Document:

Exhibit 10.8

 

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

 

PROMISSORY NOTE

 

	Principal Amount: $91,650.00	Dated as of January 22, 2021

 

Capitol Investment
Corp. VII, a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Capitol
Acquisition Founder VII LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of $91,650.00 or such lesser amount as shall have been advanced by the Payee to the Maker and shall
remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms
and conditions described below.

 

1. Principal. The
entire unpaid principal balance of this Note shall be payable on the earliest of (i) January 22, 2022, (ii) the date on which the
Maker consummates an initial public offering of its securities (the “IPO”) and (iii) the date on which the Maker determines
not to proceed with such IPO (such earliest date of clauses (i), (ii) and (iii), the “Maturity Date”). The principal
balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director,
employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

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

 

4. Events of Default.
Each of the following shall constitute an “Event of Default”:

 

(a) Failure
to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its property,
or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such
debts become due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

5. Remedies.

 

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

 

(b) Upon
the occurrence of an Event of Default specified in Section 4(b) or 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of the Payee.

 

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

 

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

 

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8. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing; (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party; or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one business day after delivery
to an overnight courier service or five days after mailing, if sent by mail.

 

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

 

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

 

11. Trust Waiver.
Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind
(a “Claim”) in or to any distribution of or from the trust account to be established in which the proceeds of
the IPO conducted by the Maker (including the deferred underwriters’ discounts and commissions) and the proceeds of the sale
of the warrants issued in a private placement to occur substantially concurrently with the consummation of the IPO are to be deposited,
as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

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

 

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

 

[Signature Page Follows]

 

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

 

	 	CAPITOL INVESTMENT CORP. VII,

a Delaware corporation
	 	 	 
	 	By:	/s/ Mark D. Ein
	 	 	Name: 	Mark D. Ein
	 	 	Title:	Chief Executive Officer

 

Accepted and agreed this 22nd day of January, 2021

 

	CAPITOL ACQUISITION FOUNDER VII LLC,

a Delaware limited liability company	 
	 	 	 
	By:	/s/ L. Dyson Dryden	 
	 	Name: 	L. Dyson Dryden	 
	 	Title:	Managing Member	 

 

[Signature Page to Promissory Note]EX-4.5

 Exhibit 4.5 

LESLIE’S, INC. 

FIRST AMENDMENT TO 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT 

This FIRST AMENDMENT TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT (this
“Amendment”), is dated as of February 7, 2021, by and between Leslie’s, Inc., a Delaware corporation (the “Company”), and Bubbles Investor Aggregator, L.P., a Delaware limited partnership (including its
successors and permitted assigns, “LCP”). 
 RECITALS 

WHEREAS, the parties hereto previously entered in the Registration Rights and Lock-Up Agreement, dated
as of November 2, 2020 (the “Registration Rights Agreement”), by and among the Company, LCP, Explorer Investment Pte Ltd, a Singapore Private limited company (including its successors and permitted assigns,
“GIC”), and each of the persons listed on the signature pages thereto under the caption “Other Investors” or who became party to and bound by the Registration Rights Agreement as an “Other Investor” on the terms
and subject to the conditions of the Registration Rights Agreement; 
 WHEREAS, in connection with an offer for sale of the Company’s
common stock, par value $0.001 per share, by certain of the Company’s stockholders in an underwritten secondary offering, the parties hereto desire to amend the Registration Rights Agreement to provide for certain notice provisions in the case
of a Piggyback Registration under the Registration Rights Agreement; and 
 WHEREAS, Section 11(a) of the Registration Rights Agreement
provides that the Registration Rights Agreement may be amended with the prior written consent of the Company and LCP, and, to the extent such amendment adversely affects the rights or obligations of GIC under the Registration Rights Agreement, with
the prior written consent of GIC. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 

AGREEMENT 
 1.
Effectiveness. Subject to receipt of the prior written consent of GIC to this Amendment, this Amendment will become effective upon the due execution and delivery of this Amendment by the Company and LCP. 

2. Amendments to Registration Rights Agreement.  

a. Section 2(a) of the Registration Rights Agreement is hereby amended and restated in its entirety and replaced with the
following: 
 “Whenever the Company proposes to register any of its equity securities under the Securities Act
(including primary and secondary registrations, other than (i) in connection 

 
with the initial Public Offering, (ii) any registration pursuant to a Demand Registration, Shelf Offering or Underwritten Block Trade (which is addressed in Section 1(b),
Section 1(d)(i)) and Section 1(d)(ii), respectively, and, with respect to matters of priority, Section 1(e), as applicable to each of them) or (iii) in connection with registrations on Form
S-4 or S-8 promulgated by the SEC or any successor or similar forms) (a “Piggyback Registration”), the Company will give prompt written notice (and in
any event within three (3) Business Days after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of
Section 2(b), Section 2(c) and Section 3, will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to
which the Company has received written requests for inclusion therein (x) from Holders of a majority of LCP Registrable Securities or Holders of a majority of GIC Registrable Securities, within ten (10) days after the delivery of the
Company’s notice, or (y) from any other Holder, within 24 hours after delivery of the Company’s notice. Any Participating Sponsor Investor may withdraw its request for inclusion at any time prior to executing the underwriting
agreement relevant to such Piggyback Registration, or if none, prior to the applicable registration statement becoming effective.” 

b. Section 11(g)(ii) of the Registration Rights Agreement is hereby amended and restated in its entirety and replaced with the
following: 
 “(ii) when sent by electronic mail or facsimile if sent during normal business hours of the recipient, but
if not, then on the next Business Day;” 
 3. Capitalized Terms. Capitalized terms used without definition herein shall have the
meanings ascribed to them in the Registration Rights Agreement. 
 4. Agreement in Effect. Except as expressly amended by this
Amendment, the Registration Rights Agreement shall remain in full force and effect in accordance with its terms. 
 5. Amendment or
Waiver. Any term of this Amendment may be amended or waived only by an instrument in writing signed by the parties hereto. 
 6.
Headings. The headings in this Amendment are used for convenience only and are not to be considered in construing or interpreting any provision of this Amendment. 

7. Entire Agreement. This Amendment supersedes all prior discussions and agreements between the parties with respect to the subject
matter hereof. The Registration Rights Agreement, as amended by this Amendment, contains the sole and entire agreement between the parties with respect to the subject matter hereof. 

8. Governing Law. This Amendment shall be governed, construed and interpreted in accordance with the laws of the State of Delaware,
without giving effect to principles of conflicts of law. Section 11(i) of the Registration Rights Agreement is incorporated herein by reference. 

  
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 9. Severability. If one or more provisions of this Amendment are held to be
unenforceable under applicable law, to the maximum extent permitted by law, such provision shall be excluded from this Amendment, the balance of this Amendment shall be interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms. 
 10. Electronic Delivery. This Amendment and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a
facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party
hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

11. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the undersigned has duly executed this Amendment to the
Registration Rights Agreement as of the date first written above. 
  

			
	COMPANY:
	
	Leslie’s, Inc.
		
	By:	 	 /s/ Steven Weddell

	Name:	 	Steven Weddell
	Title:	 	Executive Vice President, Chief Financial Officer

  

			
	LCP:
	
	Bubbles Investors Aggregator, L.P.
	
	 By: C8 Management, L.L.C.
 Its:
General Partner

		
	By:	 	/s/ Marc Magliacano
	Name:	 	Marc Magliacano
	Title:	 	Authorized Signatory

 Signature Page to First Amendment to Registration Rights and Lock-Up Agreement

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