June 5, 2019
Mr. Jie Chen
19271 Northfleet Way,
Los Angeles, CA 91356
This letter confirms the recent discussions regarding your work assignment to Hong Kong.
At the request of Air Lease Corporation (ALC USA) and Air Lease Corporation Hong Kong Limited (ALC HK), you will provide services concurrently to both ALC USA and ALC HK (Dual Assignment). As part of the services you will render for ALC HK, you will be offered employment with ALC HK and you will indicate your acceptance of the offer by signing a Hong Kong employment contract (HK Contract). As we have discussed, ALC USA acknowledges and agrees that you are currently employed by ALC USA until such day when your employment with ALC USA is separately terminated.
The termination of your employment under the HK Contract does not automatically terminate or otherwise automatically impact your employment with ALC USA. Unless otherwise provided in this letter or as required by law, in case of conflict or inconsistency between the terms and conditions of your employment with ALC HK and the ALC USA, the terms and conditions of your employment with ALC USA will prevail. For the avoidance of doubt, in case of conflict or inconsistency between the HK Contract and the terms of this letter, the terms of this letter shall prevail, subject to applicable law.
Your current base salary at Air Lease Corporation is $930,000 (Base Salary). Because you will now have a Dual Assignment, your Base Salary will be allocated as follows:
ALC USA US $372,000
ALC HK US $558,000
All payments are subject to any statutory deductions. Your total compensation will be reviewed annually by ALC USA and ALC HK. For the duration of the assignment, you continue without interruption to be eligible for ALC USAs annual performance-based incentive bonuses, long-term equity incentive awards, and any other benefits and retirement program. ALC USA will take into consideration your total compensation, duties and responsibilities in both the U.S. and Hong Kong in making any applicable calculations and determining relevant performance metrics and objectives under such bonuses, incentive awards, benefits and programs.
You are eligible for the Executive Officer Severance Plan pursuant to your employment with ALC USA (ALC Severance Plan), subject to the applicable rules and conditions. Any payments under the ALC Severance Plan will be calculated based on your total compensation in the U.S. and Hong Kong, and nothing under the HK Contract, including its termination, will affect your eligibility in the ALC Severance Plan. Any statutory severance or long-service payments paid by ALC HK to you under Hong Kong law upon the termination of the HK Contract will not be used to offset any payments to which you are eligible under the ALC Severance Plan.