Document:

Exhibit 10.2

 

SUBSCRIPTION
AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on November ___, 2020, by and among INSU Acquisition Corp. II,
a Delaware corporation (the “Issuer”), and the subscriber party set forth on the signature page hereto (“Subscriber”).

 

WHEREAS, the Issuer
is concurrently with the execution and delivery hereof entering into an Agreement and Plan of Merger and Reorganization (as amended
or modified, the “Merger Agreement”; capitalized terms used herein without definition shall have the meanings
ascribed thereto in the Merger Agreement), by and among the Issuer, INSU II Merger Sub Corp., a Delaware corporation and wholly
owned subsidiary of Issuer (“Merger Sub”), and MetroMile, Inc., a Delaware corporation (“Metromile”),
whereby the parties intend to effect the merger of Merger Sub with and into Metromile, with Metromile continuing as the surviving
entity, on the terms and subject to the conditions set forth therein (the “Transactions”);

 

WHEREAS, to finance
a portion of the Transactions, Subscriber desires to subscribe for and purchase from the Issuer that number of shares of the Issuer’s
Class A common stock, par value $0.0001 per share (the “Class A Shares”), as set forth on the signature page
hereto (the “Acquired Shares”) for a purchase price of $10.00 per share and an aggregate purchase price set
forth on the signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber
the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer on or prior
to the Closing (as defined below);

 

WHEREAS, the Issuer
and Subscriber are executing and delivering this Subscription Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS, to finance
a portion of the Transactions, certain other “qualified institutional buyers” (as defined in Rule 144A under the Securities
Act) or institutional “accredited investors” (as such term is defined in Rule 501 under the Securities Act), have (severally
and not jointly) entered into separate subscription agreements with the Issuer (the “Other Subscription Agreements”),
pursuant to which such investors have agreed to purchase Class A Shares on the Closing Date at the Purchase Price; and

 

WHEREAS, the aggregate
amount of Class A Shares to be sold by Issuer pursuant to this Subscription Agreement and the Other Subscription Agreements equals
16,000,000 Class A Shares.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.                  
Subscription. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase,
and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such
subscription and issuance, the “Subscription”).

 

2.                  
Closing.

 

(a)                
The closing of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially
concurrent consummation of the Transactions and shall occur immediately prior thereto. Not less than five (5) business days prior
to the scheduled closing date of the Transactions (the “Closing Date”), the Issuer shall provide written notice
to Subscriber (the “Closing Notice”) of such Closing Date. Subscriber shall deliver to the Issuer no later than
one (1) business day before the Closing Date (as specified in the Closing Notice or otherwise agreed to by the Issuer and the Subscriber)
the Purchase Price for the Acquired Shares by wire transfer of U.S. dollars in immediately available funds (i) to the account specified
by the Issuer in the Closing Notice, to be held in a third-party escrow account (the “Escrow Account”) prior
to the Closing Date for the benefit of the Subscriber until the Closing Date, pursuant to the terms of a customary escrow agreement
to be entered into by the Issuer and the escrow agent selected by the Issuer (the “Escrow Agent”) or (ii) to
an account specified by the Issuer otherwise mutually agreed by the Subscriber and the Issuer (“Alternative Settlement
Procedures”). On the Closing Date, the Issuer shall deliver to Subscriber (1) the Acquired Shares in book entry form,
free and clear of any liens or other restrictions whatsoever (other than those set forth in this Subscription Agreement or arising
under state or federal securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions)
or to a custodian designated by Subscriber, as applicable, and (2) a copy of the records of the Issuer’s transfer agent (the
“Transfer Agent”) showing Subscriber as the owner of the Acquired Shares on and as of the Closing Date (the
“Subscriber’s Deliveries”). Unless otherwise provided pursuant to Alternative Settlement Procedures, upon
the transfer of the Subscriber’s Deliveries by the Issuer to the Subscriber, (or its nominee in accordance with its delivery
instructions) the Escrow Agent shall release the Purchase Price from the Escrow Account to the Issuer. In the event the closing
of the Transactions does not occur within five (5) business days of the Closing Date specified in the Closing Notice, unless otherwise
instructed by the Issuer and the Subscriber, the Escrow Agent or the Issuer, as applicable, shall promptly (but not later than
one (1) business day thereafter) return the Purchase Price to Subscriber by wire transfer of U.S. dollars in immediately available
funds to the account specified by Subscriber, and any book entries shall be deemed cancelled.

 

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(b)               
The Closing shall be subject to the conditions that, on the Closing Date:

 

(i)                 
solely with respect to Subscriber, the representations and warranties made by the Issuer (other than the representations
and warranties set forth in Section 3(b), Section 3(c) and Section 3(h)) in this Subscription Agreement shall
be true and correct in all material respects as of the Closing Date (other than those representations and warranties expressly
made as of an earlier date, which shall be true and correct in all material respects as of such date, and other than those representations
and warranties that are qualified as to materiality or Material Adverse Effect, which shall be true and correct in all respects
as of the Closing Date), and the representations and warranties made by the Issuer set forth in Section 3(b), Section
3(c) and Section 3(h) shall be true and correct in all respects as of the Closing Date (other than those representations
and warranties expressly made as of an earlier date, which shall be true and correct in all respects as of such date), in each
case without giving effect to the consummation of the Transactions;

 

(ii)               
solely with respect to the Issuer, the representations and warranties made by the Subscriber in this Subscription Agreement
shall be true and correct in all material respects as of the Closing Date (other than those representations and warranties expressly
made as of an earlier date, which shall be true and correct in all material respects as of such date, and other than those representations
and warranties that are qualified as to materiality or Material Adverse Effect, which shall be true and correct in all respects
as of the Closing Date), in each case without giving effect to the consummation of the Transactions;

 

(iii)             
solely with respect to Subscriber, the Issuer shall have performed, satisfied and complied in all material respects with
all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by
it at or prior to the Closing;

 

(iv)              
no governmental authority having jurisdiction shall have enacted, issued, promulgated, enforced or entered any material
judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect
of restraining, enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this
Subscription Agreement;

 

(v)               
no suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, no suspension
or removal from listing of the Acquired Shares on Nasdaq and no initiation or threatening of any proceedings for any of such purposes
or delisting, shall have occurred;

 

(vi)              
solely with respect to Subscriber, no amendment or modification of the Merger Agreement shall have occurred that would reasonably
be expected to materially and adversely affect the economic benefits that the Subscriber would reasonably be expected to receive
under this Subscription Agreement;

 

(vii)            
No Material Adverse Effect or Parent Material Adverse Effect (each as defined in the Merger Agreement) shall have occurred
between the date of the Merger Agreement and the Closing Date and be continuing; and

 

(viii)          
all conditions precedent to the closing of the Transactions set forth in the Merger Agreement, shall have been satisfied
or waived by the party entitled to the benefit thereof under the Merger Agreement (other than those conditions that may only be
satisfied at the closing of the Transactions, but subject to satisfaction or waiver by such party of such conditions as of the
closing of the Transactions).

 

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(c)                
At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions
as the parties reasonably may deem necessary in order to consummate the Subscription as contemplated by this Subscription Agreement.

 

3.                  
Issuer Representations and Warranties. The Issuer represents and warrants that:

 

(a)                
The Issuer has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

(b)               
The Acquired Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the
Acquired Shares in accordance with the terms of this Subscription Agreement and registered with the Transfer Agent, the Acquired
Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive
or similar rights created under the Issuer’s certificate of incorporation and bylaws or under the laws of the State of Delaware.

 

(c)                
This Subscription Agreement, the Merger Agreement and the Other Subscription Agreements (collectively, the “Transaction
Documents”) have been duly authorized, executed and delivered by the Issuer and, assuming that the Transaction Documents
constitute the valid and binding agreement of the other parties thereto, are valid and binding obligations of the Issuer, and are
enforceable against it in accordance with their terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally, and
(ii) principles of equity, whether considered at law or equity.

 

(d)               
The execution, delivery and performance of this Subscription Agreement and the other Transaction Documents, including the
issuance and sale of the Acquired Shares and the consummation of the other transactions contemplated hereby and thereby, will not
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the
terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the
Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject; (ii)
the organizational documents of the Issuer; or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency, taxing authority or regulatory body, domestic or foreign, having jurisdiction over the Issuer or any of its
properties that, in the case of clauses (i) and (iii), would reasonably be expected to have a material adverse effect on the business,
properties, assets, liabilities, operations, condition (including financial condition), stockholders’ equity or results of
operations of the Issuer or materially and adversely affect the validity of the Acquired Shares or the legal authority or ability
of the Issuer to perform in any material respects its obligations hereunder (a “Material Adverse Effect”).

 

(e)                
There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions
that will be triggered by the issuance of (i) the Acquired Shares or (ii) the shares to be issued pursuant to any Other Subscription
Agreement, that have not been or will not be validly waived on or prior to the Closing Date, including such provisions in the Issuer’s
Class B common stock, par value $0.0001 per share (the “Class B Shares”), pursuant to the terms of the Issuer’s
certificate of incorporation.

 

(f)                 
The Issuer is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would
constitute a default or violation) of any term, condition or provision of (i) the organizational documents of the Issuer, (ii)
any loan or credit agreement, guarantee, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license
to which, as of the date of this Subscription Agreement, the Issuer is a party or by which the Issuer’s properties or assets
are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority
or regulatory body, domestic or foreign, having jurisdiction over the Issuer or any of its properties, except, in the case of clauses
(ii) and (iii), for defaults or violations that have not had and would not be reasonably likely to have, individually or in the
aggregate, a Material Adverse Effect.

 

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(g)               
The Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including,
without limitation, the issuance of the Acquired Shares), other than (i) the filing with the Securities and Exchange Commission
(the “Commission”) of the Registration Statement (as defined below), (ii) filings required by applicable state
securities laws, (iii) the filings required in accordance with Section 9(r) of this Subscription Agreement; (iv) those
required by the Nasdaq Capital Market (“Nasdaq”), including with respect to obtaining approval of the Issuer’s
stockholders; and (v) any filing, the failure of which to obtain would not be reasonably likely to have, individually or in
the aggregate, a Material Adverse Effect.

 

(h)               
As of the date of this Subscription Agreement and as of immediately prior to the Closing Date, the authorized capital stock
of the Issuer consists of (i) 1,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”)
and (ii) 70,000,000 shares of common stock, par value $0.0001 per share (the “Common Stock”), including (1)
60,000,000 Class A Shares and (2) 10,000,000 Class B Shares. As of the date of this Subscription Agreement, (i) no shares of Preferred
Stock are issued and outstanding, (ii) 23,540,000 Class A Shares are issued and outstanding, (iii) 7,846,667 Class B Shares are
issued and outstanding and (iv) 7,666,666 redeemable warrants and 180,000 private placement warrants are outstanding. All (i) issued
and outstanding Class A Shares and Class B Shares have been duly authorized and validly issued, are fully paid and are non-assessable
and are not subject to preemptive rights and (ii) outstanding warrants have been duly authorized and validly issued, are fully
paid and are not subject to preemptive rights. Except as set forth above and pursuant to the Other Subscription Agreements and
the Merger Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the
Issuer any shares of Common Stock or other equity interests in the Issuer, or securities convertible into or exchangeable or exercisable
for such equity interests. As of the date hereof, other than Merger Sub, the Issuer has no subsidiaries and does not own, directly
or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are
no stockholder agreements, voting trusts or other agreements or understandings to which the Issuer is a party or by which it is
bound relating to the voting of any securities of the Issuer, other than (A) as set forth in the SEC Documents and (B) as contemplated
by the Merger Agreement. Except as disclosed in the SEC Documents, as of September 30, 2020, the Issuer had no outstanding indebtedness
and will not have any outstanding long-term indebtedness as of the Closing Date.

 

(i)                 
The Issuer has not received any written communication from a governmental entity that alleges that the Issuer is not in
compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would
not, individually or in the aggregate, be reasonably likely to have a Material Adverse Effect.

 

(j)                 
The issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and are listed for trading on Nasdaq under the symbol “INAQ.”
There is no suit, action, proceeding or investigation pending or, to the knowledge of the Issuer, threatened against the Issuer
by Nasdaq or the Commission with respect to any intention by such entity to deregister the Class A Shares or prohibit or terminate
the listing of the Class A Shares on Nasdaq, excluding, for the purposes of clarity, the customary ongoing review by Nasdaq of
the Issuer's continued listing application in connection with the Transactions. The Issuer has taken no action that is designed
to terminate the registration of the Class A Shares under the Exchange Act or the listing of the Class A Shares on Nasdaq.

 

(k)               
Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Acquired Shares by the Issuer to
Subscriber in the manner contemplated by this Subscription Agreement..

 

(l)                 
Neither the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer
security or solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on
Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require
registration of the issuance of the Acquired Shares under the Securities Act.

 

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(m)              
Except for any Alternative Settlement Procedures, the Issuer has not entered into any Other Subscription Agreement (or side
letter or similar agreement in respect thereof) on terms (economic or otherwise) that are materially more favorable to such subscriber
or investor than as set forth in this Subscription Agreement; provided, however, that Subscriber acknowledges that
the subscription agreement entered into with Cohen & Company, LLC or its affiliate provides that Cohen & Company, LLC or
its affiliate may increase the number of Acquired Shares to be purchased under such agreement at any time prior to Closing.

 

(n)               
The Issuer’s public reports filed with the Commission, and all subsequent reports (collectively, the “Exchange
Act Reports”) that have been timely filed with the Commission or sent to stockholders, pursuant to Section 13 of the
Exchange Act, did not when filed, and taken as a whole and as amended to the date hereof, do not contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances
under which they were made, not misleading and such Exchange Act Reports complied in all material respects with the requirements
of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. The Issuer has timely filed each report,
statement, schedule, prospectus, and registration statement that the Issuer was required to file with the Commission since its
inception. There are no material outstanding or unresolved comments in comment letters from the Commission Staff with respect to
any of the Issuer’s filings with the Commission (the “SEC Documents”). In addition, the Issuer has made
available to Subscriber (including via the Commission’s EDGAR system) a copy of the Exchange Act Reports since its initial
registration of the Class A Shares with the Commission. Each of the financial statements (including, in each case, any notes thereto)
contained in the SEC Documents was prepared in accordance with U.S. generally accepted accounting principles applied on a consistent
basis throughout the periods indicated (except as may be indicated in the notes thereto or, in the case of unaudited statements,
as permitted by Form 10-Q of the Commission) and each fairly presents, in all material respects, the financial position, results
of operations and cash flows of the Issuer as at the respective dates thereof and for the respective periods indicated therein.

 

(o)               
Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a
Material Adverse Effect, there is no (i) investigation, action, suit, claim or other proceeding, in each case by or before any
governmental authority pending, or, to the knowledge of the Issuer, threatened against the Issuer or (ii) judgment, decree, injunction,
ruling or order of any governmental entity outstanding against the Issuer.

 

(p)               
Except for placement fees payable to the Placement Agents (as defined herein), the Issuer has not paid, and is not obligated
to pay, any brokerage, finder’s or other fee or commission in connection with its issuance and sale of the Acquired Shares,
including, for the avoidance of doubt, any fee or commission payable to any stockholder or affiliate of the Issuer.

 

(q)               
Except as provided in this Subscription Agreement and the Other Subscription Agreements, none of the Issuer, its subsidiaries
or any of their affiliates, nor any person acting on their behalf has, directly or indirectly, made any offers or sales of any
security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any
of the Acquired Shares under the Securities Act, whether through integration with prior offerings pursuant to Rule 502(a) of the
Securities Act or otherwise.

 

(r)                 
Neither the Issuer nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating
to bankruptcy, insolvency, reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when
due, nor does the Issuer or any subsidiary have any knowledge or reason to believe that any of their respective creditors intend
to initiate involuntary bankruptcy proceedings or seek to commence an administration.

 

(s)                
Except for discussions specifically regarding the offer and sale of the Acquired Shares, the Issuer confirms that neither
it nor any other person acting on its behalf has provided Subscriber or its agents or counsel with any information that constitutes
or could reasonably be expected to constitute material, non-public information concerning the Issuer or any of its subsidiaries,
other than with respect to the Transactions and the transactions contemplated by this Subscription Agreement. The Issuer understands
and confirms that Subscriber will rely on the foregoing representations in effecting transactions in securities of the Issuer.
Except with respect to the Transactions and the transactions contemplated by this Subscription Agreement and the Other Subscription
Agreements, no event or circumstance has occurred which, under applicable law, rule or regulation, requires public disclosure at
or before the date hereof or announcement by the Issuer but which has not been so publicly disclosed.

 

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(t)                 
The Issuer acknowledges and agrees that, notwithstanding anything herein to the contrary, including, without limitation,
Section 4(e) of this Subscription Agreement, the Acquired Shares may be pledged by Subscriber in connection with a bona
fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Acquired Shares hereunder, and Subscriber
effecting a pledge of Acquired Shares shall not be required to provide the Issuer with any notice thereof or otherwise make any
delivery to the Issuer pursuant to this Subscription Agreement; provided that Subscriber and its pledgee shall be required
to comply with the provisions of Section 4(e) hereof in order to effect a sale, transfer or assignment of Acquired Shares
to such pledgee. The Issuer hereby agrees to execute and deliver such documentation as a pledgee of the Acquired Shares may reasonably
request in connection with a pledge of the Acquired Shares to such pledgee by Subscriber.

 

(u)               
The Issuer represents and warrants that each of the Issuer, the Merger Sub, any of their respective directors and officers
and, to the Issuer’s knowledge, Metromile, any of Metromile’s directors and officers and any of the Issuer’s,
Merger Sub’s and Metromile’s employees, representatives, agents and any person acting on its or their behalf is not
(i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List,
the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”), or any other Executive Order issued by the President
of the United States and administered by OFAC (collectively “OFAC Lists”), (ii) owned or controlled by, or acting
on behalf of, a person, that is named on an OFAC List; (iii) organized, incorporated, established, located, resident or born
in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba,
Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade
restrictions by the United States or (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515.

 

(v)               
The Issuer represents and warrants that (i) each of the Issuer, Merger Sub, any of their respective directors and officers
and, to the Issuer’s knowledge, Metromile, any of Metromile’s directors and officers and any of the Issuer’s,
Merger Sub’s and Metromile’s employees, representatives, agents and any person acting on its or their behalf has not
engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws,
regulations or rules in any applicable jurisdiction (including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977,
as amended), (ii) the Issuer and Merger Sub and, to the Issuer’s knowledge, Metromile has instituted and maintains systems,
policies and procedures designed to prevent violation of such laws, regulations and rules and (iii) no action, suit or proceeding
by or before any court or governmental or regulatory agency, authority or body or any arbitrator having jurisdiction over the Issuer,
Merger Sub or, to the Issuer’s knowledge, Metromile with respect to such laws, regulations and rules is pending and, to the
Issuer’s knowledge, no such actions, suits or proceedings are threatened or contemplated.

 

4.                  
Subscriber Representations and Warranties. Subscriber represents and warrants that:

 

(a)                
If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing
under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its
obligations under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver
and perform its obligations under this Subscription Agreement.

 

(b)               
This Subscription Agreement has been duly authorized, executed and delivered by Subscriber and, assuming that this Subscription
Agreement constitutes the valid and binding agreement of the Issuer, this Subscription Agreement is the valid and binding obligation
of Subscriber, enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i)
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of
creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

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(c)                
The execution, delivery and performance by Subscriber of this Subscription Agreement, including the consummation of the
transactions contemplated hereby, (i) are fully consistent with Subscriber’s financial needs, objectives and condition, (ii)
comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to Subscriber, (iii)
have been duly authorized and approved by all necessary action and (iv) are a fit, proper and suitable investment for Subscriber,
notwithstanding the substantial risks inherent in investing in or holding the Acquired Shares.

 

(d)               
The execution, delivery and performance by Subscriber of this Subscription Agreement, including the consummation of the
transactions contemplated hereby will not conflict with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of Subscriber or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement,
lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber
or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject;
(ii) Subscriber’s organizational documents or under any law, rule, regulation, agreement or other obligation by which Subscriber
is bound; (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties, that, in the
case of clauses (i) and (iii), would reasonably be expected to have a material adverse effect on the legal authority or ability
of Subscriber to perform in any material respects its obligations hereunder.

 

(e)                
Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an
institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable
requirements set forth on Schedule A, (ii) is an “institutional account” (as defined in FINRA Rule 4512(c)),
(iii) is acquiring the Acquired Shares only for its own account and not for the account of others, or if Subscriber is a “qualified
institutional buyer” and is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts,
each owner of such account is a “qualified institutional buyer” and Subscriber has full investment discretion with
respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein
on behalf of each owner of each such account, and (iv) is not acquiring the Acquired Shares with a view to, or for offer or sale
in connection with, any distribution thereof in violation of the Securities Act or any other securities laws of the United States
or any other jurisdiction (and shall provide the requested information on Schedule A following the signature page hereto).
Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Shares, unless such newly formed entity is
an entity in which all of the equity owners are “accredited investors” (within the meaning of Rule 501(a) under the
Securities Act).

 

(f)                 
Subscriber understands that the Acquired Shares are being offered in a transaction not involving any public offering within
the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act or any other securities
laws of the United States or any other jurisdiction. Subscriber understands that it is acquiring its entire beneficial ownership
interest in the Acquired Shares for Subscriber’s own account for investment purposes only and not with a view to any distribution
of the Acquired Shares in any manner that would violate the securities laws of the United States or any other jurisdiction. Subscriber
understands that the Acquired Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant
to offers and sales that occur in an “offshore transaction” within the meaning of Regulation S under the Securities
Act, (iii) pursuant to Rule 144 under the Securities Act, provided that all of the applicable conditions thereof (including those
set out in Rule 144(i) which are applicable to the Issuer) have been met or (iv) pursuant to another applicable exemption from
the registration requirements of the Securities Act, and that any book-entry records representing the Acquired Shares shall contain
a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A
promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions
and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required
to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber understands that
it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares.

 

(g)               
Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer. Subscriber
further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer
or any of its officers, directors or representatives, expressly or by implication, other than those representations, warranties,
covenants and agreements included in this Subscription Agreement.

 

    7 

     

    

  

(h)               
Subscriber represents and warrants that its acquisition and holding of the Acquired Shares will not constitute or result
in a non-exempt prohibited transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended, section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

(i)                 
In making its decision to purchase the Acquired Shares, Subscriber represents that it has conducted and completed its own
independent due diligence and has independently made its own analysis and decision with respect to the Subscription. Subscriber
further represents and agrees that, except for the representations, warranties, covenants and agreements made by Issuer herein,
on which it may rely, it is relying exclusively on its own sources of information, investment analysis and due diligence (including
professional advice Subscriber deems appropriate) with respect to the Subscription, the Acquired Shares and the business, condition
(financial and otherwise), management, operations, properties and prospects of the Issuer, including but not limited to all business,
legal, regulatory, accounting, credit and tax matters. Subscriber acknowledges and agrees that it has received, reviewed and understood
the offering materials made available to it in connection with the Subscription and such other information as Subscriber deems
necessary in order to make an investment decision with respect to the Acquired Shares, including with respect to the Issuer, Metromile
and the Transactions. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any,
have had the opportunity to ask such questions, receive such answers and obtain such information from the Issuer directly as Subscriber
and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the Acquired Shares. Subscriber acknowledges and agrees that it has not relied on any statements or other information provided
by the Placement Agents or any of the affiliates thereof with respect to the Transactions, the Issuer, Metromile or its decision
to purchase the Acquired Shares. Subscriber further acknowledges that the information provided to the Subscriber (other than the
information reflected in the representations and warranties made herein) is preliminary and subject to change, and that any changes
to such information, including, without limitation, any changes based on updated information, shall in no way affect the Subscriber’s
obligation to purchase the Acquired Shares hereunder.

 

(j)                 
Subscriber became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and
the Issuer or by means of contact from any of J.P. Morgan Securities LLC, Wells Fargo Securities, LLC or Allen & Company LLC,
each acting as placement agent for the Issuer (collectively, the “Placement Agents”), and the Acquired Shares
were offered to Subscriber solely by direct contact between Subscriber and the Issuer or by contact between Subscriber and one
or more Placement Agents. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares
offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Shares
(i) were not offered by any form of general advertising or, to its knowledge, general solicitation, and (ii) to its knowledge are
not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any
state securities laws.

 

(k)               
Subscriber acknowledges and agrees that (a) the Placement Agents are acting solely as placement agents in connection with
the Subscription and are not acting as underwriters or in any other capacity and are not and shall not be construed as a fiduciary
for Subscriber, the Issuer or any other person or entity in connection with the Subscription, (b) the Placement Agents have not
made and will not make any representation or warranty, whether express or implied, of any kind or character and have not provided
any advice or recommendation in connection with the Subscription, (c) the Placement Agents will have no responsibility with respect
to (i) any representations, warranties or agreements made by any person or entity under or in connection with the Subscription
or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability
(with respect to any person) thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of,
or any other matter concerning the Issuer or the Subscription, and (d) the Placement Agents shall have no liability or obligation
(including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs, expenses or disbursements incurred by Subscriber, the Issuer or any other person or entity), whether in contract, tort or
otherwise, to Subscriber, or to any person claiming through Subscriber, in respect of the Subscription.

 

    8 

     

    

  

(l)                 
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the
Acquired Shares, including those set forth in the SEC Documents. Subscriber qualifies as a sophisticated institutional investor
and has such knowledge and experience in financial, business and private equity matters as to be capable of evaluating the merits
and risks of an investment, both in general and with regard to all transactions and investment strategies involving a security
or securities, including Subscriber’s investment in the Acquired Shares, and Subscriber has sought such accounting, legal
and tax advice as Subscriber has considered necessary to make an informed investment decision.

 

(m)              
Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately
analyzed and fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable
investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a
total loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss
exists.

 

(n)               
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Acquired Shares or made any findings or determination as to the fairness of this investment.

 

(o)               
Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the OFAC List, (ii) owned or controlled
by, or acting on behalf of, a person, that is named on an OFAC List; (iii) organized, incorporated, established, located,
resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality
thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject
to substantial trade restrictions by the United States, (iv) a Designated National as defined in the Cuban Assets Control Regulations,
31 C.F.R. Part 515, or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively,
a “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies, if requested thereby, such
records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents
that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively,
the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed to comply with
applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies
and procedures reasonably designed to ensure compliance with OFAC-administered sanctions programs, including for the screening
of its investors against the OFAC Lists. Subscriber further represents and warrants that, to the extent required, it maintains
policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Acquired Shares
were legally derived.

 

(p)               
If Subscriber is an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), a plan, an individual retirement account or other arrangement that is subject to section
4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan
(as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject
to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations
that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are considered to include “plan
assets” of any such plan, account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited
transaction provisions of ERISA or section 4975 of the Code, Subscriber represents and warrants that (i) neither the Issuer, nor
any of its respective affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has
been relied on for advice, with respect to its decision to acquire and hold the Acquired Shares, and none of the Transaction Parties
shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer
the Acquired Shares; (ii) the decision to invest in the Acquired Shares has been made at the recommendation or direction of
an “independent fiduciary” (“Independent Fiduciary”) within the meaning of US Code of Federal Regulations
29 C.F.R. section 2510.3 21(c), as amended from time to time (the “Fiduciary Rule”) who is (1) independent of
the Transaction Parties; (2) is capable of evaluating investment risks independently, both in general and with respect to
particular transactions and investment strategies (within the meaning of the Fiduciary Rule); (3) is a fiduciary (under ERISA
and/or section 4975 of the Code) with respect to Subscriber’s investment in the Acquired Shares and is responsible for exercising
independent judgment in evaluating the investment in the Acquired Shares; and (4) is aware of and acknowledges that (A) none
of the Transaction Parties is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in
connection with the purchaser’s or transferee’s investment in the Acquired Shares, and (B) the Transaction Parties
have a financial interest in the purchaser’s investment in the Acquired Shares on account of the fees and other remuneration
they expect to receive in connection with transactions contemplated by this Subscription Agreement.

 

    9 

     

    

  

(q)               
Subscriber has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to Section 2(a).

 

5.                  
Registration Rights.

 

(a)                
The Issuer agrees that, within fifteen (15) business days after the Closing Date (the “Filing Date”),
the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the
resale of the Acquired Shares (the “Registration Statement”), and the Issuer shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than
the earlier of (i) the 60th business day (or 80th business day if the Commission notifies the Issuer that it will “review”
the Registration Statement) following the Closing and (ii) the 10th business day after the date the Issuer is notified (orally
or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will
not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however,
that if the Commission is closed for operations due to a government shutdown, the Effectiveness Date shall be extended by the same
amount of days that the Commission remains closed for operations, provided, further, that the Issuer’s obligations to include
the Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information
regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Acquired Shares
as shall be reasonably requested by the Issuer to effect the registration of the Acquired Shares, and Subscriber shall execute
such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder
in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of
the Registration Statement during any customary blackout or similar period or as permitted hereunder;. Any failure by the
Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date
shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this
Section 5. The Issuer will provide a draft of the Registration Statement to the undersigned for review at least two (2)
business days in advance of filing the Registration Statement. In no event shall the undersigned be identified as a statutory underwriter
in the Registration Statement unless requested by the Commission. Notwithstanding the foregoing, if the Commission prevents the
Issuer from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on
the use of Rule 415 of the Securities Act for the resale of the Acquired Shares by the applicable stockholders or otherwise, such
Registration Statement shall register for resale such number of Acquired Shares which is equal to the maximum number of Acquired
Shares as is permitted by the SEC. In such event, the number of Acquired Shares to be registered for each selling shareholder named
in the Registration Statement shall be reduced pro rata among all such selling shareholders. The Issuer will use its commercially
reasonable efforts to maintain the continuous effectiveness of the Registration Statement until all such securities cease to be
Registrable Securities (as defined below) or such shorter period upon which each undersigned party with Registrable Securities
included in such Registration Statement have notified the Issuer that such Registrable Securities have actually been sold. The
Issuer will file all reports, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell
Registrable Securities pursuant to the Registration Statement or Rule 144 under the Securities Act (“Rule 144”),
as applicable, qualify the Registrable Securities for listing on the applicable stock exchange, update or amend the Registration
Statement as necessary to include Registrable Securities and provide customary notice to holders of Registrable Securities. “Registrable
Securities” shall mean, as of any date of determination, the Acquired Shares and any other equity security of the Issuer
issued or issuable with respect to the Acquired Shares by way of share split, dividend, distribution, recapitalization, merger,
exchange, replacement or similar event or otherwise. As to any particular Registrable Securities, once issued, such securities
shall cease to be Registrable Securities at the earliest of (A) when the undersigned ceases to hold any Acquired Shares, (B) the
date all Acquired Shares held by the undersigned may be sold without restriction under Rule 144, including without limitation,
any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144, other than the requirement for
the Issuer to be in compliance with the current public information required under Rule 144(c), (C) when they shall have ceased
to be outstanding or (D) two years from the date of effectiveness of the Registration Statement.

 

    10 

     

    

  

(b)               
In the case of the registration, qualification, exemption or compliance effected by the Issuer pursuant to this Subscription
Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption
and compliance. At its expense the Issuer shall:

 

(i)                 
except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
until the earliest of the following: (i) Subscriber ceases to hold any Acquired Shares, (ii) the date all Acquired Shares held
by Subscriber may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions
which may be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current
public information required under Rule 144(i)(2), and (iii) two (2) years from the effective date of the Registration Statement.
The period of time during which the Issuer is required hereunder to keep a Registration Statement effective is referred to herein
as the “Registration Period” ;

 

(ii)               
advise Subscriber within five (5) business days:

 

(1)               
when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement
or any post-effective amendment thereto has become effective;

 

(2)               
of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included
therein or for additional information;

 

(3)               
of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(4)               
of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares
included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(5)               
subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any
changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do
not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any
material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (1) through (5) above constitutes material, nonpublic information regarding the Issuer;

 

(iii)             
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

(iv)              
upon the occurrence of any event contemplated above, except for such times as the Issuer is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially reasonable
efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Acquired Shares
included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

    11 

     

    

  

(v)               
use its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market,
if any, on which the Class A Shares issued by the Issuer have been listed; and

 

(vi)              
use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Acquired Shares
contemplated hereby and to enable Subscriber to sell the Acquired Shares under Rule 144.

 

(c)                
Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration
Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer or its subsidiaries
is pending or an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably
believes, upon the advice of legal counsel, would require additional disclosure by the Issuer in the Registration Statement of
material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which
in the Registration Statement would be expected, in the reasonable determination of the Issuer’s board of directors, upon
the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each
such circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay or suspend
the Registration Statement on more than two occasions or for more than sixty (60) consecutive calendar days, or more than one hundred
and twenty (120) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the
Issuer of the happening of any Suspension Event during the period that the Registration Statement is effective or if as a result
of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that (i) it will immediately discontinue
offers and sales of the Acquired Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted
pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly
prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment
has become effective or unless otherwise notified by the Issuer that it may resume such offers and sales, and (ii) it will maintain
the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law
or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s sole discretion destroy,
all copies of the prospectus covering the Acquired Shares in Subscriber’s possession; provided, however, that
this obligation to deliver or destroy all copies of the prospectus covering the Acquired Shares shall not apply (i) to the extent
Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory
or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored
electronically on archival servers as a result of automatic data back-up.

 

(d)               
Subscriber may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber
not receive notices from the Issuer otherwise required by this Section 6; provided, however, that Subscriber
may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently
revoked), (i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights
associated with any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement,
Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of
a Suspension Event was previously delivered (or would have been delivered but for the provisions of this Section 5(d)) and
the related suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s
notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will
provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability.

 

(e)                
Indemnification.

 

(i)                 
The Issuer agrees to indemnify and hold harmless, to the extent permitted by law, Subscriber, its directors, officers, employees,
agents, each person who controls Subscriber (within the meaning of the Securities Act or the Exchange Act) from and against any
and all losses, claims, damages, liabilities and expenses (including, without limitation, any reasonable attorneys’ fees
and expenses incurred in connection with defending or investigating any such action or claim) caused by any untrue or alleged untrue
statement of material fact contained in any Registration Statement, prospectus included in any Registration Statement (“Prospectus”)
or preliminary Prospectus or any amendment thereof or supplement thereto or document incorporated by reference therein or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein in light of the
circumstances under which they were made, not misleading, except insofar as the same are caused by or contained in any information
furnished in writing to the Issuer by or on behalf of such Subscriber expressly for use therein; provided, however,
that the indemnification contained in this Section (e) shall not apply to amounts paid in settlement of any Losses if such
settlement is effected without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed),
nor shall the Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in
connection with any failure of such person to deliver or cause to be delivered a Prospectus made available by the Issuer in a timely
manner or (B) in connection with any offers or sales effected by or on behalf of Subscriber in violation of this Agreement.

 

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(ii)               
In connection with any Registration Statement in which Subscriber is participating, Subscriber shall furnish to the Issuer
in writing such information and affidavits as the Issuer reasonably requests for use in connection with any such Registration Statement
or Prospectus. Subscriber agrees, severally and not jointly with any other Person that is a party to the Other Subscription Agreements,
to indemnify and hold harmless, to the extent permitted by law, the Issuer, its directors and officers and agents and employees
and each person who controls the Issuer (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses (including, without limitation, reasonable attorneys’ fees) resulting from or arising out of any untrue or alleged
untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein in light of the circumstances under which they were made, not misleading, but only to the extent
that such untrue statement or omission is contained in any information or affidavit so furnished in writing by or on behalf of
such Subscriber expressly for use therein; provided, however, that in no event shall the liability of each such Subscriber
be greater in amount than the dollar amount of the net proceeds received by such Subscriber from the sale of Acquired Shares pursuant
to such Registration Statement giving rise to such indemnification obligation.

 

(iii)             
Any person entitled to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent.
An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more
than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment
of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is
so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

 

(iv)              
The indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling
person of such indemnified party and shall survive the transfer of the Acquired Shares.

 

(v)               
If the indemnification provided under this Section 5(e) from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be deemed to include, subject to the limitations set forth in Sections 5(e)(i), (ii) and (iii) above, any legal or
other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this Section 5(e)(v) from any person who was not guilty of such fraudulent misrepresentation.

 

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6.                  
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all
rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earlier to occur of (a) such date and time as the Merger Agreement is terminated in accordance with its terms,
(b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if any of the
conditions to Closing set forth in Section 2 of this Subscription Agreement are not satisfied on or prior to the Closing
and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing or (d)
the Outside Date (as defined in the Merger Agreement); provided, that nothing herein will relieve any party from liability
for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity
to recover losses, liabilities or damages arising from such breach. The Issuer shall promptly notify Subscriber in writing (including
via email) of the termination of the Merger Agreement.

 

7.                  
Additional Agreements and Waivers of Subscriber.

 

(a)                
Trust Account Waiver. Subscriber acknowledges that the Issuer is a blank check company with the powers and privileges
to effect a merger, asset acquisition, reorganization or similar business combination involving the Issuer and one or more businesses
or assets. Subscriber further acknowledges that, as described in the Issuer’s prospectus relating to its initial public offering
dated September 2, 2020 (the “September 2020 Prospectus”), available at sec.gov, substantially all of the Issuer’s
assets consist of the cash proceeds of the Issuer’s initial public offering and private placements of its securities, and
substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit
of its public stockholders and the underwriters of its initial public offering. Except with respect to interest earned on the funds
held in the Trust Account that may be released to the Issuer to pay its tax obligations, if any, the cash in the Trust Account
may be disbursed only for the purposes set forth in the September 2020 Prospectus. For and in consideration of the Issuer entering
into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself
and its affiliates and representatives, hereby irrevocably waives any and all right, title and interest, or any claim of any kind
they have or may have in the future as a result of, or arising out of, this Subscription Agreement, in or to any monies held in
the Trust Account, and agrees not to seek recourse or make or bring any action, suit, claim or other proceeding against the Trust
Account as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Acquired Shares,
regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability; provided however,
that nothing in this Section 7 shall be deemed to limit any Subscriber’s right, title, interest or claim to the Trust
Account by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other
than pursuant to this Subscription Agreement, including but not limited to any redemption right with respect to any such securities
of the Issuer. Subscriber acknowledges and agrees that it shall not have any redemption rights with respect to the Acquired Shares
pursuant to the Issuer’s certificate of incorporation in connection with the Transactions or any other business combination,
any subsequent liquidation of the Trust Account or the Issuer or otherwise. In the event Subscriber has any claim against the Issuer
as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Acquired Shares, it
shall pursue such claim solely against the Issuer and its assets outside the Trust Account and not against the Trust Account or
any monies or other assets in the Trust Account. This paragraph shall survive any termination of this Subscription Agreement.

 

(b)               
No Hedging. Subscriber hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to
any understanding with it, shall execute any short sales or engage in other hedging transactions of any kind with respect to the
Acquired Shares during the period from the date of this Subscription Agreement through the Closing. Nothing in this Section
7(b) shall prohibit such persons from engaging in hedging transactions with respect to other securities of the Issuer, including
Class A Shares acquired in open market purchases, so long as such person does not create any “put equivalent position,”
as such term is defined in Rule 16a-1 under the Exchange Act, or short sale positions, with respect to the Acquired Shares, nor
shall this Section 7(b) prohibit any other investment portfolios of the Subscriber that have no knowledge of this Subscription
Agreement or of Subscriber’s participation in this transaction (including Subscriber’s controlled affiliates and/or
affiliates) from entering into any short sales or engaging in other hedging transactions.

 

    14 

     

    

  

8.                  
Issuer’s Covenants

 

(a)                
Except as contemplated herein, the Issuer, its subsidiaries and their respective affiliates shall not, and shall cause any
person acting on behalf of any of the foregoing to not, take any action or steps that would require registration of the issuance
of any of the Acquired Shares under the Securities Act.

 

(b)               
With a view to making available to Subscriber the benefits of Rule 144 promulgated under the Securities Act or any other
similar rule or regulation of the Commission that may at any time permit Subscriber to sell securities of the Issuer to the public
without registration, the Issuer agrees, until the third anniversary of the Closing Date, to:

 

(i)                 
make and keep public information available, as those terms are understood and defined in Rule 144;

 

(ii)               
file with the Commission in a timely manner all reports and other documents required of the Issuer under the Securities
Act and the Exchange Act so long as the Issuer remains subject to such requirements and the filing of such reports and other documents
is required for the applicable provisions of Rule 144; and

 

(iii)             
furnish to Subscriber so long as it owns Acquired Shares, promptly upon request, (x) a written statement by the Issuer,
if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy
of the most recent annual or quarterly report of the Issuer and such other reports and documents so filed by the Issuer and (z)
such other information as may be reasonably requested to permit Subscriber to sell such securities pursuant to Rule 144 without
registration.

 

(c)                
The Issuer will use the proceeds from the sale of the Acquired Shares and the shares issued and sold pursuant to the Other
Subscription Agreement solely to finance the Transactions.

 

(d)               
The legend described in Section 4(e) shall be removed and the Issuer shall issue a certificate without such legend
to the holder of the Acquired Shares upon which it is stamped or issue to such holder by electronic delivery at the applicable
balance account at The Depository Trust Company (“DTC”), if (i) such Acquired Shares are registered for resale
under the Securities Act, (ii) in connection with a sale, assignment or other transfer, such holder provides the Issuer with an
opinion of counsel, in a form reasonably acceptable to the Issuer, to the effect that such sale, assignment or transfer of the
Acquired Shares may be made without registration under the applicable requirements of the Securities Act, or (iii) the Acquired
Shares can be sold, assigned or transferred pursuant to Rule 144, and in each case, the holder provides the Issuer with an undertaking
to effect any sales or other transfers in accordance with the Securities Act. The Issuer shall be responsible for the fees of its
transfer agent and all DTC fees associated with such issuance.

 

9.                  
Miscellaneous.

 

(a)                
Each party hereto acknowledges that the other party hereto and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, each party hereto agrees
to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties
set forth herein with respect to it are no longer accurate in all material respects. Subscriber further acknowledges and agrees
that each of the Placement Agents is a third-party beneficiary of the representations and warranties of the Subscriber contained
in this Subscription Agreement. The Issuer and the Subscriber acknowledge and agree that Metromile is a third party beneficiary
hereof and no consent, waiver, modification or amendment hereunder or hereof may be given of agreed to by the Issuer without Metromile’s
consent.

 

    15 

     

    

  

(b)               
Each of the Issuer and Subscriber is entitled to rely upon this Subscription Agreement and is irrevocably authorized to
produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby. Each of the Placement Agents is entitled to rely upon the representations and
warranties made by Subscriber in this Subscription Agreement.

 

(c)                
This Subscription Agreement may not be transferred or assigned without the prior written consent of each of the other parties
hereto. Notwithstanding the foregoing, this Subscription Agreement and any of Subscriber’s rights and obligations hereunder
may be assigned to any fund or account managed by the same investment manager as Subscriber, without the prior consent of the Issuer,
provided that such assignee(s) agrees in writing to be bound by the terms hereof. Upon such assignment by a Subscriber,
the assignee(s) shall become Subscriber hereunder and have the rights and obligations provided for herein to the extent of such
assignment; provided further that, no assignment shall relieve the assigning party of any of its obligations hereunder,
including any assignment to any fund or account managed by the same investment manager as Subscriber. Neither this Subscription
Agreement nor any rights that may accrue to the Issuer hereunder or any of the Issuer’s obligations may be transferred or
assigned other than pursuant to the Transactions.

 

(d)               
All the representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.
All covenants made by each party hereto in this Subscription Agreement required to be performed after the Closing shall expire
upon performance. All other agreements made by each party hereto in this Subscription Agreement shall expire at the Closing.

 

(e)                
The Issuer may request from Subscriber such additional information as the Issuer may deem reasonably necessary to evaluate
the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably
requested, to the extent readily available and to the extent consistent with its internal policies and procedures; provided,
that, the Issuer agrees to keep any such information provided by Subscriber confidential; provided, further, that upon
recipient of such additional information, the Issuer shall be allowed to convey such information to each Placement Agent and such
Placement Agent shall keep the information confidential, except as may be required by applicable law, rule, regulation or in connection
with any legal proceeding or regulatory request.

 

(f)                 
This Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the
party against whom enforcement of such modification, waiver, or termination is sought.

 

(g)               
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

(h)               
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

(i)                 
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

(j)                 
This Subscription Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which
shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the
other parties, it being understood that all parties need not sign the same counterpart.

 

(k)               
Each party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated
by this Subscription Agreement.

 

    16 

     

    

 

 

(l)                 
The Issuer shall be responsible for the fees of its transfer agent, the Escrow Agent, stamp taxes and all of DTC’s
fees associated with the issuance of the Acquired Shares.

 

(m)              
Subscriber understands and agrees that (i) no disclosure or offering document has been prepared by the Placement Agents
or any of their respective affiliates in connection with the offer and sale of the Acquired Shares; (ii) the Placement Agents
and their respective directors, officers, employees, representatives and controlling persons have made no independent investigation
with respect to the Issuer, Metromile, the Transactions or the Acquired Shares or the accuracy, completeness or adequacy of any
information supplied to Subscriber by the Issuer; and (iii) in connection with the issue and purchase of the Acquired Shares,
the Placement Agents have not acted as the Subscriber’s financial advisor, tax or fiduciary.

 

(n)               
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed
or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
and shall be deemed to be given and received (a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback
or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently
designate by notice given hereunder), (c) when sent, with no mail undeliverable or other rejection notice, if sent by email, or
(d) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person
may hereafter designate by notice given hereunder:

 

(i)                 if to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)               
if to the Issuer, to:

 

2929 Arch
Street, Suite 1703

Philadelphia,
PA 19104

Attention:
Amanda Abrams

Telephone:
(484) 459-3476

E-mail: amanda@ftspac.com

 

with a required
copy to (which copy shall not constitute notice):

 

Ledgewood
P.C.

Two Commerce
Square, Suite 3400

2001 Market
Street

Philadelphia,
PA 19103

Attention:
Derick S. Kauffman

Telephone:
(215) 731-9450

Facsimile:
(215) 735-2513

E-mail: dkauffman@ledgewood.com

 

(o)               
The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce
specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such
party is entitled at law, in equity, in contract, in tort or otherwise.

 

(p)               
This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance
or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to the principles of conflicts of laws thereof.

 

    17 

     

    

  

THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE
SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK
SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT
HEREOF OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY
NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY
AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR
FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE
SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING
IN THE MANNER PROVIDED IN SECTION 9(n) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT
SERVICE THEREOF.

 

EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
PLACEMENT AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9(p).

 

(q)               
If, any change in the Class A Shares shall occur between the date hereof and immediately prior to the Closing by reason
of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment
of shares, or any stock dividend, the number of Acquired Shares issued to Subscriber shall be appropriately adjusted to reflect
such change.

 

(r)                 
The Issuer shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the
Other Subscription Agreements, the Transactions and any other material, nonpublic information that the Issuer has provided to Subscriber
at any time prior to the filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the Issuer’s
knowledge, Subscriber shall not be in possession of any material, non-public information received from the Issuer or any of its
officers, directors or employees or agents (including the Placement Agents) and Subscriber shall no longer be subject to any confidentiality
or similar obligations under any current agreement, whether written or oral with the Issuer or any of its affiliates. Notwithstanding
anything in this Subscription Agreement to the contrary, the Issuer shall not publicly disclose the name of Subscriber or any of
its affiliates, or include the name of Subscriber or any of its affiliates in any press release or in any filing with the Commission
or any regulatory agency or trading market, without the prior written consent of Subscriber, except (i) as required by the federal
securities law and (ii) to the extent such disclosure is required by law, at the request of the Staff of the Commission or regulatory
agency or under the regulations of Nasdaq.

 

[Signature pages follow.]

 

    18 

     

    

 

 

IN WITNESS WHEREOF,
each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	 	INSU ACQUISITION CORP. II
	 	 
	 	By: 	 
	 	Name: 	John Butler
	 	Title: 	CEO and President

  

Date: November ____,
2020

 

    Signature Page to
 Subscription Agreement

     

    

 

 

	SUBSCRIBER:	 	Signature of Joint Subscriber, if applicable:
	 	 	 
	By:	              	 	By:	              
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	Date: November ____, 2020	 	 
	 	 	 
	Signature of Subscriber:	 	Signature of Joint Subscriber, if applicable:
	 	 	 
	 	 	 
	(Please print. Please indicate name and capacity of person signing above)	 	(Please print. Please indicate name and capacity of person signing above)
	 	 	 
	Name in which securities are to be registered

(if different)	 	 
	 	 	 
	
        Email Address:

        If there are joint investors, please check one:

         ̈Joint
        Tenants with Rights of Survivorship

         ̈Tenants-in-Common

         ̈Community
        Property
	 	 
	 	 	 
	Subscriber’s EIN: 	 	Joint Subscriber’s EIN: 
	 	 	 
	Business Address:	 	Mailing Address-Street (if different):
	 	 	 
	 	 	 
	 	 	City, State, Zip: 
	 	 	Attn:
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	Facsimile No.:
	 	 	 
	Aggregate Number of Acquired Shares subscribed for: 	 	 
	 	 	 
	 	 	 
	Aggregate Purchase Price: $	 	 
	 	 	 

  

You must pay the Purchase
Price by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Closing
Notice.

 

    Signature Page to
 Subscription Agreement

     

    

 

Number of Acquired Shares
subscribed for and aggregate Purchase Price accepted and agreed to as of this ____ day of November, 2020, by: INSU ACQUISITION
CORP. II

 

	By: 	 	 
	Name: 	John Butler	 
	Title: 	CEO and President	 

 

    Signature Page to
 Subscription Agreement

     

    

 

Number of Acquired Shares
subscribed for and aggregate Purchase Price accepted and agreed to as of this _____ day of November, 2020, by: Signature of Subscriber:

 

	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 

    Signature Page to
 Subscription Agreement

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS
OF SUBSCRIBER

 

A.1.       QUALIFIED
INSTITUTIONAL BUYER STATUS

(Please check
the applicable subparagraphs):

		1.	 ̈ We are a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act (a “QIB”)).

 

		2.	 ̈ We are subscribing for the Acquired Shares as
a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB.

 

*** OR ***

 

A.2.        INSTITUTIONAL
ACCREDITED INVESTOR STATUS

(Please check
each of the following subparagraphs):

		1.	 ̈ We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors within
the meaning of Rule 501(a) under the Securities Act.

 

		2.	 ̈ We are not a natural person.

 

*** AND ***

 

B.       AFFILIATE
STATUS

(Please check
the applicable box)

SUBSCRIBER:

 ̈is:

 ̈is
not:

an “affiliate”
(as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

*** AND ***

 

C.       INSTITUTIONAL
ACCOUNT STATUS

(Please check
the applicable box)

FINRA Rule
4512(c) states that an “institutional account” shall mean any person who comes within any of the below listed categories.
Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber
and under which Subscriber accordingly qualifies as an “institutional account.”

SUBSCRIBER
is:

		 ̈	a bank, savings and loan association, insurance company or registered investment company

		 ̈	an investment adviser registered either with the Commission under Section 203 of the Investment
Advisers Act or with a state securities commission (or any agency or office performing like functions); or

		 ̈	any other person (whether a natural person, corporation, partnership, trust or otherwise) with
total assets of at least $50 million.

 

    This page should be completed by Subscriber
and constitutes a part of the Subscription Agreement.
Schedule AExhibit 10.5

 

METROMILE, INC.

 

OMNIBUS AMENDMENT NO. 2 TO THE

NOTE PURCHASE AND SECURITY AGREEMENT 

 

February 9, 2021

 

This OMNIBUS AMENDMENT
NO. 2 (this “Amendment”) to the Note Purchase and Security Agreement, dated as of April 14, 2020, by and among
Metromile, Inc. (the “Company”), INSU Acquisition Corp. II, a Delaware corporation (the “Parent”),
the other undersigned Guarantors, the Holders, and the Agent (as each term is defined therein, as amended prior to the date hereof,
the “Note Purchase Agreement”) is entered into as of the date hereof, by and among the Company, HSCM BERMUDA
FUND LTD. (“Bermuda”) and HS SANTANONI LP (“Santanoni”). This Amendment amends the Note Purchase
Agreement and each Note issued pursuant thereto. All capitalized terms not defined herein shall have the meanings ascribed to them
in the Note Purchase Agreement.

 

R E C I T A L S

 

WHEREAS, pursuant
to Section 12(a) of the Note Purchase Agreement, any term of the Note Purchase Agreement or the Notes may be amended, waived or
modified only upon the written consent of the Company and the Majority Holders (together, the “Requisite Parties”);

 

WHEREAS, together,
Bermuda and Santanoni comprise the Majority Holders, such that the Company and the Majority Holders comprise the Requisite Parties.

 

WHEREAS, the Requisite
Parties now desire to amend the Note Purchase Agreement as set forth below.

 

NOW, THEREFORE,
in consideration of the mutual covenants and undertakings contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Requisite Parties agree as follows:

 

1. Amendments to
Note Purchase Agreement. The Note Purchase Agreement is, effective as of the Amendment No. 2 Effective Date, hereby amended
to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Note Purchase Agreement attached hereto as Exhibit A hereto (the Note Purchase
Agreement, as so amended, being referred to as the “Amended Note Purchase Agreement”).

  

2. Effectiveness.
Sections 1 and 4 of this Amendment shall become effective on the date (such date, if any, the “Amendment No. 2 Effective
Date”) that the following conditions have been satisfied:

 

2.1 The Majority Holders
shall have received executed signature pages hereto from each of the Company, Bermuda, and Santanoni.

 

     

     

    

 

2.2 The Metromile Acquisition
shall have been consummated, or substantially simultaneously, shall be consummated, in accordance with the terms of the Merger
Agreement.

 

3. Waiver. Subject
to the satisfaction of the conditions precedent set forth in Section 2 hereof, each of Bermuda and Santanoni, as applicable, hereby
waive Defaults and/or Events of Default existing prior to the date of this Amendment resulting from the failure to comply with
the notice requirements as a result of a Change of Control in connection with the Metromile Acquisition.

 

4. Parent Joinder.

 

4.1 Parent, effective
as of the Amendment No. 2 Effective Date, hereby agrees to be bound as a Guarantor party to the Note Purchase Agreement by all
of the terms, covenants and conditions set forth in the Note Purchase Agreement to the same extent that it would have been bound
if it had been a signatory to the Note Purchase Agreement on the date of the Note Purchase Agreement. Without limiting the generality
of the foregoing, the Parent hereby grants Agent, for the benefit of the Holders, to secure the payment and performance in full
of all of the Obligations, a continuing security interest in, and pledges to Agent, for the benefit of the Holders, the Collateral
and expressly assumes all obligations and liabilities of an Obligor thereunder.

 

4.2 Annexed hereto
are supplements to each of the schedules to the Note Purchase Agreement, as applicable, with respect to Parent. Such supplements
shall be deemed to be part of the Note Purchase Agreement.

 

5. Miscellaneous.

 

5.1 Full Force and
Effect. Except as otherwise provided in Section 1 above, the terms and conditions of the the Note Purchase Agreement,
and the Notes, as applicable, shall remain in full force and effect. All references in the Note Purchase Agreement to the “Agreement”
shall refer to the Note Purchase Agreement, as amended.

 

5.2 Successors and
Assigns. Except as otherwise provided herein, the terms and conditions of this Amendment shall inure to the benefit of and
be binding upon the respective successors and assigns of the parties.

 

5.3 Governing Law.
This Amendment shall be governed by and construed under the laws of the State of New York as applied to agreements among New York
residents, made and to be performed entirely within the State of New York.

 

5.4 Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

5.5 Amendments and
Waivers. Any term of this Amendment may be amended and the observance of any term of this Amendment may be waived (either generally
or in a particular instance and either retroactively or prospectively) with the written consent of the Requisite Parties; provided,
however, that neither any term of this Amendment that is applicable to all of the Holders, nor the Notes, may be amended or waived
with respect to any Holder without the written consent of such Holder, unless such amendment or waiver applies to all Holders in
the same fashion. In accordance with Section 12(c) of the Note Purchase Agreement, as applicable, this Amendment shall be binding
upon each party to the Notes and any future holder of such Notes, and each party to the Note Purchase Agreement and any future
party to the Note Purchase Agreement.

 

[Remainder of Page Intentionally Left
Blank]

 

    - 2 -

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	Metromile, Inc.
	 	 	 
	 	By:	/s/ Dan Preston
	 	Name: 	Dan Preston
	 	Title:   	Chief Executive Officer

 

[Signature Page to Omnibus Amendment
No. 2 to Note Purchase Agreement]

 

     

     

    

  

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

 

	 	GUARANTORS:
	 	 	 
	 	Metromile Insurance Services LLC
	 	 	 
	 	By: 	/s/ Dan Preston
	 	Name: 	Dan Preston
	 	Title:   	Chief Executive Officer

 

	 	Metromile Enterprise Solutions, LLC
	 	 	 
	 	By: 	/s/ Dan Preston
	 	Name: 	Dan Preston
	 	Title:   	Chief Executive Officer

 

	 	INSU Acquisition Corp. II
	 	 	 
	 	By:	/s/ John M. Butler
	 	Name: 	John M. Butler
	 	Title:   	Chief Executive Officer and President

 

[Signature Page to Omnibus Amendment
No. 2 to Note Purchase Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	HSCM Bermuda Fund Ltd.
	 	 
	 	By: Hudson Structured Capital Management Ltd., its Manager
	 	 
	 	By: 	/s/ Edouard Von Herberstein 
	 	 	 
	 	 	Name: 	Edouard Von Herberstein 
	 	 	Title:	Partner

 

	 	E-mail:	ajay.mehra@hscm.com
	 	 
	 	Address: 	c/o Hudson Structured Capital Management Ltd.
	 	 	Attention: Ajay Mehra, Partner & General Counsel
	 	 	2187 Atlantic Street
	 	 	Stamford, CT 06902

 

[Signature Page to Omnibus Amendment
No. 2 to Note Purchase Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	HS SANTANONI lp
	 	 
	 	By: Hudson Structured Capital Management Ltd., its Manager
	 	 
	 	By: 	/s/ Edouard Von Herberstein 
	 	 	 
	 	 	Name: 	Edouard Von Herberstein 
	 	 	Title:	Partner

 

	 	E-mail:	ajay.mehra@hscm.com
	 	 
	 	Address: 	c/o Hudson Structured Capital Management Ltd.
	 	 	Attention: Ajay Mehra, Partner & General Counsel
	 	 	2187 Atlantic Street
	 	 	Stamford, CT 06902

 

[Signature Page to Omnibus Amendment
No. 2 to Note Purchase Agreement]

 

     

     

    

 

EXHIBIT A TO AMENDMENT NO. 2

 

MARKED
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PURSUANT TO AMENDMENT NO. 2

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NOTE PURCHASE AND SECURITY AGREEMENT

 

This Note
Purchase and Security Agreement, dated as of April 14, 2020 (this “Agreement”), is entered into by and among
METROMILE, INC., a Delaware corporation (the “Company”), INSU ACQUISITION
CORP. II, a Delaware corporation (the “Parent”), the undersigned Guarantors,
the persons listed on the Schedule of Holders attached hereto as Exhibit B (collectively, the “Holders”,
and each, a “Holder”) and HSCM BERMUDA FUND LTD., as collateral agent (“Agent”).

 

RECITALS

 

		A.	On the terms and subject to the conditions set forth
herein, the Holders are willing to purchase from the Company, and the Company is willing to sell and issue to the Holders Senior
Secured Subordinated PIK Notes due 2025 in the form attached hereto as Exhibit A (collectively, the “Notes”
and each, a “Note”) having an aggregate principal amount of up to $50,000,000.

 

		B.	Capitalized terms shall have the meanings set forth in
Section 10.

 

AGREEMENT

 

NOW THEREFORE,
in consideration of the foregoing, and the representations, warranties, and conditions set forth below, the parties hereto, intending
to be legally bound, hereby agree as follows:

 

1.
The Notes.

 

(a) Sale
and Issuance of the Notes. Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Holder
and each Holder agrees to purchase from the Company, at each Closing, Notes in the principal amount specified opposite such Holder’s
name as set forth on Exhibit B, at the purchase price of 100% of the principal amount thereof (the “Original Principal
Amount”) by wire transfer to a bank account designated by the Company. The Holders’ obligations hereunder are several
and not joint obligations and no Person shall have any liability to any other Holder for the performance or non-performance of
any obligation by any other Holder hereunder. The aggregate principal amount for all Notes issued hereunder shall not exceed $50,000,000
unless otherwise determined by the Company and the Holders holding of a majority of the then outstanding aggregate principal amount
of the Notes (the “Majority Holders”).

 

     

     

    

 

(b)
Closings. The initial purchase and sale of the Notes shall take place remotely via the exchange of documents and signatures
on the date of this Agreement and may not exceed $35,000,000 in aggregate principal amount of the Notes, with at least $20,000,000
aggregate principal amount of Notes purchased by Hudson Structured Capital Management Ltd. or its affiliates (collectively, “Hudson”).
No Notes shall be issued to investors other than Hudson at any Closing occurring after the date that is 45 days from the date
of this Agreement (the “Closing Deadline”). Exhibit B to this Agreement shall be updated by the Company
to reflect the Notes purchased at each such Closing and the parties purchasing such Notes. Hudson agrees that subject to Section
6(d), it is required to invest up to an additional $15,000,000 in the purchase of additional Notes (with each closing of such
additional capital being a “Subsequent Hudson Closing” and each date of such Subsequent Hudson Closing being
a “Subsequent Hudson Closing Date”). In the event there is more than one closing, including a Subsequent Hudson
Closing, the term “Closing” shall apply to each such closing unless otherwise specified, and the date of any
such Closing, including a Subsequent Hudson Closing Date, shall be referred to herein as the “Closing Date”
for such Closing.

 

(c) Delivery; Issuance
of Warrants.

 

(i)
At each Closing, the Company will deliver to each Holder participating in such Closing the Note to be purchased by such Holder,
against receipt by the Company of the Original Principal Amount via wire transfer in U.S. Dollars.

 

(ii)
On or prior to July 31, 2020, the Company will issue, execute, and deliver to each Holder, and each Holder will execute and deliver
to the Company, a Warrant to Purchase Shares of Series E Preferred Stock of MetroMile, Inc. (collectively, the “Warrants”)
in the form attached hereto as Exhibit C exercisable for a number of shares of the Company’s Series E Preferred Stock
equal to, in the case of a Holder, the product obtained by multiplying (A) 8,536,938 by (B) the quotient obtained by dividing
(I) the Original Principal Amount of the Note purchased by a Holder by (II) $50,000,000, as rounded down to the nearest whole
share. For the purpose of determining the Warrants to be issued pursuant to this clause (ii) the aggregate Original Principal
Amount of the Notes of Hudson shall be deemed to be $35,000,000. Notwithstanding the foregoing, in the event that, following the
Closing Deadline, no Notes have been issued or sold to Holders other than Hudson (including any of its affiliates), then the aggregate
Original Principal Amount of the Notes of Hudson shall be deemed to be $50,000,000, such that all Warrants will be issued to Hudson
(or any of its affiliates who are Holders), and apportioned among any Holders as specified by Hudson..

 

2. Guaranty

 

(a) Guaranty.
Each Guarantor absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and
punctual payment and performance of all Obligations.

 

(b) Guaranty
Absolute and Unconditional. Each Guarantor agrees that its Obligations under this Section 2 are irrevocable, continuing,
absolute and unconditional and shall not be discharged or impaired or otherwise affected by, and each Guarantor hereby irrevocably
waives any defenses to enforcement it may have (now or in the future) by reason of:

 

(i) Any
illegality, invalidity or unenforceability of any Obligation or Note Document or any related agreement or instrument, or any law,
regulation, decree or order of any jurisdiction or any other event affecting any term of the Obligations.

 

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(ii)
Any change in the time, place or manner of payment or performance of, or in any other term of the Obligations, or any rescission,
waiver, release, assignment, amendment or other modification of any Note Document.

 

(iii) Any taking,
exchange, substitution, release, impairment, amendment, waiver, modification or non-perfection of any collateral or any other guaranty
for the Obligations, or any manner of sale, disposition or application of proceeds of any collateral or other assets to all or
part of the Obligations.

 

(iv)
Any default, failure or delay, willful or otherwise, in the performance of the Obligations.

 

(v) Any
change, restructuring or termination of the corporate structure, ownership or existence of any other Obligor or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting any other Obligor or its assets or any resulting restructuring,
release or discharge of any Obligations.

 

(vi)
Any failure of any Secured Party to disclose to such Guarantor any information relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of any other Obligor now or hereafter known to any Secured Party,
each Guarantor waiving any duty of any Secured Party to disclose such information.

 

(vii) The
failure of any other guarantor or third party to execute or deliver this Section 2 or any other guaranty or agreement, or
the release or reduction of liability of any other Obligor or any other guarantor or surety with respect to the Obligations.

 

(viii) The failure of any Secured
Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Note Document or
otherwise.

 

(ix)
The existence of any claim, set-off, counterclaim, recoupment or other rights that any Obligor may have against any Secured Party
(other than a defense of payment or performance).

 

(x) Any
other circumstance (including, without limitation, any statute of limitations), act, omission or manner of administering any Note
Document or any existence of or reliance on any representation by any Secured Party that might vary the risk of any other Obligor
or otherwise operate as a defense available to, or a legal or equitable discharge of, any other Obligor.

 

(c) Certain Waivers; Acknowledgments.
Each Guarantor further acknowledges and agrees as follows:

 

(i)
Each Guarantor hereby unconditionally and irrevocably waives any right to revoke this Section 2 and acknowledges that this
Section 2 is continuing in nature and applies to all presently existing and future Obligations, until the complete, irrevocable
and indefeasible payment and satisfaction in full of the Obligations.

 

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(ii) This
Section 2 is a guaranty of payment and performance and not of collection. No Secured Party shall be obligated to enforce
or exhaust its remedies against the Company or any other Obligor or under any Note Document before proceeding to enforce this Section
2.

 

(iii) This
Section 2 is a direct guaranty and independent of the obligations of the Company or any other Obligor under any Note Document.
The Secured Parties may resort to any Guarantor for payment and performance of the Obligations whether or not the Secured Parties
shall have resorted to any collateral therefor or shall have proceeded against any Obligor or any other guarantors with respect
to the Obligations. The Secured Parties may, at their option, proceed against any Obligor, jointly and severally, or against any
Guarantor only without having obtained a judgment against the Company.

 

(iv)
Each Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for
performance, notice of non- performance, default, acceleration, protest or dishonor and any other notice with respect to any of
the Obligations and this Section 2 and any requirement that Agent protect, secure, perfect or insure any Lien or any property
subject thereto.

 

(v) Each
Guarantor agrees that its guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time
all or part of any payment of any Obligation is voided, rescinded or recovered or must otherwise be returned by any Secured Party
upon the insolvency, bankruptcy or reorganization of the Company.

 

(d) Subrogation.
Each Guarantor waives and shall not exercise any rights that it may acquire by way of subrogation, contribution, reimbursement
or indemnification for payments made under this Section 2 until all Obligations shall have been indefeasibly paid and discharged
in full.

 

3. Creation of Security
Interest

 

(a) Grant
of Security Interest. Each Obligor hereby grants Agent, for the benefit of the Holders, to secure the payment and performance
in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the benefit of the Holders, the
Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. If this
Agreement is terminated, Agent’s Lien in the Collateral shall continue until the Obligations (other than contingent indemnification
obligations as to which no claim has been asserted or is known to exist) are repaid in full. Upon payment in full of the Obligations
(other than contingent indemnification obligations as to which no claim has been asserted or is known to exist), Agent shall, at
the Obligors’ sole cost and expense, promptly release its Liens in the Collateral and all rights therein shall thereupon
automatically revert to the Obligors, as applicable, and Agent and the Holders shall, upon reasonable request from the Obligors
and at the Obligors’ sole cost and expense, promptly deliver to the Obligors written evidence of the termination of such
liens and any other documents reasonably necessary to terminate, or evidence the termination, of such liens. Notwithstanding the
foregoing, the security interest granted by the Obligors to Agent on behalf of the Holders under this Agreement expressly excludes
all of MIC’s rights, title and interest in any and all accounts, claims, licenses, charters, or other assets of MIC.

 

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(b) Priority
of Security Interest. Each Obligor represents, warrants, and covenants that the security interest granted herein is and shall
at all times continue to be a secondfirst
priority perfected security interest in the Collateral (subject only to (i) Permitted Liens and (ii) filings by Agent of any necessary
or appropriate filings or other continuation documentation, if and as may be needed), subject
to the Intercreditor Agreement. If any Obligor shall acquire a commercial tort claim in an amount in excess of
$200,000, such Obligor shall promptly notify Agent in a writing signed by such Obligor of the general details thereof and grant
to Agent, for the benefit of the Holders, in such writing a security interest therein and in the proceeds thereof, all upon the
terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Agent. If any Obligor shall acquire
any right, title or interest in Negotiable Collateral with a total value in excess of $200,000, the Company shall immediately notify
Agent and endorse and deliver to Agent, at the request of Agent, the originals of such Negotiable Collateral;
provided that no such action shall be required to be taken by the Company until the Senior Debt (as defined in the Intercreditor
Agreement) shall have been paid in full. No Obligor will create any chattel paper with a total in excess of $200,000
without placing a legend on the chattel paper reasonably acceptable to Agent indicating that Agent has a security interest in such
chattel paper; provided that no such action shall be required to be taken by an Obligor
until the Senior Debt (as defined in the Intercreditor Agreement) shall have been paid in full.

 

(c) Authorization
to File Financing Statements. Each Obligor hereby authorizes Agent to file at any time financing statements, continuation statements
and amendments thereto and to take any other action required to perfect Agent’s security interest in the Collateral, without
notice to such Obligor, with all appropriate jurisdictions to perfect or protect Agent’s interest or rights hereunder and
under the other Note Documents, including a notice that any disposition of the Collateral in contravention of the terms of this
Agreement, by any Obligor or any other Person, shall be deemed to violate the rights of Agent and the Holders under the Code. Such
financing statements may (i) either specifically describe the Collateral or describe the Collateral as all assets of the Obligors
of the kind pledged hereunder, and (ii) contain any other information required by the Code for the sufficiency of filing office
acceptance of any financing statement, continuation statement, or amendment, including whether such Obligor is an organization,
the type of organization and any organizational identification number issued to such Obligor.

 

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(d)
Pledge of Collateral. Subject to the Intercreditor Agreement, eachEach
Obligor hereby pledges, assigns and grants to Agent, for the benefit of the Holders, a security interest in all the
Equity Interests in which such Obligor has any interest, including the Shares, together with all proceeds and substitutions thereof,
all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection
therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. To the
extent required by the terms and conditions governing the Equity Interests in which an Obligor has an interest, such Obligor shall
cause the books of each Person whose Equity Interests are part of the Collateral and any transfer agent to reflect the pledge
of the Equity Interests. Subject to the Intercreditor Agreement, uponUpon
the occurrence and during the continuance of an Event of Default hereunder, Agent may effect the transfer of any securities
included in the Collateral (including but not limited to the Equity Interests) into the name of Agent and cause new certificates
representing such securities to be issued in the name of Agent or its transferee. Subject to
the Intercreditor Agreement, eachEach Obligor
will execute and deliver such documents, and take or cause to be taken such actions, as Agent may reasonably request to perfect
or continue the perfection of Agent’s security interest in the Equity Interests. Unless an Event of Default shall have occurred
and be continuing and the Obligors shall have received written notice from Agent of its intention to suspend such rights, the
Obligors shall be entitled to exercise any voting rights with respect to the Equity Interests in which it has an interest and
to give consents, waivers and ratifications in respect thereof; provided that: no such notice shall be required if any
Obligor has commenced an Insolvency Proceeding and, in any event, no vote shall be cast or consent, waiver or ratification given
or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation
of any of such terms. Subject to the Intercreditor Agreement, allAll
such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and during the
continuance of an Event of Default and following receipt by the Obligors of written notice from Agent of Agent’s intention
to suspend such rights (unless an Insolvency Proceeding has been commenced), further provided that all such rights to vote and
give consents, waivers and ratifications shall revive in the event that the applicable Event of Default is cured or waived.

 

(e) Appointment
of Agent. Each Holder, by its acceptance of this Agreement, hereby irrevocably appoints and authorizes Agent to perform the
duties as collateral agent under this Agreement and the other Note Documents, including: (i) to execute or file any and all financing
or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other
written agreements with respect to this Agreement or any other Note Document; (ii) to perform, exercise, and enforce any and all
other rights and remedies of the Holders with respect to the Obligors, the Obligations, or otherwise related to any of same to
the extent reasonably incidental to the exercise by Agent of the rights and remedies specifically authorized to be exercised by
Agent by the terms of this Agreement or any other Note Document; (iii) to incur and pay such fees necessary or appropriate for
the performance and fulfillment of its functions and powers pursuant to this Agreement or any other Note Document; and (iv) to
take such action as Agent deems appropriate on its behalf to exercise such powers delegated to Agent by the terms hereof or the
other Note Documents (including, without limitation, the power to give or to refuse to give notices, waivers, consents, approvals
and instructions and the power to make or to refuse to make determinations and calculations) together with such powers as are reasonably
incidental thereto to carry out the purposes hereof and thereof and consents and agrees to the terms of Sections 3 and 9
and the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and
authorizing the Agent to enter into the Security Document on its behalf) as the same may be in effect or may be amended or otherwise
modified from time to time in accordance with their terms and this Agreement, and authorizes and directs Agent to enter into the
Note Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. As to any matters not
expressly provided for by this Agreement and the other Note Documents, Agent shall not be required to exercise any discretion or
take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining
from acting) upon the instructions of the Majority Holders; provided, however, that Agent shall not be required to
take any action which, in the reasonable opinion of Agent, exposes Agent to liability or which is contrary to this Agreement or
any other Note Document or applicable law.

 

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4. Representations and
Warranties of the Obligors. Each Obligor represents and warrants to Agent and the Holders as follows, subject to the exceptions
to the following as set forth in the Exceptions Schedule:

 

(a) Due Organization,
Authorization; Power and Authority; Binding Obligation.

 

(i) Each Obligor
(A) is duly existing and in good standing in its jurisdiction of formation and is qualified and licensed to do business and is
in good standing in any other jurisdiction in which the conduct of its business or ownership of property requires that it be so
qualified, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; (B) has the exact
legal name that is indicated on the signature page hereof; (C) is an organization of the type and is organized in the jurisdiction
set forth on Schedule 4(a)(i) hereto; (D) has the organizational identification number set forth on Schedule 4(a)(i) hereto; (E)
has the place of business, or, if more than one, chief executive office as well as the mailing address (if different than its
chief executive office) set forth on Schedule 4(a)(i) hereto; and (F) has not, in the past five (5) years, changed its jurisdiction
of formation, organizational structure or type, or any organizational number assigned by its jurisdiction.

 

(ii) The
execution, delivery and performance of the obligations contained in this Agreement and the Note Documents by each Obligor has been
duly authorized, and do not (i) conflict with any of the Obligors’ Operating Documents or other organizational documents,
or applicable consents and/or waivers which may have been obtained, (ii) contravene, conflict with, constitute a default under
or violate any material Requirement of Law, (iii) contravene, conflict with or violate any applicable order, writ, judgment, injunction,
decree, determination or award of any Governmental Authority by which such Obligor or any of its property or assets may be bound
or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental
Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or (v) conflict
with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material
agreement by which such Obligor is bound. No Obligor is in default under any agreement to which it is a party or by which it or
any of its assets is bound in which the default could reasonably be expected to have a Material Adverse Effect.

 

(iii)
Each Obligor has full legal capacity, power and authority to execute and deliver this Agreement and the other Note Documents and
to perform its obligations hereunder and thereunder. This Agreement and the other Note Documents constitute valid and binding obligations
of each Obligor, enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(b) Collateral.
Each Obligor has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to
grant a Lien hereunder and under the other Note Documents, free and clear of any and all Liens except Permitted Liens.

 

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(c)
Collateral Accounts; Accounts. Except for the Collateral Accounts described on Schedule 4(c) or in a notice timely delivered
pursuant to Section 6.6, no Obligor has any Collateral Accounts at or with any bank, broker or other financial institution,
and, solely with respect Collateral Accounts of the Obligors and subject to the Intercreditor
Agreement, the Obligors have taken such actions as are necessary to give Agent a perfected security interest therein
as required pursuant to the terms of Section 6.6. The Accounts are bona fide, existing obligations of the Account Debtors.

 

(d) Collateral.
The Collateral is located only at the locations identified on Schedule 4(d) and other Permitted Locations. The Collateral is not
in the possession of any third party bailee (such as a warehouse) except as otherwise provided on Schedule 4(d) or as disclosed
in writing pursuant to Section 6(a)(ix).

 

(e) Intellectual
Property. Each Obligor is the sole owner of the Intellectual Property which it owns or purports to own except for (i) non-exclusive
licenses granted to its customers in the Ordinary Course of Business or as permitted under Section 6(b)(i), (ii) open- source
software, (iii) over-the-counter software that is commercially available to the public, (iv) material Intellectual Property licensed
to such Obligor and noted on Schedule 4(e) or as disclosed pursuant to Section 6(a)(vi), and (v) immaterial Intellectual
Property licensed to such Obligor. Each Patent (other than patent applications) which such Obligor owns or purports to own and
which is material to such Obligor’s business is, to such Obligor’s knowledge, valid and enforceable, and no part of
the Intellectual Property which such Obligor owns or purports to own and which is material to such Obligor’s business has
been judged invalid or unenforceable, in whole or in part. To the best of the Obligors’ knowledge, no claim has been made
in writing that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would
not reasonably be expected to have a Material Adverse Effect. Except as noted on Schedule 4(e) or as disclosed pursuant to Section
6(a)(vi), no Obligor is a party to, is bound by, any Restricted License.

 

(f) Litigation
and Proceedings. Except as set forth on Schedule 4(f) or as otherwise disclosed in writing pursuant to Section 6(a)(i),
there are no actions, suits, litigations, investigations or proceedings, at law or in equity, pending, or, to the knowledge of
any Responsible Officer, threatened in writing, by or against the Obligors (excluding any actions, suits, litigations, investigations
or proceedings, at law or in equity, pending, or, to the knowledge of any Responsible Officer threatened in writing against the
Obligors arising under an insurance policy issued or serviced by the Obligors in the Ordinary Course of Business) involving (i)
more than, individually or in the aggregate Two Hundred Eighty Seven Thousand Five Hundred Dollars ($287,500) or in which any adverse
decision has had or could reasonably be expected to have any Material Adverse Effect, or (ii) infringement of any Intellectual
Property that is material to the operations of the business of the Company and its Subsidiaries, taken as a whole. Except as set
forth on Schedule 4(f), there are no actions, suits, investigations or proceedings pending or, to the knowledge of any Responsible
Officer, threatened in writing by or against the Obligors involving challenges to the validity of any Intellectual Property that
is material to the Obligors’ business, taken as a whole.

 

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(g)
Financial Statements; Financial Condition. All consolidated financial statements for the
Companyany Obligor delivered to the Holders fairly present, in conformity
with GAAP, except with respect to such unaudited financial statements, (i) for the absence of footnotes and (ii) that are subject
to normal year-end adjustments, in all material respects the Company’ssuch
Obligor’s consolidated financial condition and the Company’ssuch
Obligor’s consolidated results of operations as of the respective dates thereof and the results of operations of
the Companyany Obligor
for the respective periods then ended. No event, occurrence or development has occurred at any time on or after December
31, 2019, which has had or could reasonably be expected to have any Material Adverse Effect.

 

(h) Solvency.
The fair salable value of the consolidated assets of the CompanyParent
and its Subsidiaries (including goodwill minus disposition costs) exceeds the fair value of the liabilities of the CompanyParent
and its Subsidiaries, taken as a whole, as of the date of this Agreement; the CompanyParent
and its Subsidiaries, taken as a whole, will not be left with unreasonably small capital after the Closings contemplated hereby;
and the Company is able to pay its debts (including trade debts) as they mature.

 

(i) Regulatory Compliance.

 

(i)
None of the CompanyParent
and its Subsidiaries is an “investment company” or a company “controlled” by a Person required to register
as an “investment company” under the Investment Company Act of 1940, as amended. None of the CompanyParent
and its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T
and U of the Federal Reserve Board of Governors). None of the CompanyParent
and its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary
company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of
2005. The CompanyParent
and its Subsidiaries (a) have complied in all material respects with all Requirements of Law including the Federal Fair Labor Standards
Act and all applicable insurance company-related laws and regulations, and (b) have not violated any Requirements of Law the violation
of which could reasonably be expected to have Material Adverse Effect. None of the Company’sParent’s
or any of its Subsidiaries’ properties or assets have been used by the CompanyParent
or such Subsidiaries or, to the best of the Company’sParent’s
knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than
legally, excluding the use and storage of standard office supplies. The CompanyParent
and its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given
all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted
except where failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

(ii)
None of the CompanyParent,
its Subsidiaries or to the knowledge of the CompanyParent,
any of the Company’sParent’s
or its Subsidiaries’ Affiliates or any of its respective agents acting or benefiting in any capacity in connection with the
transactions contemplated by this Agreement is (i) in violation of any Anti-Terrorism Law, (ii) engaging in or conspiring to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions
set forth in any Anti-Terrorism Law, or (iii) is a Blocked Person. None of the CompanyParent
or its Subsidiaries or to the knowledge of the CompanyParent,
any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this
Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the
benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to, any property or interest in
property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law.

 

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(j) Capitalization;
Subsidiaries; Investments. The Company has delivered to each Holder a capitalization table that is true, correct and complete
in all material respects with respect to all issued and outstanding Equity Interests, as of the initial Closing Date. The Obligors
do not, and will not at any time, have any Subsidiaries that are not Obligors hereunder, other than MIC. The Obligors do not own
any stock, partnership, or other ownership interest or other Equity Interests except for Permitted Investments.

 

(k) Tax Returns
and Payments; Pension Contributions. Each of the Obligors has timely filed all required tax returns and reports (or appropriate
extensions therefor), and has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions
owed by it, as applicable, except (i) to the extent such taxes are being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity
with GAAP shall have been made therefor, or (ii) if such taxes, assessments, deposits and contributions do not, individually exceed
$28,750 or $115,000 in the aggregate (in any 12 month period).

 

To the
extent any Obligor defers payment of any contested taxes in excess of $86,250, such Obligor shall: (i) notify the Holders in writing
of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required
to prevent any Governmental Authority from levying such contested taxes from obtaining a Lien upon any of the Collateral that is
other than a “Permitted Lien”. No Obligor is aware of any claims or adjustments proposed for any of such Obligor’s
prior tax years which could result in additional taxes becoming due and payable by such Obligor. Each Obligor has paid all amounts
necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and such
Obligor has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence
of any other event with respect to, any such plan which could reasonably be expected to result in any liability of such Obligor.

 

(l) Employee
Loans. Other than Permitted Investments, the Obligors have no outstanding loans to any employee, officer or director of the
Obligors nor have Obligors guaranteed the payment of any loan made to an employee, officer or director of the Obligors by a third
party.

 

(m) Use
of Proceeds. The Company shall use the proceeds of the Notes solely as working capital and to fund itsthe
general business expenses of the Parent and its Subsidiaries
in accordance with the provisions of this Agreement, including without limitation, for capital expenditures, and not for personal,
family, household or agricultural purposes.

 

(n) Shares.
The Obligors have full power and authority to create a lien on the Shares and no disability or contractual obligation exists that
would prohibit the Obligors from pledging the Shares pursuant to this Agreement. Except as set forth on Schedule 4(n), to the Obligors’
knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options
exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid
and non-assessable. To the Obligors’ knowledge, the Shares are not the subject of any present or threatened suit, action,
arbitration, administrative or other proceeding, and the Obligors know of no reasonable grounds for the institution of any such
proceedings.

 

    -10-

     

    

 

(o) Full
Disclosure. No written representation, warranty or other statement of the CompanyParent
or any of its Subsidiaries in any certificate or written statement given to the Holders, as of the date such representation, warranty,
or other statement was made, taken together with all such written certificates and written statements given to such Holders, contains
any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates
or statements not misleading in light of the circumstances under which they were made (it being recognized by each Holder that
the projections and forecasts provided by the Parent
and the Company in good faith and based upon reasonable assumptions are not viewed as facts and that actual
results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).

 

5. Representations and
Warranties of Holder. Each Holder represents and warrants to the Company upon the purchase of a Note as follows:

 

(a) Binding
Obligation. Each Holder has full legal capacity, power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. This Agreement and the Notes constitute valid and binding obligations of each Holder, enforceable in accordance
with their terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally and general principles of equity.

 

(b) Tax
Advisors. Each Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences
of this investment and the other transactions contemplated by this Agreement and the Note purchased by such Holder. With respect
to such matters, each Holder relies solely on any such advisors and not on any statements or representations of the Company or
any of its agents, written or oral. Each Holder understands that it (and not the Company) shall be responsible for its own tax
liability that may arise as a result of this investment and the transactions contemplated by this Agreement.

 

(c) Representations
by Non-U.S. Person. Each Holder hereby represents that such Holder is satisfied as to the full observance of the laws of its
place of incorporation and/or residence (the “Home Jurisdiction”) in connection with any invitation to purchase
the Note, including (i) the legal requirements within the Home Jurisdiction for the purchase of the Note, (ii) any foreign exchange
restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained and (iv) the income
tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Note.
Each Holder’s subscription and payment for, and each Holder’s continued beneficial ownership of, the Note will not
violate any applicable laws of the Home Jurisdiction.

 

    -11-

     

    

 

6.
Covenants.

 

(a) Affirmative Covenants
of the Parent and the Company. The Parent
and the Company covenantscovenant
that so long as any of the Notes are outstanding:

 

(i) Financial Statements,
Reports, Certificates; Notices. The CompanyParent
shall provide Agent and each Holder with the following:

 

(A) Monthly Financial
Statements. As soon as available, but no later than forty-five (45) days after the last day of each of the first two months
of a quarter, a company prepared consolidated and consolidating balance sheet, income statement and statement of cash flows covering
the Company’sParent’s
consolidated operations for such month, certified by a Responsible Officer as having been prepared in accordance with
GAAP, consistently applied, except (1) for the absence of footnotes, (2) that they are subject to normal year-end adjustments,
(3) they do not contain certain non-cash items that are customarily included in quarterly and annual financial statements, and
(4) as to the statement of cash flows are presented for management reporting that is not consistent with GAAP (the “Monthly
Financial Statements”);

 

(B) Monthly Compliance Certificate.
Within forty-five (45) days after the last day of each month and together with the Monthly Financial Statements, a duly completed
Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, each Obligor was in full compliance
with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants
set forth in this Agreement and such other information as Agent may reasonably request;

 

(C) Quarterly
Financial Statements. As soon as available, but no later than forty-five (45) days after the last day of each fiscal quarter,
a company prepared consolidated and consolidating balance sheet, income statement and statement of cash flows covering the Company’sParent’s
consolidated operations for such fiscal quarter, certified by a Responsible Officer as having been prepared in accordance
with GAAP, consistently applied, except (1) for the absence of footnotes, (2) that they are subject to normal year-end adjustments,
(3) they do not contain certain non-cash items that are customarily included in quarterly and annual financial statements, and
(4) as to the statement of cash flows are presented for management reporting that is not consistent with GAAP (the “Quarterly
Financial Statements”);

 

(D) Annual Operating Budget and
Financial Projections. Within thirty (30) days after the end of each fiscal year of the CompanyParent
(and promptly and within five (5) Business Days of any material modification thereto), (i) annual operating budgets (including
income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of the CompanyParent,
and (ii) annual financial projections and financial models for such fiscal year (on a quarterly basis) as approved by the Board,
together with any related business forecasts used in the preparation of such annual financial projections;

 

(E) Annual Audited Financial
Statements. As soon as available, but no later than one hundred fifty (150) days after the last day of the Company’sParent’s
fiscal year or within five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently
applied, together with an unqualified opinion (other than a qualification with respect to a “going-concern” that is
typical to the Company’sParent’s
stage of development) on the financial statements from an independent certified public accounting firm;

 

    -12-

     

    

 

(F)
Regulatory Reports. The CompanyParent
shall deliver to Agent and the Holders any material report and supporting documentation relating to the performance
of MIC’s or any other Prohibited Subsidiary’s insurance business delivered to an insurance regulatory body, including,
but not limited to, ceded net written premiums, general agent’s commissions, paid losses, all quarterly (if prepared) and
annual actuarial reports, and loss adjustment expenses (collectively, the “Regulatory Reports”) in the form
provided to the applicable regulatory body all within a reasonable time (not to exceed ten (10) days following the delivery of
any such Regulatory Reports to such regulatory body; provided, however, to the extent any such Regulatory Reports have been previously
delivered to Agent or Holders in connection with this Section 6(a)(ii)(F), the CompanyParent
shall not be required to deliver such Regulatory Reports to Agent and Holders again; and, provided further, that Regulatory
Reports excludes any rate and fee filings (and supporting documentation), model filings (and supporting documentation), and Ordinary
Course of Business statutory tax filings;

 

(G) Other Statements. Within
five (5) Business Days of delivery, copies of all statements, reports and notices generally made available to the Company’sParent’s
Equity Interest holders or to any holders of Subordinated Debt, but expressly excluding any Board materials, minutes, actions by
written consent, or other similar materials;

 

(H) SEC Filings. In the event
that the CompanyParent
becomes subject to the reporting requirements under the Securities Exchange Act of 1934, as amended, within five (5) Business Days
of filing, copies of all periodic and other reports, proxy statements and other materials filed by the CompanyParent
with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange,
or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date on which the CompanyParent
posts such documents, or provides a link thereto, on the Company’sParent’s
website on the Internet at the Company’sParent’s
website address; provided, however, the CompanyParent
shall promptly notify Holders in writing (which may be by electronic mail) of the posting of any such documents, which will satisfy
the delivery requirement hereunder;

 

(I) Legal Action Notice.
A prompt report of any legal actions pending or threatened in writing against the CompanyParent
or any of its Subsidiaries, (excluding any actions, suits, litigations, investigations or proceedings, at law or in equity, pending,
or, to the knowledge of any Responsible Officer, threatened in writing against MIC (and not the CompanyParent
or other Subsidiary) arising under an insurance policy issued or serviced by MIC in the Ordinary Course of Business) that could
result in damages or costs to the CompanyParent
or any of its Subsidiaries of, individually or in the aggregate, $402,500 or more;

 

(J) Intellectual Property
Report. Within 45 days of the last day of each fiscal quarter, a report signed by a Responsible Officer, in form reasonably
acceptable to Agent, listing any applications or registrations that the Obligors or any of their Subsidiaries have made or filed
in respect of any Patents, Copyrights or Trademarks and any changes in the status of any outstanding applications or registrations,
as well as any material change in the Obligors or any of their Subsidiaries’ Intellectual Property, including but not limited
to any subsequent ownership right acquired in or to any Trademark, Patent or Copyright not specified in an intellectual property
security agreement delivered to Agent by such Person in connection with this Agreement; and

 

    -13-

     

    

 

(K) Other Financial Information.
Other financial information reasonably requested by Agent.

 

(ii) Compliance
with Laws. The CompanyParent
will, and will cause each of its Subsidiaries to, maintain its legal existence and good standing in their respective jurisdictions
of formation or organization and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably
be expected to have a Material Adverse Effect. The CompanyParent
shall comply, and have each Subsidiary comply, with all laws, ordinances and regulations to which it is subject except where a
failure to do so could not reasonably be expected to have a Material Adverse Effect. The Parent
and the Company will obtain and keep in full force and effect all of the Governmental Approvals necessary
for the performance by the Parent and the Company of its obligations under this
Agreement and the Notes.

 

(iii) Insurance.
The CompanyParent
will, and will cause each of its Subsidiaries to:

 

(A) Keep its business
and the Collateral insured for risks and in amounts standard for companies in the Obligors’ industry and location and as
Agent may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies
that are not Affiliates of the Obligors, and in amounts that are reasonably satisfactory to Agent. Specifically, and
subject to the Intercreditor Agreement, (i) all property policies shall have a lender’s loss payable endorsement
showing Agent as lender loss payee and waive subrogation against Agent, (ii) all liability policies shall show, or have endorsements
showing, Agent as an additional insured, and (iii) Agent shall be named as lender loss payee and/or additional insured with respect
to any such insurance providing coverage in respect of any Collateral.

 

(B) Ensure that proceeds payable under
any property policy (other than insurance with respect to real property) are, at Agent’s option, payable to Agent on account
of the Obligations. Notwithstanding the foregoing, and subject to the Intercreditor Agreement,
(a) so long as no Event of Default has occurred and is continuing, the Obligors shall have the option of applying the proceeds
of any casualty policy up to Five Hundred Thousand Dollars ($500,000), in the aggregate per calendar year, toward the prompt replacement
or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or similar
value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Agent has been granted a security interest
and (b) after the occurrence and during the continuance of an Event of Default, all such proceeds shall, at the option of Agent,
be payable to Agent, for the benefit of the Holders, on account of the Obligations.

 

(C)
At Agent’s written request, the CompanyParent
shall deliver copies of insurance policies and evidence of all premium payments. Subject
to the Intercreditor Agreement, eachEach
provider of any such insurance required under this Section 6(a)(iii) shall agree, by endorsement upon the policy or policies
issued by it or by independent instruments furnished to Agent, that it will give Agent twenty (20) days prior written notice before
any such policy or policies shall be canceled (or ten (10) days’ notice for cancellation for non-payment of premiums). If
the Obligors fail to obtain insurance as required under this Section 6(a)(iii) or to pay any amount or furnish any required
proof of payment to third persons and Agent, Agent and/or any Holder may make all or part of such payment or obtain such insurance
policies required in this Section 6(a)(iii), and take any action under the policies Agent or such Holders deems prudent.

 

    -14-

     

    

 

(iv)
Maintenance of Properties. The CompanyParent
will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties
in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection
therewith may be properly conducted at all times, provided that this Section 6(a)(iv) shall not prevent the CompanyParent
or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable
in the conduct of its business and the CompanyParent
has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(v)
Taxes; Pensions. The CompanyParent
will timely file (or file timely extensions), and require each of its Subsidiaries to timely file (or file timely extensions),
all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay (or file timely extensions),
all foreign, federal, state and local taxes, assessments, deposits and contributions owed by the CompanyParent
and each of its Subsidiaries, except for (i) deferred payment of any taxes contested in good faith by appropriate proceedings promptly
instituted and diligently conducted, and (ii) taxes which do not exceed $86,250 at any time, and shall deliver to Agent, on demand,
appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing
and deferred compensation plans in accordance with their terms.

 

(vi) Intellectual
Property. The CompanyParent
will, and will cause each of its Subsidiaries to:

 

(A) Use commercially
reasonable efforts, consistent with reasonable business practices, to (1) protect, defend and maintain the validity and enforceability
of its Intellectual Property that is material to its business; (2) promptly advise the Holders in writing of material infringements
or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property
that is material to its business; and (3) not allow any Intellectual Property material to the Obligors’ business to be abandoned,
forfeited or dedicated to the public without the Majority Holders’ written consent, which consent will not be unreasonably
withheld, conditioned, or delayed.

 

(B) Provide written notice to
Agent within thirty (30) days of entering or becoming bound by any Restricted License. The Obligors shall take such commercially
reasonable steps as Agent reasonably requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary
for: (1) any Restricted License to be deemed “Collateral” and for Agent to have a security interest in it that might
otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into
in the future, and (2) Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral
in accordance with Agent’s rights and remedies under this Agreement and the other Note Documents.

 

    -15-

     

    

 

(C) (1) Provide written notice to
Agent not less than fifteen (15) days prior to the filing of any new applications or registrations with the United States Copyright
Office, including the title of such intellectual property rights to be registered, as such title will appear on such applications
or registrations, and the date such applications or registrations will be filed; (2) prior to the filing of any such applications
or registrations, execute such documents as Agent may reasonably request for Agent to maintain its perfection in such intellectual
property rights to be registered by the Obligors; (3) upon the request of Agent, either deliver to Agent or file such documents
simultaneously with the filing of any such applications or registrations; and (4) upon filing any such applications or registrations,
promptly provide Agent with a copy of such applications or registrations together with any exhibits, evidence of the filing of
any documents requested by Agent to be filed for Agent to maintain the perfection and priority of its security interest, for the
benefit of the Holders, in such intellectual property rights, and the date of such filing.

 

(vii)
Access to Collateral; Books and Records. Upon five Business Days’ prior notice to the CompanyParent,
the Majority Holders, on a joint basis, or their agents, may inspect the Collateral and audit and copy the Obligors’ books
and records (excluding any Attorney Client Excluded Materials), which inspections shall be at reasonable times and during normal
business hours; provided that upon an Event of Default no such prior notice is required and any such inspections may be
during normal business hours in the sole and absolute discretion of Agent. Such inspections or audits shall be conducted no more
often than once every six (6) months unless an Event of Default has occurred and is continuing in which case such inspections and
audits shall occur as often as Agent shall determine is necessary. The foregoing inspections and audits shall be at the Company’sParent’s
expense. Further, prior to the occurrence and continuance of an Event of Default and the acceleration of the Obligations hereunder,
access to the Obligors’ books and records shall not include access to the Board Materials.

 

(viii) Insurance
Financial Executive. Within 90 days of the Closing Deadline, MIC will have retained an insurance financial executive, mutually
and reasonably agreeable to the CompanyParent
and Agent.

 

(ix)
Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained herein
(including Sections 6(b)(iii) and 6(b)(vi) hereof), at the time that the CompanyParent
or any Subsidiary forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective
Date: (a) promptly, and in any event within five (5) Business Days of such formation or acquisition, provide written notice to
Agent and the Holders together with certified copies of the Operating Documents for such Subsidiary (such notice a “New
Subsidiary Notice”), and (b) promptly, and in any event within 15 days of such formation or creation: (1) take all such
action as may be reasonably required by Agent to (x) cause each such new Subsidiary (other than Prohibited Subsidiary (as
defined under the Senior Loan Agreement)) to provide to Agent a joinder to this Agreement pursuant to which such
Subsidiary becomes a Guarantor hereunder, and (y) grant a continuing pledge and security interest in and to the property of such
Subsidiary constituting Collateral (substantially as described on Annex I), in each case together with such appropriate
financing statements, Account Control Agreements (to the extent required and subject to the Intercreditor
Agreement) and other documents, instruments and agreements reasonably requested by Agent, all in form and substance
reasonably satisfactory to Agent (including being sufficient to grant Agent, for the benefit of the Holders, a second priority
Lien (subject to Permitted Liens) in and to the property constituting Collateral of such newly formed or acquired Subsidiary),
(2) subject to the Intercreditor Agreement, provide to Agent appropriate certificates
and powers and financing statements, pledging all of the direct or beneficial Equity Interests in such new Subsidiary, in form
and substance satisfactory to Agent, and (3) provide to Agent all other documentation in form and substance satisfactory to Agent,
including one or more opinions of counsel satisfactory to Agent, which in its opinion is appropriate with respect to the execution
and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant
to this Section 5(a)(ix) shall be a Note Document.

 

    -16-

     

    

 

(x) Property Locations.
The Obligors will:

 

(A) Provide to Agent and the
Holders at least ten (10) days’ prior written notice before adding any new offices or business or Collateral locations, including
warehouses (unless such new offices or business or Collateral locations qualify as Excluded Locations).

 

(B) Subject
to the Intercreditor Agreement and uponUpon
the request of Agent, with respect to any property or assets of the Obligors located with a third party, including a bailee, datacenter
or warehouse (other than Excluded Locations), the Obligors shall use commercially reasonable efforts to cause such third party
to execute and deliver a Collateral Access Agreement for such location, including an acknowledgment from each of the third parties
that it is holding or will hold such property for Agent’s benefit. Subject to the Intercreditor
Agreement and uponUpon the request of Agent,
the Obligors shall deliver to Agent each warehouse receipt, where negotiable, covering any such property.

 

(C) Subject
to the Intercreditor Agreement, withWith
respect to any property or assets of the Obligors located on leased premises (other than Excluded Locations), the Obligors shall
use commercially reasonable efforts to cause such third party to execute and deliver a Collateral Access Agreement for such location.

 

(xi)
Inventory; Returns. The CompanyParent
will, and will cause each of its Subsidiaries to, keep all Inventory in good and marketable condition, free from material defects.
Returns and allowances between the Obligors and its users shall follow the Obligors’ customary practices as they exist on
the initial Closing Date. The Obligors must promptly notify Agent of all returns, recoveries, disputes and claims (other than claims
that relate to ordinary insurance claims) that involve more than One Hundred Thousand Dollars ($100,000).

 

(xii)
Deposit and Securities Accounts. The CompanyParent
will, and will cause each of its Subsidiaries to:

 

(A) Maintain its, and cause each
of its Subsidiaries to maintain their respective, operating and other deposit accounts and securities accounts only at the banks
and other financial institutions identified on Schedule 4(c) or as disclosed pursuant to a notice timely delivered pursuant to
Section 6(a)(xii)(B). The Obligors shall further maintain, at all times, an ACH payment structure in favor of Agent reasonably
satisfactory to Agent.

 

    -17-

     

    

 

(B) Provide Agent five (5) Business
Days prior written notice before establishing any Collateral Account of the CompanyParent
or any Subsidiary at or with any bank, broker or other financial institution, and upon opening such account, provide Agent with
a written notice identifying the name, address and telephone number of each bank or other institution, the name in which the account
is held, a description of the purpose of the account, and the complete account number therefor. Subject
to the Intercreditor Agreement, forFor each
Collateral Account that the CompanyParent
or any Subsidiary at any time maintain, the CompanyParent
shall cause the applicable bank, broker or financial institution at or with which any Collateral Account is maintained to execute
and deliver an Account Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Agent’s
Lien in such Collateral Account in accordance with the terms hereunder which Account Control Agreement may not be terminated without
the prior written consent of Agent. The provisions of the previous sentence shall not apply to (i) deposit accounts exclusively
used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of the Company’sParent’s
or its Subsidiaries’ employees and identified to Agent by the CompanyParent
as such and (ii) deposit accounts holding Cash exclusively securing obligations permitted under clause (g) of the definition of
Permitted Indebtedness in an amount not to exceed the amounts set forth in such clause (g), provided that at any time that any
of the Cash in the deposit accounts referenced in the foregoing clause (ii) is no longer being used to secure the obligations permitted
under clause (g) of the definition of Permitted Indebtedness then any such Cash shall be transferred to a Collateral Account that
shall be subject to provisions of the foregoing sentence.

 

(xiii) Minimum
Cash. The Obligors shall, at all times, maintain aggregate unrestricted cash in one or more Deposit Accounts of the Obligors
that are subject to the first priority security interest of Senior Agent and are covered by Account
Control Agreements in favor of Senior Agent that have already been fully executed and delivered as of April 10, 2020,
of at least the following amounts (the “Minimum Cash Requirement”): (A) Seventeen Million Five Hundred Thousand
Dollars ($17,500,000) until and including December 31, 2020 and (B) Ten Million Dollars ($10,000,000) on and after January 1, 2021.
Borrowers shall, at all times, maintain Ten Million Dollars ($10,000,000) of the Minimum Cash Requirement with
Western Alliance Bank (for so long as Western Alliance Bank remains a Lender (as defined in the Senior Loan Agreement) under the
Senior Loan Agreement, and thereafter, at a financial institution satisfactory to the Required
Lenders (as defined in the Senior Loan Agreement) and Senior Agent)Holders.
The Obligors shall, within 45 days after the last day of each fiscal quarter and together with the Quarterly Financial Statements,
provide Agent and each Holder with such information as Agent shall reasonably request in order to confirm the Obligors’ compliance
with the Minimum Cash Requirement.

 

(xiv)
Litigation Cooperation. From the Effective Date and continuing through the termination of this Agreement, make available
to Agent and the Holders, without expense to Agent or the Holders, the Obligors and their officers, employees and agents and the
Obligors’ books and records, to the extent that Agent or any Holder may deem them reasonably necessary to prosecute or defend
any third-party suit or proceeding instituted by or against Agent or any Holder with respect to any Collateral or relating to
the Obligors in connection with the Note Documents, provided, however, the foregoing may be subject to such exclusions and redactions
as the Obligors deem reasonably necessary, in the exercise of its good faith judgment and advice of counsel, in order to (A) prevent
impairment of the attorney client privilege, or (B) avoid violating enforceable obligations to third parties with respect to the
confidentiality or non-disclosure of confidential information provided by such third parties (collectively, the “Attorney
Client Excluded Materials”). Unless otherwise deemed specifically necessary by Agent in connection with the foregoing,
as reasonably determined by Agent, prior to the occurrence and continuance of an Event of Default and the acceleration of the
Obligations hereunder, access to the Obligors’ books and records shall not include access to the Board Materials.

 

    -18-

     

    

 

(xv)
Further Assurances. From time to time, the CompanyParent
will, and will cause each of its Subsidiaries to, execute, endorse and deliver any further documents, instruments and agreements,
in form reasonably satisfactory to Agent, and take any further action, as Agent reasonably requests to perfect or continue Agent’s
Lien in the Collateral or to effect the purposes of this Agreement.

 

(b) Negative Covenants of
the Parent and the Company. The Parent
and the Company covenantscovenant
that so long as any of the Notes are outstanding:

 

(i)
Dispositions. The CompanyParent
will not, and will not permit any Subsidiary to convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”),
or permit any of their Subsidiaries to Transfer, all or any part of its business or property, except for Permitted Transfers.

 

(ii)
Changes in Business, Management, Ownership, or Business Locations. The CompanyParent
will not, and will not permit any Subsidiary to (A) engage in any business other than the businesses currently engaged in by the
CompanyParent
and its Subsidiaries, as applicable, or reasonably related thereto; (B) except as otherwise permitted under Sections 6(b)(i)
or 6(b)(iii), liquidate or dissolve, or discontinue all or any material portion of its business activities or affairs, or
take any Board action in furtherance of any of the foregoing; (C) fail to provide notice to Agent and the Holders of any Key Person
departing from or ceasing to be employed by the CompanyParent
within five (5) Business Days after departure from the CompanyParent;
(D) have a Change of Control; (E) without at least ten (10) days prior written notice to Agent and the Holders add any new offices
or business locations, including warehouses (unless such new offices or business locations already qualifies as a Permitted Location),
or (F) except in connection with the Metromile Acquisition,
without at least thirty (30) days prior written notice to Agent and the Holders (1) change its jurisdiction of organization, (2)
change its organizational structure or type, (3) change its legal name, or (4) change any organizational number (if any) assigned
by its jurisdiction of organization.

 

(iii)
Mergers, Consolidation, Etc. The CompanyParent
will not merge, divide or consolidate, or permit any of its Subsidiaries to merge, divide or consolidate, with any
other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock, Equity
Interests or property of another Person (including, without limitation, by the formation of any Subsidiary) or enter into any
agreement to do any of the same; provided that (x) any Person may merge, divide or consolidate with (or into) the CompanyParent
in a transaction in which the surviving legal entity is the CompanyParent,
or (y) any Person may merge, divide or consolidate with (or into) any Subsidiary of Parent
in a transaction in which the surviving legal entity is a Subsidiary (provided that any such merger, division or
consolidation involving a Guarantor must result in the surviving entity becoming a Subsidiary Guarantor), and, in each case, as
long as no Event of Default has occurred and is continuing prior thereto or arises as a result therefrom.

 

    -19-

     

    

 

(iv)
Indebtedness. The CompanyParent
will not, and will not permit any Subsidiary to create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary
to do so, other than Permitted Indebtedness or issue any Disqualified Stock.

 

(v) Encumbrance.
Except for Permitted Liens, the CompanyParent
will not, and will not permit any Subsidiary to create, incur, allow, or suffer any Lien on any of its property, or assign or convey
any right to receive income, including the sale of any Accounts, or permit any of their Subsidiaries to do so, permit any Collateral
not to be subject to the security interest granted herein, or enter into any agreement, document, instrument or other arrangement
(except with or in favor of Agent, for the benefit of the Holders) with any Person which directly or indirectly prohibits or has
the effect of prohibiting the CompanyParent
or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of the Company’sParent’s
or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 6(b)(i) hereof and the definition
of “Permitted Liens” herein.

 

(vi)
Distributions; Investments. The CompanyParent
will not, and will not permit any Subsidiary to (a) pay any dividends or make any distribution or payment in respect
of, or redeem, retire or purchase, any Equity Interests provided that (i) the Companyan
Obligor may convert any of its convertible Equity Interests (including warrants) into other Equity Interests issued by
the Companysuch Obligor (other than Disqualified
Stock) pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) the
Companyan Obligor may convert Subordinated Debt issued by the
Companysuch Obligor into Equity Interests issued by the Companysuch
Obligor (other than Disqualified Stock) pursuant to the terms of such Subordinated Debt and to the extent permitted under
the terms of the applicable subordination or intercreditor agreement with Agent; (iii) the Companyan
Obligor may pay dividends solely in Equity Interests of the Companysuch
Obligor (other than Disqualified Stock); (iv) Tax Distributions to the Companyan
Obligor or Affiliates; and (v) the Companyan
Obligor may repurchase the Equity Interests issued by the Companysuch
Obligor from former employees or consultants pursuant to stock repurchase agreements approved by the
Company’ssuch Obligor’s Board so long as an Event of Default
does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate
amount of all such repurchases does not exceed Two Hundred Thirty Thousand Dollars ($230,000) in any 12-Month Period and the aggregate
repurchase price does not exceed the original consideration paid for such Equity Interests; and (vi) any Subsidiary may pay dividends
or make distributions to the CompanyParent
or another Subsidiary that is its direct parent entity; and (vii) the Companyan
Obligor may pay cash in lieu of issuing fractional shares (not to exceed an aggregate of Twenty-Eight Thousand Seven Hundred
Fifty Dollars ($28,750) per fiscal year per the Companysuch
Obligor); or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary)
other than Permitted Investments, or permit any of their Subsidiaries to do so. Notwithstanding the foregoing, the CompanyParent
and its Subsidiaries shall be permitted to make the repurchases, payments or distributions expressly permitted above
only if, at such time, and immediately after giving effect thereto: (i) no Default or Event of Default, exists or could reasonably
be expected to occur, (ii) each of the CompanyParent
and its Subsidiaries is solvent, and (iii) such payment or distribution is permitted under and is made in compliance
with all applicable laws, including Sections 170 and 173 of the Delaware General Corporation Law and all other applicable law.

 

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(vii)
Transactions with Affiliates. The CompanyParent
will not, and will not permit any Subsidiary to directly or indirectly enter into or permit to exist any material transaction with
any Affiliate of the CompanyParent,
except for (A) transactions that are in the Ordinary Course of Business of the CompanyParent
or such Subsidiary, upon fair and reasonable terms that are no less favorable to the CompanyParent
or such Subsidiary than would be obtained in an arm’s length transaction with a non-affiliated Person;
(B) bona fide rounds of indebtedness or equity financing by investors in the Parent
or the Company for capital raising purposes, including in respect of the Notes, (C) reasonable and customary
director, officer and employee compensation and other customary benefits (including retirement, health, stock option and other
benefit plans and indemnification arrangements approved by the relevant board of directors, board of managers or equivalent corporate
body), (D) transactions by and between or among the CompanyParent
and its Subsidiaries pursuant to services and other inter-company agreements between and among such entities, (E) transactions
with MIC that are required to satisfy regulatory requirements for the continued operation of MIC’s business; provided
that the Obligors may not transfer cash or property for such purposes more than once per fiscal quarter, and in such case such
a transfer may only occur (1) with the specific approval of the Board relating to such proposed specific transfer, including, without
limitation, as to reason for, the timing and the amount of any such transfer, and (2) the CompanyParent
provides written notice to the Holders of such proposed transfer no less than the date that is the earlier of (x) seven (7) days
prior to the date of the contemplated transfer or (y) concurrently with the notice to the Board with respect to such proposed transfer
and (F) the Metromile Acquisition.

 

(viii) Subordinated
Debt. The CompanyParent
will not, and will not permit any Subsidiary to (a) make or permit any payment on any Subordinated Debt, except under the terms
of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision
in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal,
interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Agent or any Holder,
except as expressly permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated
Debt is subject.

 

(ix)
Compliance. The CompanyParent
will not, and will not permit any Subsidiary to become an “investment company” or a company controlled
by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important
activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal
Reserve System), or use the proceeds of any Note for that purpose; fail to meet the minimum funding requirements of ERISA, permit
a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards
Act or violate any other law or regulation, if, in each case as to the foregoing, the failure to comply or violation could reasonably
be expected to have a Material Adverse Effect, or permit any of their Subsidiaries to do so; withdraw or permit any Subsidiary
to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with
respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in
any liability of any Obligor, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other
Governmental Authority.

 

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(x)
Economic Sanctions, Etc. Neither the CompanyParent
nor any of its Subsidiaries shall, nor shall the CompanyParent
or any of its Subsidiaries permit any Affiliate who owns at least 25% of the voting shares of the CompanyParent
to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on
the OFAC Lists. Neither the CompanyParent
nor any of their Subsidiaries shall, nor shall the CompanyParent
or any of its Subsidiaries permit any Affiliate who owns at least 25% of the voting shares of the CompanyParent
to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including,
without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked
Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant
to Executive Order No. 13224 or any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in Executive Order No. 13224 or other Anti-Terrorism Law.

 

(c) Covenants
of the Holder. Each Holder further agrees and covenants that at any time and from time to time it will promptly execute and
deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require
in order to carry out the full intent and purpose of this Agreement, to comply with the terms of the Company’s existing Charter,
as amended, and any other agreements referenced herein (including the Investor Agreements), each as may be amended, and to comply
with state or federal laws and all other regulatory approvals.

 

(d) Covenant
of Hudson. Within 10 Business Days of a receipt of settlement of proceeds pursuant to the reinsurance agreements by and between
Horseshoe Re Metromile Insurance HS0009, Horseshoe Re HS0035 - Metromile, or Horseshoe Re HS0060 - Metromile (each “Horseshoe”)
and MIC by the respective Horseshoe entity (such settled amounts in the aggregate the “Settlement Amount”),
Hudson will deliver to Company an amount equal to the Settlement Amount in exchange for a Note at a Subsequent Hudson Closing.
In no event will the aggregate Settlement Amounts delivered to the Company hereunder exceed $15,000,000 in the aggregate.

 

(e) Hudson Protection/Purchase
Obligation. For so long as the Note(s) held by Hudson remain outstanding:

 

(i) Hudson
will receive a veto right with respect to the Company’s ability to have MIC stop renewing all or a material portion of policies
(a “Voluntary Run Off”). The Company covenants it may not institute a Voluntary Run Off in the first 12 months
following the initial Closing Date.

 

(ii) Upon Hudson’s exercise of
its veto right, the Company may then (A) sell MIC to a third-party and use the proceeds thereof to repay up to $25.0 million of
the Hudson Notes (the “Third Party Sale”) or (B) if the foregoing is not successful or the Company opts not
to undertake such action, force a purchase and sale of 100% of the equity in MIC to Hudson in exchange for the cancellation, setoff
or other prepayment of $25.0 million of the Hudson Notes (the “Hudson Sale” and together with the Third Party
Sale, collectively, the “Sale”); provided that, for the avoidance of doubt, no prepayment premium shall
apply in connection with the Hudson Sale.

 

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(iii) If (A)
the Hudson Sale does not close (other than as a result of regulatory matters (assuming full and reasonable cooperation by the parties))
or (B) the Third Party Sale is consummated, in each case, within 90 days of such veto by Hudson, Hudson will lose any further veto
right to a Voluntary Run Off.

 

(f) Regulatory
Covenant. Hudson and the Company agree to cooperate, reasonably and in good faith, in obtaining any regulatory approvals necessary
to affect the terms of the transactions contemplated hereby, including the Sale. If documents have been agreed to, but regulatory
and other approvals/consents have not been received (if needed), any Subsequent Hudson Closing that has not occurred solely because
such approval has not been received will occur promptly (and no later than five (5) Business Days) following such approval being
received, subject to the satisfaction of any other conditions for such Closing specified herein.

 

7. Conditions to Closing of
the Holder. Each Holder’s obligation to purchase a Note at the applicable Closing is subject to the fulfillment,
on or prior to such Closing Date, of all of the following conditions, any of which may be waived in whole or in part by the written
consent of the Majority Holders:

 

(a) Representations
and Warranties; no Default. The representations and warranties made by the Companyeach
Obligor in Section 4 hereof shall have been true and correct when made, and shall be true and correct on the initial
Closing Date and no Default or Event of Default shall have occurred or be continuing.

 

(b) Legal
Requirements. At such Closing, the sale and issuance by the Company, and the purchase by the Holders of the Notes shall be
legally permitted by all laws and regulations to which each Holder is subject.

 

(c) Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at such Closing and all
documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Holders participating
in such Closing.

 

(d) Initial
Note Documents. Prior to the initial Closing, the Company shall have duly executed and delivered to Agent and each Holder the
following documents:

 

(i) this Agreement;

 

(ii) a form of Note
issued hereunder, completed to correspond to such Holder’s purchase; and

 

(iii) an intellectual property
security agreement(s) and any other Security Documents required by Agent.

 

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(e) Subsequent
Note Documents. Prior to each Closing after the initial Closing, the Company shall have duly executed and delivered to Agent
and each Holder a form of Note issued hereunder, completed to correspond to such Holder’s purchase.

 

8. Conditions to Obligations
of the Company. The Company’s obligation to issue and sell the Notes at each Closing is subject to the fulfillment,
on or prior to such Closing Date, of the following conditions, any of which may be waived in whole or in part by the Company:

 

(a) Representations
and Warranties. The representations and warranties made by the Holders in Section 5 hereof shall be true and correct
when made, and shall be true and correct on such Closing Date.

 

(b) Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after such Closing Date with certain federal
and state regulatory bodies, the Company shall have obtained all Governmental Approvals required in connection with the lawful
sale and issuance of the Notes sold and issued in such Closing.

 

(c) Legal
Requirements. (i) The sale and issuance by the Company, and the purchase by each participating Holder of Notes at such Closing
and (ii) the sale and issuance by the Company, and the purchase by each participating Holder of Warrants following the Closing
Deadline, shall be legally permitted by all laws and regulations to which each Holder or the Company are subject.

 

(d) Consideration.
Each Holder participating in such Closing shall have delivered to the Company the Original Principal Amount for the Note purchased
by such Holder.

 

9.
Additional Collateral and Agency Provisions.

 

(a) Rights
and Remedies. Upon the occurrence and during the continuance of an Event of Default and subject
to the Intercreditor Agreement, Agent may, and at the written direction of the Majority Holders shall, without
notice or demand, do any or all of the following:

 

(i) (x)
deliver notice of the Event of Default to the Company and (y) declare all Obligations immediately due and payable (but if an Event
of Default described in Sections 3(a)(iii) or 3(a)(iv) of the Note occurs all Obligations shall be immediately due and payable
without any action by Agent or Holders);

 

(ii) verify
the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Agent considers advisable, and notify any Person
owing any Obligor money of Agent’s security interest, for the benefit of the Holders, in such funds;

 

(iii)
make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest
in the Collateral. The Obligors shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent
may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred.
Each Obligor grants Agent a license to enter and occupy any of its premises, without charge, to exercise any of Agent’s
rights or remedies;

 

    -24-

     

    

 

(iv)
apply to the Obligations any amount held by Agent or any Holder owing to or for the credit or the account of the Obligors;

 

(v)
ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Agent is
hereby granted a non-exclusive, royalty- free license or other right to use, without charge, any Obligor’s labels, Patents,
Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar
property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in
connection with Agent’s exercise of its rights under this Section, any Obligors’ rights under all licenses and all
franchise agreements inure to Agent’s benefit;

 

(vi)
deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Account Control
Agreement or similar agreements providing control of any Collateral;

 

(vii) demand and
receive possession of the Obligors’ books and records; and

 

(viii) exercise
all rights and remedies available to Agent or Holders under the Notes Documents or at law or equity, including all remedies provided
under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

(b) Power
of Attorney. Each Obligor hereby irrevocably appoints Agent (and any of Agent’s partners, managers, officers,
agents or employees) as its lawful attorney-in-fact, with full power of substitution, exercisable upon the occurrence and
during the continuance of an Event of Default, to, subject to the Intercreditor
Agreement: (a) send requests for verification of Accounts or notify Account Debtors of Agent’s security
interest and Liens, for the benefit of the Holders, in the Collateral; (b) endorse any Obligor’s name on any checks or
other forms of payment or security; (c) sign any Obligor’s name on any invoice or bill of lading for any Account or
drafts against Account Debtors schedules and assignments of Accounts, verifications of Accounts, and notices to account
debtors; (d) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms
Agent determines reasonable; (e) make, settle, and adjust all claims under any Obligor’s insurance policies; (f) pay,
contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any
judgment based thereon, or otherwise take any action to terminate or discharge the same; (g)
transfer the Collateral into the name of Agent, any Holder or a third party as the Code permits; and (h) dispose of the
Collateral. Each Obligor further hereby appoints Agent (and any of Agent’s partners, managers, officers, agents or
employees) as its lawful attorney-in-fact, with full power of substitution, regardless of whether or not an Event of Default
has occurred or is continuing to, subject to the Intercreditor Agreement:
(i) sign any Obligor’s name on any documents and other security instruments necessary to perfect or continue the
perfection of, or maintain the priority of, Agent’s security interest, for the benefit of the Holders, in the
Collateral; and (ii) execute and do  all such assurances, acts and things which any Obligor is required, but fails to
do under the covenants and provisions of the Note Documents; and (iii) take any and all such actions as Agent may reasonably
determine to be necessary or advisable for the purpose of maintaining, preserving or protecting the Collateral or any of the
rights, remedies, powers or privileges of the Holders under this Agreement or the other Note Documents. Agent’s
foregoing appointment as each Obligor’s attorney in fact, and all of Agent’s rights and powers, coupled with an
interest, are irrevocable until all Obligations (other than contingent indemnification obligations as to which no claim has
been asserted or is known to exist) have been fully repaid, in cash, and otherwise fully performed.

 

    -25-

     

    

 

(c) Protective Payments.
Subject to the Intercreditor Agreement, ifIf
any Obligor fails to obtain the insurance called for by Section 6(a)(iii) or fails to pay any premium thereon or fails to
pay any other amount which any Obligor is obligated to pay under this Agreement or any other Note Document or which may be required
to preserve the Collateral, Agent may obtain such insurance or make such payment, and all amounts so paid by Agent are Holders’
expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured
by the Collateral. Agent will make reasonable efforts to provide the Company with notice of Agent obtaining such insurance at the
time it is obtained or within a reasonable time thereafter. No payments by Agent are deemed an agreement to make similar payments
in the future or Agent’s waiver of any Event of Default.

 

(d) Holder’s Liability for
Collateral. So long as Agent and Holders comply with reasonable banking practices regarding the safekeeping of the Collateral
in the possession or under the control of Agent or Holders, Agent and Holders shall not be liable or responsible for: (i) the safekeeping
of the Collateral; (ii) any loss or damage to the Collateral; (iii) any diminution in the value of the Collateral; or (iv) any
act or default of any carrier, warehouseman, bailee, or other Person. The Obligors bear all risk of loss, damage or destruction
of the Collateral.

 

(e) No Waiver; Remedies Cumulative.
Failure by Agent or any Holder, at any time or times, to require strict performance by any Obligor of any provision of this Agreement
or any other Note Document shall not waive, affect, or diminish any right of Agent or any Holder thereafter to demand strict performance
and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by Agent and Majority Holders and then
is only effective for the specific instance and purpose for which it is given. The rights and remedies of Agent and Holders under
this Agreement and the other Note Documents are cumulative. Agent and Holders have all rights and remedies provided under the Code,
by law, or in equity. The exercise by Agent or any Holder of one right or remedy is not an election and shall not preclude Agent
or any Holder from exercising any other remedy under this Agreement or other remedy available at law or in equity, and Agent’s
or any Holder’s waiver of any Event of Default is not a continuing waiver. Agent’s or any Holder’s delay in exercising
any remedy is not a waiver, election, or acquiescence.

 

(f) Demand Waiver. Each
Obligor waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity,
release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held
by Agent or any Holder on which Obligor is liable.

 

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(g) Termination of Security
Interest; Release of Collateral. Collateral will be released automatically from the liens securing the Obligations of the Obligors
under this Agreement and the other Note Documents without the consent or further action of any Person in any of the following circumstances:
(i) in whole or in part, as applicable, upon the sale, transfer, exclusive license, agreement or other disposition of such property
or assets (including a disposition resulting from eminent domain, condemnation or similar circumstances) by any Obligor, solely
to the extent such sale, transfer, exclusive license, agreement or other disposition is permitted hereunder, (ii) with the consent
of the Majority Holders, (iii) upon full repayment of all Obligations (other than contingent indemnification obligations as to
which no claim has been asserted or is known to exist), (iv) such Collateral is released by the
Senior Agent or otherwise no longer secures the Senior Indebtedness (other than in the case that the Senior Indebtedness but not
the Obligations hereof is paid off or discharged), or (iv) in accordance with the applicable provisions of the
Security Documents.

 

(h) Nature of Duties. Agent
shall have no duties or responsibilities except those expressly set forth in this Agreement or in the other Note Documents. The
duties of Agent shall be mechanical and administrative in nature. Agent shall not have by reason of this Agreement or any other
Note Document a fiduciary relationship in respect of any Holder. Nothing in this Agreement or any other Note Document, express
or implied, is intended to or shall be construed to impose upon Agent any obligations in respect of this Agreement or any other
Note Document except as expressly set forth herein or therein. Each Holder shall make its own independent investigation of the
financial condition and affairs of the Obligors in connection with the purchase of the Notes hereunder and shall make its own appraisal
of the creditworthiness of the Obligors and the value of the Collateral, and Agent shall have no duty or responsibility, either
initially or on a continuing basis, to provide any Holder with any credit or other information with respect thereto, whether coming
into its possession before the Effective Date or at any time or times thereafter; provided that, upon the reasonable request of
a Holder, Agent shall provide to such Holder any documents or reports delivered to Agent by the Obligors pursuant to the terms
of this Agreement or any other Note Document. If Agent seeks the consent or approval of the Holders to the taking or refraining
from taking any action hereunder, Agent shall send notice thereof to each Holder.

 

(i)
Rights, Exculpation, Etc. Agent and its directors, officers, agents or employees shall not be liable for any action taken
or omitted to be taken by them under or in connection with this Agreement or the other Note Documents, except for their own gross
negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction. Without limiting the
generality of the foregoing, Agent (i) may consult with legal counsel (including, without limitation, counsel to Agent or counsel
to the Obligors), independent public accountants, and other experts selected by any of them and shall not be liable for any action
taken or omitted to be taken in good faith by any of them in accordance with the advice of such counsel or experts; (ii) makes
no warranty or representation to any Obligor and shall not be responsible to any Obligor for any statements, certificates, warranties
or representations made in or in connection with this Agreement or the other Note Documents; (iii) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or
the other Note Documents on the part of any Person, the existence or possible existence of any Default or Event of Default, or
to inspect the Collateral or other property (including, without limitation, the books and records) of any Person; (iv) shall not
be responsible to any Holder for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement or the other Note Documents or any other instrument or document furnished pursuant hereto or thereto; and (v) shall
not be deemed to have made any representation or warranty regarding the existence, value or collectability of the Collateral,
the existence, priority or perfection of Agent’s Lien thereon, or any certificate prepared by any Obligor in connection
therewith, nor shall Agent be responsible or liable to the Obligors for any failure to monitor or maintain any portion of the
Collateral. Agent shall not be liable for any apportionment or distribution of payments made in good faith pursuant to this Agreement,
and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Holder
to whom payment was due but not made, shall be to recover from other Holders any payment in excess of the amount which they are
determined to be entitled. Agent may at any time request instructions from the Holders with respect to any actions or approvals
which by the terms of this Agreement or of any of the other Note Documents Agent is permitted or required to take or to grant,
and if such instructions are promptly requested, Agent shall be absolutely entitled to refrain from taking any action or to withhold
any approval under any of the Note Documents until it shall have received such instructions from the Holders.

 

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(j) Reliance. Agent shall
be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone message believed
by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to all
matters pertaining to this Agreement or any of the other Note Documents and its duties hereunder or thereunder, upon advice of
counsel selected by it.

 

(k) Indemnification.
To the extent that Agent is not reimbursed and indemnified by any Obligor, the Holders will reimburse and indemnify Agent from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against Agent in any way relating
to or arising out of this Agreement or any of the other Note Documents or any action taken or omitted by Agent under this Agreement
or any of the other Note Documents, in proportion to each Holder’s pro rata share; provided, however, that no Holder shall
be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses,
advances or disbursements for which there has been a final judicial determination that such liability resulted from Agent’s
gross negligence or willful misconduct. The obligations of the Holders under this Section 9(k) shall survive the payment
in full of the Obligations under this Agreement and the cancellation of this Agreement.

 

(l) Agent Individually.
With respect to its Notes, Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations
and liabilities as and to the extent set forth herein for any other Holder. The term “Holders” or any similar term
shall, unless the context clearly otherwise indicates, include Agent in its individual capacity as a Holder (as applicable). Agent
and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business
with any Obligor as if it were not acting as Agent pursuant hereto without any duty to account to the other Holders.

 

(m)
Collateral Matters. The Holders hereby irrevocably authorize Agent, at its option and in its discretion, to release any
Lien granted to or held by Agent upon any Collateral upon cancellation of this Agreement and indefeasible payment and satisfaction
of the Notes and all other Obligations which have matured and which Agent has been notified in writing are then due and payable.
Upon request by Agent at any time, the Holders will confirm in writing Agent’s authority to release particular types or
items of Collateral pursuant to this Section 9(m).

 

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(n) Agency for Perfection.
Each Holder hereby appoints Agent and each other Holder as agent and bailee for the purpose of perfecting the security interests
in and liens upon the Collateral in assets which, in accordance with Article 9 of the Code, can be perfected only by possession
or control (or where the security interest of a secured party with possession or control has priority over the security interest
of another secured party) and Agent and each Holder hereby acknowledges that it holds possession of or otherwise controls any such
Collateral for the benefit of Agent and the Holders as secured party. Should any Holder obtain possession or control of any such
Collateral, such Holder shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver such Collateral
to Agent or in accordance with Agent’s instructions. Each Obligor by its execution and delivery of this Agreement hereby
consents to the foregoing.

 

(o) No Reliance on Agent’s
Customer Identification Program. Each Holder acknowledges and agrees that neither such Holder, nor any of its Affiliates, participants
or assignees, may rely on Agent to carry out such Holder’s, Affiliate’s, participant’s or assignee’s customer
identification program, or other requirements imposed by the USA PATRIOT Act or the regulations issued thereunder, including the
regulations set forth in 31 C.F.R. §§ 1010.100(yy), (iii), 1020.100, and 1020.220 (formerly 31 C.F.R. § 103.121),
as hereafter amended or replaced (“CIP Regulations”), or any other anti-terrorism Laws, including any programs involving
any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Note
Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures, (2) any recordkeeping,
(3) comparisons with government lists, (4) customer notices or (5) other procedures required under the CIP Regulations or other
regulations issued under the USA PATRIOT Act. Each Holder, Affiliate, participant or assignee subject to Section 326 of the USA
PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the CIP Regulations.

 

(p) No Third Party Beneficiaries.
The provisions of this Article are solely for the benefit of the Secured Parties, and no Obligor shall have rights as a third-party
beneficiary of any of such provisions.

 

(q) No Fiduciary Relationship.
It is understood and agreed that the use of the term “agent” herein or in any other Note Document (or any other similar
term) with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect
only an administrative relationship between contracting parties.

 

    -29-

     

    

 

(r)
Agent May File Proofs of Claim. Subject to the Intercreditor Agreement, inIn
case of the pendency of any proceeding under any insolvency proceeding or any other judicial proceeding relative to
any Obligor, Agent (irrespective of whether the principal of any Note shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether Agent shall have made any demand on the Company) shall be entitled and empowered
(but not obligated) by intervention in such proceeding or otherwise:

 

(i)
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Notes and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Secured Parties (including any claim for the compensation, expenses, disbursements and advances of the Secured Parties and
their respective agents and counsel and all other amounts due the Secured Parties hereunder and under the other Note Documents)
allowed in such judicial proceeding; and

 

(ii) to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Secured Party to make such payments to Agent and, in the event that Agent shall consent to the making of such
payments directly to the Secured Parties, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of Agent and its agents and counsel, and any other amounts due to Agent hereunder and under the other Note Documents.

 

 (s)

 

10.
Definitions; Accounting.

 

(a) Definitions. As used
herein, the following terms have the respective meanings set forth below:

 

“12 Month Period”
means, in respect of a date as of which any determination is being calculated, the twelve (12) consecutive calendar months ending
on or immediately preceding the date as of which the determination is being calculated (i.e., a rolling 12-month (or four fiscal
quarter) period).

 

“Account”
means any “account” as defined in the Code with such additions to such term as may hereafter be made, and includes,
without limitation, all accounts receivable and other sums owing to any Obligor.

 

“Account Control Agreement”
means any control agreement entered into among the depository institution at which any Obligor maintains a Deposit Account or the
securities intermediary or commodity intermediary at which any Obligor maintains a Securities Account or a Commodity Account, the
applicable Obligor, and Agent pursuant to which Agent obtains control (within the meaning of the Code) over such Deposit Account,
Securities Account, or Commodity Account.

 

“Account Debtor”
means any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.

 

    -30-

     

    

 

“Affiliate”
means, with respect to any Person, each other Person that owns or controls, directly or indirectly the Person, any Person that
controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers,
directors, partners and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agent”
is defined in the preamble hereof.

 

“Agreement” is defined in the preamble.

 

“Anti-Terrorism
Laws” means any laws relating to terrorism or money laundering, including Executive Order No. 13224 (effective September
24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC.

 

“Attorney Client Excluded Materials”
is defined in Section 6(a)(xiv).

 

“Blocked
Person” means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order No.
13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224, (c) a Person with which any Holder is prohibited from dealing or otherwise
engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports
“terrorism” as defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national”
or “blocked person” on the most current list published by OFAC or other similar list.

 

“Board”
means, with respect to any Person, the board of directors, board of managers, managers or other similar bodies or authorities performing
similar governing functions for such Person.

 

“Board
Materials” means Board minutes and associated deck, stockholder consents and like items, excluding Attorney Client Excluded
Materials.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized or obligated by
law or executive order to close or be closed, or are in fact closed, in the state of New York.

 

“CARES
Act” means the U.S. Small Business Administration, Coronavirus Aid, Relief, and Economic Security Act.

 

“Cash”
means all unencumbered and unrestricted cash and Cash Equivalents.

 

“Cash Equivalents”
means cash equivalents in accordance with GAAP.

 

    -31-

     

    

 

“Change
of Control” means (i) a consolidation or merger of the CompanyParent
with or into any other corporation or other entity or person, or any other corporate reorganization, other than any
such consolidation, merger or reorganization in which the shares of capital stock of the CompanyParent
immediately prior to such consolidation, merger or reorganization continue to represent a majority of the voting power
of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related
transactions to which the CompanyParent
is a party in which in excess of 50% of the Company’sParent’s
voting power immediately prior to the closing of such transaction is transferred in the transaction or series of related
transactions to new stockholders; or (iii) the sale or transfer of all or substantially
all of the Company’sParent’s
assets (excluding any license); or (iv) the Parent shall
cease to directly or indirectly own
and control legally and beneficially 100% of the Equity Interests
of the Company; provided that a Change of Control shall not include (a)
any transaction or series of transactions principally for bona fide capital raising purposes in which cash is received
by the CompanyParent
or any successor, indebtedness of the CompanyParent
is cancelled or converted or a combination thereof or (b) the Metromile
Acquisition.

 

“Claims” is defined in Section
12(k).

 

“Closing” is defined in Section
1(b).

 

“Closing Date” is defined
in Section 1(b).

 

“Closing Deadline” is defined in
Section 1(b).

 

“Code”
means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York; provided,
that, to the extent that the Code is used to define any term herein or in any Note Document and such term is defined differently
in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided
further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority
of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a
jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted
and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection,
priority, or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
means any and all properties, rights and assets of each Obligor described on Annex I.

 

“Collateral
Account” means any Deposit Account, Securities Account, or Commodity Account.

 

“Commodity
Account” means any “commodity account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Company” is defined in the preamble.

 

“Compliance
Certificate” means that certain certificate in the form attached hereto as Exhibit D.

 

    -32-

     

    

 

“Contingent
Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed,
endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable;
(b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate,
currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect
a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation”
does not include endorsements in the Ordinary Course of Business. The amount of a Contingent Obligation is the stated or determined
amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated
liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any
guarantee or other support arrangement.

 

“Copyrights”
means all of the following: (i) all copyrights, copyright rights, and like protections in each work of authorship and derivative
work thereof, in each case, whether registered or unregistered, published or unpublished (and whether or not the same also constitutes
a trade secret), held pursuant to the laws of the United States, any State thereof, or of any other country or jurisdiction, or
pursuant to any convention or treaty; (ii) all registrations of, applications for registration. and recordings of any copyright
rights in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or any
other country; (iii) all continuations, renewals or extensions of any copyrights and any registrations thereof; (iv) all copyright
registrations to be issued under any pending applications; and (v) all licenses and other agreements granting any rights with respect
to any copyright or copyright registration, whether as a licensor or licensee.

 

“Default”
means any circumstance, event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage
of time, or both, would be an Event of Default.

 

“Deposit
Account” means any “deposit account” as defined in the Code with such additions to such term as may hereafter
be made, and includes any checking account, savings account or certificate of deposit.

 

“Disqualified
Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity exclusively as the result
of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or is redeemable or subject to repurchase at the option of the holder thereof, in whole or in part, or requires the payment of
any cash dividend or any other scheduled payment, in each case constituting a return of capital, in each case at any time on or
prior to the date that is 180 days after the Maturity Date, or (b) is convertible into or exchangeable (unless at the sole option
of the issuer thereof) for (i) Indebtedness or other debt securities (other than Permitted Indebtedness), or (ii) any Equity Interest
referred to in clause (a) above, in each case at any time prior to the date that is 180 days after the Maturity Date. Notwithstanding
the preceding sentence, any Equity Interest that would constitute Disqualified Stock solely because the holders thereof have the
right to require the issuer to repurchase such Equity Interest upon the occurrence of a Change of Control will not constitute
Disqualified Stock if the terms of such Equity Interest provide that such repurchase or redemption cannot be consummated until
the Obligations have been paid in full (subject to the contingent obligations which are not then due and payable and which survive
the termination of this Agreement).

 

“Effective Date” means the date
hereof.

 

    -33-

     

    

 

“Equipment”
means all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes
without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of
the foregoing.

 

“Equity
Interests” means, with respect to any Person, any of the shares of capital stock of (or other ownership, membership or
profit interests in) such Person, any of the warrants, options or other rights for the purchase or acquisition from such Person
of shares of capital stock of (or other ownership, membership or profit interests in) such Person, any of the securities convertible
into or exchangeable for shares of capital stock of (or other ownership, membership or profit interests in) such Person or warrants,
rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and any of the other
ownership, membership or profit interests in such Person (including partnership, member or trust interests therein), whether voting
or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and its regulations.

 

“Event
of Default” has the meaning set forth in the form of Note, attached hereto as Exhibit A.

 

“Exceptions
Schedule” means those items set forth on the “Exceptions Schedule” attached hereto.

 

“Excluded
Locations” means the following locations where Collateral may be located from time to time: (a) locations where mobile
office equipment (e.g. laptops, mobile phones and the like) may be located with employees in the ordinary course of business,
or (b) other locations where, in the aggregate for all such locations, less than Two Hundred Eighty-Seven Thousand Five Hundred
Dollars ($287,500) of assets and property of the CompanyParent
and its Subsidiaries is located.

 

“GAAP”
means (a) generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession,
which are applicable to the circumstances as of the date of determination and (b) for purposes of Section 6(a)(v), with
respect to any Subsidiary, generally accepted accounting principles (including International Financial Reporting Standards, as
applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

 

“General
Intangibles” means all “general intangibles” as defined in the Code in effect on the Effective Date with
such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income
and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal
property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies
(including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights
to payment of any kind.

 

    -34-

     

    

 

“Governmental
Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation,
registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantors”
means Parent, Metromile Insurance Services LLC and Metromile Enterprise Solutions, LLC.

 

“Holders” and “Holder”
is defined in the preamble.

 

“Holder Transfer” is defined
in Section 12(c).

 

“Home Jurisdiction” is defined
in Section 5(c).

 

“Horseshoe” is defined in
Section 6(d).

  

“Hudson” is defined in Section
1(b).

 

“Hudson Sale” is defined
in Section 6(e)(ii).

 

“Intercreditor
Agreement” means that certain Subordination Agreement (Debt and Security Interest), dated as of April 14, 2020, by and
among Agent, the Holders, the Senior Agent and the Obligors.

 

“Indebtedness”
means (a) indebtedness, liabilities and obligations for borrowed money or the deferred price of property or services (including
deferred royalty payment obligations), and reimbursement and other obligations for surety bonds and letters of credit, (b) obligations
evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations.

 

“Indemnified Person” is defined
in Section 12(k).

 

“Insolvency
Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other relief.

 

“Insurance
Laws” means any insurance laws, regulations or orders applicable to Companythe
Parent or its Subsidiaries or any Insurance License held or controlled by the CompanyParent
or its Subsidiaries.

 

“Insurance
License” means any license, permission, authorization, accreditation, certification or other formal status granted by
an Insurance Regulatory Agency.

 

    -35-

     

    

 

“Insurance Regulatory Agency” shall
have the meaning ascribed in Section 11(c).

 

“Intellectual
Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:

 

(a) any and all Copyrights,
Trademarks and Patents;

 

(b) any and all trade secrets and
trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating manuals;

 

(c) any and all source code;

 

(d) any and all design rights
which may be available to such Person;

 

(e) any and all claims for
damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue
for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and

 

(f) all amendments, renewals and
extensions of any of the Copyrights, Trademarks or Patents.

 

“Inventory”
means all “inventory” as defined in the Code in effect on the Effective Date with such additions to such term as may
hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials,
work in process and finished products, including without limitation such inventory as is temporarily out of any Obligor’s
custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

“Investment”
means any beneficial ownership interest in any Person (including stock, partnership interest or other securities or Equity Interests),
and any loan, advance or capital contribution to any Person, or the acquisition of all or substantially all of the assets or properties
of another Person.

 

“IRC”
means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder.

 

“Key
Person” means each of Chief Executive Officer and Chief Financial Officer of
the CompanyParent,
who are, respectively,is
Dan Preston and Carrie Dolan as of the EffectiveSecond
Amendment Date.

 

“Lien”
means a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily
incurred or arising by operation of law or otherwise against any property.

 

“Majority Holders” is defined in
Section 1(a).

 

    -36-

     

    

 

“Material
Adverse Effect” means (i) a material impairment in the perfection or priority of Agent’s Lien in the Collateral
or in the value of the Collateral or (ii) a material adverse effect on (a) the business, operations, properties, assets or condition
(financial or otherwise) of the CompanyParent
and its Subsidiaries taken as a whole, (b) the ability of the Obligors, taken as a whole, to perform their obligations
under this Agreement and the Notes, (c) the validity or enforceability of this Agreement or the Note Documents, or (d) the ability
of Agent and the Holders to enforce any of their rights or remedies with respect to any Obligations.

 

“Metromile
Acquisition” means the SPAC Transaction consummated pursuant to the Merger
Agreement, upon which the Company shall be a direct wholly-owned
subsidiary of the Parent.

 

“Merger
Agreement” means that certain Agreement and Plan of Merger and Reorganization
dated as of November 24, 2020, as amended, by and among
Parent, INSU II Merger Sub Corp., and the Company.

 

“MIC” means Metromile Insurance
Company, a Delaware corporation.

 

“Minimum Cash Requirement”
is defined in Section 6(a)(xiii).

 

“Monthly Financial Statements”
is defined in Section 6(a)(i)(A).

 

“Negotiable
Collateral” means, with respect to any Person, all of such Person’s present and future letters of credit of which
it is a beneficiary, drafts, instruments (including promissory notes), securities, documents of title, and chattel paper, and such
Person’s books and records relating to any of the foregoing.

 

“New Subsidiary
Notice” is defined in Section 6(a)(ix).

 

“Note”
and “Notes” is defined in the preamble.

 

“Note
Documents” are, collectively, this Agreement, the Notes, the Security Documents, the Warrants and any schedules, exhibits,
certificates, and notices related to this Note, and any other present or future agreement by the CompanyParent
or its Subsidiaries with or for the benefit of the Holder in connection with this Note, all as amended, restated, or otherwise
modified.

 

“Obligations”
means all of the Company’s obligations to pay when due any principal (including Outstanding Principal Balance), interest
(including Cash Interest, PIK Interest and Default Interest (as defined in the form of Note)), fees, the Prepayment Amount (as
defined in the form of Note) and other amounts the Company owes to Agent or any Holder now or later, whether under this Agreement,
the Notes, or the other Note Documents (other than the Warrants) including, without limitation, interest accruing after Insolvency
Proceedings begin (whether or not allowed).

 

“Obligors” means the Company and
the Guarantors.

 

“OFAC” means the U.S. Department
of Treasury Office of Foreign Assets Control.

 

“OFAC
Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant
to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons
maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

    -37-

     

    

 

“Operating
Documents” means, for any Person, such Person’s formation documents, as certified by the Secretary of State (or
equivalent agency) of such Person’s jurisdiction of formation, organization or incorporation on a date that is no earlier
than thirty (30) days prior to the Effective Date (or with respect to a New Subsidiary Notice, a date that is no earlier than thirty
(30) days prior to such notice, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited
liability company, its limited liability company agreement or operating agreement (or similar agreement), and (c) if such Person
is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments, restatements
and modifications thereto.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s
business as conducted by any such Person in accordance with (a) the usual and customary customs and practices similarly situated
in the kind of business in which such Person is engaged, and (b) the past practice and operations of such Person, and in each case,
undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Note Document.

 

“Original Principal Amount” is defined
in Section 1(a).

 

“Parent”
has the meaning specified in the preamble to this Agreement.

 

“Patents”
means all of the following: (i) all patents, all rights corresponding thereto and all like protections, issued, published or unpublished
or registered or unregistered, in the United States or any other county or jurisdiction, or pursuant to any convention or treaty,
(ii) all registrations of, applications for registration and recordings of patents, or rights corresponding thereto in, the United
States or any other country or jurisdiction, or pursuant to any convention or treaty, including without limitation with the United
States Patent and Trademark Office or in any similar office or agency; (iii) all improvements, divisions, continuations, renewals,
reissues, reexaminations, extensions and continuations-in-part of all patents and/or applications; (iv) all patents to be issued
under any of pending application; (v) all foreign counterparts of the foregoing patents and/or applications; and (vi) all licenses
and other agreements granting any rights with respect to any patent or patent registration, whether as a licensor or licensee.

 

“Permitted Indebtedness” means:

 

(a) each Obligor’s Indebtedness
to Holders under this Agreement and the other Note Documents;

 

(b) Indebtedness existing on
the Effective Date including, without limitation, the Senior Indebtedness;

 

(c) Subordinated Debt;

 

(d) unsecured Indebtedness
to trade creditors incurred in the Ordinary Course of Business;

 

    -38-

     

    

 

(e) Indebtedness incurred as a result
of endorsing negotiable instruments received in the Ordinary Course of Business;

 

(f) Indebtedness secured by
Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder;

 

(g) Indebtedness consisting
of contingent reimbursement obligations in connection with letters of credit that are secured by cash or Cash Equivalents and issued
on behalf of the CompanyParent
or any of its Subsidiaries (i) in an aggregate amount not to exceed Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000)
at any time outstanding in connection with the Company’sParent’s
or such Subsidiary’s real property leases and (ii) in an aggregate amount not to exceed Five Hundred Seventy-Five Thousand
Dollars ($575,000) at any time outstanding in connection with the Company’sParent’s
or such Subsidiary’s credit card obligations;

 

(h) Indebtedness constituting
Permitted Investments;

 

(i) Indebtedness secured by
deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases (other than real estate leases),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the Ordinary
Course of Business not to exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) at any time outstanding;

 

(j) unsecured Indebtedness
not otherwise permitted hereunder in an amount not to exceed Four Hundred Two Thousand Five Hundred Dollars ($402,500) at any time
outstanding; and

 

(k) Indebtedness
constituting the PPP Loan; provided, however, (i) the Borrowers agree to request forgiveness of the PPP Loan up to the
maximum amount permitted under the CARES Act prior to any interest or principal payment becoming due and at least 75% of the PPP
Loan is timely forgiven, (ii) the Borrowers are in material compliance with all applicable SBA regulations and loan eligibility
requirements and the guarantee provided by the SBA in connection with such PPP Loan remains in full force and effect while the
PPP Loan remains outstanding, and (iii) no payment shall be made under the PPP Loan other than regularly scheduled principal and
interest payments so long as no Default or Event of Default has occurred and is continuing after giving effect to such payment;
and

 

(k)
(l) extensions, refinancings, modifications, amendments and restatements of any
items of Permitted Indebtedness (a) through (kj)
above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome
terms upon the CompanyParent
or its Subsidiaries, as the case may be.

 

“Permitted Investments” means:

 

(a) Investments (including, without
limitation, Subsidiaries) existing on the Effective Date and set forth on Schedule 10(a);

 

(b)
(i) Investments consisting of Cash Equivalents, and (ii) any Investments permitted by the Company’sParent’s
investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto)
has been approved in writing by Agent and the Majority Holders;

 

    -39-

     

    

 

(c) Investments consisting
of the endorsement of negotiable instruments for deposit or collection or similar transactions in the Ordinary Course of Business;

 

(d) Investments consisting
of deposit accounts in which Agent has a perfected security interest, subject to the Intercreditor
Agreement;

 

(e) Investments accepted in
connection with Transfers permitted by Section 6(b)(i);

 

(f) Investments (i) by an Obligor
in other Obligors, and (ii) Investments by an Obligor in Subsidiaries that are
not Obligors, provided that such Investment does not exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in
the aggregate in any 12 Month Period, subject to Section 6(b)(vi) and (iiiii)
by Subsidiaries that are not Obligors in an Obligor;

 

(g) Investments consisting
of (i) repurchases of the Company’san Obligor’s
Equity Interests from former employees, officers and directors of the Companysuch
Obligor to the extent expressly permitted under Section 6(b)(vvi),
and (ii) loans not involving the net transfer of cash proceeds to employees, officers or directors relating to the purchase of
Equity Interests of the Companyan Obligor pursuant
to employee stock purchase plans or other similar agreements approved by the Parent’s Board
or the Company’s Board;

 

(h) Investments, (i) in an
aggregate amount not to exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in any 12 Month Period, consisting
of travel advances and employee relocation loans and other employee loans and advances in the Ordinary Course of Business and (ii)
a loan in the original principal amount of $349,870 made to the Chief Executive Officer of the CompanyParent;

 

(i) Investments (including
debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent
obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of Business;

 

(j) Investments consisting
of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in
the Ordinary Course of Business; provided that this paragraph (j) shall not apply to Investments of the Parent
or the Company in any Subsidiaryof
their respective Subsidiaries;

 

(k) Investments accepted by an
Obligor in consideration for Permitted Transfers;

 

(l) joint ventures or strategic
alliances in the Ordinary Course Business of the Obligors consisting of the non-exclusive licensing of technology, the development
of technology or the providing of technical support, provided that any cash Investments by the Obligors and their Subsidiaries
do not exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in the aggregate in any 12 month period; and

 

    -40-

     

    

 

(m) Investments not otherwise permitted
hereunder in an aggregate amount not to exceed Four Hundred Two Thousand Five Hundred Dollars ($402,500) in the aggregate in any
12 Month Period.

 

“Permitted Liens” means:

 

(a) (x) Senior
Priority Liens, (y) other Liens existing on the Effective Date,
and (zy) Liens arising under this Agreement
and the other Note Documents;

 

(b) Liens for taxes, fees,
assessments or other government charges or levies, either (i) not yet delinquent or (ii) being contested in good faith and for
which the CompanyParent
or its Subsidiary, as applicable, maintains adequate reserves on its books and records, provided that no notice of any such Lien
has been filed or recorded under the IRC;

 

(c) purchase money Liens (i) on
Equipment and software acquired or held by the Obligors or any Subsidiary incurred for financing the acquisition of the Equipment
and Software securing no more than Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in any 12 Month Period in
the aggregate amount outstanding, or (ii) existing on Equipment and software when acquired, if the Lien is confined to the property
and improvements and the proceeds of the Equipment;

 

(d) Liens of carriers, warehousemen,
suppliers, or other Persons that are possessory in nature arising in the Ordinary Course of Business so long as such Liens attach
only to Inventory, securing liabilities in the aggregate amount not to exceed Eighty-Six Thousand Two Hundred Fifty Dollars ($86,250)
and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings
which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

 

(e) Liens to secure payment
of workers’ compensation, employment insurance, old- age pensions, social security and other like obligations incurred in
the Ordinary Course of Business (other than Liens imposed by ERISA);

 

(f) Liens incurred in the extension,
renewal or refinancing of the indebtedness secured by Liens described in the proceeding clauses (a) through (d), but any extension,
renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness
may not increase;

 

(g) leases or subleases of real
property granted in the Ordinary Course of Business of the Obligors (or, if referring to another Person, in the Ordinary Course
of Business of such Person), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual
Property) granted in the Ordinary Course of Business of the Obligors (or, if referring to another Person, in the Ordinary Course
of Business of such Person), if the leases, subleases, licenses and sublicenses do not prohibit granting Agent a security interest
therein;

 

(h)
non-exclusive licenses for the use of Intellectual Property granted to customers in the Ordinary Course of Business, and other
licenses granted to customers in the Ordinary Course of Business that could not result in a legal transfer of title of the licensed
property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete
geographical areas outside of the United States, in each case that do not interfere in any material respect with the business
of the CompanyParent
or any of its Subsidiaries;

 

    -41-

     

    

 

(i) Liens arising from attachments
or judgments, orders, or decrees in circumstances not constituting an Event of Default;

 

(j) Liens in favor of other
financial institutions arising in connection with any Obligor’s deposit accounts and/or securities accounts held at such
institutions;

 

(k) Liens on Cash securing
obligations permitted under clause (g)(i) of the definition of “Permitted Indebtedness” in an amount not to exceed
Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000) at any time and (ii) Liens on Cash securing obligations permitted
under clause (g)(ii) of the definition of “Permitted Indebtedness” in an amount not to exceed Five Hundred Seventy-Five
Thousand Dollars ($575,000) at any time; and

 

(l) judgment Liens that do
not constitute an Event of Default under Sections 3(a)(ix), 3(a)(x) and 3(a)(xii) of the Note.

 

“Permitted
Locations” means, collectively, the following locations where Collateral may be located from time to time: (a) locations
set forth on Schedule 4(a), (b) locations previously disclosed in a written notice to Agent and the Holders, and (c) the Excluded
Locations.

 

“Permitted
Transfers” means (i) sales or delivery of Inventory in the Ordinary Course of Business, (ii) dispositions of worn-out,
obsolete or surplus Equipment in the Ordinary Course of Business that is, in the reasonable judgment of Obligors, no longer economically
practicable to maintain or useful, (iii) Transfers consisting of the granting of Permitted Liens and the making of Permitted Investments,
(iv) the use or transfer of money or Cash Equivalents in the Ordinary Course of Business for the payment of Ordinary Course Business
expenses in a manner that is not prohibited by the terms of this Agreement or the other Note Documents, (v) other Transfers of
assets having a fair market value of not more than Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in the aggregate
in any 12 Month Period, (vi) consisting of non- exclusive licenses for the use of the property of the CompanyParent
or its Subsidiaries in the Ordinary Course of Business, and licenses that do not result in a transfer of a material portion of
the value of the licensed property, and (vii) any Sale.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government
agency.

 

“PPP
Loan” means the Indebtedness incurred by the Obligors from Western Alliance Bank in connection with a Paycheck Protection
Program loan under the CARES Act.

 

“Prohibited
Subsidiary” means any Subsidiary designated as such in writing by the Majority Holders that is an insurance company,
insurance carrier, insurance producer, insurance broker or otherwise holds a license issued by an insurance regulator if and to
the extent that a guaranty of the Obligations by such Subsidiary, or such Subsidiary becoming a Guarantor hereunder, would cause
such Subsidiary to fail to maintain the liquidity or leverage requirements of its regulators and would have a Material Adverse
Effect.

 

    -42-

     

    

 

“Quarterly Financial Statements”
is defined in Section 6(a)(i)(C).

 

“Register” is defined in Section
12(c).

 

“Regulatory Reports” is defined
in Section 6(a)(i)(F).

 

“Requirement
of Law” means as to any Person, the organizational or governing documents of such Person, and any law (statutory or common),
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible
Officer” means with respect to any Person, any of the Chief Executive Officer, President, Chief Financial Officer, Secretary,
Treasurer and Controller of such Person. Unless the context otherwise requires, each reference to a Responsible Officer herein
shall be a reference to a Responsible Officer of the CompanyParent.

 

“Restricted
License” means any material license or other material agreement (other than ordinary course customer contracts that individually
are not material, over-the-counter software licenses that are commercially available to the public, and open source licenses) with
respect to which the CompanyParent
or a Subsidiary of the CompanyParent
is the licensee (a) that prohibits or otherwise restricts the CompanyParent
or such Subsidiary from granting a security interest in the Company’s orParent’s
or such Subsidiary’s interest in such license or agreement or any other property, or (b) for which a default under
or termination of such license or agreement could reasonably be expected to interfere with Agent’s or any Holder’s
right to sell any Collateral.

 

“SEC” means
the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 

“Second
Amendment Date” means February 9, 2021.

 

“Secured Parties” means Agent
and the Holders.

 

“Securities Account”
means any “securities account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Security
Documents” means, collectively, this Agreement, the Intercreditor Agreement,
any intellectual property security agreement and all other agreements, instruments and documents executed in connection with this
Agreement and the Notes that are intended to create, perfect or evidence liens to secure the Obligor’s obligation to pay
any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under this Agreement
and the Notes, and shall also include, without limitation, all other security agreements, pledge agreements, mortgages, deeds of
trust, intercreditor agreements, pledges, collateral assignments, and financing statements, now, or hereafter executed by the CompanyParent
or other Obligors and delivered to Agent.

 

“Senior
Agent” means Multiplier Capital II, LP, a Delaware limited partnership, in its capacity as administrative agent for the
lenders under the Senior Loan Agreement.

 

    -43-

     

    

 

“Senior
Indebtedness” means the indebtedness and other obligations of the Company under the Senior Loan Agreement and the other
Loan Documents (as defined in the Senior Loan Agreement) and any refinancing(s) thereof.

 

“Senior
Loan Agreement” means that certain Loan and Security Agreement, dated as of December 5, 2019 (as may be amended, restated,
supplemented or otherwise modified from time to time), by and among the Company and certain subsidiaries of the Company as borrowers,
the lenders from time to time party thereto and Multiplier Capital II, LP, a Delaware limited partnership as administrative agent
for the lenders.

 

“Senior
Priority Liens” means the security interests granted by the Company to the Senior Agent pursuant to the Senior Loan Agreement
and the other Loan Documents (as defined in the Senior Loan Agreement).

 

“Settlement Amount”
is defined in Section 6(d).

 

“Shares”
means all of the issued and outstanding Equity Interests owned or held of record by the Parent
and the Company in each of its Subsidiaries, including without limitation MIC.

 

“SPAC”
means, a Special Purpose Acquisition Company (also known as
a blank check company) formed for the purpose of effecting a SPAC
Transaction.

 

“SPAC
Transaction” means, a business combination of the Company with a SPAC
(or a Subsidiary thereof) pursuant to which all or substantially all
of the outstanding shares of capital stock of the Company and
all or substantially all other securities of the Company issuable
or convertible into such capital stock
are converted into cash and/or shares of such SPAC or the
surviving corporation in such transaction.

 

“Subordinated
Debt” means Indebtedness incurred by any Obligor that is subordinated in writing to all of the Obligations owing by the
CompanyParent
or any of its Subsidiaries to Agent and the Holders, pursuant to a subordination, intercreditor, or other similar agreement in
form and substance satisfactory to Agent and the Holders entered into between Agent and the other creditor, on terms acceptable
to Agent and the Majority Holders, including without limiting the generality of the foregoing, subordination of such Indebtedness
in right of payment to the prior payment in full of the Obligations, the subordination of the priority of any Lien at any time
securing such Indebtedness to Agent’s Lien, and prohibitions on the exercise of any rights or remedies of the holder of such
Indebtedness, including acceleration, against the Obligors or any of their Subsidiaries or any of the Obligors’ or their
Subsidiaries’ respective property or assets.

 

“Subsequent Hudson
Closing” is defined in Section 1(b).

 

“Subsequent Hudson
Closing Date” is defined in Section 1(b).

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company or joint venture in which (i) any general
partnership interest or (ii) more than fifty percent (50%) of the stock, limited liability company interest, joint venture interest
or other Equity Interest of which by the terms thereof has the ordinary voting power to elect the Board of that Person, at the
time as of which any determination is being made, is owned or controlled by such Person, either directly or through an Affiliate.
Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of the CompanyParent.

 

    -44-

     

    

 

“Third Party Sale” is defined in
Section 6(e)(ii).

 

“Trademarks”
means all of the following: (i) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos,
other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general
intangibles of like nature, whether or not published or unpublished or registered or unregistered; (ii) all registrations and
recordings thereof, and any applications in connection therewith, including, without limitation, registrations, recordings and
applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state
thereof or any other country, jurisdiction or any political subdivision thereof or pursuant to any convention or treaty; (iii)
all continuations, renewals, reissues, and extensions thereof; (iv) all trademarks to be issued under any pending application;
(v) all foreign counterparts of the foregoing trademarks and/or applications; (vi) all licenses and other agreements granting
any rights with respect to any trademark or trademark registration, whether as a licensor or licensee; and (vii) the entire goodwill
of the business of each Obligor connected with and symbolized by any of the foregoing.

 

“Transfer” is defined in
Section 6(b)(i).

 

“Voluntary Run Off” is defined
in Section 6(e)(i).

 

“Warrants” is defined in
Section 1(c)(iii).

 

(b) Accounting.
Accounting terms not defined in this Agreement shall be construed in accordance with GAAP, and calculations and determinations
shall be made following GAAP, consistently applied. All terms contained in this Agreement, unless otherwise indicated, shall have
the meaning provided by the Code to the extent such terms are defined therein. The term “financial statements” shall
include the accompanying notes and schedules, unless stated otherwise. Notwithstanding anything to the contrary contained herein
all financial determinations made herein with respect to operating and capital leases shall be made without giving effect to ASC
842, but instead shall be made consistent with ASC 840. As used in the Note Documents, the word “shall” is mandatory,
the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including”
are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. Unless
otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,”
“Exhibit,” “Annex,” “Addendum” or “Schedule” shall refer to the corresponding Section,
subsection, Exhibit, Annex, Addendum or Schedule in or to this Agreement. For purposes of the Note Documents, whenever a representation
or warranty is made to a Person’s knowledge or awareness, to the “best of” such Person’s knowledge, or
with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible
Officer of such Person.

 

    -45-

     

    

 

11.
Compliance with Insurance Laws.

 

(a) Agent, each
Holder and each Obligor acknowledge and agree that Agent’s and Holders’ exercise of specific remedies available under
this Agreement may be restricted pursuant to applicable insurance laws, including laws requiring Agent or Holders to obtain prior
approval of a change in control of an insurance company before foreclosing or transferring ownership of the stock thereof, the
Shares or other provisions of any insurance holding company act.

 

(b) This
Agreement and the other Note Documents and the transactions contemplated hereby and thereby (i) do not and will not constitute,
create, or have the effect of constituting or creating, directly or indirectly, actual or practical ownership of MIC by Agent or
any Holder, individually or collectively, or Control, affirmative or negative, direct or indirect, by Agent or any Holder, individually
or collectively or any other person or entity over the management or any other aspect of the operation of MIC, in each case in
any way that could be deemed to violate the Insurance Laws and (ii) do not and will not constitute the transfer, assignment or
disposition in any manner, voluntarily or involuntarily, directly or indirectly, of any Insurance License by MIC in any way that
could be deemed to violate the Insurance Laws.

 

(c) Notwithstanding
any other provision of this Agreement, any foreclosure, sale, transfer, assignment or other disposition of, or the exercise of
any right to vote or consent with respect to, any of the Collateral as provided herein which would effect an assignment or a transfer
of Control of any insurance company, shall be made pursuant to and in compliance in all material respects with all Insurance Laws
applicable thereto and, if and to the extent required thereby, subject to the prior approval of any domiciliary insurance regulator
with jurisdiction thereover (an “Insurance Regulatory Agency”).

 

(d)
Subject to Section 11(c) hereof and the Intercreditor Agreement, if an
Event of Default shall have occurred and be continuing, each Obligor shall take any action which Agent may request in order to
transfer Control or assign to Agent or any Holder, or to such one or more third Persons as Agent may designate, or to a combination
of the foregoing, any Collateral in a manner that complies with applicable Insurance Laws or to otherwise exercise any remedy
otherwise available hereunder in compliance therewith. Agent and Holders may seek to take any action permitted by applicable law,
this Agreement and the other Note Documents, including, without limitation, to request the appointment of a receiver by the Insurance
Regulatory Agency and any court of competent jurisdiction. Subject to the Intercreditor Agreement,
Agent and Holder may request the Insurance Regulatory Agency to approve an involuntary transfer of Control of
MIC for the purpose of seeking a bona fide purchaser to whom Control will ultimately be transferred. Each Obligor hereby agrees
to authorize such an involuntary transfer of Control upon the approval of the Insurance Regulatory Agency and at the request of
the receiver so appointed and, if any Obligor shall refuse to authorize the transfer, its approval may be required by the court.
Each Obligor shall further use its best efforts to assist in obtaining approval of the Insurance Regulatory Agency, if required,
for any action or transactions contemplated by this Agreement, including, without limitation, the preparation, execution and filing
with the Insurance Regulatory Agency of the assignor's or transferor's portion of any application or applications for consent
to any transfer of Control necessary or appropriate under the Insurance Regulatory Agency's rules and regulations for approval
of the transfer or assignment of any portion of the Collateral, together with any Insurance License associated with the Collateral
from time to time. In furtherance of the foregoing, to the extent permitted by law, each Obligor hereby irrevocably appoints Agent
as its attorney-in-fact with full power of substitution to, subject to the Intercreditor Agreement,
execute such applications and documents and take such action on behalf of each Obligor. Each Obligor acknowledges
that the appointment of Agent as such attorney-in-fact is coupled with an interest and is irrevocable.

 

    -46-

     

    

 

(e) Each
Obligor acknowledges that the assignment or transfer of the Collateral with all associated Insurance Licenses, when required under
this Agreement is integral to Agent’s and each Holder's realization of the value of the Collateral, that there is no adequate
remedy at law for failure by any Obligor to comply with the provisions of this Section 11, and that such failure would not
be adequately compensable in damages and, therefore, agrees that the agreements contained in this Section 11 may be specifically
enforced without posting of any bond or similar requirement.

 

(f) In
the event that Agent or any Holder is required to acquire title to any Collateral for any reason, or take any managerial action
of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in Agent’s
or any Holder’s sole discretion may cause Agent or any Holder to be deemed to constitute, create, or have the effect of constituting
or creating, directly or indirectly, actual or practical ownership or Control of MIC or otherwise cause Agent or any Holder to
incur, or be exposed to, any liability under any Insurance Laws or subject to regulation or liability under any Insurance Regulatory
Agency, Agent and each Holder reserve the right, instead of taking the action, to arrange for the transfer of the title or Control
of the asset to a receiver appointed by a court of competent jurisdiction, subject to the consent of the applicable Insurance Regulatory
Agency. Neither Agent nor any Holder will be liable to any Obligor or any Affiliate or Related Party for any breach of Insurance
Laws or any insurance liabilities or contribution actions under any federal, state or local law, rule or regulation by reason of
Holder’s actions and conduct as authorized, empowered and directed hereunder.

 

12.
Miscellaneous.

 

(a) Waivers
and Amendments. Any term of this Agreement or the Notes may be amended, waived or modified only upon the written consent of
the Company and the Majority Holders.

 

(b)
Governing Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by
and construed under the laws of the State of New York, as applied to agreements among New York residents, made and to be performed
entirely within the State of New York. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the
state courts of the state of New York and to the jurisdiction of the United States District Court for the Southern District of
New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to
commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York
or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way
of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to
the jurisdiction of the above- named courts, that its property is exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that
this Agreement or the subject matter hereof may not be enforced in or by such court.

 

    -47-

     

    

 

WAIVER
OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT, THE NOTES, OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT
LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.
EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

(c) Successors and Assigns.
No Obligor may transfer, pledge or assign this Agreement or any rights or obligations under it without Agent’s and each Holder’s
prior written consent (which may be granted or withheld in Agent’s and each Holder’s discretion). Holders have the
right, without the consent of or notice to any Obligor (but with notice to Agent), to sell, transfer, assign, pledge, negotiate,
or grant participation in (any such sale, transfer, assignment, negotiation, or grant of a participation, a “Holder Transfer”)
all or any part of, or any interest in, Holder’s obligations, rights, and benefits under this Agreement and the other Note
Documents (other than the Warrants, as to which assignment, transfer and other such actions are governed by the terms thereof).
In the case of an assignment by any Holder to another Person of the Notes or any rights or participations therein, such Person
shall agree in writing to the provisions hereof applicable to Holders. Any assignee or successor to a Holder shall become a “Holder”
under this Agreement at the time such Person’s ownership interest in a Note is recorded in the register and such Person shall
be subject to the obligations set forth in this Agreement. Notwithstanding the foregoing, or anything to the contrary herein, if
no Default or Event of Default has occurred which is continuing, no Holder nor Agent shall enter into any Holder Transfer of all
or any part of, or any interest in, Holders’ obligations, rights, and benefits under this Agreement and the other Note Documents
to any entity which, in Holder’s Good Faith Business Judgment is a “vulture fund” or similar entity, or any entity
known to such Holder as a competitor of any Obligor.

 

(d) Expenses. At the initial
Closing, the Company shall pay the expenses and legal fees of Hudson incurred with respect to the negotiation, execution and delivery
of this Agreement, the Notes, and the transactions contemplated herein or therein, in an amount not to exceed, in the aggregate,
$50,000.

 

(e) No
Agent or Holder GuidanceReserved.

 

(i) The
Obligors hereby acknowledge and agree that neither the Agent nor any Holder has provided any Obligor with any guidance or advice
regarding the CARES Act, the PPP Loan (including without limitation the authority of the Obligors to qualify for the PPP Loan,
and the conditions for forgiveness of the PPP Loan) or any related matters.

 

    -48-

     

    

 

(ii)
The Obligors hereby acknowledge and agree that any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, claims, costs, expenses and disbursements of any kind or nature whatsoever incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of the incurrence of the PPP Loan and all related matters shall be subject to
Section 12(k).

 

(f) Entire Agreement.
This Agreement together with the Notes constitutes and contains the entire agreement among the Company and
the Holders and supersedes any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof.

 

(g) Notices. All notices required
or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient, if not, then on the
next business say, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications to a party shall be sent to the party’s address set forth in the signature page of such Holder
or at such other address(es) as such party may designate by 10 days’ advance written notice to the other party hereto. A
copy of any notice to the Company shall be sent to Cooley LLP, 101 California Street, 5th Floor, San Francisco, CA 94111-5800,
Attn: Rachel Proffitt; Jason Savich, e-mails: rproffitt@cooley.com; jsavich@cooley.com.

 

(h) Severability of this
Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(i) Counterparts. This Agreement
may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals.

 

(j) Survival. All covenants,
representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its
terms and all Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known
to exist and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full
in cash.

 

(k)
Indemnification. Each Obligor agrees to indemnify, defend and hold Agent, Holders and their respective directors, officers,
employees, consultants, agents, attorneys, or any other Person affiliated with or representing Agent or Holders (each, an “Indemnified
Person”) harmless against: (i) all obligations, demands, claims, and liabilities (including such claims, costs, expenses,
damages and liabilities based on liability in tort, including strict liability in tort) (collectively, “Claims”)
claimed or asserted by any other party in connection with the transactions contemplated by the Note Documents; and (ii) all losses
or expenses in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to,
or arising from transactions between Holders and the Obligors (including reasonable attorneys’ fees and expenses), except
for Claims and/or losses to the extent directly caused by such Indemnified Person’s gross negligence or willful misconduct.
Each Obligor agrees to pay, and to save Holders and Agent harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net
income of such Persons) that may be payable or determined to be payable with respect to any of the Collateral or this Agreement.
This Section 12(k) shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for
which indemnity is given shall have run.

 

    -49-

     

    

 

(l) Confidentiality. In handling
any confidential information, Holders and Agent shall exercise the same degree of care that such Person exercises for its own proprietary
and confidential information, but disclosure of information may be made: (a) to Holders’ and/or Agent’s Subsidiaries
or Affiliates (such Subsidiaries and Affiliates, together with Agent and Holders, collectively, “Holders Entities”)
provided that such Subsidiaries or Affiliates shall be bound by the confidentiality provisions set forth in this Section 12(l)
or a provision substantially similar hereto; (b) to prospective transferees (provided, however, Holders and Agent shall use their
commercially reasonable efforts to obtain any prospective transferee’s agreement to the terms of this provision); (c) as
required by law, regulation, subpoena, or other order, provided any information so disclosed will remain confidential information
hereunder as to the Holders and Agent unless such information as a direct result of the foregoing becomes public information; (d)
to the Holders’ or Agent’s regulators or as otherwise required in connection with an examination or audit; (e) as Agent
or the Holders consider appropriate in exercising remedies under the Note Documents; and (f) to third-party service providers of
the Holders and/or Agent so long as such service providers are in a relationship of confidentiality or have executed a confidentiality
agreement with the applicable Holder and/or Agent with terms no less restrictive than those contained herein. Confidential information
does not include information that is either: (i) in the public domain or in the Holders’ and/or Agent’s possession
when disclosed to the Holders and/or Agent, or becomes part of the public domain (other than as a result of its disclosure by the
Holders and/or Agent or any party to whom such party disclosed such information as set forth above in violation of this Agreement)
after disclosure to the Holders and Agent; or (ii) disclosed to the Holders and/or Agent by a third party, if the Holders and/or
Agent do not know that the third party is prohibited from disclosing the information.

 

(Signature Page Follows)

 

    -50-

     

    

 

The parties have caused this Agreement
to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.

 

	Address for the Company and the Guarantors:	 	COMPANY:
	 	 	 	 
	425 Market Street, Suite 700 San Francisco CA 94105	 	Metromile, INC.
	 	 	 	 
	Email for the Company and the Guarantors:	 	By:	 
	 	 	Name:	Dan Preston
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	 	GUARANTORS:
	 	 	 	 
	 	 	Metromile insurance
    servicesLLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	Dan Preston
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	Metromile enterprise
    solutions, LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	Dan Preston
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	INSU Acquisition
    corp. II
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature page to Note Purchase and Security Agreement

 

     

    

    

 

The parties have caused this Agreement
to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.

 

	 	AGENT AND HOLDER:
	 	 	 	 
	 	HSCM BERMUDA FUND LTD.
	 	 	 	 
	 	By: Hudson Structured Capital Management Ltd., its Manager
	 	 	 	 
	 	By:  	
	 	 	Name:	Edouard Von Herberstein
	 	 	Title:	Partner
	 	 	 	 
	 	E-mail:	ajay.mehra@hscm.com
	 	 	 	 
	 	Address: 	 c/o Hudson Structured Capital Management Ltd.
	 	 	Attention: Ajay Mehra, Partner & General Counsel 2187 Atlantic Street
	 	 	Stamford, CT 06902

 

Signature page to Note Purchase and Security Agreement

 

     

    

    

 

The parties have caused this
Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written
above.

 

	 	HOLDER:
	 	 	 	 
	 	HS SANTANONI LP
	 	 	 	 
	 	By: Hudson Structured Capital Management Ltd., its Manager
	 	 	 	 
	 	By:  	
	 		Name:	Edouard Von Herberstein
	 	 	Title:	 Partner
	 	E-mail:	 ajay.mehra@hscm.com
	 	 	 	 
	 	Address: 	 c/o Hudson Structured Capital Management Ltd.
	 	 	Attention: Ajay Mehra, Partner & General Counsel 2187 Atlantic Street
	 	 	Stamford, CT 06902

 

Signature page to Note Purchase and Security Agreement

 

     

    

    

 

ANNEX I

 

COLLATERAL
DESCRIPTION

 

The Collateral
consists of all of each Obligor’s right, title and interest in and to the following personal property wherever located, whether
now owned or existing or hereafter acquired, created or arising:

 

All goods,
Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (including Intellectual Property), commercial tort claims, documents, instruments
(including any promissory notes), chattel paper (whether tangible or electronic), cash, Deposit Accounts, Securities Accounts,
Commodity Accounts, all certificates of deposit,, fixtures, letters of credit rights (whether or not the letter of credit is evidenced
by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or
hereafter acquired, wherever located; and all the Obligors’ books and records relating to the foregoing, and any and all
claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and
improvements to and replacements, products, proceeds (both cash and non-cash) and insurance proceeds of any or all of the foregoing.

 

Notwithstanding
the foregoing, the Collateral does not include any (i) any license or contract that is nonassignable by its terms without the
consent of the licensor thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable
law, including, without limitation, Sections 9406 and 9408 of the Code), provided in each case that upon the cessation of any
such restriction or prohibition, such license or contract shall automatically become part of the Collateral, (ii) cash collateral
accounts described in clause (g) of the definition of Permitted Indebtedness if the granting of a security interest therein is
specifically prohibited by, would constitute an event of default under, or would grant a party a termination right under the contract
or agreement with respect to such cash collateral accounts (unless such prohibition is not enforceable under applicable law),
provided that at any such time any of the foregoing prohibitions or restrictions no longer apply then, as of such date, the Collateral
shall automatically be deemed to include any such cash collateral accounts and/or the proceeds thereof, (iii) equipment subject
to a lien described in clause (c) of the definition of Permitted Liens in connection with purchase money indebtedness incurred
by the Obligor if the underlying agreement with respect to such purchase money indebtedness does not permit the Obligor to grant
a lien with respect to such equipment in favor of Agent, or (iv) any “intent-to-use” trademark at any time prior to
the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the United States
Patent and Trademark Office or otherwise, but only to the extent the granting of a security interest in such “intent-to-use”
trademark would be contrary to applicable law.

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