Exhibit 10.14

EXECUTION COPY

CONSENT AND WAIVER AGREEMENT

This CONSENT AND WAIVER AGREEMENT (this “Agreement”), dated as of October 9,
2014, by and among HC2 Holdings, Inc., a Delaware corporation (the “Company”),
and each of the September Purchasers and/or May Purchasers (each, as defined
below) party hereto (each, a “Preferred Holder” and, collectively, the
“Preferred Holders”).

WHEREAS, reference is made to (i) the Securities Purchase Agreement (as amended,
the “May Purchase Agreement”), dated as of May 29, 2014, by and among the
Company and the purchasers party thereto (the “May Purchasers”); (ii) the
Securities Purchase Agreement (the “September Purchase Agreement”), dated as of
September 22, 2014, by and among the Company and the purchasers party thereto
(the “September Purchasers”); (iii) the Certificate of Designation (the “Series
A Certificate of Designation”) of Series A Convertible Participating Preferred
Stock (the “Series A Preferred Stock”) of HC2 Holdings, Inc., dated as of
May 29, 2014, as amended on September 22, 2014; and (iv) the Certificate of
Designation (the “Series A-1 Certificate of Designation”) of Series A-1
Convertible Participating Preferred Stock (the “Series A-1 Preferred Stock”) of
HC2 Holdings, Inc., dated as of September 22, 2014.

Transaction

WHEREAS, Schuff International, Inc., a Delaware corporation and a subsidiary of
the Company (“Schuff”), desires to borrow up to Fifteen Million Dollars
($15,000,000) of additional loans in order to fund the acquisition of inventory
and machinery in connection with “Project Tiger” under that certain Second
Amended and Restated Credit and Security Agreement, dated August 14, 2014 (as
amended from time to time, the “Schuff Credit Agreement”), between Schuff,
certain subsidiaries of Schuff a party thereto and Wells Fargo Credit, Inc., a
Minnesota corporation (the issuance of such indebtedness, the “Debt Issuance”);

May Purchase Agreement; September Purchase Agreement

WHEREAS, pursuant to Section 5.4 of each of the May Purchase Agreement and the
May Purchase Agreement, each of the undersigned (in its capacity as a May
Purchaser and/or September Purchaser) has a participation right with respect to
the Debt Issuance (the “Debt Participation Right”), subject to the terms and
conditions set forth therein;

WHEREAS, each of the undersigned desires to waive its Debt Participation Right;

Series A Certificate of Designation; Series A-1 Certificate of Designation

WHEREAS, pursuant to Section 9(a) of each the Series A Certificate of
Designation and the Series A-1 Certificate of Designation, the Company may not,
and may not permit any Subsidiary (as defined therein) to, without the Requisite
Approval (as

 

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defined below), borrow or otherwise issue Indebtedness (as defined therein) if,
after giving effect to such borrowing or issuance, the Debt/NAV Ratio (as
defined therein) would be greater than 0.75;

WHEREAS, the Debt Issuance will result in a Debt/NAV Ratio in excess of 0.75;

WHEREAS, the undersigned desire to consent to the Debt Issuance, including under
the Series A Certificate of Designation and the Series A-1 Certificate of
Designation;

WHEREAS, pursuant to Section 11(d)(i) of each of the Series A Certificate of
Designation and the Series A-1 Certificate of Designation, any consent, waiver,
vote, decision, election or action required or permitted to be taken under the
Series A Certificate of Designation or the Series A-1 Certificate of
Designation, as applicable, by the holders of the Series A Preferred Stock and
Series A-1 Preferred Stock as a group requires the approval or action, as
applicable, of the Requisite Holders (as defined in the Series A Certificate of
Designation and the Series A-1 Certificate of Designation) and, after such
approval or action, is binding on all of the holders of Series A Preferred Stock
and Series A-1 Preferred Stock (the “Requisite Approval”); and

WHEREAS, the undersigned constitute the Requisite Holders under and as defined
in the Series A Certificate of Designation and the Series A-1 Certificate of
Designation.

NOW THEREFORE,

1. Consent to Debt Issuance; Waiver of Debt Participation Right. Each of the
undersigned does hereby (a) consent to the Debt Issuance (inclusive of all
interest and other fees and expenses accrued in the ordinary course in
connection with such indebtedness), including pursuant to Section 9(a) of the
Series A Certificate of Designation and Series A-1 Certificate of Designation,
as applicable, and (b) waive its Debt Participation Right with respect to the
Debt Issuance; provided, however, that for so long as Schuff remains a
Subsidiary (as defined in the Series A Certificate of Designation and Series A-1
Certificate of Designation, as applicable) of the Company, until the earlier to
occur of (i) the repayment in full of the Debt Issuance and (ii) such time as
the Debt/NAV Ratio (as defined in the Series A Certificate of Designation and
Series A-1 Certificate of Designation, as applicable) is equal to or less than
0.75, the Company shall cause Schuff not to make any dividend or distribution
to, or repurchase any equity interests from, any of its stockholders (or any
Affiliates thereof) without the consent of the Requisite Holders (as defined in
the Series A Certificate of Designation and Series A-1 Certificate of
Designation, as applicable).

2. Waiver of Notice Requirements. This Agreement shall satisfy any notice
requirement that may be required to be given to the undersigned pursuant to the
May Purchase Agreement and/or the September Purchase Agreement or otherwise in
connection with the Debt Issuance.

 

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3. Representations and Warranties of the Company. The Company hereby represents
and warrants to the Preferred Holders that:

a. The Company has the power and authority to enter into this Agreement and all
other agreements contemplated hereby, and to do and perform all acts and things
as are required or contemplated hereunder to be done, observed and performed by
the Company;

b. Each of this Agreement and all other agreements to be executed by the Company
which are contemplated hereby has been duly authorized (by all necessary
corporate and limited liability company action and otherwise), validly executed
and delivered by the Company and constitutes the legal, valid and binding
obligation of the Company, enforceable against it in accordance with its terms;

c. After giving effect to this Agreement, the execution and delivery of this
Agreement and all other agreements to be executed by the Company and
contemplated hereby and the Company’s performance hereunder and thereunder do
not and will not require the consent or approval of any governmental authority,
nor be in contravention of or in conflict with any the Company’s charter,
by-laws, certificate of incorporation or the provisions of any statute, or any
judgment, order, or indenture, instrument, agreement, note, arrangement or
undertaking, to which the Company is a party or by which the Company or its
assets or properties are or may become bound; and

d. After giving effect to this Agreement, no default under this Agreement, the
May Purchase Agreement, the September Purchase Agreement, the Series A
Certificate of Designation or the Series A-1 Certificate of Designation has
occurred and is continuing.

4. No Further Amendments. Except for the consents and waivers set forth herein,
the text of each of the May Purchase Agreement, the September Purchase
Agreement, the Series A Certificate of Designation and the Series A-1
Certificate of Designation shall remain unchanged and in full force and effect
and each is hereby ratified and reaffirmed in all respects. No waiver by the
Preferred Holders under the May Purchase Agreement, the September Purchase
Agreement, the Series A Certificate of Designation or the Series A-1 Certificate
of Designation is granted or intended except as expressly set forth herein, and
the Preferred Holders expressly reserve the right to require strict compliance
with the terms of each of the May Purchase Agreement, the September Purchase
Agreement, the Series A Certificate of Designation and the Series A-1
Certificate of Designation, as applicable, in all respects.

5. Fees and Legal Fees. The Company hereby agrees to pay to the Preferred
Holders all reasonable out of pocket fees and reasonable out of pocket expenses
incurred by the Preferred Holders in the drafting, review, negotiation and
closing of the documents and transactions contemplated hereby, including the
reasonable fees and disbursements of Ropes & Gray, as counsel to the PECM
Purchasers and the Hudson Bay Purchaser (each as defined in the May Purchase
Agreement).

 

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6. Binding on Successors, Assigns, Transferees. This Agreement shall inure to
the benefit of and be binding upon the successors and permitted assigns of each
of the parties hereto and, upon a transfer of Shares or Conversion Shares, as
defined in and in accordance with Section 8 of the May Purchase Agreement and/or
the September Purchase Agreement, as applicable, such transferee shall be bound
by the terms of this Agreement (including the approvals and waivers granted
hereunder) as if originally a party hereto.

7. Entire Agreement. This Agreement and the documents and other agreements among
the parties hereto as contemplated by or referred to herein constitute the
entire agreement between the parties hereto respecting the subject matter hereof
and supersede all prior agreements, negotiations, understandings,
representations and statements respecting the subject matter hereof, whether
written or oral.

8. Miscellaneous. Sections 12.1 through 12.7 and 12.9 through 12.12 of the May
Purchase Agreement and the September Purchase Agreement, as applicable, are
hereby incorporated herein by reference, mutatis mutandis.

[Remainder of Page Intentionally Left Blank]

 

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

 

COMPANY HC2 HOLDINGS, INC. By:  

/s/ Keith M. Hladek

  Name:   Keith M. Hladek   Title:   Chief Operating Officer

 

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HUDSON BAY PURCHASER HUDSON BAY ABSOLUTE RETURN CREDIT OPPORTUNITIES MASTER
FUND, LTD. By:  

/s/ Marc Sole

  Name:   Marc Sole   Title:   Authorized Signatory

 

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PECM PURCHASERS PROVIDENCE DEBT FUND III L.P. By:  

/s/ Bryan Martoken

  Name:   Bryan Martoken   Title:   CFO – Capital Markets Group

 

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PROVIDENCE DEBT FUND III MASTER (NON-US) L.P. By:  

/s/ Bryan Martoken

  Name:   Bryan Martoken   Title:   CFO – Capital Markets Group

 

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PECM STRATEGIC FUNDING L.P. By:   PECM Strategic Funding GP L.P.,   its general
partner By:   PECM Strategic Funding GP Ltd.,   its general partner By:  

/s/ Bryan Martoken

  Name:   Bryan Martoken   Title:   CFO – Capital Markets Group

 

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BENEFIT STREET PARTNERS SMA LM L.P. By:  

/s/ Bryan Martoken

  Name:   Bryan Martoken   Title:   CFO – Capital Markets Group

 

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DG VALUE PARTNERS II MASTER FUND, LP By:   DG Capital Management, LLC, its
investment manager By:  

/s/ Dov Gertzulin

  Name:   Dov Gertzulin   Title:   Managing Member

 

[Signature Page to Consent and Waiver]

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DG PURCHASERS DG VALUE PARTNERS, LP By:   DG Capital Management, LLC, its
investment manager By:  

/s/ Dov Gertzulin

  Name:   Dov Gertzulin   Title:   Managing Member

 

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SPECIAL SITUATIONS X, LLC By:   DG Capital Management, LLC, its investment
manager By:  

/s/ Dov Gertzulin

  Name:   Dov Gertzulin   Title:   Managing Member

 

[Signature Page to Consent and Waiver]

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SPECIAL SITUATIONS, LLC By:   DG Capital Management, LLC, its investment manager
By:  

/s/ Dov Gertzulin

  Name:   Dov Gertzulin   Title:   Managing Member

 

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DG CREDIT OPPORTUNITIES, LP By:   DG Capital Management, LLC, its investment
manager By:  

/s/ Dov Gertzulin

  Name:   Dov Gertzulin   Title:   Managing Member

 

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LUXOR PURCHASERS: LUXOR CAPITAL PARTNERS, LP By:  

/s/ Norris Nissim

  Name:   Norris Nissim   Title:   General Counsel – Luxor Capital Group, LP –
as Investment Manager

 

[Signature Page to Consent and Waiver]

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LUXOR CAPITAL PARTNERS OFFSHORE MASTER FUND, LP By:  

/s/ Norris Nissim

  Name:   Norris Nissim   Title:   General Counsel – Luxor Capital Group, LP –
as Investment Manager

 

[Signature Page to Consent and Waiver]

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LUXOR WAVEFRONT, LP By:  

/s/ Norris Nissim

  Name:   Norris Nissim   Title:   General Counsel – Luxor Capital Group, LP –
as Investment Manager

 

[Signature Page to Consent and Waiver]