Document:

RESTRICTED SHARE UNIT AGREEMENT
                     UNDER THE AIRCASTLE INVESTMENT LIMITED
                         2005 EQUITY AND INCENTIVE PLAN

                          [EMPLOYEE FORM-INTERNATIONAL]

          This Award Agreement (this "Restricted Share Unit Agreement"), dated
as of _______, 2006 (the "Date of Grant"), is made by and between Aircastle
Investment Limited, a Bermuda exempted company (the "Company") and [__________]
(the "Participant"). Capitalized terms not defined herein shall have the meaning
ascribed to them in the Aircastle Investment Limited 2005 Equity and Incentive
Plan (the "Plan"). Where the context permits, references to the Company shall
include any successor to the Company.

          1. Grant.

               (a) Restricted Share Units. The Company hereby grants to the
Participant [________] units, each unit representing one Share (such units, the
"Restricted Share Units"), subject to all of the terms and conditions of this
Restricted Share Unit Agreement and the Plan.

               (b) Other Stock-Based Award. The Company hereby grants to the
Participant dividend equivalent rights on a notional [__________] Shares (such
rights, the "DERs" and such number of Shares being the "number of DERs"),
subject to all of the terms and Conditions of this Restricted Share Unit
Agreement and the Plan.

          2. Restricted Share Unit Vesting and Issuance of Shares; DER Vesting
and Payment Terms.

               (a) Vesting of Restricted Share Units.

               (i) General. Subject to the provisions set forth below, the
percentage of Restricted Share Units specified for each Vesting Date shall vest
and Shares shall become deliverable to the Participant as follows:

                              Number of
  Vesting Date    Restricted Share Units / Shares
---------------   -------------------------------
[Date of Grant]                 [10]
 January 1, 200                 [15]
 January 1, 200                 [25]
 January 1, 200                 [25]
 January 1, 200                 [25]

                                       -1-

subject in each case to the continued employment of the Participant by the
Company or one of its Subsidiaries or Affiliates, and provided that the
Participant has not given notice of resignation, as of the relevant such Vesting
Date, subject to paragraph (ii) of this Section 2(a).

               (ii) Following Certain Terminations of Employment. Subject to the
next sentence, upon termination of the Participant's employment with the Company
and its Subsidiaries and Affiliates for any reason (including the death or
Disability of the Participant), any Restricted Share Units which have not
already vested shall immediately expire without consideration of any kind and
neither the Participant nor any of the Participant's successors, heirs, assigns,
or personal representatives shall thereafter have any further rights or
interests in such Restricted Share Units. Notwithstanding the foregoing:

               (x) in the event that the Participant's employment with the
          Company or a Subsidiary or Affiliate is terminated without Cause, then
          the Restricted Share Units (if any) which are due to vest at the next
          Vesting Date shall vest on the date of such termination of employment
          and Shares shall be issued to the Participant, subject to the
          Participant's execution of a separation agreement prepared by the
          Company (or any Subsidiary of Affiliate) which includes, inter alia, a
          general release of claims; and

               (y) in the event that the Participant's employment is terminated
          without Cause within 12 months following a Change of Control, then
          100% of the Restricted Share Units that are not vested as of the date
          of such termination shall immediately vest and Shares shall be issued
          to the Participant.

               (iii) Issuance of Shares. Upon vesting of any Restricted Share
Units under this Section 2(a) or Section 5 hereof, and provided that the Lock-Up
Period has expired, if Shares are then certificated by the Company, the Company
shall promptly issue to the Participant one or more share certificates in
respect of such Shares.

               (b) Restrictions. (i) Restricted Share Units. Until the
Restricted Share Units vest and Shares are delivered to the Participant in
respect of such Restricted Share Units as provided in Section 2(a) or Section 5
hereof, or as otherwise provided in the Plan, no transfer of the Restricted
Share Units or any of the Participant's rights with respect to the Restricted
Share Units, whether voluntary or involuntary, by operation of law or otherwise,
shall be permitted, except in accordance with Section 14(b) hereof. Unless the
Administrator determines otherwise, upon any attempt to transfer Restricted
Share Units or any rights in respect of Restricted Share Units before vesting
(except in accordance with Section 14(b) hereof), such Restricted Share Units,
and all of the rights related thereto, shall immediately expire.

               (ii) DERs. No transfer of the DERs or any of the Participant's
rights with respect to the DERs, whether voluntary or involuntary, by operation
of law or

                                        2

otherwise, shall be permitted. Unless the Administrator determines otherwise,
upon any attempt to transfer any DERs or any rights in respect of DERs shall
result in such DERs being immediately forfeited by the Participant without any
consideration of any kind being paid to the Participant in respect thereof, and
neither the Participant nor any of the Participant's successors, heirs, assigns,
or personal representatives shall thereafter have any further rights or
interests in such DERs.

               (c) DER Terms. (i) Vesting. All of the Participant's rights to
the DERs are fully vested on the Date of Grant and the Participant shall be
entitled to receive a cash payment equal to any ordinary dividends paid to
holders of Shares on the date that such dividend is paid to the holders of
Shares.

               (ii) Forfeiture. Upon vesting of any Restricted Shares as
provided in Section 2(a) or Section 5 hereof, or upon a transfer of Restricted
Share Units in accordance with Section 14(b) hereof, or as otherwise provided in
the Plan, the Participant shall forfeit to the Company DERs with respect to an
equivalent number of Shares, without any consideration of any kind being paid to
the Participant in respect thereof, and neither the Participant nor any of the
Participant's successors, heirs, assigns, or personal representatives shall
thereafter have any further rights or interests in such DERs or the notional
Shares on which they were granted. For DERs in respect of any Shares, the period
from the Date of Grant to the date of forfeiture pursuant to the preceding
sentence, the "DER Vested Period").

               (iii) Payment. If, during the DER Vested Period for any DERs, the
record date for any dividends payable in respect of the Shares occurs, then
promptly following the payment of such dividends to holders of such Shares, the
Company shall pay a bonus to the Participant in an amount equal to (x) the
per-share dividend so paid to such holders, multiplied by (y) the number of DERs
vested in the Participant on such record date.

          3. Adjustments. Pursuant to Section 5 of the Plan, in the event of a
change in capitalization as described therein, the Administrator shall make such
equitable changes or adjustments as it deems necessary or appropriate to the
number and kind of securities or other property (including cash) issued or
issuable in respect of outstanding Restricted Share Units and DERs.

          4. [Intentionally Omitted].

          5. Certain Changes. The Administrator may accelerate the Vesting Date
for, or otherwise adjust any of the terms of, the Restricted Share Units;
provided that, subject to Section 5 of the Plan, no action under this Section
shall adversely affect the Participant's rights hereunder.

          6. Notices. All notices and other communications under this Restricted
Share Unit Agreement shall be in writing and shall be given by facsimile or
first class mail, certified or registered with return receipt requested, and
shall be deemed to have been duly given three days after mailing or 24 hours
after transmission by facsimile

                                        3

to the respective parties, as follows: (i) if to the Company, c/o Aircastle
Advisor LLC, 300 First Stamford Place, 5th Floor, Stamford CT 06902, Attn:
General Counsel and (ii) if to the Participant, using the contact information on
file with the Company. Either party hereto may change such party's address for
notices by notice duly given pursuant hereto.

          7. Securities Laws Requirements. The Company shall not be obligated to
issue Shares to the Participant if such transfer, in the opinion of counsel for
the Company, would violate the Securities Act of 1933, as amended (the
"Securities Act") (or any other federal or state statutes having similar
requirements as may be in effect at that time).

          8. No Obligation to Register. The Company shall be under no obligation
to register the Shares pursuant to the Securities Act or any other federal or
state securities laws.

          9. Protections Against Violations of Agreement; Escrow. Except for
transfers of Restricted Share Units in accordance with Section 14(b) hereof, no
purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge,
encumbrance, gift, transfer in trust (voting or other) or other disposition of,
or creation of a security interest in or lien on, any of the Restricted Share
Units or DERs by any holder thereof in violation of the provisions of this
Restricted Share Unit Agreement will be valid, and the Company will not transfer
any of said Restricted Share Units on its books, nor will any distributions be
paid thereon, unless and until there has been full compliance with said
provisions to the satisfaction of the Company. The foregoing restrictions are in
addition to and not in lieu of any other remedies, legal or equitable, available
to enforce said provisions.

          10. Taxes. The Participant understands that he or she (and not the
Company) shall be responsible for any tax liability that may arise as a result
of the transactions contemplated by this Restricted Share Unit Agreement. The
Participant shall pay to the Company promptly upon request, and in any event at
the time the Participant recognizes taxable income in respect of the grants
hereunder, or the Company or an affiliate may at its option deduct from the
Participant's next normal payroll, an amount equal to the taxes the Company
determines it is required to withhold at the lowest applicable rate determined
by the Company under applicable tax laws with respect to the grants hereunder.
The Participant may satisfy the foregoing requirement by making a payment to the
Company in cash or, with the approval of the Administrator, in its sole
discretion, by electing to have the Company repurchase Shares which the
Participant already owns and in such event the Company shall repurchase such
number of Shares having a value equal to the minimum amount of tax required to
be withheld. Such Shares shall be valued at their Fair Market Value on the date
as of which the amount of tax to be withheld is determined. Any fractional
amounts shall be settled in cash.

The Participant acknowledges that the tax laws and regulations applicable to the
Restricted Share Units and DERs and the disposition of the Shares the
Participant may receive following vesting of the Restricted Share Units are
complex and subject to change,

                                        4

and it is the sole responsibility of the Participant to obtain his or her own
advice as to the tax treatment of the terms of this Restricted Share Unit
Agreement.

     BY SIGNING THIS AGREEMENT, THE PARTICIPANT REPRESENTS THAT HE OR SHE HAS
     REVIEWED WITH HIS OR HER OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND
     FOREIGN TAX CONSEQUENCES OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
     AND THAT HE OR SHE IS RELYING SOLELY ON SUCH ADVISORS AND NOT ON ANY
     STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY OF ITS AGENTS. THE
     PARTICIPANT UNDERSTANDS AND AGREES THAT HE OR SHE (AND NOT THE COMPANY)
     SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF
     THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT

          11. Failure to Enforce Not a Waiver. The failure of the Company to
enforce at any time any provision of this Restricted Share Unit Agreement shall
in no way be construed to be a waiver of such provision or of any other
provision hereof.

          12. Confidentiality. The Participant acknowledges [and agrees to
comply with the confidentiality covenant in his/her employment letter dated
____________][that during the period of his employment with the Company or any
Subsidiary of Affiliate, he or she shall have access to the Company's
Confidential Information (as defined below). All books of account, records,
systems, correspondence, documents, and any and all other data, in whatever
form, concerning or containing any reference to the works and business of the
Company or its affiliated companies shall belong to the Company and shall be
given up to the Company whenever the Company requires the Participant to do so.
The Participant agrees that the Participant shall not at any time during the
term of the Participant's employment or thereafter, without the Company's prior
written consent, disclose to any person (individual or entity) any information
or any trade secrets, plans or other information or data, in whatever form,
(including, without limitation, (a) any financing strategies and practices,
pricing information and methods, training and operational procedures,
advertising, marketing, and sales information or methodologies or financial
information and (b) any Proprietary Information (as defined below)), concerning
the Company's or any of its affiliated companies' or customers' practices,
businesses, procedures, systems, plans or policies (collectively, "Confidential
Information"), nor shall the Participant utilize any such Confidential
Information in any way or communicate with or contact any such customer other
than in connection with the Participant's employment by the Company. The
Participant hereby confirms that all Confidential Information constitutes the
Company's exclusive property, and that all of the restrictions on the
Participant's activities contained in this Agreement and such other
nondisclosure policies of the Company are required for the Company's reasonable
protection. Confidential Information shall not include any information that has
otherwise been disclosed to the public not in violation of this Agreement. This
confidentiality provision shall survive the termination of this Restricted Share
Unit Agreement and shall not be limited by any other confidentiality agreements
entered into with the Company or any of its affiliates.

                                        5

With respect to any Confidential Information that constitutes a "trade secret"
pursuant to applicable law, the restrictions described above shall remain in
force for so long as the particular information remains a trade secret or for
the two year period immediately following termination of Participant's
employment for any reason, whichever is longer. With respect to any Confidential
Information that does not constitute a "trade secret" pursuant to applicable
law, the restrictions described above shall remain in force during Participant's
employment and for the two year period immediately following termination of
Participant's employment for any reason.

The Participant agrees that the Participant shall promptly disclose to the
Company in writing all information and inventions generated, conceived or first
reduced to practice by him alone or in conjunction with others, during or after
working hours, while in the employ of the Company (all of which is collectively
referred to in this Agreement as "Proprietary Information"); provided, however,
that such Proprietary Information shall not include (a) any information that has
otherwise been disclosed to the public not in violation of this Agreement and
(b) general business knowledge and work skills of the Participant, even if
developed or improved by the Participant while in the employ of the Company. All
such Proprietary Information shall be the exclusive property of the Company and
is hereby assigned by the Participant to the Company. The Participant's
obligation relative to the disclosure to the Company of such Proprietary
Information anticipated in this Section shall continue beyond the Participant's
termination of employment and the Participant shall, at the Company's expense,
give the Company all assistance it reasonably requires to perfect, protect and
use its right to the Proprietary Information.

For purposes of this Section, the "Company" refers to the Company and any
incorporated or unincorporated affiliates of the Company, including any entity
which becomes the Participant's employer as a result of any reorganization or
restructuring of the Company for any reason. The Company shall be entitled, in
connection with its tax planning or other reasons, to terminate the
Participant's employment (which termination shall not be considered a
termination for any purposes of this Restricted Share Unit Agreement, any
employment agreement or otherwise) in connection with an invitation from another
affiliate of the Company to accept employment with such affiliate in which case
the terms and conditions hereof shall apply to the Participant's employment
relationship with such entity mutatis mutandis.]

          13. Lock-Up.

               (a) The Participant agrees that, during the period specified in
Section 13(b) (the "Lock-Up Period"), he or she will not offer, sell, contract
to sell, charge, pledge, grant any option to purchase, make any short sale or
otherwise dispose of any Restricted Share Units or any Shares to which the
Participant may become entitled through the vesting of Restricted Share Units
(including for all purposes of this Section 13 such Shares) (such Restricted
Share Units and Shares being sometimes referred to together as the "Locked-Up
Shares"), except as set forth in Section 13(d) hereof or Section 14(a) or 14(b)
hereof. The foregoing restriction is expressly agreed to preclude the
Participant

                                        6

from engaging in any hedging or other transaction which is designed to or which
reasonably could be expected to lead to or result in a sale or disposition of
the Locked-Up Shares even if such shares would be disposed of by someone other
than the Participant. Such prohibited hedging or other transactions would
include without limitation any short sale or any purchase, sale or grant of any
right (including without limitation any put or call option) with respect to any
of the Locked-Up Shares or with respect to any security that includes, relates
to, or derives any significant part of its value from such shares.

               (b) The initial Lock-Up Period will commence on the Date of Grant
and continue for 120 days after the initial Public Offering (as defined in
Section 14(a) hereof) date set forth on the final prospectus used to sell the
Shares (the "Public Offering Date"); provided, however, that if (i) during the
last 17 days of the initial Lock-Up Period, the Company releases earnings
results or announces material news or a material event or (ii) prior to the
expiration of the initial Lock-Up Period, the Company announces that it will
release earnings results during the 15-day period following the last day of the
initial Lock-Up Period, then in each case the Lock-Up Period will be
automatically extended until the expiration of the 18-day period beginning on
the date of release of the earnings results or the announcement of the material
news or material event, as applicable, unless the initial Public Offering
underwriters each waives, in writing, such extension.

               (c) The Participant further agrees that, prior to engaging in any
transaction or taking any other action that is subject to the terms of this
Restricted Share Unit Agreement during the period from the Date of Grant to and
including the 34th day following the expiration of the initial Lock-Up Period
(except in accordance with Section 14(a) or 14(b) hereof), it will give notice
thereof to the Company and will not consummate such transaction or take any such
action unless it has received written confirmation from the Company that the
Lock-Up Period (as such may have been extended pursuant to the previous
paragraph) has expired."

               (d) Notwithstanding the foregoing, if the Participant has become
entitled to Shares through the vesting of Restricted Share Units pursuant to
this Restricted Share Unit Agreement, then the Participant may transfer such
Shares during the Lock-Up Period (i) as a bona fide gift or gifts, provided that
the donee or donees thereof agree to be bound in writing by the restrictions set
forth herein, (ii) to any trust for the direct or indirect benefit of the
Participant or the immediate family of the Participant, provided that the
trustee of the trust agrees to be bound in writing by the restrictions set forth
herein, and provided further that any such transfer shall not involve a
disposition for value, or (iii) with the prior written consent of the Company.
For purposes of this Section 13, "immediate family" shall mean any relationship
by blood, marriage or adoption, not more remote than first cousin. The
Participant also agrees and consents to the entry of stop transfer instructions
with the Company's transfer agent and registrar against the transfer of the
Locked-Up Shares except in compliance with the foregoing restrictions.

               (e) The Participant understands that the Company is relying upon
the Participant's agreement in this Section 13 in proceeding toward consummation
of the initial Public Offering. The Participant further understands that
Participant's

                                        7

agreement in this Section 13 is irrevocable and shall be binding upon the
Participant's heirs, legal representatives, successors, and assigns.

          14. Tag Along and Drag Along Rights.

               (a) Tag Along Rights. Prior to the initial Public Offering by the
Company, in the event that the Fortress Shareholders (as defined in this
Section) shall propose to transfer, in one or more transactions, more than 50%
of the Shares they collectively own to a third party or third parties (other
than another Fortress Shareholder) (a "Proposed Purchaser"), the Participant
shall have the right and option (the "Tag Along Right"), but not the obligation,
to participate in such sale, at the same price (which shall take into account
all consideration proposed to be paid by the Proposed Purchaser to the Fortress
Shareholders in such sale) and on the same terms and subject to the same
conditions as the sale proposed by the Fortress Shareholders, by transferring up
to the same proportion of the Shares to which the Participant has become
entitled through the previous vesting of Restricted Share Units pursuant to this
Agreement as the proportion of Fortress Shareholders' Shares that shall be
transferred in such sale. Fortress Shareholders shall notify the Company and the
Participant in writing of any such proposed sale at least thirty (30) days prior
to the proposed effective date of such proposed sale, which notice shall specify
the name and address of the Proposed Purchaser in such sale, (ii) the proposed
purchase price to be paid by the Proposed Purchaser in such sale, (iii) the
other material terms and conditions of such proposed sale, (iv) the proposed
effective date of the proposed sale and (vi) that the Proposed Purchaser has
been informed of the Tag Along Right and has agreed to purchase the
Participant's Shares. The Participant may exercise the Tag Along Right in
respect of any such sale by notifying the Company and the Fortress Shareholders
in writing within ten (10) days following notice from the Fortress Shareholders
described in the preceding sentence, but in any event no later than fifteen (15)
days prior to the proposed effective date of such proposed sale, and,
thereafter, shall be irrevocably bound to participate in such sale on such terms
and shall execute and deliver any purchase agreement or other certificate,
instrument or other agreement required by the Proposed Purchaser to consummate
the proposed sale. For purposes of this Agreement, (i) "Fortress Shareholder"
shall have the same meaning as Permitted Transferee, and shall include the FIG
Funds, as each such term is defined in the Plan, that currently own Shares; and
(ii) "Public Offering" shall mean an offering of equity securities of the
Company pursuant to an effective registration statement under the Securities
Act, including an offering in which the Fortress Shareholders are entitled to
sell Shares.

               (b) Drag Along Rights. Prior to the initial Public Offering by
the Company, in the event that the Fortress Shareholders shall propose to
transfer, in one or more transactions, more than 50% of the Shares they
collectively own to a Proposed Purchaser, the Fortress Shareholders shall have
the right and option (the "Drag Along Right"), but not the obligation, to compel
the Participant to participate in such sale, at the same price per Share or
Restricted Share Unit (which price shall take into account all consideration
proposed to be paid by the Proposed Purchaser to the Fortress Shareholders in
such sale) and on the same terms and subject to the same conditions as the sale
proposed by the Fortress Shareholders, by transferring up to the same proportion
of the

                                        8

Restricted Share Units and Shares to which the Participant has become entitled
through the vesting of Restricted Share Units pursuant to this Agreement as the
proportion of the Fortress Shareholders' Shares that shall be transferred in
such sale. Notwithstanding any other provision of this Agreement, any otherwise
applicable restrictions on Transfer shall not apply to a Transfer pursuant to
this Section 14(b) and, after the consummation of such Transfer, shall not apply
to such Shares in the hands of the Proposed Purchaser or the Proposed
Purchaser's successors; provided, however that any Restricted Share Units shall
be cancelled upon consummation of the Transfer. Fortress Shareholders may
exercise the Drag Along Right in respect of any such sale by notifying the
Company and the Participants in writing no later than fifteen (15) days prior to
the proposed effective date of such proposed sale of (i) the proposed purchase
price to be paid by the Proposed Purchaser in such sale, (ii) the other material
terms and conditions of such proposed sale and (iii) the proposed effective date
of the proposed sale. Upon receipt of such notice, the Participant shall execute
and deliver any purchase agreement or other certificate, instrument or other
agreement required by the Proposed Purchaser to consummate the proposed sale on
or prior to the proposed effective date.

          15. Governing Law. This Restricted Share Unit Agreement shall be
governed by and construed according to the laws of Bermuda.

          16. Incorporation of Plan. The Plan is hereby incorporated by
reference and made a part hereof, and the Restricted Share Units and this
Restricted Share Unit Agreement shall be subject to all terms and conditions of
the Plan and this Restricted Share Unit Agreement.

          17. Amendments; Construction. The Administrator may amend the terms of
this Restricted Share Unit Agreement prospectively or retroactively at any time,
but no such amendment shall impair the rights of the Participant hereunder
without his or her consent. To the extent the terms of Section 12 above conflict
with any prior agreement between the parties related to such subject matter, the
terms of Section 12 shall supersede such conflicting terms and control. Headings
to Sections of this Restricted Share Unit Agreement are intended for convenience
of reference only, are not part of this Restricted Share Unit Agreement and
shall have no affect on the interpretation hereof.

          18. Survival of Terms. This Restricted Share Unit Agreement shall
apply to and bind the Participant and the Company and their respective permitted
assignees and transferees, heirs, legatees, executors, administrators and legal
successors.

          19. Rights as a Shareholder. Until Shares have been issued to the
Participant in accordance with Section 2(a), the Participant shall not have any
of the rights of a shareholder with respect to Restricted Share Units.
Accordingly, the Participant shall not have the right to vote the Restricted
Share Units. The grant of DERs with respect to a notional number of Common
Shares shall not confer on the Participant any rights whatsoever as a
shareholder of any such shares of Common Shares.

          20. Agreement Not a Contract for Services. Neither the Plan, the
granting of the Restricted Share Units, this Restricted Share Unit Agreement nor
any other

                                        9

action taken pursuant to the Plan shall constitute or be evidence of any
agreement or understanding, express or implied, that the Participant has a right
to continue to provide services as an officer, director, employee, consultant or
advisor of the Company or any Subsidiary or Affiliate for any period of time or
at any specific rate of compensation.

          21. Authority of the Administrator; Disputes. The Administrator shall
have full authority to interpret and construe the terms of the Plan and this
Restricted Share Unit Agreement. The determination of the Administrator as to
any such matter of interpretation or construction shall be final, binding and
conclusive.

          22. Representations. The Participant has reviewed with the
Participant's own tax advisors the Federal, state, local and foreign tax
consequences of the transactions contemplated by this Restricted Share Unit
Agreement. The Participant is relying solely on such advisors and not on any
statements or representations of the Company or any of its agents. The
Participant understands that he or she (and not the Company) shall be
responsible for any tax liability that may arise as a result of the transactions
contemplated by this Restricted Share Unit Agreement.

          23. Severability. Should any provision of this Restricted Share Unit
Agreement be held by a court of competent jurisdiction to be unenforceable, or
enforceable only if modified, such holding shall not affect the validity of the
remainder of this Restricted Share Unit Agreement, the balance of which shall
continue to be binding upon the parties hereto with any such modification (if
any) to become a part hereof and treated as though contained in this original
Restricted Share Unit Agreement.

          24. Acceptance. The Participant hereby acknowledges receipt of a copy
of the Plan and this Restricted Share Unit Agreement. The Participant has read
and understands the terms and provisions of the Plan and this Restricted Share
Unit Agreement, and accepts the Restricted Share Units subject to all the terms
and conditions of the Plan and this Restricted Share Unit Agreement. The
Participant hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Administrator upon any questions arising
under this Restricted Share Unit Agreement.

                                       10

          IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Restricted Share Unit Agreement on the day and year first above written.

                                        AIRCASTLE INVESTMENT LIMITED

                                        By
                                           -------------------------------------
                                        Name
                                             -----------------------------------
                                        Title
                                              ----------------------------------

                                        [NAME]

                                        ----------------------------------------
                                        The Participant

                                       11[Aircastle Advisors LLC letterhead]

May 2, 2005

Mr. Ron Wainshal
10 Reimer Road
Westport, CT 06880

Dear Ron:

     It is with great pleasure that we extend to you an offer to join Aircastle
Advisor LLC (together with its Affiliates (as defined below) and their
respective successors and assigns, the "Company" or "Aircastle") on the terms
and conditions set forth below.

Title:                     Chief Executive Officer of Aircastle Advisor LLC.
                           Aircastle Advisor LLC is a subsidiary of Aircastle
                           Investment Limited.

                           You will perform such duties as are required by the
                           Company from time to time and normally associated
                           with the Chief Executive Officer position, together
                           with such additional duties, commensurate with such
                           position, as may be assigned to you from time to time
                           by the Company's Board of Directors ("Board"),
                           consistent, in the case of the overall direction and
                           strategy of the Company, with the Board's directives
                           in respect thereof. You will report to the Board, and
                           not any other officer of the Company; officers of the
                           Company will report to you. You will have the
                           authority to cause the employment or appointment of
                           such employees and agents of the Company as the
                           proper conduct of operations may require (other than
                           such officers of the Company as, pursuant to the
                           Company's Bylaws, are to be appointed by the Board,
                           as to whom the Board will consult with you and take
                           into account your recommendations) and to remove or
                           suspend any such employee or agent who shall have
                           been employed or appointed under your authority or
                           under the authority of an officer subordinate to you,
                           and to suspend for cause, pending final action by the
                           Board, any officer subordinate to you.

Start Date:                On or about May 19, 2005 (the actual date on which
                           you commence employment, as shall be mutually agreed
                           by you and the Company, the "Start Date").

IPO:                       The Company acknowledges that it is the Company's
                           current intent to conduct an initial public offering
                           of shares of Aircastle Investment Limited within one
                           year of your Start Date.

Location:                  Initially at the US offices of Aircastle, currently
                           located at 1251 Avenue of the Americas, New York, NY.
                           The Company shall use reasonable

                           commercial efforts to relocate the offices of
                           Aircastle to the Stamford CT area no later than
                           October 1, 2005.

Base Salary:               Your base salary is $200,000, payable in regular
                           installments in accordance with the Company's normal
                           payroll practices. Your base salary will not be
                           reduced without your consent.

Guaranteed Bonus:          You shall receive in cash additional compensation
                           from the Company in respect of 2005 in the amount of
                           at least $400,000 (your "Guaranteed 2005 Bonus"). The
                           Guaranteed 2005 Bonus will be paid as soon as
                           practicable after performance results in respect of
                           2005 have been determined, but in no event later than
                           January 31, 2006.

Initial Grant              In connection with your joining the Company, you
                           shall be awarded a one- time grant (the "Grant") of
                           shares of restricted stock valued between $2.5
                           million and $3 million, with the first $2.5 million
                           to be granted as soon after the start date as is
                           practicable and any addition amounts to be awarded
                           pursuant to a determination of the Company's managing
                           member, in its sole discretion, prior to the earlier
                           of the end of this year (December 31, 2005) and an
                           initial public offering of Aircastle Investment
                           Limited. The number of shares of restricted stock
                           awarded to you will be calculated on the same basis
                           (i.e. amount divided by $10 = number of shares,
                           subject of course to adjustments for any stock splits
                           (or other similar changes) that occur between the
                           date hereof and the date of grant) as that used by
                           Fortress affiliated funds in connection with the
                           initial capitalization of Aircastle. The Grant shall
                           vest as follows: (i) 10% of the shares subject to the
                           Grant on the first anniversary of your Start Date,
                           (ii) 15% of the shares subject to the Grant on the
                           second anniversary of your Start Date, (iii) 25% of
                           the shares subject to the Grant on the third
                           anniversary of your Start Date; (iv) 25% of the
                           shares subject to the Grant on the fourth anniversary
                           of your Start Date and (v) the remaining 25% of the
                           shares subject to the Grant on the fifth anniversary
                           of your Start Date. You will receive payment of all
                           dividends declared on all shares of restricted stock
                           covered by the Grant, whether or not vested on the
                           same basis as other holders of shares of common
                           stock. The Grant will be made pursuant to a
                           restricted stock agreement in form and substance
                           customary under such circumstances, including
                           provisions providing that if the Company terminates
                           your employment with Cause (as hereinafter defined)
                           you shall forfeit all unvested shares of stock
                           subject to the Grant and:

                                (i)  If the Company (or a successor) terminates
                                     your employment without Cause or you
                                     terminate your employment with Good Reason
                                     at any time prior to the fifth anniversary
                                     of your Start Date, you shall immediately
                                     vest in 50% of the then unvested shares,
                                     and

                                (ii) You shall be vested in 100% of the shares
                                     subject to the Grant if both (x) a change
                                     of control (to be defined in the Company's
                                     incentive stock award plan) occurs and (y)
                                     either (i) the

                                        2

                                     Company (or its successor) terminates your
                                     employment without Cause or (ii) you
                                     terminate your employment with Good Reason,
                                     in each such event, within 12 months of
                                     such change of control.

Annual Discretionary       The Company may in its sole discretion decide to
Incentive Compensation:    grant you additional compensation or an additional
                           bonus for calendar year 2005 and subsequent years;
                           however this Letter Agreement does not entitle you to
                           such a payment (other than, as provided above, the
                           Guaranteed 2005 Bonus). Notwithstanding the
                           foregoing, your additional bonuses (if any) shall be
                           on terms and conditions no less favorable to you than
                           those applicable to similarly situated employees of
                           the Company (not including terms and conditions set
                           forth in employment agreements entered into at the
                           time of the hiring of an individual) and shall be
                           paid to you at the same time bonuses are paid to such
                           other employees, but in no event later than 90 days
                           following the end of the year following the year in
                           which such bonus was earned.

                           The following outlines what we anticipate will be the
                           Company's approach to incentive compensation, subject
                           to the foregoing paragraphs, although the Company
                           will be free to change its incentive compensation
                           methodology from time to time (so long as any such
                           change does not result in a material diminution in
                           the value of the Grant or any other awards granted to
                           you prior to the effective date thereof): you can
                           expect that a portion of each year's annual bonus
                           will be paid in cash (either at the end of the
                           applicable fiscal year or at the beginning of the
                           subsequent fiscal), and that the remaining portion of
                           the bonus will be paid as grant of restricted stock,
                           with the portion of the bonus to be paid in stock to
                           increase with levels of compensation. The number of
                           such shares of restricted stock to be granted will be
                           calculated by dividing the amount being paid in
                           shares of restricted stock by the Fair Market Value
                           of the stock on the date of grant. For purposes of
                           this Letter Agreement, the term "Fair Market Value"
                           shall have the meaning set forth in the Company's
                           incentive stock award plan under which the grant is
                           made.

                           Generally, restrictions on such shares of restricted
                           stock will lapse (i) 10% of the shares subject to the
                           applicable grant on the first anniversary of the
                           grant date, (ii) 15% of the shares subject to the
                           applicable grant on the second anniversary of the
                           applicable grant, (iii) 25% of the shares subject to
                           the applicable grant on the third anniversary of the
                           applicable grant; (iv) 25% of the shares subject to
                           the applicable grant on the fourth anniversary of the
                           applicable grant and (v) the remaining 25% of the
                           shares subject to the applicable grant on the fifth
                           anniversary of the applicable grant. You would
                           receive dividends on unvested shares.

                           Payment of additional compensation or a bonus in any
                           given fiscal or calendar year does not entitle you to
                           additional compensation or a bonus in any subsequent
                           year. You must be employed by the Company (or any
                           Affiliate of Aircastle for whom you may be employed
                           on a full-time basis at the time) at the time any
                           bonus, including the Guaranteed 2005 Bonus, or

                                       3

                           additional compensation is to be paid in order to be
                           eligible therefore.

                           In the event that the Company terminates your
                           employment (other than in the case where you are
                           offered employment by any Affiliate of or successor
                           to the Company) without Cause (as defined below) or
                           you terminate your employment for Good Reason (as
                           defined below), (i) if such termination occurs prior
                           to the date on which you have been paid your
                           Guaranteed 2005 Bonus, the Company shall pay you an
                           amount equal to the sum of (x) six months of your
                           base salary at the time of such termination plus (y)
                           your Guaranteed 2005 Bonus, and (ii) if such
                           termination occurs thereafter, then the Company shall
                           pay you an amount equal to the sum of (x) six months
                           of your base salary at the time of such termination
                           plus (y) $200,000 (or 50% of your Guaranteed 2005
                           Bonus"), such amount to be paid within thirty (30)
                           days of such date of termination, provided you sign a
                           general release of claims.

                           A termination of your employment in the event of your
                           death or disability shall not be deemed a termination
                           without Cause under this Agreement for any reason,
                           including the provisions relating to the vesting of
                           any shares of restricted stock; however,
                           notwithstanding the foregoing, you shall receive your
                           Guaranteed 2005 Bonus in the event of a termination
                           in the event of your death or disability that occurs
                           prior to the date on which you have been paid your
                           Guaranteed 2005 Bonus, within 30 days of such
                           termination.

Co-investment              You agree to invest between $50,000 and $100,000 in
                           common stock at the same price per share as was paid
                           by Fortress affiliated funds in connection with the
                           initial capitalization of Aircastle; such shares
                           shall not be subject to any vesting restrictions.

Expense Reimbursement:     The Company will reimburse business expenses incurred
                           in the ordinary course of business. The Company will
                           pay the cost of legal fees of Morrison Cohen LLP
                           incurred in connection with representing you in
                           relation to this Letter Agreement at our request.

Benefits:                  You (and your eligible dependents, if any) may at
                           your election be covered under such health insurance,
                           employee benefit, savings, pension, profit sharing,
                           life insurance and disability plans as cover other
                           senior executives of Aircastle from time to time,
                           subject to applicable exclusions and limitations. You
                           are eligible to participate in Aircastle's 401(k)
                           plan, if any, subject to the terms of the plan. You
                           are eligible to participate in all other perquisite
                           and benefit arrangements generally made available by
                           Aircastle to its senior executives, subject to the
                           terms of such plans or programs. Each such benefit is
                           subject to modification, including elimination, from
                           to time, at Aircastle's sole discretion. You shall be
                           entitled to vacation of 20 days per year, with a
                           maximum carry over to a subsequent year of 20 days to
                           the extent vacation days are unused, in accordance
                           with Aircastle's vacation policies.

"Cause;" "Good             For purposes of this Letter Agreement, "Cause" means
                           (i) your commission of

                                       4

Reason"                    an act of fraud or dishonesty in connection with your
                           employment; (ii) your indictment, conviction or
                           entering of a plea of nolo contendere for a crime
                           constituting a felony; (iii) your gross negligence or
                           willful misconduct in connection with your employment
                           that is materially detrimental to Aircastle; (iv)
                           the habitual use of drugs or habitual, excessive use
                           of alcohol to the extent that any of such uses in the
                           Board's good faith determination materially
                           interferes with the performance of your duties as
                           Chief Executive Officer of Aircastle; and (v) your
                           commission of any material breach of any of the
                           restrictive covenants set forth herein or material
                           breach of any reasonable and lawful directive of the
                           Board after written notice thereof from the Board is
                           given in writing and such breach is not cured to the
                           reasonable satisfaction of the Company within a
                           reasonable period of time (not greater than 30 days)
                           under the circumstances.

                           For the sake of clarity, if the definition of "Cause"
                           set forth above conflicts with such definition in any
                           stock incentive plan or agreement of the Company or
                           any of its Affiliates, including the Company's
                           incentive stock award plan or any other such plan or
                           agreement under which the Grant or any subsequent
                           grant of restricted stock shall be made, the
                           definition set forth herein shall control.

                           "Good Reason" means the occurrence, without your
                           express prior written consent, of any of the
                           following: (i) the failure by the Company to pay you
                           any portion of your base salary or declared bonus
                           within thirty (30) days of the date such compensation
                           is due, (ii) the relocation of the Company's US
                           headquarters to a location outside a twenty (20) mile
                           radius from Stamford Connecticut, (iii) any senior
                           officer of the Company (including, for the sake of
                           clarity, senior officer of Aircastle Investment
                           Limited or any Affiliate, whether located in the U.S.
                           or abroad) being instructed (other than by you) to
                           report directly to anyone other than you; or (iv)
                           Aircastle Investment Limited being no longer
                           primarily engaged in investing in airplanes and/or
                           airplane related assets, including airplane backed
                           debt instruments or (v) only following a change of
                           control (as defined in the Company's incentive stock
                           award plan), in the event that your total cash
                           compensation attributable to any calendar year that
                           ends following such change in control (i.e., without
                           regard to whether the bonus in respect of such year
                           is paid prior to the end of such year or at the
                           beginning of the following year), is less than
                           $500,000, and you resign because of and within 90
                           days of the last day of such calendar year.

Policies and Procedures:   You agree to comply in all material respects with all
                           of the Company's policies and procedures, as amended
                           from time to time except to the extent that a
                           particular policy or procedure conflicts with an
                           express provision of this Agreement, and for so long
                           as your place of work is co-located at Fortress
                           offices, all Fortress policies and procedures, as
                           amended from time to time.

Termination:               If your employment with the Company terminates for
                           any reason, you hereby

                                       5

                           agree that you shall immediately resign from all
                           positions (including, without limitation, any
                           management, officer or director position) that you
                           hold on the date of such termination with the
                           Company, or any of the their respective affiliates or
                           with any entity in which the Company or any of its
                           affiliates has made any investment. You hereby agree
                           to execute and deliver such documentation reasonably
                           required by the Company as may be necessary or
                           appropriate to enable the Company, any of the
                           Company's affiliates or any entity in which the
                           Company or any of its affiliates has made an
                           investment to effectuate such resignation, and in any
                           case, your execution of this Letter Agreement shall
                           be deemed the grant by you to the officers of the
                           Company of a limited power of attorney to sign in
                           your name and on your behalf such documentation
                           solely for the limited purposes of effectuating such
                           resignation.

Representation:            You represent that you are free to be employed
                           hereunder without any contractual restrictions,
                           express or implied, with respect to any of your prior
                           employers. You represent that you have not taken or
                           otherwise misappropriated and you do not have in your
                           possession or control any confidential and
                           proprietary information belonging to any of your
                           prior employers or connected with or derived from
                           your services to prior employers. You represent that
                           you have returned to all prior employers any and all
                           such confidential and proprietary information. You
                           further acknowledge that Aircastle and Fortress have
                           informed you that you are not to use or cause the use
                           of such confidential or proprietary information in
                           any manner whatsoever in connection with your
                           employment by Aircastle. You agree that you will not
                           use such information as described above.

                           You represent that you understand that this Letter
                           Agreement sets forth the terms and conditions of your
                           employment relationship with Aircastle and supercedes
                           any other agreement, written or oral, with respect
                           thereto. You further agree to keep the terms of this
                           Letter Agreement confidential and not to disclose any
                           of the terms or conditions hereof to any other
                           person, including any employee of Aircastle or
                           Fortress, except your attorney or accountant or, upon
                           the advice of counsel after notice to Aircastle, as
                           may be required by law or as may be required in order
                           to enforce or defend against the enforcement of this
                           Letter Agreement.

Restrictive Covenants:     You shall not, directly or indirectly, without prior
                           written consent of Aircastle, provide consultative
                           services to, own, manage, operate, join, control,
                           participate in, be engaged in, be employed by or be
                           connected with, any business, individual, partner,
                           firm, corporation or other entity, including without
                           limitation any business, individual, partner, firm,
                           corporation, or other entity that directly or
                           indirectly competes with (any such action,
                           individually, and in the aggregate, to "compete
                           with"), Aircastle at any time during your employment.

                                       6

                           In the event that the Company terminates your
                           employment with Cause or you terminate your
                           employment with the Company other than for Good
                           Reason, such restrictions shall apply for six (6)
                           months after the effective date of such termination
                           solely as to any aircraft leasing and/or aircraft
                           finance business engaged in by Aircastle Investment
                           Limited (or its successor in interest) and its
                           subsidiaries. Notwithstanding anything else herein,
                           the mere "beneficial ownership" by you, either
                           individually or as a member of a "group" (as such
                           terms are used in Rule 13(d) issued under the
                           Securities Exchange Act of 1934) of not more than 5%
                           of the voting stock of any public company shall not
                           be deemed in violation of this Letter Agreement.

                           The foregoing restrictions shall not apply:

                                (i)   Following the termination of your
                                      employment if the Company terminates your
                                      employment without Cause or you terminate
                                      your employment for Good Reason; or

                                (ii)  In the event that the Company fails to
                                      relocate its US headquarters from New York
                                      to a location within 20 miles of Stamford
                                      Connecticut by October 1, 2005 and you
                                      resign because of such failure within 30
                                      days of such date.

                                (iii) In the event that your total cash
                                      compensation attributable to any calendar
                                      year (i.e., without regard to whether the
                                      bonus in respect of such year is paid
                                      prior to the end of such year or at the
                                      beginning of the following year), and
                                      taking into account the amount of
                                      dividends paid on shares of stock that
                                      have been granted under restricted stock
                                      grants (including the initial Grant) then
                                      held by you (assuming, for such purpose,
                                      that you hold all shares that have ever
                                      been granted to you under restricted stock
                                      grants, and ignoring therefore
                                      dispositions of such shares, whether as
                                      gifts, for estate planning purposes, to
                                      third parties or otherwise), is less than
                                      $600,000, and you resign because of and
                                      within 90 days of the last day of such
                                      calendar year.

                           You shall keep secret and retain in strictest
                           confidence, and shall not use for your benefit or the
                           benefit of others, except in connection with the
                           business and affairs of the Company (which, for
                           purposes of and in each instance used in this
                           paragraph, shall include Fortress (including any fund
                           managed by Fortress or any of its affiliates during
                           or prior to the period of your employment with the
                           Company), all confidential information of and
                           confidential matters (whether made available in
                           written, electronic form or orally) relating to (x)
                           the Company's business and the Company (including,
                           without limitation, the actual investments of the
                           Company, the contemplated investments of the Company,
                           and the financial performance of Aircastle

                                       7

                           Investment Limited), (y) all corporations or other
                           business organizations in which the Company has or
                           has had an investment and (z) third parties, learned
                           by you heretofore or hereafter directly or indirectly
                           in connection with your employment or from the
                           Company (the "Confidential Company Information").

                           In consideration of, and as a condition to, continued
                           access to Confidential Company Information, and
                           without prejudice to or limitation on any other
                           confidentiality obligation imposed by agreement or
                           law, you hereby undertake to use and protect
                           Confidential Company Information in accordance with
                           restrictions placed on its use or disclosure. You
                           shall not disclose Confidential Company Information
                           to anyone outside of the Company except with the
                           Company's express written consent. The foregoing
                           restrictions shall not apply to Confidential Company
                           Information (A) that is or becomes a matter of public
                           information other than as a result of a breach of
                           this Letter Agreement by you; (B) is received by you
                           from a third party not under an obligation to any
                           person to keep such information confidential; or (C)
                           was (x) independently developed by you or on you
                           behalf without use of or access to Confidential
                           Information and (y) that does not relate to the
                           business or prospective businesses of the Company.
                           All memoranda, notes, lists, records, property and
                           any other tangible product and documents (and all
                           copies and excerpts thereof), whether visually
                           perceptible, machine-readable or otherwise, made,
                           produced or compiled by you or made available to you
                           concerning the business of the Company, (i) shall at
                           all times be the property of the Company and shall be
                           delivered to the Company at any time upon its
                           request, and (ii) upon your termination of
                           employment, shall be immediately returned to the
                           Company or, provided you certify to the Company to
                           such effect, destroyed. The foregoing shall not limit
                           any other confidentiality obligations imposed by
                           agreement or by law.

                           You shall not voluntarily publish or make any
                           statement (x) under circumstances reasonably likely
                           to become public that is critical of Aircastle or
                           Fortress Investment Group LLC or (y) which would in
                           any way adversely affect or otherwise malign in any
                           material respect the business or reputation of
                           Aircastle or Fortress, as the case may be. Neither
                           Joseph Adams nor Wesley Edens will voluntarily
                           publish or make any statement which would malign in
                           any material respect your reputation.

                           From the date hereof through the end of the one-year
                           period commencing with your termination of employment
                           with the Company, you shall not, without the
                           Company's prior written consent, directly or
                           indirectly, (i) solicit or encourage to leave the
                           employment or other service of the Company, Aircastle
                           Investment Limited or any of their

                                       8

                           respective subsidiaries any employee thereof or (ii)
                           hire (on behalf of yourself or any other person or
                           entity) any employee or independent contractor who
                           has left the employment or other service of the
                           Company, Aircastle Investment Limited or any of their
                           respective subsidiaries within the one-year period
                           which follows the termination of such employee's
                           employment with the Company, Aircastle Investment
                           Limited or any such subsidiary.

                           You acknowledge and agree that any breach by you of
                           the non-compete or non-solicit provisions set forth
                           in this Section "Restrictive Covenants," shall
                           entitle Aircastle to cease making any payments to you
                           under any agreement, including this Letter Agreement,
                           pursuant to which you are entitled to monies from
                           Aircastle. In addition, you acknowledge and agree
                           that any breach by you of any of the provision of
                           this Section "Restrictive Covenants" (the
                           "Restrictive Covenants") would result in irreparable
                           injury and damage for which money damages would not
                           provide an adequate remedy. Therefore, if you breach,
                           or threaten to commit a breach of, any of the
                           provisions of the Restricted Covenants, the Company
                           shall have the right to seek, in addition to, and not
                           in lieu of, any other rights and remedies available
                           to the Company under law or in equity (including,
                           without limitation, the recovery of damages), to have
                           the Restrictive Covenants specifically enforced
                           (without posting bond and without the need to prove
                           damages) by any court having equity jurisdiction,
                           including, without limitation, the right to an entry
                           against you of restraining orders and injunctions
                           (preliminary, mandatory, temporary and permanent)
                           against violations, threatened or actual, and whether
                           or not then continuing, of the Restrictive Covenants.
                           You acknowledge and agree that the Restrictive
                           Covenants are reasonable in geographical and temporal
                           scope and in all other respects. If it is determined
                           that any of the Restrictive Covenants, or any part
                           thereof, is invalid or unenforceable, the remainder
                           of the Restrictive Covenants shall not thereby be
                           affected and shall be given full effect, without
                           regard to the invalid portions. If any court or other
                           decision-maker of competent jurisdiction determines
                           that any provision of the Restrictive Covenants, or
                           any part thereof, is unenforceable because of the
                           duration or geographical scope of such provision,
                           then, after such determination has become final and
                           unappealable, the duration or scope of such
                           provision, as the case may be, shall be reduced so
                           that such provision becomes enforceable and, in its
                           reduced form, such provision shall then be
                           enforceable and shall be enforced.

                           Notwithstanding anything in this Letter Agreement to
                           the contrary, the provisions of this Section
                           "Restrictive Covenants" shall survive any termination
                           of this Letter Agreement and any termination of your
                           employment.

Employment Relationship:   You are an at-will employee. This letter is not a
                           contract of employment for any specific period of
                           time, and you and the Company may terminate your
                           employment at any time for any reason or no reason
                           whatsoever. Notwithstanding the foregoing, you agree
                           to provide the Company with at least 30 days advance
                           written notice of your termination. In each case
                           where the term "Company" is used in this Letter
                           Agreement it shall mean, in addition to the Company,
                           any Affiliate of Aircastle for whom you may be

                                        9

                           employed on a full-time basis at the applicable time.

                           The Company shall be entitled, in connection with its
                           investment structuring, tax planning, business
                           organization or other reasons, to terminate your
                           employment in connection with an invitation from
                           Aircastle Investment Limited (or its successor in
                           interest) or any of its subsidiaries (an
                           "Affiliate"), to accept employment with such
                           Affiliate in which case the terms and conditions
                           hereof shall apply to your employment relationship
                           with such entity mutatis mutandis and shall remain
                           enforceable by you against the Company and any such
                           successor in all respects. For the sake of clarity,
                           any termination of your employment under such
                           circumstances in which you are not offered employment
                           with another Affiliate of the Company shall be a
                           termination without Cause.

Entire Agreement:          This Letter Agreement contains the entire agreement
                           between the parties with respect to the subject
                           matter hereof and supersedes all prior agreements,
                           written or oral, with respect thereto and no terms,
                           including compensation terms, may be modified except
                           by a document signed by the parties and referring
                           explicitly hereto. Without limiting the foregoing,
                           any prior offer letter is hereby superceded in its
                           entirety. YOU AND THE COMPANY EACH REPRESENT THAT IN
                           EXECUTING THIS LETTER AGREEMENT YOU HAVE NOT RELIED
                           UPON ANY REPRESENTATION OR STATEMENT NOT SET FORTH
                           HEREIN. Without limiting the foregoing, you represent
                           that you understand that you shall not be entitled to
                           any equity interest, profits interest or other
                           interest in Aircastle except as set forth in a
                           writing signed by the Company. The Company's
                           affiliates are intended beneficiaries under this
                           Letter Agreement

                           No waiver by any person of any breach of any
                           condition or provision contained in this Letter
                           Agreement shall be deemed a waiver of any similar or
                           dissimilar condition or provision at the same or any
                           prior or subsequent time. To be effective, any waiver
                           must be set forth in a writing signed by the waiving
                           person and must specifically refer to the
                           condition(s) or provision(s) of this Letter Agreement
                           being waived. In the event of your death or judicial
                           determination of your incompetence, references in
                           this Letter Agreement to you shall be deemed, where
                           appropriate, to refer to your beneficiary, estate or
                           other legal representative.

                           In the event of any inconsistency between any
                           provision of this Letter Agreement and any provision
                           of any Company benefit plan or arrangement, the
                           provisions of this Letter Agreement shall control
                           unless you agree in a writing that expressly refers
                           to the provision of this Letter Agreement whose
                           control you are waiving.

Governing Law;             This Letter Agreement shall be governed by and
Jurisdiction:              construed in accordance with the laws of the State of
                           New York without regard to the principles of
                           conflicts of law thereof.

                                       10

                           THE PARTIES AGREE THAT EXCLUSIVE JURISDICTION WILL BE
                           IN A COURT OF COMPETENT JURISDICTION IN THE CITY OF
                           NEW YORK AND HEREBY WAIVE OBJECTION TO THE
                           JURISDICTION OR TO THE LAYING OF VENUE IN ANY SUCH
                           COURT.

                                     * * * *

We look forward to a successful employment relationship with you. If the
foregoing terms of employment are acceptable, please so indicate in the space
provided below.

Very truly yours,

Aircastle Investment Limited

By: /s/ Joseph P. Adams, Jr.
    ---------------------------------
Joseph P. Adams, Jr.

Accepted and agreed to:

/s/ Ron Wainshal
-------------------------------------
Ron Wainshal

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]