Document:

Exhibit 10.4

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement
(this “Agreement”), is made as of June 6, 2016 by and between WL Ross Holding Corp. (the “Company”)
and the undersigned subscriber (the “undersigned”) . In connection with the proposed business combination between
the Company and Nexeo Solutions Holdings, LLC (the “Nexeo Business Combination”) pursuant to the Agreement and
Plan of Merger, dated as of March 21, 2016, as may be amended from time to time (the “Merger Agreement”), the
Company is seeking commitments from certain of its existing stockholders and other persons known to the Company to purchase shares
of the Company’s common stock, par value $0.0001 per share (the “Shares”), for a purchase price of $10.00
per share, in a private placement.

 

1.Subscription.
The undersigned hereby irrevocably subscribes for and agrees to purchase from the Company such number of Shares as is set forth
on the signature page of this Agreement on the terms provided for herein.

 

2.Closing.
The closing of the sale of Shares contemplated hereby (the “Closing”) shall occur immediately prior to and on
the day of the closing of the Nexeo Business Combination. Upon prior notice by the Company, the undersigned shall deliver as soon
as reasonably practicable on the expected date of the Closing (and prior to the closing of the Nexeo Business Combination) to an
account designated by the Company, the subscription amount for the Shares subscribed by wire transfer of United States dollars
in immediately available funds. Upon the Closing, the Company shall deliver (or cause the delivery of) the Shares in book entry
(electronic) form to the undersigned or to a custodian designated by the undersigned, as applicable.

 

3.Conditions.
The closing of the sale of the Shares pursuant to this Agreement is conditioned upon (i) the Company obtaining the required approvals
from its stockholders for the proposals related to the Nexeo Business Combination, (ii) if necessary prior to completing the Nexeo
Business Combination, the Company obtaining the required approvals from its stockholders for the proposals related to extending
the Company’s corporate existence beyond June 11, 2016, (iii) the satisfaction or waiver of all conditions precedent set
forth in the Merger Agreement (other than those which may only be satisfied at the closing of the Nexeo Business Combination),
(iv) receipt of the subscription amount for the Shares subscribed to by the undersigned by wire transfer of United Stated dollars
in immediately available funds pursuant to the terms hereof, (v) execution and delivery by the undersigned of the Investor Questionnaire
and the Form W-9 described in Section 4 below, and (vi) the representations and warranties of the undersigned set forth in such
Investor Questionnaire are true and correct as of the date hereof and as of the date of the Closing.

 

4.Investor Questionnaire;
Form W-9. The undersigned has, concurrently with the execution and delivery of this Agreement, executed and delivered the Investor
Questionnaire and the Form W-9 in the forms attached hereto as Exhibit A and Exhibit B, respectively. The representations
and warranties of the undersigned set forth in the Investor Questionnaire shall be true and correct as of the date hereof and as
of the date of the Closing as if made on and as of such date. The undersigned agrees to promptly notify the Company and provide
it with the relevant updated information for any change in circumstances at any time on or prior to the Closing.

 

     

     

    

 

5.Expenses.
The undersigned shall pay all of its own expenses in connection with this Agreement and the transactions contemplated hereby.

 

6.Shareholders and Registration Rights
Agreement. The Shares shall be deemed to be “Company Shares” and shares of Common Stock as such terms are defined
in that certain Shareholders and Registration Rights Agreement, dated as of March 21, 2016 (the “SHRRA”), with
the same terms, conditions, transfer restrictions and registration rights set forth with respect to Company Shares and shares of
Common Stock beneficially owned by the undersigned thereunder. For the avoidance of doubt, the Shares shall not be subject to the
same transfer restrictions imposed on the Founder Shares under Section 5.1(b) of the SHRRA.

 

 

7.Company Representations.
The Company represents and warrants that:

 

(a)The
Company has been duly incorporated, is validly existing and is in good standing under the laws of the State of Delaware, with corporate
power and authority to own, lease and operate its properties and conduct its business as presently conducted.

 

(b)The
Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, 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.

 

(c)The
Shares have been duly authorized and, when issued and delivered to the undersigned against full payment therefor in accordance
with the terms of this Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued
in violation of or subject to any preemptive or similar rights created under the Company’s Certificate of Incorporation or
under the law of the State of Delaware. The issuance and sale of the Shares and the compliance by the Company with all of the provisions
of this Agreement and the consummation of the transactions herein will be done in accordance with the NASDAQ marketplace rules.

 

(d)All
representations and warranties provided to the undersigned furnished by or on behalf of the Company 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

 

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8.Trust Account
Waiver. The undersigned acknowledges that the Company is a blank check company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The undersigned further acknowledges that, as described in the final prospectus relating to the Company’s initial public
offering filed with the Securities and Exchange Commission on or about June 9, 2014 (the “Prospectus”), substantially
all of the Company’s assets consist of the cash proceeds of the Company’s initial public offering and private placements
of its securities and substantially all of those proceeds have been deposited into a trust account (the “Trust Account”)
for the benefit of the Company and its public stockholders. As described in the Prospectus, the funds held from time to time in
the Trust Account may only be released upon certain conditions. The undersigned hereby acknowledges and agrees that, except with
respect to shares of common stock of the Company owned by the undersigned acquired other than pursuant to this Agreement, it has
no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies or other
assets in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies or other assets in, the Trust Account
that it may have now or in the future. The undersigned acknowledges and agrees that the undersigned shall not have any redemption
rights with respect to the Shares pursuant to the Company’s Certificate of Incorporation in connection with the stockholder
proposals related to the Nexeo Business Combination or the extension of the Company’s corporate existence beyond June 11,
2016, any subsequent liquidation of the Trust Account or the Company or otherwise. In the event the undersigned has any Claim against
the Company under this Agreement or otherwise, the undersigned shall pursue such Claim solely against the Company and its assets
held outside of the Trust Account and not against the Trust Account or any monies or other assets held in the Trust Account.

 

9.Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without regard to the principles of conflicts of law thereof that would require the application of the laws of any jurisdiction
other than New York. The undersigned consents to the non-exclusive jurisdiction of the federal courts whose districts encompass
any part of the City of New York or the state courts of the State of New York sitting in the City of New York in connection with
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.

 

10.Specific
Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof, and, accordingly, that the parties shall be entitled to seek an injunction or injunctions to
prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any action
brought in the federal courts whose districts encompass any part of the City of New York or the state courts of the State of New
York sitting in the City of New York, without proof of actual damages or otherwise, in addition to any other remedy to which they
are entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance
that a remedy at law would be adequate and (b) any requirement under any law to post security or a bond as a prerequisite
to obtaining equitable relief.

 

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11.WAIVER OF JURY TRIAL. EACH
OF THE PARTIES HERETO (ON BEHALF OF ITSELF AND ITS SUBSIDIARIES) HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY IRREVOCABLY WAIVES
ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

12.Assignment;
Third Party Beneficiaries. No party may assign any of its or his rights or delegate any of its or his obligations under this
Agreement without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding
upon and shall inure to the benefit of and be enforceable by the parties and their respective successors, including without limitation
any corporate successor by merger or otherwise. Nothing expressed or referred to in this Agreement will be construed to give any
person, other than the parties to this Agreement and their respective successors, any legal or equitable right, remedy or claim
under or with respect to this Agreement or any provision of this Agreement.

 

13.Entire Agreement. This
Agreement along with the Investor Questionnaire attached hereto constitutes the entire agreement and supersedes all prior agreements,
understandings and representations and warranties, both written and oral, among the parties hereto with respect to the subject
matter hereof. Notwithstanding anything in this Agreement to the contrary, nothing herein shall be deemed to modify, amend, or
otherwise affect the rights and obligations of the Company set forth in the Merger Agreement.

 

14.Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and this Agreement
shall be reformed, construed and enforced in such jurisdiction such that the invalid, illegal or unenforceable provision or portion
thereof shall be interpreted to be only so broad as is enforceable.

 

15.Counterparts. This Agreement
may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective
when two or more counterparts have been signed by each of the parties and delivered to the other parties (including by facsimile
or via portable document format (.pdf)), it being understood that all parties need not sign the same counterpart.

 

16.Expiration.
This Agreement shall terminate and be of no further force or effect, without any liability to the undersigned, if the Company issues
a public announcement announcing the termination of the Merger Agreement, and/or notifies the undersigned in writing that it has
abandoned its plans to move forward with the Nexeo Business Combination.

 

 

[Signature page follows]

 

    4 

     

    

 

UNDERSIGNED

 

WL ROSS SPONSOR LLC

 

By: _/s/ Wilbur L. Ross, Jr.__________

Name: Wilbur L. Ross, Jr.

Title: Manager

 

Address: 1166 Avenue of the Americas

                New York, NY 10036

 

Number of Shares Subscribed For: 1,000,000

 

 

ACKNOWLEDGED AND AGREED:

 

WL ROSS HOLDING CORP.

 

By: /s/ Wilbur L. Ross, Jr.__________

Name: Wilbur L. Ross, Jr.

Title: Chairman

[Signature page to Subscription Agreement]

 

    5Exhibit 10.5

 

AMENDMENT NO. 1 TO

SHAREHOLDERS’ AND REGISTRATION
RIGHTS AGREEMENT

 

This
Amendment No. 1 to the Shareholders’ and Registration Rights Agreement (this “Amendment”)
is made as of June 6, 2016 by and among WL Ross Holding Corp. (“WLRH”),
WL Ross Sponsor LLC (“WLRS”) and Nexeo Holdco, LLC (together with WLRH
and WLRS, the “Parties”). For purposes of this Amendment, capitalized
terms not otherwise defined herein shall have the meaning ascribed to such terms in the Agreement (defined below).

 

RECITALS

 

WHEREAS, the Parties
have entered into that certain Shareholders’ and Registration Rights Agreement, dated as of March 21, 2016 (the “Agreement”);
and

 

WHEREAS, the Parties
wish to amend the Agreement by this Amendment as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, the
Parties hereby agree that the Agreement is amended by this Amendment as follows:

 

1.                 
The final paragraph of Section 3.2(b)(ii) of the Agreement is hereby amended to read as follows:

“The
initial term of the class I directors shall expire immediately following the Company’s 2017 annual meeting of stockholders
at which directors are elected. The initial term of the class II directors shall expire immediately following the Company’s
2018 annual meeting of stockholders at which directors are elected. The initial term of the class III directors, if any, shall
expire immediately following the Company’s 2019 annual meeting at which directors are elected.”

 

2.                 
Sections 3.2(c) and 3.2(d) of the Agreement are hereby amended and restated in their entirety to read as follows:

 

 

(c)TPG
Representation. For so long as TPG holds at least the percentage of Common Stock (on a fully diluted basis, but excluding Common
Stock issuable upon the exercise of any warrants to purchase Common Stock that were issued in connection with the Company’s
IPO (the “IPO Warrants”)) shown below, the Company shall, and the Sponsors shall take all Necessary Action
to, include in the slate of nominees recommended by the Board of Directors for election as directors at each applicable annual
or special meeting of shareholders at which directors are to be elected that number of individuals designated by TPG that, if elected,
will result in TPG having the number of directors serving on the Board of Directors that is shown below.

 

     

     

    

 

	
        Percent
of Common Stock Owned
	
        Number
of TPG Directors

	7.5% or greater	2
	3% or greater, up to 7.5%	1

 

(d)WLRS
Representation. For so long as WLRS holds at least the percentage of Common Stock (on a fully diluted basis, but excluding
Common Stock issuable upon the exercise of the IPO Warrants) shown below, the Company shall, and the Sponsors shall take all Necessary
Action to, include in the slate of nominees recommended by the Board of Directors for election as directors at each applicable
annual or special meeting of shareholders at which directors are to be elected that number of individuals designated by WLRS that,
if elected, will result in WLRS having the number of directors serving on the Board of Directors that is shown below. In the event
that WLRS shall be entitled to designate only one director, such director may be, but shall not be required to be, an “independent
director” under the NASDAQ listing standard.

 

	
        Percent
of Common Stock Owned
	
        Number
of WLRS Directors

	7.5% or greater	2
	3% or greater, up to 7.5%	1

 

3.                 
TPG hereby consents to, and waives any further right to consent to pursuant to the Agreement, any issuance of Common Stock
or transfer by WLRS of any Exchange Shares or Founder Shares, to any Person contemplated pursuant to Schedule 5.10(c) of the Merger
Agreement, as amended (the “Investors”), including, for the avoidance of doubt, that the terms of the Agreement shall
not apply or attach to any such Exchange Shares or Founder Shares transferred by WLRS to any Investor.

 

For the avoidance of
doubt, the Sponsors hereby consent to the terms of that certain: (i) Commitment Agreement, dated June 6, 2016, entered into by
the Company, WLRS and Park West Investors Master Fund, Limited; (ii) Commitment Agreement, dated June 6, 2016, entered into by
the Company, WLRS and Park West Partners International, Limited; (iii) Commitment Agreement, dated June 6, 2016, entered into by
the Company, WLRS and First Pacific Advisors, LLC, on behalf of one or more clients; (iv) Subscription Agreement, dated May 23,
2016, entered into by the Company, WLRS, and First Pacific Advisors, LLC, on behalf of one or more clients; (v) Registration Rights
Agreement, dated May 23, 2016, entered into by WLRS, the Company and First Pacific Advisors, LLC, on behalf of one or more clients;
(vi) Subscription Agreement, dated May 9, 2016, entered into by the Company and Fidelity Select Portfolios: Chemicals Portfolio,
Fidelity Advisor Series I: Fidelity Advisor Value Fund, Fidelity Capital Trust: Fidelity Value Fund, Fidelity Select Portfolios:
Materials Portfolio, Fidelity Central Investment Portfolios LLC: Fidelity Materials Central Fund, and Variable Insurance Products
Fund IV: Materials Portfolio; (vii) Subscription Agreement, dated May 6, 2016, entered into by the Company and MFS Series Trust
X on behalf of MFS Global Alternative Strategy Fund, MFS Series Trust on behalf of MFS New Discovery Fund and MFS Variable Insurance
Trust on behalf of MFS New Discovery; (viii) Agreement for Subscription of Shares in lieu of Certain Advisor Fees, dated June 6,
2016, entered into by the Company and Credit Suisse Securities (USA) LLC; (ix) Agreement for Subscription of Shares in lieu of
Certain Advisor Fees, dated June 6, 2016, entered into by the Company and Deutsche Bank Securities, Inc.; (x) Agreement for Subscription
of Shares in lieu of Certain Advisor Fees, dated June 6, 2016, entered into by the Company and Merrill Lynch, Pierce, Fenner &
Smith, Incorporated; (xi) Agreement for Subscription of Shares in lieu of Certain Advisor Fees, dated June 6, 2016, entered into
by the Company and Lazard Freres & Co. LLC; (xii) Agreement for Subscription of Shares in lieu of Certain Advisor Fees, dated
June 6, 2016, entered into by the Company and Skadden, Arps, Slate, Meagher & Flom LLP; and (xiii) Agreement for Subscription
of Shares in lieu of Certain Advisor Fees, dated June 6, 2016, entered into by the Company and Kirkland & Ellis LLP or its
affiliates.

 

     

     

    

 

4.                 
Except as expressly amended hereby, the Agreement shall remain in full force and effect.

 

5.                 
This Amendment and any related dispute shall be governed by and contributed in accordance with the laws of the State of
Delaware.

 

6.                 
This Amendment and the Agreement constitutes the full and entire understanding and agreement between the Parties with regard
to the subject hereof.

 

7.                 
This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the parties actually
executing such counterparts, and all of which together shall constitute one instrument.

 

8.                 
A facsimile, telecopy or other reproduction of this Amendment may be executed by one or more parties hereto and delivered
by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such
party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request
of any party hereto, all parties hereto agree to execute and deliver an original of this Amendment as well as any facsimile, telecopy
or other reproduction hereof.

 

 

[Signature Pages Follow]

 

     

     

    

 

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

 

WL
Ross Holding Corp.

 

 

By:/s/ Wilbur L. Ross, Jr._____________________

Name:Wilbur L. Ross, Jr.

Title:Chairman and Chief Executive
Officer

 

 

WL
Ross Sponsor llc

 

 

By:/s/ Wilbur L. Ross, Jr._____________________

Name:Wilbur L. Ross, Jr.

Title:Manager

 

 

Signature
Page to Amendment 1 to

Stockholders’
and Registration Rights Agreement

     

     

    

 

NEXEO
HOLDCO, LLC

 

 

By:/s/ David Bradley________________________

Name:David Bradley

Title:President and Chief Executive
Officer

 

 

Signature
Page to Amendment 1 to

Stockholders’
and Registration Rights Agreement

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