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Supplemental Agreement No. 16 to Purchase Agreement No. PA-03659, dated February 16, 2022, by and between Air Lease Corporation and The Boeing Company

Contract Categories: Real Estate - Lease Agreements
EX-10.8 9 ex-108xq122.htm EX-10.8 Document

Exhibit 10.8
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.


Supplemental Agreement No. 16

to

Purchase Agreement No. PA-03659

between

The Boeing Company

and

Air Lease Corporation


This Supplemental Agreement is entered into as of February 16, 2022 (Supplemental Agreement No. 16) by and between THE BOEING COMPANY (Boeing) and AIR LEASE CORPORATION (Customer);
All terms used but not defined in this Supplemental Agreement No. 16 have the same meaning as in the Purchase Agreement;
WHEREAS, Boeing and Customer have entered into Purchase Agreement No. PA-03659, dated October 31, 2011 as amended, and supplemented, (Purchase Agreement) relating to the purchase and sale of Boeing Model 787-9 Aircraft and Model 787-10 Aircraft; and
WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to [*]; and
WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to [*]; and
WHEREAS, Boeing and Customer desire to [*]; and
WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to [*]; and
WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to [*]; and
NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows:
Page i
BOEING PROPRIETARY


1.TABLE OF CONTENTS.
The Table of Contents of the Purchase Agreement is deleted in its entirety and replaced by a new Table of Contents, provided as Enclosure 1 to this Supplemental Agreement No. 16 which reflects the revisions set forth in this Supplemental Agreement No. 16.
2.TABLE 1.
a.Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines is deleted in its entirety and replaced by a revised Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines provided as Enclosure 2 to this Supplemental Agreement No. 16 to [*].
b.Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments General Electric Engines is deleted in its entirety and replaced by a revised Table 1C to Purchase Agreement No. PA-03659, 787-10 Block A Aircraft Delivery, Description, Price and Advance Payments General Electric Engines provided as Enclosure 3 to this Supplemental Agreement No. 16 to reflect [*].
c.Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines is deleted in its entirety and replaced by a revised Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments Rolls Royce Engines provided as Enclosure 4 to this Supplemental Agreement No. 16 to reflect [*].
d.Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments General Electric Engines is deleted in its entirety and replaced by a revised Table 1F to Purchase Agreement No. PA-03659, 787-9 Block E Aircraft Delivery, Description, Price and Advance Payments General Electric Engines provided as Enclosure 5 to this Supplemental Agreement No. 16 to reflect [*].
3.EXHIBITS
a.Exhibit A7, HAZ/[*] 787-9 Aircraft Configuration [*], provided as Enclosure 6 to this Supplemental Agreement No. 16 is hereby incorporated into the Purchase Agreement to identify the configuration applicable to the 787-9 Aircraft with Lessee ID as [*].
4.LETTER AGREEMENTS.
a.Letter Agreement HAZ-PA-03659-LA-1104720R11, Advance Payment Matters, is deleted in its entirety and replaced by a revised Letter Agreement HAZ-PA-03659-LA-1104720R12, Advance Payment Matters, provided as Enclosure 7 to this Supplemental Agreement No. 16, which addresses the addition of the SA-16 Aircraft.
b.Letter Agreement LA-1301080R8, Special Matters - 787-9 Blocks B, C, D and E Aircraft, is deleted in its entirety and replaced by a revised Letter Agreement LA-1301080R9, Special Matters - 787-9 Blocks B, C, D, E, and F Aircraft, provided as Enclosure 8 to this Supplemental Agreement No. 16, which reflects the amendments necessary the SA-16 Aircraft.
5.PAYMENT CONSIDERATIONS.
[*]
HAZ-PA-03659-SA-16
Page ii
BOEING PROPRIETARY


6.MISCELLANEOUS.
a.The Purchase Agreement is amended as set forth above, and all other terms and conditions of the Purchase Agreement remain unchanged and are in full force and effect. Any Tables of Contents, Tables, Supplemental Exhibits, Letter Agreements or other documents that are listed in the Sections above are incorporated into this Supplemental Agreement by this reference.
b.This Supplemental Agreement will become effective upon execution and receipt by both parties of both this Supplemental Agreement No. 16 and Supplemental Agreement No. 30 under Purchase Agreement 3791 on or before February 22, 2022 after which date this Supplemental Agreement will be null and void and have no force or effect.

EXECUTED IN DUPLICATE as of the day and year first above written.

THE BOEING COMPANY
AIR LEASE CORPORATION
By:
/s/ Sydney A. Bard
By:/s/ Grant Levy
Its:Attorney-In-Fact
Its:
Executive Vice President

HAZ-PA-03659-SA-16
Page iii
BOEING PROPRIETARY

Enclosure 1

PURCHASE AGREEMENT NUMBER PA-03659

between

THE BOEING COMPANY

and

Air Lease Corporation

Relating to Boeing Model 787-9 and 787-10 Aircraft

























PA 3659SA-16

Enclosure 1
TABLE OF CONTENTS

ARTICLES
Article 1.Quantity, Model, Description and InspectionSA-2
Article 2.Delivery ScheduleSA-2
Article 3.PriceSA-2
Article 4.PaymentSA-2
Article 5.Additional TermsSA-2

TABLE
1A.
787-9 Block A Aircraft Information Table
SA-8
1B.
787-9 Block B Aircraft Information Table
SA-7
1C.
787-10 Block A Aircraft Information Table
SA-16
1D.
787-9 Block C Aircraft Information Table
SA-8
1E.787-9 Block D Aircraft Information TableSA-11
1F.787-9 Block E Aircraft Information TableSA-16

EXHIBIT
A1.HAZ/[*] 787-9 Aircraft ConfigurationSA-7
A2.HAZ/[*] 787-9 Aircraft ConfigurationSA-7
A3.HAZ/[*] 787-9 Aircraft Configuration SA-8
A4.HAZ/[*] 787-9 Aircraft ConfigurationSA-11
A5.HAZ/[*] 787-10 Aircraft ConfigurationSA-15
A6.HAZ/[*] 787-10 Aircraft ConfigurationSA-15
A7
HAZ/[*] 787-9 Aircraft Configuration [*]
SA-16
B.Aircraft Delivery Requirements and ResponsibilitiesSA-2

SUPPLEMENTAL EXHIBITS
AE1.Escalation Adjustment Airframe and Optional Features    SA-2
BFE1.BFE VariablesSA-7
CS1.Customer Support DocumentSA-15
EE1.
[*], Engine Warranty and Patent Indemnity –General Electric Engines
SA-2
EE1.[*], Engine Warranty and Patent Indemnity – Rolls Royce EnginesSA-2
SLP1.Service Life Policy ComponentsSA-2





PA 3659SA-16

Enclosure 1
LETTER AGREEMENTS
LA-1104716R1
[*]
SA-2
LA-1104717R1Demonstration Flight WaiverSA-2
LA-1104718R1[*]SA-2
LA-1104719R1Other MattersSA-2
LA-1104720R12
Advance Payment Matters
SA-16
LA-1104721R1[*]SA-2
LA-1104722R1Assignment of Customer’s Interest to a Subsidiary or AffiliateSA-2
LA-1104724
e-Enabling Software Matters
LA-1104725R1[*]SA-2
LA-1104726R1Special Matters relating to COTS Software and End User License AgreementsSA-2
LA-1104727R2AGTA MattersSA-2
LA-1104728R1Leasing Matters for 787 AircraftSA-2
LA-1104729R1Liquidated Damages – Non-Excusable DelaySA-2
LA-1104730R5Open Configuration MattersSA-10
LA-1104731R1
Performance Guarantees – 787-10 Block A Aircraft
SA-2
LA-1104733R1
Special Terms - Seats and In-flight Entertainment
SA-2
LA-1104734R2
Special Matters – 787-9 Block A Aircraft
SA-6
LA-1300863
Performance Guarantees – 787-10 Block A Aircraft
SA-2
LA-1300864R3
Performance Guarantees – 787-9 Block B, C, D, and E Aircraft
SA-10
LA-1301080R9
Special Matters – 787-9 Blocks B, C, D, and E Aircraft
SA-16
LA-1301081R1
Special Matters – 787-10 Block A Aircraft
SA-10
LA-1301082R2
[*]
SA-7
Promotional Support – 787-10 Aircraft
SA-2
LA-1301083
[*]
SA-2
LA-1301084
[*]
SA-10
LA-1302043R1
[*]
LA-1302348R1
[*]
SA-2
LA-1601083Special Matters Relating to In-Seat IFE [*]SA-7
LA-1605597
[*]
SA-9
LA-1805142[*]SA-10
LA-1805362Model 787 Post-Delivery Software and Data LoadingSA-10
LA-1901662Installation of Cabin Systems Equipment    SA-13

PA 3659SA-16

Table 1C ToEnclosure 2
Purchase Agreement No. PA-03659
787-10 Block A Aircraft Delivery, Description, Price and Advance Payments
Rolls Royce Trent 1000-J Engines
Airframe Model/MTOW:787-10553000 poundsDetail Specification:787B1-3806-E (5/10/2013)
Engine Model/Thrust:TRENT1000-J74100 poundsAirframe Price Base Year/Escalation Formula:[*][*]
Airframe Price:[*]Engine Price Base Year/Escalation Formula:[*][*]
Optional Features:[*]
Sub-Total of Airframe and Features:[*]Airframe Escalation Data:
Engine Price (Per Aircraft):[*]Base Year Index (ECI):[*]
Aircraft Basic Price (Excluding BFE/SPE):[*]Base Year Index (CPI):[*]
Buyer Furnished Equipment (BFE) Estimate:[*]Engine Escalation Data:
In-Flight Entertainment (IFE) Estimate:[*]Base Year Index (ECI):[*]
Base Year Index (CPI):[*]
Refundable Deposit/Aircraft at Proposal Accept:[*]
Manufacturer'sOptionalP.A.EscalationEscalationEscalation EstimateAdvance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
DeliveryNumber ofSerialLesseeFeaturesExhibitEngineEngineFactorFactorAdv Payment Base[*][*][*][*]
DateAircraftNumberPriceASelectionPrice(Airframe)(Engine)Price Per A/P[*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]-2025[*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]-2025[*][*][*][*][*][*][*][*][*][*][*][*][*][*]
Total:[*]
Note: Serial numbers are provided as guidance only and are subject to change.
SA-16
HAZ-PA-03659 63946-1F.TXTBoeing Proprietary
Page 1

Table 1C ToEnclosure 3
Purchase Agreement No. PA-03659
787-10 Block A Aircraft Delivery, Description, Price and Advance Payments
General Electric Engines
Airframe Model/MTOW:787-10553000 poundsDetail Specification:787B1-3806-E (5/10/2013)
Engine Model/Thrust:GENX-1B74/7574100 poundsAirframe Price Base Year/Escalation Formula:[*][*]
Airframe Price:[*]Engine Price Base Year/Escalation Formula:[*][*]
Optional Features:[*]
Sub-Total of Airframe and Features:[*]Airframe Escalation Data:
Engine Price (Per Aircraft):[*]Base Year Index (ECI):[*]
Aircraft Basic Price (Excluding BFE/SPE):[*]Base Year Index (CPI):[*]
Buyer Furnished Equipment (BFE) Estimate:[*]Engine Escalation Data:
In-Flight Entertainment (IFE) Estimate:[*]Base Year Index (ECI):[*]
Base Year Index (CPI):[*]
Refundable Deposit/Aircraft at Proposal Accept:[*]
Manufacturer'sOptionalP.A.EscalationEscalationEscalation EstimateAdvance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
DeliveryNumber of SerialLesseeFeaturesExhibitEngineEngineFactorFactorAdv Payment Base[*][*][*][*]
DateAircraftNumberPriceASelectionPrice(Airframe)(Engine)Price Per A/P[*][*][*][*]
[*]-2019*1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]-20251[*][*][*][*][*][*][*][*][*][*][*][*][*]
Total:23
[*]
Note: Serial numbers are provided as guidance only and are subject to change.
SA-16
HAZ-PA-03659 63946-1F.TXTBoeing Proprietary
Page 1

Table 1F ToEnclosure 4
Purchase Agreement No. PA-03659
787-9 Block E Aircraft Delivery, Description, Price and Advance Payments
Rolls-Royce Engines
Airframe Model/MTOW:787-9560,000 poundsDetail Specification:787B1-4102-V (11/10/2017)
Engine Model/Thrust:TRENT1000-J74,400 poundsAirframe Price Base Year/Escalation Formula:[*][*]
Airframe Price:[*]
Engine Price Base Year/Escalation Formula1:
[*][*]
Optional Features:[*]
Sub-Total of Airframe and Features:[*]Airframe Escalation Data:
Engine Price (Per Aircraft)1:
[*]Base Year Index (ECI):[*]
Aircraft Basic Price (Excluding BFE/SPE):[*]Base Year Index (CPI):[*]
Buyer Furnished Equipment (BFE) Estimate:[*]Engine Escalation Data:
In-Flight Entertainment (IFE) Estimate:[*]Base Year Index (ECI):[*]
Deposit per Aircraft:[*]Base Year Index (CPI):[*]
NumberEscalationEscalationManufacturerP.A.Escalation EstimateEngine EngineEngineAdvance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
DeliveryofFactorFactorSerialExLesseeAdv Payment BaseThrust
Price2
Baseyear3
[*][*][*][*]
DateAircraft(Airframe)(Engine)NumberAPrice Per A/PSelection[*][*][*][*]
[*]-20201[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]-20251[*][*][*][*][*][*][*][*][*][*][*][*][*]
Total:[*]
[*]
[*]
[*]
Note: Serial numbers are provided as guidance only and are subject to change.
SA-16
HAZ-PA-03659 110418-1F.txtBoeing Proprietary
Page 1

Table 1F ToEnclosure 5
Purchase Agreement No. PA-03659
787-9 Block E Aircraft Delivery, Description, Price and Advance Payments
General Electric Engines
Airframe Model/MTOW:787-9560,000 poundsDetail Specification:787B1-4102-V (11/10/2017)
Engine Model/Thrust:GENX-1B74/7574,100 poundsAirframe Price Base Year/Escalation Formula:[*][*]
Airframe Price:[*]
Engine Price Base Year/Escalation Formula1:
[*][*]
Optional Features:[*]
Sub-Total of Airframe and Features:[*]Airframe Escalation Data:
Engine Price (Per Aircraft)1:
[*]Base Year Index (ECI):[*]
Aircraft Basic Price (Excluding BFE/SPE):[*]Base Year Index (CPI):[*]
Buyer Furnished Equipment (BFE) Estimate:[*]Engine Escalation Data:
In-Flight Entertainment (IFE) Estimate:[*]Base Year Index (ECI):[*]
Deposit per Aircraft:[*]Base Year Index (CPI):[*]
NumberEscalationEscalationManufacturerP.A.Escalation EstimateEngine EngineEngineAdvance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
DeliveryofFactorFactorSerialExLesseeAdv Payment BaseThrust
Price2
Baseyear3
[*][*][*][*]
DateAircraft(Airframe)(Engine)NumberAPrice Per A/PSelection[*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*][*][*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]-20201[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]1[*][*][*][*][*][*][*][*][*][*][*][*][*]
[*]-20251[*][*][*][*][*][*][*][*][*][*][*][*][*]
Total:[*] 
[*]
[*]
[*]
Note: Serial numbers are provided as guidance only and are subject to change.
SA-16
HAZ-PA-03659 110415-1F.txtBoeing Proprietary
Page 1

Enclosure 6
HAZ/[*] 787-9 AIRCRAFT CONFIGURATION

between

THE BOEING COMPANY

and

Air Lease Corporation

Exhibit A7

to Purchase Agreement Number PA-03659


HAZ-PA-03659-EXA7
Page 1
BOEING PROPRIETARYSA-16

Enclosure 6
Exhibit A

AIRCRAFT CONFIGURATION

Dated February 16, 2022

relating to

BOEING MODEL 787-9 AIRCRAFT

The Detail Specification is Boeing document number [*]. The Detail Specification provides further description of the configuration set forth in this Exhibit A7. Such Detail Specification will be comprised of Boeing configuration specification [*]. As soon as practicable, Boeing will furnish to Customer copies of the Detail Specification, which copies will reflect [*].


HAZ-PA-03659-EXA7
Page 2
BOEING PROPRIETARYSA-16

BOEING PROPRIETARY
Exhibit A7 To
Boeing Purchase Agreement
[*]
PA 3659 - Exhibit A7 HAZ/[*] 787-9 2018$Boeing ProprietarySA-16

Enclosure 7
The Boeing Company
P.O. Box 3707
Seattle, WA 98124 2207
HAZ-PA-03659-LA-1104720R12


Air Lease Corporation
2000 Avenue of the Stars, Suite 1000N
Los Angeles, CA 90067

Subject:    Advance Payment Matters

Reference:    Purchase Agreement No. PA-03659 (Purchase Agreement) between The Boeing Company (Boeing) and Air Lease Corporation (Customer) relating to Model 787-9 and 787-10 aircraft (collectively, the Aircraft)

This letter agreement (Letter Agreement) cancels and supersedes letter agreement HAZ-PA-03659-LA-1104720R11 and amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.
The Purchase Agreement incorporates the terms and conditions of HAZ-AGTA (AGTA) between Boeing and Customer. This Letter Agreement modifies certain terms and conditions of the AGTA with respect to the Aircraft.

1.Alternative Fixed Advance Payment Schedule.
1.1Notwithstanding the Aircraft advance payment schedule provided in Table 1 of the Purchase Agreement Customer may elect to pay an alternative fixed advance payment schedule for the respective Aircraft, as set forth in the table below (Alternative Fixed Advance Payment Schedule).
1.2Alternative Fixed Advance Payment Schedule – 787-9 Block A Aircraft.
[*]

1.3Alternative Fixed Advance Payment Schedule – 787-9 Block B Aircraft.
[*]

1.4Alternative Fixed Advance Payment Schedule – 787-9 Block C, 787-9 Block D Aircraft, and 787-9 Block E Aircraft.
[*]
1.5Alternative Fixed Advance Payment Schedule – 787-10 Block A Aircraft
[*]

1.6[*]

HAZ-PA-03659-LA-1104720R12
SA-16
Advance Payment Matters
LA Page 1
BOEING PROPRIETARY

Enclosure 7
2.[*]
3.[*]
4.[*]

5.Confidentiality.
Customer understands and agrees that the information contained herein represents confidential business information of Boeing and has value precisely because it is not available generally or to other parties. Customer agrees to limit the disclosure of its contents to (a) its directors and officers, (b) employees of Customer with a need to know the contents for performing its obligations (including, without limitation, those employees performing accounting, finance, administration and other functions necessary to finance and purchase, deliver or lease the Aircraft) and who understand they are not to disclose its contents to any other person or entity (other than those to whom disclosure is permitted by this paragraph 5), without the prior written consent of Boeing and (c) any auditors, financial advisors, attorneys and independent contractors of Customer who have a need to know such information and have signed a confidentiality agreement in the same form and substance similar to this paragraph 5. Customer shall be fully responsible to Boeing for compliance with such obligations.
6.Assignment.
Notwithstanding any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s taking title to the Aircraft at the time of delivery and leasing the Aircraft and cannot be assigned in whole or, in part.
If the foregoing correctly sets forth your understanding of our agreement with respect to the matters treated above, please indicate your acceptance and approval below.

HAZ-PA-03659-LA-1104720R12
SA-16
Advance Payment Matters
LA Page 2
BOEING PROPRIETARY

Enclosure 7
Very truly yours,

THE BOEING COMPANY
By
/s/ Sydney Bard
ItsAttorney-In-Fact
ACCEPTED AND AGREED TO this
Date:February 16, 2022
AIR LEASE CORPORATION
By/s/ Grant Levy
ItsExecutive Vice President

HAZ-PA-03659-LA-1104720R12
SA-16
Advance Payment Matters
LA Page 3
BOEING PROPRIETARY

Enclosure 8
The Boeing Company
P.O. Box 3707
Seattle, WA 98124 2207
HAZ-PA-03659-LA-1301080R9


Air Lease Corporation
2000 Avenue of the Stars, Suite 1000N
Los Angeles, California 90067

Subject:    Special Matters – 787-9 Blocks B, C, D, and E Aircraft

Reference:    Purchase Agreement No. PA-03659 (Purchase Agreement) between The Boeing Company (Boeing) and Air Lease Corporation (Customer) relating to Model 787-9 and 787-10 aircraft (collectively, the Aircraft)

This letter agreement (Letter Agreement) cancels and supersedes letter agreement HAZ-PA-03659-LA-1301080R8 and amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. This Letter Agreement applies only to [*].
1.Credit Memoranda.
1.1Basic Credit Memorandum. At the time of delivery of each 787-9 Aircraft, Boeing will issue to Customer a Basic Credit Memorandum in the following amount:
Applicable AircraftAmount (U.S. Dollars)Base Year
787-9 Block B Aircraft[*][*]
787-9 Block C Aircraft[*][*]
787-9 Block D Aircraft[*][*]
787-9 Block E Aircraft[*][*]
1.2Leasing Credit Memorandum. Customer expressly intends to lease the Aircraft to a third party or parties (Lessee or Lessees) who is/are in the commercial airline business as aircraft operator(s). As an incentive for and in consideration of Customer entering into a lease for the 787-9 Aircraft prior to delivery of the 787-9 Aircraft to be leased, in accordance with the requirements set forth in the Purchase Agreement, Boeing will issue to Customer a Leasing Credit Memorandum, which under no circumstances may be assigned, in the following amount: [*]
1.3[*]
1.4[*]
1.5[*]
1.6[*]
1.7[*]
        
1.8[*]
1.9[*]
1.10[*]
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Enclosure 8
1.11[*]
1.12[*]
1.13[*]
1.14[*]
1.15[*]
1.16[*]
1.17[*]
1.18[*]
1.19[*]
1.20[*]

2.Escalation of Credit Memoranda.
Unless otherwise noted, the amounts of the Credit Memoranda stated in [*] and will be escalated to the scheduled month of the respective 787-9 Block B, C, D, and E Aircraft delivery pursuant to the Airframe Escalation formula set forth in the Purchase Agreement applicable to the Aircraft. The Credit Memoranda are stated in U.S. Dollars and may, at the election of Customer, be (i) applied against the Aircraft Price of the respective Aircraft at the time of delivery, or (ii) used for the purchase of other Boeing goods and services (but shall not be applied to advance payments).

3.[*]
4.[*]
5.[*]
6.[*]
7.[*]
8.[*]
9.[*]

10.Confidentiality.
Customer understands and agrees that the information contained herein represents confidential business information of Boeing and has value precisely because it is not available generally or to other parties. Customer agrees to limit the disclosure of its contents to (a) its directors and officers, (b) employees of Customer with a need to know the contents for performing its obligations (including, without limitation, those employees performing accounting, finance, administration and other functions necessary to finance and purchase, deliver or lease the Aircraft) and who understand
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Enclosure 8
they are not to disclose its contents to any other person or entity (other than those to whom disclosure is permitted by this paragraph 10), without the prior written consent of Boeing and (c) any auditors, financial advisors, attorneys and independent contractors of Customer who have a need to know such information and have signed a confidentiality agreement in the same form and substance similar to this paragraph 10. Customer shall be fully responsible to Boeing for compliance with such obligations.


Very truly yours,

THE BOEING COMPANY
By
/s/ Sydney Bard
ItsAttorney-In-Fact
ACCEPTED AND AGREED TO this
Date:February 16, 2022
AIR LEASE CORPORATION
By/s/ Grant Levy
ItsExecutive Vice President



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