Document:

RESTRICTED SHARE
		AWARD AGREEMENT
	 

	 
		THIS AGREEMENT (the
		“Award Agreement”), is made effective as of the ___ day of
		___________, 2006, (the “Date of Grant”), between Genesis
		Lease Limited, a Bermuda company (the “Company”), and
		__________________ (the “Participant”):
	 

	 
		R E
		C I T A L S:
	 

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

	 
		WHEREAS, the
		Committee has determined that it would be in the best interests of the Company
		and its shareholders to issue and grant to the Participant, and the Participant
		desires to accept, Shares subject to the restrictions stated below and in
		accordance with the terms and conditions of the Plan.
	 

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

	 
		1. Grant of the
		Shares. Subject to the terms and conditions of this Award Agreement and of
		the Plan, the Company hereby grants to the Participant _______ Shares, subject
		only to the restrictions on transfer set forth in Section 4 (the “Restricted
		Shares”). The Restricted Shares shall in
		all cases be issued fully paid, with the related par value of such shares to be
		paid for by the Participant in the form of the completion of services rendered
		to the Company by the Participant prior to such receipt. 
	 

	 
		2. Issuance Of
		Shares. The Restricted Shares shall be issued by the Company and shall be
		registered in the Participant’s name in the register of members of the
		Company promptly after the date hereof and certificates representing the
		Restricted Shares shall be issued by the Company and shall remain in the
		physical custody of the Company or its designee at all times prior to the lapse
		of the transfer restrictions on such Restricted Shares pursuant to Section 4.
		
	 

	 
		3. Shareholder
		Rights. The
		Restricted Shares shall rank pari passu in all respects (except as to transfer
		as set forth in Section 4 below) with the Shares in issue on the date of
		allotment. In
		particular, the Participant shall have the right to receive any dividends or
		other distributions paid on Shares. Any dividends paid with respect to the
		Restricted Shares shall be made at the same time as such dividend is paid to
		holders of Shares; provided that, in any event, such payment of such dividends
		to the Participant shall be made no later than the fifteenth day of the third
		month following the end of the period in which the dividend is declared.
		
	 

	 
		4.
		Non-Transferability. 
	 

	 
		(a) Except as set forth
		below, the
		Restricted Shares
		may not be assigned, alienated, pledged, attached, sold or otherwise
		transferred or encumbered by the Participant, and any such purported
		assignment, alienation, pledge, attachment, sale, transfer or
		encumbrance
	 

	 
		 
	 

	 

	 
	 

	 

	 
		shall be void and
		unenforceable against the Company or any Affiliate. These restrictions on
		transfer shall be removed from one-third of the Restricted Shares on each of
		the first, second and third anniversaries of the Date of Grant;
		provided, that in the event such schedule results in the lapse of a
		transfer restriction on any fractional Restricted Shares, such restrictions on
		such fractional Restricted Shares shall not be deemed to have lapsed hereunder
		but shall lapse when such fractional Restricted Shares aggregate whole
		Restricted Shares; provided, further, that all of the transfer
		restrictions on all of the Restricted Shares shall be removed
		immediately without
		any action on the part of the Company (or its successor, as applicable) or the
		Participant, upon any of the following events:
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  the
				  termination of the Participant’s service as a member of the board of
				  directors of the Company (or any Subsidiary or Affiliate) (hereinafter,
				  “Service”) without “Cause”; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  Participant’s death or
				  “Disability”.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  For purposes
				  of this agreement:
				

			 

 

	 
		(i) “Cause”
		shall mean “Cause” as defined in any service agreement then in effect
		between the Participant and the Company or if not defined therein or, if there
		shall be no such agreement, (i) Participant’s engagement in misconduct
		which is materially injurious to the Company or its affiliates, (ii)
		Participant’s continued failure to substantially perform his duties to the
		Company (other than as a result of any physical or mental disability or
		infirmity), (iii) Participant’s repeated dishonesty in the performance of
		his duties to the Company, (iv) Participant’s commission of an act or acts
		constituting any (x) fraud against, or misappropriation or embezzlement from
		the Company or any of its affiliates, (y) crime involving moral turpitude, or
		(z) offense that could result in a jail sentence of at least 30 days or (v)
		Participant’s material breach of any confidentiality or non-competition
		covenant entered into between the Participant and the Company. The
		determination of the existence of Cause shall be made by the Committee in good
		faith, which determination shall be conclusive for purposes of this Award
		Agreement; and
	 

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

	 
		5. Representations
		and Warranties of Participant. The Participant hereby represents and
		warrants to the Company as follows:
	 

	 
		(a) The Participant
		has the legal right and capacity to enter into this Award Agreement and he
		fully understands the terms and conditions of this Award Agreement.
	 

	 
		 
	 

	 
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		(b) The Participant
		is acquiring the Restricted Shares for investment purposes only and not with a
		view to, or in connection with, the public distribution thereof in violation of
		the Securities Act of 1933, as amended (the “Securities
		Act”).
	 

	 
		(c) The Participant
		understands and agrees that none of the Restricted Shares (whether or not
		subject to any transfer restrictions) may be offered, sold, assigned,
		transferred, pledged, hypothecated or otherwise disposed of except in
		compliance with this Award Agreement and the Securities Act pursuant to an
		effective registration statement or applicable exemption from the registration
		requirements of the Securities Act and applicable state securities or
		“blue sky” laws, and then only in accordance with the Company’s
		insider trading policy. The Participant further understands that the Company
		has no obligation to cause or to refrain from causing the resale of any of the
		Shares or any other shares of its capital stock to be registered under the
		Securities Act or to comply with any exemption under the Securities Act which
		would permit the Shares to be sold or otherwise transferred by the Participant.
		The Participant further understands that, without approval in writing pursuant
		to the Company’s insider trading policy, no trade may be executed in any
		interest or position relating to the future price of Company securities, such
		as a put option, call option, or short sale (which prohibition includes, among
		other things, establishing any “collar” or other mechanism for the
		purpose of establishing a price).
	 

	 
		6. Shares
		underlying Awards. Unless otherwise determined by the Committee, all
		Restricted Shares issued or transferred to the Participant hereunder shall be
		in the form of ADS’s.
	 

	 
		7. Section
		409A. To the extent applicable, this Award Agreement shall be interpreted
		in accordance with Section 409A of Internal Revenue Code of 1986, as amended,
		and Department of Treasury regulations and other interpretive guidance issued
		thereunder, including without limitation any such regulations or guidance that
		may be issued after the date on which the Restricted Shares were awarded
		(“Section 409A”). Without limiting the authority of the
		Committee under the Plan and notwithstanding any provision of this Award
		Agreement to the contrary, in the event that the Committee determines that the
		grant of the Restricted Shares or any amounts due to the Participant hereunder
		will subject the Participant to a penalty tax under Section 409A, the Committee
		may unilaterally (a) adopt such amendments to the Restricted Shares, including
		amendments to this Award Agreement (having prospective or retroactive effect),
		that the Committee determines to be necessary or appropriate to preserve the
		intended tax treatment of the Restricted Shares and/or (b) take such other
		actions as the Committee determines to be necessary or appropriate to comply
		with the requirements of Section 409A. The Company shall consult with the
		Participant regarding implementation of this Section 7; provided that neither
		the Company nor its employees or representatives shall have liability to the
		Participant with respect thereto.
	 

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

	 
		9. Legend on
		Certificates. The certificates representing the Restricted Shares issued or
		transferred to the Participant hereunder shall be subject to such stop transfer
		orders and other restrictions as are required by the rules, regulations, and
		other requirements of the Securities and Exchange Commission, any stock
		exchange upon which the Shares are listed, and any applicable federal or state
		laws or relevant securities laws of the jurisdiction of the
	 

	 
		 
	 

	 
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		domicile of the
		Participant, and the Committee may cause a legend or legends to be put on any
		such certificates representing such Restricted Shares to make appropriate
		reference to such restriction(s).
	 

	 
		10. Adjustment Of
		Restricted Shares. Any adjustments to the Restricted Shares shall be made
		in accordance with the terms of the Plan.
	 

	 
		11.
		Withholding. The Participant may be required to pay to the Company or
		any Affiliate and the Company shall have the right and is hereby authorized to
		withhold any applicable federal, state, local or foreign withholding taxes with
		respect to any taxable event arising in connection with the Restricted Shares
		or this Award Agreement and to take such other action as may be necessary in
		the opinion of the Committee to satisfy all obligations for the payment of such
		withholding taxes.
	 

	 
		12. Securities
		Laws. Upon the acquisition of the Restricted Shares or the lapse of any
		restrictions with respect thereto, the Participant will make or enter into such
		written representations, warranties and agreements as the Committee may
		reasonably request in order to comply with applicable securities laws or with
		the Plan and this Award Agreement.
	 

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

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

	 
		15. Entire
		Agreement. This Award Agreement and the Plan constitute the entire contract
		between the parties hereto with regard to the subject matter hereof. They
		supersede any other agreements, representations or understandings (whether oral
		or written and whether express or implied) which relate to the subject matter
		hereof.
	 

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

	 
		17. Successors and
		Assigns. The provisions of this Award Agreement shall inure to the benefit
		of, and be binding upon, the Company and its successors and assigns and upon
		the Participant, the Participant’s assigns and the legal representatives,
		heirs and legatees of 
	 

	 
		 
	 

	 
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		the
		Participant’s estate, whether or not any such person shall have become a
		party to this Award Agreement and have agreed in writing to be joined herein
		and be bound by the terms hereof.
	 

	 
		18. Choice of
		Law. THIS
		AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
		BERMUDA WITHOUT REGARD TO CONFLICTS OF LAWS AND THE PARTICIPANT AND THE COMPANY
		HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF BERMUDA FOR THE
		PURPOSE OF ANY SUIT, ACTION, PROCEEDING OR JUDGMENT UNDER THIS
		AGREEMENT.
	 

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

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

	 
		21.
		Severability. The provisions of this Award Agreement are severable and
		if any one or more provisions are determined to be illegal or otherwise
		unenforceable, in whole or in part, the remaining provisions shall nevertheless
		be binding and enforceable.
	 

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

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GENESIS LEASE
				  LIMITED
				

			 
	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	

				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  Agreed and
				  acknowledged as
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  of the date
				  first above written:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

				
 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		5___________________
	 

	 
		RESTRICTED SHARE AWARD
		AGREEMENT
	 

	 
		THIS AGREEMENT (the
		“Award
		Agreement”),
		is made effective as of the ___ day of ___________, 2006, (the
		“Date of
		Grant”),
		between Genesis Lease Limited, a Bermuda company (the “Company”), and __________________
		(the “Participant”):
	 

	 
		R E C I T A L S:
	 

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

	 
		WHEREAS, the Committee
		has determined that it would be in the best interests of the Company and its
		shareholders to issue and grant to the Participant, and the Participant desires
		to accept, Shares subject to the restrictions stated below and in accordance
		with the terms and conditions of the Plan.
	 

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

	 
		1. Grant of the
		Shares. Subject
		to the terms and conditions of this Award Agreement and of the Plan, the
		Company hereby grants to the Participant _______ Shares, subject only to the
		restrictions on transfer set forth in Section 4 (the “Restricted Shares”). The Restricted Shares
		shall in all cases be issued fully paid, with the related par value of such
		shares to be paid for by the Participant in the form of the completion of
		services rendered to the Company by the Participant prior to such receipt.
		
	 

	 
		2. Issuance Of Shares. The Restricted Shares shall be
		issued by the Company and shall be registered in the Participant’s name in
		the register of members of the Company promptly after the date hereof and
		certificates representing the Restricted Shares shall be issued by the Company
		and shall remain in the physical custody of the Company or its designee at all
		times prior to the lapse of the transfer restrictions on such Restricted Shares
		pursuant to Section 4. 
	 

	 
		3. Shareholder Rights. The Restricted Shares shall rank
		pari passu in all respects (except as to transfer as set forth in Section 4
		below) with the Shares in issue on the date of allotment. In particular, the
		Participant shall have the right to receive any dividends or other
		distributions paid on Shares. Any dividends paid with respect to the Restricted
		Shares shall be made at the same time as such dividend is paid to holders of
		Shares. 
	 

	 
		4. Non-Transferability. 
	 

	 
		(a) Except as set
		forth below, the Restricted Shares may not be assigned, alienated, pledged,
		attached, sold or otherwise transferred or encumbered by the Participant, and
		any such purported assignment, alienation, pledge, attachment, sale, transfer
		or encumbrance shall be void and unenforceable against the Company or any
		Affiliate. These restrictions on transfer shall be removed from one-third of
		the Restricted Shares on each of the first, second and
	 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		third anniversaries of
		the Date of Grant; provided, that in the event such schedule
		results in the lapse of a transfer restriction on any fractional Restricted
		Shares, such restrictions on such fractional Restricted Shares shall not be
		deemed to have lapsed hereunder but shall lapse when such fractional Restricted
		Shares aggregate whole Restricted Shares; provided,
		further, that all of the transfer restrictions on all of the
		Restricted Shares shall be removed immediately without any action on the part
		of the Company (or its successor, as applicable) or the Participant, upon any
		of the following events:
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  Participant’s death or
				  “Disability”.
				

			 

 

	 
		(b) For purposes of
		this agreement:
	 

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

	 
		5. Representations and Warranties of
		Participant. The
		Participant hereby represents and warrants to the Company as follows:
	 

	 
		(a) The Participant
		has the legal right and capacity to enter into this Award Agreement and he
		fully understands the terms and conditions of this Award Agreement.
	 

	 
		(b) The Participant is
		acquiring the Restricted Shares for investment purposes only and not with a
		view to, or in connection with, the public distribution thereof in violation of
		the Securities Act of 1933, as amended (the “Securities Act”).
	 

	 
		(c) The Participant
		understands and agrees that none of the Restricted Shares (whether or not
		subject to any transfer restrictions) may be offered, sold, assigned,
		transferred,
	 

	 
		 
	 

	 
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		pledged, hypothecated
		or otherwise disposed of except in compliance with this Award Agreement and the
		Securities Act pursuant to an effective registration statement or applicable
		exemption from the registration requirements of the Securities Act and
		applicable state securities or “blue sky” laws, and then only in
		accordance with the Company’s insider trading policy. The Participant
		further understands that the Company has no obligation to cause or to refrain
		from causing the resale of any of the Shares or any other shares of its capital
		stock to be registered under the Securities Act or to comply with any exemption
		under the Securities Act which would permit the Shares to be sold or otherwise
		transferred by the Participant. The Participant further understands that,
		without approval in writing pursuant to the Company’s insider trading
		policy, no trade may be executed in any interest or position relating to the
		future price of Company securities, such as a put option, call option, or short
		sale (which prohibition includes, among other things, establishing any
		“collar” or other mechanism for the purpose of establishing a
		price).
	 

	 
		6. Shares underlying
		Awards. Unless
		otherwise determined by the Committee, all Restricted Shares issued or
		transferred to the Participant hereunder shall be in the form of
		ADS’s.
	 

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

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

	 
		9. Adjustment Of Restricted
		Shares. Any
		adjustments to the Restricted Shares shall be made in accordance with the terms
		of the Plan.
	 

	 
		10. Withholding. The Participant may be required
		to pay to the Company or any Affiliate and the Company shall have the right and
		is hereby authorized to withhold any applicable federal, state, local or
		foreign withholding taxes with respect to any taxable event arising in
		connection with the Restricted Shares or this Award Agreement and to take such
		other action as may be necessary in the opinion of the Committee to satisfy all
		obligations for the payment of such withholding taxes.
	 

	 
		11. Securities Laws. Upon the acquisition of the
		Restricted Shares or the lapse of any restrictions with respect thereto, the
		Participant will make or enter into such written representations, warranties
		and agreements as the Committee may reasonably request in order to comply with
		applicable securities laws or with the Plan and this Award Agreement.
	 

	 
		12. Data Protection. The Participant hereby agrees to
		the transfer and disclosure of any personal data by the Company or any
		Affiliate to any third party for the purposes of the implementation, operation
		and administration of the Plan and to the review of
	 

	 
		 
	 

	 
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		data relating to the
		Plan for human resources purposes and further consents to the storing and
		processing of any personal data and to the transfer, exchange and disclosure of
		any personal data by and between these bodies (including third parties) for
		these purposes. The Participant understands that this may involve the transfer
		of personal data to countries outside the European Economic Area (where further
		processing of the data for the purposes outlined above may occur) to countries
		that may not have the same level of data protection laws and safeguards as are
		in operation in Ireland.
	 

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

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

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

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

	 
		17. Choice of Law. THIS AGREEMENT SHALL BE
		GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF BERMUDA WITHOUT REGARD
		TO CONFLICTS OF LAWS AND THE PARTICIPANT AND THE COMPANY HEREBY SUBMIT TO THE
		EXCLUSIVE JURISDICTION OF THE COURTS OF BERMUDA FOR THE PURPOSE OF ANY SUIT,
		ACTION, PROCEEDING OR JUDGMENT UNDER THIS AGREEMENT.
	 

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

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

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 

	 
	 

	 

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

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

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GENESIS LEASE
				  LIMITED
  
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  

				  By:
				

			 	

				
				

			 

 

	 
		 
	 

	 
		Agreed and
		acknowledged as
	 

	 
		 
	 

	 
		of the date first
		above written:
	 

	 
		 
	 

	 
		 
	 

	 
		________________________________________
	 

	 
		 
	 

	 
		5

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