EXHIBIT 10.20

 

Confidential Treatment
Requested Pursuant to Rule 24b-2

 

Supplemental Agreement No. 5

 

to

 

Purchase Agreement No. PA-03659

 

between

 

The Boeing Company

 

and

 

Air Lease Corporation

 

 

This Supplemental Agreement is entered into as of August 17, 2015, (Supplemental
Agreement No. 5) by and between THE BOEING COMPANY (Boeing) and AIR LEASE
CORPORATION (Customer);

 

All terms used but not defined in this Supplemental Agreement No. 5 have the
same meaning as in the Purchase Agreement;

 

WHEREAS, Boeing and Customer have entered into Purchase Agreement No. PA-03659
dated as of October 31, 2011 (the Purchase Agreement) relating to the purchase
and sale of Model 787-9 aircraft and Model 787-10 aircraft;

 

WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to revise
the referenced serial numbers for the following Aircraft:

 

 

 

 

 

 

 

 

 

Aircraft Block

    

Delivery Month

    

Prior Serial
Number

    

New Serial
Number

    

Block A

 

[*]

 

[*]

 

[*]

 

Block B

 

[*]

 

[*]

 

[*]

 

Block B

 

[*]

 

[*]

 

[*]

 

 

WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to transfer
the Code 1 configuration introduction that was reserved for the 787-9 Block A

 

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

i

BOEING PROPRIETARY

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Aircraft with a nominal delivery month of [*], bearing serial number [*], to an
aircraft under Purchase Agreement No. 3290 between Customer and Boeing.

 

WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to identify
[*] as the lessee for the [*] Aircraft with a nominal delivery month of [*],
which bears serial number [*].

 

WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to document
Customer’s Engine selection for the Aircraft identified for lease to [*].

 

 

NOW THEREFORE, in consideration of the mutual covenants herein contained, the
parties agree to amend the Purchase Agreement as follows:

 

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. 5, which reflects the revisions set forth in this
Supplemental Agreement No. 5.

 

2.           TABLE 1.  

 

a.Table 1A to Purchase Agreement No. PA-03659, 787-9 Block A Aircraft Delivery,
Description, Price and Advance Payments General Electric GEnx-1B74/75 Engines is
deleted in its entirety and replaced by Table 1A to Purchase Agreement No.
PA-03659, 787-9 Block A Aircraft Delivery, Description, Price and Advance
Payments General Electric Engines, provided as Enclosure 2 to this Supplemental
Agreement No. 5 and hereby incorporated into the Purchase Agreement.  [*]. This
Table 1A  also reflects the removal of the Code 1 configuration introduction
that was reserved for the 787-9 Block A Aircraft with a nominal delivery month
of [*];

 

b.Table 1A to Purchase Agreement No. PA-03659, 787-9 Block A Aircraft Delivery,
Description, Price and Advance Payments Trent 1000-J Engines is deleted in its
entirety and replaced by Table 1A to Purchase Agreement No. PA-03659, 787-9
Block A Aircraft Delivery, Description, Price and Advance Payments Rolls Royce
Engines, provided as Enclosure 3 to this Supplemental Agreement No. 5 and hereby
incorporated into the Purchase Agreement.  [*]. This Table 1A  also reflects the
removal of the Code 1 configuration introduction that was reserved for the 787-9
Block A Aircraft with a nominal delivery month of [*];

 

c.Table 1B to Purchase Agreement No. PA-03659, 787-9 Block B Aircraft Delivery,
Description, Price and Advance Payments General Electric GEnx-1B74/75 Engines is
deleted in its entirety and replaced by Table 1B to Purchase Agreement No.
PA-03659,

 

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

ii

BOEING PROPRIETARY

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

 

 

787-9 Block B Aircraft Delivery, Description, Price and Advance Payments General
Electric Engines, provided as Enclosure 4 to this Supplemental Agreement No. 5
and hereby incorporated into the Purchase Agreement.  This Table 1B contains the
revised serial numbers for the 787-9 Block B Aircraft scheduled to deliver in
[*];

 

d.Table 1B to Purchase Agreement No. PA-03659, 787-9 Block B Aircraft Delivery,
Description, Price and Advance Payments Trent 1000-J Engines is deleted in its
entirety and replaced by Table 1B to Purchase Agreement No. PA-03659, 787-9
Block B Aircraft Delivery, Description, Price and Advance Payments Rolls Royce
Engines, provided as Enclosure 5 to this Supplemental Agreement No. 5 and hereby
incorporated into the Purchase Agreement.  This Table 1B contains the revised
serial numbers for the 787-9 Block B Aircraft scheduled to deliver in [*].

 

 

The Purchase Agreement will be deemed to be amended to the extent herein
provided and as so amended will continue in full force and effect.

 

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

 

THE BOEING COMPANY

    

AIR LEASE CORPORATION

 

 

 

 

 

BY:

/s/ Patrick McKelvey

 

BY:

/s/ Grant Levy

 

 

 

 

 

ITS:

Attorney-In-Fact

 

ITS:

Executive Vice President

 

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

 

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 Page 1

BOEING PROPRIETARY

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

 

 

Enclosure 1

TABLE OF CONTENTS

 

 

 

 

 

 

 

ARTICLES

 

 

 

 

 

 

Article 1.

    

Quantity, Model, Description and Inspection

    

SA-2

 

Article 2.

 

Delivery Schedule

 

SA-2

 

Article 3.

 

Price

 

SA-2

 

Article 4.

 

Payment

 

SA-2

 

Article 5.

 

Additional Terms

 

SA-2

 

 

 

 

 

 

 

TABLE

 

 

 

IA.

 

787-9 Block A Aircraft Information Table

 

SA-5

 

IB.

 

787-9 Block B Aircraft Information Table

 

SA-5

 

IC.

 

787-10 Block A Aircraft Information Table

 

SA-3

 

 

 

 

 

 

 

EXHIBIT

 

A.

 

Aircraft Configuration

 

SA-2

 

B.

 

Aircraft Delivery Requirements and Responsibilities

 

SA-2

 

 

 

 

 

 

 

SUPPLEMENTAL EXHIBITS

 

 

 

 

 

 

 

AE1.

 

Escalation Adjustment Airframe and Optional Features

 

SA-2

 

BFE1.

 

BFE Variables

 

SA-4

 

CS1.

 

Customer Support Document

 

SA-2

 

EE1.

 

[*], Engine Warranty and Patent Indemnity – General Electric Engines

 

SA-2

 

EE1.

 

[*], Engine Warranty and Patent Indemnity – Rolls Royce Engines

 

SA-2

 

SLP1.

 

Service Life Policy Components

 

SA-2

 

 

 

 

 

 

 

LETTER AGREEMENTS

 

 

 

 

 

 

 

LA-1104716R1

 

[*]

 

SA-2

 

LA-1104717R1

 

Demonstration Flight Waiver

 

SA-2

 

LA-1104718R1

 

[*]

 

SA-2

 

LA-1104719R1

 

Other Matters

 

SA-2

 

LA-1104720R2

 

Advance Payment Matters

 

SA-4

 

LA-1104721R1

 

[*]

 

SA-2

 

LA-1104722R1

 

Assignment of Customer's Interest to a Subsidiary or Affiliate

 

SA-2

 

LA-1104724

 

e-Enabling Software Matters

 

 

 

LA-1104725R1

 

[*]

 

SA-2

 

 

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

PA Page 2

BOEING PROPRIETARY

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

 

 

Enclosure 1

 

LA-1104726R1

 

Special Matters relating to COTS Software and End User License Agreements

 

SA-2

 

LA-1104727R2

    

AGTA Matters

    

SA-2

 

LA-1104728R1

 

Leasing Matters for 787 Aircraft

 

SA-2

 

LA-1104729R1

 

Liquidated Damages - Non-Excusable Delay

 

SA-2

 

LA-1104730R2

 

Open Configuration Matters

 

SA-4

 

LA-1104731R1

 

Performance Guarantees - 787-9 Block A Aircraft

 

SA-2

 

LA-1104733R1

 

Special Terms - Seats and In-flight Entertainment

 

SA-2

 

LA-1104734R1

 

Special Matters - 787-9 Block A Aircraft

 

SA-2

 

LA-1300863

 

Performance Guarantees - 787-10 Block A Aircraft

 

SA-2

 

LA-1300864

 

Performance Guarantees - 787-9 Block B Aircraft

 

SA-2

 

LA-1301080

 

Special Matters - 787-9 Block B Aircraft

 

SA-2

 

LA-1301081

 

Special Matters - 787-10 Block A Aircraft

 

SA-2

 

LA-1301082

 

[*]

 

SA-2

 

LA-1301083

 

Promotional Support - 787-10 Aircraft

 

SA-2

 

LA-1301084

 

[*]

 

SA-2

 

LA-1302043

 

[*]

 

SA-2

 

LA-1302348R1

 

[*]

 

SA-2

 

 

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

 

PA Page 3

BOEING PROPRIETARY

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

 

 

Enclosure 2

 

Table 1A To

Purchase Agreement No. PA-03659

787-9 Block A Aircraft Delivery, Description, Price and Advance Payments

General Electric Engines

 

 

 

 

 

 

 

 

 

 

Airframe Model/MTOW:

787-9

545,000 pounds

 

Detail Specification:

787B1‑4102‑D
(4/27/2011)

                               

 

 

 

 

 

 

 

Engine Model/Thrust:

GENX‑1B74/75

74,100 pounds

 

Airframe Price Base Year/Esc. Formula:

[*]

[*]

 

 

 

 

 

 

 

Airframe Price:

 

[*]

 

Engine Price Base Year/Esc. 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) Est.:

 

[*]

 

Engine Escalation Data:

 

 

 

 

 

 

 

 

 

Seller Purchased Equipment (SPE) Est.:

 

[*]

 

Base Year Index (ECI):

[*]

 

 

 

 

 

 

 

 

In Flight Entertainment (IFE) Est:

 

[*]

 

Base Year Index (CPI):

[*]

 

 

 

 

 

 

 

 

 

 

Deposit per Aircraft:

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturer’s

 

 

 

 

 

Escalation

Escalation

Escalation Estimate

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery

Number of

Serial

Optional

P.A.

Engine

Engine

 

Factor

Factor

Adv Payment Base

[*]

[*]

[*]

[*]

Date

Aircraft

Number

Features Price

Exhibit A

Selection

Price

Lessee

(Airframe)

(Engine)

Price Per A/P

[*]

[*]

[*]

[*]

[*]-2016

1

[*]

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]-2019*

1

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

Total:

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturer serial number is subject to change due to production changes

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

 

Page 1

Boeing Proprietary

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

 

 

Enclosure 3

Table 1A To

Purchase Agreement No. PA-03659

787-9 Block A Aircraft Delivery, Description, Price and Advance Payments

Rolls Royce Engines

 

 

 

 

 

 

 

 

 

 

 

Airframe Model/MTOW:

787-9

545,000 pounds

 

Detail Specification:

787B1‑4102‑D
(4/27/2011)

                                  

 

 

 

 

 

 

 

Engine Model/Thrust:

TRENT1000‑J

73,800 pounds

 

Airframe Price Base Year/Esc. Formula:

[*]

[*]

 

 

 

 

 

 

 

Airframe Price:

 

[*]

 

Engine Price Base Year/Esc. 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) Est.:

 

[*]

 

Engine Escalation Data:

 

 

 

 

 

 

 

 

 

Seller Purchased Equipment (SPE) Est.:

 

[*]

 

Base Year Index (ECI):

[*]

 

 

 

 

 

 

 

 

In Flight Entertainment (IFE) Est:

 

[*]

 

Base Year Index (CPI):

[*]

 

 

 

 

 

 

 

 

 

 

Deposit per Aircraft:

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturer’s

 

 

 

 

 

Escalation

Escalation

Escalation Estimate

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery

Number of

Serial

Optional

P.A.

Engine

Engine

 

Factor

Factor

Adv Payment Base

[*]

[*]

[*]

[*]

Date

Aircraft

Number

Features Price

Exhibit A

Selection

Price

Lessee

(Airframe)

(Engine)

Price Per A/P

[*]

[*]

[*]

[*]

[*]-2016

1

[*]

 

 

[*]

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]-2019*

1

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

Total:

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturer serial number is subject to change due to production changes

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

 

Page 1

Boeing Proprietary

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

 

 

Enclosure 4

Table 1B To

Purchase Agreement No. PA-03659

787-9 Block B Aircraft Delivery, Description, Price and Advance Payments

General Electric Engines

 

 

 

 

 

 

 

 

 

 

Airframe Model/MTOW:

787-9

553,000 pounds

 

Detail Specification:

787B1‑4102‑J
(5/17/2013)

                               t

 

 

 

 

 

 

 

Engine Model/Thrust:

GENX‑1B74/75

74,100 pounds

 

Airframe Price Base Year/Esc. Formula:

[*]

[*]

 

 

 

 

 

 

 

Airframe Price:

 

[*]

 

Engine Price Base Year/Esc. 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) Est.:

 

[*]

 

Engine Escalation Data:

 

 

 

 

 

 

 

 

 

In Flight Entertainment (IFE) Est:

 

[*]

 

Base Year Index (ECI):

[*]

 

 

 

 

 

Base Year Index (CPI):

[*]

 

Refundable Deposit/Aircraft at Proposal Accept:

 

[*]

 

 

 

 

 

 

 

Manufacturer’s

 

 

 

 

 

Escalation

Escalation

Escalation Estimate

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery

Number of

Serial

Optional

P.A.

Engine

Engine

 

Factor

Factor

Adv Payment Base

[*]

[*]

[*]

[*]

Date

Aircraft

Number

Features Price

Exhibit A

Selection

Price

Lessee

(Airframe)

(Engine)

Price Per A/P

[*]

[*]

[*]

[*]

[*]-2016

1

[*]

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]-2020

[*]

 

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

Total:

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturer serial number is subject to change due to production changes

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

 

Page 1

Boeing Proprietary

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

 

 

Enclosure 5

Table 1B To

Purchase Agreement No. PA-03659

787-9 Block B Aircraft Delivery, Description, Price and Advance Payments

Rolls Royce Engines

 

 

Airframe Model/MTOW:

787-9

553,000 pounds

 

Detail Specification:

787B1-4102‑J
(5/17/2013)

                               

 

 

 

 

 

 

 

Engine Model/Thrust:

TRENT1000‑J

74,400 pounds

 

Airframe Price Base Year/Esc. Formula:

[*]

[*]

 

 

 

 

 

 

 

Airframe Price:

 

[*]

 

Engine Price Base Year/Esc. 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) Est.:

 

[*]

 

Engine Escalation Data:

 

 

 

 

 

 

 

 

 

In Flight Entertainment (IFE) Est::

 

[*]

 

Base Year Index (ECI):

[*]

 

 

 

 

 

Base Year Index (CPI):

[*]

 

Refundable Deposit/Aircraft at Proposal Accept:

 

[*]

 

 

 

 

 

 

 

Manufacturer’s

 

 

 

 

 

Escalation

Escalation

Escalation Estimate

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery

Number of

Serial

Optional

P.A.

Engine

Engine

 

Factor

Factor

Adv Payment Base

[*]

[*]

[*]

[*]

Date

Aircraft

Number

Features Price

Exhibit A

Selection

Price

Lessee

(Airframe)

(Engine)

Price Per A/P

[*]

[*]

[*]

[*]

[*]-2016

1

[*]

 

 

[*]

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

[*]

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]-2020

[*]

 

 

 

 

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

Total:

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturer serial number is subject to change due to production changes

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

* Confidential material omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

Page 1

Boeing Proprietary

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