Document:

Exhibit 10.1

 

AERSALE CORPORATION

 

2020 EQUITY INCENTIVE PLAN

 

1.      
Purpose. The purpose of the AerSale Corporation 2020 Equity Incentive Plan is to provide a means through which the
Company and the other members of the Company Group may attract and retain key personnel, and to provide a means whereby directors,
officers, employees, consultants, and advisors of the Company and the other members of the Company Group can acquire and maintain
an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to
the value of Common Stock, thereby strengthening their commitment to the welfare of the Company Group and aligning their interests
with those of the Company’s stockholders.

 

2.      
Definitions. The following definitions shall be applicable throughout the Plan.

 

(a)               
 “Absolute Share Limit” has the meaning given to such term in Section 5(b) of the Plan.

 

(b)               
 “Adjustment Event” has the meaning given to such term in Section 11(a) of the Plan.

 

(c)               
 “Affiliate” means any Person that directly or indirectly controls, is controlled by, or is under common
control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by”
and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other
securities, by contract, or otherwise.

 

(d)               
 “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Equity-Based Award, and Other Cash-Based Award granted under
the Plan.

 

(e)               
 “Award Agreement” means the document or documents by which each Award (other than an Other Cash-Based
Award) is evidenced, which may be in written or electronic form.

 

(f)                
 “Board” means the Board of Directors of the Company.

 

(g)               
 “Cause” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i)
if such Participant is also a participant in the Company’s Severance Plan at the time of the applicable Termination,
 “Cause”, as defined in such Severance Plan as in effect at the time of such Termination, or (ii) if the
Participant is not also a Participant in the Company’s Severance Plan at the time of the applicable Termination, (A)
the Participant is charged with (x) a felony, or (y) a misdemeanor relating to the business of the Company or any of its
Affiliates or involving moral turpitude; (B) the Participant’s willful failure to substantially perform his or her
duties with the Company or any of its Affiliates (other than any such failure resulting from incapacity due to physical or
mental illness); (C) the Participant’s engaging in (x) material misconduct or wrongdoing, or illegal conduct in the
course of carrying out the Participant’s duties with the Company or any of its Affiliates, or (y) any act of material
dishonesty involving the Participant’s employment with the Company or any of its Affiliates (including, without
limitation, fraud, misappropriation, or embezzlement); (D) the Participant’s material breach of any written agreement
with the Company or any of its Affiliates; (E) the Participant’s material violation of the Company’s (or any of
its Affiliates’) Code of Conduct or other policies applicable to the Participant (including, without limitation, any
policy regarding sexual harassment or discrimination); or (F) the Participant’s failure to reasonably cooperate with an
investigation by any governmental authority; provided, in any case, that a Participant’s resignation after an
event that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder.

 

     

     

    

 

(h)               
 “Change in Control” means:

 

(i)                
the acquisition (whether by purchase, merger, consolidation, combination, or other similar transaction) by any Person of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of
either (A) the then-outstanding shares of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable
upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to
acquire such Common Stock; or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to
vote generally in the election of directors; provided, however, that for purposes of the Plan, the following acquisitions
shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate; or (II) any acquisition by any employee
benefit plan sponsored or maintained by the Company or any Affiliate;

 

(ii)               
during any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any Person
becoming a director subsequent to the Effective Date, whose election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such Person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the
Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by
or on behalf of any Person other than the Board shall be deemed to be an Incumbent Director;

 

(iii)              
a merger or consolidation of the Company with any other company, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation;

 

(iv)              
the sale, transfer, or other disposition of all or substantially all of the assets of the Company Group (taken as a whole) to any
Person that is not an Affiliate of the Company; or

 

(v)               
the date of a complete liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, (x) the consummation of any of
the transactions contemplated by that certain Agreement and Plan of Merger, by and among Monocle Acquisition Corporation (“Monocle”),
Monocle Merger Sub 1 Inc., Monocle Holdings Inc., Monocle Merger Sub 2 LLC, AerSale Corp., and, solely in its capacity as the Holder
Representative, Leonard Green & Partners, L.P. (“LGP”), dated as of December 8, 2019 (as amended
from time to time, the “Merger Agreement”), and (y) any transaction with Monocle, LGP, and their respective
Affiliates, shall not constitute a Change in Control for purposes of this Plan or any benefits provided hereunder.

 

Notwithstanding the foregoing, if a Change
in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of
compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under
Section 409A of the Code, the transaction or event described in subsection (i), (ii), (iii), (iv) or (v) with respect to such Award
(or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction
also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

The Committee shall have full and final
authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto;
provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in
control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

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(i)                
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the
Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section,
and any amendments or successor provisions to such section, regulations, or guidance.

 

(j)                
 “Committee” means the Compensation Committee of the Board or any properly delegated subcommittee thereof
or, if no such Compensation Committee or subcommittee thereof exists, the Board.

 

(k)               
 “Common Stock” means the common stock of the Company, par value $0.0001 per share (and any stock or other
securities into which such Common Stock may be converted or into which it may be exchanged).

 

(l)                
 “Company” means AerSale Corporation, a Delaware corporation, and any successor thereto.

 

(m)              
 “Company Group” means, collectively, the Company and its Subsidiaries.

 

(n)               
 “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as
may be specified in such authorization.

 

(o)               
 “Detrimental Activity” means any of the following: (i) unauthorized disclosure of any confidential or
proprietary information of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant’s
employment or service with the Service Recipient for Cause; (iii) a breach by the Participant of any restrictive covenant by which
such Participant is bound, including, without limitation, any covenant not to compete or not to solicit, in any agreement with
any member of the Company Group, or (iv) fraud or conduct contributing to any financial restatements or irregularities, as determined
by the Committee in its sole discretion.

 

(p)               
 “Disability” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i)
if such Participant is also a participant in the Company’s Severance Plan at the time of the applicable Termination, “Disability”,
as defined in such Severance Plan as in effect at the time of such Termination; or (ii) if such Participant is not also a participant
in the Company’s Severance Plan at the time of the applicable Termination, the Participant becomes eligible to receive income
replacement benefits under any long-term disability plan covering employees of the Company or any of its Affiliates, or, if no
such disability plan is maintained by the Company, “Disability” means the Participant is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment, which can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months, as determined by the Company (or its designee)
in its sole and absolute discretion.

 

(q)               
 “Effective Date” means the date on which the transactions contemplated by the Merger Agreement are consummated.

 

(r)                
 “Eligible Person” means any: (i) individual employed by any member of the Company Group; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent
that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii)
director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group who may
be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of
each of clauses (i) through (iii) above, has entered into an Award Agreement or who has received written notification from the
Committee or its designee that they have been selected to participate in the Plan.

 

(s)                
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference
in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or
other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations,
or guidance.

 

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(t)                
 “Exercise Price” has the meaning given to such term in Section 7(b) of the Plan.

 

(u)               
 “Fair Market Value” means, on a given date: (i) if the Common Stock is listed on a national securities
exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and
traded on such date, or, if there are no such sales on that date, then on the last preceding date on which such sales were reported;
(ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on
a last-sale basis, the average between the closing bid price and ask price reported on such date, or, if there is no such sale
on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national
securities exchange or quoted in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee
in good faith to be the fair market value of the Common Stock.

 

(v)               
 “GAAP” has the meaning given to such term in Section 7(d) of the Plan.

 

(w)             
 “Immediate Family Members” has the meaning given to such term in Section 13(b) of the Plan.

 

(x)               
 “Incentive Stock Option” means an Option which is designated by the Committee as an incentive stock option
as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

 

(y)               
 “Indemnifiable Person” has the meaning given to such term in Section 4(e) of the Plan.

 

(z)               
 “Non-Employee Director” means a member of the Board who is not an employee of any member of the Company
Group.

 

(aa)             
 “Nonqualified Stock Option” means an Option which is not designated by the Committee as an Incentive
Stock Option.

 

(bb)            
 “Option” means an Award granted under Section 7 of the Plan.

 

 (cc)              “Option Period” has the meaning given to such term in Section 7(c) of the Plan.

 

(dd)             
 “Other Cash-Based Award” means an Award that is granted under Section 10 of the Plan that is denominated
and/or payable in cash.

 

(ee)             
 “Other Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted
Stock, or Restricted Stock Unit that is granted under Section 10 of the Plan and is (i) payable by delivery of Common Stock and/or
(ii) measured by reference to the value of Common Stock.

 

(ff)              
 “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan
and to receive an Award pursuant to the Plan.

 

(gg)            
 “Permitted Transferee” has the meaning given to such term in Section 13(b) of the Plan.

 

(hh)            
 “Person” means any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act).

 

(ii)               
 “Plan” means this AerSale Corporation 2020 Equity Incentive Plan, as it may be amended and/or
restated from time to time.

 

(jj)               
 “Qualifying Director” means a Person who is, with respect to actions intended to obtain an exemption
from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within
the meaning of Rule 16b-3 under the Exchange Act.

 

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(kk)            
 “Restricted Period” means the period of time determined by the Committee during which an Award is subject
to restrictions, including vesting conditions.

 

(ll)               
 “Restricted Stock” means Common Stock, subject to certain specified restrictions (which may include,
without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified
period of time), granted under Section 9 of the Plan.

 

(mm)           
 “Restricted Stock Unit” means an unfunded and unsecured promise to deliver shares of Common Stock, cash,
other securities, or other property, subject to certain restrictions (which may include, without limitation, a requirement that
the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section
9 of the Plan.

 

(nn)             
 “SAR Period” has the meaning given to such term in Section 8(c) of the Plan.

 

(oo)            
 “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in
the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, or
other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations,
or guidance.

 

(pp)             
 “Service Recipient” means, with respect to a Participant holding a given Award, the member of the Company
Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to
which such original recipient provides, or following a Termination was most recently providing, services, as applicable.

 

(qq)             
 “Stock Appreciation Right” or “SAR” means an Award granted under Section 8
of the Plan.

 

(rr)               
 “Strike Price” has the meaning given to such term in Section 8(b) of the Plan.

 

(ss)              
 “Subsidiary” means, with respect to any specified Person:

 

(i)             
any corporation, association, or other business entity of which more than 50% of the total voting power of shares of such entity’s
voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)           
any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or the managing
general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents
thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(tt)              
 “Substitute Awards” has the meaning given to such term in Section 5(e) of the Plan.

 

(uu)            
 “Termination” means the termination of a Participant’s employment or service, as applicable, with
the Service Recipient for any reason (including death or Disability).

 

3.      
Effective Date; Duration. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after
which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however,
that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply
to such Awards.

 

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4.      
Administration.

 

(a)    General. The
Committee shall administer the Plan (except as otherwise permitted herein). To the extent required to comply with the provisions
of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that
each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended
to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the
fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan.

 

(b)    Committee Authority.
Subject to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition
to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine
the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered
by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine
the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled
in, or exercised for, cash, shares of Common Stock, other securities, other Awards, or other property, or canceled, forfeited,
or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock, other securities, other Awards,
or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election
of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in, and/or
supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish,
amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper
administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary
or desirable for the administration of the Plan.

 

(c)    Delegation. Except
to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation
system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities
and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any Person
or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the
generality of the foregoing, the Committee may delegate to one or more officers of any member of the Company Group the authority
to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or
which is allocated to, the Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to Non-Employee
Directors. Notwithstanding the foregoing in this Section 4(c), it is intended that any action under the Plan intended to qualify
for an exemption provided by Rule 16b-3 promulgated under the Exchange Act related to Persons who are subject to Section 16 of
the Exchange Act will be taken only by the Board or by a committee or subcommittee of two or more Qualifying Directors. However,
the fact that any member of such committee or subcommittee shall fail to qualify as a Qualifying Director shall not invalidate
any action that is otherwise valid under the Plan.

 

(d)    Finality of Decisions.
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or
with respect to the Plan, any Award, or any Award Agreement shall be within the sole discretion of the Committee, may be made at
any time, and shall be final, conclusive, and binding upon all Persons, including, without limitation, any member of the Company
Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

 

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(e)    Indemnification.
No member of the Board, the Committee, or any employee or agent of any member of the Company Group (each such Person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the
Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall
be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’
fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit,
or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason
of any action taken or omitted to be taken or determination made with respect to the Plan or any Award hereunder and against and
from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by
such Indemnifiable Person in satisfaction of any judgment in any such action, suit, or proceeding against such Indemnifiable Person,
and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall
include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined, as
provided below, that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall have
the right, at its own expense, to assume and defend any such action, suit, or proceeding and once the Company gives notice of its
intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice.
The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or
other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that
the acts, omissions, or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such
Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited
by law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall not
be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled
under the organizational documents of any member of the Company Group, as a matter of law, under an individual indemnification
agreement or contract, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold
such Indemnifiable Persons harmless.

 

(f)     Board Authority.
Notwithstanding anything to the contrary contained in the Plan, the Board, acting by a majority of its members in office, shall
conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and may, in its sole discretion,
at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board
shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock
is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

 

5.      
Grant of Awards; Shares Subject to the Plan; Limitations.

 

(a)    Grants. The Committee
may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall vest and become exercisable
in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation,
attainment of any performance conditions or metrics deemed appropriate by the Committee.

 

(b)   
Share Reserve and Limits. Awards granted under the Plan shall be subject to the following limitations: (i) subject to Section
11 of the Plan, no more than [Ÿ]
shares of Common Stock (the “Absolute Share Limit”) shall be available for Awards under the Plan; (ii)
subject to Section 11 of the Plan, no more than the number of shares of Common Stock equal to the Absolute Share Limit may be issued
in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan; and (iii) during a single fiscal year,
each Non-Employee Director shall be granted a number of shares of Common Stock subject to Awards, taken together with any cash
fees paid to such Non-Employee Director during such fiscal year, equal to (A) a total value of $[Ÿ]
(calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes) or
(B) such lower amount as determined by the Board prior to the Date of Grant, either as part of the Company’s Non-Employee
Director compensation program or as otherwise determined by the Board in the event of any change to such Non-Employee Director’s
compensation program or for any particular period of service. To the extent the Board makes a determination pursuant to clause
(iii)(B) above with respect to any year of service, such determination shall in no event be applicable to any subsequent year of
service without a further determination by the Board in respect of any subsequent year of service.

 

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(c)    Share Counting.
Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled, forfeited, terminated, settled
in cash, or otherwise is settled without issuance to the Participant of the full number of shares of Common Stock to which the
Award related, the unissued shares of Common Stock will again be available for grant under the Plan. [Shares of Common Stock withheld
in payment of the Exercise Price, or taxes relating to an Award, and shares equal to the number of shares surrendered in payment
of any Exercise Price, or taxes relating to an Award, shall be deemed to constitute shares not issued to the Participant and shall
be deemed to again be available for Awards under the Plan; provided, however, that such shares shall not become available
for issuance hereunder if either: (i) the applicable shares are withheld or surrendered following the termination of the Plan;
or (ii) at the time the applicable shares are withheld or surrendered, it would constitute a material revision of the Plan subject
to stockholder approval under any then-applicable rules of the national securities exchange on which the Common Stock is listed.]

 

(d)    Source of Shares.
Shares of Common Stock issued by the Company in settlement of Awards may be authorized and unissued shares, shares of Common Stock
held in the treasury of the Company, shares of Common Stock purchased on the open market or by private purchase, or a combination
of the foregoing.

 

(e)    Substitute Awards.
Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding
Awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute
Awards”). Substitute Awards shall not be counted against the Absolute Share Limit; provided, that Substitute
Awards issued in connection with the assumption of, or in substitution for, outstanding Options intended to qualify as “incentive
stock options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common
Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements and applicable
law, available shares of Common Stock under a stockholder-approved plan of an entity directly or indirectly acquired by the Company
or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used
for Awards under the Plan and shall not reduce the number of shares of Common Stock available for issuance under the Plan.

 

6.      
Eligibility. Participation in the Plan shall be limited to Eligible Persons.

 

7.      
Options.

 

(a)    General. Each
Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each Participant.
Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock
Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive
Stock Options shall be granted only to Eligible Persons who are employees of a member of the Company Group, and no Incentive Stock
Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option
shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner
intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided, that any Option
intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval,
but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case
of an Incentive Stock Option, the terms and conditions of such grant shall be subject to, and comply with, such rules as may be
prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof)
shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall
be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

 

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(b)    Exercise Price.
Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price (“Exercise Price”)
per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of
the Date of Grant); provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the
time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of any member
of the Company Group, the Exercise Price per share shall be no less than 110% of the Fair Market Value per share on the Date of
Grant.

 

(c)    Vesting and Expiration;
Termination.

 

(i)     Options shall
vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee
including, without limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding
any such vesting dates or events, the Committee may in its sole discretion accelerate the vesting of any Options at any time and
for any reason. Options shall expire upon a date determined by the Committee, not to exceed ten years from the Date of Grant (the
 “Option Period”); provided, that if the Option Period (other than in the case of an Incentive
Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading
policy (or Company-imposed “blackout period”), then the Option Period shall be automatically extended until the 30th
day following the expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option Period exceed five
years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock
representing more than 10% of the voting power of all classes of stock of any member of the Company Group.

 

(ii)   Unless otherwise provided
by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant’s Termination by the Service
Recipient for Cause, all outstanding Options granted to such Participant shall immediately terminate and expire; (B) a Participant’s
Termination due to death or Disability, each outstanding unvested Option granted to such Participant shall immediately terminate
and expire, and each outstanding vested Option shall remain exercisable for one year thereafter (but in no event beyond the expiration
of the Option Period); and (C) a Participant’s Termination for any other reason, each outstanding unvested Option granted
to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for 90
days thereafter (but in no event beyond the expiration of the Option Period).

 

(d)    Method of Exercise
and Form of Payment. No shares of Common Stock shall be issued pursuant to any exercise of an Option until payment in full
of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal,
state, local, and non-U.S. income, employment, and any other applicable taxes required to be withheld. Options which have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company (or telephonic instructions
to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price.
Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, the Exercise Price shall be payable: (i)
in cash, check, cash equivalent, and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised
(including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares
of Common Stock in lieu of actual issuance of such shares to the Company); provided, that such shares of Common Stock are
not subject to any pledge or other security interest and have been held by the Participant for at least six months (or such other
period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted
accounting principles (“GAAP”)); or (ii) by such other method as the Committee may permit in its sole
discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the
Exercise Price; (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless
exercise” pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee)
a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of
the Option and to deliver promptly to the Company an amount equal to the Exercise Price; or (C) a “net exercise” procedure
effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that is needed
to pay the Exercise Price. Any fractional shares of Common Stock shall be settled in cash.

 

    9

     

    

 

(e)    Notification upon
Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall
notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any share of Common
Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including,
without limitation, any sale) of such share of Common Stock before the later of (i) the date that is two years after the Date of
Grant of the Incentive Stock Option, or (ii) the date that is one year after the date of exercise of the Incentive Stock Option.
The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession,
as agent for the applicable Participant, of any share of Common Stock acquired pursuant to the exercise of an Incentive Stock Option
until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant
as to the sale of such share of Common Stock.

 

(f)     Compliance
With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner
which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other
applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8.      
Stock Appreciation Rights.

 

(a)    General. Each
SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the conditions set
forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award
Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons independent
of any Option.

 

(b)    Strike Price.
Except as otherwise provided by the Committee in the case of Substitute Awards, the strike price (“Strike Price”)
per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the
Date of Grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted
shall have a Strike Price equal to the Exercise Price of the corresponding Option.

 

(c)    Vesting and Expiration;
Termination.

 

(i)     A SAR granted
in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions
as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable in such manner and on such
date or dates or upon such event or events as determined by the Committee including, without limitation, those set forth in Section
5(a) of the Plan; provided, however, that notwithstanding any such vesting dates or events, the Committee may, in
its sole discretion, accelerate the vesting of any SAR at any time and for any reason. SARs shall expire upon a date determined
by the Committee, not to exceed ten years from the Date of Grant (the “SAR Period”); provided,
that if the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider
trading policy (or Company-imposed “blackout period”), then the SAR Period shall be automatically extended until the
30th day following the expiration of such prohibition.

 

(ii)   Unless otherwise provided
by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant’s Termination by the Service
Recipient for Cause, all outstanding SARs granted to such Participant shall immediately terminate and expire; (B) a Participant’s
Termination due to death or Disability, each outstanding unvested SAR granted to such Participant shall immediately terminate and
expire, and each outstanding vested SAR shall remain exercisable for one year thereafter (but in no event beyond the expiration
of the SAR Period); and (C) a Participant’s Termination for any other reason, each outstanding unvested SAR granted to such
Participant shall immediately terminate and expire, and each outstanding vested SAR shall remain exercisable for 90 days thereafter
(but in no event beyond the expiration of the SAR Period).

 

(d)    Method of Exercise.
SARs which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance
with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded.

 

(e)    Payment. Upon
the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that
is being exercised multiplied by the excess of the Fair Market Value of one share of Common Stock on the exercise date over the
Strike Price, less an amount equal to any Federal, state, local, and non-U.S. income, employment, and any other applicable taxes
required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any
combination thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash.

 

    10

     

    

 

 

9.      
Restricted Stock and Restricted Stock Units.

 

(a)    General. Each
grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Restricted Stock and Restricted
Stock Unit so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement.

 

(b)    Stock Certificates
and Book-Entry Notation; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause a stock
certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in
the name of the Participant and held in book-entry form subject to the Company’s directions and, if the Committee determines
that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of
the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an
escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect
to the Restricted Stock covered by such agreement. If a Participant shall fail to execute and deliver (in a manner permitted under
Section 13(a) of the Plan or as otherwise determined by the Committee) an agreement evidencing an Award of Restricted Stock and,
if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall
be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, a Participant generally
shall have the rights and privileges of a stockholder as to shares of Restricted Stock, including, without limitation, the right
to vote such Restricted Stock and receive dividends in respect of such Restricted Stock, subject to the limitations set forth in
Section 13(c)(ii). To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing
such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect
thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights or privileges
as a stockholder as to Restricted Stock Units.

 

(c)    Vesting; Termination.

 

(i)     Restricted Stock
and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner and on such date or dates
or upon such event or events as determined by the Committee including, without limitation, those set forth in Section 5(a) of the
Plan; provided, however, that notwithstanding any such dates or events, the Committee may, in its sole discretion,
accelerate the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted Period at any
time and for any reason.

 

(ii)   Unless otherwise provided
by the Committee, whether in an Award Agreement or otherwise, in the event of a Participant’s Termination for any reason
prior to the time that such Participant’s Restricted Stock or Restricted Stock Units, as applicable, have vested, (A) all
vesting with respect to such Participant’s Restricted Stock or Restricted Stock Units, as applicable, shall cease and (B)
unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited to the Company by the
Participant for no consideration as of the date of such Termination.

 

(d)    Issuance of Restricted
Stock and Settlement of Restricted Stock Units.

 

(i)     Upon the expiration
of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement
shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an
escrow arrangement is used, upon such expiration the Company shall issue to the Participant or the Participant’s beneficiary,
without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted
Stock which have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest
full share).

 

    11

     

    

 

(ii)   Unless otherwise provided
by the Committee in an Award Agreement or otherwise, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall issue to the Participant or the Participant’s beneficiary, without charge, one
share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; provided,
however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common Stock
in lieu of issuing only shares of Common Stock in respect of such Restricted Stock Units or (B) defer the issuance of shares of
Common Stock (or cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration of the Restricted
Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in
lieu of issuing shares of Common Stock in respect of such Restricted Stock Units, the amount of such payment shall be equal to
the Fair Market Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted
Stock Units.

 

(e)    Legends on Restricted
Stock. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any, shall bear a legend
or book entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate,
until the lapse of all restrictions with respect to such shares of Common Stock:

 

TRANSFER OF THIS CERTIFICATE AND THE SHARES
REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE Aersale Corporation 2020 EQUITY INCENTIVE PLAN AND A RESTRICTED
STOCK AWARD AGREEMENT BETWEEN Aersale Corporation AND THE PARTICIPANT. A
COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF Aersale Corporation.

 

10.   Other Equity-Based Awards
and Other Cash-Based Awards. The Committee may grant Other Equity-Based Awards and Other Cash-Based Awards under the Plan to
Eligible Persons, alone or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall
from time to time in its sole discretion determine including, without limitation, those set forth in Section 5(a) of the Plan.
Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and each Other Cash-Based Award granted
under the Plan shall be evidenced in such form as the Committee may determine from time to time. Each Other Equity-Based Award
or Other Cash-Based Award, as applicable, so granted shall be subject to such conditions not inconsistent with the Plan as may
be reflected in the applicable Award Agreement or other form evidencing such Award, including, without limitation, those set forth
in Section 13(c) of the Plan.

 

11.   Changes in Capital Structure
and Similar Events. Notwithstanding any other provision in this Plan to the contrary, the following provisions shall apply
to all Awards granted hereunder (other than Other Cash-Based Awards):

 

(a)    General. In the
event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common
Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, split-off, spin-off, combination, repurchase, or exchange of shares of Common Stock or other securities of the Company,
issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate
transaction or event that affects the shares of Common Stock (including a Change in Control), or (ii) unusual or nonrecurring events
affecting the Company, including changes in applicable rules, rulings, regulations, or other requirements, that the Committee determines,
in its sole discretion, could result in dilution or enlargement of the rights intended to be granted to, or available for, Participants
(any event in (i) or (ii), an “Adjustment Event”), the Committee shall, in respect of any such Adjustment
Event, make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of: (A) the Absolute Share
Limit, or any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder; (B) the
number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property)
which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan; and (C) the terms of any
outstanding Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company (or
number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate; (II)
the Exercise Price or Strike Price with respect to any Award; or (III) any applicable performance measures; provided, that
in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting
Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate
adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment under this Section 11 shall be conclusive
and binding for all purposes.

 

    12

     

    

 

(b)    Adjustment Events.
Without limiting the foregoing, except as may otherwise be provided in an Award Agreement, in connection with any Adjustment Event,
the Committee may, in its sole discretion, provide for any one or more of the following:

 

(i)     substitution or
assumption of Awards (or awards of an acquiring company), acceleration of the exercisability of, lapse of restrictions on, or termination
of Awards, or a period of time (which shall not be required to be more than ten days) for Participants to exercise outstanding
Awards prior to the occurrence of such event (and any such Award not so exercised shall terminate upon the occurrence of such event);
and

 

(ii)   subject to any limitations
or reductions as may be necessary to comply with Section 409A of the Code, cancellation of any one or more outstanding Awards and
payment to the holders of such Awards that are vested as of such cancellation (including, without limitation, any Awards that would
vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee
in connection with such event) the value of such Awards, if any, as determined by the Committee (which value, if applicable, may
be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event),
including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if
any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or
SAR over the aggregate Exercise Price or Strike Price of such Option or SAR (it being understood that, in such event, any Option
or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common
Stock subject thereto may be canceled and terminated without any payment or consideration therefor), or, in the case of Restricted
Stock, Restricted Stock Units, or Other Equity-Based Awards that are not vested as of such cancellation, a cash payment or equity
subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted
Stock Units, or Other Equity-Based Awards prior to cancellation, or the underlying shares in respect thereof.

 

Payments to holders pursuant to clause (ii) above shall be made
in cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive
property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence
of the transaction if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Common
Stock covered by the Award at such time (less any applicable Exercise Price or Strike Price).

 

(c)    Other Requirements.
Prior to any payment or adjustment contemplated under this Section 11, the Committee may require a Participant to (i) represent
and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of
any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset
rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as
may be necessary to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined
by the Committee.

 

(d)    Fractional Shares.
Any adjustment provided under this Section 11 may provide for the elimination of any fractional share that might otherwise become
subject to an Award.

 

    13

     

    

 

(e)    Binding Effect.
Any adjustment, substitution, determination of value or other action taken by the Committee under this Section 11 shall be conclusive
and binding for all purposes.

 

12.   Amendments and Termination.

 

(a)    Amendment and Termination
of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided,
that no such amendment, alteration, suspension, discontinuance, or termination shall be made without stockholder approval if: (i)
such approval is necessary to comply with any regulatory requirement applicable to the Plan (including, without limitation, as
necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities
of the Company may be listed or quoted) or for changes in GAAP to new accounting standards; (ii) it would increase the number of
securities which may be issued under the Plan (except for increases pursuant to Section 5 or 11 of the Plan), or (iii) it would
materially modify the requirements for participation in the Plan; provided, further, that any such amendment, alteration,
suspension, discontinuance, or termination that would materially and adversely affect the rights of any Participant or any holder
or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant,
holder, or beneficiary. Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 12(b) of the Plan
without stockholder approval.

 

(b)    Amendment of Award
Agreements. The Committee may, to the extent consistent with the terms of the Plan and any applicable Award Agreement, waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel, or terminate, any Award theretofore
granted or the associated Award Agreement, prospectively or retroactively (including after a Participant’s Termination);
provided, that, other than pursuant to Section 11, any such waiver, amendment, alteration, suspension, discontinuance, cancellation,
or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant; provided, further, that without stockholder
approval, except as otherwise permitted under Section 11 of the Plan, (i) no amendment or modification may reduce the Exercise
Price of any Option or the Strike Price of any SAR; (ii) the Committee may not cancel any outstanding Option or SAR and replace
it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash payment that
is greater than the intrinsic value (if any) of the canceled Option or SAR; and (iii) the Committee may not take any other action
which is considered a “repricing” for purposes of the stockholder approval rules of any securities exchange or inter-dealer
quotation system on which the securities of the Company are listed or quoted.

 

13.   General.

 

(a)    Award Agreements.
Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced by an Award Agreement, which shall be delivered
to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable
thereto, including, without limitation, the effect on such Award of the death, Disability, or Termination of a Participant, or
of such other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form
(written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment
agreement, a notice, a certificate, or a letter) evidencing the Award. The Committee need not require an Award Agreement to be
signed by the Participant or a duly authorized representative of the Company.

 

(b)    Nontransferability.

 

(i)     Each Award shall
be exercisable only by such Participant to whom such Award was granted during the Participant’s lifetime, or, if permissible
under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged,
attached, sold, or otherwise transferred or encumbered by a Participant (unless such transfer is specifically required pursuant
to a domestic relations order or by applicable law) other than by will or by the laws of descent and distribution and any such
purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against any
member of the Company Group; provided, that the designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer, or encumbrance.

 

    14

     

    

 

(ii)   Notwithstanding the foregoing,
the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant,
without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve
the purposes of the Plan, to: (A) any Person who is a “family member” of the Participant, as such term is used in the
instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities
and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit
of the Participant and the Participant’s Immediate Family Members; (C) a partnership or limited liability company whose only
partners or stockholders are the Participant and the Participant’s Immediate Family Members; or (D) a beneficiary to whom
donations are eligible to be treated as “charitable contributions” for federal income tax purposes (each transferee
described in clauses (A), (B), (C), and (D) above is hereinafter referred to as a “Permitted Transferee”);
provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed
transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

 

(iii) The terms of any Award transferred in
accordance with clause (ii) above shall apply to the Permitted Transferee and any reference in the Plan or in any applicable Award
Agreement to a Participant shall be deemed to refer to the Permitted Transferee, except that: (A) Permitted Transferees shall not
be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall
not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form
covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent
with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee
nor the Company shall be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise
have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant’s
Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant,
including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in the Plan and the applicable Award Agreement.

 

(c)    Dividends and Dividend
Equivalents.

 

(i)     The Committee
may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents, or similar payments
in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current or
deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including, without limitation,
payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment
in additional shares of Common Stock, Restricted Stock or other Awards.

 

(ii)   Without limiting the foregoing,
unless otherwise provided in the Award Agreement, any dividend otherwise payable in respect of any share of Restricted Stock that
remains subject to vesting conditions at the time of payment of such dividend shall be retained by the Company, remain subject
to the same vesting conditions as the share of Restricted Stock to which the dividend relates and shall be delivered (without interest)
to the Participant within 15 days following the date on which such restrictions on such Restricted Stock lapse (and the right to
any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends relate).

 

(iii)   To the extent provided in an Award Agreement,
the holder of outstanding Restricted Stock Units shall be entitled to be credited with dividend equivalent payments (upon the payment
by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion of the Committee, in shares of
Common Stock having a Fair Market Value equal to the amount of such dividends (and interest may, in the sole discretion of the
Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee),
which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying
Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such Restricted Stock
Units, and if such Restricted Stock Units are forfeited, the Participant shall have no right to such dividend equivalent payments
(or interest thereon, if applicable).

 

    15

     

    

 

(d)    Tax Withholding.

 

(i)     A Participant
shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash (by check or wire
transfer) equal to the aggregate amount of any income, employment, and/or other applicable taxes that are statutorily required
to be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect, in its sole discretion,
to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant.

 

(ii)   Without limiting the foregoing,
the Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy all or any portion
of the maximum income, employment, and/or other applicable taxes that are statutorily required to be withheld with respect to an
Award by: (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) that have
been both held by the Participant and vested for at least six months (or such other period as established from time to time by
the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market
Value equal to such maximum statutorily required withholding liability (or portion thereof); or (B) having the Company withhold
from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon
the grant, exercise, vesting, or settlement of the Award, as applicable, a number of shares of Common Stock with an aggregate Fair
Market Value equal to an amount, subject to clause (iii) below, not in excess of such maximum statutorily required withholding
liability (or portion thereof).

 

(iii) The Committee, subject to its having
considered the applicable accounting impact of any such determination, has full discretion to allow Participants to satisfy, in
whole or in part, any additional income, employment, and/or other applicable taxes payable by them with respect to an Award by
electing to have the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise
be retained by, a Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, shares of Common Stock
having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but
such withholding may in no event be in excess of the maximum statutory withholding amount(s) in a Participant’s relevant
tax jurisdictions).

 

(e)    Data Protection.
By participating in the Plan or accepting any rights granted under it, each Participant consents to the collection and processing
of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise
their rights under the Plan and generally administer and manage the Plan. This data will include, but may not be limited to, data
about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to time and other appropriate
financial and other data (such as the date on which the Awards were granted) about the Participant and the Participant’s
participation in the Plan.

 

(f)     No Claim to
Awards; No Rights to Continued Employment; Waiver. No employee of any member of the Company Group, or other Person, shall have
any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for
a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards.
The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be
the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are
similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be
retained in the employ or service of the Service Recipient or any other member of the Company Group, nor shall it be construed
as giving any Participant any rights to continued service on the Board. The Service Recipient or any other member of the Company
Group may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability
or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under
the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages
or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement,
except to the extent of any provision to the contrary in any written employment contract or other agreement between the Service
Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on, or after
the Date of Grant.

 

    16

     

    

 

(g)    Designation and Change
of Beneficiary. Each Participant may file with the Committee a written designation of one or more Persons as the beneficiary
or beneficiaries, as applicable, who shall be entitled to receive the amounts payable with respect to an Award, if any, due under
the Plan upon the Participant’s death. A Participant may, from time to time, revoke or change the Participant’s beneficiary
designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation
received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof,
shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective
as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to
be the Participant’s spouse or, if the Participant is unmarried at the time of death, the Participant’s estate.

 

(h)    Termination.
Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point following such event:
(i) neither a temporary absence from employment or service due to illness, vacation, or leave of absence (including, without limitation,
a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service
with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination;
and (ii) if a Participant undergoes a Termination, but such Participant continues to provide services to the Company Group in a
non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise
determined by the Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale,
divestiture, spin-off, or other similar transaction), unless a Participant’s employment or service is transferred to another
entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have
suffered a Termination hereunder as of the date of the consummation of such transaction.

 

(i)     No Rights as
a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no Person shall be entitled to
the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been
issued or delivered to such Person.

 

(j)     Government
and Other Regulations.

 

(i)     The obligation
of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all applicable laws, rules,
and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of
any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering
to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant
to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel (if
the Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration
pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The
Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered
or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities of
any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the
Committee may deem advisable under the Plan, the applicable Award Agreement, the Federal securities laws, or the rules, regulations,
and other requirements of the Securities and Exchange Commission and any securities exchange or inter-dealer quotation system on
which the securities of the Company are listed or quoted, and any other applicable Federal, state, local, or non-U.S. laws, rules,
regulations, and other requirements, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend
or legends to be put on certificates representing shares of Common Stock or other securities of any member of the Company Group
issued under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of
any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company’s instructions
or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves
the right to add, at any time, any additional terms or provisions to any Award granted under the Plan that the Committee, in its
sole discretion, deems necessary or advisable in order that such Award complies with the legal requirements of any governmental
entity to whose jurisdiction the Award is subject.

 

    17

     

    

 

(ii)   The Committee may cancel
an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage
and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets,
the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of Common Stock from the Company,
and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable, or inadvisable. If the Committee
determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall, subject to any limitations
or reductions as may be necessary to comply with Section 409A of the Code: (A) pay to the Participant an amount equal to the excess
of (I) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined
as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable), over (II) the
aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of
issuance of shares of Common Stock (in the case of any other Award), with such amount being delivered to the Participant as soon
as practicable following the cancellation of such Award or portion thereof or (B) in the case of Restricted Stock, Restricted Stock
Units, or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery
consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards,
or the underlying shares in respect thereof.

 

(k)    Section 83(b) Elections.
If a Participant, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, makes an election under
Section 83(b) of the Code or a similar provision of law, the Participant shall notify the Company of such election within ten days
of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and
notification required pursuant to Section 83(b) of the Code or other applicable provision.

 

(l)     Payments to
Persons Other Than Participants. If the Committee shall find that any Person to whom any amount is payable under the Plan is
unable to care for the Participant’s affairs because of illness or accident, or is a minor, or has died, then any payment
due to such Person or the Participant’s estate (unless a prior claim therefor has been made by a duly appointed legal representative)
may, if the Committee so directs the Company, be paid to the Participant’s spouse, child, relative, an institution maintaining
or having custody of such Person, or any other Person deemed by the Committee to be a proper recipient on behalf of such Person
otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company
therefor.

 

(m)  Nonexclusivity of the Plan.
Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval shall
be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable,
including, without limitation, the granting of equity-based awards otherwise than under the Plan, and such arrangements may be
either applicable generally or only in specific cases.

 

(n)    No Trust or Fund
Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No
provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to
purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets,
nor shall the Company be obligated to maintain separate bank accounts, books, records, or other evidence of the existence of a
segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other
than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other service providers under general law.

 

    18

     

    

 

(o)    Reliance on Reports.
Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may
be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent
public accountant of any member of the Company Group and/or any other information furnished in connection with the Plan by any
agent of the Company or the Committee or the Board, other than himself or herself.

 

(p)    Relationship to Other
Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically provided in such other plan
or as required by applicable law.

 

(q)   
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware
applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws’
provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION,
OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER.

 

(r)     Severability.
If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by
the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be construed or deemed stricken as to such jurisdiction, Person, or Award and the remainder of the Plan and any
such Award shall remain in full force and effect.

 

(s)     Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation, or other reorganization of the Company, or upon any successor corporation or organization
succeeding to substantially all of the assets and business of the Company.

 

(t)     Section 409A
of the Code.

 

(i)     Notwithstanding
any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with (or are otherwise exempt
from) Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable
for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the
Plan (including any taxes and penalties under Section 409A of the Code), and neither the Service Recipient nor any other member
of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from
any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject
to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases)
shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of
the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment.

 

(ii)   Notwithstanding anything
in the Plan to the contrary, if a Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code
and which would otherwise be payable upon the Participant’s “separation from service” (as defined in Section
409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s
 “separation from service” or, if earlier, the date of the Participant’s death. Following any applicable six-month
delay, all such delayed payments will be paid in a single lump sum (without interest) on the earliest date permitted under Section
409A of the Code that is also a business day.

 

    19

     

    

 

(iii)   Unless otherwise provided by the Committee
in an Award Agreement or otherwise, in the event that the timing of payments in respect of any Award (that would otherwise be considered
 “deferred compensation” subject to Section 409A of the Code) are accelerated upon the occurrence of (A) a Change in
Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the definition
of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the
assets of a corporation, pursuant to Section 409A of the Code or (B) a Disability, no such acceleration shall be permitted unless
the Disability also satisfies the definition of “Disability” pursuant to Section 409A of the Code.

 

(u)    Clawback/Repayment.
All Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any
clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii)
applicable law. Further, unless otherwise determined by the Committee, to the extent that the Participant receives any amount in
excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including,
without limitation, by reason of a financial restatement, mistake in calculations, or other administrative error), the Participant
shall be required to repay any such excess amount to the Company.

 

(v)    Detrimental Activity.
Notwithstanding anything to the contrary contained herein, if a Participant has engaged in any Detrimental Activity, as determined
by the Committee, the Committee may, in its sole discretion, provide for one or more of the following:

 

(i)     cancellation of
any or all of such Participant’s outstanding Awards; or

 

(ii)   forfeiture by the Participant
of any gain realized on the vesting or exercise of Awards, and repayment of any such gain promptly to the Company.

 

(w)  Right of Offset. The Company
will have the right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan
or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances,
loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile,
or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise
deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award is “deferred
compensation” subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver
shares of Common Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant
to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award.

 

(x)    Expenses; Titles
and Headings. The expenses of administering the Plan shall be borne by the Company Group. The titles and headings of the sections
in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles
or headings, shall control.

 

    20Exhibit 10.3

 

FINAL FORM

 

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [·],
2020, is made and entered into by and among Monocle Holdings Inc., a Delaware corporation (the “Company”),
Monocle Acquisition Corporation, a Delaware corporation (“Monocle”), Monocle Partners, LLC, a Delaware
limited liability company (the “Sponsor”), Cowen Investments II LLC, a Delaware limited liability company
(“Cowen Investments” and together with the Sponsor, the “Founders”) and the
undersigned parties listed under Holder on the signature pages hereto (each such party, together with the Sponsor, Cowen Investments,
and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement,
a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS, the Founders
and certain other Holders entered into that certain Registration Rights Agreement (the “Prior Registration Rights Agreement”),
dated as of February 6, 2019, with Monocle;

 

WHEREAS, the Company
entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of December
8, 2019, with Monocle, Monocle Merger Sub 1 Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“Merger
Sub 1”), Monocle Merger Sub 2 LLC, a Delaware limited liability company and indirect, wholly-owned subsidiary of
the Company (“Merger Sub 2”), AerSale Corp. (“AerSale”), and solely in its
capacity as the Holder Representative (as defined in the Merger Agreement), Leonard Green & Partners, L.P.;

 

WHEREAS, pursuant to
the Merger Agreement, 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 “Merger”);

 

WHEREAS, pursuant to
the Merger Agreement, and as a condition to the obligations of the Company, Merger Sub 1, Merger Sub 2 and AerSale to consummate
the Mergers, the parties hereto desire to amend and restate the Prior Registration Rights Agreement and enter into this Agreement,
in order to, among other things, grant the Holders certain registration rights with respect to securities of the Company, as set
forth in this Agreement; and

 

WHEREAS, pursuant to
the Merger Agreement, and as a condition to the obligations of the Company, Merger Sub and AerSale to consummate the Merger, certain
of the Holders are also entering into that certain Lock-up letter agreement to be executed concurrently with this Agreement (the
 “Lock-up Agreement”), pursuant to which each such

 

Holder that is a party thereto has agreed
not to transfer shares of capital stock of the Company for the Lock-up Period.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree that the Prior
Registration Rights Agreement is hereby amended and restated in its entirety as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section 1.1           
Definitions. The terms defined in this Article
I shall, for all purposes of this Agreement, have the respective meanings set forth below:

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or any principal financial officer of the Company, after consultation with counsel to the
Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were
not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

 

“AerSale”
shall have the meaning given in the Recitals.

 

“AerSale
Sellers” shall mean the LGP Parties, Florida Growth Fund LLC, a Delaware limited liability company, Enarey, LP, a
Nevada limited partnership, and Thoughtvalley Limited Partnership, a Nevada limited partnership, collectively.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Coordination
Notice” shall have the meaning given in subsection 2.4.3.

 

“Coordination
Transfer” shall have the meaning given in subsection 2.4.3.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common Stock”
shall mean the Company’s common stock, par value $0.0001 per share.

 

“Company”
shall have the meaning given in the Preamble.

 

    2

     

    

 

“Covered
Sales” means any transfer of Registrable Securities, other than pursuant to Section 2.1, Section 2.2 or
Section 2.3 of this Agreement or to a Permitted Transferee.

 

“Cowen Investments”
shall have the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-3”
shall have the meaning given in subsection 2.3.

 

“Founder
Shares” shall mean the 4,312,500 shares of Common Stock, issued to the Founders and certain other Holders prior to
the date hereof in certain private placements and subsequent transfers.

 

“Founders”
shall have the meaning given in the Preamble.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of February 6, 2019, by and among Monocle, the Founders
and each of Monocle’s officers, directors and director nominees.

 

“LGP Parties”
means Green Equity Investors V, L.P., a Delaware limited partnership, Green Equity Investors Side V, L.P., a Delaware limited partnership,
LGP Parts Coinvest, LLC, a Delaware limited liability company, collectively.

 

“Lock-up
Agreement” shall have the meaning given in the Recitals.

 

“Lock-up
Period” means (i) with respect to the Registrable Securities held by the Holders which are parties to the
Insider Letter, and notwithstanding any amendments or modifications to the Insider Letter after the date of the Merger
Agreement, the period ending on the earlier of one year after the Closing (as defined in the Merger Agreement) or earlier if,
subsequent to such Closing, (A) the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Company’s initial Business Combination (as defined in the Merger
Agreement), or (B) such date on which the Company completes a liquidation, merger, stock exchange or other similar
transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock
for cash, securities or other property, and (ii) with respect to (w) the shares of Common Stock received pursuant to the
Merger Agreement, (x) Earnout Shares (as defined in the Merger Agreement), to the extent any are received after the date
hereof, (y) any outstanding share of Common Stock or any other equity security (including the shares of Common Stock issued
or issuable upon the exercise of any other equity security) of the Company, and (z) any other equity security of the Company
issued or issuable with respect to any such share of Common Stock included in clause (ii)(w), (ii)(x) and (ii)(y) by way of a
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization, in each case held by the AerSale Sellers, such period as defined in the Lock-up Agreement.

 

    3

     

    

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.4.

 

“Merger”
shall have the meaning given in the Recitals.

 

“Merger Agreement”
shall have the meaning given in the Recitals.

 

“Merger Sub
1” shall have the meaning given in the Recitals.

 

“Merger Sub
2” shall have the meaning given in the Recitals.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.

 

“Notifying
Investor” shall have the meaning given in subsection 2.4.3.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer
such Registrable Securities prior to the expiration of the applicable Lock-up Period, as the case may be, under the Insider Letter
and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback
Registration” shall have the meaning given in subsection 2.2.1.

 

“Prior Registration
Rights Agreement” shall have the meaning given in the Recitals.

 

“Private
Units” shall mean the 717,500 units of the Company purchased by the Founders pursuant to the Company’s initial
public offering, with each such unit consisting of one share of Common Stock and one Private Warrant.

 

“Private
Warrants” shall mean the warrants issued to the Founders pursuant to the Company’s initial public offering
that entitles the holder to purchase one share of Common Stock at a price of $11.50 per share.

 

“Pro
Rata Portion” means, with respect to any Stockholder, the aggregate number of Registrable Securities to be
transferred, multiplied by such Stockholder’s percentage ownership of Registrable Securities held by all Stockholders;
provided, however, that in any Rule 144 Transfer the Registrable Securities to be transferred shall be deemed to be the
maximum aggregate number of Registrable Securities held by the Stockholders that are then permitted to be sold by the
Stockholders as a group in accordance with Rule 144.

 

    4

     

    

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Founder Shares, (b) the Private Warrants (including any shares of Common Stock issued
or issuable upon the exercise of any such Private Warrants), (c) the Private Units (including any shares of Common Stock and Private
Warrants underlying the Private Units), (d) any outstanding shares of Common Stock or any other equity security (including the
shares of Common Stock issued or issuable upon the exercise of any other equity security) of the Company received pursuant to the
Merger Agreement or held by a Holder as of the date of this Agreement, (e) any shares of NewCo Preferred Stock (as defined in the
Merger Agreement) and any shares of NewCo Common Stock issued or issuable upon the conversion of shares of NewCo Preferred Stock,
to the extent any are received after the date hereof, (f) any shares of Common Stock and Earnout Shares, to the extent any are
received after the date hereof, (g) any equity securities (including the shares of Common Stock issued or issuable upon the exercise
of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000
made to the Company by a Holder, and (h) any other equity security of the Company issued or issuable with respect to any such share
of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities
shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have
become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities
not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of
such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding;
(D) such securities (including all Registrable Securities of the same Holder plus all Registrable Securities held by any other
Holders controlling, controlled by or under common control with such Holder) may be sold without registration in a single 90-day
period in full compliance with Rule 144 (or any successor rule promulgated thereafter by the Commission); or (E) such securities
have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

 

    5

     

    

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A)      all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any securities exchange on which the Common Stock is then listed;

 

(B)       fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(C)       printing,
messenger, telephone and delivery expenses;

 

(D)       reasonable
fees and disbursements of counsel for the Company;

 

(E)        reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and

 

(F)        reasonable
fees and expenses of one legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration
to be registered for offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Rule 144”
means Rule 144 under the Securities Act.

 

“Rule 144
Transfer” means any transfer conducted in accordance with Rule 144.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Registration
Statement” shall have the meaning given in Section 2.3.

 

“Shelf Request”
shall have the meaning given in Section 2.3.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Stockholder”
shall have the meaning given in subsection 2.4.3.

 

“Takedown”
shall have the meaning given in Section 2.3.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities
of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

    6

     

    

 

ARTICLE
II

 

REGISTRATIONS

 

Section 2.1           
Demand Registration.

 

2.1.1       
Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof,
at any time and from time to time on or after the date hereof, (i) Cowen Investments, (ii) the Holders of at least fifty percent
(50%) of the then-outstanding number of Registrable Securities not held by Cowen Investments or the AerSale Sellers or (iii) the
Holders of at least fifty percent (50%) of the then-outstanding number of Registrable Securities held by the AerSale Sellers (Cowen
Investments or such Holder(s) identified in clauses (ii) or (iii), as the case may be, the “Demanding Holders”
and each, a “Demanding Holder”), may make a written demand for Registration of all or part of their Registrable
Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended
method(s) of distribution thereof (such written demand a “Demand Registration”). The Company shall, within
ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities
of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in a Registration pursuant to a Demand Registration and is not then subject to a Lock-up Period (each such
Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting
Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice
from the Company; provided that if a Demand Registration is with respect to shares of NewCo Preferred Stock, the Company
shall only deliver such notice to the other Holders of shares of NewCo Preferred Stock and only such holders shall have the right
to participate in such Demand Registration as a Requesting Holder and only with respect to shares of NewCo Preferred Stock held
by such Holder. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting
Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and
the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s
receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting
Holders pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than one (1)
Demand Registration during the period beginning 180 days after the Company’s initial Business Combination and ending 365
days after the Company’s initial Business Combination or in any three (3) month period thereafter under this subsection 2.1.1.

 

2.1.2       
Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of
this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration
Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective
by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto;
provided, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities
in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission,
federal or state court or any other governmental agency the Registration Statement with respect to such Registration shall be
deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority in interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively
elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days,
of such election; provided, further, that the Company shall not be obligated or required to file another Registration
Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand
Registration becomes effective or is subsequently terminated.

 

    7

     

    

 

2.1.3       
Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof,
if a Demanding Holder advises the Company as part of its Demand Registration that the offering of the Registrable Securities pursuant
to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting
Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation
in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to
the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering
under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Demanding Holder initiating the Demand Registration.

 

2.1.4        Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a
Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing
that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any)
desire to sell, taken together with all other Common Stock or other equity securities that the Company desires to sell and
the Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back
registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of
equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall
include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the
Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and
Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of
Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten
Registration) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), Common Stock or other equity securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Common
Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration
pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum
Number of Securities.

 

    8

     

    

 

2.1.5       
Demand Registration Withdrawal. Any Demanding Holder shall have the right to withdraw from a Registration pursuant
to a Demand Registration initiated by such Demanding Holder for any or no reason whatsoever upon written notification to the Company
and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of
the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant
to such Demand Registration. If a Demanding Holder withdraws from a proposed offering pursuant to this Section 2.1.5
and such Demanding Holder pays or reimburses the Company for such Demanding Holder’s pro rata share of Registration Expenses
incurred in connection with the withdrawn Registration (based on the number of securities such Demanding Holder sought to register,
as compared to the total number of securities included in such Demand Registration), then such registration shall not count as
a Demand Registration provided for in Section 2.1.

 

Section 2.2           
Piggyback Registration.

 

2.2.1        Piggyback
Rights. If, at any time on or after the date hereof, the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the
Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1
hereof), including a Shelf Registration Statement but other than a Registration Statement (i) filed in connection with any
employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the
Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the
Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all
of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing
date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such
offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
in such offering, and (B) offer to all of the Holders of Registrable Securities that are not then subject to a Lock-up Period
the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within
five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall
use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the
Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback
Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to
permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
Company.

 

    9

     

    

 

2.2.2       
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration
that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating
in the Piggyback Registration in writing that the dollar amount or number of shares of Common Stock that the Company and/or the
Holders of Registrable Securities desire to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration
has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable
Securities hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2
hereof, and (iii) the shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written
contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

If the Registration is
undertaken for the Company’s account, the Company shall include in any such Registration (A) first, Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1
hereof, pro rata, based on the respective number of Registrable Securities that each Holder has so requested, which can be sold
without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A) and (B), Common Stock, if any, as to which Registration has been requested pursuant
to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding
the Maximum Number of Securities; and

 

2.2.3       
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any)
of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination
or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4       
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

    10

     

    

 

Section 2.3           
Registrations on Form S-3. Any Demanding Holder may at any time, and from time to time, request in writing that
the Company register the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration
statement that may be available at such time (“Form S-3”). Within five (5) days of the Company’s
receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall
promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each
Holder of Registrable Securities who is not then subject to a Lock-up Period and thereafter wishes to include all or a portion
of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within
ten (10) days after the receipt by the Holder of the notice from the Company; provided that if such request for a Registration
on Form S-3 is with respect to shares of NewCo Preferred Stock, the Company shall only deliver such notice to the other Holders
of shares of NewCo Preferred Stock and only such holders shall have the right to include all or a portion of such Holder’s
shares of NewCo Preferred Stock in such Registration on Form S-3. As soon as practicable thereafter, but not more than twenty
(20) days after the Company’s initial receipt of such written request for a Registration on Form S-3, the Company shall
register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together
with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in
the written notification given by such Holder or Holders; provided, however, that the Company shall not be
obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such
offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the
Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities
(if any) at any aggregate price to the public of less than $10,000,000. All
written requests from a Demanding Holder to effect a registration on Form S-3 pursuant to this Section 2.3
shall indicate whether such Holder(s) intend to effect the offering
promptly following effectiveness of the Registration Statement or whether they intend for the Form S-3 to remain effective so
that they may effect the offering on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any
successor rule promulgated thereafter by the Commission), including, to the extent the Company is a well-known seasoned issuer
(within the meaning of Rule 405 under the Securities Act), an automatic shelf registration statement (as defined in Rule 405 under
the Securities Act) (a “Shelf
Request” and such registration statement, a “Shelf Registration
Statement”). In the event that at any time there is an effective Shelf Registration
Statement, upon a written request from any Demanding
Holder that is entitled to sell securities pursuant to such Shelf Registration Statement (a “Takedown”),
the Company will, as soon as practicable, (a) deliver a notice relating to the proposed Takedown to all other Holders who are
named or are entitled to be named as a selling shareholder in the Form S-3 contained in such Shelf Registration Statements and
(b) promptly (and in any event not later than ten (10) days after receiving such request) supplement the prospectus included in
the Shelf Registration Statement as would permit or facilitate the sale and distribution of all or such portion
of the Demanding Holders’
Registrable Securities as are specified in such request, together with the Registrable Securities requested
to be included in such Takedown by any Holders who notify
the Company in writing within ten (10) days after receipt of such notice from the Company. For the avoidance of doubt, a Takedown
shall not constitute a Demand Registration of any Demanding Holder pursuant to Section 2.1; provided, however that if such Takedown is an Underwritten Registration, the provisions of subsection 2.1.4 shall apply to such Takedown.

 

    11

     

    

 

Section 2.4           
Restrictions on Registration Rights.

 

2.4.1       
If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the
date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated
Registration (the “Deferral Period”) and provided that the Company has delivered written notice to the
Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ,
in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders
have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters
to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental
to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at
such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating
that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement
to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such
event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days at the end of such
Deferral Period; provided, however, that the Company shall not defer its obligation in this manner more than once in any
12 month period. Notwithstanding anything to the contrary contained in this Agreement, no Registration Statement shall become
effective with respect to any Registrable Securities held by any Holder until after the expiration of the Lock-up Period applicable
to such Holder.

 

2.4.2       
Notwithstanding anything to the contrary contained in this Agreement, no Holder shall be entitled to request, and the Company
shall not be obligated to effect any Registration (including any Demand Registration, Piggyback Registration, request to register
Registrable Securities as a Requesting Holder or pursuant to a Piggyback Registration, or otherwise) pursuant to this Agreement
with respect to any Registrable Securities of any Holder during such Holder’s applicable Lock-up Period; provided
that a Holder shall be entitled to cause the Company to take actions pursuant to this Agreement to cause a Registration during
such Holder’ Lock-up Period in order to enable the Company to effect such Registration as promptly as possible following
the expiration of such Lock-up Period.

 

2.4.3        Following
the date hereof, the Founders and the LGP Parties (each Founder and each LGP Party, a
 “Stockholder”) will use commercially reasonable efforts to coordinate any Covered Sales (any such
transfer, a “Coordination Transfer”) of Registrable Securities held by them in accordance with this subsection
2.4.3; provided, that (i) no Stockholder will be required to coordinate any Covered Sale that involves only shares
of the Company with any other Stockholder that is then subject to a Lock-up Period and (ii) the LGP Parties will not be
required to coordinate any Covered Sale involving only shares of NewCo Preferred Stock with any of the Founders. Prior to any
such Coordination Transfer, the applicable Stockholder (the “Notifying Investor”) shall provide the
other Stockholders with at least five (5) days prior written notice (a “Coordination Notice”) of
the Notifying Investor’s intention to transfer Registrable Securities held by it in a Covered Sale. The Coordination
Notice is intended to permit all Stockholders electing to transfer Registrable Securities held by them at such time to
coordinate the timing and process for transferring such Registrable Securities in an orderly fashion. Subject to the
foregoing provisions of this subsection 2.4.3, the Stockholder receiving a Coordination Notice shall be entitled to
effect Coordination Transfers of a number of Registrable Securities held by it equal to such Stockholder’s Pro Rata
Portion (subject to the proviso to the first sentence of this subsection 2.4.3). Each Coordination Notice shall
specify (i) the earliest time at which such Stockholder intends to commence a Covered Sale pursuant to this Section
2.4.3, and (ii) to the extent the Covered Sale is a Rule 144 Transfer, (A) whether such a Covered Sale will commence a
new measurement period for purposes of the Rule 144 group volume limit or is part of a continuing measurement period
previously commenced by another Coordination Notice related to a Rule 144 Transfer, and (B) the volume limit for each
Stockholder for that measurement period, determined as of its commencement. The obligations with respect to Covered Sales set
forth in this subsection 2.4.3 shall no longer be applicable at such time as either the Sponsors (and their Permitted
Transferees), collectively, or the LGP Parties (and their Permitted Transferees), collectively, cease to own at least five
percent (5%) of the outstanding Common Stock.

 

    12

     

    

 

ARTICLE
III

 

COMPANY PROCEDURES

 

Section 3.1           
General Procedures. If at any time on or after the
date hereof the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts
to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1       
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;

 

3.1.2       
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such
supplements to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as
may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities
Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by
such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or supplement to the Prospectus;

 

3.1.3       
prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to
the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
(in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such
Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of
Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate
the disposition of the Registrable Securities owned by such Holders;

 

    13

     

    

 

3.1.4       
prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in
the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders
of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities
in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject
to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5       
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar
securities issued by the Company are then listed;

 

3.1.6       
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than
the effective date of such Registration Statement;

 

3.1.7       
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of
the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such stop order should be issued;

 

3.1.8       
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to
such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

3.1.9       
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under
the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement,
as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10     
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders
or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and
cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative,
Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives
or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to
the release or disclosure of any such information;

 

    14

     

    

 

3.1.11    
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event
of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Holders;

 

3.1.12     
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such
date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent
or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are
customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of
the participating Holders;

 

3.1.13     
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter of such offering;

 

3.1.14     
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of
at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective
date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any successor rule promulgated thereafter by the Commission);

 

3.1.15     
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000,
use its reasonable efforts to make available senior executives of the Company to participate in customary “road show”
presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16   
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
Holders, in connection with such Registration.

 

Section 3.2           
Registration Expenses. Except as set forth in Section
2.1.5, the Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that
the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

Section 3.3            Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell
such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii)
completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting
agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

 

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Section 3.4           
Suspension of Sales; Adverse Disclosure. Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders
shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented or
amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such
supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by
the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the
inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s
control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness
of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days,
determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the
preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of
the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall
immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

 

Section 3.5           
Reporting Obligations. As long as any Holder shall
own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to
file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders
with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any
Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock
held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144
promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any
legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

ARTICLE
IV

 

INDEMNIFICATION AND CONTRIBUTION

 

Section 4.1           
Indemnification.

 

4.1.1        The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and
directors and agents and each person who controls such Holder (within the meaning of the Securities Act) against all losses,
claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement
of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in
writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers
and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as
provided in the foregoing with respect to the indemnification of the Holder.

 

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4.1.2       
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder
shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished
in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several,
not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities
shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant
to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the
foregoing with respect to indemnification of the Company.

 

4.1.3        Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any
person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying
party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such
claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall
not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall
not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party
shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which
cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to
the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

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4.1.4       
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall
survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees
to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

4.1.5       
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to
correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5
shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata
allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this
subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

ARTICLE
V

 

MISCELLANEOUS

 

Section 5.1             Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii)
delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic
mail, telecopy or telegram. Each notice or communication that is mailed, delivered, or transmitted in the manner described
above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business
day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery,
electronic mail, telecopy or telegram, at such time as it is delivered to the addressee (with the delivery receipt or the
affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or
communication under this Agreement must be addressed, if to the Company, to: 750 Lexington Avenue, Suite 1501, New York, NY
10022, Attention: Eric J. Zahler, and, if to any Holder, at such Holder’s address as set forth in the Company’s
books and records. Any party may change its address for notice at any time and from time to time by written notice to the
other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as
provided in this Section 5.1.

 

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Section 5.2           
Assignment; No Third Party Beneficiaries.

 

5.2.1       
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

5.2.2       
Prior to the expiration of the applicable Lock-up Period, no Holder may assign or delegate such Holder’s rights, duties
or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such
Holder to a Permitted Transferee, but only if such Permitted Transferee agrees to become bound by the transfer restrictions set
forth in this Agreement and other applicable agreements.

 

5.2.3       
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and
its successors and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4       
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly
set forth in this Agreement and Section 5.2 hereof.

 

5.2.5       
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or
obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.2.6       
Counterparts. This Agreement may be executed in multiple
counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall
constitute the same instrument, but only one of which need be produced.

 

Section 5.3            Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE
THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS AMONG DELAWARE RESIDENTS ENTERED
INTO AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF DELAWARE AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THE
AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN THE STATE OF DELAWARE.

 

EACH PARTY HERETO ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND,
THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

    19

     

    

 

Section 5.4           
Amendments and Modifications. Upon the written consent
of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance
with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants
or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment
hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of capital
stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or
delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver
of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement
by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

Section 5.5           
Other Registration Rights. The Company represents
and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any
securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the
sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that
this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event
of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

Section 5.6            
Term. This Agreement shall terminate on the date
as of which (i) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to
the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule
promulgated thereafter by the Commission)) or (ii) no Registrable Securities remain outstanding. The provisions of Section 3.5
and Article IV shall survive any termination.

 

    20

     

    

 

Section 5.7           
Insider Letter. Notwithstanding anything to the contrary contained in the Insider Letter, each of the Founders and
the Company hereby agrees (a) to not amend, restate, modify or waive Section 7 or Section 12 of the Insider Letter without the
prior written consent of the AerSale Sellers then holding at least a majority of the Registrable Securities by all AerSale Sellers
and (b) that from and after the date hereof each of the AerSale Sellers shall be deemed a third-party beneficiary of, and shall
be entitled to enforce, Section 7 of the Insider Letter.

 

[Signature Pages Follow]

 

    21

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	MONOCLE HOLDINGS INC.,
	 	a Delaware
    corporation
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	MONOCLE:
	 	 
	 	MONOCLE ACQUISITION CORPORATION,
	 	a Delaware
    corporation
	 	 
	 	By:	  
	 	 	Name:	 
	 	 	Title:	 

 

[Signature
Page to Amended & Restated Registration Rights Agreement]

 

     

     

    

 

	 	HOLDERS:
	 	 
	 	MONOCLE PARTNERS, LLC,
	 	a Delaware
limited liability company
	 	 
	 	By:  	 
		 	Name:	Sai S. Devabhaktuni
	 	 	Title:	Manager
	 	 	 	 
	 	COWEN INVESTMENTS II LLC,
	 	a Delaware
limited liability company
	 	 
	 	By:	 
	 	 	Name:	Owen Littman
	 	 	Title:	Authorized Signatory

 

	 	    
	 	C. Robert Kehler
	 	 
	 	 
	 	Donald W. Manvel
	 	 
	 	
	 	John C. Pescatore

 

[Signature
Page to Amended & Restated Registration Rights Agreement]

 

     

     

    

 

	 	GREEN EQUITY INVESTORS V, L.P.,
	 	a Delaware
    limited partnership
	 	 
	 	By:	GEI Capital V, LLC, its general
    partner
	 	 
	 	By:	 
	 	 	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:	 
	 	 	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:	 
	 	 	Name:	Jonathan A. Seiffer
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amended & Restated Registration Rights Agreement]

 

     

     

    

 

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

 

[Signature
Page to Amended & Restated Registration Rights Agreement]

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