Document:

American Lorain Corporation - Exhibit 10.3 - Filed by newsfilecorp.com

NON-COMPETITION AND NON-SOLICITATION AGREEMENT 

            THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”)
is being executed and delivered as of
[          ] by [_____________]
(“Seller”) [and ______________, an individual that is a
shareholder of Seller or otherwise serving as officer, director, manager or
employee of Seller and serving as a shareholder, director, officer, manager or
employee of the Company (as defined below) or any of its Subsidiaries
(“Manager” and, together with Seller, the “Subject
Parties”)], in favor of and for the benefit of American Lorain
Corporation, a Nevada corporation (“Purchaser”), Shengrong
Environmental Protection Holding Company Limited, a business company
incorporated in the British Virgin Islands with limited liability (the
“Company”), and each of Purchaser’s and/or the Company’s
respective present and future Affiliates, successors and direct and indirect
Subsidiaries (collectively, the “Covered Parties”). Any
capitalized term used, but not defined in this Agreement will have the meaning
ascribed to such term in the Share Exchange Agreement. 

            WHEREAS,
on December 22, 2016, Purchaser, the Company and the Seller entered into that
certain Share Exchange Agreement (as amended from time to time in accordance
with the terms thereof, the “Share Exchange Agreement”), by and
among Purchaser, the Company and the shareholders of the Company named therein,
including Seller (the “Company Shareholders”), pursuant to which,
subject to the terms and conditions thereof, Purchaser will acquire from the
Company Shareholders all of the issued and outstanding equity interests of the
Company in exchange for 114,000,000 Purchaser Ordinary Shares; 

            WHEREAS,
the Company, indirectly through its Subsidiaries, provides industrial waste
management services in China (the “Business”); 

            WHEREAS,
in connection with, and as a condition to the consummation of the transactions
contemplated by the Share Exchange Agreement (the “Transactions”),
and to enable Purchaser to secure more fully the benefits of the Transactions,
including the protection and maintenance of the goodwill and confidential
information of the Company and its Subsidiaries, Purchaser has required that the
Subject Parties enter into this Agreement; 

            WHEREAS,
the Subject Parties are entering into this Agreement in order to induce
Purchaser to consummate the Transactions, pursuant to which each Subject Party
will directly or indirectly receive a material benefit; and 

            WHEREAS,
Seller, as a former owner of the Company, and Manager, as a former shareholder,
director, officer or employee of the Company or its Subsidiaries, have
contributed to the value of the Company and have obtained extensive and valuable
knowledge and confidential information concerning the business of the Company
and its Subsidiaries. 

            NOW,
THEREFORE, in order to induce Purchaser to consummate the Transactions, and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, each Subject Party hereby agrees as follows: 

            1.
Restriction on Competition. 

                                 (a)
Restriction. Each Subject Party hereby agrees that during the period from
the Closing until the later of (i) the four (4) year anniversary of the Closing
Date and (ii) the date on which the Subject Parties, their respective Affiliates
or any of their respective officers, directors or employees are no longer
directors, officers, managers or employees of the Company or any of its
Subsidiaries (the later of such date in this clause (ii) or the Closing Date,
the “Termination Date”, and such period from the Closing until the
later of clauses (i) and (ii), the “Restricted Period”), such
Subject Party will not, and will cause its Affiliates not to, without the prior
written consent of Purchaser (which may be withheld in its sole discretion),
anywhere in the Peoples’ Republic of China (the “Territory”),
directly or indirectly engage in the Business (other than through a Covered
Party) or own, manage, finance or control, or participate in the ownership,
management, financing or control of, or become engaged or serve as an officer,
director, member, partner, employee, agent, consultant, advisor or
representative of, a business or entity (other than a Covered Party) that
engages in the Business (a “Competitor”). Notwithstanding the
foregoing, (i) the Subject Parties and their respective Affiliates may own
passive portfolio company investments in a Competitor, so long as the Subject
Parties and their Affiliates and their respective shareholders, directors,
officer, managers and employees who were involved with the business of the Company
and its Subsidiaries are not involved in the management or control of such
Competitor (“Permitted Ownership”), and (ii) for the avoidance of
doubt, certain family members and associates of the Subject Parties as set forth
on Exhibit 1 hereto may continue to manage the businesses set forth next
to their respective names on Exhibit 1 hereto consistent with past
practice prior to the date hereof, even if such businesses are Competitors, so
long as the Subject Parties are not involved in the management or control of
such Competitors. 

                                 (b)
Acknowledgment. Each Subject Party acknowledges and agrees, based upon
the advice of legal counsel and/or such Subject Party’s own education,
experience and training, that (i) such Subject Party possesses knowledge of
confidential information of the Company and its Subsidiaries and the Business,
(ii) such Subject Party’s execution of this Agreement is a material inducement
to Purchaser to consummate the Transactions and to realize the goodwill of the
Company and its Subsidiaries, for which such Subject Party will receive a
substantial direct or indirect financial benefit, and that Purchaser would not
have entered into the Share Exchange Agreement or consummated the Transactions
but for the Subject Parties’ agreements set forth in this Agreement; (iii) it
would impair the goodwill of the Company and its Subsidiaries and reduce the
value of the assets of the Company and its Subsidiaries and cause serious and
irreparable injury if such Subject Party were to use its ability and knowledge
by engaging in the Business in competition with a Covered Party, and/or to
otherwise breach the obligations contained herein and that the Covered Parties
would not have an adequate remedy at law because of the unique nature of the
Business, (iv) such Subject Party has no intention of engaging in the Business
during the Restricted Period other than Permitted Ownership, (v) the relevant
public policy aspects of restrictive covenants, covenants not to compete and
non-solicitation provisions have been discussed, and every effort has been made
to limit the restrictions placed upon such Subject Party to those that are
reasonable and necessary to protect the Covered Parties’ legitimate interests,
(vi) the Covered Parties conduct and intend to conduct the Business everywhere
in the Territory and compete with other businesses that are or could be located
in any part of the Territory, (vii) the foregoing restrictions on competition
are fair and reasonable in type of prohibited activity, geographic area covered,
scope and duration, (viii) the consideration provided to such Subject Party
under this Agreement and the Share Exchange Agreement is not illusory, and (ix)
such provisions do not impose a greater restraint than is necessary to protect
the goodwill or other business interests of the Covered Parties. 

            2.
No Solicitation; No Disparagement. 

                                 (a)
No Solicitation of Employees and Consultants. Each Subject Party agrees
that, during the Restricted Period, such Subject Party will not, without the
prior written consent of Purchaser (which may be withheld in its sole
discretion), either on its own behalf or on behalf of any other Person (other
than, if applicable, a Covered Party in the performance of such Subject Party’s
duties on behalf of the Covered Parties), directly or indirectly: (i) hire or
engage as an employee, independent contractor, consultant or otherwise any
Covered Personnel (as defined below); (ii) solicit, induce, encourage or
otherwise cause (or attempt to do any of the foregoing) any Covered Personnel to
leave the service (whether as an employee, consultant or independent contractor)
of any Covered Party; or (iii) in any way interfere with or attempt to interfere
with the relationship between any Covered Personnel and any Covered Party;
provided, however, no Subject Party will be deemed to have
violated this Section 2(a) if any Covered Personnel voluntarily
and independently solicits an offer of employment from such Subject Party (or
other Person whom such Subject Party is acting on behalf of) by responding to a
general advertisement or solicitation program conducted by or on behalf of such
Subject Party (or such other Person whom such Subject Party is acting on behalf
of) that is not targeted at such Covered Personnel or Covered Personnel
generally, so long as such Covered Personnel is not hired. For purposes of this
Agreement, “Covered Personnel” shall mean any Person who is or was
an employee, consultant or independent contractor of the Covered Parties, (A) if
the relevant time of determination is before the Termination Date, as of such
date of determination or during the one (1) year period preceding such date and,
(B) if the relevant time of determination is after the Termination Date, as of
the Termination Date or during the one (1) year period preceding the Termination
Date. 

                                 (b)
Non-Solicitation of Customers and Suppliers. Each Subject Party agrees
that, during the Restricted Period, such Subject Party will not, without the
prior written consent of Purchaser (which may be withheld in its sole
discretion), individually or on behalf of any other Person (other than, if
applicable, a Covered Party in the performance of such Subject Party’s duties on
behalf of the Covered Parties), directly or indirectly: (i) solicit, induce,
encourage or otherwise cause (or attempt to do any of the foregoing) any Covered
Customer (as defined below) to (A) cease being, or not become, a client or
customer of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered
Customer with any Covered Party, or otherwise alter such business relationship
in a manner adverse to any Covered Party, in either case, with respect to or
relating to the Business; (ii) interfere with or disrupt (or attempt to
interfere with or disrupt) the contractual relationship between any Covered
Party and any Covered Customer; (iii) divert any business with any Covered
Customer relating to the Business from a Covered Party; (iv) solicit for
business, provide services to, engage in or do business with, any Covered
Customer for products or services that are part of the Business; or (v)
interfere with or disrupt (or attempt to interfere with or disrupt), any Person
that was a vendor, supplier, distributor, agent or other service provider of a
Covered Party at the time of such interference or disruption, for a purpose
competitive with a Covered Party as it relates to the Business. For purposes of
this Agreement, a “Covered Customer” shall mean any Person who is
or was an actual customer or client (or prospective customer or client with whom
a Covered Party actively marketed or made or taken specific action to make a
proposal) of a Covered Party, (A) if the relevant time of determination is
before the Termination Date, as of such date of determination or during the one
(1) year period preceding such date and, (B) if the relevant time of
determination is after the Termination Date, as of the Termination Date or
during the one (1) year period preceding the Termination Date. 

                                 (c)
Non-Disparagement. Each Subject Party agrees that from and after the
Closing Date such Subject Party will not directly or indirectly engage in any
conduct that involves the making or publishing (including through electronic
mail distribution or online social media) of any written or oral statements or
remarks (including the repetition or distribution of derogatory rumors,
allegations, negative reports or comments) that are disparaging, deleterious or
damaging to the integrity, reputation or good will of one or more Covered
Parties or their respective management, officers, employees, independent
contractors or consultants. Notwithstanding the foregoing, subject to Section
3 below, the provisions of this Section 2(c) shall not restrict any
Subject Party from providing truthful testimony or information in response to a
subpoena or investigation by a Governmental Authority or in connection with any
legal action by such Subject Party against any Covered Party under this
Agreement, the Share Exchange Agreement or any other Ancillary Document that is
asserted by such Subject Party in good faith. 

            3.
Confidentiality. From and after the Closing Date, each Subject Party will,
and will cause its Representatives to, keep confidential and not (except, if
applicable, in the performance of such Subject Party’s duties on behalf of the
Covered Parties) directly or indirectly use, disclose, reveal, publish, transfer
or provide access to, any and all Covered Party Information without the prior
written consent of Purchaser (which may be withheld in its sole discretion). As
used in this Agreement, “Covered Party Information” means all
material and information relating to the business, affairs and assets of any
Covered Party, including material and information that concerns or relates to
such Covered Party’s bidding and proposal, technical, computer hardware or
software, administrative, management, operational, data processing, financial,
marketing, sales, human resources, business development, planning and/or other
business activities, regardless of whether such material and information is
maintained in physical, electronic, or other form, that is: (A) gathered,
compiled, generated, produced or maintained by such Covered Party through its
Representatives, or provided to such Covered Party by its suppliers, service
providers or customers; and (B) intended and maintained by such Covered Party or
its Representatives, suppliers, service providers or customers to be kept in
confidence. The obligations set forth in this Section 3 will not apply to
any Covered Party Information where a Subject Party can prove that such material
or information: (i) is known or available through other lawful sources not bound
by a confidentiality agreement with, or other confidentiality obligation to, any
Covered Party; (ii) is or becomes publicly known through no violation of this
Agreement or other non-disclosure obligation of such Subject Party or any of its
Representatives; (iii) is already in the possession of such Subject Party at the
time of disclosure through lawful sources not bound by a confidentiality
agreement or other confidentiality obligation as evidenced by the Subject
Party’s documents and records; or (iv) is required to be disclosed pursuant to
an order of any administrative body or court of competent jurisdiction (provided
that (A) the applicable Covered Party is given reasonable prior written notice,
(B) such Subject Party cooperates (and causes its Representatives to cooperate)
with any reasonable request of any Covered Party to seek to prevent or narrow
such disclosure and (C) if after compliance with clauses (A) and (B) such
disclosure is still required, such Subject Party and its Representatives only
disclose such portion of the Covered Party Information that is expressly
required by such order, as it may be subsequently narrowed). 

            4.
Representations and Warranties. Each Subject Party hereby represents and
warrants, to and for the benefit of the Covered Parties as of the date of this
Agreement and as of the Closing Date, that: (a) such Subject Party has full
power and capacity to execute and deliver, and to perform all of such Subject
Party’s obligations under, this Agreement; and (b) neither the execution and
delivery of this Agreement nor the performance of such Subject Party’s obligations hereunder will result directly or
indirectly in a violation or breach of any agreement or obligation by which such
Subject Party is a party or otherwise bound. By entering into this Agreement,
each Subject Party certifies and acknowledges that such Subject Party has
carefully read all of the provisions of this Agreement, and that such Subject
Party voluntarily and knowingly enters into this Agreement. 

            5.
Remedies. The covenants and undertakings of the Subject Parties contained in
this Agreement relate to matters which are of a special, unique and
extraordinary character and a violation of any of the terms of this Agreement
may cause irreparable injury to the Covered Parties, the amount of which may be
impossible to estimate or determine and which cannot be adequately compensated.
Each Subject Party agrees that, in the event of any breach or threatened breach
by such Subject Party of any covenant or obligation contained in this Agreement,
each applicable Covered Party will be entitled to obtain the following remedies
(in addition to, and not in lieu of, any other remedy at law or in equity or
pursuant to the Share Exchange Agreement or the other Ancillary Documents that
may be available to the Covered Parties, including monetary damages), and a
court of competent jurisdiction may award: (i) an injunction, restraining order
or other equitable relief restraining or preventing such breach or threatened
breach, without the necessity of proving actual damages or posting bond or
security, which each Subject Party expressly waives; and (ii) recovery of the
Covered Party’s attorneys’ fees and costs incurred in enforcing the Covered
Party’s rights under this Agreement. If sought and obtained in accordance with
this Agreement, each Subject Party hereby consents to the award of any of the
above remedies to the applicable Covered Party in connection with any such
breach or threatened breach. Each Subject Party hereby acknowledges and agrees
that in the event of any breach of this Agreement, any value attributed or
allocated to this Agreement (or any other non-competition agreement with such
Subject Party) under or in connection with the Share Exchange Agreement shall
not be considered a measure of, or a limit on, the damages of the Covered
Parties. 

            6.
Survival of Obligations. The expiration of the Restricted Period will not
relieve any Subject Party of any obligation or liability arising from any breach
by such Subject Party of this Agreement during the Restricted Period. Each
Subject Party further agrees that the time period during which the covenants
contained in Section 1 and Section 2 of this Agreement will
be effective will be computed by excluding from such computation any time during
which such Subject Party is in violation of any provision of such Sections,
provided the Company has delivered to the Subject Party notice of any
such exclusion prior to the date on which such time period would otherwise
expire. 

            7.
Miscellaneous. 

                                 (a)
Notices. All notices, consents, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with
affirmative confirmation of receipt, (iii) one Business Day after being sent, if
sent by reputable, nationally recognized overnight courier service or (iv) three
(3) Business Days after being mailed, if sent by registered or certified mail,
pre-paid and return receipt requested, in each case to the applicable party at
the following addresses (or at such other address for a party as shall be
specified by like notice): 

	 	 
	If to Purchaser (or any other Covered Party), to:
	with a copy (that will not constitute
      notice) to: 
	  	  
	American Lorain Corporation 	Ellenoff Grossman & Schole LLP 
	BeihuanZhong Road 	1345 Avenue of the Americas, 11th Floor 
	Junan County 	New York, New York 10105 
	Shandong, People’s Republic of China, 276600 	Attention: Richard I. Anslow 
	Attention: Si Chen 	Facsimile No.: (212) 370-7889 
	Telephone No.: (86) 539-7317959 	Telephone No.: (212) 370-1300 
	Email: chensi@usalr.cn 	Email: ranslow@egsllp.com 
	  	  
	  	  
	If to a Subject Party, to: 	  
	the address below such Subject Party’s name on
      the signature page to this Agreement. 
	 

                                 (b)
Integration and Non-Exclusivity. This Agreement, the Share Exchange
Agreement and the other Ancillary Documents contain the entire agreement between
the Subject Parties and the Covered Parties concerning the subject matter
hereof. Notwithstanding the foregoing, the rights and remedies of the Covered
Parties under this Agreement are not exclusive of or limited by any other rights
or remedies which they may have, whether at law, in equity, by contract or
otherwise, all of which will be cumulative (and not alternative). Without
limiting the generality of the foregoing, the rights and remedies of the Covered
Parties, and the obligations and liabilities of each Subject Party, under this
Agreement, are in addition to their respective rights, remedies, obligations and
liabilities (i) under the laws of unfair competition, misappropriation of trade
secrets, or other requirements of statutory or common law, or any applicable
rules and regulations and (ii) otherwise conferred by contract, including the
Share Exchange Agreement and any other written agreement between a Subject Party
and any of the Covered Parties. Nothing in the Share Exchange Agreement will
limit any of the obligations, liabilities, rights or remedies of the Subject
Parties or the Covered Parties under this Agreement, nor will any breach of the
Share Exchange Agreement or any other agreement between any Subject Party and
any of the Covered Parties limit or otherwise affect any right or remedy of the
Covered Parties under this Agreement. If any term or condition of any other
agreement between any Subject Party and any of the Covered Parties conflicts or
is inconsistent with the terms and conditions of this Agreement, the more
restrictive terms will control as to such Subject Party. 

                                 (c)
Severability; Reformation. Each provision of this Agreement is separable
from every other provision of this Agreement. If any provision of this Agreement
is found or held to be invalid, illegal or unenforceable, in whole or in part,
by a court of competent jurisdiction, then (i) such provision will be deemed
amended to conform to applicable laws so as to be valid, legal and enforceable
to the fullest possible extent, (ii) the invalidity, illegality or
unenforceability of such provision will not affect the validity, legality or
enforceability of such provision under any other circumstances or in any other
jurisdiction, and (iii) the invalidity, illegality or unenforceability of such
provision will not affect the validity, legality or enforceability of the
remainder of such provision or the validity, legality or enforceability of any
other provision of this Agreement. The Subject Parties and the Covered Parties
will substitute for any invalid, illegal or unenforceable provision a suitable
and equitable provision that carries out, so far as may be valid, legal and
enforceable, the intent and purpose of such invalid, illegal or unenforceable
provision. Without limiting the foregoing, if any court of competent
jurisdiction determines that any part hereof is unenforceable because of the
duration, geographic area covered, scope of such provision, or otherwise, such
court will have the power to reduce the duration, geographic area covered or
scope of such provision, as the case may be, and, in its reduced form, such
provision will then be enforceable. Each Subject Party will, at a Covered
Party’s request, join such Covered Party in requesting that such court take such
action. 

                                 (d)
Amendment; Waiver. This Agreement may not be amended or modified in any
respect, except by a written agreement executed by the Subject Parties,
Purchaser and the Company (or their respective permitted successors or assigns).
No waiver will be effective unless it is expressly set forth in a written
instrument executed by the waiving party and any such waiver will have no effect
except in the specific instance in which it is given. Any delay or omission by a
party in exercising its rights under this Agreement, or failure to insist upon
strict compliance with any term, covenant, or condition of this Agreement will
not be deemed a waiver of such term, covenant, condition or right, nor will any
waiver or relinquishment of any right or power under this Agreement at any time
or times be deemed a waiver or relinquishment of such right or power at any
other time or times. 

                                 (e)
Dispute Resolution. Any dispute, difference, controversy or claim arising
in connection with or related or incidental to, or question occurring under,
this Agreement or the subject matter hereof (other than applications for a
temporary restraining order, preliminary injunction, permanent injunction or
other equitable relief or application for enforcement of a resolution under this
Section 7(e)) (a “Dispute”) shall be governed by this
Section 7(e). A party must, in the first instance, provide written notice
of any Disputes to the other parties subject to such Dispute, which notice must
provide a reasonably detailed description of the matters subject to the Dispute.
Any Dispute that is not resolved may at any time after the delivery of such
notice immediately be referred to and finally resolved by arbitration pursuant
to the then-existing Expedited Procedures of the Commercial Arbitration Rules
(the “AAA Procedures”) of the American Arbitration Association
(the “AAA”). Any party involved in such Dispute may submit the
Dispute to the AAA to commence the proceedings after the Resolution Period. To
the extent that the AAA Procedures and this Agreement are in conflict, the terms
of this Agreement shall control. The arbitration shall be conducted by one
arbitrator nominated by the AAA promptly (but in any event within five (5)
Business Days) after the submission of the Dispute to the AAA and reasonably
acceptable to each party subject to the Dispute, which arbitrator shall be a
commercial lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall
accept his or her appointment and begin the arbitration process promptly (but in
any event within five (5) Business Days) after his or her nomination and
acceptance by the parties subject to the Dispute. The proceedings shall be
streamlined and efficient. The arbitrator shall decide the Dispute in accordance
with the substantive law of the State of New York. Time is of the essence. Each
party shall submit a proposal for resolution of the Dispute to the arbitrator
within twenty (20) days after confirmation of the appointment of the arbitrator.
The arbitrator shall have the power to order any party to do, or to refrain from
doing, anything consistent with this Agreement, the Ancillary Documents and
applicable Law, including to perform its contractual obligation(s);
provided, that the arbitrator shall be limited to ordering pursuant to
the foregoing power (and, for the avoidance of doubt, shall order) the relevant
party (or parties, as applicable) to comply with only one or the other of the
proposals. The arbitrator's award shall be in writing and shall include a
reasonable explanation of the arbitrator's reason(s) for selecting one or the
other proposal. The seat of arbitration shall be in New York County, State of
New York. The language of the arbitration shall be English. 

                                 (f)
Governing Law; Jurisdiction. This Agreement shall be governed by,
construed and enforced in accordance with the Laws of the State of New York
without regard to the conflict of laws principles thereof. Subject to Section
7(e), all Actions arising out of or relating to this Agreement shall be
heard and determined exclusively in any state or federal court located in New
York, New York (or in any court in which appeal from such courts may be taken)
(the “Specified Courts”). Subject to Section 7(e), each
party hereto hereby (a) submits to the exclusive jurisdiction of any Specified
Court for the purpose of any Action arising out of or relating to this Agreement
brought by any party hereto, (b) irrevocably waives, and agrees not to assert by
way of motion, defense or otherwise, in any such Action, 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 Action is
brought in an inconvenient forum, that the venue of the Action is improper, or
that this Agreement or the transactions contemplated hereby may not be enforced
in or by any Specified Court and (c) waives any bond, surety or other security
that might be required of any other party with respect thereto. Each party
agrees that a final judgment in any Action shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law or in equity. Each party irrevocably consents to the service of
the summons and complaint and any other process in any other action or
proceeding relating to the transactions contemplated by this Agreement, on
behalf of itself, or its property, by personal delivery of copies of such
process to such party at the applicable address set forth in Section
7(a). Nothing in this Section 7(f) shall affect the right of any
party to serve legal process in any other manner permitted by Law. 

                                 (g)
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 7(g). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY
OF THIS SECTION 7(g) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

                                 (h)
Successors and Assigns; Third Party Beneficiaries. This Agreement will be
binding upon each Subject Party and each Subject Party’s estate, successors and
assigns, and will inure to the benefit of the Covered Parties, and their
respective successors and assigns. Each Covered Party may freely assign any or
all of its rights under this Agreement, at any time, in whole or in part, to any
Person which acquires, in one or more transactions, at least a majority of the
equity securities (whether by equity sale, merger or otherwise) of such Covered
Party or all or substantially all of the assets of such Covered Party and its
Subsidiaries, taken as a whole, without obtaining the consent or approval of
either Subject Party. Each Subject Party agrees that the obligations of such
Subject Party under this Agreement are personal and will not be assigned by such
Subject Party. Each of the Covered Parties are express third party beneficiaries
of this Agreement and will be considered parties under and for purposes of this
Agreement. 

                                 (i)
Construction. Each Subject Party acknowledges that such Subject Party has
been represented by counsel, or had the opportunity to be represented by counsel
of such Subject Party’s choice. Any rule of construction to the effect that
ambiguities are to be resolved against the drafting party will not be applied in
the construction or interpretation of this Agreement. Neither the drafting
history nor the negotiating history of this Agreement will be used or referred
to in connection with the construction or interpretation of this Agreement. The
headings and subheadings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this
Agreement. In this Agreement: (i) the words “include,” “includes” and
“including” when used herein shall be deemed in each case to be followed by the
words “without limitation”; (ii) the definitions contained herein are applicable
to the singular as well as the plural forms of such terms; (iii) whenever
required by the context, any pronoun shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs
shall include the plural and vice versa; (iv) the words “herein,” “hereto,” and
“hereby” and other words of similar import shall be deemed in each case to refer
to this Agreement as a whole and not to any particular Section or other
subdivision of this Agreement; (v) the word “if” and other words of similar
import when used herein shall be deemed in each case to be followed by the
phrase “and only if”; (vi) the term “or” means “and/or”; and (vii) any agreement
or instrument defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement or instrument as from time to
time amended, modified or supplemented, including by waiver or consent and
references to all attachments thereto and instruments incorporated therein. 

                                 (j)
Counterparts. This Agreement may be executed in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. A photocopy, faxed, scanned and/or
emailed copy of this Agreement or any signature page to this Agreement, shall
have the same validity and enforceability as an originally signed copy. 

                                 (k)
Effectiveness. This Agreement shall be binding upon each Subject Party
upon such Subject Party’s execution and delivery of this Agreement, but this
Agreement shall only become effective upon the consummation of the Transactions.
In the event that the Share Exchange Agreement is validly terminated in
accordance with its terms prior to the consummation of the Transactions, this
Agreement shall automatically terminate and become null and void, and the
parties shall have no obligations hereunder. 

[Remainder of Page Intentionally Left Blank; Signature
Page Follows] 

      
     IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Non-Competition and Non-Solicitation Agreement as of
the date first written above. 

	 	Seller: 
	 	                                                    
	 	 
	 	By:                        _____________________________________________
	 	Name:                  
      _____________________________________________
	 	Title:                    
      _____________________________________________
	 	 
	 	Address for Notice: 
	 	 
	 	Address:            
      _____________________________________________
	 	__________________________________________________________
	 	__________________________________________________________
	 	  
	 	Facsimile No.:    
      _____________________________________________
	 	Telephone No.: 
      _____________________________________________
	 	Email:                   _____________________________________________
	 	 
	 	Manager: 
	 	  
	 	__________________________________________________________
	 	Name: 
	 	 
	 	Address for Notice: 
	 	 
	 	Address:             
      _____________________________________________
	 	__________________________________________________________ 
	 	__________________________________________________________
	 	  
	 	Facsimile No.:    
      _____________________________________________
	 	Telephone No.: 
      _____________________________________________
	 	Email:                  
      _____________________________________________

Acknowledged and accepted as of the date first written
above: 

AMERICAN LORAIN CORPORATION

	By:                        _____________________________________________
	Name:                  
      _____________________________________________
	Title:                     _____________________________________________

SHENGRONG ENVIRONMENTAL PROTECTION HOLDING COMPANY LIMITED

	By:                        _____________________________________________
	Name:                  
      _____________________________________________
	Title:                     _____________________________________________

[Signature Page to Non-Competition Agreement]Exhibit 10.1

 

FORM
OF BACKSTOP AND SUBSCRIPTION AGREEMENT

 

This
Backstop and Subscription Agreement (this “Agreement”), made as of December 22, 2016, by and among Hennessy
Capital Acquisition Corp. II, a Delaware corporation (the “Company”), Hennessy Capital Partners II LLC, a Delaware
limited liability company (the “Sponsor”), and [●] and [●] (each a “Subscriber”
and together, the “Subscribers”), is intended to set forth certain representations, covenants and agreements
among the Company, the Sponsor and each Subscriber, with respect to the acquisition by each Subscriber of common stock of the
Company, par value $0.0001 per share (“Common Stock”), for aggregate consideration of up to $[●] pursuant
to Sections 1(a)(iii) and (iv) hereof, which representations, covenants and agreements are made in connection with the
Company’s acquisition of Daseke, Inc., a Delaware corporation (“Daseke”), in accordance with that certain
Agreement and Plan of Merger (the “Merger Agreement”), dated as of the date hereof, by and among the Company,
Daseke, HCAC Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and Don R. Daseke, an individual
residing in Texas, solely in his capacity as the representative for the stockholders of Daseke pursuant to Section 11.01 of the
Merger Agreement (such acquisition, the “Merger”, and the consummation of the Merger in accordance with the
Merger Agreement, the “Merger Closing”).

 

1.(a)Backstop.

 

(i) Each
Subscriber covenants and agrees that until the earlier of the (A) Merger Closing or (B) Termination Date (as defined
below), it shall not, and shall ensure that each of its Affiliates does not, Transfer any shares of Common Stock (other than shares
of Common Stock held by such Subscriber as of the date hereof). For purposes hereof, “Affiliate” shall mean
affiliate as such term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), including, without limitation, any entity for which a Subscriber directly or indirectly serves as investment
adviser or manager; and “Transfer” shall mean any direct or indirect transfer, redemption, disposition or monetization
in any manner whatsoever, including, without limitation, through redemption election or any derivative transactions.

 

(ii) Each
Subscriber covenants and agrees that it shall, and shall cause each of its Affiliates to, (A) vote its shares of Common Stock
that it owns as of the record date (the “Record Date”) for the Special Meeting (as defined below) in favor
of the Merger and the other proposals of the Company set forth in its proxy statement (the “Proxy Statement”)
to be filed with the Securities and Exchange Commission in connection with a special meeting of Company stockholders (the “Special
Meeting”) to be held to approve, among other things, the Merger, and (B) not exercise its redemption rights in
any shares of Common Stock (other than shares of Common Stock held by such Subscriber as of the date hereof) in connection with
the Special Meeting.

 

     

     

    

 

(iii) Commencing
on the date hereof and through the close of business on the third Trading Day (as defined below) prior to the Special Meeting
(the “Purchase Deadline”), each Subscriber shall (provided it is lawful to do so and to the extent requested
by the Company) use reasonable best efforts to purchase shares of Common Stock, from time to time and in such amounts as directed
by the Company, for an aggregate purchase price up to (but not exceeding) the Backstop Allocation amount set forth underneath
such Subscriber’s name on the signature page hereto (its “Backstop Allocation”). All such purchases under
this Section 1(a)(iii) shall be made by each Subscriber via open market purchases or in privately negotiated transactions with
third parties, including forward contracts, provided that: (a) any such privately negotiated transactions settle no later
than, and are conditioned upon, the substantially concurrent Merger Closing, and (b) no Subscriber shall be required to purchase
any shares of Common Stock at a price above $10.00. On the date immediately following the Purchase Deadline, and at such other
times as may be requested by the Company, each Subscriber shall (x) notify the Company in writing of the number of shares
of Common Stock so purchased pursuant to this Section 1(a)(iii) (the “Market Shares”) and the aggregate purchase
price paid therefor by such Subscriber and (y) in the case of any Market Shares acquired in privately negotiated transactions
with third parties, provide the Company with all documentation reasonably requested by the Company and its advisors (including
without limitation, its legal counsel) and its transfer agent and proxy solicitor to confirm that: (A) Subscriber purchased,
or has contracted to purchase, such shares, and (B) the seller of such shares has provided to Subscriber a representation
that (I) the seller voted such shares in favor of the Merger and the other proposals of the Company set forth in the Proxy
Statement and (II) the seller of such shares did not exercise its redemption rights for such shares in connection with the
Special Meeting. Notwithstanding the foregoing, and for the avoidance of doubt, if the Merger Agreement is terminated in accordance
with its terms prior to the Merger Closing, then Subscribers’ obligations to purchase shares of Common Stock under this
Section 1(a)(iii) will immediately terminate and be extinguished. For purposes hereof, “Trading Day” shall
mean a day during which trading in the Common Stock generally occurs on the NASDAQ Capital Market or, if the Common Stock is not
listed on the NASDAQ Capital Market, on the principal other national or regional securities exchange on which the Common Stock
is then listed or, if the Common Stock is not listed on a national or regional securities exchange, on the principal other market
on which the Common Stock is then listed or admitted for trading.

 

(iv) In
the event a Subscriber has not acquired a sufficient number of Market Shares pursuant to Section 1(a)(iii) hereof to satisfy in
full its applicable Backstop Allocation, such Subscriber hereby irrevocably subscribes for and agrees, subject to the substantially
concurrent Merger Closing and the other terms and conditions set forth herein, and to the extent requested by the Company, to
purchase from the Company that number of shares of Common Stock equivalent to its Private Placement Remainder (as defined
below) (or such lesser number of shares as the Company may direct) at a purchase price of $10.00 per share (the “Common
Offering”), and the Company agrees to sell such shares to such Subscriber at such price per share, subject to the
Company’s right to sell to such Subscriber such lesser number of shares as the Company may deem necessary or desirable (the
shares of Common Stock to be sold being referred to hereafter as the “Subject Common Shares”). For the avoidance
of doubt, if the Merger Agreement is terminated in accordance with its terms prior to the Merger Closing, then Subscribers’
obligations to purchase shares of Common Stock under this Section 1(a)(iv) will immediately terminate and be extinguished. Any
such purchase under this Section 1(a)(iv) shall be consummated substantially concurrent with the Merger Closing. For purposes
hereof, each Subscriber’s “Private Placement Remainder” shall mean that number of shares of Common Stock
that is equal to (A) such Subscriber’s Backstop Allocation, divided by $10.00, less (B) the number of Market Shares
(if any) acquired or to be acquired pursuant to Section 1(a)(iii) hereof. For the avoidance of doubt, in the event that no Market
Shares are acquired by any Subscriber pursuant to Section 1(a)(iii), such Subscriber’s obligations under this Section 1(a)(iv)
shall nevertheless continue to apply.

 

[(v)Notwithstanding anything
to the contrary contained
herein, in no event shall the Subscriber be required to purchase or subscribe
for, and
in no event
shall the Company
be required to issue or sell
to the Subscriber, any Acquired Shares
(as defined
below) that, when taken
together
with any Utilization
Fee Shares
(as defined
below) that
would be issuable in respect of such Acquired
Shares, would result in the Subscriber
beneficially
owning, in the aggregate,
more than 4.99% of the then issued and
outstanding shares of Common Stock.][1]

 

[1]
This provision is applicable to certain (but not all) of the Subscribers

 

    	 	2	 

     

    

 

(b) Commitment
Fee. In consideration for the Subscribers’ obligations described in Section 1(a) hereof, the Subscribers shall
be paid (in such allocation among them as directed in writing by the Subscribers), in immediately available funds, a commitment
fee of $[●] in the aggregate.

 

(c) Utilization
Fees.

 

(i) Substantially
concurrent with the Merger Closing, in consideration for the Subscribers’ obligations to acquire the Market Shares, the
Subject Common Shares or any combination thereof (collectively, the “Acquired Shares”), the Company shall issue
to the Subscribers (in such allocation among them as directed in writing by the Subscribers), an aggregate number of shares of
Common Stock (the “Utilization Fee Shares”) equal to the sum of (A) the product of (x) [●], multiplied
by (y) a fraction, the numerator of which is the lower of (1) [●] and (2) the number of Acquired Shares,
and the denominator of which is [●], and (B) the product of (x) [●], multiplied by (y) a fraction,
the numerator of which is the excess of the Acquired Shares over [●], and the denominator of which is [●]; provided
that in no event shall the aggregate number of Utilization Fee Shares exceed [●].

 

(ii) Immediately
prior to the Merger Closing, the Sponsor shall transfer to the Company for forfeiture, and the Company shall retire and cancel,
a number of shares of Common Stock held by the Sponsor equal to the number of Utilization Fee Shares.

 

2. Delivery
of Subscription Amount; Acceptance of Subscriptions; Delivery. Each Subscriber understands and agrees that its subscription
is made subject to the following terms and conditions:

 

(a) Contemporaneously
with the execution and delivery of this Agreement, each Subscriber shall execute and deliver the Investor Questionnaire (as defined
below) and, in respect of the Common Offering pursuant to Section 1(a)(iv) hereof, upon notice from the Company setting forth
the reasonably anticipated date of the Merger Closing, such Subscriber shall, no fewer than three days prior to such anticipated
date (the “Funding Date”), cause a wire transfer to be made for payment for the Subject Common Shares in immediately
available funds in the aggregate amount equal to $10 multiplied by the number of Subject Common Shares to be purchased
by such Subscriber (the “Common Subscription Amount”) to the account(s) designated in writing by the Company
to such Subscriber prior to the Merger Closing. In the event a Subscriber enters into privately negotiated transactions with third
parties in accordance with Section 1(a)(iii) hereof subsequent to the Funding Date but prior to the Merger Closing, the Common
Subscription Amount shall be reduced by the dollar amount of such purchases and such excess funds (not to exceed the Common Subscription
Amount) shall be returned to such Subscriber. The payments provided for in this Section 2(a) shall be deposited in escrow
with Continental Stock Transfer & Trust Company (or other nationally recognized escrow agent with whom in all cases, whether
with Continental Stock Transfer & Trust Company or otherwise, the Company shall have an escrow agreement in place for purposes
hereof, which such agreement shall be on reasonable and customary terms) pending the Company’s acceptance of the subscription.

 

    	 	3	 

     

    

 

(b) The
subscription of each Subscriber for such Subscriber’s Subject Common Shares shall be deemed to be accepted only (and shall
not otherwise be accepted by the Company except) when (i) the Company has confirmed in writing to such Subscriber that the
Company’s representations and warranties contained herein are, or shall be, true and correct as of the date of the Company’s
acceptance of such subscription and (ii) the Merger Closing occurs substantially concurrent with the Company’s acceptance
of such subscription. If such acceptance does not occur on or prior to the earliest of (x) the Merger Closing, (y) the
date on which the Merger Agreement is terminated in accordance with its terms or (z) June 30, 2017 (the earlier of (y) and (z)
being referred to herein as the “Termination Date”), such Subscriber’s subscription shall automatically
be deemed rejected (the “Subscription Rejection”).

 

(c) The
payment of the applicable Common Subscription Amount will be returned promptly, without interest, to each Subscriber if the applicable
subscriptions are rejected in whole or in part or if the Common Offering is withdrawn or canceled.

 

(d) The
representations and warranties of the Company and each Subscriber set forth herein shall be true and correct as of the date that
the Company accepts the subscriptions set forth herein.

 

3. Expenses.
Each party hereto shall pay all of its own expenses in connection with this Agreement and the transactions contemplated hereby.

 

4. Registration
Rights.

 

(a) At
the Merger Closing, the Company and each of the Subscribers shall enter into a Registration Rights Agreement (the “Registration
Rights Agreement”), pursuant to which the Company will agree to (i) register the resale of the Subject Common Shares
and the Utilization Fee Shares under the Securities Act of 1933, as amended (the “Securities Act”), and the
rules and regulations promulgated thereunder, and applicable state securities laws, (ii) use reasonable best efforts to cause
such registration to be declared effective no later than 180 days following the Merger Closing and (iii) provide the Subscribers
and certain other investors in the Company’s equity securities with customary demand and piggyback registration rights.
The Registration Rights Agreement shall include such additional terms and conditions as are customary and reasonably satisfactory
to the Company and the Subscribers.

 

(b) None
of the Subject Common Shares or Utilization Fee Shares may be directly or indirectly transferred, disposed of or otherwise monetized
in any manner whatsoever, except pursuant to a registration statement or in a transaction that is exempt from the registration
requirements of the Securities Act and applicable state securities laws.

 

(c) Without
limitation to the generality of the foregoing, no Subscriber shall execute any short sales or engage in other hedging transactions
of any kind with respect to the Common Stock during the period from the date of the Merger Closing through the date that is 45 consecutive
days thereafter. For the avoidance of doubt, the prohibition set forth herein shall not be applicable on or after the Termination
Date.

 

    	 	4	 

     

    

 

5. Representations,
Warranties, Understandings, Risk Acknowledgments, and Covenants of The Subscribers. Each Subscriber hereby represents, warrants
and covenants to the Company as follows:

 

(a) Such
Subscriber is purchasing the Subject Common Shares and acquiring the Utilization Fee Shares for its own account, not as a nominee
or agent, for investment purposes and not with a view towards distribution or resale within the meaning of the Securities Act
(absent the registration of the Subject Common Shares and Utilization Fee Shares for resale under the Securities Act or a valid
exemption from registration). Such Subscriber will not sell, assign or transfer such shares at any time in violation of the Securities
Act or applicable state securities laws. Such Subscriber acknowledges that the Subject Common Shares and Utilization Fee Shares
cannot be sold unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from
such registration is available.

 

(b) Such
Subscriber understands that (A) the Subject Common Shares and Utilization Fee Shares (1) have not been registered under
the Securities Act or any applicable state securities laws, (2) have been offered and will be sold in reliance upon an exemption
from the registration and prospectus delivery requirements of the Securities Act, (3) will be issued in reliance upon exemptions
from the registration and prospectus delivery requirements of applicable state securities laws which relate to private offerings
and (4) may be required to be held indefinitely because of the fact that the Subject Common Shares and Utilization Fee Shares
have not been registered under the Securities Act or applicable state securities laws, and (B) such Subscriber must therefore
be capable of bearing the economic risk of its investment hereunder indefinitely unless a subsequent disposition thereof is registered
under the Securities Act and applicable state securities laws or is exempt therefrom. Such Subscriber further understands that
such exemptions depend upon, among other things, the bona fide nature of the investment intent of such Subscriber expressed
herein. Pursuant to the foregoing, such Subscriber acknowledges that until such time as the resale of the Subject Common Shares
and Utilization Fee Shares has been registered under the Securities Act as contemplated by the Registration Rights Agreement or
otherwise may be sold pursuant to an exemption from registration, the certificates representing any Subject Common Shares and
Utilization Fee Shares acquired by such Subscriber shall bear a restrictive legend substantially as follows (and a stop-transfer
order may be placed against transfer of such Subject Common Shares and Utilization Fee Shares):

 

In
respect of the Subject Common Shares and Utilization Fee Shares:

 

THIS
SHARE OF COMMON STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY APPLICABLE STATE SECURITIES LAWS. NEITHER THIS SHARE OF COMMON STOCK NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING:

 

    	 	5	 

     

    

 

BY
ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

		1.	REPRESENTS
                                         THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
                                         (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) OR IS AN “ACCREDITED
                                         INVESTOR” AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT AND THAT IT EXERCISES
                                         SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

		2.	AGREES
                                         FOR THE BENEFIT OF HENNESSY CAPITAL ACQUISITION CORP. II (THE “COMPANY”)
                                         THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL
                                         INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR OR SUCH OTHER
                                         PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
                                         THERETO AFTER THE LAST DATE OF ACQUISITION FROM THE COMPANY OR AN AFFILIATE OF THE COMPANY,
                                         AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

		(A)	TO
                                         THE COMPANY OR ANY OF ITS SUBSIDIARIES, OR

 

		(B)	PURSUANT
                                         TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
                                         OR

 

		(C)	TO
                                         A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT
                                         OR AN “ACCREDITED INVESTOR” AS DEFINED IN REGULATION D UNDER THE SECURITIES
                                         ACT, OR

 

	 	(D)	PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    	 	6	 

     

    

 

PRIOR
TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT
TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION
IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

(c) Such
Subscriber has knowledge, skill and experience in financial, business and investment matters relating to an investment of this
type and is capable of evaluating the merits and risks of such investment and protecting such Subscriber’s interest in connection
with the acquisition of the Subject Common Shares, Utilization Fee Shares and the Market Shares (collectively, the “Shares”).
Such Subscriber understands that the acquisition of the Shares is a speculative investment and involves substantial risks and
that such Subscriber could lose such Subscriber’s entire investment. Further, such Subscriber has (i) carefully read
and considered the risks identified in the Disclosure Documents (as defined below) and (ii) carefully considered the risks
related to the Merger, the Company, and Daseke and has taken full cognizance of and understands all of the risks related to the
Company, Daseke, the Merger, the Shares and the transactions contemplated hereby, including, without limitation, the purchase
of the Shares. Acknowledging the very significant tax impact analysis and other analyses that is warranted in determining the
consequences to it of purchasing and owning the Shares, to the extent deemed necessary by such Subscriber, such Subscriber has
had the opportunity to retain, at its own expense, and relied upon, appropriate professional advice regarding the investment,
tax and legal merits and consequences of the foregoing, including, without limitation, purchasing and owning the Shares. Such
Subscriber has the ability to bear the economic risks of such Subscriber’s investment in the Company, including a complete
loss of the investment, and such Subscriber has no need for liquidity in such investment.

 

(d) Such
Subscriber has been furnished by the Company all information (or provided access to all information it reasonably requested) regarding
the business and financial condition of the Company and Daseke, the Company’s expected plans for future business activities,
and the merits and risks of an investment in the Shares which such Subscriber has reasonably requested or otherwise needs to evaluate
the investment in the Shares.

 

(e) Such
Subscriber acknowledges receipt of and has carefully reviewed and understands the following items (collectively, the “Disclosure
Documents”):

 

(i) the
final prospectus of the Company, filed with the Securities and Exchange Commission (the “SEC”) on July 22,
2015 (the “Final Prospectus”);

 

(ii) each
filing made by the Company with the SEC under the Exchange Act following the filing of the Final Prospectus through the date of
this Agreement;

 

(iii) the
Merger Agreement, a copy of which has been made available to such Subscriber; and

 

    	 	7	 

     

    

 

(iv) a
draft of the preliminary Proxy Statement and the Second Amended and Restated Certificate of Incorporation of the Company proposed
to be voted on at the Special Meeting, a copy of which has been made available to such Subscriber.

 

Such
Subscriber understands the significant extent to which certain of the disclosures contained in items (i) and (ii) above shall
no longer apply following the Merger Closing.

 

Such
Subscriber acknowledges that neither the Company nor any of its Affiliates has made or makes any representation or warranty to
such Subscriber in respect of the Company or Daseke, the Merger, the Company upon, or relating to, the Merger, other than in the
case of the Company, the representations and warranties contained in this Agreement.

 

(f) In
making its investment decision to purchase the Shares, such Subscriber is relying solely on investigations made by such Subscriber
and such Subscriber’s representatives. The offer to sell the Subject Common Shares and issue the Utilization Fee Shares
was communicated to such Subscriber in such a manner that such Subscriber was able to ask questions of and receive answers from
the management of the Company concerning the terms and conditions of the proposed transaction and that at no time was such Subscriber
presented with or solicited by or through any advertisement, article, leaflet, public promotional meeting, notice or other communication
published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or meeting
or any other form of general or public advertising or solicitation.

 

(g) Such
Subscriber acknowledges that it has been advised that:

 

(i) The
Subject Common Shares and Utilization Fee Shares offered or issuable hereby have not been approved or disapproved by the SEC or
any applicable state securities commission nor has the SEC or any applicable state securities commission passed upon the accuracy
or adequacy of any representations by the Company. Any representation to the contrary is a criminal offense.

 

(ii) In
making an investment decision, such Subscriber must rely on its own examination of the Company, the Merger, Daseke and the Common
Offering, including the merits and risks involved. The Shares have not been recommended by any applicable federal or state securities
commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy
of any representation by the Company. Any representation to the contrary is a criminal offense.

 

(iii) The
Subject Common Shares and Utilization Fee Shares will be “restricted securities” within the meaning of Rule 144
under the Securities Act, are subject to restrictions on transferability and resale and may not be transferred or resold except
as permitted under the Securities Act and applicable state securities laws, pursuant to applicable registration requirements or
exemption therefrom. Such Subscriber is aware that the provisions of Rule 144 are not currently available and, in the future,
may not become available for resale of any of the Subject Common Shares and Utilization Fee Shares and that the Company is an
issuer subject to Rule 144(i) under the Securities Act. Such Subscriber is aware that such Subscriber may be required to
bear the financial risks of this investment for an indefinite period of time.

 

    	 	8	 

     

    

 

(h) Such
Subscriber agrees to furnish the Company with such other information as the Company may reasonably request in order to verify
the accuracy of the information contained herein and agrees to notify the Company immediately of any material change in the information
provided herein that occurs prior to the acceptance of this Agreement by the Company.

 

(i) Such
Subscriber further represents and warrants that such Subscriber is a “qualified institutional buyer” within the meaning
of Rule 144A under the Securities Act or an “accredited investor” within the meaning of Rule 501 of Regulation D
under the Securities Act, and Subscriber has executed the Investor Questionnaire attached hereto as Exhibit A (the “Investor
Questionnaire”) and shall provide to the Company an updated Investor Questionnaire promptly following any change in
circumstances at any time on or prior to the Merger Closing.

 

(j) As
of the date of this Agreement, such Subscriber and its Affiliates do not have, and during the 30-day period prior to the date
of this Agreement such Subscriber and its Affiliates did not enter into, 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 securities of the Company. In
addition, such Subscriber shall comply with all applicable provisions of Regulation M promulgated under the Securities Act.

 

(k) If
such Subscriber is a natural person, such Subscriber has reached the age of majority in the state in which such Subscriber resides,
has adequate means of providing for such Subscriber’s current financial needs and contingencies, is able to bear the substantial
economic risks of an investment in the Shares for an indefinite period of time, has no need for liquidity in such investment and,
at the present time, can afford a complete loss of such investment.

 

(l) If
such Subscriber is a partnership, corporation, trust, estate or other entity (an “Entity”): (i) such Entity
has the full legal right and power and all authority and approval required (a) to execute and deliver, or authorize execution
and delivery of, this Agreement and all other instruments executed and delivered by or on behalf of such Entity in connection
with the purchase of the Shares, (b) to delegate authority pursuant to power of attorney and (c) to purchase and hold
such Shares; (ii) the signature of the party signing on behalf of such Entity is binding upon such Entity; and (iii) such
Entity has not been formed for the specific purpose of acquiring the Shares, unless each beneficial owner of such Entity is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or is qualified as an
accredited investor within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act and has submitted
information substantiating such individual qualification.

 

(m) If
such Subscriber is a retirement plan or is investing on behalf of a retirement plan, such Subscriber acknowledges that investment
in the Shares poses additional risks including the inability to use losses generated by an investment in the Shares to offset
taxable income.

 

(n) This
Agreement has been duly authorized, executed and delivered by such Subscriber and constitutes a legal, valid and binding obligation
of such Subscriber enforceable against such Subscriber in accordance with its terms, except as such enforceability may be limited
by: (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws in effect that limit creditors’
rights generally; (ii) equitable limitations on the availability of specific remedies; (iii) principles of equity (regardless
of whether such enforcement is considered in a proceeding in Law or in equity); and (iv) to the extent rights to indemnification
and contribution may be limited by federal securities laws or the public policy underlying such laws.

 

    	 	9	 

     

    

 

(o) Such
Subscriber understands and confirms that the Company will rely on the representations and covenants by such Subscriber contained
herein in effecting the transactions contemplated by this Agreement and the other Transaction Documents (as defined herein). All
representations and warranties provided to the Company by or on behalf of such Subscriber, taken as a whole, are true and correct
and do not contain any untrue statement of material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading.

 

(p) Such
Subscriber has read the Final Prospectus, and understands that the Company has established a trust fund, currently in an amount
of approximately $199.7 million (“Trust Fund”) for the benefit of the Company’s public shareholders and
that the Company may disburse monies from the Trust Fund only (i) to the Company’s public shareholders in the event
they elect to redeem their shares in connection with the consummation of the Company’s initial business combination (as
such term is used in the Final Prospectus), (ii) to the Company’s public shareholders upon the liquidation of the Company
if the Company fails to consummate an initial business combination within the required time period described in the Final Prospectus,
(iii) to the Company in limited amounts for its tax obligations and for its working capital purposes and (iv) to the
Company after, or concurrently with, the consummation of a business combination. To induce the Company to enter into this Agreement
and sell the securities to be sold to it hereunder, such Subscriber agrees that it does not have any right, title, interest or
claim of any kind in or to any monies in the Trust Fund (“Claim”) and waives any Claim it may have in the future
as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against
the Trust Fund for any reason whatsoever. Notwithstanding the foregoing, each Subscriber shall maintain redemption rights with
respect to (x) any shares of Common Stock it owns as of the date hereof and (y) any additional shares of Common Stock it may own
if the Merger Closing does not occur. This section shall survive the termination of this Agreement for any reason.

 

[(q) Neither
the purchase of the Subject Common Shares nor the acquisition of the Utilization Fee Shares by such Subscriber will subject the
Company to any of the “Bad Actor” disqualifications described in Rule 506(d) under the Securities Act.][2]

 

[(r)As of the date
hereof,
the Subscriber does not own, directly
or indirectly,
any shares of Common Stock.][2]

 

[2]
This provision is applicable to certain (but not all) of the Subscribers

 

 

    	 	10	 

     

    

 

6. Representations
and Warranties of the Company. The Company represents and warrants to each Subscriber as follows:

 

(a) Subject
to obtaining all required approvals necessary in connection with the performance of the Merger Agreement (including, without limitation,
the approval of the Company’s stockholders) and any required approvals pursuant to the applicable rules of NASDAQ Capital
Market (together, the “Required Approvals”), the Company has all requisite corporate power and authority to
enter into and perform this Agreement, the Registration Rights Agreement and the Merger Agreement (collectively, the “Transaction
Documents”), and to perform its obligations under this Agreement and the other Transaction Documents. Subject to obtaining
the Required Approvals, the execution, delivery and performance of this Agreement and the other Transaction Documents and the
consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all requisite corporate
action, and no other proceedings on the Company’s part are necessary to authorize the execution, delivery or performance
of this Agreement and the other Transaction Documents. This Agreement and each of the other Transaction Documents have been duly
executed and delivered by the Company and assuming that this Agreement and the Registration Agreement constitute a valid and binding
obligation of each Subscriber, this Agreement and each of the other Transaction Documents will constitute upon execution and delivery
by the Company, a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
as such enforceability may be limited by: (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws in effect that limit creditors’ rights generally; (ii) equitable limitations on the availability of specific remedies;
(iii) principles of equity (regardless of whether such enforcement is considered in a proceeding in Law or in equity); and
(iv) to the extent rights to indemnification and contribution may be limited by federal securities laws or the public policy
underlying such laws.

 

(b) Subject
to obtaining the Required Approvals, the execution and delivery of this Agreement by the Company and the execution and delivery
of other Transaction Documents do not and will not, and the performance and compliance with the terms and conditions hereof and
thereof by the Company and the consummation of the transactions contemplated hereby and thereby by the Company will not (with
or without notice or passage of time, or both):

 

(i) violate
or conflict with any of the provisions of the Amended and Restated Certificate of Incorporation or bylaws of the Company; or

 

(ii) violate,
conflict with, result in a breach or constitute a default under any provision of, or require any notice, filing, consent, authorization
or approval under, any Law binding upon the Company.

 

(c) Except
for (i) the applicable requirements of the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (the “HSR
Act”), the federal securities laws, any applicable state securities or “blue sky” laws and (ii) the filing
of the certificate of merger with the Secretary of State of the State of Delaware (and subject to obtaining the Required Approvals),
the Company is not required to submit any notice, report or other filing with any Governmental Entity (as defined below) in connection
with the execution, delivery or performance by it of the Transaction Documents or the consummation of the transactions contemplated
by the Transaction Documents and no consent, approval or authorization of any Governmental Entity or any other party or person
is required to be obtained by the Company in connection with its execution, delivery and performance of this Agreement and each
of the other Transaction Documents or the consummation of the transactions contemplated hereby and thereby. As used in this Agreement,
“Governmental Entity” means any federal, national, state, foreign, provincial, local or other government or
any governmental, regulatory, administrative or self-regulatory authority, agency, bureau, board, commission, court, judicial
or arbitral body, department, political subdivision, tribunal or other instrumentality thereof.

 

    	 	11	 

     

    

 

(d) The
Company has timely filed all forms, reports and documents required to be filed by it with the SEC since July 22, 2015, together
with any amendments, restatements or supplements thereto. The Company has provided to each Subscriber, in the form filed with
the SEC, except to the extent available in full without redaction on the SEC’s EDGAR website, (i) its Annual Report on Form
10-K (and Amendment No. 1 thereto) for the fiscal year ended December 31, 2015, (ii) its Quarterly Reports on Form 10-Q for the
quarterly periods ended March 31, 2016, June 30, 2016, and September 30, 2016, and (iii) the Final Prospectus, all registration
statements and other forms, reports and documents (other than the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
not referred to in clauses (i) and (ii) above) filed by the Company with the SEC since July 22, 2015 (the forms, reports and other
documents referred to in clauses (i), (ii) and (iii) above (including those available on the SEC’s EDGAR website) being,
collectively, the “Company SEC Reports”). The Company SEC Reports were prepared in all material respects in accordance
with the requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations thereunder.
The Company SEC Reports did not at the time they were filed with the SEC (except to the extent that information contained in any
Company SEC Report has been superseded by a later timely filed Company SEC Report) contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading.

 

(e) Each
of the financial statements (including, in each case, any notes thereto) contained in the Company SEC Reports was prepared in
accordance with 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 SEC) and each
fairly presents, in all material respects, the financial position, results of operations and cash flows of the Company as at the
respective dates thereof and for the respective periods indicated therein.

 

(f) Since
July 22, 2015, the Company has timely filed and made available to each Subscriber all certifications and statements required by
(x) Rule 13a-14 or Rule 15d-14 under the Exchange Act or (y) 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley Act of
2002) with respect to any Company SEC Report (the “Company Certifications”). Each of the Company Certifications is
true and correct. The Company maintains disclosure controls and procedures required by Rule 13a-15 or Rule 15d-15 under the Exchange
Act; such controls and procedures are reasonably designed to ensure that all material information concerning the Company is made
known on a timely basis to the individuals responsible for the preparation of the Company’s SEC filings and other public
disclosure documents. As used in this Section 6(f), the term “file” shall be broadly construed to include any manner
in which a document or information is furnished, supplied or otherwise made available to the SEC.

 

(g) As
of the date hereof, there are no, and since the Company’s formation, there have not been any Legal Proceeding pending or,
to the knowledge of the Company, threatened in writing against the Company, including any such Legal Proceeding that (i) challenges
the validity or enforceability of the Company’s obligations under this Agreement or the other Transaction Documents or (ii)
seeks to prevent, delay or otherwise would reasonably
be expected to adversely affect the consummation by the Company of the transactions contemplated herein or therein. As used in
this Agreement, “Legal Proceeding” means any judicial, administrative or arbitral actions, suits, hearings,
inquiries, investigations or other proceedings (public or private) commenced, brought, conducted or heard before, or otherwise
involving, any Governmental Entity or arbitrator. As used in this Agreement, “Law” means any material law (statutory,
common or otherwise), including any material statute, ordinance, regulation, rule, code, executive order, injunction, judgment,
decree or other order of a Governmental Entity.

 

    	 	12	 

     

    

 

(h) Except
as and to the extent set forth on the balance sheet of the Company at September 30, 2016, including the notes thereto (the “Company
Subject Balance Sheet”), the Company has no liability or obligation of any nature (whether accrued, absolute, contingent
or otherwise), except for (i) liabilities and obligations incurred since the date of the Company Subject Balance Sheet in the
ordinary course of business that are not, individually or in the aggregate, material to the Company and none of which results
from or arises out of any material breach of or material default under any contract, material breach of warranty, tort, material
infringement or material violation of Law; (ii) liabilities and obligations incurred in connection with the transactions contemplated
by this Agreement and other Transaction Documents; and (iii) liabilities and obligations which are not, individually or in the
aggregate, material to the Company. 

 

(i) The
Company is in compliance in all material respects with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated thereunder that are applicable to it.

 

(j) To
the extent this Agreement is not already publicly disclosed at such time, the Company will file with the SEC disclosing the form
of this Agreement within 2 Trading Days of the date hereof.

 

(k) The
Company understands and confirms that each Subscriber will rely on the representations and covenants contained herein in effecting
the transactions contemplated by this Agreement.

 

7. Understandings.
Each Subscriber understands, acknowledges and agrees with the Company as follows:

 

(a) Such
Subscriber hereby acknowledges and agrees that, subject to the terms and conditions of this Agreement, the subscription hereunder
is irrevocable by such Subscriber, that, except as required by Law, such Subscriber is not entitled to cancel, terminate or revoke
this Agreement or any agreements of such Subscriber hereunder, and that this Agreement and such other agreements shall survive
the death or disability of such Subscriber and shall be binding upon and inure to the benefit of the parties and their respective
heirs, executors, administrators, successors, legal representatives and permitted assigns. If such Subscriber is more than one
person, the obligations of such Subscriber hereunder shall be joint and several and the agreements, representations, warranties
and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and his/her heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

    	 	13	 

     

    

 

(b) No
federal or state agency has made any finding or determination as to the accuracy or adequacy of the Disclosure Documents or as
to the suitability of this offering for investment nor any recommendation or endorsement of the Shares.

 

(c) The
Common Offering is intended to be exempt from registration, which is dependent upon the truth, completeness and accuracy of the
statements made by such Subscriber herein.

 

(d) There
is only a limited public market for the Common Stock. There can be no assurance that a Subscriber will be able to sell or dispose
of the Shares.

 

(e) The
representations and warranties of such Subscriber contained in this Agreement and in any other writing delivered in connection
with the transactions contemplated hereby shall be true and correct in all respects on and as of the date hereof and the date
of the consummation of each offering of the Subject Common Shares and issuance of the Utilization Fee Shares as if made on and
as of such date and such representation and warranties and all agreements of such Subscriber contained herein and in any other
writing delivered in connection with the transactions contemplated hereby.

 

8. Survival.
All representations, warranties and covenants contained in this Agreement shall survive (i) the acceptance of this Agreement
by the Company and (ii) changes in the transactions, documents and instruments described herein which are not material or
which are to the benefit of the Subscribers, in each case until the earlier of the (A) Merger Closing or (B) Termination
Date. Each Subscriber acknowledges the meaning and legal consequences of the representations, warranties and covenants contained
herein and that the Company has relied upon such representations, warranties and covenants in determining such Subscriber’s
qualification and suitability to purchase the Shares.

 

9. Notices.
All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if and
when delivered personally or two Trading Days after being sent by registered or certified mail, return receipt requested, postage
prepaid or one Trading Day after it is delivered by a commercial overnight carrier or upon confirmation if delivered by facsimile
or email:

 

(a) if
to the Company (prior to the Merger Closing), to the following address:

 

Hennessy
Capital Acquisition Corp. II

700 Louisiana Street, Suite 900

Houston, Texas 77002

Attention: Daniel J. Hennessy, Kevin Charlton and Nicholas Petruska

Email: dhennessy@hennessycapllc.com, kcharlton@hennessycapllc.com and npetruska@hennessycapllc.com

 

with
a copy to:

 

Sidley
Austin LLP

One South Dearborn

Chicago, Illinois 60603

Attention: Jeffrey N. Smith, Esq. and Michael P. Heinz, Esq.

Email: jnsmith@sidley.com and mheinz@sidley.com

 

    	 	14	 

     

    

 

and
to:

 

Ellenoff
Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attention: Stuart Neuhauser, Esq.

Email: sneuhauser@egsllp.com

 

(b) if
to the Company (following the Merger Closing), to the following address:

 

Daseke,
Inc.

15455 Dallas Parkway, Suite 440

Addison,
TX 75001

Attention:
Don R. Daseke and Scott Wheeler

Email:
don@daseke.com and scott@daseke.com

 

with
a copy to:

Vinson
& Elkins LLP

2001
Ross Avenue, Suite 3700

Dallas,
TX 72501

Attention:
Christopher G. Schmitt and Alan Bogdanow

Email:
cschmitt@velaw.com and abogdanow@velaw.com

 

(c) if
to a Subscriber, to the address set forth on the signature page hereto.

 

(d) or
at such other address as any party shall have specified by notice in writing to the others.

 

10. Notification
of Changes. Each Subscriber agrees and covenants to notify the Company immediately upon the occurrence of any event prior
to the Merger Closing that would cause any representation, warranty, covenant or other statement contained in this Agreement to
be false or incorrect or of any change in any statement made herein occurring prior to the Merger Closing. The Company agrees
and covenants to notify each Subscriber immediately upon the occurrence of any event prior to the Merger Closing that would cause
any representation, warranty, covenant or other statement contained in this Agreement to be false or incorrect or of any change
in any statement made herein occurring prior to the Merger Closing.

 

11. Assignability;
Amendments; Waiver. This Agreement is not assignable by any Subscriber, and may not be amended, modified or terminated except
by an instrument in writing signed by the Company and the Subscribers. The Agreement may not be waived except by an instrument
in writing signed by the party against whom enforcement of waiver is sought.

 

    	 	15	 

     

    

 

12. Binding
Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties
and their heirs, successors and assigns, and the agreements, representations, warranties and acknowledgments contained herein
shall be deemed to be made by and be binding upon such heirs, executors, administrators, successors, legal representatives and
assigns. This Agreement does not confer any rights or remedies upon any person or entity other than the parties hereto and their
heirs, successors and permitted assigns; provided, however, that notwithstanding anything to the contrary herein,
the Company and each Subscriber acknowledge that money damages would not be an adequate remedy at Law if any Subscriber fails
to perform in any material respect any of its obligations hereunder and accordingly agree that each party, in addition to any
other remedy to which it may be entitled at Law or in equity, shall be entitled to seek an injunction or similar equitable relief
restraining such party from committing or continuing any such breach or threatened breach or to seek to compel specific performance
of the obligations of any other party under this Agreement, without the posting of any bond, in accordance with the terms and
conditions of this Agreement in any court of the United States or any State thereof having jurisdiction, and if any action should
be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that
there is an adequate remedy at Law.

 

13. Obligations
Irrevocable. Subject to the terms and conditions contained herein, the obligations of each Subscriber to make its subscription
provided for hereunder shall be irrevocable, except with the consent of the Company, until the Subscription Rejection.

 

14. Agreement.
This Agreement and the Registration Rights Agreement constitute the entire agreement of the Subscribers and the Company relating
to the matters contained herein and therein, superseding all prior contracts or agreements, whether oral or written. The headings
of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

15. Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the principles of conflicts of law thereof that would require the application of the laws of any jurisdiction
other than Delaware. Each of the parties consents to the exclusive jurisdiction of the federal courts whose districts encompass
any part of the District of Delaware or 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), with respect to any dispute arising under this Agreement,
and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens,
to the bringing of any such proceeding in such jurisdictions.

 

16. Severability.
If any provision of this Agreement or the application thereof to any Subscriber or any circumstance shall be held invalid or unenforceable
to any extent, the remainder of this Agreement and the application of such provision to other subscriptions or circumstances shall
not be affected thereby and shall be enforced to the greatest extent permitted by Law.

 

17. Construction.
The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret,
define, or limit the scope, extent or intent of this Agreement or any provision hereof. The rule of construction that an agreement
shall be construed strictly against the drafter shall not apply to this Agreement.

 

    	 	16	 

     

    

 

18. Counterparts;
Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall
be deemed to be an original and all of which together shall be deemed to be one and the same agreement. A facsimile or other electronic
transmission of this signed Agreement shall be legal and binding on all parties hereto.

 

19. Counsel.
Each Subscriber hereby acknowledges that the Company and its counsel represent the interests of the Company and not those of any
Subscriber in any agreement (including this Agreement) to which the Company is a party.

 

20. Confidentiality.
Without limiting any of Subscriber’s pre-existing confidentiality obligations, Subscriber shall not, for a period of one
year following the date hereof, without the Company’s prior written consent, disclose to any other person or entity the
nature, extent or fact that Subscriber is entering this Agreement or the terms and conditions hereof, or any information Subscriber
may receive in connection with this Agreement (in each case to the extent the Company has communicated the confidentiality thereof)
other than (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding,
or otherwise as required by applicable law or compulsory legal process (in which case Subscriber agrees, to the extent practicable
and not prohibited by applicable Law, to inform the Company promptly thereof prior to such disclosure), (b) upon the request
or demand of any regulatory authority having jurisdiction over Subscriber or as otherwise necessary for Subscriber to comply with
its regulatory obligations, (c) to the extent that such information is or becomes publicly available other than by reason
of disclosure by Subscriber in violation of this Agreement, or (d) to Subscriber’s Affiliates and to Subscriber’s
and its Affiliates’ employees, legal counsel, independent auditors and other agents (collectively “representatives”)
who need to know such information and who are informed of the confidential nature of such information and are or have been advised
of their obligation to keep information of this type confidential. Subscriber will cause all of its and its Affiliate’s
representatives to comply with the confidentiality provisions of this Agreement as fully as if they were a party hereto and will
be responsible for a breach of the confidentiality provisions of this Agreement by any such representatives.

 

[Signature
Page to Follow]

 

    	 	17	 

     

    

 

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

  

	 	HENNESSY
                                         CAPITAL ACQUISITION CORP. II
	 	 	 
	 	By:	
			Name:
Daniel J. Hennessy

Title:   Chief Executive Officer

 

	 	HENNESSY
                                         CAPITAL PARTNERS II LLC
	 	 
	 	By:
                                         Hennessy Capital LLC, its managing member
	 	 	 
	 	By:	 
			Name:
Daniel J. Hennessy

Title:   Managing member

 

     

     

    

 

SIGNATURE
PAGE

 TO

 BACKSTOP
AND SUBSCRIPTION AGREEMENT

OF

 HENNESSY
CAPITAL ACQUISITION CORP. II

 

IN
WITNESS WHEREOF, the undersigned Subscriber hereby executes, delivers, joins in and agrees to be bound by the Backstop and Subscription
Agreement by and among Hennessy Capital Acquisition Corp. II, Hennessy Capital Partners II LLC and the Subscriber (as defined
therein) to which this Signature Page is attached as a Subscriber thereunder, which, together with all counterparts of such agreements
and signature pages of other parties to such agreements, shall constitute one and the same document in accordance with the terms
of such agreements.

  

	 	[●]	 
	 	 	 
	 	By:	 
			Name:                                                 

Title:
	 	 	 
	 	Backstop
                                         Allocation: $[________]
		 
	 	$[●] __________________________
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Facsimile:
	 	 

 

 

     

     

    

  

SIGNATURE
PAGE

TO

BACKSTOP
AND SUBSCRIPTION AGREEMENT

OF

HENNESSY
CAPITAL ACQUISITION CORP. II

 

IN
WITNESS WHEREOF, the undersigned Subscriber hereby executes, delivers, joins in and agrees to be bound by the Backstop and Subscription
Agreement by and among Hennessy Capital Acquisition Corp. II, Hennessy Capital Partners II LLC and the Subscriber (as defined
therein) to which this Signature Page is attached as a Subscriber thereunder, which, together with all counterparts of such agreements
and signature pages of other parties to such agreements, shall constitute one and the same document in accordance with the terms
of such agreements.

  

	 	[●]	 
	 	 	 
	 	By:	 
			

                                         Name:                                                 

                                         Title:
	 	 	 
	 	Backstop
                                         Allocation: $[________]
		 
	 	$[●] __________________________
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Facsimile:
	 	 

 

     

     

    

 

Exhibit
A Form of Investor Questionnaire

 

 

 

[See
attached.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

INVESTOR
QUESTIONNAIRE

 

HENNESSY
CAPITAL ACQUISITION CORP. II

 

THIS
QUESTIONNAIRE MUST BE ANSWERED FULLY AND RETURNED ALONG WITH YOUR COMPLETED SUBSCRIPTION AGREEMENT IN CONNECTION WITH YOUR PROSPECTIVE
PURCHASE OF SHARES FROM HENNESSY CAPITAL ACQUISITION CORP. II (THE “COMPANY”).

 

THE
INFORMATION SUPPLIED IN THIS QUESTIONNAIRE WILL BE HELD IN STRICT CONFIDENCE. NO INFORMATION WILL BE DISCLOSED EXCEPT TO THE EXTENT
THAT SUCH DISCLOSURE IS REQUIRED BY LAW OR REGULATION, OTHERWISE DEMANDED BY PROPER LEGAL PROCESS OR IN LITIGATION INVOLVING THE
COMPANY AND ITS CONTROLLING PERSONS.

 

Capitalized
terms used herein without definition shall have the respective meanings given such terms as set forth in the Backstop and Subscription
Agreement among the Company, Hennessy Capital Partners II LLC and the subscriber signatory thereto (the “Agreement”).

 

(1) The
undersigned represents and warrants that he, she or it comes within at least one category marked below, and that for any category
marked, he, she or it has truthfully set forth, where applicable, the factual basis or reason the undersigned comes within that
category. The undersigned agrees to furnish any additional information which the Company reasonably deems necessary in order to
verify the answers set forth below.

 

	Category
    A ___	The
undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his or
her spouse, presently exceeds $1,000,000.

	 	 
	 	Explanation.
In calculating net worth, you include all of your assets (other than your primary residence), whether liquid or illiquid, such
as cash, stock, securities, personal property and real estate based on the fair market value of such property MINUS all debts
and liabilities (except that a mortgage or other debt secured by your primary residence, up to the estimated fair market value
of the primary residence at the time of the purchase of the Shares, shall not be included as a liability, provided that if the
amount of such indebtedness outstanding at the time of the purchase of the Shares exceeds the amount outstanding 60 days
before such time, other than as a result of the acquisition of your primary residence, the amount of such excess shall be included
as a liability. Further, the amount of any mortgage or other indebtedness secured by your primary residence that exceeds the fair
market value of the residence at the time of the purchase of the Shares shall be included as a liability.

	 	 
	Category
    B ___	The
undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of the two
most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in each case including
foreign income, tax exempt income and full amount of capital gains and losses but excluding any income of other family members
and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year.

 

     

     

    

 

	Category
    C ___	The
                                         undersigned is a director or executive officer of the Company which is issuing and selling
                                         the Shares.

	 	 
	Category
    D ___	The
                                         undersigned is a bank, as defined in Section 3(a)(2) of the Securities Act of 1933,
                                         as amended (the “Act”); a savings and loan association or other institution
                                         as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or
                                         fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the
                                         Securities Exchange Act of 1934; any insurance company as defined in Section 2(a)(13)
                                         of the Act; any investment company registered under the Investment Company Act of 1940
                                         or a business development company as defined in Section 2(a)(48) of that Act; any
                                         Small Business Investment Company licensed by the U.S. Small Business Administration
                                         under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan
                                         established and maintained by a state, its political subdivisions, or any agency or instrumentality
                                         of a state or its political subdivisions, for the benefit of its employees, if such plan
                                         has total assets in excess of $5,000,000; any employee benefit plan within the meaning
                                         of the Employee Retirement Income Security Act of 1974 if the investment decision is
                                         made by a plan fiduciary, as defined in Section 3(21) of such act, which is either
                                         a bank, savings and loan association, insurance company, or registered investment advisor,
                                         or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed
                                         plan, with investment decisions made solely by persons that are accredited investors
                                         (describe entity).

                                                                                                                            

                                                                                                                            ___________________________________________________________________
                                         ___________________________________________________________________  

                                                                                                                             

	 	 
	Category
    E ___	The
                                         undersigned is a private business development company as defined in Section 202(a)
                                         (22) of the Investment Advisors Act of 1940 (describe entity) 

                                                                                                                            ___________________________________________________________________
                                         ___________________________________________________________________  

 

     

     

    

 

	Category
    F ___	The
                                         undersigned is either a corporation, partnership, Massachusetts or similar business trust,
                                         or any organization described in Section 501(c)(3) of the Internal Revenue Code,
                                         in each case not formed for the specific purpose of acquiring the Shares and with total
                                         assets in excess of $5,000,000. (describe entity)

                                                                                                                                        

                                                                                                                                        ___________________________________________________________________
                                         ___________________________________________________________________

                                                                                                                                         

	 	 
	Category
    G ___	The
undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares,
where the purchase is directed by a “sophisticated investor” as defined in Regulation 506(b)(2)(ii) under the
Act.

                                                                                                                            

                                                                                                                            __________________________________________________________________

                                                                                                                            __________________________________________________________________ 
 
	 	 
	Category
    H ___	The
                                         undersigned is an entity (other than a trust) in which all of the equity owners are “accredited
                                         investors” within one or more of the above categories. If relying upon this Category
                                         alone, each equity owner must complete a separate copy of this Investor Questionnaire.
                                         (describe entity)

                                                                                                                             ___________________________________________________________________
                                         ___________________________________________________________________

	 	 
	 	The
    undersigned agrees that the undersigned will notify the Company at any time on or prior to the applicable closing in the event
    that the representations and warranties in this Investor Questionnaire shall cease to be true, accurate and complete.

 

(2) Suitability
(please answer each question)

 

		(a)	Are
                                         you familiar with the risk aspects and the non-liquidity of investments such as the Shares
                                         for which you seek to purchase?

 

YES
_____    NO _____

 

		(b)	Do
                                         you understand that there is no guarantee of financial return on this investment and
                                         that you run the risk of losing your entire investment?

 

YES
_____    NO _____

 

(3) Manner
in which title is to be held: (circle one)

 

		(a)	Individual
                                         Ownership

		(b)	Community
                                         Property

		(c)	Joint
                                         Tenant with Right of Survivorship (both parties must sign)

		(d)	Partnership

		(e)	Tenants
                                         in Common

		(f)	Company

		(g)	Trust

		(h)	Other

 

     

     

    

 

(4) FINRA
Affiliation.

 

Are
you affiliated or associated with a member of FINRA (please check one):

 

YES
_____    NO _____

 

If
Yes, please describe:

 

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

 

*If
subscriber is a Registered Representative with a member of FINRA, have the following acknowledgment signed by the appropriate
party:

 

The
undersigned FINRA firm acknowledges receipt of the notice required by the Conduct Rules of FINRA.

  

	 	 	 
	 	Name
    of NASD Member Firm	 
	 	 	 
	 	By:	 	 
	 	 	Authorized
    Officer	 
	 	 	 	 
	 	Date:	 	 

 

[Remainder
of page intentionally left blank]

 

     

     

    

 

The
undersigned is informed of the significance to the Company of the foregoing representations and answers contained in this Investor
Questionnaire and such answers have been provided under the assumption that the Company will rely on them.

 

	Date: ________________	 
	 	Print
    or Type Entity Name
	 	 	 	 
	 	By:	Name:	
	 	 	 	Print
    or Type Name
	 	 	 	 
	 	Title:	 
	 	 
	 	 
	 	Signature

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