Document:

Exhibit
10.5

 

INSU
ACQUISITION CORP. III

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104

 

December
17, 2020

 

Cohen
& Company, LLC

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104

 

		Re:	Administrative Services Agreement

 

Gentlemen:

 

This
letter agreement by and between INSU Acquisition Corp. III (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, and shared personnel support services as may be reasonably requested
by the Company. In exchange therefor, the Company shall pay Cohen the sum of $20,000 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
pages follows]

 

     

     

    

 

	Very truly yours,
	 
	INSU ACQUISITION CORP. III
	 
	By:	/s/ John M. Butler	 
	 	Name:  	John M. Butler	 
	 	Title:	President and Chief Executive Officer	 

 

[Signature
Page to Administrative Services Agreement]

 

     

     

    

 

AGREED
TO AND ACCEPTED BY:

 

COHEN
& COMPANY, LLC

 

	By:	/s/ Joseph W. Pooler, Jr.	 
	 	Name:  	Joseph W. Pooler, Jr.	 
	 	Title:	Chief Financial Officer	 

 

[Signature
Page to Administrative Services Agreement]Exhibit 10.6

 

INSU Acquisition Corp. III

2929 Arch Street, Suite 1703

Philadelphia, PA 19104-2870

Attention: Joseph W. Pooler, Jr.

 

Dated: December 17, 2020

 

Insurance Acquisition
Sponsor III, LLC (“Lender”) hereby agrees to make to INSU Acquisition Corp. III (“Borrower”), one
or more loans for the purposes described in paragraph 2 hereof, in amounts and upon the terms and conditions set forth below:

 

1. AMOUNT

 

Lender shall make or
cause one or more of its affiliates to make one or more loans (hereafter sometimes referred to collectively as the “Loans”
and each individually as a “Loan,”) to Borrower in the maximum aggregate amount for all Loans of $810,000, subject
to the terms and conditions contained herein.

 

For each Loan requested
by Borrower, Borrower shall submit a written notice stating the amount of the Loan being requested, disbursement instructions,
and the required disbursement date. Unless waived by Lender, such notice shall be delivered to Lender by Borrower not less than
five (5) business days prior to the requested disbursement date. For these purposes, a “business day” is any day that
is not a Saturday or Sunday, or a day on which commercial banks in New York, New York are authorized or required by law to remain
closed. Each Loan shall be evidenced by a Promissory Note from Borrower to Lender in the form annexed hereto as Exhibit A
(each, a “Promissory Note”).

 

2. PURPOSES

 

The proceeds of the
Loans shall only be requested, and shall only be used, to fund the Borrower’s working capital requirements and expenses relating
to the identification and acquisition of one or more businesses, or if no such acquisition is completed, expenses in connection
with the liquidation of Borrower.

 

3. PAYMENT TERMS

 

The entire aggregate
principal balance of the Loans, and all of the Promissory Notes evidencing the Loans, shall be due and payable in full on the date
upon which the Borrower completes an acquisition or other business combination with one or more businesses, as more particularly
set forth in the prospectus dated December 17, 2020 of the Borrower, in the section captioned “Management’s Discussion
and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources”.

 

4. INTEREST RATE

 

The Loans shall bear no interest.

 

     

     

    

 

5. SECURITY FOR LOANS

 

The Loans shall be unsecured.

 

6. CONVERSION; DEFAULT; REMEDIES

 

	 	(i)	The Loans may be converted into units of the Borrower upon the terms and conditions set forth in the form of Promissory Note annexed hereto as Exhibit A and incorporated herein by this reference.

 

	 	(ii)	The events of default and remedies with respect to the Loans are set forth in the form of Promissory Note annexed hereto as Exhibit A and incorporated herein by this reference.

 

7. LOAN FEES

 

Borrower shall not
pay Lender any loan, commitment or other, similar, fees in connection with the Loans.

 

8. MISCELLANEOUS

 

A. Assignment

 

This Commitment Letter,
each Promissory Note, and the Loans, or any portion thereof, may be assigned by Lender; provided, however, that Lender shall remain
obligated to provide Borrower with the Loans. Borrower shall not transfer or assign (by operation of law or otherwise) this Commitment
Letter without Lender’s prior written consent which shall be in the sole and absolute discretion of Lender. If Borrower,
in any event, transfers or assigns (by operation of law or otherwise) this Commitment Letter without Lender’s prior written
consent, this Commitment Letter shall automatically terminate and Lender shall have no further obligation hereunder.

 

B. Expenses

 

All out-of-pocket expenses
incurred by Lender in connection with this Commitment Letter and the Loans, including any legal fees and expenses incurred by Lender
in connection with Lender enforcing its rights hereunder, shall be payable by Borrower, on demand, whether or not any Loans are
made pursuant hereto. This obligation shall survive the termination of this Commitment Letter. In the event of any litigation arising
hereunder based on a contract claim arising hereunder, the prevailing party shall recover its attorneys’ fees and expenses
from the unsuccessful party.

 

C. Entire Agreement

 

No change or modification
of this Commitment Letter shall be valid unless the same is in writing and signed by the parties hereto. This Commitment Letter
contains the entire agreement between the parties hereto and there are no promises, agreements, conditions, undertakings, warranties
and representations, either written or oral, expressed or implied between the parties hereto other than as herein set forth.

 

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	 	Very truly yours,
	 	 	 
	 	INSURANCE ACQUISITION SPONSOR III, LLC
	 	 	 
	 	By:	/s/ Daniel G. Cohen
	 	Name:	Daniel G. Cohen
	 	Title:	Chief Executive Officer

 

 

[Insurance SPAC III – Loan Commitment
Agreement]

 

    3

     

    

 

The undersigned hereby accepts and approves
this Commitment Letter.

 

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

 

 

[Insurance SPAC III – Loan Commitment
Agreement]

 

    4

     

    

 

Exhibit A

 

Form of Promissory Note

 

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

 

$[_________] Issue Date: [DATE]

No. A-[_____] New York, New York

 

INSU Acquisition Corp.
III (the “Maker”) promises to pay to the order of [Insurance Acquisition Sponsor III, LLC] (the “Payee”)
the principal sum of [_________] ($[_______]) 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 the date (the “Maturity Date”) on which Maker consummates a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the
“Initial Business Combination”). No amount shall be due under this Note if such Initial Business Combination
is not consummated on or before the 24 month anniversary of the date of the completion of the Maker’s initial public offering
(“IPO”).

 

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. Conversion. At the Maturity Date,
by providing written notice to Maker, Payee may elect to convert any portion or all of the amount outstanding under this Note into
units of the entity surviving or resulting from the Initial Business Combination at a conversion price of $10.00 per unit. The
terms and conditions of such units shall be as described in the registration statement and prospectus filed with the Securities
and Exchange Commission in connection with the IPO (together, the “Registration Statement”).

 

5. 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.

 

6. Remedies.

 

(a) Upon the occurrence
of an Event of Default specified in Section 5(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.

 

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7. 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.

 

8. 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.

 

9. 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:

 

INSU Acquisition Corp. III

2929 Arch Street, Suite 1703

Philadelphia, PA 19104-2870

Attention:

Email:

 

If to Payee:

 

[Insurance Acquisition Sponsor III, LLC]

2929 Arch Street, Suite 1703

Philadelphia, PA 19104-2870

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.

 

10. 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.

 

11. 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.

 

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12. Trust Waiver. Notwithstanding
anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in
or to any distribution of the trust account in which the proceeds of Maker’s IPO and the proceeds of the sale of the securities
issued in a private placement to be consummated concurrently with the completion of the Maker’s IPO, as described in greater
detail in the Registration Statement, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim
against the trust account for any reason whatsoever.

 

13. 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.

 

14. 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]

 

    7

     

    

 

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.

 

	 	INSU ACQUISITION CORP. III 
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:

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