Grant Levy
AIR LEASEAbout Grant Levy
Grant A. Levy is Executive Vice President, Marketing and Commercial Affairs at Air Lease Corporation, serving since September 2012; he co-heads manufacturer relations and negotiates aircraft and engine purchases with airframe and engine OEMs . He is age 62 as of February 13, 2025 . Company performance metrics linked to executive pay show 2024 total revenues of $2,733,657,011 and net income of $427,704,189, with a company TSR value of $111.73 on a $100 initial investment, underpinning the pay‑for‑performance framework used in Levy’s incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Air Lease Corporation | EVP, Marketing & Commercial Affairs | 2012–Present | Co-head manufacturer relations, negotiates aircraft and engine purchases |
Fixed Compensation
Levy’s recent cash compensation components:
- 2025 base salary: $900,000 (up 1.12% vs. 2024)
- 2024 base salary: $887,500, with 2024 target annual bonus of $890,000 (actual paid: $1,014,600)
- 2024 perquisites: life/disability premiums $16,863 and 401(k) match $35,380
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 845,000 | 870,833 | 887,500 |
| Non-Equity Incentive Plan ($) | 1,127,100 | 1,286,250 | 1,014,600 |
| Stock Awards ($) | 1,085,433 | 1,062,249 | 1,002,591 |
| All Other Compensation ($) | 48,089 | 62,117 | 52,243 |
| Total ($) | 3,105,622 | 3,281,449 | 2,956,934 |
Performance Compensation
Annual bonus design and 2024 results:
- 2024 measures: Total Revenue (40%), Adjusted Net Income Before Income Taxes (40%), strategic objectives for Irish presence (10%) and newest‑generation fleet mix (10%) .
- 2024 actuals: Revenue $2,734.0M (weighted payout 39%), Adjusted NI before taxes $574.0M (weighted payout 35%), Irish presence 23% (weighted payout 20%), newest-gen fleet 80% (weighted payout 20%); Company Performance Factor totaled 114% .
- Levy’s 2024 bonus: Target $890,000; Company factor 114%; individual factor 100%; payout $1,014,600 .
| Metric | Weighting | Target | Actual | Payout Basis | Weighted Payout |
|---|---|---|---|---|---|
| Total Revenue ($M) | 40% | 2,862 | 2,734 | Mostly Meets | 39% |
| Adjusted NI Before Taxes ($M) | 40% | 754 | 574 | Mostly Meets | 35% |
| Increase Irish Presence (%) | 10% | 14 | 23 | Significantly Exceeds | 20% |
| Newest-Gen Fleet (%) | 10% | 77 | 80 | Significantly Exceeds | 20% |
| Company Performance Factor | — | — | — | — | 114% |
Long‑term equity design and vesting:
- 2024 LTI mix: 50% Book Value RSUs, 25% TSR RSUs, 25% Time‑based RSUs; time‑based RSUs vest in three annual installments starting first anniversary of grant .
- 2025 LTI mix: 50% Book Value RSUs (3‑year cliff to Dec 31, 2027), 25% TSR RSUs vs S&P 600 MidCap (3‑year), 25% Time‑based RSUs vesting 33%/33%/34% on Feb 25, 2026/2027/2028 .
| Award Year | Type | Grant Date | Units (Target/Max) | Vesting |
|---|---|---|---|---|
| 2024 | Book Value RSU | Feb 25, 2024 | 12,034 / 24,068 | 3‑yr performance, cliff vest Dec 31, 2026 |
| 2024 | TSR RSU | Feb 25, 2024 | 12,034 / 24,068 | 3‑yr performance vs S&P 400 MidCap, vest Dec 31, 2026 |
| 2024 | Time‑based RSU | Feb 25, 2024 | 6,017 | 1/3 per year from first anniversary |
| 2025 | Book Value RSU | Feb 25, 2025 | 10,575 / 21,150 | 3‑yr performance, cliff vest Dec 31, 2027 |
| 2025 | TSR RSU | Feb 25, 2025 | 5,288 / 10,576 | 3‑yr performance vs S&P 600 MidCap, vest Dec 31, 2027 |
| 2025 | Time‑based RSU | Feb 25, 2025 | 5,288 | 33%/33%/34% on Feb 25, 2026/27/28 |
Notable execution contributions cited in 2024 bonus decisions:
- Managed airframe and engine manufacturing agreements amid delivery delays and Boeing’s 2024 labor strike .
Equity Ownership & Alignment
- Beneficial ownership: 154,026 shares of Class A Common Stock (less than 1%); includes 145,026 shares over which Levy shares voting/investment power and 9,000 shares held by two of his children, with beneficial ownership disclaimed except for pecuniary interest .
- Ownership guidelines: Executives at EVP+ must hold stock equivalent to 2x salary; unvested performance RSUs excluded; all executive officers, including NEOs, currently exceed thresholds; hedging and pledging are prohibited .
Outstanding equity at FY‑end 2024 (select awards):
| Grant Year | Type | Unvested Units (#) | Market Value ($) |
|---|---|---|---|
| 2022 | Book Value RSU | 12,980 | 625,766 |
| 2022 | TSR RSU | 5,596 | 269,783 |
| 2022 | Time‑based RSU | 1,903 | 91,744 |
| 2023 | Book Value RSU | 11,586 | 558,561 |
| 2023 | TSR RSU | 5,793 | 279,281 |
| 2023 | Time‑based RSU | 3,882 | 187,151 |
| 2024 | Book Value RSU | 12,034 | 580,159 |
| 2024 | TSR RSU | 6,017 | 290,080 |
| 2024 | Time‑based RSU | 6,017 | 290,080 |
Employment Terms
Levy participates in the Company’s Executive Severance Plan (SVP and above), with severance benefits conditioned on a release and ongoing confidentiality obligations; CEO and Executive Chairman have separate agreements . The Company uses double‑trigger change‑in‑control provisions and maintains a clawback policy compliant with NYSE listing standards .
Change-in-control and severance economics for Levy:
| Scenario | Cash Severance ($) | Time‑Vested RSUs ($) | Performance RSUs ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Involuntary termination without cause | 3,225,650 (salary + 2024 bonus + avg of last 3 bonuses) | 284,366 | 1,744,190 | 63,003 | 5,317,209 |
| Death or disability | 1,014,600 (2024 bonus) | 568,974 | 2,603,629 | — | 4,187,203 |
| Change in control (no termination) | — | 568,974 | 2,603,629 | 126,006 | 7,748,609 |
| CIC termination (within 24 months, good reason/no cause) | 4,450,000 (2x salary+target bonus + target bonus) | 568,974 | 2,603,629 | 126,006 | 7,748,609 |
Clawback, hedging, pledging:
- Clawback policy for executive compensation and prohibition on hedging/pledging of Company stock by directors and employees .
Compensation Structure Analysis
- Year-over-year cash vs equity mix: Levy’s total compensation decreased in 2024 vs 2023 as lower non‑equity incentive and stock awards more than offset a modest salary increase .
- Shift in incentive design: 2024 annual bonus increased financial weighting to 80% and raised targets above 2023 actuals; 2024 LTI remained 75% performance‑based; 2025 annual bonus moves to 100% financial metrics (50% revenue, 50% adjusted pre‑tax income) .
- Goal rigor response to investors: The Company tightened targets and nearly doubled book value growth required for target RSU payouts after 2023 say‑on‑pay feedback .
Say‑on‑Pay & Shareholder Feedback
- 2023 outreach highlighted concerns on goal rigor and transparency; 2024 program changes addressed these by setting targets above prior actuals and increasing financial metric weighting; book value RSU targets were significantly increased .
Equity Ownership Guidelines & Compliance
- Executives at EVP+ must maintain ownership of Class A Common Stock equivalents equal to 2x annual salary; unvested performance RSUs excluded; all executive officers, including NEOs, exceed thresholds; 50% of after‑tax profits from equity awards must be retained until compliance achieved . Hedging and pledging are prohibited .
Performance & Track Record
- Under Levy’s remit, the Company advanced manufacturer relations and contract execution despite delivery delays and Boeing labor disruptions in 2024; these contributions were cited in bonus determinations .
- Company performance tied to pay: 2024 revenues $2,733,657,011; net income $427,704,189; TSR of $111.73 vs peer group TSR $115.45 on a $100 initial investment, informing “pay versus performance” disclosures .
Investment Implications
- Alignment: Levy’s incentives are heavily performance‑linked (75% of 2024 LTI performance‑based; tighter bonus targets), with ownership guidelines and anti‑hedging/pledging policies reinforcing alignment with shareholders .
- Retention risk: Time‑based RSUs vest evenly over three years and performance RSUs require multi‑year outcomes, supporting retention; severance and double‑trigger CIC protections are meaningful but typical at EVP level .
- Trading signals: Upcoming annual time‑RSU vesting tranches and potential performance RSU releases at period end (Dec 31, 2026/2027) could contribute to insider selling pressure upon delivery, though ownership guidelines require holding 50% of after‑tax profits until compliance, dampening near‑term sell pressure .
- Governance: The Company’s responsiveness to say‑on‑pay feedback, capped incentives, clawback, and prohibition on hedging/pledging reduce red‑flag risk; no executive stock option repricing, and equity plan burn rate was under 1% in 2024 .