Exhibit 10.16
February 28, 2018
Marc Drobny
Dear Marc:
We are pleased to confirm an offer of employment to have you join StandardAero. This letter will outline the terms and conditions that will initially govern your proposed employment with StandardAero. Please review this letter carefully and do not hesitate to contact me should you have any questions.
Your position will be President, Business Aviation and you will report directly to the Chief Executive Officer, Russell Ford. The position will be based In Scottsdale, Arizona. Your initial annual base salary will be $320,000, to be paid in accordance with the Company's regular payroll practices (currently bi-weekly). 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 March 26, 2018, subject to successful completion of applicable background checks and pre-employment screening.
Based on this position, you will be eligible· to participate In StandardAero's Annual Incentive Plan (AIP). Your target bonus will be an amount equal to 60 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.
In addition, 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 modification, as these plans are reviewed periodically.
Since acceptance of this position requires you to relocate to the Phoenix, Arizona metropolitan area, expenses associated with establishing housing in the determined area will be managed according to the Company's relocation program guidelines. A summary of that program is enclosed and your acceptance of the Company's offer of employment constitutes your acceptance of the terms of the relocation program, including a repayment agreement as described therein.
Should you accept this offer, in addition to the salary, bonus, and other compensation and benefits described above, upon commencement of your employment, provided you agree to certain intellectual property, non-disclosure of confidential information, non-solicitation, and non-competition covenants to apply during and after your termination of employment with StandardAero, VCSA Holdings LLC (which Is the indirect parent company of StandardAero Aviation Holdings, Inc.), will Issue to you, subject to the provisions of plan documents that will be presented to you, a Class B Membership Interest in VCSA Holdings LLC (constituting, at the time of Issuance, a Class B Percentage Interest of 0.2500%), for which no cash investment by you will be required.
You will be eligible to accrue 172 hours of Paid Time Off (PTO) per year. You will accrue PTO hours on a pro rata basis each pay period. Only accrued PTO hours will be available for use. Your
