Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on December [n], 2020
(the “Subscription Date”), by and among Monocle Holdings Inc., a Delaware corporation (the “Company”),
Monocle Acquisition Corporation, a Delaware corporation (“Monocle”) and the undersigned (“Subscriber”).

 

WHEREAS, the Company
has entered into that certain Amended and Restated Agreement and Plan of Merger, dated as of September 8, 2020 (the “Transaction
Agreement”), by and among Monocle, the Company, Monocle Merger Sub 1 Inc., a Delaware corporation (“Merger Sub
1”), and Monocle Merger Sub 2 LLC, a Delaware limited liability company (“Merger Sub 2”), AerSale
Corp., a Delaware corporation (“AerSale”), and solely in its capacity as the Holder Representative, Leonard
Green & Partners, L.P., a Delaware limited partnership, pursuant to which, among other things, (i) Merger Sub 1 will merge
with and into Monocle, with Monocle being the surviving corporation and continuing as a wholly-owned subsidiary of the Company
and (ii) Merger Sub 2 will merge with and into AerSale, with AerSale being the surviving corporation and continuing as a wholly-owned
subsidiary of the Company (the “Transactions”);

 

WHEREAS, in connection
with the Transactions, Subscriber desires to subscribe for and purchase from the Company such number shares of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), set forth on the signature page hereto (the
 “Acquired Shares”), for a purchase price of $[n] per share, or the
aggregate purchase price set forth on the signature page hereto (the “Purchase Price”), and the Company desires
to issue and sell the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the
Company on or prior to the Closing (as described below);

 

WHEREAS, to finance
a portion of the Transactions, certain other “accredited investors” (as such term is defined in Rule 501 under the
Securities Act of 1933, as amended (the “Securities Act”)), (each such person, in their capacity as a subscriber
for Common Stock (as defined below), an “Other Subscriber” and all such persons collectively, the “Other
Subscribers”), have (severally and not jointly) entered into separate subscription agreements (the “Other Subscription
Agreements”) with the Company on substantially the same terms set forth in this Subscription Agreement, pursuant to which
such Other Subscribers have agreed to purchase shares of the Company’s Common Stock on the Closing Date at the Purchase Price;
and

 

WHEREAS, as of the
date hereof, the aggregate amount of Common Stock to be issued by the Company pursuant to this Subscription Agreement and the Other
Subscription Agreements equals [n] shares of Common Stock.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.                 
Subscription. As of the Subscription Date, the undersigned hereby irrevocably subscribes for and agrees to purchase,
and the Company hereby agrees to issue and sell to the undersigned upon payment of the Purchase Price, the Acquired Shares from
the Company at the Purchase Price and on the terms provided for herein.

 

     

     

    

 

2.                 
Closing; Delivery of Shares. (a) The closing of the sale of Acquired Shares as contemplated hereby (the
 “Closing”) is contingent upon the substantially concurrent consummation of the Transactions (the “Transaction
Closing”). Not less than five (5) business days prior to the scheduled date for the Transaction Closing, the Company
shall provide written notice to Subscriber (the “Closing Notice”) of the date of Closing hereunder (the “Closing
Date”). At least two (2) business days prior to the scheduled date for the Transaction Closing, Subscriber shall deliver
to the Company the Purchase Price by wire transfer of U.S. dollars in immediately available funds to the account specified by the
Company in the Closing Notice. On the Closing Date, the Company shall deliver to Subscriber the Acquired Shares, free and clear
of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), in book-entry
form in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber,
as applicable, and the Purchase Price shall be released to the Company. In the event the Transaction Closing does not occur within
two (2) business days of the scheduled Closing Date, the Company shall promptly (but no later than two (2) business days) return
to Subscriber the Purchase Price deposited with the Company.

 

(b)              
The Closing is also subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

 

(i)               
no suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation
or threatening of any proceedings for any of such purposes, shall have occurred;

 

(ii)              
all representations and warranties of the Company and the undersigned
contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties
that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations and warranties
shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific
date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as
to materiality or Material Adverse Effect, which representations and warranties shall be true in all respects) as of such date),
and consummation of the Closing, shall constitute a reaffirmation by each of the Company and the undersigned of each of the representations,
warranties and agreements of each such party contained in this Subscription Agreement as of the Closing Date;

 

(iii)               
no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order,
law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation
of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint
or prohibition; and

 

    	 	-2-	 

     

    

 

(iv)               
the Transaction Agreement shall not have been terminated, rescinded or rendered invalid, illegal or unenforceable by law
or otherwise without the Transactions being consummated, and the terms of the Transaction Agreement shall not have been amended
or modified in a manner that is materially adverse to the undersigned as a stockholder of the Company, including, without limitation,
any amendment, modification or waiver of any material representation or covenant of the Company relating to the financial position
or outstanding indebtedness of the Company (for the avoidance of doubt, not including any amendment to or waiver of the conditions
to the Transaction Closing under the Transaction Agreement), in each case, without the undersigned’s prior written consent
(not to be unreasonably withheld, conditioned or delayed).

 

3.                 
Company Representations and Warranties. The Company represents and warrants to the undersigned that:

 

(a)              
As of the date hereof, the Company is a Delaware corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware. Immediately following the Transaction Closing under the Transaction Agreement, the Company will
be a Delaware corporation, validly existing and in good standing under the laws of the State of Delaware. The Company has the corporate
power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into,
deliver and perform its obligations under this Subscription Agreement.

 

(b)              
The Acquired Shares have been duly authorized and, when issued and delivered to the undersigned against full payment therefor
in accordance with the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s
Certificate of Incorporation (as amended) or under the laws of the State of Delaware.

 

(c)              
This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable against the
Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

(d)              
The issuance and sale of the Acquired Shares and the compliance
by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will be
done in accordance with the NASDAQ marketplace rules and will not conflict with or result in a material breach or material violation
of any of the terms or provisions of, or constitute a material default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of (i)
any indenture, mortgage, deed of trust, loan agreement, license, lease or any other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property
or assets of the Company is subject, which would have a material adverse effect on the business, properties, financial condition,
stockholders’ equity or results of operations of the Company (a “Material Adverse Effect”) or materially
affect the validity of the Acquired Shares or the legal authority of the Company to comply in all material respects with the terms
of this Subscription Agreement; (ii) result in any material violation of the provisions of the organizational documents of
the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that would have a Material Adverse
Effect or materially affect the validity of the Acquired Shares or the legal authority of the Company to comply with this Subscription
Agreement; subject, in the case of the foregoing clauses (i) and (iii) with respect to the consummation of the transactions
therein contemplated.

 

    	 	-3-	 

     

    

 

(e)              
The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the execution, delivery and performance of this Subscription Agreement, other than (i) filings
with the Securities and Exchange Commission (the “Commission”), (ii) filings required by applicable state securities
laws, (iii) filings required by NASDAQ, including with respect
to obtaining Monocle stockholder approval, (iv) consents, waivers, authorizations or filings that have been obtained or made on
or prior to the Closing, and (v) where the failure of which to obtain would not be reasonably likely to have a Material Adverse
Effect or have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including
the issuance and sale of the Acquired Shares.

 

(f)               
The Company is in compliance with all material applicable law, except where such non-compliance would not be reasonably
likely to have a Material Adverse Effect. The Company has not received any written communication from a governmental entity that
alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance,
default or violation would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

(g)              
The Company understands that the representations and warranties in this Section 3 shall be deemed material and to have been
relied upon by the undersigned.

 

(h)              
The Company is not, and immediately after receipt of payment for
the Acquired Shares, will not be, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

 

(i)                
Assuming the accuracy of the Subscriber representations and warranties set forth in Section 4, in connection with the
offer, sale and delivery of the Acquired Shares in the manner contemplated by this Agreement, it is not necessary to register the
Acquired Shares under the Securities Act.

 

(j)                
A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any,
filed by Monocle or the Company with the Commission (the “SEC Filings”) is available to the undersigned via
the Commission’s EDGAR system. None of the SEC Filings contained, when filed or, if amended, as of the date of such amendment
with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, that with respect to the information about Monocle’s affiliates contained in the Schedule
14A and related proxy materials (or other SEC Filings) to be filed by Monocle, the representation and warranty in this sentence
is made to the Company’s knowledge. The Company and Monocle has timely filed each report, statement, schedule, prospectus,
and registration statement that the Company was required to file with the Commission since Monocle’s initial registration
of its common stock under the Exchange Act. There are no material outstanding or unresolved comments in comment letters from the
staff of the Division of Corporation Finance (the “Staff”) of the Commission with respect to any of the SEC
Filings.

 

    	 	-4-	 

     

    

 

(k)              
The Company has not entered into any other agreement or understandings with any Other Subscriber in connection with such
Other Subscriber’s direct or indirect investment in the Company, other than (a) the Other Subscription Agreements and (b) as
disclosed to Subscriber by Company prior to the date hereof. No Other Subscription Agreement has been amended in any material respect
or includes terms and conditions materially more favorable to such other subscriber than to the undersigned as set forth in this
Subscription Agreement.

 

(l)                
The issued and outstanding shares of Common Stock of Monocle are registered pursuant to Section 12(b) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on Nasdaq under the symbol
 “MNCL”. Except as disclosed in Monocle’s filings with the Commission, there is no suit, action, proceeding or
investigation pending or, to the knowledge of Monocle, threatened against the Monocle or the Company by Nasdaq or the Commission,
respectively, to prohibit or terminate the listing of the Company or Monocle’s Common Stock on Nasdaq or to deregister the
Common Stock under the Exchange Act. The Company has taken no action that is designed to terminate the registration of the Common
Stock under the Exchange Act.

 

(m)            
Neither the Company nor any person acting on its behalf has engaged or will engage in any form of general solicitation or
general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired
Shares.

 

(n)              
The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Acquired Shares may be pledged
by undersigned in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment
of the Acquired Shares hereunder, provided that the undersigned shall provide the Company with reasonable notice of such pledge
and such pledge shall be (i) pursuant to an available exemption from the registration requirements of the Securities Act or (ii)
pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge.

 

4.                 
Subscriber Representations, Warranties and Covenants. The undersigned represents and warrants to the Company that:

 

(a)              
At the time the undersigned was offered the Acquired Shares, it was, and as of the date hereof, the undersigned is (i) an
 “accredited investor” (within the meaning of Rule 501(a)(5) or (6) under the Securities Act), as indicated in the questionnaire
attached as Annex A hereto, and (ii) is acquiring the Acquired Shares only for his, her or its own account and (iii) not
for the account of others, and not on behalf of any other account or person or with a view to, or for offer or sale in connection
with, any distribution thereof in violation of the Securities Act.

 

    	 	-5-	 

     

    

 

(b)              
The undersigned understands that the Acquired Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act and that the Acquired Shares delivered at the Closing, have not been registered under
the Securities Act, except as otherwise required by this Subscription Agreement. The undersigned understands that the Acquired
Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective registration statement
under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales
that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another
applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates representing
the Acquired Shares delivered at the Closing, shall contain a legend to such effect. The undersigned acknowledges that the Acquired
Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The undersigned understands
and agrees that the Acquired Shares, until registered under an effective registration statement, will be subject to transfer restrictions
and, as a result of these transfer restrictions, the undersigned may not be able to readily resell the Acquired Shares and may
be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. The undersigned
understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the
Acquired Shares.

 

(c)              
The undersigned understands and agrees that the undersigned is purchasing Acquired Shares directly from the Company. The
undersigned further acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned
by the Company, or any of its officers or directors, expressly (other than those representations, warranties, covenants and agreements
included in this Subscription Agreement) or by implication.

 

(d)              
The undersigned’s acquisition and holding of the Acquired
Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar
law.

 

(e)              
The undersigned acknowledges and agrees that the undersigned has
received such information as the undersigned deems necessary in order to make an investment decision with respect to the Acquired
Shares. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed (i) the Company’s
Prospectus filed with the SEC on October 16, 2020, and (ii) the Company and Monocle’s other SEC Filings. The undersigned
represents and agrees that the undersigned and the undersigned’s professional advisor(s), if any, have had the full opportunity
to ask the Company and Monocle’s management questions, receive such answers and obtain such information as the undersigned
and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the Acquired Shares. The undersigned has conducted its own investigation of the Company, Monocle and the Acquired Shares and
the undersigned has made its own assessment and have satisfied itself concerning the relevant tax and other economic considerations
relevant to its investment in the Acquired Shares. The undersigned further acknowledges that the information contained in the SEC
Filings is subject to change, and that any changes to the information contained in the SEC Filings, including, without limitation,
any changes based on updated information or changes in terms of the Transaction, shall in no way affect the undersigned’s
obligation to purchase the Acquired Shares hereunder, except as otherwise provided herein.

 

    	 	-6-	 

     

    

 

(f)               
The undersigned became aware of this offering of the Acquired Shares
solely by means of direct contact between the undersigned, Monocle and the Company or a representative of Monocle or the Company,
and the Acquired Shares were offered to the undersigned solely by direct contact between the undersigned, Monocle and the Company
or a representative of Monocle or the Company. The undersigned acknowledges that the Company represents and warrants that the Acquired
Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in
a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.
The undersigned has a substantive pre-existing relationship with the Company, Monocle, their placement agents, or their respective
affiliates for this offering of the Acquired Shares.

 

(g)              
The undersigned acknowledges that it is aware that there are substantial
risks incident to the purchase and ownership of the Acquired Shares, including those set forth in the SEC Filings. The undersigned
is able to fend for itself in the transactions contemplated herein and has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Acquired
Shares, and the undersigned has sought such accounting, legal and tax advice as the undersigned has considered necessary
to make an informed investment decision.

 

(h)              
Alone, or together with any professional advisor(s), the undersigned has adequately analyzed and fully considered the risks
of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for the undersigned and
that the undersigned is able at this time and in the foreseeable future to bear the economic risk of a total loss of the undersigned’s
investment in the Company. The undersigned acknowledges specifically that a possibility of total loss exists.

 

(i)                
In making its decision to purchase the Acquired Shares, the undersigned has relied solely upon independent investigation
made by the undersigned.

 

(j)                
The undersigned understands and agrees that no federal or state
agency has passed upon or endorsed the merits of this offering of the Acquired Shares or made any findings or determination as
to the fairness of this investment or the accuracy or adequacy of the SEC Filings.

 

(k)              
The undersigned has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation.

 

(l)                
The execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned,
have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or
regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to
which the undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual, will not violate
any provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation papers,
bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement
is genuine, and the signatory, if the undersigned is an individual, has legal competence and capacity to execute the same or, if
the undersigned is not an individual the signatory has been duly authorized to execute the same, and this Subscription Agreement
constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its
terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered
at law or equity.

 

    	 	-7-	 

     

    

 

(m)            
Neither the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the
Acquired Shares nor any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned’s
right to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

(n)              
The undersigned is not (i) a person or entity named on the List
of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets
Control (“OFAC”) or in any Executive
Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity
prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R.
Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees
to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the undersigned
is permitted to do so under applicable law. If the undersigned is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”),
and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the undersigned maintains policies and
procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains
policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the
OFAC List. To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the
undersigned and used to purchase the Acquired Shares were legally derived.

 

5.                 
Registration Rights.

 

(a)              
The Company agrees that, within thirty (30) days after the Closing Date it will file a shelf registration statement with
the Commission to register the resale of the Acquired Shares under the Securities Act and the rules and regulations promulgated
thereunder and applicable state securities law (the “Registration Statement”), and the Company shall use its
commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof,
but no later than the earlier of (i) sixty (60) days after the Closing Date (or ninety (90) days after the Closing Date if the
Commission notifies the Company that it will “review” the Registration Statement) and (ii) the third (3rd)
business day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration
Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness
Date”). The Company agrees to cause such Registration Statement, or another shelf registration statement that includes
the Acquired Shares to be sold pursuant to this Subscription Agreement, to remain effective until the earliest of (i) the third
anniversary of the Closing, (ii) the date on which the Subscriber ceases to hold any Acquired Shares issued pursuant to this Subscription
Agreement, or (iii) the first date on which the Subscriber is able to sell all of its Acquired Shares issued pursuant to this Subscription
Agreement (or shares received in exchange therefor) under Rule 144 without volume or manner of sale restrictions (the earliest
of (i)-(iii) being the “Expiration”). The Subscriber agrees to disclose its ownership to the Company upon request
to assist it in making the determination described above. The Company may amend the Registration Statement so as to convert the
Registration Statement to a Registration Statement on Form S-3 at such time after the Company becomes eligible to use such From
S-3. The Company may delay filing or suspend the use of any such registration statement if it determines, after consultation with
counsel to the Company, that in order for the registration statement to not contain a material misstatement or omission, an amendment
thereto would be needed, or if such filing or use could materially affect a bona fide business or financing transaction of the
Company or would require premature disclosure of information that could materially adversely affect the Company (each, a “Suspension
Event”); provided, that, (i) the Company may not delay or suspend the Registration Statement on more than two occasions
or for more than sixty (60) consecutive calendar days, or more than one hundred twenty (120) total calendar days, in each case
during any twelve-month period and (ii) the Company shall use commercially reasonable efforts to make such registration statement
available for the sale by the undersigned of such securities as soon as practicable thereafter. Upon receipt of any written notice
from the Company (which notice shall not contain any material non-public information regarding the Company) of the happening of
any such Suspension Event during the period that the Registration Statement is effective or if as a result of such Suspension Event
the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made (in the case of the prospectus) not misleading, Subscriber agrees that (i) it will immediately discontinue offers and
sales under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber
receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s)
or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise
notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information
included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company,
Subscriber will deliver to the Company or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering
the resale of securities in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies
of the prospectus covering the Acquired Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such
prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance
with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result
of automatic data back-up. The Company’s obligations to include the Acquired Shares issued pursuant to this Subscription
Agreement (or shares issued in exchange therefor) for resale in the Registration Statement are contingent upon the Subscriber furnishing
in writing to the Company such information regarding the Subscriber, the securities of the Company held by the Subscriber and the
intended method of disposition of such Acquired Shares, which shall be limited to non-underwritten public offerings, as shall be
reasonably requested by the Company to effect the registration of such Acquired Shares, and shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations,
provided, however, that the Subscriber shall not in connection with the foregoing be required to execute any lock-up or similar
agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired Shares.

 

    	 	-8-	 

     

    

 

(b)              
The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless each
Subscriber (to the extent a seller under the Registration Statement), the officers, directors, employees and agents of each of
them, and each person who controls such Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) to the fullest extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages,
liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”),
as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the
Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation
or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder,
in connection with the performance of its obligations under this Section 5, except to the extent that such untrue statements, alleged
untrue statements, omissions or alleged omissions are based upon information regarding such Subscriber furnished to the Company
by such Subscriber expressly for use therein or such Subscriber has omitted a material fact from such information or otherwise
violated the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder; provided,
however, that the indemnification contained in this Section 5(c) shall not apply to amounts paid in settlement of any Losses
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned
or delayed), nor shall the Company be liable for any Losses to the extent they arise out of or are based upon a violation which
occurs (A) in reliance upon and in conformity with information furnished by a Subscriber, (B) in connection with any failure of
such person to deliver or cause to be delivered a prospectus made available by the Company in a timely manner, or (C) as a result
of offers or sales effected by or on behalf of any person by means of a freewriting prospectus (as defined in Rule 405) that was
not authorized in writing by the Company. The Company shall notify such Subscriber promptly of the institution, threat or assertion
of any proceeding arising from or in connection with the transactions contemplated by this Section 5 of which the Company is aware.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party
and shall survive the transfer of the Acquired Shares by such Subscriber.

 

(c)              
Each Subscriber shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents
and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out
of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus
included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading to the extent that such untrue statements or omissions are
based upon information regarding such Subscriber furnished to the Company by such Subscriber for use therein; provided,
however, that the indemnification contained in this Section 5(d) shall not apply to amounts paid in settlement of any Losses
if such settlement is effected without the consent of such Subscriber (which consent shall not be unreasonably withheld, conditioned
or delayed). In no event shall the liability of any Subscriber be greater in amount than the dollar amount of the net proceeds
received by such Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. Each Subscriber
shall notify the Company promptly of the institution, threat or assertion of any proceeding arising from or in connection with
the transactions contemplated by this Section 5(d) of which such Subscriber is aware. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired
Shares by such Subscriber.

 

    	 	-9-	 

     

    

 

6.                 
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all
rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its
terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if any
of the conditions to Closing set forth in Section 3 of this Subscription Agreement are not satisfied on or prior to the Closing
and, as a result thereof, the transactions contemplated by this Subscription Agreement are not or will not be consummated at the
Closing, or (d) if the Closing has not occurred on or before February 11, 2021; provided that nothing herein will relieve
any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any
remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall notify the undersigned
of the termination of the Transaction Agreement promptly after the termination of such agreement.

 

7.                 
Trust Account Waiver. Notwithstanding anything else in this Subscription Agreement, the Subscriber acknowledges that
he has read the prospectus dated February 6, 2019 (the “Prospectus”) and understands that Monocle has established
a trust account (the “Trust Account”) for the benefit of the stockholders of Monocle (the “Monocle
Stockholders”) and that Monocle may disburse monies from the Trust Account only (a) to Monocle in limited amounts from
time to time in order to permit Monocle to pay its operating expenses, (b) if Monocle completes the transactions which constitute
its initial business combination, then to those persons and in such amounts as described in the Prospectus, and (c) if Monocle
fails to complete its initial business combination within the allotted time period and liquidates to Monocle in limited amounts
to permit Monocle to pay the costs and expenses of its liquidation and dissolution, and then to the Monocle Stockholders. All liabilities
and obligations of Monocle due and owing or incurred at or prior to the closing of its initial business combination shall be paid
as and when due, including all amounts payable (x) to the Monocle Stockholders in the event they elect to have their shares redeemed
in accordance with Monocle’s certificate of incorporation (the “Monocle Charter”) and/or the liquidation
of Monocle, (y) to Monocle after, or concurrently with, the consummation of its initial business combination, and (z) to Monocle
in limited amounts for its operating expenses and tax obligations incurred in the ordinary course of business consistent with past
practice. Subscriber further acknowledge that, if the transactions contemplated by the Transaction Agreement (or, upon termination
of the Transaction Agreement, another business combination) are not consummated by February 11, 2021, or such date as determined
by amending the Monocle Charter, Monocle will be obligated to return to the Monocle Stockholders the amounts being held in the
Trust Account, unless such date is otherwise extended. Upon the Transaction Closing, Monocle shall cause the Trust Account to be
disbursed to the Company and as otherwise contemplated by the Transaction Agreement. Accordingly, the Subscriber, for himself and
his representatives, advisors and all other associates and affiliates (each a “Subscriber Related Party”), hereby
waive all rights, title, interest or claim of any kind to collect from the Trust Account any monies that may be owed to them by
Monocle or the Company for any reason whatsoever arising out of this Subscription Agreement, including for a breach of this Subscription
Agreement by Monocle or the Company or any negotiations, agreements or understandings with Monocle or the Company (whether in the
past, present or future) in connection with this Subscription Agreement (each a “Claim”), and will not seek
recourse against the Trust Account in connection with such Claims at any time for any reason whatsoever; provided, that (i) nothing
herein shall serve to limit or prohibit a Subscriber Related Party’s right to pursue a Claim against Monocle or the Company
for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief, and (ii) nothing
herein shall serve to limit or prohibit any Claims that a Subscriber Related Party may have in the future against Monocle or the
Company’s assets or funds that are not held in the Trust Account (including any funds that have been released from the Trust
Account and any assets that have been purchased or acquired with any such funds), or otherwise by virtue of such Subscriber Related
Party’s record or beneficial ownership of securities of the Company acquired by any means other than pursuant to this Subscription
Agreement, including, but not limited to, any redemption right with respect to any such securities of the Company. This paragraph
will survive the termination of this Subscription Agreement for any reason.

 

    	 	-10-	 

     

    

 

8.                 
Expenses. Each party hereto shall pay all of its own expenses in connection with this Subscription Agreement and
the transactions contemplated hereby.

 

9.                 
Miscellaneous. (a) Neither this Subscription
Agreement nor any rights that may accrue to (i) the undersigned hereunder (other than the Acquired Shares acquired hereunder, if
any) may be transferred or assigned by the undersigned without the prior written consent of Monocle and the Company, or (ii) Monocle
and/or Company hereunder may be transferred or assigned without the prior written consent of the undersigned, and, in each case,
any purported transfer or assignment without such consent shall be null and void ab initio.

 

(b)              
The Company may request from the undersigned such additional information as the Company may reasonably deem necessary to
evaluate the eligibility of the undersigned to acquire the Acquired Shares, and the undersigned shall provide such information
to the Company promptly upon such request, to the extent within the undersigned’s possession and control and otherwise
readily available to the undersigned and to the extent consistent with its internal policies and procedures provided, that, the
Company agrees to keep any such information provided by the undersigned confidential (except for such information that the parties
agree to include in the Registration Statement), it being understood by
the undersigned that the Company may without any liability hereunder reject the undersigned’s subscription prior to the Closing
Date in the event the undersigned fails to provide such additional information requested by the Company to evaluate the undersigned’s
eligibility where required in accordance with the foregoing.

 

    	 	-11-	 

     

    

 

(c)              
The undersigned acknowledges that Monocle, the Company and others will rely on the acknowledgments, understandings, agreements,
representations and warranties of the undersigned contained in this Subscription Agreement. Prior to the Closing, the undersigned
agrees to promptly notify the Company if any of the acknowledgments, understandings, agreements, representations and warranties
made by the undersigned set forth herein are no longer accurate. The undersigned agrees that the purchase by the undersigned of
Acquired Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations
and warranties herein (as modified by any such notice) by the undersigned as of the time of such purchase.

 

(d)              
Each of the Company and Monocle is entitled to rely upon this Subscription Agreement and is irrevocably authorized
to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby. The undersigned shall consult with the Company and Monocle in issuing any press
release or making any other similar public statement with respect to the transactions contemplated hereby, and the undersigned
shall not issue any such press release or make any such public statement without the prior consent of the Company and Monocle,
provided that the consent of the Company and Monocle shall not be required to the extent that such disclosure is required by law,
in which case the undersigned shall promptly provide the Company and Monocle with prior notice of such disclosure.

 

(e)              
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive
the Closing.

 

(f)               
This Subscription Agreement may not be modified, waived or terminated (other than pursuant to Section 6 above) except by
an instrument in writing, signed by the party against whom enforcement of such modification, waiver, or termination is sought.

 

(g)              
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. This Subscription
Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor
and assigns. Notwithstanding anything to the contrary contained in this Subscription Agreement, AerSale is an intended third party
beneficiary of each of the provisions of this Subscription Agreement.

 

(h)              
This Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants
and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

(i)                
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

    	 	-12-	 

     

    

 

(j)                
This Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in
..pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(k)              
The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce
specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such
party is entitled at law, in equity, in contract, in tort or otherwise.

 

(l)                
THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT
WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A JURY TRIAL
IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9(l).

 

(m)            
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered by facsimile or email, with affirmative confirmation of receipt, (iii) one business day
after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) three (3) business days after
being mailed, if sent by registered or certified mail, in each case to the applicable party at the following addresses (or at such
other address for a party as shall be specified by like notice):

 

    	 	-13-	 

     

    

 

Notice to Monocle or the Company
shall be given to:

Monocle Acquisition Corp

750 Lexington Avenue, Suite 1501

New York, NY 10022

		Attention:	Sai Devabhaktuni

Eric Zahler

Richard Townsend

		Email:	sai@monoclepartnersllc.com

eric@monoclepartnersllc.com

rich@monoclepartnersllc.com

 

With a copy to (which shall not
constitute notice):

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, NY 10281

		Attention:	Stephen Fraidin

Gregory P. Patti, Jr.

Braden K. McCurrach

		Email:	stephen.fraidin@cwt.com

greg.patti@cwt.com

braden.mccurrach@cwt.com

 

Notice to Subscriber
shall be given to the address underneath the Subscriber’s name on the signature page hereto.

 

(n)              
The headings set forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting
this Subscription Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the
context, any pronoun used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter forms, and
the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and
with correlative meaning “include”) means including without limiting the generality of any description preceding or
succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; and (iii)
the words “herein”, “hereto” and “hereby” and other words of similar import in this Subscription
Agreement shall be deemed in each case to refer to this Subscription Agreement as a whole and not to any particular portion of
this Subscription Agreement. As used in this Subscription Agreement, the term: (x) “business day” shall mean any day
other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York are authorized
to close for business; (y) “person” shall refer to any individual, corporation, partnership, trust, limited liability
company or other entity or association, including any governmental or regulatory body, whether acting in an individual, fiduciary
or any other capacity; and (z) “affiliate” shall mean, with respect to any specified person, any other person
or group of persons acting together that, directly or indirectly, through one or more intermediaries controls, is controlled by
or is under common control with such specified person (where the term “control” (and any correlative terms) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person, whether
through the ownership of voting securities, by contract or otherwise). For the avoidance of doubt, any reference in this Subscription
Agreement to an affiliate of Monocle will include Monocle Partners, LLC.

 

    	 	-14-	 

     

    

 

(o)              
The Company shall, by 5:30 p.m., New York City time, on the first (1st) business day immediately following the date of this
Subscription Agreement (the “Disclosure Time”), issue one or more press releases or file with the Commission
a Current Report on Form 8-K disclosing, to the extent not previously publicly disclosed, all material terms of the transactions
contemplated hereby and the Other Subscription Agreements executed and delivered at such time and the Transactions. From and after
the Disclosure Time, the Company represents to the Subscriber that, to the actual knowledge of the Company, it shall have publicly
disclosed all material, non-public information delivered to the Subscriber by the Company, Monocle, or any of their officers, directors,
employees or agents in connection with the transactions contemplated by the Subscription Agreement and the Transaction Agreement,
and Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written
or oral with the Company, Monocle, or any of their affiliates or agents.

 

 

[Signature Page Follows]

 

    	 	-15-	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of the
date first indicated above.

 

	 	COMPANY:
	 	 
	 	MONOCLE HOLDINGS INC.
	 	 
	 	By:	 
	 	 	Name:  Eric Zahler
	 	 	Title: President
	 	 	 
	 	MONOCLE:
	 	 
	 	MONOCLE ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name:  Eric Zahler
	 	 	Title: President and Chief Executive Officer

 

 

[Signature Page to Subscription Agreement]

 

    	 	-16-	 

     

    

 

[SUBSCRIBER SIGNATURE PAGES TO SUBSCRIPTION
AGREEMENT]

 

IN WITNESS WHEREOF, the
undersigned have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

Name(s) of Subscriber:

Signature of Authorized Signatory of Subscriber:

Name of Authorized Signatory:

Title of Authorized Signatory:

Address for Notice to Subscriber:

Attention:

Email:

Facsimile No.:

Telephone No.:

 

Address for Delivery of Shares to Subscriber
(if not same as address for notice):

 

Subscription Amount: $

Number of Shares: 

EIN Number:

 

 

[Signature Page to Subscription Agreement]

 

     

     

    

  

ANNEX A

 

Capitalized terms used and not defined
in this ANNEX A shall have the meanings given in the Issuance Agreement to which this ANNEX A is attached.

 

The undersigned represents and warrants
that the undersigned is an “accredited investor” (an “Accredited Investor”) as such term is defined
in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities Act”), for
one or more of the reasons specified below (please check all boxes that apply):

 

For Natural Persons

		 ̈	The undersigned is a natural person and (please check all boxes that apply):

		 ̈	has an individual net worth (determined by subtracting total liabilities from total assets), or
joint net worth with the undersigned’s spouse, in excess of $1,000,000; (excluding undersigned’s primary residence
and indebtedness thereon up to the gross value of such residence, except that if the amount of such indebtedness outstanding at
the time of undersigned’s execution of the Issuance Agreement exceeds the amount of such indebtedness outstanding 60 days
before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included
as a liability in the determination of undersigned’s net worth); and/or

		 ̈	had an individual income in excess of $200,000 (or a joint income together with the undersigned’s
spouse in excess of $300,000) in each of the two most recently completed calendar years, and reasonably expects to have an individual
income in excess of $200,000 (or a joint income together with the undersigned’s spouse in excess of $300,000) in the current
calendar year.

For Entities

		 ̈	The undersigned is an entity and (please check all boxes that apply):

		 ̈	is a corporation, partnership, limited liability company, Massachusetts or similar business trust
or organization described in Section 501(c)(3) of the U.S. Internal Revenue Code of 1986, as amended, not formed for the specific
purpose of acquiring securities in the Company that has total assets in excess of $5,000,000;

		 ̈	is a bank as defined in Section 3(a)(2) of the Securities Act, a savings and loan association,
or other institution defined in Section 3(a) (5)(A) of the Securities Act acting in either its individual or fiduciary capacity
(this includes a trust for which a bank acts as trustee and exercises investment discretion with respect to the trust’s decision
to invest in the Company);

		 ̈	is a broker dealer registered pursuant to Section 15 of the U.S. Securities Exchange Act of 1934,
as amended (the “Exchange Act”);

		 ̈	is an insurance company as defined in Section 2(a)(13) of the Securities Act;

		 ̈	is an investment company registered under the U.S. Investment Company Act of 1940, as amended (the
 “Investment Company Act”), or a business development company as defined in Section 2(a)(48) of the Investment
Company Act;

		 ̈	is a Small Business Investment Company licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958, as amended;

 

    A-1

     

    

 

		 ̈	is a plan established and maintained by a state, its political subdivisions, or an agency or instrumentality
of a state or its political subdivisions, for the benefit of employees, having total assets in excess of $5,000,000;

		 ̈	is an employee benefit plan within the meaning of the U.S. Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), (a) for which the investment decision to acquire securities in the Company
is being made by a plan fiduciary, as defined in Section 3(21) of ERISA, that is either a bank, savings and loan association, insurance
company, or registered investment adviser, (b) which has total assets in excess of $5,000,000, or (c) which is self-directed, with
the investment decisions made solely by persons who are Accredited Investors;

		 ̈	is a private business development company as defined in Section 202(a)(22) of the U.S. Investment
Advisers Act of 1940, as amended;

		 ̈	is a trust not formed for the specific purpose of acquiring securities in the Company with total
assets in excess of $5,000,000 and directed by a person who has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of investing in the Company;

		 ̈	is a revocable trust (including a revocable trust formed for the specific purpose of acquiring
securities in the Company) and the grantor or settlor of such trust is an Accredited Investor; and/or

		 ̈	is an entity in which each equity owner is an Accredited Investor.

 

    A-2Exhibit 10.2

 

Amendment No. 1 to

Second Amended and Restated Founder Shares Agreement

 

December 16, 2020

 

Monocle Acquisition Corporation

750 Lexington Avenue, Suite 1501

New York, NY 10022

 

AerSale Corp.

121 Alhambra Plaza, Suite 1700

Coral Gables, Florida 33134

 

		Re:	Amendment to Agreement Relating to Founder Shares

 

Ladies and Gentlemen:

 

Reference is made to
(i) that certain Amended and Restated Agreement and Plan of Merger (as amended, supplemented or otherwise modified from time
to time, the “Merger Agreement”), dated as of September 8, 2020, by and among Monocle Holdings Inc., a Delaware
Corporation (“NewCo”), Monocle Acquisition Corporation, a Delaware corporation (“Monocle”),
Monocle Merger Sub 1 Inc., a Delaware corporation (“Merger Sub 1”), Monocle Merger Sub 2 LLC, a Delaware limited
liability company (“Merger Sub 2”), AerSale Corp., a Delaware corporation (“AerSale”), and
solely in its capacity as the Holder Representative (as defined in the Merger Agreement), Leonard Green & Partners, L.P., a
Delaware limited partnership, (ii) that certain letter agreement (the “Amended and Restated Founder Shares Agreement”),
dated September 8, 2020, by and between Monocle Partners, LLC (the “Sponsor”), Cowen Investments II LLC (“Cowen”,
and together with the Sponsor, the “Founders”), NewCo, Monocle and AerSale, and (iii) that certain letter
agreement (the “Insider Letter”), dated February 6, 2019, by and between the Founders with respect to certain
matters, including the transfer of shares of common stock of Monocle held of record by each of them (the “Founder Shares”).
This letter agreement (this “Amendment No. 1”) amends the Amended and Restated Founder Shares Agreement and,
together with the Amended and Restated Founder Shares Agreement, represents the “Founder Shares Agreement” contemplated
by the Merger Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the
Merger Agreement.

 

The parties hereby
agree, for good and valuable consideration, to the following:

 

1.         Amendment
to Exhibit A. Exhibit A to the Amended and Restated Founder Shares Agreement is hereby amended and restated in in its entirety
as set forth on Exhibit A hereto.

 

1.3       Effect
of Amendment No. 1. Except as herein amended, the Amended and Restated Founder Shares Agreement remains in full force and effect,
except that reference therein to “this Agreement” or “the Agreement” or words of similar import shall mean
the Agreement as amended hereby.

 

     

     

    

 

1.4       Application
of Delaware Law. This Amendment No. 1 shall be construed and enforced in accordance with and governed by the laws of the State
of Delaware applicable to agreements made and to be performed entirely within such state other than such laws, rules, regulations
and case law that would result in the application of the laws of a jurisdiction other than the State of Delaware.

 

[Signature Page Follows]

 

 

 

 

 

    -2-

     

    

 

Please indicate your agreement to the foregoing
by signing in the space provided below.

 

 

 

	 	MONOCLE PARTNERS,
    LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Eric Zahler                       	 
	 	Name:	Eric Zahler	 
	 	Title:	Managing Member	 
	 	 	 	 
	 	COWEN INVESTMENTS
    II LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Owen Littman	 
	 	Name:	Owen Littman	 
	 	Title:	Authorized Signatory	 

 

 

 

 

 

    [Signature Page to Founder Shares Agreement]

     

    

 

	 	MONOCLE ACQUISITION
    CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Eric Zahler	 
	 	Name:	Eric Zahler	 
	 	Title:	President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	MONOCLE HOLDINGS
    INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Eric Zahler	 
	 	Name:	Eric Zahler	 
	 	Title:	President	 

 

 

 

 

 

    [Signature Page to Founder Shares Agreement]

     

    

 

	 	AERSALE CORP.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Nicolas Finazzo	 
	 	Name:	Nicolas Finazzo	 
	 	Title:	President	 

 

 

 

 

 

    [Signature Page to Founder Shares Agreement]

     

    

 

EXHIBIT A

 

	
        Founder
	
        Earnout

        Shares
	
        Forfeited

        Shares

	
        Monocle Partners, LLC

        750 Lexington Avenue, Suite
        1501

        New York, NY 10022
	656,250	
        3,253,418

         

	
        Cowen Investments II LLC

        599 Lexington Avenue

        New York, NY 10022
	43,750	216,894
	Total	
        700,000
	
        3,470,312

 

 

 

 

 

    -4-

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