Document:

Exhibit 10.41

 

ABOVENET, INC.

 

2008 EQUITY INCENTIVE PLAN

 

I.                                         Purpose

 

The
purpose of the 2008 AboveNet, Inc. Equity Incentive Plan (the “Plan”) is
to attract and retain and provide incentives to employees, officers, directors
and consultants of the Company or its Subsidiaries and to thereby increase
overall shareholder value.  The Plan
generally provides for the granting of stock options, restricted and
unrestricted stock, restricted and unrestricted stock units, stock appreciation
rights or any combination of the foregoing to the eligible participants.

 

II.                                     Definitions

 

(a)                                  “Award” includes stock options (including
incentive stock options within the meaning of Section 422(b) of the
Code), restricted and unrestricted shares of Common Stock, stock appreciation
rights, and restricted and unrestricted stock units, all on a stand alone,
combination or tandem basis, as described in or granted under this Plan.

 

(b)                                  “Award Agreement” means a written
agreement setting forth the terms and conditions of each Award made under this
Plan.

 

(c)                                  “Board” means the Board of Directors of
the Company.

 

(d)                                  “Cause” means Cause, or any comparable
term, as defined in any employment or services agreement then in effect between
the Participant and the Company, or in the absence of an effective employment
or services agreement or a definition of Cause, or comparable term, Cause means
any of the following events:

 

(i)                                    fraud, misappropriation or embezzlement
of funds or property by the Participant involving the Company or a Subsidiary;

 

(ii)                                the conviction or plea of no contest of
the Participant in any jurisdiction for any crime which constitutes a felony,
or which constitutes a misdemeanor that involves fraud, moral turpitude or
material loss to the Company or a Subsidiary, or their respective businesses or
reputations; and

 

(iii)                            the Participant’s material misconduct in,
or material neglect of, the performance of his or her material duties and
responsibilities to the Company or a Subsidiary, or the Participant’s repeated
violation of any reasonable specific written directions of the Company or a
Subsidiary.

 

(e)                                  “Change of Control” means the occurrence
of any of the following events:

 

(i)                                    the acquisition by a person or group of
the outstanding stock of the Company, which together with the stock held by
such person or group, represents more than 50% of the fair market value or
total voting power of the stock of the Company (and provided 

 

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that, if any person or
group is considered to own more than 50% of the voting power or fair market
value of the stock of the Company, the acquisition of additional stock by that
same person or group will not constitute a Change in Control),

 

(ii)                                the acquisition by a person or group of
stock of the Company possessing 35% or more of the voting power of the stock of
the Company within a 12-month period ending on the date of the most recent
acquisition by such person or group,

 

(iii)                            the replacement of a majority of the
members of the Board of Directors during a 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of the
Company’s Board of Directors before the appointment or election, or

 

(iv)                               the acquisition by a person or group of
40% or more of the assets of the Company (measured as total gross fair market
value) within a 12-month period  ending
on the date of the most recent acquisition.

 

(f)                                    “Code” means the Internal Revenue Code of
1986, as amended from time to time.

 

(g)                                 “Common Stock” means the common stock,
$.01 par value, of the Company.

 

(h)                                 “Company” means AboveNet, Inc., a
Delaware corporation.

 

(i)                                    “Compensation Committee” means the
Compensation Committee of the Board.

 

(j)                                    “Continuous Service” means that a
Participant’s service with the Company or a Subsidiary, whether as an Employee,
officer, director, consultant or other service provider, is not interrupted or
terminated.  A change in the capacity in
which the Participant renders service to the Company or a Subsidiary as an
Employee, officer, director or consultant or a change in the entity for which
the Participant renders such service, provided that there is no interruption or
termination of the Participant’s service with the Company or a Subsidiary,
shall not terminate a Participant’s Continuous Service.  For example, a change in status from an
employee of the Company to a consultant to a Subsidiary or to a director shall
not constitute an interruption of Continuous Service.  To the extent permitted by law, the Board or
the chief executive officer of the Company, in that party’s sole discretion,
may determine whether Continuous Service shall be considered interrupted in the
case of any leave of absence approved by that party, including sick leave,
military leave or any other personal leave. 
Notwithstanding the foregoing, a leave of absence shall be treated as
Continuous Service for purposes of vesting in an Award only to such extent as
may be provided in the Company’s leave of absence policy, in the written terms
of any leave of absence agreement or policy applicable to the Participant, or
as otherwise required by law.

 

(k)                                “Corporate Transaction” means the
occurrence, in a single transaction or in a series of related transactions, of
any one or more of the following events:

 

(i)                                    a sale  or
other disposition of all or substantially all, as determined by the Board in
its discretion, of the consolidated assets of the Company and its Subsidiaries;

 

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(ii)                                a sale or other disposition of at least
fifty percent (50%) of the outstanding securities of the Company;

 

(iii)                            the consummation of a merger,
consolidation or similar transaction following which the Company is not the
surviving corporation; or

 

(iv)                               the consummation of a merger,
consolidation or similar transaction following which the Company is the
surviving corporation but the shares of Common Stock outstanding immediately
preceding the merger, consolidation or similar transaction are converted or
exchanged by virtue of the merger, consolidation or similar transaction into
other property, whether in the form of securities, cash or otherwise.

 

(l)                                    “Disability” shall have the meaning set
forth in Section 22(e)(3) of the Internal Revenue Code of 1986, as
amended (“Code”).

 

(m)                              “Effective Date” means August 29,
2008.

 

(n)                                 “Employee” means an employee of the
Company or a Subsidiary.

 

(o)                                  “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

(p)                                  “Fair Market Value” means with respect to
the Common Stock (i) the closing price per share thereof as officially
reported on the relevant date (or if there were no sales on such date, on the
next preceding date on which such trading was recorded) by the principal
national securities exchange on which shares are listed or admitted to trading
(including the NASDAQ Stock Market), (ii) if the Common Stock is not
listed or admitted to trading on any such national securities exchange
(including the NASDAQ Stock Market) but is qualified for quotation and is
quoted on the over-the-counter bulletin board market (“OTCBB”), the closing
price for such shares on the OTCBB as officially reported on the relevant date
(or if there were no sales on such date, on the next preceding date on which
such trading was recorded) by the OTCBB (or successor entity), or (iii) if
the Common Stock is not qualified for quotation on the OTCBB (or successor
entity), the closing price of such shares on the pink sheets as officially
reported on the relevant date (or if there were no sales on such date, on the
next preceding date on which such trading was recorded) by Pink Sheets LLC (or
successor entity), or (iv) if the Common Stock is not quoted on the pink
sheets as reported by Pink Sheets LLC (or successor entity), as determined in
good faith by resolution of the Board (whose determination shall be
conclusive), based on the best information available to it.

 

(q)                                  “Good Reason” means either of the
following two events:

 

(i)                                    the Company’s material breach of any
provision of an applicable employment agreement which breach continues uncured
for thirty-five (35) days after written notice thereof is given to the Company
by the applicable Employee, or

 

(ii)                                a material relocation of the Employee’s
principal place of employment on the effective date of the applicable
employment agreement, provided that the Company chooses not to rescind such
relocation within thirty-five (35) days after written notice requesting that it
be rescinded is given to the Company by the Employee.

 

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In both cases (i) and (ii), the
notice of alleged breach or relocation must be provided to the Company within
ninety (90) days of the initial existence of such condition and the Employee
shall only have the right to terminate the employment agreement for Good
Reason, if applicable, within six (6) months of the initial existence of
such condition and only if such condition is not uncured or rescinded, as the
case may be, prior to such termination.

 

(r)                                  “Mature Shares” means shares of Common
Stock (i) purchased by a Participant on the open market, (ii) received
by Participant upon the exercise of a stock option and held by the Participant
for at least six months, or (iii) awarded to a Participant by the Company
and held by the Participant for at least six months (provided, however, in the
event the Common Stock was subject to forfeiture at the time of the award, the
Participant held such Common Stock for at least six months after the forfeiture
provisions lapse).

 

(s)                                  “Participant” means an Employee, officer,
director or consultant of the Company or a Subsidiary who has been granted an
Award under the Plan.

 

(t)                                    “Plan Year” means a twelve-month period
beginning with January 1 of each year.

 

(u)                                 “Subsidiary” means any corporation or
other entity, whether domestic or foreign, in which the Company has or obtains,
directly or indirectly, a proprietary interest of more than 50% by reason of
stock ownership or otherwise.

 

III.                                 Eligibility

 

Any
Employee, officer, director or consultant of the Company or Subsidiary selected
by the Compensation Committee is eligible to receive an Award.

 

IV.                                Plan Administration

 

(a)                                  Except as otherwise determined by the
Board, the Plan shall be administered by the Compensation Committee.  The Board, or the Compensation Committee to
the extent determined by the Board, shall periodically make determinations with
respect to the participation of Employees, officers, directors and consultants
in the Plan and, except as otherwise required by law or this Plan, the grant
terms of Awards, including vesting schedules, price, restriction or option
period, dividend rights, post-retirement and termination rights, payment
alternatives such as cash, stock, contingent awards or other means of payment
consistent with the purposes of this Plan, and such other terms and conditions
as the Board or the Compensation Committee deems appropriate which shall be
contained in an Award Agreement with respect to a Participant.  In making the foregoing determinations the
Compensation Committee may take into account the nature of the services rendered
by such individuals, their present and potential contributions to the Company’s
success, and such other factors as the Compensation Committee, in its
discretion, shall deem relevant.

 

(b)                                  The Compensation Committee shall have
authority to interpret and construe the provisions of the Plan and any Award
Agreement and make determinations pursuant to any Plan provision or Award
Agreement which shall be final and binding on all persons.  No member of the Compensation Committee shall
be liable for any action or determination made in good faith, and the members
shall be entitled to indemnification and reimbursement in the manner provided 

 

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in the Company’s Certificate of Incorporation, as it
may be amended from time to time, and its Bylaws, as they may be amended from
time to time.

 

(c)                                  The Compensation Committee shall have the
authority at any time to provide for the conditions and circumstances under
which Awards shall be forfeited.  The
Compensation Committee shall have the authority at any time to accelerate the
vesting, and/or exercisability of any Award and delivery of Common Stock with
respect to any Award.  The Compensation
Committee shall also have the authority at any time to extend the period during
which an Award consisting of a stock option or a stock appreciation right may
be exercised (but not beyond the original term of the stock option or stock
appreciation right) after the termination of the Participant’s employment or
other relationship with the Company.

 

(d)                                  The Compensation Committee shall have the
authority to effect, at any time and from time to time, with the consent of any
adversely affected Participant, (A) the reduction of the exercise price of
any outstanding stock option under the Plan; (B) the cancellation of any
outstanding option under the Plan and the grant in substitution therefor of (1) a
new stock option under the Plan or another equity plan of the Company covering
the same or a different number of shares of Common Stock, (2) an award of
restricted or unrestricted stock, (3) a stock appreciation right, (4) a
restricted or unrestricted stock unit, (5) cash and/or (6) other
valuable consideration (as determined by the Board, in its sole discretion); or
(C) any other action that is treated as a repricing under generally
accepted accounting principles.

 

V.                                    Capital Stock Subject to the
Provisions of this Plan

 

(a)                                  The capital stock subject to the
provisions of this Plan shall be shares of authorized but unissued Common Stock
and shares of Common Stock held as treasury stock.  Subject to adjustment in accordance with the
provisions of Section X, and subject to Sections V (b) and (c) below,
the total number of shares of Common Stock available for grants of Awards shall
not exceed 750,000.

 

(b)                                  The grant of an Award shall be deemed to
be equal to the maximum number of shares which may be issued under the Award.

 

(c)                                  There shall be available for Awards under
the Plan all of the following: (i) any unused portion of the limit set
forth in paragraph (a) of this Section V; (ii) shares
represented by Awards which are cancelled, forfeited, surrendered, terminated,
paid in cash (i.e., the holder of the Award receives cash rather than
stock) or expire without having been exercised in full (and including Common
Stock forfeited back to the Company because of the failure to meet a
contingency or condition required to vest such shares in the Participant); and (iii) any
shares reacquired by the Company pursuant to Section VIII(g) of the
Plan or shares used to pay the exercise price of an option.

 

Notwithstanding the above, any shares of Common Stock that revert back
to the share reserve after having been previously issued by the Company
pursuant to Awards, and which are then reacquired as set forth above, shall not
be subsequently issued pursuant to the exercise of incentive stock option
Awards.

 

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VI.                                Awards Under This Plan

 

Except as provided in paragraph (b) to this Article VI,
the Board or Compensation Committee, in its discretion, may grant the following
types of Awards under this Plan on a stand alone, combination or tandem basis:

 

(a)                                  Stock Option. 
A right to buy a specified number of shares of Common Stock at a fixed
exercise price during a specified time, all as the Compensation Committee may
determine; provided that the exercise price of any option shall not be less
than 100% of the Fair Market Value of the Common Stock on the date of grant of
the Award.

 

(b)                                  Incentive Stock Option. 
An Award in the form of a stock option which shall comply with the
requirements of Code Section 422 or any successor section as it may be
amended from time to time.  The exercise
price of any incentive stock option shall not be less than 100% of the Fair
Market Value of the Common Stock on the date of grant of the Award.  Subject to adjustment in accordance with the
provisions of Section X, the aggregate number of shares which may be
issued pursuant to the exercise of incentive stock option Awards under this
Plan shall not exceed 187,500  shares,
subject to Section V above.  If an
incentive stock option Award is granted to a Participant in the Plan who, at
the time the Award is granted, is deemed to own more than 10% of the total
combined voting power of all classes of stock of the Company or any “subsidiary
corporation” of the Company (as more fully described in Code Section 422(b)(6)),
then (1) the exercise price of the incentive stock option Award may not be
less than 110% of the Fair Market Value of the Common Stock on the date the
incentive stock option Award is granted, and (2) such incentive stock
option Award may not be exercisable after the expiration of five years from the
date the incentive stock option Award is granted.  To the extent that Code Section 422
requires certain provisions to be set forth in a written plan, said provisions
are incorporated herein by this reference.

 

(c)                                  Restricted and Unrestricted Stock. 
An award of a share of Common Stock, which share may be subject to a
risk of forfeiture or other restrictions until such restrictions, terms and
conditions as the Compensation Committee may determine in the Award Agreement
are fulfilled.

 

(d)                                  Restricted and Unrestricted Stock
Unit.  A right to receive from the Company a share
of Common Stock at a specified date in the future, which right is subject to
such terms and conditions as the Compensation Committee may determine in the
Award Agreement.  In addition, a stock
unit may be subject to forfeiture or other restrictions until such
restrictions, terms and conditions as the Compensation Committee may determine
in the Award Agreement are fulfilled. 
The share of Common Stock which underlies a stock unit subject to
forfeiture may be delivered by the Company to the Participant upon the vesting
of the stock unit or at a later date as determined by the Compensation
Committee in the Award Agreement.

 

(e)                                  Stock Appreciation Rights. 
An Award enabling a Participant to receive cash, Common Stock, or a
combination of cash and Common Stock, in an amount equal to the excess of the
Fair Market Value  on a future date of a
stated number of shares of the Company’s Common Stock over a stated price.

 

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VII.                            Award Agreements

 

Each
Award under the Plan shall be evidenced by an Award Agreement setting forth the
terms and conditions of the Award and executed by the Company and, if required
by the Compensation Committee, the Participant.

 

VIII.                        Other Terms and Conditions

 

(a)                                  Assignability. 
Unless provided to the contrary in any Award, or unless permitted by the
Company, no Award shall be assignable or transferable except by will or by the
laws of descent and distribution and, during the lifetime of a Participant, the
Award shall be exercisable only by such Participant.  Notwithstanding the foregoing, an option may
be transferred pursuant to a domestic relations order, provided,
however, that an Incentive Stock Option may be deemed to be a
nonqualified stock option as a result of such transfer.  Notwithstanding the foregoing, the Participant
may, by delivering written notice to the Company, in a form provided by or
otherwise satisfactory to the Company, designate a third party who, in the
event of the death of the Participant, shall thereafter be the beneficiary of
an option with the right to exercise the option and receive the Common Stock or
other consideration resulting from an option exercise.

 

(b)                                  Termination of Employment or
Other Relationship.  Unless otherwise provided in the Award
Agreement, (i) if a Participant’s Continuous Service with the Company or
any Subsidiary is terminated by the Company or any Subsidiary or by the
Participant for any reason (including death or Disability), vested and
exercisable stock options and stock appreciation rights held by the Participant
at the time of such termination shall remain exercisable by the Participant (or
his or her beneficiary, as the case may be) for 90 days (provided, however,
that this period shall be 180 days in the case of termination as a result of
Disability and 365 days in the case of termination as a result of death), but
in no event after the expiration date of the stock option or stock appreciation
right, (ii) all outstanding unvested stock units and unvested and/or
unexercisable options or stock appreciation rights held by the Participant (or
his or her beneficiary) at the time of the termination of his or her Continuous
Service for any reason shall be forfeited as of the date of such termination,
and (iii) all remaining stock options or stock appreciation rights
unexercised 90 days (or 180 or 365 days, as applicable) after the termination
shall be forfeited as of the end of such period, or shall be forfeited on the
expiration date of the option or stock appreciation right, whichever is
earlier.

 

Shares of Common Stock may be subject to vesting and a right of
repurchase or reacquisition by the Company with respect to both vested or
unvested shares upon the termination of a Participant’s Continuous Service for
any reason, as set forth in an Award Agreement.

 

Unless otherwise provided in a Participant’s Award Agreement, in the
case of any stock option or stock appreciation right that is vested and
exercisable, if, at the time of termination of the Participant’s Continuous
Service, there is not an effective registration statement on Form S-8 (or
successor form) covering such stock option or stock appreciation right, then
the stock option or stock appreciation right shall terminate on the earlier of (i) the
90th day after such a registration statement became effective
(provided, however, that in the case of a termination as a result of death or
Disability, this provision shall not shorten the 180 or 365-day period of time 

 

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that would otherwise be afforded to exercise the
option or stock appreciation right), or (ii) the expiration of the term of
the option or stock appreciation right as set forth in the Award Agreement.

 

(c)                                  Non-Exempt Employees. 
No stock option granted to an Employee that is a non-exempt employee for
purposes of the Fair Labor Standards Act shall be first exercisable for any
shares of Common Stock until at least six (6) months following the date of
grant of the option.  The foregoing
provision is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of a stock option will be
exempt from his or her regular rate of pay.

 

(d)                                  Rights as a Stockholder. 
A Participant shall have no rights as a stockholder with respect to
shares covered by an Award until the date the Participant is the holder of
record.  No adjustment will be made for
dividends or other rights for which the record date is prior to such date.

 

(e)                                  No Obligation to Exercise. 
The grant of an Award shall impose no obligation upon the Participant to
exercise the Award.

 

(f)                                    Payments by Participants. 
The Compensation Committee may determine that Awards for which a payment
is due from a Participant may be payable: (i) in U.S. dollars by personal
check, bank draft or money order payable to the order of the Company, by money
transfers or direct account debits; (ii) through the delivery or deemed
delivery based on attestation to the ownership of Mature Shares with a Fair
Market Value equal to the total payment due from the Participant; (iii) pursuant
to a broker-assisted “cashless exercise” program if established by the Company;
(iv) by a combination of the methods described in (i) through (iii) above;
or (v) by such other methods as the Compensation Committee may deem
appropriate, including through a “net exercise.”

 

(g)                                 Withholding. 
Except as otherwise provided by the Compensation Committee, (i) the
deduction of withholding and any other taxes required by law will be made from
all amounts paid in cash and (ii) in the case of payments of Awards in
shares of Common Stock, the Participant shall be required to pay the amount of
any taxes required to be withheld prior to receipt of such stock, or
alternatively, a number of shares the Fair Market Value of which equals the
amount required to be withheld may be deducted from the payment.

 

(h)                                 Maximum Awards. 
The maximum number of shares of Common Stock that may be issued to any
single Participant pursuant to stock options or stock appreciation rights under
this Plan in any single Plan Year is 400,000.

 

(i)                                    Exercise by Participant or
Representative.  Except as otherwise provided by the
Compensation Committee, no election as to benefits or exercise of options, or
other rights may be made during a Participant’s lifetime by anyone other than
the Participant except by a legal representative appointed for or by the
Participant.

 

8

 

IX.                                Termination, Modification and
Amendments

 

(a)                                  The Board may at any time terminate the
Plan or from time to time make such modifications or amendments of the Plan as
it may deem advisable.

 

(b)                                  No termination, modification or amendment
of the Plan may adversely affect the rights conferred by an Award without the
consent of the recipient thereof.

 

X.                                    Recapitalization

 

(a)                                  The aggregate number of shares of Common
Stock as to which Awards may be granted to Participants, the number of shares
thereof covered by each outstanding Award, and the price per share thereof in
each such Award, shall all be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a
subdivision or consolidation of shares or other similar capital adjustment, or
the payment of a stock dividend or other increase or decrease in such shares,
effected without receipt of consideration by the Company; provided, however,
that any fractional shares resulting from any such adjustment shall be
eliminated.  The Compensation Committee
may also make the foregoing changes and any other changes, including changes in
the classes of securities available, to the extent it is deemed necessary or
desirable to preserve the intended benefits of the Plan for the Company and the
Participants in the event of any other reorganization, recapitalization,
merger, consolidation, spin-off, extraordinary dividend or other distribution
or similar transaction.  Any such
adjustments for incentive stock option Awards must meet the requirements of
Code Section 424(a).

 

(b)                                  Corporate
Transaction.   The following provisions shall apply to
Awards in the event of a Corporate Transaction unless otherwise provided in the
instrument evidencing the Award or any other written agreement between the
Company or any Subsidiary and the Participant or unless otherwise expressly
provided by the Board at the time of grant of an Award.  If there is a Corporate Transaction, then the
Board, or the board of directors of any corporation or entity assuming the
obligations of the Company, shall take any one or more of the following actions
as to outstanding Awards in its sole and absolute discretion:

 

(i)                                    Awards May Be
Continued, Assumed or Substituted.  Any surviving
corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) may assume or continue any or all Awards outstanding under the
Plan or may substitute similar stock awards for Awards outstanding under the
Plan (including but not limited to, awards to acquire the same consideration
paid to the stockholders of the Company pursuant to the Corporate Transaction),
and any reacquisition or repurchase rights held by the Company in respect of
Common Stock issued pursuant to Awards may be assigned by the Company to the
successor of the Company (or the successor’s parent company, if any), in
connection with such Corporate Transaction. 
A surviving corporation or acquiring corporation (or its parent) may
choose to assume or continue only a portion of an Award or substitute a similar
award for only a portion of an Award, or may assume, continue or substitute
some Awards and not others.  The terms of
any assumption, continuation or substitution shall be set by the Board in
accordance with the provisions of Section IV.

 

(ii)                                Accelerated
Vesting of Awards.  The vesting of any or all Awards (and, with
respect to options and stock appreciation rights, the time at which such Awards
may be 

 

9

 

exercised) may be
accelerated in full or in part to a date on or prior to the effective time of
such Corporate Transaction (contingent upon the effectiveness of the Corporate
Transaction) as the Board shall determine, and the Board may further determine
that any reacquisition or repurchase rights held by the Company with respect to
an Award shall lapse in full or in part as of a date on or prior to the
effective time of such Corporate Transaction (contingent upon the effectiveness
of the Corporate Transaction).

 

(iii)                            Termination of Awards.  The Board may provide that all Awards
(including vested Awards that are not exercised) shall immediately terminate
and be of no further force or effect as of the effective time of the Corporate
Transaction.  Written notice of the
intent to terminate any outstanding Awards shall be sent to Participants at
least ten (10) days in advance of the effective date of the Corporate
Transaction.

 

(iv)                               Payment for
Awards in Lieu of Exercise.  The Board may provide that the
holder of an Award may not exercise such Award but will receive a payment, in
such form as may be determined by the Board, equal in value to the excess, if
any, of (A) the value of the property the holder of the Award would have
received upon the exercise of the Award (including, at the discretion of the
Board, any unvested portion of such Award), over (B) any exercise price
payable by such holder in connection with such exercise.

 

Change
of Control.  An Award may be subject to
additional acceleration of vesting and exercisability upon or after a Change of
Control as may be provided in the Award Agreement for such Award or as may be
provided in any other written agreement between the Company or any Subsidiary
and the Participant, but in the absence of such provision, no such acceleration
shall occur.

 

XI.                                No Right to Employment

 

No
person shall have any claim or right to be granted an Award, and the grant of
an Award shall not be construed as giving a Participant the right to be
retained in the employ of, or in the other relationship with, the Company or a
Subsidiary.  Further, the Company and
each Subsidiary expressly reserve the right at any time to dismiss a
Participant free from any liability, or any claim under the Plan, except as
provided herein or in any Award Agreement issued hereunder.

 

XII.                            Governing Law

 

To the
extent that federal laws do not otherwise control, the Plan shall be construed
in accordance with and governed by the laws of the State of New York.

 

XIII.                        Effective Date and Term

 

This
Plan shall be effective as of the Effective Date and shall terminate on the
date before the tenth anniversary of the Effective Date.  No Awards shall be granted after the
termination of the Plan.

 

10Exhibit 4.1

 

PRICING INSTRUMENT

 

WHEREAS, the parties
named herein desire to enter into certain Program Documents (as defined herein)
contained herein, each such document (unless otherwise specified in such
document) dated as of September 2, 2008, relating to the issuance by
Genworth Global Funding Trust 2008-47 
(the “Trust”) of Notes to investors under the secured notes program
sponsored by Genworth Life and Annuity Insurance Company (“GLAIC”), the terms
of such Notes as specified in the pricing supplement attached to this Pricing
Instrument as Exhibit C (the “Pricing Supplement”);

 

WHEREAS, the Trust is a
trust and will be organized under and its activities will be governed by the
provisions of the Trust Agreement (set forth in Section A of this Pricing
Instrument), dated as of September 2, 2008, by and between the parties
thereto indicated in Section E herein;

 

WHEREAS, certain expense
and indemnification arrangements between GLAIC and the Trustee, on behalf of
itself and on behalf of the Trust, are governed pursuant to the provisions of
the Expense and Indemnity Agreement dated as of October 1, 2006 by and
between GLAIC and the Trustee;

 

WHEREAS, certain
licensing arrangements between the Trust and Genworth Financial, Inc. will
be governed pursuant to the provisions of the License Agreement dated as of October 28,
2005, by and between the Trust and Genworth Financial, Inc.;

 

WHEREAS, certain
custodial arrangements for the Funding Agreement will be governed pursuant to
the provisions of the Custodial Agreement (the “Custodial Agreement”) dated as
of December 7, 2005 by and among SunTrust Bank, acting as custodian (the “Custodian”),
the Indenture Trustee and the Trust;

 

WHEREAS, the Notes will
be issued pursuant to the Indenture (set forth in Section B of this
Pricing Instrument), dated as of the Original Issue Date, by and between the
parties thereto indicated in Section E herein;

 

WHEREAS, the sale of the
Notes will be governed by the Terms Agreement (set forth in Section C of
this Pricing Instrument), dated as of September 2, 2008, by and among the
parties thereto indicated in Section E herein; and

 

WHEREAS, certain
agreements relating to the Notes and the Funding Agreement are set forth in the
Coordination Agreement (set forth in Section D of this Pricing Instrument),
dated as of September 2, 2008, by and among the parties thereto indicated
in Section E herein.

 

All capitalized terms
used herein and not otherwise defined will have the meanings set forth in the
Indenture.

 

1

 

SECTION A

 

TRUST AGREEMENT

 

This TRUST AGREEMENT
(this “Trust Agreement”), dated as of September 2, 2008, is entered into
by and between GSS Holdings II, Inc., a Delaware corporation, as trust
beneficial owner (the “Trust Beneficial Owner”), and U.S. Bank National
Association, a national banking association, as Trustee (the “Trustee”).

 

References
in the Standard Trust Terms to JPMorgan Chase Bank, N.A. shall refer
to The Bank of New York Mellon Trust Company, N.A. and its permitted
successors and assigns.

 

W I T N E S S E T H:

 

WHEREAS, the Trust
Beneficial Owner and the Trustee desire to authorize the issuance of a Trust
Beneficial Interest and a series of Notes in connection with the entry into
this Trust Agreement;

 

WHEREAS, all things necessary
to make this Trust Agreement a valid and legally binding agreement of the
Trustee and the Trust Beneficial Owner, enforceable in accordance with its
terms, have been done;

 

WHEREAS, the parties
intend to provide for, among other things, (i) the issuance and sale of
the Notes (pursuant to the Indenture, the Distribution Agreement and the
related Terms Agreement) and the Trust Beneficial Interest, (ii) the use
of the proceeds of the sale of the Notes and Trust Beneficial Interest to
acquire the Funding Agreement, and (iii) all other actions deemed
necessary or desirable in connection with the transactions contemplated by this
Trust Agreement; and

 

WHEREAS, the parties
hereto desire to incorporate by reference those certain Standard Trust Terms,
dated as of December 8, 2005, and attached to the Pricing Instrument as Exhibit A (the “Standard Trust Terms”).

 

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which are hereby
acknowledged, each party hereby agrees as follows:

 

ARTICLE 1

 

Section 1.01                                Incorporation by Reference. All terms, provisions
and agreements set forth in the Standard Trust Terms (except to the extent
expressly modified herein) are hereby incorporated herein by reference with the
same force and effect as though fully set forth herein. All capitalized terms
not otherwise defined herein (including the recitals hereof) shall have the
meanings set forth in the Standard Trust Terms (the Standard Trust Terms and
this Trust Agreement, collectively, the “Trust Agreement”). To the extent that
the terms set forth in Article 2 of this Trust Agreement are inconsistent
with the terms of the Standard Trust Terms, the terms set forth in Article 2
herein shall apply.

 

A-1

 

ARTICLE 2

 

Section 2.01                                Name. The Trust created and governed by this
Trust Agreement shall be the trust specified in the Pricing Instrument. The
name of the Trust shall be the name specified in the first paragraph of the
Pricing Instrument, as such name may be modified from time to time by the
Trustee following written notice to the Trust Beneficial Owner.

 

Section 2.02                                Jurisdiction. The Trust is hereby organized in,
and formed under and pursuant to, the laws of the jurisdiction specified in the
Pricing Supplement.

 

Section 2.03                                Initial Capital Contribution and Ownership. The
Trust Beneficial Owner has paid or has caused to be paid to, or to an account
at the direction of, the Trustee, on the date hereof, the sum of $15 (or, in
the case of Notes issued with original issue discount, such amount multiplied
by the issue price of the Notes as specified in the Pricing Supplement). The
Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner,
as of the date hereof, of the foregoing contribution, which shall be used along
with the proceeds from the sale of the series of Notes to purchase the Funding
Agreement. Upon the creation of the Trust and the registration of the Trust
Beneficial Interest in the Securities Register (as defined in the Trust
Agreement) by the Trust Registrar in the name of the Trust Beneficial Owner,
the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

 

Section 2.04                                Acknowledgment. The Trustee, on behalf of the
Trust, expressly acknowledges its duties and obligations set forth in the
Standard Trust Terms incorporated herein by reference.

 

Section 2.05                                Additional Terms. Section 5.01(a) of
the Standard Trust Terms is hereby replaced with the following: “it is a
national banking association duly organized, validly existing and in good
standing under the laws of the United States of America and it is a “bank”
within the meaning of Section 581 of the Code;”.

 

Section 2.06                                Pricing Instrument; Execution and Incorporation of Terms.

 

The parties hereto will
enter into the Trust Agreement by executing the Pricing Instrument.

 

By executing the Pricing
Instrument, the Trustee and the Trust Beneficial Owner hereby agree that the
Trust Agreement will constitute a legal, valid and binding agreement between
the Trustee and the Trust Beneficial Owner.

 

All terms relating to the
Trust or the series of Notes not otherwise included herein will be as specified
in the Pricing Instrument or Pricing Supplement, as indicated herein.

 

Section 2.07                                Governing Law. This Trust Agreement will be
governed by, and construed in accordance with, the laws of the jurisdiction
specified in the Pricing Supplement.

 

A-2

 

Section 2.08                                Counterparts. The Trust Agreement, through the
Pricing Instrument, may be executed in any number of counterparts, each of
which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

A-3

 

SECTION B

 

INDENTURE

 

This INDENTURE (this “Indenture”)
is entered into as of the Original Issue Date by and between the Genworth
Global Funding Trust specified in the Pricing Instrument (the “Trust”) and The
Bank of New York Mellon Trust Company, N.A., as the indenture trustee (the “Indenture
Trustee”).

 

The Bank of New York
Mellon Trust Company, N.A., in its capacity as Indenture Trustee, hereby
accepts its role as Registrar, Paying Agent, Transfer Agent and Calculation
Agent hereunder.

 

References herein to “Indenture
Trustee,” “Registrar,” “Transfer Agent,” “Paying Agent” or “Calculation Agent”
shall include the permitted successors and assigns of any such entity from time
to time and references in the Standard Indenture Terms to The Bank of New York shall
refer to U.S. Bank National Association and its permitted successors and
assigns.

 

W I T N E S S E T H:

 

WHEREAS, the Trust has
duly authorized the execution and delivery of this Indenture to provide for the
issuance of Notes;

 

WHEREAS, all things
necessary to make this Indenture a valid and legally binding agreement of the
Trust and the other parties to this Indenture, enforceable in accordance with
its terms, have been done, and the Trust proposes to do all things necessary to
make the Notes, when executed by the Trust and authenticated and delivered
pursuant hereto, valid and legally binding obligations of the Trust as
hereinafter provided; and

 

WHEREAS, the parties
hereto desire to incorporate by reference those certain Standard Indenture
Terms, dated as of December 8, 2005, and attached to the Pricing
Instrument as Exhibit B (the “Standard
Indenture Terms”).

 

NOW, THEREFORE, for and
in consideration of the premises and the purchase of the Notes by the Holders
thereof, it is mutually covenanted and agreed by each of the parties hereto as
follows:

 

ARTICLE 1

 

Section 1.01                                Incorporation by Reference. All terms, provisions
and agreements set forth in the Standard Indenture Terms (except to the extent
expressly modified herein) are hereby incorporated herein by reference with the
same force and effect as though fully set forth herein. All capitalized terms
not otherwise defined herein (including the recitals hereof) shall have the
meanings set forth in the Standard Indenture Terms (the Standard Indenture
Terms and this Indenture, collectively, the “Indenture”). To the extent that
the terms set forth in Article 2 of this Indenture are inconsistent with
the terms of the Standard Indenture Terms, the terms set forth in Article 2
herein shall apply.

 

B-1

 

ARTICLE 2

 

Section 2.01                                Agreement
to be Bound. Each of the Trust, the Indenture Trustee, the Registrar, the
Transfer Agent, the Paying Agent and the Calculation Agent hereby agrees to be
bound by all of the terms, provisions and agreements set forth in the
Indenture, with respect to all matters contemplated in the Indenture,
including, without limitation, those relating to the issuance of the
below-referenced Notes.

 

Section 2.02                                Designation of the Trust, the Notes and the Funding
Agreement. The Trust created by the Trust Agreement specified in the
Pricing Instrument and referred to herein is the Genworth Global Funding Trust
specified in the Pricing Instrument. The Notes issued by the Trust and governed
by the Indenture shall be the Notes specified in the Pricing Supplement. The
Funding Agreement designated hereby is the Funding Agreement designated in the
Pricing Supplement, effective as of the Original Issue Date, between the Trust
and Genworth Life and Annuity Insurance Company.

 

Section 2.03                                Additional Terms. Notwithstanding anything to the
contrary in Section 2.04(c) of the Standard Indenture Terms, the
Indenture Trustee will give written notice of redemption to the Holders in
accordance with Section 1.06 of the Standard Indenture Terms not more than
seventy-five (75) calendar days and not less than thirty (30) calendar days
prior to the date set for such redemption. Notwithstanding anything to the
contrary in Section 2.04(f) of the Standard Indenture Terms, the
Indenture Trustee shall treat as satisfactory to it thirty-five (35) calendar
days’ notice from the Trust (or from GLAIC on behalf of the Trust) of a
redemption date for the Notes; provided that there are at least three Business
Days between the receipt by it of such notice and the deadline for giving
notice of such redemption under Section 2.04(c); provided further that the
Notes are in the form of Global Notes and the redemption is in whole. The initial
principal amount of the Notes shall be $11,097,000.00.

 

Section 2.04                                Pricing Instrument; Execution and Incorporation of Terms.

 

The parties hereto will
enter into this Indenture by executing the Pricing Instrument.

 

By executing the Pricing
Instrument, the Indenture Trustee, the Registrar, the Transfer Agent, the
Paying Agent, the Calculation Agent and the Trust hereby agree that the
Indenture will constitute a legal, valid and binding agreement between the
Indenture Trustee, the Registrar, the Transfer Agent, the Paying Agent, the
Calculation Agent and the Trust.

 

All terms relating to the
Trust or the Notes not otherwise included herein will be as specified in the
Pricing Instrument or Pricing Supplement, as indicated herein.

 

Section 2.05                                Counterparts. This Indenture, through the Pricing
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute one and the same instrument.

 

[Remainder
of Page Left Intentionally Blank]

 

B-2

 

SECTION C

 

TERMS AGREEMENT

 

This TERMS AGREEMENT
(this “Terms Agreement”) is entered into as of September 2, 2008 by and
among Genworth Life and Annuity Insurance Company (“GLAIC”), the Genworth
Global Funding Trust specified in the Pricing Instrument (the “Trust”) and the
Agent specified in the Pricing Supplement (the “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, GLAIC and the
Agent have entered into that certain Distribution Agreement dated December 9,
2005 (the “Distribution Agreement”).

 

NOW, THEREFORE, in
consideration of the mutual promises set forth herein and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, each of the parties hereby agrees as follows:

 

ARTICLE 1

 

Section 1.01                                Incorporation by Reference. The provisions of the
Distribution Agreement and the related definitions (unless otherwise specified
herein) are incorporated by reference herein and shall be deemed to have the
same force and effect as if set forth in full herein.

 

ARTICLE 2

 

Section 2.01                                Addition of Trust as Party to Distribution Agreement.

 

Pursuant to Section 1
of the Distribution Agreement, each of the undersigned parties hereby
acknowledges and agrees that the Trust, upon execution hereof by the Trust and
the other parties to this Terms Agreement, shall become a Trust for purposes of
the Distribution Agreement in accordance with the terms thereof, in respect of
the Notes, with all the authority, rights, powers, duties and obligations of a
Trust under the Distribution Agreement. The Trust confirms that any agreement,
covenant, acknowledgment, representation or warranty under the Distribution
Agreement applicable to the Trust is made by the Trust at the date hereof,
unless another time or times are specified in the Distribution Agreement, in
which case such agreement, covenant, acknowledgment, representation or warranty
shall be deemed to be confirmed by the Trust at such specified time or times.

 

All references to Section 9
(Indemnification) of the Distribution Agreement to “solely with respect to the
applicable Agent(s) or Co-Agent(s)” will include all of such Agent’s or
Co-Agent’s directors and officers and each person, if any, who controls such
Agent or Co-Agent within the meaning of Section 15 of the Securities Act
of 1933, as amended or Section 20 of the Securities Exchange Act of 1934,
as amended. All references in the Distribution Agreement to the “Registration
Statement”, the “Institutional Base Prospectus”, the “Retail Base Prospectus”,
any “preliminary prospectus”, the “Time of Sale Prospectus” and the “Prospectus”
shall also be deemed to include all documents incorporated by reference
therein.

 

C-1

 

Section 2.02                                Purchase of Notes as Principal.

 

(a)                                  Subject
in all respects to the terms and conditions of the Distribution Agreement, the
Trust hereby agrees to sell to the Agent and the Agent hereby agrees to
purchase the Notes having the terms specified in the Pricing Supplement
relating to such Notes. The initial principal amount of the Notes is
$11,097,000.00.

 

(b)                                 In
connection with any purchase of Notes from the Trust by the Agent as principal,
the parties agree that the items specified on Schedule I of the Pricing
Instrument will be delivered as of the Settlement Date.

 

Section 2.03                                Termination. Upon the termination of this Terms
Agreement pursuant to Section 13(b) of the Distribution Agreement the
undersigned parties hereby agree to allocate the expenses reasonably incurred
prior to or in connection with such termination as follows:

 

The expenses will be
borne by GLAIC.

 

Section 2.04                                Applicable
Time. For purposes of the Distribution Agreement, the Applicable Time shall
be 11:40 am EST, September 2, 2008.

 

Section 2.05                                Governing Law. This Terms Agreement shall be
governed by and construed in accordance with the laws of the State of New York
without regard to the principles of conflicts of laws thereof.

 

Section 2.06                                Notices. For purposes of Section 14 of the
Distribution Agreement, the Trust’s communications details are as set forth in Section D
of the Pricing Instrument.

 

Section 2.07                                Additional Terms. The Agent represents, warrants
and covenants with or to (as the case may be) the Trust and the Company that it
has not offered, sold or delivered and it will not offer, sell or deliver, any
of the Notes, in or from any jurisdiction except under circumstances that are
reasonably designed to result in compliance with the applicable securities laws
and regulations thereof.

 

Section        2.08                           Pricing
Instrument; Execution and Incorporation of Terms.

 

The parties hereto will
enter into this Terms Agreement by executing the Pricing Instrument.

 

By executing the Pricing
Instrument, each party hereto agrees that this Terms Agreement will constitute
a legal, valid and binding agreement by and among such parties.

 

All terms relating to the
Trust or the Notes not otherwise included in this Terms Agreement will be as
specified in the Pricing Instrument or Pricing Supplement, as indicated herein.

 

Section 2.09                                Counterparts. This Terms Agreement, through the
Pricing Instrument, may be executed in any number of counterparts, each of
which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

C-2

 

SECTION D

 

COORDINATION AGREEMENT

 

This COORDINATION
AGREEMENT (this “Coordination Agreement”), dated as of September 2, 2008,
is entered into by and among Genworth Life and Annuity Insurance Company (“GLAIC”),
the Genworth Global Funding Trust specified in the Pricing Instrument (the “Trust”),
SunTrust Bank, in its capacity as custodian of the Funding Agreement (“Custodian”)
and The Bank of New York Mellon Trust Company, N.A., as the indenture trustee
(the “Indenture Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Trust will
enter into the Funding Agreement with GLAIC, effective as of the Original Issue
Date specified in the Pricing Supplement;

 

WHEREAS, the Agents (as
defined in the Distribution Agreement) will sell the Notes in accordance with
the Registration Statement;

 

WHEREAS, the Trust
intends to issue the Notes in accordance with the Indenture, to collaterally
assign to, and grant a security interest in, the Funding Agreement to and in
favor of the Indenture Trustee in accordance with the Indenture to secure
payment of the Notes; and

 

WHEREAS, the Custodian
will hold the Funding Agreement on behalf of the Indenture Trustee pursuant to
the terms of the Custodial Agreement.

 

NOW, THEREFORE, to give
effect to the agreements and arrangements established under the Terms Agreement
included in the Pricing Instrument, as applicable, the Trust Agreement, the
Indenture and the Notes, and in consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the sufficiency
of which are hereby acknowledged, each party hereby agrees as follows:

 

ARTICLE 1

 

Section 1.01                                Delivery of the Funding Agreement. The Trust
hereby authorizes the Custodian, on behalf of the Indenture Trustee, to receive
the Funding Agreement from GLAIC pursuant to the assignment of the Funding
Agreement (the “Assignment”), to be entered into on the Original Issue Date,
included in the closing instrument dated as of the Original Issue Date (the “Closing
Instrument”).

 

Section 1.02                                Issuance and Purchase of the Notes.

 

(a)                                  Delivery
of the Funding Agreement to the Custodian, on behalf of the Indenture Trustee,
pursuant to the Assignment or execution of the cross-receipt contained in the
Closing Instrument shall be confirmation of payment by the Trust for the
Funding Agreement.

 

(b)                                 The
Trust hereby directs the Indenture Trustee, upon receipt of the Funding
Agreement by the Custodian, on behalf of the Indenture Trustee and pursuant to
the Assignment,

 

D-1

 

(i) to authenticate the certificates representing the Notes (the “Certificates”)
in accordance with the Indenture and (ii) to (A) deliver each
relevant Certificate to the clearing system or systems identified in each such
Certificate, or to the nominee of such clearing system, or the custodian
thereof, for credit to such accounts as the Agent may direct, or (B) deliver
each relevant Certificate to the purchasers thereof as identified by the Agent.

 

ARTICLE 2

 

Section 2.01                                Directions Regarding Periodic Payments. As
registered owner of the Funding Agreement as collateral securing payments on
the Notes, the Indenture Trustee will receive payments on the Funding Agreement
on behalf of the Trust. The Trust hereby directs the Indenture Trustee to use
such funds to make payments on behalf of the Trust pursuant to the Trust
Agreement and the Indenture.

 

Section 2.02                                Maturity of the Funding Agreement. Upon the
maturity of the Funding Agreement and the return of funds thereunder, the Trust
hereby directs the Indenture Trustee to set aside from such funds an amount
sufficient for the repayment of the outstanding principal on the Notes and
Trust Beneficial Interest when due.

 

ARTICLE 3

 

Section 3.01                                Officer’s Certificates. GLAIC hereby agrees to
deliver an Officer’s Certificate, a copy of which is attached hereto as Exhibit D, on a quarterly basis to any
rating agency currently rating the Program. The Trust hereby agrees to deliver
an Officer’s Certificate, a copy of which is attached to the Pricing Instrument
as Exhibit E, on a quarterly basis to
any rating agency currently rating the Program.

 

Section 3.02                                Filings. GLAIC hereby covenants to file, or cause
to be filed, in a timely manner on behalf of the Trust all reports,
certifications or similar filings required under the Securities Exchange Act of
1934, as amended.

 

ARTICLE 4

 

Section 4.01                                No Additional Liability. Nothing in this
Coordination Agreement shall impose any liability or obligation on the part of
any party to this Coordination Agreement to make any payment or disbursement in
addition to any liability or obligation such party has under the Program
Documents, except to the extent that a party has actually received funds which it
is obligated to disburse pursuant to this Coordination Agreement.

 

Section 4.02                                No Conflict. This Coordination Agreement is
intended to be in furtherance of the agreements reflected in the documents
related to the Program Documents, and not in conflict. To the extent that a
provision of this Coordination Agreement conflicts with the provisions of one
or more Program Documents, the provisions of such Program Documents shall
govern.

 

Section 4.03                                Governing Law. This Coordination Agreement shall
be governed by and construed in accordance with the laws of the State of New
York without regard to the principles of conflicts of laws thereof.

 

D-2

 

Section 4.04                                Severability. If any provision in this
Coordination Agreement shall be invalid, illegal or unenforceable, such
provision shall be deemed severable from the remaining provisions of this
Coordination Agreement and shall in no way affect the validity or
enforceability of such other provisions of this Coordination Agreement.

 

Section 4.05                                Notices. All demands, notices and communications
under this Coordination Agreement shall be in writing and shall be deemed to
have been duly given upon receipt at the addresses set forth below:

 

To the Trust:

 

Genworth Global Funding Trust 2008-47 

c/o U.S. Bank National Association

Corporate Trust Services

209 S. LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention:  Patricia Child, VP

Facsimile: (312) 325-8905

 

To the Indenture Trustee:

 

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

Attention: Corporate Finance

Facsimile: (312) 827-8542

 

To GLAIC:

 

Genworth Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Treasurer

Facsimile: (804) 662-7777

 

with a copy to:

 

Genworth Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Heather Harker, Esq.

Facsimile: (804) 281-6005

 

To the Custodian:

 

SunTrust
Bank

919 East Main Street

Richmond,
Virginia 23219

Attention: Retirement Services

Facsimile:
(804) 782-7439

 

D-3

 

or at such other address as shall be designated by any
such party in a written notice to the other parties.

 

ARTICLE 5

 

Section 5.01                                Pricing Instrument; Execution and Incorporation of Terms.

 

The parties to this
Coordination Agreement will enter into this Coordination Agreement by executing
the Pricing Instrument.

 

By executing the Pricing
Instrument, each party hereto agrees that this Coordination Agreement will
constitute a legal, valid and binding agreement by and among the Trust, GLAIC,
the Custodian and the Indenture Trustee.

 

All terms relating to the
Trust or the Notes not otherwise included in this Coordination Agreement will
be as specified in the Pricing Instrument or Pricing Supplement, as indicated
herein.

 

Section 5.02                                Counterparts. This Coordination Agreement,
through the Pricing Instrument, may be executed in any number of counterparts,
each of which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

Section 5.03                                Capitalized Terms. All capitalized terms used
herein and not otherwise defined in this Coordination Agreement will have the
meanings set forth in the Indenture.

 

[Remainder
of Page Left Intentionally Blank]

 

D-4

 

SECTION E

 

MISCELLANEOUS AND
EXECUTION PAGES

 

This Pricing Instrument may be executed by each of the
parties hereto in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

Each signatory, by its execution hereof, does hereby
become a party to each of the agreements or indenture identified for such party
as of the date specified in such agreements or indenture.

 

IN WITNESS WHEREOF, the undersigned have executed this
Pricing Instrument with respect to the Notes as of the date first written
above.

 

 

	
   

  	
   

  	
  GENWORTH LIFE AND ANNUITY INSURANCE COMPANY (in executing below
  agrees and becomes a party to (i) the Terms Agreement set forth in
  Section C herein and (ii) the Coordination Agreement set forth in
  Section D herein)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  Pamela C. Asbury

  
	
   

  	
   

  	
   

  	
  Name: Pamela C. Asbury

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

E-1

 

	
   

  	
   

  	
  THE GENWORTH GLOBAL FUNDING TRUST DESIGNATED IN THIS PRICING
  INSTRUMENT (in executing below agrees and becomes a party to (i) the
  Indenture set forth in Section B herein, (ii) the Terms Agreement
  set forth in Section C herein and (iii) the Coordination Agreement
  set forth in Section D herein)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity
  but solely in its capacity as Trustee of the Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  Patricia M. Child

  
	
   

  	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION (in executing below agrees and becomes
  a party to the Trust Agreement set forth in Section A herein), as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  Patricia M. Child

  
	
   

  	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION (in executing below acknowledges and agrees to Section 5.01
  of the Trust Agreement as set forth in and amended by Section A herein),
  in its individual capacity

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
        /s/
  Patricia M. Child

  
	
   

  	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GSS HOLDINGS II, INC. (in executing below agrees and becomes a party
  to the Trust Agreement set forth in Section A herein), as Trust
  Beneficial Owner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  Bernard J. Angelo

  
	
   

  	
   

  	
   

  	
  Name: Bernard J. Angelo

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

E-2

 

	
   

  	
   

  	
  THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (in executing below
  agrees and becomes a party to (i) the Indenture set forth in
  Section B herein, as Indenture Trustee, Registrar, Transfer Agent,
  Paying Agent and Calculation Agent and (ii) the Coordination Agreement
  set forth in Section D herein), as Indenture Trustee, Registrar,
  Transfer Agent, Paying Agent and Calculation Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  R. Tarnas

  
	
   

  	
   

  	
   

  	
  Name: R. Tarnas

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SUNTRUST BANK (in executing below agrees and becomes a party to the
  Coordination Agreement set forth in Section D herein), as Custodian

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  Richard J. Owens, III

  
	
   

  	
   

  	
   

  	
  Name: Richard J.
  Owens, III

  
	
   

  	
   

  	
   

  	
  Title: VP/Trust Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INCAPITAL,
  LLC (in executing below agrees and becomes a party to the Terms Agreement set
  forth in Section C herein)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/
  Brian Walker

  
	
   

  	
   

  	
   

  	
  Name: Brian Walker

  
	
   

  	
   

  	
   

  	
  Title: Managing
  Director

  

 

E-3

 

EXHIBIT A

Standard Trust Terms

 

As filed as Exhibit 4.5 to the Registration
Statement on Form S-3 (File No. 333-128718), filed by Genworth Life
and Annuity Insurance Company with the Securities and Exchange Commission (the “Commission”)
on September 30, 2005, as amended by Amendment No. 1, filed with the
Commission on December 8, 2005.

 

A-1

 

EXHIBIT B

Standard Indenture Terms

 

As filed as Exhibit 4.1 to the Registration
Statement on Form S-3 (File No. 333-128718), filed by Genworth Life
and Annuity Insurance Company with the Securities and Exchange Commission (the “Commission”)
on September 30, 2005, as amended by Amendment No. 1, filed with the
Commission on December 8, 2005.

 

B-1

 

EXHIBIT C

Pricing Supplement

 

As filed with the Securities and Exchange Commission
pursuant to Rule 424(b) under the Securities Act, dated as of August 25,
2008, with respect to the Notes to be issued by the Trust.

 

C-1

 

EXHIBIT D

Genworth Life and Annuity Insurance Company

 

Officer’s
Certificate

 

The undersigned, an officer of Genworth Life and
Annuity Insurance Company, a stock life insurance company operating under a
charter granted by the Commonwealth of Virginia (“GLAIC”), does hereby certify
to Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., in such capacity and on behalf of GLAIC, to the knowledge
of the undersigned and after reasonable inquiry, that:

 

1.             each of the
representations and warranties of GLAIC contained in each Expense and Indemnity
Agreement entered into in connection with the Registration Statement (defined
below), and each Funding Agreement issued in connection with the Program (the “Specified
Agreements”) (other than any representation or warranty expressly made as of a
date prior to the date hereof) are true and correct on and as of the date
hereof, with the same effect as though such representation or warranty had been
made on and as of the date hereof;

 

2.             no default under any
of the Specified Agreements and no event or any condition which, with notice or
lapse of time or both, would become a default, has occurred and is continuing
as of the date hereof;

 

3.             GLAIC has performed
and complied with, in all material respects, all of the agreements, covenants,
obligations and conditions applicable to GLAIC required by the Specified
Agreements to be performed or complied with by GLAIC on or before the date
hereof;

 

4.             the Registration
Statement filed on Form S-3 (File No. 333-128718) (the “Registration
Statement”) by GLAIC has been declared effective by the Securities and Exchange
Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Act”) and no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been
commenced by or are pending before or contemplated by the Commission;

 

5.             all filings, if any,
required by Rule 424 and Rule 430A under the Act have been made in a
timely manner;

 

6.             since [·](1),
the Trusts organized in connection with the program contemplated by the
Registration Statement have issued the following series of Notes:

 

[List each series of Notes] 
[(collectively, the “Designated Notes”)]; and

 

7.             the Funding
Agreements issued in connection with the Designated Notes have been executed
and delivered by GLAIC in accordance with the terms and conditions of the
Program Documents.

 

(1) This certificate to be signed quarterly.

 

D-1

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings set forth in the Standard Indenture
Terms attached as Exhibit 4.1 to the Registration Statement.

 

IN WITNESS WHEREOF, the undersigned has executed this
Certificate as of the [·] day of [·]
200[·].

 

	
   

  	
  [Name], in [his/her]
  capacity as an authorized officer of

  Genworth Life and Annuity Insurance Company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

EXHIBIT E 

Genworth Global Funding Trusts

 

Trustee
Officer’s Certificate

 

U.S. Bank National Association, not in its individual
capacity but solely in its capacity as trustee acting on behalf of each common
law trust organized under the laws of the State of Illinois (in such capacity,
the “Trustee,” and each such common law trust being referred to herein as a “Trust”)
in connection with the program contemplated by the Registration Statement filed
on Form S-3 (File No. 333-128718) by Genworth Life and Annuity
Insurance Company with the Securities and Exchange Commission (the “Commission”)
on September 30, 2005, as amended by Amendment No. 1, filed with the
Commission on December 8, 2005 (the “Registration Statement”), does hereby
certify to Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., in such capacity and on behalf of each Trust, to
the knowledge of the Trustee without any independent investigation, that; as of
October 1, 2006:

 

1.             each
of the representations and warranties of each Trust contained in the Notes
issued in connection with the Program, each Indenture entered into in
connection with the Registration Statement and the Expense and Indemnity
Agreement concerning the Trusts (the “Specified Agreements”) (other than any
representation or warranty expressly made as of a date prior to the date
hereof) are true and correct on and as of the date hereof, with the same effect
as though such representation or warranty had been made on and as of the date
hereof;

 

2.             no
default under any of the Specified Agreements and no event or any condition
which, with notice or lapse of time or both, would become a default, has occurred
and is continuing as of the date hereof;

 

3.             each
Trust has performed and complied with, in all material respects, all of the
agreements, covenants, obligations and conditions applicable to such Trust
required by the Specified Agreements to be performed or complied with by such
Trust on or before the date hereof;

 

4.             the
Notes issued in connection with the Program have been issued, in all material
respects, in accordance with the terms and conditions of the Program Documents;
and

 

5.             each
Funding Agreement has been executed and delivered by the related Trust in
accordance with the terms and conditions of the Program Documents.

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings set forth in the Standard Indenture
Terms attached as Exhibit 4.1 to the Registration Statement. In no event
shall U.S. Bank National Association in its personal corporate capacity (or any
officer of the Trustee in his or her personal capacity) have any liability for
any of the certifications or statements contained in this Trustee Officer’s
Certificate, such liability being solely that of each Trust.

 

E-1

 

IN WITNESS WHEREOF, the undersigned has executed this
Certificate as of the [·] day of [·],
200[·].

 

	
   

  	
   

  	
  U.S. Bank National
  Association, not in its individual capacity but solely in its capacity as
  Trustee acting on behalf of each Trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-2

 

SCHEDULE
I

 

Terms
Agreement Specifications

 

In
connection with Section 3(a)(iv) of the Distribution Agreement, the
Program under which the Notes are issued is rated Aa3 by Moody’s Investors
Service, Inc. (“Moody’s”) and AA- by Standard & Poor’s Rating
Services, a division of The McGraw-Hill Companies, Inc. (“S&P”).  Genworth Life and Annuity Insurance Company (“GLAIC”)
expects that the Notes will be rated Aa3 by Moody’s and AA- by S&P.  GLAIC’s financial strength rating is Aa3 by
Moody’s and AA- by S&P.

 

In
accordance with Section 2.02(b) of the Terms Agreement and in
connection with the purchase of Notes from the Trust by the Agent, the
following items will be delivered on or prior to the Settlement Date to the
Agent:  None.

 

All capitalized terms used herein and not otherwise
defined herein will have the meanings set forth in the Distribution Agreement.

 

I-1

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