Document:

EX-10.19

 Exhibit 10.19 
 Award Agreement 
 Granted in accordance with the terms of the Avolon
Equity Incentive Plan 2014 
 [Date] 2014 
 Avolon Holdings Limited 
 and 

State Street Trustees (Jersey) Limited 
 and 
 Agraffe Investments [    ], LP 

and 

[                    ]

  
 LTIP
Agreement 

 This Agreement is made the      day of
             2014 
 Between: 

 

	(1)	Avolon Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands (registered number 288612) whose registered office is at PO Box
309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and whose principal place of business is at The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland (the “Company” which expression shall include its
successors); 

  

	(2)	State Street Trustees (Jersey) Limited (formerly known as MIFA Trustees Limited), a company incorporated in Jersey (registered number 105616), whose registered
office is at Lime Grove House, Green Street, St. Helier, Jersey JE1 2ST, acting in its capacity as the trustee of the Avolon Share Trust (the “Trustees” which expression shall include their successors);

  

	(3)	Agraffe Investments [    ], LP, a Delaware Limited Partnership whose principal office is at 1313 N Market Street, Suite 5100, Wilmington,
Delaware 19801, USA (the “LP” which expression shall include its successors); and 

  

	(4)	[—] of [—] (the “Employee”
which expression shall include his or her successors). 

 Whereas 

 

	(A)	AAL and the Trustees established the Avolon Share Trust with the entry by each of them into a trust deed on 19 May 2010, with such trust deed being amended by
instruments of amendment dated on or around 14 December 2012, [—] 2014 and [—] 2014, for the purposes of providing incentives in the form of
interests in Shares in the Company to the employees of the Group. 

  

	(B)	The Trustees hold the legal and beneficial interests in certain Shares on trust for the benefit of the beneficiaries of the Avolon Share Trust.

  

	(C)	The Company established the Avolon Equity Incentive Plan 2014 (the “Plan”) by a resolution of the board of directors of the Company passed on [—] 2014 and a resolution of the members of the Company passed on [—] 2014. The purpose of the Plan is to provide long-term incentive compensation
opportunities tied to the performance of the Company and its Shares to the employees of the Group in accordance with the provisions set out therein.  

 

	(D)	The Employee is an employee of the Group and is a limited partner of the LP. 

 

	(E)	The Trustees have agreed to grant to the LP an option to acquire the legal and beneficial interest in [—] Shares
(the “Option Shares”) on the terms and subject to the conditions contained in this Agreement and the Plan. 

  

	(F)	The Employee’s limited partnership interest will receive any economic benefit of the Option Shares issued upon exercise of the Option. 

 

	(G)	The parties wish to enter into this Agreement to agree to certain provisions relating to the exercise of the Options and certain other obligations in relation to the
Option Shares upon exercise of the Options. 

  
 LTIP
Agreement 

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 For the purposes of
this Agreement, (i) capitalised terms shall, unless otherwise defined herein or unless the context requires otherwise, have the meanings given to such terms in the Plan, and (ii) the following words and expressions shall, save where the
context otherwise requires, have the following meanings: 
  

			
	“2016 Determination Date”	  	means the Determination Date in respect of the 2016 financial year of the Company;
		
	“AAL”	  	means Avolon Aerospace Limited, an exempted company incorporated under the laws of the Cayman Islands (registered number 233212), whose registered office is at PO Box 309, Ugland
House, Grand Cayman, KY1-1104, Cayman Islands and whose principal place of business is at The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland;
		
	“Bad Leaver”	  	means a Participant who ceases to be an Eligible Person and is not a Good Leaver;
		
	“Business Day”	  	means a day (other than a Saturday or Sunday) on which clearing banks are generally open for business in Dublin;
		
	“Cash Earnings”	  	means, for any financial year, reported consolidated net income of the Company having reversed the impact of i) fair value adjustment of unrealised gains or losses on interest rate
caps, ii) IPO related expenses, iii) share based payments, and (iv) taxes, but which, for the avoidance of doubt, has not been adjusted to take account of the amortisation of debt issuance costs;
		
	“CE Performance Option Shares”	  	means [—]1 Option Shares;
		
	“Determination Date”	  	has the meaning given to that term in Clause 3.5;
		
	“Director”	  	means a director of the Company;
		
	“Exercise Date”	  	means the date on which the Option (or any part thereof) is exercised pursuant to Clause 4.4;
		
	“Good Leaver”	  	 means a Participant who ceases to be an Eligible Person by reason of death, agreed retirement, illness or incapacity, or whom the
Committee otherwise designates as a Good Leaver;
  

 

	1 	27.5% of the Option Shares (i.e. 50% of the performance element). 

  
 LTIP Agreement

  
 3 

			
	“Group”	  	means the Company and its Subsidiaries from time to time and “Group Company” will mean any one of them;
		
	“IPO CE Target”	  	means [—]%;
		
	“IPO ROE Target”	  	means [—]%;
		
	“Option”	  	means the LP’s right to acquire the Option Shares for cash at the Option Price and in accordance with the terms and conditions of this Agreement and the Plan;
		
	“Option Period”	  	means the period commencing on the date of this Agreement and ending on [—]2;
		
	“Option Price”	  	means the price of [US$—] per Option Share as adjusted from time to time where appropriate in accordance with this
Agreement;
		
	“Outperformance CE Target”	  	means [—]%;
		
	“Outperformance ROE Target”	  	means [—]%;
		
	“Return on Equity”	  	means, for any financial year, Cash Earnings divided by tangible book equity of the Company as at the year end;
		
	“ROE Performance Option Shares”	  	means [—]3 Option Shares; and
		
	“Targets”	  	means, together, the Threshold CE Target, the IPO CE Target, the Outperformance CE Target, the Threshold ROE Target, the IPO ROE Target and the Outperformance ROE Target (each, a
“Target”);
		
	“Threshold CE Target”	  	means [—]%;
		
	“Threshold ROE Target”	  	means [—]%; and
		
	“Time Vesting Option Shares”	  	means [—]4 Option Shares.

  

	1.2	Interpretation 

 Reference
to any statutory provision shall be deemed to include that provision as the same may from time to time be amended or re-enacted and wherever the context so admits or requires the singular shall include the plural and vice versa and the masculine
shall include the feminine. 
  

	2 	Seven year anniversary to be inserted. 

	3 	27.5% of the Option Shares (i.e. 50% of the performance element). 

	4 	45% of the Option Shares. 

  
 LTIP Agreement

  
 4 

	2	Grant of Option 

 Subject
to the provisions of this Agreement, the Trustees hereby grant to the LP the right to acquire all of the Trustees’ right, title and interest in the Option Shares for cash at the Option Price in accordance with the terms of this Agreement and
the Plan (a copy of which has been made available to the Employee). 
  

	3	Vesting of Options 

  

	3.1	The Option shall not be exercisable in respect of any Option Shares until such Option Shares have become vested. 

 

	3.2	Subject to the terms of the Plan and this Agreement, the Option Shares shall vest, and become exercisable, as follows: 

 

	 	(a)	the Time Vesting Option Shares in three equal instalments on 31 December 2014, 31 December 2015 and 31 December 2016 provided, in respect of such
instalments, that the Employee remains an Eligible Person on those dates; 

  

	 	(b)	the CE Performance Option Shares shall vest on the 2016 Determination Date as follows: 

 

	 	(i)	in the event that the compound annual growth rate in Cash Earnings for the Company for the financial years 2014, 2015 and 2016, calculated by comparing the Cash
Earnings as at the year end of 2016 as against the Cash Earnings as at the year end of 2013 (the “Cash Earnings Growth Rate”), is less than or equal to the Threshold CE Target, no CE Performance Option Shares shall vest;

  

	 	(ii)	in the event that the Cash Earnings Growth Rate is equal to the IPO CE Target, 45.45% of the CE Performance Option Shares shall vest; 

 

	 	(iii)	in the event that the Cash Earnings Growth Rate is equal to or more than the Outperformance CE Target, 100% of the CE Performance Option Shares shall vest;

  

	 	(iv)	vesting shall be linearly interpolated such that in the event that the Cash Earnings Growth Rate is more than the Threshold CE Target but less than the IPO CE Target,
or more than the IPO CE Target but less than the Outperformance CE Target, the number of CE Performance Option Shares to vest shall be calculated on a pro rata basis based on the amount by which the Threshold CE Target or IPO CE Target, as
applicable, has been exceeded; 

  

	 	(c)	the ROE Performance Option Shares shall vest on the 2016 Determination Date as follows: 

 

	 	(i)	in the event that the growth in Return on Equity for the Company averaged annually across financial years 2014, 2015 and 2016 is less than or equal to the Threshold ROE
Target, no ROE Performance Option Shares shall vest; 

  
 LTIP Agreement

  
 5 

	 	(ii)	in the event that the growth in Return on Equity for the Company averaged annually across financial years 2014, 2015 and 2016 is equal to the IPO ROE Target, 45.45% of
the ROE Performance Option Shares shall vest; 

  

	 	(iii)	in the event that the growth in Return on Equity for the Company averaged annually across financial years 2014, 2015 and 2016 is equal to or more than the
Outperformance ROE Target, 100% of the ROE Performance Option Shares shall vest; and 

  

	 	(iv)	vesting shall be linearly interpolated such that in the event that the growth in Return on Equity for the Company averaged annually across financial years 2014, 2015
and 2016 is more than the Threshold ROE Target but less than the IPO ROE Target, or more than the IPO ROE Target but less than the Outperformance ROE Target, the number of ROE Performance Option Shares to vest shall be calculated on a pro rata basis
based on the amount by which the Threshold ROE Target or IPO ROE Target, as applicable, has been exceeded. 

  

	3.3	A worked example of the Targets is provided at Schedule 1 for informational purposes only. The Committee shall have the discretion, acting in good faith, to adjust the
Targets to ensure that they are no more or less challenging than the original Targets were at the time they were set, in the following circumstances: 

  

	 	(a)	where there is a material change in the economic performance of the Company in the relevant period from that originally budgeted; 

 

	 	(b)	where there is a material change in the achievability of the Targets due to variances in dividend policy, share buybacks or the issuance of new equity capital in the
Company; or 

  

	 	(c)	where there is a material change in the achievability of the Targets due to any change in tax law or accounting standards. 

 

	3.4	For the avoidance of doubt the Option shall lapse, and shall not be capable of exercise in respect of any Performance Vesting Option Shares that do not vest on the 2016
Determination Date. 

  

	3.5	In respect of any financial year of the Company, the Committee shall, acting in good faith, determine the Cash Earnings and Return on Equity for that financial year by
no later than one month following the approval of the audited accounts of the Company by the Directors in respect of the relevant financial year (the “Determination Date”). 

 

	3.6	As soon as reasonably practicable after the Determination Date for the financial year 2016 the Company shall notify the LP and the Employee of the number of Performance
Vesting Option Shares which have vested and, if requested by the Employee, shall provide details of the calculation thereof. 

  

	3.7	The number of Option Shares vesting on any particular date shall be rounded to the nearest whole number following determination of the same. 

  
 LTIP Agreement

  
 6 

	4	Exercise of the Option 

  

	4.1	Subject to the provisions of Clause 4.3, and to the rules of the Plan (including, without limitation, the provisions of Rule 19), the Option is exercisable during the
Option Period only. 

  

	4.2	The exercise of the Option is subject to vesting in accordance with Clause 3. 

 

	4.3	The Option may be exercised in one or more portions in accordance with the terms of this Clause 4, provided always that the Option (or such remainder thereof) shall
only be capable of exercise by the LP during the Option Period and in accordance with the terms of this Agreement. 

  

	4.4	The LP may exercise the Option in accordance with this Clause 4 by completing, signing and delivering to the Trustees and the Company a notice of exercise together with
payment in full of the Option Price, in such form as permitted by the Plan, payable in respect of the Option Shares specified in the notice of exercise. The Option shall be deemed to have been exercised on the date of service of the exercise notice
or such other date as the Committee may decide at its discretion (the “Exercise Date”) provided that the Option is exercised within the Option Period. 

 

	4.5	As soon as practicable and, in any event, within 5 Business Days of the relevant Exercise Date the Trustees will, subject to all of the provisions of Clause 4.4 having
been complied with, transfer all of its rights, title and interest in the Option Shares to the LP by the execution and delivery to the Company of a duly executed share transfer instrument in relation to the relevant Option Shares.

  

	4.6	For the avoidance of doubt, in circumstances where the death of the Employee occurs during the Option Period and the Option (or part thereof) has vested but has not
been exercised in full, the Option (or remainder thereof) may continue to be exercised by the LP. 

  

	5	Forfeiture 

  

	5.1	Unless otherwise determined by the Committee, upon the Employee becoming a Bad Leaver, the Option shall lapse and cease to be exercisable in respect of such Option
Shares which have not vested at that date in accordance with the terms of Clause 3. 

  

	5.2	Unless otherwise determined by the Committee in accordance with Clause 5.3, upon the Employee becoming a Good Leaver, the number of CE Performance Option Shares and ROE
Performance Option Shares that vest on the 2016 Determination Date shall be reduced on a pro rata basis in accordance with the length of the Employee’s service with the Group during the financial years 2014 to 2016 (“Time
Pro-Rating”). 

  

	5.3	In respect of a Good Leaver, the Committee may at its discretion determine that such number of CE Performance Option Shares and/or ROE Performance Option Shares as it
may specify vest by: 

  

	 	(a)	disapplying the Time Pro-Rating; and/or 

  

	 	(b)	measuring performance to the date that the Employee ceases to be an Eligible Person in which case the applicable Option Shares shall vest as at the date of such
determination of the Committee. 

  

	5.4	In respect of a Good Leaver, the Option shall lapse and cease to be exercisable in respect of any Option Shares that do not vest as set out in clauses 5.2 or 5.3 or
that have not already otherwise vested in accordance with Clause 3. 

  
 LTIP Agreement

  
 7 

	6	Clawback 

  

	6.1	Any and all rights, payments and benefits of the LP and the Employee under this Agreement or otherwise relating to the Option and the Option Shares shall be subject to
cancellation, forfeiture and/or recoupment as provided in Rule 20 of the Plan with respect to the Employee. 

  

	7	Assignment 

 The rights of
the LP under this Agreement shall be deemed personal and shall not be capable of being assigned, transferred, sold, mortgaged, pledged or encumbered in any way whatsoever by the LP, except with the prior written consent of the Committee (with such
consent being given or withheld at the absolute discretion of the Committee) and provided the assignee enters into an agreement adhering to the terms of this Agreement. 

 

	8	Taxation 

  

	8.1	By entering into this Agreement, the Employee and the LP are deemed to: 

  

	 	(a)	acknowledge that no party hereto has offered, nor do they have any obligation to provide, any form of tax advice to the Employee or the LP; 

 

	 	(b)	acknowledge that the Employee and LP bear sole responsibility for ensuring that the LP’s exercise of the Option is fully in compliance with the Employee’s and
LP’s obligations under applicable taxation laws and statutes; 

  

	 	(c)	acknowledge that where, in relation to (i) the grant of the Option; (ii) the exercise of the Option or (iii) any other taxable event in relation to the
Option, any Group Company is liable, or is in accordance with current practice believed by the Committee to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Employee or the
LP, the Option may not be exercised unless the Employee or the LP has beforehand paid to the relevant Group Company an amount sufficient to discharge the liability; or the Employee and the LP or the Company has entered into some other arrangement
with the relevant Group Company to ensure that such amount is otherwise available to them or the relevant Group Company; 

  

	 	(d)	 acknowledge that where, in relation to (i) the grant of the Option; (ii) the exercise of the Option or (iii) any other taxable event in
relation to the Option, any Group Company is liable, or is in accordance with current practice believed by the Committee to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
(including, for the avoidance of doubt, any employer’s pay related social insurance (“PRSI”) or equivalent liability) of any Group Company, the 

  
 LTIP Agreement

  
 8 

	 	
aggregate Option Price shall be increased by the amount of such employer tax or social security liability (unless the Employer Group elects at its sole discretion for any such liability to be
settled in accordance with Clause 8.1(f)); 

  

	 	(e)	fully indemnify and keep indemnified the Group Companies against any liabilities which may arise in respect of any liability to taxation (including, for the avoidance
of doubt, any employer PAYE or equivalent liability) arising as a result of the Employee’s or the LP’s failure to comply fully with its obligations under relevant taxation laws and statutes or otherwise in respect of (i) the grant of
the Option to or exercise of the Option by the LP; (ii) the sale of the Options Shares acquired on the exercise of the Option by the LP; and (iii) any other taxable event in relation to the Option Shares acquired upon exercise of the
Option by the LP; and 

  

	 	(f)	the Employee agrees that, on the exercise of the Option, the Group or the Trustee may withhold and sell, as agent of the Employee and the LP, such number of Option
Shares as will yield an amount, net of expenses, equal to any amounts which any Group Company becomes liable to pay where the liability results from the charges and taxes outlined at Clauses 8.1(b) to 8.1(e) above. 

 

	8.2	The Employee and/or the LP shall provide to the Company as soon as reasonably practicable such information as any Group Company reasonably requests for the purpose of
complying with its obligations under the Taxes Consolidation Act 1997 of Ireland, social insurance legislation or any other applicable tax legislation. 

  

	9	Confidentiality 

  

	9.1	Subject to Clause 9.2, the Employee undertakes to keep the terms of this Agreement, including without limitation the number of Option Shares, confidential and not to
disclose any such information (the “Confidential Information”) to anyone in any manner whatsoever or by any means whatsoever, including without limitation to any other employee of the Group. 

 

	9.2	The Employee may disclose Confidential Information: 

  

	 	(a)	to the professional advisers of the Employee, but only to the extent that they reasonably need to know the same and only on the basis that they are informed by that
Employee of its confidential nature and agree to keep it confidential; 

  

	 	(b)	to any person to whom such Confidential Information is required to be disclosed pursuant to any applicable law, regulation or legal process, including without
limitation to any relevant tax authority and as may be required in any filing with the U.S Securities and Exchange Commission; and 

  

	 	(c)	to the extent that such Confidential Information has already been publicly disclosed otherwise than in breach of this Clause 9. 

  
 LTIP Agreement

  
 9 

	10	Notice 

 Any notice or
other communication between the parties hereto shall be given in writing by sending the same by prepaid post or by personal delivery or electronically and shall be deemed to have been duly given or made 48 hours after posting if sent by prepaid
post; or when delivered if sent by personal delivery; or when sent if sent electronically; addressed as follows (or to such other address as may be hereinafter notified by a party to the others): 

 

	 	(a)	In the case of the Company: 

  

	 	(i)	If delivery is made by post or by personal delivery it shall be made to Avolon Holdings Limited, The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland
for the attention of the Company Secretary; and 

  

	 	(ii)	If made electronically it shall be made to such electronic address as the Company may notify to the other parties for this purpose. 

 

	 	(b)	In the case of the Employee: 

  

	 	(i)	If delivery is made by post or by personal delivery it shall be made to o the address of the Employee included at the beginning of this Agreement; and

  

	 	(ii)	If made electronically it shall be made to such electronic address as the Employee may notify to the other parties for this purpose. 

 

	 	(c)	In the case of Trustees: 

  

	 	(i)	If delivery is made by post or by personal delivery it shall be made to its registered office address; and 

 

	 	(ii)	If made electronically it shall be made to such electronic address as the Trustees may notify to the other parties for this purpose. 

 

	 	(d)	In the case of the LP; 

  

	 	(i)	If delivery is made by post or by personal delivery it shall be made to its registered office address; and 

 

	 	(ii)	If made electronically it shall be made to such electronic address as the LP may notify to the other parties for this purpose. 

 

	 	(e)	Any notice, document or other communication so sent to the Employee shall be deemed to have been duly given notwithstanding that the Employee is then deceased (and
whether or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction of the Company and supplied to the Company an address to which notices, documents and other communications
are to be sent. 

  

	11	Certain Legal Restrictions 

The Plan, this Agreement, the granting and exercising of the Option, and any obligations of the Company under the Plan and this Agreement,
shall be subject to all applicable federal, state and local laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the Shares are
listed. 

  
 LTIP Agreement

  
 10 

	12	Whole Agreement 

 This
Agreement shall supersede all prior representations, arrangements, understandings and agreements and sets out the entire, complete and exclusive understanding between the parties with respect to the Option. 

 

	13	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which is an original but all of which together constitute one and the same instrument. 

 

	14	Governing Law 

 This
Agreement shall be governed by and construed in accordance with the laws of the Republic of Ireland and the parties hereby agree to submit to the non-exclusive jurisdiction of the Irish Courts. 

  
 LTIP Agreement

  
 11 

 Schedule 1 
 Worked Example of the Targets 
 [Insert Worked Example] 

  
 LTIP Agreement

  
 12 

 In Witness whereof this Agreement has been executed the day and year first before written.

  

					
	Signed and Delivered	 		 	
			
	for and on behalf	 		 	
			
	of Avolon Holdings Limited	 		 	
			
	by	 		 	  

			
	in the presence of:	 		 	
			
	Witness’ Signature	 		 	  

			
	Address:	 		 	
			
	Occupation:	 		 	

  

					
	Signed and Delivered	 		 	
			
	for and on behalf	 		 	
			
	of State Street Trustees (Jersey) Limited	 		 	
			
	by	 		 	  

			
	in the presence of:	 		 	
			
	Witness’ Signature	 		 	  

			
	Address:	 		 	
			
	Occupation:	 		 	

  
 LTIP Agreement

  
 13 

					
	Signed and Delivered	 		 	
			
	for and on behalf	 		 	
			
	of Agraffe Investments [                    ], LP	 		 	  

			
	By Agraffe No. 2 Limited	 		 	
			
	Its general partner	 		 	
			
	By	 		 	  

			
	Name	 		 	
			
	Title	 		 	

  

					
	Signed and Delivered	 		 	
			
	By [                    ]	 		 	  

			
	In the presence of:	 		 	
			
	Witness’ signature	 		 	  

			
	Address:	 		 	
			
	Occupation	 		 	

  
 LTIP
AgreementEX-10.20

 Exhibit 10.20 
 Award Agreement 
 Granted in accordance with the terms of the Avolon
Equity Incentive Plan 2014 
 [Date] 2014 
 Avolon Holdings Limited 
 and 

[                      
              ] 

  

Non-Executive RSU Agreement 

 This Agreement is made the      day of
         2014 
 Between: 

 

	(1)	Avolon Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands (registered number 288612) whose registered office is at PO Box
309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and whose principal place of business is at The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland (the “Company” which expression shall include its
successors); and 

  

	(2)	[—] of [—] (the “Director”
which expression shall include his or her successors). 

 Whereas 

 

	(A)	The Company established the Avolon Equity Incentive Plan 2014 (the “Plan”) by a resolution of the board of directors of the Company passed on
19 September 2014 and a resolution of the members of the Company passed on [—] 2014. The purpose of the Plan is to provide long-term incentive compensation opportunities tied to the
performance of the Company and its Shares to the employees of the Group in accordance with the provisions set out therein. 

  

	(B)	The Director is a non-executive director of the Company. 

  

	(C)	The Company has agreed to grant to the Director an Award of [—] Restricted Share Units (the
“Units”), each such Unit representing a notional unit interest equivalent in value to a Share, on the terms and subject to the conditions contained in this Agreement and the Plan. 

 

	(D)	The parties wish to enter into this Agreement to agree to certain provisions relating to the vesting of the Units and certain other obligations in relation to the Units
upon vesting. 

  

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 For the purposes of
this Agreement, (i) capitalised terms shall, unless otherwise defined herein or unless the context requires otherwise, have the meanings given to such terms in the Plan, and (ii) the following words and expressions shall, save where the
context otherwise requires, have the following meanings: 
  

			
	“Group”	  	means the Company and its Subsidiaries from time to time and “Group Company” will mean any one of them;
		
	“Trustee”	  	means State Street Trustees (Jersey) Limited (formerly known as MIFA Trustees Limited), a company incorporated in Jersey (registered number 105616), whose registered office is at
Lime Grove House, Green Street, St. Helier, Jersey JE1 2ST, acting in its capacity as the trustee of the Avolon Share Trust; and
		
	“Vesting Date”	  	means 31 December 2014 or such earlier date in accordance with Clause 3.1.

  

Non-Executive RSU Agreement 

	1.2	Interpretation 

 Reference to any
statutory provision shall be deemed to include that provision as the same may from time to time be amended or re-enacted and wherever the context so admits or requires the singular shall include the plural and vice versa and the masculine shall
include the feminine. 
  

	2	Grant of Units 

  

	2.1	Subject to the provisions of this Agreement, the Company hereby grants to the Director the Units in accordance with the terms of this Agreement and the Plan (a copy of
which has been made available to the Director), which Units shall vest and be settled in accordance with the terms of Clause 3. 

  

	2.2	The Director shall not have any of the rights of a shareholder (including, without limitation, voting, dividend, dividend equivalents and liquidation rights) with
respect to the Units. 

  

	3	Terms of Grant 

  

	3.1	The Units shall vest in the Director on the Vesting Date. In circumstances where the Units have not already vested and the Director ceases being a director of the
Company by reason of death or disability, the Units shall vest on, and the Vesting Date shall be deemed to be, the date of the occurrence of such event. In circumstances where the Units have not already vested and the Director ceases to be a
director of the Company due to the failure of the Director to be re-elected as a director of the Company at an annual general meeting of the Company, the Units shall vest on, and the Vesting Date shall be deemed to be, the date of the applicable
annual general meeting. 

  

	3.2	The Units shall be settled as soon as practicable following the Vesting Date (but in no event later than one month after the Vesting Date) as either Shares in
accordance with Clause 3.3 or by payment in lieu of Shares in accordance with Clause 3.4 as the Committee shall determine in its sole discretion. 

  

	3.3	Where Units are settled in Shares, the Company, or the Trustee (as directed by the Company in its discretion), shall deliver to the Director (or, if directed by the
Director, to a nominee of the Director) the number of Shares equal to the number of Units on a one-for-one basis, and the Director shall thereafter have all of the rights of a shareholder of the Company with respect to such Shares (including,
without limitation, voting, dividend and liquidation rights). 

  

	3.4	Where Units are settled otherwise than in consideration of Shares, the Company shall pay to the Director (or, if directed by the Director, to a nominee of the Director)
such an amount as is equal to the Fair Market Value of an equivalent number of Shares to the number of Units vested in the Director as at the Vesting Date. 

  

					
		 	3	 	Non-Executive RSU Agreement

	4	Forfeiture 

 Unless the
Committee shall otherwise direct, if the Director ceases being a director of the Company for any reason, other than by reason of death or disability or failure to be re-elected at an annual general meeting of the Company, prior to the Vesting Date,
the Units shall automatically and without notice terminate and be forfeited, and neither the Director nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested
Units. 
  

	5	Clawback 

 Any and all
rights, payments and benefits of the Director under this Agreement or otherwise relating to the Units, or such Shares as may be allotted in settlement of the Units in accordance with Clause 3.3, shall be subject to cancellation, forfeiture and/or
recoupment as provided in Rule 20 of the Plan with respect to the Director. 
  

	6	Assignment 

 The rights of
the Director under this Agreement shall be deemed personal and shall not be capable of being assigned, transferred, sold, mortgaged, pledged or encumbered in any way whatsoever by the Director, except with the prior written consent of the Committee
(with such consent being given or withheld at the absolute discretion of the Committee) and provided the assignee enters into an agreement adhering to the terms of this Agreement. 

 

	7	Taxation 

  

	7.1	By entering into this Agreement, the Director is deemed to: 

  

	 	(a)	acknowledge that no party hereto has offered, nor do they have any obligation to provide, any form of tax advice to the Director; 

 

	 	(b)	acknowledge that the Director bears sole responsibility for ensuring that the vesting of the Units and settlement thereof is fully in compliance with the
Director’s obligations under applicable taxation laws and statutes; 

  

	 	(c)	acknowledge that where, in relation to (i) the grant of the Units; (ii) the vesting of the Units or (iii) any other taxable event in relation to the
Units, any Group Company is liable, or is in accordance with current practice believed by the Committee to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Director, the
Units may not be settled unless the Director has beforehand paid to the relevant Group Company an amount sufficient to discharge the liability; or the Director or the Company has entered into some other arrangement with the relevant Group Company to
ensure that such amount is otherwise available to them or the relevant Group Company; 

  

	 	(d)	 fully indemnify and keep indemnified the Group Companies against any liabilities which may arise in respect of any liability to taxation (including,
for the avoidance of doubt, any employer payroll taxes or equivalent liability) arising as a result of the Director’s failure to comply fully with its obligations under relevant taxation laws and statutes or otherwise in respect of (i) the
grant of the Unit to or vesting of the Units in 

  

					
		 	4	 	Non-Executive RSU Agreement

	 	
the Director; (ii) the sale of any Shares acquired on the settlement of the Units in accordance with Clause 3.3; and (iii) any other taxable event in relation to such Shares as may be
acquired upon vesting of the Units in the Director; and 

  

	 	(e)	the Director agrees that, on the vesting of the Units, the Group may withhold, as agent of the Director, such number of Shares where Clause 3.3 applies, or such amount
in cash where Clause 3.4 applies, as will yield or constitute (as appropriate) an amount, net of expenses, equal to any amounts which any Group Company becomes liable to pay where the liability results from the charges and taxes outlined at Clauses
7.1(b) to 7.1(d) above. 

  

	7.2	The Director shall provide to the Company as soon as reasonably practicable such information as any Group Company reasonably requests for the purpose of complying with
its obligations under the Taxes Consolidation Act 1997 of Ireland, social insurance legislation or any other applicable tax legislation (including any US tax legislation). 

 

	8	Notice 

 Any notice or
other communication between the parties hereto shall be given in writing by sending the same by prepaid post or by personal delivery or electronically and shall be deemed to have been duly given or made 48 hours after posting if sent by prepaid
post; or when delivered if sent by personal delivery; or when sent if sent electronically; addressed as follows (or to such other address as may be hereinafter notified by a party to the others): 

 

	 	(a)	In the case of the Company: 

  

	 	(i)	If delivery is made by post or by personal delivery it shall be made to Avolon Holdings Limited, The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland
for the attention of the Company Secretary; and 

  

	 	(ii)	If made electronically it shall be made to such electronic address as the Company may notify to the other parties for this purpose. 

 

	 	(b)	In the case of the Director: 

  

	 	(i)	If delivery is made by post or by personal delivery it shall be made to o the address of the Director included at the beginning of this Agreement; and

  

	 	(ii)	If made electronically it shall be made to such electronic address as the Director may notify to the other parties for this purpose. 

 

	 	(c)	Any notice, document or other communication so sent to the Director shall be deemed to have been duly given notwithstanding that the Director is then deceased (and
whether or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction of the Company and supplied to the Company an address to which notices, documents and other communications
are to be sent. 

  

					
		 	5	 	Non-Executive RSU Agreement

	9	Unfunded Plan 

 The
Director shall have no right, title or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its
provisions, shall create or be construed to create a trust of any kind, nor a fiduciary relationship between the Company and the Director. To the extent that the Director acquires a right to receive payments from the Company under this Agreement,
such right shall be no greater than the rights of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund is required to be established and
no segregation of assets is required to be made to assure payment of such amounts. 
  

	10	Certain Legal Restrictions 

The Plan, this Agreement, the granting of the Units, and any obligations of the Company under the Plan and this Agreement, shall be
subject to all applicable federal, state and local laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the Shares are listed.

  

	11	Whole Agreement 

 This
Agreement shall supersede all prior representations, arrangements, understandings and agreements and sets out the entire, complete and exclusive understanding between the parties with respect to the Units. 

 

	12	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which is an original but all of which together constitute one and the same instrument. 

 

	13	Governing Law 

 This
Agreement shall be governed by and construed in accordance with the laws of the Republic of Ireland and the parties hereby agree to submit to the non-exclusive jurisdiction of the Irish Courts. 

  

					
		 	6	 	Non-Executive RSU Agreement

 In Witness whereof this Agreement has been executed the day and year first before written.

  

					
	Signed and Delivered	 		 	
			
	for and on behalf	 		 	
			
	of Avolon Holdings Limited	 		 	
			
	by	 		 	  

			
	in the presence of:	 		 	
			
	Witness’ Signature	 		 	  

			
	Address:	 		 	
			
	Occupation:	 		 	

  

					
	Signed and Delivered	 		 	
			
	By [                    ]	 		 	  

			
	In the presence of:	 		 	
			
	Witness’ signature	 		 	  

			
	Address:	 		 	
			
	Occupation	 		 	

  

					
		 	7	 	Non-Executive RSU Agreement

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