April 23, 2024
Kim Ernzen
via: [ ]
Dear Kim:
I am pleased to confirm our offer of employment to have you join StandardAero. This letter will outline the terms and conditions that will initially govern your employment with StandardAero. Please review this letter carefully and do not hesitate to contact me or Malisa Chambliss, should you have any questions.
Your position will be the StandardAero Chief Operating Officer and you will report directly to the Chairman & CEO. The position will be based in the Scottsdale, Arizona, and your initial annual base salary will be $625,000, to be paid in accordance with the Company's regular payroll practices (currently bi weekly). Additionally, we are pleased to offer you a onetime bonus in the amount of $50,000, payable in lump sum within 30 days of your start date, to offset costs for temporary housing and other incidentals associated with establishing a residence in the Scottsdale area. This lump sum is contingent on your employment with StandardAero and is subject to repayment if you leave the company within the first twelve (12) months of employment. In accordance with the provisions of the Fair Labor Standards Act, you will be classified as an exempt employee, and thus will not be eligible to receive overtime compensation. We anticipate your first day of employment to be on or around May 20, 2024, subject to successful completion of applicable background checks and pre-employment screening.
Based on your position, you will be eligible to participate in StandardAero's Executive Annual Incentive Plan (AIP). Your annual target bonus will be an amount equal to 80 percent of your annual base salary. The actual amount of the AIP bonus payable is subject to Company and individual performance and the terms of the AIP, which are subject to change. More information regarding the AIP will be presented to you upon acceptance of this offer.
As an employee of StandardAero, you and your eligible dependents may participate in our comprehensive array of benefit programs. You are eligible to participate in StandardAero's benefits on the first day of the month following your first day of employment with the Company. Information on the Company's benefits plans is enclosed for your review. As discussed therein, benefits offered at the time of hire and offered during the course of employment are subject to
