Document:

EXHIBIT 10.3

 

		
        Celator Pharmaceuticals, Inc.

        200 PrincetonSouth Corporate Center

        Suite 180

        Ewing, NJ 08628

        Tel: 609.243.0123

        Fax: 609.243.0202

         

        www.celatorpharma.com

 

April 1, 2016

 

Fred M. Powell

2309 April Drive

Jamison, PA 18929

 

 

Dear Fred:

 

Reference is made to the Letter and Restrictive
Covenants Agreement dated as of December 7, 2012, as amended, (the “Letter Agreement”) between you and Celator Pharmaceuticals,
Inc. (the “Company”), pursuant to which you were employed by the Company as Vice-President and Chief Financial Officer
effective December 17, 2012.

 

The Company considers it essential to its
best interests and that of its stockholders to foster the continued employment of key management personnel. Accordingly, in order
to induce you to remain in the employ of the Company, this letter (this “Amendment”) sets forth an amendment to the
Letter Agreement to reflect a change in the severance benefits that will be paid to you by the Company if your employment is terminated
upon a Change of Control by the Company without Cause or by you for Good Reason (as those terms are defined below) and to make
certain changes in related sections of the Letter Agreement.

 

We have agreed as follows:

 

1.           Section 7 of the Letter Agreement
is hereby amended and restated in its entirety to provide as follows:

 

Termination Generally. You
may resign from the Company at any time, provided that you give the Company at least twenty (20) business days’ written notice
of your intention to resign. The Company may terminate your employment at any time, without “Cause” (as hereinafter
defined) by giving you at least ten (10) business days’ written notice of termination (the “Termination Notice”);
provided, however, that the Company may, in the Company’s sole discretion, pay your Base Salary for the period of notice
in lieu of providing such notice. In the event of the termination of your employment without Cause, the Company will pay to you,
in addition to the portion of your Base Salary that has been earned through your last day of employment and is then payable, but
that has not yet been paid: (A) severance payments in an amount equal to your Base Salary for a period of nine (9) months from
the termination date, payable in accordance with the Company’s payroll practices, and (B) reimbursement of the medical and
dental insurance premiums for you and your eligible dependents under the Company’s group insurance plans at the same level
you elected and was in effect as of the effective date of the termination of your employment for a period of nine (9) months from
the termination date, in each case subject to all applicable tax deductions and withholdings; provided, however, that no severance
payments or insurance reimbursements shall be paid or owed unless you first sign and deliver to the Company a legally binding general
release of all claims against the Company, its officers, directors, representatives, employees, stockholders and any other persons
or entities that may be claimed to be liable to you as a result of or arising from the employment relationship or otherwise, and
a covenant not to sue, which release and covenant (the “Release and Covenant”) shall be in a form prepared by and satisfactory
to the Company and may incorporate post-employment obligations on your part consistent with those contemplated by this Agreement,
as it may be hereafter amended and in effect upon the termination of your employment.

 

     

    	Page 2 of 5	 

    

 

The severance payments will be made in installments
in conjunction with the Company’s normal payroll cycle and will commence as soon as administratively feasible within sixty
(60) days following your termination of employment, provided that you have fully executed and not revoked the Release and Covenant
within forty-five (45) days following your termination of employment. Notwithstanding the foregoing, if your termination of employment
is within the final sixty (60) days of the calendar year, the severance payments shall commence as soon as administratively feasible
within sixty (60) days following your termination of employment, but in no event prior to the first scheduled pay date in the next
calendar year, provided you have fully executed and not revoked the Release and Covenant.

 

The Company may terminate your employment immediately
for “Cause,” as hereinafter defined. Upon any termination of your employment by the Company for Cause or by reason
of your voluntary resignation, as the case may be, you will be entitled to only the portion of your Base Salary that has been earned
and is then payable, but that has not yet been paid.

 

As used in this Agreement, the term “Cause”
shall mean, except to the extent specified otherwise by the Board, a finding by the Board that you (i) breached this Agreement;
(ii) engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or
proven dishonesty, (iii) disclosed trade secrets or confidential information to persons not entitled to receive such information,
(iv) breached any written non-competition or non-solicitation agreement between the Company and you or (v) engaged in such other
behavior detrimental to the interests of the Company as the Board determines.

 

2.           The Letter Agreement is hereby amended
to create a new Section 7A, which shall be inserted into the Letter Agreement after Section 7 and before Section 8:

 

Effect of Termination upon a
Change of Control. Notwithstanding anything to the contrary set forth herein, in the event that, after a Change of Control
(as hereinafter defined) either (i) your employment is terminated by the Company without Cause within twelve (12) months following
a Change in Control or (ii) you resign from your employment for Good Reason (as hereinafter defined) within twelve (12) months
following a Change in Control: you will be entitled to receive from the Company, in addition to the portion of your Base Salary
that has been earned through your last day of employment and is then payable, but that has not yet been paid, and in lieu of any
amounts you are entitled to receive pursuant to Section 7 of the Letter Agreement: (A) severance payments in an amount equal to
your Base Salary for a period of twelve (12) months from the termination date, payable in a single lump sum; (B) an amount equal
to your earned bonus for the calendar year in which your employment termination occurs, plus any amount of your bonus for the prior
calendar year that has been earned but that has not yet been paid, payable in a single lump sum; and (C) reimbursement of the medical
and dental insurance premiums for you and your eligible dependents under the Company’s group insurance plans at the same
level you elected and was in effect as of the effective date of the termination of your employment for a period of twelve (12)
months from the termination date, in each case subject to all applicable tax deductions and withholdings; provided, however, that
no severance payments or insurance reimbursements shall be paid or owed unless you first sign and deliver to the Company the Release
and Covenant in a form prepared by and satisfactory to the Company and may incorporate post-employment obligations on your part
consistent with those contemplated by this Agreement, as it may be hereafter amended and in effect upon the termination of your
employment.

 

     

    	Page 3 of 5	 

    

 

The severance payments will commence as soon as administratively
feasible within sixty (60) days following your termination of employment, provided that you have fully executed and not revoked
the Release and Covenant within forty-five (45) days following your termination of employment. Notwithstanding the foregoing, if
your termination of employment is within the final sixty (60) days of the calendar year, the severance payments shall commence
as soon as administratively feasible within sixty (60) days following your termination of employment, but in no event prior to
the first scheduled pay date in the next calendar year, provided you have fully executed and not revoked the Release and Covenant.

 

For purposes hereof, “Good
Reason” shall be deemed to exist with respect to any termination by your employment for any of the following reasons: (i)
the relocation of the office of the Company at which you are principally based to a location that is more than fifty (50) miles
from the location of the Company’s office as of the date of this Agreement provided that such new location is more than fifty
(50) miles from the location of your primary residence as of the date of this Agreement; (ii) any failure by the Company to comply
in all material respects with any material term of this Agreement; (iii) your demotion to a lesser position than described in Section
2 hereof or a substantial diminution of your authority, duties or responsibilities as in effect on the date of this Agreement;
or (iv) a material diminution of your Base Salary and benefits, in the aggregate, unless such reduction is part of a Company-wide
reduction in compensation and/or benefits for all of its senior executives; provided, however, that “Good Reason” shall
not include a termination of your employment upon your death or disability or by the Company for Cause, or a reduction in title,
position, responsibilities or duties solely by virtue of the Company being acquired in the Change of Control and made part of,
or operated as a subsidiary or division of, a larger company or organization, so long as such new duties and responsibilities are
reasonably commensurate with your experience. You may not resign with Good Reason, and shall not be considered to have done so
for any purpose of this Agreement, unless (A) you, within sixty (60) days after the initial existence of the act or failure to
act by the Company that constitutes “Good Reason” within the meaning of this Agreement, provide the Company with written
notice that describes, in particular detail, the act or failure to act that you believe to constitute “Good Reason”
and identify the particular clause of this paragraph that you contend is applicable to such act or failure to act; (B) the Company,
within thirty (30) days after its receipt of such notice, fails or refuses to rescind such act or remedy such failure to act so
as to eliminate “Good Reason” for the termination by you of your employment relationship with the Company, and (C)
you actually resign your employment with the Company on or before that date that is six (6) calendar months after the initial existence
of the act or failure to act by the Company that constitutes “Good Reason.” If the requirements of the preceding sentence
are not fully satisfied on a timely basis, then your resignation from your employment with the Company shall not be deemed to have
been for “Good Reason,” you shall not be entitled to any of the benefits to which you would have been entitled if you
had resigned your employment with the Company for “Good Reason,” and the Company shall not be required to pay any amount
that would otherwise have been due to you under Section 7A had you resigned with “Good Reason.

 

     

    	Page 4 of 5	 

    

 

As used in this Agreement, the term
“Change of Control” shall mean any of the following:

 

(i)           any merger or consolidation
in which voting securities of the Company possessing more than 50% of the total combined voting power of the Company’s outstanding
securities are transferred to a person or persons different from the person holding those securities immediately prior to such
transaction and the composition of the Board following such transaction is such that the directors of the Company prior to the
transaction constitute less than 50% of the Board membership following the transaction; or

 

(ii)           any acquisition, directly
or indirectly, by a person or related group of persons (other than the Company or a person that directly or indirectly controls,
is controlled by, or is under common control with, the Company) of beneficial ownership of voting securities of the Company possessing
more than 50% of the total combined voting power of the Company’s outstanding securities; provided, however, that, no Change
of Control shall be deemed to occur by reason of the acquisition of shares of the Company’s capital stock by an investor
or group of investors in the Company in a capital-raising transaction.

 

3.           All provisions of the Letter Agreement,
as amended by this Amendment, that by their terms, whether express or implied, are intended to continue beyond the termination
of your employment by the Company shall thereafter continue in effect.

 

4.           All of the terms, provisions, covenants
and conditions of the Letter Agreement shall hereafter continue in full force and effect in accordance with their terms, except
to the extent amended, modified or revised in this Amendment.

 

     

    	Page 5 of 5	 

    

 

If the foregoing is acceptable to you, kindly
sign and return one copy of this Amendment to the Company.

 

	 	 	Sincerely yours,
	 	 	 
	 	 	CELATOR PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	 	 	By: 	/s/ Scott T. Jackson
	 	 	 	Scott T. Jackson
Chief Executive Officer
	 	 	 	 
	 	 	 	 
	AGREED TO AND ACCEPTED BY:	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Fred M. Powell	 	April 1, 2016
	Fred M. PowellExhibit 10.1

 

 

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

  

WL ROSS HOLDING CORP.

PROMISSORY NOTE

 

	Principal Amount: Not to Exceed $750,000 (See Schedule A)	
         Dated
        as of March 31, 2016

        New York, New York

 

FOR VALUE RECEIVED and subject to the terms
and conditions set forth herein, WL Ross Holding Corp., a Delaware corporation and blank check company (the “Maker”),
promises to pay to the order of WL Ross Sponsor LLC or its registered assigns or successors in interest (the
“Payee”), or order, the principal balance as set forth on Schedule A hereto in lawful money of the United
States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances
outstanding under this Note; provided that at no time shall the aggregate of all advances and readvances outstanding under this
Note exceed Seven Hundred Fifty Thousand Dollars ($750,000).  All payments on this Note shall be made by check or wire
transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time
designate by written notice in accordance with the provisions of this Note.

 

1.            Principal. All
unpaid principal under this Note including accrued interest thereon pursuant to Section 2 below shall be due and payable in full
on the first to occur of (i) the closing date of the transactions contemplated by the Agreement and Plan of Merger among Maker,
Neon Holding Company LLC, Neon Acquisition Company LLC, Nexeo Solutions Holdings, LLC, TPG Accolade Delaware, L.P. and Nexeo HoldCo
LLC, dated as of March 21, 2016, or (ii) June 11, 2016 or such later date as may be approved by the stockholders of Maker by amendment
to Article IX of the Maker’s Amended and Restated Certificate of Incorporation for Maker to complete an initial Business
Combination (such date, the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default
(as defined below). Any outstanding principal amount to date under this Note may be prepaid at any time by the Maker, at its election
and without penalty.

 

2.            Interest. Interest
shall accrue at a rate of five percent (5%) per annum on any unpaid principal amount outstanding and shall compound annually. All
accrued interest shall be added to and become part of the principal amount outstanding under this Note that is due and payable
on the Maturity Date.

 

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

 

4.            Events
of Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”):

 

(a)          Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

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

 

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

 

    	 		 

     

    

  

5.           Remedies.

 

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

 

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

 

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

 

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

 

8.            Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

9.            Construction. THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
WITHIN THE STATE OF NEW YORK.

 

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

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the
proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of
the sale of the warrants issued in a private placement that occurred prior to the effectiveness of the IPO were deposited, as described
in greater detail in the registration statement and prospectus filed with the Securities and Exchange Commission in connection
with the IPO on June 5, 2014, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

    	 	2	 

     

    

  

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

 

13.          Successors
and Assigns.  Subject to the restrictions on transfer in Sections 14 and 15 below, the rights and obligations of
the Maker and Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of any party hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted
assignment without the required consent shall be void.

 

14.          Transfer
of this Note.  With respect to any offer, sale or other disposition of this Note, Payee shall give (i) written notice
to Maker prior thereto, describing briefly the manner thereof, together with a written opinion reasonably satisfactory to the Maker
in form and substance from counsel reasonably satisfactory to the Maker to the effect that such offer, sale or other distribution
may be effected without registration or qualification under any federal or state law then in effect and (ii) a written undertaking
executed by the desired transferee reasonably satisfactory to the Maker in form and substance agreeing to be bound by the restrictions
on transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion, or other evidence, and such
written acknowledgement, the Maker, as promptly as practicable, shall notify Payee that Payee may sell or otherwise dispose of
this Note, all in accordance with the terms of the note delivered to the Maker. If a determination has been made pursuant to this
Section 14 that the opinion of counsel for Payee, or other evidence, or the written acknowledgment from the desired transferee,
is not reasonably satisfactory to the Maker, the Maker shall so notify Payee promptly after such determination has been made. Each
Note thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with
the Securities Act, unless in the opinion of counsel for the Maker such legend is not required in order to ensure compliance with
the Securities Act. The Maker may issue stop transfer instructions to its transfer agent in connection with such restrictions.
Subject to the foregoing, transfers of this Note shall be registered upon registration on the books maintained for such purpose
by or on behalf of the Maker. Prior to presentation of this Note for registration of transfer, the Maker shall treat the registered
holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal hereon and for all other
purposes whatsoever, whether or not this Note shall be overdue and the Maker shall not be affected by notice to the contrary.

 

15.          Acknowledgment.
Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for resale
in connection with, any distribution thereof. Payee understands that the acquisition of this Note involves substantial risk. Payee
has experience as an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic
risk of its investment in this Note, and has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection with this investment.

 

 

[Signature page follows]

 

    	 	3	 

     

    

 

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

 

	 	WL ROSS HOLDING CORP.	 
	 	 	 	 
	 	By:	
/s/ Stephen J. Toy	 
	 	 	Name:
    Stephen J. Toy	 
	 	 	Title:   President

 

Acknowledged
and agreed as of the day and year first above written.

 

	
        WL ROSS SPONSOR LLC

        By: WL ROSS GROUP, L.P., its Managing Member

        By: El Vedado, LLC, its General Partner

	 	 	 
	By:	/s/ Gregory Stoeckle	 	 
	 	Name: Gregory Stoeckle	 	 
	 	Title: Manager	 	 

 

    	 	4	 

     

    

 

 

SCHEDULE A

 

Subject to the terms and conditions set
forth in the Note to which this schedule is attached to, the principal balance due under the Note shall be set forth in the table
below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note.

 

	Date	Drawing	Interest Earned	Principal Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

    	 	5

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