Document:

exv10w32

EXHIBIT 10.32

CONFIDENTIAL TREATMENT

REQUESTED PURSUANT TO RULE 406

Supplemental Agreement No. 1

to

Purchase Agreement No. 03524

between

THE BOEING COMPANY

and

AIR LEASE CORPORATION

THIS SUPPLEMENTAL AGREEMENT is entered into as of June 30, 2011 (Supplemental Agreement No. 1) by
and between THE BOEING COMPANY (Boeing) and AIR LEASE CORPORATION (Customer);

     WHEREAS, Boeing and Customer have entered into Purchase Agreement No. 03524 dated as of
September 30, 2010 (Purchase Agreement) relating to the purchase and sale of Model 737-800 aircraft
(Aircraft);

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to reflect Boeing’s offer
and Customer’s agreement to purchase an additional eighteen (18) Aircraft in [*] and
designate such incremental eighteen (18) Aircraft as Block B Aircraft (the Block B Aircraft);

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to designate the first
sixty (60) Aircraft in [*] as Block A Aircraft (the Block A Aircraft). The Block A Aircraft
and Block B Aircraft, collectively, are defined as the Aircraft as the context dictates;

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to identify the
configuration of the Block A Aircraft in [*] (Exhibit A1) and the configuration of the Block
B Aircraft in [*] (Exhibit A2) and the affect of such configurations on the Optional Features
Price, Aircraft Basic Price and Advance Payment Base Price for each such Aircraft;

     WHEREAS, [*];

     WHEREAS, [*];

     WHEREAS, [*];

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to revise Letter Agreement
LSQ-PA-03524-LA-1001395, Advance

 

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

 

 

Payment Matters to include additional terms applicable to
Advance Payments for the Block B Aircraft;

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to revise Letter Agreement
LSQ-PA-03524-LA-1001396, Special Escalation and Letter Agreement LSQ-PA-03524-1001404,
Special Matters, to limit the applicability of such Letter Agreements to Block A Aircraft
only;

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to revise Letter Agreement
LSQ-PA-03524-LA-1001398, Liquidated Damages — Non-Excusable Delay to include additional
terms applicable to Liquidated Damages for the Block B Aircraft;

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to remove Letter Agreement
No. LSQ-PA-03524-LA-1001400, Open Configuration Matters;

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to add Letter Agreement
No. LSQ-PA-03524-LA-1104952 [*];

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to add Letter Agreement
No. LSQ-PA-03524-LA-1104956 Special Matters — Block B Aircraft, to include the business
considerations related to the addition of the incremental Block B Aircraft; and

     WHEREAS, Boeing and Customer desire to amend the Purchase Agreement to add Letter Agreement
No. LSQ-PA-03524-LA-1104959 [*].

     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, attached as Enclosure 1, which reflects the revisions set forth in this
Supplemental Agreement No. 1.

2. Table 1, Aircraft Information Table.

     (a) Table 1 to Purchase Agreement No. 3524, Aircraft Delivery, Description, Price and
Advance Payments is deleted in its entirety and is replaced by Table 1A to Purchase
Agreement No. 3524, Aircraft Information Table — Model 737-8LH Aircraft (Block A Aircraft) and
Table 1B to Purchase Agreement No. 3524, Aircraft Information Table — Model 737-8LH Aircraft (Block B
Aircraft), collectively, Table 1 as the context dictates.

     (b) Table 1A to Purchase Agreement No. 3524, Aircraft Information Table — Model 737-8LH
Aircraft (Block A Aircraft), attached as Enclosure 2 to this Supplemental Agreement No. 1,
reflects (i) the identification of Exhibit A1 as the configuration for the Block A Aircraft and the
affect of such configuration on the

 

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

					
	 	 	 	 	 
	P.A. No. 03524
	 	2
	 	SA-1

BOEING PROPRIETARY

 

Optional Features Price, Aircraft Basic Price, and Advance
Payment Base Price for such Block A Aircraft (ii) [*], (iii) [*], and (iv) [*].

     (c) Table 1B to Purchase Agreement No. 3524, Aircraft Information Table — Model 737-8LH
Aircraft (Block B Aircraft), attached as Enclosure 3 to this Supplemental Agreement No. 1, is
added to the Purchase Agreement and reflects the addition of the Block B Aircraft to the Purchase
Agreement in [*].

3. Exhibits and Supplemental Exhibits.

     (a) Exhibit A, “Aircraft Configuration” is deleted in its entirety and replaced with Exhibit
A1, 737-8LH Aircraft Configuration [*] attached as Enclosure 4 to this Supplemental Agreement
No. 1.

     (b) Add Exhibit A2, 737-8LH Aircraft Configuration [*] attached as Enclosure 5 to this
Supplemental Agreement No. 1.

     (c) Supplemental Exhibit BFE1, BFE Variables, is deleted in its entirety and replaced
with a revised Supplemental Exhibit BFE1-R1, BFE Variables, attached as Enclosure 6 to this
Supplemental Agreement No. 1, which reflects the addition of the BFE on dock dates for the Block B
Aircraft.

4. Letter Agreements.

     (a) Letter Agreement, LSQ-PA-03524-LA-1001393, [*], is deleted in its entirety.

     (b) Letter Agreement, LSQ-PA-03524-LA-1001395, Advance Payment Matters, is revised to
include terms applicable to Block B Aircraft. Revised Letter Agreement LSQ-PA-03524-LA-1001395R1,
Advance Payment Matters, is included as Enclosure 7 to this Supplemental Agreement No. 1.

     (c) Letter Agreement, LSQ-PA-03524-LA-1001396, Special Escalation, is revised to limit
applicability to Block A Aircraft only. Revised Letter Agreement LSQ-PA-03524-1001396R1,
Special Escalation — Block A Aircraft, is included as Enclosure 8 to this Supplemental
Agreement No. 1.

     (d) Letter Agreement, LSQ-PA-03524-LA-1001400, Open Configuration Matters, is deleted
in its entirety.

     (e) Letter Agreement, LSQ-PA-03524-LA-1001404, Special Matters, is revised to limit
applicability to Block A Aircraft only. Revised Letter Agreement
LSQ-PA-03524-1001404R1, Special Matters — Block A Aircraft, is included as Enclosure
9 to this Supplemental Agreement No. 1.

     (f) Letter Agreement, LSQ-PA-03524-LA-1104952 [*], is added to the Purchase Agreement
and is included as Enclosure 10 to this Supplemental Agreement No. 1.

 

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

					
	 	 	 	 	 
	P.A. No. 03524
	 	3
	 	SA-1

BOEING PROPRIETARY

 

     (g) Letter Agreement, LSQ-PA-03524-LA-1104956, Special Matters — Block B Aircraft, is
added to the Purchase Agreement and is included as Enclosure 11 to this Supplemental Agreement No.
1.

     (h) Letter Agreement, LSQ-PA-03524-LA-1104959, [*], is added to the Purchase Agreement
and is included as Enclosure 12 to this Supplemental Agreement No. 1.

     (i) Letter Agreement, LSQ-PA-03524-LA-1001398, Liquidated Damages — Non-Excusable
Delay, is revised to include terms applicable to Block B Aircraft. Revised Letter Agreement
LSQ-PA-03524-LA-1001398R1, Liquidated Damages — Non-Excusable Delay, is included as
Enclosure 13 to this Supplemental Agreement No. 1.

5. Balance Due at Closing.

     Customer agrees that upon execution of this Supplemental Agreement No. 1 to transfer to
Boeing’s account at JPMorgan Chase Bank, New York, New York, the sum of [*], which is the
incremental increase to advance payments owing by Customer to Boeing as a result of purchasing the
Block B Aircraft.

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/ Katherine B. Gunal
 

	 	By:
	 	/s/ Steven F. Udvar-Házy
 

	 	 
	Its:

	 	Attorney-In-Fact
 

	 	Its:
	 	Chairman & CEO
 

	 	 

Attachments

 

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

					
	 	 	 	 	 
	P.A. No. 03524
	 	4
	 	SA-1

BOEING PROPRIETARY

 

Enclosure 1

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLES	 	 	 	SA
No.
	Article 1.
	 	Quantity, Model and Description.

	 	 
	Article 2.
	 	Delivery Schedule
	 	 
	Article 3.
	 	Price
	 	 
	Article 4.
	 	Payment
	 	 
	Article 5.
	 	Additional Terms
	 	 

	 	 	 	 	 
	TABLE	 	 	 	 
	1A
	 	Aircraft Information Table — Block A Aircraft

	 	SA-1
	1B
	 	Aircraft Information Table — Block B Aircraft

	 	SA-1

	 	 	 	 	 
	EXHIBIT	 	 	 	 
	A1
	 	Aircraft Configuration — Model 737-8LH (July 2008 dollars)

	 	SA-1
	A2
	 	Aircraft Configuration — Model 737-8LH (July 2010 dollars)

	 	SA-1
	B
	 	Aircraft Delivery Requirements and Responsibilities
	 	 

	 	 	 
	SUPPLEMENTAL EXHIBITS
	AE1
	 	Escalation Adjustment/Airframe and Optional Features

	BFE1
	 	BFE Variables

	CS1
	 	Customer Support Variables

	EE1
	 	[*], Engine Warranty and Patent Indemnity

	SLP1
	 	Service Life Policy Components

	 	 	 	 	 
	LETTER AGREEMENTS	 	 	 	 
	LA-1001388
	 	[*]
	 	 
	LA-1001389
	 	[*]
	 	 
	LA-1001390
	 	AGTA Matters
	 	 
	LA-1001391
	 	Demonstration Flight Waiver
	 	 
	LA-1001393
	 	[*]

	 	SA-1
	LA-1001394
	 	Assignment of Customer’s Interest to a Subsidiary
or Affiliate
	 	 
	LA-1001395R1
	 	Advance Payment Matters

	 	SA-1
	LA-1001396R1
	 	Special Escalation — Block A Aircraft

	 	SA-1
	LA-1001397
	 	Other Matters
	 	 
	LA-1001398R1
	 	Liquidated Damages Non-Excusable Delay

	 	SA-1
	LA-1001399
	 	Loading of Customer Software
	 	 
	LA-1001400
	 	Open Configuration Matters

	 	SA-1
	LA-1001401
	 	Performance Guarantees
	 	 
	LA-1001402
	 	Significant Improvement 737NG
	 	 
	LA-1001403
	 	Leasing Matters
	 	 
	LA-1001404R1
	 	Special Matters — Block A Aircraft

	 	SA-1
	LA-1104952
	 	[*]

	 	SA-1
	LA-1104956
	 	Special Matters — Block B Aircraft

	 	SA-1
	LA-1104959
	 	[*]

	 	SA-1

 

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

					
	 	 	 	 	 
	P.A. No. 3524
	 	i
	 	SA-1

BOEING PROPRIETARY

 

Table 1A To

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block A Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Airframe Model/MTOW:
	 	 	737-800	 	 	174200 pounds	 	Detail Specification:	D019A001-N (1/29/2010)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Engine Model/Thrust:
	 	CFM56-7B24	 	24000 pounds	 	Airframe 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:
	 	 	 	 	 	 	 	[*]	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Seller Purchased Equipment (SPE) Estimate:
	 	 	 	 	 	 	 	[*]	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Deposit per Aircraft:
	 	 	 	 	 	 	 	[*]	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 	 
	 	 	 	 	Manufacturer's	 	Escalation	 	 	 	 	 	Adv Payment	 	 	 
	Delivery	 	Aircraft	 	Serial	 	Factor	 	 	 	Configuration	 	Base	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Date	 	No.	 	No.	 	(Airframe)	 	Lessee	 	Exhibit	 	Price Per A/P	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*] 2012
	 	1	 	41299	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	2	 	41300	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	3	 	41301	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	4	 	41302	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

 

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

					
	 
	 	 	 	SA-1
	
	 	Boeing Proprietary
	 	Page 1

 

 

Table 1A To

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block A Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 	 
	 	 	 	 	Manufacturer's	 	Escalation	 	 	 	 	 	Adv Payment	 	 	 
	Delivery	 	Aircraft	 	Serial	 	Factor	 	 	 	Configuration	 	Base	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Date	 	No.	 	No.	 	(Airframe)	 	Lessee	 	Exhibit	 	Price Per	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*]
	 	5	 	41303	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	6	 	41304	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	7	 	41305	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	8	 	41306	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	9	 	41307	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	10	 	41308	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	11	 	41309	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	12	 	41310	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	13	 	41311	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	14	 	41312	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	15	 	41313	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	16	 	41314	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	17	 	41315	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	18	 	41316	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	19	 	41317	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	20	 	41318	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

 

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

					
	*[*]
	 	 	 	SA-1
	
	 	Boeing Proprietary
	 	Page 2

 

 

Table 1A To

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block A Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 	 
	 	 	 	 	Manufacturer's	 	Escalation	 	 	 	 	 	Adv Payment	 	 	 
	Delivery	 	Aircraft	 	Serial	 	Factor	 	 	 	Configuration	 	Base	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Date	 	No.	 	No.	 	(Airframe)	 	Lessee	 	Exhibit	 	Price Per	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*]
	 	21	 	41319	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	22	 	41320	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	23	 	41321	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	24	 	41322	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	25	 	41323	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	26	 	41324	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	27	 	41325	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	28	 	41326	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	29	 	41327	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	30	 	41328	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	31	 	41329	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	32	 	41330	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	33	 	41331	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	34	 	41332	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	35	 	41333	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	36	 	41334	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

 

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

					
	 	 	 	 	 
	*[*]
	 	 	 	SA-1
	
	 	Boeing Proprietary
	 	Page 3

 

 

Table 1A To

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block A Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 	 
	 	 	 	 	Manufacturer's	 	Escalation	 	 	 	 	 	Adv Payment	 	 	 
	Delivery	 	Aircraft	 	Serial	 	Factor	 	 	 	Configuration	 	Base	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Date	 	No.	 	No.	 	(Airframe)	 	Lessee	 	Exhibit	 	Price Per	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*]
	 	37	 	41335	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	38	 	41336	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	39	 	41337	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	40	 	41338	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	41	 	41339	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	42	 	41340	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	43	 	41341	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	44	 	41342	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	45	 	41343	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	46	 	41344	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	47	 	41345	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	48	 	41346	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	49	 	41347	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	50	 	41348	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	51	 	41349	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	52	 	41350	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

 

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

					
	*[*]
	 	 	 	SA-1
	
	 	Boeing Proprietary
	 	Page 4

 

 

Table 1A To

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block A Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 	 
	 	 	 	 	Manufacturer's	 	Escalation	 	 	 	 	 	Adv Payment	 	 	 
	Delivery	 	Aircraft	 	Serial	 	Factor	 	 	 	Configuration	 	Base	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Date	 	No.	 	No.	 	(Airframe)	 	Lessee	 	Exhibit	 	Price Per	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*]
	 	53	 	41351	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	54	 	41352	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	55	 	41353	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	56	 	41354	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	57	 	41355	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	58	 	41356	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]
	 	59	 	41357	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*] 2017
	 	60	 	41358	 	[*]	 	 	 	 	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	 
	Total:
	 	60	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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

					
	 	 	 	 	 
	*[*]
	 	 	 	SA-1
	
	 	Boeing Proprietary
	 	Page 5

 

 

Enclosure 3

Table 1B to

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block B Aircraft

	 	 	 	 	 	 	 	 	 

	Airframe Model/MTOW:
	 	 	737-800	 	 	155500 pounds
	 
	 	 	 	 	 	 	 	 
	Engine Model/Thrust:
	 	CFM56-7B24	 	24000 pounds
	 
	 	 	 	 	 	 	 	 
	Airframe Price:
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Optional Features:
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Sub-Total of Airframe and Features:
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Engine Price (Per Aircraft):
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Aircraft Basic Price (Excluding BFE/SPE):
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Buyer Furnished Equipment (BFE) Estimate:
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Seller Purchased Equipment (SPE) Estimate:
	 	 	 	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Refundable Deposit/Aircraft at Proposal Accept:
	 	 	 	 	 	 	[*]	 

	 	 	 

	Detail Specification:

	 	D019A001LSQ38P (3/31/2011)

	 	 	 	 	 	 	 	 	 

	Airframe Price Base Year/Escalation Formula:
	 	 	[*]	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Engine Price Base Year/Escalation Formula:
	 	 	[*]	 	 	 	[*]	 
	 
	 	 	 	 	 	 	 	 
	Airframe Escalation Data:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Base Year Index (ECI):
	 	 	[*]	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Base Year Index (CPI):
	 	 	[*]	 	 	 	 	 

Table 1B to

Purchase Agreement No. PA-03524

Aircraft Information Table — Model 737-8LH Aircraft — Block B Aircraft

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 
	 	 	 	 	 	 	 	 	 	 	Manufacturer	 	Escalation	 	 	 	 	 	 	 	 	 	Optional	 	SPE	 	BFE	 	Adv Payment	 	Advance Payment Per Aircraft
	Delivery	 	Number of	 	 	 	 	 	Serial	 	Factor	 	 	 	 	 	P.A.	 	Features Price	 	Estimate	 	Estimate	 	Base	 	(Amts. Due/Mos. Prior to Delivery):
	Date	 	Aircraft	 	Model	 	Number	 	(Airframe)	 	Lessee	 	Exhibit A	 	(2010$STE)	 	(2010$STE)	 	(2010$STE)	 	Price Per A/P	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*] 2015
	 	 	1	 	 	737-8LH	 	 	42050	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42051	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42052	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42053	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42054	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 

 

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

	 	 	 	 	 

	 

	 	Boeing Proprietary
	 	SA-1

Page 1

 

 

Enclosure 3

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Escalation	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimate	 	 
	 	 	 	 	 	 	 	 	 	 	Manufacturer	 	Escalation	 	 	 	 	 	 	 	 	 	Optional	 	SPE	 	BFE	 	Adv Payment	 	Advance Payment Per Aircraft
	Delivery	 	Number of	 	 	 	 	 	Serial	 	Factor	 	 	 	 	 	P.A.	 	Features Price	 	Estimate	 	Estimate	 	Base	 	(Amts. Due/Mos. Prior to Delivery):
	Date	 	Aircraft	 	Model	 	Number	 	(Airframe)	 	Lessee	 	Exhibit A	 	(2010$STE)	 	(2010$STE)	 	(2010$STE)	 	Price Per A/P	 	[*]	 	[*]	 	[*]	 	[*]
	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42055	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42056	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42057	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42058	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42059	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42060	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42061	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42062	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42063	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42064	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42065	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*]
	 	 	1	 	 	737-8LH	 	 	42066	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	[*] 2018*
	 	 	1	 	 	737-8LH	 	 	42067	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	 	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 
	Total: 
	 	 	18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

[*]

 

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

	 	 	 	 	 

	 

	 	Boeing Proprietary
	 	SA-1

Page 2

 

 

Enclosure 4

737-8LH AIRCRAFT CONFIGURATION

between

THE BOEING COMPANY

and

AIR LEASE CORPORATION

Exhibit A1 to Purchase Agreement Number PA-03524 

[*]

 

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

					
	 	 	 	 	 
	 
	 	A1	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 4

	 	BOEING PROPRIETARY
	Exhibit A1 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A1-3	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 4

	 	BOEING PROPRIETARY
	Exhibit A1 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A1-4	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 4

	 	BOEING PROPRIETARY
	Exhibit A1 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A1-5	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 4

	 	BOEING PROPRIETARY
	Exhibit A1 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A1-6	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

Enclosure 5

737-8LH AIRCRAFT CONFIGURATION

between

THE BOEING COMPANY

and

AIR LEASE CORPORATION

Exhibit A2 to Purchase Agreement Number PA-03524

[*]

 

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

					
	 	 	 	 	 
	 
	 	A1-2	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

Enclosure 5

Exhibit A2

AIRCRAFT CONFIGURATION

Dated June 30, 2011

relating to

BOEING MODEL 737-8LH AIRCRAFT

The Detail Specification is D019A001LSQ38 Rev NEW dated when released. Such Detail Specification
will be comprised of Boeing Configuration Specification D019A001, Revision N, dated January 29,
2010 as amended to incorporate the Options listed below, including the effects on Manufacturer’s
Empty Weight (MEW) and Operating Empty Weight (OEW). Boeing will furnish to Customer copies of the
Detail Specification, which copies will reflect such Options upon request. The Aircraft Basic price
reflects and includes all effects of Options upon request, except such Aircraft Basic price does
not include the price effects of any Buyer Furnished Equipment or Seller Purchase Equipment.

					
	 	 	 	 	 
	 
	 	A1-2	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 5

	 	BOEING PROPRIETARY
	Exhibit A2 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A2-3	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 5

	 	BOEING PROPRIETARY
	Exhibit A2 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A2-4	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 5

	 	BOEING PROPRIETARY
	Exhibit A2 — LSQ 737-8LH Configuration [*]
	 	 

[*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A2-5	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

	 	 	 

	Enclosure 5

	 	BOEING PROPRIETARY
	Exhibit A2 — LSQ 737-8LH Configuration [*]
	 	 

     [*]

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A2-6	 	 
	P.A. 03524
	 	BOEING PROPRIETARY
	 	SA-1

 

 

Enclosure 6

BUYER FURNISHED EQUIPMENT VARIABLES

between

THE BOEING COMPANY

and

AIR LEASE CORPORATION

Supplemental Exhibit BFE1-R1

to Purchase Agreement Number PA-03524

			
	 	 	 
	LSQ-PA-03524-BFE1-R1
	 	SA-1
	 
	 	BFE1-R1 Page 1

BOEING PROPRIETARY

 

 

Enclosure 6

BUYER FURNISHED EQUIPMENT VARIABLES

relating to

BOEING MODEL 737-800 AIRCRAFT

     This Supplemental Exhibit BFE1-R1 contains supplier selection dates, on-dock dates and other
requirements applicable to the Aircraft.

1. Supplier Selection.

Customer will:

     Select and notify Boeing of the suppliers of the following BFE items by the following dates
and will provide the part numbers to support the Initial Technical Coordination Meetings (ITCM) as
scheduled between the parties:

	 	 	 

	Galley System
	 	[*]
	 
	 
	Galley Inserts
	 	[*]
	 
	 
	Seats (passenger)
	 	[*]
	 
	 
	Overhead & Audio System
	 	[*]
	 
	 
	In-Seat Video System
	 	[*]
	 
	 
	Miscellaneous Emergency Equipment
	 	[*]
	 
	 
	Cargo
Handling Systems* 

(Single Aisle Programs only)
	 	[*]
	 
	 

 

			
	*	 	For a new certification, supplier requires notification [*] prior to Cargo Handling System
on-dock date.

2. On-dock Dates and Other Information.

     On or before [*], Boeing will provide to Customer the BFE Requirements electronically through
My Boeing Fleet (MBF in My Boeing Configuration (MBC). These requirements may be periodically
revised, setting forth the items, quantities, on-dock dates and shipping instructions and other
requirements relating to the in-sequence installation of BFE. For planning purposes, preliminary
BFE on-dock dates are set forth in the attachment to this Supplemental Exhibit BFE1-R1.

 

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

			
	 	 	 
	LSQ-PA-03524-BFE1-R1
	 	SA-1
	 
	 	BFE1-R1 Page 2

BOEING PROPRIETARY

 

 

3. Additional Delivery Requirements.

     Customer will be the “importer of record” (as defined by the U.S. Customs and Border
Protection) for all BFE imported into the United States, and as such, it has the responsibility to
ensure all of Customer’s BFE shipments comply with U.S. Customs Service regulations. In the event
Customer requests Boeing, in writing, to act as importer of record for Customer’s BFE, and Boeing
agrees to such request, Customer is responsible for ensuring Boeing can comply with all U.S.
Customs Import Regulations by making certain that, at the time of shipment, all BFE shipments
comply with the requirements in the “International Shipment Routing Instructions”, including the
Customs Trade Partnership Against Terrorism (C-TPAT), as set out on the Boeing website referenced
below. Customer agrees to include the International Shipment Routing Instructions, including
C-TPAT requirements, in each contract between Customer and BFE supplier.

http://www.boeing.com/companyoffices/doingbiz/supplier_portal/index_general.html

			
	 	 	 
	LSQ-PA-03524-BFE1
	 	
	 
	 	BFE1 Page 3

BOEING PROPRIETARY

 

 

Attachment to PA-03524

Supplemental Exhibit BFE1-R1

Page 1

Preliminary BFE On-dock Schedule

Purchase Agreement PA-03524

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Scheduled	 	 	 	 	 	 	 	 	 	 	Antennas &	 	 	 	 	 	 	Cabin	 	 	Miscellaneous/	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month of	 	 	 	 	 	 	Galleys /	 	 	Mounting	 	 	 	 	 	 	Systems	 	 	Emergency	 	 	Textiles /	 	 	Cargo	 	 	Provision	 	 	 	 
	Delivery:	 	 	Seats	 	 	Furnishings	 	 	Equipment	 	 	Avionics	 	 	Equipment	 	 	Equipment	 	 	Raw Material	 	 	Systems	 	 	Kits	 	 	Radomes	 
	 	[*]  2012	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 

 

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

			
	 	 	 
	LSQ-PA-03524-BFE1-R1
	 	SA-1
	 
	 	

BOEING PROPRIETARY

 

 

Attachment to PA-03524

Supplemental Exhibit BFE1-R1

Page 2

Preliminary BFE On-dock Schedule

Purchase Agreement PA-03524

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Scheduled	 	 	 	 	 	 	 	 	 	 	Antennas &	 	 	 	 	 	 	Cabin	 	 	Miscellaneous/	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month of	 	 	 	 	 	 	Galleys /	 	 	Mounting	 	 	 	 	 	 	Systems	 	 	Emergency	 	 	Textiles /	 	 	Cargo	 	 	Provision	 	 	 	 
	Delivery:	 	 	Seats	 	 	Furnishings	 	 	Equipment	 	 	Avionics	 	 	Equipment	 	 	Equipment	 	 	Raw Material	 	 	Systems	 	 	Kits	 	 	Radomes	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 

 

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

			
	 	 	 
	LSQ-PA-03524-BFE1-R1
	 	SA-1
	 
	 	

BOEING PROPRIETARY

 

 

Attachment to PA-03524

Supplemental Exhibit BFE1-R1

Page 3

Preliminary BFE On-dock Schedule

Purchase Agreement PA-03524

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Scheduled	 	 	 	 	 	 	 	 	 	 	Antennas &	 	 	 	 	 	 	Cabin	 	 	Miscellaneous/	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month of	 	 	 	 	 	 	Galleys /	 	 	Mounting	 	 	 	 	 	 	Systems	 	 	Emergency	 	 	Textiles /	 	 	Cargo	 	 	Provision	 	 	 	 
	Delivery:	 	 	Seats	 	 	Furnishings	 	 	Equipment	 	 	Avionics	 	 	Equipment	 	 	Equipment	 	 	Raw Material	 	 	Systems	 	 	Kits	 	 	Radomes	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 
	 	[*]  2018	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 	 	 	[*]	 

 

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

			
	 	 	 
	LSQ-PA-03524-BFE1-R1
	 	SA-1
	 
	 	

BOEING PROPRIETARY

 

 

Attachment to PA-03524

Supplemental Exhibit BFE1-R1

Page 4

Preliminary BFE On-dock Schedule

Purchase Agreement PA-03524

[*]

 

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

			
	 	 	 
	LSQ-PA-03524-BFE1-R1
	 	SA-1
	 
	 	

BOEING PROPRIETARY

 

 

Enclosure 7

	 	 	 

	

	 	The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

LSQ-PA-03524-LA-1001395R1

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

	 	 	 

	Subject:

	 	Advance Payment Matters
	 
	 	 
	Reference:

	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

     This letter agreement (Letter Agreement) cancels and supersedes Letter Agreement
LSQ-PA-03524-LA-1001395 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 LSQ-AGTA between Boeing and
Customer. This Letter Agreement modifies certain terms and conditions of the AGTA with respect to
the Aircraft.

1. Deferred Advance Payment Schedule.

     1.1 Alternative Advance Payment Schedule — Block A Aircraft and Block B Aircraft in
[*]. Notwithstanding 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
Block A Aircraft and Block B Aircraft with deliveries in [*], as set forth in the table below
(Alternative Advance Payment Schedule).

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001395R1
	 	SA-1
	Advance Payment Matters
	 	LA Page 1

BOEING PROPRIETARY

 

 

Enclosure 7

Block A Aircraft and Block B Aircraft ([*])

	 	 	 

	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]

     1.2 Alternative Advance Payment Schedule — Block B Aircraft in [*].
Notwithstanding the Aircraft advance payment schedule provided in Table 1B of the Purchase
Agreement, Customer may elect to pay an alternative fixed advance payment schedule for the Block B
Aircraft with deliveries in [*] (Alternative Advance Payment Schedule — Block B Aircraft in
[*]).

Block B Aircraft in [*]

	 	 	 

	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]
	[*]
	 	[*]

     1.3 [*]

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001395R1
	 	SA-1
	Advance Payment Matters
	 	LA Page 2

BOEING PROPRIETARY

 

 

Enclosure 7

2. [*]

3. Confidential Treatment.

     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 3) 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 3. Customer shall be fully responsible to
Boeing for compliance with such obligations.

4. 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.

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001395R1
	 	SA-1
	Advance Payment Matters
	 	LA Page 3

BOEING PROPRIETARY

 

 

Enclosure 7

	 	 	 	 	 

	Very truly yours,	 	 
	 
	 	 	 	 
	THE BOEING COMPANY	 	 
	 
	 	 	 	 
	By

	 	/s/ Katherine B. Gunal
 

	 	 
	Its

	 	Attorney-In-Fact	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED TO this	 	 
	 
	 	 	 	 
	Date:

	 	June 30, 2011	 	 
	 
	 	 	 	 
	AIR LEASE CORPORATION	 	 
	 
	 	 	 	 
	By

	 	Steven F. Udvar-Házy
 

	 	 
	Its

	 	Chairman & CEO	 	 

			
	 	 	 
	LSQ-PA-03524-LA-1001395R1
	 	SA-1
	Advance Payment Matters
	 	LA Page 4

BOEING PROPRIETARY

 

 

Enclosure 8

	 	 	 

	

	 	The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

LSQ-PA-03524-LA-1001396R1

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

	 	 	 

	Subject:

	 	Special Escalation — Block A Aircraft
	 
	 	 
	Reference:

	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

     This letter agreement (Letter Agreement) cancels and supersedes Letter Agreement
LSQ-PA-03524-LA-1001396 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 only applies to Aircraft identified as Block A Aircraft in Table 1A to the
Purchase Agreement.

1. [*]

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001396R1
	 	SA-1
	Special Escalation — Block A Aircraft
	 	Page 1

BOEING PROPRIETARY

 

 

Enclosure 8

2. [*]

3. [*]

4. [*]

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001396R1
	 	SA-1
	Special Escalation — Block A Aircraft
	 	Page 2

BOEING PROPRIETARY

 

 

Enclosure 8

5. 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 becoming
the operator of the Aircraft and cannot be assigned in whole or, in part.

6. Confidential Treatment.

     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 will 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 6) 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 6. Customer shall be fully responsible to
Boeing for compliance with such obligations.

			
	 	 	 
	LSQ-PA-03524-LA-1001396R1
	 	SA-1
	Special Escalation — Block A Aircraft
	 	Page 3

BOEING PROPRIETARY

 

 

Enclosure 8

	 	 	 	 	 

	Very truly yours,	 	 
	 
	 	 	 	 
	THE BOEING COMPANY	 	 
	 
	 	 	 	 
	By

	 	/s/ Katherine B. Gunal
 

	 	 
	Its

	 	Attorney-In-Fact	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED TO this	 	 
	 
	 	 	 	 
	Date:

	 	June 30, 2011	 	 
	 
	 	 	 	 
	AIR LEASE CORPORATION	 	 
	 
	 	 	 	 
	By

	 	Steven F. Udvar-Házy
 

	 	 
	Its

	 	Chairman & CEO	 	 

			
	 	 	 
	LSQ-PA-03524-LA-1001396R1
	 	SA-1
	Special Escalation — Block A Aircraft
	 	Page 4

BOEING PROPRIETARY

 

 

Enclosure 8

Attachment A to

Letter Agreement LSQ-PA-03524-LA-1001396R1

[*]

 

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

SA-1

BOEING PROPRIETARY

 

 

			
	Attachment A to
	 	Enclosure 8
	LSQ-PA-03524-LA-1001396R1	 	 
	Page 2	 	 

[*]

 

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

SA-1

BOEING PROPRIETARY

 

 

			
	
	 	Enclosure 9

	 	 	 

	 

	 	The Boeing Company
	 

	 	P.O. Box 3707
	 

	 	Seattle, WA  98124-2207

LSQ-PA-03524-LA-1001404R1

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

	 	 	 

	Subject:
	 	Special Matters — Block A Aircraft

	 	 	 

	Reference:
	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

     This letter agreement (Letter Agreement) cancels and supersedes Letter Agreement
LSQ-PA-03524-LA-1001404 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 only applies to Aircraft identified as Block A Aircraft in Table 1A to the
Purchase Agreement.

1. Credit Memoranda. In consideration of Customer’s purchase of sixty (60) Block A
Aircraft, at the time of delivery of each such Block A Aircraft, unless otherwise noted, Boeing
will provide to Customer the following credit memoranda.

     1.1 Basic Credit Memorandum. Boeing will issue to Customer a basic credit memorandum
(Basic Credit Memorandum) in the amount of [*] for each Aircraft delivering in [*] and in the
amount of [*] for each Aircraft delivering in [*].

     1.2 Leasing Credit Memorandum. Customer expressly intends to lease the Aircraft to a
third party or parties (Lessee or Lessees) who are in the commercial airline business as aircraft
operator(s). As an additional consideration and incentive for entering into a lease for the
Aircraft prior to delivery of such Aircraft, Boeing will issue to Customer a leasing credit
memorandum (Leasing Credit Memorandum) in an amount of [*] for each Aircraft delivering in
[*] and in the amount of [*] for each Aircraft delivering in [*]. Customer will
not be permitted to assign this Leasing Credit Memorandum, without the prior written consent of
Boeing.

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001404R1
	 	SA-1
	Special Matters – Block A Aircraft
	 	LA Page 1

BOEING PROPRIETARY

 

 

			
	
	 	Enclosure 9

     1.3       [*]

     1.4      [*]

     1.5       [*]

     1.6       Escalation of Credit Memoranda.

     Unless otherwise noted, the amounts of the Credit Memoranda stated in Paragraphs 1.1 — 1.3
are in 2008 base year dollars and will be escalated to the scheduled delivery month of the
respective Aircraft pursuant to the Airframe Escalation formula set forth in the Purchase Agreement
applicable to such Aircraft. The Credit Memoranda 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).

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001404R1
	 	SA-1
	Special Matters — Block A Aircraft
	 	LA Page 2

BOEING PROPRIETARY

 

 

			
	
	 	Enclosure 9

			
	2.	 	Confidential Treatment.

     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 2) 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 2. Customer shall be fully responsible to
Boeing for compliance with such obligations.

Very truly yours,

	 	 	 	 	 

	THE BOEING COMPANY
	 
	 	 	 	 
	By

	 	Katherine B. Gunal
 

	 	 
	Its

	 	Attorney-In-Fact
 

	 	 

	 	 	 	 	 

	ACCEPTED AND AGREED TO this
	 
	 	 	 	 
	Date:

	 	June 30, 2011   
 

	 	 

	 	 	 	 	 

	AIR LEASE CORPORATION
	 
	 	 	 	 
	By

	 	Steven F. Udvar-Házy
 

	 	 
	Its

	 	Chairman & CEO
 

	 	 

			
	 	 	 
	LSQ-PA-03524-LA-1001404R1
	 	SA-1
	Special Matters — Block A Aircraft
	 	LA Page 3

BOEING PROPRIETARY

 

 

	 	 	 

	

	 	Enclosure 10
	 
	 	 
	 

	 	The Boeing Company
	 

	 	P.O. Box 3707
	 

	 	Seattle, WA 98124-2207

LSQ-PA-03524-LA-1104952

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

			
	Subject:	 	[*]

			
	Reference:	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

     This letter agreement (Letter Agreement) 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 only applies to Aircraft identified as Block B Aircraft in Table
1B to the Purchase Agreement.

1. [*]

 

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

			
	 	 	 
	LSQ-PA-03658-LA-1104952

[*]
	 	SA-1

LA Page 1

BOEING PROPRIETARY

 

 

	 	 	 

	

	 	Enclosure 10

[*]

 

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

			
	 	 	 
	LSQ-PA-03658-LA-1104952

[*]
	 	SA-1

LA Page 2

BOEING PROPRIETARY

 

 

	 	 	 

	

	 	Enclosure 10

2. [*]

 

			
	*	 	Confidential material omitted and filed
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for confidential treatment.

			
	 	 	 
	LSQ-PA-03658-LA-1104952

[*]
	 	SA-1

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BOEING PROPRIETARY

 

 

	 	 	 

	

	 	Enclosure 10

3. 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.

 

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

			
	 	 	 
	LSQ-PA-03658-LA-1104952

[*]
	 	SA-1

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BOEING PROPRIETARY

 

 

	 	 	 

	

	 	Enclosure 10

4. Confidential Treatment.

     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 4) 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 4. Customer shall be fully responsible to
Boeing for compliance with such obligations.

Very truly yours,

THE BOEING COMPANY

	 	 	 	 	 

	By

	 	/s/ Katherine B. Gunal
 

	 	 
	Its

	 	Attorney-In-Fact
 

	 	 

ACCEPTED AND AGREED TO this

Date: June 30, 2011

AIR LEASE CORPORATION

	 	 	 	 	 

	By

	 	/s/ Steven F. Udvar-Házy
 

	 	 
	Its

	 	Chairman & CEO
 

	 	 

 

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

			
	 	 	 
	LSQ-PA-03658-LA-1104952

[*]
	 	SA-1

LA Page 5

BOEING PROPRIETARY

 

 

Enclosure 11

	 	 	 

	

	 	The Boeing Company 

P.O. Box 3707

Seattle, WA 98124-2207

LSQ-PA-03524-LA-1104956

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

	 	 	 

	Subject:

	 	Special Matters — Block B Aircraft
	 
	 	 
	Reference:

	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

     This letter agreement (Letter Agreement) 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 only applies to Aircraft identified as Block B Aircraft in Table
1B to the Purchase Agreement.

1. Credit Memoranda. In consideration of Customer’s purchase of eighteen (18) Block B
Aircraft, at the time of delivery of each such Block B Aircraft, unless otherwise noted,
Boeing will provide to Customer the following credit memoranda.

     1.1 Basic Credit Memorandum. At the time of delivery of each Block B
Aircraft, Boeing will issue to Customer a basic credit memorandum (Basic Credit Memorandum) in the
amount of [*].

     1.2 Leasing Credit Memorandum. Customer expressly intends to lease the
Aircraft to a third party or parties (Lessee or Lessees) who are in the commercial airline business
as aircraft operator(s). As an additional consideration and incentive for entering into a lease
for the Aircraft prior to delivery of such Block B Aircraft, Boeing will issue to Customer a
leasing credit memorandum (Leasing Credit Memorandum) in the amount of [*]. Customer will not
be permitted to assign this Leasing Credit Memorandum, in whole or in part, without the prior
written consent of Boeing.

 

			
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BOEING PROPRIETARY

 

 

Enclosure 11

          1.3 [*]

          1.4 [*]

 

			
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BOEING PROPRIETARY

 

 

Enclosure 11

          1.5 [*]

	2.	 	Escalation of Credit Memoranda.

          Unless otherwise noted, the amounts of the Credit Memoranda stated in Paragraphs 1.1, 1.2,
1.3, 1.4 and 1.5 are in base year dollars and will be escalated to the scheduled month of the
respective Block B Aircraft delivery pursuant to the Airframe Escalation formula set forth in the
Purchase Agreement applicable to the Block B Aircraft. The Credit Memoranda may, at the election
of Customer, be (i) applied against the Aircraft Price of the respective Block B 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.	 	[*]

 

			
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for confidential treatment.

			
	 	 	 
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BOEING PROPRIETARY

 

 

Enclosure 11

	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.

 

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

			
	 	 	 
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	 	SA-1
	Special Matters — Block B Aircraft
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BOEING PROPRIETARY

 

 

Enclosure 11

Very truly yours,

THE BOEING COMPANY

	 	 	 	 
	By  	/s/ Katherine B. Gunal
 	 
	Its            	Attorney-In-Fact 	 

ACCEPTED AND AGREED TO this

Date: June 30, 2011

AIR LEASE CORPORATION

	 	 	 	 
	By  	/s/ Steven F. Udvar-Házy
 	 
	 	Its            Chairman & CEO 	 

			
	 	 	 
	LSQ-PA-03658-LA-1104956
	 	SA-1
	Special Matters — Block B Aircraft
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BOEING PROPRIETARY

 

 

Enclosure 12

	 	 	 

	

	 	The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

LSQ-PA-03524-LA-1104959

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

	 	 	 

	Subject:

	 	[*]
	 
	 	 
	Reference:

	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

          This letter agreement (Letter Agreement) 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 only applies to Aircraft identified as Block B Aircraft in Table
1B to the Purchase Agreement.

	1.	 	Definitions.
	 
	 	 	[*]

     Program Aircraft means each Block B Aircraft specified in Table 1B of the Purchase Agreement
as of the date of this Letter Agreement.

	2.	 	[*]
	 
	3.	 	[*]

 

			
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for confidential treatment.

			
	 	 	 
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	[*]
	 	LA Page 1

BOEING PROPRIETARY

 

 

Enclosure 12

	4.	 	[*]

 

			
	*	 	Confidential material omitted and filed
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for confidential treatment.

			
	 	 	 
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	[*]
	 	LA Page 2

BOEING PROPRIETARY

 

 

Enclosure 12

	5.	 	[*]
	 
	6.	 	[*]
	 
	7.	 	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 to a commercial operator and
cannot be assigned in whole or, in part.

 

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

			
	 	 	 
	LSQ-PA-03658-LA-1104959
	 	SA-1
	[*]
	 	LA Page 3

BOEING PROPRIETARY

 

 

Enclosure 12

	8.	 	Confidential Treatment.

     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 will 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 8) 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 8. Customer shall be fully responsible to
Boeing for compliance with such obligations.

	 	 	 	 	 

	Very truly yours,	 	 
	 
	 	 	 	 
	THE BOEING COMPANY	 	 
	 
	 	 	 	 
	By

	 	/s/ Katherine B. Gunal	 	 
	 

	 	 

	 	 
	Its

	 	Attorney-In-Fact	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED TO this	 	 
	 
	 	 	 	 
	Date:

	 	June 30, 2011	 	 
	 
	 	 	 	 
	AIR LEASE CORPORATION	 	 
	 
	 	 	 	 
	By

	 	/s/ Steven F. Udvar-Házy
 

	 	 
	Its

	 	Chairman &CEO	 	 

 

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

			
	 	 	 
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	 	SA-1
	[*]
	 	LA Page 4

BOEING PROPRIETARY

 

 

Enclosure 12

ATTACHMENT A

to Letter Agreement LSQ-PA-03524-LA-1104959

[*]

[*]

 

			
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for confidential treatment.

			
	 	 	 
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	[*]
	 	Attachment A Page 1

BOEING PROPRIETARY

 

 

Enclosure 12

ATTACHMENT B

to Letter Agreement LSQ-PA-03524-LA-1104959

[*]

[*]

 

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

			
	 
	 LSQ-PA-03658-LA-1104959
	 	SA-1
	[*]
	 	Attachment B Page 1

BOEING PROPRIETARY

 

 

Enclosure 12

[*]

 

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

			
	 
	 LSQ-PA-03658-LA-1104959
	 	SA-1
	[*]
	 	Attachment B Page 2

BOEING PROPRIETARY

 

 

Enclosure 12

[*]

 

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

	 	 	 
	 LSQ-PA-03658-LA-1104959
	 	SA-1
	[*]
	 	Attachment B Page 3

BOEING PROPRIETARY

 

 

Enclosure 13

	 	 	 

	

	 	The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

LSQ-PA-03524-LA-1001398R1

Air Lease Corporation

2000 Avenue of the Stars, Suite 1000N

Los Angeles, CA 90067

	 	 	 
	Subject:

	 	Liquidated Damages — Non-Excusable Delay
	 
	 	 
	Reference:

	 	Purchase Agreement No. PA-03524 (Purchase Agreement) between
The Boeing Company (Boeing) and Air Lease Corporation
(Customer) relating to Model 737-800 aircraft (Aircraft)

     This letter agreement (Letter Agreement) cancels and supersedes Letter Agreement
LSQ-PA-03524-LA-1001398 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.

Definition of Terms:

     Non-Excusable Delay: Delay in delivery of any Aircraft beyond the last day of the
delivery month (Scheduled Delivery) established in the Purchase Agreement by any cause that is not
an Excusable Delay pursuant to Article 7 of the AGTA and for which Customer is otherwise entitled
to a remedy from Boeing pursuant to applicable law.

	1.	 	Liquidated Damages.

     Boeing agrees to pay Customer liquidated damages for each day of Non-Excusable Delay in excess
of [*] (collectively the Non-Excusable Delay Payment Period) at a rate of [*] per Block
A Aircraft and [*] per day per Block B Aircraft [*] per Block A Aircraft and [*]
per Block B Aircraft (Liquidated Damages).

	2.	 	[*]

 

			
	*	 	 Confidential material omitted and filed
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for confidential treatment.

			
	 	 	 
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	Liquidated Damages — Non-Excusable Delay
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BOEING PROPRIETARY

 

 

Enclosure 13

	3.	 	[*]
	 
	4.	 	[*]
	 
	5.	 	Exclusive Remedies.

     [*] are Customer’s exclusive remedies for a Non-Excusable Delay and are in lieu of all
other damages, claims, and remedies of Customer arising at law or otherwise for any Non-Excusable
Delay in the Aircraft delivery. Customer hereby waives and renounces all other claims and remedies
arising at law or otherwise for any such Non-Excusable Delay.

	6.	 	Confidential Treatment.

     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 will 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 6) 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 6. Customer shall be fully responsible to
Boeing for compliance with such obligations.

 

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

			
	 	 	 
	LSQ-PA-03524-LA-1001398R1
	 	SA-1
	Liquidated Damages — Non-Excusable Delay
	 	LA Page 2

BOEING PROPRIETARY

 

 

Enclosure 13

	7.	 	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 taking
title to the Aircraft at the time of delivery and leasing the Aircraft to commercial operators and
cannot be assigned in whole or, in part.

Very truly yours,

THE BOEING COMPANY

	 	 	 	 	 
	 	By  
	/s/ Katherine B. Gunal
 	 
	 	Its	            Attorney-In-Fact 	 

ACCEPTED AND AGREED TO this

Date: June 30, 2011

AIR LEASE CORPORATION

	 	 	 	 	 
	 	By  	/s/ Steven F. Udvar-Házy
 	 
	 	Its	            Chairman & CEO 	 
	 	 	 	 
	 

			
	 	 	 
	LSQ-PA-03524-LA-1001398R1
	 	SA-1
	Liquidated Damages — Non-Excusable Delay
	 	LA Page 3

BOEING PROPRIETARYexv10w2

    Exhibit 10.2

 

    Agreement
    and Plan of Conversion and Merger

 

    AGREEMENT AND PLAN OF CONVERSION AND MERGER (this
    “Agreement”), dated as of July 28, 2011,
    by and among National Property Investors 4, a California limited
    partnership (“NPI”), AIMCO NPI 4 Merger Sub
    LLC, a Delaware limited liability company (the “Aimco
    Subsidiary”), and Aimco Properties, L.P., a Delaware
    limited partnership (“Aimco OP”).

 

    WHEREAS, NPI Equity Investments, Inc., the managing general
    partner of NPI and New NPI (“NPI Equity”), has
    determined that the conversion of NPI into a Delaware limited
    partnership named National Property Investors 4, LP
    (“New NPI”), and the subsequent merger of the
    Aimco Subsidiary with and into New NPI, with New NPI as the
    surviving entity, in each case, on the terms set forth herein,
    are advisable, fair to and in the best interests of NPI and New
    NPI and their respective partners; and

 

    WHEREAS, Aimco OP is the sole member of the Aimco Subsidiary and
    the sole limited partner of New NPI; and

 

    WHEREAS, the Board of Directors of AIMCO-GP, Inc., the general
    partner of Aimco OP (“AIMCO-GP”), has
    determined that the conversion of NPI into New NPI, and the
    subsequent merger of the Aimco Subsidiary with and into New NPI,
    with New NPI as the surviving entity, in each case, on the terms
    as set forth herein, are advisable and in the best interests of
    Aimco OP and its partners, and the Aimco Subsidiary; and

 

    WHEREAS, the parties desire to enter this Agreement to evidence
    the terms, provisions, representations, warranties, covenants
    and conditions upon which the Conversion and Merger (as defined
    below) will be consummated.

 

    NOW, THEREFORE, in consideration of the mutual agreements and
    covenants set forth herein, and for other good and valuable
    consideration, the adequacy, sufficiency, and receipt of which
    are hereby acknowledged, the parties hereby agree as follows:

 

    Section 1.  The
    Conversion.  Subject to the terms and
    conditions set forth herein, NPI shall be converted into New NPI
    (the “Conversion”), with New NPI as the
    surviving entity (the “First Surviving
    Entity”). As soon as practicable after all of the
    conditions to the Conversion set forth herein have been
    satisfied, NPI and New NPI shall (i) execute a certificate
    of conversion and cause such certificate to be filed with the
    Secretary of State of the State of California and
    (ii) execute a certificate of conversion and cause such
    certificate to be filed with the Secretary of State of the State
    of Delaware. The Conversion shall become effective upon the
    filing of such certificates (the “First Effective
    Time”). At the First Effective Time, the Conversion
    shall have the effect provided by applicable law and this
    Agreement, including, but not limited to, the following
    consequences:

 

    (a) Certificate of Limited
    Partnership.  The certificate of limited
    partnership of New NPI in effect immediately prior to the First
    Effective Time shall be the certificate of limited partnership
    of the First Surviving Entity unless and until subsequently
    amended.

 

    (b) Partnership Agreement.  The
    limited partnership agreement of NPI in effect immediately prior
    to the First Effective Time, as amended as set forth on
    Exhibit A hereto, shall be the partnership agreement
    of the First Surviving Entity unless and until subsequently
    amended. The general partners and each limited partner of the
    First Surviving Entity shall have the rights under, be bound by
    and be subject to the terms and conditions of, such partnership
    agreement.

 

    (c) General Partner.  NPI Equity
    shall be the managing general partner of the First Surviving
    Entity.

 

    (d) Conversion of Equity Interests.

 

    (i) Interests in NPI.  Each general
    partnership interest of NPI outstanding immediately prior to the
    First Effective Time and held by a general partner shall be
    converted into an equivalent general partnership interest in the
    First Surviving Entity (each new general partnership interest, a
    “New NPI GP Interest”). Each unit of

    

    1

 

    limited partnership interest of NPI outstanding immediately
    prior to the First Effective Time shall be converted into an
    equivalent unit of limited partnership interest in the First
    Surviving Entity (a “New NPI Unit”).

 

    (ii) Interests in New NPI.  The
    interest of each partner in New NPI immediately prior to the
    First Effective Time shall be cancelled.

 

    Section 2.  The
    Merger.  Subject to the terms and conditions
    set forth herein, immediately following the First Effective
    Time, the Aimco Subsidiary shall be merged with and into New NPI
    (the “Merger” and, together with the
    Conversion, the “Mergers”), with New NPI as the
    surviving entity (the “Second Surviving
    Entity”). As soon as practicable after all of the
    conditions to the Merger set forth herein have been satisfied,
    New NPI shall cause to be filed a certificate of merger with
    respect to the Merger with the Secretary of State of the State
    of Delaware. The Merger shall become effective upon the filing
    of such certificate (the “Second Effective
    Time”). At the Second Effective Time, the Merger shall
    have the effect provided by applicable law and this Agreement,
    including, but not limited to, the following consequences:

 

    (a) Certificate of Limited
    Partnership.  The certificate of limited
    partnership of New NPI in effect immediately prior to the Second
    Effective Time shall be the certificate of limited partnership
    of the Second Surviving Entity unless and until subsequently
    amended.

 

    (b) Partnership Agreement.  The
    limited partnership agreement of New NPI in effect immediately
    prior to the Second Effective Time shall be the partnership
    agreement of the Second Surviving Entity (the
    “Partnership Agreement”) unless and until
    subsequently amended. The general partners and each limited
    partner of the Second Surviving Entity shall have the rights
    under, be bound by and be subject to the terms and conditions
    of, the Partnership Agreement.

 

    (c) General Partners.  NPI Equity
    shall be the managing general partner of the Second Surviving
    Entity.

 

    (d) Treatment of Limited Partners Interests in New
    NPI.

 

    (i) In connection with the Merger and in accordance with
    the procedures set forth in Section 2(d)(iii) hereto, each
    New NPI Unit outstanding immediately prior to the Second
    Effective Time, except New NPI Units held by limited partners
    who have perfected their appraisal rights pursuant to
    Exhibit B hereto, shall be converted into the right
    to receive, at the election of the holder thereof, either
    (x) $195.27 in cash (the “Cash
    Consideration”) or (y) a number of partnership
    common units (“OP Units”) of Aimco OP
    calculated by dividing $195.27 by the average closing price of
    Apartment Investment and Management Company common stock, as
    reported on the NYSE, over the ten consecutive trading days
    ending on the second trading day immediately prior to the date
    of the Second Effective Time (the “OP Unit
    Consideration,” and, together with the Cash
    Consideration, the “Merger Consideration”).

 

    (ii) Notwithstanding Section 2(d)(i), if Aimco OP
    determines that the law of the state or other jurisdiction in
    which a holder of New NPI Units resides would prohibit the
    issuance of OP Units in that state or jurisdiction, or that
    the registration or qualification in that state or other
    jurisdiction would be prohibitively costly (each such state or
    jurisdiction, a “Specified Jurisdiction”), then
    such holder will only be entitled to receive the Cash
    Consideration for each New NPI Unit.

 

    (iii) Aimco OP shall prepare a form of election (the
    “Election Form”) describing the Merger,
    pursuant to which each holder of New NPI Units will have the
    right to elect to receive either the Cash Consideration or the
    OP Unit Consideration (subject to Section 2(d)(ii)).
    Aimco OP shall mail or cause to be mailed an Election Form to
    each holder of New NPI Units, together with any other materials
    that Aimco OP determines to be necessary or prudent, no later
    than ten (10) days after the Second Effective Time. An
    election to receive the Cash Consideration or the OP Unit
    Consideration shall be effective only if a properly executed
    Election Form is received by Aimco OP or its designees prior to
    5:00 p.m., New York Time, on the day that is thirty
    (30) days after the mailing of such Election Form by Aimco
    OP. If a holder New NPI Units fails to return a duly completed
    Election Form within the time period specified in the Election
    Form, such holder shall be deemed to have elected to receive the
    Cash Consideration. In addition, each holder of New NPI Units
    that resides in a Specified Jurisdiction will be deemed to have
    elected the Cash Consideration. NPI, New NPI, the Aimco

    

    2

 

    Subsidiary and Aimco OP agree that holders of New NPI Units
    shall have the right to revoke any election made in connection
    with the Merger at any time prior to the expiration of the time
    period stated in the Election Form. Aimco OP and NPI Equity, by
    mutual agreement, shall have the right to make rules, not
    inconsistent with the terms of this Agreement, governing the
    validity of Election Forms and the issuance and delivery of the
    Merger Consideration, as applicable.

 

    (e) Treatment of General Partners’
    Interests.  Each New NPI GP Interest
    outstanding immediately prior to consummation of the Merger
    shall remain outstanding and unchanged, with all of the rights
    set forth in the Partnership Agreement.

 

    (f) Treatment of Interests in the Aimco
    Subsidiary.  The entire membership interest in
    the Aimco Subsidiary immediately prior to the Second Effective
    Time shall be converted into one hundred (100) New NPI
    Units of the Second Surviving Entity.

 

    Section 3.  Appraisal
    Rights.  In connection with the Conversion,
    none of the partners in NPI or New NPI will have any
    dissenters’ appraisal rights. In connection with the
    Merger, the holders of New NPI Units immediately prior to the
    Merger shall have the appraisal rights set forth in
    Exhibit B hereto.

 

    Section 4.  Covenants.  Aimco
    OP agrees to pay for, or reimburse NPI and New NPI for, all
    expenses incurred by NPI and New NPI in connection with the
    Mergers and the transactions contemplated hereby. Aimco OP
    agrees to pay cash or issue and deliver OP Units to the
    former holders of New NPI Units, in accordance with
    Section 2(d) of this Agreement.

 

    Section 5.  Conditions
    to the Mergers.

 

    (a) Neither the Conversion or the Merger shall occur unless
    and until such transaction has been approved or consented to by
    a majority in interest of the limited partnership interests of
    NPI.

 

    (b) Notwithstanding any provisions of this Agreement to the
    contrary, none of the parties hereto shall be required to
    consummate the transactions contemplated hereby if any
    third-party consent, authorization or approval that any of the
    parties hereto deem necessary or desirable in connection with
    this Agreement, or the consummation of the transactions
    contemplated hereby, has not been obtained or received.

 

    Section 6.  Tax
    Treatment.

 

    (a) Conversion.  The parties hereto
    acknowledge and agree that for federal income tax purposes, the
    Conversion will be treated as follows:

 

    (i) The Conversion shall not be treated as a realization
    event, and in accordance therewith, the First Surviving Entity
    shall be treated as the continuation of NPI for federal income
    tax purposes; and

 

    (ii) In accordance with the foregoing, the tax bases of the
    general partners and limited partners of the First Surviving
    Entity in their First Surviving Entity interests and the
    respective initial capital account balances of the general
    partners and limited partners of the First Surviving Entity
    immediately following the First Effective Time shall be the same
    as those of the general partners and the limited partners of NPI
    immediately prior to the First Effective Time.

 

    (b) Merger.  The parties hereto
    intend and agree that, for Federal income tax purposes,
    (i) any payment of cash for New NPI Units shall be treated
    as a sale of such New NPI Units by such holder and a purchase of
    such New NPI Units by Aimco OP for the cash so paid under the
    terms of this Agreement, and (ii) each such holder of New
    NPI Units who accepts cash explicitly agrees and consents to
    such treatment. Furthermore, the parties hereto intend and agree
    that, for Federal income tax purposes, (x) any exchange of
    New NPI Units for OP Units under the terms of this
    Agreement shall be treated as the contribution of New NPI Units
    to Aimco OP in exchange for Aimco OP Units, in accordance
    with Section 721 of the Internal Revenue Code of 1986, as
    amended, and (y) each such holder of New NPI Units who
    accepts OP Units explicitly agrees and consents to such
    treatment. Any cash
    and/or
    OP Units to which a holder of New NPI Units is entitled
    pursuant to this Agreement shall be paid only after the receipt
    of a consent from such holder that, for Federal income tax
    purposes, the receipt of cash
    and/or
    OP Units shall be treated as described in this
    Section 6(b).

    

    3

 

    Section 7.  Further
    Assurances.

 

    (a) From time to time, as and when required by the First
    Surviving Entity or by its successors and assigns, there shall
    be executed and delivered on behalf of NPI such deeds and other
    instruments, and there shall be taken or caused to be taken by
    NPI all such further actions, as shall be appropriate or
    necessary in order to vest, perfect or confirm, of record or
    otherwise, in the First Surviving Entity the title to and
    possession of all property, interests, assets, rights,
    privileges, immunities, powers, franchises and authority of NPI,
    and otherwise to carry out the purposes of this Agreement, and
    the officers and directors of NPI Equity are fully authorized in
    the name and on behalf NPI or otherwise to take any and all such
    action and to execute and deliver any and all such deeds and
    other instruments.

 

    (b) From time to time, as and when required by the Second
    Surviving Entity or by its successors and assigns, there shall
    be executed and delivered on behalf of the Aimco Subsidiary such
    deeds and other instruments, and there shall be taken or caused
    to be taken by the Aimco Subsidiary all such further actions, as
    shall be appropriate or necessary in order to vest, perfect or
    confirm, of record or otherwise, in the Second Surviving Entity
    title to and possession of all property, interests, assets,
    rights, privileges, immunities, powers, franchises and authority
    of the Aimco Subsidiary, and otherwise to carry out the purposes
    of this Agreement, and the officers and directors of NPI Equity
    are fully authorized in the name and on behalf of Aimco
    Subsidiary or otherwise to take any and all such action and to
    execute and deliver any and all such deeds and other instruments.

 

    Section 8.  Amendment.  Subject
    to applicable law, this Agreement may be amended, modified or
    supplemented by written agreement of the parties hereto at any
    time prior to the consummation of the Mergers with respect to
    any of the terms contained herein.

 

    Section 9.  Abandonment.  At
    any time prior to consummation of the Mergers, this Agreement
    may be terminated and the Mergers may be abandoned without
    liability to any party hereto by any of the Aimco Subsidiary,
    Aimco OP, NPI or New NPI, in each case, acting in its sole
    discretion and for any reason or for no reason, notwithstanding
    approval of this Agreement by any of the members of the Aimco
    Subsidiary, the partners of NPI or the general partner of Aimco
    OP.

 

    Section 10.  Governing
    Law.  This Agreement shall be governed by and
    construed in accordance with the laws of the State of Delaware,
    without reference to the conflict of law provisions thereof.

 

    Section 11.  No
    Third-Party Beneficiaries.  No provision of
    this Agreement is intended to confer upon any person, entity, or
    organization other than the parties hereto any rights or
    remedies hereunder, other than the appraisal rights given to
    holders of New NPI Units pursuant to Section 3.

    

    4

 

    IN WITNESS WHEREOF, the parties hereto have caused this
    Agreement to be executed as of the date first above written.

 

    NATIONAL PROPERTY INVESTORS 4

    

 

			
	 	    By:
	
    NPI Equity Investments, Inc.,

    Its Managing General Partner

 

			
	 	    By: 
	
    /s/  Trent
    A. Johnson

    Name:     Trent A. Johnson

			
	 	    Title: 
	
    Vice President and Assistant General Counsel

 

    AIMCO NPI 4 MERGER SUB LLC

    

 

			
	 	    By: 
	
    Aimco Properties, L.P.,

    Its Sole Member

 

			
	 	    By: 
	
    AIMCO-GP, Inc.

    Its General Partner

	 
	 	    By: 
	
    /s/  Trent
    A. Johnson

    Name:     Trent A. Johnson

			
	 	    Title: 
	
    Vice President and Assistant General Counsel

 

    AIMCO PROPERTIES, L.P.

    

 

			
	 	    By: 
	
    AIMCO-GP, Inc.,

    Its General Partner

	 
	 	    By: 
	
    /s/  Trent
    A. Johnson

    Name:     Trent A. Johnson

			
	 	    Title: 
	
    Vice President and Assistant General Counsel

 

    [Signature Page — Merger Agreement]

    

    5

 

    EXHIBIT A

 

    FORM OF
    AMENDMENT

    TO

    PARTNERSHIP AGREEMENT

    OF

    NATIONAL PROPERTY INVESTORS 4

 

    This AMENDMENT TO THE PARTNERSHIP AGREEMENT OF NATIONAL PROPERTY
    INVESTORS 4 (this “Amendment”) is entered into
    as
    of          ,
    2011 by and among NPI Equity Investments, Inc., a Florida
    corporation, in its capacity as managing general partner (the
    “Managing General Partner”), and each of the
    Limited Partners. All capitalized terms used in this Amendment
    but not otherwise defined herein shall have the respective
    meanings given to them in the Partnership Agreement (as defined
    below).

 

    Recitals

 

    WHEREAS, National Property Investors 4, a California limited
    partnership (the “Partnership”), is governed
    pursuant to the terms of that certain Partnership Agreement,
    dated as of July 1, 1980, as amended and restated
    July 14, 1980 and as further amended to date (the
    “Partnership Agreement”);

 

    WHEREAS, the Partnership and National Property Investors 4, LP,
    a Delaware limited partnership (the “Delaware
    Partnership”), are parties to an Agreement and Plan of
    Conversion and Merger, dated as of July 28, 2011 (the
    “Merger Agreement”);

 

    WHEREAS, pursuant to the Merger Agreement, the Partnership will
    be converted into the Delaware Partnership;

 

    WHEREAS, pursuant to the Merger Agreement, at the effective time
    of the conversion, the Partnership Agreement, as further amended
    by this Amendment, will become the partnership agreement of the
    Delaware Partnership; and

 

    WHEREAS, the conversion will be effected upon the approval or
    consent of (i) the managing general partner of each of the
    Partnership and the Delaware Partnership, and (ii) a
    majority in interest of the limited partners of each of the
    Partnership and the Delaware Partnership.

 

    NOW, THEREFORE, in consideration of the premises, the agreement
    of the parties herein contained, and other good and valuable
    consideration, the receipt and sufficiency of which are hereby
    acknowledged and confessed, the parties hereby agree as follows:

 

    1. Amendments to the Partnership
    Agreement.  At the effective time of
    the Conversion, the Partnership Agreement shall be amended as
    follows:

 

    (a) In the first paragraph of the Partnership Agreement,
    the following words are deleted: “pursuant to the Uniform
    Limited Partnership Act of the State of California.”

 

    (b) All other references therein to the Uniform Limited
    Partnership Act of the State of California or to the Uniform
    Limited Partnership Act of California shall be deemed to refer
    to the Delaware Revised Uniform Limited Partnership Act.

 

    (c) Section 1 of the Partnership Agreement is hereby
    amended and restated to read in its entirety as follows:

 

    “1.1 The name of the Partnership is National Property
    Investors 4, LP, and its principal place of business is 55
    Beattie Place, P.O. Box 1089, Greenville, South
    Carolina 29602 and thereafter such other place or places as the
    Managing General Partner may from time to time determine.

 

    1.2 National Property Investors 4 was originally formed as
    a limited partnership (the “California Partnership”)
    pursuant to the provisions of the California Uniform Limited
    Partnership Act, upon the terms and conditions set forth in an
    agreement made as of July 1, 1980. Pursuant to an

    

    6

 

    Agreement and Plan of Conversion and Merger, dated as of
    July 28, 2011, by and between the California Partnership
    and National Property Investors 4, LP, a Delaware limited
    partnership (the “Delaware Partnership”), the
    California Partnership was converted into the Delaware
    Partnership (the “Surviving Entity”) in the conversion
    (the “Conversion”). At the effective time of the
    Conversion (the “Effective Time”), the Conversion had
    the effect provided by applicable law, and the following
    consequences: (a) the certificate of limited partnership of
    the Delaware Partnership in effect immediately prior to the
    Effective Time became the certificate of limited partnership of
    the Surviving Entity; (b) the limited partnership agreement
    of the California Partnership in effect immediately prior to the
    Effective Time, as amended as set forth on Annex A to the
    Merger Agreement, became the partnership agreement of the
    Surviving Entity (as so amended, the “Partnership
    Agreement”); (c) NPI Equity Investments, Inc., a
    Florida corporation, remained as sole Managing General Partner
    of the Surviving Entity, and its interest in the California
    Partnership immediately prior to the Effective Time was
    converted into an equivalent interest in the Surviving Entity;
    (d) the interests of the general partner in the Delaware
    Partnership immediately prior to the Effective Time was
    cancelled; (e) each limited partner in the California
    Partnership became a limited partner in the Surviving Entity,
    with an interest in the Surviving Entity equivalent to the
    interest such limited partner had in the California Partnership
    immediately prior to the Effective Time; and (f) the
    interest of each limited partner in the Delaware Partnership
    immediately prior to the Effective Time was cancelled.
    References herein to the “Partnership” are to the
    California Partnership prior to the Conversion and to the
    Delaware Partnership, as the Surviving Entity in the Conversion,
    from and after the Effective Time.”

 

    (d) Section 2.1.16 of the Partnership Agreement is
    hereby amended and restated to read in its entirety as follows:

 

    “2.1.16 “General Partner” shall refer to NPI
    Equity Investments, Inc., a Florida corporation, or to any other
    person or entity who succeeds it in such capacity.”

 

    (e) Section 2.1.23 of the Partnership Agreement is
    hereby amended and restated to read in its entirety as follows:

 

    “2.1.23 “Managing General Partner” shall
    refer to NPI Equity Investments, Inc., or to any other person or
    entity who succeeds in such capacity.”

 

    (f) Section 2.1.34 of the Partnership Agreement is
    hereby amended to delete such section in its entirety.

 

    (g) Section 15.3.18 of the Partnership Agreement is
    hereby amended by deleting the following word: “Except as
    provided in Paragraphs 17.6 and 17.7,”.

 

    (g) Section 16.2.2 of the Partnership Agreement is
    hereby amended to delete such section in its entirety.

 

    (h) Section 16.5 of the Partnership Agreement is
    hereby amended by deleting from the second to last sentence, the
    word “California” and replacing it with
    “Delaware”.

 

    (i) Section 16.5 of the Partnership Agreement is
    hereby amended by deleting the last sentence thereof.

 

    (j) Section 17.6 of the Partnership Agreement is
    hereby amended to delete such section in its entirety.

 

    (k) Section 17.7 of the Partnership Agreement is
    hereby amended to delete such section in its entirety.

 

    (l) Section 17.8 of the Partnership Agreement is
    hereby amended to delete from the last sentence the following
    words: “except as permitted in Paragraph 17.6 of this
    Partnership Agreement, and any act in violation of this
    provision shall not be binding upon or recognized by the
    Partnership regardless of whether any or all of the General
    Partners shall have knowledge thereof”.

    

    7

 

    (m) Section 19.1.1 of the Partnership Agreement is
    hereby amended to delete from the first sentence the following
    words: “or the Successor General Partner”.

 

    (n) Section 20.1.1 of the Partnership Agreement is
    hereby amended by deleting everything after the word
    “foregoing.”

 

    (o) Section 22.7 of the Partnership Agreement is
    hereby amended and restated to read in its entirety as follows:

 

    “The name and address of the Managing General Partners is:

 

    NPI Equity Investments, Inc.

    4582 S. Ulster St., Suite 1100

    Denver, CO 80237”

 

    (p) Section 22.9 of the Partnership Agreement is
    hereby amended and restated to read in its entirety as follows:

 

    “22.9 Notwithstanding the place where this Agreement
    may be executed by any of the parties hereto, the parties
    expressly agree that all the terms and provisions of hereof
    shall be construed under the laws of the State of Delaware and
    that the Delaware Revised Uniform Limited Partnership Act as now
    adopted or as may be hereafter amended shall govern the
    partnership aspects of this Agreement.”

 

    2. Miscellaneous.

 

    (a) Effect of Amendment.  In
    the event of any inconsistency between the terms of the
    Partnership Agreement and the terms of this Amendment, the terms
    of this Amendment shall prevail. In the event of any conflict of
    apparent conflict between any of the provisions of the
    Partnership Agreement as amended by this Amendment, such
    conflicting provisions shall be reconciled and construed to give
    effect to the terms and intent of this Amendment.

 

    (b) Ratification.  Except as
    otherwise expressly modified hereby, the Partnership Agreement
    shall remain in full force and effect, and all of the terms and
    provisions of the Partnership Agreement, as herein modified, are
    hereby ratified and reaffirmed.

 

    (c) Governing Law.  THIS
    AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
    ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

 

    [Remainder
    of page intentionally left blank.]

    

    8

 

    IN WITNESS WHEREOF, the parties have executed this Amendment as
    of the date first set forth above.

 

    The Managing General Partner:

    

 

    NPI EQUITY INVESTMENTS, INC.

    a Florida corporation

 

			
	 	    By: 
	
        

    Name:     

    Title:

 

    The Limited Partners:

    

 

			
	 	    By: 
	
    NPI Equity Investments, Inc.

    attorney-in-fact

	 
	 	    By: 
	
        

    Name:     

    Title:

    

    9

 

    EXHIBIT B

 

    Appraisal
    Rights of Limited Partners

 

    Capitalized terms used but not defined herein shall have the
    respective meanings ascribed thereto in the Agreement and Plan
    of Conversion and Merger, dated as of July 28, 2011, (the
    “Merger Agreement”) by and among National
    Property Investors 4, a California limited partnership, AIMCO
    NPI 4 Merger Sub LLC, a Delaware limited liability company, and
    AIMCO Properties, L.P., a Delaware limited partnership. In
    connection with the Merger, limited partners of New NPI shall
    have the following appraisal rights:

 

    (a) Any limited partner who holds New NPI Units on the
    effective date of the Merger who has not consented to the Merger
    (the “Nonconsenting Limited Partners”) and who
    has otherwise complied with paragraph (b) hereof shall be
    entitled to an appraisal by arbitration of the fair value of the
    Nonconsenting Limited Partner’s New NPI Units. This
    arbitration shall be conducted in Denver, Colorado, in
    accordance with the Commercial Arbitration Rules of the American
    Arbitration Association (“AAA”), excluding the
    Procedures for Large, Complex Commercial Disputes, by a single
    arbitrator selected by Aimco OP from a panel of AAA arbitrators
    who are qualified to value investment interests in commercial
    real estate. Any action for judicial review or enforcement of
    the arbitration award shall be brought in a court of competent
    jurisdiction located in Denver, Colorado.

 

    (b) Within 10 days after the effective date of the
    Merger, Aimco OP shall notify each of the Nonconsenting Limited
    Partners of the consummation of the Merger, the effective date
    of the Merger and that appraisal rights are available for any or
    all New NPI Units held by Nonconsenting Limited Partners, and
    shall include in such notice a copy of this Exhibit. Such notice
    shall include an Election Form pursuant to which Nonconsenting
    Limited Partners may elect an appraisal by arbitration of the
    fair value of their New NPI Units pursuant to paragraph
    (a) hereof. Any limited partner who holds New NPI Units on
    the effective date of the Merger and who has not consented to
    the Merger shall be entitled to receive such notice and may,
    within 30 days after the date of mailing of such notice
    (such 30th day being the “Election
    Deadline”), demand from Aimco OP the appraisal of his
    or her New NPI Units by making the appropriate election in the
    Election Form in accordance with the instructions thereto. Each
    completed Election Form must be delivered to the address, and
    within the time period, specified in the instructions to the
    Election Form. If a Nonconsenting Limited Partner fails to
    properly complete an Election Form or return it to the correct
    address within the specified time period, such Nonconsenting
    Limited Partner shall be deemed to have elected not to seek an
    appraisal of his or her New NPI Units, and will be deemed to
    have elected the Cash Consideration.

 

    (c) At any time prior to the Election Deadline, any
    Nonconsenting Limited Partner who has made a demand for
    appraisal of his or her New NPI Units shall have the right to
    withdraw his or her demand for appraisal and to accept the Cash
    Consideration payable pursuant to the Merger Agreement.
    Nonconsenting Limited Partners who wish to withdraw their
    demands must do so in writing delivered to Aimco Properties,
    L.P.,
    c/o Eagle
    Rock Proxy Advisors, LLC, by mail at 12 Commerce Drive,
    Cranford, New Jersey, 07016, or by fax at
    (908) 497-2349.
    At any time within 20 days after the Election Deadline, any
    Nonconsenting Limited Partner who has complied with the
    requirements of subsections (a) and (b) hereof, upon
    written request, shall be entitled to receive from Aimco OP a
    statement setting forth the aggregate number of New NPI Units
    with respect to which Nonconsenting Limited Partners have made
    demands for appraisal and the aggregate number of holders of
    such New NPI Units. Such written statement shall be mailed to
    the Nonconsenting Limited Partner within 10 days after such
    Nonconsenting Limited Partner’s written request for such a
    statement is received by Aimco OP or within 20 days after
    the Election Deadline, whichever is later.

 

    (d) Upon the submission of any such demand by a
    Nonconsenting Limited Partner, Aimco OP shall, within
    40 days after the Election Deadline, submit to the
    arbitrator a duly verified list containing the names and
    addresses of all Nonconsenting Limited Partners who have
    demanded payment for their New NPI Units and with whom
    agreements as to the value of their New NPI Units have not been
    reached with Aimco OP. The arbitrator shall give notice of the
    time and place fixed for the hearing of such demand by
    registered or certified mail to Aimco OP and to the
    Nonconsenting Limited Partners shown on the list at the
    addresses therein stated.

    

    10

 

    The forms of the notices shall be approved by the arbitrator,
    and the costs of the preparation and mailing thereof shall be
    borne by Aimco OP.

 

    (e) At the hearing on such demand, the arbitrator shall
    determine as to each of the Nonconsenting Limited Partners
    whether the Nonconsenting Limited Partner is entitled to
    appraisal rights hereunder.

 

    (f) After determining the Nonconsenting Limited Partners
    entitled to an appraisal, the arbitrator shall appraise the New
    NPI Units, determining their fair value, as of the date of the
    Merger, exclusive of any element of value arising from the
    accomplishment or expectation of the Merger, together with
    interest, if any, to be paid upon the amount determined to be
    the fair value. In determining such fair value, the arbitrator
    shall take into account all factors relevant to the issue of
    fair value of the New NPI Units, using the legal standard of
    fair value that would apply if the Nonconsenting Limited Partner
    were a stockholder in a corporation entitled to appraisal rights
    as a result of a corporate merger under the corporation laws of
    the state of Delaware. Unless the arbitrator in his or her
    discretion determines otherwise for good cause shown, interest
    from the effective date of the Merger through the date of
    payment of the judgment shall be compounded quarterly and shall
    accrue at 5% over the Federal Reserve discount rate (including
    any surcharge), as established from time to time during the
    period between the effective date of the Merger and the date of
    payment of the judgment. Upon application by Aimco OP or by any
    Nonconsenting Limited Partner entitled to participate in the
    appraisal proceeding, the arbitrator may, in his or her
    discretion, proceed with the appraisal prior to the final
    determination of the Nonconsenting Limited Partners’
    entitlement to appraisal rights hereunder. Any Nonconsenting
    Limited Partner whose name appears on the list submitted by
    Aimco OP pursuant to paragraph (d) hereof may participate
    fully in all proceedings until it is finally determined that
    such Nonconsenting Limited Partner is not entitled to appraisal
    rights hereunder.

 

    (g) The arbitrator shall direct the payment of the fair
    value of the New NPI Units (which will be paid only in cash),
    together with interest, if any, by Aimco OP to the Nonconsenting
    Limited Partners entitled thereto. Payment shall be so made to
    each such Nonconsenting Limited Partner upon the receipt by
    Aimco OP of the written consent from such Nonconsenting Limited
    Partner that, for federal income tax purposes, the issuance of
    cash for the New NPI Units shall be treated as a sale of the New
    NPI Units by the owner and a purchase of such New NPI Units by
    Aimco OP for the cash consideration so paid under the terms of
    the Merger Agreement in accordance with the guidelines set forth
    in Treas. Reg.
    Sections 1.708-1(c)(3)
    and 1.708-1(c)(4) and the release described in (i) hereof.

 

    (h) The costs of the proceeding may be determined by the
    arbitrator and taxed upon the parties as the arbitrator deems
    equitable in the circumstances. Upon application of a
    Nonconsenting Limited Partner, the arbitrator may order all or a
    portion of the expenses incurred by any Nonconsenting Limited
    Partner in connection with the appraisal proceeding, including,
    without limitation, reasonable attorney’s fees and the fees
    and expenses of experts, to be charged pro rata against the
    value of all the interests entitled to an appraisal.

 

    (i) Any Nonconsenting Limited Partner who has made a demand
    for appraisal of his or her New NPI Units and who has not
    withdrawn the demand before the Election Deadline shall be
    deemed to have entered into a binding contract with Aimco OP to
    accept the fair value awarded by the arbitrator in exchange for
    his or her New NPI Units, plus any interest as provided herein.
    The award of fair value, plus any interest, to the Nonconsenting
    Limited Partners shall be exclusive of and in lieu of any other
    right, claim or remedy under state or federal law that the
    Nonconsenting Limited Partner may have with respect to his or
    her New NPI Units whether under the Merger Agreement or
    otherwise and whether against NPI, New NPI, NPI Equity,
    Aimco-GP, Apartment Investment and Management Company, Aimco OP,
    or any other person or entity, and the Nonconsenting Limited
    Partner shall execute and deliver a release of all other such
    rights, claims and remedies in exchange for payment of the award.

    

    11

 

    (j) From and after the effective date of the Merger, no
    Nonconsenting Limited Partner who has demanded appraisal rights
    as provided in paragraph (b) hereof shall be entitled to
    vote such New NPI Units for any purpose or to receive payment of
    distributions on such interests (except distributions payable as
    of a record date prior to the effective date of the Merger);
    provided, however, that if such Nonconsenting
    Limited Partner shall deliver to Aimco Properties, L.P.,
    c/o Eagle
    Rock Proxy Advisors, LLC, by mail at 12 Commerce Drive,
    Cranford, New Jersey, 07016, or by fax at
    (908) 497-2349,
    a written withdrawal of such Nonconsenting Limited
    Partner’s demand for an appraisal and an acceptance of the
    Cash Consideration payable pursuant to the Merger Agreement,
    either as provided in paragraph (c) hereof or thereafter
    with the written approval of Aimco OP, then the right of such
    Nonconsenting Limited Partner to an appraisal shall cease. The
    appraisal proceeding may also be dismissed as to any
    Nonconsenting Limited Partner with the agreement or consent of
    Aimco OP upon such terms as the two parties may agree. Except as
    provided in the two foregoing sentences, no appraisal proceeding
    before the arbitrator shall be dismissed as to any Nonconsenting
    Limited Partner without the approval of the arbitrator, and such
    approval may be conditioned upon such terms as the arbitrator
    deems just.

    

    12

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