AYR Aircastle Limited

On October 4, 2016, Aircastle Advisor LLC (“Advisor”), a subsidiary of Aircastle Limited (the “Company”), entered into a letter agreement (the “Letter Agreement”) with Aaron Dahlke (“Executive”), Chief Accounting Officer of the Company. The following summary of certain provisions of the Letter Agreement is qualified in its entirety by reference to the Letter Agreement, filed as Exhibit 10.1 hereto and incorporated herein by reference.

Pursuant to the Letter Agreement, in the event of a termination of employment by the Company (other than for cause or due to death or disability) or by Executive for good reason within one-hundred twenty (120) days prior to or twelve (12) months after a change in control of the Company, Executive will receive the following as severance, subject to Executive’s execution of a general release of claims: (i) a lump sum cash payment equal to the sum of Executive’s annual base salary and target bonus as in effect on the termination date; (ii) a pro-rated annual bonus for the year of termination based on actual corporate performance for such year; and (iii) reimbursement of Executive’s COBRA premiums under the Company’s health plans during the twelve (12) month period following the termination date. In return for entering into the Letter Agreement, Executive agreed to not to compete with the Company or solicit the Company’s clients or customers for six (6) months following any termination of employment and not to solicit the Company’s employees or consultants for twelve (12) months following any termination of employment.