Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-15

Frontier Group Holdings (ULCC)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,465,509
Barry Biffle total, FY2025
Former Chief Executive Officerhighest-paid officer; CEO James Dempsey: $4,237,766
20th
CEO (James Dempsey) pay percentile vs peers
120:1
CEO-to-median pay ratio
81.86%
Say-on-pay support, latest vote
Companies that benchmark against ULCC
1 company names ULCC as a compensation peer

Each company listed discloses ULCC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ULCC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Barry Biffle$744,770$0$4,499,988$0$1,210,251$0$10,500$6,465,509
Former Chief Executive Officer
James Dempsey655,07402,699,9870872,88609,8194,237,766
Chief Executive Officer and President
Howard Diamond498,47901,334,9880510,318010,5002,354,285
Executive Vice President, Legal and Corporate Affairs
Mark Mitchell486,58101,050,0010453,858010,5002,000,940
Senior Vice President, Chief Financial Officer
Robert Schroeter425,78401,050,0010377,777010,5001,864,062
Senior Vice President, Chief Commercial Officer
Alexandre Clerc410,78401,050,0010364,46806,1571,831,410
Senior Vice President, Customers

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Barry Biffle$6,465,509$1,443,469$8,582,703+5,022,040
James Dempsey4,237,7661,149,5345,232,018+3,088,232
Howard Diamond2,354,2851,507,0173,393,030+847,268
Mark Mitchell2,000,940745,2502,672,566+1,255,690
Robert Schroeter1,864,0622,401,357−537,295
Alexandre Clerc1,831,4101,958,616−127,206

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Mark MitchellPSU2025-02-0624,45348,906$233,338
Mark MitchellRSU2025-02-0643,263349,998
Alexandre ClercRSU2025-02-0643,263349,998
Alexandre ClercPSU2025-02-0624,45348,906233,338
Barry BiffleRSU2025-02-06185,4141,499,999
Barry BifflePSU2025-02-06155,626311,2521,499,994
Barry BifflePSU2025-02-06104,797209,594999,999
Barry BifflePSU2025-02-0652,641105,282499,996
Alexandre ClercPSU2025-02-0612,28324,566116,665
Alexandre ClercPSU2025-02-0636,31372,626350,000
James DempseyPSU2025-02-0631,58463,168299,991
James DempseyPSU2025-02-0693,376186,752900,002
James DempseyRSU2025-02-06111,248899,996
James DempseyPSU2025-02-0662,878125,756599,997
Howard DiamondRSU2025-02-0655,006444,999
Howard DiamondPSU2025-02-0646,16992,338444,998
Howard DiamondPSU2025-02-0631,08962,178296,659
Howard DiamondPSU2025-02-0615,61731,234148,333
Mark MitchellPSU2025-02-0636,31372,626350,000
Mark MitchellPSU2025-02-0612,28324,566116,665
Robert SchroeterPSU2025-02-0612,28324,566116,665
Robert SchroeterPSU2025-02-0636,31372,626350,000
Robert SchroeterRSU2025-02-0643,263349,998
Robert SchroeterPSU2025-02-0624,45348,906233,338
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Mark Mitchell$349,998$700,003$066.7%
Alexandre Clerc349,998700,003066.7%
Barry Biffle1,499,9992,999,989066.7%
James Dempsey899,9961,799,990066.7%
Howard Diamond444,999889,990066.7%
Robert Schroeter349,998700,003066.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Barry BifflePSU104,797$493,594
Barry BiffleRSU234,3751,103,906
Barry BiffleRSU185,414873,300
Barry BifflePSU155,626732,998
Barry BifflePSU56,280265,079
Barry BifflePSU52,641247,939
Barry BiffleRSU9,89746,615
05

Incentive-plan design — the Compensation Discussion & Analysis

Frontier seeks to ensure total compensation is reasonable and competitive, structured around the achievement of near-term corporate targets, long-term business objectives, and individual performance. The company aims to attract and retain highly qualified executives by providing a straightforward, clear, and performance-driven compensation program that aligns executive interests with stockholders through long-term equity-based incentives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantWillis Towers Watson
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-14156,283,9186,488,37228,140,58381.86%Passed
20252025-05-15167,805,198629,80628,129,65085.37%Passed
20242024-05-23188,819,4044,359,22638,61697.72%Passed
20232023-05-25196,300,8013,643,95134,43198.16%Passed
20222022-05-25201,575,9613,433,189130,76098.26%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1481.86%a
20252025-05-1585.37%b
20242024-05-2397.72%c

a. Approved under the standard stated in the filing — “3: To approve, on an advisory (non-binding) basis, the compensation of our named executive officers Majority of votes present and entitled to vote Abstentions will be counted as a vote against this proposal.”.

b. Approved under the standard stated in the filing — “4: To approve, on an advisory (non-binding) basis, the compensation of our named executive officers Majority of votes present and entitled to vote Abstentions will be counted as a vote against this proposal.”.

c. Approved under the standard stated in the filing — “3: To approve, on an advisory (non-binding) basis, the compensation of our named executive officers Majority of votes present and entitled to vote Abstentions will be counted as a vote against this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)120 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Bernard L. HanIndependent · Audit Committee (Chair) · Finance Committee$125,000$140,000$265,000
Brian H. FrankeNot independent · Finance (Chair) · Safety and Security122,000140,000262,000
Robert J. GeniseIndependent · Audit120,000140,000260,000
Ofelia KumpfIndependent · Compensation118,000140,000258,000
Alejandro D. WolffIndependent · Compensation Committee (Chair) · Nominating and Corporate Governance Committee118,000140,000258,000
William A. FrankeNot independent · Board Chair102,000140,000242,000
Nancy L. LipsonIndependent · Compensation100,000140,000240,000
Andrew S. BroderickNot independent · Finance Committee · Safety and Security Committee100,000140,000240,000
Josh T. ConnorIndependent · Compensation100,000140,000240,000
Patricia Salas PinedaIndependent · Audit100,000140,000240,000
Michael R. MacDonaldIndependent · Departed during FY37,363037,363
Anthony D. SalcidoIndependent · Audit Committee · Safety and Security Committee · Newly elected000
James G. DempseyEmployee director · Newly elected0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$140,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000
Stock ownership guideline$350,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,142,363
Equity awards (grant-date value)$1,400,000
All other compensation$0
Total cost of the board$2,542,363

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Frontier Group Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Frontier Group Holdings.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Alaska Air Group, Inc.2025Ben Minicucci$847,692$6,769,222$0$1,632,721$9,904,339
2Spirit Airlines, Inc.2023Edward M. Christie III745,8332,912,47901,134,5736,601,404
3Hawaiian Holdings, Inc.2025Robert Harrison1,072,5932,590,79501,586,8846,285,693
4JetBlue Airways Corporation2025Joanna Geraghty700,0003,249,99601,102,5005,191,318
5Frontier Group Holdings2025James Dempsey655,0742,699,9870872,8864,237,766
6Allegiant Travel Company2025Gregory Anderson600,000223,496002,191,511
SkyWest, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Frontier Group Holdingsnot disclosednot disclosednot disclosedWillis Towers Watson
Alaska Air Group, Inc.110.0%RSU 50 · PSU 50NoMeridian Compensation Partners, LLC
Allegiant Travel Companynot disclosedPRSU 50 · RSU 50not disclosednot disclosed
Hawaiian Holdings, Inc.147%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR) vs. KBW Regional Bank IndexPearl Meyer
JetBlue Airways Corporationnot disclosednot disclosedYesPay Governance
SkyWest, Inc.not disclosednot disclosednot disclosednot disclosed
Spirit Airlines, Inc.113.9%RSU 50 · PSU 50NoKorn Ferry

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Barry BiffleDEF 14A2026-04-020001670076-26-000039Section “EXECUTIVE COMPENSATION TABLES” · page 36. As printed: 6,465,509. Filing ↗machine: r3 · c24 · span 589083–589092
2Section 01, James DempseyDEF 14A2026-04-020001670076-26-000039Section “EXECUTIVE COMPENSATION TABLES” · page 36. As printed: 4,237,766. Filing ↗machine: r7 · c24 · span 597589–597598
3Section 01, Howard DiamondDEF 14A2026-04-020001670076-26-000039Section “EXECUTIVE COMPENSATION TABLES” · page 36. As printed: 2,354,285. Filing ↗machine: r11 · c24 · span 605932–605941
4Section 01, Mark MitchellDEF 14A2026-04-020001670076-26-000039Section “EXECUTIVE COMPENSATION TABLES” · page 36. As printed: 2,000,940. Filing ↗machine: r15 · c24 · span 614270–614279
5Section 01, Robert SchroeterDEF 14A2026-04-020001670076-26-000039Section “EXECUTIVE COMPENSATION TABLES” · page 36. As printed: 1,864,062. Filing ↗machine: r22 · c24 · span 628358–628367
6Section 01, Alexandre ClercDEF 14A2026-04-020001670076-26-000039Section “EXECUTIVE COMPENSATION TABLES” · page 36. As printed: 1,831,410. Filing ↗machine: r19 · c24 · span 622632–622641
7Section 03, Mark Mitchell PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 678801–678808
8Section 03, Mark Mitchell RSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 675837–675844
9Section 03, Alexandre Clerc RSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 684127–684134
10Section 03, Alexandre Clerc PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 688665–688672
11Section 03, Barry Biffle RSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 648861–648870
12Section 03, Barry Biffle PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 655675–655684
13Section 03, Barry Biffle PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 653404–653411
14Section 03, Barry Biffle PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 651133–651140
15Section 03, Alexandre Clerc PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 686396–686403
16Section 03, Alexandre Clerc PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 03, James Dempsey PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 659690–659697
18Section 03, James Dempsey PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 662656–662663
19Section 03, James Dempsey RSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 658208–658215
20Section 03, James Dempsey PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 661173–661180
21Section 03, Howard Diamond RSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 666502–666509
22Section 03, Howard Diamond PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 673309–673316
23Section 03, Howard Diamond PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 671040–671047
24Section 03, Howard Diamond PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 668771–668778
25Section 03, Mark Mitchell PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
26Section 03, Mark Mitchell PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 677319–677326
27Section 03, Robert Schroeter PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 694896–694903
28Section 03, Robert Schroeter PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
29Section 03, Robert Schroeter RSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 693414–693421
30Section 03, Robert Schroeter PSUDEF 14A2026-04-020001670076-26-000039Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 696378–696385
31Section 07, pay ratioDEF 14A2026-04-020001670076-26-000039Section “CEO Pay Ratio”. As printed: 120 : 1. Filing ↗
32Section 08, Bernard L. HanDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 265,000. Filing ↗
33Section 08, Brian H. FrankeDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 262,000. Filing ↗
34Section 08, Robert J. GeniseDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 260,000. Filing ↗
35Section 08, Ofelia KumpfDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 258,000. Filing ↗
36Section 08, Alejandro D. WolffDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 258,000. Filing ↗
37Section 08, William A. FrankeDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 242,000. Filing ↗
38Section 08, Nancy L. LipsonDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 240,000. Filing ↗
39Section 08, Andrew S. BroderickDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 240,000. Filing ↗
40Section 08, Josh T. ConnorDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 240,000. Filing ↗
41Section 08, Patricia Salas PinedaDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 240,000. Filing ↗
42Section 08, Michael R. MacDonaldDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 37,363. Filing ↗
43Section 08, Anthony D. SalcidoDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 0. Filing ↗
44Section 08, James G. DempseyDEF 14A2026-04-020001670076-26-000039Section “Director Compensation”. As printed: 0. Filing ↗
45Section 06, 2026 voteForm 8-K2026-05-150001670076-26-000061Item 5.07 · say-on-pay result. As reported: 81.86% (votes for as printed: 156,283,918). Filing ↗
46Section 06, 2025 voteForm 8-K2025-05-160001670076-25-000125Item 5.07 · say-on-pay result. As reported: 85.37% (votes for as printed: 167,805,198). Filing ↗
47Section 06, 2024 voteForm 8-K2024-05-280001670076-24-000090Item 5.07 · say-on-pay result. As reported: 97.72% (votes for as printed: 188,819,404). Filing ↗
48Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
49Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
50Section 09b board cost (computed)ComputedcomputedCash 1,142,363 + equity 1,400,000 + all other 0 = 2,542,363, summed across the director compensation table rows.machine: formula: Σ = 2,542,363
51Alaska Air Group, Inc., Section 10b CEO totalDEF 14A2026-03-300001193125-26-132048CEO total compensation as printed in Alaska Air Group, Inc.'s own proxy. As printed: 9,904,339. Filing ↗machine: t40 · r2 · c17 · span 1199860–1199869
52Spirit Airlines, Inc., Section 10b CEO totalDEF 14A2024-04-250001193125-24-114028CEO total compensation as printed in Spirit Airlines, Inc.'s own proxy. As printed: 6,601,404. Filing ↗machine: t324 · r5 · c27 · span 874112–874121
53Hawaiian Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-120001104659-26-026700CEO total compensation as printed in Hawaiian Holdings, Inc.'s own proxy. As printed: 6,285,693. Filing ↗machine: t137 · r1 · c48 · span 1533144–1533153
54JetBlue Airways Corporation, Section 10b CEO totalDEF 14A2026-04-020001158463-26-000041CEO total compensation as printed in JetBlue Airways Corporation's own proxy. As printed: 5,191,318. Filing ↗machine: r5 · c7 · span 2148744–2148753
55Frontier Group Holdings (subject), Section 10b CEO totalDEF 14A2026-04-020001670076-26-000039CEO total compensation as printed in Frontier Group Holdings's own proxy. As printed: 4,237,766. Filing ↗machine: r7 · c24 · span 597589–597598
56Allegiant Travel Company, Section 10b CEO totalDEF 14A2026-05-150001362468-26-000034CEO total compensation as printed in Allegiant Travel Company's own proxy. As printed: 2,191,511. Filing ↗machine: span 396181–396190
57Section 10a, JetBlue Airways Corporation reciprocityDEF 14A0001158463-26-000041JetBlue Airways Corporation names Frontier Group Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
58Section 10a, Alaska Air Group, Inc. reciprocityDEF 14A0001193125-26-132048Alaska Air Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Frontier Group Holdings. Filing ↗
59Section 10a, Hawaiian Holdings, Inc. reciprocityDEF 14A0001104659-26-026700Hawaiian Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Frontier Group Holdings. Filing ↗