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<ownershipDocument> |
| <schemaVersion> X0306 </schemaVersion> |
| <documentType> 4 </documentType> |
| <periodOfReport> 2020-03-12 </periodOfReport> |
| <notSubjectToSection16> 0 </notSubjectToSection16> |
| <issuer> |
| | <issuerCik> 0001487712 </issuerCik> |
| | <issuerName> AIR LEASE CORP </issuerName> |
| | <issuerTradingSymbol> AL </issuerTradingSymbol> |
| | </issuer> |
| <reportingOwner> |
| | <reportingOwnerId> |
| | | <rptOwnerCik> 0001244781 </rptOwnerCik> |
| | | <rptOwnerName> UDVAR-HAZY STEVEN F </rptOwnerName> |
| | | </reportingOwnerId> |
| | <reportingOwnerAddress> |
| | | <rptOwnerStreet1> AIR LEASE CORPORATION, </rptOwnerStreet1> |
| | | <rptOwnerStreet2> 2000 AVENUE OF THE STARS, SUITE 1000N </rptOwnerStreet2> |
| | | <rptOwnerCity> LOS ANGELES </rptOwnerCity> |
| | | <rptOwnerState> CA </rptOwnerState> |
| | | <rptOwnerZipCode> 90067 </rptOwnerZipCode> |
| | | <rptOwnerStateDescription></rptOwnerStateDescription> |
| | | </reportingOwnerAddress> |
| | <reportingOwnerRelationship> |
| | | <isDirector> 1 </isDirector> |
| | | <isOfficer> 1 </isOfficer> |
| | | <isTenPercentOwner> 0 </isTenPercentOwner> |
| | | <isOther> 0 </isOther> |
| | | <officerTitle> Executive Chairman </officerTitle> |
| | | <otherText></otherText> |
| | | </reportingOwnerRelationship> |
| | </reportingOwner> |
| <nonDerivativeTable> |
| | <nonDerivativeTransaction> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <transactionDate> |
| <value> 2020-03-12 </value> |
| </transactionDate> |
| | | <transactionCoding> |
| <transactionFormType> 4 </transactionFormType> |
| <transactionCode> M </transactionCode> |
| <equitySwapInvolved> 0 </equitySwapInvolved> |
| </transactionCoding> |
| | | <transactionAmounts> |
| <transactionShares> |
| <value> 5200 </value> |
| <footnoteId id="F1"/> |
| </transactionShares> |
| <transactionPricePerShare> |
| <value> 20 </value> |
| </transactionPricePerShare> |
| <transactionAcquiredDisposedCode> |
| <value> A </value> |
| </transactionAcquiredDisposedCode> |
| </transactionAmounts> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 1289648 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> D </value> |
| </directOrIndirectOwnership> |
| </ownershipNature> |
| | | </nonDerivativeTransaction> |
| | <nonDerivativeTransaction> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <transactionDate> |
| <value> 2020-03-12 </value> |
| </transactionDate> |
| | | <transactionCoding> |
| <transactionFormType> 4 </transactionFormType> |
| <transactionCode> F </transactionCode> |
| <equitySwapInvolved> 0 </equitySwapInvolved> |
| </transactionCoding> |
| | | <transactionAmounts> |
| <transactionShares> |
| <value> 279 </value> |
| </transactionShares> |
| <transactionPricePerShare> |
| <value> 22.42 </value> |
| </transactionPricePerShare> |
| <transactionAcquiredDisposedCode> |
| <value> D </value> |
| </transactionAcquiredDisposedCode> |
| </transactionAmounts> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 1289369 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> D </value> |
| </directOrIndirectOwnership> |
| </ownershipNature> |
| | | </nonDerivativeTransaction> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 30107 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F2"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 11750 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F3"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 14700 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F3"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 12200 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F4"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation- Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 19700 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F4"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 1700 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F5"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 1500 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F5"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation- Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 700 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F5"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 36000 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F6"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 329134 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F7"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 102000 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F8"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 2705000 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F9"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Air Lease Corporation - Class A Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 1199558 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See footnote </value> |
| <footnoteId id="F10"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | </nonDerivativeTable> |
| <derivativeTable> |
| | <derivativeTransaction> |
| | | <securityTitle> |
| <value> Employee Stock Options (Right to Buy) </value> |
| </securityTitle> |
| | | <conversionOrExercisePrice> |
| <value> 20 </value> |
| </conversionOrExercisePrice> |
| | | <transactionDate> |
| <value> 2020-03-12 </value> |
| </transactionDate> |
| | | <transactionCoding> |
| <transactionFormType> 4 </transactionFormType> |
| <transactionCode> M </transactionCode> |
| <equitySwapInvolved> 0 </equitySwapInvolved> |
| </transactionCoding> |
| | | <transactionAmounts> |
| <transactionShares> |
| <value> 5200 </value> |
| </transactionShares> |
| <transactionPricePerShare> |
| <value> 0 </value> |
| </transactionPricePerShare> |
| <transactionAcquiredDisposedCode> |
| <value> D </value> |
| </transactionAcquiredDisposedCode> |
| </transactionAmounts> |
| | | <exerciseDate> |
| <value> 2011-06-04 </value> |
| <footnoteId id="F11"/> |
| </exerciseDate> |
| | | <expirationDate> |
| <value> 2020-06-04 </value> |
| </expirationDate> |
| | | <underlyingSecurity> |
| <underlyingSecurityTitle> |
| <value> Air Lease Corporation-Class A Common Stock </value> |
| </underlyingSecurityTitle> |
| <underlyingSecurityShares> |
| <value> 5200 </value> |
| </underlyingSecurityShares> |
| </underlyingSecurity> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 85101 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> D </value> |
| </directOrIndirectOwnership> |
| </ownershipNature> |
| | | </derivativeTransaction> |
| | </derivativeTable> |
| <footnotes> |
| | <footnote id="F1"> Represents the shares of the Issuer's Class A Common Stock issued to the reporting person upon the exercise of stock options granted under the Amended and Restated Air Lease Corporation 2010 Equity Incentive Plan for the purpose of estate planning. </footnote> |
| | <footnote id="F2"> These shares are owned by the reporting person's wife. The reporting person expressly disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed to be an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purpose. </footnote> |
| | <footnote id="F3"> These shares are owned by one of the reporting person's daughters. The reporting person expressly disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed to be an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purpose. </footnote> |
| | <footnote id="F4"> These shares are owned by one of the reporting person's sons. The reporting person expressly disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purpose. </footnote> |
| | <footnote id="F5"> These shares are held by the reporting person as custodian for one of the reporting person's grandchildren under the California Uniform Transfers to Minors Act. The reporting person expressly disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purpose. </footnote> |
| | <footnote id="F6"> These shares are held by Emerald Financial LLC. A trust, of which the reporting person is the trustee, controls a majority of the membership interests of Emerald Financial LLC. </footnote> |
| | <footnote id="F7"> These shares are held by Air Intercontinental, Inc., of which the reporting person is the sole stockholder. </footnote> |
| | <footnote id="F8"> These shares are held by Ocean Equities, Inc. which is 100% owned by the Hazy Family Community Property Trust 5/28/85 of which the reporting person is the trustee and beneficial owner. </footnote> |
| | <footnote id="F9"> These shares are held by the Hazy Family Community Property Trust 5/28/85, of which the reporting person is the trustee and beneficial owner. </footnote> |
| | <footnote id="F10"> These shares are held by the Udvar-Hazy Separate Property Trust, of which the reporting person is the trustee. </footnote> |
| | <footnote id="F11"> Employee stock options granted under the Amended and Restated Air Lease Corporation 2010 Equity Incentive Plan, which vested in three equal annual installments beginning on June 4, 2011. </footnote> |
| | </footnotes> |
| <ownerSignature> |
| | <signatureName> Carol H. Forsyte, on behalf of Steven F. Udvar-Hazy, Executive Chairman of the Board of Directors (Power of Attorney On File) </signatureName> |
| | <signatureDate> 2020-03-13 </signatureDate> |
| | </ownerSignature> |
| </ownershipDocument> |