Document:

EX-10.2

 Exhibit 10.2 

June 5, 2019 
 Mr. Jie Chen 

19271 Northfleet Way, 
 Los Angeles, CA 91356 

Dear Jie, 
 This letter confirms the recent discussions
regarding your work assignment to Hong Kong. 
 At the request of Air Lease Corporation (“ALC USA”) and Air Lease Corporation Hong Kong Limited
(“ALC HK”), you will provide services concurrently to both ALC USA and ALC HK (“Dual Assignment”). As part of the services you will render for ALC HK, you will be offered employment with ALC HK and you will indicate your
acceptance of the offer by signing a Hong Kong employment contract (“HK Contract”). As we have discussed, ALC USA acknowledges and agrees that you are currently employed by ALC USA until such day when your employment with ALC USA is
separately terminated. 
 The termination of your employment under the HK Contract does not automatically terminate or otherwise automatically impact your
employment with ALC USA. Unless otherwise provided in this letter or as required by law, in case of conflict or inconsistency between the terms and conditions of your employment with ALC HK and the ALC USA, the terms and conditions of your
employment with ALC USA will prevail. For the avoidance of doubt, in case of conflict or inconsistency between the HK Contract and the terms of this letter, the terms of this letter shall prevail, subject to applicable law. 

Your current base salary at Air Lease Corporation is $930,000 (“Base Salary”). Because you will now have a Dual Assignment, your Base Salary will be
allocated as follows: 
 ALC USA – US $372,000 
 ALC HK
– US $558,000 
 All payments are subject to any statutory deductions. Your total compensation will be reviewed annually by ALC USA and ALC HK. For the
duration of the assignment, you continue without interruption to be eligible for ALC USA’s annual performance-based incentive bonuses, long-term equity incentive awards, and any other benefits and retirement program. ALC USA will take into
consideration your total compensation, duties and responsibilities in both the U.S. and Hong Kong in making any applicable calculations and determining relevant performance metrics and objectives under such bonuses, incentive awards, benefits and
programs. 
 You are eligible for the Executive Officer Severance Plan pursuant to your employment with ALC USA (“ALC Severance Plan”), subject to
the applicable rules and conditions. Any payments under the ALC Severance Plan will be calculated based on your total compensation in the U.S. and Hong Kong, and nothing under the HK Contract, including its termination, will affect your eligibility
in the ALC Severance Plan. Any statutory severance or long-service payments paid by ALC HK to you under Hong Kong law upon the termination of the HK Contract will not be used to offset any payments to which you are eligible under the ALC Severance
Plan. 

  
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 Additionally, you will be provided the assignment benefits as listed in the attached Appendix I, for which
you will be eligible so long as you maintain your work assignment to Hong Kong. 
 By accepting this offer, you agree to the provision of relevant
information about you from ALC USA to ALC HK, or vice versa, even if that means moving your personal data across international borders. 
 Please confirm
your intentions by signing and returning this letter to me within the next week. If I may be of any assistance, do not hesitate to contact me. Any questions regarding your work assignment should be directed to me or your HR representative. 

 

	
	 Yours sincerely,

	
	 /s/ John L. Plueger

	
	 John L. Plueger

	 Chief Executive Officer and President

	 Air Lease Corporation

 I accept the position as described in this letter. 

Jie Chen 
 Signed /s/ Jie
Chen                 Date June 5, 2019 

  
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 Appendix I 

You are eligible for the benefits set forth below as a part of your assignment to Hong Kong. You may be provided additional benefits under your HK Contract.

 HOUSING BENEFIT 
 For
ALC USA approved housing, ALC USA or ALC HK, as appropriate will pay for your rental costs and reimburse you for utility costs, if any, in Hong Kong, for such housing. Upon the termination of your HK Contract, any lease agreement approved by ALC USA
that may be in your name shall either be (i) terminated and any early termination penalties and the rental costs for any remaining lease term as required to be paid under the lease agreement shall be borne by ALC USA or ALC HK, as appropriate,
or (ii) assumed in full by ALC USA or ALC UK, as appropriate. 
 HEALTH AND WELFARE
BENEFITS 
 You and your spouse are eligible for international health insurance coverage through the ALC USA plan or an equivalent plan.

 Business Travel ALC HK or ALC USA, as appropriate, will reimburse you for business travel in accordance with applicable travel and reimbursement
policies. 
 TAX EQUALIZATION 

You are responsible for complying with all tax regulations in both Hong Kong and the U.S. ALC USA will provide tax preparation assistance to you at ALC
USA’s cost so long as you maintain dual employment in the US and Hong Kong. Your assignment to Hong Kong may result in an increased personal tax liability compared to your current US tax liability. To address this situation, ALC USA will
provide tax equalization to you in accordance with the Tax Equalization Understanding, including gross-up assistance to help defray additional tax liabilities you may incur as a result of any payments to you
in connection with this assignment being viewed as additional compensation by tax authorities. Additional details are provided in the separate Tax Equalization Understanding. 

In the event that you are ever relocated to Asia and therefore are no longer a resident of California, you and ALC USA agree to work together in good faith to
determine which party should obtain the economic benefit of the change in tax status.EX-10.3

 Exhibit 10.3 

TAX EQUALIZATION UNDERSTANDING 
 Services: 

I, Jie Chen (the “Employee”), understand that there is statutory reporting due to the Hong Kong (“HK”) government as of my start of work in
HK in 2019. In an effort to be compliant with the HK government statutory requirements, Air Lease Corporation (“ALC”) has agreed to and has contracted at its cost the services of PricewaterhouseCoopers (PwC) to complete the following on
the Employee’s behalf: 
  

	 	1.	 prepare HK tax returns and wage reporting forms in order to properly report wages earned while working in HK
and determine HK taxes that are owed under all applicable HK tax laws. The service includes a HK tax consultation with PwC HK, at ALC’s cost, before the start and after the completion of the assignment; and 

 

	 	2.	 prepare US Federal and California State tax returns for the years required in order to claim relief for the HK
taxes incurred while working in HK. This is anticipated to be 2019, 2020 and 2021 US tax return preparation. The service includes a US tax consultation with PwC US, at ALC’s cost, before the start and after completion of the assignment.

 Tax equalization: 
 In addition,
ALC and the Employee have agreed that the Employee will be tax equalized by ALC for the duration of his HK assignment. Under tax equalization, the parties agree that: 
  

	 	•	 	 the Employee will be responsible for Hypothetical Tax Liability (as defined below), 

 

	 	•	 	 ALC will pay the Employee’s actual HK tax balances on the Employee’s behalf (“HK Tax
Payments”), and 

  

	 	•	 	 The taxes paid by the Employee shall take into account any relief that can be obtained on Employee’s actual
US tax returns due to the Employee’s assignment to HK. This will include, to the extent possible: credits for HK taxes; and deductions or exclusions related to the Employee’s HK assignment such as the Foreign Earned Income and Foreign
Housing Exclusions. 

 To administer this tax equalization, PwC will be engaged by ALC to prepare a US Tax Equalization Calculation for
each of the required years, to show the amount the Employee owes to ALC (if any) in respect of any relief that can be claimed on the Employee’s actual US tax returns for the HK taxes funded by ALC. This US Tax Equalization Calculation shows the
US Federal and California tax the Employee would have paid if he had not gone on assignment to HK (“Hypothetical Tax Liability”) but had remained living and working exclusively in California throughout. This Hypothetical Tax Liability is
compared with the Taxes Paid by or to the Employee, for example through withholdings, estimated tax payments, the tax return balance due or refund, etc. 

If the Employee’s Taxes Paid are greater than the Hypothetical Tax Liability, then ALC will pay the Employee the difference on a gross-up basis (“Tax Gross-Up”). The annual Tax Equalization Calculation will be prepared at the same time as each US tax return. Each party agrees to pay any
relevant balance due within 5 business days of the Tax Equalization Calculation being completed or the receipt of the US Federal or State tax refund required to fund the payment, whichever is the later. 

  
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 The Hypothetical Tax Liability (federal and state) will be based on the Employee’s ‘stay at
home’ income, including salary, bonus, equity and any regular stay at home items from the Employee’s US pay slips (Group Term Life, medical contributions, 401k, etc.). It will not include taxes with respect to any relocation or housing
costs or other taxable benefits (visa, transportation, apartment, cost of living allowance, additional bonus, HK Tax Payments, Tax Gross-Up, etc.) paid for by ALC in connection with the assignment. The
Hypothetical Tax Liability (federal and state) will also include all personal income, reported as if the Employee stayed at home. 
 To facilitate
preparation of the HK and US tax returns and US Tax Equalization Calculations, the Employee agrees to provide PwC in a timely fashion such information that PwC reasonably require in order to prepare these documents, including a copy of the
Employee’s prior year filed US tax return. The Employee shall comply with such request including if the Employee ceases employment with ALC. 

Reporting of compensation: 
 The Employee understands that
his global compensation will be reported to the HK government as of the start date in HK, on a wage reporting form, to the extent required by the HK government. Actual payroll will be split between the US and HK, reflecting the compensation for the
Employee’s US and HK employments respectively. The HK portion will be as per the terms set out in the HK employment agreement. This will give rise to the following US payroll tax consequences: 

 

	 	•	 	 the compensation relating to US employment will continue to be paid from the US payroll. US Federal, California
state and FICA withholdings will generally be calculated in the usual manner. 

  

	 	•	 	 the compensation relating to HK employment will be paid from the actual HK payroll. However, under US tax laws it
will still need to be reported to the US government as a US ‘shadow’ payroll and appropriate US withholdings, including US Federal and California state withholdings, will need to be paid. These US withholdings will be funded by taking
deductions from the Employee’s pay in the US per pay period which will be paid over to the appropriate US tax authorities by ALC through filing the appropriate payroll forms. 

 

	 	•	 	 The compensation relating to the HK employment will be reported on a W-2
with applicable withholdings shown on the form. 

  

	 	•	 	 All withholdings, including hypothetical, actual, and any other tax or FICA payments the Employee makes or tax
refunds received relating to either the US or HK employment, will count towards my Taxes Paid in the Tax Equalization Calculation referred to above. 

Taxes on relocation and assignment related allowances: 

The parties agree that all taxes on the Employee’s relocation, housing, transportation, other costs paid for by ALC (or any related company of ALC) in
connection with the HK assignment will be paid for by ALC (or any related company of ALC) and administered as follows: 
  

	 	•	 	 any HK taxes arising on such items will be part of the HK tax liability paid for by ALC on behalf of the
Employee; 

  
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	 	•	 	 any US payroll taxes arising on such items will first be grossed up (paid for by ALC) for US payroll reporting
purposes using the Federal and State (and any FICA) tax rates required by the law and reported on the W-2 as appropriate; 

 

	 	•	 	 Second, the final US Federal and State tax will be determined on the US tax return, which balance will be paid by
the Employee in a timely manner. The Employee acknowledges that the rate of tax on the tax return may be higher than the rate at which tax was withheld on his payroll, therefore a balance may be owing. 

 

	 	•	 	 Third, the Tax Equalization Calculation will determine the Hypothetical Tax Liability, which will have the effect
of excluding the tax arising on such items. On the Tax Equalization Calculation, the Employee will not be given credit for the gross up taxes paid for ALC, since those taxes were not paid by the Employee. 

 

	 	•	 	 These combined steps will result in there being no additional tax finally suffered by the Employee anywhere in
the world on account of receiving relocation and assignment related allowances and benefits, in accordance with the intent of ALC to make the Employee ‘tax neutral’ (the “Tax Neutrality Principle”). 

Professional service provider support: 
 ALC has engaged
PwC to provide the Employee with US and HK tax briefings at the outset of the HK assignment, to prepare US and HK tax returns in connection with the HK assignment as set out above and to administer tax equalization through an annual tax equalization
calculation, all of which will be at ALC’s expense. In the event that the US or HK tax authorities issue tax notices or audits of the Employee’s tax returns prepared by PwC, ALC will engage PwC to support the Employee in such event. ALC
will not, however, support the following and, as a consequence, if any of the following are required, the Employee may engage PwC or another provider on a private basis: 
  

	 	•	 	 Audits of personal issues not related to the assignment for ALC, and 

 

	 	•	 	 Personal tax advice not related to ALC compensation or the relocation with ALC. 

Any taxes incurred by Employee, including penalties and interest, with respect to any tax audit or controversy shall be indemnified by ALC on a gross-up basis to the extent consistent with the Tax Neutrality Principle. 
 Governing Law: 

This agreement shall be governed by, and construed in accordance with, the laws of the State of California. 

Survival: 
 For the avoidance of doubt, the provisions of
this agreement shall survive the termination of the HK assignment, any HK employment relationship, and any US employment relationship to the extent the above government reporting and filings, tax obligations, or audits continue after such
terminations. 

  
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	 AIR LEASE CORPORATION
	 	 JIE CHEN

		
	 By: /s/ Carol
Forsyte            
	 	 By: /s/ Jie
Chen            

 Carol Forsyte 
 Executive Vice
President, 
 General Counsel, Corporate 
 Secretary and Chief
Compliance Officer 
 Date: June 5, 2019 

  
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