Document:

Exhibit 10.1

 

REVISED BACKSTOP SUBSCRIPTION
AGREEMENT

 

September 13, 2022

 

Delwinds Insurance Acquisition Corp.

One City Centre

1021 Main Street, Suite 1960

Houston, TX 77002

 

Ladies and Gentlemen:

 

This
Revised Backstop Subscription Agreement (this “Agreement” or this “Subscription Agreement”) amends
and replaces, in its entirety, the terms and conditions of the Backstop Subscription Agreement entered into by the parties hereto as of
February [___], 2022, and shall constitute, from and after the date of execution hereof, one of the Backstop Agreements referred to below
for all purposes referred to hereunder and under any other Backstop Agreement. In connection with the contemplated business combination
(the “Transaction”) between Delwinds Insurance Acquisition Corp., a Delaware corporation (together with any successor,
the “Company”), and FOXO Technologies Inc., a Delaware corporation (“Target”), pursuant to that
certain Agreement and Plan of Merger, dated as of the date hereof (as it may be amended, the “Transaction Agreement”),
by and among, the Company, Target and certain other parties named therein, the Company is seeking commitments to purchase shares of the
Company’s common stock, par value $0.0001 per share (the “Common Stock”), for a purchase price of $10.00 per
share (the “Purchase Price”).  The Company is offering shares of Common Stock in a private placement (the “Offering”)
in which the Company expects to sell and issue a number of shares of Common Stock pursuant to backstop commitments through subscription
agreements on substantially the same terms hereof for an aggregate commitment amount, when combined with the commitment hereunder, of
$10,000,000 (together with this Backstop Subscription Agreement, the “Backstop Agreements”) to ensure that the Company
will have at least Ten Million U.S. Dollars ($10,000,000) in cash and cash equivalents (the “Threshold Amount”) as
of the Transaction Closing (as defined below), including remaining funds in its Trust Account (as defined below) after redemptions of
Public Stockholders (as defined below), but prior to the payment of the Company’s transaction expenses and other liabilities (and
without double-counting Convertible Debt as described below); provided, that the Threshold Amount will be reduced by up to Five Million
U.S. Dollars ($5,000,000) for (a) the issuance by the Company at the Closing, whether to the Subscriber or other investors, of convertible
debt financing (the “Convertible Debt”) upon terms and conditions generally no worse to the Company than those set
forth on Schedule 1 hereto, and (b) any portion of the deferred underwriting expenses owed as of the date hereof to the Company’s
underwriter(s) from the Company’s initial public offering (the “IPO”) which are reduced or paid in equity securities
of the Company by agreement with the underwriter(s), or some combination thereof (the aggregate amount of clauses (a) through (b), the
“Threshold Reduction”); and provided, further, that the Subscriber’s obligation to purchase shares of Common
Stock hereunder may reduced or, as applicable, eliminated (i) with Target’s prior written consent or (ii) in the event that, prior
to the Transaction Closing, the Company has entered into one or more backstop, non-redemption, forward purchase or similar agreements
pursuant to which investor(s) have agreed to purchase or hold (as applicable) and not redeem (or reverse redemption requests with regard
to) shares held by Public Stockholders in connection with the Transaction Closing.

 

In
connection with the foregoing, the undersigned subscriber (“Subscriber”) and the Company agree in this Agreement (this
“Subscription Agreement”) as follows:

 

1.
Subscription.  As of the date written above (the “Subscription Date”), the Subscriber hereby irrevocably
subscribes for and agrees to purchase from the Company up to such number of shares of Common Stock as is set forth on the signature page
of this Subscription Agreement (together with any equity securities that may be issued in exchange therefore in connection with the Transaction,
the “Shares”) at the Purchase Price per Share and on the terms provided for herein.  The number of Shares to be
purchased by the Subscriber shall be calculated by first determining the cash and cash equivalents available to the Company on the Closing
Date (as defined below), after redemptions of shares held by Public Stockholders but prior to the payment of expenses and other liabilities
of the Company, and prior to any issuances under this Subscription Agreement or any of the other Backstop Agreements (the “Available
Cash”).  If Available Cash plus the Threshold Reduction is less than the Threshold Amount, the Subscriber shall purchase
such number of Shares at the Purchase Price per Share (the “Threshold Contribution”) as shall represent seventy-five
percent (75%) of the excess of the Threshold Amount over the sum of the Available Cash plus the Threshold Reduction (subject to a
maximum number of Shares as set forth on the signature page to this Subscription Agreement).  In the event the Available Cash shall
equal or exceed the Minimum Cash, the Subscriber shall have no obligation to (and, for the avoidance of doubt, shall not be entitled to)
purchase Shares pursuant to this Subscription Agreement.

 

     

     

    

 

2.
Closing; Delivery of Shares.

 

(a)
The closing of the sale of Shares contemplated hereby (the “Closing”, and the date that the Closing actually occurs,
the “Closing Date”) is contingent upon the substantially concurrent consummation of the Transaction (the “Transaction
Closing”). The Closing shall occur on the date of, and immediately prior to, the Transaction Closing.

 

(b)
The Company shall provide written notice (which may be via email) to the Subscriber (the “Closing Notice”) that the
Company reasonably expects the Transaction Closing to occur on a date specified in the notice (the “Scheduled Closing Date”)
that is not less than three (3) business days after the date of the Closing Notice, which Closing Notice shall contain the Company’s
wire instructions for the payment. The payment by the Subscriber shall be made at such time and in such manner as the Company and the
Subscriber shall agree.

 

(c)
On the Closing Date, promptly after the Closing, the Company shall deliver (or cause the delivery of) the Shares to the Subscriber (or
its permitted assignee) in book-entry form with restrictive legends for the number of Shares as set forth on the signature page to the
Subscriber as indicated on the signature page or to a custodian designated by the Subscriber, as applicable, as indicated below.

 

(d)
In the event that the Transaction is structured where a new entity will become the successor public company to the Company in the Transaction
or will become a parent company of the Company whose securities are issued in consideration of or in exchange for the Company’s
securities (the “Successor”), then as a condition to consummating the Transaction, the Successor will agree in writing
to be bound by the terms of this Subscription Agreement that apply to the Company after the Closing, and any references in this Subscription
Agreement to the Shares will include any equity securities of the Successor that are issued in consideration of or exchange for the Shares.

 

3.
Closing Conditions.  In addition to the condition set forth in the first sentence of Section 2(a) above:

 

(a)
The Closing is also subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

 

(i)
no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of
any proceedings for any of such purposes, shall have occurred and be continuing (other than any such suspension with respect to the Shares
of the Company in connection with the Transaction Closing if, as part of the Transaction, securities of the Successor are expected to
be admitted to trading);

 

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(ii)
no governmental authority of competent jurisdiction with respect to the sale of the Shares shall have enacted, issued, promulgated, enforced
or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has
the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation
of the transactions contemplated hereby; and

 

(iii)
all material conditions precedent to the Transaction Closing set forth in the Transaction Agreement shall have been satisfied (as determined
in good faith by the parties to the Transaction Agreement) or waived by the parties thereto in accordance with the requirements of the
Transaction Agreement (other than those conditions which, by their nature, are to be satisfied at the Transaction Closing or the Closing,
a applicable).

 

(b)
The obligations of the Company to consummate the Closing are also subject to the satisfaction or valid waiver by the Company of the additional
conditions that, on the Closing Date:

 

(i)
all representations and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality (as defined below), which representations and
warranties shall be true and correct in all respects) at and as of the Closing Date (except for representations and warranties made as
of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified
as to materiality, which representations and warranties shall be true and correct in all respects) as of such date), and consummation
of the Closing, shall constitute a reaffirmation by the Subscriber of each of the representations, warranties and agreements of the Subscriber
contained in this Subscription Agreement as of the Closing Date; and

 

(ii)
the Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.

 

(c)
The obligations of the Subscriber to consummate the Closing are also subject to the satisfaction or valid waiver by the Subscriber of
the additional conditions that, on the Closing Date:

 

(i)
all representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material respects
(other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which
representations and warranties shall be true and correct in all respects) at and as of the Closing Date (except for representations and
warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties
that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true and correct in all
respects) as of such date), and consummation of the Closing, shall constitute a reaffirmation by the Company of each of the representations,
warranties and agreements of the Company contained in this Subscription Agreement as of the Closing Date; and

 

(ii)
the Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.

 

4.
Company Representations and Warranties.  The Company represents and warrants to the Subscriber that:

 

(a)
As of the date hereof, the Company is a corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware.  Immediately following the Transaction Closing under the Transaction Agreement, the Company will be validly existing
and in good standing under the laws of its jurisdiction of organization.  The Company has the corporate power and authority to own,
lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations
under this Subscription Agreement.

 

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(b)
The Shares have been duly authorized and, when issued and delivered to the Subscriber against full payment therefor in accordance with
the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued
in violation of or subject to any preemptive or similar rights created under the Company’s Amended and Restated Certificate of Incorporation
or under the laws of the State of Delaware.

 

(c)
All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to authorize the Company
to enter into the Subscription Agreement, and to issue the Securities at the Closing been taken by the Company’s Board of Directors,
and as of the Closing, will have been taken by the Company’s stockholders. This Subscription Agreement has been duly authorized,
executed and delivered by the Company and is enforceable against the Company in accordance with its terms, except as may be limited or
otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

(d)
The issuance and sale of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the
consummation of the transactions herein will be done in accordance with the New York Stock Exchange rules and will not conflict with or
result in (i) a material breach or material violation of any of the terms or provisions of, or constitute a material default under, or
result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its
subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, license, lease or any other agreement or
instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to
which any of the property or assets of the Company is subject, which would have a material adverse effect on the business, properties,
financial condition, stockholders’ equity or results of operations of the Company (a “Material Adverse Effect”)
or materially affect the validity of the Shares or the legal authority of the Company to comply in all material respects with the terms
of this Subscription Agreement; (ii) any material violation of the provisions of the organizational documents of the Company; or (iii)
any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign,
having jurisdiction over the Company or any of its properties that would have a Material Adverse Effect or materially affect the validity
of the Shares or the legal authority of the Company to comply with this Subscription Agreement; subject, in the case of the foregoing
clauses (i) and (iii) with respect to the consummation of the transactions therein contemplated.

 

(e)
The Company is not, and immediately after receipt of payment for the Shares, will not be, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

 

(f)
Assuming the accuracy of the Subscriber’s representations and warranties set forth in Section 5, in connection with
the offer, sale and delivery of the Shares in the manner contemplated by this Subscription Agreement, it is not necessary to register
the Shares under the Securities Act of 1933, as amended (the “Securities Act”).

 

(g)
The Company understands that the foregoing representations and warranties shall be deemed material to and have been relied upon by the
Subscriber.

 

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5.
Subscriber Representations, Warranties and Covenants.  The Subscriber represents and warrants to the Company that:

 

(a)
At the time the Subscriber was offered the Shares, it was, and as of the date hereof, the Subscriber is (i) a “qualified institutional
buyer” (within the meaning of Rule 144A under the Securities Act) or an “accredited investor” (within the meaning of
Rule 501(a) of Regulation D under the Securities Act) as indicated in the questionnaire attached as Exhibit A hereto, and (ii)
is acquiring the Shares only for its own account and (iii) not for the account of others, and not on behalf of any other account or person
or with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act.  The Subscriber
is not an entity formed for the specific purpose of acquiring the Shares.

 

(b)
The Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the meaning of
the Securities Act and that the Shares delivered at the Closing will not have been registered under the Securities Act. The Subscriber
understands that the Shares may not be resold, transferred, pledged (except in ordinary course prime brokerage relationships to the extent
permitted by applicable law) or otherwise disposed of by the Subscriber absent an effective registration statement under the Securities
Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United
States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration
requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states
and other jurisdictions of the United States, and that any certificates (if any) or any book-entry shares representing the Shares delivered
at the Closing shall contain a legend or restrictive notation to such effect. The Subscriber acknowledges that the Shares will not immediately
be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The Subscriber understands and agrees that the Shares,
until registered under an effective registration statement, will be subject to transfer restrictions under applicable securities laws
and, as a result of these transfer restrictions, the Subscriber may not be able to readily resell the Shares and may be required to bear
the financial risk of an investment in the Shares for an indefinite period of time. The Subscriber understands that it has been advised
to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

(c)
The Subscriber understands and agrees that the Subscriber is purchasing Shares directly from the Company. The Subscriber further acknowledges
that there have been no representations, warranties, covenants and agreements made to the Subscriber by the Company, or any of its officers
or directors, expressly (other than those representations, warranties, covenants and agreements included in this Subscription Agreement)
or by implication. Except for the representations, warranties and agreements of the Company expressly set forth in this Subscription Agreement,
Subscriber is relying exclusively on its own sources of information, investment analysis and due diligence (including professional advice
it deems appropriate) with respect to the Transaction, the Shares and the business, condition (financial and otherwise), management, operations,
properties and prospects of the Company and Target, including all business, legal, regulatory, accounting, credit and tax matters.

 

(d)
The Subscriber’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under
Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as
amended, or any applicable similar law.

 

(e)
Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment
decision with respect to the Shares. Without limiting the generality of the foregoing, Subscriber acknowledges that it has received and
carefully reviewed the following items (collectively, the “Disclosure Documents”): (i) the final prospectus of the
Company, dated as of December 10, 2020 and filed with the U.S. Securities and Exchange Commission (“SEC”) (File No. 333-248753)
on December 11, 2020 (the “Prospectus”), (ii) each filing made by the Company with the SEC following the filing of
the Prospectus through the date of this Subscription Agreement, (iii) the Transaction Agreement, a copy of which will be filed by the
Company with the SEC and (iv) the investor presentation by the Company and Target (the “Investor Presentation”), a
copy of which will be furnished by the Company to the SEC. The undersigned understands the significant extent to which certain of the
disclosures contained in items (i) and (ii) above shall not apply following the Transaction Closing. Subscriber represents and agrees
that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask the Company’s management
questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any,
have deemed necessary to make an investment decision with respect to the Shares. Subscriber has conducted its own investigation of the
Company, Target and the Shares and Subscriber has made its own assessment and have satisfied itself concerning the relevant tax and other
economic considerations relevant to its investment in the Shares. Subscriber further acknowledges that the information contained in the
Disclosure Documents is subject to change, and that any changes to the information contained in the Disclosure Documents, including any
changes based on updated information or changes in terms of the Transaction, shall in no way affect Subscriber’s obligation to purchase
the Shares hereunder, except as otherwise provided herein, and that, in purchasing the Shares, Subscriber is not relying upon any projections
contained in the Investor Presentation.

 

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(f)
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in the Disclosure Documents and in the SEC Reports. Subscriber is (i) an institutional account as defined in FINRA Rule
4512(c), (ii) is a sophisticated investor, experienced in investing in private placement transactions and capable of evaluating investment
risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities
and (iii) has exercised independent judgment in evaluation its participation in the purchase of the Shares. Subscriber understands and
acknowledges that the purchase and sale of the Shares hereunder meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and
(ii) the institutional customer exemption under FINRA Rule 2111(b). Subscriber is a sophisticated investor, experienced in both investing
in private placement transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities and (ii) has exercised independent judgment in evaluating its participation
in the purchase of the Shares. Subscriber has determined based on its own independent review, and has sought such professional advice
as it deems appropriate, that its purchase of the Shares (i) are fully consistent with its financial needs, objectives and condition,
(ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to Subscriber, (iii) have
been duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default under its charter,
by-laws or other constituent document or under any law, rule, regulation, agreement or other obligation by which Subscriber is bound and
(v) are a fit, proper and suitable investment for Subscriber, notwithstanding the substantial risks inherent in investing in or holding
the Securities. Subscriber is able to bear the substantial risks associated with its purchase of the Shares, including the loss of its
entire investment therein.

 

(g)
The Subscriber became aware of this Offering of the Shares solely by means of direct contact between the Subscriber and the Company or
a representative of the Company, and the Shares were offered to the Subscriber solely by direct contact between the Subscriber and the
Company or a representative of the Company.  The Subscriber acknowledges that the Company represents and warrants that the Shares
(i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a
public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.  The Subscriber has
a substantive pre-existing relationship with the Company, Target or their respective affiliates for this Offering of the Shares. Neither
the Subscriber, nor any of its directors, officers, employees, agents, stockholders or partners has either directly or indirectly, including
through a broker or finder, (i) to its knowledge, engaged in any general solicitation, or (ii) published any advertisement in connection
with the Offering.

 

(h)
The Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in the Disclosure Documents and the Company’s filings with the SEC. The Subscriber is able to fend for itself in
the transactions contemplated herein and has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Shares, and the Subscriber has sought such accounting, legal and tax advice as the Subscriber
has considered necessary to make an informed investment decision.

 

(i)
Alone, or together with any professional advisor(s), the Subscriber has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the Subscriber and that the Subscriber is able at this time
and in the foreseeable future to bear the economic risk of a total loss of the Subscriber’s investment in the Company. The Subscriber
acknowledges specifically that a possibility of total loss exists.

 

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(j)
In making its decision to purchase the Shares, the Subscriber has relied solely upon independent investigation made by the Subscriber
and the representations and warranties of the Company set forth herein.

 

(k)
The Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of this Offering of the Shares
or made any findings or determination as to the fairness of this investment or the accuracy or adequacy of the Disclosure Documents.

 

(l)
The Subscriber, if an entity, has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation.

 

(m)
The execution, delivery and performance by the Subscriber of this Subscription Agreement are within the powers of the Subscriber, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any federal or state law, statute,
rule or regulation applicable to the Subscriber, any order, ruling or regulation of any court or other tribunal or of any governmental
commission or agency, or any agreement or other undertaking, to which the Subscriber is a party or by which the Subscriber is bound, and,
if the Subscriber is not an individual, will not violate any provisions of the Subscriber’s organizational documents. The signature
on this Subscription Agreement is genuine, and the signatory, if the Subscriber is an individual, has legal competence and capacity to
execute the same or, if the Subscriber is not an individual the signatory has been duly authorized to execute the same, and this Subscription
Agreement constitutes a legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its
terms.

 

(n)
Neither the due diligence investigation conducted by the Subscriber in connection with making its decision to acquire the Shares nor any
representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s right to rely on the
truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

(o)
Subscriber is not (i) a person named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the
United States and administered by OFAC (“OFAC List”), owned or controlled by, or acting on behalf of, a person, that
is named on an OFAC List, or a person prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515, (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank
or (iv) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political
subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country
or territory embargoed or subject to substantial trade restrictions by the United States (collectively, a “Prohibited Investor”).
Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that
Subscriber is permitted to do so under applicable law. If Subscriber is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC
sanctions programs, including the OFAC List. To the extent required, it maintains policies and procedures reasonably designed to ensure
that the funds held by Subscriber and used to purchase the Shares were legally derived.

 

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(p)
Neither Subscriber, nor, to the extent it has them, any of its equity holders, managers, general or limited partners, directors, affiliates
or executive officers (collectively with Subscriber, the “Covered Persons”), are subject to any of the “Bad Actor”
disqualifications described in Rule 506(d) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). Subscriber has exercised reasonable care to determine whether any Covered Person is subject
to a Disqualification Event. The acquisition of the Securities by Subscriber will not subject the Company to any Disqualification Event.

 

(q) Subscriber has, and on
each date any portion of the aggregate Purchase Price for the Shares would be required to be funded to the Company pursuant to this Subscription
Agreement will have, sufficient immediately available funds to pay the aggregate Purchase Price for the Shares.

 

(r)
The Subscriber acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating
to the Company.

 

(s) Subscriber understands
that the foregoing representations and warranties shall be deemed material to and have been relied upon by the Company.

 

6.
Registration Rights. 

 

(a) The Company agrees that,
within thirty (30) calendar days after the Closing, the Company will file with the SEC (at the Company’s sole cost and expense)
a registration statement (the “Registration Statement”) registering the resale of the Shares (together with any other
equity interests received in exchange therefor, the “Registrable Securities,” as further described below), and the
Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after
the filing thereof. The Company agrees that the Company will cause such Registration Statement or another registration statement (which
may be a “shelf” registration statement) to remain effective until the earlier of (i) two (2) years from the issuance of the
Registrable Securities, (ii) the date on which Subscriber ceases to hold the Registrable Securities covered by such Registration Statement,
or (iii) on the first date on which Subscriber can sell all of its Registrable Securities under Rule 144 promulgated under the Securities
Act (“Rule 144”) without limitation as to the manner of sale or the amount of such equity interests that may be sold.
Subscriber agrees to disclose its beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, of the Registrable
Securities to the Company (or its successor) upon request to assist the Company in making the determination described above. The Company’s
obligations to include the Registrable Securities in the Registration Statement are contingent upon Subscriber furnishing in writing to
the Company such information regarding Subscriber, the Registrable Securities of the Company held by Subscriber and the intended method
of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect the registration of the Registrable
Securities, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary
of a selling stockholder in similar situations. If the SEC prevents the Company from including any or all of the Registrable Securities
proposed to be registered for resale under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act
for the resale of the Company’s Registrable Securities by the applicable stockholders or otherwise, (i) such Registration Statement
shall register for resale such number of Company registrable securities which is equal to the maximum number of Company registrable securities
as is permitted by the SEC and (ii) the number of Company registrable securities to be registered for each selling stockholder named in
the Registration Statement shall be reduced pro rata among all such selling stockholders. The Company will provide a draft of the Registration
Statement to Subscriber for review reasonably in advance of filing the Registration Statement. In no event shall Subscriber be identified
as a statutory underwriter in the Registration Statement unless required or requested by the SEC; provided, that if Subscriber is to be
identified as a statutory underwriter in the Registration Statement, Subscriber will have an opportunity to withdraw from the Registration
Statement. “Registrable Securities” shall include the Registrable Securities acquired pursuant to this Subscription
Agreement and any other equity security of the of the Company issued or issuable with respect to the Registrable Securities by way of
share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise, but not, for the avoidance
of doubt, any other equity security of the Issuer owned or acquired by Subscriber. For as long as Subscriber holds the Registrable Securities
issued pursuant to this Subscription Agreement, the Company will (A) make and keep public information available, as those terms are understood
and defined in Rule 144, (B) file in a timely manner all reports and other documents with the SEC required under the Exchange Act, as
long as the Company remains subject to such requirements, and (C) provide all customary and reasonable cooperation necessary, in each
case, to enable Subscriber to resell the Registrable Securities pursuant to the Registration Statement or Rule 144 (when Rule 144 becomes
available to Subscriber), as applicable.

 

    	 	8	 

     

    

 

(b) The Company shall, at
its sole expense, advise Subscriber within five (5) business days: (i) when a Registration Statement or any amendment thereto has been
filed with the SEC and when a Registration Statement or any post-effective amendment thereto has become effective; (ii) after it shall
have received notice or obtained knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness of any Registration
Statement or the initiation of any proceedings for such purpose; (iii) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Registrable Securities included therein for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; and (iv) subject to the provisions in this Subscription Agreement, of the occurrence of
any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements
therein do not include any untrue statements of a material fact and do not omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made)
not misleading. Upon the occurrence of any event contemplated in the foregoing clause (iv), except for such times as the Company is permitted
hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities
included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(c) The Company may delay
filing or suspend the use of any such registration statement if it determines that in order for the registration statement to not contain
a material misstatement or omission, an amendment thereto would be needed, or if such filing or use could materially affect a bona fide
business or financing transaction of the Company or would require premature disclosure of information that could materially adversely
affect the Company (each such circumstance, a “Suspension Event”); provided, that the Company (i) may not delay or
suspend the Registration Statement on more than two (2) occasions or for more than seventy-five (75) consecutive calendar days, or more
than one hundred twenty (120) total calendar days, in each case during any twelve (12) month period, and (ii) shall use commercially reasonable
efforts to make such registration statement available for the sale by Subscriber of such Registrable Securities as soon as practicable
thereafter. Upon receipt of any written notice from the Company of the happening of any Suspension Event during the period that the Registration
Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that it will (i) immediately
discontinue offers and sales of the Registrable Securities under the Registration Statement until Subscriber receives (A) (x) copies of
a supplemental or amended prospectus that corrects the misstatement(s) or omission(s) referred to above and (y) notice that any post-effective
amendment has become effective or (B) notice from the Company that it may resume such offers and sales, and (ii) maintain the confidentiality
of any information included in such written notice delivered by the Company unless otherwise required by applicable law. If so directed
by the Company, Subscriber will deliver to the Company or destroy all copies of the prospectus covering the Registrable Securities in
Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the
Registrable Securities shall not apply to (i) the extent Subscriber is required to retain a copy of such prospectus (A) in order to comply
with applicable legal, regulatory, self-regulatory or professional requirements or (B) in accordance with a bona fide pre-existing document
retention policy or (ii) copies stored electronically on archival servers as a result of automatic data back-up.

 

(d) From and after the Closing,
the Company agrees to indemnify and hold Subscriber, each person, if any, who controls Subscriber within the meaning of either Section
15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of Subscriber within the meaning of Rule 405 under the
Securities Act, and each broker, placement agent or sales agent to or through which Subscriber effects or executes the resale of any Registrable
Securities (collectively, the “Subscriber Indemnified Parties”), harmless against any and all losses, claims, damages
and liabilities (including any out-of-pocket legal or other expenses reasonably incurred in connection with defending or investigating
any such action or claim) (collectively, “Losses”) incurred by Subscriber Indemnified Parties directly that are caused
by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any other registration
statement which covers the Registrable Securities (including, in each case, the prospectus contained therein) or any amendment thereof
(including the prospectus contained therein) or caused by any omission or alleged omission to state therein a material fact necessary
in order to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made), not
misleading, except to the extent insofar as the same are caused by or contained in any information or affidavit so furnished in writing
to the Company by Subscriber expressly for use therein. Notwithstanding the forgoing, the Company’s indemnification obligations
shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the prior written consent of the Company
(which consent shall not be unreasonably withheld, delayed or conditioned).

 

    	 	9	 

     

    

 

(e) From and after the Closing,
Subscriber agrees to, severally and not jointly with any other selling stockholders using the applicable registration statement, indemnify
and hold the Company, and the officers, employees, directors, partners, members, attorneys and agents of the Company, each person, if
any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each
affiliate of the Company within the meaning of Rule 405 under the Securities Act (collectively, the “Company Indemnified Parties”),
harmless against any and all Losses incurred by the Company Indemnified Parties directly that are caused by any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or any other registration statement which covers the Registrable
Securities (including, in each case, the prospectus contained therein) or any amendment thereof (including the prospectus contained therein)
or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein (in the
case of a prospectus, in the light of the circumstances under which they were made), not misleading, to the extent insofar as the same
are caused by or contained in any information or affidavit so furnished in writing to the Company by Subscriber expressly for use therein.
Notwithstanding the forgoing, Subscriber’s indemnification obligations shall not apply to amounts paid in settlement of any Losses
if such settlement is effected without the prior written consent of Subscriber (which consent shall not be unreasonably withheld, delayed
or conditioned).

 

7.
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and
obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the
earlier to occur of:  (a) the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement; (b)
such date and time as the Transaction Agreement is terminated in accordance with its terms; or (c) written notice by either party to the
other party to terminate this Subscription Agreement if the transactions contemplated by this Subscription Agreement are not consummated
on or prior to the Outside Date (as defined in the Transaction Agreement); provided that (i) nothing herein will relieve
any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies
at law or in equity to recover losses, liabilities or damages arising from such breach and (ii) the provisions of Sections 7 through
10 of this Subscription Agreement will survive any termination of this Subscription Agreement and continue indefinitely. The Company
shall notify the Subscriber of the termination of the Transaction Agreement promptly after the termination of such agreement. Upon the
termination of this Subscription Agreement in accordance with this Section 7, any monies paid by Subscriber to the Company for
the aggregate Purchase Price for the Shares hereunder shall be promptly returned to Subscriber.

 

8.
Trust Account Waiver. Reference is made to the final prospectus of the Company, dated as of December 10, 2020 and filed with
the SEC (File No. 333-248753) on December 11, 2020 (the “Prospectus”). Subscriber hereby represents and warrants that
it has read the Prospectus and understands that the Company has established a trust account (the “Trust Account”) containing
the proceeds of the IPO and the overallotment securities acquired by its underwriters and from certain private placements occurring simultaneously
with the IPO (including interest accrued from time to time thereon) for the benefit of the Company’s public stockholders (including
overallotment shares acquired by the Company’s underwriters, the “Public Stockholders”), and that, except as
otherwise described in the Prospectus, the Company may disburse monies from the Trust Account only: (a) to the Public Stockholders in
the event they elect to redeem their Company shares in connection with the consummation of the Company’s initial business combination
(as such term is used in the Prospectus) (the “Business Combination”) or in connection with an extension of its deadline
to consummate a Business Combination, (b) to the Public Stockholders if the Company fails to consummate a Business Combination within
eighteen (18) months after the closing of the IPO, subject to extension by an amendment to the Company’s organizational documents,
(c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes and up to $100,000
in dissolution expenses, or (d) to the Company after or concurrently with the consummation of a Business Combination. For and in consideration
of the Company entering into this Subscription Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Subscriber hereby agrees on behalf of itself and its affiliates that, notwithstanding anything to the
contrary in this Subscription Agreement, neither the Subscriber nor any of its affiliates do now or shall at any time hereafter have any
right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom, or make any claim against
the Trust Account (including any distributions therefrom), regardless of whether such claim arises as a result of, in connection with
or relating in any way to, this Subscription Agreement or any other matter, and regardless of whether such claim arises based on contract,
tort, equity or any other theory of legal liability (collectively, the “Released Claims”). The Subscriber on behalf
of itself and its affiliates hereby irrevocably waives any Released Claims that the Subscriber or any of its affiliates may have against
the Trust Account (including any distributions therefrom) now or in the future and will not seek recourse against the Trust Account (including
any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Subscription Agreement or any other agreement
with the Company or its affiliates). The Subscriber agrees and acknowledges that such irrevocable waiver is material to this Subscription
Agreement and specifically relied upon by the Company and its affiliates to induce the Company to enter into this Subscription Agreement,
and the Subscriber further intends and understands such waiver to be valid, binding and enforceable against the Subscriber and each of
its affiliates under applicable law. Notwithstanding the foregoing, this Section 8 shall not affect any rights of the Subscriber or its
affiliates to receive distributions from the Trust Account in their capacities as Public Stockholders upon the redemption of their shares
or the liquidation of the Company if it does not consummate a Business Combination prior to its deadline to do so.

 

    	 	10	 

     

    

 

9.
Miscellaneous.

 

(a)
Neither this Subscription Agreement nor any rights or obligations that may accrue to the Subscriber hereunder (other than the Shares acquired
hereunder, if any, subject to applicable securities laws) may be transferred or assigned by the Subscriber without the prior written consent
of the Company, and any purported transfer or assignment without such consent shall be null and void ab initio.

 

(b)
The Company may request from the Subscriber such additional information as the Company may reasonably deem necessary to evaluate the eligibility
of the Subscriber to acquire the Shares, and the Subscriber shall provide such information to the Company promptly upon such reasonable
request, it being understood by the Subscriber that the Company may without any liability hereunder reject the Subscriber’s subscription
prior to the Closing Date in the event the Subscriber fails to provide such additional information requested by the Company to evaluate
the Subscriber’s eligibility or the Company determines that the Subscriber is not eligible.

 

(c)
The Subscriber acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations
and warranties of the Subscriber contained in this Subscription Agreement. Prior to the Closing, the Subscriber agrees to promptly notify
the Company if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate,
such that the conditions set forth in Sections 3(b)(i) and 3(b)(ii) would not be satisfied as of the Closing. The Subscriber agrees that
the purchase by the Subscriber of Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements,
representations and warranties herein (as modified by any such notice) by the Subscriber as of the time of such purchase.

 

(d)
The Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement
or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered
hereby.  The Subscriber shall consult with the Company in issuing any press release or making any other similar public statement
with respect to the transactions contemplated hereby, and the Subscriber shall not issue any such press release or make any such public
statement without the prior written consent of the Company (such consent not to be unreasonably withheld or delayed).

 

(e)
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(f)
This Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by the party
against whom enforcement of such modification, waiver, or termination is sought. No failure or delay in exercising any right, power or
privilege hereunder will operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise
thereof or other exercise of any right, power or privilege hereunder.

 

(g)
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof (other than any confidentiality agreement
entered into by the Company and the Subscriber). This Subscription Agreement shall not confer any rights or remedies upon any person other
than the parties hereto, and their respective successor and assigns.

 

(h)
This Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments
contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives
and permitted assigns.

 

    	 	11	 

     

    

 

(i)
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of
the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full
force and effect. Upon such determination that any provision is invalid, illegal or unenforceable, the parties will substitute for any
invalid, illegal or unenforceable provision a suitable and equitable provision that carries out so far as may be valid, legal and enforceable,
the intent and purpose of such invalid, illegal or unenforceable provision.

 

(j)
This Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(k)
The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically the terms and provisions
of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract,
in tort or otherwise.

 

(l) Subscriber shall pay all
of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

(m) Subscriber hereby consents
to the publication and disclosure in any press release issued by the Company or Form 8-K filed by the Company with the SEC in connection
with the execution and delivery of the Transaction Agreement or this Subscription Agreement and the filing of any related documentation
with the SEC (and, as and to the extent otherwise required by the federal securities laws or the SEC or any other securities authorities,
any other documents or communications provided by the Company to any governmental authority or to security holders of the Company) of
Subscriber’s identity and beneficial ownership of the Securities and the nature of Subscriber’s commitments, arrangements
and understandings under and relating to this Subscription Agreement and, if deemed appropriate by the Company, a copy of this Subscription
Agreement or the form hereof. Subscriber will promptly provide any information reasonably requested by the Company for any regulatory
application or filing made or approval sought in connection with the Transaction (including filings with the SEC).

 

(n) This Subscription Agreement
and all actions arising out of or in connection with this Subscription Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York, without regard to principles relating to conflict of laws that would result in the applicable of the
laws of any other jurisdiction. Each party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the state and federal courts seated in New York County, New York (and any appellate courts thereof) in any action or proceeding
arising out of or relating to this Subscription Agreement, and each of the parties hereby irrevocably and unconditionally (a) agrees not
to commence any such action or proceeding except in such courts, (b) agrees that any claim in respect of any such action or proceeding
may be heard and determined in such court, (c) waives, to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any such action or proceeding in any such court, and (d) waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Each
party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Each party irrevocably consents to the service of the summons and complaint
and any other process in any other Proceeding relating to the transactions contemplated by this Subscription Agreement, on behalf of itself,
or its property, by personal delivery of copies of such process to such party at the applicable address set forth in Section 9(o).
Nothing in this Section 9(n) shall affect the right of any party to serve legal process in any other manner permitted by law. Each
party hereby knowingly, voluntarily and intentionally irrevocably waives the right to a trial by jury in respect to any litigation, dispute,
claim, legal action or other legal proceeding based hereon, or arising out of, under, or in connection with, this Subscription Agreement
or the Transactions contemplated hereby.

 

    	 	12	 

     

    

 

(o)
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given (i)
when delivered in person, (ii) when delivered by facsimile or email, with affirmative confirmation of receipt, (iii) one business day
after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) three (3) business days after being
mailed, if sent by registered or certified mail, prepaid and return receipt requested, in each case to the applicable party at the following
addresses (or at such other address for a party as shall be specified by like notice):

 

	
    If to the Company, to:

    Delwinds Insurance Acquisition Corp.

    One City Centre

    1021 Main Street, Suite 1960

    Houston, TX 77002

    Attn:  Bryce Quin, Chief Financial Officer

    Email:  bryce@delwinds.com

    Telephone No.: (504) 457-3869
	 	
    with a copy (which shall not constitute notice)
    to:

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas

    New York, NY 10105

    Attn: Stuart Neuhauser, Esq.

             Matthew A. Gray, Esq.

    Email:  sneuhauser@egsllp.com

                 mgray@egsllp.com

    Telephone No.:  (212) 370-1300

    Facsimile No.:  (212) 370-7889

	Notice to the Subscriber shall be given to the address underneath the Subscriber’s name on the signature page hereto.

 

(p)
The headings set forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting this
Subscription Agreement.  In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the context,
any pronoun used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning
“include”) means including without limiting the generality of any description preceding or succeeding such term and shall
be deemed in each case to be followed by the words “without limitation”; and (iii) the words “herein”, “hereto”
and “hereby” and other words of similar import in this Subscription Agreement shall be deemed in each case to refer to this
Subscription Agreement as a whole and not to any particular portion of this Subscription Agreement.  As used in this Subscription
Agreement, the term:  (x) “business day” shall mean any day other than a Saturday, Sunday or a legal holiday on which
commercial banking institutions in New York, New York are authorized to close for business (excluding as a result of “stay at home”,
“shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any
physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems, including for
wire transfers, of commercially banking institutions in New York, New York are generally open for use by customers on such day); (y) “person”
shall refer to any individual, corporation, partnership, trust, limited liability company or other entity or association, including any
governmental or regulatory body, whether acting in an individual, fiduciary or any other capacity; and (z) “affiliate” shall
mean, with respect to any specified person, any other person or group of persons acting together that, directly or indirectly, through
one or more intermediaries controls, is controlled by or is under common control with such specified person (where the term “control”
(and any correlative terms) means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of such person, whether through the ownership of voting securities, by contract or otherwise).  For the avoidance of
doubt, any reference in this Subscription Agreement to an affiliate of the Company prior to the Business Combination will include the
Company’s sponsor, DIAC Sponsor LLC.

 

(q)
At or prior to the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as
the parties may reasonably deem practical and necessary in order to consummate the Offering as contemplated by this Subscription Agreement.

 

10.
Non-Reliance and Exculpation. The Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by any person other than the statements, representations and warranties of the Company contained in this
Subscription Agreement in making its investment or decision to invest in the Company.  The Subscriber agrees that no other purchaser
pursuant to other subscription agreements entered into in connection with the Offering (including the controlling persons, members, officers,
directors, partners, agents, or employees of any such other purchaser) shall be liable to the Subscriber pursuant to this Subscription
Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.

 

{SIGNATURE PAGES FOLLOW}

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Backstop Subscription Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

	 	Delwinds Insurance Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:  Bryce Quin
	 	 	Title:  Chief Financial Officer

 

	Acknowledged and Agreed: 	 
	 	 
	FOXO Technologies Inc.	 
	 	 	 
	By:  	 	 
	 	Name:  Jon Sabes	 
	 	Title:  Chief Executive Officer	 

 

{SUBSCRIBER SIGNATURE PAGE TO THE SUBSCRIPTION
AGREEMENT}

 

IN WITNESS WHEREOF, the undersigned
has caused this Subscription Agreement to be duly executed by its authorized signatory as of the date first indicated above. 

 

	Name(s) of Subscriber: 	 

 

	Signature of Authorized Signatory of Subscriber: 	 

 

	Name of Authorized Signatory: 	 

 

	Title of Authorized Signatory: 	 

  

Address for Notice to Subscriber:

 

	 	 
	 	 
	 	 
	Attention:	 
	Email:	 
	Facsimile No.:	 
	Telephone No.:	 

  

Address for Delivery of Shares to Subscriber (if
not same as address for notice):

 

 

 

 

 

 

  

	Subscription Amount: 	 	 
	 	 	 
	Number of Shares:	 	 
	 	 	 
	EIN Number:	 	 

  

{Signature Page to Backstop Subscription
Agreement}

 

     

     

    

 

Exhibit A

Accredited Investor Questionnaire

  

    A-1

     

    

 

Schedule 1

Convertible Debt Terms

  

    Sch. 1Exhibit 10.2

 

FORWARD SHARE PURCHASE AGREEMENT 

 

This Forward
Share Purchase Agreement (this “Agreement”) is entered into as of September 13, 2022, by and among (i) Delwinds Insurance
Acquisition Corp., a Delaware corporation (“DWIN”), (ii) Meteora Special Opportunity Fund I, LP, a Delaware limited
partnership (“MSOF”), (iii) Meteora Select Trading Opportunities Master, LP, a Cayman Islands limited partnership (“MSTO”)
and (iv) Meteora Capital Partners, LP, a Delaware limited partnership (“MCP” and together with MSOF and MSTO, each
individually an “Investor” and collectively, the “Investors”). Each of DWIN, MSOF, MSTO, and MCP
is individually referred to herein as a “Party” and collectively as the “Parties”.

 

Recitals

 

WHEREAS, DWIN is a special
purpose acquisition company, also known as a blank check company, formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses;

 

WHEREAS, DWIN has entered
into a Business Combination Agreement, dated as of February 24, 2022 (the “Business Combination Agreement”), by and
among DWIN, a Delaware corporation, DWIN Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of DWIN, DIAC Sponsor LLC,
a Delaware limited liability company and FOXO Technologies Inc., a Delaware corporation (“FOXO”), pursuant to which
a wholly owned subsidiary of DWIN will acquire FOXO by merger of FOXO with and into such subsidiary (such merger and the other transactions
contemplated by the Business Combination Agreement, collectively, the “Business Combination”), and DWIN will be re-named
“FOXO Technologies Inc.” upon the consummation of the Business Combination (FOXO Technologies Inc., as the post-combination
company shall be referred to herein as the “Company”), and DWIN has filed a Registration Statement on Form S-4 (the
“Registration Statement”) with the U.S. Securities and Exchange Commission (the “Commission”), and
the Registration Statement includes a proxy statement/prospectus and certain other related documents; and

 

WHEREAS,
the Parties wish to enter into this Agreement, pursuant to which the Company shall purchase from the Investors, and the Investors may
sell and transfer to the Company, in each case, subject to the conditions set forth herein, certain shares of Common Stock (as defined
herein) of DWIN, which the Investors have purchased prior to the date hereof and do not redeem prior to the closing of the Business Combination
(the “BC Closing”) or which the Investors purchase from redeeming stockholders of DWIN prior to the BC Closing (the
“Shares”) on the terms set forth herein.

 

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good
and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

Agreement

 

		1)	Sale of Shares; Shares Purchase and Sale; Closing; Fees. 

 

a) Forward
Share Purchase. Subject to the conditions set forth in Section 4, on the date that is 15 months after the BC Closing (the “Put
Date”), the Investors may elect to sell and transfer to the Company, and the Company shall purchase from the Investors, up to
that number of Shares that are then held by the Investors, but not to exceed 3,000,000 Shares in the aggregate unless otherwise agreed
to in writing by all Parties, at a price per Share equal to the Redemption Price (as defined in Section 9.2(a) of the Current Charter)
(the “Shares Purchase Price”). Each Investor shall notify the Company and the Escrow Agent (as defined herein) in writing
at least five (5) Business Days (as defined herein) prior to the Put Date whether or not such Investor is exercising such Investor’s
right to sell any of the Shares held by such Investor to the Company pursuant to this Agreement; provided that, if the Put Date is accelerated
for any reason pursuant to the terms herein, then such notice shall be due promptly after the Investors become aware of such acceleration
(each, a “Shares Sale Notice”). Any Investor that fails to timely deliver a Shares Sales Notice in accordance with
the immediately preceding sentence shall be deemed to have forfeited its right to sell any Shares to the Company pursuant to this Agreement.
For the avoidance of doubt, this Agreement shall not apply to any Shares purchased by the Investors after the date of the BC Closing.

 

     

     

    

 

b) 
Shares Closing. If a Shares Sale Notice is timely delivered by any Investor to the Company and Escrow Agent, the closing of the
sale of the Shares contemplated in each such timely delivered Share Sales Notice (the “Shares Closing”) shall occur
no later than the Put Date. On the Put Date, each selling Investor shall deliver, or cause to be delivered, the Shares subject to the
applicable Shares Sale Notice free and clear of all liens and encumbrances to Escrow Agent and, in exchange therefor, the Escrow Agent
shall deliver to each such selling Investor(s) an amount equal to (i) the Shares Purchase Price multiplied by (ii) the number of
Shares being sold by such selling Investor to the Company (with respect to any particular selling Investor, the “Investor Shares
Purchase Price”), which shall be paid by wire transfer of immediately available funds from the Escrow Account. The Escrow Agent
shall, (i) without delay, release from the Escrow Account to each selling Investor on the Put Date, for such selling Investor’s
use without restriction, an amount equal to the applicable Investor Shares Purchase Price, and (ii) promptly deliver such sold Shares
to the Company. Upon termination of the agreement governing the terms of the Escrow Account to be established in connection herewith,
all interest accrued on the escrowed property shall be promptly released to the Investors. The Put Date may be accelerated by the Investor
if (i) the Shares are delisted from a Qualified Exchange, (ii) the Agreement is terminated for any reason after the closing of the Business
Combination, or (iii) during any 30 consecutive trading day period following the closing of the Business Combination, the VWAP Price (as
defined below) for 20 trading days during such period shall be less than $2.50 per Share. For purposes of this Agreement, the “VWAP
Price” per Share shall be determined for any trading day or any specified trading period using the Rule 10b-18 volume weighted
average price per share of Common Stock as reported via a Bloomberg Terminal by searching “DWIN <Equity> AQR SEC” (or
any successor thereto). On the Put Date the Company shall transfer to the Investor(s) the product of (i) $0.05, (ii) the number of Shares
that are being sold to the Company and (iii) the number of days since the BC Closing divided by 30 (the “Maturity Consideration”).

 

c) Fees.
DWIN shall reimburse all reasonable and necessary brokerage commissions incurred in connection with the Investors acquisition of Shares,
in an amount not to exceed $0.07 per Share.

 

2) Representations
and Warranties of the Investors. Each Investor represents and warrants to DWIN and the Company, severally and not jointly, as follows:

 

a) Organization
and Power. Such Investor is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation
and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

b) Authorization.
Such Investor has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by such Investor
will constitute the valid and legally binding obligation of such Investor enforceable against it in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application
affecting enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies ((i) and (ii) collectively, the “Enforceability Exceptions”).

 

    2

     

    

 

c) Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority is required on the part of such Investor in connection with the consummation
of the transactions contemplated by this Agreement (collectively, the “Transactions”) other than disclosure reports regarding
such transactions that such Investor is required to file in accordance with the terms of the Exchange Act (as defined below).

 

d) Compliance
with Other Instruments. The execution, delivery and performance by such Investor of this Agreement and the consummation by such Investor
and the other Investors of the Transactions will not result in any violation or default (i) of any provisions of its organizational documents,
(ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture
or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is
a party or by which it is bound, or (v) of any provision of federal or state statute, rule or regulation applicable to it, in each case
(other than clause (i)), which would have a material adverse effect on such Investor or any of the other Investors or its or their ability
to consummate the Transactions.

 

e) Disclosure
of Information. Such Investor has had an opportunity to discuss DWIN’s and the Company’s business, management and financial
affairs, and the terms and conditions of this Agreement, as well as the terms of the Business Combination, with DWIN’s management.

 

f) Ownership
of DWIN Shares. The Investors as of the date hereof are the beneficial owners in the aggregate of 1,165,723 shares of Common Stock
(the “Current Shares”), with full dispositive and voting power with respect to all such shares of Common Stock.

 

g) Redemption
Rescission. The Investors have informed DWIN of their intention to redeem all of the Current Shares of Common Stock prior to the BC
Closing, provided, however, that if and to the extent that DWIN informs the Investors, including through the issuance of a press release
or Current Report on Form 8-K, that, as of the Redemption Deadline, if all of shares of Common Stock for which DWIN has received properly
tendered Redemption Requests as of such date are, in fact, redeemed, the total remaining outstanding shares of DWIN Common Stock held
by Public Stockholders other than the Investors would be less than the number of Current Shares, then the Investors shall promptly deliver
and properly tender to DWIN Redemption Reversal Requests with respect the number of the Current Shares and those shares of Common Stock
for which the Investors submit Redemption Reversal Requests will be deemed and treated as “Shares” subject to this Agreement.

 

h) No
Fees on Current Share Transactions. For the avoidance of doubt, the Investors shall not be reimbursed brokerage commissions, pursuant
to Section 1(c) or otherwise, incurred in connection with Redemption Requests or Redemption Reversal Requests or other actions
or transactions contemplated by Section 2(g).

 

i) No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section
2 and in any certificate or written agreement delivered pursuant hereto, neither any Investor nor any person acting on behalf of such
Investor nor any of such Investor’s affiliates (collectively, the “Investor Parties”) has made, makes or shall
be deemed to make any other express or implied representation or warranty with respect to such Investor or the other Investors, and the
Investor Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by
DWIN in Section 3 of this Agreement, in any certificate or written agreement delivered pursuant hereto and in any public filings,
the Investor Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made
by the DWIN Parties (as defined below).

 

    3

     

    

 

3) Representations
and Warranties of DWIN. DWIN represents and warrants to the Investors as follows:

 

a) Organization
and Corporate Power. DWIN is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware
and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. Except
for the wholly owned subsidiary DWIN Merger Sub Inc., a Delaware corporation, established specifically in connection with the business
combination and which has no other purpose or business, as of the date hereof, DWIN has no subsidiaries.

 

b) Authorization.
All corporate action required to be taken by DWIN’s Board of Directors (the “DWIN Board”) in order to authorize
DWIN to enter into this Agreement has been taken. This Agreement, when executed and delivered by DWIN, shall constitute the valid and
legally binding obligation of DWIN, enforceable against DWIN in accordance with its term, subject to the effect of the Enforceability
Exceptions.

 

c) Disclosure.
DWIN has not disclosed to the Investors material non-public information with respect to DWIN or the Business Combination, other than any
such information that shall be publicly disclosed by DWIN either by the issuance of a press release or the filing with the Commission
a Current Report on Form 8-K, in each case, by 9:00 a.m., Eastern Time on the first Business Day immediately following the date that the
Parties enter into this Agreement. Such public disclosure shall disclose the name of the Investors as having entered into the Agreement.

 

d) Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority is required on the part of DWIN in connection with the consummation of
the Transactions, other than disclosure reports regarding such transactions DWIN is required to file in accordance with the terms of the
Exchange Act.

 

e) Compliance
with Other Instruments. The execution, delivery and performance by DWIN of this Agreement and the consummation by DWIN of the Transactions
will not result in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order,
writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by
which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound, or (v)
of any provision of federal or state statute, rule or regulation applicable to it, in each case (other than clause (i)), which would have
a material adverse effect on DWIN or its ability to consummate the Transactions.

 

f) Adequacy
of Financing. The Company will have available to it sufficient funds to satisfy its obligations under this Agreement.

 

g) SEC
Filings. To DWIN’s knowledge, none of DWIN’s reports and other filings with the Commission, as of their respective dates,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading.

 

h) Minimum
Shares Outstanding. DWIN represents and warrants that, provided that the total number of Shares beneficially owned by the Investors
as of the date of the BC Closing does not exceed 3,000,000 shares, such Shares will represent less than 9.9% of the total number of outstanding
shares of DWIN as of the date of the BC Closing.

 

    4

     

    

 

i) No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section
3 and in any certificate or written agreement delivered pursuant hereto or in any public filings, neither DWIN or any person on behalf
of DWIN nor any of DWIN’s affiliates (collectively, the “DWIN Parties”) has made, makes or shall be deemed to
make any other express or implied representation or warranty with respect to DWIN, the Company, the Transactions or the Business Combination,
and the DWIN Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made
by the Investors in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the DWIN Parties
specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Investor Parties.

 

4) Additional
Agreements. 

 

a) No
Redemptions; No Tenders. Each Investor agrees that in the event Shares of Common Stock that such Investor purchases in connection
herewith have been previously tendered for redemption, each Investor agrees to purchase such shares at a price per share no higher than
the Redemption Price and not to, (i) request redemption of any of the Shares in conjunction with the closing of the Business Combination,
or (ii) tender the Shares to DWIN in response to any redemption or tender offer that DWIN may commence for shares of its Class A common
stock, par value $0.0001 per share (the “Common Stock”) in conjunction with the closing of the Business Combination.

 

b) Option
to Purchase Additional Shares and Certain Derivatives. DWIN hereby acknowledges and agrees that nothing in this Agreement shall prohibit
the Investors from purchasing from third parties prior to the Business Combination Closing Date additional shares of Common Stock, or
any warrants, convertible notes or options (including puts or calls) of DWIN all of which shares shall be deemed and treated as “Shares”
subject to this Agreement; provided that the aggregate number of Shares beneficially owned by the Investors and subject to Sections
1 and 4(c) shall not exceed 3,000,000 shares of Common Stock; and provided, further, that no such purchases may directly or
indirectly cause the Investors to be unable to comply with the terms and obligations hereunder, including because such additional purchases
of securities would cause the Investors, taken as a group, to beneficially own securities in excess of the Beneficial Ownership Limit.

 

c) Open
Market Sales. Notwithstanding anything to the contrary herein, and without limiting the terms hereof, the Parties agree that the Investors
shall have the right, but not the obligation, at its sole discretion, to sell any or all of the Shares in the open market at any time.

 

d) Limited
Transfer/Assignment/Syndication Rights. DWIN acknowledges and agrees that, prior to the Put Date, the Investors shall not, at any
time, hold Shares that would cause them to exceed the Beneficial Ownership Limit, and in any such case, shall be permitted to accelerate
the Put Date with respect to only those Shares that would have otherwise caused them to exceed the Beneficial Ownership Limit. Further,
throughout the term of this Agreement, the Investor shall be permitted to engage in limited transfers or assignments of Shares to controlled
affiliates or to other funds or entities under Common Control with the original Investors, with prior written approval by the Company,
not to be unreasonably withheld (any such transfer, a “Permitted Transfer”); provided, however, that prior to engaging
in any such Permitted Transfer, the Investor shall have delivered to the Company a joinder to this Agreement in form and substance acceptable
to the Company and any such other documents as may be reasonably requested by the Company to evidence such new holder’s compliance
with and agreement to be bound hereby; and provided, further that in no event shall any such Permitted Transfer relieve an Investor from
its duties and obligations hereunder with respect to the Shares not so transferred.

 

    5

     

    

 

e)
Escrow.

 

i) Simultaneously
with the closing of the Business Combination, DWIN shall transfer, for good and valuable consideration, the receipt, sufficiency and adequacy
of which DWIN hereby acknowledges, into an escrow account for the benefit of the Investors (the “Escrow Account”) with
Continental Stock Transfer & Trust Company (the “Escrow Agent”), subject to the terms of a written escrow agreement
(the “Escrow Agreement”) substantially in the form attached as Exhibit A hereto (with any customary changes
as reasonably requested by the Escrow Agent) and to be entered into on or prior to the Business Combination Closing Date, an amount equal
to the Shares Purchase Price (the “Per Share Escrowed Amount”) multiplied by the number of Shares held by the
Investors as of the closing of the Business Combination (the “Escrowed Funds”).

 

ii) The
Escrow Agreement shall irrevocably cause the Escrow Agent to release from the Escrow Account the aggregate Shares Purchase Price in accordance
with Section 1 on the Put Date. The payments to be made by the Escrow Agent to the Investors in accordance with Section 1
(other than the Maturity Consideration) and Section 4(e)(iii)(b) or to the Company in accordance with Section 4(e)(iii)(a)
and (iv), if applicable, will be made solely with the Escrowed Funds.

 

iii) Within
three (3) Business Days upon receipt by the Escrow Agent and the Company of written notice that any Investor has sold Shares as provided
in Section 4(c), the Escrow Agent (a) will release to the Company for the Company’s use without restriction an aggregate
cash amount equal to (x) the number of Shares sold multiplied by (z) 92.5% of the Reset Price (item (z) being referred to herein
as the “Open Market Sale Payment”), and (b) shall release to such Investor an amount in cash equal to the product of
(I) the number of Shares sold in the open market as provided in Section 4(c) multiplied by (II) the difference of (A) the Per Share
Escrowed Amount minus (B) the Open Market Sale Payment.

 

iv) In
the event that any Investor elects not to sell to the Company any Shares held by such Investor on the Put Date by either (A) such Investor
delivering a written notice to the Company on behalf of itself stating such Investor’s intention not to sell any Shares to the Company,
or (B) such Investor failing to timely deliver a Shares Sale Notice to the Company pursuant to Section 1(a) for all of its Shares,
the Company may promptly issue instructions to the Escrow Agent to release from the Escrow Account to the Company for the Company’s
use without restriction an amount equal to (x) Per Share Escrowed Amount multiplied by (y) the number of Shares such Investor so
elects not to sell to the Company.

 

f) Notification.
DWIN shall promptly notify the Investors of the occurrence of any event that would make any of the representations and warranties of DWIN
set forth in Section 3 untrue or incorrect at any time between the date of this Agreement and the Put Date.

 

g) Security
Agreement in Escrow Account. To secure the obligations of DWIN and the Company under this Agreement, effective as of the Business
Day immediately following the date of the BC Closing, DWIN and the Company each grant to the Investors a security interest in, and lien
on, all right, title, and interest of DWIN and the Company in and to the Escrow Account in respect of all funds required to satisfy DWIN’s
and the Company’s obligations hereunder, the Escrow Agreement, all rights related thereto, and all proceeds, products, and profits
of the foregoing. In the event of a default by DWIN or the Company under this Agreement or the Escrow Agreement, then, in addition to
any other rights the Investors may have under this Agreement, the Escrow Agreement, and applicable law, the Investors shall also have
the rights and remedies of a secured party under the Uniform Commercial Code as enacted in the State of New York. DWIN and the Company
shall use commercially reasonable efforts to prepare and file such UCC financing statements or other documents as reasonably directed
by the Investors with respect to their security interests (but in any event at no time prior to consummation of the Business Combination).

 

    6

     

    

 

h) Indemnification.
DWIN and any succeeding entities (referred to as the “Indemnitor”) agrees to indemnify the Investors and their affiliates
and their respective officers, directors, employees, agents and shareholders (collectively referred to as the “Indemnitees”)
against, and hold them harmless of and from, any and all Damages (as defined below) , which the Indemnitees may suffer or incur by reason
of any inquiry (whether voluntary or otherwise), action, claim or proceeding, in each case, brought by the Commission, any governmental
agencies, a securities holder of DWIN or the Company, subscriber for securities or third party creditor of DWIN, the Company or any of
their respective subsidiaries, arising out of, in connection with, or relating to, the execution or delivery of this Agreement, the performance
by DWIN of its obligations under this Agreement (which shall include an obligation of DWIN to provide advanced notice to the Investors
upon any repurchase of shares of Common Stock after the BC Closing (a “Repurchase Notice”), any breach of any covenant
or representation made by DWIN in this Agreement, regulatory filings made by DWIN related to the Agreement (other than as relates to any
information provided by or on behalf of Investors or their affiliates), or the consummation by DWIN of the transactions contemplated hereby,
any consequences therefrom or asserting that the Investors are not entitled to receive the aggregate Share Purchase Price or such other
amount as they are entitled to receive pursuant to Section 1(a) or Section (4)(e)(iii)(b) of this Agreement, in each case
unless such action, claim or proceeding is the result of the fraud, bad faith, willful misconduct or gross negligence of any Indemnitee.
If for any reason the foregoing indemnification is unavailable to any Indemnitee or insufficient to hold harmless any Indemnitee, then
DWIN shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnitee as a result of such loss,
claim, damage or liability. Notwithstanding the foregoing, DWIN shall not be responsible, or be required to indemnify the Investors in
any respect, for Damages suffered or incurred by reason of any action (or inaction) in connection with any Investor’s required disclosure
of (or failure to disclose) any information by or with respect to the Investors or any other Indemnitees in connection with entering into
this Agreement or the Indemnitees’ participation in any respect in the transactions that are the subject matter hereof, including,
without limitation, any regulatory filings made by any Investor or any Indemnitee (other than as relates to any information provided by
or on behalf of DWIN or the Company, including without limitation any failure by DWIN to provide a Repurchase Notice) in connection herewith
or any other matter with regard to which the Indemnitor has no direct knowledge or information with reasonable inquiry.

 

i) No
Dividends or Distributions. In the event that, prior to the Put Date, should DWIN declare or pay any dividends on, or make any other
distributions to holders of, shares of its Common Stock, whether in cash, in kind or otherwise, no Investor shall be entitled to receive
the dividend on any of such Shares and each Investor hereby affirmatively agrees to waive and forgo any right to receive any such dividends
or other distributions. If, nevertheless, an Investor receives any such dividend or distribution for any Share Investors elect to sell
and transfer to the Company on the Put Date, whether in cash or otherwise, the Investors shall pay or deliver to the Company the amount
of such dividend or distribution actually received by the Investor within five (5) Business Days for those Shares.

 

j) Change
in Law. If, at any time after the date hereof until the termination of this Agreement, (i) due to the adoption of or any change in
any applicable law or regulation (including, without limitation, any tax law) or (ii) due to the promulgation of or any change in the
interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including
any action taken by a taxing authority), a Party to this Agreement determines in good faith that (x) it has become illegal to hold, acquire
or dispose of any Shares or (y) it will incur a materially increased cost in performing its obligations under this Agreement (including,
without limitation, due to any increase in tax liability, decrease in tax benefit or other adverse effect on its tax position), then such
Party may elect to terminate this Agreement by providing written notice at least five (5) Business Days in advance of such termination,
which termination shall have the effect of accelerating the Put Date to the date of termination and which put rights shall survive the
termination of this Agreement.

 

    7

     

    

 

k) Adjustments
for Stock Splits, Recharacterization or Reclassification. Upon the occurrence of any pro-rata stock split, subdivision, consolidation,
recharacterization or reclassification of the Shares (unless resulting in a Merger Event), this Agreement shall automatically be modified
in good faith and in a commercially reasonable manner to arithmetically account for any such event.

 

l) Merger
Event. Upon the occurrence of any (i) reclassification or change to the Shares resulting in a transfer of or an irrevocable commitment
to transfer all of the Shares outstanding to another entity or person, (ii) consolidation, amalgamation, merger or binding share exchange
of the issuer of the Shares into another entity or person (other than a consolidation, amalgamation, merger or binding share exchange
in in which the issuer of the Shares is the continuing entity and which does not result in a reclassification or change of all such Shares
outstanding), (iii) takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or person to purchase
or otherwise obtain 100% of the outstanding Shares that results in a transfer or an irrevocable commitment to transfer all such Shares
(other than such Shares owned or controlled by such other entity or person), or (iv) consolidation, amalgamation, merger or binding share
exchange of the issuer of the Shares or its subsidiaries with or into another entity in which the issuer of the Shares is the continuing
entity and which does not result in a reclassification or change of all such Shares outstanding but results in the outstanding Shares
(other than Shares owned or controlled by such other entity) immediately prior to such event representing less than 50% of the outstanding
Shares immediately following such event (collectively, a “Merger Event”), then the Company may elect, by providing
written notice to the Investors, to terminate this Agreement as of the fifth Business Day following the date of such Merger Event, which
termination shall have the effect of accelerating the Put Date to the date of termination and which put rights shall survive the termination
of this Agreement.

 

5) Closing
Conditions. The obligation of the Company to purchase the Shares at the Shares Closing under this Agreement shall be subject in all
respects to the consummation of the Business Combination and such Shares being free and clear of all liens and other encumbrances as of
the Put Date.

 

6) Termination.

 

a) This
Agreement may be terminated as follows:

 

i) at
any time by mutual written consent of DWIN, on the one hand, and the Investors, on the other hand;

 

ii) at
the election of the Investors if the stockholders of DWIN fail to approve the Business Combination before September 30, 2022, or such
other later date by which DWIN must consummate an initial business combination as may be extended pursuant to an amendment to DWIN’s
Current Charter;

 

iii) by
DWIN, in the event that the Business Combination does not close;

 

iv) automatically,
if DWIN is dissolved or liquidated, in which case Investors shall be permitted to redeem all Shares pursuant to the redemption rights
under DWIN’s Current Charter;

 

    8

     

    

 

v) at
the election of DWIN in the event of (A) a change in control of DWIN where such control is acquired, directly or indirectly, in a single
transaction or series of related transactions, (B) all or substantially all of the assets of DWIN are acquired by or transferred to any
entity, or (C) DWIN is merged with or into another entity to form a new entity, excluding in each case the Business Combination; or

 

vi) at
the election of the Investors if the Escrow Agreement has not been fully executed by all parties thereto (other than the Investors) on
or prior to the Business Combination Closing Date.

 

b) In
the event of termination in accordance with this Section 6, this Agreement shall forthwith become null and void and have no effect,
without any liability on the part of MSOF, MSTO, MCP, DWIN, or the Company and their respective directors, officers, employees, partners,
managers, members, or stockholders and, except as otherwise provided in this Agreement and all rights and obligations of each Party shall
immediately cease; provided, however, that nothing contained in this Section 6 shall relieve any Party from liabilities or damages
arising out of any actual fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained
in this Agreement prior to termination of this Agreement; and provided, further, that any such termination shall have the effect of accelerating
the Put Date to the date of termination, which put rights shall survive the termination of this Agreement.

 

7) General
Provisions. 

 

a) Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (i) personal delivery to the Party to be notified, (ii) when sent, if sent by electronic mail during
normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next Business Day,
(iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv)
one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery,
with written verification of receipt. All notices and other communications sent to a Party shall be sent to the e-mail address or address
as set forth on the signature page of such Party hereto, or to such e-mail address or address as subsequently modified by written notice
given by such Party in accordance with this Section 7(a).

 

b) No
Finder’s Fees. Except as provided in Section 2 of this Agreement, each Party represents that it neither is nor will be
obligated for any finder’s fee or commission in connection with the Transactions. Each Investor agrees to indemnify and to hold
harmless DWIN from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out
of the Transactions (and the costs and expenses of defending against such liability or asserted liability) for which the Investors, or
any of their respective officers, employees or representatives is responsible or arising out of any agreement entered into by any such
person or entity. DWIN agrees to indemnify and hold harmless the Investors from any liability for any commission or compensation in the
nature of a finder’s or broker’s fee arising out of the Transactions (and the costs and expenses of defending against such
liability or asserted liability) for which DWIN or any of its officers, employees or representatives is responsible or arising out of
any agreement entered into by any such person or entity.

 

c) Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Shares Closing.

 

    9

     

    

 

d) Entire
Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced
herein, constitute the entire agreement and understanding of the Parties in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the Parties, written or oral, to the extent they relate in any way to the subject matter hereof
or to the Transactions.

 

e) Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to
the benefit of and are enforceable by, the Parties and their respective successors. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the Parties or their respective successors and assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

f) Assignments.
Except as otherwise specifically provided herein, no Party may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the each of the other Parties.

 

g) Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument. Signatures sent by facsimile transmission or in PDF format shall be deemed to be originals for all purposes
of this Agreement.

 

h) Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation
of this Agreement.

 

i) Governing
Law; Jurisdiction. This Agreement, the entire relationship of the Parties, and any litigation among the Parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of
the State of Delaware, without giving effect to its choice of laws or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any dispute
arising from or relating to the relative rights of the parties hereto and all other questions concerning the construction, validity and
interpretation of this Agreement, shall be brought exclusively in the Court of Chancery of the State of Delaware (the “Court
of Chancery”) or, to the extent the Court of Chancery does not have subject matter jurisdiction, the United States District
Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts (the “Delaware Federal
Court”) or, to the extent neither the Court of Chancery nor the Delaware Federal Court has subject matter jurisdiction, the
Superior Court of the State of Delaware (the “Chosen Courts”), and, solely with respect to any such action (i) irrevocably
submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such action in the Chosen
Courts, and (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party hereto.

 

j) MUTUAL
WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED
WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT AND/OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

k) Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of all Parties.

 

    10

     

    

 

l) Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the
validity or enforceability of the other provisions hereof; provided that, if any provision of this Agreement, as applied to any Party
or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its
terms, the Parties agree that the governmental authority, arbitrator, or mediator making such determination will have the power to modify
the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and
in its reduced form, such provision will then be enforceable and will be enforced.

 

m) Expenses.
DWIN shall pay the reasonable and documented out-of-pocket fees and expenses of legal counsel to the Investors as agreed by the Parties
via that certain letter agreement entered into by and between the Parties, dated August 30, 2022. DWIN shall also pay all fees and expenses
in connection with establishing and maintaining the Escrow Account.

 

n) Exclusivity.
DWIN represents that it has not and will not enter into any similar agreements to this Agreement with any other parties prior to the consummation
of the Business Combination. For the avoidance of doubt, DWIN may not enter into in any other non-redemption or forward share purchase
agreement with any other parties.

 

o) Construction.
The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring
or disfavoring any Party because of the authorship of any provision of this Agreement. For purposes of this Agreement, “Business
Day” means any day other than Saturday, Sunday, or a day on which commercial banks in New York are obligated by any applicable
law to close. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules
and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine,
and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural
and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to
any particular subdivision unless expressly so limited. The Parties intend that each representation, warranty, and covenant contained
herein will have independent significance. If a Party has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative
levels of specificity) which such party has not breached will not detract from or mitigate the fact that such party is in breach of the
first representation, warranty, or covenant.

 

p) Waiver.
No waiver by a Party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be
deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way
any rights arising because of any prior or subsequent occurrence.

 

q) Limitation
on Liability. Prior to the consummation of the Business Combination, this Agreement, and the ability of any Investor to recover any
remedy for any damages pursuant or in connection with this Agreement shall be limited and subject entirely, in all respects, to the waiver
against trust provisions set forth in Schedule 7(q) hereto.

 

r) Specific
Performance. Each Party agrees that irreparable damage may occur in the event any provision of this Agreement was not performed by
any other Party in accordance with the terms hereof and that the other Parties shall be entitled to seek specific performance of the terms
hereof, in addition to any other remedy at law or equity.

 

    11

     

    

 

s) Rule
10b5-1.

 

		i.	The Company represents and warrants to the Investors that Company is not entering into this Agreement
to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise
or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) for the purpose
of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and the Company represents and warrants
to the Investors that the Company has not entered into or altered, and agrees that the Company will not enter into or alter, any corresponding
or hedging transaction or position with respect to the Shares. The Company acknowledges that it is the intent of the parties that this
Agreement comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”)
and this Agreement shall be interpreted to comply with the requirements of Rule 10b5-1(c).

 

		ii.	The Company agrees that it will not seek to control or influence the Investors’
decision to make any “purchases or sales” (within the meaning of Rule 10b5- 1(c)(1)(i)(B)(3)) under this Agreement, including,
without limitation, the Investors’ decision to enter into any hedging transactions. The Investors represent and warrant that they
have consulted with their own advisors as to the legal aspects of its adoption and implementation of this Agreement under Rule 10b5-1.

 

		iii.	The Company acknowledges and agrees that any amendment, modification, waiver or
termination of this Agreement must be affected in accordance with the requirements for the amendment or termination of a “plan”
as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, the Company acknowledges and agrees that any such amendment,
modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule
10b-5, and no such amendment, modification or waiver shall be made at any time at which the Company or any officer, director, manager
or similar person of the Company is aware of any material nonpublic information regarding the Company or the Shares.

 

8) Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

		a)	Beneficial Ownership Limit. Means, with respect to any Investor, 9.99% of
the number of shares of Common Stock outstanding.

 

		b)	Common Control. Means a condition where two or more persons, either through
ownership, management, contract, or otherwise, are under the control of one group or person.

 

		c)	Current Charter. Means the Certificate of Incorporation of DWIN as amended,
supplemented or amended and restated and in effect from time to time or as of each relevant time.

 

		d)	Damages. Means loss, liability, cost, damage and expense, including without limitation,
reasonable and documented out-of-pocket expenses and reasonable and documented outside counsel fees as they are incurred in relation to
actions (or inactions) of a party or parties, as applicable.

 

    12

     

    

 

		e)	Definitive Proxy Statement. Means the definitive proxy statement of DWIN
containing proposals to be submitted to the DWIN stockholders in connection with the approval by DWIN’s stockholders of the proposed
Business Combination, a copy of which has been filed with the Commission.

 

		f)	Public Stockholders. Means holders of Common Stock underlying the units
sold in DWIN’s initial public offering, including any overallotment securities acquired by DWIN’s underwriters.

 

		g)	Qualified Exchange. Means the New York Stock Exchange or the Nasdaq Stock
Market.

 

		h)	Redemption Deadline Date. Means the last date on which public stockholders
of DWIN may properly submit requests to DWIN to have their shares of Common Stock redeemed by DWIN in connection with the consummation
of the Business Combination in accordance with the terms of the Current Charter and the Definitive Proxy Statement.

 

		i)	Redemption Request. Means the notice, to be provided by each Investor to
notify DWIN in writing prior to the Redemption Deadline, of such Investor’s intention to redeem any of its Current Shares of Common
Stock held prior to the BC Closing.

 

		j)	Redemption Reversal Request. Means the notice, to be provided by an Investor
to notify DWIN in writing no later than the date of the BC Closing (or such other date as determined by the DWIN Board, provided,
that DWIN will notify the Investors as promptly as practicable in the event that the DWIN Board determines to change the deadline for
withdrawals of prior requests for Redemptions), whether or not such Investor is exercising such Investor’s right to reverse its
Redemption of any shares of Common Stock held by such Investor to the Company, pursuant to such Investor’s obligations under this
Agreement.

 

		k)	Reset Price. For purposes of Section 4(e)(iii), the Reset Price for
each sale pursuant to Section 4(c) prior to the closing of the Business Combination and for three (3) Business Days following the
closing of the Business Combination (the “Initial Reset Price Period”) shall be the weighted average price at which
the Investor[s] sold such Shares. Immediately following the Initial Reset Price Period, the Reset Price shall equal $10.00. The Reset
Price shall be adjusted every Monday, prior to 9:30 am EDT, following the Initial Reset Price Period, or if Monday falls on a day other
than a Business Day, the following Business Day, to the lower of (i) the then-current Reset Price and (ii) the VWAP Price for the immediately
preceding week.

 

[Signature page follows]

 

    13

     

    

 

IN WITNESS WHEREOF, each of the undersigned has executed this
Agreement to be effective as of the date first set forth above.

 

	MSOF: 	 
	 	 
	METEORA SPECIAL OPPORTUNITY FUND I, LP	 
	 	 	 
	By:	/s/ Vik Mittal	 
	Name:	Vik Mittal	 
	Title:	CIO/Managing Member	 
	 	 	 
	Address for Notices:	 
	1200 N Federal Hwy, Suite 200	 
	Boca Raton, FL 33432	 
	team@meteoracapital.com	 
	 	 
	MSTO: 	 
	 	 
	METEORA SELECT TRADING OPPORTUNITIES MASTER, LP	 
	 	 	 
	By:	/s/ Vik Mittal	 
	Name:	Vik Mittal                                                   	 
	Title:	CIO/Managing Member	 
	 	 	 
	Address for Notices:	 
	1200 N Federal Hwy, Suite 200	 
	Boca Raton, FL 33432	 
	team@meteoracapital.com	 
	 	 
	MCP: 	 
	 	 
	METEORA CAPITAL PARTNERS, LP	 
	 	 	 
	By:	/s/ Vik Mittal	 
	Name:	Vik Mittal	 
	Title:	CIO/Managing Member	 
	 	 	 
	Address for Notices:	 
	1200 N Federal Hwy, Suite 200	 
	Boca Raton, FL 33432	 
	team@meteoracapital.com	 

 

[Signature Page to Forward
Share Purchase Agreement]

 

     

     

    

 	DWIN:
                                    	 
	 	 
	DELWINDS INSURANCE ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Andrew Poole 	 
	Name:	Andrew Poole                                	 
	Title:	Chairman & CEO	 
	 	 	 
	Address for Notices:	 
	FOXO Technologies, Inc.	 
	c/o Blake Baron	 
	Mitchell, Silberberg & Knupp	 
	437 Madison Avenue	 
	25th Floor	 
	New York, NY 10022	 
	Email: andrew@delwinds.com	 

 

[Signature Page to Forward
Share Purchase Agreement]

 

     

     

    

 

Schedule 7(q)

 

The Investor hereby represents
and warrants that it has read the final prospectus of DWIN, dated as of December, 10, 2020 and filed with the SEC on December, 11, 2020
(File No. 333-248753) (the “IPO Prospectus”) and understands that DWIN has established the trust account with the proceeds
from the IPO in accordance with the IPO Prospectus (the “Trust Account”) containing the proceeds of DWIN initial public
offering (the “IPO”) and the overallotment shares acquired by DWIN’s underwriters and from certain private placements
occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of DWIN’s public stockholders
(including overallotment shares acquired by DWIN underwriters) (the “Public Stockholders”) and that, except as otherwise
described in the IPO Prospectus, DWIN may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they
elect to redeem their shares of Common Stock in connection with the consummation of its initial business combination or in connection
with an amendment to DWIN’s organizational documents to extend DWIN’s deadline to consummate its initial business combination,
(b) to the Public Stockholders if DWIN fails to consummate its initial business combination within eighteen (18) months after the closing
of the IPO, subject to extension by amendment to DWIN’s organizational documents, (c) with respect to any interest earned on the
amounts held in the Trust Account, amounts necessary to pay for any taxes and up to $100,000 in dissolution expenses, and (d) to DWIN
after or concurrently with the consummation of its initial business combination. For and in consideration of DWIN entering into this Agreement
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Investor hereby agrees
on behalf of itself and its affiliates that, notwithstanding anything to the contrary in this Agreement, neither the Investor nor any
of its affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies in the
Trust Account or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom), regardless
of whether such claim arises as a result of, in connection with or relating in any way to, this Agreement or any proposed or actual business
relationship between DWIN or any of its representatives, on the one hand, and the Investor or any of its representatives, on the other
hand, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability
(collectively, the “Released Claims”). The Investor on behalf of itself and its affiliates hereby irrevocably waives
any Released Claims that the Investor or any of its affiliates may have against the Trust Account (including any distributions therefrom)
now or in the future as a result of, or arising out of, any negotiations, contracts or agreements with DWIN or its representatives and
will not seek recourse against the Trust Account (including any distributions therefrom) for any reason whatsoever (including for an alleged
breach of this Agreement or any other agreement with DWIN or its affiliates). The Investor agrees and acknowledges that such irrevocable
waiver is material to this Agreement and specifically relied upon by DWIN and its affiliates to induce DWIN to enter in this Agreement,
and the Investor further intends and understands such waiver to be valid, binding and enforceable against the Investor and each of its
affiliates under applicable law. To the extent that the Investor or any of its affiliates commences any Action based upon, in connection
with, relating to or arising out of any matter relating to DWIN or its representatives, which proceeding seeks, in whole or in part, monetary
relief against DWIN or its representatives, the Investor hereby acknowledges and agrees that its and its affiliates’ sole remedy
shall be against funds held outside of the Trust Account and that such claim shall not permit the Investor or any of its affiliates (or
any person claiming on any of their behalves or in lieu of them) to have any claim against the Trust Account (including any distributions
therefrom) or any amounts contained therein. In the event that the Investor or any of its affiliates commences action based upon, in connection
with, relating to or arising out of any matter relating to DWIN or its representatives which proceeding seeks, in whole or in part, relief
against the Trust Account (including any distributions therefrom) or the Public Stockholders, whether in the form of money damages or
injunctive relief, DWIN and its representatives, as applicable, shall be entitled to recover from the Investor and its affiliates, as
applicable, the associated legal fees and costs in connection with any such action, in the event DWIN or its representatives, as applicable,
prevails in such action. This paragraph shall survive termination of this Agreement for any reason and continue indefinitely.
Notwithstanding the foregoing, (a) nothing herein shall serve to limit or prohibit the Investor’s right to pursue a claim against
DWIN for legal relief against monies or other assets held outside the Trust Account, for specific performance or other equitable relief
(but excluding (i) restitution, disgorgement or other equitable relief to the extent affecting funds in the Trust Account or (ii) funds
released from the Trust Account to the Public Stockholders or any assets purchased or acquired with such funds) in connection with the
consummation of the transactions contemplated hereby (including a claim for DWIN to specifically perform its obligations under this Agreement)
so long as such claim would not affect DWIN’s ability to fulfill its obligation to effectuate the Redemptions, and (b) nothing herein
shall serve to limit or prohibit any claims that the Investor may have in the future against DWIN’s assets or funds that are not
held in the Trust Account (including any funds that have been released from the Trust Account and any assets that have been purchased
or acquired with any such funds, but excluding distributions to Public Stockholders).

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