[Form 4] Spirit Airlines, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 21-Jul-2025, Monarch Casino & Resort Inc. (MCRI) CEO, director and 10 % owner John Farahi completed a net exercise of 66,666 stock options at a $17.62 strike. He surrendered 32,992 shares to cover the exercise price and taxes, receiving 33,674 new shares. Farahi’s direct ownership rises to 595,102 shares, while he continues to hold 2,507,609 shares indirectly in family trusts.

On 22-Jul-2025, a family foundation account sold 2,000 shares at $105.78, a reduction of less than 0.1 % of his total exposure. Farahi also retains 600,000 option rights spanning multiple grant years and exercise prices.

The large in-the-money option exercise coupled with retention of the resulting shares is generally viewed as a bullish insider-confidence signal, partially offset by the modest charitable-related sale.

Insights

Financial Analyst

TL;DR: Insider keeps 33.7k net shares after exercising cheap options; tiny sale immaterial—overall positive signal.

The $17.62 strike versus a ~$105 market price creates an immediate ~$5.9 m intrinsic gain, yet Farahi retained the shares rather than selling, indicating confidence in future appreciation. Direct ownership climbs 6 %, and total beneficial control remains above 3.1 m shares. The 2,000-share sale from the family foundation is negligible and appears portfolio-rebalancing rather than profit-taking. With 600k options still outstanding, Farahi’s incentives stay strongly aligned with shareholders. Overall impact: positive insider sentiment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ghosh Arijit Rana

(Last) (First) (Middle)

C/O SPIRIT AVIATION HOLDINGS, INC.

1731 RADIANT DRIVE

(Street)

DANIA BEACH FL 33004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Spirit Aviation Holdings, Inc. [ FLYY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CCO

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/21/2025		A(1)		37,425	A	$0	37,425	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Stock Units	(2)(3)	07/21/2025		A		37,425		(2)(3)	(2)(3)	Common Stock	37,425(2)(3)	$0	37,425(2)(3)	D

Explanation of Responses:

1. Represents the grant of an award of restricted stock units, vesting in one-third increments on each of the first three anniversaries of April 1, 2025, subject to the Reporting Person's continued employment through each applicable vesting date.

2. Represents a grant of performance stock units ("PSUs"), reflected at the target number of shares underlying such PSUs. The PSUs will be earned and vest on the third anniversary of April 1, 2025, subject generally to (i) the Reporting Person's continued employment through the applicable vesting date and (ii) the level of achievement of an equity valuation growth performance goal, measured at the end of a three-year performance period (or, if earlier, the date of a change of control of the Issuer).

3. The performance shares convert to common stock on a 1 to 1 basis.

	/s/ Thomas Canfield, as Attorney-in-Fact for Rana Ghosh	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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