Frontier Group Holdings Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Air Freight/Delivery Services
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 20, 2024
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(720 ) 374-4550
(Address of principal executive offices, including zip code, and Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 20, 2024, the Board of Directors (the “Board”) of Frontier Group Holdings, Inc. (the “Company”) appointed Nancy Lipson to serve as a Class I director, effective as of July 1, 2024, to serve for an initial term expiring at the Company’s 2025 annual meeting of stockholders and until her successor has been elected and qualified or until her earlier resignation or removal. The Board has not yet determined the committees on which Ms. Lipson will serve. Ms. Lipson was appointed to a newly created vacancy on the Board resulting from an increase in the size of the Board from eleven to twelve directors.
As a non-employee director, Ms. Lipson will be compensated for her service in accordance with the Company’s Non-Employee Director Compensation Program (as amended, the “Non-Employee Director Compensation Program”). Pursuant to the Non-Employee Director Compensation Program, Ms. Lipson will receive annual cash compensation of $100,000 for her service as a member of the Board (paid quarterly in arrears and prorated based on the portion of days actually served in the applicable quarter). Ms. Lipson will also receive (i) an initial award of restricted stock units (“RSUs”) equaling $140,000 multiplied by a fraction, the numerator of which is the number of days from and including her appointment until May 23, 2025, and the denominator of which is 365 (the “Initial Award”) and (ii) an annual award of RSUs granted on the date of each annual meeting of the Company’s stockholders, equaling $140,000 divided by the closing price of the Company’s common stock on the grant date (the “Annual Award”). Each of the Initial Award and Annual Award will vest in full on the earlier of the first anniversary of the grant date and immediately prior to the next annual meeting of the Company’s stockholders after the grant date, subject in each case to her continued service on the Board through the vesting date.
Ms. Lipson served as Executive Vice President and Chief Legal Officer of Newmont Corporation, a global mining company, from June 2019 to June 2023, after previously serving in various senior legal positions with Newmont since July 2005. She also previously served on the board of trustees of the Legal Aid Foundation of Colorado from October 2017 to June 2023. Ms. Lipson holds a B.A. in Political Science from Colorado College and a J.D. from University of California College of Law, San Francisco.
There are no arrangements or understandings between Ms. Lipson, on the one hand, and any other persons, on the other hand, pursuant to which Ms. Lipson was selected as a director. Ms. Lipson has no family relationship with any director or executive officer of the Company and is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Ms. Lipson is expected to enter into the Company’s standard form of indemnification agreement in the form filed as Exhibit 10.4 to the Company’s Registration Statement on Form S-1 (File No. 333-254004), filed with the Securities and Exchange Commission on March 8, 2021.
A copy of the press release announcing the appointment of Ms. Lipson to the Board is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104.1 | Cover page interactive data file (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FRONTIER GROUP HOLDINGS, INC. | |||||||||||
Date: June 25, 2024 | By: | /s/ Howard M. Diamond | |||||||||
| Howard M. Diamond | |||||||||||
| Executive Vice President, Legal and Corporate Affairs | |||||||||||