Exhibit 10.1


 


SPONSOR
WARRANT EXCHANGE LETTER AGREEMENT


 


July
13, 2016


Hennessy
Capital Acquisition Corp. II


700
Louisiana Street, Suite 900


Houston,
Texas 77002


 


	 	Re:	Exchange
    of Private Placement Warrants


 


Gentlemen:


 


Reference
is made to that certain Agreement and Plan of Merger, dated as of April 1, 2016, as amended on July 13, 2016 (as amended, the
“Merger Agreement”), by and among Hennessy Capital Acquisition Corp. II (the “Company”), USI Senior Holdings,
Inc. (“USI”), HCAC II, Inc. and North American Direct Investment Holdings, LLC, solely in its capacity as the Stockholder
Representative thereunder. In order to facilitate the consummation of the merger of USI with and into a wholly-owned subsidiary
of the Company pursuant to the Merger Agreement, Hennessy Capital Partners II LLC (“HCP”) has agreed to enter into
this letter agreement (this “Agreement”) relating to the exchange of 15,080,756 warrants sold to HCP by the Company
in a private placement in connection with the Company’s initial public offering (the “Private Placement Warrants”)
for shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”). Capitalized terms used
and not otherwise defined herein are defined in the Merger Agreement and shall have the meanings given to such terms in the Merger
Agreement.


 


HCP
and the Company hereby agree as follows:


 


1.
Immediately prior to the Closing on the Closing Date, HCP shall exchange all of the 15,080,756 Private Placement Warrants held
by HCP with the Company for newly issued shares of Common Stock at an exchange ratio of approximately 8.5 Private Placement Warrants
per share of Common Stock, resulting in the issuance by the Company to HCP (and its designees) of 1,774,206 shares of Common Stock
(such shares of Common Stock to be issued to HCP pursuant to this Agreement being referred to collectively hereafter as the “Exchange
Shares”). In order to effectuate such exchange, immediately prior to the Closing on the Closing Date, HCP shall deliver
its Private Placement Warrants to the Company against delivery to HCP of a stock certificate evidencing the Exchange Shares. The
Company agrees that the registration rights granted to HCP with respect to the Private Placement Warrants shall continue with
respect to the Exchange Shares to be issued to HCP (and its designees) hereunder pursuant to the terms of an amended and restated
registration rights agreement to be entered into at the Closing.


 


2.
Prior to the date that is one year after the Closing Date or earlier if, subsequent to the Closing Date, (i) the last sale price
of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing Date or
(ii) the date following the Closing Date on which the Company completes a liquidation, merger, stock exchange or other similar
transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock
for cash, securities or other property(the “Lock-Up Period”), HCP shall not directly or indirectly sell, transfer,
pledge, encumber, assign or otherwise dispose of any portion of the Exchange Shares. HCP hereby authorizes the Company during
the Lock-Up Period to cause its transfer agent for the Exchange Shares to decline to transfer, and to note stop transfer restrictions
on the stock register and other records relating to the Exchange Shares, if such transfer would constitute a violation or breach
of this Agreement. Notwithstanding the foregoing, HCP may sell or otherwise transfer all or any portion of the Exchange Shares
to: (a) its direct or indirect equity holders or to any of its other affiliates (as defined in Regulation C of the Securities
Act of 1933, as amended), (b) the immediate family members (including spouses, significant others, lineal descendants, brothers
and sisters) of its direct or indirect equity holders or any of its other affiliates, (c) a family trust, foundation or partnership
established for the exclusive benefit of HCP, its direct or indirect equity holders, any of its affiliates or any of their respective
immediate family members, (d) a charitable foundation controlled by HCP, its direct or indirect equity holders, any of its affiliates
or any of their respective immediate family members, (e) in the case of an individual, (1) by gift to a member of one of the members
of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s
immediate family, an affiliate of such person or to a charitable organization, (2) by virtue of laws of descent and distribution
upon death of the individual and (3) pursuant to a qualified domestic relations order; (f) by virtue of the laws of the State
of Delaware or upon the dissolution of HCP, and (g) Trilantic Capital Management L.P. and its sponsored funds, including Trilantic
Capital Partners V (North America) L.P. and Trilantic Capital Partners V (North America) Fund A L.P. and any of their respective
members and affiliates, provided that, in each such case, that the transferee thereof enters into a written agreement to be bound
by the restrictions set forth herein.


 






    	 		 



     


    

 


3.
This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof. This Agreement may not be changed, amended, modified or waived (other
than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties
hereto.


 


4.
No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on the undersigned
and their respective successors and assigns.


 


5.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each
of the parties hereto hereby (i) agrees that any action, proceeding, claim or dispute arising out of, or relating in any
way to, this Agreement shall be brought and enforced in the Court of Chancery of the State of Delaware (or, if the Court of Chancery
of the State of Delaware lacks jurisdiction, then in the applicable Delaware state court), or if under applicable Law exclusive
jurisdiction of such action is vested in the federal courts, then the United States District Court for the District of Delaware,
and irrevocably submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waives
any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.


 


6.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.


 


7.
This Agreement shall terminate at such time, if any, that the Merger Agreement is terminated in accordance with its terms.


 


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Please
indicate your agreement to the foregoing by signing in the space provided below.


 





	 	HENNESSY
    CAPITAL PARTNERS II LLC
	 	 	 
	 	By:	/s/
    Daniel J. Hennessy
	 	Name:	Daniel
    J. Hennessy
	 	Title:	Managing
Member
	 	 	 
	 	ACCEPTED
    AND AGREED TO:
	 	 	 
	 	HENNESSY
    CAPITAL ACQUISITION CORP. II
	 	 	 
	 	By:	/s/
    Daniel J. Hennessy
	 	Name:	Daniel
    J. Hennessy
	 	Title:	Chief
    Executive Officer







 


 


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