Bank of America just raised its EUR/USD forecast
Spirit Aviation Holdings, Inc. (NYSE American:FLYY) announced Monday that its board’s compensation committee approved several executive compensation changes and new awards under its 2025 Incentive Award Plan, according to a press release statement based on a recent SEC filing.
Effective immediately, Thomas Canfield has been promoted from Senior Vice President & General Counsel to Executive Vice President & General Counsel. In connection with this promotion, Mr. Canfield’s annual base salary increases to $610,000. His target short-term incentive bonus opportunity rises to 100% of base salary, and his target annual long-term incentive opportunity increases to $1,500,000.
The compensation committee also approved grants of time-based restricted stock units (RSUs), performance-based restricted stock units (PSUs), and performance-based cash incentive awards to the executive team, including named executive officers except for the Chief Executive Officer, who received equity incentive awards at the time of hire in April 2025.
For the current named executive officers, the targeted grant date values for the 2025 awards are as follows:
- Fredrick Cromer, Executive Vice President & Chief Financial Officer: $375,000 in RSUs, $375,000 in PSUs, and $3,750,000 in performance cash awards.
- John Bendoraitis, Executive Vice President & Chief Operating Officer: $375,000 in RSUs, $375,000 in PSUs, and $3,750,000 in performance cash awards.
- Thomas Canfield, Executive Vice President, General Counsel & Secretary: $375,000 in RSUs, $375,000 in PSUs, and $3,750,000 in performance cash awards.
The RSUs will vest in equal annual installments over three years, while the PSUs will vest on April 1, 2028, contingent on continued employment and achieving equity valuation growth targets. The performance cash awards are tied to the achievement of annual and cumulative performance goals over two years.
On the same day, the committee adopted the 2025 Executive Severance Plan, which provides certain severance payments and benefits for eligible employees in the event of qualifying termination, including in connection with a change in control. The terms are substantially consistent with the company’s previous severance plan.
All information is based on a press release statement and the company’s SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.