Spirit Airlines (NASDAQ: SAVE ) will get a new COO next month.
On Wednesday, Spirit announced it has appointed John Bendoraitis to become its senior vice president and Chief Operating Officer sometime in mid-October. A veteran of Northwest Airlines; Comair Airlines, where he was president from 2008 to 2012; and also Frontier Airlines, where he has been COO since March 2012; Bendoraitis brings a total of nearly 30 years of industry experience to his new company.
In a filing with the SEC yesterday, Spirit disclosed that it will be paying Bendoraitis an annual base salary of $320,000, plus:
- an annual bonus targeting 70% of base salary, and ranging as high as 200% of base salary
- equity incentives worth $1.35 million, divided equally between restricted stock units vesting over four years, and "performance stock units," payable as common stock within 60 days following Dec. 31, 2015, if he is still with the company at that time.