Document:

Exhibit 10.8 

 

EXECUTION VERSION

 

December 22, 2020

 

Monocle Holdings Inc.

750 Lexington Avenue, Suite 1501

New York, NY 10022

 

Ladies and Gentlemen:

 

This letter agreement
(this “Agreement”) is entered into in connection with, and conditioned upon the consummation of the transactions
contemplated by, that certain Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”) 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, dated as of September 8, 2020. Capitalized terms used and
not otherwise defined herein shall have the meanings given to such terms in the Merger Agreement.

 

1.            As
a condition to the obligations of Newco, Monocle, Merger Sub 1, Merger Sub 2 and AerSale to consummate the Merger, the undersigned
hereby agree that, from the date hereof until the earliest of: (a) the 180th day after the Closing Date, (b) the expiration
of the Founder Shares Lock-up Period (as defined in that certain letter agreement, dated February 6, 2019, by and among Monocle,
Monocle Partners, LLC, Cowen Investments II LLC and each of Monocle’s officers, directors and director nominees (the “Insider
Letter”)) pursuant to Section 7(a)(B)(x) of the Insider Letter and (c) the date following such Closing
Date on which Newco completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in
all of Newco’s stockholders having the right to exchange their shares of Newco Common Stock for cash, securities or other
property (the period between the Closing Date and the earliest of clauses (a), (b) and (c), the “Lock-Up Period”),
the undersigned will not: (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Securities and Exchange Commission promulgated thereunder (the “Exchange Act”),
with respect to (v) the shares of Newco Common Stock received pursuant to the Merger Agreement, (w) Earnout Shares, to
the extent any are received after the date hereof, (x) any outstanding share of Newco Common Stock or any other equity security
(including the shares of Newco Common Stock issued or issuable upon the exercise of any other equity security) of Newco received
by any of the parties hereto in connection with the transactions contemplated by the Merger Agreement; and (y) any other equity
security of Newco issued or issuable with respect to any such share of Newco Common Stock by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization (such shares, collectively,
the “Lock-up Shares”), (ii) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of any of the Lock-up Shares, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii).

 

    

     

    

 

2.            The
undersigned hereby (a) authorizes Newco during the Lock-Up Period to cause its transfer agent for the Lock-up Shares to decline
to transfer, and to note stop transfer restrictions on the stock register and other records relating to, Lock-up Shares for which
the undersigned is the record holder and, (b) in the case of Lock-up Shares for which the undersigned is the beneficial but
not the record holder, agrees during the Lock-Up Period to cause the record holder to cause the relevant transfer agent to decline
to transfer, and to note stop transfer restrictions on the stock register and other records relating to, such Lock-up Shares, in
each case of clauses (a) and (b), if such transfer would constitute a violation or breach of this Agreement. Newco agrees
to instruct its transfer agent to remove any stop transfer restrictions on the stock register and other records related to Lock-Up
Shares promptly upon the expiration of the Lock-Up Period.

 

3.            Notwithstanding
the foregoing, the undersigned may sell or otherwise transfer Lock-up Shares during the undersigned’s lifetime or on death
(or, if the undersigned is not a natural person, during its existence) (i) if the undersigned is not a natural person, to
its direct or indirect equity holders or to any of its other Affiliates, (ii) to the immediate family members (including spouses,
significant others, lineal descendants and ascendants (including adopted and step children and parents of such person), brothers
and sisters (including half-sibling and step-siblings) of the undersigned or the undersigned’s spouse or siblings (collectively,
 “Family Members”), (iii) to a family trust, foundation or partnership established for the exclusive benefit
of the undersigned, its equity holders or any of their respective Family Members, (iv) pursuant to a court order or settlement
agreement related to the distribution of assets in connection with the dissolution of marriage or civil union; or (v) to a
charitable foundation controlled by the undersigned, its equityholders or any of their respective Family Members; provided,
however, that in each such case, any such sale or transfer shall be conditioned upon entry by such transferees into a written agreement,
addressed to Newco, agreeing to be bound by these transfer restrictions and the other terms and conditions of this Agreement. For
the avoidance of doubt, the undersigned shall retain all of its rights as a shareholder of Newco with respect to the Lock-up Shares
during the Lock-Up Period, including without limitation the right to vote any Lock-Up Shares that are entitled to vote and the
right to receive any dividends or distributions in respect of such Lock-Up Shares.

 

4.            The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that
this Agreement constitutes the legal, valid and binding obligation of the undersigned, enforceable in accordance with its terms.
Upon request, the undersigned will execute any additional documents reasonably necessary to give effect to the terms and conditions
of this Agreement.

 

5.            This
Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof; provided, however, that the foregoing shall not affect the rights and obligations
of the parties under the Merger Agreement or any documents related thereto, including the Amended and Restated Registration Rights
Agreement. This Agreement may not be changed, amended, modified or waived as to any particular provision, except by a written instrument
executed by all parties hereto.

 

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6.            Subject
to Section 3 hereof, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and
ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be
binding upon and inure to the benefit of the undersigned and its successors and assigns. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Any facsimile or .pdf copies hereof or signatures hereon shall, for all purposes, be deemed originals.

 

7.            This
Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated
hereby, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles
or rules of conflict of laws to the extent such principles or rules would require or permit the application of laws of
another jurisdiction.

 

8.            Any
Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby may be brought in the Delaware
Chancery Court (or, if the Delaware Chancery Court shall be unavailable, any other court of the State of Delaware or, in the case
of claims to which the federal courts have exclusive subject matter jurisdiction, any federal court of the United States of America
sitting in the State of Delaware), and each of the parties irrevocably submits to the exclusive jurisdiction of each such court
in any such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum,
agrees that all claims in respect of the Action shall be heard and determined only in any such court, and agrees not to bring any
Action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court. Nothing herein
contained shall be deemed to affect the right of any party to serve process in any manner permitted by Law or to commence legal
proceedings or otherwise proceed against any other Party in any other jurisdiction, in each case, to enforce judgments obtained
in any Action brought pursuant to this section. EACH OF THE PARTIES HERETO (AND IN THE CASE OF NEWCO, ON BEHALF OF ITSELF AND EACH
OF NEWCO, MONOCLE, MERGER SUB 1 AND MERGER SUB 2) HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED
UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

9.            Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be completed in
accordance with Section 5.1 of the Amended and Restated Registration Rights Agreement.

 

[Signature on the following page]

 

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		Very truly yours,
		 	 
		NEWCO:
		 	 
		Monocle Holdings, Inc., a Delaware corporation
		 	 
		By:	/s/ Eric Zahler
			Name: Eric Zahler
			Title: President

 

[Signature
Page to Lock-Up Agreement]

 

    

     

    

 

Accepted and Agreed:

 

		HOLDERS:
		 	 
		GREEN EQUITY INVESTORS V, L.P.,
			a Delaware limited partnership
		 	 
		By:	GEI Capital V, LLC, its general partner
		 	 
		By:	/s/ Jonathan A. Seiffer
			Name: Jonathan A. Seiffer
			Title: Senior Vice President
		 	 
		GREEN EQUITY INVESTORS SIDE V, L.P.,
			a Delaware limited partnership
		 	 
		By:	GEI Capital V, LLC, its general partner
		 	 
		By:	/s/ Jonathan A. Seiffer
			Name: Jonathan A. Seiffer
			Title: Senior Vice President
		 	 
		LGP PARTS COINVEST LLC,
			a Delaware limited liability company
		 	 
		By:	GEI Capital V, LLC, its general partner
		 	 
		By:	/s/ Jonathan A. Seiffer
			Name: Jonathan A. Seiffer
			Title: Senior Vice President

 

[Signature
Page to Lock-Up Agreement]

 

    

     

    

 

		FLORIDA GROWTH FUND LLC,
			a Delaware limited liability company
		 	 
		By:	HL Florida Growth LLC, Manager
		 	 
		By:	/s/ Anthony Donofrio
			Name: Anthony Donofrio
			Title: Authorized Signatory
		 	 
		ENAREY, LP,
			a Nevada limited partnership
		 	 
		By:	ENAREY, LLC
		 	 
		By:	/s/ Nicolas Finazzo
			Name: Nicolas Finazzo
			Title: Manager
		 	 
		THOUGHTVALLEY LIMITED PARTNERSHIP,
			a Nevada limited partnership
		 	 
		By:	THOUGHTVALLEY, LLC
		 	 
		By:	/s/ Robert B. Nichols
			Name: Robert B. Nichols
			Title: Manager

 

[Signature
Page to Lock-Up Agreement]Exhibit 10.9

 

EXECUTION VERSION

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT (the “Agreement”) is entered into and effective as of December 22, 2020 by and
among Monocle Acquisition Corporation, a Delaware corporation (“Monocle”), Monocle Holdings Inc., a Delaware
corporation (“NewCo”), and Continental Stock Transfer & Trust Company, a New York corporation (“Continental”).

 

WHEREAS, Monocle
and Continental have previously entered into a warrant agreement, dated as of February 6, 2019 (the “Warrant Agreement”)
governing the terms of Monocle’s 17,250,000 outstanding warrants to purchase shares of common stock of Monocle (the “Monocle
Warrants”); and

 

WHEREAS, Monocle
has entered into an Amended and Restated Agreement and Plan of Merger, dated as of September 8, 2020 (the “Merger
Agreement”), by and among Monocle, NewCo, Monocle Merger Sub 1 Inc., a Delaware corporation and a wholly-owned direct
subsidiary of NewCo (“Merger Sub 1”), Monocle Merger Sub 2 LLC, a Delaware limited liability company and a wholly-owned
indirect subsidiary of NewCo (“Merger Sub 2”), AerSale Corp., a Delaware corporation (“AerSale”)
and Leonard Green & Partners, L.P., a Delaware limited partnership, solely in its capacity as the Holder Representative,
pursuant to which, among other things, upon the closing of the transactions contemplated by the Merger Agreement (the “Closing”),
Merger Sub 1 will be merged with and into Monocle, with Monocle surviving the merger as a wholly-owned direct subsidiary of NewCo
(the “First Merger”), and Merger Sub 2 will be merged with and into AerSale, with AerSale surviving the merger
as a wholly-owned indirect subsidiary of NewCo (the “Second Merger”);

 

WHEREAS, upon
the effective time of the First Merger (the “First Merger Effective Time”), each share of Monocle common stock,
par value $0.0001 per share (“Monocle Common Stock”) that is issued and outstanding shall be converted into
and become the right to receive one share of NewCo common stock, par value $0.0001 per share (“NewCo Common Stock”);

 

WHEREAS, upon
the First Merger Effective Time and pursuant to Section 4.4 of the Warrant Agreement, each Monocle Warrant that is outstanding
and unexercised immediately prior to the First Merger Effective Time, shall thereupon be converted into and become the right to
receive a warrant representing the right to acquire NewCo Common Stock, in the same form and on the same terms and conditions (including
the same “Warrant Price” and number of shares of common stock subject to such warrant) as the Monocle Warrants;

 

WHEREAS, effective
upon the Closing (as defined below), NewCo will be renamed “AerSale Corporation”; and

 

WHEREAS, as a
result of the foregoing, the parties hereto wish for Monocle to assign to NewCo all of Monocle’s rights and interests
and obligations in and under the Warrant Agreement and for NewCo to accept such assignment, and assume all of Monocle’s obligations
thereunder, in each case, effective upon the Closing;

 

    

     

    

 

NOW, THEREFORE,
for good and valuable consideration, receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

1.            Assignment
and Assumption of Warrant Agreement. Monocle hereby assigns, and NewCo hereby agrees to accept and assume, effective as of
the Closing, all of Monocle’s rights, interests and obligations in, and under the Warrant Agreement and Monocle Warrants.
Unless the context otherwise requires, from and after the Closing, any references in the Warrant Agreement to: (i) the “Company”
shall mean NewCo; (ii) “Common Stock” shall mean NewCo Common Stock; and (iii)  the “Board
of Directors” or the “Board” or any committee thereof shall mean the board of directors of NewCo or any committee
thereof.

 

2.            Replacement
Instruments. Following the Closing, each Monocle Warrant that is outstanding and unexercised immediately prior to the First
Merger Effective Time (as defined in the Merger Agreement), shall thereupon be converted into and become the right to receive a
NewCo Warrant and NewCo shall issue a new instrument for each such Monocle Warrant reflecting the adjustment to the terms and conditions
described herein and in Section 4.4 of the Warrant Agreement.

 

3.            Amendment
to Warrant Agreement. To the extent required by this Agreement, the Warrant Agreement is hereby deemed amended pursuant to
Section 9.8 thereof to reflect the subject matter contained herein, effective as of the Closing. Except as expressly amended
herein, the Warrant Agreement shall remain in full force and effect and be enforceable against the parties thereto in accordance
with its terms.

 

4.            Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, as such laws
are applied to contracts entered into and performed in such State without resort to that State’s conflict-of-laws rules.

 

5.            Counterpart.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. Execution and delivery of this Agreement by email or exchange of facsimile copies bearing
the facsimile signature of a party hereto shall constitute a valid and binding execution and delivery of this Agreement by such
party.

 

6.            Successors
and Assigns. All the covenants and provisions of this Agreement shall bind and inure to the benefit of each party’s respective
successors and assigns.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have signed this
Agreement as of the date and year first written above.

 

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

 

	 	MONOCLE HOLDINGS INC.
	 	 	 
	 	 	 
	 	By:	/s/
    Eric J. Zahler
	 	 	Name:
    	Eric
    J. Zahler
	 	 	Title:
    	President

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	 	 
	 	By:	/s/
    Ana Gois
	 	 	Name: 	Ana Gois
	 	 	Title: 	Vice President

 

[Signature Page to Assignment and Assumption Agreement]

 

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