Document:

Exhibit 10.10

		FORM OF INDEMNITY AGREEMENT

		THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of ____________, by and between Capitol Investment Corp. VII, a Delaware corporation (the “Company”), and __________________ (“Indemnitee”).

		RECITALS

		WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;

		WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Amended and Restated Certificate of Incorporation (the “Charter”) and the Bylaws (the “Bylaws”) of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (the “DGCL”). The Charter, the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

		WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

		WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

		WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;

		

		 

	
		WHEREAS, this Agreement is a supplement to and in furtherance of the Charter and the Bylaws of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

		WHEREAS, Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified; and

		NOW, THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement dated as of ________________, 2021, the Company and Indemnitee do hereby covenant and agree as follows:

		TERMS AND CONDITIONS

		1.           SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

		2.           DEFINITIONS. As used in this Agreement:

		(a)         References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

		(b)         The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

		

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		(c)         A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

		(i)          Acquisition of Stock by Third Party. Other than an affiliate of Capitol Acquisition Management VII LLC or Capitol Acquisition Founder VII LLC (each, a “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors, unless (A) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (B) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;

		(ii)         Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors on the date hereof or whose election or nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

		(iii)        Corporate Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (A) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (B) other than an affiliate of a Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 20% or more of the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (C) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

		(iv)        Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

		

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		(v)         Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

		(d)         “Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.

		(e)         “Delaware Court” shall mean the Court of Chancery of the State of Delaware.

		(f)          “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

		(g)         “Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent.

		(h)         “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

		(i)          “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

		

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		(j)          References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

		(k)         “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

		(l)          The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

		(m)        The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

		

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		(n)         The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

		3.           INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee 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 and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful; provided, in no event shall Indemnitee be entitled to be indemnified, held harmless or advanced any amounts hereunder in respect of any Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (if any) that Indemnitee may incur by reason of his or her own actual fraud or intentional misconduct. Indemnitee shall not be found to have committed actual fraud or intentional misconduct for any purpose of this Agreement unless or until a court of competent jurisdiction shall have made a finding to that effect.

		4.           INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee 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. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

		5.           INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

		6.           INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

		

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		7.           ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.

		(a)         Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

		(b)         Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), subject to Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

		8.           CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

		(a)         To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

		(b)         The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

		(c)         The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

		9.           EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

		(a)         for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

		(b)         for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or

		(c)         except as otherwise provided in Sections 14(f) and (g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

		

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		10.         ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

		(a)         Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Charter, the Bylaws of the Company, applicable law or otherwise. If it shall be determined by a final judgment or other final adjudication that Indemnitee was not so entitled to indemnification, any advancement shall be returned to the Company (without interest) by the Indemnitee. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9 but shall apply to any Proceeding referenced in Section 9(b) prior to a final determination that Indemnitee is liable therefor.

		(b)         The Company will be entitled to participate in the Proceeding at its own expense.

		(c)         The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

		11.         PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

		(a)         Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

		(b)         Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.

		

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		12.         PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

		(a)         A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority vote of such directors (even if less than a quorum), (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the stockholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.

		(b)         In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

		

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		(c)         The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

		13.         PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

		(a)         In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

		(b)         If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within 30 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30day period may be extended for a reasonable time, not to exceed an additional 15 days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

		

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		(c)         The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

		(d)         For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, managers, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

		(e)         The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

		14.         REMEDIES OF INDEMNITEE.

		(a)         In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within ten days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement within ten days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

		

		11

	
		(b)         In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

		(c)         In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

		(d)         If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

		(e)         The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

		

		12

	
		(f)          The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Charter, or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

		(g)         Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

		15.         SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

		16.         NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

		(a)         The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter, 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. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

		

		13

	
		(b)         The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

		(c)         To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, 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 any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter use commercially reasonable efforts 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 policies.

		(d)         In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.

		(e)         The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

		

		14

	
		(f)          Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of a Sponsors or its respective affiliates or any other Person is secondary.

		17.         DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

		18.         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, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

		19.         ENFORCEMENT AND BINDING EFFECT.

		(a)         The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

		(b)         Without limiting any of the rights of Indemnitee under the Charter or the Bylaws as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

		

		15

	
		(c)         The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

		(d)         The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, 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.

		(e)         The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, and the Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

		20.         MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

		

		16

	
		21.         NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

		(a)         If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.

		(b)         If to the Company, to:

		Capitol Investment Corp. VII

		1300 17th Street North, Suite 820

		Arlington, Virginia 22209

		Attention: Mark D. Ein

		With a copy, which shall not constitute notice, to

		Latham & Watkins LLP

		555 Eleventh Street, NW, Suite 1000

		Washington, D.C. 20004

		Attention: Rachel Sheridan; Jason Licht; Christopher Clark

		or to any other address as may have been furnished to Indemnitee in writing by the Company.

		22.         APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.

		23.         IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more 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.

		24.         MISCELLANEOUS. The headings of the 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 thereof.

		

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		25.         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.

		26.         ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfil its obligations under this Agreement.

		27.         WAIVER OF CLAIMS TO TRUST ACCOUNT. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the Company has sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii) the Company consummates a Business Combination.

		28.         MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. 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 any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

		[Signature Page Follows]

		

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		IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as of the day and year first above written.

			

						 	
						CAPITOL INVESTMENT CORP. VII

					
	 	 	
						By:

						 	
						 

					
	 	 	
						Name:

						 	
						Mark D. Ein

					
	 	 	
						Title:

						 	
						Chief Executive Officer

					
	
						

						 	
						INDEMNITEE:

					
	 	 	
						By:

						 	
						 

					
	 	 	
						Name:

						 	 
	 	 	
						Title:

						 	 

		[Signature Page to Indemnity Agreement]Document

						
		

USED ENGINES SALE AGREEMENT

between

PRATT & WHITNEY ENGINE LEASING, LLC

and

WILLIS LEASE FINANCE CORPORATION, FOR ITSELF AND SERVICER
December 3, 2020

    

This document contains proprietary information of Pratt & Whitney Engine Leasing, LLC (“Seller”).  Seller offers the information contained in this document on the condition that you not disclose or reproduce the information to or for the benefit of any third party without Seller’s written consent.  Neither receipt nor possession of this document, from any source, constitutes Seller’s permission.  Possessing, using, copying or disclosing this document to or for the benefit of any third party without Seller’s written consent may result in criminal and/or civil liability.
This document does not contain any export regulated technical data.
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version

									
	TABLE OF CONTENTS
	Article		Page Number
			
	1.	DEFINITIONS	1
	2.	DESCRIPTION OF SALE, DATE OF SALE AND DELIVERY LOCATION	3
	3.	PURCHASE PRICE AND PAYMENT	4
	4.	INSPECTION	4
	5.	CONDITIONS PRECEDENT	5
	6.	CLOSING AND DELIVERY	5
	7.	RISK OF LOSS AND TITLE	6
	8.	COVENANTS OF BUYER	6
	9.	REPRESENTATIONS AND WARRANTIES	7
	10.	LIMITED WARRANTIES AND DISCLAIMERS	8
	11.	EXCUSABLE DELAYS	9
	12.	INDEMNITIES	9
	13.	EXPENSES AND TAXES	10
	14.	EXPORT	10
	15.	MISCELLANEOUS	11
		Appendix I          [*] Engines List	
		Appendix II         Demountable Powerplant Specification	
		Appendix III        Collins Aerospace QEC Kit Excluded Parts	
		Appendix IV       Form of Acceptance Certificate	
		Appendix V        Form of Engine Bill of Sale	
		Appendix VI       [*] Engine and Parts Service Policy	
		Appendix VII      List of Permitted Affiliates	
		Appendix VIII     Form of Pre-closing Engine Certification	
		Appendix IX       Post-close Engine Documentation Short List	

Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

Willis [*] Used Engines Sale Agreement Execution Version

USED ENGINES SALE AGREEMENT
This Used Engines Sale Agreement, dated as of December 3, 2020 (this “Agreement”), is between Pratt & Whitney Leasing, LLC, as Seller, and Willis Lease Finance Corporation (for itself and in its capacity as servicer on behalf of the Permitted Affiliates (as defined below)), as Buyer. Each a “Party” and together the “Parties”.
The subject matter of this Agreement is [*] used, serviceable aircraft engines, as described in Section 2.2, which Seller desires to sell to Buyer and Buyer is willing to purchase from Seller.  
In consideration of and subject to the mutual covenants, terms and conditions contained in this Agreement, the Parties agree as follows.
1.DEFINITIONS
In this Agreement, unless the context otherwise requires:
1.1    “Acceptance Certificate” means an acceptance certificate in the form attached as Appendix IV to this Agreement. 
1.2    “BFE” means “Buyer Furnished Equipment”, which is the aircraft manufacturer- supplied or buyer furnished engine-mounted accessories (typically including such items as integrated drive generator, quick accessory disconnect adapter, hydraulic pumps, shutoff valve, and pressure regulating valve).
1.3    “Bill of Sale” means a bill of sale in the form attached as Appendix V to this Agreement. 
1.4    “Buyer” means Willis Lease Finance Corporation, a corporation organized and existing under the laws of Delaware, with a place of business at 4700 Lyons Technology Parkway, Coconut Creek, Florida 33073.
1.5    “Buyer Indemnitee” has the meaning set forth in Section 12.1.
1.6    “Closing” has the meaning set forth in Section 6.2.
1.7    “DER” means Designated Engineering Representative.
1.8    “Delivery Location” has the meaning set forth in Section 2.3.
1.9    “Dollars and $” mean the lawful currency of the United States of America.
1.10    “Engine” has the meaning set forth in Section 2.2.
1.11    “Engine Activity” means the ownership, possession, use, import, export, registration, re-registration, deregistration, non-registration, manufacture, performance, transportation, management, location, movement, acquisition, 
Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data

NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

Willis [*] Used Engines Sale Agreement Execution Version

disposal, transfer, exchange, control, design, condition, defect, testing, inspection, acceptance, delivery, redelivery, leasing, subleasing, wet-leasing, pooling, interchange, maintenance, repair, loss, damage, emissions, refurbishment, insurance, reinsurance, service, modification, overhaul, replacement, alteration, storage, removal or operation of the Engine or any part thereof (whether in the air or on the ground or otherwise).
1.12    “Engine Documentation” has the meaning set forth in Section 2.2.
1.13    “Engine Stand” has the meaning set forth in Section 2.2.
1.14    “Engine Storage Bag” has the meaning set forth in Section 2.2.
1.15    “FAA” means the United States Federal Aviation Administration.
1.16    “Final Closing Date” has the meaning set forth in Section 2.5.
1.17    “Fixed Price Repair Agreement” means that certain agreement between Pratt & Whitney and Buyer entered into contemporaneously with this Agreement and pursuant to which Pratt & Whitney will provide repair coverage for each Engine pursuant to the terms thereof. 
1.18    “Liens” means, collectively, security interests, liens, claims, charges, other encumbrances or rights of others.  
1.19    “Loss” means any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, disbursements and expenses (including legal fees, costs and related expenses) of every kind and nature.
1.20    “[*] Engine” has the meaning set forth in Section 2.3(b).
1.21    “OEM” means original equipment manufacturer. 
1.22    “Permitted Affiliates” means, collectively, those parties set forth in Appendix VII to this Agreement, or such other parties as consented to in writing by Pratt & Whitney, such consent not to be unreasonably withheld or delayed; provided, however, that if Pratt & Whitney or Seller is legally prohibited from doing business with such party, then such party will cease to be a Permitted Affiliate.
1.23    “PMA” means Parts Manufacturer Approval, the authority granted by the FAA to manufacture parts for installation in type-certificated products.
1.24    “Pratt & Whitney” means Raytheon Technologies Corporation, a Delaware corporation, acting through its Pratt & Whitney division, with a place of business at 400 Main Street, East Hartford, Connecticut 06118, USA, and which is an affiliate of Seller.

Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version
Page 2

1.25    “Pre-closing Records” has the meaning set forth in Section 4.2. 
1.26    “Purchase Price” has the meaning set forth in Section 3.1. 
1.27    [*] 
1.28    “QEC Kit” means a used serviceable quick engine change kit bearing part number [*] with the specifications identified in the Specification. The QEC Kit does not include BFE parts.  
1.29    “QEC Kit Excluded Parts” means the QEC Kit parts that Seller will not provide, which are listed in Appendix III to this Agreement. 
1.30    [*] 
1.31    “Right of First Refusal” has the meaning set forth in Section 8.2.
1.32    “Scheduled Closing Date” has the meaning set forth in Section 2.4.
1.33    “Seller” means Pratt & Whitney Engine Leasing, LLC, a limited liability company organized and existing under the laws of Delaware, which has an office located at 400 Main Street, East Hartford, Connecticut  06118.
1.34    “Seller Indemnitee” has the meaning set forth in Section 12.2. 
1.35    “Specification” means the Demountable Powerplant Specification attached as Appendix II to this Agreement.  
2.DESCRIPTION OF SALE, DATE OR SALE AND DELIVERY LOCATION 
2.1    Agreement to Sell.  Subject to the terms of this Agreement, Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller all right, title and interest in and to the Engines on the Scheduled Closing Date and for the Purchase Price.  
2.2    Description of the Engines.  As used herein, “Engines” means, individually or collectively, as the context requires: (i) the [*], serviceable [*] model aircraft engines manufactured by Pratt & Whitney, which are the subject of this Agreement and further described in the Specification, and bear the manufacturer’s serial numbers listed, and  the technical status and configuration as of [*] identified, in Appendix I to this Agreement, [*]; (ii) Pratt & Whitney-approved engine transportation stand for each Engine part number [*] (“Engine Stands”); (iii) Pratt & Whitney-approved engine moisture and vapor proof storage bag for each Engine (“Engine Storage Bags”); (iv) QEC Kit for each Engine; and (v) all appliances, parts, instruments, appurtenances, accessories, furnishings, and other equipment and property installed in or attached or related to the Engines, except for the engine mount brace (part number [*]) and the QEC Kit 

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Excluded Parts; and (vi) all documents and records relating to the operation and maintenance of the Engines and in the possession of Seller in electronic form (“Engine Documentation”).  Except where the context otherwise requires, the term “Engine” when used in this Agreement refers to an Engine together with the QEC Kit,  Engine Stand, Engine Storage Bag, and Engine Documentation.
2.3    Delivery Location.  
(a)    [*]. Seller will tender the Engine for sale [*], or as otherwise agreed by the Parties. Buyer will notify Seller within [*] prior to Closing of the preferred Delivery Location. 
(b)    [*].  
2.4    Scheduled Closing Date.  As of the date hereof, the sale of each Engine by Seller to Buyer is scheduled to occur on [*], or such other date as the Parties mutually agree in writing (the “Scheduled Closing Date”).
2.5    Cancellation [*]. [*]
3.PURCHASE PRICE AND PAYMENT

3.1    Purchase Price. The purchase price for each Engine is the amount set forth in Appendix I to this Agreement (each, a “Purchase Price”).  For the avoidance of doubt, the aggregate purchase price for the Engines is [*] (the “Aggregate Purchase Price”). 
3.2    Payments. All payments under this Agreement, including the Purchase Price, must be made in Dollars, without any withholdings or deductions whatsoever, by wire transfer to the account of Seller identified below:
[*]
3.3    [*]. [*]
4.INSPECTION
4.1    Engines. [*]. 
4.2    Pre-closing Records. For each Engine, Buyer will have an opportunity to inspect the following Engine Documentation prior to Closing: [*]. Seller will provide Buyer electronic access to the Pre-closing Records.
4.3    Engine Documentation Post-Closing: As soon as possible after a Closing, but no later than [*], Seller will provide Buyer electronic access to the Engine Documentation identified in Appendix IX to this Agreement for each Engine. 

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5.CONDITIONS PRECEDENT
5.1    Conditions to Buyer’s Obligations. The following are conditions precedent to Buyer’s obligation to purchase an Engine from Seller, which Buyer may waive in full or in part in its sole discretion:
(a)The Engine is located at the Delivery Location;
(b)[*], the Engine is installed on the Engine Stand, has been preserved for the longest available storage period in accordance with the aircraft maintenance manual or engine manual applicable to the Engine, and it is otherwise prepared and wrapped for shipment in an Engine Storage Bag;
(c)[*]; 
(d)Buyer is satisfied with the results of the inspection of the Engine’s Pre-closing Records;
(e)The Engine operates at the thrust configuration listed in Appendix I to this Agreement or as otherwise mutually agreed by the Parties;
(f)Seller’s representations and warranties set forth in Section 9.2 are true and correct, and Seller is not in breach of any of its obligations under this Agreement; and
(g)No change in applicable laws or regulations or in the interpretation thereof has occurred after the date of this Agreement that would make it unlawful for Buyer to perform its obligations under this Agreement.

5.2    Conditions to Seller’s Obligations. The following are conditions precedent to Seller’s obligation to sell an Engine to Buyer, which Seller may waive in full or in part in its sole discretion:
(a)Seller has received an executed Acceptance Certificate for the Engine;
(b)Seller has received the full amount of the Purchase Price for the Engine;
(c)Buyer’s representations and warranties set forth in Section 9.1 are true and correct, and Buyer is not in breach of its obligations under this Agreement; and
(d)No change in applicable laws or regulations or in the interpretation thereof has occurred after the date of this Agreement that would make it unlawful for Seller to perform its obligations under this Agreement.
6.CLOSING AND DELIVERY
6.1    Date of Closing. Seller and Buyer will use commercially reasonable efforts to cause the sale of each Engine to occur on the Scheduled Closing Date.
6.2    Closing.  For each Engine, upon the satisfaction (or waiver by Buyer in its sole discretion) of each of the conditions precedent set forth in Section 5.1 with respect to such Engine, Buyer will execute and deliver the Acceptance Certificate for the Engine to Seller and pay the Purchase Price for that Engine. Upon the satisfaction (or waiver by Seller in its sole discretion) of each of the conditions precedent set forth in Section 5.2 with respect to the Engine, including Seller’s confirmation of its receipt of the Engine’s Purchase Price, Seller will execute and 

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deliver to Buyer the Bill of Sale for the Engine on the day of Closing (each, a “Closing”). [*].
6.3    Ownership plate. Seller will, or cause Pratt & Whitney to, affix a new ownership plate on each Engine, as agreed with Buyer, within [*] of Closing, or as otherwise mutually agreed by the Parties. 
7.RISK OF LOSS AND TITLE
7.1    Risk of Loss. Risk of loss and damage to an Engine and its QEC Kit, Engine Stand, Engine Storage Bag and Engine Documentation will pass to Buyer at Closing. 
7.2    Title. Title to the Engine and its QEC Kit, Engine Stand, Engine Storage Bag and Engine Documentation will pass to Buyer at Closing.
8.COVENANTS OF BUYER
8.1    Covenant Against Engine Part-Out. Buyer agrees that the Engines are for the sole purpose of supporting Buyer’s engine leasing business through the loan or lease of the Engines to Buyer’s customers. For a period of [*] from the manufacture date of the Engine, Buyer: (i) will not disassemble any of the Engines into parts to be used or sold separately, and (ii) will ensure that any agreement with its customers will prohibit the disassembly of such Engine into parts to be used or sold separately and will include Seller as a third party beneficiary of such prohibition. Failure to comply with this Section 8.1 is a material breach of Agreement and Seller may, in its discretion, exercise any and all rights, remedies, powers and privileges afforded by applicable law or in equity. 
8.2    Right of First Refusal. With respect to each Engine, for a period of [*] from the manufacture date of the Engine, in the event Buyer decides to transfer, sell, or otherwise dispose of the Engine in an arm’s length transaction to an independent third party, Buyer agrees to grant Seller the right of first refusal to purchase the Engine at the price and upon substantially the same terms offered by the third party. Upon receipt of any bona fide offer, Buyer will notify Seller in writing of the price and terms, and Seller will respond to this notice within [*] after receipt thereof, indicating whether Seller desires to exercise its rights hereunder.  For purposes of this Section 8.2, a sale (or an offer to sell) to an independent third party does not include a sale by Buyer to: (i) [*]; provided however, that any such sale agreement with (i) or (ii) will grant Seller the right of first refusal to purchase the Engine, consistent with the terms of this Section 8.2, in the event the Engine is subsequently offered to be sold in an arm’s length transaction to an independent third party.
8.3    Engine On-Sell. With respect to each Engine, for a period of [*] from the manufacture date of the Engine, if Seller elects not to exercise its Right of First Refusal in connection with a proposed sale, assignment, transfer, or other 

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disposal of an Engine to a third party (the “Purchaser”), Buyer agrees that: (i) the agreement for such sale, assignment, transfer, or other disposal of the Engine to the Purchaser strictly covenants the Purchaser from disassembling the Engine into parts to be used or sold separately for a period equal to [*] from birth, (ii) such agreement will make Seller a third party beneficiary of such commitment by the Purchaser, and (iii) if the Purchaser seeks to resell such Engine, it shall abide by the terms set forth herein. Buyer’s failure to comply with this Section 8.3 constitutes a material breach of this Agreement and will cause irreparable harm to Seller.  In the event of any breach or threatened breach of such obligation, Seller, without prejudice to any other rights or remedies it may have herein, at law or in equity, will be entitled to equitable relief, including injunction and/or specific performance.  Buyer agrees that it will not oppose the granting of such relief on the basis that Seller has an adequate remedy at law.
9.REPRESENTATIONS AND WARRANTIES
9.1    Buyer Representations and Warranties. Buyer represents and warrants to Seller both on the date of this Agreement and as of the Closing, that:
(a)Buyer: (i) is duly organized, validly existing and in good standing as a corporation under the laws of Delaware, and (ii) has the requisite power and authority and has taken all necessary and appropriate action to authorize the execution, delivery and performance of this Agreement and the Acceptance Certificate; 
(b)Each of this Agreement and the Acceptance Certificate has been (or will be) duly executed and delivered by Buyer, and constitutes the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to creditors’ rights generally and by general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law); and
(c)No third party is involved as a broker or finder on behalf of Buyer in connection with the transactions contemplated by this Agreement.

9.2    Seller Representations and Warranties. Seller represents and warrants to Buyer, both on the date of this Agreement and as of the Closing, that:
(a)Seller: (i) is duly organized, validly existing and in good standing as a limited liability company under the laws of Delaware, and (ii) has the requisite power and authority and has taken all necessary and appropriate action to authorize the execution, delivery and performance of this Agreement and the Bill of Sale; 
(b)Each of this Agreement and the Bill of Sale has been (or will be) duly executed and delivered by Seller, and constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by applicable 

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bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to creditors’ rights generally and by general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law); 
(c)As of the time of the Closing, Seller has good and valid title to the applicable Engine to transfer to Buyer, free and clear of all Liens; and
(d)No third party is involved as a broker or finder on behalf of Seller in connection with the transactions contemplated by this Agreement.  
10.LIMITED WARRANTIES AND DISCLAIMERS
10.1    Seller hereby warrants to Buyer that, at the time of Closing, Seller will transfer to Buyer good, legal and merchantable title to the Engine, free and clear of any and all Liens.
10.2    Seller will assign and transfer to Buyer any remaining benefits of the Engines’ [*] Engine and Parts Service Policy, attached as Appendix VI to this Agreement, prorated to the Engine’s status as of the Engine’s Closing in accordance with the following:
[*] 

The Parties agree to execute and deliver any and all reasonable documentation required to accomplish the assignment and transfer of rights, interests and benefits referred to in this Section 10.2. 
10.3    Except as expressly set forth in this Article 10 and in the Bill of Sale, each Engine is sold in “AS IS, WHERE-IS” and “WITH ALL FAULTS” condition, and Seller makes no warranties, guarantees or representations of any kind, either express or implied, statutory or otherwise, with respect to each Engine, and Buyer hereby waives all other remedies, warranties and liabilities, express or implied, arising by law or otherwise, with respect to each Engine or any part thereof, including but not limited to: (a) any express or implied warranty or representation as to condition, airworthiness, value, merchantability, manufacture, fitness for a particular purpose, absence of latent, inherent or other defects (whether or not discoverable) or as to freedom from any rightful claim by way of infringement of any patent, copyright, design or other proprietary rights, and (b) any implied warranty arising from course of performance, course of dealing or usage or trade. The foregoing disclaimer of warranty shall not be construed to be a waiver by Buyer of any claim against Seller arising from Seller’s breach of any of the terms, covenants, conditions, representations or warranties in this Agreement or the Bill of Sale made by, applicable to or to be performed by Seller.
10.4    The provisions of this Article 10 survive the completion of the transactions contemplated by this Agreement.

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11.EXCUSABLE DELAYS
Neither Party is responsible to the other Party for any delay or failure to perform under this Agreement when such interruption, suspension, delay or failure to perform under this Agreement results from, relates to or arises out of causes beyond either Party’s reasonable control, including without limitation (i) acts of God, acts of Government, fires, floods, epidemics, pandemics, quarantine restrictions, labor disputes, strikes, freight embargoes, riots, wars, the hostile acts of any person, acts of terrorism, compliance in good faith with any applicable foreign or domestic governmental regulation or order whether or not it proves to be invalid, litigation, court orders, or other legal or regulatory actions or unusually severe weather, or any other event or circumstance beyond the reasonable control of either Party, (ii) a delay attributable to suppliers, or [*] (“Excusable Delay”). In the event of an Excusable Delay, the Party experiencing such delay will promptly notify the other Party, and, if feasible, will specify the estimated extent of such delay. Neither Party is deemed to be in default due to an Excusable Delay.
12.INDEMNITIES
12.1    Seller Indemnity. Seller will defend, indemnify and hold harmless Buyer and each of its Permitted Affiliates, successors and assigns, and each such person’s respective directors, officers, employees, contractors, agents, shareholders and subsidiaries (collectively, “Buyer Indemnitees”) from and against any Loss which may be incurred by a Buyer Indemnitee after Closing and arising directly out of any Engine Activity occurring prior to Closing, provided that the foregoing will not apply to any Loss that results from: (i) the gross negligence or willful misconduct of a Buyer Indemnitee, or (ii) the breach by Buyer of any of its obligations, representations or warranties hereunder.
12.2    Buyer Indemnity. Buyer will defend, indemnify and hold harmless Seller and each of its affiliates, successors and assigns, and each such person’s respective directors, officers, employees, contractors, agents, shareholders and subsidiaries (collectively, “Seller Indemnitees”) from and against any Loss which may be incurred by a Seller Indemnitee after Closing and arising directly out of any Engine Activity occurring after Closing, provided that the foregoing will not apply to any Loss that results from: (i) the gross negligence or willful misconduct of a Seller Indemnitee, or (ii) the breach by Seller of any of its obligations, representations or warranties hereunder.
12.3    Waiver of Consequential Damages. To the fullest extent permitted by applicable law, and notwithstanding anything herein to the contrary, no Party will have any liability to any person or entity under this Agreement for any special, indirect, exemplary, incidental, consequential or punitive damages (as opposed to direct and actual damages).
12.4    Survival. The provisions of this Article 12 survive the completion of the transactions contemplated by, or the termination of, this Agreement.

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13.EXPENSES AND TAXES
13.1    Costs and Expenses of Sale. Each Party will pay its own costs, charges and expenses in connection with the negotiation, preparation, execution and implementation of this Agreement.
13.2    Taxes. [*]. 
13.3    Survival. The provisions of this Article 13 will survive the completion of the transactions contemplated by, or the termination of, this Agreement.
14.EXPORT
14.1    The Parties agree to comply with any and all applicable export, import, sanctions and U.S. anti-boycott laws, regulations, orders and authorizations that apply to their respective activities and obligations set forth in this Agreement (collectively “Export Laws”), including but not limited to the International Traffic in Arms Regulations (22 CFR 120130) (“ITAR”), the Export Administration Regulations (15 CFR 730 et seq.) (“EAR”) and any regulations and orders administered by the Treasury Department's Office of Foreign Assets Control Regulations (31 CFR Chapter V).  Nothing in this Agreement shall be construed as requiring a Party to perform an obligation that is noncompliant with any Export Laws.  Furthermore, any Party that receives any technology, commodity, technical data, software, goods and services (including products derived from or based on such technical data) information or any other item subject to any applicable Export Laws, shall adhere to and comply with those laws, regulations, orders and authorizations.
14.2    The Parties shall use best efforts to apply for, obtain, comply with and maintain all export, re-export, and transfer authorizations, including approvals, consents, licenses, agreements, registrations and other authorizations (collectively, “Export Licenses”) that are required or may be required to perform the activities and obligations set forth in this Agreement.  No ITAR regulated items, technical data, or defense services will be provided without obtaining the proper authorization or Export Licenses.
14.3    Prior to the transfer of any U.S. origin technical data, item or document, controlled by the EAR or ITAR, the transferring Party shall provide to the receiving Party the Export Control Classification Number (ECCN) or the ITAR category of such technical data and shall clearly indicate such on the technical data, item or document.
14.4    The Parties shall not knowingly or unknowingly divert or cause to be diverted, any commodities, technical data, software, goods and services (including products derived from or based on such technical data) subject to the Export Laws to any (i) person, (ii) entity, (iii) country or (iv) any entity located or incorporated in a country, that is on any denied party list or list of sanctioned 

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countries, pursuant to either the Export Laws or any other applicable governing regulations.
14.5    If ITAR or EAR controlled technical data or items are transferred to a U.S. entity, then that entity must only allow access to that technical data or items by the following personnel: (i) U.S. citizens, or (ii) U.S. permanent resident alien, or (iii) who have U.S. protected individual status as defined by 8 USC 1324b(a)(3), or (iv) who are working under a valid U.S. export authorization.  Upon request of the transferring Party, the receiving Party shall provide appropriate documentation evidencing the aforementioned requirements.
14.6    The Parties shall not export, re-export, transfer, disclose or otherwise provide physical or electronic access to technical data controlled under the Export Laws to any person (including unauthorized third party information technology (“IT”) service providers) not authorized to receive said technical data under existing Export Laws and/or Export Licenses.
14.7    Neither Party shall modify or divert the other Party’s technical data controlled by the Export Laws to any military application, unless (i) such Party receives advance, written authorization from the other Party and (ii) such modification or diversion is done in compliance with all applicable Export Laws.  Neither Party shall modify or divert the other Party’s technical data controlled by the Export Laws to any military application or other end-use prohibited by applicable Export Laws.
14.8    Buyer represents that it is aware that all sales and distribution of Seller’s Products, which include all tangible items and related software, technology or services (together “Products and Services”), may constitute an export, re-export, or retransfer of such Products and Services.  Buyer certifies that such sales and distribution will be conducted in accordance with applicable Export Laws, which may require prior approval and/or prohibit transactions with sanctioned countries/regions or designated parties/entities/individuals.  Buyer shall not sell, transfer, export, or re-export the Products and Services, or provide any warranty, repair, replacement, or guarantee services for end-use in Cuba, Iran, North Korea, Sudan and/or Syria.
14.9    Each Party agrees to indemnify and hold the other Party harmless against any liability arising from any breach of its obligations under this Article 14.
15.MISCELLANEOUS
15.1    Notices.  All notices, requests and demands to or upon the Parties to be effective must be in writing, and will be deemed to have been duly given or made upon the earlier to occur of: (i) actual receipt by the relevant Party, and (ii) (A) if delivered by hand or courier, when signed for by or on behalf of the relevant Party, (B) if delivered by mail, five (5) business days after being deposited in the mail, postage prepaid, and (C) if delivered by email, upon the sender’s receipt of an 

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acknowledgement from the intended recipient (such as by the “return receipt requested” function, return email or other written acknowledgement), provided that, in the case of sub-clause (ii)(C) above, if such email is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.  Notices, requests, demands and other communications delivered hereunder will be given to or made upon the respective Parties at their respective addresses set forth below or as otherwise notified in writing from time to time.
						
	If to Seller, to:	Pratt & Whitney Engine Leasing, LLC
c/o: Pratt & Whitney
400 Main Street, Mail Stop [*]
East Hartford, CT 06118
Attention:  Associate General Counsel & Executive Director, Commercial Engines Contracts

E-Fax: [*]
Email:  

	If to Buyer, to:	Willis Lease Finance Corporation
60 East Sir Francis Drake Boulevard, Suite 209
Larkspur, California 94939 
Attention:  Dean Poulakidas, General Counsel
Email:  

15.2    Governing Law and Dispute Resolution.
(a)This Agreement, each Acceptance Certificate and each Bill of Sale (including any dispute relating to their existence, validity or termination) are governed by and construed and enforced in accordance with the substantive laws of the State of New York, United States of America, without regard to principles of conflicts of law. The United Nations Convention of Contracts for the International Sale of Goods shall not apply.
(b)[*].
(c)[*].
(d)Each Party will comply with all applicable United States of America laws, rules and regulations in exercising its rights and performing its obligations hereunder.
(e)The Parties agree that all controversies, disputes, claims, differences or matters that arise from this Agreement and any arbitration that arise thereof are subject to the confidentiality provisions set forth in Section 15.5.

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15.3    Amendments, Waivers and Consents.  Any term, covenant, agreement or condition of this Agreement may be amended or waived only in a writing signed by each Party.
15.4    Assignment.  Neither Party may assign its rights or delegate its obligations under this Agreement, in whole or in part, without the prior written consent of the other Party, except that: (i) Buyer may, upon prior written notice to Seller, assign this Agreement or any of its obligations hereunder, whether in whole or part, to any Permitted Affiliate(s), without the prior written consent of Seller, and (ii) Seller may, without recourse, assign its rights and/or delegate its obligations under this Agreement to any subsidiary or affiliate of Raytheon Technologies Corporation, or in connection with the merger, consolidation, reorganization or voluntary sale or transfer of its assets.  Any assignment or delegation made in contravention of this provision will be invalid.
15.5    Confidentiality. This Agreement and any technical information provided in connection with it are confidential and proprietary to Seller and Buyer. Each Party agrees to limit disclosures of such confidential information only to persons who have a need to know within their own organizations, outside auditors, outside advisors and government agencies. If either Party is subject to a legal action or proceeding or a requirement under applicable government regulations to disclose such confidential information (“Obligated Party”), the Obligated Party will forthwith notify the other Party, and upon the request of the other Party, will cooperate with the other Party in contesting such disclosure. Each Party agrees that it will not, and will not permit any of its affiliates, directors, officers, employees, advisors, agents or other representatives to issue any report, statement or release relating in any way to the Agreement or the subject matter thereof without the prior written consent of the other Party.
15.6    International Registry.  Seller acknowledges and agrees that it will cooperate with Buyer in order to register the Bill of Sale for each Engine delivered under this Agreement as a contract of sale on the International Registry of Mobile Assets established pursuant to a Convention on International Interests in Mobile Equipment, adopted on November 16, 2001 in Cape Town, South Africa, within forty-eight (48) hours following the Closing of each Engine.
15.7    Data Privacy.  Each Party will comply with applicable laws relating to data privacy, the protection of personal information or data, and the cross-border transfer of personal information or data and will be responsible for providing any notice required by law to the data subjects whose personal data such Party provides to the other Party.
15.8    Titles and Captions.  Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.

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15.9    Severability of Provisions.  Any provision of this Agreement, the Acceptance Certificates or the Bills of Sale that is prohibited or unenforceable in any jurisdiction, as to such jurisdiction, will be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.
15.10    Interpretation.  The Parties jointly participated in drafting this Agreement. This Agreement shall be construed neither against nor in favor of either Party.  
15.11    Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties in different counterparts), each of which will constitute an original, but all of which when taken together will constitute a single contract. This Agreement, the Acceptance Certificates and the Bills of Sale constitute the entire agreement between the Parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement will become effective when it has been executed by the Parties and when each Party has received counterparts hereof that, when taken together, bear the signatures of each Party. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format is as effective as delivery of a manually executed counterpart of this Agreement.
(Signature page follows)

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IN WITNESS WHEREOF, the Parties have caused this Used Engines Sale Agreement to be executed as of the date and year first set forth above.

Pratt & Whitney Engine Leasing, LLC

By:    /s/ Paul F. Oechsli_______________________
Name:    Paul F. Oechsli
Title:    President

WILLIS LEASE FINANCE CORPORATION

By:    /s/ Austin Willis__________________________
Name:    Austin Willis
Title:    Senior Vice President, Corporate Development

    
    
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Signature Page

APPENDIX I
USED ENGINES SALE AGREEMENT
[*] ENGINE LIST
[*]

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Willis [*] Used Engines Sale Agreement Execution Version
Appendix I

APPENDIX II

DEMOUNTABLE POWERPLANT SPECIFICATION

[*]
Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version
    Appendix II

APPENDIX III

COLLINS AEROSPACE QEC KIT EXCLUDED PARTS

[*]
Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version
Appendix III

APPENDIX IV
FORM OF ACCEPTANCE CERTIFICATE
ACCEPTANCE CERTIFICATE
Reference is hereby made to that certain Used Engines Sale Agreement, dated as of __________, 2020 (the “Agreement”), between Pratt & Whitney Engine Leasing, LLC (“Seller”) and Willis Lease Finance Corporation (“Buyer”). Pursuant to the Agreement, Buyer does hereby represent, warrant and acknowledge to Seller as follows:
1.Buyer has this ____ day of ____________, 2020, accepted for purchase from Seller the following:
(a)one (1) Pratt & Whitney [*] model aircraft engine bearing manufacturer’s serial number [  ], including all parts, components and accessories related thereto and as specified in the Agreement; 
(b)one (1) QEC Kit;
(c)the Engine Storage Bag;
(d)the Engine Stand; and
(e)the Engine Documentation.
2.All of the foregoing has been delivered and accepted on the date set forth above to Buyer’s full satisfaction and pursuant to the terms and provisions of the Agreement.
Unless otherwise defined herein, capitalized terms used in this Acceptance Certificate have the same meaning as those used in the Agreement. 
IN WITNESS WHEREOF, the undersigned has duly executed this Acceptance Certificate as of the date first set forth above.
WILLIS LEASE FINANCE CORPORATION
as Buyer

By:    ____________________________________
Name:    
Title:    

Acceptance Certificate
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

APPENDIX V
FORM OF BILL OF SALE
ENGINE BILL OF SALE
______________, 2020
Pratt & Whitney Engine Leasing, LLC (“Seller”), is the owner of good and marketable title to the following equipment (collectively, the “Engine”), all as further described in that certain Used Engines Sale Agreement, dated as of ______________, 2020 (the “Agreement”), between Seller and Willis Lease Finance Corporation (“Buyer”):
1.one (1) Pratt & Whitney [*] [indicate specific thrust rating] model aircraft engine bearing manufacturer’s serial number [  ]; 
2.one (1) QEC Kit;
3.all appliances, parts, instruments, appurtenances, accessories, furnishings or other equipment and property installed in or attached or related to the Engine and as specified in the Agreement, to which Seller holds title;
4.the Engine Storage Bag;
5.the Engine Stand; and
6.the Engine Documentation.
For and in consideration of the sum of Ten Dollars ($10) and other valuable consideration, receipt of which is hereby acknowledged, Seller does hereby sell, grant, transfer, deliver and set over to Buyer and its successors and assignees forever all of Seller’s right, title and interest in and to the Engine, to have and to hold the Engine for its and their use forever.
Seller hereby warrants to Buyer and its successors and assigns that there is hereby conveyed to Buyer title to the Engine free of Liens and that Seller will warrant and defend such title forever against all claims and demands.
Unless otherwise defined herein, capitalized terms used in this Bill of Sale have the same meaning as those used in the Agreement. This Bill of Sale will be governed by and construed in accordance with the laws of the State of New York.  

IN WITNESS WHEREOF, the undersigned has duly executed this Bill of Sale as of the date first set forth above.
PRATT & WHITNEY ENGINE LEASING, LLC

By:    ____________________________________
Name:    
Title:    

Bill of Sale
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

APPENDIX VI
[*] ENGINE AND PARTS SERVICE POLICY
(See next page)

Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version                Appendix VI

APPENDIX VII
LIST OF PERMITTED AFFILIATES
WEST Engine Acquisition LLC, a limited liability company organized and existing under the laws of the State of Delaware
Willis Engine Structured Trust III, a statutory trust organized and existing under the laws of the State of Delaware
Willis Engine Structured Trust IV, a statutory trust organized and existing under the laws of the State of Delaware
Willis Engine Structured Trust V, a statutory trust organized and existing under the laws of the State of Delaware
Willis Mitsui & Co Engine Support Limited, a limited company organized and existing under the laws of Ireland
CASC Willis Lease Finance Company Limited, a Sino-foreign equity joint venture organized and existing under the laws of China (Shanghai) Pilot Free Trade Zone, People’s Republic of China
Wells Fargo Trust Company, N.A., a national banking association organized and existing under the laws of the United States of America, US Bank National Association, a national banking association organized and existing under the laws of the United States of America, or Bank of Utah, a corporation organized and existing under the laws of the State of Utah, in each case, not in its individual capacity but solely as Owner Trustee for the benefit of any of the foregoing.

Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version
    Appendix VII

APPENDIX VIII
FORM OF PRE-CLOSING ENGINE CERTIFICATION
To be printed on Seller’s letterhead
ENGINE CERTIFICATION
This statement certifies to the best of our knowledge, that Engine _________ s/n ________, has not been involved in an incident or accident, major failure, or fire, nor has the Engine or the parts installed thereon, been immersed in salt water or exposed to corrosive agents outside normal operation, been subjected to extreme stress or heat nor been obtained from any Government, or Military source while Leased and/or Operated since birth and in the case of a part installed on the Engine while Leased and/or Operated since birth has not been subjected to, or removed from an engine that has been involved in an incident or accident, major failure, or fire, or been subjected to extreme stress or heat nor been obtained from any Government, or Military source; unless its airworthiness status was re-established by an approved maintenance organization in accordance with the instructions of the type certificate holder and/or original engine manufacturer of the part and supported by an authorized release certificate.
Additionally, this statement certifies to the best of our knowledge, that Engine __________ does not contain any non-OEM repairs or PMA parts, or other non-OEM approved hardware.
As of October 31, 2020:
Engine Total Time:  _________   Engine Total Cycles:  ________

Signature:                                                                                                      
Name:                                                                                                      
Title:                                                                                                      
Date:

Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version
    Appendix VIII

APPENDIX X
POST-CLOSNG ENGINE DOCUMENTATION SHORT LIST
[*]

Pratt & Whitney Engine Leasing, LLC Proprietary
Subject to restrictions on the first page; this document does not contain any export regulated technical data
NOTE: Certain Confidential Information in this document (indicated by [*]) has been omitted because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.
Willis [*] Used Engines Sale Agreement Execution Version
    Appendix IX

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