Spirit Airlines filed for Chapter 11 bankruptcy protection for the second time on August 29, 2025, less than six months after emerging from its previous restructuring. On the same day, the company entered into retention agreements with its named executive officers, awarding a total of $6.317 million in retention bonuses to incentivize them to remain during the restructuring process. The specific amounts are as follows:

• David Davis (President & CEO): $2,918,000

• Frederick S. Cromer (EVP & CFO): $1,185,000

• Thomas Canfield (EVP & General Counsel): $1,082,000

• John Bendoraitis (EVP & COO): $1,132,000

These bonuses are repayable if the executives leave before certain milestones, such as one year from the agreement date or 90 days after emerging from bankruptcy, unless terminated without cause or for other qualifying reasons.