Aircastle (AYR) Enters Separation Agreement with CIO J. Robert Peart
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On January 22, 2012, Aircastle Limited (NYSE: AYR) and Aircastle Advisor LLC entered into a separation agreement with J. Robert Peart, Chief Investment Officer of the Company. The following summary of certain provisions of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, filed as Exhibit 10.1 hereto and incorporated herein by reference.
Executive's employment agreement with Advisor, dated December 7, 2010 (the "Employment Agreement"), was superseded by the Separation Agreement, pursuant to which Executive agreed to resign from all positions he currently holds with the Company, Advisor and their respective affiliates, effective January 22, 2012, and to terminate employment effective March 31, 2012. The Separation Agreement contains a general release of any claims Executive may have against the Company, Advisor or their respective affiliates (the "Release") and incorporates certain provisions of the Employment Agreement. Pursuant to the Separation Agreement, Executive has agreed not to compete with Advisor or any of its affiliates during his employment, and for three months after termination (the "Restricted Period") as to any aircraft leasing, marketing, advisory and/or finance business. Executive has also agreed that through the end of the Restricted Period, he will not solicit or encourage any of Advisor's then current employees or independent contractors to either leave the employment or other service of Advisor or to work for Executive or any competitor of Advisor.
Pursuant to the Separation Agreement, if Executive continues to comply with all of the terms and conditions of the Separation Agreement, (i) 47,580 of the restricted shares of the Company’s common stock held by Executive that are unvested as of Executive's termination shall vest on April 15, 2012 and (ii) the remaining 100,000 unvested restricted shares held by Executive as of the termination shall be repurchased by the Company for the par value of $0.01 per share and shall not become vested.
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Executive's employment agreement with Advisor, dated December 7, 2010 (the "Employment Agreement"), was superseded by the Separation Agreement, pursuant to which Executive agreed to resign from all positions he currently holds with the Company, Advisor and their respective affiliates, effective January 22, 2012, and to terminate employment effective March 31, 2012. The Separation Agreement contains a general release of any claims Executive may have against the Company, Advisor or their respective affiliates (the "Release") and incorporates certain provisions of the Employment Agreement. Pursuant to the Separation Agreement, Executive has agreed not to compete with Advisor or any of its affiliates during his employment, and for three months after termination (the "Restricted Period") as to any aircraft leasing, marketing, advisory and/or finance business. Executive has also agreed that through the end of the Restricted Period, he will not solicit or encourage any of Advisor's then current employees or independent contractors to either leave the employment or other service of Advisor or to work for Executive or any competitor of Advisor.
Pursuant to the Separation Agreement, if Executive continues to comply with all of the terms and conditions of the Separation Agreement, (i) 47,580 of the restricted shares of the Company’s common stock held by Executive that are unvested as of Executive's termination shall vest on April 15, 2012 and (ii) the remaining 100,000 unvested restricted shares held by Executive as of the termination shall be repurchased by the Company for the par value of $0.01 per share and shall not become vested.
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