Allegiant Travel Co.
10/23/2026 | Press release | Distributed by Public on 10/23/2026 14:48
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) As of October 22, 2026, the Company entered into employment agreements with our executive officers, Gregory Anderson, Robert Neal, Drew Wells and Tyler Hollingsworth. The employment agreement with Mr. Anderson supersedes the employment agreement entered into with him in 2024.
Under the new employment agreement with Mr. Anderson, which will expire at the end of 2029, he will continue to serve as chief executive officer. Mr. Anderson will receive an annual base salary of $750,000 and the opportunity to participate in the Company's short-term incentive cash bonus plan and long-term incentive plan for the executive officers. Under the short-term incentive plan, Mr. Anderson would receive a target cash bonus of 180% of annual base salary, subject to adjustment between threshold performance and stretch performance. The amount payable will be based on actual performance against metrics established by the Compensation Committee (the "Compensation Committee") of the Board of Directors each year. Under the long-term incentive plan, Mr. Anderson is eligible for a target stock grant equal to 300% of his annual base salary. A portion of the stock grant will be time-based and the balance will be performance-based determined by actual performance of the Company against metrics established by the Compensation Committee each year. The performance-based portion of the grant will be adjusted between threshold performance and stretch performance based on actual performance.
Upon a termination without cause or a resignation for good reason or a termination as a result of death or disability, Mr. Anderson will receive severance benefits including salary continuation, a cash bonus, continuing fringe benefits and accelerated vesting of certain stock grants.
Under the employment agreement with Mr. Neal, which will expire at the end of 2029, he will continue to serve as president and chief financial officer of the Company.
Mr. Neal will receive an annual base salary of $525,000 and the opportunity to participate in the Company's short-term incentive cash bonus plan and long-term incentive plan for the executive officers. Under the short-term incentive plan, Mr. Neal would receive a target cash bonus of 150% of annual base salary, subject to adjustment between threshold performance and stretch performance. The amount payable will be based on actual performance against metrics established by the Compensation Committee each year. Under the long-term incentive plan, Mr. Neal is eligible for a target stock grant equal to 225% of his annual base salary. A portion of the stock grant will be time-based and the balance will be performance-based determined by actual performance of the Company against metrics established by the Compensation Committee each year. The performance-based portion of the grant will be adjusted between threshold performance and stretch performance based on actual performance.
Upon a termination without cause or a resignation for good reason or a termination as a result of death or disability, Mr. Neal will receive severance benefits including salary continuation, a cash bonus, continuing fringe benefits and accelerated vesting of certain stock grants.
Under the employment agreements with Mr. Wells and Mr. Hollingsworth, which will expire at the end of 2029, each will continue to serve as executive vice president and chief commercial officer (Mr. Wells) or executive vice president - chief operating officer (Mr. Hollingsworth) of the Company.
Each of Mr. Wells and Mr. Hollingsworth will receive an annual base salary of $475,000 and the opportunity to participate in the Company's short-term incentive cash bonus plan and long-term incentive plan for the executive officers. Under the short-
term incentive plan, each of Mr. Wells and Mr. Hollingsworth would receive a target cash bonus of 125% of annual base salary, subject to adjustment between threshold performance and stretch performance. The amount payable will be based on actual performance against metrics established by the Compensation Committee each year. Under the long-term incentive plan, each of Mr. Wells and Mr. Hollingsworth is eligible for a target stock grant equal to 195% of his annual base salary. A portion of the stock grant will be time-based and the balance will be performance-based determined by actual performance of the Company against metrics established by the Compensation Committee each year. The performance-based portion of the grant will be adjusted between threshold performance and stretch performance based on actual performance.
Upon a termination without cause or a resignation for good reason or a termination as a result of death or disability, each of Mr. Wells and Mr. Hollingsworth will receive severance benefits including salary continuation, a cash bonus, continuing fringe benefits and accelerated vesting of certain stock grants.
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