EX-10.3 2 ex103q325.htm EX-10.3
Exhibit 10.3
CERTAIN IDENTIFIED INFORMATION MARKED BY [*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.
SUPPLEMENTAL AGREEMENT NO. 37
to
PURCHASE AGREEMENT NO. PA-03791
between
THE BOEING COMPANY
and
AIR LEASE CORPORATION
Relating to
Boeing Models 737-8 and 737-9 Aircraft
THIS SUPPLEMENTAL AGREEMENT NO. 37 to the Purchase Agreement (as defined below) (Supplemental Agreement No. 37), entered into as of the date below, is made by and between THE BOEING COMPANY, a Delaware corporation (Boeing), and AIR LEASE CORPORATION, a Delaware corporation (Customer). Boeing and Customer are referenced herein each as a Party and together as the Parties. This Supplemental Agreement No. 37 is an amendment to and is incorporated into the Purchase Agreement. All defined terms used but not defined in this Supplemental Agreement No. 37 will have the same meaning as in the Purchase Agreement.
WHEREAS, Boeing and Customer entered into Purchase Agreement No. PA-03791 dated as of July 3, 2012 (as amended and supplemented, Purchase Agreement) relating to the purchase and sale of Boeing models 737-8 and 737-9 aircraft (Aircraft);
WHEREAS, Customer [*];
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Parties agree that the Purchase Agreement is amended as set forth below and otherwise agree as follows:
1.Table of Contents.
The Table of Contents of the Purchase Agreement is hereby deleted in its entirety and replaced by a new Table of Contents, provided as Enclosure 1 to this Supplemental Agreement No. 37 and incorporated into the Purchase Agreement by this reference. The

HAZ-PA-03791 | 1 | SA-37
| BOEING PROPRIETARY |

new Table of Contents reflects the revisions set forth in this Supplemental Agreement No. 37.
2.Tables.
2.1 Table 1K, entitled “737-8 Block K [*] Aircraft Delivery, Description, Price and Advance Payment,” to the Purchase Agreement is hereby deleted in its entirety and replaced by a revised Table 1K, entitled “737-8 Block K [*] Aircraft Delivery, Description, Price and Advance Payment,” provided as Enclosure 2 to this Supplement Agreement No. 35 and incorporated into the Purchase Agreement by this reference. The new Table 1K reflects [*].
2.2 Table 1L, entitled “737-9 Block L [*] Aircraft Delivery, Description, Price and Advance Payments,” to the Purchase Agreement is hereby deleted in its entirety and replaced by a revised Table 1L, entitled “737-9 Block L [*] Aircraft Delivery, Description, Price and Advance Payments,” provided as Enclosure 3 to this Supplement Agreement No. 35 and incorporated into the Purchase Agreement by this reference. The new Table 1L reflects [*].
3.Miscellaneous.
3.1 The Purchase Agreement is amended as set forth above, and all other terms and conditions of the Purchase Agreement remain unchanged and are in full force and effect.
3.2 This Supplemental Agreement No. 37 will become effective upon execution and receipt by both Parties on or before September 30, 2025; if this Supplemental Agreement No. 37 is not executed by such date, then this Supplemental Agreement No. 37 will be null and void and have no force or effect.

AGREED AND ACCEPTED this |  |
September 19, 2025 |  |
Date |  |
THE BOEING COMPANY |  | AIR LEASE CORPORATION
/s/ Matthew Cram |  | /s/ Grant Levy
Signature |  | Signature
Matthew Cram |  | Grant Levy
Printed name |  | Printed name
Attorney-in-Fact |  | Executive Vice President
Title |  | Title

HAZ-PA-03791 | 2 | SA-37
| BOEING PROPRIETARY |

Enclosure 1
TABLE OF CONTENTS

ARTICLES | SA No.
Article 1. | Quantity, Model and Description | SA-4
Article 2. | Delivery Schedule |
Article 3. | Price |
Article 4. | Payment |
Article 5. | Additional Terms |

TABLES |
1A | 737-8 Block A Aircraft Information Table [*] | SA-35
1B | 737-9 Block B Aircraft Information Table [*] | SA-35
1C | 737-8 Block C Aircraft Information Table [*] | SA-35
1D | 737-8 Block D Aircraft Information Table [*] | SA-35
1E | 737-8 Block E Aircraft Information Table [*] | SA-35
1F | 737-7 Block F Aircraft Information Table [*] | SA-24
1G | 737-8 Block G Aircraft Information Table [*] | SA-35
1H1 | 737-8 Block H1 Aircraft Information Table [*] | SA-35
1H2 | 737-8 Block H2 Aircraft Information Table [*] | SA-29
1H3 | 737-8 Block H3 Aircraft Information Table [*] | SA-29
1H4 | 737-8 Block H4 Aircraft Information Table [*] | SA-29
1H5 | 737-8 Block H5 Aircraft Information Table [*] | SA-35
1H6 | 737-8 Block H6 Aircraft Information Table [*] | SA-36
1I | 737-8 Block I Aircraft Information Table [*] | SA-27
1J | 737-8 Block J Aircraft Information Table [*] | SA-32
1K | 737-8 Block K Aircraft Information Table [*] | SA-37
1L | 737-9 Block L Aircraft Information Table [*] | SA-37
1M | 737-8 Block M Aircraft Information Table [*] | SA-34
1N | 737-8 Block N Aircraft Information Table [*] | SA-36

EXHIBITS |
A1 | HAZ/[*] 737-8 Aircraft Configuration | SA-16
A1-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A1-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A2 | HAZ/[*] 737-8 Aircraft Configuration | SA-16
A2-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-27
A3 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-16
A3-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A4 | HAZ/[*] 737-8 Aircraft Configuration | SA-16
A5 | HAZ/[*] 737-8 Aircraft Configuration | SA-16
A6 | HAZ/[*] 737-9 Aircraft Configuration | SA-19
A6-1 | HAZ/[*] 737-9 Aircraft Configuration [*] | SA-35
A7 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-21

HAZ-PA-03791 | i | SA-37
| BOEING PROPRIETARY |

Enclosure 1
TABLE OF CONTENTS

A7-1 | HAZ/[*] 737-8 Aircraft Configuration [*] (Block J) | SA-28
A8 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-21
A8-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A9 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-21
A10 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-21
A11 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-21
A12 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-21
A13 | HAZ/[*] 737-9 Aircraft Configuration [*] | SA-21
A14 | HAZ/[*] 737-9 Aircraft Configuration [*] | SA-21
A15 | HAZ 737-8 Baseline Aircraft Configuration [*] | SA-21
A16 | HAZ 737-9 Baseline Aircraft Configuration [*] | SA-21
A17 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-24
A18 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-24
A19 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-25
A20 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-25
A21 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-25
A21-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A21-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A21-3 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A22 | HAZ/[*] 737-9 Aircraft Configuration [*] | SA-25
A22-1 | HAZ/[*] 737-9 Aircraft Configuration [*] | SA-28
A23 | HAZ/[*] 737-9 Aircraft Configuration [*] | SA-26
A24 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-31
A24-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A24-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A24-3 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A25 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A26 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A26-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A26-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A27 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A28 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A28-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A28-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A29 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A29-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A29-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A30 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A30-1 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A30-2 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A31 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A32 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35

HAZ-PA-03791 | ii | SA-37
| BOEING PROPRIETARY |

Enclosure 1
TABLE OF CONTENTS

A33 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-35
A34 | HAZ/[*] 737-8 Aircraft Configuration [*] | SA-36
B | Aircraft Delivery Requirements and Responsibilities |

SUPPLEMENTAL EXHIBITS |
AE1 | Escalation Adjustment - Airframe and Optional Features |
BFE1R2 | BFE Variables | SA-36
CS1 | Customer Support Variables |
EE1 | [*], Engine Warranty and Patent Indemnity |
SLP1 | Service Life Policy Components |

LETTER AGREEMENTS | SA No.
LA-1208077 | AGTA Matters |
LA-1208078R14 | Advance Payment Matters | SA-36
LA-1208079R4 | [*] | SA-35
LA-1208080 | Assignment of Customer’s Interest to a Subsidiary or Affiliate |
LA-1208081 | Other Matters |
LA-1208082 | Demonstration Flight Waiver |
LA-1208083R4 | [*] | SA-17
LA-1208084 | Leasing Matters |
LA-1208085 | Liquidated Damages for Non-Excusable Delay |
LA-1208086 | Loading of Customer Software |
LA-1208087R1 | Open Matters for 737-8 and 737-9 Aircraft | SA-4
LA-1208088 | Performance Matters |
LA-1208089R1 | Reconfirmation Aircraft | SA-4
LA-1208090R17 | Special Matters for 737-8 and 737-9 Aircraft | SA-36
LA-1208091 | AGTA Term Revisions for 737-8 and 737-9 Aircraft |
LA-1208092 | [*] |
LA-1208958 | [*] |
LA-1208963 | [*] | SA-4
LA-1209052 | [*] |
LA-1300032 | [*] | SA-4
LA-1400773 | [*] | SA-4
LA-1401489 | [*] | SA-4
LA-1701519 | Special Matters Related to [*] | SA-10
LA-1701714 | Special Matters for 737-7 Aircraft | SA-24
LA-1704831 | Special Matters Relating to [*] | SA-14
LA-1704362 | [*] | SA-15
LA-1805016R1 | [*] | SA-31
LA-1805303 | [*] | SA-18
LA-2003489 | [*] | SA-26

HAZ-PA-03791 | iii | SA-37
| BOEING PROPRIETARY |

Enclosure 1
TABLE OF CONTENTS

LETTER AGREEMENTS | SA No.
LA-2100098 | Miscellaneous Matters – Block I Aircraft | SA-27
LA-2101360 | Miscellaneous Matters – Block J Aircraft | SA-28
LA-2302334 | [*] | SA-34
LA-2501278 | [*] | SA-36

HAZ-PA-03791 | iv | SA-37
| BOEING PROPRIETARY |

| Table 1K to | Enclosure 2
Purchase Agreement No. PA-03791 737-8 Block K [*] Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: | 737-8 | 159,400 pounds |  | Detail Specification: | D019A008-Y (12/18/2020) |
Engine Model/Thrust: | CFMLEAP-1B27 | 26,400 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)/In-Flight Entertainment (IFE) Estimate: | [*] |  |  |  |  |  |
LIFT Seats Provided by Boeing (Estimate): | [*] |  |  |  |  |  |
Refundable Deposit/Aircraft at Proposal Accept: | [*] |  |  |  |  |  |
|  | Manufacturer | Escalation |  |  | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
Delivery | Number of | Serial | Factor | Lessee | P.A. | Adv Payment Base | At Signing | 24 Mos. | 21/18/15/12 Mos. | Total
Date | Aircraft | No. | (Airframe) |  | Exhibit A | Price Per A/P | 1% | 4% | 5% | 25%
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]

HAZ-PA-03791 118056-1F.txt | Boeing Proprietary | SA-37 Page 1

| Table 1K to | Enclosure 2
Purchase Agreement No. PA-03791 737-8 Block K [*] Aircraft Delivery, Description, Price and Advance Payments

[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
Total: | 30 |  |  |  |  |  |  |  |  |

HAZ-PA-03791 118056-1F.txt | Boeing Proprietary | SA-37 Page 2

| Table 1L to | Enclosure 3
Purchase Agreement No. PA-03791 737-9 Block L [*] Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: | 737-8 | 168,200 pounds |  | Detail Specification: | D019A008-Y (12/18/2020) |
Engine Model/Thrust: | CFMLEAP-1B28 | 27,900 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)/In-Flight Entertainment (IFE) Estimate: | [*] |  |  |  |  |  |
LIFT Seats Provided by Boeing (Estimate): | [*] |  |  |  |  |  |
Refundable Deposit/Aircraft at Proposal Accept: | [*] |  |  |  |  |  |
|  | Manufacturer | Escalation |  |  | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
Delivery | Number of | Serial | Factor | Lessee | P.A. | Adv Payment Base | At Signing | 24 Mos. | 21/18/15/12 Mos. | Total
Date | Aircraft | No. | (Airframe) |  | Exhibit A | Price Per A/P | 1% | 4% | 5% | 25%
[*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
[*] | [*] | [*] | [*] |  |  | [*] | [*] | [*] | [*] | [*]
Total: | 1 |  |  |  |  |  |  |  |  |

HAZ-PA-03791 118057-1F.txt | Boeing Proprietary | SA-37 Page 1