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  Exhibit 10.1    
    

 EXECUTION COPY  

 SUBSCRIPTION AGREEMENT  

        THIS SUBSCRIPTION AGREEMENT (this "Agreement") is made and entered into as of
September 17, 2009, by and between AerCap Holdings N.V., a Netherlands public limited liability company ("AerCap") and Citigroup Global
Markets Inc., a New York incorporated company ("Subscriber"). 

RECITALS:  

        WHEREAS, Genesis Lease Limited, a Bermuda exempted company ("Genesis"), AerCap and
AerCap International Bermuda Limited, a Bermuda exempted company and a wholly-owned subsidiary of AerCap ("AerCap International") are parties to an
Agreement and Plan of Amalgamation, dated as of September 17, 2009 (the "Amalgamation Agreement"), pursuant to which
(i) Genesis will be amalgamated with AerCap International and the Amalgamated Company shall continue after the Amalgamation and (ii) each Genesis Common Share (other than Dissenting
Shares) shall be cancelled and converted into the right to receive one (1) AerCap Common Share; 

        WHEREAS,
Genesis and Subscriber are party to that certain letter agreement, dated as of July 3, 2008, as amended on September 7, 2009 (collectively, the
"Engagement Letter"), pursuant to which Subscriber has agreed to act as a financial advisor to Genesis in connection with the Amalgamation, and Genesis
has agreed, among other things, to pay to Subscriber certain fees in connection therewith; and 

        WHEREAS,
AerCap and Subscriber desire to set forth their agreement with respect to certain matters arising in connection with the transactions contemplated by the Amalgamation Agreement,
including the agreement by Subscriber to purchase AerCap Common Shares, as and to the extent described below. 

        NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual covenants and conditions contained herein, the parties agree as follows: 

AGREEMENT:  

        1.    Defined Terms.    All capitalized terms used but not defined herein shall have the meanings ascribed to them in
the Amalgamation Agreement, except that for purposes of this Agreement, (i) "Closing AerCap Share Price" shall mean the closing per share sales
price of AerCap Common Shares on the business day immediately preceding the Closing Date (as reported on the NYSE Transaction Reporting System), and (ii) "Subject
Shares" shall mean the AerCap Common Shares to be purchased by Subscriber pursuant to this Agreement. 

        2.    Subscription for Shares.    (a) Subject to the terms and conditions set forth or referenced below,
Subscriber hereby agrees to purchase, and AerCap hereby agrees to issue and sell to Subscriber, at a price per share equal to the Closing AerCap Share Price, that number of registered, freely tradable
AerCap Common Shares as is equal to the lesser of (i) 50% of the total number of Dissenting Shares and (ii) a number of AerCap Common Shares having an aggregate purchase price equal to
the quotient obtained by dividing (x) the transaction fee payable to Subscriber under clauses (a) and (b) of the section titled "Fees and Expenses" of the Engagement Letter (such fee,
the "Transaction Fee") by (y) the Closing AerCap Share Price. To the extent the formula in this Section 2(a) requires the issuance of a
fraction of an AerCap Common Share, the amount of Subject Shares issued pursuant thereto shall be rounded up to the next whole number. 

        (b)   AerCap
will promptly prepare and file with the SEC a Registration Statement on Form F-3 or Form F-4 (or such other applicable form
as may be necessary to permit the unrestricted sale by 

 

Subscriber
of the Subject Shares, together with all amendments and supplements thereto, the "Share Registration Statement") in order to effect the
registration under the Securities Act of the offer and resale by Subscriber of the Subject Shares. AerCap shall use its reasonable best efforts to cause such Share Registration Statement to become
effective and remain effective until the earlier of (i) such time as Subscriber no longer holds any Subject Shares and (ii) the date that is six months following the Subscription Closing
(as defined in paragraph (a) of Section 3 below). In the event the Subject Shares are included in the Form F-4 to be filed by AerCap in connection with the
Amalgamation, AerCap represents to Subscriber that upon the effectiveness of the Form F-4, the offer and sale to Subscriber of the Subject Shares and the resale thereof by
Subscriber will be duly and properly registered under the Securities Act. In the event that the Subject Shares are included instead in a resale Form F-3 filed by Austin, AerCap
represents to Subscriber that upon effectiveness of such Form F-3, the offer and resale of the Subject Shares by Subscriber will be duly and properly registered under the Securities
Act and that no registration under the Securities Act is necessary in connection with the initial issue and sale by AerCap to Subscriber of the Subject Shares. 

        3.    Subscription Closing.    (a) The issuance and sale by AerCap of the Subject Shares pursuant to this
Agreement (the "Subscription Closing") shall take place on the Closing Date, subject to the prior satisfaction or waiver by Subscriber, and to the other
provisions set forth in this Agreement and to the satisfaction or waiver (as permitted by the Amalgamation Agreement) of the conditions precedent set forth in Article VII (Conditions
Precedent), including, without limitation, Section 7.1(b) (NYSE Listing) and 7.1(d) (Form F-4) of the Amalgamation Agreement, to the same extent as if such conditions
precedent were set forth in this Agreement with respect to the Subject Shares. At the Subscription Closing, AerCap will issue and sell to Subscriber the Subject Shares as agreed hereunder by way of
execution of a private deed of issue and AerCap shall register the Subject Shares in the name of the Subscriber in its shareholders' register and, at the request of the Subscriber, issue share
certificates (aandeelbewijzen) for the Subject Shares, against payment in cash of the purchase price set forth herein in United States dollars. 

        (b)   If
for any reason the Subject Shares to be delivered to Subscriber at the Subscription Closing are not covered by an effective Share Registration Statement in accordance
with the provisions of this Agreement or are not approved for listing and quotation on the NYSE (subject to official notice of issuance), in each case as of the Closing Date, then Subscriber shall
have no right or obligation under this Agreement to purchase the Subject Shares. 

        4.    Engagement Letter.    (a) Austin, on behalf of the Amalgamated Company (as successor in interest
following consummation of the Amalgamation to Genesis's obligations under the Engagement Letter), and Subscriber agree that (i) Genesis (or, if the Closing occurs, the Amalgamated Company)
shall remain obligated to pay the Transaction Fee in accordance with the terms of the Engagement Letter and (ii) nothing in this Agreement shall limit, affect or supersede Genesis's (or, if the
Closing occurs, the Amalgamated Company's) obligations set forth in the Engagement Letter, including, without limitation, those relating to payment of the Transaction Fee, expense reimbursement,
confidentiality, indemnification and contribution. 

        (b)   Subscriber's
obligation to purchase the Subject Shares pursuant to this Agreement shall be subject to, and conditioned upon, Genesis's payment in full of the Transaction
Fee in accordance with the terms of the Engagement Letter. 

        5.    Representations and Warranties.    (a) In order to induce AerCap to accept the subscription made hereby,
Subscriber hereby represents and warrants to AerCap that it has all requisite power and authority to execute and deliver this Agreement and consummate the transactions contemplated hereby, and the
execution, delivery and performance by Subscriber of this Agreement have been duly authorized by all requisite action by Subscriber and, assuming the due authorization execution and delivery of this
Agreement by Austin, this Agreement constitutes a valid and binding obligation of 

2

 

Subscriber
enforceable against Subscriber in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws and
subject to general principles of equity. 

        (b)   In
order to induce Subscriber to acquire the Subject Shares hereunder, AerCap hereby represents and warrants to Subscriber as follows: 

          (i)  AerCap
is a public limited liability company validly existing under the laws of The Netherlands; 

         (ii)  AerCap
has all requisite power and authority to execute and deliver this Agreement and consummate the transactions contemplated hereby, and the execution, delivery and
performance by AerCap of this Agreement, including, but not limited to, the offering and issuance of the Subject Shares pursuant to this Agreement, have been duly authorized by all requisite action of
AerCap and this Agreement constitutes a valid and binding obligation of AerCap enforceable against AerCap in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws and subject to general principles of equity; 

        (iii)  Upon
issuance and delivery of the Subject Shares hereunder, such shares will be duly and validly issued and fully paid. The issuance of the Subject Shares to
Subscriber at the Subscription Closing will transfer good and valid title to the Subject Shares to Subscriber; 

        (iv)  The
information to be supplied by or on behalf of AerCap for inclusion or incorporation by reference in the Share Registration Statement, at the time the Share
Registration Statement is filed with the SEC and at the time it becomes effective under the Securities Act, will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Share Registration Statement shall comply as to
form in all material respects with the requirements of the Exchange Act and the Securities Act, as the case may be, and the rules and regulations of the SEC thereunder; and 

         (v)  Subscriber
shall be entitled to rely on the representations and warranties made by AerCap in Article III of, and any covenants relating to the F-4 set
forth in, the Amalgamation Agreement as if such representations, warranties and covenants were made by AerCap to Subscriber herein. 

        6.    NYSE Listing.    AerCap shall use its reasonable best efforts to cause the Subject Shares to be approved for
listing and quotation on the NYSE, subject to official notice of issuance. 

        7.    Termination.    This Agreement shall automatically terminate, without any required action on the part of either
party hereto, upon the termination of the Amalgamation Agreement prior to the completion of the Amalgamation. Following any such termination, (a) this Agreement shall forthwith become void, and
there shall be no liability or obligation on the part of either party hereto and (b) the Engagement Letter shall continue in full force and effect in accordance with its terms (without taking
into account any of the provisions of this Agreement). 

        8.    Registration Procedures.    In connection with the Share Registration Statement contemplated by Section 2
hereof, the following provisions shall apply: 

        (a)   AerCap
shall furnish to Subscriber, prior to the filing thereof with the SEC, a copy of the Share Registration Statement and each amendment thereof and each supplement,
if any, to the prospectus included therein and shall not make any such filing without providing Subscriber with a reasonable opportunity to review such Share Registration Statement, amendment or
supplement, as the case may be. 

3

 

        (b)   AerCap
shall promptly notify Subscriber in writing: 

          (i)  when
the Share Registration Statement and any amendment thereto has been filed with the SEC and when the Share Registration Statement or any post-effective
amendment thereto has become effective; 

         (ii)  of
any request by the SEC for amendments or supplements to the Share Registration Statement or the prospectus included therein or for additional information; 

        (iii)  of
the issuance by the SEC of any stop order suspending the effectiveness of the Share Registration Statement or the initiation of any proceedings for that purpose;
and 

        (iv)  upon
discovery that, or upon the discovery of the happening of any event as a result of which, the Share Registration Statement or the prospectus contains an untrue
statement of a material fact or omits any material fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made. 

        (c)   AerCap
shall, in the event of the issuance of any stop order suspending the effectiveness of the Share Registration Statement, or of any order suspending or preventing
the use of any related prospectus or ceasing trading of the Subject Shares, use its reasonable best efforts promptly to obtain the withdrawal of such order. 

        (d)   AerCap
shall, as promptly as reasonably practicable, prepare a post-effective amendment to the Share Registration Statement or a supplement to the related
prospectus or file any other required document so that the prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein not misleading in the light of the circumstances under which they were made. 

        (e)   AerCap
shall deliver to Subscriber, without charge, as many copies of the Share Registration Statement, any post-effective amendment thereto, including
financial statements and schedules, and, if requested, all exhibits (including those incorporated by reference), and the prospectus (including each preliminary prospectus) included in the Share
Registration Statement and any amendment or supplement thereto as Subscriber reasonably requests. AerCap consents to the use by Subscriber of the prospectus or any amendment or supplement thereto in
connection with the offering and resale of the Subject Shares covered by the prospectus, or any amendment or supplement thereto, included in such Share Registration Statement. 

        (f)    AerCap
shall use its reasonable best efforts to register or qualify the Subject Shares under such other securities or "blue sky" laws of such jurisdictions as Subscriber
shall reasonably request, except that AerCap shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where, but for the requirements
of this Section 8(f), it would not be obligated to be so qualified, to subject itself to taxation in any such jurisdiction, or to consent to general service of process in any such jurisdiction. 

        (g)   AerCap
shall use its reasonable best efforts to cause all Subject Shares covered by the Share Registration Statement to be registered with or approved by such
governmental agencies, authorities or self-regulatory bodies as may be necessary or appropriate to enable Subscriber to consummate the resale of the Subject Shares. 

        (h)   AerCap
shall enter into such other agreements and take all other actions reasonably necessary or appropriate to expedite or facilitate the resale of the Subject Shares
by Subscriber as Subscriber may reasonably request. 

        (i)    AerCap
shall bear all expenses incurred in connection with this Agreement and the performance of its obligations hereunder and shall reimburse Subscriber for all
expenses, including fees 

4

 

and
expenses of Subscriber's external legal counsel, reasonably incurred by Subscriber in connection with this Agreement. 

        9.    Indemnification; Contribution.    (a) In connection with any registration of the Subject Shares pursuant
to this Agreement, AerCap shall indemnify Subscriber and its affiliates and each of their respective officers, directors, members, partners, stockholders, employees and agents against all expenses
(including legal fees and expenses), claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or
threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document,
or any amendment or supplement thereto, incident to any registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated
therein or
necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation (or alleged violation) by AerCap of the Securities Act, the Exchange
Act or any other United States federal or state securities law or any rule or regulation promulgated thereunder applicable to AerCap in connection with any such registration, qualification or
compliance, and AerCap will reimburse Subscriber and its affiliates and each of their respective officers, directors, members, partners, stockholders, employees and agents for any legal and any other
expenses reasonably incurred in connection with investigating, preparing or defending any claim, loss, damage, liability or action. 

        (b)   If
the indemnification provided for in this Section 9 is unavailable to an indemnified party hereunder in respect of any expenses, claims, losses, damages or
liabilities referred to therein, then AerCap shall contribute to the amount paid or payable by such indemnified party as a result of such expenses, claims, losses, damages or liabilities in such
proportion as is appropriate (i) to reflect the relative benefits received (or anticipated to be received) by Austin, on the one hand, and received by Subscriber, on the other hand, from the
transactions contemplated by the Amalgamation Agreement and this Agreement and (ii), if the allocation provided by clause (i) above is unavailable for any reason, to reflect not only the
relative benefits, but also the relative fault of AerCap and the indemnified party in connection with the actions or omissions which resulted in such expenses, claims, losses, damages or liabilities
as well as any other relevant equitable considerations. Benefits received (or anticipated to be received) by AerCap shall be deemed to be equal to the Transaction Value (as defined in the Engagement
Letter) and the aggregate value of the Subject Shares sold to Subscriber under this Agreement, and benefits received by Subscriber shall be deemed to be equal to the Transaction Fee paid to
Subscriber. The relative fault of AerCap and the indemnified party shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such action or omission. The parties hereto agree that it would not be just and equitable if contribution were determined by pro rata allocation or by any other
method of allocation that does not take account of the equitable considerations referred to above in this Section 9(b). Notwithstanding anything to the contrary, in no event shall any
indemnified party be responsible under this paragraph for any amounts in excess of the Transaction Fee actually received by Subscriber. 

        (c)   The
indemnification provided by this Section 9 shall survive the resale by Subscriber of the Subject Shares. 

        10.    Miscellaneous.    

        (a)    Further Assurances.    Each party hereto agrees to perform any further acts and execute and deliver any
documents which may be reasonably necessary to carry out the intent of this Agreement. 

        (b)    Notices.    All notices, requests, consents and other communications hereunder to any party shall be sufficient
if contained in a written instrument delivered in person or sent by telecopy, nationally-recognized overnight courier or first class registered or certified mail, return receipt 

5

 

requested,
postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by such party to the other parties: 

if
to AerCap, to: 

AerCap
Holdings N.V.

AerCap House

Stationsplein 965

1117 CE Schiphol Airport Amsterdam

The Netherlands

Attention:        Chief Legal Officer

Facsimile:        +31 20 655 9100 

with
a copy to: 

Milbank,
Tweed, Hadley & McCloy LLP

One Chase Manhattan Plaza

New York, NY 10005

Attention:        Robert S. Reder, Esq.

                          Alexander M. Kaye, Esq.

Facsimile:        (212) 530-5219 

if
to Subscriber, to: 

Citigroup
Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attention: General Counsel Office

Facsimile: (212) 816-7912 

with
a copy to: 

Dewey &
LeBoeuf LLP

1301 Avenue of the Americas

New York, NY 10019

Attention:        Denise A. Cerasani, Esq.

                          Donald J. Murray, Esq.

Facsimile:        (212) 259-6333 

        (c)    Amendments.    This Agreement may be amended only by a written agreement executed by the parties hereto. 

        (d)    Governing Law.    This Agreement shall be governed in all respects, including as to validity, interpretation
and effect, by the Laws of the State of New York, without giving effect to its principles or rules of conflict of laws. 

        (e)    Submission to Jurisdiction.    Each party irrevocably and unconditionally consents, agrees and submits to the
exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan, New York, New York, for the purposes of any litigation, action, suit or other proceeding arising out of or
relating to this Agreement or any transaction contemplated hereby. Each party agrees to commence any litigation, action, suit or proceeding relating hereto only in such courts. Each party irrevocably
and unconditionally waives any objection to the laying of venue of any litigation, action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in such courts, and
hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an
inconvenient forum. Each party further irrevocably consents to and grants any such court jurisdiction over the person 

6

 

of
such parties and, to the extent legally effective, over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding in
the manner provided in Section 10(b) or in such other manner as may be permitted by law, shall be valid and sufficient service thereof. The parties agree that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

        (f)    Waiver of Jury Trial.    EACH OF AERCAP AND SUBSCRIBER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED
WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF AERCAP OR SUBSCRIBER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT THEREOF, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR ACTIONS. 

        (g)    Entire Agreement.    This Agreement, together with the Engagement Letter, constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

        (h)    Successors and Assigns.    Except as otherwise provided herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

        (i)    Descriptive Headings.    The descriptive headings herein have been inserted for convenience only and shall not
be deemed to limit or otherwise affect the construction of any provisions hereof. 

        (j)    Counterparts; Facsimile Signatures.    This Agreement may be executed in any number of counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. Facsimile counterpart signatures to this Agreement shall be
acceptable and binding. 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 

 

 

							
	 	 	 AERCAP HOLDINGS N.V.:
	

 	
 	
By:	
 	
/s/ KLAUS HEINEMANN

 
	 	 	 	 	Name:	 	KLAUS HEINEMANN

 
	 	 	 	 	Title:	 	Chief Executive Officer

 
	

 	
 	
 Citigroup Global Markets Inc.:
	

 	
 	
By:	
 	
/s/ JOHN GRIER

 
	 	 	 	 	Name:	 	JOHN GRIER

 
	 	 	 	 	Title:	 	Managing Director

 

 

 7

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  Exhibit 10.2    
    

 September 17, 2009  

 PERSONAL AND CONFIDENTIAL  

Mr. Keith Helming

Chief Financial Officer

AerCap Holdings N.V.

AerCap House; Stationsplein 965

1117 CE Schiphol Airport Amsterdam

The Netherlands  

Dear Keith: 

        Pursuant
to our recent discussions, I am pleased to confirm the arrangements under which Morgan Stanley & Co. Incorporated ("Morgan Stanley") has been engaged since October
2008 by AerCap
Holdings N.V. ("AerCap") as its financial advisor in connection with a possible acquisition (the "Transaction") of some or all of the equity of, or similar transaction with Genesis Lease
Limited ("Genesis" or the "Company"). 

        During
the term of our engagement Morgan Stanley will provide you with financial advice and assistance in connection with this Transaction, including, as appropriate and at your request,
advice and assistance with respect to defining objectives, performing valuation analyses, and structuring, planning and negotiating the Transaction. Please be advised that Morgan Stanley does not
provide accounting, tax or legal advice. 

        As
you know, our fees are designed to reflect our contribution to a major corporate objective. It is our practice to charge an "Advisory Fee," which is intended to reimburse us for our
time and efforts expended in connection with this assignment. The Advisory Fee of $150,000 is payable in cash upon execution of this letter agreement. 

        If
AerCap consummates the Transaction, we will charge a "Transaction Fee" of $7,500,000 against which the paid Advisory Fee will be credited. The parties agree that this Transaction Fee
is to be payable in cash; provided, however, that on the date upon which the Transaction Fee becomes payable, to the extent there are any issued and outstanding Company common shares held by a person
who did not vote in favor of the Transaction and who complies with all the provisions of the Bermuda Companies Act 1981 concerning the right of holders of Company common shares to require appraisal of
their Company common shares pursuant to Bermuda Law (such Company common shares, "Dissenting Shares"), all or a portion of the Transaction Fee may, at AerCap's election, be paid in lieu of cash in
registered, freely tradable Aercap ordinary shares; provided further that in no event shall the number of such shares delivered in lieu of cash exceed the lesser of (i) 50% of the total number
of Dissenting Shares and (ii) a number of Aercap ordinary shares having an aggregate purchase price equal to the quotient obtained by dividing (x) the Transaction Fee by (y) the
Closing Aercap Share Price. To the extent the foregoing would require the issuance of a fraction of an Aercap ordinary share, in lieu thereof Aercap shall pay Morgan Stanley an amount in cash equal to
the product of such fraction multiplied by the Closing Aercap Share Price. For purposes of this letter, "Closing Aercap Share Price" shall mean the closing per share sales price of Aercap ordinary
shares on the business day immediately preceding the closing date of the Transaction. 

        If
an agreed upon Transaction involving the Company is not consummated and AerCap receives compensation pursuant to the termination provisions contained in the definitive agreement
relating to a Transaction (a "Breakup Fee"), Morgan Stanley will charge a "Termination Fee" equal to 15% of the Breakup Fee, which will be payable in cash and will not exceed the Transaction Fee and
against which any Advisory Fee paid will be credited, to the extent not previously credited. For purposes of calculating the Termination Fee, the Breakup Fee shall include the fair value of any
options granted to AerCap pursuant to any cross option agreement or comparable provision. 

        The
full Transaction Fee in connection with a completed Transaction will only become payable and will be paid by AerCap upon closing of a Transaction, when control of 50% or more of the
Company's common stock changes hands or when control of the assets to be transferred by the Company changes hands. AerCap agrees to arrange for the payment of the fees described hereunder by wire
transfer on or before the dates specified in the letter. Furthermore, AerCap agrees to file a Registration Statement on Form F-4 or Form F-3 (or other applicable
form) with the United States Securities and Exchange Commission and take such other actions to the extent necessary to effectuate the provision of registered, freely tradable shares to Morgan Stanley,
and the resale of such shares by Morgan Stanley, in connection with the payment of the Transaction Fee. The number of shares to be registered and delivered in satisfaction of the Transaction Fee shall
be calculated by dividing the amount of the Transaction Fee (minus any previously paid Advisory Fee) by the Closing Aercap Share Price. If AerCap is unable to deliver AerCap ordinary shares in
satisfaction of the Transaction Fee that, in the sole determination of Morgan Stanley, is freely tradable by Morgan Stanley, then AerCap shall pay the Transaction Fee in cash. Nevertheless, our
advisory efforts pursuant to this letter will continue after control is obtained to assist you with a second step merger or similar transaction. 

        It
is possible that this assignment may lead to an outcome not anticipated in this letter. In such event, we would propose appropriate compensation that may be in addition to the fees
already described in this letter for our services in connection with such transaction consistent with our usual practice. 

        Morgan
Stanley will rely on the accuracy and completeness, without verifying it independently, of any information we receive or review in connection with this engagement. We will not
independently evaluate or appraise any assets or liabilities that may be involved in this engagement. We will assume that any forecasted financial information reflects the best available estimates of
future financial performance. Upon your request, we will render a financial opinion letter in accordance with our customary practice with respect to the consideration to be paid in the acquisition.
The terms of our opinion and the nature and scope of any analysis and investigation we undertake in order to render such opinion shall be such as we consider appropriate in the circumstances. Any such
opinion will expressly exclude consideration of any compensation or compensation agreements arising from the transaction which benefit any officer, director or employee of the Company, or any class of
such persons. Any advice or opinions Morgan Stanley provides for this assignment may not be disclosed or referred to publicly or to any third party except in accordance with our prior written consent. 

        Notwithstanding
anything herein to the contrary, Morgan Stanley and AerCap agree that AerCap (and its employees, representatives or other agents) may disclose to any and all persons,
without limitation of any kind from the commencement of discussions, the U.S. federal and state income tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to AerCap relating to such tax treatment and tax structure, except where confidentiality is reasonably necessary to comply with securities laws. For
this purpose, "tax structure"
is limited to facts relevant to the U.S. federal and state income tax treatment of the Transaction and does not include information relating to the identity of the parties, their affiliates, agents or
advisors. 

        In
addition to any of the foregoing fees for professional services, we will separately bill our reasonable expenses from time to time. Generally these expenses include travel costs,
document production and other expenses of this type, and will also include the reasonable fees of outside counsel and other professional advisors should they be required and engaged with your consent. 

        Our
fees and expenses are quoted and are payable in United States dollars net of any withholding, value added or other taxes which may be assessed in jurisdictions outside the United
Sates. In the event you must pay any such tax, please forward to Morgan Stanley for our records an official receipt or other document specifically evidencing such payment by you. 

        Please
note that Morgan Stanley is a global financial services firm engaged in the securities, investment management and individual wealth management businesses. Our securities business
is engaged in securities underwriting, trading and brokerage activities, foreign exchange, commodities and 

derivatives
trading, prime brokerage, as well as providing investment banking, financing and financial advisory services. Morgan Stanley, its affiliates, directors and officers may at any time invest
on a principal basis or manage funds that invest, hold long or short positions, finance positions, and may trade or otherwise structure and effect transactions, for their own account or the accounts
of its customers, in debt or equity securities or loans of the Company, AerCap or any other company, or any currency or commodity, that may be involved in this Transaction, or any related derivative
instrument. In the past, Morgan Stanley and its affiliates have provided financial advisory and financing services for and received compensation from AerCap, may have provided such services to and
received compensation from other parties that may become involved in this Transaction and may seek in the future to provide financial services to and receive compensation from such parties. 

        Morgan
Stanley will act under this letter agreement as an independent contractor with duties and obligations solely to AerCap and only as set forth in this letter agreement. Because we
will be acting on your behalf in this capacity, it is our practice to receive indemnification. A copy of our standard indemnity form is attached to this letter. 

        The
parties agree that any dispute concerning this agreement, the engagement, the confidentiality agreement or the indemnity agreement will be resolved in the courts located in the
Borough of Manhattan, New York, and AerCap submits to the exclusive jurisdiction of that Borough for purposes of any such dispute and waives any objections to personal jurisdiction. Both parties agree
that New York law applies to any dispute concerning this agreement or the engagement, without regard to principles of conflicts of laws. AerCap consents to service of process upon you by mailing or
delivering such service to your agent AerCap, Inc. (the "Agent") and authorize and direct the Agent to accept
such service, and further agree that a final, nonappealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. 

        Morgan
Stanley and AerCap (on its own behalf and, to the extent permitted by law, on behalf of its shareholders) each waives any right to trial by jury in any action, claim, suit or
proceeding with respect to Morgan Stanley's engagement as financial advisor or its role in connection therewith. 

        Our
services hereunder may be terminated by express written notice with or without cause by you or by us at any time and without liability or continuing obligation to you or to us
(except for any compensation earned and expenses incurred by us to the date of termination and except, in the case of termination by you, for our right to fees pursuant to this letter (which, in each
case, shall be payable in cash) for any transactions effected within 18 months of such termination) and provided that the indemnity, non-disclosure and jury trial waiver provisions
will remain operative regardless of any such termination. 

        This
letter agreement and the related indemnity agreement represent the entire agreement between AerCap and Morgan Stanley with respect to this engagement and may only be amended in
writing. 

        If
the terms of our engagement as set forth in this letter are satisfactory, kindly sign the enclosed copy of this letter and indemnification form and return them to us. 

        We
look forward to working with AerCap on this very important assignment. 

 

 

							
	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	

 	
 	
MORGAN STANLEY & CO.

INCORPORATED
	

 	
 	
 	
 	
By:	
 	
/s/ WILEY GRIFFITHS

  Wiley Griffiths
 Executive Director
	

Accepted and agreed to:	
 	

 	
 	

 
	
 AerCap Holdings N.V.	
 	

 	
 	

 
	
 By:	
 	
/s/ KEITH HELMING

 Keith Helming

Chief Financial Officer	
 	

 	
 	

 
	
 Date:	
 	
Sept. 17, 2009

 	
 	

 	
 	

 

 

 Enclosure

QuickLinks

Exhibit 10.2

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