Document:

Exhibit 10.4

 

June
19, 2018

 

 

Twelve
Seas Investment Company

25/28
Old Burlington Street

Mayfair,
London, W1S 3AN

  

Ladies
and Gentlemen:

 

Twelve
Seas Investment Company (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses
or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended
(“Securities Act”), in connection with its initial public offering (“IPO”), pursuant to a registration
statement on Form S-1 (“Registration Statement”).

 

Twelve
Seas Sponsors I, LLC (the “Sponsor”) previously entered into that certain Unit Subscription Agreement, dated as of
June 8, 2018, with the Company, pursuant to which the Sponsor committed to purchase 415,000 units of the Company (“Private
Units”), each Private Unit consisting of one ordinary share of the Company, par value $0.0001 per share (the “Ordinary
Shares”), one redeemable warrant (“Warrant”), each Warrant entitling its holder to purchase one Ordinary Share,
and one right to receive one-tenth of an Ordinary Share, at $10.00 per Private Unit, for a purchase price of $4,150,000.

 

Pursuant
to this Amended and Restated Unit Subscription Agreement, the Sponsor hereby agrees that it will purchase 475,000 Private Units
of the Company, at $10.00 per Private Unit, for an aggregate purchase price of $4,750,000 (the “Private Unit Purchase Price”).

 

The
Sponsor hereby agrees that it will purchase an additional amount of units of the Company (“Over-Allotment Units”),
up to a maximum of 54,000 Over-Allotment Units, or a maximum purchase price of $540,000 (“Over-Allotment Unit Purchase Price”,
together with the Private Unit Purchase Price, the “Purchase Price”), in the event EarlyBirdCapital, Inc. (“EBC”)
exercises its over-allotment option, such that the amount held in the trust account (as described in the Registration Statement)
does not fall below $10.00 per share for each Ordinary Share sold in the IPO.

 

At
least twenty-four (24) hours prior to the effective date of the Registration Statement, the Sponsor will cause the Private Unit
Purchase Price to be delivered to Continental Stock Transfer & Trust Company (“CST”), counsel for the Company,
by wire transfer to hold in a non-interest bearing account until the Company consummates the IPO.

 

The
consummation of the purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO and
the consummation of the purchase and issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise
of the over-allotment option related to the IPO. Simultaneously with the consummation of the IPO, CST shall deposit the Private
Unit Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the Company
for the benefit of the Company’s public shareholders as described in the Registration Statement. If the Company does not
complete the IPO within ten (10) days from the date of this letter, the Purchase Price (without interest or deduction) will be
returned to the Sponsor.

  

    		 	 

     

    

 

Each
of the Company and the Sponsor acknowledges and agrees that CST is serving hereunder solely as a convenience to the parties to
facilitate the purchase of the Private Units and CST’s sole obligation under this letter agreement is to act with respect
to holding and disbursing the Purchase Price for the Private Units as described above. CST shall not be liable to the Company,
EBC or the Sponsor or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection
with performing its services hereunder unless CST has acted in a manner constituting gross negligence or willful misconduct. The
Company and the Sponsor shall indemnify CST against any claim made against it (including reasonable attorney’s fees) by
reason of it acting or failing to act in connection with this letter agreement except as a result of its gross negligence or willful
misconduct. CST may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request
furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

The
Private Units and Over-Allotment Units will be identical to the units to be sold by the Company in the IPO. Additionally, the
Sponsor agrees:

 

	 	●	to
    vote the Ordinary Shares included in the Private Units and Over-Allotment Units in favor of any proposed Business Combination;

 

	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association
    that would (i) stop the Company’s public shareholders from converting or selling their shares to the Company in connection
    with a Business Combination or (ii) affect the substance or timing of the Company’s obligation to redeem 100% of the
    Company’s Ordinary Shares sold in the IPO if the Company does not complete an initial Business Combination within 18
    months from the closing of the IPO, unless the Company offers dissenting holders the right to convert their shares for a portion
    of the cash held in the Trust Fund;

 

	 	●	not
    to convert any Ordinary Shares included in the Private Units and Over-Allotment Units into the right to receive cash from
    the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions
    of the Company’s Amended and Restated Memorandum and Articles of Association relating to shareholders’ rights
    or pre-business combination activity;

 

	 	●	the
    Sponsor will not participate in any liquidation distribution with respect to the Private Units and Over-Allotment Units (but
    will participate in liquidation distributions with respect to any units or Ordinary Shares purchased by the Sponsor in the
    IPO or in the open market) if the Company fails to consummate a Business Combination;

 

	 	●	that
    the Private Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation of
    a Business Combination except (i) to the Company’s officers, directors or their respective affiliates; (ii) transfers
    to the Sponsor’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate planning purposes,
    (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi)
    by private sales made in connection with the consummation of a Business Combination at prices no greater than the price at
    which the Private Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation
    of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions;

 

	 	●	the
    Private Units and the Over-Allotment Units will be subject to customary registration rights, pursuant to a Registration Rights
    Agreement on terms agreed upon by the Company and the underwriters in the IPO to be filed as an exhibit to the Registration
    Statement; and

 

	 	●	the
    Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly
    structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate
    the IPO, each of which will be set forth in the Registration Statement.

 

The
Sponsor acknowledges and agrees that the purchaser of the Private Units and Over-Allotment Units will execute agreements in form
and substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to
the consummation of the IPO as are reasonably acceptable to the Sponsor, including but not limited to an insider letter.

 

    		2	 

     

    

 

The
Sponsor hereby represents and warrants that:

 

	 	(a)	it
    has been advised that the Private Units and Over-Allotment Units have not been registered under the Securities Act;

 

	 	(b)	it
    will be acquiring the Private Units and Over-Allotment Units for its account for investment purposes only;

 

	 	(c)	it
    has no present intention of selling or otherwise disposing of the Private Units and Over-Allotment Units in violation of the
    securities laws of the United States;

 

	 	(d)	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933,
    as amended;

 

	 	(e)	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

	 	(f)	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;

 

	 	(g)	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed
    to consummate the transactions contemplated in this letter; and

 

	 	(h)	this
    letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

[remainder
of page intentionally left blank]

 

    		3	 

     

    

 

This
letter agreement constitutes the entire agreement between the Sponsor and the Company with respect to the purchase of the Private
Units and Over-Allotment Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to the same.

  

	 	Very
    truly yours,
	 	 
	 	TWELVE
    SEAS SPONSORS I LLC
	 	 	 
	 	By:	/s/
Dimitri Elkin
	 	Name: 	Dimitri Elkin
	 	Title: 	Managing
Member

 

	Accepted
    and Agreed:	 
	 	 
	TWELVE
    SEAS INVESTMENT COMPANY	 
	 	 	 
	By:	 /s/
    Dimitri Elkin	 
	 	Name: Dimitri
    Elkin	 
	 	Title:   Chief
    Executive Officer	 

 

 

 

4Exhibit 10.5

 

	 	June 19, 2018

  

Twelve Seas Investment Company

25/28 Old Burlington Street

Mayfair, London, W1S 3AN

  

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, NY 10017

  

Re:     Initial
Public Offering

 

Gentlemen:

 

This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between Twelve Seas Investment Company, a Cayman Islands exempted company (the “Company”),
and EarlyBirdCapital, Inc., as representative (the “Representative”) of the several Underwriters named
in Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the
“IPO”) of the Company’s units (the “Units”), each comprised of one ordinary
share of the Company, par value $0.0001 per share (the “Ordinary Shares”), one redeemable warrant (the
“Warrants”), each redeemable Warrant entitling the holder thereof to purchase one Ordinary Share at a
price of $11.50 per share, and one right to receive one-tenth of an Ordinary Share (the “Rights”). Certain
capitalized terms used herein are defined in paragraph 14 hereof.

 

In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit
that such IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary shares beneficially
owned by it whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a)
In the event that the Company fails to consummate a Business Combination within the time period set forth in the Charter, the undersigned
shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii)
cause the Company to liquidate as soon as reasonably practicable.

 

(b) The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and
any remaining net assets of the Company as a result of such liquidation with respect to its Insider Shares or Private Units (and
the underlying Ordinary Shares) (“Claim”) and hereby waives any Claim the undersigned may have in the
future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust
Fund for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund
with respect to any Warrants or Rights underlying the Private Units, all rights of which will terminate on the Company’s
liquidation.

 

(c)  [Intentionally
omitted]

 

(d)  In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not
to seek repayment for such expenses.

 

    	 	 	 

     

    

 

3. The
undersigned will escrow all of its Insider Shares pursuant to the terms of a Stock Escrow Agreement which the Company will enter
into with the undersigned and an escrow agent acceptable to the Company.

 

4. The
undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Units will be subject
to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Units.

  

5. In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire
a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company,
subject to any pre-existing fiduciary and contractual obligations the undersigned might have.

 

6. The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions that such Business Combination is fair to the Company’s unaffiliated shareholders
from a financial point of view.

 

7. Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
and no such person will accept any compensation or other cash payment prior to, or for services rendered in connection with, the
consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth
in the Registration Statement under the caption “Prospectus Summary – The Offering – Limited Payments to Insiders.”

 

8. Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned
or any affiliate of the undersigned originates a Business Combination.

  

9. The
undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and accurate in all
material respects. The undersigned represents and warrants that:

 

	 	(a)	it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) it or any partnership in which it was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which it was an executive officer at or within two years before the time of such filing;

 

	 	(b)	it has never had a receiver, fiscal agent or similar officer been appointed by a court for its business or property, or any such partnership;

 

	 	(c)	it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

    	 	2	 

     

    

 

	 	(f)	it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days its right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

  

	 	(h)	it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	it has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

 

	 	(k)	it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	it was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	it has never been subject to any order of the SEC that orders it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

    	 	3	 

     

    

 

	 	(o)	it has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

10. The
undersigned has full right and power, without violating any agreement by which it is bound, to enter into this letter agreement.

 

11. The
undersigned hereby waives its right to exercise conversion rights with respect to any Ordinary Shares owned or to be owned by the
undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and
agrees that it will not seek conversion with respect to or otherwise sell, such shares in connection with any vote to approve a
Business Combination with respect thereto (or any tender offer related thereto) or a vote to amend the provisions of the Charter.

 

12. The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Charter with respect to the Company’s
pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers holders the right
to receive their pro rata portion of the funds then held in the Trust Fund.

 

13. In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would
result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

    	 	4	 

     

    

 

14. As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii)
“Charter” shall mean the Company’s Memorandum and Articles of Association, as the same may be amended
and/or restated from time to time; (iii) “Insiders” shall mean all officers, directors and shareholders
of the Company immediately prior to the IPO; (iv) “Insider Shares” shall mean all of the Ordinary Shares
of the Company acquired by an Insider prior to the IPO and any Ordinary Shares underlying the Private Units; (v) “IPO
Shares” shall mean the Ordinary Shares issued in the Company’s IPO; (vi) “Private Units”
shall mean (x) the Units purchased in the private placement taking place simultaneously with the consummation of the Company’s
IPO and (y) the additional Units that may be purchased in connection with the exercise of the over-allotment option by the underwriters
in the IPO as described in the Registration Statement; (vii) “Registration Statement” means the registration
statements on Form S-1 filed by the Company with respect to the IPO; and (viii) “Trust Fund” shall mean
the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

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

 

If to the Representative:

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, NY 10017

Attn: Steven Levine

Facsimile: (212) 661-4936

 

If to the Company:

 

Twelve Seas Investment Company

25/28 Old Burlington Street

Mayfair, London, W1S 3AN

Attn: Dimitri Elkin

  

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

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th
Floor

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Facsimile: (212) 370-7889

 

16. No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other 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 letter agreement shall be binding on the
parties hereto and any successors and assigns thereof.

 

17. The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO.

 

    	 	5	 

     

    

  

	 	TWELVE SEAS SPONSOR I LLC
	 	 	 
	 	By:	 /s/ Dimitri Elkin
	 	 	Name: Dimitri Elkin
	 	 	Title:   Managing Member

 

 

 

6

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