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

Rhea-AI Filing Summary

Form 4 insight: On 07/22/2025, Spirit Aviation Holdings, Inc. (ticker FLYY) reported an insider transaction by director David N. Siegel.

• Securities acquired: 29,535 shares of common stock via a restricted stock unit (RSU) award, coded “A” (grant) at $0 cost.
• Post-transaction holding: Siegel now directly owns 251,309 shares.
• Vesting terms: RSUs are scheduled to vest 100 % on the first anniversary of the 07/22/2025 grant, contingent on continued board service.
• No derivative securities were reported, and no sales or dispositions occurred.

The filing indicates increased insider ownership and potential alignment of director incentives with shareholder interests, but no immediate cash outflow or earnings impact.

Insights

Financial Analyst

TL;DR: Director received 29.5k RSUs, boosting direct stake to 251k shares—signal of confidence, minimal dilution.

The award enlarges Siegel’s position by roughly 13%, strengthening insider alignment without cash cost to the company. While RSU grants are routine, a single-day addition of nearly 30k shares is notable for a small-cap issuer and may be interpreted by investors as a vote of confidence. Because shares vest in one year, retention risk is reduced. With no sales, the transaction has a mildly positive governance signal but limited financial impact given likely sub-1% dilution.

Corporate Governance Expert

TL;DR: One-year cliff-vesting RSUs align board incentives; standard practice, low governance risk.

The structure—100% vest after one year—encourages at least short-term board continuity and aligns director interests. Signature by attorney-in-fact and timely filing suggest compliance with Section 16 obligations. No red flags such as option repricing or accelerated vesting appear. Impact on shareholders is neutral to slightly positive, contingent on company performance driving share value over the next year.

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

OMB Number:			3235-0287
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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^*

SIEGEL DAVID N

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

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	07/22/2025		A(1)		29,535	A	$0	251,309	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

Explanation of Responses:

1. Represents the grant of an award of restricted stock units, which are generally scheduled to vest 100% on the first anniversary of the grant date, subject to the Reporting Person's continued service through such date.

	/s/ Thomas Canfield, as Attorney-In-Fact for David N. Siegel	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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