Document:

FORM OF DIRECTOR SERVICE AGREEMENT
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		THIS AGREEMENT is made on the ___ day of ____________ 20__.
	 

	 
		BETWEEN:
	 

	 
		Genesis Lease Limited, a company incorporated under the laws of Bermuda
		with its principal executive office located at c/o A&L Goodbody, 25/28
		North Wall Quay, Dublin 1, Ireland (the “Company”); and
	 

	 
		[Name] of [Address] (“Director”)
	 

	 
		WHEREAS Director is a director of the Company,
	 

	 
		WHEREAS highly skilled and competent persons are becoming more reluctant
		to serve public companies as directors or officers unless they are provided
		with adequate protection through insurance and indemnification against
		inordinate risks of claims and actions against them arising out of their
		service to and activities on behalf of such companies;
	 

	 
		WHEREAS uncertainties relating to indemnification increase the difficulty
		of attracting and retaining such persons;
	 

	 
		WHEREAS the Board has determined that an inability to attract and retain
		such persons is detrimental to the best interests of the Company and that the
		Company should act to assure such persons that there will be increased
		certainty of such protection in the future;
	 

	 
		WHEREAS, it is reasonable, prudent and necessary for the Company
		contractually to obligate itself to indemnify Director to the fullest extent
		permitted by Bermuda law so that Director will serve or continue to serve the
		Company free from undue concern that Director will not be so indemnified;
	 

	 
		WHEREAS, Director is willing to serve, continue to serve and to take on
		additional service for or on behalf of the Company on the condition that
		Director be so indemnified;
	 

	 
		NOW, THEREFORE, in consideration of the premises and the covenants
		contained herein, the Company and Director do hereby covenant and agree as
		follows:
	 

	 
		1.
	 

	 
		INTERPRETATION
	 

	 
		

	 

	 
		1.1
	 

	 
		In this Agreement unless the context otherwise requires, the following
		words and expressions shall have the following meanings:
	 

	 
		

	 

	 
		this “Agreement”
	 

	 
		means this Director Service Agreement;
	 

	 
		

	 

	 
	 
		

	 

	 
		the “Board”
	 

	 
		means the board of directors of the Company;
	 

	 
		“Business Day”
	 

	 
		means any day on which banks in Ireland are open for business;
	 

	 
		“Corporate Status”
	 

	 
		means the status of a person who is or was a director, officer, employee,
		agent, or fiduciary of the Company or any other Group Company, or is or was
		serving at the request of the Company as a director, officer, employee, agent
		or fiduciary of any other company, corporation, partnership, limited liability
		company, joint venture, trust, employee benefit plan or other entity or
		enterprise;
	 

	 
		“Disinterested Director” 
	 

	 
		means a director of the Company who is not or was not a party to a
		Proceeding in respect of which indemnification is sought by Director;
	 

	 
		“Group Companies”
	 

	 
		means the Company and each subsidiary of the Company (wherever
		incorporated or organized);
	 

	 
		“GE”
	 

	 
		means General Electric Company;
	 

	 
		“Independent Counsel”
	 

	 
		means a law firm or a member of a law firm that neither is presently nor
		in the past five years has been retained to represent: (i) the Company or
		Director in any matter material to either such party, or (ii) any other party
		to the Proceeding giving rise to a claim for indemnification hereunder.
		Notwithstanding the foregoing, the term “Independent Counsel” shall
		not include any person who, under the applicable standards of professional
		conduct then prevailing, would have a conflict of interest in representing
		either the Company or Director in an action to determine Director’s right
		to indemnification under this Agreement;
	 

	 
		the “Parties”
	 

	 
		means the parties to this Agreement collectively, and “Party”
		means any one of them; and
	 

	 
		“Proceeding”
	 

	 
		means any action, suit, arbitration, alternate dispute resolution
		mechanism, investigation, administrative hearing or any other proceeding
		whether civil, criminal, administrative or investigative and whether formal or
		informal;
	 

	 
		1.2
	 

	 
		In this Agreement unless the context otherwise requires:
	 

	 
		
 

	 

	 
		2
	 

	 
	 
		

	 

	 
		

	 

	 
		1.2.1
	 

	 
		references to statutory provisions shall be construed as references to
		those provisions as amended or re-enacted or as their application is modified
		by other provisions from time to time and shall include references to any
		provisions of which they are re-enactments (whether with or without
		modification);
	 

	 
		1.2.2
	 

	 
		references to clauses and schedules are references to clauses hereof and
		schedules hereto; references to sub-clauses or paragraphs are, unless otherwise
		stated, references to sub-clauses of the clause or paragraphs of the schedule
		in which the reference appears;
	 

	 
		1.2.3
	 

	 
		references to the singular shall include the plural and vice versa and
		references to the masculine shall include the feminine and/or neuter and vice
		versa; and
	 

	 
		1.2.4
	 

	 
		references to persons shall include companies, partnerships, associations
		and bodies of persons, whether incorporated or unincorporated.
	 

	 
		2.
	 

	 
		AGREEMENT TO SERVE
	 

	 
		2.1
	 

	 
		Director agrees to continue to serve as a director of the Company. This
		Agreement does not create or otherwise establish any right on the part of
		Director to be and continue to be elected or appointed a director of the
		Company or any other Group Company and does not create an employment contract
		between the Company and Director.
	 

	 
		2.2
	 

	 
		The Director’s service will remain subject at all times to the
		Company’s Memorandum of Association and Bye-Laws and applicable laws.
	 

	 
		2.3
	 

	 
		The Director’s duties as a director of the Company include attending
		Board meetings, the Annual General Meeting of the Company and any Special
		General Meeting of the Company.  It is expected that Board meetings will
		take place in Ireland.  The Board will meet as required, and the Director
		generally should attend in person.  The Director will receive details of
		all Board meetings and other meetings in advance.
	 

	 
		2.4
	 

	 
		The Company shall pay to the Director by way of retainer for serving as a
		director of the Company hereunder a fee of $60,000 per annum (which fee shall
		be net of any additional amounts to cover the Director’s obligations to
		pay Value Added Tax).  Such retainer shall be payable by equal quarterly
		instalments in arrears from _______________, 2006.  [This provision shall
		not apply to any Director who is also an employee of the Company.]
	 

	 
		2.5
	 

	 
		If the Director is the chairperson of the Audit Committee, the
		Compensation Committee or the Corporate Governance Committee of the Board, then
		the Company shall pay to the Director an additional fee of $5,000 per annum
		(which fee shall be net of any additional amounts to cover the Director’s
		obligations to pay Value Added Tax).
	 

	 
		2.6
	 

	 
		If the Director is requested to perform any special duties or undertake
		any responsibilities outside his ordinary responsibilities as a director and
		agrees to do so, the Board may
	 

	 
		
 

	 

	 
		3
	 

	 
	 
		

	 

	 
		

	 

	 
		agree to pay the Director additional remuneration.  If the Director
		appoints an alternate director, such alternate director will not be entitled to
		a fee in such capacity.
	 

	 
		2.7
	 

	 
		The Company shall recommend to the Compensation Committee of the Board
		that the Director be granted restricted shares upon the completion of the
		Company’s initial public offering.  The shares shall have a fair
		market value of $60,000 at the date of grant, and the number of common shares
		awarded shall be equal to $60,000, divided by the initial public offering
		price.  It is understood that such grant shall be made under and in
		accordance with the Genesis Lease Limited Share Incentive Plan, subject to the
		approval of the Compensation Committee of the Board, and will be confirmed in a
		separate grant agreement.  The Director shall be liable for any tax
		obligations arising from such grant.  These shares may not be sold by the
		Director while the restrictions are in place.  The dividends payable on
		the shares will be paid on a current basis as and when declared by the Company.

	 

	 
		2.8
	 

	 
		The Company shall also pay to the Director all reasonable air travel,
		hotel and other out-of-pocket expenses which are properly incurred by him in or
		about the performance of his duties as a director of the Company and for which
		vouchers (if so required) are provided to the reasonable satisfaction of the
		Board.  It is understood that business class air travel is reasonable for
		inter-continental and trans-oceanic travel.
	 

	 
		2.9
	 

	 
		The Company may reimburse the Director’s legal fees if circumstances
		should arise in which the Director believes it is necessary for him to seek
		separate legal advice about the performance of his duties.  Prior to
		obtaining such advice, the Director shall consult with the Company.
	 

	 
		2.10
	 

	 
		The Director shall provide immediately to the Company (i) written
		confirmation of interests held directly or indirectly by the Director amounting
		to more than 5% of the issued and outstanding shares of GE or any of its
		subsidiaries or of any business or undertaking which is associated with GE or
		any of its subsidiaries and/or competes or may compete with any of the
		businesses of the Company and/or GE and each of its subsidiaries, and (ii)
		details of any consultancy, employment, directorship or executive position with
		a company which competes with GE or any of its subsidiaries and/or the Company,
		which confirmation and details will be minuted to comply with applicable law
		and regulations as they relate to the Company.  If during the term of the
		Director’s appointment, the Director elects to or intends to engage in or
		be directly or indirectly employed by, be concerned or interested in, or have
		any office in any business or undertaking which competes in any way with the
		business of GE or any of its subsidiaries and/or the Company, the Director
		shall immediately notify the Company in advance.
	 

	 
		2.11
	 

	 
		The Director may not at any time during the course of his/her appointment
		with the Company or at any time afterwards use, other than for the purposes of
		the Company, or disclose to any third party, confidential information acquired
		as a result of the Director’s position, including information relating to
		the business and finances of the Company and its associated companies, its or
		their commercial aircraft, and any other information
	 

	 
		
 

	 

	 
		4
	 

	 
	 
		

	 

	 
		

	 

	 
		deemed by the Company to be confidential information; provided, however,
		that this paragraph shall not apply (i) to any information which is or becomes
		public knowledge (otherwise than as a result of the Director’s conduct);
		(ii) to the extent that the Director are required to disclose the same pursuant
		to any law or order of any court or pursuant to any direction, request or
		requirement of any governmental or other authority or in the course of any
		legal proceedings; (iii) to the disclosure of any information to professional
		advisers who receive the same under a duty of confidentiality; or (iv) to the
		disclosure of any information with the consent of the Company.
	 

	 
		2.12
	 

	 
		The Director will comply with all applicable codes of practice issued
		from time to time by any relevant body or by the Company relating to securities
		transactions by the Company’s directors and specified employees.
	 

	 
		

	 

	 
		3.
	 

	 
		INDEMNITY OF DIRECTOR
	 

	 
		3.1
	 

	 
		Subject to clause 10, the Company shall indemnify Director if Director is
		a party or is threatened to be made a party to any threatened, pending or
		completed Proceeding, including a Proceeding brought by or in the right of the
		Company, by reason of the fact that Director is or was a director, officer,
		employee, agent, or fiduciary of the Company or is or was serving at the
		request of the Company as a director, officer, employee, agent, or fiduciary of
		any other company, corporation, partnership, limited liability company, joint
		venture, trust, employee benefit plan or other entity or enterprise or by
		reason of anything done or not done by Director in any such capacity. Subject
		to clause 10, pursuant to this sub-clause 3.1 Director shall be indemnified
		against expenses (including attorneys’ fees and disbursements), judgments,
		penalties, fines and amounts paid in settlement actually and reasonably
		incurred by Director in connection with such Proceeding (including, but not
		limited to, the investigation, defense, settlement or appeal thereof).
	 

	 
		3.2
	 

	 
		Notwithstanding any other provision of this Agreement other than clause
		10, Director shall be indemnified against all expenses (including
		attorneys’ fees and disbursements) actually and reasonably incurred by
		Director or on Director’s behalf in defending any Proceedings referred to
		in clause 3.1 in which judgment is given in his favor or in which he is
		acquitted, or in respect of which relief is granted to the Director by a court
		under section 281 of the Bermuda Companies Act 1981.
	 

	 
		3.3
	 

	 
		Subject to clause 10, the Company shall indemnify Director for such
		portion of the expenses (including attorneys’ fees), witness fees,
		damages, judgments, fines and amounts paid in settlement and any other amounts
		that Director becomes legally obligated to pay in connection with any
		Proceeding referred to in clause 3.1 in respect of which Director is entitled
		to indemnification hereunder, even if Director is not entitled to
		indemnification hereunder for the total amount thereof.
	 

	 
		4.
	 

	 
		INDEMNIFICATION FOR EXPENSES OF A WITNESS
	 

	 
		
 

	 

	 
		5
	 

	 
	 
		

	 

	 
		

	 

	 
		Subject to clause 10, to the extent that Director is, by reason of
		Director’s Corporate Status, a witness in any proceeding, Director shall
		be indemnified by the Company against all expenses actually and reasonably
		incurred by Director or on Director’s behalf in connection therewith.
	 

	 
		5.
	 

	 
		DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION
	 

	 
		

	 

	 
		5.1 
	 

	 
		The Director shall request indemnification pursuant to this Agreement by
		notice in writing to the secretary of the Company.  The secretary shall,
		promptly upon receipt of Director’s request for indemnification, advise in
		writing the Board or such other person or persons empowered to make the
		determination as provided in sub-clause 5.2 that Director has made such request
		for indemnification.  Subject to clause 10, upon making such request for
		indemnification, Director shall be presumed to be entitled to indemnification
		hereunder and the Company shall have the burden of proof in the making of any
		determination contrary to such presumption.
	 

	 
		5.2
	 

	 
		Upon written request by Director for indemnification pursuant to
		sub-clause 3.1, the entitlement of the Director to indemnification pursuant to
		the terms of this Agreement shall be determined by the following person or
		persons who shall be empowered to make such determination:
	 

	 
		5.2.1
	 

	 
		the Board, by a majority vote of the Disinterested Directors; or
	 

	 
		5.2.2
	 

	 
		if such vote is not obtainable or, even if obtainable, if such
		Disinterested Directors so direct by majority vote, by Independent Counsel in a
		written opinion to the Board, a copy of which shall be delivered to Director.
	 

	 
		5.3
	 

	 
		For purposes of sub-clause 5.2, Independent Counsel shall be selected by
		the Board and approved by Director.  Upon failure of the Board to so
		select such Independent Counsel or upon failure of Director to so approve, such
		Independent Counsel shall be selected by the American Arbitration Association.
		 Such determination of entitlement to indemnification shall be made not
		later than 60 days after receipt by the Company of a written request for
		indemnification. Such request shall include documentation or information which
		is necessary for such determination and which is reasonably available to
		Director.  Subject to clause 10, any expenses (including attorneys’
		fees) incurred by Director in connection with Director’s request for
		indemnification hereunder shall be borne by the Company irrespective of the
		outcome of the determination of Director’s entitlement to indemnification.
		 If the person or persons making such determination shall determine that
		Director is entitled to indemnification as to part (but not all) of the
		application for indemnification, such persons may reasonably prorate such
		partial indemnification among such claims, issues or matters in respect of
		which indemnification is requested.
	 

	 
		6.
	 

	 
		ADVANCEMENT OF EXPENSES
	 

	 
		
 

	 

	 
		6
	 

	 
	 
		

	 

	 
		

	 

	 
		All reasonable expenses incurred by Director (including attorneys’
		fees, retainers and advances of disbursements required of Director) shall be
		paid by the Company in advance of the final disposition of any Proceeding at
		the request of Director as promptly as possible, and in any event within twenty
		days after the receipt by the Company of a statement or statements from
		Director requesting such advance or advances from time to time.
		 Director’s entitlement to such expenses shall include those incurred
		in connection with any Proceeding by Director seeking an adjudication or award
		in arbitration pursuant to this Agreement.  Such statement or statements
		shall reasonably evidence the expenses incurred by Director in connection
		therewith and shall include or be accompanied by an undertaking by or on behalf
		of Director to repay such amount if it is ultimately determined that Director
		is not entitled to be indemnified against such expenses by the Company as
		provided by this Agreement or otherwise.  Subject to clause 10, the
		Company shall have the burden of proof in any determination under this clause
		6.  No amounts advanced hereunder shall be deemed an extension of credit
		by the Company to Director.
	 

	 
		7.
	 

	 
		REMEDIES OF DIRECTOR IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO
		ADVANCE EXPENSES 
	 

	 
		7.1
	 

	 
		In the event that: (a) a determination is made that Director is not
		entitled to indemnification hereunder; (b) payment has not been timely made
		following a determination of entitlement to indemnification pursuant to clause
		5; or (c) expenses are not advanced pursuant to clause 6, Director shall be
		entitled to apply to any court of competent jurisdiction for a determination of
		Director’s entitlement to such indemnification or advance.
	 

	 
		7.2
	 

	 
		Alternatively to sub-clause 7.1, the Parties, at the Director’s
		option, shall submit any controversy or claim arising out of or in connection
		with (a), (b) or (c) as referred to in clause 7.1 above to arbitration
		administered by the American Arbitration Association under its Commercial
		Arbitration Rules, and judgment on the award tendered by the Arbitrator may be
		entered in any court having jurisdiction hereof.  The number of
		arbitrators shall be one.  The place of arbitration shall be Dublin,
		Ireland.  Such award to be made within sixty days following the filing of
		the demand for arbitration.  The Company shall not oppose Director’s
		right to seek any such adjudication or award in arbitration or any other claim.

	 

	 
		7.3
	 

	 
		A judicial proceeding or arbitration pursuant to this clause 7 shall be
		made anew and Director shall not be prejudiced by reason of a determination
		otherwise made hereunder (if so made) that Director is not entitled to
		indemnification.  Subject to clause 10, if a determination is made
		pursuant to the terms of clause 5 that Director is entitled to indemnification,
		the Company shall be bound by such determination and is precluded from
		asserting that such determination has not been made or that the procedure by
		which such determination was made is not valid, binding and enforceable.
		 If the court or arbitrator shall determine that Director is entitled to
		any indemnification hereunder, the Company shall pay all reasonable expenses
		(including attorneys’ fees and disbursements)
	 

	 
		
 

	 

	 
		7
	 

	 
	 
		

	 

	 
		

	 

	 
		actually incurred by Director in connection with such adjudication or
		award in arbitration (including, but not limited to, any appellate
		proceedings).
	 

	 
		8.
	 

	 
		OTHER RIGHTS TO INDEMNIFICATION
	 

	 
		

	 

	 
		The indemnification and advancement of expenses (including
		attorneys’ fees) provided by this Agreement shall not be deemed exclusive
		of any other right to which Director may now or in the future be entitled under
		any provision of the Company's bye-laws, any agreement, vote of shareholders,
		the Board or Disinterested Directors, provision of law, or otherwise; provided,
		however, that: (a) this Agreement supersedes any other agreement that has been
		entered into by the Company with the Director which has as its principal
		purpose the retainer as a director and indemnification of Director; and (b)
		where the Company may indemnify the Director pursuant to either this Agreement
		or the bye-laws of the Company, the Company may indemnify the Director under
		either this Agreement or the bye-laws but the Director shall, in no case, be
		indemnified by the Company in respect of any expense, liability or cost of any
		type for which payment is or has been actually made to Director under any
		insurance policy, indemnity clause, bye-law or agreement, except in respect of
		any excess beyond such payment.
	 

	 
		

	 

	 
		9.
	 

	 
		ATTORNEYS’ FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT
	 

	 
		

	 

	 
		In the event that Director is subject to or
		intervenes in any Proceeding in which the validity or enforceability of this
		Agreement is at issue or seeks an adjudication or award in arbitration to
		enforce Director’s rights under, or to recover damages for breach of, this
		Agreement, Director, if Director prevails in whole or in part in such action,
		shall be entitled to recover from the Company and shall be indemnified by the
		Company against, any actual expenses for attorneys’ fees and disbursements
		reasonably incurred by Director, provided that in bringing such action,
		Director acted in good faith.
	 

	 
		

	 

	 
		10.
	 

	 
		LIMITATION OF INDEMNIFICATION
	 

	 
		

	 

	 
		Notwithstanding any other terms of this
		Agreement, nothing herein shall indemnify the Director against, or exempt the
		Director from, any liability in respect of the Director's fraud, dishonesty,
		bad faith, gross negligence, wilful default or wilful misfeasance in the
		performance or non-performance by the Director of his obligations or duties
		hereunder.
	 

	 
		

	 

	 
		11.
	 

	 
		LIABILITY INSURANCE
	 

	 
		The Company undertakes (i) to obtain and maintain, either directly or
		through a group policy covering the Company and its affiliates, adequate
		Director’s and Officers’ Liability Insurance on terms that are
		reasonably acceptable to the Director and the other directors of the Company
		that shall cover the Director and the other directors of the Company, (ii) that
		in the event it is reasonably foreseeable that the Company will cease to exist
		whether by reason of insolvency, bankruptcy or other similar events, the
		Company will purchase adequate Directors’ and Officers’ Liability and
		Company Reimbursement
	 

	 
		

	 

	 
		
 

	 

	 
		8
	 

	 
	 
		

	 

	 
		

	 

	 
		Insurance on terms reasonably acceptable to the Director and the other
		directors of the Company that shall cover the Director and the other directors
		of the Company for a period of not less than 7 years from the date the Company
		ceases to exist or such lesser period as is practicable given the availability
		of such coverage in the insurance market at that time, and (iii) at the
		Director’s request to arrange an annual review of the Directors’ and
		Officers’ Liability and Company Reimbursement Insurance by an independent
		insurance adviser, all fees and charges arising from such review to be met by
		the Company.  The Director will be covered by and required to participate
		in such insurance.  Evidence of such current insurance and of each renewal
		will be sent to the Director (in the case of current insurance, in advance of
		the Director’s appointment being confirmed).
	 

	 
		

	 

	 
		12.
	 

	 
		DURATION OF AGREEMENT
	 

	 
		

	 

	 
		This Agreement shall apply with respect to Director’s occupation of
		any of the position(s) described in sub-clause 3.1 of this Agreement prior to
		the date of this Agreement and with respect to all periods of such service
		after the date of this Agreement, even though the Director may have ceased to
		occupy such positions(s).
	 

	 
		

	 

	 
		13.
	 

	 
		NOTICE OF PROCEEDINGS BY DIRECTOR
	 

	 
		

	 

	 
		13.1
	 

	 
		Director agrees promptly to notify the Company in writing upon being
		served with any summons, citation, subpoena, complaint, indictment, information
		or other document relating to any Proceeding which may be subject to
		indemnification hereunder, provided, however, that the failure to so notify the
		Company will not relieve the Company from any liability it may have to Director
		except to the extent that such failure materially prejudices the Company’s
		ability to defend such claim. With respect to any such Proceeding as to which
		Director notifies the Company of the commencement thereof:
	 

	 
		13.1.1
	 

	 
		the Company will be entitled to participate therein at its own expense;
		and
	 

	 
		13.1.2
	 

	 
		except as otherwise provided below, to the extent that it may wish, the
		Company jointly with any other indemnifying party similarly notified will be
		entitled to assume the defense thereof, with counsel reasonably satisfactory to
		Director. After notice from the Company to Director of its election so to
		assume the defense thereof, the Company will not be liable to Director under
		this Agreement for any legal or other expenses subsequently incurred by
		Director in connection with the defense thereof other than reasonable costs of
		investigation or as otherwise provided below. Director shall have the right to
		employ Director’s own counsel in such Proceeding, but the fees and
		expenses of such counsel incurred after notice from the Company of its
		assumption of the defense thereof shall be at the expense of Director and not
		subject to indemnification hereunder unless (a) the employment of counsel by
		Director has been authorized by the Company; (b) in the reasonable opinion of
		counsel to Director there is or may be a conflict of interest between the
		Company and Director in the conduct of the defense of such Proceeding; or (c)
		the Company shall not in fact have employed counsel to
	 

	 
		
 

	 

	 
		9
	 

	 
	 
		

	 

	 
		

	 

	 
		assume the defense of such action, in each of which cases, subject to
		clause 10, the fees and expenses of counsel shall be at the expense of the
		Company.
	 

	 
		13.2
	 

	 
		Neither the Company nor the Director shall settle any claim without the
		prior written consent of the other (which shall not be unreasonably withheld).
	 

	 
		

	 

	 
		14.
	 

	 
		NOTICES
	 

	 
		

	 

	 
		Any notice required to be given hereunder shall be in writing in the
		English language and shall be served by sending the same by prepaid recorded
		post, facsimile or by delivering the same by hand to the address of the Party
		or Parties in question as set out below (or such other address as such Party or
		Parties shall notify the other Parties of in accordance with this clause).
		 Any notice sent by post as provided in this clause shall be deemed to
		have been served five Business Days after despatch and any notice sent by
		facsimile as provided in this clause shall be deemed to have been served at the
		time of despatch and in proving the service of the same it will be sufficient
		to prove in the case of a letter that such letter was properly stamped,
		addressed and placed in the post; and in the case of a facsimile that such
		facsimile was duly despatched to a current facsimile number of the addressee.
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		Company -
	 

	 
		

	 

	 
		Genesis Lease Limited
	 

	 
		c/o A&L Goodbody
	 

	 
		25/28 North Wall Quay
	 

	 
		Dublin 1, Ireland
	 

	 
		

	 

	 
		Attn:  Chief Executive Officer
	 

	 
		

	 

	 
		Fax:
	 

	 
		

	 

	 
		Director -
	 

	 
		

	 

	 
		Name:
	 

	 
		•
	 

	 
		

	 

	 
		Address:
	 

	 
		

	 

	 
		Fax:
	 

	 
		

	 

	 
		

	 

	 
		15.
	 

	 
		MISCELLANEOUS
	 

	 
		

	 

	 
		
 

	 

	 
		10
	 

	 
	 
		

	 

	 
		

	 

	 
		15.1
	 

	 
		Notwithstanding the expiration or termination of this Agreement howsoever
		arising, such expiration or termination shall not operate to affect such of the
		provisions hereof as are expressed or intended to remain in full force and
		effect.
	 

	 
		

	 

	 
		15.2
	 

	 
		Any paragraph of this Agreement that shall be prohibited or unenforceable
		in any jurisdiction shall, as to such jurisdiction, be ineffective only to the
		extent of such prohibition or unenforceability without invalidating the
		remaining paragraph hereof and any such prohibition or unenforceability in any
		jurisdiction shall not invalidate or render unenforceable such paragraph in any
		other jurisdiction.
	 

	 
		15.3
	 

	 
		This Agreement shall be binding upon the Company and its successors and
		assigns (including any transferee of all or substantially all of its assets and
		any successor or resulting company by merger, amalgamation or operation of law)
		and shall inure to the benefit of Director and Director’s spouse, assigns,
		heirs, estate, devises, executors, administrators or other legal
		representatives.
	 

	 
		15.4.
	 

	 
		This Agreement (together with any documents referred to herein)
		constitutes the whole agreement between the Parties relating to its subject
		matter and supersedes any prior indemnification arrangement between the Company
		(or its predecessor) and Director (except as specifically set forth in clause
		8).
	 

	 
		15.5
	 

	 
		No provision in this Agreement may be amended unless such amendment is
		agreed to in writing, signed by the Director and by a duly authorised officer
		of the Company.  No waiver by either Party of any breach by the other
		Party of any condition or provision of this Agreement to be performed by such
		other Party shall be deemed a waiver of a similar or dissimilar condition or
		provision at the same or any prior or subsequent time.  Any waiver must be
		in writing and signed by the Director or a duly authorised officer of the
		Company, as the case may be.
	 

	 
		15.6
	 

	 
		The headings in this Agreement are inserted for convenience only and
		shall not affect the construction of this Agreement.
	 

	 
		15.7
	 

	 
		This Agreement may be executed in counterparts each of which when
		executed and delivered shall constitute an original but all such counterparts
		together shall constitute one and the same instrument.
	 

	 
		15.8
	 

	 
		The terms and conditions of this Agreement and the rights of the parties
		hereunder shall be governed by and construed in all respects in accordance with
		the laws of Ireland.  The parties to this Agreement hereby irrevocably
		agree that the courts of Ireland shall have non-exclusive jurisdiction in
		respect of any dispute, suit, action, arbitration (save for any matter referred
		to arbitration under clause 7.2 hereof) or proceedings (“Agreement
		Proceedings”) which may arise out of or in connection with this Agreement
		and waive any objection to Agreement Proceedings in the courts of Ireland on
		the grounds of venue or on the basis that the Agreement Proceedings have been
		brought in an inconvenient forum.
	 

	 
		
 

	 

	 
		11
	 

	 
	 
		

	 

	 
		

	 

	 
		15.9
	 

	 
		All payments made by the Company to Director hereunder shall be deemed to
		have been made in the ordinary course of business of the Company, and shall not
		be deemed to be extraordinary payments.
	 

	 
		IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have
		duly executed this Agreement as of the date first written above.
	 

	 
		
 

	 

	 
		 
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		12
	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		SIGNED by and on behalf of
	 

	 
		)
	 

	 
		____________________________
	 

	 
		THE COMPANY
	 

	 
		)
	 

	 
		Name:
	 

	 
		Title:
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		SIGNED by
	 

	 
		)
	 

	 
		_____________________________
	 

	 
		THE DIRECTOR
	 

	 
		)
	 

	 
		Name:
	 

	 
		

	 

	 
		
 

	 

	 
		 
	 

	 
		 
	 

	 
		13Dated        November 2006
	 

	 
		GENESIS LEASE
		LIMITED
	 

	 
		and
	 

	 
		JOHN
		MCMAHON
	 

	 
	 

	 

	 
		EMPLOYMENT
		AGREEMENT
	 

	 
	 

	 

	 
	 

	 
		A&L
		Goodbody
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				  THIS
				  AGREEMENT made
				  on this  
				

			 	
				
				  day of
				  November 2006
				

			 

 

	 
		BETWEEN:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  GENESIS
				  LEASE LIMITED whose registered office is at
				  Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (the Company); and
				

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  JOHN
				  MCMAHON of 52
				  The Fairways, Castletroy, Limerick, Ireland  (the Chief Executive)
				

			 

 

	 
		The parties agree
		that the Chief Executive will be employed by the Company, subject to the
		following terms and conditions: 
	 

	 
			
				
				  1.
				

			 	
				
				  Appointment: 
				

			 

 

	 
		The Chief
		Executive’s employment will commence on the date of the initial public
		offering of the Company and this will be deemed to be the
		Chief Executive’s commencement date for the purposes of any period of
		continuous employment and for statutory purposes.
	 

	 
			
				
				  2.
				

			 	
				
				  Position & Duties:
				  
				

			 

 

	 
			
				
				  2.1.
				

			 	
				
				  The Chief
				  Executive shall serve the Company and any subsidiary undertakings or associated
				  undertakings of the Company (together the Companies) as may be required by the Board
				  as President and Chief Executive Officer. The Chief Executive will report to
				  the Board of Directors and will perform the duties appropriate to the position
				  of President and Chief Executive Officer in addition to any such additional or
				  alternative duties as the Company shall assign to the Chief Executive from time
				  to time. 
				

			 

 

	 
			
				
				  2.2.
				

			 	
				
				  Subsidiary
				  undertakings is
				  to have the meaning given to that expression in section 155 of the Companies
				  Act, 1963 (as may be amended from time to time). Associated
				  companies is to
				  mean a holding company of the Company or any subsidiary of any such holding
				  company or a body corporate having an equity share capital of which not less
				  than 20% in nominal value is beneficially owned by the Company, its subsidiary
				  undertakings and its associated undertakings.
				

			 

 

	 
			
				
				  2.3.
				

			 	
				
				  The Chief
				  Executive shall, unless prevented by illness, devote the whole of his business
				  time and attention to his duties and to the business of the Companies, and
				  shall well and faithfully serve and use his best endeavours to promote the
				  interests of the Companies at all times, and shall not knowingly do, or omit to
				  do, or permit or suffer anything to be done or omitted, to the prejudice, loss
				  or injury of any of the Company, its subsidiary undertakings and associated
				  undertakings.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  Remuneration
				

			 

 

	 
			
				
				  3.1.
				

			 	
				
				  Base
				  Salary
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.1.1.

				

			 	
				
				  The Chief
				  Executive’s base salary is €525,000 gross per annum, subject to
				  deductions of tax and PRSI and any other deductions required by law or provided
				  for under this Agreement. The
				

			 

 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 
	 
		Chief
		Executive’s salary is payable monthly in arrears by way of bank transfer
		into the Chief Executive’s nominated bank account. The Chief
		Executive’s salary will be reviewed annually, commencing on a date
		determined by the Board of Directors and any increase will be notified to the
		Chief Executive. In reviewing the Chief Executive’s salary, while the
		parties expect that the Chief Executive’s salary will increase there is no
		legal obligation on the Company to make any increase and any increase given in
		any year shall not create an entitlement or an expectation of future
		increases.
	 

	 
			
				
				  3.2.
				

			 	
				
				  Bonus
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.1.

				

			 	
				
				  The Chief
				  Executive is entitled to participate in a Company Bonus Scheme (“the
				  Scheme”) as set out in this clause. The amount of the Chief
				  Executive’s Annual Bonus Target (“ABT”) will be determined
				  annually by the Board of Directors and the actual bonus payable will be
				  determined by the Board of Directors at its discretion with reference to the
				  extent of achievement by the Chief Executive of performance targets, as set by
				  the Board of Directors and the Chief Executive on an annual basis. The Chief
				  Executive’s ABT for the financial year ending 31 December, 2006, is
				  $600,000. The bonus payable under the Scheme will be paid to the Chief
				  Executive in cash, restricted stock units and or stock options. It is agreed
				  that no more than 20% of the ABT will be paid to the Chief Executive in stock
				  options. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.2.

				

			 	
				
				  All bonus
				  payments are entirely at the discretion of the Company, are linked to the
				  performance of the employee and are not guaranteed payments. Bonus guidelines
				  are subject to review annually and may therefore change from time to time.
				  Bonus payments, if any, are made in the first quarter of the year following the
				  performance year on a date determined by the Board of Directors. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.3.

				

			 	
				
				  In the event
				  the Chief Executive exceeds his performance targets, the Chief Executive may be
				  entitled to an amount in excess of the ABT, such amount to be determined by the
				  Board of Directors.
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.4.

				

			 	
				
				  For the
				  financial year ending 31 December 2006 the Chief Executive’s performance
				  targets shall be set by the Board of Directors and the Chief Executive. The
				  actual bonus payable to the Chief Executive will reflect the contribution of
				  the Chief Executive to the formation and launch of Company since 1 July
				  2006.
				

			 

 

	 
			
				
				  3.3.
				

			 	
				
				  Other
				  benefits
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.3.1.

				

			 	
				
				  The Company
				  shall provide the Chief Executive with a motor car (together with the right to
				  use the car for business or private purposes on such terms as to private use as
				  the Company may from time to time direct) and shall discharge the road tax and
				  insurance premiums thereon together with running expenses to the extent
				  incurred in connection with the Companies’ business. Although the car will
				  remain the property of the Company, the Chief Executive shall ensure that at
				  all times when it is driven it is in the state and condition required by law.
				  The Chief Executive shall ensure that the car is properly maintained and shall
				  on the termination of his employment hereunder return the car in a roadworthy
				  condition to the Company without delay.
				

			 

 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				  3.3.2.

				

			 	
				
				  The Company
				  shall discharge health insurance premiums for the Chief Executive and his
				  immediate family in accordance with Plan E (for the Chief Executive and his
				  wife) and Plan C for his children of the Voluntary Health Insurance Board (or
				  BUPA Ireland equivalent).
				

			 

 

	 
			
				
				  4.
				

			 	
				
				  Restricted Stock Units and Stock
				  Options
				

			 

 

	 
			
				
				   
				

			 	
				
				  4.1.
				

			 	
				
				  The Company
				  shall grant to the Chief Executive restricted shares with a fair market value
				  of US$325,000 upon the pricing of the initial public offering of the common
				  stock of the Company. Such grant shall be made under and in accordance with the rules of the
				  Genesis Lease Limited Share Incentive Plan (the Plan) which will be established by
				  the Board of Directors and communicated thereafter to the Chief Executive.
				  These shares may not be sold by the Chief Executive while the restrictions are
				  in place. The restrictions on the shares shall lapse in equal annual
				  instalments over a period of three years following the date of the pricing of
				  the initial public offering. The dividends payable on the shares will be paid
				  on a current basis as and when declared by the Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  4.2.
				

			 	
				
				  The Company
				  shall grant to the Chief Executive upon the pricing of the initial public
				  offering share options, with an exercise price equal to the IPO price, over
				  such number of shares as will give the share options an aggregate value on the
				  date of grant of US$425,000 as decided by the Board of Directors based on a
				  determination provided by such external advisors as the Board of Directors
				  shall decide using Black-Scholes share option model methodology. Such grant
				  shall be made under and in accordance with the rules of the Plan and the terms
				  and conditions of this award will be set out in an award agreement issued under
				  the Plan. The Company shall instruct the Committee responsible for the Plan to
				  provide for the vesting of the Share Options in three equal instalments over a
				  period of three years on the anniversary of the date of grant (i.e. from the
				  date of the closing of the initial public offering).
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  Expenses
				

			 

 

	 
		All expenses,
		properly vouched and reasonably incurred by the Chief Executive on the
		Company’s behalf will be reimbursed in full in accordance with the
		Company’s travel and living policy.
	 

	 
			
				
				  6.
				

			 	
				
				  Pension
				  
				

			 

 

	 
		The Company shall
		make an annual contribution equal to 10% of the Chief Executive’s gross
		salary hereunder into the Chief Executive’s Revenue approved Company
		pension scheme.
	 

	 
			
				
				  7.
				

			 	
				
				  Life
				  Assurance and Permanent Health Insurance
				

			 

 

	 
		The Company shall
		make available life assurance cover of four times the Chief Executive’s
		annual Base Salary payable to his specified dependants upon his death or to the
		Chief Executive and/or his dependents and access to a permanent health
		insurance scheme in the event of disability, subject to the rules of the
		scheme. 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				  8.
				

			 	
				
				  Hours
				  of Work: 
				

			 

 

	 
		The Chief
		Executive’s basic hours of work will be from 9.00 a.m. to 5.30 p.m. Monday
		to Friday. The Chief Executive will be required to work such additional time as
		may be required to complete the Chief Executive’s responsibilities. No
		additional remuneration will be paid in respect of this additional work.

	 

	 
			
				
				  9.
				

			 	
				
				  Place
				  of Work:
				

			 

 

	 
		The Chief
		Executive’s normal place of work is Limerick, but the Chief
		Executive’s duties may require travel to and work at other locations
		locally, countrywide or internationally. The Company reserves the right to
		change the place of the Chief Executive’s employment within reasonable
		commuting distance of Limerick, in which event the Chief Executive will be
		given reasonable notice. However, in the event the Chief Executive place of
		work is to be outside of this area, such change to place of work will not
		constitute a breach of this Agreement, but will give rise to an automatic
		entitlement to payment to the Chief Executive of a relocation expense
		allowance.
	 

	 
			
				
				  10.
				

			 	
				
				  Annual
				  Leave & Public Holidays:
				

			 

 

	 
		The Chief Executive
		is entitled to 28 working days annual leave per annum (exclusive of public
		holidays). Annual leave must be agreed in advance with the
		Company
		and must be
		taken at times convenient to it. The Company’s leave year runs from 1
		January to 31 December and annual leave should normally be taken within the
		year. Unused annual leave may only be carried over from year to year in
		exceptional circumstances and at the discretion of the Company and in such
		cases, must, in any event, be taken within six months of the end of leave year.
		The Chief Executive’s leave entitlement for the period ending 31 December
		2006 shall be 14 days to reflect the contribution of the Chief Executive to the
		formation and launch of the Company.
	 

	 
			
				
				  11.
				

			 	
				
				  Termination & Notice
				  
				

			 

 

	 
			
				
				  11.1.
				

			 	
				
				  The Chief
				  Executive’s employment may be terminated by either party by giving six
				  months notice in writing or such longer notice as may from time to time be
				  required by law. The Company may elect to terminate this Agreement with
				  immediate effect by paying the Chief Executive’s basic salary and
				  contractual benefits under clauses 3.3.2, 6 and 7 in lieu of notice. The
				  Company may terminate this Agreement without notice where the Chief Executive
				  is guilty of gross misconduct or in circumstances which justify summary
				  dismissal. For the avoidance of doubt, during any notice period the Chief
				  Executive will continue to receive his contractual benefits under clauses
				  3.3.2, 6 and 7 save in the event that the Company terminates the Chief
				  Executive’s employment on the grounds specified in clause 11.3. 
				

			 

 

	 
		The Company may
		request the Chief Executive to take garden leave and not to attend for work or
		perform duties during the notice period. If the Chief Executive is required to
		take garden leave the Company may require the Chief Executive-
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  not to attend
				  his place of work or any of the Company’s other premises;
				

			 

 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  not to carry
				  out all or part of his duties during the notice period;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  to return to
				  the Company all documents and other materials (including copies) belonging to
				  the Company; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  not without
				  the prior written permission of the Company contact or attempt to contact any
				  of the Company’s clients, customers, suppliers, agents, professional
				  advisers, brokers, or bankers or any of the Company’s employees; and
				  
				

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  not to
				  commence work with another employer, entity or company until the date that his
				  employment terminates.
				

			 

 

	 
		During any period of
		garden leave the Chief Executive will continue to receive his basic salary and
		contractual benefits and all obligations and entitlements under this Agreement
		continue to apply.
	 

	 
			
				
				  11.2.
				

			 	
				
				  The
				  Company’s retirement age is 65 at which time the Chief Executive’s
				  employment will automatically terminate without any notice obligations on
				  either side.
				

			 

 

	 
			
				
				  11.3.
				

			 	
				
				  If the Chief
				  Executive: 
				

			 

 

	  

	 
			
				
				   
				

			 	
				
				  11.3.1.
				

			 	
				
				  is declared a
				  bankrupt or applies for protection against his creditors generally;
				

			 
	
				
				   
				

			 	
				
				  11.3.2.
				

			 	
				
				  engages in
				  any fraud, gross misconduct or continued wilful neglect to carry out his duties
				  after warning, hereunder or commits any serious or repeated breach of this
				  Agreement continued after warning;
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.3.
				

			 	
				
				  engages in
				  any serious repeated breach or non-observance of any of the stipulations
				  contained in the Articles of Association of the Company or the provisions of
				  the Companies Acts, 1963 to 2005 (as may be amended from time to time);
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.4.
				

			 	
				
				  is convicted
				  of an offence under Part V of the Companies Act, 1990 or any other present or
				  future statutory enactment or regulations relating to insider dealing;
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.5.
				

			 	
				
				  becomes
				  subject to any declaration or order made by a court of competent jurisdiction
				  restricting or disqualifying him from being a director of any company;
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.6.
				

			 	
				
				  in the
				  opinion of a majority of the Board of Directors, supported by the opinion of an
				  independent medical examiner, becomes incapable by reason of mental disorder of
				  discharging his duties as a director or employee of the Company or any other of
				  the Companies; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.7.
				

			 	
				
				  is convicted
				  of any indictable offence (other than an offence under the road traffic
				  legislation for the time being in force for which a penalty of imprisonment is
				  not enforced); 
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.8.
				

			 	
				
				  engages in
				  any misconduct which brings serious discredit upon the Company; or 
				

			 

 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				  11.3.9.
				

			 	
				
				  resigns as a
				  director of the Company otherwise than at the request of the Company
				

			 

 

	 
		the Company may
		terminate the Chief Executive’s employment hereunder by notice with
		immediate effect without compensation and such termination will be without
		prejudice to any other rights or remedies of the Company in respect of any
		breach of this Agreement.
	 

	 
			
				
				  11.4.
				

			 	
				
				  In any case
				  where the Company is entitled to give a notice of termination under clause
				  11.3, it will be entitled instead to suspend the Chief Executive, either on
				  full or part pay, or without payment of salary and with or without the benefits
				  or other perquisites arising hereunder (but without prejudice to the
				  Company’s rights to subsequently terminate the employment of the Chief
				  Executive under clause 11.3).
				

			 

 

	 
			
				
				  12.
				

			 	
				
				  Consequences of
				  Termination
				

			 

 

	 
			
				
				  12.1.
				

			 	
				
				  On
				  termination of this Agreement, the Company shall forthwith pay to the Chief
				  Executive all accrued and unpaid remuneration, fees and expenses properly due
				  under the terms of this Agreement.
				

			 

 

	 
			
				
				  12.2.
				

			 	
				
				  In the event
				  that the Company terminates the Chief Executive’s employment on any
				  grounds other than the grounds specified in clause 11.3, the Chief Executive
				  shall be entitled to receive a Termination Payment. 
				

			 

 

	 
			
				
				  12.3.
				

			 	
				
				  For the
				  purposes of this Agreement, the Termination Payment will be a gross payment
				  equal to twice the amount of the Chief Executive’s annual base salary plus
				  a payment equivalent to twice his entitlement to the ABT in the relevant
				  financial year, in which the Chief Executive’s employment is terminated,
				  as specified in clause 3.2. Notwithstanding the foregoing, in the event that
				  the ABT for the relevant financial year has not been determined by the Board of
				  Directors then the bonus reference will be a payment equivalent to twice the
				  Chief Executive’s entitlement to the ABT under clause 3.2 in the previous
				  financial year. For the purpose of the Termination Payment in this clause 12.3,
				  the ABT shall at no time be less than the ABT for the financial year ending 31
				  December 2006. 
				

			 

 

	 
			
				
				  12.4.
				

			 	
				
				  In the event
				  of a change in control of the Company, the Chief Executive is entitled to
				  terminate his employment by giving to the Company not less than six months
				  notice at anytime within six months after a change in the control of the
				  Company (that is any group or any person acquires beneficial ownership of more
				  than 50% of the Company’s common stock or American Depository Receipts)
				  and the Chief Executive shall be entitled to receive a Termination Payment. For
				  the avoidance of doubt, in the event the Company terminates the Chief
				  Executive’s employment following a change in control of the Company (other
				  than a termination pursuant to clause 11.3), the Chief Executive shall also be
				  entitled to a Termination Payment.
				

			 

 

	 
			
				
				  12.5.
				

			 	
				
				  The
				  Termination Payment shall include and be full discharge of any payment to which
				  the Chief Executive is entitled during his notice period and is conditional on
				  the Chief Executive accepting the Termination Payment in full and final
				  settlement of any claim for compensation (including notice entitlements but
				  excluding the Chief Executive’s contractual benefits under clauses 3.3.2,
				  6 and 7 and entitlements under clause 4 which entitlements on the termination
				  of the Chief Executive’s employment are as described in clause 12.6) he
				  may have against the Company and executing all necessary documentation to this
				  effect. 
				

			 

 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 

	 
	 

	 
	 
		12.6.
	 

	 
			
				
				   
				

			 	
				
				  12.6.1.
				

			 	
				
				  In the event
				  that the Company terminates the Chief Executive’s employment (other than
				  under clause 11.3) or there is a change in the control of the Company, the
				  restrictions on all restricted shares shall lapse immediately and all share
				  options shall vest immediately; and
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.6.2.
				

			 	
				
				  In the event
				  that the Company terminates the Chief Executive’s employment under clause
				  11.3, the Chief Executive shall have 90 days to exercise the options which have
				  already vested after which any unexercised options shall lapse. All unvested
				  options at the date of termination shall be deemed cancelled.
				

			 

 

	 
			
				
				  12.7.
				

			 	
				
				  Upon the
				  termination of this Agreement howsoever:
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.7.1.
				

			 	
				
				  the Chief
				  Executive shall immediately deliver up to the Company all correspondence,
				  documents, memoranda, papers, computer disks and all other media of electronic
				  storage, writing, credit cards, keys, mobile telephones and other property of
				  the Company which may be in his possession or under his control by reason of
				  this Agreement and shall not retain any copies thereof; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.7.2.
				

			 	
				
				  the Chief
				  Executive shall not hold himself out, or represent, to any third party that he
				  has the authority or ostensible authority to represent or to make any
				  commitment on behalf of, or to contractually bind, the Company.
				

			 

 

	 
			
				
				  12.8.
				

			 	
				
				  The
				  termination of this Agreement shall not affect such of the provisions hereof as
				  are expressed to operate or have effect or as are capable of having effect
				  thereafter and shall be without prejudice to any right of action already
				  accrued to either party in respect of any breach of this Agreement by the other
				  party, except as to any claim which may be released pursuant to clause 12.5
				  above. 
				

			 

 

	 
			
				
				  12.9.
				

			 	
				
				  The Chief
				  Executive shall forthwith resign in writing from all directorships,
				  trusteeships and other offices he may hold from time to time with the Company,
				  its subsidiary undertakings or its associated undertakings without compensation
				  for loss of office in the event of:-
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.9.1.
				

			 	
				
				  the
				  termination of the employment of the Chief Executive; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.9.2.
				

			 	
				
				  either the
				  Chief Executive or the Company serving on the other notice of termination
				  pursuant to this Agreement.
				

			 

 

	 
		the Chief Executive
		hereby irrevocably appoints the Company (by way of security for the obligations
		of the Chief Executive under this clause) to be his attorney in his name and on
		his behalf to execute and do any such instruments or things and generally to
		use his name for the purpose of giving to the Company the full benefit of the
		provisions of this clause.
	 

	 
			
				
				  13.
				

			 	
				
				  Illness
				  & Absence Procedure
				

			 

 

	 
			
				
				  13.1.
				

			 	
				
				  The Company
				  has illness and absence notification requirements. Where there is continuing
				  absence, the Chief Executive shall keep the Company fully informed of his
				  condition and his expected return to 
				

			 

 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 

	 
	 

	 
	 
		work. A medical
		certificate must be produced in respect of absence of three days or more and
		afterwards, at such intervals as are required by the Company. The Company
		reserves the right to have the Chief Executive medically examined at any time
		by a doctor nominated by the Company during employment for the purposes of
		establishing the Chief Executive’s fitness to work and the Chief Executive
		hereby authorises such doctor to disclose to and discuss with the Company and
		the Company’s medical advisers the results of any such examinations or
		tests.
	 

	 
			
				
				  13.2.
				

			 	
				
				  The Company
				  operates a sick pay scheme whereby the Chief Executive shall be paid full
				  salary for up to 26 weeks absence in any 12 month period. The Company may in
				  its absolute discretion cease payments under the scheme where the Chief
				  Executive fails to follow the absence notification procedures or to provide the
				  required medical certification,
				

			 

 

	 
			
				
				  13.3.
				

			 	
				
				  Where the
				  Company makes payments to the Chief Executive during absence through illness
				  and the illness is or appears to be an occasion of actionable negligence of a
				  third party in which damages are or may be recoverable, the Chief Executive
				  shall immediately notify the Company of that fact and of any claim, settlement,
				  agreement or judgment made or awarded in connection with it, and shall give to
				  the Company all particulars which the Company may reasonably require and shall,
				  if required by the Company refund to the Company that part of any damages
				  recovered related to loss of earnings for the period of the illness as the
				  Company may reasonably determine, provided that the amount to be refunded will
				  not exceed the amount of damages or compensation recovered by the Chief
				  Executive less any cost borne by the Chief Executive in connection with the
				  recovery of such damages or compensation and will not exceed the total
				  remuneration paid to him by the Company by way of salary in respect of the
				  period of illness.
				

			 

 

	 
			
				
				  14.
				

			 	
				
				  Medical
				  Examination
				

			 

 

	 
		The appointment of
		the Chief Executive hereunder is subject to a satisfactory medical clearance
		from a medical officer appointed by the Company. Such medical clearance to be
		obtained prior to the initial public offering. The Company reserves the right
		to waive this condition precedent. 
	 

	 
			
				
				  15.
				

			 	
				
				  Disciplinary
				  Procedure
				

			 

 

	 
		The Company requires
		a good standard of discipline and conduct from the Chief Executive together
		with satisfactory standards of work. Disciplinary action up to and including
		dismissal may take place if the Chief Executive’s conduct or standard of
		work falls below an acceptable level. Summary dismissal may take place where
		gross misconduct occurs, which shall be treated as a termination by the Company
		under clause 11.3. 
	 

	 
			
				
				  16.
				

			 	
				
				  Grievance
				  Procedure
				

			 

 

	 
		The purpose of the
		grievance procedure is to resolve any work-related problem as quickly as
		possibly. All grievances will be dealt with seriously and confidentially and
		the Chief Executive need not fear victimisation for making or being involved in
		a complaint. The Chief Executive should contact the Board in the event of any
		
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 

	 
	 

	 
	 
		grievance.
	 

	 
			
				
				  17.
				

			 	
				
				  Integrity Compliance
				  Policy
				

			 

 

	 
		The Company requires
		that the Chief Executive upholds the policies and values of the Company.
		
	 

	 
			
				
				  18.
				

			 	
				
				  Health
				  & Safety:
				

			 

 

	 
		The Company takes
		seriously its obligations regarding the safety, health and welfare of its
		employees and in that regard, the Chief Executive’s attention is drawn to
		the Company’s health and safety procedure, which may be amended from time
		to time, and to health and safety legislation.
	 

	 
			
				
				  19.
				

			 	
				
				  Confidentiality 
				

			 

 

	 
			
				
				  19.1.
				

			 	
				
				  The Chief
				  Executive shall neither during the Employment (except in the proper performance
				  of his duties) nor at any time (without limit) after the termination thereof,
				  directly or indirectly
				

			 

 

	 
			
				
				   
				

			 	
				
				  19.1.1.
				

			 	
				
				  use for his
				  own purposes or those of any other person, company, business entity or other
				  organisation whatsoever; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  19.1.2.
				

			 	
				
				  disclose to
				  any person, company, business entity or other organisation whatsoever; 
				

			 

 

	 
		any trade secrets or
		confidential information relating or belonging to the Company or its associated
		companies including but not limited to any such information relating to
		customers, customer lists or requirements, price lists or pricing structures,
		sales and marketing information, business plans or dealings, employees or
		officers, source codes and computer systems, software, financial information
		and plans, designs, formulae, prototypes, product lines, services, research
		activities, any document marked ‘Confidential’ (or with a similar
		expression), or any information which the Chief Executive has been told is
		confidential or which he might reasonably expect the Company would regard as
		confidential, or any information which has been given to the Company or
		associated company in confidence by customers, suppliers or other persons.
		
	 

	 
			
				
				  19.2.
				

			 	
				
				  The Chief
				  Executive shall not at any time during the continuance of his employment with
				  the Company make any notes or memoranda relating to any matter within the scope
				  of the Company’s business, dealings or affairs otherwise than for the
				  benefit of the Company or any associated company.
				

			 

 

	 
			
				
				  19.3.
				

			 	
				
				  The
				  obligations contained in Clause 19.1 shall not apply to any disclosures
				  required by law, and shall cease to apply to any information or knowledge which
				  may subsequently come into the public domain after the termination of
				  employment other than by way of unauthorised disclosure.
				

			 

 

	 
			
				
				  19.4.
				

			 	
				
				  Any
				  discovery, invention, process concept, idea, improvement, patentable material,
				  design, service mark, trade mark, trade name and other form of industrial or
				  intellectual property (“Intellectual Property”) made, originated,
				  developed, acquired or discovered by the Chief Executive (whether alone or
				  jointly with others) while in the course of his employment with the Company or
				  any subsidiary or 
				

			 

 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 

	 
	 

	 
	 
		associated companies
		of the Company shall forthwith be disclosed to the Company and shall, to the
		fullest extent permissible by law, vest in, belong to and be the absolute
		property of the Company or such other subsidiary or associated companies of the
		Company as the Company may nominate for the purpose. To the extent that such
		Intellectual Property does not vest in the Company (or its nominee), the Chief
		Executive holds it on trust for the Company (or its nominee) and agrees to
		assign (and to the fullest extent permitted by law, hereby assigns) all future
		right, title and interest in such Intellectual Property to the Company. The
		Chief Executive, if and whenever required so to do (whether during or after the
		termination of his employment hereunder), shall at the expense of the Company
		(or its nominee) execute all such documents, make such applications, give such
		assistance and do all such things as may in the opinion of the Company be
		necessary or desirable to vest in or confirm the title of the Company to the
		Intellectual Property. The Chief Executive irrevocably appoints the Company or
		its nominee as the Chief Executive’s attorney to execute and sign in the
		Chief Executive’s name and on the Chief Executive’s behalf all
		documents and instruments as the Company may consider requisite or desirable to
		give full effect to the terms and conditions of this Agreement. To the maximum
		extent permitted by law, the Chief Executive waives all moral rights (arising
		under the Copyright and Related Rights Act 2000 (as amended) or otherwise) and
		similar rights in relation to such Intellectual Property.
	 

	 
			
				
				  20.
				

			 	
				
				  Restrictive Covenants
				  
				

			 

 

	 
			
				
				  20.1.
				

			 	
				
				  During the
				  Chief Executive’s employment, the Chief Executive shall not without the
				  consent in writing of the Company at any time either solely or jointly with, or
				  as executive, consultant, independent contractor, partner, manager, agent,
				  Chief Executive or otherwise directly or indirectly carry on or be engaged or
				  be concerned or interested in any business, trade or calling which might
				  interfere with the proper performance of his duties or compete in any way with
				  any of the Company’s activities. 
				

			 

 

	 
		The Chief Executive
		shall not within the period of 12 months of termination of his employment
		hereunder either solely or jointly with, or as executive, consultant,
		independent contractor, partner, manager, agent, Chief Executive or
		otherwise;
	 

	 
			
				
				   
				

			 	
				
				  20.1.1.
				

			 	
				
				  knowingly
				  approach, solicit for or accept custom (in relation to any products or services
				  similar to those of the Company) from any person that was during the 6 month
				  period prior to the date of termination of the Chief Executive’s
				  employment hereunder a customer of any the Company;
				

			 

 

	 
			
				
				   
				

			 	
				
				  20.1.2.
				

			 	
				
				  canvass or
				  solicit or cause to be canvassed or solicited, in respect of any products or
				  services similar to those of any of the Company, any customer of any of the
				  Company that was during the 6 month period prior to the date of termination of
				  the Chief Executive’s employment hereunder a customer of any of the
				  Company, to discontinue or transfer business from any of the Company, or
				  approach any such customer, with a view to doing any of the foregoing
				  things;
				

			 

 

	 
			
				
				   
				

			 	
				
				  20.1.3.
				

			 	
				
				  solicit or
				  entice or cause to be solicited or enticed away from any of the Company any
				  person employed by the Company in any executive, technical or other capacity;
				  
				

			 
	
				
				   
				

			 	
				
				  20.1.4.
				

			 	
				
				  interfere or
				  seek to interfere with the continuance of any of the terms of the supply of
				  goods or 
				

			 

 

	  

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 

	 
	 

	 
	 
		services to any of
		the Company.
	 

	 
			
				
				  20.2.
				

			 	
				
				  Whilst the
				  restrictions in this clause are considered by the parties to be reasonable in
				  all the circumstances as at the date hereof, it is acknowledged that
				  restrictions of such a nature may be invalid because of changed circumstances
				  or other unforeseen reasons, and accordingly if any one or more such
				  restrictions are judged to be void as going beyond what is reasonable in all
				  the circumstances for the protection of the interests of the Company but would
				  be valid if part of the wording thereof were deleted, the period thereof
				  reduced or the range of activities or areas covered thereby reduced in scope,
				  the said restrictions will be deemed to apply with such modifications as may be
				  necessary to make them valid and effective, and any such modifications shall
				  not thereby affect the validity of any other restriction contained herein.
				  
				

			 

 

	 
			
				
				  21.
				

			 	
				
				  Data
				  Protection & Personal Information
				

			 

 

	 
			
				
				  21.1.
				

			 	
				
				  All personal
				  information which the Company holds about the Chief Executive is protected by
				  data protection laws. The Company take its responsibilities under these laws
				  seriously and holds some or all of the following personal data about the Chief
				  Executive:
				

			 

 

	 
		Address, date of
		birth, marital status, educational or previous employment background, history
		and details of current position, CVs, applications and interview records,
		references, performance ratings or reviews, salary, bonuses, records of
		internet or email usage, CCTV images, records of disciplinary
		investigations/meetings or grievances, stock option, pension and other
		insurance documentation, payroll details and other related data. 
	 

	 
			
				
				  21.2.
				

			 	
				
				  This
				  information is required for the management and administration of the Chief
				  Executive’s employment and to protect the Chief Executive’s rights
				  under various employment laws. For these purposes it may from time to time be
				  necessary to disclose the Chief Executive’s personal information to third
				  parties, including payroll processors, pension brokers/trustees, or insurers.
				  It may also be necessary to disclose information in order to comply with any
				  legal obligations. The Company takes all reasonable steps as required by law to
				  ensure the safety, privacy and integrity of the personal information. The
				  Company may need to share personal data including sensitive personal data with
				  other related entities which are based abroad. This may involve a transfer of
				  data, including the Chief Executive’s personal sensitive data to a country
				  which may not have the same data protection laws as Ireland. By signing this
				  Agreement, the Chief Executive consents to the Company holding, processing,
				  transferring or disclosing such personal data.
				

			 

 

	 
			
				
				  21.3.
				

			 	
				
				  It is a
				  condition of the Chief Executive’s employment to disclose to the Company
				  any events or incidents in respect of the Chief Executive’s health, of any
				  criminal conviction(s) or of any other matter that occurred in the past or may
				  occur in the future that would have any bearing on the terms of the Chief
				  Executive’s employment with the Company.
				

			 

 

	 
			
				
				  22.
				

			 	
				
				  Liquidation for Reconstruction or
				  Amalgamation
				

			 

 

	 
		The Chief Executive
		shall have no claim against the Company if the employment is terminated by
		reason of the 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 

	 
	 

	 
	 
		liquidation of the
		Company for the purposes of amalgamation or reconstruction provided that he is
		offered employment with any concern or undertaking resulting from such
		amalgamation or reconstruction on terms and conditions which, taken as a whole,
		are not substantially less favourable than the terms of this Agreement or such
		terms of the Chief Executive employment as are in force at the relevant
		time.
	 

	 
			
				
				  23.
				

			 	
				
				  Variation
				

			 

 

	 
		In addition to any
		specific reservations referred to in this Agreement, the Company reserves the
		right to make changes of a minor, administrative, or non-fundamental nature to
		the terms and conditions of the Chief Executive’s employment from time to
		time. Wherever practicable, the Chief Executive will be given advance notice of
		any such change. Changes of a major, non-administrative or fundamental nature,
		other than where specifically reserved in this Agreement, will not be made
		without consultation with the Chief Executive.
	 

	 
			
				
				  24.
				

			 	
				
				  Miscellaneous
				

			 

 

	 
			
				
				  24.1.
				

			 	
				
				  The Chief
				  Executive hereby warrants that by virtue of entering into this Agreement the
				  Chief Executive will not be in breach of any express or implied terms of any
				  Court order, contract or any other obligation legally binding upon the Chief
				  Executive.
				

			 

 

	 
			
				
				  24.2.
				

			 	
				
				  No failure or
				  delay by the Company in exercising any remedy, right, power of privilege under
				  or in relation to his Agreement or at law shall operate as a waiver of the same
				  nor shall any single or partial exercise of any remedy, right, power or
				  privilege preclude any further exercise of the same or the exercise of any
				  other remedy, right, power or privilege.
				

			 

 

	 
			
				
				  24.3.
				

			 	
				
				  This
				  Agreement is governed by and shall be construed in accordance with Irish law
				  and the parties to this Agreement hereby submit to the exclusive jurisdiction
				  of the Irish Courts.
				

			 

 

	 
			
				
				  24.4.
				

			 	
				
				  The
				  information contained in this Agreement constitutes a written statement of
				  particulars of the Chief Executive’s employment with the Company in
				  accordance with the requirements of the Terms of Employment Act 1994.
				

			 

 

	 
		IN
		WITNESS whereof
		this Agreement has been entered into on the date first herein written:
	 

	 
		 
	 

	 
			
				
				  SIGNED on behalf of
 the
				  Company in the
				  presence
 of:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   

				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 
	 	 	 	 	 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   

				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title
				

			 

 

	 
		 
	 

	 
			
				
				  SIGNED by the Chief
				  Executive
 in
				  the presence of:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   

				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		13

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