Document:

Exhibit 10.1

 

Execution Version

 

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

 

2

 

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]

 

3

 

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/ Michael B. Farnell, Jr.
    
	
 
    	
Name:
    	
Michael   B. Farnell, Jr.
    
	
 
    	
Title:
    	
Executive   Vice President and
    
	
 
    	
 
    	
Chief   Legal Officer
    
				

 

SIGNATURE PAGE TO AMENDMENT 1 TO

STOCKHOLDERS’ AND REGISTRATION RIGHTS AGREEMENTExhibit 10.2

 

Execution Version

 

AMENDMENT NO. 1 TO

 

FOUNDER SHARE TRANSFER LETTER AGREEMENT

 

This Amendment No. 1 to the Founder Share Transfer Letter 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).

 

WHEREAS, the Parties have entered into that certain Founder Share Transfer Letter Agreement, dated as of March 21, 2016 (the “Agreement”); and

 

WHEREAS, the Parties wish to amend and restate Exhibit B to the Agreement by this Amendment as set forth below:

 

Exhibit B

 

In the event that WLRS, in order to induce a Private Placement Investor or Committed Purchase/Withdrawal Investor to participate in the Equity Financing, agrees to transfer to such Private Placement Investor or Committed Purchase/Withdrawal Investor a number of Founder Shares, then New Holdco and any other Selling Equityholders that become a party to this Agreement by joinder agree that WLRS may transfer a number of Founder Shares that would otherwise be Transfer Shares (the “Reallocated Transfer Shares”) to the Private Placement Investor or Committed Purchase/Withdrawal Investor instead of to the Selling Equityholders; provided, however, that as a result of the transfer of the Reallocated Transfer Shares (i) such Private Placement Investor or Committed Purchase/Withdrawal Investor shall not receive, in the aggregate with all other Founder Shares, a number of Founder Shares that represents a higher proportion of the Founder Shares than the Parent Common Stock purchased by such Private Placement Investor or committed to withdraw by such Committed Purchase/Withdrawal Investor in the Equity Financing represents of all outstanding Parent Common Stock (and Excess Shares, if any), immediately following the Closing and (ii) the Selling Equityholders shall have no obligation to forego, for the benefit of the Private Placement Investor or Committed Purchase/Withdrawal Investor, a larger proportion of the Founder Shares to which it would otherwise be entitled to pursuant to this Transfer Letter than the proportion of Founder Shares (other than the Transfer Shares) foregone by WLRS for the benefit of the Private Placement Investor or Committed Purchase/Withdrawal Investor.

 

“Private Placement Investor or Committed Purchase/Withdrawal Investor” means any Person who (i) purchases any shares of Parent Common Stock in the Equity Financing or (ii) purchases or retains any public shares of Parent Common Stock and agrees to withdraw from a Parent

 

 

Stockholder Redemption from the Trust Account (each, as defined in the Merger Agreement) with respect to such shares, including, for the avoidance of doubt, WLRS or any Affiliate of WLRS; provided, that, any Affiliate of WLRS shall only be a Private Placement Investor if such Affiliate both (i) is receiving Founder Shares on the same terms as other similarly situated investors in the Equity Financing and (ii) is not controlled by WLRS.

 

In addition, Reallocated Transfer Shares shall also include 61,754 Founder Shares which will remain with WLRS that would otherwise have been Transfer Shares in connection with and conditioned upon WLRS’ investment of $10 million in a private placement pursuant to a subscription agreement entered into by WLRS and the Company.

 

2

 

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

FOUNDER SHARE TRANSFER LETTER AGREEMENT

 

 

	
 
    	
NEXEO   HOLDCO, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael B. Farnell, Jr.
    
	
 
    	
Name:
    	
Michael   B. Farnell, Jr.
    
	
 
    	
Title:
    	
Executive   Vice President and
    
	
 
    	
 
    	
Chief   Legal Officer
    
				

 

SIGNATURE PAGE TO AMENDMENT 1 TO

FOUNDER SHARE TRANSFER LETTER AGREEMENT

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