Air Lease (AL) said in a Tuesday filing that in connection with Air Lease merging with and into Takeoff Merger Sub on April 8, the company has approved a plan to reduce its workforce.

This currently impacts 64 employees, resulting in a 40% reduction in workforce compared with Dec. 31, according to the filing.

Affected employees were notified between April 8 and April 10, and workforce reductions are expected to conclude in Q2 and Q3, the filing said.

Employees will be eligible to receive severance payments for a specified time period post-termination, according to the company.