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 a
material internal investigation by the Company regarding any corporate conduct, misconduct, wrongdoing or illegal conduct; 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.

 

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(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.

 

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

 

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(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.

 

(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.

 

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(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.

 

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.

 

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(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.

 

(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.

 

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(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 [•] 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 $[•] (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.

 

(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.

 

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(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.

 

(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.

 

    8

     

    

 

(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.

 

(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.

 

    9

     

    

 

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.

 

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.

 

    10

     

    

 

(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).

 

(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.

 

    11

     

    

 

(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.

 

(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.

 

    13

     

    

 

(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.

 

(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.

 

    14

     

    

 

(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).

 

(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).

 

    15

     

    

 

(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.

 

(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.

 

    16

     

    

 

(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.

 

(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.

 

    17

     

    

 

(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.

 

(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.

 

    18

     

    

 

(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.

 

(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.

 

    19

     

    

 

(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 [n],
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 “Original 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 Original Merger Agreement), Leonard Green & Partners,
L.P.;

 

WHEREAS, the Company
entered into that certain Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”),
dated as of September 8, 2020, with Monocle, Merger Sub 1, Merger Sub 2, 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.

 

    -2-

     

    

 

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

 

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

 

“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.

 

    -4-

     

    

 

“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.

 

“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 Common Stock and Earnout Shares, to the
extent any are received after the date hereof, (f) 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 (g) 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.

 

    -6-

     

    

 

“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.

 

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. 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. 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 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. 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;

 

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;

 

    -13- 

     

    

 

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;

 

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;

 

    -14- 

     

    

 

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.

 

    -15- 

     

    

 

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.

 

    -16- 

     

    

 

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.

 

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.

 

    -17- 

     

    

 

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.

 

    -18-

     

    

 

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.

 

    -19-

     

    

 

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.

 

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.

 

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.

 

    -20-

     

    

 

Section 5.8           AerSale Founders Side Letter. The Company shall as expeditiously as possible take all reasonable actions to facilitate
the consummation of the transactions contemplated by those certain letter agreements, dated as of the date hereof, by and between
(i) Green Equity Investors V, L.P., Green Equity Investors Side V, L.P., LGP Parts Co-Invest LLC, and each of Enarey, LP and ThoughtValley
Limited Partnership, respectively, and (ii) Florida Growth Fund, LLC and Enarey, LP and ThoughtValley Limited Partnership, respectively.

 

[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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