Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 8

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 11
Chunk 8
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47

ITEM 11.   EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Our 2024 fiscal year began on March 1, 2024 and ended on February 28, 2025.  All references herein to a year shall mean our fiscal year unless otherwise noted.

This Compensation Discussion and Analysis describes and analyzes our executive compensation philosophy and programs.  This Compensation Discussion and Analysis focuses on the compensation paid for our 2024 fiscal year to our Chief Executive Officer, Chief Financial Officer and three other most highly compensated executive officers, together referred to as our named executive officers (“NEOs”).  For 2024, our NEOs were:

Named Executive OfficerTitleMichael J. IngleseChief Executive OfficerRoy ChandranChief Financial OfficerDouglas C. WinterChief Commercial OfficerChristopher L. BeersFormer Chief Legal Officer & SecretaryPaul O’CallaghanChief Operations Officer

Christopher L. Beers, our former Chief Legal Officer & Secretary, retired from the Company effective February 28, 2025.

Pay for Performance Philosophy

We believe executive compensation should be tied to Company performance weighted in favor of long-term performance, and our compensation program for 2024 rewarded executives and employees in two areas:

•Annual Corporate Performance: Achievement of internal corporate financial metrics focused on: (i) profit before tax; (ii) cash flow; and (iii) growth through new investments (as described below); and

•Individual Performance: Achievement of individual performance goals set at the beginning of each year.

For 2024, we granted an annual incentive compensation award in the form of a cash bonus, the payment of which was based on the achievement of a mix of corporate financial metrics and individual performance goals. For more highly compensated employees, including our NEOs, achievement of the corporate financial metrics carried a greater weighting relative to individual performance, as illustrated in the table below:

PositionCorporate PerformanceIndividual PerformanceCEO85%15%Other NEOs80%20%

2024 Corporate Financial Metrics.  We based corporate performance targets on the Company’s business plan and established a performance range for each metric.  Results below the low end of each range would yield a minimum contribution of 50% to the Company’s incentive compensation pool for that metric. Conversely, performance above target would result in an enhanced contribution to the Company’s incentive compensation pool, up to a 150% contribution at the upper end of the performance range for each metric.  For 2024, we established the following targets,