Document:

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                              Dated __________ 2000

                                (1) AJAX II, L.P.

                                       and

                    (2) CHRISTIANIA BANK OG KREDITKASSE ASA,
                            NEW YORK BRANCH AS AGENT

                          ----------------------------

                                 SHARE MORTGAGE

                          ----------------------------

                                 Hunter & Hunter
                                 P.O. Box 190 GT
                              The Huntlaw Building
                                  Grand Cayman
                                 Cayman Islands

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THIS SHARE MORTGAGE dated __________ 2000 is made

BETWEEN:                   (1)      AJAX II, L.P., a limited partnership
                                    organised under the laws of the Cayman
                                    Islands, of 3rd Floor, CIBC Financial
                                    Centre, P.O. Box 1234GT, Grand Cayman,
                                    Cayman Islands ("Mortgagor");

AND:                       (2)      CHRISTIANIA BANK OG KREDITKASSE ASA, New
                                    York Branch ("CBNY"), as agent for itself
                                    and the Lenders hereinafter defined ("the
                                    Agent").

WHEREAS

(A)      The Mortgagor is the registered owner of the shares described herein.

(B)      In order to secure the payment of the Obligations defined herein, the
         Mortgagor has agreed to enter into this Mortgage.

NOW THIS DEED WITNESSETH and it is hereby agreed as follows:-

1.       DEFINITIONS AND INTERPRETATIONS

         (a)      The following terms have the meanings set opposite unless the
                  context otherwise requires:-

                  (i)      Lenders           the Lenders as so defined in the
                                             Credit Agreement;

                  (ii)     Companies         Genmar Gabriel Ltd., Genmar Zoe
                                             Ltd., Genmar Macedon Ltd. and
                                             Genmar Spartiate Ltd. each of which
                                             is a company incorporated under the
                                             laws of the Cayman Islands having
                                             its registered office at P. O. Box
                                             1234 GT, George Town, Grand Cayman,
                                             Cayman Islands;

                  (iii)    Credit Agreement  The US$70,000,000 Credit Agreement
                                             dated as of _____ June 2000 made
                                             between the Companies jointly and
                                             severally as borrowers, the
                                             Mortgagor as Guarantor, the Chargee
                                             and the Lenders in connection with
                                             a loan facility in the amount of up
                                             to US$70,000,000 to be made
                                             available by the Lenders to the
                                             Companies and any renewals,
                                             modifications and extensions
                                             thereto;

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                                      -3-

                  (iv)     Default           a Default as defined in the Credit
                                             Agreement; (v) Event of Default an
                                             Event of Default as defined in the
                                             Credit Agreement;

                  (vi)     Mortgaged Shares  the Original Mortgaged Shares and
                                             all other shares in the Companies
                                             from time to time owned by the
                                             Mortgagor during the Security
                                             Period (and includes all shares,
                                             stocks and other securities offered
                                             or accruing by way of subdivision,
                                             consolidation, capitalization of
                                             profits, bonus or rights issue or
                                             otherwise to the Mortgagor in
                                             respect of all or any of the
                                             Mortgaged Shares or offered in
                                             substitution or exchange for all or
                                             any of the Mortgaged Shares);

                  (vii)    Obligations       has the meaning given to it in the
                                             Credit Agreement; (viii) Original
                                             Mortgaged Shares the shares in the
                                             Companies registered and
                                             beneficially owned by the Mortgagor
                                             specified in Clause 3(b) hereof;

                  (ix)     Security Period   the period commencing on the date
                                             of execution of this Mortgage and
                                             terminating upon discharge of the
                                             security created by this Mortgage
                                             and payment in full in cash of the
                                             Obligations.

         (b)      Capitalised terms used and not otherwise defined herein have
                  the respective meanings given to those terms in the Credit
                  Agreement.

         (c)      Unless the context otherwise requires, words used herein
                  importing the singular number shall include the plural number
                  and vice-versa, words importing the masculine gender only
                  shall include the feminine gender and words importing persons
                  only shall include companies or associations or bodies of
                  persons whether incorporated or not.

         (d)      The headings to clauses are for convenience only and have no
                  legal effect.

2.       MORTGAGE OF SHARES

         The Mortgagor as legal and beneficial owner hereby pledges, mortgages,
         assigns, transfers, deposits, sets over and confirms to the Agent on
         behalf of the Lenders the Mortgaged Shares and all of its right, title
         and interest therein as and continuing security for the due and

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                                       -4-

         punctual payment by the Companies and the Mortgagor to the Agent on
         behalf of the Lenders of the Obligations whether due actually or
         contingently presently or in the future.

3.       REPRESENTATIONS

         The Mortgagor hereby represents and warrants to the Agent on behalf of
         the Lenders as follows:

         (a)      the Mortgagor has full power and authority to enter into and
                  perform its obligations under and to grant to the Agent on
                  behalf of the Lenders the rights created by this Mortgage;

         (b)      the authorised share capital of each of the Companies is
                  US$50,000 divided into 50,000 ordinary shares of US$1.00 each,
                  of which a total of 100 shares per Company are duly issued,
                  fully paid and have the rights specified in the relevant
                  constitutional documents of such Company (certified copies of
                  which have been delivered to the Agent on behalf of the
                  Lenders) and are registered in the ownership of the Mortgagor
                  (being the Original Mortgaged Shares) and representing all of
                  the issued shares in the Company;

         (c)      there are no options, pre-emption rights or other rights
                  outstanding nor is there any other agreement by virtue of
                  which any person is entitled to have issued or transferred to
                  him the Mortgaged Shares or any other shares in any of the
                  Companies;

         (d)      the Mortgagor is the legal and beneficial owner of the
                  Mortgaged Shares and has full right and title to the same and
                  the same are free from any charge, lien or encumbrance of any
                  kind save as created pursuant to this Mortgage;

         (e)      the Mortgagor has duly executed and delivered this Mortgage;

         (f)      this Mortgage constitutes a valid and legally binding
                  obligation of the Mortgagor enforceable against the Mortgagor
                  in accordance with its terms;

         (g)      the entry into and performance by the Mortgagor of this
                  Mortgage does not violate in any respect (i) any law or
                  regulation of any governmental or official authority or body,
                  or (ii) any agreement, contract or other undertaking to which
                  the Mortgagor is a party or which is binding upon the
                  Mortgagor or any of its assets;

         (h)      all consents, licences, approvals and authorizations required
                  in connection with the entry into, performance, validity and
                  enforceability of this Mortgage have been obtained and are in
                  full force and effect and will be so maintained; and

         (i)      the Mortgagor is duly registered and established as an
                  exempted limited partnership and is in good standing under the
                  laws of the Cayman Islands; and

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                                      -5-

         (j)      the Mortgagor has taken all necessary action to authorize the
                  execution and delivery of this Mortgage in accordance with its
                  terms.

4.       COVENANTS CONCERNING THE SHARES

         The Mortgagor covenants and agrees with the Agent on behalf of the
         Lenders that during the Security Period:-

         (a)      the Mortgagor will not sell, assign, transfer, mortgage,
                  pledge or encumber in any manner the Mortgaged Shares or
                  suffer to exist any mortgage, lien or encumbrance on the
                  Mortgaged Shares save as created pursuant to this Mortgage;

         (b)      no further shares in the Companies will be issued without the
                  prior consent of the Agent on behalf of the Lenders and that
                  any further shares issued to the Mortgagor whether by way of
                  capitalization of profits, new issue or otherwise shall
                  automatically become part of and shall be included in the
                  definition of Mortgaged Shares for all purposes hereunder;

         (c)      the Mortgagor will deliver to the Agent on behalf of the
                  Lenders, immediately upon receipt by the Mortgagor copies of
                  all notices of general meetings, proposed unanimous
                  shareholder resolutions of the Company (prior to such
                  resolutions being signed by the Mortgagor), financial
                  statements and all other materials distributed to, or
                  requiring action by, shareholders of the Company from time to
                  time, together with copies of all minutes of meetings of the
                  Directors (or committees of the Directors) of the Company,
                  unanimous written resolutions of the Directors (or committees
                  thereof) and all other materials and information distributed
                  by the Company to, or requiring action by, such Directors and
                  such other information concerning the Company as the Agent on
                  behalf of the Lenders shall from time to time request; and

         (d)      the Mortgagor will not exercise its votes as holder of the
                  Mortgaged Shares or take any action with respect to the
                  Company which might in any way prejudice the security of the
                  Lenders under this Mortgage;

5.       RIGHTS IN RESPECT OF SHARES

         The Mortgagor further agrees with the Agent on behalf of the Lenders as
         follows:-

         (a)      unless and until a Default and/or an Event of Default has
                  occurred and is continuing:-

                  (i)      the Mortgagor shall be entitled to exercise all
                           voting and/or consensual powers pertaining to the
                           Mortgaged Shares or any part thereof for all purposes
                           not inconsistent with the terms of this Mortgage; and

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                                      -6-

                  (ii)     the Mortgagor shall be entitled to receive and retain
                           any dividends, interest or other moneys accruing on
                           or paid in respect of the Mortgaged Shares or any
                           part thereof;

         (b)      if a Default and/or an Event of Default shall occur, the Agent
                  on behalf of the Lenders shall have the sole and exclusive
                  right:-

                  (i)      to exercise all voting and consensual powers
                           pertaining to the Mortgaged Shares or any part
                           thereof and the Agent on behalf of the Lenders shall
                           exercise such powers in such manner as the Agent on
                           behalf of the Lenders may elect; and

                  (ii)     to receive any dividends, interest or other
                           distributions paid or to be made in respect of the
                           Mortgaged Shares;

         (c)      if a Default and/or an Event of Default occurs, the Agent on
                  behalf of the Lenders may, without any notice except as
                  hereinafter provided, sell the Mortgaged Shares or any part
                  thereof at public or private sale for cash, upon credit or for
                  future delivery and at such price or prices as the Agent on
                  behalf of the Lenders may deem best (and the Agent on behalf
                  of the Lenders shall be entitled to purchase any and all of
                  the Mortgaged Shares so sold and thereafter hold the same
                  absolutely free from any right or claim of whatsoever kind).
                  Upon any such sale, the Agent on behalf of the Lenders shall
                  have the right to deliver, assign and transfer to each
                  purchaser thereof the Mortgaged Shares so sold. Each purchaser
                  at any such sale shall hold the property so sold absolutely
                  free from any claim or right of whatsoever kind including any
                  equity or right of redemption of the Mortgagor who hereby
                  specifically waives all rights of redemption, stay or
                  appraisal which the Mortgagor has or may have under any rule
                  or law or statute now existing or hereinafter adopted. The
                  Agent on behalf of the Lenders shall give to the Mortgagor ten
                  days written notice of its intention to make any such public
                  or private sale. Such notice in case of public sale shall
                  state the time and place fixed for such sale and in case of
                  private sale the day on which the Mortgaged Shares or that
                  portion thereof so being sold will first be offered for sale.
                  Any such public sale shall be held at such time or times
                  within ordinary business hours and at such place as the Agent
                  on behalf of the Lenders may fix in the notice of such sale.
                  At such sale, the Mortgaged Shares may be sold in one lot as
                  an entirety or in separate parcels as the Agent on behalf of
                  the Lenders may determine. The Agent shall not be obliged to
                  make any public or private sale and may cause the same to be
                  adjourned from time to time by announcement at the time and
                  place fixed for the sale and such sale may be made at any time
                  or place to which the same may be so adjourned. In case of any
                  sale of all or any part of the Mortgaged Shares on credit or
                  for future delivery the Mortgaged Shares so sold may be
                  retained by the Agent for the Lenders until the selling price
                  is paid by each purchaser thereof but neither the Agent nor
                  the Lenders shall incur liability in the case of the failure
                  of such purchaser to take up and pay for the Mortgaged

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                                      -7-

                  Shares so sold and in case of any such failing such Mortgaged
                  Shares may again be sold upon like notice. The Agent on behalf
                  of the Lenders instead of exercising the power of sale herein
                  conferred upon it may proceed by a suit or suits at law or in
                  equity to foreclose this Mortgage and sell the Mortgaged
                  Shares or any portion thereof under a judgment or decree of a
                  court or courts of competent jurisdiction, the Mortgagor
                  having been given due notice of all such action;

         (d)      the proceeds of any sale or other enforcement in respect of
                  all or any part of the Mortgaged Shares shall be applied by
                  the Agent first in paying the expenses of any such sale or
                  other enforcement and thereafter in reduction of the
                  Obligations in such order as the Lenders may determine; and

         (e)      in the event of a Default and/or an Event of Default, the
                  Agent on behalf of the Lenders shall be entitled to date and
                  implement the documents delivered to it pursuant to Clause 9
                  hereof as appropriate and to take all steps to register the
                  Mortgaged Shares in its name or that of its nominees and to
                  assume control as registered owner of the Mortgaged Shares;

         Provided that in all cases:-

         (i)      the Mortgagor shall remain liable to perform all the
                  obligations assumed by it in relation to the Mortgaged Shares
                  and the Agent and the Lenders shall be under no obligation of
                  any kind whatsoever in respect thereof or be under any
                  liability whatsoever in event of any failure by the Mortgagor
                  to perform its obligations in respect thereof;

         (ii)     the Mortgagor shall pay all calls or other payments, and shall
                  discharge all other obligations, which may become due in
                  respect of any of the Mortgaged Shares failing which the Agent
                  on behalf of the Lenders may if it thinks fit (but shall not
                  be required to do so) make such payments or discharge such
                  obligations on behalf of the Mortgagor. Any sums so paid by
                  the Agent on behalf of the Lenders in respect thereof shall be
                  payable by the Mortgagor to the Agent on behalf of the Lenders
                  on demand and pending such repayment shall constitute part of
                  the Obligations; and

         (iii)    the Agent and the Lenders shall not have any duty (whether
                  registered as the legal mortgagee of the Mortgaged Shares or
                  not) to ensure that any dividends, interest or other moneys
                  and assets receivable in respect of the Mortgaged Shares are
                  duly and punctually paid, received or collected as and when
                  the same become due and payable or to ensure that the correct
                  amounts (if any) are paid or received on or in respect of the
                  Mortgaged Shares or to ensure the taking up of any (or any
                  offer of any) stocks, shares, rights, moneys or other property
                  paid, distributed, accruing or offered at any time by way of
                  redemption, bonus, rights, preference or otherwise on, or in
                  respect of, any of the Mortgaged Shares.

6.       POWER OF ATTORNEY

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                                      -8-

         The Agent is hereby irrevocably (coupled with the interest of this
         Mortgage) appointed the attorney-in-fact of the Mortgagor for the
         purpose of carrying out the provisions of this Mortgage and taking any
         action and executing any instruments which the Agent may deem necessary
         or advisable to accomplish the full benefit of this Mortgage.

7.       REMEDIES ARE CUMULATIVE

         No failure on the part of any of the Lenders to exercise, and no delay
         in exercising, any right, power or remedy hereunder shall operate as a
         waiver thereof, nor shall any single or partial exercise by the Agent
         on behalf of the Lenders of any right, power or remedy hereunder
         preclude any other or further exercise thereof or the exercise of any
         other right, power or remedy. The remedies herein provided are
         cumulative and are not exclusive of any remedies provided by law.

8.       RELEASE OF MORTGAGE

         When all the Obligations shall have been paid in full and all
         obligations and liabilities of the Mortgagor hereunder shall have been
         paid or discharged in full, this Mortgage shall terminate and the Agent
         on behalf of the Lenders shall forthwith assign, transfer and deliver
         to the Mortgagor the Mortgaged Shares.

9.       SHARE MORTGAGE SUPPORT DOCUMENTS

         The Mortgagor hereby undertakes to deliver to the Agent on behalf of
         the Lenders on the date hereof as security in accordance with the terms
         of this Mortgage the following in form and substance acceptable to the
         Lenders:-

         (a)      all original share certificates in respect of the Mortgaged
                  Shares;

         (b)      blank signed transfers in respect of the Mortgaged Shares
                  undated;

         (c)      an executed and undated resignation of all Directors and
                  officers of each of the Companies;

         (d)      an irrevocable proxy (coupled with the Lenders' interest
                  hereunder) in respect of each Company in favour of the Agent
                  on behalf of the Lenders;

         (e)      a memorandum signed by a Director or Secretary of the Company
                  concerning the endorsement of a note of this Mortgage on the
                  Register of Members of the Company; and

         (f)      the acknowledgement and agreement of each Company to the terms
                  of this Mortgage.

10.      VARIATION OF INDEBTEDNESS

         The Agent and/or the Lenders may at all times, without discharging or
         in any way affecting this security, determine, vary or increase any
         credit to the Mortgagor, grant to the Mortgagor

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                                      -9-

         or to any other person any time or indulgence, deal with, exchange,
         release, modify or abstain from perfecting or enforcing any security,
         guarantee or other right which the Lenders may now or hereafter have
         regarding the Obligations, compound with the Mortgagor or any
         guarantor, or agree to any amendment or supplement to the Credit
         Agreement and any other security provided to the Lenders thereunder.

11.      NOTICES

         Any notice or other communication hereunder shall be in writing and may
         be sent by telefax or by mail or by personal or courier delivery to the
         following address (or to such other address as shall be notified by one
         party to the other from time to time) and shall be deemed to be duly
         given or made (in the case of personal or courier or mail delivery)
         when delivered and (in the case of telefax delivery) when despatched
         (or the first business day thereafter in the place of the recipient if
         despatched on a non-business day or after working hours in the place of
         the recipient):-

         (a)      to the Mortgagor at:

                  c/o General Maritime Corporation
                  730 Fifth Avenue
                  New York
                  New York 10019
                  Peter C. Georgiopoulos
                  Fax No. (212) 698 9628

         (b)      to the Agent at:

                  11 West 42nd Street
                  7th Floor
                  New York,  NY 10036
                  U.S.A.
                  Attention:  Shipping Department

12.      INDEMNITY AND EXPENSES

         (a)      The Mortgagor hereby indemnifies the Agent and the Lenders
                  against any liabilities, claims, costs and expenses whatsoever
                  which may be made against the Agent and/or the Lenders or
                  which may be incurred or become payable by the Agent and/or
                  the Lenders in respect of the business of the Company or as a
                  result of this Mortgage (including, but without prejudice to
                  the generality of the foregoing, any stamp duties on any
                  transfer of the Mortgaged Shares hereunder).

         (b)      The Mortgagor shall pay to the Agent on behalf of the Lenders
                  on its demand the amount of all reasonable expenses incurred
                  by the Agent and the Lenders in connection with:-

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                                      -10-

                  (i)      the negotiation, preparation, execution or
                           registration of this Mortgage or any other document
                           related thereto or with any transactions contemplated
                           by this Mortgage or a related document;

                  (ii)     any amendment or supplement to this Mortgage or any
                           proposal for such an amendment to be made (whether
                           made or not); and

                  (iii)    any consent or waiver by the Agent on behalf of the
                           Lenders under or in connection with this Mortgage, or
                           any request for such a consent or waiver (whether
                           granted or not).

         (c)      The Mortgagor shall pay to the Agent on behalf of the Lenders
                  on demand the amount of all reasonable expenses incurred by
                  the Agent and/or the Lenders in connection with any step taken
                  by the Agent or the Lenders with a view to or in connection
                  with their protection, exercise or enforcement of any right or
                  interest created by this Mortgage or for any similar purpose
                  as a result of a breach by the Mortgagor of this Mortgage.
                  There shall be recoverable under this sub-clause (c) the full
                  amount of all legal expenses on a full indemnity basis both
                  before and after any judgment, whether or not such would be
                  allowed under rules of court or any taxation or other
                  procedure carried out under such rules.

         (d)      The Mortgagor shall promptly pay any stamp duty or documentary
                  tax payable on or by reference to this Mortgage and shall
                  fully indemnify the Agent on behalf of the Lenders on demand
                  against any liabilities and expenses resulting from any
                  failure or delay by the Mortgagor to pay such stamp duty or
                  documentary tax.

         (e)      A certificate signed by the Agent which states that a
                  specified amount, or aggregate amount, is due to the Lenders
                  under this Clause 12 shall be prima facie evidence that the
                  amount, or aggregate amount, is due.

         (f)      The Mortgagor hereby agrees and undertakes to indemnify the
                  Agent on behalf of the Lenders against any loss or damage or
                  expenses which consequent on a judgment being obtained or
                  enforced in respect of the non-payment by the Mortgagor or any
                  other relevant parties of any amount due under this Mortgage
                  arises or results from any variation in rate of exchange
                  between the date of the said amount becoming due or the date
                  of the said judgment being obtained (as the case may be) and
                  the date of actual payment thereof and this indemnity shall
                  continue in full force and effect notwithstanding any judgment
                  in favour of any of the Lenders.

13.      COUNTERPARTS

         This Mortgage may be executed in one or more counterparts, each of
         which shall be deemed originals, all of which together shall constitute
         one and the same instrument. Delivery of an executed counterpart of a
         signature page to this Mortgage by facsimile transmission shall be
         effective as delivery of a manually executed counterpart of this
         Mortgage.

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                                      -11-

14.      GOVERNING LAW

         This Mortgage shall be governed by and construed in accordance with the
         laws of the Cayman Islands and the parties hereby submit to the
         non-exclusive jurisdiction of the courts of the Cayman Islands.

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                                      -12-

IN WITNESS whereof the parties hereto have caused this Mortgage to be duly
executed as a Deed the day and year first above written.

EXECUTED as a DEED by AJAX II,           )
L.L.C. as Managing General Partner of    )
AJAX II, L.P. in the presence of:        )
                                         )
_________________________                )   ______________________
Witness                                      John F. Tavlarios
                                             Attorney-in-Fact

EXECUTED as a DEED by the                )
CHRISTIANIA BANK OG                      )
KREDITKASSE ASA, NEW YORK                )
BRANCH as AGENT on behalf of the         )
Lenders in the presence of:              )
_________________________                )   ______________________
Witness                                  )

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                                      -13-

ACKNOWLEDGEMENT AND AGREEMENT OF THE COMPANIES AND THEIR RESPECTIVE SOLE
DIRECTORS

We, the undersigned, on behalf of Genmar Gabriel Ltd., Genmar Zoe Ltd., Genmar
Macedon Ltd. and Genmar Spartiate Ltd. hereby acknowledge and agree to the above
Mortgage and we agree to approve any transfer of the Mortgaged Shares to the
Agent on behalf of the Lenders or its nominee pursuant to Clause 5(e) of the
Mortgage and to enter the particulars of such transfer in the Register of
Members of the relevant Company.

Dated __________ 2000

___________________________________
John F. Tavlarios, Attorney-in-Fact
for and on behalf of
GENMAR GABRIEL LTD.

___________________________________
John F. Tavlarios, Attorney-in-Fact
for and on behalf of
GENMAR ZOE LTD.

___________________________________
John F. Tavlarios, Attorney-in-Fact
For and on behalf of
GENMAR MACEDON LTD.

___________________________________
John F. Tavlarios, Attorney-in-Fact
For and on behalf of
GENMAR SPARTIATE LTD.

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                                      -14-

          [GENMAR GABRIELTD./GENMAR ZOE LTD./GENMAR MACEDON LTD./GENMAR
                                 SPARTIATE LTD.]

                         FORM OF RESIGNATION OF DIRECTOR

TO:      [Genmar Gabriel Ltd./Genmar Zoe Ltd./Genmar Macedon Ltd./Genmar
           Spartiate Ltd.]
         ("Company")
         P.O. Box 1234GT
         Queensgate House
         South Church Street
         Grand Cayman
         Cayman Islands

Dear Sirs,

I hereby resign as a Director of the Company and from any and all other offices
of the Company I may hold effective from today's date without claim or
compensation for loss of office or otherwise.

This Resignation is issued pursuant to a Share Mortgage dated __________ 2000 in
favour of CHRISTIANIA BANK OG KREDITKASSE ASA on behalf of the Lenders as
defined therein who are authorized to date and deliver this Resignation under
the terms thereof.

DATED: _______________ 20__

Yours faithfully,

_______________________________

<PAGE>
                                      -15-

         [GENMAR GABRIEL LTD./GENMAR ZOE LTD./GENMAR MACEDON LTD./GENMAR
                                 SPARTIATE LTD.]

                            FORM OF IRREVOCABLE PROXY

The undersigned being the owner of 100 ordinary shares ("Shares", which
expression shall be deemed to include any further shares issued to the
undersigned) of [Genmar Gabriel Ltd./Genmar Zoe Ltd./Genmar Macedon Ltd./Genmar
Spartiate Ltd.] ("Company"), a Cayman Islands company, hereby make, constitute
and appoint ______________________ of ______________________________________ as
proxy and attorney-in-fact of the undersigned with full power to appoint a
representative or nominee or substitute to act hereunder from time to time to
vote all or any of the Shares at all annual and extraordinary general meetings
of shareholders of the Company and to sign any unanimous written resolutions of
the shareholders of the Company with the same force and effect as the
undersigned might or could do and the undersigned hereby ratifies and confirms
all that the said proxy and attorney-in-fact or its representative or nominee or
substitute shall do or cause to be done by virtue hereof.

The Shares have been mortgaged to CHRISTIANIA BANK OG KREDITKASSE ASA as Agent
on behalf of certain Lenders pursuant to a Share Mortgage ("Mortgage") dated
__________ 2000 made between the undersigned and the Agent on behalf of the
Lenders. This Proxy is coupled with an interest and is irrevocable and shall
remain irrevocable as long as the Mortgage remains in effect.

IN WITNESS whereof this instrument has been duly executed as a Deed this _____
day of __________ 2000.

EXECUTED as a DEED by                     )
AJAX II, L.L.C. as Managing               )
Partner of AJAX II, L.P. in the           )
presence of:                              )
______________________________            )        _____________________________
Witness                                   )        Director/Member
                                          )

<PAGE>
                                      -16-

         [GENMAR GABRIEL LTD./GENMAR ZOE LTD./GENMAR MACEDON LTD./GENMAR
                                 SPARTIATE LTD.]
                                   ("Company")

                           FORM OF TRANSFER OF SHARES

We, Ajax II, L.P., by the Managing General Partner Ajax II, L.L.C., of P.O. Box
1234GT, Queensgate House, South Church Street, Grand Cayman, Cayman Islands in
consideration of the sum of US$1.00 and other good and valuable consideration
paid to us by _____________________ of ______________________________
(hereinafter called "the Transferee") do hereby transfer to the Transferee the
_________ shares in the Company to hold the same unto the Transferee subject to
the several conditions on which we hold the same; and we the Transferee do
hereby agree to take the said shares subject to the conditions aforesaid.

This Transfer of Shares is issued pursuant to a Share Mortgage dated __________
2000 in favour of CHRISTIANIA BANK OG KREDITKASSE ASA on behalf of the Lenders
as therein defined who are authorized to complete this Transfer under the terms
thereof.

As witness our hands the _____ day of __________ 20__.

Transferor:                                   Transferee:

________________________________              __________________________________
Ajax II, L.P.
By Ajax II, L.L.C.
(Managing General Partner)
By Peter Georgiopoulos
(Sole Member)

<PAGE>
                                      -17-

        [GENMAR GABRIEL LTD./GENMAR ZOE LTD./GENMAR MACEDON LTD./GENMAR
                                SPARTIATE LTD.]

                               FORM OF MEMORANDUM

It is hereby certified that a Memorandum has been made in the Register of
Members of [Genmar Gabriel Ltd./Genmar Zoe Ltd./Genmar Macedon Ltd./Genmar
Spartiate Ltd.] ("Company") to the effect that the shares described in the
Schedule hereunder ("Shares", which expression shall be deemed to include any
further shares issued to such shareholder described in the Schedule) have been
mortgaged to CHRISTIANIA BANK OG KREDITKASSE ASA, New York Branch as Agent for
the Lenders as defined in and pursuant to a Share Mortgage dated __________
20__, due notice of the said Mortgage having been given by the Agent on behalf
of the Lenders to the Company and we being duly appointed Directors of the
Company, do hereby undertake not to register any transfer of any of the Shares
or other ownership rights entitling the holder thereof to participate in the
profits of the Company other than as directed by the Agent on behalf of the
Lenders or with the prior written authorization of the Agent on behalf of the
Lenders so to do.

It is further certified that we have not heretofore received any notice of any
mortgage or other encumbrance in relation to the Shares.

                                    SCHEDULE

_____ ordinary shares of US$1.00 represented by certificates number ___ held by
___________________.

Dated _____________________ 20__

_____________________________
 (Director)Prepared by MERRILL CORPORATION www.edgaradvantage.com

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  AMENDED AND RESTATED
  EMPLOYMENT AND NONCOMPETITION AGREEMENT         

    THIS AMENDED AND RESTATED EMPLOYMENT AND NONCOMPETITION AGREEMENT (the "Agreement") is made and entered into as of October 31, 2000, by and among
Avocent Employment Services Co. (formerly known as Polycon Investments, Inc.), a Texas corporation ("Employer"), Avocent Corporation, a Delaware
corporation, and R. Byron Driver (the "Employee"). 

  RECITALS         

    WHEREAS, the Employer is a direct or indirect subsidiary of Avocent Corporation engaged in the business of leasing employees to Avocent Corporation and its
affiliates, including Apex Inc. ("Apex") and Cybex Computer Products Corporation ("Cybex"); 

    WHEREAS,
Avocent Corporation and its affiliates (collectively referred to in this Agreement as "Avocent") are engaged in the business of designing, manufacturing, and selling
stand-alone console/ KVM switching systems, console/KVM remote access products, and integrated server cabinet solutions for the client/server computing market; 

    WHEREAS,
Employee, Employer, and Cybex entered into that certain Employment and Noncompetition Agreement dated July 1, 1999 (the "Original Employment Agreement"); and 

    WHEREAS,
on March 8, 2000, Apex, Cybex, and Avocent Corporation entered into an Agreement and Plan of Reorganization dated March 8, 2000 (the "Reorganization
Agreement"). Pursuant to the Reorganization Agreement, (i) Apex Acquisition Corp., a wholly-owned subsidiary of Avocent, merged with and into Apex on July 1, 2000 (the "Apex Merger"),
and upon the Apex Merger, Apex became a wholly-owned subsidiary of Avocent, and (ii) Cybex Acquisition Corp., a wholly-owned subsidiary of Avocent, merged with and into Cybex (the "Cybex
Merger") on July 1, 2000, and upon the Cybex Merger, Cybex also became a wholly-owned subsidiary of Avocent; and 

    WHEREAS,
for and in consideration of an increase in base pay, certain incentive bonus eligibility and awards, and an award of stock options that would not otherwise be made to
Employee, Employer, Employee, Cybex, and Avocent now wish to amend and restate the Original Employment Agreement with this Amended and Restated Employment and Noncompetition Agreement. 

  AGREEMENT         

    THE PARTIES HERETO AGREE AS FOLLOWS: 

    1.  DUTIES.  During
the term of this Agreement, the Employee agrees to be employed by Employer and to serve Avocent as its Senior Vice President of
Operations and Chief Operating Officer, and Employer agrees to employ the Employee and lease the Employee to Avocent to serve Avocent in such capacities. The Employee shall devote such of his business
time, energy, and skill to the affairs of Avocent and Employer as shall be necessary to perform the duties of Senior Vice President of Operations and Chief Operating Officer. The Employee shall report
to the President of the Employer, Cybex, and Avocent Corporation and to the Boards of Directors of the Employer, Cybex, and Avocent Corporation, and at all times during the term of this Agreement, the
Employee shall have powers and duties at least commensurate with his position as Senior Vice President of Operations and Chief Operating Officer of Avocent Corporation. 

    2.  TERM
OF EMPLOYMENT.  

    2.1  DEFINITIONS.  For
purposes of this Agreement the following terms shall have the following meanings: 

    (a) "TERMINATION
FOR CAUSE" shall mean termination by the Employer of the Employee's employment by the Employer by reason of the Employee's willful dishonesty towards,
fraud upon, or deliberate injury or attempted injury to, the Employer or Avocent or 

by reason of the Employee's willful material breach of this Agreement which has resulted in material injury to the Employer or Avocent. 

    (b) "TERMINATIONS
OTHER THAN FOR CAUSE" shall mean termination by the Employer or Avocent Corporation of the Employee's employment by the Employer (other than in a
Termination for Cause) and shall include any constructive termination of the Employee's employment by reason of material breach of this Agreement by the Employer or Avocent, such constructive
termination to be
effective upon thirty (30) days written notice from the Employee to the Employer of such constructive termination. 

    (c) "VOLUNTARY
TERMINATION" shall mean termination by the Employee of the Employee's employment by the Employer other than (i) constructive termination as
described in subsection 2.1(b), (ii) "Termination Upon a Change in Control" as described in Section 2.1(e), and (iii) termination by reason of the Employee's disability or death
as described in Sections 2.5 and 2.6. 

    (d) "TERMINATION
UPON A CHANGE IN CONTROL" shall mean (i) a termination by the Employee of the Employee's employment with the Employer or services to Avocent
within six (6) months following any "Change in Control" other than any "Change in Control" contemplated by or described in the Reorganization Agreement and/or resulting from the closing of the
transactions described in the Reorganization Agreement including, without limitation, the Cybex Merger, the Apex Merger, and the Merger (as such terms are defined in the Reorganization Agreement), or
(ii) any termination by the Employer or Avocent Corporation of the Employee's employment by the Employer (other than a Termination for Cause) within eighteen (18) months following any
"Change in Control" other than any "Change in Control" contemplated by or described in the Reorganization Agreement and/or resulting from the closing of the transactions described in the
Reorganization Agreement including, without limitation, the Cybex Merger, the Apex Merger, and the Merger (as such terms are defined in the Reorganization Agreement). 

    (e) "CHANGE
IN CONTROL" shall mean any one of the following events: 

     (i) Any
person (other than Avocent) acquires beneficial ownership of Employer's, Cybex's, or Avocent Corporation's securities and is or thereby becomes a beneficial
owner of securities entitling such person to exercise twenty-five percent (25%) or more of the combined voting power of Employer's, Cybex's, or Avocent Corporation's then outstanding
stock. For purposes of this Agreement, "beneficial ownership" shall be determined in accordance with Regulation 13D under the Securities Exchange Act of 1934, or any similar successor
regulation or rule; and the term "person" shall include any natural person, corporation, partnership, trust or association, or any group or combination thereof, whose ownership of Employer's, Cybex's,
or Avocent Corporation's securities would be required to be reported under such Regulation 13D, or any similar successor regulation or rule. 

    (ii) Within
any twenty-four (24) month period, the individuals who were Directors of Avocent Corporation at the beginning of any such period,
together with any other Directors first elected as directors of Avocent Corporation pursuant to nominations approved or ratified by at least two-thirds (2/3)
of the Directors in office immediately prior to any such election, cease to constitute a majority of the Board of Directors of Avocent Corporation. 

    (iii) Avocent
Corporation's stockholders approve: 

    (1) any
consolidation or merger of Avocent Corporation in which Avocent Corporation is not the continuing or surviving corporation or pursuant to which 

2

shares of Avocent Corporation common stock would be converted into cash, securities or other property, other than a merger or consolidation of Avocent Corporation in which the holders of Avocent
Corporation's common stock immediately prior to the merger or consolidation have substantially the same proportionate ownership and voting control of the surviving corporation immediately after the
merger or consolidation; or 

    (2) any
sale, lease, exchange, liquidation or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of Avocent
Corporation. 

Notwithstanding
subparagraphs (e)(iii)(1) and (e)(iii)(2) above, the term "Change in Control" shall not include a consolidation, merger, or other reorganization if upon consummation of such
transaction all of the outstanding voting stock of Avocent Corporation is owned, directly or indirectly, by a holding company, and the holders of Avocent Corporation's common stock immediately prior
to the transaction have substantially the same proportionate ownership and voting control of such holding company after such transaction. 

    (iv) Cybex's
stockholders approve: 

    (1) any
consolidation or merger of Cybex in which Cybex is not the continuing or surviving corporation or pursuant to which shares of Cybex common stock would be
converted into cash, securities or other property, other than a merger or consolidation of Cybex (including a merger of Cybex into Avocent Corporation) in which the holders of Cybex's common stock
immediately prior to the merger or consolidation have substantially the same proportionate ownership and voting control of the surviving corporation immediately after the merger or consolidation; or 

    (2) any
sale, lease, exchange, liquidation or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of Cybex. 

Notwithstanding
subparagraphs (e)(iv)(1) and (e)(iv)(2) above, the term "Change in Control" shall not include a consolidation, merger, or other reorganization if upon consummation of such transaction
all of the outstanding voting stock of Cybex is owned, directly or indirectly, by a holding company, and the holders of Cybex's common stock immediately prior to the transaction have substantially the
same proportionate ownership and voting control of such holding company after such transaction. 

    2.2  BASIC
TERM.  The term of employment of the Employee by the Employer shall be for the period beginning immediately prior to the closing of the Cybex
Merger (as described in the Reorganization Agreement) on July 1, 2000, and ending on December 31, 2004, unless terminated earlier pursuant to this Section 2. At any time before
December 31, 2004, the Employer and the Employee may by mutual written agreement extend the Employee's employment under the terms of this Agreement for such additional periods as they may
agree. 

    2.3  TERMINATION
FOR CAUSE.  Termination For Cause may be effected by the Employer at any time during the term of this Agreement and shall be effected by
thirty (30) days written notification to the Employee from the Boards of Directors of Employer and Avocent Corporation stating the reason for termination. Upon Termination For Cause, the
Employee immediately shall be paid all accrued salary, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee's rights under such plans, accrued vacation pay and any
appropriate business expenses incurred by the Employee in connection with his duties hereunder, 

3

all to the date of termination, but the Employee shall not be paid any other compensation or reimbursement of any kind, including without limitation, severance compensation. 

    2.4  TERMINATION
OTHER THAN FOR CAUSE.  Notwithstanding anything else in this Agreement, the Employer may effect a Termination Other Than For Cause at
any time upon giving thirty (30) days written notice to the Employee of such termination. Upon any Termination Other Than For Cause, the Employee shall immediately be paid all accrued salary,
bonus compensation to the extent earned, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will
be paid in accordance with the applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee's rights under such
plans, accrued vacation pay and any appropriate business expenses incurred by the Employee in connection with his duties hereunder, all to the date of termination, and all severance compensation
provided in Section 4.2, but no other compensation or reimbursement of any kind. 

    2.5  TERMINATION
BY REASON OF DISABILITY.  If, during the term of this Agreement, the Employee, in the reasonable judgment of the Board of Directors of
Avocent, has failed to perform his duties under this Agreement on account of illness or physical or mental incapacity, and such illness or incapacity continues for a period of more than six
(6) consecutive months, the Employer shall have the right to terminate the Employee's employment hereunder by delivery of written notice to the Employee at any time after such six month period
and payment to the Employee of all accrued salary, bonus compensation in an amount equal to the average annual bonus earned by the Employee as an employee of Avocent and its affiliates and
predecessors in the two (2) years immediately preceding the date of termination, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will be paid
in accordance with the applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee's rights under such plans
(including having the vesting of any awards granted to the Employee under any Cybex or Avocent stock option plans fully accelerated), accrued vacation pay and any appropriate business expenses
incurred by the Employee in connection with his duties hereunder, all to the date of termination, with the exception of medical and dental benefits which shall continue through the expiration of this
Agreement, but the Employee shall not be paid any other compensation or reimbursement of any kind, including without limitation, severance compensation. 

    2.6  TERMINATION
BY REASON OF DEATH.  In the event of the Employee's death during the term of this Agreement, the Employee's employment shall be deemed
to have terminated as of the last day of the month during which his death occurs and the Employer shall pay to his estate or such beneficiaries as the Employee may from time to time designate all
accrued salary, bonus compensation to the extent earned, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee's rights under such plans (including having the vesting
of any awards granted to the Employee under any Cybex or Avocent stock option plans fully accelerated), accrued vacation pay and any appropriate business expenses incurred by the Employee in
connection with his duties hereunder, all to the date of termination, but the Employee's estate shall not be paid any other compensation or reimbursement of any kind, including without limitation,
severance compensation. 

    2.7  VOLUNTARY
TERMINATION.  Notwithstanding anything else in this Agreement, the Employee may effect a Voluntary Termination at any time upon giving
thirty (30) days written notice to the Employer of such termination. In the event of a Voluntary Termination, the Employer shall
immediately pay all accrued salary, bonus compensation to the extent earned, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which 

4

will be paid in accordance with the applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee's rights under such
plans, accrued vacation pay and any appropriate business expenses incurred by the Employee in connection with his duties hereunder, all to the date of termination, but no other compensation or
reimbursement of any kind, including without limitation, severance compensation. 

    2.8  TERMINATION
UPON A CHANGE IN CONTROL.  In the event of a Termination Upon a Change in Control, the Employee shall immediately be paid all accrued
salary, bonus compensation to the extent earned, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will be paid in accordance with the applicable
plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee's rights under such plans (including having the vesting of any
awards granted to the Employee under any Cybex or Avocent stock option plans fully accelerated), accrued vacation pay and any appropriate business expenses incurred by the Employee in connection with
his duties hereunder, all to the date of termination, and all severance compensation provided in Section 4.1, but no other compensation or reimbursement of any kind. Employee acknowledges and
agrees that the transactions described in the Reorganization Agreement including, without limitation, the Cybex Merger, the Apex Merger, and the Merger do not constitute, and shall not be construed
retroactively or otherwise as constituting, a "Change in Control" as defined in Section 2.1(e) and that any future termination of Employee's employment with Employer will not constitute a
"Termination Upon A Change in Control" under Section 2.1(d) or this Section 2.8 unless there is a Change in Control as defined in Section 2.1(e) of this Agreement after the date
of this Agreement. 

    3.  SALARY,
BENEFITS AND BONUS COMPENSATION.  

    3.1  BASE
SALARY.  Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject
to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The
Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the
Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the
cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor
(using July 1, 2000, as the
base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation. 

    3.2  BONUSES.  The
Employee shall be eligible to receive a bonus for each calendar year (or portion thereof) during the term of this Agreement and any
extensions thereof, with the actual amount of any such bonus to be determined in the sole discretion of the Board of Directors of Avocent Corporation based upon its evaluation of the Employee's
performance during such year. All such bonuses shall be payable during the last month of the fiscal year or within forty-five (45) days after the end of the fiscal year to which
such bonus relates. All such bonuses shall be reviewed annually by the Compensation Committee of Avocent Corporation. 

    3.3  ADDITIONAL
BENEFITS.  During the term of this Agreement, the Employee shall be entitled to the following fringe benefits: 

    (a)  THE EMPLOYEE BENEFITS.  The Employee shall be eligible to participate in such of Avocent's benefits
and deferred compensation plans as are now generally available or later made generally available to executive officers of or Avocent, including, without limitation, stock option plans,
Section 401(k) plan, profit sharing plans, annual physical 

5

examinations, dental and medical plans, personal catastrophe and disability insurance, retirement plans and supplementary executive retirement plans, if any. For purposes of establishing the length of
service under any benefit plans or programs of Cybex or Avocent, the Employee's employment with the Employer (or any successor) will be deemed to have commenced on the date that Employee first
commenced employment with Cybex, which was August 17, 1992. 

    (b)  VACATION.  The Employee shall be entitled to vacation in accordance with the Avocent Corporation's
vacation policy but in no event less than three weeks during each year of this Agreement. 

    (c)  LIFE INSURANCE.  For the term of this Agreement and any extensions thereof, the Employer shall at
its expense procure and keep in effect term life insurance on the life of the Employee, payable to such beneficiaries as the Employee may from time to time designate, in an aggregate amount equal to
the lesser of (i) three times the Employee's Base Salary or (ii) $500,000. Such policy shall be owned by the Employee or by any person or entity with an insurable interest in the life of
the Employee. 

    (d)  REIMBURSEMENT FOR EXPENSES.  During the term of this Agreement, the Employer or Avocent Corporation
shall reimburse the Employee for reasonable and properly documented out-of-pocket business and/or entertainment expenses incurred by the Employee in connection with his duties
under this Agreement. 

    4.  SEVERANCE
COMPENSATION.  

    4.1  SEVERANCE
COMPENSATION IN THE EVENT OF A TERMINATION UPON A CHANGE IN CONTROL.  In the event the Employee's employment is terminated in a
Termination Upon a Change in Control, the Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination) for a period of twelve
(12) months from the date of termination of this Agreement, on the dates specified in Section 3.1, and an amount equal to the average annual bonus earned by the Employee as an employee
of Avocent Corporation and its affiliates and predecessors in the two (2) years immediately preceding the date of termination. Notwithstanding anything in this Section 4.1 to the
contrary, the Employee may in the Employee's sole discretion, by delivery of a notice to the Employer within thirty (30) days following a Termination Upon a Change in Control, elect to receive
from the Employer a lump sum severance payment by bank cashier's check equal to the present value of the flow of cash payments that would otherwise be paid to the Employee pursuant to this
Section 4.1. Such present value shall be determined as of the date of delivery of the notice of election by the Employee and shall be based on a discount rate equal to the interest rate of
90-day U.S. Treasury bills, as reported in The Wall Street Journal (or similar publication), on the date of delivery of the election notice.
If the Employee elects to receive a lump sum severance payment, Avocent Corporation shall cause the Employer to make such payment to the Employee within ten (10) days following the date on
which the Employee notifies the Employer of the Employee's election. The Employee shall also be entitled to have the vesting of any awards granted to the Employee under any Cybex or Avocent stock
option plans fully accelerated. The Employee shall be provided with medical plan benefits under any health plans of Avocent or Employer in which the Employee is a participant to the full extent of the
Employee's rights under such plans for a period of 12 months from the date of termination of this Agreement; provided, however, that the benefits under any such plans of Employer or Avocent in
which the Employee is a participant, including any such perquisites, shall cease upon employment by a new employer. 

    4.2  SEVERANCE
COMPENSATION IN THE EVENT OF A TERMINATION OTHER THAN FOR CAUSE.  In the event the Employee's employment is terminated in a Termination
Other Than for Cause, the Employee shall be paid as severance compensation his Base Salary (at 

6

the rate payable at the time of such termination) for a period of twelve (12) months from the date of such termination, on the dates specified in Section 3.1, and an amount equal to the
average annual bonus earned by the Employee as an employee of Avocent Corporation and its affiliates and predecessors in the two (2) years immediately preceding the date of termination.
Notwithstanding anything in this Section 4.2 to the contrary, the Employee may in the Employee's sole discretion, by delivery of a notice to the Employer within thirty (30) days
following a Termination Other Than for Cause, elect to receive from the Employer a lump sum severance payment by bank cashier's check equal to the present value of the flow of cash payments that would
otherwise be paid to the Employee pursuant to this Section 4.2. Such present value shall be determined as of the date of delivery of the notice of election by the Employee and shall be based on
a discount rate equal to the interest rate on 90-day U.S. Treasury bills, as reported in The Wall Street Journal (or similar publication),
on the date of delivery of the election notice. If the Employee elects to receive a lump sum severance payment, Avocent Corporation shall cause the Employer to make such payment to the Employee within
ten (10) days following the date on which the Employee notifies the Employer of the Employee's election. The Employee shall also be entitled to have the vesting of any awards granted to the
Employee under any Cybex or Avocent stock option plans fully accelerated. 

    4.3  NO
SEVERANCE COMPENSATION UNDER OTHER TERMINATION.  In the event of a Voluntary Termination, Termination For Cause, termination by reason of the
Employee's disability pursuant to Section 2.5, or termination by reason of the Employee's death pursuant to Section 2.6, the Employee or his estate shall not be paid any severance
compensation. 

    5.  NON-COMPETITION
OBLIGATIONS.  Unless waived or reduced by the Employer or Avocent, during the term of this Agreement and for a period of
12 months thereafter, the Employee will not, without the Employer's prior written consent, directly or indirectly, alone or as a partner, joint venturer, officer, director, employee,
consultant, agent, independent contractor or stockholder of any company or business, engage in any business activity in the United States, Canada, or Europe which is substantially similar to or in
direct competition with any of the business activities of or services provided by the Employer at such time. Notwithstanding the foregoing, the ownership by the Employee of not more than five percent
(5%) of the shares of stock of any corporation having a class of equity securities actively traded on a national securities exchange or on The Nasdaq Stock Market shall not be deemed, in and of
itself, to violate the prohibitions of this Section 5. 

    6.  MISCELLANEOUS.  

    6.1  PAYMENT
OBLIGATIONS.  If litigation after a Change in Control shall be brought to enforce or interpret any provision contained herein, the Employer
and Avocent Corporation, to the extent permitted by applicable law and the Employer's and Avocent Corporation's Articles of Incorporation
and Bylaws, each hereby indemnifies the Employee for the Employee's reasonable attorneys' fees and disbursements incurred in such litigation. 

    6.2  GUARANTEE.  Avocent
Corporation hereby unconditional and irrevocable guarantees the payment obligations of the Employer under this Agreement,
including, without limitation, the Employer's obligations under Section 6.1 hereof. 

    6.3  WITHHOLDINGS.  All
compensation and benefits to the Employee hereunder shall be reduced by all federal, state, local, and other withholdings and
similar taxes and payments required by applicable law. 

    6.4  WAIVER.  The
waiver of the breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of the
same or other provision hereof. 

7

    6.5  ENTIRE AGREEMENT; MODIFICATIONS.  Except as otherwise provided herein, this Agreement represents the entire understanding among the parties with
respect to the subject matter hereof, and this Agreement supersedes any and all prior understandings, agreements, plans and negotiations, whether written or oral with respect to the subject matter
hereof including without limitation, the Original Employment Agreement, and any understandings, agreements or obligations respecting any past or future compensation, bonuses, reimbursements or other
payments to the Employee from the Employer or Avocent Corporation. In particular, Employee acknowledges and agrees that the terms and conditions of this Agreement (and not the Original Employment
Agreement) shall apply to all stock option awards granted to Employee under any Cybex or Avocent stock option plan (including, without limitation, Employee's September 18, 2000 stock option
award from Avocent Corporation). All modifications to the Agreement must be in writing and signed by the party against whom enforcement of such modification is sought. 

    6.6  NOTICES.  All
notices and other communications under this Agreement shall be in writing and shall be given by hand delivery or first class mail,
certified or registered with return receipt requested, and shall be deemed to have been duly given upon hand delivery to an officer of the Employer or the Employee, as the case may be, or upon three
(3) days after mailing to the respective persons named below: 

	If to the Employer/Avocent:	Avocent Corporation
	 	4991 Corporate Drive

Huntsville, AL 35805

Attn: Executive Vice President

Copy to General Counsel
	 

If to the Employee:	 

R. Byron Driver

[                   ]

[                   ]

    Any
party may change such party's address for notices by notice duly given pursuant to this Section 6.6. 

    6.7  HEADINGS.  The
Section headings herein are intended for reference and shall not by themselves determine the construction or interpretation of this
Agreement. 

    6.8  GOVERNING
LAW; VENUE.  This Agreement shall be governed by and construed in accordance with the laws of the State of Alabama. The Employee, the
Employer, and Avocent Corporation each hereby expressly consents to the exclusive venue of the state and federal courts located in Huntsville, Madison County, Alabama, for any lawsuit arising from or
relating to this Agreement. 

    6.9  ARBITRATION.  Any
controversy or claim arising out of or relating to this Agreement, or breach thereof, shall be settled by arbitration in
Huntsville, Alabama, in accordance with the Rules of the American Arbitration Association, and judgment upon any proper award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. There shall be three (3) arbitrators, one (1) to be chosen directly by each party at will, and the third arbitrator to be selected by the two (2) arbitrators
so chosen. To the extent permitted by the Rules of the American Arbitration Association, the selected arbitrators may grant equitable relief. Each party shall pay the fees of the arbitrator selected
by him and of his own attorneys, and the expenses of his witnesses and all other expenses connected with the presentation of his case. The cost of the arbitration including the cost of the record or
transcripts thereof, if any, administrative fees, and all other fees and costs shall be borne equally by the parties. 

8

    6.10  SEVERABILITY.  If a court or other body of competent jurisdiction determines that any provision of this Agreement is excessive in scope or
otherwise invalid or unenforceable, such provision shall be
adjusted rather than voided, if possible, and all other provisions of this Agreement shall be deemed valid and enforceable to the extent possible. 

    6.11  SURVIVAL
OF EMPLOYER'S OBLIGATIONS.  The Employer's and Avocent Corporation's obligations hereunder shall not be terminated by reason of any
liquidation, dissolution, bankruptcy, cessation of business, or similar event relating to the Employer or Avocent Corporation. This Agreement shall not be terminated by any merger or consolidation or
other reorganization of the Employer or Avocent Corporation. In the event any such merger, consolidation or reorganization shall be accomplished by transfer of stock or by transfer of assets or
otherwise, the provisions of this Agreement shall be binding upon and inure to the benefit of the surviving or resulting corporation or person. This Agreement shall be binding upon and inure to the
benefit of the executors, administrators, heirs, successors and assigns of the parties; provided, however, that except as herein expressly provided, this Agreement shall not be assignable either by
the Employer (except to an affiliate of the Employer (including Avocent Corporation) in which event the Employer shall remain liable if the affiliate fails to meet any obligations to make payments or
provide benefits or otherwise) or by the Employee. 

    6.12  COUNTERPARTS.  This
Agreement may be executed in one or more counterparts, all of which taken together shall constitute one and the same Agreement. 

    6.13  INDEMNIFICATION.  In
addition to any rights to indemnification to which the Employee is entitled to under the Employer's Articles of Incorporation
and Bylaws, the Employer and Avocent Corporation shall indemnify the Employee at all times during and after the term of this Agreement to the maximum extent permitted under the corporation laws of the
State of Delaware and any other applicable state law, and shall pay the Employee's expenses in defending any civil or criminal action, suit, or proceeding in advance of the final disposition of such
action, suit, or proceeding, to the maximum extent permitted under such applicable state laws. 

    6.14  INDEMNIFICATION
FOR SECTION 4999 EXCISE TAXES.  In the event that it shall be determined that any payment or other benefit paid by the Employer or
Avocent Corporation to or for the benefit of the Employee under this Agreement or otherwise, but determined without regard to any additional payments required under this Amendment (the "Payments")
would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code (the "Excise Tax"), then the Employer and Avocent Corporation shall indemnify the Employee for such
Excise Tax in accordance with the following: 

    (a) The
Employee shall be entitled to receive an additional payment from the Employer and/or Avocent Corporation equal to (i) one hundred percent (100%) of any
Excise Tax actually paid or finally or
payable by the Employee in connection with the Payments, plus (ii) an additional payment in such amount that after all taxes, interest and penalties incurred in connection with all payments
under this Section 2(a), the Employee retains an amount equal to one hundred percent (100%) of the Excise Tax. 

    (b) All
determinations required to be made under this Section shall be made by the Avocent Corporation's primary independent public accounting firm, or any other
nationally recognized accounting firm reasonably acceptable to the Avocent Corporation and the Employee (the "Accounting Firm"). Avocent Corporation shall cause the Accounting Firm to provide detailed
supporting calculations of its determinations to the Employer and the Employee. All fees and expenses of the Accounting Firm shall be borne solely by the Employer. For purposes of making the
calculations required by this Section, the Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G 

9

and 4999 of the Internal Revenue Code, provided the Accounting Firm's determinations must be made with substantial authority (within the meaning of Section 6662 of the Internal Revenue Code).
The payments to which the Employee is entitled pursuant to this Section shall be paid by the Employer and/or Avocent Corporation to the Employee in cash and in full not later than thirty
(30) calendar days following the date the Employee becomes subject to the Excise Tax. 

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

	 	 	AVOCENT EMPLOYMENT SERVICES, INC.:
	 

 	 
 	 

By:	 

/s/ JULIE YARBROUGH   

	 	 	Its:	President

	 

 	 
 	 
 AVOCENT CORPORATION:
	 

 	 
 	 

By:	 

/s/ DOYLE C. WEEKS   

	 	 	Its:	Executive Vice President

	 

 	 
 	 
 EMPLOYEE:
	 

 	 
 	 

/s/ R. BYRON DRIVER   
 R. Byron Driver

10

QuickLinks

AMENDED AND RESTATED EMPLOYMENT AND NONCOMPETITION AGREEMENT

RECITALS

AGREEMENT

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