Frontier Airlines 2005 Annual Report Download - page 24
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code-share (or any combination thereof) such repositioned aircraft on terms no less favorable than those offered to the third party. If
Delta does not exercise this right within a specified amount of time, we will be permitted to enter into the arrangement with the third
party, but we will be prohibited during the term of the code-share agreement with Delta from flying more than a specified number of
flights per day with such repositioned aircraft into each of several major metropolitan airports without Delta's prior written consent.
For each additional aircraft put into service for Delta beyond the initial 22, Delta receives a warrant to purchase 60,000 shares of our
common stock. In accordance with this provision, on February 3, 2003 we granted Delta a warrant to purchase 720,000 shares of
common stock, on October 1, 2003 we granted Delta a warrant to purchase an additional 300,000 shares of common stock and on
March 10, 2004 we granted Delta a warrant to purchase an additional 480,000 shares of common stock. In December 2004, the parties
agreed to reduce the amount of such warrants by 45%. In addition, in December 2004, we issued Delta a warrant for 960,000 shares in
connection with Delta entering into a code-share agreement with us.
For illustrative purposes only, we estimate that, should Delta acquire all of the common stock they are entitled to acquire under their
warrants and assuming the warrant shares are 100% vested, Delta will own approximately 7.6% of our common stock.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 27, 2006 Powered by Morningstar® Document Research℠