Document:

Exhibit 10.10

 

Final Form

 

 

STOCKHOLDERS’
AGREEMENT

 

This
Stockholders’ Agreement (this “Agreement”), dated as of [_________], 2019 (the “Effective Time”),
is entered into by and among (i) Nesco Holdings, Inc., a Delaware corporation (the “Company”); (ii) NESCO Holdings,
LP, a Delaware limited partnership (the “NESCO Holder”, and together with its successors and assigns, the “NESCO
Holders”); (iii) Energy Capital Partners III, LP, a Delaware limited partnership, Energy Capital Partners III-A, LP,
a Delaware limited partnership, Energy Capital Partners III-B, LP, a Delaware limited partnership, Energy Capital Partners III-C,
LP, a Delaware limited liability company, Energy Capital Partners III-D, LP, a Delaware limited partnership, and Energy Capital
Partners III (NESCO Co-Invest), LP, a Delaware limited partnership (collectively, “ECP”); and (iv) Capitol
Acquisition Management IV LLC, a Delaware limited liability company, Capitol Acquisition Founder IV LLC, a Delaware limited liability
company, and the other Persons included on the signature pages hereto as “Sponsors” (collectively, the “Sponsors”).
Each of the Company, NESCO Holders, ECP and the Sponsors may be referred to herein as a “Party” and collectively
as the “Parties”. Except as otherwise indicated, capitalized terms used but not defined herein shall have the
meanings set forth in Section 5 of this Agreement.

 

WHEREAS,
the Company has agreed to permit the NESCO Holder who Beneficially Owns [●]% of the issued and outstanding common stock
of the Company, par value $0.0001 per share (the “Common Stock”), as of the Effective Time, to designate up
to three persons for nomination for election to the board of directors of the Company (the “Board”) and to
provide certain ongoing rights with respect to the nomination of directors on the terms and conditions set forth herein; and

 

WHEREAS,
in connection with that certain Agreement and Plan of Merger, dated as of April 7, 2019, by and between the Company, the NESCO
Holder and the other parties thereto (the “Merger Agreement”), the Sponsors have agreed to certain transfer
restrictions and forfeiture terms with respect to the Sponsor Earnout Shares (as defined below).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

Section
1. Board of Directors.

 

(a)
Subject to the terms and conditions of this Agreement, from and after the Effective Time and until a Termination Event (as defined
below) shall have occurred, the NESCO Holders holding a majority of the NESCO Shares shall have the right to designate up to three
persons to be appointed or nominated, as the case may be, for election to the Board (including any successor, each, a “Nominee”)
by giving written notice to the Company not later than ten days after receiving notice of the date of the applicable meeting of
shareholders provided to the NESCO Holders; provided, however, the initial Nominees shall be appointed as
set forth in Section 1(b).

 

     

     

    

 

(b)
The Company shall take all necessary and desirable actions within its control such that, as of the Effective Time: (i) the size
of the Board shall be set at seven members; and (ii) the following persons, including the two NESCO Directors, shall form the
composition of the Board: (A) Lee Jacobson and L. Dyson Dryden shall be appointed as Class A Directors with terms ending at the
Company’s 2020 Annual Meeting; (B) Jeff Stoops and Rahman D’Argenio shall be appointed as Class B Directors with terms
ending at the Company’s 2021 Annual Meeting; and (C) Mark Ein, Doug Kimmelman and William Plummer shall be appointed as
Class C Directors with terms ending at the Company’s 2022 Annual Meeting; provided, that if, as of the Effective
Time, the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater
than 35% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), then the Company
shall take all necessary and desirable actions within its control such that, as of the Effective Time: (1) the size of the Board
shall be set at eight members and (2) the NESCO Holders shall be entitled to designate one additional person (who shall qualify
as “independent” pursuant to listing standards of the Approved Stock Exchange) to be appointed as a Class B Director
with his or her term ending at the Company’s 2021 Annual Meeting.

 

(c)
Subject to the terms and conditions of this Agreement, from and after the Effective Time and until a Termination Event shall have
occurred, the Company shall, as promptly as practicable, take all necessary and desirable actions within its control (including,
without limitation, calling special meetings of the Board and the shareholders and recommending, supporting and soliciting proxies),
so that:

 

(i)
for so long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to
or greater than 35% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), the NESCO
Holders holding a majority of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees equal
to three (less the number of NESCO Directors who are not up for election), and the size of the Board shall be set at eight members;

 

(ii)
for so long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to
or greater than 15% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), but less
than 35% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), the NESCO Holders
holding a majority of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees equal to two (less
the number of NESCO Directors who are not up for election), and the size of the Board shall be set at seven members; and

 

(iii)
for so long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to
or greater than 5% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis) but less
than 15% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), the NESCO Holders
holding a majority of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees equal to one (less
the number of NESCO Directors who are not up for election), and the size of the Board shall be set at seven members;

 

provided,
that, no reduction in the number of shares of Common Stock over which the NESCO Holders and their Affiliates retain voting control
shall shorten the term of any incumbent Director.

 

    2

     

    

 

(d)
The Company shall take all actions necessary to ensure that: (i) the applicable Nominees are included in the Board’s slate
of nominees to the shareholders of the Company for each election of Directors and recommended by the Board at any meeting of shareholders
called for the purpose of electing directors; and (ii) each applicable Nominee up for election is included in the proxy statement
prepared by management of the Company in connection with the Company’s soliciting proxies or consents in favor of the foregoing
for every meeting of the shareholders of the Company called with respect to the election of members of the Board, and at every
adjournment or postponement thereof, and on every action or approval by written resolution of the shareholders of the Company
or the Board with respect to the election of members of the Board. In addition, each Shareholder agrees with the Company that
such Shareholder shall vote in favor of each person to be appointed or nominated, as the case may be, for election to the Board
and who has been recommended by the Board for such appointment or nomination at every meeting of the shareholders of the Company
called with respect to the election of members of the Board, and at every adjournment or postponement thereof, and on every action
or approval by written resolution of the shareholders of the Company or the Board with respect to the election of members of the
Board.

 

(e)
If a vacancy occurs because of the death, disability, disqualification, resignation or removal of a NESCO Director or for any
other reason, the NESCO Holders holding a majority of the NESCO Shares shall be entitled to designate such person’s successor,
and the Company shall, within ten days of such designation, take all necessary actions within its control such that such vacancy
shall be filled with such successor Nominee, it being understood that any such successor designee shall serve the remainder of
the term of the Director whom such designee replaces. Notwithstanding anything to the contrary, the director position for such
NESCO Director shall not be filled pending such designation and appointment, unless the NESCO Holders fail to designate such Nominee
for more than 15 days, after which the Company may appoint an interim successor Director until the NESCO Holders make such designation.

 

(f)
If a Nominee is not elected because of such Nominee’s death, disability, disqualification, withdrawal as a nominee or for
any other reason, the NESCO Holders holding a majority of the NESCO Shares shall be entitled to designate promptly another Nominee
and the Shareholders and the Company shall take all necessary and desirable actions within its control such that the director
position for which such Nominee was nominated shall not be filled pending such designation or the size of the Board shall be increased
by one and such vacancy shall be filled with such successor Nominee within ten days of such designation. Notwithstanding anything
to the contrary, the director position for which such Nominee was nominated shall not be filled pending such designation and appointment,
unless the NESCO Holders fail to designate such Nominee for more than 30 days, after which the Company may appoint an interim
successor nominee who may serve as a director if duly elected until the NESCO Holders make such designation. The NESCO Holders
shall not be obligated to designate all (or any) of the directors they are entitled to designate pursuant to this Agreement but
the failure to do so shall not constitute a waiver of their rights hereunder.

 

    3

     

    

 

(g)
The Company shall pay the reasonable, documented out-of-pocket expenses incurred by each NESCO Director in connection with his
or her services provided to or on behalf of the Company, including attending meetings (including committee meetings) or events
attended on behalf of the Company at the Company’s request.

 

(h)
In accordance with the Company’s Organizational Documents, the Board may from time to time by resolution establish and maintain
one or more committees of the Board, each committee to consist of one or more Directors. The Company shall notify the NESCO Holders
in writing of any new committee of the Board to be established at least 15 days prior to the effective establishment of such committee.
If requested by the NESCO Holders holding a majority of the NESCO Shares, the Shareholders and the Company shall take all necessary
steps within its control to cause at least one NESCO Director (selected by such NESCO Holders) to be appointed as a member of
each such committee of the Board unless such designation would violate any legal restriction on such committee’s composition
or the rules and regulations of any applicable exchange on which the Company’s securities may be listed (subject in each
case to any applicable exceptions, including those for “controlled companies” and any applicable phase-in periods).

 

(i)
The Company shall (i) purchase directors’ and officers’ liability insurance in an amount and pursuant to terms determined
by the Board to be reasonable and customary and (ii) for so long as any Director to the Board nominated pursuant to the terms
of this Agreement serves as a Director of the Company, maintain such coverage with respect to such Directors; provided,
that upon removal or resignation of such Director for any reason, the Company shall take all actions reasonably necessary to extend
such directors’ and officers’ liability insurance coverage for a period of not less than six years from any such event
in respect of any act or omission occurring at or prior to such event.

 

(j)
For so long as any NESCO Director serves as a Director of the Company, the Company shall not amend, alter or repeal any right
to indemnification or exculpation covering or benefiting any Director nominated pursuant to this Agreement as and to the extent
consistent with applicable Law, including but not limited to any such rights to indemnification or exculpation in the Company’s
Organizational Documents (except to the extent such amendment or alteration permits the Company to provide broader indemnification
or exculpation rights, in the aggregate and on an individual basis, on a retroactive basis, than permitted prior thereto).

 

(k)
Notwithstanding anything herein to the contrary, if the NESCO Holders have the right to designate one or more Nominees and either
have not exercised such right with respect to any Nominee or no such Nominee has not been elected as a NESCO Director (such that
there are no NESCO Directors on the Board), then the NESCO Holders holding a majority of the NESCO Shares may elect at such time
in their sole discretion to designate one Board observer (regardless of how many rights to designate Designees such NESCO Holders
have) (each, a “Board Observer”) to attend and participate in all meetings of the Board or any committees thereof
in a non-voting capacity by the giving of written notice to the Company of such election (“Observation Election”).
In connection therewith, the Company shall simultaneously give such Board Observer copies of all notices, consents, minutes and
other materials, financial or otherwise, which the Company provides to the Board; provided, however, that if the
Board Observer does not, upon the written request of the Company, before attending any meetings of the Board, execute and deliver
to the Company an agreement to abide by all Company policies applicable to members of the Board and a confidentiality agreement
reasonably acceptable to the Company, the Board Observer may be excluded from access to any material or meeting or portion thereof
if the Board determines in good faith, upon advice of counsel, that such exclusion is reasonably necessary to protect highly confidential
proprietary information of the Company or confidential proprietary information of third parties that the Company is required to
hold in confidence, or for other similar reasons. The NESCO Holders holding a majority of the NESCO Shares may revoke any such
Observation Election at any time upon written notice to the Company after which the NESCO Holders shall be entitled to designate
a replacement Board Observer.

 

    4

     

    

 

(l)
The Nominees may, but do not need to, qualify as “independent” pursuant to listing standards of the Approved Stock
Exchange, except that, if the NESCO Holders have the right to designate three Nominees, then at least one Nominee shall qualify
as “independent” pursuant to listing standards of the Approved Stock Exchange. All other Directors of the Board other
than the Chief Executive Officer of the Company shall qualify as “independent” pursuant to listing standards of the
Approved Stock Exchange.

 

(m)
For the avoidance of doubt, a reduction in the percentage of Common Stock Beneficially Owned by the NESCO Holders shall not impact
the NESCO Holders’ right to fill a vacancy resulting from any Nominee ceasing to serve as a Director for any reason.

 

(n)
Notwithstanding anything herein to the contrary, from and after the Effective Time and at any time prior to a Termination Event,
the Shareholders shall not knowingly take or agree to take, directly or indirectly, any action to frustrate, obstruct or otherwise
prevent, the Company from performing its obligations to nominate the Nominees under Section 1(c).

 

Section
2. Actions Requiring Special Approval. Without the prior approval of the NESCO Holders, from and after the Effective Time
and at any time prior to a Termination Event, the Company shall not take or omit to take, as applicable, or agree to take or omit
to take, as applicable, directly or indirectly, any action to increase or decrease the size of the Board or to make a change to
the classes on which the Directors serve.

 

Section
3. Restrictions on Transfer of Sponsor Earnout Shares.

 

(a)
Other than in connection with the Merger Agreement and the transactions contemplated thereby or in accordance with Section
3(f), subject to Section 3(b) and Section 3(c), no Sponsor may Transfer any of its Sponsor Earnout Shares.

 

(b)
The restrictions set forth in this Section 3 shall cease to apply to (i) 50% of such Sponsor’s Sponsor Earnout Shares
upon the first day after the Common Stock Price equals or exceeds $13.00 per share, as adjusted for stock splits, dividends, reorganizations,
recapitalizations and the like (the “Minimum Target”), for any period of 20 trading days out of 30 consecutive
trading days and (ii) 50% of such Sponsor’s Sponsor Earnout Shares upon the first day after the Common Stock Price equals
or exceeds $16.00 per share, as adjusted for stock splits, dividends, reorganizations, recapitalizations and the like (the “Maximum
Target”), for any period of 20 trading days out of 30 consecutive trading days.

 

    5

     

    

 

(c)
The restrictions set forth in this Section 3 shall cease to apply to (i) 50% of such Sponsor’s Sponsor Earnout Shares
immediately prior to a Change in Control if the Change in Control Consideration paid or payable to the stockholders of the Company
in connection with such Change in Control is equal to or greater than the Minimum Target but less than the Maximum Target, unless
the Minimum Target had previously been satisfied pursuant to Section 3(b), and (ii) 100% of such Sponsor’s Sponsor
Earnout Shares immediately prior to a Change in Control if the Change in Control Consideration paid or payable to the stockholders
of the Company in connection with such Change in Control is equal to or greater than the Maximum Target, unless the Maximum Target
had previously been satisfied pursuant to Section 3(b).

 

(d)
The Sponsors and the Company acknowledge and agree that:

 

(i)
Sponsor Earnout Shares shall participate in any dividends or other distributions with respect to Common Stock prior to the date
such Sponsor Earnout Shares become Transferable in accordance herewith and thereafter;

 

(ii)
Sponsor Earnout Shares shall have all voting rights, and the Sponsors shall be entitled to vote on any matter as a holder of Sponsor
Earnout Shares, prior to the date such Sponsor Earnout Shares become freely Transferable in accordance herewith and thereafter;

 

(iii)
if any Sponsor Earnout Shares shall not have become Transferable in accordance herewith by the fifth anniversary of the Effective
Time, such Sponsor Earnout Shares shall be forfeited by the holders thereof to the Company for no consideration with no further
action required of any Person;

 

(iv)
notwithstanding anything to the contrary herein, the Sponsor Earnout Shares shall remain subject to the restrictions on Transfer
under applicable securities Laws of any state, federal or foreign entity and the rules and regulations promulgated thereunder;
and

 

(v)
each certificate evidencing any Sponsor Earnout Shares and each certificate issued in exchange for or upon the Transfer of any
Sponsor Earnout Shares (unless such Sponsor Earnout Shares are no longer subject to the restrictions on Transfer set forth in
this Section 3) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A STOCKHOLDERS’
AGREEMENT, DATED AS OF [___________], 2019, AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN
OF THE COMPANY’S SHAREHOLDERS, AS AMENDED. A COPY OF SUCH STOCKHOLDERS’ AGREEMENT WILL BE FURNISHED WITHOUT CHARGE
BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

    6

     

    

 

The
Company shall imprint such legend on certificates evidencing the Sponsor Earnout Shares. The legend set forth above shall be removed
from the certificates evidencing any Sponsor Earnout Shares that are no longer subject to the restrictions on Transfer set forth
in this Section 3.

 

(e)
Any purported Transfer of Sponsor Earnout Shares in violation of this Agreement shall be null and void, and the Company shall
refuse to recognize any such Transfer for any purpose.

 

(f)
Notwithstanding anything to the contrary in this Section 3, Transfers of Sponsor Earnout Shares are permitted (i) to Permitted
Transferees who shall (A) be subject to the restrictions in this Section 3 as if they were the original holders of such
Sponsor Earnout Shares and (B) promptly Transfer such Sponsor Earnout Shares back to the applicable Sponsor if they cease to be
a Permitted Transferee for any reason prior to the date such Sponsor Earnout Shares become freely Transferable in accordance herewith;
(ii) in the case of an individual, by a gift to a member of the individual’s immediate family or to a trust, the beneficiary
of which is a member of one of the individual’s immediate family, an Affiliate of such person or to a charitable organization;
(iii) in the case of an individual, by virtue of Laws of descent and distribution upon death of the individual; or (iv) in the
case of an individual, pursuant to a qualified domestic relations order; provided, however, that these Transferees
must become a party to this Agreement by executing and delivering such documents as may be necessary to make such Transferee a
party hereto.

 

Section
4. Restrictions on Transfer of Common Stock During the Restricted Period.

 

(a)
Other than in connection with the Merger Agreement and the transactions contemplated thereby or in accordance with Section
4(d), no Shareholder may Transfer any of its shares of Common Stock or any warrants to purchase shares of Common Stock during
the period commencing on the date hereof and ending on [●].1

 

(b)
The Shareholders and the Company acknowledge and agree that:

 

(i)
notwithstanding anything to the contrary herein, the shares of Common Stock and warrants to purchase shares of Common Stock, in
each case, held by a Shareholder shall remain subject to the restrictions on Transfer under applicable securities Laws of any
state, federal or foreign entity and the rules and regulations promulgated thereunder; and

 

(ii)
each certificate evidencing any shares of Common Stock held by a Shareholder and each certificate issued in exchange for or upon
the Transfer of any shares of Common Stock held by a Shareholder (unless such shares are no longer subject to the restrictions
on Transfer set forth in this Section 4) shall be stamped or otherwise imprinted with a legend in substantially the form
set forth in Section 3(d)(v). The Company shall imprint such legend on certificates evidencing the shares of Common Stock
held by each Shareholder. The legend set forth above shall be removed from the certificates evidencing any shares of Common Stock
held by a Stockholder that are no longer subject to the restrictions on Transfer set forth in this Section 4.

 

 

1
    Note to Draft: To be the 180 day anniversary of the closing date.

 

    7

     

    

 

(c)
Any purported Transfer of shares of Common Stock or warrants to purchase shares of Common Stock, in each case, held by a Stockholder
in violation of this Agreement shall be null and void, and the Company shall refuse to recognize any such Transfer for any purpose.

 

(d)
Notwithstanding anything to the contrary in this Section 4, Transfers of shares of Common stock and warrants to purchase
shares of Common Stock are permitted (i) to Permitted Transferees who shall (A) be subject to the restrictions in this Section
4 as if they were the original holders of such shares or warrants and (B) promptly Transfer such shares or warrants back to
the applicable Shareholder if they cease to be a Permitted Transferee for any reason prior to the date such shares or warrants
become freely Transferable in accordance herewith; (ii) in the case of an individual, by a gift to a member of the individual’s
immediate family or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an Affiliate
of such person or to a charitable organization; (iii) in the case of an individual, by virtue of Laws of descent and distribution
upon death of the individual; or (iv) in the case of an individual, pursuant to a qualified domestic relations order; provided,
however, that these Transferees must become a party to this Agreement by executing and delivering such documents as may
be necessary to make such Transferee a party hereto.

 

Section
5. Definitions.

 

“Action”
has the meaning ascribed to it in the Merger Agreement.

 

“Affiliate”
means, with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under
common control with, such specified Person, through one or more intermediaries or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Annual
Meeting” means any meeting of the stockholders of the Company held for the purpose of electing the Directors of the
Company.

 

“Approved
Stock Exchange” means the Nasdaq, the New York Stock Exchange or any other national securities exchange on which any
of the Common Stock of the Company is listed.

 

“Beneficially
Own” has the meaning ascribed to it in Section 13(d) of the Securities Exchange Act of 1934, as amended.

 

“Board”
has the meaning set forth in the recitals.

 

“Board
Observer” has the meaning set forth in Section 1(k).

 

    8

     

    

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized
or required by Law to close.

 

“Change
in Control” means the occurrence of the following event: any one Person (other than the NESCO Holder or its Affiliates),
or more than one Person that are Affiliates or that are acting as a group (excluding the NESCO Holder or its Affiliates), acquiring
ownership of equity securities of the Company which, together with the equity securities held by such Person, such Person and
its Affiliates or such group, constitutes more than 50% of the total voting power or economic rights of the equity securities
of the Company; provided, that to the extent such Person(s) acquire(s) ownership of more than 50% of the total voting power
or economic rights of the equity securities of the Company through one or more transactions, the “price per share”
paid or payable to the stockholders of the Company for purposes of Section 3(c) shall be the last price per share paid
by such Person(s) in connection with all such transactions.

 

“Change
in Control Consideration” means the amount per share to be received by a holder of shares of Common Stock in connection
with a Change in Control, with any non-cash consideration valued as determined by the value ascribed to such consideration by
the parties to such transaction.

 

“Common
Stock” has the meaning set forth in the recitals.

 

“Common
Stock Price” means, on any date after the Effective Time, the closing sale price per share of Common Stock reported
as of 4:00 p.m., New York, New York time on such date by Bloomberg, or if not available on Bloomberg, as reported by Morningstar.

 

“Company”
has the meaning set forth in the preamble.

 

“Director”
means a member of the Board until such individual’s death, disability, disqualification, resignation or removal.

 

“ECP”
has the meaning set forth in the preamble.

 

“Effective
Time” has the meaning set forth in the preamble.

 

“Law”
has the meaning ascribed to it in the Merger Agreement.

 

“Merger
Agreement” has the meaning set forth in the recitals.

 

“Maximum
Target” has the meaning set forth in Section 3(b).

 

“Minimum
Target” has the meaning set forth in Section 3(b).

 

“NESCO
Director” means an individual elected to the Board that has been nominated by the NESCO Holders pursuant to this Agreement.
For the avoidance of doubt, each of Rahman D’Argenio and Doug Kimmelman (and, if applicable, the person designated pursuant
to and in accordance with the terms of Section 1(b)(2)) shall be deemed to have been nominated by the NESCO Holders pursuant
to this Agreement.

 

    9

     

    

 

“NESCO
Shares” means any shares of Common Stock held by the NESCO Holders.

 

“Nominee”
has the meaning set forth in Section 1(a).

 

“Observation
Election” has the meaning set forth in Section 1(k).

 

“Organizational
Documents” means the Company’s certificate of incorporation and bylaws, as in effect at the Effective Time, as
the same may be amended from time to time.

 

“Party”
has the meaning set forth in the preamble.

 

“Permitted
Transferee” means, with respect to any Person, (i) the direct or indirect partners, members, equity holders or other
Affiliates of such Person, or (ii) any of such Person’s related investment funds or vehicles
controlled or managed by such Person or Affiliate of such Person.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, governmental agency or instrumentality or other entity of any kind.

 

“Shareholder”
means any holder of Common Stock that is or becomes a party to this Agreement from time to time in accordance with the provisions
hereof.

 

“Sponsor
Earnout Shares” means, with respect to each Sponsor, the shares of Common Stock set forth next to such Sponsor’s
name on Exhibit A hereto.

 

“Sponsors”
has the meaning set forth in the preamble.

 

“Termination
Event” has the meaning set forth in Section 20.

 

“Transfer”
means any sale, transfer, assignment or other disposition of (whether with or without consideration and whether voluntary or involuntary
or by operation of Law) of Common Stock. “Transferable” and “Transferee” shall each have
a correlative meaning.

 

Section
6. Assignment; Benefit of Parties. This Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors, legal representatives and assignees for the uses and purposes set forth and referred to herein. Notwithstanding
the foregoing, the Company may not assign any of its rights or obligations hereunder without the prior written consent of the
NESCO Holders holding a majority of the NESCO Shares. Nothing herein contained shall confer or is intended to confer on any third
party or entity that is not a party to this Agreement any rights under this Agreement.

 

Section
7. ECP. So long as ECP and its Affiliates are the beneficial owners of a majority of the NESCO Shares, at the written request
of ECP, the NESCO Holder shall assign to ECP (or to an Affiliate of ECP designated in writing by it), without any further consent
required from any other Party, all of its rights hereunder and, following such assignment, ECP (or an Affiliate designated in
writing by it) shall be deemed to be the “NESCO Holders” for all purposes hereunder; provided, that ECP (or
its Affiliate designated in writing) assumes in writing responsibility for its portion of the obligations of the NESCO Holders
and that, if ECP designates an Affiliate in writing, then such Affiliate shall continue to be an Affiliate of ECP at all times.

 

    10

     

    

 

Section
8. Remedies. The Parties shall be entitled to enforce their rights under this Agreement specifically, to recover damages
by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The Parties
agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate
remedy for any such breach and that, in addition to other rights and remedies hereunder, the Parties shall be entitled to specific
performance and/or injunctive or other equitable relief (without posting a bond or other security) from any court of Law or equity
of competent jurisdiction in order to enforce or prevent any violation of the provisions of this Agreement.

 

Section
9. Notices. All notices and other communications among the Parties shall be in writing and shall be deemed to have been
duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight
delivery service or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day),
addressed as follows:

 

(a)
If to the Company:

 

Nesco,
LLC

6714
Pointe Inverness Way, Suite 220

Fort
Wayne, Indiana 45894

Attention: 
Lee Jacobson

    Bruce
Heinemann

E-mail:
     lee.jacobson@nescorentals.com

    bruce.heinemann@nescorentals.com

 

(b)
If to the NESCO Holders or ECP:

 

Energy
Capital Partners III, LLC

12680
High Bluff Drive, Suite 400

San
Diego, California 92130

Attention:
 Rahman D’Argenio

    Chris
Leininger

Email:
       rdargenio@ecpartners.com

cleininger@ecpartners.com

 

with
a copy to:

 

Kirkland &
Ellis LLP

609
Main Street

Houston,
Texas 77002

Attention:
William J. Benitez, P.C.

   Cyril
V. Jones

E-mail:  
william.benitez@kirkland.com

cyril.jones@kirkland.com

 

    11

     

    

 

(c)
If to the Sponsors:

 

Capitol
Investment Corp. IV

1300
17th Street North, Suite 820

Arlington,
Virginia 22209

Attn:
Mark D. Ein, Chairman & CEO, and Dyson Dryden, President & CFO

E-mail:
 mark@capinvestment.com

  dyson@capinvestment.com

 

with
a copy to:

 

Latham &
Watkins LLP

555
Eleventh Street, N.W.

Washington,
DC 20004

Attention:
Paul Sheridan

E-mail:
paul.sheridan@lw.com

 

Section
10. Adjustments. If, and as often as, there are any changes in the Common Stock by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation, reorganization, recapitalization or sale, or by any other means,
appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights, privileges,
duties and obligations hereunder shall continue with respect to the Common Stock as so changed.

 

Section
11. No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the Parties
to express their mutual intent, and no rule of strict construction shall be applied against any Party.

 

Section
12. No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer
upon, or give to, any person or entity other than the Parties and their respective successors and assigns any remedy or claim
under or by reason of this Agreement or any terms, covenants or conditions hereof, and all of the terms, covenants, conditions,
promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the Parties and their respective
successors and assigns.

 

Section
13. Further Assurances. Each of the Parties hereby agrees that it will hereafter execute and deliver any further document,
agreement, instruments of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof.

 

Section
14. Counterparts. This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile
or electronic transmission in portable document format, each of which shall be deemed to be an original and shall be binding upon
the Party who executed the same, but all of such counterparts shall constitute the same agreement.

 

    12

     

    

 

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

 

Section
16. Jurisdiction; WAIVER OF TRIAL BY JURY. Any Action based upon, arising out of or related to this Agreement or the transactions
contemplated hereby may be brought in federal and state courts located in the State of Delaware, and each of the Parties irrevocably
submits to the exclusive jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have
to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the Action shall be heard and
determined only in any such court, and agrees not to bring any Action arising out of or relating to this Agreement or the transactions
contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any Party to serve process
in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any other jurisdiction,
in each case, to enforce judgments obtained in any Action brought pursuant to this Section 16. EACH OF THE PARTIES HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
17. Entire Agreement. This Agreement, together with the Merger Agreement, the agreements referenced herein and the other
agreements entered into in connection with the consummation of the Transactions contemplated by the Merger Agreement, constitute
the entire agreement among the Parties relating to the transactions contemplated hereby and supersede any other agreements, whether
written or oral, that may have been made or entered into by or among any of the Parties or any of their respective subsidiaries
relating to the transactions contemplated hereby.

 

Section
18. Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement shall remain in full force and effect. The Parties further agree that if any provision
contained herein is, to any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, the
remaining provisions of this Agreement shall be reformed, construed and enforced to the fullest extent permitted by Law and to
the extent necessary to give effect to the intent of the Parties.

 

Section
19. Amendment and Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of
this Agreement shall be effective against the Parties unless such modification is approved in writing by the Parties. The failure
of any Party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and
shall not affect the right of such Party thereafter to enforce each and every provision of this Agreement in accordance with its
terms.

 

    13

     

    

 

Section
20. Termination. Notwithstanding anything to the contrary contained herein, if the NESCO Holders (together with their Affiliates
and permitted assignees) cease to Beneficially Own a number of shares of Common Stock equal to or greater than 5% of the total
number of shares of Common Stock issued and outstanding (on a non-fully diluted basis) (“Termination Event”),
then this Agreement shall expire and terminate automatically; provided, however, that Section 1(g), (i), (j)
and (k), Section 3, Sections 5 through 6, Sections 8 through 12, Sections 15
through 19, this Section 20 and Section 21 shall survive the termination of this Agreement.

 

Section
21. Enforcement. Each of the Parties covenant and agree that the disinterested Directors of the Board have the right to
enforce, waive or take any other action with respect to this Agreement on behalf of the Company.

  

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]

 

    14

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Time.

 

	 	Company:
	 	 
	 	NESCO
    HOLDINGS, INC.
	 	 	 
	 	By:
    	              
	 	Name:
    	 
	 	Title:	 

 

 

 

[Signature
page to Stockholders’ Agreement]

 

     

     

    

 

	 	NESCO
    Holder:
	 	 
	 	NESCO
    HOLDINGS, LP
	 	 
	 	By:
    NESCO Holdings GP, LLC
	 	Its:
    General Partner
	 	 	 
	 	By:	 
	 	Name:	           
	 	Title:	 

 

 

 

 [Signature
page to Stockholders’ Agreement]

 

     

     

    

 

	 	ECP:
	 	 
	 	[ENERGY
    CAPITAL PARTNERS III, LP]
	 	 
	 	By:
    [Energy Capital Partners GP III, LP]
	 	Its:
    General Partner

 

	 	By:
    [Energy Capital Partners III, LLC]
	 	Its:
    General Partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	[ENERGY
    CAPITAL PARTNERS III-A, LP]
	 	 
	 	By:
    [Energy Capital Partners GP III, LP]
	 	Its:
    General Partner

 

	 	By:
    [Energy Capital Partners III, LLC]
	 	Its:
    General Partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	[ENERGY
    CAPITAL PARTNERS III-B, LP]
	 	 
	 	By:
    [Energy Capital Partners GP III, LP]
	 	Its:
    General Partner

 

	 	By:
    [Energy Capital Partners III, LLC]
	 	Its:
    General Partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

[Signature
page to Stockholders’ Agreement]

 

     

     

    

 

	 	[ENERGY
    CAPITAL PARTNERS III-C, LP]
	 	 
	 	By:
    [Energy Capital Partners GP III, LP]
	 	Its:
    General Partner

 

	 	By:
    [Energy Capital Partners III, LLC]
	 	Its:
    General Partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

  

	 	[ENERGY
    CAPITAL PARTNERS III-D, LP]
	 	 
	 	By:
    [Energy Capital Partners GP III, LP]
	 	Its:
    General Partner

 

	 	By:
    [Energy Capital Partners III, LLC]
	 	Its:
    General Partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	[ENERGY
    CAPITAL PARTNERS III (NESCO CO-INVEST), LP]
	 	 
	 	By:
    [Energy Capital Partners GP III, LP]
	 	Its:
    General Partner

 

	 	By:
    [Energy Capital Partners III, LLC]
	 	Its:
    General Partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 [Signature
page to Stockholders’ Agreement]

 

     

     

    

 

	 	Sponsors:
	 	 
	 	CAPITOL
    ACQUISITION MANAGEMENT IV LLC
	 	 	 
	 	By:	 
	 	Name:	                      
	 	Title:	 
	 	 	 
	 	CAPITOL
    ACQUISITION FOUNDER IV LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	By:	 
	 	Name:	Lawrence Calcano
	 	 	 
	 	By:	 
	 	Name:	Brooke Coburn
	 	 	 
	 	By:	 
	 	Name:	Richard Donaldson
	 	 	 
	 	By:	 
	 	Name:	Preston Parnell
	 	 	 
	 	By:	 
	 	Name:	Winston Lin

 

 

 

[Signature
page to Stockholders’ Agreement]Exhibit 10.11

 

Execution Version

 

SPONSOR
SUPPORT AGREEMENT

 

This
Sponsor Support Agreement (this “Sponsor Agreement”) is dated as of April 7, 2019, by and among the Persons
set forth on Schedule I hereto (each, a “Sponsor” and, together, the “Sponsors”),
Capitol Investment Corp. IV, a Cayman Islands exempted company limited by shares (which shall domesticate as a Delaware corporation
prior to the Closing (as defined in the Merger Agreement (as defined below))) (“Acquiror”), NESCO Holdings,
LP, a Delaware limited partnership (the “NESCO Owner”), and NESCO Holdings I, Inc., a Delaware corporation
(the “Company”). Capitalized terms used but not defined herein shall have the respective meanings ascribed
to such terms in the Merger Agreement.

 

RECITALS

 

WHEREAS,
as of the date hereof, the Sponsors collectively are the holders of record and the “beneficial owners” (within the
meaning of Rule 13d-3 under the Exchange Act) of 10,062,500 Sponsor Shares and 6,533,333 Sponsor Warrants in the aggregate;

 

WHEREAS,
contemporaneously with the execution and delivery of this Sponsor Agreement, Acquiror, Capitol Investment Merger Sub 1, LLC, a
Delaware limited liability company (“Merger Sub”), Capitol Investment Merger Sub 2, LLC, a Delaware limited
liability company (“New HoldCo”), Capitol Intermediate Holdings, LLC, a Delaware limited liability company,
the NESCO Owner and the Company, have entered into an Agreement and Plan of Merger (as amended or modified from time to time,
the “Merger Agreement”), dated as of the date hereof, pursuant to which, among other transactions, (i) Merger
Sub is to merge with and into the Company, with the Company continuing on as the surviving entity, and following such merger (ii)
the Company is to merge with and into New HoldCo, with New HoldCo continuing on as the surviving entity, in each case, on the
terms and conditions set forth therein;

 

WHEREAS,
in connection with the transactions contemplated by the Merger Agreement, 2,000,000 of the Sponsor Shares and 2,500,000 of the
Sponsor Warrants will be cancelled as further specified in Section 3.03 of the Merger Agreement and in this Sponsor Agreement;
and

 

WHEREAS,
as an inducement to Acquiror, the NESCO Owner and the Company to enter into the Merger Agreement and to consummate the transactions
contemplated therein, the parties hereto desire to agree to certain matters as set forth herein.

 

     

     

    

 

AGREEMENT

 

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

 

ARTICLE
I

SPONSOR SUPPORT AGREEMENT; COVENANTS

 

Section
1.1 Binding Effect of Merger Agreement; Cancellation of Sponsor Shares and Sponsor Warrants. Each Sponsor hereby acknowledges
that it has read the Merger Agreement and this Sponsor Agreement and has had the opportunity to consult with its tax and legal
advisors. Each Sponsor shall be bound by and comply with Sections 3.03, 3.04, 9.03(b) and 12.11 of the Merger Agreement (and any
relevant definitions contained in any such Sections) as if such Sponsor was an original signatory to the Merger Agreement with
respect to such provisions. Without limiting the generality of the foregoing, immediately prior to the Domestication each Sponsor
shall (and, subject only to the consummation of the Closing hereby, does) irrevocably surrender, forfeit and consent to the termination
and cancellation, in each case for no consideration and without further right, obligation or liability of any kind or nature on
the part of Acquiror, New HoldCo, Merger Sub, NESCO Owner or the Company, of: (i) a number of Sponsor Shares equal to the amount
set forth opposite such Sponsor’s name on Schedule I hereto and (ii) a number of Sponsor Warrants equal to the amount
set forth opposite such Sponsor’s name on Schedule I hereto. Immediately prior to the Domestication, each Sponsor
shall cause to be delivered and surrendered for cancellation any stock certificates, warrants or any similar instruments or securities
evidencing or representing the Sponsor Shares and Sponsor Warrants to be forfeited, terminated and cancelled pursuant to the preceding
sentence.

 

Section
1.2 No Transfer. During the period commencing on the date hereof and ending on the earlier of (a) immediately prior to
the consummation of the Closing and (b) the termination of the Merger Agreement pursuant to Article XI thereof, each Sponsor shall
not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose
of or agree to dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with the SEC
(other than the Proxy Statement/Prospectus) or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Acquiror Stock or Acquiror Warrants
owned by such Sponsor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any shares of Acquiror Stock or Acquiror Warrants owned by such Sponsor or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii); provided, that the Sponsors shall be
permitted to make transfers to Affiliates or family trusts, in each case for estate planning purposes, so long as (x) at
least three Business Days prior to any such transfer, such transferring Sponsor shall deliver a written notice to Acquiror and
the NESCO Owner, which notice will disclose in reasonable detail the identity of such transferee and (y) as a condition to any
such transfer, such transferee shall execute a joinder and acknowledgement reasonably satisfactory to the NESCO Owner agreeing
to be bound by and made a party to this Sponsor Agreement and such other documents related to the ownership of the Sponsor Shares
and/or Sponsor Warrants as the NESCO Owner deems reasonably necessary; provided further, that any such transfer shall not
relieve, discharge or otherwise modify the obligations of the transferring Sponsor under this Sponsor Agreement. Notwithstanding
the foregoing, during the period commencing on the date hereof and ending on the earlier of immediately prior to the consummation
of the Closing and the termination of the Merger Agreement pursuant to Article XI thereof, the Sponsors shall at all times maintain
ownership of a number of Sponsor Shares and Sponsor Warrants sufficient to satisfy the cancellation and forfeiture obligations
set forth in Section 3.03 of the Merger Agreement.

 

    2

     

    

 

Section
1.3 New Shares. In the event that (a) any shares of Acquiror Stock, Acquiror Warrants or other equity securities of Acquiror
are issued to a Sponsor after the date of this Sponsor Agreement pursuant to any stock dividend, stock split, recapitalization,
reclassification, combination or exchange of shares of Acquiror Common Stock of, on or affecting the Acquiror Stock owned by such
Sponsor or otherwise, (b) a Sponsor purchases or otherwise acquires beneficial ownership of any shares of Acquiror Stock or other
equity securities of Acquiror after the date of this Sponsor Agreement, or (c) a Sponsor acquires the right to vote or share in
the voting of any shares of Acquiror Stock or other equity securities of Acquiror after the date of this Sponsor Agreement (such
Acquiror Common Stock or other equity securities of Acquiror, collectively the “New Shares”), then such New
Shares acquired or purchased by such Sponsor shall be subject to the terms of this Sponsor Agreement to the same extent as if
they constituted the Acquiror Stock owned by such Sponsor as of the date hereof.

 

Section
1.4 Termination of Existing Registration Rights Agreement. Acquiror and each Sponsor hereby consent to, and agree that,
conditioned upon the Closing and effective as of the Effective Time, the Registration Rights Agreement, dated as of August 15,
2017 (the “Existing Registration Rights Agreement”), by and among Acquiror, the Sponsors and the other parties
signatory thereto, shall terminate (and any amendment, notice or other action necessary to effectuate any such termination (including
pursuant to Section 6.7 of the Existing Registration Rights Agreement) shall be deemed made pursuant to this Section 1.4),
and such agreement shall be of no further force and effect.

 

Section
1.5 Closing Date Deliverables. On the Closing Date:

 

(a)
Each of Capitol Acquisition Management IV LLC, Capitol Acquisition Founder IV LLC, Lawrence Calcano, Brooke Coburn and Richard
Donaldson (collectively, the “Founder Sponsors”) shall deliver to Acquiror a duly executed copy of that certain
Registration Rights Agreement (the “New Registration Rights Agreement”), by and among Acquiror, the NESCO Owner
and the other parties signatories thereto, in substantially the form attached as Exhibit A to the Merger Agreement.

 

(b)
Each of Acquiror and NESCO Owner shall deliver to the Founder Sponsors a duly executed copy of the New Registration Rights Agreement.

 

Section
1.6 Acquiror and Sponsor Agreements.

 

(a)
Each Founder Sponsor shall comply with, and fully perform all of its obligations, covenants and agreements set forth in, those
certain Letter Agreements, dated as of August 15, 2017, by and among each Founder Sponsor and Acquiror (the “Voting Letter
Agreements”), including the obligations of the Founder Sponsors pursuant to Section 1 therein to vote all shares beneficially
owned by such Sponsor in favor of the transactions contemplated by the Merger Agreement.

 

(b)
Each Sponsor, other than the Founder Sponsors who are obligated to vote their shares pursuant to the Voting Letter Agreements,
shall vote all shares beneficially owned by such Sponsor in favor of the transactions contemplated by the Merger Agreement.

 

(c)
During the period commencing on the date hereof and ending on the earlier of the consummation of the Closing and the termination
of the Merger Agreement pursuant to Article XI thereof, each Sponsor (i) shall not modify or amend any Contract between or among
such Sponsor, anyone related by blood, marriage or adoption to such Sponsor or any Affiliate of such Sponsor (other than Acquiror
or any of its Subsidiaries), on the one hand, and Acquiror or any of Acquiror’s Subsidiaries, on the other hand, including,
for the avoidance of doubt, the Voting Letter Agreements; provided, that nothing herein shall restrict the issuance of
any new Stockholder Notes expressly permitted to be entered into pursuant to Section 8.03 of the Merger Agreement; and (ii) shall
not elect to redeem any shares of Acquiror Stock in the Offer.

 

    3

     

    

 

Section
1.7 Further Assurances. Each Sponsor shall take, or cause to be taken, all actions and do, or cause to be done, all things
reasonably necessary under applicable Laws to consummate the Mergers and the other transactions contemplated by the Merger Agreement
on the terms and subject to the conditions set forth therein and herein.

 

Section
1.8 No Inconsistent Agreement. Each Sponsor hereby represents and covenants that such Sponsor has not entered into, and
shall not enter into, any agreement that would restrict, limit or interfere with the performance of such Sponsor’s obligations
hereunder.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

Section
2.1 Representations and Warranties of the Sponsors. Each Sponsor represents and warrants as of the date hereof to Acquiror
and the Company (solely with respect to itself, himself or herself and not with respect to any other Sponsor) as follows:

 

(a)
Organization; Due Authorization. If such Sponsor is not an individual, it is duly organized, validly existing and in good
standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution,
delivery and performance of this Sponsor Agreement and the consummation of the transactions contemplated hereby are within such
Sponsor’s corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate,
limited liability company or organizational actions on the part of such Sponsor. If such Sponsor is an individual, such Sponsor
has full legal capacity, right and authority to execute and deliver this Sponsor Agreement and to perform his or her obligations
hereunder. This Sponsor Agreement has been duly executed and delivered by such Sponsor and, assuming due authorization, execution
and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a legally valid and binding obligation
of such Sponsor, enforceable against such Sponsor in accordance with the terms hereof (except as enforceability may be limited
by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability
of specific performance and other equitable remedies). If this Sponsor Agreement is being executed in a representative or fiduciary
capacity, the Person signing this Sponsor Agreement has full power and authority to enter into this Sponsor Agreement on behalf
of the applicable Sponsor.

 

(b)
Ownership. Such Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has good title to,
all of such Sponsor’s Sponsor Shares and Sponsor Warrants, and there exist no Liens or any other limitation or restriction
(including any restriction on the right to vote, sell or otherwise dispose of such Sponsor Shares or Sponsor Warrants (other than
transfer restrictions under the Securities Act)) affecting any such Sponsor Shares or Sponsor Warrants, other than any Permitted
Liens or pursuant to (i) this Sponsor Agreement, (ii) the Acquiror Organizational Documents, (iii) the Merger Agreement, (iv)
the Voting Letter Agreements or (v) any applicable securities Laws. Such Sponsor’s Sponsor Shares and Sponsor Warrants are
the only equity securities in Acquiror owned of record or beneficially by such Sponsor on the date of this Sponsor Agreement,
and none of such Sponsor’s Sponsor Shares or Sponsor Warrants are subject to any proxy, voting trust or other agreement
or arrangement with respect to the voting of such Sponsor Shares or Sponsor Warrants, except as provided hereunder and under the
Voting Letter Agreements. Other than the Sponsor Warrants, the Stockholder Notes (if applicable) and the Merger Agreement, such
Sponsor does not hold or own any rights to acquire (directly or indirectly) any equity securities of Acquiror or any equity securities
convertible into, or which can be exchanged for, equity securities of Acquiror.

 

    4

     

    

 

(c)
No Conflicts. The execution and delivery of this Sponsor Agreement by such Sponsor does not, and the performance by such
Sponsor of his, her or its obligations hereunder will not, (i) if such Sponsor is not an individual, conflict with or result in
a violation of the organizational documents of such Sponsor or (ii) require any consent or approval that has not been given or
other action that has not been taken by any Person (including under any Contract binding upon such Sponsor or such Sponsor’s
Sponsor Shares or Sponsor Warrants), in each case to the extent such consent, approval or other action would prevent, enjoin or
materially delay the performance by such Sponsor of its, his or her obligations under this Sponsor Agreement.

 

(d)
Litigation. There are no Actions pending against such Sponsor, or to the knowledge of such Sponsor threatened against such
Sponsor, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority, which
in any manner challenges or seeks to prevent, enjoin or materially delay the performance by such Sponsor of its, his or her obligations
under this Sponsor Agreement.

 

(e)
Brokerage Fees. Except as described on Schedules 4.15 and 6.07 of the Merger Agreement, no financial advisor, investment
banker, broker, finder or other similar intermediary is entitled to any fee or commission from Acquiror, New HoldCo, the Company
or any of their respective Affiliates in connection with the Merger Agreement, the agreements ancillary thereto, this Sponsor
Agreement or any of the respective transactions contemplated thereby and hereby, in each case, based upon any arrangement or agreement
made by or, to the knowledge of such Sponsor, on behalf of such Sponsor, for which Acquiror, New HoldCo or the Company would have
any obligations or liabilities of any kind or nature.

 

(f)
Affiliate Arrangements. Except as set forth on Schedule II attached hereto, neither such Sponsor nor any anyone
related by blood, marriage or adoption to such Sponsor or to the actual knowledge of such Sponsor any Person in which such Sponsor
has a direct or indirect legal, contractual or beneficial ownership of 5% or greater is party to, or has any rights with respect
to or arising from, any material Contract with Acquiror or its Subsidiaries.

 

(g)
Acknowledgment. Such Sponsor understands and acknowledges that each of Acquiror and the Company is entering into the Merger
Agreement in reliance upon such Sponsor’s execution and delivery of this Sponsor Agreement.

 

    5

     

    

 

ARTICLE
III

MISCELLANEOUS

 

Section
3.1 Termination. This Sponsor Agreement and all of its provisions shall terminate and be of no further force or effect
upon the termination prior to the Closing of the Merger Agreement in accordance with its terms. Upon such termination of this
Sponsor Agreement, all obligations of the parties under this Sponsor Agreement will terminate, without any liability or other
obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and no party
hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract,
tort or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this Sponsor
Agreement shall not relieve any party hereto from liability arising in respect of any breach of this Sponsor Agreement prior to
such termination. This Article III shall survive the termination of this Agreement.

 

Section
3.2 Governing Law. This Sponsor Agreement, and all claims or causes of action (whether in contract or tort) that may be
based upon, arise out of or relate to this Sponsor Agreement or the negotiation, execution or performance of this Sponsor Agreement
(including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in
connection with this Sponsor Agreement) will be governed by and construed in accordance with the internal Laws of the State of
Delaware applicable to agreements executed and performed entirely within such State.

 

Section
3.3 CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.

 

(a)
THE PARTIES TO THIS SPONSOR AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE
OR THE COURTS OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SPONSOR AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS
SPONSOR AGREEMENT WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS SPONSOR
AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT
THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS SPONSOR AGREEMENT MAY NOT BE
ENFORCED IN OR BY SUCH COURTS OR THAT THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT
FORUM, OR THAT THE VENUE OF THE ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS
SPONSOR AGREEMENT BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS
PROVIDED IN Section 3.8.

 

    6

     

    

 

(b)
WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
SPONSOR AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS SPONSOR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SPONSOR AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS SPONSOR AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section
3.3.

 

Section
3.4 Assignment. This Sponsor Agreement and all of the provisions hereof will be binding upon and inure to the benefit of
the parties hereto and their respective heirs, successors and permitted assigns. Neither this Sponsor Agreement nor any of the
rights, interests or obligations hereunder will be assigned (including by operation of law) without the prior written consent
of the parties hereto.

 

Section
3.5 Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions
of this Sponsor Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Sponsor Agreement
and to enforce specifically the terms and provisions of this Sponsor Agreement in the chancery court or any other state or federal
court within the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.

 

Section
3.6 Amendment. This Sponsor Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated,
except upon the execution and delivery of a written agreement executed by Acquiror, the NESCO Owner and the Founder Sponsors.

 

Section
3.7 Severability. If any provision of this Sponsor Agreement is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Sponsor Agreement will remain in full force and effect. Any provision of this Sponsor
Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid
or unenforceable.

 

    7

     

    

 

Section
3.8 Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to have
been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight
delivery service or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day),
addressed as follows:

 

If
to Acquiror, New HoldCo or Merger Sub:

Capitol Investment Corp. IV

1300
17th Street North, Suite 820

Arlington,
Virginia 22209

Attention:
Mark D. Ein, Chairman & CEO, and Dyson Dryden, President & CFO

Email:
mark@capinvestment.com

    dyson@capinvestment.com

 

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

 

Latham &
Watkins LLP

555
Eleventh Street, N.W.

Washington,
DC 20004

Attention:
Paul Sheridan

Email:
paul.sheridan@lw.com

 

If
to the Company:

NESCO, LLC

6714
Pointe Inverness Way, Suite 220

Fort
Wayne, Indiana 45894

Attention:
Lee Jacobson

  Bruce
Heinemann

Email:
lee.jacobson@nescorentals.com

    bruce.heinemann@nescorentals.com

 

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

Kirkland & Ellis LLP

609
Main Street

Houston,
Texas 77002

Attention:
William J. Benitez, P.C.

   Cyril
V. Jones

Email:
william.benitez@kirkland.com

    cyril.jones@kirkland.com

 

If
to the NESCO Owner:

 

NESCO
Holdings, LP

c/o
Energy Capital Partners III, LLC

12680
High Bluff Drive, Suite 400

San
Diego, California 92130

Attention:
Rahman D’Argenio

   Chris
Leininger

Email:
rdargenio@ecpartners.com

    cleininger@ecpartners.com

 

    8

     

    

 

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

Kirkland & Ellis LLP

609
Main Street

Houston,
Texas 77002

Attention:
William J. Benitez, P.C.

    Cyril
V. Jones

Email:
william.benitez@kirkland.com

    cyril.jones@kirkland.com

 

If
to a Sponsor:

 

To
such Sponsor’s address set forth in Schedule I

 

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

Latham & Watkins LLP

555
Eleventh Street, N.W.

Washington,
DC 20004

Attention:
Paul Sheridan

Email:
paul.sheridan@lw.com

 

Section
3.9 Counterparts. This Sponsor Agreement may be executed in two or more counterparts (any of which may be delivered by
facsimile or electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute
one and the same instrument.

 

Section
3.10 Entire Agreement. This Sponsor Agreement and the agreements referenced herein constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements
or representations by or among the parties hereto to the extent they relate in any way to the subject matter hereof.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]

 

    9

     

    

 

IN
WITNESS WHEREOF, the Sponsors, Acquiror, the Company and the NESCO Owner have each caused this Sponsor Support Agreement to be
duly executed as of the date first written above.

 

	 	SPONSORS:

    

    CAPITOL ACQUISITION MANAGEMENT IV LLC 
	 	 	 
	 	By:	/s/ Mark D. Ein
	 	 	Name: Mark D. Ein
	 	 	Title: Sole Member

 

	 	CAPITOL ACQUISITION FOUNDER IV LLC
    
	 	 	 
	 	By:	/s/ L. Dyson Dryden
	 	 	Name: L. Dyson Dryden
	 	 	Title: Member

  

	 	/s/
    Lawrence Calcano 
	 	Name:
Lawrence Calcano
	 	 
	 	/s/
    Brooke Coburn 
	 	Name:
Brooke Coburn
	 	 
	 	/s/
    Richard Donaldson 
	 	Name:
Richard Donaldson
	 	 
	 	/s/
    Preston Parnell 
	 	Name:
Preston Parnell
	 	 
	 	/s/
    Winston Lin 
	 	Name:
    Winston Lin  

 

[Signature
Page to Sponsor Support Agreement]

 

     

     

    

 

	 	ACQUIROR:

    

    CAPITOL Investment CORP. IV
	 	 	 
	 	By:	/s/ L. Dyson Dryden
	 	 	Name: L. Dyson Dryden
	 	 	Title: President and Chief Financial Officer

  

[Signature
Page to Sponsor Support Agreement]

 

     

     

    

 

	 	COMPANY:

    

    NESCO HOLDINGS I, INC. 
	 	 	 
	 	By:	/s/ Lee Jacobson
	 	 	Name: Lee Jacobson
	 	 	Title:   Assistant Secretary, President
    and 

Chief Executive Officer

  

	 	NESCO
OWNER:

                                                                                                                         

                                                                                                                        NESCO HOLDINGS, LP

	 	 
	 	By:	NESCO HOLDINGS GP, LLC 
	 	Its:	General Partner
	 	 	 
	 	By:	/s/
    Lee Jacobson
	 	 	Name: Lee Jacobson
	 	 	Title:   President and Secretary

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