Exhibit 10.7

EMPLOYMENT AGREEMENT

THIS AGREEMENT, dated as of
July 1, 2004, is made by and between Interpool, Inc., a Delaware corporation
(together with its successors and assigns, the "Company"), and
Richard M. Gross (the "Executive").

WHEREAS, the Board desires
that the Company continue to employ the Executive and the Executive desires to
continue to furnish services to the Company on the terms and conditions
hereinafter set forth; and

WHEREAS, the Board
recognizes that, as is the case with many publicly held corporations, the
possibility of a Change in Control exists and that such possibility, and the
uncertainty and questions which it may raise among management, may result in the
departure or distraction of management personnel to the detriment of the Company
and its stockholders; and

WHEREAS, the Board has
determined that appropriate steps should be taken to reinforce and encourage the
continued attention and dedication of members of the Company's management,
including the Executive, to their assigned duties without distraction in the
face of potentially unsettling circumstances arising from the possibility of a
Change in Control.

NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the
Company and the Executive hereby agree as follows:

1. Defined Terms. The definitions of capitalized terms used in this Agreement
are provided in the last Section hereof.

2. Employment. The Company hereby agrees to continue to employ the Executive,
and the Executive hereby agrees to continue such employment, on the terms and
conditions hereinafter set forth.

3. Term of Agreement. The Term of this Agreement shall commence on the date
hereof and, subject to extension as herein provided, shall continue in effect
through October 14, 2005 (the "Expiration Date"); provided, however, that in the
event that a Change in Control occurs during the Term, the Term and the terms
and conditions of this Agreement without exception shall expire no earlier than
twenty-four (24) months following the date of such Change in Control. On or
before 180 days prior to the Expiration Date (or the Expiration Date of any
renewal period), the Company must provide written notice of its intention to
renew or not renew the Agreement and of any change in terms, or the Agreement
shall be automatically renewed for an additional one year Term. Any change in
terms which would constitute Good Reason shall be deemed to be a non-renewal. In
the event the Company does not renew the Agreement at any time following a
Change of Control, the Executive shall be entitled to be paid as severance, upon
termination of employment, a lump sum amount equal to the sum of his then
current Base Salary and Target Bonus.

4. Position and duties. During the Term, the Executive shall serve as Executive
Vice President of the Company and Chief Operating officer of its subsidiary,
Interpool Limited, or any other duties of a management nature consistent with
the background and experience of the Executive as may be assigned to him from
time to time by the Chairman or Chief Executive Officer or President of the
Company. In the performance of his duties hereunder, the Executive shall report
to the Chairman or Chief Executive Officer or President of the Company. During
the Term, the Executive shall devote substantially all of his full business
time, attention and energies to the business of the Company as shall be
necessary for him to carry out his obligations hereunder.

5. Place of Performance. During the Term, the Executive shall be based at the
Company's offices in Princeton, New Jersey, except for travel reasonably
required for the performance of the Executive's duties hereunder.

6. Compensation and Related Matters.

| | (a) Base Salary.
During the period from the date hereof through December 31, 2004, the Company
shall pay the Executive a base salary of three hundred ($300,000) (the "Base
Salary"). Commencing January 1, 2005, and on each subsequent annual anniversary
of such date during the Term of this Agreement, the Company shall pay the
Executive for the succeeding twelve months a Base Salary in such amount as shall
be determined annually by the Compensation Committee, except that in no event
shall the Base Salary be less than the amount paid during the prior twelve month
period. Base Salary shall be payable in accordance with the Company's regular
payroll practice.
          (b) Performance and
Discretionary Bonus Opportunity. For the period from January 1, 2004 through
December 31, 2004, the Executive shall be entitled to receive a Target Bonus in
the amount of one hundred sixty thousand dollars ($160,000) upon the successful
conclusion of the performance objectives as shall be determined by the Company
and the Executive from time to time. In the event that the Company elects in
good faith not to pursue or conclude any of the transactions that are the basis
for certain of the Executive's Target Bonus, the Company shall substitute a
reasonably comparable performance objective; that is, a performance objective
which requires substantially the same time and effort on the part of the
Executive. At all times the Company shall provide the Executive with performance
objectives to enable the Executive to earn an amount equal to the amount of the
Target Bonus. For the calendar years commencing on January 1, 2005 and on each
subsequent January 1 during the Term of this Agreement, the Company shall fix
the amount of the Target Bonus in such amount as shall be determined by the
Compensation Committee, except that in no event shall the Target Bonus be less
than the Target Bonus amount for the prior period. Any additional bonus, if any,
shall be in such amounts as shall be determined by the Compensation Committee in
its sole discretion.
          (c) Employee
Benefits/Expenses. During the Term, employee benefits, vacation and fringe
benefits will be provided to the Executive in accordance with the plans and
policies of the Company for Executive officers, as in effect from time to time.
The Company shall reimburse the Executive for all reasonable business expenses
incurred by the Executive in performing his duties hereunder upon the
presentation of itemized statements and receipts for such expenses.
          (d) Vacation. The
Executive shall be entitled to vacation of 5 weeks per year without reduction in
compensation. Unused vacation time may be carried forward into the following two
years, subject to the limitation that not more than 8 weeks may be available in
any one calendar year.
          (e) Stock
Appreciation Rights. Within thirty days (30) days from the date hereof, the
Company shall grant to the Executive certain rights ("Stock Appreciation
Rights") to receive upon the election of the Executive, exercisable at any time
prior to the expiration of the earlier of (a) 10 days following the termination
of the Executive's employment with the Company (other than a Company termination
without Cause, Executive Disability or termination by Executive for Good Reason)
and (b) ten years from the date hereof, a cash payment from the Company in an
amount equal to any appreciation in the aggregate market value of 100,000 shares
of the Company's common stock above a price of $14.05 per share multiplied by
the number of shares and subject to the vesting schedule as follows:
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| | 50,000 shares vesting upon January 15, 2005 and
50,000 shares on October 14, 2005; provided however, that Employees Stock
Appreciation Rights with respect to all 100,000 shares shall vest in full not
later than the occurrence of either a Change of Control or Going Private
Transaction (as such terms are defined in Section 22 below.)
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| | The Company shall have the right, following adoption and approval by the
Company's stockholders of a Stock Option Plan for executive officers of the
Company, to grant stock options to the Executive pursuant to such Stock Option
Plan, in substitution for the Stock Appreciation Rights described above,
provided that the economic terms of such stock options shall preserve for the
benefit of the Executive the same economic benefits of the Stock Appreciation
Rights. The Company shall cause the terms and conditions of the Stock
Appreciation Rights to be embodied in a Stock Appreciation Rights Plan that
shall be no less favorable to the Executive than the terms outlined
above.
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7. Company's Covenants Summarized. In order to induce the Executive to remain in
the employ of the Company and in consideration of the Executive's covenants set
forth in Sections 8 and 15 hereof, the Company agrees, under the conditions
described herein, to pay the Executive the Severance Payments and the other
payments and benefits under the circumstances described herein.

8. The Executive's Covenants. The Executive agrees that, subject to the terms
and conditions of this Agreement, in the event of a Change in Control during the
Term, the Executive will remain in the employ of the Company until the earliest
of (a) the date which is six months following the date of an agreement entered
into by the Company, the consummation of which would result in a Change in
Control, or the public announcement by the Company or any Person of an intent to
take actions which, if consummated, would result in a Change in Control, (b) the
date of a Change in Control, (c) the date of termination by the Executive of the
Executive's employment for Good Reason or by reason of death, or Disability, or
(d) the termination by the Company of the Executive's employment for any reason.

9. Termination of Employment. The Executive's employment hereunder may be
terminated under the following circumstances, in each case subject to the
provisions of this Agreement.

| | (a)
The Executive's employment hereunder shall terminate upon his death.
          (b) The Company may
terminate the Executive's employment hereunder for Disability or for Cause.
          (c) The Executive
may terminate his employment hereunder at any time for Good Reason.
          (d) The Company may
terminate the Executive's employment hereunder other than for Cause or
Disability, and the Executive may terminate his employment hereunder other than
for Good Reason, in each case subject to the provisions of this Agreement.
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10. Compensation During Period of Incapacity. During any period during the Term
that the Executive fails to substantially perform his duties with the Company as
a result of physical or mental incapacity, the Company shall pay the Executive's
full Base Salary to the Executive at the rate in effect at the commencement of
any such period, together with all compensation and benefits payable to the
Executive under the terms of any compensation or benefit plan, program or
arrangement maintained by the Company during such period (other than any
disability plan), until the Executive's employment is terminated by the Company
for Disability.

11. Compensation Upon Termination of Employment.

| | (a)
Death or Disability. If the Executive's employment is terminated during the Term
by reason of his death or Disability, the Company shall pay to the Executive (or
his legal representatives or estate or as may be directed by the legal
representatives of his estate, as the case may be) (i) the Executive's full Base
Salary to the Executive through the Date of Termination at the rate in effect
immediately prior to the Date of Termination, together with all compensation and
benefits payable to the Executive through the Date of Termination under the
terms of the Company's compensation and benefit plans, programs or arrangements
as in effect immediately prior to the Date of Termination, (ii) the Executive's
earned or allocable but unpaid Target Bonus in such amount as shall be
determined by the Compensation Committee and accrued but unused vacation days as
of the Date of Termination, and (iii) the Executive's normal post-termination
compensation and benefits as such payments become due and any other amounts owed
to the Executive. Such post-termination compensation and benefits shall be
determined under, and paid in accordance with, the Company's retirement,
insurance, stock option, appreciation right and other compensation or benefit
plans, programs and arrangements as in effect immediately prior to the Date of
Termination. The amounts described in clauses (i), (ii) and (iii) of this
Section 11(a) are hereinafter referred to herein as the "Accrued Obligations."
          (b) Termination by
the Company for Cause or By Executive Other than for Good Reason. If the
Executive's employment shall be terminated during the Term by the Company for
Cause or by the Executive other than for Good Reason or Disability, the Company
shall pay to the Executive the Accrued Obligations only.
          (c) Termination By
Company Other than for Cause or Disability or By Executive for Good Reason. If
(i) the Executive's employment is terminated during the Term by the Employee for
Good Reason, or (ii) the Executive's employment is terminated during the term by
the Company other than for Cause or Disability then the Company shall pay to the
Executive the Accrued Obligations and the Severance Payments described in
Section 12 below.
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12. Severance Payments and Benefits.

| | (a)
Severance Entitlement. If the Executive's employment is terminated during the
Term under the circumstances described in Section 11(c) hereof, in consideration
of the Executive's agreements and covenant set forth in this Agreement including
the covenant not to compete set forth in Section 15 hereof, the Company shall
pay the Executive the amounts, and provide the Executive the benefits, described
in this Section 12(a) (the "Severance Payments"), in addition to the Accrued
Obligations to which the Executive is entitled under Section 11(a) hereof.
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| | (i) In
lieu of any further Base Salary payments to the Executive for periods subsequent
to the Date of Termination, the Company shall pay to the Executive a lump sum
severance payment, or a severance payment in 24 monthly installments, as shall
be designated by the Executive, in cash, equal to two (2) years of the then
current Base Salary and Target Bonus.
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| | For the two (2) year period immediately following the
Date of Termination, the Company shall arrange to provide the Executive and his
dependents health, life, disability and accident insurance benefits under the
then current plans in effect and offered to the officers and employees of the
Company and on terms and conditions no less favorable to the Executive than
those then offered to such officers and employees.
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| | (b)(i)
Notwithstanding any other provisions of this Agreement, in the event that any
payment or benefit received or to be received by the Executive in connection
with a Change in Control or the termination of the Executive's employment
(whether pursuant to the terms of this Agreement or any other plan, arrangement
or agreement with the Company, or any Person whose actions result in a Change in
Control or any Person affiliated with the Company or such Person)(all such
payments and benefits, including the Severance Payments, being hereinafter
referred to as the "Total Payments") would be subject (in whole or part), to the
Excise Tax, then after taking into account any reduction in the Total Payments
provided by reason of section 280G of the Code in such other plan, arrangement
or agreement, the cash Severance Payments shall first be reduced, and the non
cash Severance Payment shall thereafter be reduced, to the extent necessary so
that no portion of the Total Payments is subject to the Excise Tax but only if
(A) the net amount of such Total Payments, as so reduced (and after subtracting
the net amount of federal, state and local income taxes on such reduced Total
Payments and after taking into account the phase out of itemized deductions
attributable to such reduced Total Payments) is greater than or equal to (B) the
net amount of such Total Payments without such reduction (but after subtracting
the net amount of federal, state and local income taxes on such Total Payments
and the amount of Excise Tax to which the Executive would be subject in respect
of such unreduced Total Payments).
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| | (ii)
For purposes of determining whether and the extent to which the Total Payments
will be subject to the Excise Tax, (A) no portion of the Total Payments the
receipt or enjoyment of which the Executive shall have waived at such time and
in such manner as not to constitute a "payment" within the meaning of section
280G(b) of the Code shall be taken into account, (B) no portion of the Total
Payments shall be taken into account which, in the opinion of tax counsel ("Tax
Counsel") reasonably acceptable to the Executive and selected by the accounting
firm (the "Auditor") which was, immediately prior to the Change in Control, the
Company's independent auditor, does not constitute a "parachute payment" within
the meaning of section 280G(b)(2) of the Code (including by reason of section
280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of
such Total Payments shall be taken into account which, in the opinion of Tax
Counsel, constitutes reasonable compensation for services actually rendered,
with the meaning of section 280G(b)(4)(B) of the Code, in excess of the Base
Amount allocable to such reasonable compensation, and (C) the value of any
non-cash benefit or any deferred payment or benefit included in the Total
Payments shall be determined by the Auditor in accordance with the principles of
sections 280G(d)(3) and (4) of the Code.
          (iii) It is possible
that after the determinations and selections made pursuant to Sections 12b)(i)
and (ii) the Executive will receive Total Payments that are, in the aggregate,
either more or less than the amount provided under Section 12(a) (hereafter
referred to as an "Excess Payment" or "Underpayment", respectively). If it is
established, pursuant to a final determination of a court or an Internal Revenue
Service proceeding that has been finally and conclusively resolved, that an
Excess Payment has been made, the Executive shall promptly repay the Excess
Payment to the Company, together with interest on the Excess Payment at the
applicable federal rate (as defined in and under Section 1274(d) of the Code)
from the date of the Executive's receipt of such Excess Payment until the date
of such repayment. In the event that it is determined (x) by arbitration
pursuant to Section 21, (y) by a court or (z) by the Auditor and Tax Counsel
upon request by a Party, that an Underpayment has occurred, the Company shall
promptly pay an amount equal to the Underpayment to the Executive, together with
interest on such amount at the applicable federal rate from the date such amount
would have been paid to the Executive had the provisions of Sections 12(b(i) and
(ii) not been applied until the date of payment.
          (iv) At the time
that payments are made under this Agreement, the Company shall provide the
Executive with a written statement setting forth the manner in which such
payments were calculated and the basis for such calculations including, without
limitation, any opinions or other advice the Company has received from Tax
Counsel, the Auditor or other advisors or consultants (and any such opinions or
advice which are in writing shall be attached to the statement). If the
Executive objects to the Company's calculations, the Company shall pay to the
Executive such portion of the Severance Payments (up to 100% thereof) as the
Executive determines is necessary to result in the proper application of
subsection (i) of this Section 12(b).
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| | (c)
After a Change in Control, the Company also shall pay to the Executive all legal
fees and expenses incurred by the Executive in disputing in good faith any issue
hereunder relating to the termination of the Executive's employment, in seeking
in good faith to obtain or enforce any benefit or right provided by this
Agreement or in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or
benefit provided hereunder. Such payments shall be made within five (5) business
days after delivery of the Executive's written requests for payment accompanied
with such evidence of fees and expenses incurred as the Company reasonably may
require.
          (d) Upon the
occurrence of either a Going Private Transaction or a Change in Control, all
outstanding stock options granted to the Executive under the Company's 1993
Stock Option Plan for Executive Officers and Directors (or other Company stock
option plan or arrangement) and all Stock Appreciation Rights, which have not
yet vested as of the date of the Going Private or Change in Control shall become
fully vested and immediately exercisable or due and payable, as the case may be,
as of the date of the Going Private or Change in Control.
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13. Termination Procedures and Compensation During Dispute.

| | (a)
Notice of Termination. During the Term and after a Change in Control, any
purported termination of the Executive's employment (other than by reason of
death) shall be communicated by written Notice of Termination from one party
hereto to the other party hereto in accordance with Section 17 hereof. For
purposes of this Agreement, a "Notice of Termination" shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive's employment under the
provision so indicated. Further, after a Change in Control, a Notice of
Termination for Cause is required to include a copy of a resolution duly adopted
by the affirmative vote of not less than a majority of the entire membership of
the Board at a meeting of the Board which was called and held for the purpose of
considering such termination (after reasonable notice to the Executive and an
opportunity for the Executive, together with the Executive's counsel, to be
heard before the Board) finding that, in the good faith opinion of the Board,
the Executive was guilty of conduct set forth in clause (i) or (ii) of the
definition of Cause herein, and specifying the particulars thereof in detail.
          (b) Date of
Termination. "Date of Termination," with respect to any purported
termination of the Executive's employment during the Term, shall mean (i) if the
Executive's employment is terminated for Disability, thirty (30) days after
Notice of Termination is given (provided that the Executive shall not have
returned to the full-time performance of the Executive's duties during such
thirty (30) day period), and (ii) if the Executive's employment is terminated
for any other reason, the date specified in the Notice of Termination (which, in
the case of a termination by the Company, shall not be less than thirty (30)
days (except in the case of a termination for Cause) and, in the case of a
termination by the Executive, shall not be less than fifteen (15) days nor more
than sixty (60) days, respectively, from the date such Notice of Termination is
given).
          (c) Dispute
Concerning Termination. If within fifteen (15) days after any Notice of
Termination is given, or, if later, prior to the Date of Termination (as
determined without regard to this Section 13(c)), the party receiving such
Notice of Termination notifies the other party that a dispute exists concerning
the termination, the Date of Termination shall be extended until the earlier of
(i) the date on which the Term ends or (ii) the date on which the dispute is
finally resolved, either by mutual written agreement of the parties or by a
final judgment, order or decree of an arbitrator or a court of competent
jurisdiction (which is not appealable or with respect to which the time for
appeal therefrom has expired and no appeal has been perfected); provided,
however, that the Date of Termination shall be extended by a notice of dispute
given by the Executive only if such notice is given in good faith and the
Executive pursues the resolution of such dispute with reasonable diligence.
          (d) Compensation
During Dispute. If a purported termination occurs following a Change in
Control and during the Term and the Date of Termination is extended in
accordance with Section 13(c) hereof, the Company shall continue to pay the
Executive his Base Salary in effect when the notice giving rise to the dispute
was given and continue the Executive as a participant in all compensation,
benefit and insurance plans in which the Executive was participating when the
notice giving rise to the dispute was given, until the Date of Termination, as
determined in accordance with Section 13(c) hereof. Amounts paid under this
Section 13(d) are in addition to all other amounts due under this Agreement
(other than those due under Section 10 and 11 hereof) and shall not be offset
against or reduce any other amounts due under this Agreement.
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14. No Mitigation. The Company agrees that, if the Executive's employment with
the Company terminates during the Term, the Executive is not required to seek
other employment or to attempt in any way to reduce any amounts payable to the
Executive by the Company pursuant to Section 12 hereof or Section 13(d) hereof.
Further, the amount of any payment or benefit provided for in this Agreement
(other than Section 12(a)(ii) hereof to the extent of benefits provided by a
subsequent employer) shall not be reduced by any compensation earned by the
Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Executive to
the Company, or otherwise.

15. Confidentiality; Non-solicitation, Non-competition.

| | (a)
The Executive covenants and agrees:
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| | (i)
That he will not knowingly divulge any material or confidential proprietary
matters of the Company which are not otherwise in the public domain, including,
without limitation, financial records, trade secrets, business plans, pricing
policies, and customer lists, except as required in the course of performing
duties hereunder or as required by law, regulation or judicial or other legal
process, or in confidence to an attorney for the purpose of securing legal
advice, in each case either during or after the termination of employment by the
Company;
          (ii) That he will
deliver to the Company on termination of his employment by the Company, at the
Company's expense all memoranda, notes, records, reports and other documents,
and all copies thereof, relating to the business of the Company which he
obtained while employed by, or otherwise serving or acting on behalf of, the
Company, and which he may then possess or have under his control other than:
publicly available documents; documents relating to his personal compensation,
benefits and obligations; his personal correspondence files; his rolodex; and
the like.
          (iii) That during
the Term the Executive, alone or together with any other person, firm,
partnership, corporation or other entity whatsoever, except any subsidiaries or
affiliates of the Company, directly or indirectly, whether as an officer,
director, stockholder, partner, proprietor, associate, employee, representative,
landlord, sub-landlord, public relations or advertising representative,
management consultant or otherwise, will not engage in, or become or be
interested in or associated with, any other person, corporation, firm,
partnership or other entity whatsoever engaged in a business in competition with
the Company, in which the Company shall then be engaged in or in which the
Company within the preceding twelve (12) months engaged in or at any time during
such period was the subject of a formal business proposal which the Company was
actively considering.
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| | (b)
With respect to employment after termination of the Executive's employment with
the Company:
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| | (i)
Throughout his employment and for a period of one (1) year after termination of
his employment, he will not directly or indirectly, induce or attempt to
influence any employee of the Company to leave its employ; aid or agree to aid
any competitor, customer or supplier of the Company in any attempt to hire any
person then employed by the Company; induce or attempt to influence any person
or business entity who was a customer or supplier of the Company during any
portion of said period to transact business with a competitor of the Company in
lieu of transacting business with the Company; or participate in planning for or
accept any employment or any other association with any company which then
employs more than two former senior executives of the Company that were employed
as such by the Company within the 365-day period next preceding his termination
of employment with the Company without the prior written consent of the Company.
          (ii) Throughout his
employment and for a period of one (1) year after termination of his employment,
he will not directly or indirectly, become interested in, or otherwise become
employed by or act as a consultant or lender to, or render any services to, or
become a director, officer, employee, principal, agent, stockholder, manager,
member, owner or partner of, or employer of any business or organization (a
"Competing Business") which engages in the business of transmodal chassis and
transmodal dry freight container leasing in competition with the Company;
provided, however, that notwithstanding the foregoing, it shall not be a
violation of this Section 15(b)(ii) for the Executive to become the registered
or beneficial owner of up to two percent (2%) of any class of the capital stock
of a Competing Business registered under the Securities Exchange Act of 1934, as
amended, provided that the Executive does not otherwise participate in the
business of such corporation or for the Executive to provide services that do
not in any way relate to the business in which the Company is then engaged.
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| | (c)
Remedies for Breach. The Executive agrees that the remedy at law for any breach
or threatened breach of any covenant contained in this Section 15 will be
inadequate and that the Company, in addition to such other remedies as may be
available to it in law or in equity, shall be entitled to institute proceedings
in any court or courts of competent jurisdiction to obtain damages for breach of
this Agreement and permanent injunctive relief without bond or other security.
The parties further agree that the Company shall be entitled to apply to any
court having jurisdiction for temporary injunctive relief pending permanent
injunctive relief in arbitration.
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16. Successors; Binding Agreement.

| | (a) In
addition to any obligations imposed by law upon any successor to the Company,
the Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. Failure of the
Company to obtain such assumption and agreement prior to the effectiveness of
any such succession shall be a breach of this Agreement and shall entitle the
Executive to compensation from the Company in the same amount and on the same
terms as the Executive would be entitled to hereunder if the Executive were to
terminate the Executive's employment for Good Reason after a Change in Control,
except that, for purposes of implementing the foregoing, the date on which any
such succession becomes effective shall be deemed the Date of Termination.
          (b) This Agreement
shall inure to the benefit of and be enforceable by the Executive's personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive shall die while any amount
would still be payable to the Executive hereunder (other than amounts which, by
their terms, terminate upon the death of the Executive) if the Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive's estate.
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17. Notices. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed, if to the
Executive, to the address inserted below the Executive's signature on the final
page hereof and, if to the Company, to the address set forth below, or to such
other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon actual receipt:

To the Company:

| | Interpool, Inc.
211 College Road East
Princeton, New Jersey 08540
Attention: Chief Executive Officer
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18. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing
and signed by the Executive and such officer as may be specifically designated
by the Board. No waiver by either party hereto at any time of any breach by the
other party hereto of, or of any lack of compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. This Agreement supersedes any other agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof which have been made by either party. The validity,
interpretation, construction and performance of this Agreement shall be governed
by its express terms, and otherwise by the laws of the State of New Jersey
without regard to its conflict of laws rules. All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor
provisions to such sections. Any payments provided for hereunder shall be paid
net of any withholding required under federal, state or local law and any
additional withholding to which the Executive has agreed. The obligations of the
Company and the Executive under this Agreement which by their nature may require
either partial or total performance after the expiration of the Term (including,
without limitation, those under Sections 12 and 13 hereof) shall survive such
expiration.

19. Validity. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

20. Counterparts. This Agreement may be executed in several counterparts, each
of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

21. Settlement of Disputes; Arbitration. Any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by
arbitration in New York, New York in accordance with the rules of the American
Arbitration Association then in effect; provided, however, that the evidentiary
standards set forth in this Agreement shall apply. Judgment may be entered on
the arbitrator's award in any court having jurisdiction. Notwithstanding any
provision of this Agreement to the contrary, the Executive shall be entitled to
seek specific performance of the Executive's right to be paid until the Date of
Termination during the pendency of any dispute or controversy arising under or
in connection with this Agreement.

22. Definitions. For purposes of this Agreement, the following terms shall have
the meanings indicated below:

| | (a)
"Accrued Obligations" shall have the meaning set forth in Section 11(a) hereof.
          (b) "Affiliate"
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.
          (c) "Auditor" shall
have the meaning set forth in Section 12(b) hereof.
          (d) "Base Amount"
shall have the meaning set forth in section 280G(b)(3) of the Code.
          (e) "Base Salary"
shall have the meaning set forth in Section 6(a) hereof.
          (f) "Beneficial
Owner" shall have the meaning set forth in Rule 13d-3 under the Exchange Act.
          (g) "Board" shall
mean the Board of Directors of the Company.
          (h) "Cause" for
termination by the Company of the Executive's employment shall mean: (i) the
Executive's conviction of a felony or (ii) the willful and substantial failure
by the Executive to perform the Executive's services as provided herein for a
period continuing for more than ten (10) days after the issuance of a Notice of
Termination by the Company to the Executive, which notice shall specify in
reasonable detail the details of such failure to perform. For purposes of clause
(ii) of this definition, (x) no act, or failure to act, on the Executive's part
shall be deemed "willful" unless done, or omitted to be done, by the Executive
not in good faith and without reasonable belief that the Executive's act, or
failure to act, was in the best interest of the Company and (y) after a Change
in Control and during the Term, in the event of a dispute concerning the
application of this provision, no claim by the Company that Cause exists shall
be given effect unless the Company establishes to the Board by clear and
convincing evidence that Cause exists.
          (i) A "Change in
Control" shall be deemed to have occurred if the event set forth in any one of
the following paragraphs shall have occurred:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)
any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing 50% or more of the combined voting power
of the Company's then outstanding securities; or
          (ii) the following
individuals cease for any reason to constitute a majority of the number of
directors then serving: individuals who, on the date hereof, constitute the
Board and any new director (other than a director whose initial assumption of
office is in connection with an actual or threatened election contest, including
but not limited to a consent solicitation, relating to the election of directors
of the Company) whose appointment or election by the Board or nomination for
election by the Company's stockholders was approved or recommended by a vote of
at least two-thirds (2/3) of the directors then still in office who either were
directors on the date hereof or whose appointment, election or nomination for
election was previously so approved or recommended; or
          (iii) there is
consummated a merger or consolidation of the Company or any direct or indirect
subsidiary of the Company with any other entity, other than a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person is or becomes the Beneficial Owner,
directly of indirectly, of securities of the Company representing 50% or more of
the combined voting power of the Company's then outstanding securities; or
          (iv) there is
consummated an agreement for the sale or disposition by the Company of all or
substantially all of the Company's assets, other than a sale or disposition by
the Company of all or substantially all of the Company's assets to an entity, at
least 51% of the combined voting power of the voting securities of which are
owned by stockholders of the Company in substantially the same proportions as
their ownership of the Company immediately prior to such sale, or the
stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Notwithstanding the
foregoing, a Change in Control shall not be deemed to have occurred
by virtue of the consummation of any transaction or series or integrated
transactions immediately following which the record holders of the common stock
of the Company immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions.

| | (j)
"Code" shall mean the Internal Revenue Code of 1986, as amended from time to
time.
          (k) "Company" shall
mean Interpool, Inc. and, except in determining under Section 21(i) hereof
whether or not any Change in Control of the Company has occurred, shall include
any successor to its business and/or assets which assumes and agrees to perform
this Agreement by operation of law, or otherwise.
          (l) "Date of
Termination" shall have the meaning set forth in Section 13(b) hereof.
          (m) "Disability"
shall be deemed the reason for the termination by the Company of the Executive's
employment, if, as a result of the Executive's incapacity due to physical or
mental illness, the Executive shall have been absent from the full-time
performance of the Executive's duties with the Company for a period of six (6)
consecutive months, the Company shall have given the Executive a Notice of
Termination for Disability, and, within thirty (30) days after such Notice of
Termination is given, the Executive shall not have returned to the full-time
performance of the Executive's duties.
          (n) "Exchange Act"
shall mean the Securities Exchange Act of 1934, as amended from time to time.
          (o) "Excise Tax"
shall mean any excise tax imposed under Section 4999 of the Code.
          (p) "Executive"
shall mean the individual named in the first paragraph of this Agreement.
          (q) "Going Private
Transaction" shall mean a transaction or series of transactions that results in
a shareholder, a group of shareholders or other management led group owning
substantially all of the common equity interest in the Company, while the other
public shareholders receive cash, debt, preferred stock or other consideration
for their common stock.
          (r) "Good Reason"
for termination by the Executive of the Executive's employment shall mean the
occurrence following a Change of Control (without the Executive's express
written consent) of any one of the following acts by the Company, or failures by
the Company to act,
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)
assignment to the Executive of any duties materially inconsistent with the
Executive's status as the Executive Vice President of the Company as compared to
the Executive's duties and status on the date hereof (or as such duties and
status may be reasonably changed or increased hereafter), or a substantial
adverse alteration or change in the scope, nature or status of any of the
Executive's responsibilities from the scope, nature or status on the date hereof
( or as the scope, nature and status of such responsibilities may be reasonably
changed or increased hereafter), including, but not limited to, responsibilities
as the executive officer having primary responsibility for the Company's
container subsidiary or such other responsibilities as may be designated by the
Chief Executive Officer or President of the Company
          (ii) a reduction by
the Company in the Executive's total cash compensation measured by reference to
the sum of the Executive's Base Salary and Target Bonus as of the date hereof;
          (iii) the relocation
of the Executive's principal place of employment to a location outside of
Princeton , New Jersey or the Company's requiring the Executive to be based
anywhere other than the Executive's principal place of employment as set forth
in Section 5 of this Agreement, except for required travel on the Company's
business to an extent substantially consistent with the Executive's present
business travel obligations;
          (iv) the failure by
the Company to continue to provide the Executive with employee benefits
substantially similar to those enjoyed by the Executive under any of the
Company's retirement, savings, life insurance, medical, health and accident, or
disability plans in which the Executive had been participating prior to a Change
in Control.
          (v) any purported
termination of the Executive's employment which is not effected pursuant to a
Notice of Termination satisfying the requirements of Section 13(a) hereof; for
purposes of this Agreement, no such purported termination shall be
effective.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Executive's continued employment shall not constitute consent to, or a
waiver of rights with respect to, any act or failure to act constituting Good
Reason hereunder. For purposes of any determination regarding the existence of
Good Reason, any claim by the Executive that Good Reason exists shall be
presumed to be correct unless the Company establishes to the Board by clear and
convincing evidence that Good Reason does not exist.

| | (s)
"Notice of Termination" shall have the meaning set forth in Section 13(a)
hereof.
          (t) "Person" shall
have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and
used in Sections 13(d) and 14(d) thereof, except that such term shall not
include (i) the Company or any of its subsidiaries, (ii) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or
any of its Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company.
          (u) Severance
Payments" shall have the meaning set forth in Section 12(a) hereof.
          (v) "Tax Counsel"
shall have the meaning set forth in Section 12(b) hereof.
          (w) "Term" shall
mean the period of time described in Section 3 hereof (including any extension,
continuation or termination described therein).
          (x) "Total Payments"
shall mean those payments so described in Section 12(b) hereof.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

| | INTERPOOL, INC.
By: 
Name:
Title:
RICHARD W. GROSS
| | --------------------------------------------------

Address: