Document:

Exhibit 10.4

 

PRIVATE PLACEMENT

WARRANTS PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT,
dated as of September 10, 2020 (this “Agreement”), is entered into by and between TWC Tech Holdings II Corp.,
a Delaware corporation (the “Company”), and TWC Tech Holdings II, LLC, a Delaware limited liability company
(the “Purchaser”).

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one
share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”), and one-third
of one redeemable warrant, each whole warrant exercisable for one Share at an exercise price of $11.50 per Share, as set forth
in the Company’s registration statement on Form S-1 related to the Public Offering (the “Registration Statement”);
and

 

WHEREAS, the Purchaser now wishes to purchase
an aggregate of 8,666,667 warrants (or 9,716,667 warrants if the underwriters’ over-allotment option is exercised in full)
(the “Warrants”), each Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per
Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization,
Purchase and Sale; Terms of the Warrants.

 

A. Authorization
of the Warrants. The Company has duly authorized the issuance and sale of the Warrants to the Purchaser.

 

B. Purchase
and Sale of the Warrants.

 

(i) As
payment in full for the 8,666,667 Warrants being purchased under this Agreement, the Purchaser shall pay $13,000,000 (the “Purchase
Price”), by wire transfer of immediately available funds in accordance with the Company’s wiring instructions,
at least one (1) business day prior to the effective date of the Registration Statement, or on such other date as the Company
and the Purchaser may agree.

 

(ii) In
the event that the underwriters’ over-allotment option is exercised in full, the Purchaser shall purchase up to an additional
1,050,000 Warrants (the “Additional Warrants”), in the same proportion as the amount of the over-allotment option
that is exercised, and simultaneously with such purchase of Additional Warrants, as payment in full for the Additional Warrants
being purchased hereunder, and at least one (1) business day prior to the closing of all or any portion of the over-allotment
option, or on such other date as the Company and the Purchaser may agree, the Purchaser shall pay $1.50 per Additional Warrant,
up to an aggregate amount of $1,575,000, by wire transfer of immediately available funds in accordance with the Company’s
wiring instructions.

 

(iii) The
closing of the purchase and sale of the Warrants shall take place simultaneously with the closing of the Public Offering (the “Initial
Closing Date”). The closing of the purchase and sale of the Additional Warrants, if applicable, shall take place simultaneously
with the closing of all or any portion of the over-allotment option (such closing date, together with the Initial Closing Date,
the “Closing Dates” and each, a “Closing Date”). The closing of the purchase and sale of
each of the Warrants and the Additional Warrants shall take place at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue
of the Americas, New York, New York 10105, or such other place as may be agreed upon by the parties hereto.

 

     

    

    

 

C. Terms
of the Warrants.

 

(i) The
Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection
with the Public Offering (a “Warrant Agreement”).

 

(ii) At
or prior to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to
the Purchaser relating to the Warrants and the Shares underlying the Warrants.

 

Section 2. Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Warrants,
the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Dates)
that:

 

A. Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B. Authorization;
No Breach.

 

(i) The
execution, delivery and performance of this Agreement and the Warrants have been duly authorized by the Company as of the Closing
Dates. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Upon
issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Warrants will
constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Dates.

 

(ii) The
execution and delivery by the Company of this Agreement and the Warrants, the issuance and sale of the Warrants, the issuance of
the Shares upon exercise of the Warrants and the fulfillment of, and compliance with, the respective terms hereof and thereof by
the Company, do not and will not as of the Closing Dates (a) conflict with or result in a breach of the terms, conditions
or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or
encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any
authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative
or governmental body or agency pursuant to the certificate of incorporation or the bylaws of the Company (in effect on the date
hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except
for any filings required after the date hereof under federal or state securities laws.

 

C. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Shares
issuable upon exercise of the Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance
with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the Warrants and
the Shares issuable upon exercise of such Warrants, free and clear of all liens, claims and encumbrances of any kind, other than
(i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under
federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D. Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

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E. Regulation
D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, officers, directors or beneficial stockholders
of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 

Section 3.  Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the
Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties
shall survive the Closing Dates) that:

 

A. Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B. Authorization;
No Breach.

 

(i) This
Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The
execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser
does not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms, conditions or
provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C. Investment
Representations.

 

(i) The
Purchaser is acquiring the Warrants and, upon exercise of the Warrants, the Shares issuable upon such exercise (collectively, the
“Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii) The
Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the
Securities Act and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation
D under the Securities Act.

 

(iii) The
Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv) The
Purchaser did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of
Rule 502(c) under the Securities Act.

 

(v) The
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi) The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

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(vii) The
Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any
state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights
Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act
or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 

(viii) The
Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits
and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchaser can afford a complete loss of its investments in the Securities.

 

Section 4.  Conditions
of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Warrants are subject to
the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true
and correct at and as of the Closing Dates as though then made.

 

B. Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Closing Dates.

 

C. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D. Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Purchaser
(the “Warrant Agreement”).

 

Section 5.  Conditions
of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the
fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true
and correct at and as of the Closing Dates as though then made.

 

B. Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before the Closing Dates.

 

C. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

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D. Warrant
Agreement. The Company shall have entered into the Warrant Agreement.

 

Section 6. Termination.
This Agreement may be terminated at any time after December 31, 2020 upon the election by either the Company or a Purchaser entitled
to purchase a majority of the Warrants upon written notice to the other parties if the closing of the Public Offering does not
occur prior to such date.

 

Section 7. Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing Dates.

 

Section 8. Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9.  
Miscellaneous.

 

A. Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement,
other than assignments by the Purchaser to affiliates thereof.

 

B. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D. Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting
in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or
proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law,
the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they
are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue
of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum.

 

F. Amendments.
This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties hereto
have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	TWC TECH HOLDINGS II CORP.

 

	 	By:	 /s/ Adam H. Clammer
	 	 	Name: Adam H. Clammer
	 	 	Title: Chief Executive Officer

 

	 	TWC TECH HOLDINGS II, LLC

 

	 	By:	 /s/ Adam H. Clammer
	 	 	Name: Adam H. Clammer
	 	 	Title: Authorized Signatory

 

 

[Signature Page to Private Placement
Warrants Purchase Agreement]

 

6Exhibit 4.3

 

Description of CCUR Holdings, Inc.
Capital Stock

 

As of June 30, 2020, the Company has
one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): our common stock, par value $0.01 per share (our “Common Stock”). The following description of the capital
stock of CCUR Holdings, Inc. (the “Company”) is a summary only and does not purport to be complete. It is subject
to and qualified in its entirety by reference to our Certificate of Incorporation, as amended (“Certificate of Incorporation”)
and Amended and Restated By-laws (“By-laws”), each of which were incorporated by reference as an exhibit to the Annual
Report on Form 10-K of which this Exhibit 4.3 is a part. We encourage you to read our Certificate of Incorporation, our
By-laws, and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

 

General

 

The Certificate of Incorporation provides
the Company with authority to issue 14,000,000 shares of Common Stock, par value $0.01 per share, 20,000 shares of Class A
preferred stock at par value $100 per share and 1,250,000 shares of Series preferred stock at par value $0.01 per share. As
of June 30, 2020, 9,001,862 shares of Common Stock were issued and outstanding and there were no issued and outstanding shares
of preferred stock.

 

Voting and Other Rights

 

Each outstanding share of Common Stock is
entitled to one vote per share of record on all matters submitted to a vote of stockholders. Except as otherwise required by law,
the Certificate of Incorporation, or the rules of any stock exchange upon which the Company’s stock is listed, all director
elections shall be determined by a plurality of the votes cast and all other matters shall be determined by a majority of the votes
cast affirmatively or negatively. Common Stock does not have cumulative voting rights.

 

Dividends

 

Subject to preferences that may be applicable
to any outstanding preferred stock, holders of Common Stock are entitled to receive such dividends as may be declared by the Board
of Directors out of funds legally available therefor. The right of the Board of Directors to declare dividends, however, is subject
to any rights of the holders of other classes of the Company’s capital stock, any indebtedness outstanding from time to time,
and the availability of sufficient funds under the General Corporation Law of the State of Delaware to pay dividends.

 

Liquidation Rights

 

In the event of the Company’s liquidation,
dissolution, or winding up, holders of Common Stock are entitled to share ratably in all assets legally available for distribution
to our stockholders after payment of liabilities and the liquidation preference of any outstanding preferred stock.

 

Restrictions on Transfer and Anti-Take Over Effects of Certain
Provisions of the Certificate of Incorporation and By-laws

 

Provisions of the DGCL, the Certificate
of Incorporation, and By-laws could make it more difficult for a third party to acquire the Company. The Company is subject to
certain Delaware anti-takeover laws regulating corporate takeovers. These anti-takeover laws prevent a Delaware corporation from
engaging in a business combination involving a merger or sale of more than 10% of its assets with any stockholder, including affiliates
and associates of the stockholder, who owns 15% or more of the outstanding voting stock, for three years following the date that
the stockholder acquired 15% or more of the corporation’s stock, except under limited circumstances. The provisions of the
Certificate of Incorporation and By-laws below may also have an anti-takeover effect.

 

Advance Notice for Stockholder Proposals and Nominations

 

The By-laws contain provisions requiring
advance notice be delivered to the Company of any business to be brought by a stockholder before an annual meeting of stockholders
and providing for procedures to be followed by stockholders in nominating persons for election to the Board of Directors. For both,
in order to be timely, a stockholder’s notice must be delivered to the Company’s secretary at its principal executive
office in proper written form not less than 90 days and not more than 120 days prior to the first anniversary of the preceding
year’s annual meeting of stockholders; provided, however, that if and only if the annual meeting is not scheduled to be held
within a period that commences 30 days before such anniversary date and ends 30 days after such anniversary date, such stockholder’s
notice must be delivered by the later of (i) the tenth day following the day of the public announcement of the date of the
annual meeting, or (ii) the date which is 90 days prior to the date of the annual meeting. The notice must contain the information
required by the By-laws.

 

    1 

     

    

 

Special Meetings of Shareholders

 

The By-laws state that a special meeting
of stockholders may be called by the Board of Directors or by a writing filed with the Company’s secretary signed by the
President or a majority of the Board of Directors.

 

Article TWELFTH

 

Article TWELFTH of our Certificate
of Incorporation (“Article TWELFTH”) is intended to continue protection of the Company’s U.S. federal net
operating loss carryforwards (“NOLs”) and certain other tax attributes (collectively, the “Tax Benefits”)
by imposing restrictions on the ownership and transfer of the Company’s stock. The purpose of the transfer restrictions and
ownership limit are to reduce the risk of an “ownership change” under Section 382 of the Internal Revenue Code,
as amended (the “Code”) that may limit the Company’s ability to utilize its Tax Benefits. In order to preserve
the Company’s ability to use the Tax Benefits, no person other than the Company shall, subject to certain exceptions described
therein, transfer to any person any direct or indirect interest in the Company’s common stock or preferred stock to the extent
that such transfer could cause the transferee or any other person to directly or indirectly own 4.9% or more of the Company’s
stock (referred to as a “4.9% Stockholder”) or would cause the stock ownership of any 4.9% Stockholder to increase.

 

Article TWELFTH will remain effective
until the earliest of (i) the repeal of Section 382 of the Code or any successor statute, if the Board of Directors determines
that Article TWELFTH is no longer necessary or desirable for the preservation of the Tax Benefits, (ii) the close of
business on the first day of a taxable year of the Company as to which the Board of Directors determines that no Tax Benefits may
be carried forward, (iii) such date as the Board of Directors shall fix in accordance with the provisions of the Article TWELFTH,
and (iv) the date of the Company’s annual meeting of stockholders to be held during calendar year 2020.

 

Other Rights and Preferences

 

Common Stock has no sinking fund or redemption
provisions or preemptive, conversion, or exchange rights.

 

Listing

 

Common Stock is traded on the OTCQB Venture
Market under the symbol “CCUR.”

 

Transfer Agent and Registrar

 

The Company’s transfer agent and registrar
is American Stock Transfer & Trust Company, LLC (AST).

 

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