ALLEGIANT TRAVEL COMPANY STOCK OPTION AGREEMENT

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.3

ALLEGIANT TRAVEL COMPANY

STOCK OPTION AGREEMENT

        THIS STOCK OPTION AGREEMENT (the "Agreement") is made and entered into as of                        , 20      (the "Effective Date"), between ALLEGIANT TRAVEL COMPANY, a Nevada corporation (the "Company") and XXXXXXX (the "Optionee").

        THE PARTIES AGREE AS FOLLOWS:

         1.      Stock Option Plan .    The exercise of the Options granted under this Agreement shall be subject to the terms, conditions and restrictions of Allegiant Travel Company 2006 Long-Term Incentive Plan (the "Plan"). A copy of the Plan is available to Optionee upon request and is incorporated in this Agreement by this reference. Terms used in this Agreement that are defined in the Plan shall have the same meaning as in the Plan, unless the text of this Agreement clearly indicates otherwise.

         2.     Grant of Option.

        A.    The Company hereby grants to Optionee pursuant to the Plan an option (the "Option") to purchase all or any part of                         thousand (XX,XXX) shares (the "Option Shares") of the Company's $.001 par value common stock (the "Common Stock") on the terms and conditions set forth herein and in the Plan.

        B.    All Options granted under this Agreement shall be considered to be non-qualified stock options under the Code.

         3.      Exercise Price .    The exercise price (the "Exercise Price") for each share of Common Stock covered by this Option shall be $            per share.

         4.      Adjustment of Options .    The Committee shall adjust the number of Option Shares and the Exercise Price thereof in certain circumstances in accordance with the provisions of Item 11 of the Plan.

         5.     Exercise of Options.

        A.     Exercise of Option .    Subject to the other terms of this Agreement, Optionee's right to exercise the Option granted hereunder shall be subject to the following Vesting Schedule wherein Optionee shall be entitled to exercise his right to purchase the Option Shares at any point in time during this Agreement only to the extent indicated below:

Vesting Schedule

        B.     Partial Exercise .    Subject to the terms of the Plan, this Option (to the extent vested as provided in Paragraph 5A above) may be exercised for all or any part of the Option Shares.

        C.     Method of Exercising Option .    Subject to Paragraph 5A above, any Option granted hereunder or any portion thereof may be exercised by the Optionee by delivering to the Company at its main office (attention of its Secretary) written notice which shall set forth the Optionee's election to exercise a portion or all of his Option, the number of shares with respect to which the Option rights are being exercised and such other representations and agreements as may be required by the Company to comply with applicable securities laws and by paying in full the

purchase price of the shares purchased in cash or its equivalent or, subject to the approval of the Committee, pursuant to one of the alternative methods set forth in Paragraph 10B of the Plan.

        D.     Nonassignability of Option .    The Option shall not be assignable or transferable by the Optionee except by will or by the laws of descent and distribution. Any distributee by will or by the laws of descent and distribution shall be bound by the provisions of the Plan and this Agreement. During the life of the Optionee, the Option shall be exercisable only by the Optionee. Any attempt to assign, pledge, transfer, hypothecate or otherwise dispose of the Option, and any levy of execution, attachment or similar process on the Option, shall be null and void.

        E.     Termination of Employment other than as a Result of Death or Disability .    If Optionee ceases to be an Employee other than as a result of Optionee's death or disability (as defined in Paragraph F below), then the Option shall be exercisable only to the extent exercisable ( i.e. , vested) on the date of termination of employment and must be exercised on or before the date that is ninety (90) days after the effective date of termination of employment. To the extent any portion of the Option is not exercisable ( i.e. , not vested) on the date of termination of employment, such nonvested portion of the Option shall terminate on the date of termination of employment. To the extent any portion of the Option is not exercised on or before the date that is ninety (90) days after the date of termination of employment, such portion of the Option shall terminate as of the end of such date. Nothing in the Plan shall be construed as imposing any obligation on the Company to continue the employment of Optionee or shall interfere or restrict in any way the rights of the Company to discharge Optionee at any time for any reason whatsoever, with or without cause.

        F.      Termination of Employment as a Result of Death or Disability .    In the event of the death or disability of the Optionee while in the employ of the Company, the personal representative of the Optionee (