Document:

Exhibit 10.1

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

This First Amendment to Credit Agreement (this “First Amendment”) is made as of the
4th day of March, 2011 by and among A.C. MOORE INCORPORATED, a Virginia corporation,
for itself and as Lead Borrower (in such capacity, the “Lead Borrower”) for the Borrowers party
hereto (individually, a “Borrower” and, collectively, the “Borrowers”), (ii) the Borrowers party
hereto, (iii) the Guarantors party hereto, (iv) Wells Fargo Bank, National Association, as
successor to Wells Fargo Retail Finance, LLC, as administrative agent (in such capacity, the
“Administrative Agent”) for its own benefit and the benefit of the other Credit Parties, and (v)
Wells Fargo Bank, National Association, successor to Wells Fargo Retail Finance, LLC, as collateral
agent (in such capacity, the “Collateral Agent”) for its own benefit and the benefit of the other
Credit Parties, in consideration of the mutual covenants herein contained and benefits to be
derived herefrom. All capitalized terms used herein and not otherwise defined shall have the same
meaning herein as in the Credit Agreement.

WITNESSETH

WHEREAS, the Lead Borrower, the Borrowers, the Guarantors, the Lenders, the Administrative
Agent and the Collateral Agent entered into a Credit Agreement dated as of January 15, 2009 (as
amended, modified, supplemented, restated or otherwise modified and in effect from time to time,
the “Credit Agreement”); and

WHEREAS, the parties desire to amend the terms and conditions of the Credit Amendment as set
forth herein.

NOW THEREFORE, it is hereby agreed as follows:

	1.	 	Definitions. All capitalized terms used herein and not otherwise defined shall have
the same meaning herein as in the Credit Agreement.

	 
	2.	 	Amendment to Article I. the following definitions contained in Section 1.01 of the
Credit Agreement are hereby amended and restated in their entirety to read as follows:

“Applicable Margin” means:

From and after March 4, 2011 until the first Adjustment Date, the percentages set
forth in Level I of the pricing grid below; and

On the first Adjustment Date, and on each Adjustment Date thereafter, the Applicable
Margin shall be determined from the following pricing grid based upon the Average Excess
Availability as of the Fiscal Quarter ended immediately preceding such Adjustment Date;
provided, however, that notwithstanding anything to the contrary set forth
herein, upon the occurrence and during the continuance of an Event of Default, the
Administrative Agent may, and at the direction of the Required Lenders shall,

 

1

 

immediately increase the Applicable Margin to that set forth in Level III (even if the
Average Excess Availability requirements for a different Level have been met) and interest
shall accrue at the Default Rate; provided, further if any of the financial
statements delivered pursuant to Section 6.01 of this Agreement or any Borrowing
Base Certificate is at any time restated or otherwise revised (including as a result of an
audit) or if the information set forth in any such financial statements or Borrowing Base
Certificate otherwise proves to be false or incorrect such that the Applicable Margin would
have been higher than was otherwise in effect during any period, without constituting a
waiver of any Default or Event of Default arising as a result thereof, interest due under
this Agreement shall be immediately recalculated at such higher rate for any applicable
periods and shall be due and payable on demand.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	LIBOR	 	 	Base Rate	 	 	Commitment	 
	Level	 	Average Excess Availability	 	Margin	 	 	Margin	 	 	Fee Margin	 
	I
	 	Greater than or equal to 50%	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	of the Loan Cap	 	 	2.25	%	 	 	2.25	%	 	 	0.50	%
	II
	 	Less than 50% of the Loan	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Cap but greater than or	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	equal to 25% of the Loan Cap	 	 	2.50	%	 	 	2.50	%	 	 	0.375	%
	III
	 	Less than 25% of the Loan Cap	 	 	2.75	%	 	 	2.75	%	 	 	0.375	%

“Base Rate” means, for any day, a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Rate, as in effect from time to time, plus one-half of one
percent (0.50%), (b) the Adjusted LIBO Rate plus one percent (1.00%), or (c) the rate of
interest in effect for such day as publicly announced from time to time by Wells Fargo as
its “prime rate.” The “prime rate” is a rate set by Wells Fargo based upon various factors
including Wells Fargo’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in such rate announced by Wells Fargo shall
take effect at the opening of business on the day specified in the public announcement of
such change.

“Cash Dominion Event” means either (i) the occurrence and continuance of an
Event of Default, or (ii) the failure of the Borrowers to maintain Availability in an amount
equal to at least 30% of the then applicable Loan Cap for a period in excess of five (5)
consecutive days, or (iii) the failure of the Borrowers, at any time, to maintain
Availability in an amount equal to at least 20% of the then applicable Loan Cap. For
purposes of this Agreement, the occurrence of a Cash Dominion Event shall be

 

2

 

deemed
continuing at the Administrative Agent’s option (a) so long
as such Event of Default has not been waived, and/or (b) if the Cash Dominion Event arises as a result of the
Borrowers’ failure to achieve Availability as required hereunder, until the Borrowers
maintain Availability in an amount equal to at least 30% of the then applicable Loan Cap for
forty-five (45) consecutive days, in which case such Cash Dominion Event shall no longer be
deemed to be continuing for purposes of this Agreement; provided that a Cash
Dominion Event shall be deemed continuing (even if an Event of Default is no longer
continuing and/or Availability exceeds the required amount for forty-five (45) consecutive
days) at all times after a Cash Dominion Event has occurred and been discontinued on two (2)
previous occasion(s) after March 4, 2011.

“Maturity Date” means March 4, 2016.

	3.	 	Amendment to Article I. The definition of “Change of Control” contained in Section
1.01 of the Credit Agreement is hereby amended by the addition of the following at the end
thereof:

Notwithstanding the foregoing, (i) if any “person” or “group” acquires an “option
right” described in the preceding clause (a), or, (ii) any Person or two or more Persons
acting in concert enter into (but do not consummate) any contract or arrangement described
in the preceding clause (c), in either case described in (i) or (ii) above, in order to
effect a Strategic Alternatives Transaction in cooperation with the Loan Parties, the same
will not, in and of itself, constitute a Change of Control.

	4.	 	Amendment to Article I. The definition of “Material Adverse Effect” contained in
Section 1.01 of the Credit Agreement is hereby amended by the addition of the following at the
end thereof:

The Administrative Agent and the Lenders acknowledge that none of the following events,
individually or in combination with one another, will, in and of themselves, result in, or
be deemed to constitute, a Material Adverse Effect: (a) the Loan Parties’ announcement of a
Strategic Alternatives Transaction or any development related to any potential Strategic
Alternatives Transaction, (b) the Loan Parties’, or any of their Subsidiaries’, entry into
any Contractual Obligation in order to effect a Strategic Alternatives Transaction (or the
performance by any Loan Party or Subsidiary of its obligation thereunder), to the extent
that such Contractual Obligation is permitted under Section 7.04, and (c) a decline
in the price (or a change in the trading volume) of the Parent’s common stock.

	5.	 	Amendment to Article I. The following definition is hereby added to Section 1.01 of
the Credit Agreement in alphabetical order therein:

“Strategic Alternatives Transaction” means any transaction or series of related
transactions in which Parent or the Lead Borrower (a) reclassifies its Equity Interests or
issues Equity Interests in connection with an actual or intended Change of

 

3

 

 Control, (b)
effects a Change of Control, (c) effects a Disposition or
conditional sale of more than 50% of its property, assets or business, (d) merges or consolidates with or into
another Person, or recapitalizes or (e) creates a purchase option, call or similar right
with respect to more than 5% of its securities in connection with an actual or intended
Change of Control.

	6.	 	Amendment to Article VII. Section 7.04 of the Credit Agreement is hereby amended by
the addition of the following new paragraph at the end thereof:

Notwithstanding anything to the contrary contained in the Credit Agreement or the other
Loan Documents (including, without limitation, Sections 5.13, 7.01,
7.02, 7.04, 7.05 and 8.01(n)), any Loan Party, and any
Subsidiary of any Loan Party, may enter into, and perform its obligations under, any
Contractual Obligation in order to effect a Strategic Alternatives Transaction, it being
agreed that the consummation of any such Strategic Alternatives Transaction is subject to
satisfaction of the terms of the proviso set forth immediately below; provided,
however, that nothing contained herein shall constitute the Required Lenders consent
to the consummation of a Strategic Alternatives Transaction, it being agreed that, in order
to consummate a Strategic Alternatives Transaction, such Loan Party or Subsidiary shall
either (A) obtain the Required Lenders’ prior written consent to such consummation, or (B)
cause the following conditions to be satisfied prior to, or concurrently with, such
consummation: (i) the Aggregate Commitments shall have been terminated, (ii) all of the
Secured Obligations (other than contingent indemnification obligations for which no claim
has been asserted and any Other Liabilities which are not by their terms then due and
payable provided that the Agents shall have received such indemnities and collateral
security as they shall have required in accordance with the terms of Section 10.11
of the Credit Agreement) shall have been paid in full in cash, (iii) all L/C Obligations
shall have been reduced to zero (or fully Cash Collateralized or supported by another letter
of credit in a manner reasonably satisfactory to the L/C Issuer and the Administrative
Agent), and (iv) any obligation of the Administrative Agent to endeavor to cause the L/C
Issuer to issue Letters of Credit under the Credit Agreement shall have been terminated (and
the Administrative Agent and the L/C Issuer will cooperate with the Loan Parties to
accomplish such termination if requested by the Loan Parties).

	7.	 	Conditions to Effectiveness. This First Amendment shall not be effective until each
of the following conditions precedent have been fulfilled to the satisfaction of the
Administrative Agent:

(a) This First Amendment shall have been duly executed and delivered by the Borrowers,
the Guarantors, the Administrative Agent, the Collateral Agent and the Lenders. The
Administrative Agent shall have received a fully executed copy hereof and of each other
document required hereunder.

(b) No Default or Event of Default shall have occurred and be continuing, both before
and immediately after giving effect to the execution of this First Amendment.

 

4

 

(c) The Borrowers and the Guarantors shall have executed and delivered to the
Administrative Agent a fee letter dated as of March 4, 2011, and paid all amounts required
to be paid thereunder.

	8.	 	Miscellaneous.

(a) Except as provided herein, all terms and conditions of the Credit Agreement and the
other Loan Documents remain in full force and effect. The Loan Parties hereby ratify,
confirm, and reaffirm (i) that all of the representations and warranties contained in
Article V of the Credit Agreement and the other Loan Documents are true and correct in all
material respects on the date hereof (except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and
correct as of such earlier date), and (ii) all covenants therein contained.

(b) This First Amendment may be executed in several counterparts and by each party on a
separate counterpart, each of which when so executed and delivered, shall be an original,
and all of which together shall constitute one instrument.

(c) This First Amendment expresses the entire understanding of the parties with respect
to the matters set forth herein and supersedes all prior discussions or negotiations hereon.

(d) By executing this First Amendment, the undersigned Guarantors hereby consent to the
First Amendment to Credit Agreement and acknowledge that their Facility Guaranty remains in
full force and effect.

[SIGNATURE PAGES FOLLOW]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed
and their seals to be hereto affixed as the date first above written.

	 	 	 	 	 
	 	

Borrowers:

A.C. MOORE INCORPORATED

as Lead Borrower and a Borrower

 	 
	 	By:  	/s/
 	 
	 	Name:  	Rodney Schriver 	 
	 	Title:  	Vice President 	 
	 
	 	Guarantors: 

A.C. MOORE ARTS & CRAFTS, INC.

 	 
	 	By:  	/s/
 	 
	 	Name:  	Rodney Schriver 	 
	 	Title:  	Vice President 	 
	 
	 	MOORESTOWN FINANCE, INC.

 	 
	 	By:  	/s/
 	 
	 	Name:  	Rodney Schriver 	 
	 	Title:  	Vice President 	 
	 
	 	BLACKWOOD ASSETS, INC.

 	 
	 	By:  	/s/
 	 
	 	Name:  	Rodney Schriver 	 
	 	Title:  	Vice President 	 
	 

Signature Page to First Amendment to Credit Agreement

 

 

 

	 	 	 	 	 
	 	Agents:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Collateral Agent

 	 
	 	By:  	/s/
 	 
	 	Name:  	Michele L. Ayou 	 
	 	Title:  	Authorized Signatory 	 
	 
	 	Lenders:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Lender and Swing Line Lender

 	 
	 	By:  	/s/
 	 
	 	Name:  	Michele L. Ayou 	 
	 	Title:  	Authorized Signatory 	 
	 

Signature Page to First Amendment to Credit Agreementexv10w5

Exhibit 10.5

FORM OF AMENDED RESTRICTED SHARE AGREEMENT

FOR CERTAIN EXECUTIVE OFFICERS

UNDER THE AMENDED AND RESTATED AIRCASTLE LIMITED

2005 EQUITY AND INCENTIVE PLAN

     This Award Agreement
 (this “Restricted Share Agreement”), dated as of
[________], 2010 (the “Date of Grant”), is made by and between Aircastle Limited, a Bermuda exempted
Company (the “Company”) and [________] (the “Participant”). Capitalized terms not defined
herein shall have the meaning ascribed to them in the Amended and Restated Aircastle Limited 2005
Equity and Incentive Plan (the “Plan”). Where the context permits, references to the Company shall
include any successor to the Company.

     1. Grant of Restricted Shares. The Company hereby grants to the Participant the
number of Shares set out in Schedule 1 hereto in the column labeled “Restricted Share Grant” (such
shares, the “Restricted Shares”), subject to all of the terms and conditions of this Restricted
Share Agreement and the Plan.

     2. Lapse of Restrictions.

          Vesting.

               (i) General. Subject to the provisions set forth below, the restrictions on Transfer
(as defined in Section 9 hereof) set forth in Section 2(b) hereof shall lapse with respect to the
number of Restricted Shares specified for each date under the columns labeled “Vesting Dates” as
set out in Schedule 1 hereto (each such date a “Vesting Date”), subject in each case to the
continued employment of the Participant by the Company or one of its Subsidiaries or Affiliates
from the date hereof through the relevant Vesting Date, and provided that the Participant has not
given notice of resignation, as of each such Vesting Date, subject to paragraph (ii) of this
Section 2(a).

               (ii) Following Certain Terminations of Employment. Subject to the next sentence, upon
termination of the Participant’s employment with the Company and its Subsidiaries and Affiliates
for any reason, any Restricted Shares in respect of which the restrictions on Transfer described in
this Section shall not already have lapsed shall be immediately repurchased by the Company at a
price equal to the par value per Share and neither the Participant nor any of the Participant’s
successors, heirs, assigns, or personal representatives shall thereafter have any further rights or
interests in such Restricted Shares. Notwithstanding the foregoing:

     (x) in the event that the Participant’s employment with the
Company or a Subsidiary or Affiliate is terminated by the Company
without Cause (as defined in the Participant’s employment agreement)
or by the Participant with Good Reason (as defined in the
Participant’s employment agreement), then the Restricted Shares (if
any) will continue to vest on the Vesting Dates set forth on
Schedule I, subject to the Participant’s execution of a separation
agreement prepared by the Company (or any Subsidiary of Affiliate)
which includes, inter alia, a general release of claims;

     (y) in the event that the Participant’s employment is
terminated (A) by the Company without Cause (as defined in the
Participant’s employment agreements), (B) as a result of the
Company’s non-renewal of the Participant’s term of employment or (C)
by the Participant for Good Reason (as defined in the Participant’s
employment agreement), in each case within 120 days prior to or
within 12 months following a Change of Control, then 100% of the
Restricted Shares that are not vested as of the date of such
termination shall immediately vest, and the restrictions on Transfer
of such Restricted Shares set out in Section 2(b) shall lapse; and

     (z) in the event that the Participant’s employment with the
Company or a Subsidiary or Affiliate is terminated in connection
with the death or Disability of the Participant, then 100% of the
Restricted Shares that are not vested as of the

 

 

date of such termination shall immediately vest, and the
restrictions on Transfer of such Restricted Shares set out in
Section 2(b) shall lapse.

          Restrictions. Until the restrictions on Transfer of the Restricted Shares lapse as
provided in Section 2(a) hereof, or as otherwise provided in the Plan, no Transfer of the
Restricted Shares or any of the Participant’s rights with respect to the Restricted Shares, whether
voluntary or involuntary, by operation of law or otherwise, shall be permitted. Unless the
Administrator determines otherwise, upon any attempt to Transfer Restricted Shares or any rights in
respect of Restricted Shares, before the lapse of such restrictions, such Restricted Shares, and
all of the rights related thereto, shall be immediately repurchased by the Company at a price equal
to the par value per Share.

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

     4. Legend on Certificates. The Participant agrees that any certificate issued for
Restricted Shares (or, if applicable, any book entry statement issued for Restricted Shares) prior
to the lapse of any outstanding restrictions relating thereto shall bear the following legend (in
addition to any other legend or legends required under applicable federal and state securities
laws):

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER
AND RIGHTS OF REPURCHASE (THE “RESTRICTIONS”) AS SET FORTH IN THE AIRCASTLE LIMITED 2005
EQUITY AND INCENTIVE PLAN AND A RESTRICTED SHARE AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND AIRCASTLE LIMITED, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF
THE COMPANY. ANY ATTEMPT TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE RESTRICTIONS,
INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHERWISE, SHALL BE
NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN THE FORFEITURE OF SUCH SHARES AS
PROVIDED BY SUCH PLAN AND AGREEMENT.

     5. Certain Changes. The Administrator may accelerate the date on which the
restrictions on transfer set forth in Section 2(b) hereof shall lapse or otherwise adjust any of
the terms of the Restricted Shares; provided that, subject to Section 5 of the Plan, no action
under this Section shall adversely affect the Participant’s rights hereunder.

     6. Notices. All notices and other communications under this Restricted Share
Agreement shall be in writing and shall be given by facsimile or first class mail, certified or
registered with return receipt requested, and shall be deemed to have been duly given three days
after mailing or 24 hours after transmission by facsimile to the respective parties, as follows:
(i) if to the Company, c/o Aircastle Advisor LLC, 300 First Stamford Place, 5th Floor,
Stamford, CT 06902, Attn: General Counsel and (ii) if to the Participant, using the contact
information on file with the Company. Either party hereto may change such party’s address for
notices by notice duly given pursuant hereto.

     7. Securities Laws Requirements. The Company shall not be obligated to issue Shares
to the Participant free of the restrictive legend described in Section 4 hereof or of any other
restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate the
Securities Act of 1933, as amended (the “Securities Act”) (or any other federal or state statutes
having similar requirements as may be in effect at that time).

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

     9. Protections Against Violations of Agreement. Until such time as the Restricted
Shares are fully vested in accordance with Section 2(a) hereof, no purported sale, assignment,
mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or
other) or other disposition of, or creation of a security interest in or lien on, any of the
Restricted Shares or any agreement or commitment to do any of the foregoing (each a “Transfer”) by
any holder thereof in violation of the provisions of this Restricted Share Agreement will be valid,
except

 

 

with the prior written consent of the Board of Directors of the Company (such consent shall be
granted or withheld in the sole discretion of the Board of Directors).

Any purported Transfer of Restricted Shares or any economic benefit or interest therein in
violation of this Restricted Share Agreement shall be null and void ab initio, and shall not create
any obligation or liability of the Company, and any person purportedly acquiring any Restricted
Shares or any economic benefit or interest therein transferred in violation of this Restricted
Share Agreement shall not be entitled to be recognized as a holder of such Shares.

Without prejudice to the foregoing, in the event of a Transfer or an attempted Transfer in
violation of this Restricted Share Agreement, the Company shall have the right (in its sole
discretion) to require a repurchase from the Participant of such Restricted Shares the subject of
the Transfer or attempted Transfer at a price per Share equal to the par value per Share.

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

The Participant acknowledges that the tax laws and regulations applicable to the Restricted Shares
and the disposition of the Restricted Shares following vesting are complex and subject to change,
and it is the sole responsibility of the Participant to obtain his or her own advice as to the tax
treatment of the terms of this Restricted Share Agreement.

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

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

     12. Confidentiality. The Participant acknowledges and agrees to comply with the
confidentiality covenant in his or her employment letter or confidentiality, developments and
no-solicitation agreement, as applicable.

     13. [Intentionally Omitted].

     14. [Intentionally Omitted].

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

 

 

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

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

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

     19. Rights as a Shareholder. During the period until the restrictions on Transfer of
the Restricted Share lapse as provided in Section 2(a) hereof, the Participant shall have all the
rights of a shareholder with respect to the Restricted Shares save only the right to Transfer the
Restricted Shares. Accordingly, the Participant shall have the right to vote the Restricted Shares
and to receive any ordinary dividends paid to or made with respect to the Restricted Shares.

     20. Agreement Not a Contract for Services. Neither the Plan, the granting of the
Restricted Shares, this Restricted Share Agreement nor any other action taken pursuant to the Plan
shall constitute or be evidence of any agreement or understanding, express or implied, that the
Participant has a right to continue to provide services as an officer, director, employee,
consultant or advisor of the Company or any Subsidiary or Affiliate for any period of time or at
any specific rate of compensation.

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

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

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

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

 

 

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

	 	 	 	 	 	 	 

	 	 	AIRCASTLE LIMITED
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	[Name of Participant]
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

Aircastle Limited

Restricted Share Grant Summary

Schedule 1

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Restricted	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Share	 	 	 	 	 	 	 	 	 	 	Vesting Shares	 	 	 	  
	Name	 	Grant	 	 	1/1/2012	 	 	1/1/2013	 	 	1/1/2014	 	 	1/1/2015	 	 	1/1/2016

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