Form 4: Sun Country Airlines Merger Completion Disclosure

SVP and COO Stephen Coley reports the disposition of Sun Country Airlines shares following the company's merger with Allegiant Travel Company.

Summary

• Stephen Coley, SVP and Chief Operating Officer, reported the disposition of 43,838 shares of Sun Country common stock.
• The transaction occurred on May 13, 2026, following the completion of the merger between Sun Country Airlines Holdings, Inc. and Allegiant Travel Company.
• Sun Country has been converted into a direct, wholly owned subsidiary of Allegiant and renamed Sun Country Airlines Holdings, LLC.
• Reporting person's shares were converted into a combination of $4.10 cash per share and 0.1557 shares of Allegiant common stock per Sun Country share.
• Outstanding restricted stock units and performance-based restricted stock units were converted into Allegiant-based equity awards.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing documenting the final equity settlement of a previously announced merger.

Positives

• Successful completion of the merger agreement with Allegiant Travel Company.
• Conversion of equity holdings into a mix of cash and parent company stock, providing liquidity and ongoing exposure to the combined entity.

Negatives

• The reporting person no longer holds direct equity in the standalone Sun Country Airlines entity due to the merger completion.

Risks

• Integration risks associated with the merger of Sun Country into Allegiant Travel Company.
• Market volatility risks related to the receipt of Allegiant common stock as part of the merger consideration.

Future Outlook

The filing does not provide forward-looking guidance for the combined entity, as it is a disclosure of post-merger equity conversion.

Management Comments

• The reporting person confirms the conversion of equity awards into Allegiant-based awards with continued double-trigger vesting protections.

Industry Context

StockSavvy.ai notes that this filing confirms the finalization of a significant consolidation event in the U.S. airline sector, aligning with broader trends of regional and low-cost carrier integration to achieve scale and operational synergies.

Comparison to Industry Standards

• The merger structure follows standard industry practices for airline consolidation, utilizing a mix of cash and stock consideration to satisfy shareholders.
• The conversion of performance-based units into time-based units is a common mechanism in change-of-control transactions to ensure retention during the integration phase.

Corporate Governance

Stakeholder Impact

• Shareholders have received the merger consideration as defined in the agreement.
• Employees and management are transitioning to the new corporate structure under Allegiant.

Next Steps

• Integration of Sun Country operations into Allegiant Travel Company systems.
• Ongoing management of converted Allegiant equity awards by the reporting person.

Key Dates

Keywords

Sun Country Airlines, Allegiant Travel Company, Merger, SNCY, Form 4, Insider Transaction, Aviation