ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 14, 2018, Mr. Peter D. Hunt resigned as president and COO of Virgin
America, Inc. ("Virgin America"), effective immediately.
In connection with his resignation, Mr. Hunt entered into an agreement with the
Company, which includes a general release of claims by Mr. Hunt. Under the
agreement, Mr. Hunt will receive a cash payment equal to $136,156, representing
a payment at the target performance level for the 2018 plan year under Alaska
Air Group Inc.'s Performance Based Pay Plan (i.e., annual cash incentive plan)
pro-rated for five months of employment in 2018 and an amount intended to be
used to cover certain healthcare expenses. Mr. Hunt will also be eligible for
lifetime, positive-space travel benefits for himself and certain family members
on flights operated by or on behalf of Alaska Airlines, Inc. In addition, all
restricted stock units granted to Mr. Hunt that were scheduled to vest on June
14, 2018 (comprising 18,109 restricted stock units) will vest in accordance with
the terms of the applicable grant agreement.
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