Document:

Exhibit 10.1

 

___________, 2020

 

Capitol Investment Corp. V

1300 17th Street North, Suite 820

Arlington, Virginia 22209

 

		Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter agreement
(this “Letter Agreement”) is being delivered to you in accordance with the underwriting agreement (the
“Underwriting Agreement”) entered into by and between Capitol Investment Corp. V, a Delaware corporation
(the “Company”), and Citigroup Global Markets Inc., as representative (the “Representative”)
of the several underwriters named in Schedule I thereto (the “Underwriters”), relating to an underwritten
initial public offering (the “IPO”) of the Company’s units (the “Units”),
each of which consists 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 redeemable warrant, each whole warrant entitling the holder thereof to purchase one
share of Common Stock (each, a “Warrant”). Certain capitalized terms used herein are defined in paragraph
14 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of the undersigned (each, an “Insider,”
and collectively, the “Insiders”), hereby agrees, severally but not jointly, with the Company as follows:

 

1. If
the Company solicits approval of its stockholders of a Business Combination, then in connection with such proposed Business Combination,
such Insider will (i) vote all shares of Capital Stock beneficially owned by such Insider, whether acquired before, in or after
the IPO, in favor of such Business Combination and (ii) not redeem any shares of Common Stock owned by such Insider in connection
with such stockholder approval (although the Insiders and their respective affiliates shall be entitled to redemption and liquidation
rights with respect to any Offering Shares such Insiders hold if the Company fails to consummate a Business Combination within
the time period set forth in the Certificate of Incorporation). If the Company seeks to consummate a proposed Business Combination
by engaging in a tender offer, such Insider agrees that such Insider will not sell or tender any shares of Common Stock owned by
such Insider in connection therewith.

 

2. In
the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s amended
and restated certificate of incorporation, as the same may be amended from time to time (the “Certificate of Incorporation”),
such Insider will, as promptly as possible, (i) cause the Trust Account to be liquidated and the aggregate amount then held
on deposit in the Trust Account, including interest earned on the funds held in the Trust Account not previously released to pay
taxes and less up to $100,000 of interest to pay dissolution expenses, distributed to the holders of Offering Shares and (ii) cause
the Company to liquidate as soon as reasonably practicable.

 

    	 	 	 

     

    

 

3. Such Insider hereby
agrees to not propose, or vote in favor of, an amendment to the Certificate of Incorporation prior to the consummation of a Business
Combination to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s
initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within the time period set forth in the Certificate of Incorporation or with respect to any other provision relating to stockholders’
rights or pre-initial Business Combination activity unless the Company provides Public Stockholders with the opportunity to redeem
their Offering Shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account (net of taxes payable and less up to $100,000 of interest to
pay dissolution expenses), divided by the number of then-outstanding Offering Shares, upon such approval of any such amendment
in accordance with such Section 9.7 thereof.

 

4. Such Insider hereby
waives, with respect to any shares of Common Stock held by such Insider, if any, any redemption rights such Insider may have in
connection with a stockholder vote to approve an amendment to the Certificate of Incorporation to (i) modify the substance or
timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination
or to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set
forth in the Certificate of Incorporation or (ii) with respect to any other provisions relating to stockholders’ rights
or pre-initial Business Combination activity (although the Insiders and their respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares such Insiders hold if the Company fails to consummate a Business Combination
within the time period set forth in the Certificate of Incorporation).

 

5. Such
Insider hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account and
any remaining net assets of the Company as a result of such liquidation with respect to the Founder Shares owned by such Insider
and hereby waives any such right, title, interest or claim such Insider may have in the future as a result of, or arising out of,
any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever.

 

6. In
the event of the liquidation of the Trust Account, each of Capitol Acquisition Management V LLC and Capitol Acquisition Founder
V LLC (collectively, the “Sponsors” (but not, for purposes of clarification, any other stockholders,
members or managers of the Sponsors, or any of the other Insiders)) agrees, jointly and severally, to indemnify and hold harmless
the Company for any debts and obligations to prospective target businesses with which the Company has entered into a written letter
of intent, confidentiality or other similar agreement or business combination agreement or third parties that are owed money by
the Company (other than the Company’s independent registered public accounting firm) for services rendered or contracted
for or products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce the
amount of funds in the Trust Account to below (i) $10.00 per Offering Share or (ii) such lesser amount per Offering Share held
in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets,
in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay the Company’s
taxes; provided that such indemnity shall not apply (i) if such prospective target business or third party has executed
a valid and enforceable agreement waiving any right, title, interest or claim of any kind they may have in or to any monies held
in the Trust Account or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).
In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsors shall not be responsible
to the extent of any liability for such third party claims. The Sponsors shall have the right to defend against any such claim
with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the
claim to the Sponsors, the Sponsors notify the Company in writing that they shall undertake such defense. Such Insider acknowledges
and agrees that there will be no distribution from the Trust Account with respect to any warrants, all rights of which will terminate
on the Company’s liquidation.

 

    	 	2	 

     

    

 

7. Except
as disclosed in, or expressly contemplated by, the Registration Statement, neither such Insider nor any affiliate of such Insider
shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan
or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s
initial Business Combination (regardless of the type of transaction that it is). Notwithstanding the foregoing, the undersigned
and any affiliate of the undersigned shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred
in connection with identifying, investigating and consummating a Business Combination.

 

8. (a) Such
Insider will not, without the prior written consent of the Representative pursuant to the Underwriting Agreement, offer, sell,
contract to sell, pledge, hedge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably
be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement
or otherwise) by such Insider or any affiliate of such Insider or any person in privity with such Insider or any affiliate of such
Insider), directly or indirectly, including the filing (or participation in the filing) of a registration statement with the Securities
and Exchange Commission (the “Commission”) in respect of, 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, any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable
or exchangeable for shares of Common Stock, or publicly announce an intention to effect any such transaction (“Transfer”),
for a period of 180 days after the date of the Underwriting Agreement; provided, however, the foregoing shall not apply
to the forfeiture of any Founder Shares pursuant to their terms or any Transfer of Founder Shares to current or future independent
directors of the Company (as long as such current or future independent director is subject to the terms of this Letter Agreement
with respect to such Founder Shares at the time of such Transfer, and as long as, to the extent any reporting obligation under
Section 16 of the Exchange Act is triggered as a result of such Transfer, any related Section 16 filing includes a practical explanation
of the Transfer). The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a Transfer
not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement
to the extent and for the duration that such terms remain in effect at the time of the Transfer.

 

(b) Such
Insider agrees that until the Company consummates a Business Combination, such Insider’s Private Placement Warrants will
be subject to the transfer restrictions described in the private placement warrants purchase agreement relating to such Insider’s
Private Placement Warrants.

 

    	 	3	 

     

    

 

(c) Such
Insider agrees that such Insider shall not Transfer any Founder Shares (or shares of Common Stock issuable upon conversion thereof)
until the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to
the Company’s initial Business Combination, (x) if the closing price of the Common Stock equals or exceeds $12.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on
which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in
all of the Company’s Public Stockholders having the right to exchange their shares of Common Stock for cash, securities or
other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, Transfers of the
Founder Shares and shares of Common Stock issued or issuable upon the conversion of the Founder Shares and that are held by any
Insider or any of their permitted transferees (that have complied with this paragraph), are permitted (a) to the Company’s
sponsors, officers, directors, employees, consultants or affiliates, or any affiliates or family members of any of the Company’s
sponsors, officers, directors, employees, consultants or affiliates, any members of a Sponsor, or any affiliates of a Sponsor;
(b) to a holder’s officers, directors, employees or members upon the holder’s liquidation, in each case if the holder
is an entity; (c) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of
which is a member of the holder or a member of the holder’s immediate family or an affiliate of such person, or to a charitable
organization; (d) by virtue of laws of descent and distribution upon death; (e) pursuant to a qualified domestic relations order;
(f) to the Company for no value for cancellation in connection with the consummation of a Business Combination; (g) by private
sales or transfers made at, prior to or in connection with the consummation of a Business Combination at prices no greater than
the price at which the securities were originally purchased; (h) in the event of the Company’s liquidation prior to the completion
of its initial Business Combination; (i) by virtue of the laws of the State of Delaware or the Sponsors’ limited liability
company agreements, as amended, upon dissolution of a Sponsor; or (j) in the event of the Company’s completion of a liquidation,
merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s Public Stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Company’s
completion of a Business Combination; provided, however, that, in each case (except for clause (j) or with the prior written consent
of the Company), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer
restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust
Account and liquidating distributions).

 

    	 	4	 

     

    

 

(d) To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 4,500,000 Units within
45 days from the date of the final prospectus related to the IPO (and as further described in the Registration Statement), such
Insider (if such Insider is a Sponsor and holds Founder Shares) agrees that it shall forfeit, at no cost, its pro rata portion
of a number of Founder Shares in the aggregate equal to 1,125,000 multiplied by a fraction, (i) the numerator of which is 4,500,000
minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option and (ii) the denominator
of which is 4,500,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by
the Underwriters so that the number of Founder Shares will represent an aggregate of 20.0% of the Company’s issued and outstanding
shares of Capital Stock after the IPO (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants).
Such Insider further agrees that to the extent that the size of the IPO is increased or decreased, the Company will effect a stock
dividend or share repurchase or contribution back to capital, as applicable, immediately prior to the consummation of the IPO in
such amount as to maintain the number of Founder Shares at 20.0% of the Company’s issued and outstanding shares of Capital
Stock upon the consummation of the IPO. In connection with such increase or decrease in the size of the IPO, then (A) the references
to 4,500,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number
equal to 15.0% of the number of shares included in the Units issued in the IPO and (B) the reference to 1,125,000 in the formula
set forth in the first sentence of this paragraph shall be adjusted to such number of Founder Shares that the Insiders (if such
Insiders hold Founder Shares) would have to return to the Company in order for the number of Founder Shares to equal an aggregate
of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the IPO.

 

(e) After
the IPO, to the extent the Sponsors contribute additional capital to fund the working capital of the Company, such Insider (other
than the Sponsors) will fund a pro rata amount based on such Insider’s ownership of Private Placement Warrants.

 

9. (a) In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, such Insider hereby agrees
that until the earlier of the Company’s initial Business Combination and liquidation, the undersigned shall present to the
Company for its consideration, prior to presentation to any other entity, any target business that has a fair market value of at
least 80% of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes payable on the income
accrued on the Trust Account), subject to any pre-existing fiduciary or contractual obligations such Insider might have.

 

(b) If
such Insider is an independent director of the Company, such Insider agrees not to participate in the formation of, or become an
officer or director of, any blank check company or special purpose acquisition company until the latest of (x) the Company entering
into a definitive agreement regarding its initial Business Combination, (y) the Company failing to complete an initial Business
Combination within the time period set forth in the Certificate of Incorporation and (z) such Insider no longer serving on the
Company’s board of directors.

 

    	 	5	 

     

    

 

10. Such
Insider’s biographical information previously furnished to the Company and the Representative (including any such information
included in the Registration Statement) is true and accurate in all respects, does not omit any material information with respect
to such Insider’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation
S-K, promulgated under the Securities Act. Such Insider’s questionnaires previously furnished to the Company and the Representative
are true and accurate in all respects. Such Insider represents and warrants that such Insider:

 

(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 any fraud, (ii) relating to any financial transaction
or handling of funds of another person or (iii) pertaining to any dealings in any securities and he 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.

 

11. Such
Insider has full right and power, without violating any agreement by which such Insider 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,
as applicable, to serve as an officer and/or director of the Company, and, as applicable, hereby consents to being named in the
Registration Statement as an officer and/or director of the Company.

 

12. To
the extent the Sponsors are required to restructure or change the terms of any of the Founder Shares or Private Placement Warrants
held by the Sponsors, such Insider will agree to and approve the same changes to the Founder Shares or Private Placement Warrants
held by such Insider.

 

13. Such
Insider hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the
event of a breach of such Insider’s obligations under any of the foregoing paragraphs 1 through 12, (ii) monetary damages
may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in
addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

14. As
used herein, (i) a “Business Combination” shall mean a merger, stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination involving the Company and one or more businesses or entities; (ii) “Capital
Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares”
shall mean shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to the Sponsors prior
to the consummation of the IPO; (iv) “Offering Shares” shall mean the shares of Common Stock issued
in the Company’s IPO; (v) “Private Placement Warrants” shall mean the warrants to purchase
shares of Common Stock that are being sold privately by the Company to certain Insiders simultaneously with the consummation of
the IPO; (vi) “Public Stockholders” shall mean the holders of securities issued in the IPO; (vii)
“Registration Statement” means the Company’s registration statement on Form S-1 (File No. 333-249856)
filed with the Commission; and (viii) “Trust Account” shall mean the trust account into which a portion
of the net proceeds of the IPO and the sale of the Private Placement Warrants will be deposited. 

 

    	 	6	 

     

    

 

15. This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
Such Insider hereby (i) agrees that any action, proceeding or claim against such Insider arising out of or relating in any
way to this Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America
for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and
(ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

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 (1) each Insider that is the subject of any such change, amendment, modification or waiver,
(2) the Company and (3) the Sponsors.

 

17. 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 IPO. Nothing contained herein shall be deemed to render any of the Underwriters
a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

18. No
party hereto may assign either this Letter Agreement or any of its rights, interests or obligations hereunder without the prior
written consent of the other parties. 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 Insider and its respective successors, heirs and assigns and Permitted Transferees.

 

19. This
Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

20. This
Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

21. 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
or facsimile transmission.

 

22. This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach
of this Letter Agreement prior to its termination.

 

[Signature Page Follows]

 

    	 	7	 

     

    

 

	 	Sincerely,
	 	 	 
	 	CAPITOL ACQUISITION MANAGEMENT V LLC
	 	 	 
	 	By:	                                 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	CAPITOL ACQUISITION FOUNDER V LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	LAWRENCE CALCANO
	 	 
	 	 
	 	 
	 	RICHARD C. DONALDSON
	 	 
	 	 
	 	 
	 	L. DYSON DRYDEN
	 	 
	 	 
	 	 
	 	MARK D. EIN
	 	 
	 	 
	 	 
	 	RAUL J. FERNANDEZ
	 	 
	 	 
	 	 
	 	ALFHEIDUR H. SAEMUNDSSON
	 	 
	 	 
	 	 
	 	PRESTON P. PARNELL
	 	 
	 	 
	 	 
	 	THOMAS SIDNEY SMITH, JR.
	 	 
	 	 

 

[Signature Page to Letter Agreement]

 

    	 	 	 

     

    

 

	 	Acknowledged and agreed:
	 	 	 
	 	CAPITOL INVESTMENT CORP. V
	 	 	 
	 	By:	                                               
	 	 	Name:
	 	 	Title:

 

 

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

FORM OF INVESTMENT MANAGEMENT TRUST
AGREEMENT

 

THIS INVESTMENT MANAGEMENT
TRUST AGREEMENT (this “Agreement”) is made as of ______, 2020 by and between Capitol Investment Corp.
V, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-249856 (the “Registration Statement”), for its initial
public offering of the Company’s units (the “Units”), each of which consists of one share of the
Company’s Class A common stock, par value $0.0001 per share (“Common Stock”), and one-third of
one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public
offering hereinafter referred to as the “IPO”) has been declared effective as of the date hereof (the
“Effective Date”) by the Securities and Exchange Commission;

 

WHEREAS, Citigroup
Global Markets Inc. (the “Representative”) is acting as the representative of the underwriters in the
IPO (the “Underwriters”) pursuant to an underwriting agreement between the Company and the Underwriters
(“Underwriting Agreement”);

 

WHEREAS, simultaneously
with the IPO, the Company’s sponsors and officers and directors will be purchasing an aggregate of 5,233,333 warrants (“Private
Placement Warrants”) from the Company for an aggregate purchase price of $7,850,000 (or 5,833,333 Private Placement
Warrants for an aggregate purchase price of $8,750,000 if the Underwriters’ over-allotment option is exercised in full);

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $300,000,000
of the gross proceeds from the IPO and sale of the Private Placement Warrants (or $345,000,000 if the Underwriters’ over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the
Company and the holders of the shares of Common Stock included in the Units issued in the IPO as hereinafter provided (the amount
to be delivered to the Trustee is referred to herein as the “Property”; the stockholders for whose benefit
the Trustee shall hold the Property will be referred to as the “Public Stockholders”);

 

WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property equal to $10,500,000, or $12,075,000 if the Underwriters’ over-allotment
option is exercised in full (or the amount specified in a notice pursuant to Section 3(f) hereof) is attributable to deferred underwriting
discounts and commissions (the “Deferred Discount”) that may become payable by the Company to the Underwriters
upon the consummation of an initial business combination (as described in the Registration Statement, a “Business Combination”);
and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property;

 

     

     

    

 

NOW, THEREFORE, IT
IS AGREED:

 

1. Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) hold
the Property in trust for the Public Stockholders and the Company in accordance with the terms of this Agreement in a segregated
trust account (the “Trust Account”) established by the Trustee at J.P. Morgan Chase Bank N.A. (or at
another U.S. chartered commercial bank with consolidated assets of $100 billion or more) and at a brokerage institution selected
by the Trustee that is satisfactory to the Company;

 

(b) manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) in
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, (the “Investment
Company Act”), having a maturity of 180 days or less, and/or in any open ended investment company registered under
the Investment Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs
(d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invests only in direct U.S. government
treasury obligations; the Trustee may not invest in any other securities or assets; it being understood that the Trust Account
will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder, and the Trustee may
earn bank credits or other consideration during such periods;

 

(d) collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e) promptly
notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f) supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation or completion
of the audit of the Company’s financial statements by the Company’s auditors;

 

(g) participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h) render
to the Company monthly written statements of the activities of and amounts in the Trust Account, reflecting all receipts and disbursements
of the Trust Account; and

 

(i) commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (the
“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary
or Chairman or Co-Chairman of the Board of Directors of the Company or other authorized officer of the Company, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the invested funds
held in the Trust Account and not previously released to the Company to pay its taxes (net of taxes payable and less up to $100,000
of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the
other documents referred to therein; provided, however, that in the event that the Termination Letter has not been received
by the Trustee within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation, as the
same may be amended from time to time (the “Last Date”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders
on the Last Date.

 

    2

     

    

 

2. Limited
Distributions from Trust Account.

 

(a) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Property and requested
by the Company to cover any income or other tax obligations owed by the Company.

 

(b) Upon
written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Property and requested
by the Company to cover expenses related to the Company’s liquidation; provided, however, that the aggregate amount
of all such distributions shall not exceed $100,000 (net of taxes payable) and the Company will not be allowed to withdraw interest
income earned on the Trust Account unless there are sufficient funds available to pay the Company’s tax obligations on such
interest income or otherwise then due at that time. The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request.

 

(c) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit E, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be
used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to
approve an amendment to the Company’s Amended and Restated Certificate of Incorporation (A) to modify the substance or
timing of the Company’s obligation to allow redemption in connection with the Company’s initial
Business Combination or to redeem 100% of its public shares of Common Stock if the Company has not
consummated an initial Business Combination within such time as is described in the Company’s Amended and Restated
Certificate of Incorporation or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business
Combination activity.

 

(d) The
limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the
Property. Except as provided in Sections 2(a), 2(b) and 2(c) above, no other distributions from the Trust
Account shall be permitted except in accordance with Section 1(i) hereof.

 

(e) In
all cases, the Company shall provide the Representative with a copy of any Termination Letters and/or any other correspondence
that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3. Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a) give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman or Co-Chairman of the Board of Directors,
Chief Executive Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections
1(i), 2(a), 2(b) or 2(c) above, the Trustee shall be entitled to rely on, and shall be protected in relying
on, any verbal or telephonic advice or instruction which it in good faith and with reasonable care believes to be given by any
one of the persons authorized above to give written instructions; provided that the Company shall promptly confirm such
instructions in writing;

 

    3

     

    

 

(b) subject
to the provisions of Section 7(h) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against
any and all documented expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection
with any claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder or
the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 3(b),
it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld.
The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall
not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c) pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from
time to time. It is expressly understood that the Property shall not be used to pay such fees and further agreed that any fees
owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 1(i)
solely in connection with the consummation of a Business Combination and Section 2(b). The Company shall pay the Trustee
the initial acceptance fee and first annual fee at the consummation of the IPO and thereafter on the anniversary of the Effective
Date;

 

(d) in
connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm
may be the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination;

 

(e) in
connection with the Trustee acting as paying/disbursing agent pursuant to Exhibit B, not to give the Trustee disbursement
instructions which would be prohibited under this Agreement;

 

(f) within
five business days after the Representative, on behalf of the Underwriters, exercises the over-allotment option (or any unexercised
portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representative)
of the total amount of the Deferred Discount, which shall in no event be less than $10,500,000; and

 

(g) in
the event the Company is entitled to receive a tax refund on its income tax obligation, promptly after the amount of such refund
is determined on a final basis, provide the Trustee with notice in writing (with a copy to the Representative) of the amount of
such income tax refund.

 

    4

     

    

 

4. Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a) take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall
have no liability to any party under this Agreement except for liability arising out of its own gross negligence, fraud or willful
misconduct;

 

(b) institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

 

(c) change
the investment of any Property, other than in compliance with Section 1(c) hereof;

 

(d) refund
any depreciation in principal of any Property;

 

(e) assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) the
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence, fraud or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper
person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the
proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

 

(g) verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement;

 

(h) file
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property;

 

(i) pay
any taxes on behalf of the Trust Account;

 

    5

     

    

 

(j) imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein; and

 

(k) verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a), 2(b)
or 2(c) above.

 

5. Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (a “Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) hereof, the Trustee shall pursue such Claim solely against the Company and not against
the Property or any monies in the Trust Account.

 

6. Termination.
This Agreement shall terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, during which time the Trustee shall act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject
to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including,
but not limited to, the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within 90 days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and, upon such
deposit, the Trustee shall be immune from any liability whatsoever.

 

(b) At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 3(b).

 

7. Miscellaneous.

 

(a) The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds
transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers and
all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank. Except for any liability
arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss,
liability or expense resulting from any error in the information or transmission of the funds.

 

    6

     

    

 

(b) This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in any number of counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute
valid and sufficient delivery thereof.

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) hereof (which may not be modified, amended or deleted without the affirmative vote of 65% of the then-outstanding
shares of Common Stock and Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class;
provided that no such amendment will affect any Public Stockholder who has properly elected to redeem his, her or its shares
of Common Stock in connection with a stockholder vote to amend this Agreement), this Agreement or any provision hereof may only
be changed, amended or modified by a writing signed by each of the parties hereto.

 

(d) The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim or counterclaim in any way relating to
this Agreement, each party waives the right to trial by jury.

 

(e) Any
notice, consent or request to be given in connection with any of the terms or provisions of this 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
or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf; Celese Gonzalez

Email: fwolf@continentalstock.com; cgonzaelz@continentalstock.com

 

if to the Company, to:

 

Capitol Investment Corp. V

1300 17th Street North, Suite 820

Arlington, Virginia 22209

Attn: Mark D. Ein

Email: mark@venturehousegroup.com

 

with a copy to:

 

Latham & Watkins LLP

555 Eleventh Street N.W.

Suite 1000

Washington, D.C. 20004

Attn: Rachel W. Sheridan, Esq.; Jason M. Licht, Esq.

Email: rachel.sheridan@lw.com; jason.licht@lw.com

 

    7

     

    

 

in either case with a copy to:

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attn: General Counsel

Fax No.: (646) 291-1469

 

with a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

Attn: Deanna L. Kirkpatrick, Esq.; Derek J. Dostal, Esq.

Email: deanna.kirkpatrick@davispolk.com; derek.dostal@davispolk.com

 

(f) No
party to this Agreement may assign its rights or delegate its obligations hereunder without the prior consent of the other person
or entity.

 

(g) Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.

 

(h) Each
of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several Underwriters, is a third-party
beneficiary of this Agreement.

 

[Signature Pages Follow]

 

    8

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	 
	 	Name:  	Francis Wolf
	 	Title:	Vice President
	 	 	 
	 	CAPITOL INVESTMENT CORP. V
	 	 	 
	 	By:	 
	 	Name:	L. Dyson Dryden
	 	Title:	President and Chief Financial Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

    9

     

    

 

SCHEDULE A

 

	Fee Item	Time and method of payment 	Amount
	Initial acceptance fee	Initial closing of IPO by wire transfer	$2,000
	Annual fee	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	$10,000
	Transaction processing fee for disbursements to Company under Section 2	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	$250
	Paying Agent services as required pursuant to Sections 1(i) and 2(c)	Billed to Company upon delivery of service pursuant to Sections 1(i) and 2(c)	Prevailing rates

 

    10

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the investment management trust agreement between Capitol Investment Corp. V, a Delaware corporation (the “Company”
or “we”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”
or “you”), dated as of [_____], 2020 (the “Trust Agreement”), this is to advise
you that the Company has entered into an agreement (the “Business Agreement”) with [_____] (the “Target
Business”) to consummate a business combination with the Target Business (the “Business Combination”)
on or about [_____]. The Company shall notify you at least 48 hours (or such shorter time period as you may agree) in advance of
the actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the assets in the Trust Account and to transfer the proceeds
to the above-referenced account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on
the Consummation Date. It is acknowledged and agreed that, while the funds are on deposit in the Trust Account awaiting distribution,
the Company will not earn any interest or dividends.

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated or
will be consummated substantially concurrently with your transfer of funds to the account or accounts as directed by the Company
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s
stockholders in connection with the Business Combination, if a vote is held, and (b) written instructions with respect to the transfer
of the funds held in the Trust Account, including payment of amounts owed to Public Stockholders who have properly exercised their
redemption rights (the (the “Instruction Letter”) and (iii) the Representative shall deliver to you written
instructions for delivery of the Deferred Discount. You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the notification from counsel and the Instruction Letter, (x) to the Representative in
an amount equal to the Deferred Discount as directed by the Representative and (y) the remainder in accordance with the terms of
the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds
should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

    11

     

    

 

In the event that the
Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on
or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	CAPITOL INVESTMENT CORP. V
	 	 	 
	 	By:	 
	 	Name:  	Mark D. Ein
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	L. Dyson Dryden
	 	Title:	President and Chief Financial Officer

 

cc: Citigroup Global Markets Inc.

 

    12

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the investment management trust agreement between Capitol Investment Corp. V, a Delaware corporation (the “Company”
or “we”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”
or “you”), dated as of [_____], 2020 (the “Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Combination within the time frame specified in the Company’s Amended
and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to the IPO. Capitalized terms
used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all the assets in the Trust Account and to transfer the
total proceeds to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company
has selected [_____] as the record date for the purpose of determining when the Public Stockholders will be entitled to receive
their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds
while on deposit in the Trust Account. You agree to be the paying agent of record and, in your separate capacity as paying agent,
agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account,
the Trustee’s obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	CAPITOL INVESTMENT CORP. V
	 	 
	 	By:	 
	 	Name:  	Mark D. Ein
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	L. Dyson Dryden
	 	Title:	President and Chief Financial Officer

 

cc: Citigroup Global Markets Inc.

 

    13

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:Trust Account – Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
2(a) of the investment management trust agreement between Capitol Investment Corp. V, a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee” or “you”),
dated as of [_____], 2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the
Company $[_____] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement.

 

The Company needs such
funds to pay its tax obligations. In accordance with the terms of the Trust Agreement, the Trustee is hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon its receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	CAPITOL INVESTMENT CORP. V
	 	 
	 	By:	 
	 	Name:  	Mark D. Ein
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	L. Dyson Dryden
	 	Title:	President and Chief Financial Officer

 

cc: Citigroup Global Markets Inc.

 

    14

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
2(b) of the investment management trust agreement between Capitol Investment Corp. V, a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee” or “you”),
dated as of [_____], 2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the
Company $[_____] of the interest income earned on the Property as of the date hereof, which does not exceed, in the aggregate with
all such prior disbursements pursuant to Section 2(b), if any, the maximum amount set forth in Section 2(b).

 

The Company needs such
funds to pay its expenses relating to its liquidation. In accordance with the terms of the Trust Agreement, the Trustee is hereby
directed and authorized to transfer (via wire transfer) such funds promptly upon its receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	CAPITOL INVESTMENT CORP. V
	 	 
	 	By:	 
	 	Name:  	Mark D. Ein
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	L. Dyson Dryden
	 	Title:	President and Chief Financial Officer

 

cc: Citigroup Global Markets Inc.

 

    15

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Stockholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
2(c) of the investment management trust agreement between Capitol Investment Corp. V, a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee” or “you”),
dated as of [_____], 2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the
redeeming Public Stockholders of the Company $[_____] of the principal and interest income earned on the Property as of the date
hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs
such funds to pay Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company
in connection with a stockholder vote to approve an amendment to the Company’s Amended and Restated Certificate of
Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial
Business Combination or to redeem 100% of its public shares of
Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the
Company’s Amended and Restated Certificate of Incorporation or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business
Combination activity. As such, in accordance with the terms of the Trust
Agreement, the Trustee is hereby directed and authorized to transfer (via wire transfer) such funds promptly upon its receipt
of this letter to the redeeming Public Stockholders in accordance with your customary procedures.

 

	 	Very truly yours,
	 	 
	 	CAPITOL INVESTMENT CORP. V
	 	 
	 	By:	 
	 	Name:  	Mark D. Ein
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	L. Dyson Dryden
	 	Title:	President and Chief Financial Officer

 

cc: Citigroup Global Markets Inc.

 

 

16

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