Document:

Dated
		      November 2006
	 

	 
		GENESIS LEASE
		LIMITED
	 

	 
		and
	 

	 
		ALAN
		JENKINS
	 

	 
	 

	 

	 
		EMPLOYMENT
		AGREEMENT
	 

	 
	 

	 

	 
		A&L
		Goodbody
	 

	 
		 
	 

	 

	 
	 

	 
	 
		THIS AGREEMENT
		made on this
		     day of November 2006
	 

	 
		BETWEEN:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  ALAN
				  JENKINS of c/o
				  Seamus Moynihan, Old School House Road, Monaleen, Limerick (the Chief Financial
				  Officer)
				

			 

 

	 
		Pursuant to an
		Agreement dated 22 September, 2006 between the Company and the Chief Financial
		Officer, the parties agreed that the Chief Financial Officer was to be employed
		by the Company subject to the terms and conditions set out in the said
		agreement (the Original Agreement). The parties have agreed to amend the
		Original Agreement by replacing it with this Agreement. The parties agree that
		from the date of this Agreement the Chief Financial Officer will be employed by
		the Company, subject to the following terms and conditions:
	 

	 
			
				
				  1.
				

			 	
				
				  Appointment:
				

			 

 

	 
		The Chief Financial
		Officer’s employment commenced on 6 October, 2006 and this is deemed
		to be the Chief Financial Officer’s commencement date for the purposes of
		any period of continuous employment and for statutory purposes.
	 

	 
			
				
				  2.
				

			 	
				
				  Position &
				  Duties:
				

			 

 

	 
			
				
				  2.1.
				

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

			 

 

	 
			
				
				  2.2.
				

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

			 

 

	 
			
				
				  2.3.
				

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

			 

 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				  3.
				

			 	
				
				  Remuneration
				

			 

 

	 
			
				
				  3.1.
				

			 	
				
				  Base
				  Salary
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.1.1.

				

			 	
				
				  The Chief
				  Financial Officer’s base salary is €150,000 gross per annum, subject
				  to deductions of tax and PRSI and any other deductions required by law or
				  provided for under this Agreement. The Chief Financial Officer’s salary is
				  payable monthly in arrears by way of bank transfer into the Chief Financial
				  Officer’s nominated bank account. The Chief Financial Officer’s
				  salary will be reviewed annually, commencing on a date determined by the
				  Company and any increase will be notified to the Chief Financial Officer. In
				  reviewing the Chief Financial Officer’s salary, there is no obligation on
				  the Company to make any increase and any increase given in any year shall not
				  create an entitlement or an expectation of future increases.
				

			 

 

	 
			
				
				  3.2.
				

			 	
				
				  Bonus
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.1.

				

			 	
				
				  The Chief
				  Financial Officer will be eligible to participate in a Company bonus scheme
				  with the actual amount (higher or lower) and form of the bonus to be determined
				  annually by the Company. The following are guidelines based on the Chief
				  Financial Officer’s position, level and job responsibilities:
				

			 

 

	 
		Annual Bonus
		Target
	 

	 
		US$150,000 in cash,
		stock, restricted stock units and/or stock options where no more than 20% of
		the annual bonus target will be in stock options.
	 

	 
		Full details of the
		Company bonus scheme will be furnished to the Chief Financial Officer in due
		course.
	 

	 
			
				
				   
				

			 	
				
				  3.2.2.

				

			 	
				
				  The continued
				  operation of the Company bonus scheme and the bonus payments described above
				  are entirely at the discretion of the Company, are linked to the performance of
				  the employee and are not guaranteed payments. Bonus guidelines are subject to
				  review annually and may therefore change from time to time. Bonus payments, if
				  any, are made in the year following the performance year on a date determined
				  by the Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.3.

				

			 	
				
				  Bonus Target
				  for the financial year ending 31 December, 2006 will be on a pro-rated basis
				  based on an assumed starting date of 1 July 2006 to reflect the contribution of
				  the Chief Financial Officer in the formation and launch of the Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.2.4.

				

			 	
				
				  The Chief
				  Financial Officer shall receive a once-off bonus of €100,000 upon the
				  completion of the Initial Public Offering of the common stock of the
				  Company.
				

			 

 

	 
			
				
				  3.3.
				

			 	
				
				  Other
				  benefits
				

			 

 

	 
			
				
				   
				

			 	
				
				  3.3.1.

				

			 	
				
				  The Company
				  shall provide the Chief Financial Officer with a motor car (together with the
				  right to use the car for business or private purposes on such terms as to
				  private use as the Company may from time to time direct) and shall discharge
				  the road tax and insurance premiums thereon together with running expenses to
				  the extent incurred in connection with the Companies’ business. Although
				  the car will remain the property of the Company, the Chief 
				

			 

 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 

	 
	 

	 
	 
		Financial Officer
		shall ensure that at all times when it is driven it is in the state and
		condition required by law. The Chief Financial Officer shall ensure that the
		car is properly maintained and shall on the termination of his employment
		hereunder return the car in a roadworthy condition to the Company without
		delay.
	 

	 
			
				
				   
				

			 	
				
				  3.3.2.

				

			 	
				
				  The Company
				  shall discharge health insurance premiums for the Chief Financial Officer and
				  his immediate family in accordance with Plan C of the Voluntary Health
				  Insurance Board or BUPA Ireland equivalent.
				

			 

 

	 
			
				
				  4.
				

			 	
				
				  Restricted Shares and Share
				  Options
				

			 

 

	 
			
				
				   
				

			 	
				
				  4.1.
				

			 	
				
				  The Company
				  shall grant to the Chief Financial Officer restricted shares with a fair market
				  value of US$175,000 upon the pricing of the initial public offering of the
				  common stock of the Company. Such grant shall be made under and
				  in
				  accordance with
				  the rules of the Genesis Lease Limited Share Incentive Plan (the
				  Plan) which will be established by
				  the Board of Directors and communicated thereafter to the Chief Financial
				  Officer. These shares may not be sold by the Chief Financial Officer while the
				  restrictions are in place. The restrictions on the shares shall lapse in equal
				  annual instalments over a period of three years following the date of the
				  pricing of the initial public offering. The dividends payable on the shares
				  will be paid on a current basis as and when declared by the Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  4.2.
				

			 	
				
				  The Company
				  shall grant to the Chief Financial Officer upon the pricing of the initial
				  public offering stock options to enable him to purchase common stock of the
				  Company with a fair market value of US$100,000 upon the pricing of the initial
				  public offering of the common stock of the Company with an exercise price per
				  share equal to the initial public offering price in the initial public offering
				  of the common stock of the Company and with vesting of such options in equal
				  annual instalments over a period of three years from the date of the closing of
				  the initial public offering.
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  Expenses
				

			 

 

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

	 
			
				
				  6.
				

			 	
				
				  Pension
				

			 

 

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

	 
			
				
				  7.
				

			 	
				
				  Life
				  Assurance/Permanent Disability Cover
				

			 

 

	 
		The Company shall
		provide life assurance / permanent disability insurance cover to a value of
		four times the Chief Financial Officer’s annual base salary payable to his
		specified beneficiaries upon his death.
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				  8.
				

			 	
				
				  Hours
				  of Work:
				

			 

 

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

	 
			
				
				  9.
				

			 	
				
				  Place
				  of Work & Relocation:
				

			 

 

	 
			
				
				  9.1.
				

			 	
				
				  The Chief
				  Financial Officer’s normal place of work is Limerick (or at a location
				  within a reasonable commuting distance of Limerick) but the Chief Financial
				  Officer’s duties may require travel to and work at other locations
				  locally, countrywide or internationally. The Company reserves the right to
				  change the place of the Chief Financial Officer’s employment, in which
				  event, the Chief Financial Officer will be given reasonable notice. Any such
				  change to place of work will not constitute a breach of this Agreement or give
				  rise to any entitlement to payment to the Chief Financial Officer for
				  disturbance or otherwise.
				

			 

 

	 
			
				
				  9.2.
				

			 	
				
				  The Chief
				  Financial Officer will be entitled to a maximum allowance of €30,000 in
				  respect of the Chief Financial Officer’s properly vouched relocation
				  expenses on his move from Australia to Ireland to include the properly vouched
				  travel expenses of the Chief Financial Officer’s wife and a second family
				  member who will travel with the Chief Financial Officer’s wife to Ireland
				  in the event that he is unable to do so.
				

			 

 

	 
			
				
				  9.3.
				

			 	
				
				  The Chief
				  Financial Officer’s relocation expenses shall be in accordance with
				  GECAS’ relocation expense policy.
				

			 

 

	 
			
				
				  10.
				

			 	
				
				  Annual
				  Leave & Public Holidays:
				

			 

 

	 
		The Chief Financial
		Officer is entitled to 25 working days annual leave per annum (exclusive of
		public holidays). Annual leave must be agreed in advance with the
		Company
		and must be
		taken at times convenient to it. The Company’s leave year runs from 1
		January to 31 December and annual leave should normally be taken within the
		year. Unused annual leave may only be carried over from year to year in
		exceptional circumstances and at the discretion of the Company and in such
		cases, must, in any event, be taken within six months of the end of leave
		year.
	 

	 
			
				
				  11.
				

			 	
				
				  Termination &
				  Notice
				

			 

 

	 
			
				
				  11.1.
				

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

			 

 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 

	 
	 

	 
	 
		the Chief Financial
		Officer will continue to receive his contractual benefits under clauses 3.3.2,
		6 and 7 save in the event that the Company terminates the Chief Financial
		Officer’s employment on the grounds specified in clause 11.3.
	 

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

	 
			
				
				   
				

			 	
				
				  (a)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

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

			 

 

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

	 
			
				
				  11.2.
				

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

			 

 

	 
			
				
				  11.3.
				

			 	
				
				  If the Chief
				  Financial Officer:
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.1.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.2.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.3.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.4.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.5.
				

			 	
				
				  ceases to be
				  a director of any company by virtue of any provision of the Companies Acts,
				  1963 to 2005 (as the same may be amended from time to time) or he becomes
				  subject to any 
				

			 

 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 

	 
	 

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

	 
			
				
				   
				

			 	
				
				  11.3.6.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.7.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.8.
				

			 	
				
				  engages in
				  any conduct which brings or is likely to bring serious discredit upon the
				  Company; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  11.3.9.
				

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

			 

 

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

	 
			
				
				  11.4.
				

			 	
				
				  Notwithstanding anything to the
				  contrary in this Agreement, in the event that the currently proposed launch of
				  the Company and the Initial Public Offering of its common stock do not proceed
				  within six months of the date of this agreement the Company shall be entitled
				  to terminate this Agreement in which case the Company shall pay the Chief
				  Financial Officer the sum of US$350,000 subject to deductions of tax and PRSI
				  and any other deductions required by law or provided for under this Agreement.
				  This payment shall be conditional on the Chief Financial Officer accepting the
				  payment in full and final settlement of all entitlements including notice and
				  any claim he may have against the Company and executing all necessary
				  documentation to this effect.
				

			 

 

	 
			
				
				  11.5.
				

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

			 

 

	 
			
				
				  12.
				

			 	
				
				  Consequences of
				  Termination
				

			 

 

	 
			
				
				  12.1.
				

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

			 

 

	 
			
				
				  12.2.
				

			 	
				
				  Subject to
				  clause 12.3 below, in the event that the Company terminates the employment of
				  the Chief Financial Officer herein on notice pursuant to clause 11 and without
				  cause (i.e.: in the absence of a breach of contract or other substantial ground
				  for termination or dismissal) or if the Chief Financial Officer tenders his
				  resignation within six months of a change in the control (i.e.: any group or
				  any person acquires beneficial ownership of more than 50% of the Company’s
				  common stock or American Depository Receipts) of the Company:
				

			 

 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  the Chief
				  Financial Officer shall be entitled to receive a gross payment (i.e.: subject
				  to tax and PRSI) equal to twice the amount of the Chief Financial
				  Officer’s annual base salary hereunder plus any pro-rated discretionary
				  bonus payment to which the Chief Financial Officer may be entitled. Where the
				  Company terminates the employment of the Chief Financial Officer in the manner
				  described in this clause then this payment shall include any payments to which
				  the Chief Financial Officer is entitled during the notice period but excluding
				  the Chief Financial Officer’s contractual benefits under clauses 3.3.2, 6
				  and 7. This payment shall be conditional on the Chief Financial Officer
				  accepting the payment in full and final settlement of any claim he may have
				  against the Company and executing all necessary documentation to this effect;
				  and< /font>
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  the
				  restrictions on any restricted shares held by the Chief Financial Officer shall
				  lapse immediately and any share options held by the Chief Financial Officer
				  shall vest immediately.
				

			 

 

	 
			
				
				  12.3.
				

			 	
				
				  In the event
				  that the Chief Financial Officer’s employment is terminated under clause
				  11.4 above then clause 12.2 shall not apply.
				

			 

 

	 
			
				
				  12.4.
				

			 	
				
				  Upon the
				  termination of this Agreement howsoever:
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.4.1.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  12.4.2.
				

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

			 

 

	 
			
				
				  12.5.
				

			 	
				
				  The
				  termination of this Agreement shall not affect such of the provisions hereof as
				  are expressed to operate or have effect or as are capable of having effect
				  thereafter and shall be without prejudice to any right of action already
				  accrued to either party in respect of any breach of this Agreement by the other
				  party, except as to any claim which may be released pursuant to clause 12.2 (i)
				  above.
				

			 

 

	 
			
				
				  12.6.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  12.6.1.
				

			 	
				
				  the
				  termination of the employment of the Chief Financial Officer; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  12.6.2.
				

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

			 

 

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

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 

	 
	 

	 
	 
		of giving to the
		Company the full benefit of the provisions of this clause.
	 

	 
			
				
				  13.
				

			 	
				
				  Illness
				  & Absence Procedure
				

			 

 

	 
			
				
				  13.1.
				

			 	
				
				  The Company
				  has illness and absence notification requirements. Where there is continuing
				  absence, the Chief Financial Officer shall keep the Company fully informed of
				  his condition and his expected return to work. A medical certificate must be
				  produced in respect of absence of three days or more and afterwards, at such
				  intervals as are required by the Company. The Company reserves the right to
				  have the Chief Financial Officer medically examined at any time during
				  employment for the purposes of establishing the Chief Financial Officer’s
				  fitness to work.
				

			 

 

	 
			
				
				  13.2.
				

			 	
				
				  The company
				  operates a sick pay scheme whereby the Chief Financial Officer shall be paid
				  full salary for up to 26 weeks absence in any 12 month period. The Company may
				  in its absolute discretion cease payments under the scheme where the Chief
				  Financial Officer fails to follow the absence notification procedures or to
				  provide the required medical certification as outlined above or in
				  circumstances where it reasonably believes the Chief Financial Officer’s
				  absence is not legitimate.
				

			 

 

	 
			
				
				  13.3.
				

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

			 

 

	 
			
				
				  14.
				

			 	
				
				  Medical
				  Examination
				

			 

 

	 
		The appointment of
		the Chief Financial Officer hereunder is subject to a satisfactory medical
		clearance from a medical officer appointed by the Company, although the Company
		reserves the right to waive this condition precedent. The Company has the right
		to require at any given time that the Chief Financial Officer submits to a
		medical examination or test by a doctor nominated by the Company and the Chief
		Financial Officer hereby authorises such doctor to disclose to and discuss with
		the Company and the Company’s medical advisers the results of any such
		examinations or tests.
	 

	 
			
				
				  15.
				

			 	
				
				  Disciplinary
				  Procedure
				

			 

 

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

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 

	 
	 

	 
	 
			
				
				  16.
				

			 	
				
				  Grievance
				  Procedure
				

			 

 

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

	 
			
				
				  17.
				

			 	
				
				  Integrity Compliance
				  Policy
				

			 

 

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

	 
			
				
				  18.
				

			 	
				
				  Health
				  & Safety:
				

			 

 

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

	 
			
				
				  19.
				

			 	
				
				  Confidentiality
				

			 

 

	 
			
				
				  19.1.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  19.1.1.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  19.1.2.
				

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

			 

 

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

	 
			
				
				  19.2.
				

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

			 

 

	 
			
				
				  19.3.
				

			 	
				
				  The
				  obligations contained in Clause 19.1 shall not apply to any disclosures
				  required by law, and shall cease to apply to any information or knowledge which
				  may subsequently come into the public domain 
				

			 

 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 

	 
	 

	 
	 
		after the termination
		of employment other than by way of unauthorised disclosure.
	 

	 
			
				
				  19.4.
				

			 	
				
				  The Chief
				  Financial Officer shall not make or communicate any statement (whether written
				  or oral) to any representative of the press, television, radio, or other media
				  and shall not write any article for the press or otherwise for publication on
				  any matter connected with or relating to the business of the Company or any
				  associated company without obtaining the prior written approval of his
				  immediate superior.
				

			 

 

	 
			
				
				  19.5.
				

			 	
				
				  Any
				  discovery, invention, process concept, idea, improvement, patentable material,
				  design, service mark, trade mark, trade name and other form of industrial or
				  intellectual property (“Intellectual Property”) made, originated,
				  developed, acquired or discovered by the Chief Financial Officer (whether alone
				  or jointly with others) while in the service of the Company or any subsidiary
				  or associated companies of the Company shall forthwith be disclosed to the
				  Company and shall, to the fullest extent permissible by law, vest in, belong to
				  and be the absolute property of the Company or such other subsidiary or
				  associated companies of the Company as the Company may nominate for the
				  purpose. To the extent that such Intellectual Property does not vest in the
				  Company (or its nominee), the Chief Financial Officer holds it on trust for the
				  Compan y (or its nominee) and agrees to assign (and to the fullest extent
				  permitted by law, hereby assigns) all future right, title and interest in such
				  Intellectual Property to the Company. The Chief Financial Officer, if and
				  whenever required so to do (whether during or after the termination of his
				  employment hereunder), shall at the expense of the Company (or its nominee)
				  execute all such documents, make such applications, give such assistance and do
				  all such things as may in the opinion of the Company be necessary or desirable
				  to vest in or confirm the title of the Company to the Intellectual Property.
				  The Chief Financial Officer irrevocably appoints the Company or its nominee as
				  the Chief Financial Officer’s attorney to execute and sign in the Chief
				  Financial Officer’s name and on the Chief Financial Officer’s behalf
				  all documents and instruments as the Company may consider requisite or
				  desirable to give full effect to the terms and conditions of this Agreement. To
				  the maximum extent permitted by law, the Chief Financial Officer waives all
				  moral rights (arising under the Copyright and Related Rights Act 2000 (as
				  amended) or otherwise) and similar rights in relation to such Intellectual
				  Property.
				

			 

 

	 
			
				
				  20.
				

			 	
				
				  Restrictive
				  Covenants
				

			 

 

	 
			
				
				  20.1.
				

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

			 

 

	 
			
				
				  20.2.
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  20.2.1.
				

			 	
				
				  knowingly
				  approach, solicit for or accept custom (in relation to any products or services
				  similar to those of the Company) from any person that was during the 6 month
				  period prior to the date 
				

			 

 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 

	 
	 

	 
	 
		of termination of the
		Chief Financial Officer’s employment hereunder a customer of any the
		Company;
	 

	 	
			 
				 
			 

		  	
			 
				20.2.2.
			 

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

		  
	 	
			 
				20.2.3.
			 

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

		  
	 	
			 
				20.2.4.
			 

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

		  

	  

	  

	  

	 
			
				
				  20.3.
				

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

			 

 

	 
			
				
				  21.
				

			 	
				
				  Data
				  Protection & Personal Information
				

			 

 

	 
			
				
				  21.1.
				

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

			 

 

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

	 
			
				
				  21.2.
				

			 	
				
				  This
				  information is required for the management and administration of the Chief
				  Financial Officer’s employment and to protect the Chief Financial
				  Officer’s rights under various employment laws. For these purposes it may
				  from time to time be necessary to disclose the Chief Financial Officer’s
				  personal information to third parties, including payroll processors, pension
				  brokers/trustees, or insurers. It may also be necessary to disclose information
				  in order to comply with any legal obligations. The Company 
				

			 

 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 

	 
	 

	 
	 
		takes all reasonable
		steps as required by law to ensure the safety, privacy and integrity of the
		personal information. The Company may need to share personal data including
		sensitive personal data with other related entities which are based abroad.
		This may involve a transfer of data, including the Chief Financial
		Officer’s personal sensitive data to a country which may not have the same
		data protection laws as Ireland. By signing this Agreement, the Chief Financial
		Officer consents to the Company holding, processing, transferring or disclosing
		such personal data.
	 

	 
			
				
				  21.3.
				

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

			 

 

	 
			
				
				  22.
				

			 	
				
				  Liquidation for Reconstruction or
				  Amalgamation
				

			 

 

	 
		The Chief Financial
		Officer shall have no claim against the Company if the Employment is terminated
		by reason of the liquidation of the Company for the purposes of amalgamation or
		reconstruction provided that he is offered employment with any concern or
		undertaking resulting from such amalgamation or reconstruction on terms and
		conditions which, taken as a whole, are not substantially less favourable than
		the terms of this Agreement as are in force between the parties at the time of
		such amalgamation or reconstruction.
	 

	 
			
				
				  23.
				

			 	
				
				  Variation
				

			 

 

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

	 
			
				
				  24.
				

			 	
				
				  Miscellaneous
				

			 

 

	 
			
				
				  24.1.
				

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

			 

 

	 
			
				
				  24.2.
				

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

			 

 

	 
			
				
				  24.3.
				

			 	
				
				  This
				  Agreement contains the entire agreement between the parties relating to the
				  subject matter contained in this Agreement. All prior and contemporaneous
				  agreements written or oral, between the parties regarding the subject matter
				  hereof are superseded by this Agreement. Neither party has relied 
				

			 

 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 

	 
	 

	 
	 
		upon any
		representations or statements made by the other party hereto which are not
		specifically set forth in this Agreement.
	 

	 
			
				
				  24.4.
				

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

			 

 

	 
			
				
				  24.5.
				

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

				

			 

 

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

	 
		 
	 

	 
			
				
				  SIGNED on behalf of
				

				
				  the
				  Company in the
				  presence
				

				
				  of:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   

				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title
				

			 
	
				
				  SIGNED by the Chief Financial
				  Officer
				

				
				  in the
				  presence of:
				

			 	 	 	 

 

	 
		 
	 

	 
		14___________________
	 

	 
		NONQUALIFIED STOCK
		OPTION AWARD AGREEMENT
	 

	 
		THIS AGREEMENT (the
		“Award Agreement”), is made effective as of the _____ day of
		________, 2006, (hereinafter called the “Date of Grant”), between
		Genesis Lease Limited, a Bermuda company (hereinafter called the
		“Company”), and _______ (hereinafter called the
		“Participant”):
	 

	 
		R E
		C I T A L S:
	 

	 
		WHEREAS, the Company
		has adopted the 2006 Genesis Lease Limited Share Incentive Plan (the
		“Plan”), which Plan is incorporated herein by reference and made a
		part of this Award Agreement. Capitalized terms not otherwise defined herein
		shall have the same meanings as in the Plan; and
	 

	 
		WHEREAS, the
		Committee has determined that it would be in the best interests of the Company
		and its shareholders to grant the option provided for herein (the
		“Option”) to the Participant pursuant to the Plan and the terms set
		forth herein.
	 

	 
		NOW THEREFORE, in
		consideration of the mutual covenants hereinafter set forth, the parties agree
		as follows:
	 

	 
		1. Grant of the
		Option. The
		Company hereby grants to the Participant the right and option (the
		“Option”) to purchase, on the terms and conditions hereinafter set
		forth, all or any part of an aggregate of _____ Shares, subject to adjustment
		as set forth in the Plan. The purchase price of the Shares subject to the
		Option shall be $ _____ per Share (the “Option Price”). The Option is
		intended to be a non-qualified stock option, and is not intended to be treated
		as an option that complies with Section 422 of the Internal Revenue Code of
		1986, as amended.
	 

	 
		2. Vesting.
	 

	 
		(a) General. Subject to the
		Participant’s continued Employment, the Option shall vest and become
		exercisable with respect to one-third of the Shares initially covered by the
		Option on each of the first, second and third anniversaries of the Date of
		Grant.
	 

	 
		At any time, the
		portion of the Option which has become vested and exercisable as described in
		this Section 2 is hereinafter referred to as the “Vested
		Portion”.
	 

	 
		(b) Accelerated Vesting Upon
		Termination of Employment. The Option shall, to the extent
		not then vested, become immediately fully vested and exercisable upon:
	 

	 
		(i) termination of
		the Participant’s Employment by the Company [CEO: on any grounds other
		than the grounds specified in clause 11.3 of Participant’s Employment
		Agreement with the Company, dated ______________, 2006] [CFO: without cause
		(i.e., in the absence of a breach of contract or other substantial ground for
		termination or dismissal), as set forth in the Participant’s Employment
		Agreement with the Company dated ___________, 2006], (hereinafter,
		“Cause”), 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(ii) notwithstanding
		anything to the contrary in the Plan, [CFO: termination by the Participant of
		his Employment within six months following a Change in Control] [CEO: a Change
		in Control, provided that the provisions of Section 11(b) of the Plan shall not
		in any way operate to remove the Participant’s rights to accelerated
		vesting on a Change in Control], or 
	 

	 
		(iii) the
		Participant’s death or “Disability”. 
	 

	 
		The Vested Portion of
		the Option shall remain exercisable for the period set forth in Section 3(a).
		
	 

	 
		3. Exercise of
		Option.
	 

	 
		(a) Period of
		Exercise.
		Subject to the provisions of the Plan and this Award Agreement, the Participant
		may exercise all or any part of the Vested Portion of the Option at any time
		prior to the earliest to occur of:
	 

	 
		(i) the tenth
		anniversary of the Date of Grant;
	 

	 
		(ii) the date that is
		twelve (12) months following the date of termination of the Participant’s
		Employment due to death or “Disability”;
	 

	 
		(iii) the date that
		is ninety (90) days following the date of termination of the Participant’s
		Employment for any reason [CFO Only: other than for “Cause”;]
		and
	 

	 
		(iv) [CFO Only: the
		date of termination of the Participant’s Employment by the Company for
		“Cause”.]
	 

	 
		For purposes of this
		Award Agreement:
	 

	 
		“Disability” shall mean
		“disability” as defined in any employment agreement then in effect
		between the Participant and the Company or if not defined therein or if there
		shall be no such agreement, the inability of the Participant to perform in all
		material respects his duties and responsibilities to the Company, or any
		Subsidiary of the Company, by reason of a physical or mental disability or
		infirmity which inability is reasonably expected to be permanent and has
		continued (i) for a period of six consecutive months or (ii) such shorter
		period as the Committee may reasonably determine in good faith. The Disability
		determination shall be in the sole discretion of the Committee and a
		Participant (or his representative) shall furnish the Committee with medical
		evidence documenting the Participant’s disability or infirmity which is
		satisfactory to the Committee.
	 

	 
		(b) Method of
		Exercise.
	 

	 
		(i) Subject to
		Section 3(a), the Vested Portion of the Option may be exercised by delivering
		to the Company at its principal office written notice of intent to so exercise;
		provided that, the Option may be
		exercised with respect to whole Shares only. Such notice shall specify the
		number of Shares for which the Option is being exercised and shall be
		accompanied by payment in full of the Option Price. In the event the Option is
		being exercised by the Participant’s representative, the notice shall be
		
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		accompanied by proof
		(satisfactory to the Committee) of the representative’s right to exercise
		the Option. The payment of the Option Price may be made at the election of the
		Participant (i) in cash or its equivalent (e.g., by check), (ii) to the extent
		permitted by the Committee, in Shares having a Fair Market Value equal to the
		aggregate Option Price for the Shares being purchased and satisfying such other
		requirements as may be imposed by the Committee, (iii) partly in cash and, to
		the extent permitted by the Committee, partly in such Shares or (iv) if there
		is a public market for the Shares at such time, through the delivery of
		irrevocable instructions to a broker to sell Shares obtained upon the exercise
		of the Option and to deliver promptly to the Company an amount out of the
		proceeds of such sale equal to the aggregate Option Price for the Shares being
		purchased; provided, in each case, that such method results in the Shares being
		issued as fully paid under Bermuda law. Neither the Participant nor the
		Participant’s representative shall have any rights to dividends or other
		rights of a shareholder with respect to Shares subject to an Option until the
		Participant has given written notice of exercise of the Option, paid in full
		for such Shares and, if applicable, has satisfied any other conditions imposed
		by the Committee pursuant to the Plan.
	 

	 
		(ii) Notwithstanding
		any other provision of the Plan or this Award Agreement to the contrary, the
		Option may not be exercised prior to (i) the Participant making or entering
		into any such written representations, warranties and agreements as the
		Committee may request in order to comply with applicable securities laws, with
		this Award Agreement or otherwise and (ii) the completion of any registration
		or qualification of the Option or the Shares under applicable securities or
		other laws, or under any ruling or regulation of any governmental body or
		national securities exchange that the Committee shall in its sole discretion
		determine to be necessary or advisable.
	 

	 
		(iii) Upon the
		Company’s determination that the Option has been validly exercised as to
		any of the Shares, the Company shall issue certificates in the
		Participant’s name for such Shares. However, the Company shall not be
		liable to the Participant for damages relating to any delays in issuing the
		certificates to him, any loss of the certificates, or any mistakes or errors in
		the issuance of the certificates or in the certificates themselves.
	 

	 
		(iv) In the event of
		the Participant’s death, the Vested Portion of the Option shall remain
		exercisable during the period set forth in Section 3(a) by the
		Participant’s executor or administrator, or the person or persons to whom
		the Participant’s rights under this Award Agreement shall pass by will or
		by the laws of descent and distribution as the case may be. Any heir or legatee
		of the Participant shall take rights herein granted subject to the terms and
		conditions hereof. 
	 

	 
		4. Shares underlying
		Awards. Unless
		otherwise determined by the Committee, all Shares issued upon the exercise of
		the Option granted hereunder shall be in the form of ADS’s.
	 

	 
		5. No Right to Continued
		Employment. The
		granting of the Option evidenced hereby and this Award Agreement shall impose
		no obligation on the Company or any Affiliate to continue the Employment of the
		Participant and shall not lessen or affect any right that the Company or any
		Affiliate may have to terminate the Employment of such Participant.
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 

	 
	 

	 

	 
		6. Legend on
		Certificates.
		The certificates representing the Shares purchased by exercise of the Option
		shall be subject to such stop transfer orders and other restrictions as are
		required by the rules, regulations, and other requirements of the Securities
		and Exchange Commission, any stock exchange upon which such Shares are listed,
		and any applicable federal or state laws or relevant securities laws of the
		jurisdiction of the domicile of the Participant, and the Committee may cause a
		legend or legends to be put on any such certificates to make appropriate
		reference to such restriction(s).
	 

	 
		7. Transferability. The Option may not be assigned, alienated, pledged,
		attached, sold or otherwise transferred or encumbered by the Participant other
		than by will or by the laws of descent and distribution, and any such purported
		assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall
		be void and unenforceable against the Company or any Affiliate; provided that
		the designation of a beneficiary shall not constitute an assignment,
		alienation, pledge, attachment, sale, transfer or encumbrance. No such
		permitted transfer of the Option to heirs or legatees of the Participant shall
		be effective to bind the Company unless the Committee shall have been furnished
		with written notice thereof and a copy of such evidence as the Committee may
		deem necessary to establish the validity of the transfer and the acceptance by
		the transferee or transferees of the terms and conditions hereof. During the
		Participant’s lifetime, the Option is exercisable only by the
		Participant.
	 

	 
		8. Adjustment Of
		Option. Any
		adjustments to the Option (or any of the Shares underlying the Option) shall be
		made in accordance with the terms of the Plan.
	 

	 
		9. Withholding. The Participant may be required
		to pay to the Company or any Affiliate and the Company shall have the right and
		is hereby authorized to withhold, any applicable withholding taxes in respect
		of the Option, its exercise or any payment or transfer under or with respect to
		the Option and to take such other action as may be necessary in the opinion of
		the Committee to satisfy all obligations for the payment of such withholding
		taxes.
	 

	 
		10. Securities Laws. Upon the acquisition of any
		Shares pursuant to the exercise of the Option, the Participant will make or
		enter into such written representations, warranties and agreements as the
		Committee may reasonably request in order to comply with applicable securities
		laws or with the Plan and this Award Agreement.
	 

	 
		11. Data Protection. Participant hereby agrees to the transfer and
		disclosure of any personal data by the Company or any Subsidiary to any third
		party for the purposes of the implementation, operation and administration of
		the Plan and to the review of data relating to the Plan for human resources
		purposes. Participant further consents to the storing and processing of any
		personal data and to the transfer, exchange and disclosure of any personal data
		by and between these bodies (including third parties) for these purposes.
		Participant accepts that this may involve the transfer of personal data to
		countries outside the European Economic Area (where further processing of the
		data for the purposes outlined above may occur) to countries that may not have
		the same level of data protection laws and safeguards as are in operation in
		Ireland.
	 

	 
		12. Notices. Any notification required by
		the terms of this Award Agreement shall be given in writing and shall be deemed
		effective upon personal delivery or within three (3) days of deposit with the
		United States Postal Service, by registered or certified mail, with postage and
		fees prepaid. A notice shall be addressed to the Company at its principal
		executive office and to the Participant at the address that he or she most
		recently provided to the Company.
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 

	 
	 

	 

	 
		13. Entire Agreement. This Award Agreement, the Plan
		and to the extent expressly provided therein, Participant’s Employment
		Agreement with the Company dated __________, 2006 constitute the entire
		contract between the parties hereto with regard to the subject matter hereof.
		They supersede any other agreements, representations or understandings (whether
		oral or written and whether express or implied) which relate to the subject
		matter hereof.
	 

	 
		14. Waiver. No waiver of any breach or
		condition of this Award Agreement shall be deemed to be a waiver of any other
		or subsequent breach or condition whether of like or different nature.
	 

	 
		15. Successors and
		Assigns. The
		provisions of this Award Agreement shall inure to the benefit of, and be
		binding upon, the Company and its successors and assigns and upon the
		Participant, the Participant’s assigns and the legal representatives,
		heirs and legatees of the Participant’s estate, whether or not any such
		person shall have become a party to this Award Agreement and have agreed in
		writing to be joined herein and be bound by the terms hereof.
	 

	 
		16. Choice of Law. THIS AGREEMENT SHALL BE
		GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF BERMUDA WITHOUT REGARD
		TO CONFLICTS OF LAWS.
	 

	 
		17. Option Subject to
		Plan. By
		entering into this Award Agreement the Participant agrees and acknowledges that
		the Participant has received and read a copy of the Plan. The Option is subject
		to the Plan. The terms and provisions of the Plan as it may be amended from
		time to time are hereby incorporated herein by reference. In the event of a
		conflict between any term or provision contained herein and a term or provision
		of the Plan, the applicable terms and provisions of the Plan will govern and
		prevail.
	 

	 
		18. Amendment. The Committee may amend or
		alter this Award Agreement and the Option granted hereunder at any time;
		provided that no such amendment or alteration shall be made without the consent
		of the Participant if such action would materially diminish any of the rights
		of the Participant under this Award Agreement or with respect to the
		Option.
	 

	 
		19. Severability. The provisions of this Award
		Agreement are severable and if any one or more provisions are determined to be
		illegal or otherwise unenforceable, in whole or in part, the remaining
		provisions shall nevertheless be binding and enforceable.
	 

	 
		20. Signature in
		Counterparts.
		This Award Agreement may be signed in counterparts, each of which shall be an
		original, with the same effect as if the signatures thereto and hereto were
		upon the same instrument.
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 

	 
	 

	 

	 
		IN WITNESS WHEREOF,
		the parties hereto have executed this Award Agreement.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  

				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Agreed and
				  acknowledged as of the date first above written:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]