Document:

Exhibit 10.6

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

January
15, 2019

 

	$500,000
	No.
    A-1

 

Insurance
Acquisition Corp. (the “Maker”) promises to pay to the order of Cohen & Company, LLC or its designee (the
“Payee”) the principal sum of up to Five Hundred Thousand ($500,000) in lawful money of the United States of
America, on the terms and conditions described below.

 

1.
Principal. The principal balance of this Note shall be repayable on earlier of (the “Maturity Date”)
(a) the date on which Insurance Acquisition Corp. consummates its initial public offering (“IPO”) and (b) June
30, 2019.

 

2.
Interest. This Note shall bear no interest.

 

3.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any
late charges and finally to the reduction of the unpaid principal balance of this Note.

 

4.
Events of Default. The following shall constitute Events of Default:

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal of, or other payments on, this Note within five (5) business
days following the date when due.

 

5.
Remedies. Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker,
declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable under this
Note, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

6.
 Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

     

     

    

 

8.
Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested,
(ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing
receipted delivery, (iv) sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as either
party may designate by notice in accordance with this Section:

 

If
to Maker:

 

Insurance
Acquisition Corp.

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104

Attention:

Email:

 

If
to Payee:

 

Cohen & Company, LLC

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104

Attention:

Email:

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider, (iv)
the date reflected on a signed delivery receipt, or (vi) two (2) business days following tender of delivery or dispatch by express
mail or delivery service.

 

9.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

11.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with,
the written consent of the Maker and the Payee.

 

12.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

[Signature
Page Follows]

 

    2

     

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first
above written.

 

	 	INSURANCE ACQUISITION CORP.
	 	 
	 	By: 	/s/ John Butler
	 	Name:	John Butler
	 	Title:	 Chief Executive Officer and President

  

[Signature
Page – Promissory Note Pre-IPO]

 

 

3Exhibit 10.7

 

INSURANCE ACQUISITION CORP.

2929 Arch Street, Suite 1703

Philadelphia, PA 19104

 

_________ __, 2019

 

[Cohen & Company, LLC]

2929 Arch Street, Suite 1703

Philadelphia, PA 19104

 

Re: Administrative
Services Agreement

 

Gentlemen:

 

This letter agreement by and between Insurance
Acquisition Corp. (the “Company”) and [Cohen & Company, LLC] (“Cohen”), dated as of the date hereof,
will confirm our agreement that, commencing on the date the securities of the Company are first listed on the Nasdaq Capital Market
(the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed with the Securities and
Exchange Commission (the “Registration Statement”) and continuing until the earlier of the consummation by the Company
of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement)
(such earlier date hereinafter referred to as the “Termination Date”):

 

(i) Cohen
or one of its affiliates shall make available to the Company, at 2929 Arch Street, Philadelphia, PA (or any successor location
of Cohen or its affiliates), certain office space, utilities, secretarial support and administrative services as may be reasonably
requested by the Company. In exchange therefor, the Company shall pay Cohen the sum of $10,000 per month on the Listing Date and
continuing monthly thereafter until the Termination Date; and

 

(ii) Cohen
hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”)
in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit
of the public stockholders of the Company and into which substantially all of the proceeds of the Company’s initial public
offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future
as a result of, or arising out of, this letter agreement, which Claim would reduce, encumber or otherwise adversely affect the
Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment
or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement may not be amended,
modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign either this letter
agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any
purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee.

 

This letter agreement,
the entire relationship of the parties hereto, and any litigation between 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 Commonwealth of
Pennsylvania, without giving effect to its choice of laws principles.

 

[Signature page follows]

 

     

     

    

 

	Very truly yours,	 
	 	 
	INSURANCE ACQUISITION CORP.	 
	 	 
	By:	 	 	 
	 	Name:	               	 
	 	Title:	 	 

 

AGREED TO AND ACCEPTED BY:

 

[COHEN & COMPANY, LLC]

 

	By:	 	 	 
	 	Name:	                      	 
	 	Title:	 	 

 

[Signature Page to Administrative Services
Agreement]

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