Document:

EXHIBIT 10.11

 Exhibit 10.11 
 MANAGEMENT SERVICES AGREEMENT 
 This MANAGEMENT SERVICES AGREEMENT (this
“Agreement”) is entered into as of March 31, 2011, by and among, Nexeo Solutions, LLC, a Delaware limited liability company (together with its direct and indirect subsidiaries and any successor, the
“Company”), and TPG Capital, L.P. (the “Manager”). 
 WHEREAS, the Company
wishes to retain the Manager to provide certain management and advisory services to the Company, and the Manager is willing to provide such services on the terms set forth below. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby
agree as follows: 
 1. Services. The Manager hereby agrees that, during the term of this Agreement (the
“Term”), it will provide to the Company, to the extent appropriate and requested by the Company, by and through itself and/or its successors, assigns, affiliates, officers, employees and/or representatives and third parties
(collectively hereinafter referred to as the “Manager Designees”), as the Manager in its sole discretion may designate from time to time, management, advisory and consulting services in relation to the affairs of the Company,
including, without limitation: 
 (a) advice in connection with the negotiation of agreements and other
documents and the consummation of transactions contemplated thereby necessary to secure financing arrangements for the benefit of the Company on terms and conditions satisfactory to the Company; 

(b) advice in connection with acquisition, disposition and change of control transactions involving the Company;

 (c) financial, managerial and operational advice in connection with day-to-day operations, including, without
limitation, advice with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of the Company; and 

(d) such other services (which may include, but shall not be limited to, financial, strategic planning and analysis,
consulting, human resources and executive recruitment services) as the Manager and the Company may from time to time agree in writing. 
 The
Manager or the Manager Designees will devote such time and efforts to the performance of the services contemplated hereby as the Manager deems reasonably necessary or appropriate; provided, however, that no minimum number of hours is required
to be devoted by the Manager or the Manager Designees on a weekly, monthly, annual or other basis. The Company acknowledges that none of the services to be provided by the Manager are exclusive to the Company and that the Manager and the Manager
Designees may render similar services to other persons and entities. The Manager and the Company understand that the Company may at times engage one or more investment bankers or financial advisers to provide services in addition to,

 
but not in lieu of, services provided by the Manager and the Manager Designees under this Agreement. In providing services to the Company, the Manager and Manager Designees will act as
independent contractors and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no party has the right or ability to
contract for or on behalf of any other party or to effect any transaction for the account of any other party. 
 2.
Payment of Fees. 
 (a) Upon execution of this Agreement on the date hereof, the Company will pay
to the Manager (or any of its designated affiliates) an aggregate transaction fee equal to $15,000,000 (fifteen million dollars) (the “Transaction Fee”). 

(b) During the Term, the Company, will pay to the Manager (or any of its designated affiliates), in each case as
compensation for the services provided by the Manager or the Manager Designees under this Agreement, the following management fees (collectively, the “Management Fees”): (i) $750,000 (seven hundred and fifty thousand
dollars) per fiscal quarter (the “Minimum Fee”), payable in advance on the first day of each calendar quarter and (ii) an amount, which shall never be less than zero, equal to (x) 2% (two percent) of the
Company’s Adjusted EBITDA for the immediately preceding fiscal quarter minus (y) the Minimum Fee for such quarter (the “Percentage Fee”). The Percentage Fee shall be payable by the Company as soon as
practicable following the determination of Adjusted EBITDA for the immediately preceding calendar quarter. “Adjusted EBITDA” means the earnings before interest, taxes, depreciation and amortization of the Company and its
consolidated subsidiaries (excluding nonrecurring gains and losses) set forth on the Company’s statement of earnings with additional adjustments as the Manager may approve. The Management Fees shall be payable in full for any calendar quarter
during which this Agreement was in effect for any portion thereof and shall not be refundable in whole or in part. 
 (c) During the Term, the Manager or the Manager Designees may advise the Company in connection with financing, acquisition, disposition and change of control transactions involving the Company (however
structured), and the Company will pay to the Manager (or any of its designated affiliates) an aggregate fee (the “ Subsequent Fee”) in connection with each such transaction as mutually agreed between the Manager and the
Company, such fee to be due and payable for the foregoing services at the closing of such transaction. 
 (d) The
parties hereto acknowledge and agree that an objective of the Company is to maximize value for its direct and indirect equity holders, which may include the consummation of an initial registered public offering of the equity securities or equity
interests of the Company or its successors (an “IPO”) or the sale of the Company or its successors (through merger or otherwise) or a sale of all or substantially all of the assets of the Company or its successors (any such
sale transaction, a “Sale”). The services provided to the Company by the Manager and the Manager Designees will help to facilitate the consummation of an IPO or Sale should the Company determine to pursue such a transaction.
In the event an IPO or Sale is consummated, the Company will 

  
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pay to the Manager (or any of its designated affiliates) in cash on the date of consummation of such IPO or Sale (in lieu of any Subsequent Fee) an aggregate success fee (the “Success
Fee”) in an amount equal to the Management Fees in respect of the most recent four consecutive calendar quarters multiplied by three (3). 
 (e) Each payment made pursuant to this Section 2 shall be paid by wire transfer of immediately available federal funds to the accounts as the Manager may specify to the Company in writing
prior to such payment. In the event of an IPO or Sale that includes non-cash consideration, the Manager may elect for it or its designee to receive all or any portion of its respective fee in the form of such non-cash consideration, valued at the
sale price. 
 3. Deferral. Any fee that would have been payable to the Manager (or its designees) pursuant
to Section 2 above absent the restrictions, if any, in any financing or similar agreements (the “Financing Documents”) applicable to the Company (the “Deferred Fees”) will accrue upon the
immediately succeeding period in which such amounts could, consistent with the Financing Documents, be paid, and will be paid in such succeeding period (in addition to such other amounts that would otherwise be payable at such time) in the manner
set forth in Section 2. 
 4. Term. This Agreement will continue in full force and effect
unless terminated by the Manager; provided that the termination of this Agreement will not relieve a party from liability for any breach of this Agreement on or prior to such termination. In the event of a termination of this Agreement, the
Company will pay the Manager (or its designees) all unpaid Transaction Fees (pursuant to Section 2(a) above), Management Fees (pursuant to Section 2(b) above), Subsequent Fees (pursuant to Section 2(c) above),
Success Fees (pursuant to Section 2(d) above), Deferred Fees (pursuant to Section 3 above) and expenses (pursuant to Section 5(a) below) due with respect to periods prior to the date of termination. This
Section 4 and Section 5, Section 6, Section 9, Section 10, Section 11 and Section 12 and Section 13 will survive termination of this Agreement.

 5. Expenses; Indemnification. 

(a) Expenses. The Company, will pay to the Manager (or its designees) on demand all Reimbursable Expenses incurred
by the Manager (or its designees). “Reimbursable Expenses” means (i) all out-of-pocket expenses incurred prior to or following the consummation of the transactions contemplated by the Agreement of Purchase and Sale,
dated as of November 5, 2010 (the “Purchase Agreement”), by and among Ashland Inc., a Kentucky corporation, and the Company (the “Transaction”) in respect of the services provided by the Manager,
its affiliates or the Manager Designees to the Company or any of its affiliates (other than to portfolio companies of the Manager or the Manager’s affiliated investment vehicles) from time to time, (ii) all out-of-pocket legal expenses
incurred by the Manager, its affiliates or the Manager Designees in connection with the enforcement of rights or taking of actions under this Agreement, the Purchase Agreement or any related documents or instruments, whether incurred prior to or
following the date of this Agreement; and (iii) all expenses incurred by the Manager, its affiliates or the Manager Designees that are properly allocable to the Company under this Agreement, whether incurred prior to or following the date of
this Agreement. 

  
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 (b) Indemnity and Liability. The Company will indemnify,
exonerate and hold the Manager, the Manager Designees and each of their respective partners, shareholders, members, affiliates, associated investment funds, directors, officers, fiduciaries, managers, controlling persons, employees and agents and
each of the partners, shareholders, members, affiliates, associated investment funds, directors, officers, fiduciaries, managers, controlling persons, employees and agents of each of the foregoing (collectively, the
“Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including attorneys’ fees
and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement (collectively, the “Indemnified Liabilities”), arising out of any action, cause of action, suit, arbitration, investigation
or claim arising out of, or in any way relating to (i) this Agreement, the Formation Agreement, any transaction to which the Company is a party or any other circumstances with respect to the Company or (ii) operations of, or services
provided by the Manager or the Manager Designees to, the Company, or any of its affiliates (other than to portfolio companies of the Manager or the Manager’s affiliated investment vehicles) from time to time (including but not limited to any
Indemnitee to or on behalf of the Company, or any of its accountants or other representatives, agents or affiliates); provided that the foregoing indemnification rights will not be available to the extent that any such Indemnified Liabilities
arose on account of such Indemnitee’s gross negligence or willful misconduct; and provided, further, that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company hereby agrees
to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. For purposes of this Section 5(b), none of the circumstances described in the limitations
contained in the two provisos in the immediately preceding sentence will be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined
to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments will be promptly repaid by such Indemnitee to the Company without interest. The rights of any Indemnitee to indemnification hereunder
will be in addition to any other rights any such person may have under any other agreement or instrument referenced above or any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or
under law or regulation. 
 6. Disclaimer and Limitation of Liability; Opportunities. 

(a) Disclaimer; Standard of Care. Neither the Manager nor any Manager Designee makes any representations or
warranties, express or implied, in respect of the services to be provided by the Manager or the Manager Designees hereunder. In no event will the Manager, the Manager Designees or Indemnitees be liable to the Company or any of its affiliates for any
act, alleged act, omission or alleged omission that does not constitute gross negligence or willful misconduct of the Manager, the Manager Designees or Indemnitees as determined by a final, non-appealable determination of a court of competent
jurisdiction. 

  
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 (b) Freedom to Pursue Opportunities. The Manager, the Manager
Designees and their respective Indemnitees will have the right: (i) to directly or indirectly engage in any business, (ii) to directly or indirectly do business with any client or customer of the Company and its subsidiaries, (iii) to
take any other action that the Manager or a Manager Designee believes in good faith is necessary to or appropriate to fulfill its obligations, and (iv) except as set forth in Section 8.12 of the Amended and Restated Limited
Liability Company Agreement of Nexeo Solutions Holdings, LLC, dated as of March 31, 2011, not to present potential transactions, matters or business opportunities to the Company or any of its affiliates or subsidiaries, and to pursue, directly
or indirectly, any such opportunity for themselves, and to direct any such opportunity to another Person. 
 (c)
Limitation of Liability. In no event will the Manager, a Manager Designee or any of their respective Indemnitees be liable to the Company or any of its affiliates for any punitive, exemplary, indirect, special, incidental or consequential
damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to the services to be provided by the Manager or a
Manager Designee hereunder. 
 7. Amendments and Waivers. No amendment or waiver of any term, provision or
condition of this Agreement will be effective, unless in writing and executed by the Manager and the Company; provided that the Manager may waive any portion of any fee to which it is entitled pursuant to this Agreement, and, unless otherwise
directed by the Manager, such waived portion will revert to the Company. No amendment, modification, supplement, discharge, or waiver hereof or hereunder shall require the consent of any person not a party to this Agreement. No waiver of any
provision hereof shall be deemed a waiver of any other provision nor shall any such waiver by any party be deemed a continuing waiver of any matter. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and
no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party
preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. 
 8.
Notice. All notices, demands, and communications required or permitted under this Agreement will be in writing and will be effective if served upon such other party and such other party’s copied persons as specified below to
the address set forth for it below (or to such other address as such party will have specified by notice to each other party) if (i) delivered personally, (ii) sent and received by facsimile, (iii) sent by electronic mail or
(iv) sent by certified or registered mail or by Federal Express, DHL, UPS or any other comparably reputable overnight courier service, postage prepaid, to the appropriate address as follows: 

  
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 If to the Company, to: 
 Nexeo Solutions, LLC 
 5200 Blazer Parkway 
 Dublin, Ohio 43017 
 Attention: Chief Executive Officer 

Telephone: 614.790.6469 
 Fax: 859.357.5546

 If to the Manager, to: 
 TPG
Capital, L.P 
 c/o Texas Pacific Group 

345 California Street, Suite 3300 
 San
Francisco, CA 94104 
 Attention: Ron Cami, TPG General Counsel 
 Telephone: 415.743.1532 
 Fax: 415.438.1349 

with a copy (which will not constitute notice) to: 
 Vinson & Elkins LLP 
 First City Tower 

1001 Fannin Street, Suite 2500 
 Houston, TX
77002-6760 
 Attn: Keith R. Fullenweider 
 Telephone: 713.758.2222 
 Fax: 713.615.5085 

Unless otherwise specified herein, such notices or other communications will be deemed effective, (a) on the date received, if personally delivered
or sent by facsimile or electronic mail during normal business hours, (b) on the business day after being received if sent by facsimile or electronic mail other than during normal business hours, (c) one business day after being sent by
Federal Express or UPS or other comparably reputable delivery service and (d) five business days after being sent by registered or certified mail. Each of the parties hereto will be entitled to specify a different address by giving notice as
aforesaid to each of the other parties hereto. 
 9. Assignment. Except as provided below, none of the
parties hereto will have the right to assign this Agreement without the prior written consent of each of the other parties. Notwithstanding the foregoing, (a) the Manager may assign all or part of its rights and obligations hereunder to any of
its respective affiliates that provides services similar to those called for by this Agreement, in which event the Manager will no longer be entitled to any fees under Section 2 and reimbursement of expenses under
Section 5(a) and will be released of all of its obligations hereunder and (b) the provisions hereof for the benefit of Indemnitees of the Manager will inure to the benefit of such Indemnitees and their successors and assigns and
each of such Indemnitees shall be third party beneficiaries entitled to enforce such provisions against the Company. 

  
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 10. GOVERNING LAW; JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN
THE DELAWARE COURT OF CHANCERY OR, IF SUCH COURT DOES NOT HAVE JURISDICTION, ANY DELAWARE STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE STATE OF DELAWARE, AND ANY APPELLATE COURT FROM ANY THEREOF, AND THE PARTIES IRREVOCABLY SUBMIT TO
THE JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. 
 11. 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 LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 11. 
 12. Entire Agreement. This Agreement contains the entire
understanding of the parties with respect to the subject matter hereof and supersedes any prior communication or agreement with respect thereto. 
 13. Severability. If in any proceedings a court will refuse to enforce any provision of this Agreement, then such unenforceable provision will be deemed eliminated from this Agreement
for the purpose of such proceedings to the extent necessary to permit the remaining provisions to be enforced. To the full extent, however, that the provisions of any applicable law may be waived, they are hereby waived to the end that this
Agreement be deemed to be valid and binding agreement enforceable in accordance with its terms, and in the event that any provision hereof will be found to be invalid or unenforceable, such provision will be construed by limiting it so as to be
valid and enforceable to the maximum extent consistent with and possible under applicable law. 
 14.
Counterparts. This Agreement may be executed in any number of counterparts and by each of the parties hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which together will
constitute one and the same agreement. 
 15. Binding Effect. Except as otherwise provided in this
Agreement to the contrary, this Agreement shall be binding upon and inure to the benefit of each of the parties hereto, their distributees, heirs, legal representatives, executors, administrators, successors and permitted assigns. 

  
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 16. Headings. The heading references herein and in the table of
contents hereto are for convenience purposes only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 17. Publicity and Confidentiality. Each of the parties hereto shall keep confidential this Agreement and the transactions contemplated herein and shall not disclose, issue any press
release or otherwise make any public statement relating hereto or thereto without the prior written consent of the Manager, unless so required by applicable law or any governmental authority; provided that no such written consent shall be
required (and the Manager shall be free to disclose such information) for disclosures to the Manager’s partners, members, advisors, employees, agents, accountants or attorneys, so long as such persons agree to keep such information confidential
on terms substantially identical to the terms contained in this Section 17. 
 IN WITNESS WHEREOF, each of the
parties has duly executed this Agreement as of the date first above written. 
 [Signature Pages to Follow] 

  
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	 COMPANY:
  

NEXEO SOLUTIONS, LLC

		
	By:	 	/s/ Michael B. Farnell, Jr.
		 	 Name: Michael B. Farnell, Jr.

Title: Vice President

  

			
	 MANAGER:
  

TPG CAPITAL, L.P.

		
	By:	 	 TPG Capital Advisors, LLC,
 its
General Partner

  

			
		
	By:	 	/s/ Ronald Cami
		 	 Name: Ronald Cami
 Title:
Vice President

 SIGNATURE PAGE TO MANAGEMENT
SERVICES AGREEMENTEXHIBIT 10.12

 Exhibit 10.12 
 SERIES A UNIT SUBSCRIPTION AGREEMENT 
 THIS SUBSCRIPTION AGREEMENT, dated
as of April 1, 2011 (this “Agreement”), is made and entered into by and between the undersigned (“Subscriber”) and Nexeo Solutions Holdings, LLC, a Delaware limited liability company (the
“Company”). 
 RECITALS 
 WHEREAS, Subscriber understands that the Company is offering for sale to Subscriber 500,000 Series A Units (the “Units”) of the Company on the terms and conditions set forth in this Agreement
and subject to the provisions set forth in the Company’s Amended and Restated Limited Liability Company Agreement, dated April 1, 2010 (the “LLC Agreement”), and Subscriber
further understands that the offering is being made without registration of the Units issuable at the Closing (as defined below) under the Securities Act of 1933, as amended (the “Securities Act”); 

WHEREAS, the Company desires to issue to Subscriber, and Subscriber desires to purchase from the Company, the Units in accordance with
the terms of this Agreement; and 
 WHEREAS, Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to them in the LLC Agreement. 
 ARTICLE 1 

SUBSCRIPTION AND SALE 
 1.01 Subscription. Subject to the terms and conditions of this Agreement, (a) Subscriber hereby irrevocably subscribes for the Units at a per Unit price of $1.00
for an aggregate purchase price of $500,000.00 in cash (the “Purchase Price”) and (b) the Company irrevocably agrees to issue and sell to Subscriber the Units for the foregoing consideration. 

1.02 The Closing. The closing of the purchase and sale of the Units (the
“Closing”) shall take place at the principal office of the Company (or at such other place as the parties may mutually determine), at 10:00 a.m. on the date hereof or such other date as the parties may mutually determine.

 1.03 Payment for Units. Payment for the Units shall be received by the Company from Subscriber at
the Closing. 
 ARTICLE 2 
 REPRESENTATIONS AND WARRANTIES 
 OF SUBSCRIBER 

Subscriber hereby represents and warrants to the Company and to each officer, director and agent of the Company as follows: 

2.01 Authority. Subscriber has full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder, and the execution, delivery and performance by Subscriber of this Agreement has been duly authorized by all necessary action. 

 2.02 Binding Obligations. This Agreement has been duly
and validly executed and delivered by Subscriber and constitutes, or shall constitute, the binding obligation of Subscriber enforceable against Subscriber in accordance with its terms, subject to Creditors’ Rights. 

2.03 No Conflict. The execution, delivery and performance by Subscriber of this Agreement will not,
with or without the giving of notice or the passage of time, or both, (i) violate any provision of Law to which Subscriber is subject, (ii) violate any order, judgment or decree applicable to Subscriber, or (iii) conflict with, or
result in a breach or default under any instrument to which Subscriber is a party or by which any property of Subscriber is otherwise bound or subject, except where such conflict, breach or default would not reasonably be expected to, individually
or in the aggregate, prevent or materially delay the consummation of the transactions contemplated by this Agreement or to materially impair Subscriber’s ability to perform its obligations under the this Agreement or the LLC Agreement.

 2.04 Investment Entirely For Own Account. The Units acquired or to be acquired by
Subscriber will be acquired for investment for Subscriber’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof; Subscriber has no present intention of selling, granting any
participation in, or otherwise distributing the same; and Subscriber does not have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to
any of the Units. 
 2.05 Unregistered Securities. Subscriber understands that the Units, at
the time of issuance, will not be registered under the Securities Act or other applicable federal or state securities laws and the rules and regulations promulgated thereunder. Subscriber also understands that the Units are being offered and sold
pursuant to an exemption from registration contained in the Securities Act based in part upon Subscriber’s representations contained in this Agreement. 
 2.06 Accredited Investor; Investment Experience. Subscriber is (a) an “accredited investor” as defined in Rule 501(a) under Regulation D of the Securities
Act, a copy of which is attached hereto as Annex A. Subscriber acknowledges that Subscriber is familiar with the business and financial condition, properties, operations and prospects of the Company, including the Sponsor’s
ownership of a substantial amount of the issued and outstanding Units of the Company and the Sponsor’s rights set forth in the LLC Agreement, and Subscriber has made all investigations which it deems necessary or desirable for deciding whether
to invest in the Units. Subscriber has such knowledge and experience in financial and business matters that Subscriber is capable of evaluating the merits and risks of an investment in the Units and of making an informed investment decision with
respect to the purchase thereof and understands that (i) this investment is suitable only for an investor which is able to bear the economic consequences of losing such investor’s entire investment, (ii) the acquisition of the Units
hereunder is a speculative investment which involves a high degree of risk of loss, which could include the loss of the Subscriber’s entire investment, and (iii) there are substantial restrictions on the transferability of, and there will
be no public market for, the Units, and accordingly, it may not be possible for Subscriber to liquidate Subscriber’s investment in case of emergency. 

  
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 2.07 Restricted Securities. Subscriber understands that
the Units to be acquired by Subscriber may not be sold, transferred or otherwise disposed of without registration under the Securities Act or an exemption therefrom, and that in the absence of either an effective registration statement covering the
Units or an available exemption from registration under the Securities Act, the Units must be held indefinitely. Subscriber understands that the Company has no present intention of registering the Units to be acquired by Subscriber. Subscriber also
understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow Subscriber to transfer all or any portion of the Units to be acquired by
it under the circumstances, in the amounts or at the times Subscriber might propose. In particular, Subscriber is aware that the Units may not be sold pursuant to Rule 144 promulgated under the Securities Act unless all of the conditions of Rule 144
are met. Among the conditions for use of Rule 144 may be availability of current information to the public about the Company. Such information is not now available and the Company has no plans to make such information available. 

2.08 Taxes. Subscriber has reviewed with its own Tax advisors the federal, state and local and the other Tax
consequences of an investment in Units and the transactions contemplated by this Agreement. Subscriber acknowledges and agrees that the Company is making no representation or warranty as to the federal, state, local or foreign Tax consequences to
Subscriber as a result of Subscriber’s acquisition of the Units or the transactions contemplated by this Agreement. Subscriber understands that it shall be responsible for its own Tax liability that may arise as result of Subscriber’s
acquisition of the Units. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY 

The Company hereby represents and warrants to Subscriber as follows: 

3.01 Organization, Standing and Power. The Company is duly organized, validly existing and in good standing under
the laws of its state of organization, with full power and authority to conduct its business as it is currently being conducted and to own its assets and to consummate the transactions contemplated by this Agreement; and has secured any other
authorizations, approvals, permits and orders required by law for the conduct by the Company of its business as it is currently being conducted and to consummate the transactions contemplated by this Agreement. 

3.02 Authority. The Company has duly authorized the issuance and sale of the Units upon the terms of their offer by
all requisite action and has all requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. 
 3.03 Valid Issuance; No Conflicts. The Units, when paid for and delivered to Subscriber in accordance with the terms of this Agreement, will constitute validly authorized, duly issued
Units, and the issuance thereof will not conflict with the organizational documents of the Company, as amended to date, nor with any outstanding warrants, option, call, preemptive right or commitment of any type relating to the Company’s
capital stock. 

  
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 ARTICLE 4 
 CLOSING CONDITIONS 
 4.01 Conditions to the Obligations of
Subscriber and the Company. The obligations of Subscriber to purchase and pay for the Units and of the Company to sell such Units are subject to the satisfaction at or prior to the Closing of the following conditions precedent: 

(a) The representations and warranties of Subscriber contained in Article 2 hereof and the Company contained in Article 3 hereof shall be
true and correct on and as of the Closing in all material respects with the same effect as though such representations and warranties had been made on and as of the Closing; and 

(b) No preliminary or permanent injunction or other order issued by any federal or state court of competent jurisdiction in the United
States or by any United States federal or state governmental or regulatory body nor any statute, rule, regulation or executive order promulgated or enacted by any United States federal or state governmental authority which restrains, enjoins or
otherwise prohibits the transactions contemplated hereby shall be in effect. 
 4.02 Conditions to the Obligations
of the Company. The obligations of the Company to sell the Units are subject to satisfaction at or prior to Closing of the following additional conditions: 
 (a) Subscriber shall have delivered to the Company the Purchase Price set forth in Section 1.01; and 
 (b) Subscriber shall have delivered to the Company an executed counterpart to the LLC Agreement. 
 ARTICLE 5 
 FURTHER AGREEMENTS OF 

SUBSCRIBER AND THE COMPANY 
 5.01 Survival of Representations and Warranties. Unless Subscriber notifies the Company in writing to the contrary, all representations and warranties made by Subscriber in this
Agreement shall be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by Subscriber. All representations and warranties made by Subscriber shall be considered to have been relied upon by the
Company and shall survive the execution and delivery of this Agreement until the expiration of the applicable statutes of limitations regardless of any investigation made by or on behalf of the Company. 

5.02 LLC Agreement. Subscriber acknowledges that it has received and reviewed a copy of the LLC Agreement and
further acknowledges and agrees that the Units shall be subject to the terms and conditions of the LLC Agreement, including the restrictions on transfer of the Units set forth therein. 

  
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 ARTICLE 6 
 MISCELLANEOUS 
 6.01 Assignment. Except as otherwise
expressly set forth in this Agreement, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either the Company or Subscriber without the prior written consent of the other
party. 
 6.02 Amendments and Waivers. This Agreement may be amended, modified or terminated, and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only by a written instrument executed by each of the parties hereto. 

6.03 Notices. All notices and other communications given or made pursuant hereto shall be in
writing and shall be deemed to have been duly given upon receipt, if delivered personally or mailed by nationally recognized overnight courier service or registered or certified mail (postage prepaid, return receipt requested) or electronic
transmission by email transmission or facsimile to Subscriber at the address set forth below its signature on the signature page hereto and: 
 If to the Company, to: 
 Nexeo Solutions Holdings, LLC 

5200 Blazer Parkway 
 Dublin, Ohio 43017 

Attn:                Chief Executive Officer 

Phone:             (614) 790-6469 

Facsimile:       (859) 357-5546 
 Or, in each case, at such other address for a party as shall be specified by like changes of address. 
 6.04 Headings. Headings contained in this Agreement are inserted only as a matter of convenience and in no way define, limit or extend the scope or intent of this Agreement or any
provisions hereof. 
 6.05 Governing Law. This Agreement shall be governed and construed in accordance with
the laws of the State of Delaware, without regard to any applicable conflicts of law principles thereof. 
 6.06
Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

6.07 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each of the
Company and Subscriber shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions.

  
 5 

 6.08 Number; Gender; Without Limitation. Pronouns, wherever used in
this Agreement, and of whatever gender, shall include persons of every kind and character, and the singular shall include the plural whenever and as often as may be appropriate. Any reference herein to “including” and words of similar
import refer to “including without limitation.” 
 6.09 Severability. Any term or
provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is deemed to be so broad as to be unenforceable, the provision
shall be interpreted to be only so broad as is enforceable. 
 6.10 Counterparts. This Agreement may be
executed in any number of counterparts, including facsimile counterparts, with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. 

Signature page follows. 

  
 6 

 IN WITNESS WHEREOF, the Company and Subscriber have executed this Agreement as of the date
first set forth above. 
 NEXEO SOLUTIONS HOLDINGS, LLC 

 

	 	By:	/s/ Michael B. Farnell, Jr.                    

 Name: Michael B. Farnell, Jr. 

Title: Vice President 
 SUBSCRIBER: 
 /s/ David A.
Bradley                                     

Name: David A. Bradley 
 Address for Notice: 
 58 Hollymead 

Spring, TX 77381 

  

SIGNATURE PAGE TO 
 SUBSCRIPTION AGREEMENT 

 Annex A 
 Rule 501. Definitions and Terms Used in Regulation D. 
 As used in
Regulation D, the following terms have the meaning indicated: 
 (a) Accredited Investor. “Accredited
investor” shall mean any person who comes within any of the following categories, or who the issuer reasonably believes comes within any of the following categories, at the time of the sale of the securities to that person: 

 

	 	(1)	Any bank as defined in section 3(a)(2) of the Securities Act of 1933 (the “Act”) or any 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 dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; insurance company as defined in Section 2(13)
of the Act; 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; 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; employee benefit plan within the meaning of Title I 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 adviser, 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; 

  

	 	(2)	Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940; 

 

	 	(3)	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for
the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; 

  

	 	(4)	Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a
general partner of that issuer; 

  

	 	(5)	Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his/her purchase exceeds $1,000,000;

  

	 	(6)	Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of
$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

  

	 	(7)	Any trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a
sophisticated person as described in Rule 506(b)(2)(ii); and 

  

	 	(8)	Any entity in which all of the equity owners are accredited investors. 

  

ANNEX A TO 
 SUBSCRIPTION AGREEMENT

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