Document:

exv10w6

 

EXHIBIT 10.6

DATED:      March 10, 2004

BETWEEN:

STANDARD AERO LIMITED,

OF THE FIRST PART,

- and -

DAVID W. SHAW,

OF THE SECOND PART.

AMENDING AGREEMENT

 

 

- 1 -

DATED:      March 10, 2004

BETWEEN:

STANDARD AERO LIMITED,

OF THE FIRST PART,

- and -

DAVID W. SHAW,

OF THE SECOND PART.

AMENDING AGREEMENT

WHEREAS the parties entered into a Service Agreement dated October 1, 1998 (“the Service
Agreement”);

AND WHEREAS the parties have agreed to amend the Service Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT, in consideration of the premises and of the mutual
covenants herein contained, the parties hereto agree as follows:

1. The Service Agreement is amended effective as of March 10, 2004 (the “Commencement
Date”) by deleting clause 3.1 and replacing it with the following:

	 	“3.1   	 The term of employment of the Executive shall be extended for an
initial period of three years from the date hereof (the “Commencement Date”)
and thereafter until the expiry of not less than eighteen months’ written
notice of termination given by either party to the other so as to expire at the
end of the said period or any time thereafter. In the event the Company
terminates the employment of the Executive within the initial period of

 

 

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	 	   	three years, except in circumstances which would entitle the Company to
terminate this agreement without notice, it shall at that time pay to the
Executive an amount equal to three years’ salary and the value to the Executive
of employment benefits for three years including pension, life insurance
benefits, motor car, medical and health insurance. In the event the Company
terminates the employment of the Executive after the initial period of three
years, except in circumstances which would entitle the Company to terminate
this agreement without notice, the Company reserves the right to pay to the
Executive, at that time in lieu of notice, an amount equal to eighteen months’
salary and the value to the Executive of employment benefits for eighteen
months including pension, life insurance benefits, motor car, medical and
health insurance.”

     IN WITNESS WHEREOF this document has been duly executed and delivered as a deed the day and
year first before written.

	 	 	 	 	 	 	 	 	 
	Executed as a Deed by

	 	 	)	 	 	 	 	 
	Standard Aero Limited

	 	 	)	 	 	 	 	 
	acting by

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ David W. Shaw
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Director
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Executed as a Deed by

	 	 	)	 	 	 	 	 
	David W. Shaw

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	DAVID
SHAW          /s/ David Shaw

	 	 	 	 	 	Witness:
	 	 
	 

	 	 	 	 	 	 	 	 
	Witness’s name and signature

	 	 	 	 	 	[Illegible]	 	 
	 
	 	 	 	 	 	 	 	 
	[Illegible]

	 	 	 	 	 	[Illegible]	 	 
	 

	 	 	 	 	 	 	 	 
	Witness’s addressexv10w7

 

EXHIBIT 10.7

THIS AGREEMENT MADE IN DUPLICATE the 7th day of June, 2002.

BETWEEN:

Paul Soubry,

(herein called “the Executive”)

OF THE FIRST PART,

- and-

Standard Aero Limited,

(herein called “the Corporation”)

OF THE SECOND PART.

EMPLOYMENT AGREEMENT

 

 

- 2 -

THIS AGREEMENT MADE IN DUPLICATE the 7th day of June, 2002.

BETWEEN:

Paul Soubry,

(herein called “the Executive”)

OF THE FIRST PART,

- and-

Standard Aero Limited,

(herein called “the Corporation”)

OF THE SECOND PART.

EMPLOYMENT AGREEMENT

WHEREAS the Executive is currently employed by the Corporation in an executive and managerial
capacity;

AND WHEREAS a change in ultimate ownership of the Corporation may occur;

AND WHEREAS the Corporation wishes to ensure the Executive remains in the employ of the
Corporation;

AND WHEREAS the Corporation and the Executive have agreed on terms of employment including
termination provisions.

NOW THEREFORE WITNESSETH that in consideration of the premises and the mutual covenants herein
contained, the parties hereto covenant and agree as follows:

1. The Executive shall continue to be employed by the Corporation in his position of President with
his existing duties, responsibilities and authority, or in such other position for any of the
Corporation’s related corporations, with such duties, responsibilities and authority, or determined
by the Corporation.

 

 

-3-

2. The Corporation shall pay to the Executive an annual salary of $204,000.00 Canadian,
payable in accordance with the Corporation’s policy for the payment of salaries. The
Corporation shall withhold and deduct from each such payment all amounts required by law to be
withheld or deducted. The Executive’s annual salary shall be reviewed, and if appropriate,
increased in accordance with the Corporation’s usual policy for salary reviews and increases. The
annual salary of the Executive as determined in accordance with this paragraph is herein called the
“Salary”.

3. The Executive shall continue to be entitled to all benefits to which he is entitled on the date
hereof, including the right to continued participation in employee benefit and pension plans, the
use of a company motor vehicle, corporate membership, and participation in the management incentive
scheme, all in accordance with the Corporation’s policies.

4. The Corporation shall reimburse the Executive for all reasonable expenses (including travel
expenses) in accordance with the Corporation’s expense policy.

5. The Executive shall be entitled to vacation in each year in accordance with the Corporation’s
vacation policy.

6. In the event of the termination of the Executive’s employment by the Corporation, except if
terminated for just cause, the Executive shall be entitled to receive a lump sum payment equal to
150% of his then Salary, less all amounts required by law to be withheld or deducted there from.
Such payment (herein ‘“the termination payment”) shall be made within 14 days following the date of
termination, and is hereby expressly acknowledged by the Executive to be in full payment and
satisfaction of all amounts which the Executive may now or hereafter claim against the Corporation
for payment in lieu of notice or damages relating to the termination of his employment (save and
except only any claim for the reimbursements of earned salary., accrued vacation entitlement, and
expenses incurred prior to the date of termination).

7. Notwithstanding paragraph 6 hereof, the Corporation and the Executive hereby agree that the
Executive’s employment may be terminated at any time by the Corporation for just cause, in which
event the Executive shall not be entitled to notice or payment in lieu of notice, or the
termination payment referred to in paragraph 6 above.

8. Upon the termination of his employment, the Executive agrees to return forthwith to the
Corporation all company property.

 

 

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9. The Executive agrees that following the termination of his employment by the
Corporation, he will not at any time during a period of one (1) year from the date of such
termination (without the prior express written consent of the Corporation) either individually or
in partnership, or in conjunction with any person or persons, firm, association, syndicate, company
or corporation, as principal, agent, director, officer, employee, consultant, investor (other than
passive holdings of less than 3% in publicly traded companies), or in any other manner whatsoever,
carry on or advise, lend money to, guarantee the debts or obligations of, or permit his name or any
part thereof to be used or employed by any person or persons, firm, association, syndicate, company
or corporation, engaged in or concerned with any interest that competes with the Corporation.

10. The Executive agrees (hat following the termination of his employment by the Corporation, he
will not during a period of one (1) year from the date of such termination (without the prior
express written consent of the Corporation) directly or indirectly solicit any customers or
employees of the Corporation.

11. The Executive acknowledges that in the course of carrying out, performing and fulfilling his
responsibilities to the Corporation, he has access to and is entrusted with detailed, confidential
information and trade secrets concerning the business of the Corporation, and its related
corporations, and the present and contemplated products, techniques and other services evolved or
used by the Corporation and its related corporations, and acknowledges that the disclosure of such
confidential information would be highly detrimental to the best interests of the Corporation and
its related corporations. Accordingly, the Executive acknowledges and agrees that the right to
maintain the confidentiality of such information and trade secrets, and the right to preserve its
goodwill, constitute proprietary rights, which the Corporation and its related corporations are
entitled to protect. Accordingly, the Executive covenants and agrees that, except with the
express written consent of the Corporation, he will not, either during the term of his employment
by the Corporation, or at any time thereafter, disclose any of such confidential information and
trade secrets to any person not in the employ of the Corporation or its related corporations, nor
shall he use the same for any purpose other than the purposes of the Corporation.

12. The Executive agrees that all restrictions contained in paragraphs 9, 10, and 11 hereof are
reasonable and valid in the circumstances, and all defences to the strict enforcement thereof by
the Corporation or its related corporations are hereby waived by the Executive.

13. Any notice, request, demand or other communication required or permitted to be given

 

 

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hereunder shall be sufficiently given if in the case of the Executive it is delivered
personally or mailed by registered mail, postage pre-paid, addressed to the Executive at his last
residential address known and filed in writing with the Corporation, and in tire case of the
Corporation delivered personally or mailed by registered mail, postage pre-paid., addressed to the
Corporation at its head office, Any notice mailed as aforesaid shall be deemed to have been
received on the second business day following the date of mailing.

14. This Agreement supercedes and replaces any previous employment agreement or termination
agreement between the Executive and the Corporation, excepting only separate agreements relating to
corporate relocations and training programs.

15. The Executive confirms that he is signing this Agreement voluntarily, and confirms that he has
had the opportunity to obtain independent legal advice.

16. This Agreement enures to the benefit of and is binding upon the Executive, his heirs and legal
personal representatives, and the Corporation and its successors and assigns.

17. This Agreement shall be governed by and construed in accordance with the laws of the Province
of Manitoba, and the parties submit to the jurisdiction of the Courts of the Province of Manitoba.

IN WITNESS WHEREOF the parties have executed this Agreement the 7th day of June, 2002.

	 	 	 	 	 	 	 	 	 	 	 
	Signed in the presence of:

	 	 	)	 	 	 	 	 	 	 
	

	 	 	)	 	 	 	 	 	 	 
	

	 	 	)	 	 	 	 	 	 	 
	[Illegible]	 	 	)	 	 	/s/ Paul Soubry	 	 
	 	 	 	 	 	 	 	 	 
	Witness	 	 	 	 	 	Paul Soubry	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Standard Aero Limited	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Per:
	 	/s/ David Shaw

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