) issued any securities; (ii) incurred any liability or obligation, direct or contingent, for borrowed money; or (iii) declared or paid any dividend or made any other distribution on or in respect to its capital stock. 

(e) The Commission has not issued an order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus
or the Prospectus relating to the proposed IPO, and no proceeding for that purpose or pursuant to Section 8A of the Act has been instituted or, to the Company’s knowledge, threatened by the Commission. The Registration Statement contains,
and the Prospectus and any amendments or supplements thereto will contain, all statements which are required to be stated therein by, and will conform in all material respects to, the requirements of the Act and the Rules and Regulations. The
Registration Statement and any amendments thereto do not contain, and will not contain, any untrue statement of a material fact and do not omit, and will not omit, to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, and the Prospectus and any amendments and supplements thereto do not contain, and will not contain, any untrue statement of a material fact; and do not omit, and will not omit, to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to information contained in or omitted
from the Registration Statement or the Prospectus, or any such amendment or supplement, in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Underwriter through the Representatives,
specifically for use therein. 
 (f) No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the
Registration Statement or the Prospectus, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing
Prospectus in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Underwriter through the Representatives, specifically for use therein. 

  
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 (g) The consolidated financial statements of the Company and its consolidated Subsidiaries,
together with related notes and schedules as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, comply in all material respects with the applicable requirements of the Act and present fairly the financial
position and the results of operations and cash flows of the Company and the consolidated Subsidiaries, at the indicated dates and for the indicated periods. Such financial statements and related schedules have been prepared in accordance with
United States generally accepted principles of accounting (“GAAP”), consistently applied throughout the periods involved, except as disclosed therein, and all adjustments necessary for a fair presentation of results for such periods
have been made. The summary and selected consolidated financial and statistical data included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly the information shown therein and such data has been
compiled on a basis consistent with the financial statements presented therein and the books and records of the Company. The pro forma financial statements and other pro forma financial information included in the Registration Statement, the General
Disclosure Package and the Prospectus present fairly the information shown therein, have been prepared in all material respects in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements, have been
properly compiled on the pro forma bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions or circumstances referred to therein.
All disclosures contained in the Registration Statement, the General Disclosure Package and the Prospectus regarding “non-GAAP financial measures” (as such term is defined by the Rules and Regulations) comply in all material respects with
Regulation G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Item 10 of Regulation S-K under the Act, to the extent applicable. The Company and the Subsidiaries do not have any material liabilities
or obligations, direct or contingent (including any off-balance sheet obligations or any “variable interest entities” within the meaning of Financial Accounting Standards Board Interpretation No. 46), not disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus. There are no financial statements (historical or pro forma) that are required to be included in the Registration Statement, the General Disclosure Package or the Prospectus that are not
included as required. 
 (h) Ernst & Young LLP, who have certified certain of the financial statements filed with the Commission as
part of the Registration Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Company and the Subsidiaries within the meaning of the Act and the applicable Rules and
Regulations and the Public Company Accounting Oversight Board (United States) (the “PCAOB”) as required by the Act. 
 (i)
Solely to the extent that the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated by the Commission and the NASDAQ Global Market thereunder (collectively, the “Sarbanes-Oxley Act”) have been applicable
to the Company, there is and has been no failure on the part of the Company and any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act. The
Company presently expects to be in compliance with all additional provisions of the Sarbanes-Oxley Act that will become applicable to the Company. 

  
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 (j) There is no legal, governmental, administrative or regulatory investigation, action, suit,
claim or proceeding pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries, or to which any property of the Company or Subsidiaries is subject, before any court or regulatory or administrative agency
or otherwise which if determined adversely to the Company or any of Subsidiaries would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There are no current or pending legal, governmental, administrative
or regulatory investigations, actions, suits, claims or proceedings that are required under the Act to be described in the Registration Statement, the General Disclosure Package or the Prospectus that are not so described in the Registration
Statement, the General Disclosure Package or the Prospectus. There are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration
Statement, the General Disclosure Package or the Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement, the General Disclosure Package or the Prospectus. 

(k) The Company and its Subsidiaries have good and marketable title to all of the properties and assets reflected in the consolidated
financial statements hereinabove described or described in the Registration Statement, the General Disclosure Package and the Prospectus, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those reflected in such
financial statements or described in the Registration Statement, the General Disclosure Package and the Prospectus or which (i) do not materially interfere with the use made and proposed to be made of such property by the Company and its
subsidiaries or (ii) would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries occupy or possess their leased properties, including their aircraft, under valid and
binding leases conforming in all material respects to the description thereof set forth in the Registration Statement, the General Disclosure Package and the Prospectus. 

(l) The Company and its Subsidiaries have filed all U.S. federal, state, local and foreign tax returns which have been required to be filed
taking into account any permitted extensions thereof; all tax returns filed are complete and correct in all material respects; and the Company and its Subsidiaries have paid all taxes indicated by such returns and all assessments received by them or
any of them to the extent that such taxes have become due and are not being contested in good faith and for which an adequate reserve or accrual has been established in accordance with GAAP. All material tax liabilities have been adequately provided
for in the financial statements of the Company, and the Company does not know of any actual or proposed additional material tax assessments. 

(m) Since the date of the most recent financial statements included in the Registration Statement, the General Disclosure Package and the
Prospectus, (i) there has not been any material adverse change or any development involving a prospective material adverse change in or affecting the earnings, business, properties, assets, operations or condition (financial or otherwise) of
the Company and its Subsidiaries taken as a whole, whether or not occurring in the ordinary course of business, (ii) there has not been any material transaction entered into or any material transaction that is probable of being entered into by
the Company or its subsidiaries, other than transactions in the ordinary course of business and changes and transactions described in the Registration Statement, the General Disclosure Package and the Prospectus, as each may be

  
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amended or supplemented, (iii) there has been no prohibition or suspension of the operation of either the Company’s or any of its subsidiaries’ aircraft, except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (iv) neither the Company nor any of its subsidiaries has sustained any loss or interference with its business that is reasonably expected to have a
Material Adverse Effect and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or
regulatory authority, except in each case as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus. 

(n) Neither the Company nor any of its Subsidiaries is or with the giving of notice or lapse of time or both, will be, (i) in violation
of its certificate or articles of incorporation, charter, by-laws, certificate of formation, limited liability company agreement, partnership agreement or other organizational documents, as applicable, (ii) in violation of or in default under
any agreement, lease, contract, indenture or other instrument or obligation to which it is a party or by which it, or any of its properties, is bound or (iii) in violation of any law, order, rule or regulation judgment, order, writ or decree
applicable to the Company or any Subsidiary of any court or of any government, regulatory body or administrative agency or other governmental body having jurisdiction over the Company or any Subsidiary, or any of their properties or assets, except
in the case of clauses (ii) and (iii), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The execution and delivery of this Agreement and the consummation
of the transactions herein contemplated and the fulfillment of the terms hereof do not and will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, (x) any indenture, mortgage, deed of
trust or other agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary or any of their respective properties is bound, (y) of the certificate of incorporation or formation, articles of
incorporation or association, charter, by-laws or other organizational documents, as applicable, of the Company or any Subsidiary, or (z) any law, order, rule or regulation judgment, order, writ or decree applicable to the Company or any
Subsidiary of any court or of any government, regulatory body or administrative agency or other governmental body having jurisdiction over the Company or any subsidiary, or any of their properties or assets, except in the case of clauses
(x) and (z), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(o) The execution and delivery of, and the performance by the Company of its obligations under, this Agreement has been duly and validly
authorized by all necessary corporate, limited liability company or similar applicable action on the part of the Company, and this Agreement has been duly executed and delivered by the Company. 

(p) Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other
governmental body necessary in connection with the execution and delivery by the Company of this Agreement and the consummation of the transactions herein contemplated has been obtained or made and is in full force and effect (except such additional
steps as may be required by FINRA). 

  
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 (q) Except as would not, individually or in the aggregate, reasonably be expected have a Material
Adverse Effect, the Company and its Subsidiaries (i) hold all licenses, registrations, certificates and permits from governmental authorities, including the Department of Transportation, the Federal Aviation Administration
(“FAA”) and the Federal Communications Commission (collectively, “Governmental Licenses”), which are necessary to the conduct of their business, (ii) are in compliance with the terms and conditions of all
Governmental Licenses, and all Governmental Licenses are valid and in full force and effect, and (iii) have not received any written or other notice of proceedings relating to the revocation or modification of any Governmental License. 

(r) The Company and its Subsidiaries own or possess the right to use all patents, inventions, trademarks, trade names, service marks, logos,
trade dress, designs, data, database rights, Internet domain names, rights of privacy, rights of publicity, copyrights, works of authorship, license rights, trade secrets, know-how and proprietary information (including unpatented and unpatentable
proprietary or confidential information, inventions, systems or procedures) and other intellectual property rights, as well as registrations and applications for registration of any of the foregoing (collectively, “Intellectual
Property”) necessary to conduct their business as presently conducted and as currently contemplated in the Registration Statement, the General Disclosure Package and the Prospectus to be conducted in the future, except where the failure to
own or possess or otherwise be able to acquire such Intellectual Property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company’s knowledge, neither the Company nor any of the
Subsidiaries, whether through their respective products and services or the conduct of their respective businesses, has infringed, misappropriated, conflicted with or otherwise violated, or is currently infringing, misappropriating, conflicting with
or otherwise violating any Intellectual Property of any other person or entity. None of the Company or the Subsidiaries have received any communication or notice of infringement of, misappropriation of, conflict with or violation of, any
Intellectual Property of any other person or entity. The Company knows of no infringement, misappropriation or violation by others of Intellectual Property owned by or licensed to the Company or the Subsidiaries, except for such infringement,
misappropriation or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(s) The Company and the Subsidiaries own or have a valid right to access and use all material computer systems, networks, hardware, software,
databases, websites, and equipment used to process, store, maintain and operate data, information, and functions used in connection with the business of the Company and the Subsidiaries (the “Company IT Systems”). The Company IT
Systems are adequate for, and operate and perform in all material respects as required in connection with, the operation of the business of the Company and the Subsidiaries as currently conducted, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have implemented commercially reasonable backup, security and disaster recovery technology consistent in all material respects with applicable
regulatory standards and customary industry practices. 
 (t) Neither the Company nor any Subsidiary is or, after giving effect to the
offering and sale of the Shares contemplated hereunder and the application of the net proceeds from 

  
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such sale as described in the Registration Statement, the General Disclosure Package and the Prospectus, will be required to register as an “investment company” or an entity
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “1940 Act”). 

(u) The statements set forth in each of the most recent Preliminary Prospectus and the Prospectus under the captions “Description of
Capital Stock,” “Material U.S. Federal Income Tax Consequences to Non-U.S. Holders,” “2014 Recapitalization,” “Risk Factors - Airlines are subject to extensive regulation and taxation by governmental authorities, and
compliance with new regulations and any new or higher taxes will increase our operating costs and may materially adversely affect our business” and “Business - Government Regulation,” insofar as they purport to summarize the
provisions of the laws and documents referred to therein, are accurate summaries in all material respects. 
 (v) The Company and its
Subsidiaries maintain systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of,
their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles in the United States (“GAAP”), including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Since the end of the Company’s most recent audited fiscal year, there have been no material weaknesses in the Company’s internal control over financial reporting, and been no change in
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company’s auditors and the Audit Committee of the Board of
Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which have adversely affected or are reasonably likely to adversely
affect the Company’s ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal controls over financial reporting. 
 (w) The Company has established and maintains “disclosure controls and procedures”
(as defined in Rules 13a-14(c) and 15d-14(c) under the Exchange Act); the Company’s “disclosure controls and procedures” are reasonably designed to ensure that all information (both financial and non-financial) required to be
disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and regulations under the Exchange Act, and that all such
information is accumulated and communicated to the Company’s management 

  
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as appropriate to allow timely decisions regarding required disclosure and to make the certifications of the Chief Executive Officer and Chief Financial Officer of the Company required under the
Exchange Act with respect to such reports. 
 (x) The statistical, industry-related and market-related data included in the Registration
Statement, the General Disclosure Package and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.

 (y) The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable financial
record-keeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT
Act), the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of jurisdictions where the Company and the Subsidiaries conduct business, the applicable rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any or the Subsidiaries with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened. 

(z) Neither the Company nor, to the Company’s knowledge, any director, officer, agent, employee, affiliate or representative of the
Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any similar sanctions imposed by any other body,
governmental or other, to which the Company or any of its Subsidiaries is subject (collectively, “other economic sanctions”); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or
otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person or entity, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC or other economic
sanctions. 
 (aa) Neither the Company nor any of the Subsidiaries nor any director or officer, nor to the Company’s knowledge, any
agent, employee, affiliate or other person acting on behalf of the Company or any of the Subsidiaries, in each case, only with respect to such capacity: (i) has used any corporate funds for any unlawful contribution, gift, entertainment or
other unlawful expense relating to political activity: (ii) has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds;
(iii) has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) is aware of or has taken any action, directly or indirectly, that would result in a violation by such Persons of the OECD
Convention on Bribery of Foreign Public Officials in International Business Transactions (“OECD Convention”), the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the
“FCPA”) or any similar law or regulation to which the Company, any of its Subsidiaries, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is subject. The
Company and its Subsidiaries have each conducted their 

  
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businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith. 
 (bb) The Company and each of the Subsidiaries carry, or are covered by, insurance,
from insurers of recognized financial responsibility, in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is prudent and customary for companies
engaged in similar businesses, including war risk insurance on its aircraft under the FAA’s insurance program authorized under 49 U.S.C. §44301 et seq. or similar war risk coverage from commercial underwriters; neither the Company nor any
of the Subsidiaries have been refused any coverage under insurance policies sought or applied for; and the Company and the Subsidiaries have no reason to believe that they will not be able to renew their existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their respective businesses at a cost that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 (cc) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended, including the regulations and published interpretations thereunder (“ERISA”)) for which the Company or any member of its “Controlled Group” (defined as any organization that is a member of a controlled
group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have liability (each a “Plan”) is in compliance in all material respects with all presently
applicable statutes, rules and regulations, including ERISA and the Code; (ii) with respect to each Plan subject to Title IV of ERISA (a) no “reportable event” (as defined in Section 4043 of ERISA) has occurred for which the
Company or any member of its Controlled Group would have any liability; and (b) neither the Company nor any member of its Controlled Group has incurred or expects to incur liability under Title IV of ERISA (other than for contributions to the
Plan or premiums payable to the Pension Benefit Guaranty Corporation, in each case in the ordinary course and without default); (iii) no Plan which is subject to Section 412 of the Code or Section 302 of ERISA has failed to satisfy
the minimum funding standard within the meaning of such sections of the Code or ERISA; and (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by
failure to act, which would cause the loss of such qualification. 
 (dd) Except in each case as otherwise disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus: (i) the Company and each Subsidiary have complied and are in compliance, in all material respects, with all applicable federal, state, local, foreign and international laws
(including the common law), statutes, rules, regulations, orders, judgments, decrees or other legally binding requirements of any court, administrative agency or other governmental authority relating to pollution or to the protection of the
environment, natural resources or human health or safety, or to the manufacture, use, generation, treatment, storage, disposal, release or threatened release of hazardous or toxic substances, pollutants, contaminants or wastes, or the arrangement
for such activities (“Environmental Laws”); (ii) the Company and each Subsidiary have obtained and are in compliance, in all material respects, with all permits, licenses, authorizations or other approvals
required of them under Environmental Laws to 

  
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conduct their respective businesses and are not subject to any action to revoke, terminate, cancel, limit, amend or appeal any such permits, licenses, authorizations or approvals;
(iii) neither the Company nor any Subsidiary is a party to any judicial or administrative proceeding (including a notice of violation) under any Environmental Laws (a) to which a governmental authority is also a party and which involves
potential monetary sanctions, unless it could reasonably be expected that such proceeding will result in monetary sanctions of less than $100,000, or (b) which is otherwise material; and no such proceeding has been threatened or is known to the
Company to be contemplated; (iv) neither the Company nor any Subsidiary has received notice or is otherwise aware of any pending or threatened material claim or potential liability under Environmental Laws in respect of its past or present
business, operations (including the disposal of hazardous substances at any off-site location), facilities or real property (whether owned, leased or operated) or on account of any predecessor or any person whose liability under any Environmental
Laws it has agreed to assume; and (v) neither the Company nor any Subsidiary is aware of any matters regarding compliance with existing or reasonably anticipated Environmental Laws, or with any liabilities or other obligations under
Environmental Laws (including asset retirement obligations), that could reasonably be expected to have a Material Adverse Effect. 
 (ee)
The Company (i) is an “air carrier” within the meaning of 49 U.S.C. Section 40102(a); (ii) holds an air carrier operating certificate issued by the Secretary of Transportation pursuant to Chapter 447 of Title 49 of the
United States Code for aircraft capable of carrying 10 or more individuals or 6,000 pounds or more of cargo; and (iii) is a “citizen of the United States” as defined in 49 U.S.C. Section 40102. 

(ff) The Common Stock has been approved for listing subject to notice of issuance and evidence of satisfactory distribution on the NASDAQ
Global Market. 
 (gg) There are no relationships, direct or indirect, or related-party transactions involving the Company or any of the
Subsidiaries or any other person required to be described in the Registration Statement and the Prospectus which have not been described in such documents and the General Disclosure Package as required. 

(hh) No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any
other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other
Subsidiary of the Company. 
 (ii) Except as otherwise described in the Registration Statement, the General Disclosure Package and the
Prospectus, no labor disturbance by or dispute with employees of the Company or any of the Subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing, threatened or imminent
labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that could reasonably be expected to have a Material Adverse Effect. 

(jj) Neither the Company nor any of the Subsidiaries is a party to any contract, agreement or understanding with any person (other than this
Agreement and the Underwriting Agreement) that would give rise to a valid claim for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares. 

  
 11 

 2.2 Representations and Warranties of the Sellers. Each Seller, severally and not jointly,
represents and warrants to Buyer as follows: 
 (a) Seller has reviewed and is familiar with the Registration Statement. As of the date of
this Agreement, the Registration Statement, does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided,
however, that the foregoing representation and warranty is limited to the name and address of such Seller, which information has been furnished in writing by or on behalf of such Seller to the Company expressly for use therein. As of the date of
this Agreement, Seller is not relying upon any material information concerning the Company or any subsidiary of the Company which is not set forth in the Registration Statement (and is otherwise required to be set forth in the Registration
Statement) in making its decision to sell the Shares to be sold by Seller hereunder Buyer has not made any representation to such Seller about the advisability of the decision to sell the Seller Shares or the potential future value of such Shares,
and such Seller has not relied on any representations of Buyer except those expressly set forth in Section 2.3 of this Agreement. 

(b) At the closing of the transactions contemplated hereby such Seller will have valid title to the Shares to be sold by such Seller free and
clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Shares to be sold by
such Seller. Upon payment by Buyer for the Shares to be sold by such Seller pursuant to this Agreement, delivery of the Shares to be sold by such Seller will pass valid title to such Shares, free and clear of any adverse claim within the meaning of
Section 8-102 of the New York Uniform Commercial Code, to Buyer without notice of an adverse claim. 
 (c) The execution and delivery
by such Seller of, and the performance by such Seller of its obligations under this Agreement, the sale and delivery of the Shares to be sold by such Seller, the consummation of the transactions contemplated herein and compliance by such Seller with
its obligations hereunder does not and will not contravene any provision of applicable law, or the certificate of incorporation or by laws or other organizational documents of such Seller, or any agreement or other instrument binding upon such
Seller or the Shares or any judgment, order or decree of any governmental body, agency or court having jurisdiction over such Seller, and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is
required for the performance by such Seller of its obligations under this Agreement, except, in each case, where any such contravention or where the failure to obtain any such consent, approval, authorization or order would not reasonably be
expected to have a material adverse effect on the consummation of the transactions contemplated hereby. 
 (d) The execution and delivery
of, and the performance by such Seller of its obligations under, this Agreement has been duly and validly authorized by all necessary corporate, limited liability company or similar applicable action on the part of such Seller. This Agreement

  
 12 

 
has been duly executed and delivered by such Seller and constitutes the valid and legally binding obligation of such Seller, enforceable against such Seller in accordance with its terms, subject
to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

(e) Such Seller has taken all action required for the due authorization and consummation of the transactions contemplated by the 2014
Recapitalization Agreement. 
 (f) Within the six month period prior to the date of this Agreement, other than in connection with the IPO,
such Seller has not (i) offered any Shares by means of any general solicitation or general advertising within the meaning of Rule 502(c) under Regulation D under the Securities Act of 1933, as amended (the “Securities Act”);
(ii) contacted anyone (other than Buyer) seeking to sell his or its ownership interest in the Company; (iii) provided information to anyone seeking to acquire an ownership interest in the Company; or (iv) engaged or authorized anyone
to take any of the actions described in (i), (ii) or (iii) above on his or its behalf. 
 (g) Except for actions referred to in
2.2(f) above taken in connection with the IPO, to the knowledge of such Seller, such Seller has not taken any action which could reasonably be expected to cause the sale of the Shares to be sold by such Seller to Buyer to fail to qualify as exempt
from the registration requirements of the Securities Act. 
 (h) Such Seller is not a party to any contract, agreement or understanding with
any person other than the Underwriters that would give rise to a valid claim for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares. 

2.3 Buyer Representations. 

(a) Buyer represents and warrants to the Sellers and the Company that: (i) it is an institutional “accredited investor” as
defined in Rule 501(a) promulgated under the Securities Act; (ii) it has sufficient knowledge and experience in investing in companies similar to the Company so as to be able to evaluate the risks and merits of its investment in the
Company and it is able financially to bear the risks thereof; (iii) it has had an opportunity to discuss the Company’s business, management and financial affairs with the Company’s management; (iv) all documents, records, and
information pertaining to its investment in the Common Stock and the Company that have been requested by it, if any, have been made available or delivered to it prior to the date hereof; (v) its financial condition is such that it is able to
bear the risk of holding the Shares for an indefinite period of time and can bear the loss of the entire investment in such Shares; (vi) it is not purchasing the Shares as the result of any form of general solicitation or general advertising or
as a result of Buyer’s review of public filings by the Company. 
 (b) This Agreement is made in reliance upon Buyer’s express
representations, which it hereby represents and warrants to the Company and the Sellers, that (i) the Shares being purchased by Buyer are being acquired for Buyer’s own account (and not on behalf of any other person or entity) for the
purpose of investment and not with a view to, or for sale in connection with, the distribution thereof, nor with any present intention of distributing or selling the Shares or any portion thereof, (ii) Buyer was not organized for the specific
purpose of acquiring the Shares and (iii) the Shares will not be sold by Buyer without registration under the Securities Act or applicable state securities laws, or an exemption therefrom. 

  
 13 

 (c) Buyer understands that the Shares being purchased by Buyer hereunder have not been registered
under the Securities Act, or any state securities laws and are instead being offered and sold in reliance on an exemption from such registration requirements. Buyer represents and warrants to the Company and the Sellers that, to Buyer’s
knowledge, Buyer has not taken any action which could reasonably be expected to cause the sale of the Shares to be sold by such Seller to Buyer to fail to qualify as exempt from the registration requirements of the Securities Act. Buyer further
understands that until such time as the Shares shall have been registered under the Securities Act and applicable state securities laws or shall have been transferred in accordance with an opinion of counsel reasonably satisfactory to the Company
that such registration is not required, stop transfer instructions shall be issued to the Company’s transfer agent and any certificate or certificates representing such securities shall bear a restrictive legend stating that such securities
have not been registered under the Securities Act and applicable state securities laws and referring to restrictions on the transferability and sale thereof. 

Buyer further understands that Buyer’s representations and warranties hereunder will not preclude disposition of the Shares without
registration thereof, in compliance with Rule 144 promulgated under the Securities Act (“Rule 144”). Buyer understands and acknowledges, however, that there may not be available when Buyer wishes to sell the Shares, or any
portion thereof, the adequate current public information with respect to the Company which would permit offers or sales of such securities pursuant to Rule 144, and, therefore, compliance with the Securities Act or some other exemption from the
registration and prospectus delivery requirements of the Securities Act may be required for any such offer or sale. 
 (d) Buyer represents
and warrants to the Company and the Sellers that (i) Buyer is validly existing as a limited partnership in good standing under the laws of the State of Delaware; (ii) Buyer has all requisite partnership power and authority to execute and
deliver this Agreement; and (iii) this Agreement constitutes the valid and legally binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to bankruptcy, reorganization, insolvency and other similar laws
affecting the enforcement of creditors’ rights generally and to general principles of equity. 
 (e) Buyer represents and warrants to
the Company and the Sellers that Buyer is not a party to any contract, agreement or understanding with any person that would give rise to a valid claim for a brokerage commission, finder’s fee or like payment in connection with the purchase of
the Shares. 
 (f) Buyer acknowledges that there are no representations, warranties, agreements or undertakings of the Sellers or the
Company with respect to the transactions contemplated by this Agreement other than those set forth in this Agreement. Buyer acknowledges that neither the Company nor any Seller has made any representation to Buyer about the advisability of the
decision to purchase the Shares or the potential future value of the Shares. Buyer further represents and warrants to the Company and the Sellers that, in executing and delivering this Agreement, it has not relied on any statement or representation
made by any legal counsel or investment advisor to, or other agent of, any of the Sellers or the Company. 

  
 14 

 3. Amendment to Registration Statement. At least two (2) hours prior to the filing of
any such amendment with the Commission, the Company shall provide notice to Buyer of any amendment to the Registration Statement that would increase the top end of the price range reflected on the cover page of the prospectus forming a part of
Amendment No. 7 to the Registration Statement (i.e., between $21.00 and $24.00 per share) (the “Amendment Notice”). In the event that Buyer receives an Amendment Notice, Buyer shall have the right, but not the obligation,
within the two (2) hour period following receipt of the Amendment Notice, to terminate this Agreement by giving notice to the Company and the Sellers. Notwithstanding anything to the contrary contained in Section 7 hereof, notices under
this Section 3 shall be given both by live telephone conversation and by email to be effective, in the case of Buyer, to Edward Shapiro or Steve Smith (provided that the email is sent to both of such persons at the following email addresses:
##### and #####), Virgin Group, to James Cahillane or Tracey Zaccone (provided that the email is sent to both of such persons at the following email addresses: ##### and #####), in the case of Cyrus, to Jennifer M. Pulick or Ackneil M. Muldron II
(provided that the email is sent to both of such persons at the following email addresses: ##### and #####), in the case of the Company, to Peter Hunt and John Varley (provided that the email is sent to both of such persons at the following email
addresses: ##### and #####. 
 4. Conditions to the Closing. The obligations of the Company, the Sellers and Buyer hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing. If for any reason any of the conditions set forth in this Section 4 are not satisfied or waived by each party entitled to the benefit of such conditions at
or prior to the Closing, or if the Closing shall not have occurred by December 19, 2014, then each party by written notice given to the other parties hereto shall have the right to elect to terminate this Agreement and each party shall be released
from their obligations hereunder and shall have no further liability hereunder, provided, however, that nothing contained in this Section 4 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by
such party of this Agreement prior to such termination. Notwithstanding anything in this Section 4 to the contrary, the sale of the Shares pursuant to this Agreement shall not take place prior to such time as the Buyer has executed and
delivered to the Company the Lock-Up Agreement in the form agreed upon by the Company and Buyer and has completed, executed and delivered to the Company the FINRA questionnaire in the form delivered to Buyer by the Underwriters. 

(a) Conditions to Buyer’s Obligations. Buyer’s obligation to purchase the Shares at the Closing is subject to the
satisfaction of the following conditions: 
 (i) Representations and Warranties. The representations and warranties
made by the Company and the Sellers in this Agreement shall have been true and correct as of the date hereof and shall be true and correct in all material respects (provided that the representations and warranties of the Sellers contained in
Sections 2.2(b) through 2.2(h) shall be true and correct in all respects) as of the Closing with the same effect as though such representations and warranties had been made on and as of such date (except to the extent such representations and
warranties speak as of a specific date, which shall be true and correct as of such specific date). 
 (ii)
Recapitalization. The Recapitalization shall have been consummated. 

  
 15 

 (iii) Initial Public Offering. This Agreement shall not have been
terminated pursuant to Section 3 hereof. The Registration Statement shall have been declared effective and the IPO shall close simultaneously with the transactions contemplated hereby. 

(iv) IPO Proceeds. Gross proceeds from the sale of shares by the Company in the IPO shall not be less than $250,000,000.

 (v) Registration Rights Agreement. The Company, the Sellers and Buyer shall have executed and delivered the
Registration Rights Agreement substantially in the form attached as Exhibit A hereto. 
 (vi) Delivery of
Shares. The Shares shall have been delivered to Buyer’s account via DWAC. 
 (b) Conditions to the Sellers’
Obligations. Each Seller’s obligation to sell the Shares at the Closing is subject to the satisfaction of the following conditions: 

(i) Representations and Warranties. The representations and warranties made by Buyer in this Agreement shall have been
true and correct as of the date hereof and shall be true and correct as of the Closing with the same effect as though such representations and warranties had been made on and as of such date (except to the extent such representations and warranties
speak as of a specific date, which shall be true and correct as of such specific date). 
 (ii) Recapitalization. The
Recapitalization shall have been consummated. 
 (iii) Initial Public Offering. The Registration Statement shall have
been declared effective and the IPO shall close simultaneously with the transactions contemplated hereby. 
 (iv) Payment
of Purchase Price. Buyer shall have paid the applicable Purchase Price to each Seller by wire transfer of immediately available funds to an account specified by such Seller. 

(c) Conditions to the Company’s Obligations. The Company’s obligation pursuant to Section 1(d) hereof is subject to the
satisfaction of the following conditions: 
 (i) Delivery of Shares. The Shares shall have been delivered to
Buyer’s account via DWAC. 
 (ii) Payment of Purchase Price. Buyer shall have paid the applicable Purchase Price
to each Seller by wire transfer of immediately available funds to an account specified by such Seller. 

  
 16 

 5. Waiver and Release. Buyer hereby (a) waives and releases any claim (whether for
rescission, damages or otherwise) it may have against the Sellers, the Company, any affiliate of any of the foregoing or any director, officer or agent of the foregoing (collectively, “Seller Parties”) arising solely out of or based
solely on the sale of the Shares to Buyer being not exempt from registration or qualification under federal or state securities laws, (b) agrees not, under any circumstances, to exercise any right of rescission arising solely out of or based
solely on the sale of the Shares to Buyer being not exempt from registration or qualification under federal or state securities laws, and (c) if it is ultimately determined that the agreements and waivers contained in the preceding clauses
(a) and (b) are unenforceable, irrevocably agrees to contribute to Sellers (50% to each Seller) any proceeds received by Buyer from Sellers as a result of any rescission action brought by Buyer based solely on the sale of the Shares to
Buyer being not exempt from registration or qualification under federal or state securities laws; provided, however, that (a), (b) and (c) shall not apply and Buyer will be free to pursue any claim against the Seller Parties and exercise
any right of rescission arising out of or based on any aspect of the sale of the Shares to Buyer being not exempt from registration or qualification under federal or state securities laws, in each case without any contribution obligation, if
(i) any of the representations and warranties of the Sellers contained in Sections 2.2(f) and (g) are not true and correct in all respects and/or (ii) there is any fraud by any of the Seller Parties in connection with the transactions
contemplated by this Agreement. 
 6. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. 
 7. Notices. Notices given hereunder shall be deemed to have
been duly given, only if given in writing, and on (i) the date of personal delivery, or (ii) on the date one day after being delivered to a reputable overnight courier with proper delivery instructions, to the party being notified at his,
her, or its address specified on the applicable signature page hereto or such other address as the addressee may subsequently notify the other party of in writing. 

8. Entire Agreement and Amendments. This Agreement constitutes the entire agreement of the parties with respect to the subject matter
hereof. This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each of the parties hereto or, in the case of a waiver, by the party waiving compliance. No waiver
shall be deemed a waiver of any subsequent breach or default. 
 9. Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York without regard to the conflict of laws principles thereof. 
 10.
Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof. 

11. Assignment. This Agreement may not be assigned by the Company, any Seller or Buyer without the prior written consent of the other
parties hereto. 

  
 17 

 12. Captions. Captions are for convenience only and are not deemed to be part of this
Agreement. All references herein to numbered Sections are to Sections of this Agreement unless otherwise indicated. 
 13. Survival.
The representations and warranties contained herein shall survive the Closing. 
 14. Counterparts. This Agreement may be executed by
pdf and in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

15. Further Assurances. The parties agree to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 18 

 IN WITNESS WHEREOF, this Securities Purchase Agreement has been executed as of the date and year
first above written. 
  

							
	BUYER:
	
	PAR INVESTMENT PARTNERS, L.P.
		
	By:	 	PAR Group, L.P.
	Its:	 	General Partner
		
	By:	 	PAR Capital Management, Inc.
	Its:	 	General Partner
		
	By:	 	 /s/ Edward L. Shapiro

		 	Name:	 	Edward L. Shapiro
		 	Title:	 	Vice President
		
	Address:	 	c/o PAR Capital Management, Inc.
		 	One International Place, Suite 2401
		 	Boston, MA 02110
		 	Attention:	 	Edward L. Shapiro
		 		 		 	Steve Smith

 [Signature Page to Stock Purchase Agreement] 

          IN WITNESS WHEREOF, this Securities Purchase Agreement has been
executed as of the date and year first above written. 
  

					
	SELLER:
	
	CYRUS AVIATION HOLDINGS, LLC
		
	By:	 	Cyrus Capital Partners, L.P., its investment manager
		
	By:	 	 /s/ Thomas Stamatelos

		 	Name:	 	Thomas Stamatelos
		 	Title:	 	Authorized Signatory
		
	Address:	 	c/o Cyrus Capital Partners, L.P.
		 	399 Park Avenue, 39th Floor
		 	New York, NY 10022

  
 [Signature Page to Stock
Purchase Agreement] 

          IN WITNESS WHEREOF, this Securities Purchase Agreement has been
executed as of the date and year first above written. 
  

					
	SELLER:
	
	VX HOLDINGS, L.P.
		
	By:	 	Corvina Holdings Limited, its general partner
		
	By:	 	 /s/ Authorized Signatory

		 	Authorized Signatory
		
	Address:	 	65 Bleecker Street, 6th Floor
		 		 	New York, NY 10025

  
 [Signature Page to Stock
Purchase Agreement] 

          IN WITNESS WHEREOF, this Securities Purchase Agreement has been
executed as of the date and year first above written. 
  

							
	COMPANY:
	
	VIRGIN AMERICA INC.
		
	By:	 	 /s/ Peter D. Hunt

		 	Name:	 	Peter D. Hunt
		 	Title:	 	Senior Vice President and Chief Financial Officer
		
	Address:	 	555 Airport Blvd.,
		 		 	Burlingame, CA 94010
		 		 	Attn:	 	Peter Hunt
		 		 		 	John Varley

  
 [Signature Page to Stock
Purchase Agreement] 

 Exhibit A 

to 
 Securities Purchase
Agreement 
 Registration Rights AgreementExhibit 10.1

 

CHANGE OF CONTROL AGREEMENT

 

AGREEMENT by and between
Seacoast Banking Corporation of Florida (the “Company”) and _____________ (“Executive”), dated as of the
28th day of October, 2014.

 

The Board of Directors
of the Company (the “Board”), has determined that it is in the best interests of the Company and its stockholders to
assure that the Company will have the continued dedication of Executive, notwithstanding the possibility, threat or occurrence
of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction
of Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage
Executive’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of
Control, and to provide Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation
and benefits expectations of Executive will be satisfied and which are competitive with those of other corporations. Therefore,
in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement.

 

NOW, THEREFORE, IT
IS HEREBY AGREED AS FOLLOWS:

 

1.          Certain
Definitions.

 

(a)          The
“Effective Date” shall mean the first date during the Change of Control Period (as defined in Section l(b)) on which
a Change of Control (as defined in Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change of
Control occurs during the Change of Control Period and if Executive’s employment with the Company has been terminated either
by the Company without Cause or by Executive for Good Reason (as such terms are defined in Section 5) within six months prior to
the date on which the Change of Control occurs, and unless it is reasonably demonstrated by the Company that such termination of
employment (i) was not at the request of a third party who has taken steps reasonably calculated to effect the Change of Control
and (ii) did not otherwise arise in connection with or anticipation of the Change of Control, then for all purposes of this Agreement
the “Effective Date” shall mean the date immediately prior to the date of such termination of employment.

 

(b)          The
“Change of Control Period” shall mean the period commencing on the date hereof and ending on the first anniversary
of the date hereof; provided, however, that commencing on the date one year after the date hereof, and on each annual anniversary
of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”),
unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate one year from such
Renewal Date, unless at least 60 days prior to the Renewal Date the Company shall give notice to Executive that the Change of Control
Period shall not be so extended.

 

    	 

    	 

    

 

Change of Control Agreement

Page 2

 

2.          Change
of Control. For the purposes of this Agreement, a “Change of Control” shall mean the occurrence of any of the following
events:

 

(a)          individuals
who, at the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at
least a majority of the Board, provided that any person becoming a director after the Effective Date and whose election or nomination
for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote
or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection
to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election contest (as described in Rule 14a-11 under the 1934
Act (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any “person”
(as such term is defined in Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other
than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest
or Proxy Contest, shall be deemed an Incumbent Director;

 

(b)          any
person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of
securities of the Company representing 25% or more of the combined voting power of the Company’s then outstanding securities
eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however,
that the event described in this paragraph (b) shall not be deemed to be a Change in Control of the Company by virtue of any of
the following acquisitions: (A) any acquisition by a person who is on the Effective Date the beneficial owner of 25% or more of
the outstanding Company Voting Securities, (B) an acquisition by the Company which reduces the number of Company Voting Securities
outstanding and thereby results in any person acquiring beneficial ownership of more than 25% of the outstanding Company Voting
Securities; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional
Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person,
a Change in Control of the Company shall then occur, (C) an acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any Parent or Subsidiary, (D) an acquisition by an underwriter temporarily holding securities pursuant
to an offering of such securities, (E) an acquisition pursuant to a Non-Qualifying Transaction (as defined in paragraph (c)
below), or (F) a transaction (other than the one described in paragraph (c) below) in which Company Voting Securities are acquired
from the Company, if a majority of the Incumbent Directors approve a resolution providing expressly that the acquisition pursuant
to this clause (F) does not constitute a Change in Control of the Company under this paragraph (b);

 

    	 

    	 

    

 

Change of Control Agreement

Page 3

 

(c)          the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities
in the transaction (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s
assets to an entity that is not an affiliate of the Company (a “Sale”), unless immediately following such Reorganization
or Sale: (A) more than 50% of the total voting power of (x) the corporation resulting from such Reorganization or the corporation
which has acquired all or substantially all of the assets of the Company (in either case, the “Surviving Corporation”),
or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting
securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by the
Company Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented
by shares into which such Company Voting Securities were converted pursuant to such Reorganization or Sale), and such voting power
among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the
holders thereof immediately prior to the Reorganization or Sale, and (B) no person (other than (x) the Company, (y) any employee
benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation, or (z) a person
who immediately prior to the Reorganization or Sale was the beneficial owner of 25% or more of the outstanding Company Voting Securities)
is the beneficial owner, directly or indirectly, of 25% or more of the total voting power of the outstanding voting securities
eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and (C)
at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation,
the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of the
Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale (any Reorganization
or Sale which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”);
or

 

(d)          approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

3.          Employment
Period. The Company hereby agrees to continue Executive in its employ of the Company, and Executive hereby agrees to remain
in the employ of the Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective
Date and ending on the first anniversary of such date (the “Employment Period”).

 

4.          Terms
of Employment.

 

(a)          Position
and Duties.

 

(i)    During the Employment
Period, (A) Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities
shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any
time during the 120-day period immediately preceding the Effective Date, and (B) Executive’s services shall be performed
at the location where Executive was employed immediately preceding the Effective Date or any office or location less than 35 miles
from such location.

 

    	 

    	 

    

 

Change of Control Agreement

Page 4

 

(ii)    During the Employment
Period, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive agrees to devote reasonable
attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to Executive hereunder, to use Executive’s reasonable best efforts to perform faithfully and
efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for Executive to
(A) serve on corporate, civic or charitable boards or committees, (B) engage in other business activities that do not represent
a conflict of interest with the full execution of his duties to the Company, and (C) manage personal investments, so long as such
activities do not significantly interfere with the performance of Executive’s responsibilities as an employee of the Company
in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities have been
conducted by Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar
in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance
of Executive’s responsibilities to the Company.

 

(b)          Compensation.

 

(i)    Base Salary.
During the Employment Period, Executive shall receive an annual base salary (“Annual Base Salary”), which shall be
paid at a monthly rate, at least equal to 12 times the highest monthly base salary paid or payable, including any base salary which
has been earned but deferred, to Executive by the Company and its affiliated companies in respect of the 12-month period immediately
preceding the month in which the Effective Date occurs. Any increase in Annual Base Salary shall not serve to limit or reduce any
other obligation to Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term
Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement,
the term “affiliated companies” shall include any company controlled by, controlling or under common control with the
Company.

 

(ii)    Annual Bonus.
In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual
bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full
fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole
of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following
the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

 

    	 

    	 

    

 

Change of Control Agreement

Page 5

 

(iii)    Incentive,
Savings and Retirement Plans. During the Employment Period, Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies and programs applicable generally to senior executive officers of the Company
and its affiliated companies (“Peer Executives”), but in no event shall such plans, practices, policies and programs
provide Executive with incentive opportunities, savings opportunities and retirement benefit opportunities, in each case, less
favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for Executive
under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the
Effective Date or if more favorable to Executive, those provided generally at any time after the Effective Date to Peer Executives.

 

(iv)    Welfare Benefit
Plans. During the Employment Period, Executive and/or Executive’s family, as the case may be, shall be eligible for participation
in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its
affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental
death and travel accident insurance plans and programs) to the extent applicable generally to Peer Executives.

 

(v)    Expenses.
During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred
by Executive in accordance with the policies, practices and procedures of the Company applicable to Peer Executives.

 

(vi)    Fringe Benefits.
During the Employment Period, Executive shall be entitled to fringe benefits in accordance with the plans, practices, programs
and policies of the Company applicable to Peer Executives.

 

5.          Termination
of Employment.

 

(a)          Death,
Disability or Retirement. Executive’s employment shall terminate automatically upon Executive’s death or Retirement
during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined
in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean
voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive
has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive
written notice in accordance with Section 13(b) of this Agreement of its intention to terminate Executive’s employment. In
such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice
by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall
not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability”
shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and
responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which has
lasted (or can reasonably be expected to last) for a continuous period of six (6) months during any continuous twelve (12) month
period.

 

    	 

    	 

    

 

Change of Control Agreement

Page 6

 

(b)          Cause.
The Company may terminate Executive’s employment during the Employment Period with or without Cause. For purposes of this
Agreement, “Cause” shall mean:

 

(i)    the willful and
continued failure of Executive to perform substantially Executive’s duties with the Company (other than any such failure
resulting from incapacity due to physical or mental illness, and specifically excluding any failure by Executive, after reasonable
efforts, to meet performance expectations), after a written demand for substantial performance is delivered to Executive by the
Board of Directors of the Company which specifically identifies the manner in which such Board believes that Executive has not
substantially performed Executive’s duties, or

 

(ii)    the willful engaging
by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.

 

For purposes of this
provision, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or
omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the
best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by
the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done,
by Executive in good faith and in the best interests of the Company. The cessation of employment of Executive shall not be deemed
to be for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative
vote of not less than three-fourths of the entire membership of the Board of the Company at a meeting of such Board called and
held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel,
to be heard before such Board), finding that, in the good faith opinion of such Board, Executive is guilty of the conduct described
in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.

 

(c)          Good
Reason. Executive’s employment may be terminated by Executive for Good Reason or for no reason. For purposes of this
Agreement, “Good Reason” shall mean:

 

(i) without the written
consent of Executive, the assignment to Executive of any duties inconsistent in any material respect with Executive’s position
(including status, offices, titles and reporting requirements), authority, duties or responsibilities as in effect on the Effective
Date, or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities,
excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the
Company promptly after receipt of notice thereof given by Executive;

 

    	 

    	 

    

 

Change of Control Agreement

Page 7

 

(ii)    the Company’s
requiring Executive, without his consent, to be based at any office or location that is more than 35 miles from the location where
Executive was employed immediately prior to the Effective Date;

 

(iii)    a reduction in
Executive’s Base Salary and benefits as in effect on the Effective Date or as the same may be increased from time to time;

 

(iv)    the failure by
the Company (a) to continue in effect any compensation plan in which Executive participates as of the Effective Date that is material
to Executive’s total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or (b) to continue Executive’s participation therein (or in such substitute
or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of
Executive’s participation relative to other participants; or

 

(v)    any failure by
the Company to comply with and satisfy Section 12(c) of this Agreement; or

 

(vi)    the material breach
of this Agreement by the Company.

 

For purposes of this
Section 5(c), any good faith determination of “Good Reason” made by Executive shall be conclusive. Anything in this
Agreement to the contrary notwithstanding, a termination by Executive for any reason during the 30-day period immediately following
the six (6) month anniversary of the Effective Date shall be deemed to be a termination for Good Reason for all purposes of this
Agreement.

 

(d)          Notice
of Termination. Any termination by the Company for Cause, or by Executive for Good Reason, shall be communicated by Notice
of Termination to the other party hereto given in accordance with this Agreement. For purposes of this Agreement, a “Notice
of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated and (iii) specifies the termination date (which date
shall be not less than 60 days after the giving of such notice). If a dispute exists concerning the provisions of this Agreement
that apply to Executive’s termination of employment, the parties shall pursue the resolution of such dispute with reasonable
diligence. Within five (5) days of such a resolution, any party owing any payments pursuant to the provisions of this Agreement
shall make all such payments together with interest accrued thereon at the rate provided in Section 1274(b)(2)(B) of the Internal
Revenue Code of 1986, as amended (the “Code”). The failure by either party to set forth in the Notice of Termination
any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of such party hereunder
or preclude such party from asserting such fact or circumstance in enforcing such party’s rights hereunder.

 

    	 

    	 

    

 

Change of Control Agreement

Page 8

 

(e)          Date
of Termination. “Date of Termination” means (i) if Executive’s employment is terminated other than by reason
of death or Disability, the date of receipt of the Notice of Termination, or any later date specified therein, or (ii) if Executive’s
employment is terminated by reason of death or Disability, the Date of Termination will be the date of death or the Disability
Effective Date, as the case may be.

 

6.          Obligations
of the Company upon Termination.

 

(a) Good Reason; Other
Than for Cause, Death or Disability. If, during the Employment Period, the Company shall terminate Executive’s employment
other than for Cause or Disability, or Executive shall terminate employment for Good Reason, then in consideration of Executive’s
services rendered prior to such termination:

 

(i)          the Company shall
pay to Executive in a lump sum in cash within thirty (30) days after the Date of Termination the aggregate of the following amounts:

 

A.           the
sum of (1) Executive’s Base Salary through the Date of Termination to the extent not theretofore paid, (2) the product of
(x) Executive’s highest annual bonus from the Company, including any bonus or portion thereof which has been earned but deferred,
for any of the last three full fiscal years prior to the Date of Termination (such amount being referred to as the “Highest
Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date
of Termination, and the denominator of which is 365, (3) any accrued vacation pay to the extent not theretofore paid, and (4) unless
Executive has elected a different payout date in a prior deferral election, any compensation previously deferred by Executive (together
with any accrued interest or earnings thereon) to the extent not theretofore paid (the sum of the amounts described in clauses
(1), (2), (3) and (4) shall be hereinafter referred to as the “Accrued Obligations”); and

 

B.           the
amount equal to one (1) times the sum of (x) Executive’s Annual Base Salary at the rate in effect on the Date of Termination,
and (y) Executive’s Highest Annual Bonus;

 

(ii)         for
a period of one (1) year from the Date of Termination, the Company will allow Executive and/or Executive's eligible dependents
to continue to participate in any medical and other welfare plans described in Section 4(b)(iv) of this Agreement to the same extent
and upon the same terms as the Executive and/or Executive's eligible dependents participated immediately prior to the Date of Termination;
provided that, in the event the Board determines that Executive's and/or Executive's eligible dependents' continued participation
is not permissible under the terms and provisions of such plans, the Company shall take such actions as may be necessary to provide
Executive and/or Executive's eligible dependents (without additional cost to the Executive and/or Executive's eligible dependents)
with benefits outside such plans having terms not less favorable than those provided under the Company's medical and other welfare
plans as of the Date of Termination. If Executive becomes re-employed with another employer and is eligible to receive medical
or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be
secondary to those provided under such other plan during such applicable period of eligibility; and

 

    	 

    	 

    

 

Change of Control Agreement

Page 9

 

(iii)        all
unvested stock options to acquire stock of the Company and all awards of restricted stock of the Company held by Executive as of
the Date of Termination shall be immediately and fully vested as of the Date of Termination and, in the case of stock options,
shall be fully exercisable as of the Date of Termination; and

 

(iv)        to
the extent not theretofore paid or provided, the Company shall timely pay or provide to Executive any other amounts or benefits
required to be paid or provided or which Executive is eligible to receive under any plan, program, policy or practice or contract
or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the
“Other Benefits”).

 

(b)          Death,
or Disability or Retirement. If Executive’s employment is terminated by reason of Executive’s death, or Disability
or Retirement during the Employment Period, this Agreement shall terminate without further obligations to Executive or Executive’s
legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of
Other Benefits. Accrued Obligations shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash
within 30 days of the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as used in
this Section 6(b) shall include, without limitation, and Executive or Executive’s estate and/or beneficiaries shall
be entitled to receive, benefits under such plans, programs, practices and policies relating to death or disability or retirement,
if any, as are applicable to Executive on the Date of Termination.

 

(c)          Cause
or Voluntary Termination without Good Reason. If Executive’s employment shall be terminated for Cause during the Employment
Period, or if Executive voluntarily terminates employment during the Employment Period without Good Reason, this Agreement shall
terminate without further obligations to Executive, other than for payment of Accrued Obligations (excluding the pro-rata bonus
described in clause 2 of Section 6(a)(i)) and the timely payment or provision of Other Benefits.

 

(d)          Expiration
of Employment Period. If Executive’s employment shall be terminated due to the normal expiration of the Employment Period,
this Agreement shall terminate without further obligations to Executive, other than for payment of Accrued Obligations and the
timely payment or provision of Other Benefits.

 

    	 

    	 

    

 

Change of Control Agreement

Page 10

 

7.          Non-exclusivity
of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan,
program, policy or practice provided by the Company or any of its affiliated companies and for which Executive may qualify, nor,
subject to Section 13(f), shall anything herein limit or otherwise affect such rights as Executive may have under any contract
or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which Executive is otherwise
entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its
affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice
or program or contract or agreement except as explicitly modified by this Agreement.

 

8.          Full
Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and, except
as explicitly provided herein, such amounts shall not be reduced whether or not Executive obtains other employment.

 

9.          Costs
of Enforcement. In any action taken in good faith relating to the enforcement of this Agreement or any provision herein, Executive
shall be entitled to be paid any and all costs and expenses incurred by him in enforcing or establishing his rights thereunder,
including, without limitation, reasonable attorneys’ fees, whether suit be brought or not, and whether or not incurred in
trial, bankruptcy or appellate proceedings. Executive shall also be entitled to be paid all reasonable legal fees and expenses,
if any, incurred in connection with any tax audit or proceeding to the extent attributable to the application of Section 4999 of
the Internal Revenue Code to any payment or benefit hereunder. Such payments shall be made within five (5) business days after
delivery of Executive’s respective written requests for payment accompanied with such evidence of fees and expenses incurred
as the Company reasonably may require.

 

10.         Confidential
Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have
been obtained by Executive during Executive’s employment by the Company or any of its affiliated companies and which shall
not be or become public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement).
After termination of Executive’s employment with the Company or such affiliated companies, Executive shall not, without the
prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those designated by it.

 

    	 

    	 

    

 

Change of Control Agreement

Page 11

 

11.         Certain
Additional Payments by the Company.

 

(a)          Anything
in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment
or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section
11) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties
are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest
or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments.

 

(b)          Subject
to the provisions of Section 11(c), all determinations required to be made under this Section 11, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be used in arriving at such determination,
shall be made by Ernst & Young LLP or such other certified public accounting firm as may be designated by Executive (the “Accounting
Firm”) which shall provide detailed supporting calculations both to the Company and Executive within 15 business days of
the receipt of notice from Executive that there has been a Payment, or such earlier time as is requested by the Company. In the
event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of
Control, Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 11, shall-be paid by the Company to
Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm
shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code
at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to
be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 11(c) and Executive thereafter is required
to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any
such Underpayment shall be promptly paid by the Company to or for the benefit of Executive.

 

    	 

    	 

    

 

Change of Control Agreement

Page 12

 

(c)          Executive
shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment
by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business
days after Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date
on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following
the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with
respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires
to contest such claim, Executive shall:

 

(i)    give the Company
any information reasonably requested by the Company relating to such claim,

 

(ii)    take such action
in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without
limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company,

 

(iii)    cooperate with
the Company in good faith in order effectively to contest such claim, and

 

(iv)    permit the Company
to participate in any proceedings relating to such claim;

 

provided, however, that the Company shall
bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest
and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation
of the foregoing provisions of this Section 11(c), the Company shall control all proceedings taken in connection with such contest
and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for
a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine;
provided, however, that if the Company directs Executive to pay such claim and sue for a refund, the Company shall advance the
amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance
or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations
relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due
is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the
case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

 

    	 

    	 

    

 

Change of Control Agreement

Page 13

 

(d)          If,
after the receipt by Executive of an amount advanced by the Company pursuant to Section 11(c), Executive becomes entitled to receive
any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section
11(c)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 11(c), a determination is
made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in
writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance
shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the
amount of Gross-Up Payment required to be paid.

 

12.         Successors.

 

(a)          This
Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s
legal representatives.

 

(b)          This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

(c)          The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

13.         Miscellaneous.

 

(a)          Waiver.
Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and
conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future
performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained
in a writing signed by the party making the waiver.

 

    	 

    	 

    

 

Change of Control Agreement

Page 14

 

(b)          Severability.
If any provision or covenant, or any part thereof, of this Agreement should be held by any court to be invalid, illegal or unenforceable,
either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability
of the remaining provisions or covenants, or any part thereof, of this Agreement, all of which shall remain in full force and effect.

 

(c)          Status
Prior to Effective Date. Executive and the Company acknowledge that, except as may otherwise be provided under any other written
agreement between Executive and the Company, the employment of Executive by the Company is “at will” and, subject to
Section 1(a) hereof, prior to the Effective Date, Executive’s employment may be terminated by either Executive or the Company
at any time prior to the Effective Date, in which case Executive shall have no further rights under this Agreement. However, absent
termination of employment of Executive, this Agreement may not be terminated by the Company during the Change of Control Period
and before the Effective Date. From and after the Effective Date, this Agreement shall supersede any other agreement between the
parties with respect to the subject matter hereof, including without limitation any then-current employment agreement between the
Company or any of its subsidiaries and Executive.

 

(d)          Governing
Law. Except to the extent preempted by federal law, and without regard to conflict of laws principles, the laws of the State
of Florida shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.

 

(e)          Notices.
All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be deemed
to have been duly given if delivered or three days after mailing if mailed, first class, certified mail, postage prepaid:

 

	To the Company:	Seacoast Banking Corporation of Florida
	 	815 Colorado Avenue
	 	Stuart, Florida  34994
	 	Attention: Chief Executive Officer
	 	 
	To Executive:	 

 

Any party may change the address to which
notices, requests, demands and other communications shall be delivered or mailed by giving notice thereof to the other party in
the same manner provided herein.

 

    	 

    	 

    

 

Change of Control Agreement

Page 15

 

(f)          Amendments
and Modifications. This Agreement may be amended or modified only by a writing signed by both parties hereto, which makes specific
reference to this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have duly executed and delivered this Change in Control Employment Agreement as of the date first above written.

 

	 	Seacoast Banking Corporation of Florida
	 	 
	 	By:	/s/ Dennis S. Hudson, III
	 	 	Dennis S. Hudson, III
	 	Title:	Chairman and Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	 
	 	 
	 	Title:

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