THIS EMPLOYMENT AGREEMENT (this “Agreement” ) is made and entered into as of the 21st
day of June, 2002, by and between Willis Lease Finance Corporation, a Delaware corporation ( “Employer” ),
and Monica J. Burke ( “Employee” ).
WHEREAS, Employer desires to offer Employee the position, compensation, amenities and other
benefits set forth herein;
WHEREAS, Employee desires to be employed by Employer and to assume the position of Executive
Vice President and Chief Financial Officer on the terms and conditions set forth herein; and
WHEREAS, Employee acknowledges that she has had an opportunity to consider this Agreement and
consult with independent advisors of her choosing with regard to the terms of this Agreement, and enters this
Agreement voluntarily and with a full understanding of its terms.
NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises of the parties and
the mutual benefits they will gain by the performance thereof, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1. Employment . Employer hereby employs Employee and Employee hereby accepts
employment, upon the terms and conditions hereinafter set forth, as the Executive Vice President and Chief
Financial Officer of Employer. Employee shall devote her full time and attention, with undivided loyalty, to the
business and affairs of Employer during the Employment Term. Employee shall not engage in any other business
or job activity during the Employment Term without Employer’s prior written consent.
2. Term .
(a) The term of Employee’s employment under this Agreement shall be for a two (2) year
period commencing on or about July 15, 2002 ( “Start Date” ) and ending on July 15, 2004 (as may be
extended hereunder, the “Employment Term” ), unless otherwise terminated pursuant