Document:

Exhibit 10.3

 

UNIT SUBSCRIPTION AGREEMENT 

 

This UNIT SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of the ___ day of __________, 2020, by and between INSU Acquisition
Corp. III, a Delaware corporation (the “Company”), having its principal place of business at 2929 Arch Street,
Suite 1703, Philadelphia, PA 19104, and Insurance Acquisition Sponsor III, LLC (the “Subscriber”).

 

WHEREAS, the Company
desires to sell on a private placement basis (the “Offering”) an aggregate of 540,000 units (“Units”)
of the Company, each Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one third of one warrant to purchase one share of Common Stock (“Warrant”), for a purchase
price of $5,400,000, or $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the
“Warrant Shares.” The shares of Common Stock underlying the Units (excluding the Warrant Shares)
are hereinafter referred to as the “Placement Shares.” The Warrants underlying the Units are hereinafter referred
to as the “Placement Warrants.” The Units, Placement Shares, Placement Warrants and Warrant Shares,
collectively, are hereinafter referred to as the “Securities.” Placement Warrants may be exercised
only to the extent that, when aggregated with other Placement Warrants being exercised, the exercise is for a whole share or whole
shares; no fractional shares shall be issuable. The exercise price for any Warrant Share shall be $11.50. Subject to the foregoing,
the Placement Warrants are exercisable during the period commencing on the later of (i) twelve (12) months from the date of the
completion of the Company’s initial public offering of units (the “IPO”) and (ii) 30 days following the
consummation of the Company’s initial business combination (the “Business Combination”), as such term
is defined in the registration statement filed in connection with the IPO, as amended at the time it becomes effective (the “Registration
Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, Subscriber
wishes to purchase the number of Units set forth on Schedule A hereto and the Company wishes to accept such subscription
from Subscriber.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Subscriber hereby agree as follows:

 

		1.	Agreement to Subscribe

 

1.1 Purchase and
Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, Subscriber hereby agrees to purchase
from the Company, and the Company hereby agrees to sell to \Subscriber, on the Closing Date (as defined below), 540,000 Units for
a purchase price of $5,400,000 (the “Purchase Price”).

 

1.2 Delivery of
the Purchase Price. Upon execution of this Agreement, the Company is bound to fulfill its obligations hereunder
and Subscriber hereby irrevocably commits to deliver either directly into a trust account (the “Trust Account”)
held at JP Morgan Chase Bank, N.A. or any other financial institution chosen by the Company, with Continental Stock Transfer &
Trust Company acting as trustee (“Continental”), or into an escrow account maintained by Ledgewood P.C. (“Ledgewood”),
counsel for the Company, the Purchase Price in immediately available funds by wire transfer or such other form of payment as shall
be acceptable to the Trustee, in its sole and absolute discretion, one (1) business day prior to the effective date of the Registration
Statement.

 

1.3 Closing.
The closing of the Offering (the “Closing”), shall take place at the offices of Ledgewood, simultaneously with
the closing of the IPO on or before December 31, 2020 (the “Closing Date”). On the Closing Date, if Subscriber
has delivered the Purchase Price to Ledgewood as described in Section 1.2 above, Ledgewood shall wire the purchase price to Continental
for deposit in the Trust Account.

 

1.4 Termination. This
Agreement and each of the obligations of the undersigned shall be null and void and without effect if the Closing does not occur
prior to December 31, 2020.

 

     

    

    

 

		2.	Representations and Warranties of Subscriber

 

Subscriber represents
and warrants to the Company that:

 

2.1 No Government
Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the Company or the Offering of the Securities.

 

2.2 Accredited Investor.
Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby
is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the
Securities Act and similar exemptions under state law.

 

2.3 Intent. Subscriber
is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account or benefit
of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Letter Agreement”) to
be entered into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration
Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to
or through any person or entity except as may be permitted under the Letter Agreement. Subscriber shall not engage in
hedging transactions with regard to the Securities unless in compliance with the Securities Act.

 

2.4 Restrictions
on Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving
a public offering in the United States within the meaning of the Securities Act. The Securities have not been registered
under the Securities Act and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities,
such Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement
filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities
Act, if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act,
and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the
foregoing, Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described in Section
8 hereof. Subscriber agrees that, if any transfer of its Securities or any interest therein is proposed to be made,
as a condition precedent to any such transfer Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company with respect to such transfer. Absent registration or another available exemption from registration, Subscriber
agrees it will not transfer the Securities (unless otherwise permitted pursuant to the Letter Agreement, as described in the Registration
Statement). Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to Subscriber for the resale of the Securities until the one year anniversary following consummation of the Business Combination,
despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.5 Sophisticated
Investor.

 

 (i) 
Subscriber’s manager and members are individually accredited investors and are sophisticated in financial matters and able
to evaluate the risks and benefits of the investment in the Securities.

 

  (ii) Subscriber
is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
(a) the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available and (b) Subscriber
has waived its redemption rights with respect to the Securities as set forth in Section 5 hereof, and the Securities held by Subscriber
are not entitled to, and have no right, interest or claim to any monies held in the Trust Account, and accordingly Subscriber may
suffer a loss of a portion or all of its investment in the Securities. Subscriber is able to bear the economic risk of its investment
in the Securities for an indefinite period of time.

 

2.6 Independent
Investigation. Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation
of the Company and has not relied upon any information or representations made by any third parties or upon any oral or written
representations or assurances from the Company, its officers, directors or employees or any other representatives or agents of
the Company, other than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition
of the Company and has had an opportunity to ask questions of, and receive answers from the Company’s officers and directors
concerning the Company and the terms and conditions of the Offering and has had full access to such other information concerning
the Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available
and that Subscriber has been supplied with all of the additional information concerning this investment which Subscriber has requested.

 

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2.7 Organization
and Authority. Subscriber is duly organized, validly existing and in good standing under the laws of the State of
Delaware and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8 Authority.
This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.

 

2.9 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any agreement or
instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any
agreement, order, judgment or decree to which Subscriber is subject.

 

2.10 No Legal Advice
from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated
by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and
investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and
the other agreements entered into between the parties hereto, Subscriber is relying solely on such review, counsel and advisors
and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11 Reliance on
Representations and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12 No General
Solicitation. Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation
or general advertising, including but not limited to any advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration
statement with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13 Legend. Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

		3.	Representations, Warranties and Covenants of the Company

 

The Company represents
and warrants to, and agrees with, Subscriber that:

 

3.1 Valid Issuance
of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue is 70,000,000
shares of Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”).
As of the date hereof, the Company has issued and outstanding 7,846,667 shares of Class B common stock, par value $0.0001 per share
(of which up to 1,000,000 shares are subject to forfeiture) and no shares of Preferred Stock. All of the issued shares of capital
stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

 

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3.2 Title to Securities. Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement (as defined in Section 8.1), as
the case may be, each of the Units, Placement Shares, Placement Warrants and the Warrant Shares will be duly and validly issued,
fully paid and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, Subscriber
will have or receive good title to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and
encumbrances of any kind resulting from actions of, or any failure to act by, the Company, other than (i) transfer restrictions
hereunder and pursuant to the Letter Agreement and (ii) transfer restrictions under federal and state securities laws.

 

3.3 Organization
and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of
the State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now
being conducted.

 

3.4 Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by
all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders
is required, and (iii) this Agreement constitutes a valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.

 

3.5 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or by which it is bound or (iii)
violate any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which
the Company is subject. Other than any SEC or state securities filings which may be required to be made by the Company subsequent
to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with,
any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement
or issue the Units, Placement Shares, Placement Warrants or the Warrant Shares in accordance with the terms hereof.

 

		4.	Legends 

 

4.1 Legend.
The Company will issue the Units, Placement Shares and Placement Warrants, and, when issued, the Warrant Shares, purchased by Subscriber
in the name of Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS AND NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

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“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT AMONG INSU ACQUISITION CORP.
III AND THE OTHER PARTIES THERETO AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM
THEREOF PURSUANT TO THE TERMS SET FORTH IN THE LETTER AGREEMENT.”

 

4.2 Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply
with all applicable securities laws upon resale of the Securities.

 

4.3 Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities
if, in the sole judgment of the Company, such purported transfer would not be made (i) pursuant to an effective registration
statement filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of
the Securities Act and applicable state securities laws and (iii) in compliance herewith and with the Letter Agreement.

 

4.4 Registration
Rights.  Subscriber will be entitled to certain registration rights which will be governed by a registration rights
agreement (“Registration Rights Agreement”) to be entered into between, among others, Subscriber and the Company,
on or prior to the effective date of the Registration Statement. 

 

		5.	Waiver of Liquidation Distributions.

 

In connection with
the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any
kind in or to any distributions with respect to the Securities in connection with (i) the exercise of redemption rights in connection
with the Company’s consummation of the Business Combination, or (ii) upon the Company’s redemption of shares of Common
Stock upon the Company’s failure to consummate the Business Combination within 24 months from the completion of the IPO or
the liquidation of the Company prior to the expiration of such 24 month period. In the event any Subscriber purchases
shares of Common Stock in the IPO or in the aftermarket (“Public Shares”), Subscriber hereby waives any and
all right, title, interest or claim of any kind in or to any distributions with respect to any Public Shares in connection with
the exercise of redemption rights in connection with the Company’s consummation of the Business Combination. For the avoidance
of doubt, Subscriber shall be eligible to redeem any Public Shares upon the same terms offered to all other purchasers of Common
Stock in the IPO in the event the Company fails to consummate the Business Combination, or liquidates, within 24 months from the
completion of the IPO.

 

		6.	Termination of Placement Warrants.

 

6.1 Failure to Consummate
Business Combination. The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the
Company does not consummate the Business Combination within 24 months from the completion of the IPO.

 

6.2 Termination
of Rights as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then after such time, Subscriber
(or successor in interest) shall no longer have any rights as holders of such Placement Warrants and the Company shall take such
action as is appropriate to cancel such Placement Warrants. Subscriber hereby irrevocably grants the Company a limited power of
attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company
necessary to effect the foregoing.

 

		7.	Rescission Right Waiver and Indemnification.

 

7.1 Subscriber
understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general
solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the
Units, the offer and sale of such Units may not be exempt from registration and, if not, the Subscriber may have a right to rescind
their purchases of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its stockholders
and the amounts in the Trust Account from claims that may adversely affect the Company or the interests of its stockholders, Subscriber
hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration,
as the case may be, to seek rescission of its purchase of the Units. Subscriber acknowledges and agrees this waiver is being made
in order to induce the Company to sell the Units to Subscriber. Subscriber agrees the foregoing waiver of rescission rights shall
apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”)
and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses
in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with
any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the
Units and the transactions contemplated hereby.

 

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7.2 Subscriber
agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or
any Claim that may arise now or in the future.

 

7.3 Subscriber
acknowledges and agrees that the stockholders of the Company are and shall be third-party beneficiaries of this Section 7. 

 

7.4 Subscriber
agrees that, to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has offered
such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that
applies to a legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder
in this regard.

 

		8.	Terms of the Units and Placement Warrant

 

The Units and their
component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and their component
parts will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation of the
Business Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by a Subscriber (or any of its
permitted transferees), and will be exercisable on a “cashless” basis if held by Subscriber or its permitted transferees
and (iii) the Units and their component parts are being purchased pursuant to an exemption from the registration requirements of
the Securities Act and will become freely tradable only after they are registered or an exemption from registration is available,
and the restrictions described above in clause (i) have expired.

 

		9.	Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed
within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this
Agreement and the transactions contemplated hereby.

 

		10.	Assignment; Entire Agreement; Amendment

 

10.1 Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to
a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.

 

10.2 Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges
and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3 Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.

 

10.4 Binding upon
Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
legal representatives, successors and permitted assigns. 

 

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		11.	Notices

 

11.1 Notices.
Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing
and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided
or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as
either may designate for itself in such notice to the other. Communications shall be deemed to have been received when
delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon
receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which
the stockholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice
to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice;
and (c) if by any other form of electronic transmission, when directed to the stockholder.

 

		12.	Counterparts

 

This Agreement may
be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

		13.	Survival; Severability

 

13.1 Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing.

 

13.2 Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

 

		14.	Headings.

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

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Accepted and agreed on the date set forth
above.

 

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

 

Accepted and agreed on the date set forth
above.

 

	 	
        SUBSCRIBER:

         

        INSURANCE ACQUISITION SPONSOR III, LLC

	 	 	 
	 	By: 	 
	 	 	Name: 	Daniel G. Cohen
	 	 	Title:	 Chief Executive Officer

 

[INSU III Placement Unit Subscription Agreement
– Sponsor]

 

     

    

    

 

SCHEDULE A

 

	NAME OF SUBSCRIBER	 	NUMBER OF UNITS	 
	Insurance Acquisition Sponsor III, LLC	 	 	540,000Exhibit 10.4

 

_____________, 2020

 

INSU Acquisition Corp. III

2929 Arch Street, Suite 1703

Philadelphia, PA 19104-2870  

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (“Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into, or proposed to be entered into, by and between INSU Acquisition Corp. III, a Delaware corporation
(the “Company”), and Cantor Fitzgerald & Co. and Wells Fargo Securities, LLC, as the representative
of the underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Offering”),
of up to 23,000,000 of the Company’s units (the “Units”), each comprised of one share of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”), and one third of one warrant,
each whole warrant exercisable for one share of Common Stock (each, a “Warrant”). The Units sold in the
Offering will be registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant
to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the
Securities and Exchange Commission (the “Commission”). The Company expects that the Units will be listed
for trading on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 16 hereof.

 

The Insiders signatory
hereto hereby agree with the Company as follows:

 

1.  Each
Insider agrees that, if the Company seeks stockholder approval of (a) a proposed initial Business Combination or (b) a proposed
amendment to the Company’s amended and restated certificate of incorporation (as may be amended from time to time, the “Charter”)
to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
complete its initial Business Combination within 24 months from the completion of the Offering, then in connection with such proposed
initial Business Combination or amendment to the Charter, such person shall vote, as applicable, all Founder Shares, Placement
Shares and any shares acquired by such person in the Offering or in the secondary public market in favor of such proposed initial
Business Combination or such amendment to the Charter, as applicable.

 

2. (a)  Each Insider hereby
agrees that, if the Company fails to consummate a Business Combination within 24 months from the consummation of the Offering,
such person shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Offering Shares at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including any amounts representing
interest earned on the Trust Account, less interest previously released to, or reserved for use by, the Company in an amount up
to $100,000 to pay dissolution expenses and less any other interest released to, or reserved for use by, the Company to pay franchise
and income taxes, divided by the number of Offering Shares then outstanding, which redemption will completely extinguish the holder’s
rights as a stockholder with respect to his, her or its Offering Shares (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining stockholders and the Company’s board of directors (the “Board”),
dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to
provide for claims of creditors and other requirements of applicable law.

 

(b)  Each
Insider agrees to not propose any amendment to the Charter that would affect the substance or timing of the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not consummate a Business Combination within 24 months from the completion
of the Offering, unless the Company provides the holders of Offering Shares with the opportunity to redeem their Offering Shares
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including any amounts representing interest earned on the Trust Account, less any interest released to, or reserved
for use by, the Company to pay franchise and income taxes, divided by the number of then outstanding Offering Shares.

 

     

    

    

 

(c)  Each
Insider acknowledges and agrees that Founder Shares or Placement Shares held by him, her or it are not entitled to, and have no
right, interest or claim of any kind in or to, any monies held in the Trust Account or distributed as a result of any liquidation
of the Trust Account.

 

(d)  Each
Insider waives, with respect to any Founder Shares or Placement Shares held by such undersigned party, any redemption rights he,
she or it may have (i) in connection with the consummation of an initial Business Combination, (ii) if the Company fails to consummate
its initial Business Combination or liquidates within 24 months from the completion of the Offering or (iii) if the Company seeks
an amendment to its Charter that would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering
Shares as described above. If any of the Insiders should acquire Offering Shares in or after the Offering, each Insider hereby
waives with respect to such Offering Shares held by such undersigned party any redemption rights such party may have in connection
with the consummation of a Business Combination or a stockholder vote to amend the Charter to modify the substance or timing of
the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination
within 24 months from the completion of the Offering; provided, however, that the Insiders will be entitled to redemption rights
with respect to such Offering Shares held by them if the Company fails to consummate a Business Combination or liquidates within
24 months from completion of the Offering.

 

3.  (a)  To the extent that
the Underwriters do not exercise in full their over-allotment option to purchase an additional 3,000,000 Units (as described in
the Prospectus), the Initial Holders shall return to the Company for cancellation, at no cost, an aggregate number of Founder
Shares determined by multiplying 1,000,000 by a fraction: (i) the numerator of which is 3,000,000 minus the number of shares of
the Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 3,000,000. The Initial Holders further agree that, if the Company effects a stock split, stock dividend, reverse
stock split, contribution back to capital or otherwise in connection with any increase or decrease in the size of the Offering,
to the extent that the Underwriters do not exercise their over-allotment option in full, the aggregate number of shares that the
Initial Holders will be required to return to the Company as set forth in the immediately preceding sentence shall be adjusted
so that the Founder Shares held by the Initial Holders and their Permitted Transferees represent 25% of the Company’s issued
and outstanding shares of Common Stock immediately following such forfeiture. The number of Founder Shares to be returned by each
Initial Holder, if any, pursuant to this Section 3(a) shall be determined on a pro-rata basis based on the percentage of outstanding
Founder Shares held by each Initial Holder at the time of such forfeiture.

 

(b)  Subject
to paragraph 3(d), the Founder Shares owned by the Insiders shall not be transferable or salable (x)(a) with respect to 25% of
such shares, until consummation of a Business Combination, (b) with respect to 25% of such shares, when the closing price of the
Common Stock exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation of a Business Combination,
(c) with respect to 25% of such shares, when the closing price of the Common Stock exceeds $13.50 for any 20 trading days within
a 30-trading day period following the consummation of a Business Combination, and (d) with respect to 25% of such shares, when
the closing price of the Common Stock exceeds $17.00 for any 20 trading days within a 30-trading day period following the consummation
of a Business Combination or earlier, in any case, if, following a Business Combination (y) the Company completes a liquidation,
merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to
exchange their shares of Common Stock for cash, securities or other property (such applicable period being the “Founder
Lock-Up Period”).  During the Founder Lock-Up Period, the Insiders shall not, except as described in the Prospectus,
(I) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or
agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder (the “Exchange Act”), with respect to the Founder Shares then
subject to the Founder Lock-Up Period, (II) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of any of the Founder Shares then subject to the Founder Lock-Up Period, whether
any such transaction is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise, or (III)
publicly announce any intention to effect any transaction specified in clause (b)(I) or (b)(II). 

 

(c)  Until
30 days after the consummation of the initial Business Combination (“Placement Unit Lock-Up Period”),
the Sponsor shall not, except as described in the Prospectus, (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange
Act with respect to the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any of the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants, whether any such transaction is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise,
or (iii) publicly announce any intention to effect any transaction specified in clause (c)(i) or (c)(ii).

 

    2

    

    

 

(d)  Notwithstanding
the provisions contained in paragraphs 3(b) and 3(c) hereof, any Insider may transfer, as applicable, the Founder Shares and/or
Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants (1) in connection
with an initial Business Combination with the consent of the Company to any third party that agrees in writing to be bound by the
provisions of this agreement applicable to Insiders (other than paragraph 1 and the second sentence of paragraph 2(d)); and (2)
(a) to the Company’s officers, the Company’s directors, the Initial Holders, or other Insiders, (b) to an affiliate
or immediate family member of any of the Company’s officers and directors, Initial Holders, or other Insiders, (c) to any
member, officer or director of the Sponsor, or any immediate family member, partner, affiliate or employee of a member of the Sponsor,
(d) by gift to any Permitted Transferee under any of the immediately preceding subsections (a) through (c), a trust, the beneficiaries
of which are one or more Permitted Transferees under any of the immediately preceding subsections (a) through (c), or a charitable
organization, (e) by virtue of laws of descent and distribution upon death of any of the Company’s officers, the Company’s
directors, the Initial Holders, or members of the Sponsor, (f) pursuant to a qualified domestic relations order, (g) in the event
of the Company’s liquidation prior to consummation of its initial Business Combination, (h) by virtue of the laws of Delaware,
the Sponsor’s limited liability company agreement upon dissolution of the Sponsor, (i) subsequent to the Company’s
consummation of its initial Business Combination, in the event of a liquidation, merger, stock exchange or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property, (j) subsequent to the Company’s consummation of its initial Business Combination, in the event of a consolidation,
merger or other similar transaction in which the Company is the surviving entity that results in the directors and officers of
the Company ceasing to comprise a majority of the Board (in the case of directors) or management (in the case of officers) of the
surviving entity or (k) through private sales or transfers made in connection with any forward purchase agreement or similar arrangement
or in connection with the consummation of the Company’s initial Business Combination at prices no greater than the price
at which the Founder Shares, Placement Shares or Placement Warrants were originally purchased (each, a “Permitted Transferee”);
provided, however, that, in the case of subclauses (a) through (f), (h) and (k), these transferees enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions set forth herein. For the avoidance of doubt, for the purposes
of this Agreement, a managed account managed by the same investment manager of any member of the Sponsor shall be deemed an affiliate
of such member.

 

(e)  Further,
each Insider agrees that after the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable, has elapsed, the
Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants owned by such Insider shall only be transferable or saleable pursuant to a sale registered under the Securities Act
or pursuant to an available exemption from registration under the Securities Act. The Company and each Insider acknowledges that
pursuant to that certain registration rights agreement to be entered into among the Company and certain security holders of the
Company, parties to the agreement may request that a registration statement relating to the Founder Shares and/or Placement Units,
Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants be filed by the Company with
the Commission prior to the end of the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as the case may be;  provided, 
however, that such registration statement does not become effective prior to the end of the Founder Lock-Up Period or the Placement
Unit Lock-Up Period, as applicable.

 

(f)  Subject
to the limitations described herein, each Insider shall retain all of such Insider’s rights as a security holder during,
as applicable, the Founder Lock-Up Period and/or Placement Unit Lock-Up Period including, without limitation, the right to vote,
as the case may be, the Founder Shares and/or Placement Shares.

 

(g)  During
the Founder Lock-Up Period and Placement Unit Lock-Up Period, all dividends payable in cash with respect to such securities shall
be paid, as applicable, to each security holder, but all dividends payable in Common Stock or other non-cash property shall become
subject to the applicable lock-up period as described herein and shall only be released from such lock-up in accordance with the
provisions of this paragraph 3.

 

    3

    

    

 

4.  Without
limiting the provisions of paragraph 3(d) hereof, during the period commencing on the effective date of the Underwriting Agreement
and ending 180 days after such date, each of the undersigned shall not (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange
Act with respect to any Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities
convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by an undersigned party, (ii) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into,
or exercisable, or exchangeable for, shares of Common Stock owned by the undersigned, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified
in clause (i) or (ii); provided, however, that the restrictions of this Section 4 shall not apply to any distributions by the Sponsor
to its members of Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities
convertible into, or exercisable, or exchangeable for, shares of Common Stock.

 

5. (a)  In the event of the
liquidation of the Trust Account without the consummation of a Business Combination, the Sponsor (the “Indemnitor”)
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business (a “Target”)
as described in the Prospectus; provided,  however, that such indemnification of the Company by the Indemnitor shall apply
only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company
or a Target do not reduce the amount of funds in the Trust Account to below $10.00 (regardless of whether or not the Underwriters
exercise any portion of their overallotment option) per Offering Share and only if such third party or Target has not executed
an agreement waiving claims against any and all rights to seek access to the Trust Account, regardless of whether such agreement
is enforceable. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Indemnitor
shall not be responsible for any liability as a result of any such third party claims. Notwithstanding any of the foregoing, indemnification
of the Company by the Indemnitor pursuant to this paragraph 5 shall not apply as to any claims arising from the Company’s
obligation pursuant to the Underwriting Agreement to indemnify the Underwriters.

 

(b)  If
the Company is liquidated within 24 months following completion of the Offering, to the extent that interest income on the balance
of the Trust Account (net of any taxes payable) released to the Company in an amount up to $100,000 to pay dissolution expenses
and any other interest released to, or reserved for use by, the Company to pay franchise and income taxes and loans from the Sponsor
(each as described in the Prospectus) are insufficient to fund the costs and expenses of liquidation, the Indemnitor agrees to
pay the balance of the amount necessary to complete the liquidation of the Company. 

 

6.  The
Company agrees that the Company will not engage any third party to render services, agree to purchase any products from such third
party, or enter into any discussion or any acquisition agreement with a Target unless (i) such third party or Target has agreed
to execute a waiver against any right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
proceeds from the Trust Account, that is acceptable to the Board or (ii) the Board and Sponsor have each consented in writing to
dispense with such waiver with respect to such services, product, discussions or acquisition agreement, in each case with the written
consent of the Indemnitor as part of the consent of the Board. In addition the Company shall endeavor, together with the officers
and directors of any acquisition target for its initial Business Combination, to obtain waivers of claims to the monies held in
the Trust Account from creditors of such acquisition target (which, for the avoidance of doubt, shall include creditors existing
prior to the initial Business Combination as well as after completion of the initial Business Combination).

 

7.  In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, each officer and director
of the Company who is signatory to this Agreement agrees that until the earliest of the Company’s initial Business Combination,
liquidation or the time at which such person ceases to be an officer or director of the Company, such person shall present to the
Company for its consideration, prior to presentation to any other entity, any suitable Business Combination opportunities of which
such person (or companies or entities which such person manages or controls) becomes aware, subject to any current or future fiduciary
or contractual obligations of such person that such person discloses to the Company.

 

    4

    

    

 

8.  Each
officer and director signatory hereto represents and warrants that the biographical information furnished to the Company by him
or her is true and accurate in all material respects and does not omit any material information with respect to such person’s
background. Each of the answers of such person to the items in questionnaires furnished to the Company by such officer
and director is true and accurate in all material respects.

 

9.  Each
of the undersigned represents and warrants that her, she or it:

 

(a)  is
not subject to or a respondent in any legal action for any injunction, cease-and-desist order or order or stipulation to desist
or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

(b) has
never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling
of funds of another person, or (iii) pertaining to any dealings in any securities, and the undersigned is not currently a defendant
in any such criminal proceeding; and

 

(c)  has
never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

 

10.  Each
Insider agrees that he, she or it shall receive no finder’s fees, consulting fees or other similar compensation from the
Company prior to, or for any services they render in order to effectuate, the consummation of the initial Business Combination,
other than the following:

 

(a)  repayment
of loans made to the Company by the Sponsor or its affiliate prior to completion of the Offering in connection with organizational
expenses and the preparation, filing and consummation of the Offering;

 

(b) payments to
the Sponsor or its affiliate of a total of $20,000 per month for office space, administrative and shared personnel support services,
pursuant to an Administrative Services Agreement; 

 

(c)  repayment
of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or one of its affiliates
to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not
consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the
Company to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit
at the option of the lender. Such units would be identical to the Placement Units;

 

(d)  at
the closing of an initial Business Combination, a customary advisory fee to an affiliate of the Sponsor, in an amount that constitutes
a market standard advisory fee for comparable transactions and services provided; and

 

(e)  reimbursement
for any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, provided
that no proceeds of the Offering placed in the Trust Account may be applied to the payment of such expenses prior to the consummation
of an initial Business Combination.

 

11.  Each
of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations,
and warranties set forth herein in proceeding with the Offering.

 

12.  Each
of the undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriters
and their legal representatives or agents (including any investigative search firm retained by the Underwriters) any information
they may have about such undersigned party’s background and finances (“Information”), purely for
the purposes of performing required due diligence examinations in connection with the Offering (provided that the Underwriters
agree to hold such Information in confidence). Each of the undersigned agrees that neither the Underwriters nor their agents shall
be violating such undersigned party’s right of privacy by requesting and obtaining the Information in accordance with this
Section 12.

 

    5

    

    

 

13.  Each
of the undersigned acknowledges and agrees that the Company will not consummate any initial Business Combination that involves
a company which is affiliated with such undersigned party unless the Company obtains an opinion from an independent investment
banking firm that is a member of the Financial Industry Regulatory Authority that the Business Combination is fair to the Company’s
stockholders from a financial perspective.

 

14.  Each
officer and director signatory hereto represents and warrants that he or she has full right and power, without violating any agreement
to which such person is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer
or former employer), to enter into this Letter Agreement and to serve as an officer of the Company or as a director on the Board,
as applicable, and hereby consents to being named in the Prospectus as an officer and/or as a director of the Company, as applicable.

 

15.  As
used in this Letter Agreement, (i) “Business Combination” shall mean a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar Business Combination, involving the Company and one or more businesses;
(ii) “Founder Shares” shall mean the 7,846,667 shares of Class B common stock of the Company, par value
$0.0001 per share, acquired by the Sponsor and the other Initial Holders for an aggregate purchase price of $25,000 prior to the
consummation of the Offering; (iii) “Initial Holders” shall mean Insurance Acquisition Sponsor III, LLC
and Dioptra Advisors III, LLC; (iii) “Offering Shares” shall mean the shares of Common Stock included
in the units sold in the Offering; (iv) “Placement Shares” shall mean the shares of Common Stock sold
as part of the Placement Units; (v) “Placement Warrants” shall mean the Warrants to purchase up to an
aggregate of 180,000 shares of the Common Stock that are included in the Placement Units; (vi) “Placement Units”
shall mean the aggregate of 540,000 Units of the Company (each Placement Unit consists of one Placement Warrant and one Placement
Share) sold in the Private Placement to the Sponsor for an aggregate purchase price of $5,400,000; (vii) “Trust Account”
shall mean the trust account into which net proceeds of the Offering and the Private Placement will be deposited; (viii) “Prospectus”
shall mean the prospectus included in the registration statement filed by the Company in connection with the Offering, as supplemented
or amended from time to time; (ix) “Private Placement” shall mean that certain private placement transaction
occurring simultaneously with the closing of the Offering pursuant to which the Company has agreed to sell an aggregate of 540,000
Placement Units to Insurance Acquisition Sponsor III, LLC, a Delaware limited liability company; (x) “Sponsor”
shall mean, collectively, Insurance Acquisition Sponsor III, LLC, a Delaware limited liability company, and Dioptra Advisors III,
LLC, a Delaware limited liability company, (xi) “Insiders” shall mean the Sponsor and its members, any
holders of Founder Shares, any person who receives Placement Units, Founder Shares or their respective underlying securities as
a Permitted Transferee and each officer and director of the Company; and (y) references to completion of the Offering shall exclude
any exercise of the Underwriters’ over-allotment option.

 

16.  This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not
be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by
a written instrument executed by the parties hereto.

 

17. No
party may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent 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 shall be binding
on each undersigned party and each of such undersigned party’s, as applicable, heirs, personal representatives, successors
and assigns.

 

18.  This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable
to contracts entered into within the borders of such state and without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The parties (i) agree that any action, proceeding, claim
or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the federal or state
courts in the borough of Manhattan in the City of New York, and irrevocably submits to such jurisdiction and venue, which jurisdiction
and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent
an inconvenient forum.

 

    6

    

    

 

19.  Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,
electronic or facsimile transmission.

 

20.  This
Letter Agreement shall terminate in the event that the Offering is not completed by December 31, 2020; and, provided, further,
that paragraph 5 of this Letter Agreement shall survive any liquidation of the Company.

 

[Signature page follows]

 

 

    7

    

    

 

 

	 	Sincerely,
	 	 
	 	
        INSU ACQUISITION CORP. III 

        a Delaware corporation

        

	 	 
	 	By: 	 
	 	Name: 	John M. Butler
	 	Title:	President and Chief Executive Officer

 

	 	
        INSURANCE ACQUISITION SPONSOR III, LLC, a Delaware limited
        liability company

        

	 	 
	 	By: 	 
	 	Name: 	Daniel G. Cohen
	 	Title:	Chief Executive Officer

 

	 	
        DIOPTRA ADVISORS III, LLC, a Delaware limited liability
        company

        

	 	 
	 	By: 	 
	 	Name: 	Daniel G. Cohen
	 	Title:	Chief Executive Officer

 

[Signature Page to Letter Agreement]

 

     

    

    

 

 

	 	 
	 	Daniel G. Cohen, individually
	 	 
	 	 
	 	John M. Butler, individually
	 	 
	 	 
	 	Joseph W. Pooler, Jr., individually
	 	 
	 	 
	 	John C. Chrystal, individually
	 	 
	 	 
	 	Sheila Nicoll, individually
	 	 
	 	 
	 	Sasson Posner, individually
	 	 
	 	 
	 	Walter T. Beach, individually
	 	 

 

[Signature Page to Letter Agreement]

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