AIR LEASE CORP — Director's Dealing 2012

May 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR LEASE CORP (AL)
CIK: 0001487712
Period of Report: 2012-05-10

Reporting Person: SUGAR RONALD D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-10	Class A Common Stock	A	3377	—	Acquired	7905	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	50000	Indirect

Footnotes

F1: On May 10, 2012, the Issuer granted the reporting person 3,377 restricted stock units (RSUs) under the Amended and Restated Air Lease Corporation 2010 Equity Incentive Plan, in connection with his service as a member of the board of directors of the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to certain conditions, all of these RSUs will vest in full on May 10, 2013, the first anniversary of the grant date.

F2: These shares are held by a trust of which the reporting person is a co-trustee.