EXHIBIT 10.98

 

Confidential Treatment
Requested Pursuant to Rule 24b-2

 

 

 

 

AMENDMENT N°5

 

 

TO THE

 

 

 

A330-900neo PURCHASE AGREEMENT

 

 

 

BETWEEN

 

 

 

AIRBUS S.A.S.

 

as Seller

 

 

 

and

 

 

 

AIR LEASE CORPORATION

 

As Buyer

 

 

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 1/12

 

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

 

AMENDMENT N°5 TO THE

A330-900neo PURCHASE AGREEMENT

 

This amendment n°5 (the “Amendment N°5”) dated 31 December 2018 is made

 

BETWEEN:

 

AIRBUS S.A.S. a société par actions simplifiée, created and existing under
French law having its registered office at 2, rond-point Emile Dewoitine, 31700
Blagnac, France (the “Seller”);

(the “Seller”),

 

and

 

AIR LEASE CORPORATION, a corporation organised and existing under the laws of
the State of Delaware, U.S.A., having its principal place of business at 2000
Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (the
“Buyer”).

 

The Buyer and Seller together are referred to as the “Parties”.

 

WHEREAS:

 

A.

The Buyer and the Seller have signed on 03 March 2015 a purchase agreement with
reference CLC-CT1405166 for the manufacture and sale by the Seller and purchase
by the Buyer of twenty-five (25) A330-900neo aircraft hereinafter together with
its Exhibits and Letter Agreements and as further amended from time to time
referred to as the “Purchase Agreement”.

 

B.

The Buyer and the Seller have signed an amendment n°1 dated 31 May 2016 with
reference CLC-CT1614983 (“Amendment N°1”) whereby the Buyer [*].

 

C.

The Buyer and the Seller have signed an amendment n°2 dated 19 June 2017 with
reference CLC-CT1702508 (“Amendment N°2”) for the manufacture and sale by the
Seller and purchase by the Buyer of two (2) incremental A330-900neo aircraft.

 

D.

The Buyer and the Seller have signed an amendment n°3 dated 02 October 2017 with
reference CLC-CT1705177 (“Amendment N°3”) in order to [*].

 

E.

The Buyer and the Seller have signed an amendment n°4 dated 27 December 2017
with reference CLC-CT1709653 (“Amendment N°4”) for the manufacture and sale by
the Seller and purchase by the Buyer of two (2) incremental A330-900neo
aircraft.

 

The Purchase Agreement as amended and supplemented pursuant to the foregoing
being referred to as the “Agreement”.

 

F.

The Parties agree to [*].

 

G.

[*], the Buyer and the Seller have entered into:

 

- an amendment N°10 to the A350 Agreement dated as of even date herewith to
provide for the purchase of three (3) A350-900 aircraft and one (1) A350-1000
aircraft (the “A350 Amendment”); and

 

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

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

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 2/12

 

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

 

H.

[*], the Buyer and the Seller now wish to enter into this Amendment N°5 in order
to, among other things, [*].

 

The terms “herein”, “hereof” and “hereunder” and words of similar import refer
to this Amendment N°5. Capitalized terms used herein and not otherwise defined
herein will have the meanings assigned thereto in the Agreement.

 

 

NOW IT IS HEREBY AGREED AS FOLLOWS:

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

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

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 3/12

 

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

 

1.           [*]

 

 

 

 

 

 

2.           [*]

 

 

 

 

 

3            [*]

 

 

 

 

 

 

4.           DELIVERY SCHEDULE

 

[*], the table in Clause 9.1 of the Agreement, as amended from time to time, is
hereby deleted in its entirety and replaced by the table set forth in Appendix 1
hereto.

 

 

 

5.           [*]

 

6.           SUPPORT / TRAINING MATTERS

 

The Buyer and the Seller hereby agree that Appendix A to Clause 16 of the
Agreement shall be deleted in its entirety and replaced as follows:

 

QUOTE

 

 

APPENDIX "A" TO CLAUSE 16

 

TRAINING ALLOWANCE

 

For the avoidance of doubt, all quantities indicated below are the total
quantities granted for the whole of the Buyer’s fleet of firmly ordered
twenty-five (25) Aircraft unless otherwise specified. In the event that the
Agreement is terminated in respect of any Aircraft, then the aggregate support
allocations specified in this Appendix A and which are not specified on a per
Aircraft basis, shall be reduced on a pro-rata basis by the ratio of the number
of terminated Aircraft to the total number of Aircraft pursuant to the Agreement
(it being

 

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

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

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 4/12

 

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

 

understood that such reduction shall be rounded to the nearest whole number, if
applicable).

 

The contractual training courses defined in this Appendix A will be provided
[*].

 

Notwithstanding the above, flight operations training courses granted per firmly
ordered Aircraft in this Appendix A will be provided by the Seller within a
period [*].

 

Any deviation to said training delivery schedule will be mutually agreed between
the Buyer and the Seller.

 

1      FLIGHT OPERATIONS TRAINING

 

1.1   Flight Crew Training (standard transition course)

 

The Seller will provide [*] per firmly ordered Aircraft.

 

1.2   Extended Range For Twin Engine Aircraft Operations (ETOPS) Training

 

The Seller will provide [*] ETOPS training for [*] per ordered Aircraft.

 

1.3   Flight Crew Line Initial Operating Experience

 

The Seller will provide to the Buyer [*] in total for the fleet of twenty-five
(25) Aircraft. This allocation will be further assigned by the Buyer on a
pro-rata basis to each of the Initial Operators.

 

Unless otherwise agreed during the Training Conference, in order to follow the
Aircraft Delivery schedule, the maximum number of [*] present at any one time
will be limited to [*].

 

1.4   Type Specific Cabin Crew Training Course

 

The Seller will provide to the Buyer [*] in total for the fleet of twenty-five
(25) Aircraft. This allocation will be further assigned by the Buyer on a
prorata basis to each of the Initial Operators.

 

2      PERFORMANCE / OPERATIONS COURSE(S)

 

The Seller will provide to the Buyer [*] in total for the fleet of twenty-five
(25) Aircraft. This allocation will be further assigned by the Buyer on a
prorata basis to each of the Initial Operators.

 

3      MAINTENANCE TRAINING

 

3.1   The Seller will provide to the Buyer [*] in total for the fleet of
twenty-five (25) Aircraft. This allocation will be further assigned by the Buyer
on a prorata basis to each of the Initial Operators.

 

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

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

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 5/12

 

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

 

3.2   The Seller will provide to the Buyer [*] in total for the fleet of
twenty-five (25) Aircraft. This allocation will be further assigned by the Buyer
on a prorata basis to each of the Initial Operators.

 

4      TRAINEE DAYS ACCOUNTING

 

Trainee days are counted as follows:

 

4.1   For instruction at the Seller's Training Centers: one (1) day of
instruction for one (1) trainee equals one (1) trainee day. The number of
trainees originally registered at the beginning of the course will be counted as
the number of trainees to have taken the course.

 

4.2   For instruction outside of the Seller's Training Centers: one (1) day of
instruction by one (1) Seller Instructor equals the actual number of trainees
attending the course or a minimum of twelve (12) trainee days, except for
structure maintenance training course(s).

 

4.3   For structure maintenance training courses outside the Seller’s Training
Center(s), one (1) day of instruction by one (1) Seller Instructor equals the
actual number of trainees attending the course or the minimum number of trainees
as indicated in the Seller’s Customer Services Catalog.

 

4.4   For practical training, whether on training devices or on aircraft, one
(1) day of instruction by one (1) Seller Instructor equals the actual number of
trainees attending the course or a minimum of six (6) trainee days.

 

UNQUOTE

 

7.           EFFECTIVITY

 

This Amendment N°5 will enter into full force and be binding upon the Parties
upon the fulfilment of each of the following conditions (the “Conditions”) (the
date on which the Conditions are fulfilled is the “Effective Date”): [*]

 

If any the Conditions are not fulfilled on or before 31 December 2018, this
Amendment N°5 shall be terminated without further act and the Buyer and the
Seller shall have no obligation or liability to the other, whether in contract,
at law or otherwise in respect of this Amendment N°5.

 

8.           INCONSISTENCY AND CONFIDENTIALITY

 

8.1         In the event of any inconsistency between the terms and conditions
of the Agreement and those of this Amendment N°5, the latter shall prevail to
the extent of such inconsistency,

 

 

 

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

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

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 6/12

 

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

 

whereas the part of the Agreement not concerned by such inconsistency shall
remain in full force and effect.

 

8.2         This Amendment N°5 reflects the understandings, commitments,
agreements, representations and negotiations related to the matters set forth
herein whatsoever, oral and written, and may not be varied except by an
instrument in writing of even date herewith or subsequent hereto executed by the
duly authorised representatives of both Parties.

 

8.3         This Amendment N°5 shall be treated by both Parties as confidential
and shall not be released in whole or in part to any third party without the
prior consent of the other Party except as may be required by law, or to
professional advisors for the implementation hereof.

 

9.          COUNTERPARTS

 

This Amendment N°5 may be executed by the Parties in separate counterparts, each
of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument.

 

10.         LAW AND JURISDICTION

 

This Amendment N°5 will be governed by and construed and the performance thereof
will be determined in accordance with the laws of the State of New York, without
giving effect to its conflicts of laws provisions that would result in the
application of the law of any other jurisdiction.

 

The other provisions of Clause 22.6 of the Purchase Agreement shall apply to
this Amendment N°5 as if the same were set out in full herein, mutatis mutandis.

 

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 7/12

 

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

 

IN WITNESS WHEREOF this Amendment N°5 was entered into the day and year first
above written.

 

 

 

 

 

 

 

 

For and on behalf of

For and on behalf of

 

 

 

 

 

 

 

 

 

 

AIR LEASE CORPORATION

AIRBUS S.A.S.

 

 

 

 

 

 

/s/ John L. Plueger

/s/ Benoît de Saint-Exupéry

 

 

By:

John L. Plueger

By:

Benoît de Saint-Exupéry

 

 

Its:

CEO

Its: 

Senior Vice President, Contracts

 

 

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 8/12

 

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

 

APPENDIX 1

DELIVERY SCHEDULE

 

CAC ID

Aircraft Rank

Scheduled Delivery
Month

Aircraft
Type

[*]

[*]

[*]

2018

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

2023

[*]

 

 

 

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

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

 

 

 

 

Amendment Nº5 to the ALC A330-900neo Purchase Agreement

    

Private & Confidential

Ref. CLC – CT1709653

 

Page 9/12

 

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

 

LETTER AGREEMENT NO 1 TO AMENDMENT NO. 5

AIR LEASE CORPORATION

2000 Avenue of the Stars, Suite 1000N

Los Angeles, California 90067, U.S.A.

31 December 2018

 

 

 

 

 

 

 

 

Subject  :  [*]

 

 

 

AIR LEASE CORPORATION ("the Buyer") and AIRBUS S.A.S. ("the Seller") have
entered into Amendment No. 5 dated as of the date hereof (the “Amendment”) to
the A330 Purchase Agreement with reference CLC-CT1405166 signed on 03 March 2015
("the Agreement") which covers the manufacture and the sale by the Seller and
the purchase by the Buyer of the A330neo Aircraft as described in the Agreement.

 

Capitalized terms used herein and not otherwise defined in this Letter Agreement
shall have the meanings assigned thereto in the Amendment.

 

Both parties agree that this Letter Agreement, upon execution thereof, shall
constitute an integral, nonseverable part of said Amendment and shall be
governed by all its provisions, as such provisions have been specifically
amended pursuant to this Letter Agreement.

 

 

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

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

 

 

 

 

Air Lease Corporation

    

Private & Confidential

Letter Agreement No. 1 to Amdt 5 to A330neo Purchase Agreement

 

Page 10/12

Ref. CLC – CT1405166

 

 

 

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

 

LETTER AGREEMENT NO 1 TO AMENDMENT NO. 5

1.           [*]

 

2.           INCONSISTENCY AND CONFIDENTIALITY

 

2.1         In the event of any inconsistency between the terms and conditions
of this Letter Agreement and the Agreement as amended by the Amendment, the
former shall prevail to the extent of such inconsistency, whereas the part of
the Agreement as amended by the Amendment not concerned by such inconsistency
shall remain in full force and effect.

 

2.2         This Letter Agreement reflects the understandings, commitments,
agreements, representations and negotiations related to the matters set forth
herein whatsoever, oral and written, and may not be varied except by an
instrument in writing of even date herewith or subsequent hereto executed by the
duly authorised representatives of both parties.

 

2.3         This Letter Agreement shall be treated by both parties as
confidential and shall not be released in whole or in part to any third party
without the prior consent of the other Party except as may be required by law,
or to professional advisors for the implementation hereof.

 

3.           ASSIGNMENT

 

Notwithstanding any other provision of this Letter Agreement, the Amendment or
of the Agreement, this Letter Agreement and the rights and obligations of the
Buyer herein shall not be assigned or transferred in any manner, and any
attempted assignment or transfer in contravention of this Clause shall be void
and of no force or effect.

 

4.           COUNTERPARTS

 

This Letter Agreement may be executed by the Parties in separate counterparts,
each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument.

 

5.           LAW AND JURISDICTION

 

This Letter Agreement shall be governed by and construed and the performance
thereof shall be determined in accordance with the laws of the State of New
York, without giving effect to its conflicts of laws provisions that would
result in the application of the law of any other jurisdiction.

 

The other provisions of Clause 22.6 of the applicable Purchase Agreement shall
apply to this Letter Agreement as if the same were set out in full herein,
mutatis mutandis.

 

 

 

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

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

 

 

 

 

Air Lease Corporation

    

Private & Confidential

Letter Agreement No. 1 to Amdt 5 to A330neo Purchase Agreement

 

Page 11/12

Ref. CLC – CT1405166

 

 

 

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

 

LETTER AGREEMENT NO 1 TO AMENDMENT NO. 5

If the foregoing correctly sets forth your understanding, please execute two (2)
originals in the space provided below and return one (1) original of this Letter
Agreement to the Seller.

 

 

 

 

 

For and on behalf of

For and on behalf of

 

 

 

 

 

 

 

 

 

 

AIR LEASE CORPORATION

AIRBUS S.A.S.

 

 

 

 

 

 

/s/ John L. Plueger

/s/ Benoît de Saint-Exupéry

 

 

By:

John L. Plueger

By:

Benoît de Saint-Exupéry

 

 

Its:

CEO

Its: 

Senior Vice President, Contracts

 

 

 

 

 

 

Air Lease Corporation

    

Private & Confidential

Letter Agreement No. 1 to Amdt 5 to A330neo Purchase Agreement

 

Page 12/12

Ref. CLC – CT1405166

 

 

 

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