Document:

Exhibit 10.6

    

    

    FORM OF TRANSITION SERVICES AGREEMENT

    

    

    This TRANSITION SERVICES AGREEMENT (the “Agreement”), dated as
        of           , 2019 and effective as of the Closing (as defined below), is made by and between Virgin Trains USA LLC, a Delaware limited liability company (the “Company”),
        and Florida East Coast Industries, LLC, a Delaware limited liability company (“Parent”). The Company and Parent are collectively referred to as the “Parties” and each individually as a “Party”.

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, the Company intends to offer and sell common stock, par value $0.01 per share, of the Company (“Common Stock”) to the public and list the Common Stock on a national securities exchange (the “Offering”); and

    

    

    WHEREAS, from and after the closing of the Offering (the “Closing”),

        (i) the Company and its affiliates will continue to require that Parent or its affiliates provide or cause to be provided certain services to the Company and its affiliates and (ii) Parent and its affiliates will continue to require that the
        Company or its affiliates provide or cause to be provided certain services to Parent and its affiliates; and

    

    

    WHEREAS, the Parties and their respective affiliates desire to continue to provide or cause to be provided such services during a
        transitional period following the Closing on the terms and subject to the conditions set forth herein.

    

    

    NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth
        herein, and intending to be legally bound hereby, subject to the conditions and other terms herein set forth, the Parties hereby agree as follows:

    

    

    ARTICLE I

    

    

    SERVICES

    

    

    1.1
                   Services.  On the terms and subject to the conditions of this Agreement, including the condition requiring approval of services in accordance with Section 1.2, (a) Parent shall provide to the Company and/or its affiliates
        certain services set forth on Schedule A (the “Parent Service Schedule” and the services set forth thereon from time to time, the “Parent Services”) and (b) the Company shall provide to Parent and/or its affiliates certain services set forth on
        Schedule B (the “Company Service Schedule” and the services set forth thereon from time to time, “Company Services” and, together with the Parent Services, the “Services”).  Each of Parent and the Company is referred to herein as “Service Provider”
        in its capacity as the provider of Parent Services and Company Services, respectively, and as “Service Recipient” in its capacity as the recipient of Company Services and Parent Services, respectively.

    

    

    
      
        

    

    
    

    

    1.2          Approval of Services.  At any time and from time to time during the Term, (a) Parent may request in writing that any service provided by the Company or its affiliates to Parent or its affiliates during the twelve (12) month
        period prior to the Closing (the “Pre-Transition Period”) be added to the Company Service Schedule and (b) the Company may request in writing that any service provided by
        Parent or its affiliates to the Company or its affiliates during the Pre-Transition Period be added to the Parent Service Schedule.  Upon the approval of (i) a majority of the members of the board of directors of the Company that qualify as
        independent directors under the listing standards of The Nasdaq Stock Market and (ii) a majority of the members of the board of directors of Parent that qualify as independent under Item 407(a)(1)(ii) of Regulation S-K, 17 CFR § 229.407, each of
        which approvals shall include a determination that the fees for such Services are at a price consistent with market transactions for similar services, (1) the Company Service Schedule or the Parent Service Schedule, as applicable, shall be deemed
        amended to include such services, (2) the fees for such services shall be set forth on the Company Service Schedule or the Parent Service Schedule, as applicable, and (3) such services shall be deemed to be Company Services or Parent Services, as
        applicable.

    

    

    1.3
                   Provision of Services.  Service Provider may provide Services directly or by or through one or more of its affiliates or, subject to Service Recipient’s prior consent upon reasonable advance notice, third party
        contractors; provided, however, Service Provider shall remain responsible for Services provided by its affiliates or third party contractors and any subcontracting shall not relieve Service Provider of its obligations hereunder,
        including with respect to the scope and level of Services.  Service Provider shall use commercially reasonable efforts consistent with its general practices to cause each third party contractor on whose services the Services are dependent to comply
        with the relevant third party contractor’s contractual obligations.

    

    

    1.4
                   Performance of Services.  Service Provider shall use commercially reasonable efforts to provide, or cause one or more of its affiliates or third party contractors to provide, the Services in accordance with applicable law
        and any of Service Provider’s written policies and procedures and within the standard and manner that is commensurate in all material respects (in nature, quality and timeliness) with the manner in which they were provided during the Pre-Transition
        Period, subject to any limitations or restrictions agreed to in writing by the Parties (such agreement not to be unreasonably withheld, conditioned or delayed), which limitations or restrictions are posed by or resulting from (a) any modification
        in process for providing Services necessitated by the separation of the Company from Parent’s continuing operations, (b) any change in scope and (c) any restrictions imposed on Service Provider by applicable law.  For the avoidance of doubt, in
        providing the Services, Service Provider may use any information systems, hardware, software, processes and procedures it deems necessary or desirable in its reasonable discretion.

    

    

    1.5
                   Connectivity, Compliance and Security Measures.  Service Recipient shall comply with all policies, standards and procedures of Service Provider that have been provided to Service Recipient in connection with its access to
        and use of the Services.  Service Provider shall comply with all policies, standards and procedures of Service Recipient that have been provided to Service Provider in connection with its provision of the Services.

    

    

    
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    1.6          Service Fees.

    

    

    (a)          As compensation to Service Provider for the Services
        rendered hereunder, Service Recipient shall, for each Service performed, reimburse Service Provider for its cost of providing the Services, including the allocated cost of, among other things, overhead, employee wages and compensation and
        out-of-pocket expenses, in each case, determined using Service Provider’s cost allocation methodology consistent with past practice, without any intent to cause Service Provider to receive profit or incur loss (the “Cost Reimbursements”). On a monthly basis, Service Provider shall provide an invoice setting forth the Cost Reimbursements to be charged in arrears to Service Recipient hereunder, including
        reasonable supporting documentation.    Services Fees shall be paid within forty-five (45) days of Service Recipient’s receipt of such invoice. Late payments shall bear interest at the lesser of ten (10%) per annum or the maximum rate allowed by
        law.

    

    

    (b)          All sales, use and other taxes, levies and charges
        imposed by applicable taxing authorities on the provision of Services (collectively, “Taxes”) shall be borne by Service Recipient.  If Service Provider or any of its
        affiliates or third party contractors are required to pay such Taxes, (i) Service Provider shall invoice Service Recipient for such Taxes and (ii) Service Recipient shall promptly reimburse Service Provider therefor in accordance with this Section 1.6(b).

    

    

    1.7          Direction and Control of Employees.  Unless otherwise agreed by the Parties, for purposes of all compensation and employee benefits and welfare matters, all employees and representatives of Service Provider, its affiliates
        and third party contractors shall be deemed to be employees or representatives of Service Provider, its affiliates or third party contractors and not employees or representatives of Service Recipient.  In performing the Services, such employees and
        representatives shall be under the direction, control and supervision of Service Provider, its affiliates or third party contractors (and not Service Recipient or its affiliates) and Service Provider, its affiliates and third party contractors
        shall have the sole right to exercise all authority with respect to the employment (including termination of employment), assignment and compensation of such employees, representatives and third party contractors.

    

    

    1.8          Cooperation of Service Provider. From and after the Closing (whether or not during the Term), Service Provider shall, and shall use commercially reasonable efforts to cause its affiliates and third party contractors to, at
        Service Recipient’s cost, cooperate in good faith with Service Recipient and its affiliates to transfer records and take such other actions reasonably requested by Service Recipient to enable it to make alternative arrangements for the provision of
        services substantially consistent with or replacing the Services provided pursuant to this Agreement.

    

    

    1.9          Return of Records owned by Service Recipient. Upon termination of a Service with respect to which Service Provider or its affiliates holds books, records or files, including current or archived copies of computer files,
        owned by Service Recipient or its affiliates and used by Service Provider, its affiliates or its third party contractors in connection with the provision of a Service to Service Recipient or its affiliates, Service Provider will use commercially
        reasonable efforts to return all of such books, records or files as soon as reasonably practicable.  However, Service Provider or its affiliates may retain books, records and files (a) as necessary to comply with applicable laws or court orders and
        (b) to the extent they have become included in automatic “backups” by routine procedures or by electronic communication or information management systems without the requirement to “scrub” such systems or its backup servers, provided that such
        books, records or files retained by Service Provider shall remain subject to the use and confidentiality restrictions in this Agreement until such books, records or files are destroyed by Service Provider in accordance with its own information
        technology and record retention policies and applicable law.

    

    

    
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    1.10
                   Work Product and Intellectual Property.  Service Provider acknowledges that any and all writings, documents, designs, data and other materials that Service Provider makes, conceives or develops at any time as a result of
        Service Provider’s performance of the Services may be utilized by Service Recipient to the extent necessary to receive and use the Services hereunder.  Each Party shall retain any and all right, title and interest in and to any intellectual
        property and other proprietary information that it held prior to, or that it acquires independently of, its performance of the Services.  In addition, each Party shall be the sole and exclusive owner of any right, title, license or other interest
        in or to any Parent IP or Company IP to the extent that such Parent IP or Company IP is exclusively related to the business of such Party.  Except as set forth in the preceding sentence, Parent shall be the sole and exclusive owner of any right,
        title, license or other interest in or to all Parent IP and the Company shall be the sole and exclusive owner of any right, title, license or other interest in or to all Company IP (and, for the avoidance of doubt, no such items shall be considered
        a work made for hire within the meaning of Title 17 of the United States Code).  For purpose of this Agreement, “Parent IP” shall mean any copyrights, patents, trade secrets and other intellectual property rights to the extent developed,
        created, modified or improved by Parent or its affiliates or third party contractors in connection with providing the Parent Services and “Company IP” shall mean any copyrights, patents, trade secrets and other intellectual property rights
        to the extent developed, created, modified or improved by the Company or its affiliates or third party contractors in connection with providing the Company Services.

    

    

    ARTICLE II

    

    

    CERTAIN COVENANTS

    

    

    2.1
                   Cooperation of Service Recipient.  Service Recipient shall cooperate with Service Provider in all reasonable respects in the performance of the Services, as applicable.

    

    

    2.2          Independent Contractor.  In providing the Services, Service Provider
        shall act solely as an independent contractor.  Nothing herein shall constitute or be construed to be or create a partnership, joint venture or principal/agent relationship between Service Recipient or any of its affiliates or their respective
        directors, officers or employees, on the one hand, and Service Provider or any of its affiliates or their respective directors, officers or employees, on the other hand.

    

    

    2.3          Compliance with Laws and Regulations.  Each Party shall be responsible for its own compliance with any and all applicable laws in connection with its performance under this Agreement.

    

    

    
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    2.4          Limitation of Liability; Indemnity.

    

    

    (a)          It is the intent of the Parties that each Party will be
        responsible for its own acts, errors and omissions and that each Party is liable to the other Party for any actual direct damages incurred by the non-breaching Party as a result of the breaching Party’s failure to perform its obligations in the
        manner required by this Agreement.  Notwithstanding the foregoing, no Party will be liable hereunder for, and each Party hereby expressly waives any and all rights with respect to, exemplary, punitive, presumptive, special, incidental, lost
        profits, consequential or speculative damages.  SUBJECT TO SECTION 2.4(c), IN NO EVENT SHALL SERVICE PROVIDER’S LIABILITY IN THE AGGREGATE FOR ANY AND ALL DAMAGES AND
        LOSSES HEREUNDER ARISING FROM SERVICE PROVIDER’S PROVISION OF SERVICES EXCEED $          .

    

    

    (b)          Service Recipient shall indemnify, defend and hold
        Service Provider and its successors, assigns, members, affiliates, employees, officers, participants, shareholders, directors and personal representatives, harmless from and against all losses, liabilities, claims, damages, costs and expenses
        (including, without limitation, reasonable attorneys’ fees and expenses) (collectively, the “Losses”) that arise out of this Agreement (including the provision of Services
        to or receipt and use of Services by Service Recipient and its affiliates), except for Losses to the extent arising from any breach of this Agreement by Service Provider or the gross negligence or willful misconduct of Service Provider.  The
        foregoing indemnity shall survive the termination of this Agreement.

    

    

    (c)          Service Provider shall indemnify, defend and hold
        Service Recipient and its successors, assigns, members, affiliates, employees, officers, participants, shareholders, directors and personal representatives, harmless from and against all Losses arising from the gross negligence or willful
        misconduct of Service Provider in connection with providing Services; provided that in no
        event shall Service Provider’s liability in the aggregate for all Losses indemnified under this Section 2.4(c) exceed $          .  The foregoing indemnity shall survive
        the termination of this Agreement.

    

    

    ARTICLE III

    

    

    TERM AND TERMINATION

    

    

    3.1          Term.  This Agreement shall be effective as of the Closing and shall
        terminate on the earliest to occur of (a) the date on which this Agreement is terminated pursuant to Section 3.4, (b) the latest date on which any Parent Service is to be provided as indicated on the Parent Service Schedule or any Company Service
        is to be provided as indicated on the Company Service Schedule and (c) the date on which the provision of all Services has been canceled pursuant to Section 3.3 (such period, the “Term”).

    

    

    3.2          Extension of Individual Services.  Service Recipient may extend the provision of any individual Service provided under this Agreement on a Service-by-Service basis
        upon written notice to Service Provider (which notice must be provided no less than 60 days prior to the latest date on which such Service is to be provided, as indicated on the applicable Service Schedule, at the time of such written notice)
        identifying the particular Service to be extended and the additional period requested by Service Recipient (which additional period may not exceed the period set forth under the heading “Extension Period” on the applicable Service Schedule).

    

    

    
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    3.3          Termination of Individual Services.  Service Recipient may terminate at any time any individual Service provided under this Agreement on a Service-by-Service basis
        upon written notice to Service Provider identifying the particular Service to be terminated and the effective date of termination, which date shall not be less than thirty (30) days after receipt of such notice unless Service Provider otherwise
        agrees; provided that Service Recipient shall reimburse Service Provider for any actual costs and expenses owed by Service Provider or its affiliates with respect to such Service to the extent owed by Service Provider in connection
        with such Service up to the date that such Service would otherwise have been provided (i.e., in the absence of such early termination) under the applicable Service Schedule; provided further
        that Service Provider shall reasonably promptly inform Service Recipient if any Services depend upon a Service for which Service Recipient has provided notice of termination, and Service Provider shall be under no further obligation to provide such
        dependent Services upon such termination.

    

    

    3.4          Termination of Agreement.

     

      

    (a)          This Agreement may be terminated at any time by the
        mutual written consent of Parent and the Company.

    

    

    (b)          Either Parent or the Company (the “Initiating Party”) may terminate this Agreement with immediate effect by written notice to the other Party on or at any time after the other Party is in material breach of any
        of its obligations under this Agreement and has failed to remedy the breach within thirty (30) days of receipt of written notice from the Initiating Party giving particulars of the breach and requiring the other Party to remedy the breach.

    

    

    (c)          Without prejudice to the other rights or remedies it may
        have, either Party may terminate this Agreement with immediate effect by written notice to the other Party if such other Party shall have failed to pay any Service Fee due and payable for a period of at least thirty (30) days, unless such amount is
        being disputed in good faith.

    

    

    (d)          Except as otherwise provided in this Agreement, all
        rights and obligations of Service Provider and Service Recipient shall cease to have effect immediately upon termination of this Agreement except that termination shall not affect the accrued rights and obligations of Service Provider and Service
        Recipient at the date of termination or any rights and obligations that expressly survive the termination of this Agreement.

    

    

    ARTICLE IV

    

    

    DISPUTE RESOLUTION

    

    

    4.1          Appointed Representative.  Each Party shall appoint a representative who shall be responsible for administering the dispute resolution provisions in Section 4.2
        (each, an “Appointed Representative”).  Each Appointed Representative shall have the authority to resolve any Agreement Disputes on behalf of the Party appointing such representative.

    

    

    
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    4.2          Negotiation and Dispute Resolution.

    

    

    (a)          Except as otherwise provided in this Agreement, in the
        event of a controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, validity, termination or breach of this Agreement or otherwise arising out of, or in any way related to,
        this Agreement or any of the transactions contemplated hereby or thereby (each, an “Agreement Dispute”), the Appointed Representatives shall negotiate in good faith for
        thirty (30) days to settle any such Agreement Dispute.

    

    

    (b)          Nothing said or disclosed, nor any document produced, in
        the course of any negotiations, conferences and discussions in connection with efforts to settle an Agreement Dispute that is not otherwise independently discoverable shall be offered or received as evidence or used for impeachment or for any other
        purpose, but shall be considered as to have been disclosed for settlement purposes.

    

    

    (c)          If a satisfactory resolution of any Agreement Dispute is
        not achieved by the Appointed Representatives within thirty (30) days, each Party will be entitled to refer the dispute to arbitration in accordance with Section 4.3.

    

    

    4.3          Arbitration.

    

    

    (a)          If a satisfactory resolution of any Agreement Dispute is
        not achieved by the Appointed Representatives within thirty (30) days, such Agreement Dispute shall be resolved, at the request of either Party, by arbitration administered by the CPR under its Arbitration Rules (the “CPR Rules”), conducted in New York, New York.  There shall be three arbitrators.  Each Party shall appoint one arbitrator.  The two Party-appointed arbitrators shall agree on a third arbitrator who
        will chair the arbitral tribunal.  Any arbitrator not appointed within a reasonable time shall be appointed in accordance with the CPR Rules.  Any controversy concerning whether an Agreement Dispute is an arbitrable Agreement Dispute, whether
        arbitration has been waived, whether an assignee of this Agreement is bound to arbitrate, or as to the interpretation or enforceability of this Section 4.3 will be
        determined by the arbitrators.  In resolving any Agreement Dispute, the Parties intend that the arbitrators apply the substantive laws of the State of New York, without regard to any choice of law principles thereof that would mandate the
        application of the laws of another jurisdiction.  The Parties intend that the provisions to arbitrate set forth herein be valid, enforceable and irrevocable, and any award rendered by the arbitrators shall be final and binding on the Parties.  The
        Parties agree to comply with any award made in any such arbitration proceedings and agree to enforcement of or entry of judgment upon such award, in any court of competent jurisdiction, including any New York State or federal court.  The
        arbitrators shall be entitled, if appropriate, to award monetary damages and other remedies, subject to the provisions of Section 2.4(a).  The Parties will use
        commercially reasonable efforts to encourage the arbitrators to resolve any arbitration related to any Agreement Dispute as promptly as practicable.  Except as required by applicable law, including disclosure or reporting requirements, the
        arbitrators and the Parties shall maintain the confidentiality of all information, records, reports, or other documents obtained in the course of the arbitration, and of all awards, orders, or other arbitral decisions rendered by the arbitrators.

    

    

    
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    (b)          Unless otherwise agreed in writing, the Parties will
        continue to provide the Services and honor all other commitments under this Agreement during the course of dispute resolution pursuant to the provisions of this ARTICLE IV
        with respect to all matters not subject to such dispute resolution.

    

    

    ARTICLE V

    

    

    MISCELLANEOUS

    

    

    5.1          Amendments; Waiver. 
        This Agreement may not be amended, altered or otherwise modified, and no provision hereof may be waived, except by written instrument executed by the Company and Parent.

    

    

    5.2          Confidentiality.  Each Party shall treat as confidential and shall not make available or disclose any
        information or material (collectively, “Confidential Material”) of the other Party that is or has been (a) disclosed by such other Party (the Party disclosing such information or materials, the “Disclosing Party”) under or in
        connection with this Agreement, whether orally, electronically, in writing or otherwise, including copies, or (b) learned or acquired by the other Party in connection with this Agreement (the Party receiving such information or materials, the “Receiving
          Party”) to any person, or make or permit any use of such Confidential Material without the prior written consent of the Disclosing Party.  Notwithstanding the foregoing, Confidential Material may be disclosed on a need to know basis to
        personnel and third party contractors of the Receiving Party and its affiliates as required for the purpose of fulfilling the Receiving Party’s obligations or exercising Receiving Party’s rights under this Agreement. The Receiving Party shall take
        all reasonable steps to ensure that any such Confidential Material disclosed in accordance with this Section 5.2 is treated as confidential by such person. The provisions of this Section 5.2 shall not apply to any Confidential
        Material which: (i) is or becomes commonly known within the public domain other than by breach of this Agreement or any other agreement; (ii) is obtained from a third party who is lawfully authorized to disclose such information free from any
        obligation of confidentiality; or (iii) is independently developed without reference to any Confidential Material.  Notwithstanding any other provision of this Agreement, if the Receiving Party or any of its representatives is (A) compelled in any
        legal process or proceeding to disclose any Confidential Material of the Disclosing Party or (B) requested or required by any governmental entity to disclose any Confidential Material, the Receiving Party shall, to the extent not prohibited by law
        or rule, promptly notify the Disclosing Party in writing of such request or requirement so that the Disclosing Party may seek an appropriate protective order and/or waive in writing the Receiving Party’s compliance with the provisions of this Section
          5.2.  If, in the absence of a protective order or the receipt of a waiver hereunder, the Receiving Party is nonetheless compelled to disclose Confidential Material, the Receiving Party, after written notice to the Disclosing Party (to the
        extent not prohibited by law or rule), may disclose such Confidential Material only to the extent so required by applicable law.  Each Party shall exercise reasonable efforts to obtain reliable assurances that confidential treatment will be
        accorded the Confidential Material so disclosed.

    

    

    5.3          Force Majeure.  Any delay, failure or omission by any Party in the performance of any obligation under
        this Agreement shall not be deemed a breach of this Agreement or create any liability, if such delay, failure or omission arises from any cause or causes beyond the reasonable control of such Party, including, but not limited to, acts of God, fire,
        storm, flood, earthquake, governmental regulation or direction, war, terrorist acts, insurrection, riot, invasion, strike or lockout; provided, however, that (a) the affected Party shall promptly notify the other Party of the existence of such
        cause or causes and its anticipated duration, (b) the affected Party shall make commercially reasonable efforts to prevent, limit and remove the effects of any such cause or causes and (c) the affected Party shall resume the performance whenever
        such causes are removed.

    

    

    
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    5.4          Notices.  Unless expressly provided otherwise in this Agreement, all notices, requests, demands and
        other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by
        reputable overnight courier, (iii) delivery by facsimile transmission against answerback, (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below:

    

    

    If to Parent, at:

    

    

    Florida East Coast Industries, LLC

    

    

    

    

    

    

    Attention:

    

    

    If to the Company, at:

    

    

    Virgin Trains USA LLC

    161 NW 6th Street, Suite 900

    Miami, Florida 33136

    Attention: Myles Tobin

    

    

    Either Party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the
        provisions of this Section 5.4 for the giving of notice.

    

    

    5.5          Entire Agreement.  This Agreement contains the entire agreement and understanding among the Parties with
        respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter
        of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an
        agreement in writing executed by the Parties.

    

    

    5.6          Binding Nature Of Agreement; Successors And Assigns. This Agreement shall be binding upon and inure to
        the benefit of the Parties and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement.  This Agreement may not be assigned by either of the Parties without the prior written consent of the
        other Party, except that either Party may assign its rights hereunder to any of its affiliates.

    

    

    
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    5.7          Controlling Law.  This Agreement and all questions relating to its validity, interpretation, performance
        and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary.

    

    

    5.8          Indulgences, Not Waivers.  Neither the failure nor any delay on the part of a Party to exercise any
        right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
        remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of, or estoppel with respect to, such right, remedy, power or privilege with respect to any other
        occurrence. No waiver shall be effective unless it is in writing and is signed by the Party asserted to have granted such waiver.

    

    

    5.9          Titles Not to Affect Interpretation.  The titles of paragraphs and subparagraphs contained in this
        Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement.

    

    

    5.10         Execution in Counterparts.  This Agreement may be executed in any number of counterparts, each of which
        shall be deemed to be an original as against any Party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement,
        individually or taken together, shall bear the signatures of both Parties as signatories.

    

    

    5.11         Provisions Separable.  The provisions of this Agreement are independent of and separable from each
        other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

    

    

    5.12         Gender.  Words used herein regardless of the number and gender specifically used, shall be deemed and
        construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

    

    

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     IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.
       

      

      	
               

            	
               VIRGIN TRAINS USA LLC 

              

            
	
               

            	
               

            	
               

            
	
               

            	
              By:

            	

            
	
               

            	
               

            	
              Name:

            
	
               

            	
               

            	
              Title:

            
	
               

            	
               

            	
               

            
	
               

            	
               FLORIDA EAST COAST INDUSTRIES, LLC 

              

            
	
               

            	
              By:

            	

            
	
               

            	
               

            	
              Name:

            
	
               

            	
               

            	
              Title:

            
	
               

            	
               

            	
               

            

    

    

    

    

    [Signature Page to Transition Services Agreement]

    

    
      
        

    

    

    

    Schedule A

    

    

    Parent Services

    

    

    

    

    	
            Service Category

          	
            Service Detail

          	
            TSA End Date (mm/dd/yyyy)

          	
            Extension Period

          
	 	
            1.

          	 	 
	
            2.

          	 	 

    

    

    
      
        

    

    

    

    Schedule B

    

    

    Company Services

    

    

    

    

    	
            Service Category

          	
            Service Detail

          	
            TSA End Date (mm/dd/yyyy)

          	
            Extension Period

          
	 	
            1.

          	 	 
	
            2.Exhibit 10.7

   

  FORM OF INDEMNIFICATION AGREEMENT

   

  AGREEMENT, dated as of           , 2019 (this “Agreement”), between Virgin Trains USA Inc., a Delaware corporation (the “Company”), and            (“Indemnitee”).

   

  WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available;

   

  WHEREAS, Indemnitee is a director and/or officer of the Company;

   

  WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies in today’s
    environment;

   

  WHEREAS, the Company’s Certificate of Incorporation, as amended from time to time (“Certificate of Incorporation”), and Bylaws, as amended from time to time (“Bylaws”), require the
    Company to indemnify and advance expenses to its directors and officers to the fullest extent permitted by law and the Indemnitee has been serving and continues to serve as a director and/or officer of the Company in part in reliance on such
    Certificate of Incorporation and Bylaws;

   

  WHEREAS, uncertainties as to the availability of indemnification created by certain court decisions may increase the risk that the Company will be unable to retain and attract as
    directors and officers the most capable persons available;

   

  WHEREAS, the board of directors of the Company (“Board of Directors”) has determined that the inability of the Company to retain and attract as directors and officers the most capable
    persons would be detrimental to the interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage will be available in the future;

   

  WHEREAS, the parties intend that any rights the Indemnitee may have from Indemnitee-Related Entities (as defined herein) shall be secondary to the primary obligation of the Company to
    indemnify and hold harmless the Indemnitee under this Agreement; and

   

  WHEREAS, in recognition of Indemnitee’s need for protection against personal liability, and in part to provide Indemnitee with specific contractual assurance that the protection
    promised by the Company’s Certificate of Incorporation and Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of such Certificate of Incorporation and Bylaws or any change in the composition of the
    Company’s Board of Directors or acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete)
    permitted by law and as set forth in this Agreement and for the continued coverage of Indemnitee under the directors’ and officers’ liability insurance policy of the Company.

   

  NOW, THEREFORE, in consideration of the premises and of Indemnitee continuing to serve the Company directly or, at its request, another enterprise, and intending to be legally bound
    hereby, the parties hereto agree as follows:

  

     

  
    
      

    

  

  1.                Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this
    Agreement:
    

   

  
    	

          	(a)	Claim: means any threatened, asserted, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism, or
            any appeal of any kind thereof, or any inquiry or investigation, whether instituted by (or in the right of) the Company or any governmental agency or any other person or entity, in which Indemnitee was, is, may be or will be involved as a
            party, witness or otherwise.

  

   

  
    	

          	(b)	ERISA: means the Employee Retirement Income Security Act of 1974, as amended.

  

   

  
    	

          	(c)	Expenses: include attorneys’ fees and all other direct or indirect costs, expenses and obligations, including judgments, fines, penalties, interest, appeal bonds, amounts paid in settlement with the approval of the Company, and counsel
            fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, appeal bond premiums, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges) paid or
            incurred in connection with investigating, prosecuting, defending, being a witness in or participating in (including on appeal), or preparing to investigate, prosecute, defend, be a witness in or participate in, any Claim relating to any
            Indemnifiable Event, and shall include (without limitation) all attorneys’ fees and all other expenses incurred by or on behalf of an Indemnitee in connection with preparing and submitting any requests or statements for indemnification,
            advancement or any other right provided by this Agreement (including, without limitation, such fees or expenses incurred in connection with legal proceedings contemplated by Section 2(d) hereof).

  

   

  
    	

          	(d)	Indemnifiable Amounts: means (i) any and all liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes and amounts paid in settlement (including all interest, assessments and other charges paid or payable in
            connection with or in respect of such liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes or amounts paid in settlement) arising out of or resulting from any Claim relating to an Indemnifiable Event, (ii) any
            liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness which the Company or any subsidiary of the Company has assumed or taken
            subject to, and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or
            any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or
            other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise).

  

   

  
    	

          	(e)	Indemnifiable Event: means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director and/or officer or fiduciary of the Company, or is or was
            serving at the request of the Company as a director, officer, employee, manager, member, partner, tax matter partner, trustee, agent, fiduciary or similar capacity, of another company, corporation, limited liability company, partnership, joint
            venture, employee benefit plan, trust or other entity or enterprise, or by reason of anything done or not done by Indemnitee in any such capacity (in all cases whether or not Indemnitee is acting or serving in any such capacity or has such
            status at the time any Indemnifiable Amount is incurred for which indemnification, advancement or any other right can be provided by this Agreement). The term “Company,” where the context requires when used in this Agreement, may be construed
            to include such other company, corporation, limited liability company, partnership, joint venture, employee benefit plan, trust or other entity or enterprise.

  

  
    2

    
      

    

  

  
    	

          	(f)	Indemnitee-Related Entities: means any company, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise (other than the Company or any other company, corporation,
            limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent
            and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of Expenses with respect to which, in whole or in part, the Company may also have an
            indemnification or advancement obligation.

  

   

  
    	

          	(g)	Jointly Indemnifiable Claim: means any Claim for which the Indemnitee may be entitled to indemnification from both an Indemnitee-Related Entity and the Company pursuant to applicable law, any indemnification agreement or the
            certificate of incorporation, by-laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company and an Indemnitee-Related Entity.

  

   

  
    	

          	(h)	Reviewing Party: means any appropriate person or body consisting of a member or members of the Board of Directors or any other person or body appointed by the Board of Directors who is not a party to
            the particular Claim for which Indemnitee is seeking indemnification.

  

   

  
    	

          	(i)	Voting Securities: means any securities of the Company which vote generally in the election of directors.

  

   

  2.             Basic Indemnification Arrangement; Advancement of Expenses.

   

  
    	

          	(a)	In the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the
            Company shall indemnify Indemnitee, or cause Indemnitee to be indemnified, to the fullest extent permitted by law as soon as practicable but in any event no later than thirty (30) days after written demand is presented to the Company, and hold
            Indemnitee harmless against any and all Indemnifiable Amounts.

  

   

  
    	

          	(b)	If so requested by Indemnitee, the Company shall advance, or cause to be advanced (within two business days of such request), any and all Expenses incurred by Indemnitee (an “Expense Advance”). The Company shall, in accordance with such
            request (but without duplication), either (i) pay, or cause to be paid, such Expenses on behalf of Indemnitee, or (ii) reimburse, or cause the reimbursement of, Indemnitee for such Expenses. Subject to Section 2(d), Indemnitee’s right to an
            Expense Advance is absolute and shall not be subject to any prior determination by the Reviewing Party that the Indemnitee has satisfied any applicable standard of conduct for indemnification.

  

   

  
    	

          	(c)	Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification or advancement of Expenses pursuant to this Agreement in connection with any Claim initiated by Indemnitee unless (i) the Company
            has joined in or the Board of Directors has authorized or consented to the initiation of such Claim or (ii) the Claim is one to enforce Indemnitee’s rights under this Agreement.

  

  
    3

    
      

    

  

  
    	

          	(d)	Notwithstanding the foregoing, (i) the indemnification obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing Party shall not have determined that Indemnitee would not be permitted to be indemnified
            under applicable law, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 2(b) shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that Indemnitee would not be
            permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid (it being understood and agreed that the
            foregoing agreement by Indemnitee shall be deemed to satisfy any requirement that Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that the Indemnitee is not entitled to
            indemnification under applicable law); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be
            indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for
            any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s undertaking to repay such Expense Advances shall be unsecured and
            interest-free. The Reviewing Party shall be selected by the Board of Directors. If there has been no determination by the Reviewing Party within thirty (30) days after written demand is presented to the Company or if the Reviewing Party
            determines that Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation in any court in the State of New York or the State of Delaware having subject
            matter jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the
            Company hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

  

   

  3.           Indemnification for Additional Expenses. The Company shall
    indemnify, or cause the indemnification of, Indemnitee against any and all Expenses and, if requested by Indemnitee, shall advance such Expenses to Indemnitee subject to and in accordance with Section 2(b), which are incurred by Indemnitee in
    connection with any action brought by Indemnitee for (i) indemnification or an Expense Advance by the Company under this Agreement or any provision of the Company’s Certificate of Incorporation or the Bylaws now or hereafter in effect and/or
    (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the
    case may be; provided that Indemnitee shall be required to reimburse such Expenses in the event that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that such action brought by
    Indemnitee, or the defense by Indemnitee of an action brought by the Company or any other person, as applicable, was frivolous or in bad faith.

   

  4.            Partial Indemnity, Etc. If Indemnitee is entitled under any
    provision of this Agreement to indemnification by the Company for some or a portion of the Expenses or other Indemnifiable Amounts in respect of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify
    Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating
    in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

  
    4

    
      

    

  

  5.            Burden of Proof, Etc. In connection with any determination by
    the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder the Reviewing Party, court, any finder of fact or other relevant person shall presume that the Indemnitee has satisfied the applicable standard of conduct
    and is entitled to indemnification, and the burden of proof shall be on the Company (or any other person or entity disputing such conclusions) to establish, by clear and convincing evidence, that Indemnitee is not so entitled.

   

  6.            Reliance as Safe Harbor. For purposes of this Agreement,
    Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the
    records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company in the course of their duties, or by committees of the Board of
    Directors, or by any other person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care
    by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

   

  7.            No Other Presumptions. For purposes of this Agreement, the
    termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of
    conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any
    particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by
    Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any
    particular belief.

   

  8.            Nonexclusivity, Etc. The rights of the Indemnitee hereunder
    shall be in addition to any other rights Indemnitee may have under the Company’s Certificate of Incorporation, the Bylaws or the Delaware General Corporation Law or otherwise. To the extent that a change in applicable law (whether by statute or
    judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s Certificate of Incorporation, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this
    Agreement the greater benefits so afforded by such change. To the extent that there is a conflict or inconsistency between the terms of this Agreement, the Company’s Certificate of Incorporation or the Bylaws, it is the intent of the parties hereto
    that the Indemnitee shall enjoy the greater benefits regardless of whether contained herein or in the Company’s Certificate of Incorporation or the Bylaws. No amendment or alteration of the Company’s Certificate of Incorporation or the Bylaws or any
    other agreement shall adversely affect the rights provided to Indemnitee under this Agreement.

   

  9.            Liability Insurance. To the extent the Company maintains an
    insurance policy or policies providing directors’ and officers’ liability insurance, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for the Company’s
    directors and officers. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement of such
    action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a
    result of such proceeding in accordance with the terms of such policy.

  
    5

    
      

    

  

  10.          Period of Limitations. No legal action shall be brought and no
    cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and
    any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise
    applicable to any such cause of action such shorter period shall govern.

   

  11.          Amendments, Etc. No supplement, modification or amendment of this
    Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall
    such waiver constitute a continuing waiver.

   

  12.          Subrogation. Subject to Section 13 hereof, in the event of
    payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers reasonably required and shall do everything that may be reasonably necessary to
    secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or reimburse all Expenses actually and reasonably incurred by Indemnitee in connection
    with such subrogation.

   

  13.          Jointly Indemnifiable Claims. Given that certain Jointly
    Indemnifiable Claims may arise due to the relationship between the Indemnitee-Related Entities and the Company and the service of the Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-Related Entities, the Company
    acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in
    accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the
    Indemnitee-Related Entities and no right of recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the
    Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification or advancement of Expenses with respect to any Jointly Indemnifiable Claim, the Company agrees that such payment or advancement shall not extinguish or
    affect in any way the rights of the Indemnitee under this Agreement and further agrees that the Indemnitee-Related Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against
    the Company. Each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 13, entitled to enforce this Section 13 against the Company as though each such Indemnitee-Related Entity were a party to this
    Agreement.

   

  14.          No Duplication of Payments. Subject to Section 13 hereof, the
    Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, or any provision of the Company’s
    Certificate of Incorporation or the Bylaws or otherwise) of the amounts otherwise indemnifiable hereunder.

  
    6

    
      

    

  

  15.          Defense of Claims. The Company shall be entitled to participate
    in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee; provided that if Indemnitee believes, after consultation with counsel selected by
    Indemnitee, that (i) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include both
    the Company, or any subsidiary of the Company, and Indemnitee and Indemnitee concludes that there may be one or more legal defenses available to him or her that are different from or in addition to those available to the Company or any subsidiary of
    the Company, or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus,
    if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected
    without the Company’s prior written consent. The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee is or could have been a party unless
    such settlement solely involves the payment of money and includes a complete and unconditional release of Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company nor Indemnitee shall unreasonably
    withhold, condition or delay its or his or her consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee. In no event shall
    Indemnitee be required to waive, prejudice or limit attorney-client privilege or work-product protection or other applicable privilege or protection.

   

  16.          No Adverse Settlement. The Company shall not seek, nor shall it
    agree to, consent to, support, or agree not to contest any settlement or other resolution of any Claim(s), or settlement or other resolution of any other claim, action, proceeding, demand, investigation or other matter that has the actual or purported
    effect of extinguishing, limiting or impairing Indemnitee’s rights hereunder, including without limitation the entry of any bar order or other order, decree or stipulation, pursuant to 15 U.S.C. § 78u-4 (the Private Securities Litigation Reform Act),
    or any similar foreign, federal or state statute, regulation, rule or law.

   

  17.          Binding Effect, Etc. This Agreement shall be binding upon and
    inure to the benefit of and be enforceable by the parties hereto and their respective successors, (including any direct or indirect successor or continuing company by purchase, merger, consolidation or otherwise to all or substantially all of the
    business and/or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all or
    substantially all of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same
    extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or director of the Company or of any other entity
    or enterprise at the Company’s request.

   

  18.          Security. To the extent requested by Indemnitee and approved by
    the Board of Directors, the Company may at any time and from time to time provide security to Indemnitee for the obligations of the Company hereunder through an irrevocable bank line of credit, funded trust or other collateral or by other means. Any
    such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of such Indemnitee.

  
    7

    
      

    

  

  19.          Severability. If any provision or provisions of this Agreement
    shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement
    containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this
    Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held
    invalid, illegal or unenforceable and to give effect to the terms of this Agreement.

   

  20.          Specific Performance, Etc. The parties recognize that if any
    provision of this Agreement is violated by the Company, Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so elects, to institute proceedings, either in law
    or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue.

   

  21.          Notices. All notices, requests, consents and other communications
    hereunder to any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by nationally recognized overnight courier or personal delivery, addressed to such party at the address set forth below or such other
    address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties:

   

  
    	

          	(a)	If to the Company, to:

  

   

  Virgin Trains USA Inc.

    161 NW 6th Street, Suite 900

    Miami, FL 33136

    Email: myles.tobin@gobrightline.com

  Attn: Myles Tobin

   

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

   

  Skadden, Arps, Slate, Meagher & Flom LLP

    Four Times Square

    New York, New York 10036

    Fax: (212) 735-2000

    Email:    joseph.coco@skadden.com

    michael.zeidel@skadden.com  

    michael.schwartz@skadden.com  

  Attn:      Joseph A. Coco, Esq.

     Michael J. Zeidel, Esq.  

     Michal J. Schwartz, Esq.

   

  
    	

          	(b)	If to the Indemnitee, to the address set forth on the signature page hereto.

  

   

  All such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the
    above addresses or sent by electronic transmission. Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

   

  22.          Counterparts. This Agreement may be executed in counterparts,
    each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence
    the existence of this Agreement.

  
    8

    
      

    

  

  23.          Headings. The headings of the sections and paragraphs of this
    Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

   

  24.          Governing Law. This Agreement shall be governed by and construed
    and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.

  
    9

    
      

    

  

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

   

  
    	 	VIRGIN TRAINS USA INC.	 
	 	 	 	 
	
            

            

          	
            By: 

          	

              	 
	 	 	Name:	 
	 	 	Title:	 

  

   
    
      	 	Indemnitee	 
	 	 	 	 
	
              

              

            	
              By: 

            	

                  	 
	 	 	Name:	 
	 	 	Address:

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