Document:

EX-4.1

 Exhibit 4.1 
  

 
  

AERCAP IRELAND CAPITAL DAC 

formerly known as AerCap Ireland Capital Limited 

as Irish Issuer, 
 AERCAP GLOBAL
AVIATION TRUST 
 as U.S. Issuer, 

and 
 AERCAP HOLDINGS N.V. 

as Holdings 
  

 
 SIXTEENTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 12, 2018 

to 
 INDENTURE 

Dated as of May 14, 2014 
  

 
 THE GUARANTORS
PARTY HERETO 
 and 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION 
 as Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 SECTION 1.01
	 	Definitions	  	 	2	 
			
	 SECTION 1.02
	 	Other Definitions	  	 	5	 
		
	 ARTICLE II DESIGNATION AND TERMS OF THE NOTES
	  	 	5	 
			
	 SECTION 2.01
	 	Title and Aggregate Principal Amount	  	 	5	 
			
	 SECTION 2.02
	 	Execution	  	 	5	 
			
	 SECTION 2.03
	 	Other Terms and Form of the Notes	  	 	5	 
			
	 SECTION 2.04
	 	Further Issues	  	 	7	 
			
	 SECTION 2.05
	 	Interest and Principal	  	 	7	 
			
	 SECTION 2.06
	 	Place of Payment	  	 	7	 
			
	 SECTION 2.07
	 	Form and Dating	  	 	7	 
			
	 SECTION 2.08
	 	[Reserved]	  	 	8	 
			
	 SECTION 2.09
	 	Depositary; Registrar	  	 	8	 
			
	 SECTION 2.10
	 	Optional Redemption	  	 	8	 
			
	 SECTION 2.11
	 	Redemption for Changes in Withholding Taxes	  	 	8	 
		
	 ARTICLE III TRANSFER AND EXCHANGE
	  	 	9	 
			
	 SECTION 3.01
	 	Transfer and Exchange of Global Notes	  	 	9	 
			
	 SECTION 3.02
	 	Transfer and Exchange of Beneficial Interests in the Global Notes	  	 	10	 
			
	 SECTION 3.03
	 	Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes	  	 	11	 
			
	 SECTION 3.04
	 	Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes	  	 	11	 
			
	 SECTION 3.05
	 	Transfer and Exchange of Definitive Notes for Definitive Notes	  	 	11	 
			
	 SECTION 3.06
	 	[Reserved]	  	 	11	 

  
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	 SECTION 3.07
	 	Legend	  	 	11	 
			
	 SECTION 3.08
	 	Cancellation and/or Adjustment of Global Notes	  	 	12	 
			
	 SECTION 3.09
	 	General Provisions Relating to Transfers and Exchanges	  	 	12	 
		
	 ARTICLE IV LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND
DISCHARGE
	  	 	14	 
			
	 SECTION 4.01
	 	Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge	  	 	14	 
		
	 ARTICLE V COVENANTS
	  	 	14	 
			
	 SECTION 5.01
	 	Repurchase upon a Change of Control Triggering Event	  	 	14	 
		
	 ARTICLE VI MISCELLANEOUS
	  	 	16	 
			
	 SECTION 6.01
	 	Ratification of Original Indenture; Supplemental Indenture Part of Original Indenture	  	 	16	 
			
	 SECTION 6.02
	 	Concerning the Trustee	  	 	16	 
			
	 SECTION 6.03
	 	Multiple Originals; Electronic Signatures	  	 	17	 
			
	 SECTION 6.04
	 	GOVERNING LAW	  	 	17	 
			
	 Exhibit A
	 	Form of 4.125% Senior Note Due 2023	  			

  
 -ii- 

 SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of June 12, 2018 (this “Sixteenth
Supplemental Indenture”), to the Indenture, dated as of May 14, 2014, as amended and supplemented by the fifth supplemental indenture, dated as of September 29, 2014, and the tenth supplemental indenture, dated as of
January 26, 2017 (as so amended and supplemented, the “Original Indenture”), among AERCAP IRELAND CAPITAL DAC (formerly known as AerCap Ireland Capital Limited), a designated activity company with limited liability incorporated
under the laws of Ireland (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the “Issuers,”
and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of the subsidiary guarantors party hereto or that becomes a guarantor
pursuant to the terms of the Original Indenture (the “Subsidiary Guarantors” and, together with Holdings, the “Guarantors”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association organized under
the laws of the United States, as trustee (the “Trustee”). 
 WHEREAS, the Issuers, the Guarantors and the Trustee have
heretofore executed and delivered the Original Indenture to provide for the issuance from time to time of Notes (as defined in the Original Indenture) of the Issuers, to be issued in one or more Series; 

WHEREAS, the Original Indenture provides, among other things, that the Issuers and the Trustee may enter into indentures supplemental to the
Original Indenture for, among other things, the purpose of establishing the form and terms of Notes (as defined in the Original Indenture) of any Series pursuant to the Original Indenture; 

WHEREAS, the Issuers (i) desire the issuance of a Series of Notes (as defined in the Original Indenture) to be designated as hereinafter
provided and (ii) have requested the Trustee to enter into this Sixteenth Supplemental Indenture for the purpose of establishing the form and terms of the Notes (as defined in the Original Indenture) of such Series; 

WHEREAS, the Issuers have duly authorized the creation of an issue of their 4.125% Senior Notes Due 2023 (the “Notes”), which
expression includes any further such Notes issued pursuant to Section 2.04 hereof; and 
 WHEREAS, all action on the part of the
Issuers necessary to authorize the issuance of the Notes under the Original Indenture and this Sixteenth Supplemental Indenture (the Original Indenture, as supplemented by this Sixteenth Supplemental Indenture, being hereinafter called the
“Indenture”) has been duly taken; 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That, in order to establish the form and terms of the Notes and in consideration of the acceptance of the Notes by the Holders thereof and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 
 SECTION 1.01
Definitions. 
 (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto
in the Original Indenture. 
 (b) The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth in
full herein. 
 (c) For all purposes of this Sixteenth Supplemental Indenture, except as otherwise expressly provided or unless the context
otherwise requires, the following terms shall have the following meanings: 
 “Applicable Procedures” means, with respect
to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC that apply to such transfer or exchange. 

“Below Investment Grade Rating Event” means, with respect to the Notes, that at any time within a 60 day period (which period
shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Organizations) from the Rating Date, the rating on the Notes is lowered, and the Notes are rated below an
Investment Grade Rating, by two Rating Organizations, if the Notes are rated by all three Rating Organizations or both Rating Organizations, if the Notes are only rated by two Rating Organizations; provided that a Below Investment Grade
Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Triggering Event) if the Rating Organizations making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing that the reduction was
the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below
Investment Grade Rating Event). 
 “Change of Control” means: 

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or
more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares representing
more than 50% of the voting power of Holdings’ Voting Stock; 
 (2) Holdings ceases to own, directly or indirectly, 100% of the issued
and outstanding Voting Stock of either Issuer, other than director’s qualifying shares and other shares required to be issued by law; 

  
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 (3) (a) all or substantially all of the assets of Holdings and the Restricted Subsidiaries, taken
as a whole, are sold or otherwise transferred to any Person other than a Wholly-Owned Restricted Subsidiary or one or more Permitted Holders or (b) Holdings consolidates, amalgamates or merges with or into another Person or any Person
consolidates, amalgamates or merges with or into Holdings, in either case (a) or (b) in one transaction or a series of related transactions in which immediately after the consummation thereof Persons beneficially owning (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) Voting Stock representing in the aggregate a majority of the total voting power of the Voting Stock of Holdings immediately prior to
such consummation do not beneficially own (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) Voting Stock representing a majority of the total voting power of
the Voting Stock of Holdings or the applicable surviving or transferee Person (or applicable parent thereof); provided that this clause (3) shall not apply (i) in the case where immediately after the consummation of the transactions
Permitted Holders beneficially own Voting Stock representing in the aggregate a majority of the total voting power of Holdings or the applicable surviving or transferee Person (or applicable parent thereof) or (ii) to a consolidation,
amalgamation or merger of Holdings with or into a (x) Person or (y) Wholly-Owned Subsidiary of a Person that, in either case, immediately following the transaction or series of transactions, has no Person or group (other than Permitted
Holders) that beneficially owns Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of such Person and, in the case of clause (y), the parent of such Wholly-Owned Subsidiary guarantees Holdings’
obligations under the Notes and this Indenture; or 
 (4) Holdings shall adopt a plan of liquidation or dissolution or any such plan shall be
approved by the shareholders of Holdings. 
 “Change of Control Triggering Event” means the occurrence of both a
(1) Change of Control and (2) a Below Investment Grade Rating Event. 
 “Consolidated Tangible Assets” means
total assets (less depreciation and valuation reserves and other reserves and items deductible from the gross book value of specific asset amounts under GAAP) that, under GAAP, would be included on a consolidated balance sheet of Holdings and its
Restricted Subsidiaries, less all assets shown on such consolidated balance sheet that are classified and accounted for as intangible assets of Holdings or any of its Restricted Subsidiaries or that otherwise would be considered intangible assets
under GAAP, including, without limitation, franchises, trademarks, unamortized debt discount and goodwill. 
 “Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Article III hereof substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and
shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Global Note
Legend” means the legend set forth in Section 3.07, which is required to be placed on all Global Notes issued hereunder. 

“Global Notes” means, individually and collectively, Global Notes deposited with or on behalf of and registered in the name
of the Depositary or its nominee, substantially in the form of Exhibit A and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with
Section 2.14 of the Original Indenture and Section 2.07 hereof. 

  
 3 

 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Investment Grade Rating” means a rating of
BBB- or higher by Fitch (or its equivalent under any successor rating category of Fitch), a rating of Baa3 or higher by Moody’s (or its equivalent under any successor rating category of Moody’s) and
a rating of BBB- or higher by S&P (or its equivalent under any successor rating category of S&P). 

“Management Group” means at any time, the Chairman of the board of directors, the Chief Executive Officer, the President, any
Managing Director, Executive Vice President, Senior Vice President or Vice President, any Treasurer and any Secretary of Holdings or other executive officer of Holdings or any Subsidiary of Holdings at such time. 

“Par Call Date” means June 3, 2023. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Permitted Holders” means Waha Capital and its Affiliates and the Management Group. Any Person or group whose acquisition of
beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted
Holder. 
 “Rating Date” means the date that is the day prior to the initial public announcement by Holdings or the
proposed acquirer that (i) the proposed acquirer has entered into one or more binding agreements with Holdings or shareholders of Holdings that would give rise to a Change of Control or (ii) the proposed acquirer has commenced an offer to
acquire outstanding Voting Stock of Holdings. 
 “S&P” means Standard & Poor’s Rating Services, or any
successor rating agency. 
 “Treasury Rate” means, as of any redemption date, the rate per annum equal to the yield to
maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days
prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to the Par Call Date, as determined by the Issuers;
provided, however, that if the period from the redemption date to the Par Call Date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will
be used. 
 “Wholly-Owned Restricted Subsidiary” means any Wholly-Owned Subsidiary that is a Restricted Subsidiary. 

  
 4 

 “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100%
of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

SECTION 1.02 Other Definitions. 
  

					
	Term	  	Defined in
Section	 
	 “Change of Control Offer”
	  	 	5.01	(a) 
	 “Change of Control Payment”
	  	 	5.01	(a) 
	 “Change of Control Payment Date”
	  	 	5.01	(b)(ii) 
	 “Interest Payment Date”
	  	 	2.05	 
	 “Record Date”
	  	 	2.05	 

 ARTICLE II 

DESIGNATION AND TERMS OF THE NOTES 

SECTION 2.01 Title and Aggregate Principal Amount. There is hereby created one Series of Notes designated: 4.125% Senior Notes Due 2023
in an initial aggregate principal amount of $600,000,000. 
 SECTION 2.02 Execution. The Notes may forthwith be executed by the
Issuers and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture. 

SECTION 2.03 Other Terms and Form of the Notes. The Notes shall have and be subject to such other terms as provided in the Original
Indenture and this Sixteenth Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A hereof and as set forth in Section 2.07 hereof; provided that notwithstanding anything in the Original
Indenture to the contrary, for purposes of this Sixteenth Supplemental Indenture and this series of 4.125% Senior Notes Due 2023: 
 (a)
Clause (b) of the definition of “Permitted Liens” in Section 1.01 of the Original Indenture, entitled “Definitions”, is hereby modified and replaced in its entirety as set forth below: 

“Liens to secure the payment of all or part of the purchase price of property (other than property acquired for lease to a Person other
than Holdings or a Restricted Subsidiary) upon the acquisition of such property by Holdings or a Restricted Subsidiary or to secure any indebtedness for borrowed money incurred or guaranteed by Holdings or a Restricted Subsidiary prior to, at the
time of or within 180 days after the latest of the acquisition, completion of construction or commencement of full operation of such property, which indebtedness for borrowed money is incurred or guaranteed for the purpose of financing all or any
part of the purchase price thereof or construction or improvements thereon; 

  
 5 

 
provided, however, that in the case of any such acquisition, construction or improvement, the Liens shall not apply to any property theretofore owned by Holdings or a Restricted
Subsidiary, other than, in the case of any such construction or improvement, any theretofore unimproved real property on which the property so constructed, or the improvement, is located;”. 

(b) Section 4.07 of the Original Indenture, entitled “Restrictions as to Dividends and Certain Other Payments”, is hereby
deleted in its entirety and replaced with “[Reserved]” in lieu thereof. 
 (c) Section 4.08(b) of the Original Indenture,
entitled “Restrictions on Liens”, is hereby modified and replaced in its entirety as set forth below: 
 “Notwithstanding the
restrictions described in Section 4.08(a), Holdings and any one or more Restricted Subsidiaries may issue, assume or guarantee indebtedness for borrowed money secured by Liens that would otherwise be subject to the restrictions set forth in
Section 4.08(a) in an aggregate amount that, together with all the other outstanding indebtedness for borrowed money of Holdings and its Restricted Subsidiaries secured by Liens (other than Permitted Liens), does not at the time of the
issuance, assumption or guarantee thereof, exceed 20% of the Consolidated Tangible Assets of Holdings as shown on, or derived from, Holdings’ most recent quarterly or annual consolidated balance sheet.”. 

(d) Section 4.12 of the Original Indenture, entitled “Restrictions on Investments in Unrestricted Subsidiaries”, is hereby
deleted in its entirety and replaced with “[Reserved]” in lieu thereof. 
 (e) Section 6.01(4) of the Original Indenture is
hereby modified and replaced in its entirety as set forth below: 
 “default under any mortgage, indenture (including this Indenture
governing the Notes) or instrument under which there is issued, or which secures or evidences, any indebtedness for borrowed money of Holdings or any Restricted Subsidiary existing on, or created after, the date of this Indenture, which default
shall constitute a failure to pay principal of such indebtedness in an amount exceeding $200,000,000 when due and payable (other than as a result of acceleration), after expiration of any applicable grace period with respect thereto, or shall have
resulted in an aggregate principal amount of such indebtedness exceeding $200,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been
discharged or such acceleration having been rescinded or annulled within a period of 30 days after there has been given a notice to Holdings by the Trustee, or to Holdings and the Trustee by the Holders of at least 25% in principal amount of such
Series of Notes at the time Outstanding;”. 

  
 6 

 SECTION 2.04 Further Issues. The Issuers may from time to time, without the consent of the
Holders of the Notes and in accordance with the Original Indenture and this Sixteenth Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the Notes in all respects (or in
all respects except for the issue date and the amount and the date of the first payment of interest) so as to form a single Series with the Notes. The Notes and any such further notes shall be treated as a single class for all purposes under this
Indenture; provided that if any such further notes are not fungible with the Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying number, if applicable. Unless the context
otherwise requires, all references to the Notes shall include any such further notes. 
 SECTION 2.05 Interest and Principal. The
Notes will mature on July 3, 2023 and will bear interest at the rate of 4.125% per annum. The Issuers will pay interest on the Notes on each January 3 and July 3 (each an “Interest Payment Date”), beginning on
January 3, 2019, to the Holders of record on the immediately preceding December 17 or June 17 (each a “Record Date”), respectively. Interest on the Notes shall accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from and including the date of issuance. Payments of the principal of and interest on the Notes shall be made in Dollars, and the Notes shall be denominated in Dollars. 

SECTION 2.06 Place of Payment. The place of payment where the Notes issued in the form of Definitive Notes may be presented or
surrendered for payment, where the principal of and interest and any other payments due on the Notes issued in the form of Definitive Notes are payable and where the Notes may be surrendered for registration of transfer or exchange shall be the
office or agency of the Issuers maintained for that purpose pursuant to Section 2.05 of the Original Indenture, and the office or agency maintained by the Issuers for such purpose shall initially be the Corporate Trust Office of the Trustee.
All payments on Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at the option of the Issuers, payment of interest on the Notes issued in the form of Definitive Notes may
be made by check mailed to registered Holders. 
 SECTION 2.07 Form and Dating. 

(a) General. The Notes will be substantially in the form of Exhibit A hereto. The terms and provisions contained in the Notes will
constitute, and are hereby expressly made, a part of this Sixteenth Supplemental Indenture and the Issuers and the Trustee, by their execution and delivery of this Sixteenth Supplemental Indenture, expressly agree to such terms and provisions and to
be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding principal amount of the Notes as will be specified therein and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate 

  
 7 

 
principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to
reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the
Holder thereof as required by Article III hereof. 
 SECTION 2.08 [Reserved]. 

SECTION 2.09 Depositary; Registrar. The Issuers initially appoint DTC to act as Depositary with respect to the Global Notes. The
Issuers initially appoint the Trustee to act as the Registrar and the Paying Agent with respect to the Notes. 
 SECTION 2.10 Optional
Redemption. 
 (a) Prior to the Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption
as described in Section 3.03 of the Original Indenture (except that, for the purposes of the Notes issued under this Sixteenth Supplemental Indenture, such notice shall be required to be sent upon not less than 15 nor more than 45 days’
notice, rather than upon not less than 30 days nor more than 60 days’ notice), at a redemption price equal to the greater of (i) 100% of the principal amount of Notes and (ii) the sum of the present value at such redemption date of all
remaining scheduled payments of principal and interest on such Note through the Par Call Date (excluding accrued but unpaid interest to the redemption date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus
25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date. 
 (b) On or after the Par Call Date, the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time
in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of holders of record on the relevant Record
Date to receive interest due on the relevant Interest Payment Date. 
 SECTION 2.11 Redemption for Changes in Withholding Taxes. 

(a) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at 100% of the principal
amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date) and
Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts as a result of: 

  
 8 

 (i) a change in or an amendment to the laws (including any regulations, rulings
or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii)
any change in or amendment to, or the introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of
competent jurisdiction), 
 which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case
of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no
such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation
to pay such Additional Amounts remains in effect. 
 (b) Before the Issuers publish or mail or deliver notice of redemption of the Notes as
described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent
to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described
above and that all conditions precedent to the redemption have been complied with. 
 (c) This Section will apply mutatis mutandis to
any jurisdiction in which any successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

ARTICLE III 
 TRANSFER AND
EXCHANGE 
 SECTION 3.01 Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the
Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All
Global Notes shall be exchangeable pursuant to Section 2.08 of the Original Indenture for Definitive Notes if: 
 (a) the Issuers
deliver to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Issuers within 90 days after the date of such notice from the Depositary; 

  
 9 

 (b) the Issuers in their sole discretion determine that the Global Notes (in whole but not in
part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee; or 
 (c) an Event of Default with
respect to the Notes represented by such Global Note shall have occurred and be continuing and the Holders of a majority in principal amount of the Notes have requested the Issuers to issue Definitive Notes. 

Upon the occurrence of any of the preceding events in (a), (b) or (c) above, Definitive Notes shall be issued in such names as the
Depositary shall instruct the Issuers and the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.11 of the Original Indenture. A Global Note may not be exchanged for a Definitive Note
other than as provided in this Section 3.01; however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.02 or 3.03 hereof. 

SECTION 3.02 Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with the provisions of this Sixteenth Supplemental Indenture and the Applicable Procedures. The transferor of such beneficial interest must deliver to the Registrar either: 

(a) both: 
 (A) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and 
 (B) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
 (b) both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (A) above. 
 Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.08 hereof. 

  
 10 

 SECTION 3.03 Transfer or Exchange of Beneficial Interests in Global Notes for Definitive
Notes. Subject to the terms hereof, including Section 3.01 hereof, if any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 3.02 hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 3.08 hereof, and the Issuers will execute and the Trustee, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, will authenticate and deliver to the Person designated in
the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.03 will be registered in such name or names and in such authorized denomination
or denominations as the Holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in
whose names such Notes are so registered. 
 SECTION 3.04 Transfer and Exchange of Definitive Notes for Beneficial Interests in Global
Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected at a time when a Global Note has not yet been
issued, the Issuers will issue and, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount
of Definitive Notes so transferred. 
 SECTION 3.05 Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.05, the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting
Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. 
 SECTION 3.06 [Reserved]. 

SECTION 3.07 Legend. The following legend will appear on the face of all Global Notes issued under this Sixteenth Supplemental
Indenture unless specifically stated otherwise in the applicable provisions of this Sixteenth Supplemental Indenture: 
 “THIS GLOBAL NOTE IS HELD BY
THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY

  
 11 

 
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO ARTICLE III OF THE SIXTEENTH SUPPLEMENTAL
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENTS FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

SECTION 3.08 Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with
Section 2.12 of the Original Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

SECTION 3.09 General Provisions Relating to Transfers and Exchanges. 

(a) To permit registrations of transfers and exchanges, the Issuers will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture. 

  
 12 

 (b) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of this Sixteenth Supplemental Indenture). 

(c) The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part. 
 (d) All Global Notes and Definitive Notes issued upon any registration of transfer
or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange. 
 (e) The Issuers will not be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a Record Date
and the next succeeding Interest Payment Date. 
 (f) Prior to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
 (g) The Trustee will authenticate Global Notes and
Definitive Notes in accordance with the provisions of Section 2.04 of the Original Indenture. 
 (h) All certifications, certificates
and Opinions of Counsel required to be submitted to the Registrar pursuant to Article III to effect a registration of transfer or exchange may be submitted by facsimile. 

(i) Each Holder agrees to indemnify the Issuers, the Registrar and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. Neither the Trustee nor the Registrar shall have any obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under 

  
 13 

 
this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

ARTICLE IV 
 LEGAL DEFEASANCE,
COVENANT DEFEASANCE 
 AND SATISFACTION AND DISCHARGE 

SECTION 4.01 Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge. Article VIII of the Original Indenture shall be
applicable to the Notes. The Issuers may defease the covenant contained in Section 5.01 of this Sixteenth Supplemental Indenture under the provisions of Section 8.03 of the Original Indenture. 

ARTICLE V 
 COVENANTS 

SECTION 5.01 Repurchase upon a Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event after the date of this Sixteenth Supplemental Indenture, the Issuers will make
an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest to, but not including, the date of purchase, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

(b) Within 30 days following any Change of Control Triggering Event, the Issuers will send notice of such Change of Control Offer by
first-class mail, or delivered electronically if held by DTC, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the register or otherwise in accordance with the procedures of DTC, with the following
information: 
 (i) a Change of Control Offer is being made pursuant to this Section 5.01 and that all Notes properly
tendered pursuant to such Change of Control Offer will be accepted for payment; 
 (ii) the purchase price and the purchase
date, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed or delivered (the “Change of Control Payment Date”); 

(iii) any Note not properly tendered will remain Outstanding and continue to accrue interest; 

  
 14 

 (iv) unless the Issuers default in the payment of the Change of Control Payment,
all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on, but not including, the Change of Control Payment Date; 

(v) the instructions determined by the Issuers consistent with this covenant that a Holder must follow in order to have its
Notes purchased or to cancel a previous order of purchase; and 
 (vi) if such notice is mailed or delivered prior to the
occurrence of a Change of Control Triggering Event, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control Triggering Event. 

(c) While the Notes are in global form, when the Issuers make an offer to purchase all of the Notes pursuant to the Change of Control Offer, a
Holder may exercise its option to elect for the purchase of the Notes through the facilities of DTC, subject to DTC’s rules and regulations. 

(d) If Holders of not less than 90% in aggregate principal amount of the Notes at the time Outstanding validly tender and do not withdraw such
Notes in a Change of Control Offer and the Issuers, or any other Person making a Change of Control Offer in lieu of the Issuers as described below, purchase all of the Notes validly tendered and not withdrawn by such Holders, the Issuers will have
the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain Outstanding following such
purchase at a redemption price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive
interest due on the relevant Interest Payment Date). 
 (e) The Issuers will not be required to make a Change of Control Offer following a
Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by
the Issuers and purchases all Notes validly tendered and not withdrawn pursuant to such Change of Control Offer or (2) notice of redemption has been given pursuant to this Indenture as described in Section 3.03 of the Original Indenture,
unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon the
occurrence of such Change of Control Triggering Event. 
 (f) Notes repurchased by the Issuers pursuant to a Change of Control Offer will
have the status of Notes issued but not Outstanding or will be retired and canceled at the option of the Issuers. Notes purchased by a third party pursuant to the preceding paragraph will have the status of Notes issued and Outstanding. 

(g) The Issuers will comply with the requirements of Section 14(e) under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of 

  
 15 

 
Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuers will comply with the applicable securities laws
and regulations and shall not be deemed to have breached their obligations described in this Indenture by virtue thereof. 
 (h) On the
Change of Control Payment Date, the Issuers (or any Person making a Change of Control Offer in lieu of the Issuers) will, to the extent permitted by law, 

(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or
portions thereof so tendered; and 
 (iii) at the option of the Issuers, unless a Person is making a Change of Control Offer
in lieu of the Issuers, deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating that such Notes or portions thereof have been tendered to and purchased by the
Issuers. 
 (i) The Paying Agent will promptly mail or otherwise deliver to each Holder of the Notes the Change of Control Payment for such
Notes, and the Issuers shall execute and the Trustee, upon a Company Order, will promptly authenticate and mail, or will cause to be delivered electronically if held by DTC, to each Holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any; provided that each such new Note will be in a minimum denomination of $150,000 and an integral multiple of $1,000 above that amount. The Issuers will publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (j) Other than as specifically provided in this
Section, any purchase pursuant to this Section shall be made pursuant to the provisions of Article III of the Original Indenture. 
 ARTICLE
VI 
 MISCELLANEOUS 
 SECTION
6.01 Ratification of Original Indenture; Supplemental Indenture Part of Original Indenture. Except as expressly amended hereby, the Original Indenture, including Section 11.18 thereof regarding submission to jurisdiction, is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Sixteenth Supplemental Indenture shall form a part of the Original Indenture for all purposes, and every Holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby. 
 SECTION 6.02 Concerning the Trustee. The recitals
contained herein and in the Notes, except with respect to the Trustee’s certificates of authentication, shall be taken as the statements of the Issuers, and the Trustee assumes no responsibility for the correctness of the same. The Trustee
makes no representations as to the validity or sufficiency of this Sixteenth Supplemental Indenture or of the Notes. 

  
 16 

 SECTION 6.03 Multiple Originals; Electronic Signatures. This Sixteenth Supplemental
Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The exchange of copies of this Sixteenth
Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Sixteenth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Sixteenth
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 6.04 GOVERNING LAW. THIS SIXTEENTH SUPPLEMENTAL INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

[Signature Page Follows] 

  
 17 

 IN WITNESS WHEREOF, the parties have caused this Sixteenth Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

					
		  	SIGNED AND DELIVERED AS A DEED by
		
		  	 /s/ Ken Faulkner

		  	As Attorney of AERCAP IRELAND CAPITAL
		  	DAC in the presence of:

					
			
		  	Signature of Witness:	  	 /s/ Amy Smyth

		  	Name of Witness:	  	Amy Smyth
		  	Address of Witness:	  	Shannon, Co. Clare
		  	Occupation/Title of Witness: Chartered Secretary
		
		  	SIGNED AND DELIVERED AS A DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by AerCap Ireland Capital DAC, its Regular Trustee

					
			
		  	Name:	  	 /s/ Ken Faulkner

		  	Title:	  	Authorised Signatory
		
		  	In the presence of:
		
		  	Signature: /s/ Amy
Smyth                                        
                
		  	Name: Amy Smyth
		  	Address: Shannon, Co. Clare

 [Signature Page to Sixteenth Supplemental Indenture] 

 
			
		 	AERCAP HOLDINGS N.V.
		
	By:	 	 /s/ Marnix den Heijer

		 	Name: Marnix den Heijer
		 	Title: Attorney-in-Fact
		
		 	AERCAP AVIATION SOLUTIONS B.V.
		
		 	Represented by its sole Managing Director
		 	AerCap Group Services B.V.
		
	By:	 	 /s/ Johan-Willem Dekkers

		 	Name: Johan-Willem Dekkers
		 	Title: Director
		
		 	SIGNED AND DELIVERED AS A DEED by
		
		 	 /s/ Ken Faulkner

		
		 	As Attorney of AERCAP IRELAND
		 	LIMITED in the presence of:
		
		 	Signature of Witness: /s/ Amy Smyth                
		 	Name of Witness: Amy Smyth                          
		 	Address of Witness: Shannon, Co. Clare
		 	Occupation/Title of Witness: Chartered Secretary
		
		 	AERCAP U.S. GLOBAL AVIATION LLC
		
	By:	 	 /s/ Ken Faulkner

		 	Name: Ken Faulkner
		 	Title: Authorised Signatory
		
		 	INTERNATIONAL LEASE FINANCE
		 	CORPORATION
		
	By:	 	 /s/ Patrick Ross

		 	Name: Patrick Ross
		 	Title: Vice President
		
		 	WILMINGTON TRUST, NATIONAL
		 	ASSOCIATION, as Trustee

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 
			
	By:	 	 /s/ Jane Schweiger

		 	Name: Jane Schweiger
		 	Title: Vice President

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 EXHIBIT A 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN 00774M AF2 / US00774MAF23

 4.125% Senior Notes Due 2023 
  

					
	No. [    ]	  		  	$[    ]

 AERCAP IRELAND CAPITAL DAC and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on July 3, 2023 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: January 3 and July 3 
 Record
Dates: December 17 and June 17 
 Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-1 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	AERCAP IRELAND CAPITAL DAC
		
	By:	 	  

		 	Name:
		 	Title:
	
	AERCAP GLOBAL AVIATION TRUST
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 4.125% Senior Notes Due 2023 referred to in the within-mentioned Indenture. 

 

			
	Dated:	 	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

			
		
	by	 	  

		 	Authorized Signatory

  
 A-3 

 [Reverse of Note] 

4.125% Senior Notes Due 2023 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers, designated as their 4.125% Senior Notes Due 2023
(herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the Sixteenth Supplemental Indenture (as hereinafter defined) and forming a single Series therewith), issued and to be
issued under an indenture, dated as of May 14, 2014, as amended and supplemented by the fifth supplemental indenture, dated as of September 29, 2014, and the tenth supplemental indenture, dated as of January 26, 2017 (as so amended
and supplemented, herein called the “Original Indenture”), as further supplemented by a sixteenth supplemental indenture, dated as of June 12, 2018 (the “Sixteenth Supplemental Indenture” and, together with the
Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DAC (formerly known as AerCap Ireland Capital Limited), a designated activity company with limited liability incorporated under the laws of Ireland (the
“Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the “Issuers,” and each, an
“Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory thereto or that becomes a Guarantor
pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the
“Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and immunities thereunder of
the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

  
 A-4 

 2. Interest 

The Issuers promise to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest
semiannually on January 3 and July 3 of each year, commencing on January 3, 2019. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including
June 12, 2018. Interest shall be computed on the basis of a 360-day year of twelve 30 day months. 
 3.
Paying Agent, Registrar and Service Agent 
 Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation
System will act as service agent. The Issuers may appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture sets forth the Events of Default and related remedies applicable to the Notes. 
 5. Amendment 

Article IX of the Original Indenture sets forth the terms by which the Notes and the Indenture may be amended. 

6. Change of Control 
 Upon the occurrence
of a Change of Control Triggering Event, unless the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture, the Issuers will make an
offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase, subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations Absolute 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations of the Issuers,
which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
 A-5 

 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the Sixteenth Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first payment of interest) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture (except that, for the purposes of the Notes issued under the Sixteenth Supplemental
Indenture, such notice shall be required to be sent upon not less than 15 nor more than 45 days’ notice, rather than upon not less than 30 nor more than 60 days’ notice), at a redemption price equal to the greater of (i) 100% of the
principal amount of Notes or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Note through the Par Call Date (excluding accrued but unpaid interest to the redemption
date)), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 25 basis points, plus accrued and unpaid interest, if any, to but not including, the redemption date, subject to the right of holders of record on the
relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date, the Notes may be
redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the
redemption date, subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
 A-6 

 12. Redemption for Changes in Withholding Taxes 

(a) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at 100% of the principal
amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date) and
Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts as a result of: 

(i) a change in or an amendment to the laws (including any regulations, rulings or protocols promulgated and treaties enacted
thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii) any change in or amendment to, or the
introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case of a jurisdiction that becomes
a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no such notice of redemption will
be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation to pay such Additional Amounts
remains in effect. 
 (b) Before the Issuers publish or mail or deliver notice of redemption of the Notes as described above, the Issuers
will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent to the redemption have been
complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described above and that all conditions
precedent to the redemption have been complied with. 
 (c) This Section will apply mutatis mutandis to any jurisdiction in which any
successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 
 13. Persons
Deemed Owners 
 The ownership of Notes shall be proved by the register maintained by the Registrar. 

14. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 

  
 A-7 

 15. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

16. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 
 17.
Trustee Dealings with the Issuers 
 Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights.

 18. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 19. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-8 

 20. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to	  	  

		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  
  

 
  
  

 
  
  

 
  

(Print or type assignee’s name, address and zip code) 

and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her. 

Date:                        
                      
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*: 

 

	* 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the Sixteenth Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the Sixteenth
Supplemental Indenture, state the amount you elect to have purchased: 

$                       
              
 Date: 

 

			
	Your Signature:	  	  

		  	(Sign exactly as your name appears on the face of this Note)

 Tax Identification No.:
                                

Signature Guarantee*: 

 

	* 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-11 

 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease or increase	  	Signature of
authorized officer of
Trustee or Custodian

  

 

	* 	This schedule should be included only if the Note is issued in Global Form 

  
 A-12EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of June 6, 2018, by and between FORWARD AIR
CORPORATION, a Tennessee corporation (“Company”), and Thomas Schmitt, an individual (“Executive”). 

W I T N E S S E T H: 

WHEREAS, the Board of Directors of the Company (the “Board”) desires to assure the Company of the Executive’s employment
with the Company and to compensate him for such employment; 
 WHEREAS, the Board has determined that this Agreement will reinforce and
encourage the Executive’s attention and dedication to the Company; and 
 WHEREAS, the Executive is willing to make his services
available to the Company on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and mutual
covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and the Executive hereby agree as follows: 

1.    Definitions. In addition to other terms which may be defined elsewhere in this Agreement (including the
preamble and recitals hereto), when used in this Agreement, the following terms shall have the following meanings: 

(a)    “Base Salary” means the salary provided for in Section 4(a) hereof. 

(b)    “Bonus Plan” means the Forward Air Annual Cash Incentive Plan. 

(c)    “Cause” shall have the meaning given to it in Section 2.08 of the Severance Plan. 

(d)    “Code” means the Internal Revenue Code of 1986, as amended. 

(e)    “Commencement Date” means the first day of Executive’s employment with the Company, which is
currently expected to be September 1, 2018. 
 (f)    “Incentive Plan” means the Forward Air
Corporation Omnibus Incentive Plan, as amended from time to time, and any successor plan thereto. 

(g)    “Related Entity” means any subsidiary of the Company and any business, corporation, partnership,
limited liability company, or other entity designated by Board in which the Company or a subsidiary holds a substantial ownership interest, directly or indirectly. 

(h)    “Restrictive Covenant Agreement” means the Participation and Restrictive Covenants Agreement that
Executive will be signing on or about the same date he signs this 

 
Agreement and which is a condition to both his participation in the Severance Plan and employment by the Company. 

(i)    “Severance Plan” means the Forward Air Corporation Executive Severance and Change In Control Plan,
as amended and restated. 
 (j)    “Term of Employment” means the period during which the Executive
shall be employed by the Company. 
 (k)    “Termination Date” means the date on which the Term of
Employment and Executive’s employment with the Company ends. 
 Any capitalized terms not defined in this Agreement shall have the
meaning given to them in the Severance Plan and/or the Restrictive Covenant Agreement. 
 2.    Employment. 

(a)    Employment and Term. The Company hereby agrees to employ the Executive and the Executive hereby agrees to
serve the Company during the Term of Employment on the terms and conditions set forth herein. 
 (b)    Duties of
Executive. During the Term of Employment, the Executive shall be employed as the Chief Executive Officer (“CEO”) of the Company. For as long as he remains the CEO of the Company, Executive shall also serve as a member of the Board
without additional compensation. The Company and Executive anticipate that there will be a transition period at the beginning of Executive’s employment with the Company during which the Company’s current CEO and President will remain
employed by, or become a consultant to, the Company and will assist in transitioning his former duties as CEO and President to Executive. During the Term of Employment, Executive shall have such additional duties and responsibilities as assigned to
him by the Board consistent with his role as CEO. The Executive shall faithfully and diligently perform all services and responsibilities for the Company. The Executive shall devote substantially all of his business time, attention, and efforts to
the performance of his duties under this Agreement, render such services to the best of his ability and, in any event, in a professional manner commensurate with the manner of executives in similar positions in companies of similar size and
operations, and use his best efforts to promote the best interests of the Company. The Executive shall not engage in any other business or occupation during the Term of Employment, including, without limitation, any activity that (i) conflicts
with the interests of the Company or any Related Entity, (ii) interferes with the proper and efficient performance of his duties for the Company, or (iii) interferes with the exercise of his judgment in the Company’s best interests,
in each case without the express written approval of the Board. During the Term of Employment, it shall not be a violation of this Agreement for the Executive to (1) serve on civic or charitable boards, with the consent of the Board, and
(2) manage personal investments, so long as such activities (individually or in the aggregate) do not interfere with the performance of the Executive’s responsibilities as set forth in this Agreement. Following the first anniversary of the
Commencement Date, Executive may serve on the board of one other business so long as the board service is first approved by the Company’s Corporate Governance and Nominating Committee. 

  
 2 

 (c)    Travel. Executive recognizes and agrees that his position may
require substantial travel to various locations during the Term of Employment. 
 3.    Term of Employment. The
Term of Employment is indefinite and Executive’s employment with the Company is terminable-at-will. Pursuant to the terms and conditions of the Severance Plan and
the Restrictive Covenant Agreement, Executive may be entitled to certain termination benefits upon a termination of the Term of Employment. 

4.    Compensation. 

(a)    Base Salary. The Executive shall receive an initial Base Salary at the annual rate of $800,000.00, with such
Base Salary payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and taxes, and pro-rated for partial years. During the Term of Employment, the
Base Salary shall be reviewed at such time as the salaries of other executives of the Company are reviewed generally. If the Base Salary is adjusted, such adjustment to Base Salary shall be made for all purposes of this Agreement. 

(b)    Bonus Plan. The Executive shall participate in the same Bonus Plan as the Company makes available to other
executive employees of the Company which provides for certain annual bonuses based on Company and individual performance criteria as determined by the Board from time to time. Any such bonus shall be paid at such times and such amounts to be
established by the Board from time to time but no such bonus shall be paid later than two and one-half months following the fiscal year for which the bonus was earned. The target bonus will be set at one
hundred percent (100%) of Base Salary, pro-rated for partial years, and the maximum possible bonus is two hundred percent (200%) of Base Salary, pro-rated for partial
years. The Executive has no particular right to receive a bonus, and the Executive shall receive only such bonus, if any, as the Board may in its sole discretion determine in accordance with the performance criteria set by the Board. Target
incentives do not constitute a promise of payment. Executive’s actual bonus, if any, will depend on Company financial performance and the Board’s assessment of Executive’s individual performance. As with all Company plans and
programs, the Company reserves the right to change or amend the terms of its incentive plans at any time or discontinue them in their entirety as the Company determines in its sole and absolute discretion. 

(c)    Signing Bonus. Assuming a Commencement Date of September 1, 2018, the Executive shall receive a lump
sum signing bonus of $413,000.00, less applicable withholdings and taxes, within thirty (30) days following the Commencement Date. If the Commencement Date is after September 1, 2018, the signing bonus will be increased by $1,699.00 for
each day between September 1 and Executive’s actual Commencement Date. If the Term of Employment is terminated by the Company for Cause (as “Cause” is defined in Section 2.08 of the Severance Plan) or if Executive
voluntarily terminates the Term of Employment prior to the first anniversary of the Commencement Date, Executive will repay the full amount of the signing bonus within 30 days following the Termination Date. 

(d)    Equity Grants. Pursuant to the terms and conditions of the Inventive Plan, as well as any agreements or
grant notices contemplated by the Incentive Plan, the Company will grant Executive the following options to purchase common stock in the Company and will award the following shares of restricted common stock in the Company to the Executive: 

  
 3 

 (i)    Within thirty (30) days following the Commencement Date, the
Company will award Executive 25,000 shares of Company common stock which award will vest with respect to one-third of the shares subject to the award on each of the first, second, and third anniversaries of
the award date. In addition, and at the same time, the Company will grant Executive a non-qualified option to purchase up to 100,000 shares of Company common stock which option will vest with respect to one-third of the shares subject to the option on each of the first, second, and third anniversaries of the grant date. To the extent the option is not fully exercised within eighty four (84) months following
the grant date, it shall expire and be forfeited by Executive. 
 (ii)    In February 2020, when the Company makes
equity grants to other executive employees and provided Executive is still employed by the Company, Executive will receive an additional equity grant valued at approximately $1.4 million at the time of the grant. The grant will be designed
similarly to the design used for other executive employees of the Company. Following 2020, Executive shall participate in the incentive programs as other executive employees of the Company, which is currently designed as a split of stock options
(25% weight), restricted stock (50% weight) and performance shares (25%). 
 (e)    Reimbursement of Relocation
Expense. The Company will reimburse Executive for the following relocation expenses upon receipt of invoices for such expenses: the reasonable cost of shipping Executive household goods to Executive’s new home near the Company’s
headquarters; temporary housing and reasonable travel expenses for up to a six month period of time. The Company will gross-up the relocation reimbursement for taxes. 

(f)    Reimbursement of Business Expenses. The Executive shall be reimbursed for reasonable business expenses which
comply with all Company policies and which are incurred in the performance of Executive’s job duties. 

(g)    Compensation Review. The Compensation Committee of the Company’s Board of Directors will periodically
review the Executive’s compensation, and in its sole discretion, make adjustments as it deems appropriate based upon Executive’s performance, the Company’s performance and other relevant market considerations. 

5.    Benefit Programs. During the Term of Employment, the Executive shall be entitled to participate in all
retirement and health and welfare benefits plans as are presently and hereafter offered by Company to its executive employees, in each case, in accordance with the terms and conditions of such benefits plans and to the extent Executive is eligible
to participate. The benefits plans currently offered to Company executives include group medical, dental, vision, disability, and life insurance plans; an employee stock purchase plan; a 401(k) plan; and a flexible spending account plan. The Company
reserves the right to amend, terminate, revise, or add to any such benefits plans or programs. 

  
 4 

 6.    Termination. 

(a)    General. The Term of Employment and Executive’s employment with the Company is terminable-at-will and may be terminated at any time by either party by giving notice of such termination to the other party. Upon any termination of the Term of Employment
for any reason, the Executive shall resign (and shall be deemed to have automatically and contemporaneously resigned, without any further act on the part of any person or entity) from any and all directorships, committee memberships, offices, and
any other positions Executive holds with the Company or any of its subsidiaries or Related Entities. Upon any termination of the Term of Employment for any reason, whether in connection with a Change of Control (as defined in the Severance Plan) or
otherwise, Executive’s entitlement to termination benefits, if any, will be determined by the Severance Plan and Restrictive Covenant Agreement and Executive’s continuing obligations to the Company following any termination of the Term of
Employment will be governed by the Restrictive Covenant Agreement. 
 (b)    Cooperation. Following the Term of
Employment, the Executive shall give his assistance and cooperation willingly, upon reasonable advance notice with due consideration for his other business or personal commitments, in any matter relating to his position with the Company, or his
expertise or experience as the Company may reasonably request, including his attendance and truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company’s defense or prosecution of any existing or
future claims or litigations or other proceedings relating to matters in which he was involved or potentially had knowledge by virtue of his employment with the Company. To the extent permitted by law, the Company agrees that it shall promptly
reimburse the Executive for his reasonable and documented expenses in connection with his rendering assistance and/or cooperation under this Section 6(g) upon his presentation of documentation for such expenses. 

(c)    Return of Company Property. Following the Termination Date, or upon the request of the Company, the
Executive shall return all Company property and information in his possession, including, without limitation, all computer equipment (hardware and software), telephones, facsimile machines, cell phones and other communication devices, credit cards,
office keys, security access cards, badges, identification cards, and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company, any of the Related Entities, and any of their
respective customers, clients, or prospective customers and clients. 
 (d)    Compliance with
Section 409A. 
 (i)    General. Both the Company and the Executive intend that the
benefits and rights to which the Executive could be entitled pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder
(“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention. If either the
Executive or the Company believes, at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise the other and each of the Company and the Executive shall negotiate reasonably and in
good faith to amend the terms of such benefits and rights such that they comply with Section 409A (with the most limited possible economic effect on the Executive and on the Company). 

  
 5 

 (ii)    Distributions on Account of Separation from Service. If and
to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a
“separation from service” within the meaning of Section 409A. 
 (iii)    6 Month Delay for Specified
Employees. 
 (A)    If the Executive is a “specified employee,” then no payment or benefit that is
payable on account of the Executive’s “separation from service,” as that term is defined for purposes of Section 409A, shall be made before the date that is six months after the Executive’s “separation from
service” (or, if earlier, the date of the Executive’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is
required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the
original payment schedule. 
 (B)    For purposes of this provision, the Executive shall be considered to be a
“specified employee” if, at the time of his or her separation from service, the Executive is a “key employee,” within the meaning of Section 416(i) of the Code, of the Company (or any person or entity with whom the Company
would be considered a single employer under Section 414(b) or Section 414(c) of the Code) any stock in which is publicly traded on an established securities market or otherwise. 

(iv)    No Acceleration of Payments. Neither the Company nor the Executive, individually or in combination, may
accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid before the earliest date on
which it may be paid without violating Section 409A. 
 (v)    Treatment of Each Installment as a Separate
Payment. For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent
permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments. 

(vi)    No Guaranty of 409A Compliance. Notwithstanding the foregoing, the Company does not make any
representation to the Executive that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless
the Executive or any beneficiary of the Executive for any tax, additional tax, interest or penalties that the Executive or any beneficiary of the Executive may incur in the event that any provision of this Agreement, or any amendment or modification
thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A. 

  
 6 

 7.    Restrictive Covenants; Company Policies and Guidelines. 

(a)    Restrictive Covenants. As a condition to Executive’s employment by the Company, the Executive shall
execute the Restrictive Covenant Agreement presented to Executive with this Agreement. 
 (b)    Recoupment
Policy. All payments and benefits provided to Executive by the Company are subject to any policy (whether currently in existence or later adopted) established by the Company providing for clawback or recovery of amounts paid or benefits
provided. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation. 

(c)    Stock Ownership Policy. You are required to comply with Forward Air Corporation’s Executive Stock
Ownership and Retention Guidelines applicable to executive officers which generally requires you to own Company common stock during the Term of Employment which is valued at six times or more Executive’s Base Salary. Executive will be required
to hold at least fifty percent of any shares he receives by Company grant or through the exercise of any option to purchase Company stock until the ownership requirement is met. 

(d)    Code of Ethics. Executive is required to abide by the Company’s policies and procedures including, but
not limited to, Forward Air’s Code of Business Conduct and Code of Ethics. Executive will be required to review, sign and return to the Company a Code of Ethics Acknowledgment Form. 

(e)    Ownership of Developments. All processes, concepts, techniques, inventions and works of authorship,
including new contributions, improvements, formats, packages, programs, systems, formulations, compositions of matter, manufactured, developments, applications, and discoveries, and all copyrights, patents, trade secrets, or other intellectual
property rights associated therewith conceived, invented, made, developed, or created by the Executive during the Term of Employment either during the course of performing work for the Company or its Related Entities, or their clients, or which are
related in any manner to the business (commercial or experimental) of the Company or its Related Entities or their clients (collectively, the “Work Product”) shall belong exclusively to the Company and its Related Entities and
shall, to the extent possible, be considered a work made by the Executive for hire for the Company and its Related Entities within the meaning of Title 17 of the United States Code. To the extent, the Work Product may not be considered work made by
the Executive for hire for the Company and its Related Entities, the Executive agrees to assign, and automatically assign at the time of creation of the Work Product, without any requirement of further consideration, any right, title, or interest
the Executive may have in such Work Product. Upon the request of the Company, the Executive shall take such further actions, including execution and delivery of instruments of conveyance, as may be appropriate to give full and proper effect to such
assignment. The Executive shall further: (i) promptly disclose the Work Product to the Company; (ii) assign to the Company or its assignee, without additional compensation, all patent or other rights to such Work Product for the United
States and foreign countries; (iii) sign all papers necessary to carry out the foregoing; and (iv) give testimony in support of his inventions, all at the sole cost and expense of the Company. 

  
 7 

 8.    Representations and Warranties of Executive. The Executive
represents and warrants to the Company that: 
 (a)    The Executive’s employment will not conflict with or result
in his breach of any agreement to which he is a party or otherwise may be bound; 
 (b)    The Executive has not
violated, and in connection with his employment with the Company will not violate, any non-solicitation, non-competition, or other similar covenant or agreement of a
prior employer by which he is or may be bound; and 
 (c)    In connection with Executive’s employment with the
Company, he will not use any confidential or proprietary information that he may have obtained in connection with employment with any prior employer. 

9.    Taxes. Anything in this Agreement to the contrary notwithstanding, all payments required to be made by the
Company hereunder to the Executive or his estate or beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu
of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept other provisions for payment of taxes and withholding as required by law, provided it is satisfied that all requirements of law affecting its
responsibilities to withhold have been satisfied. 
 10.    Assignment. The Company shall have the right to
assign this Agreement and its rights and obligations hereunder in whole or in part to any corporation or other entity with or into which the Company may hereafter merge or consolidate, or to which the Company may transfer all or substantially all of
its assets. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder, except by will or the laws of descent and distribution, or as required to comply with the terms of a qualified domestic relations order. 

11.    Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Georgia, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Georgia or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Georgia.    The parties hereby agree that any dispute arising out of or related to this Agreement, Executive’s employment or termination of employment with the Company or any Related Entity, any statutory or tort claims
related to or arising out of Executive’s employment or termination of employment with the Company or any Related Entity, Executive’s participation on any board of directors or board of managers of the Company or any Related Entity, and
Executive’s equity interests in the Company or any Related Entity shall be filed in, and subject to the exclusive jurisdiction of, a state or federal court located in Fulton County, Georgia. The parties hereby consent to the exclusive
jurisdiction and venue of such courts for the litigation of all disputes and waive any claims of improper venue, lack of personal jurisdiction, or lack of subject matter jurisdiction as to any such disputes. Notwithstanding the foregoing, the
Company may file an action in any court of its choosing seeking temporary, preliminary or permanent injunctive relief to prevent Executive from breaching or threatening to breach any of the covenants contained in Restrictive Covenant Agreement and
may join in any such action any claims for damages or other relief as a result of Executive’s breach or threatened breach of such covenants. 

  
 8 

 12.    Entire Agreement. This Agreement, including the other
agreements, policies, and plans referenced herein, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings, and
arrangements, both oral and written, between the Executive and the Company (or any of its affiliates) with respect to such subject matter. This Agreement may not be modified in any way unless by a written instrument signed by both a representative
of the Board and the Executive. 
 13.    Survival. The respective rights and obligations of the parties
hereunder shall survive any termination of the Executive’s employment and the Term of Employment to the extent necessary to the intended preservation of such rights and obligations. 

14.    Notices. All notices required or permitted to be given hereunder shall be in writing and shall be personally
delivered by courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be
deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S.
mail. Notice shall be sent (i) if to the Company, addressed to Forward Air Corporation, Attention: Board of Directors, and (ii) if to the Executive, to his address as reflected on the payroll records of the Company, or to such other
address as either party shall request by notice to the other in accordance with this provision. 
 15.    Benefits;
Binding Effect. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where permitted and applicable, assigns, including,
without limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets, or otherwise. 

16.    Right to Consult with Counsel; No Drafting Party. The Executive acknowledges having read and considered all
of the provisions of this Agreement carefully, and having had the opportunity to consult with counsel of his own choosing, and, given this, the Executive agrees that the obligations created hereby are reasonable. The Executive acknowledges that he
has had an opportunity to negotiate any and all of these provisions and no rule of construction shall be used that would interpret any provision in favor of or against a party on the basis of who drafted the Agreement. 

17.    Severability. The invalidity of any one or more of the words, phrases, sentences, clauses, provisions,
sections, or articles contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any
one or more of the words, phrases, sentences, clauses, provisions, sections, or articles contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or
sentences, clause or clauses, provisions or provisions, section or sections, or article or articles had not been inserted. If such invalidity is caused by length of time or size of area, or both, the otherwise invalid provision will be considered to
be reduced to the longest period or largest area, as applicable, which would cure such invalidity. 

18.    Waivers. The waiver by either party hereto of a breach or violation of any term or provision of this
Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation. 

  
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 19.    Damages; Attorney’s Fees. Nothing contained herein shall
be construed to prevent the Company or the Executive from seeking and recovering from the other damages sustained by either or both of them as a result of its or his breach of any term or provision of this Agreement. In the event that either party
hereto seeks to collect any damages resulting from, or the injunction of any action constituting, a breach of any of the terms or provisions of this Agreement, then the party found to be at fault shall pay all reasonable costs and attorneys’
fees of the other. 
 20.    Waiver of Jury Trial. The Executive and Company hereby knowingly, voluntarily, and
intentionally waive any right that they may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement and any agreement, document or instrument contemplated to be executed in
connection herewith, or any course of conduct, course of dealing statements (whether verbal or written) or actions of any party hereto. 

21.    Section Headings. The article, section, and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 22.    No
Third-Party Beneficiary. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Company, the parties hereto, and their respective heirs, personal representatives, legal
representatives, successors, and permitted assigns, any rights or remedies under or by reason of this Agreement. 

23.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument and agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. 
  

			
	 COMPANY:
  

FORWARD AIR CORPORATION

		
	By:	 	/s/ Bruce A. Campbell
		
	Name:	 	Bruce A. Campbell
		
	Title:	 	Chairman, Chief Executive Officer & President
	
	 EXECUTIVE:

 
 /s/ Thomas Schmitt

	Thomas Schmitt

  

  
 11

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