Document:

Exhibit 10.4

 

CLARIVATE ANALYTICS
PLC

Friars House

160 Blackfriars Road

London SE1 8EZ United Kingdom

 

September 3, 2019

 

Camelot Holdings (Jersey)
Limited

Friars House

160 Blackfriars Road

London SE1 8EZ United Kingdom

 

		Re:	Amendment to Sponsor Agreement (this “Agreement”)

 

Ladies and Gentlemen:

 

Reference is made to
the Sponsor Agreement, dated January 14, 2019 (as amended, the “Sponsor Agreement”) by and among Churchill Capital
Corp, a Delaware corporation (“Churchill”), Camelot Holdings (Jersey) Limited, a private limited company organized
under the laws of the Island of Jersey (the “Company”), Clarivate Analytics Plc, a public limited company organized
under the laws of the Island of Jersey (“Holdings”), Churchill Sponsor LLC, a Delaware limited liability company
(“Sponsor”), Garden State Capital Partners LLC, a Delaware limited liability company, and the Founders
(as defined therein). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Sponsor Agreement.

 

WHEREAS, paragraph
7(d) of the Sponsor Agreement provides that certain Holdings Shares and Holdings Warrants (the “Specified Securities”)
beneficially owned by M. Klein Associates, Inc., Jerre Stead, Sheryl von Blucher and Garden State Capital Partners LLC (collectively,
the “Applicable Founders”) are subject to the vesting and forfeiture provisions of paragraph 7(d) of the Sponsor
Agreement; and

 

WHEREAS, the board
of directors of the Company has determined to waive the vesting and forfeiture restrictions of paragraph 7(d) of the Sponsor Agreement
with respect to the Specified Securities, subject to the consummation of the secondary offering of Holdings Shares described in
that certain registration statement on Form F-1 filed by the Company with the U.S. Securities and Exchange Commission on September
3, 2019 (such offering, “the Offering”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed that:

 

Section 1. Amendments.
Effective as of the Effective Time, the Sponsor Agreement is amended pursuant to Paragraph 12 thereof as follows:

 

     

     

    

 

		a.	Paragraph 7(d) of the Sponsor Agreement is hereby amended by amending and restating Paragraph 7(d)
to read in its entirety as follows:

 

		“(d)	Issuance
of Sweetener Shares Upon a Company Sale.

 

		1.	In the event of a Company Sale (as defined below) prior to the sixth anniversary of the Closing
Date, if the per share price paid or implied in such Company Sale equals or exceeds $20.00, then, to the extent the Sweetener Shares
have not previously been issued, all Sweetener Shares shall be issued in accordance with paragraph 5(b) above immediately prior
to the consummation of the Company Sale. “Company Sale” means (i) a purchase, sale, exchange, business combination
or other transaction (including a merger or consolidation of Holdings with or into any other corporation or other entity) in which
the equity securities of Holdings, its successor or the surviving entity of such business combination or other transaction are
not registered under the Exchange Act or listed or quoted for trading on a national securities exchange or (ii) a sale, lease,
exchange or other transfer in one transaction or a series of related transactions of all or substantially all of Holdings’
assets to a third party that is not an Affiliate of Holdings, Onex, Baring, any Founder, the Sponsor or Garden State (or a group
of third parties that are not Affiliates of Holdings, Onex, Baring, any Founder, the Sponsor or Garden State). For avoidance of
doubt, following a transaction or business combination that is not a “Company Sale” hereunder, including a transaction
or business combination in which the equity securities of the surviving entity of such business combination or other transaction
are registered under the Exchange Act and listed or quoted for trading on a national securities exchange, the equitable adjustment
provisions of Paragraph 23 shall apply, including, without limitation, to the criteria for issuance and allotment under Section
5(b).

 

		2.	Stock Price Level. For purposes of paragraph 5(b), the applicable “Stock Price
Level” will be considered achieved only when the last reported sale price per Holdings Share on the New York Stock Exchange
equals or exceeds the applicable threshold for any 40 trading days during a 60 consecutive trading day period, which 60 consecutive
trading day period will not commence until the earlier of (i) the date on which Onex or Baring sell any of their respective Holdings
Shares to a third party that is not an Affiliate of Onex, Baring, any Founder, the Sponsor or Garden State, or (ii) the first anniversary
of the Closing Date. The Stock Price Levels (and the share price levels in a Company Sale in paragraph 7(d)(1) and paragraph 5(b))
will be equitably adjusted on account of any share split, reverse share split or similar equity restructuring transaction.”

 

		b.	The definition of Subject Shares in paragraph 11 of the Sponsor Agreement is hereby amended and
restated in its entirety as follows (the blackline below indicates the changes being made pursuant to this Agreement):

 

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“(k)“Subject
Shares” shall mean, collectively, the Holdings Shares Beneficially Owned by the Sponsor, Garden State and the Founders
and in each case any of their permitted transferees (including, if the transaction giving rise to the Tag-Along Right is a Company
Sale, the Sweetener Shares, if any, that would be issuable in connection with such Company Sale pursuant to paragraph 7(d)(1))
and that are no longer Locked-Up Holdings Securities.”

 

		c.	The definition of Time-Delayed Performance Securities in paragraph 11 of the Sponsor Agreement
is hereby deleted in its entirety.

 

		d.	The references to paragraph 7(d) in Annex A of the Sponsor Agreement are hereby deleted.

 

Section 2. Interpretation.
Except as explicitly amended on March 29, 2019 and hereby, the Sponsor Agreement shall continue, without amendment, in full force
and effect from and after the Effective Time. On and after the Effective Time, whenever the Sponsor Agreement is referred to in
any agreements, documents, or instruments, such reference shall be deemed to be to the Sponsor Agreement as amended on March 29,
2019 and as further amended by this Agreement. Without limitation to the foregoing, from and after the Effective Time, for the
purposes of any agreement, document or instrument that references Section 7(d) of the Sponsor Agreement, the Specified Securities
shall be deemed in all respects to be fully vested for all purposes thereof, including for the avoidance of doubt, for the purposes
of the applicable terms of that certain Registration Rights Agreement, dated as of May 13, 2019, by and among Holdings, Churchill,
Sponsor and the Holders (as defined therein).

 

Section 3. Effectiveness.
This Agreement shall become effective as of the consummation of the Offering (the “Effective Time”). If the
Offering is not consummated, then this Agreement shall automatically terminate without any further force or effect and the Sponsor
Agreement shall continue, without giving effect to any of the amendments set forth herein, in full force and effect from and after
such termination. This Agreement shall automatically terminate when the Sponsor Agreement terminates in accordance with its terms
(provided that this Section 3 and Section 17 of the Sponsor Agreement shall survive the termination hereof).

 

Section 4. Representations
and Warranties. Each of the Company and Holdings represents and warrants, as of the date hereof and as of the Effective Time:

 

		a.	it is validly existing and (if applicable) in good standing under the laws of the jurisdiction
of its organization, and this Agreement is a legal, valid, and binding obligation of such party, enforceable against it in accordance
with its terms, except as enforcement may be limited by applicable laws relating to or limiting creditors’ rights generally
or by equitable principles relating to enforceability;

 

		b.	the entry into of, and the performance by it of the transactions contemplated by, this Agreement
do not, and will not, conflict in any material respect with any law or regulation applicable to it or with any of its articles
of association, memorandum of association or other constitutional documents; and

 

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		c.	except as expressly provided in this Agreement, it has all requisite corporate or other power and
authority to enter into, execute, and deliver this Agreement and to perform its respective obligations under this Agreement.

 

Section 5. Specific
Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached, and that money damages or legal remedies
would not be an adequate remedy for any such damages. Therefore, it is accordingly agreed that each party shall be entitled to
enforce specifically the terms and provisions of this Agreement, or to enforce compliance with, the covenants and obligations of
the other party, in any court of competent jurisdiction. Any person seeking an injunction, a decree or order of specific performance
shall not be required to provide any bond or other security in connection therewith and any such remedy shall be in addition to,
and not in substitution for, any other remedy to which such party is entitled at law or in equity.

 

Section 6. Miscellaneous.
Sections 12 (Entire Agreement; Amendments), 13 (Assignment), 15 (Counterparts), 16 (Severability), 17 (Governing Law; Venue; Waiver
of Jury Trial), and 18 (Notices) of the Sponsor Agreement are hereby incorporated into this Agreement by reference as if set forth
in full herein, mutatis mutandis, and shall apply in all respects to this Agreement.

 

[Signature page follows.]

 

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Please signify your
agreement with the foregoing Agreement by signing where indicated below.

 

	 	Sincerely,
	 	 
	 	CLARIVATE ANALYTICS PLC
	 	 	 
	 	By:	/s/ Jerre L. Stead
	 	Name: Jerre L. Stead
	 	Title:   Chief Executive Officer

 

ACCEPTED AND AGREED

as of the date first
written above:

 

CAMELOT HOLDINGS (JERSEY)
LIMITED

 

	By:	/s/ Stephen Hartman	 
	Name: Stephen Hartman	 
	Title:   Director	 

 

[Signature Page to
Amendment to Sponsor Agreement]Exhibit 10.8

 

BUYOUT agreement

 

This BUYOUT AGREEMENT
is made and entered into as of August 21, 2019 (this “Agreement”), by and between Camelot Holdings (Jersey)
Limited, a limited company organized under the laws of the Island of Jersey (the “Company”), and Onex Partners
IV LP, a Cayman Islands exempted limited partnership (the “TRA Party Representative” and, together with the
Company, the “Parties”). Capitalized terms used and not defined herein have the meanings given to such terms
in the Tax Receivable Agreement (defined below).

 

recitals:

 

WHEREAS, the
Parties and each TRA Party previously entered into that certain Tax Receivable Agreement, dated as of May 10, 2019 (the “Tax
Receivable Agreement”);

 

WHEREAS, the
TRA Party Representative is authorized pursuant to the Tax Receivable Agreement to enter into this Agreement on behalf of each
TRA Party; and

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and in exchange for the Buyout Payment (as defined below), the Tax Receivable
Agreement will be terminated, the TRA Parties will have no additional rights under the Tax Receivable Agreement, and the Company
will have no further obligations (past, current or future) to the TRA Parties under the Tax Receivable Agreement (in each case
of the foregoing, except as set forth below).

 

NOW, THEREFORE,
in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Parties, intending to be legally bound, hereby mutually agree as follows:

 

1.            Buyout Payment; TRA Buyout Financing.

 

(a)        Within five (5) Business Days following receipt by the Company of net cash proceeds of any TRA Buyout Financing (as defined
below), the Company shall pay, by way of compensation for the termination of the Tax Receivable Agreement contemplated by Section
3, to each of the TRA Parties an amount in cash equal to such TRA Party’s Applicable Percentage of $200,000,000.00 (the
“Buyout Payment”) without setoff, recoupment, adjustment, deduction, withholding or charge of any kind (other
than (i) any applicable reduction as set forth in the proviso to this sentence and (ii) any applicable tax withholding as set forth
in Section 2), and the TRA Parties shall accept such Buyout Payment in full and complete satisfaction of the obligations
of the Company pursuant to the Tax Receivable Agreement; provided that in the event that at any time prior to the termination
of this Agreement the Company makes any Tax Benefit Payment to the TRA Parties pursuant to the Tax Receivable Agreement (provided,
that the Company shall not make any such payment prior to the time such payment is due pursuant to the terms of the Tax Receivable
Agreement), the Buyout Payment payable pursuant to this Agreement shall be correspondingly reduced by the full amount of such payment
(inclusive of any tax withheld by the Company pursuant to the terms of the Tax Receivable Agreement). Any payments by the Company
pursuant to this Section 1 shall be made by wire transfer of immediately available funds to a bank account designated in
writing to the Company by the applicable TRA Party or as otherwise agreed by the Company and such TRA Party.

 

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(b)        From and after the date hereof and until the earlier of the consummation of a TRA Buyout Financing and the termination of
this Agreement in accordance with the terms hereof, the Company shall, and shall cause its subsidiaries to, use commercially reasonable
efforts to negotiate, enter into and consummate a TRA Buyout Financing prior to the Outside Date (as it may be extended by mutual
agreement of the Parties pursuant to Section 4(a) hereof).

 

(c)        For all purposes of this Agreement, a “TRA Buyout Financing” shall mean the consummation of one or more
transactions with sources of equity or debt financing acceptable to the Company (the “Financing Sources”) on
terms satisfactory to the Company in its sole discretion pursuant to which (i) the Financing Sources have, for the purpose of enabling
the Company to pay the Buyout Payment pursuant to this Agreement, made available to the Company and/or any of its subsidiaries
(net of any fees, costs and expenses (including any original issue discount) associated with such financing and related transactions)
an amount in readily available funds sufficient, together with any other sources of readily available cash of the Company and/or
any of its subsidiaries that the Company has determined, in its reasonable discretion, to make available to consummate the Buyout
Payment, to pay in full the Buyout Payment in accordance with the terms of this Agreement, and (ii) in the event any of the proceeds
of any such TRA Buyout Financing are made available to any of the Company’s subsidiaries, such subsidiaries are permitted,
under applicable law and the terms of the TRA Buyout Financing and the terms of any other outstanding indebtedness of the Company
or any of its subsidiaries, to make such proceeds available to the Company (whether in the form of an investment, intercompany
loan, equity contribution, dividend, other distribution or otherwise) for payment of the Buyout Payment by the Company to the TRA
Parties pursuant to this Agreement, as determined by the Company in its sole discretion. All determinations to be made by the Company
pursuant to this Section 1(c) or otherwise in connection with the TRA Buyout Financing shall be made by the Audit Committee
of the Company’s Board of Directors (and not, for the avoidance of doubt, by any other committee of the Board of the Directors);
provided that any decision regarding the terms and conditions of any equity financing by the Company shall be made by the
Company’s Board of Directors (and not, for the avoidance of doubt, by any committee of the Board of Directors).

 

2.            Withholding. The Company shall be entitled to deduct and withhold from any amount payable in respect of the Buyout
Payment (including, for the avoidance of doubt, any interest payable in respect of the Buyout Payment) to any TRA Party pursuant
to this Agreement such amounts as the Company is required to deduct and withhold under any provision of applicable tax law, with
respect to entering into or making payments under this Agreement. To the extent amounts are so withheld and paid over to the appropriate
governmental authority by the Company, such withheld amounts shall be treated for all purposes of this Agreement as having been
paid to the TRA Party in respect of whom such withholding was made. The Company shall provide evidence of such payment to such
TRA Party at the request of such TRA Party. If the Company determines that it is required under applicable tax law to so deduct
and withhold any amounts from any amount payable to any TRA Party, the Company shall notify the TRA Representative in writing of
such determination at least fifteen (15) days prior to the applicable payment date, which notice shall set forth in reasonable
detail the basis for the Company’s determination, and shall cooperate with the TRA Representative and the relevant TRA Party
in taking such actions as may reduce or eliminate such deduction and withholding. Notwithstanding the foregoing, in no event will
the Company make any deduction or withholding pursuant to this Section 2 unless it has received written advice from a “big
four” accounting firm or legal counsel to the Company reasonably acceptable to the TRA Party Representative that such deduction
or withholding is “more likely than not” required under applicable tax law. As of the date hereof, the Company represents
that it is not aware of any provision under applicable tax law that should require it to deduct and withhold any amounts from the
Buyout Payment with respect to any TRA Party.

 

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3.            Termination of Tax Receivable Agreement. Effective upon the full payment in cash of the Buyout Payment in accordance
with the terms of this Agreement, each of the Company and the TRA Representative (on behalf of itself and the TRA Parties and its
and each TRA Party’s predecessors, successors, heirs and assigns) hereby (a) acknowledges and agrees that the Tax Receivable
Agreement shall automatically terminate and be of no further force or effect, and (b) absolutely, irrevocably and unconditionally
releases and rescinds, annuls, cancels, repeals and eliminates any and all rights, obligations, responsibilities or liabilities
existing under, arising out of or in connection with the Tax Receivable Agreement (other than, for the avoidance of doubt, the
rights, obligations, responsibilities and liabilities arising under this Agreement); provided, that Section 5.2 (Late Payments
by the Company), Section 7.1 (Notices), Section 7.10 (Waiver of Jury Trial), Section 7.14 (Tax Treatment), Section 7.15 (TRA Party
Representative) and Schedule A of the Tax Receivable Agreement, together with any terms defined in Section 1.1 of the Tax Receivable
Agreement that are used in this Agreement or any of the aforementioned sections of the Tax Receivable Agreement (collectively,
the “Surviving Provisions”), shall survive the termination of the Tax Receivable Agreement and shall apply mutatis
mutandis to this Agreement. For the avoidance of doubt, following the full payment in cash of the Buyout Payment in accordance
with the terms of this Agreement and the termination of the Tax Receivable Agreement, the Company shall not be required to make
any payments under the Tax Receivable Agreement. Prior to the termination of the Tax Receivable Agreement in accordance with this
Section 3, the Tax Receivable Agreement shall remain unmodified and in full force and effect.

 

4.            Automatic Termination at the Outside Date.

 

(a)        Notwithstanding anything to the contrary in this Agreement, in the event that the Buyout Payment has not been fully paid
in cash in accordance with the terms of this Agreement by December 31, 2019 (the “Outside Date”), this Agreement
shall automatically terminate and be of no further force or effect; provided that the Outside Date may be extended upon
the mutual written consent of the Parties.

 

(b)        Upon the termination of this Agreement in accordance with this Section 4 or otherwise upon the mutual written agreement
of the Parties, (i) the Tax Receivable Agreement shall continue in full force and effect in accordance with its terms, and (ii)
this Agreement shall become void and of no further force and effect (other than this Section 4(b), the proviso to the first
sentence of Section 3 (but solely with respect to the incorporation by reference into this Agreement of Section 7.10 (Waiver
of Jury Trial) and Section 7.15 (TRA Party Representative) of the Tax Receivable Agreement) and Section 6(d), which shall
survive the termination of this Agreement) without any liability or obligation on the part of any Party hereto, including any obligation
of the Company to pay the Buyout Payment.

 

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5.            Representations. Each Party hereby represents and warrants to the other Party that: (a) such Party is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, and the execution, delivery and performance
by such Party of this Agreement have been duly authorized by all necessary corporate or similar action on the part of such Party
and no further corporate or similar action is required on the part of such Party to authorize this Agreement or the performance
of its obligations hereunder; (b) such Party has all requisite power and authority to enter into and perform its obligations under
this Agreement, to carry out such Party’s obligations hereunder and to consummate the transactions contemplated hereby; (c)
this Agreement has been duly and validly executed and delivered by such Party; (d) this Agreement constitutes, the legal, valid
and binding obligation of such Party and, in the case of the TRA Party Representative, to the knowledge of the TRA Party Representative,
the TRA Parties, enforceable against such Party and, in the case of the TRA Party Representative, to the knowledge of the TRA Party
Representative, the TRA Parties in accordance with its terms, subject to (i) Laws of general application relating to bankruptcy,
insolvency and the relief of debtors, and (ii) rules of Law governing specific performance, injunctive relief and other equitable
remedies; and (e) in the case of the TRA Party Representative, the TRA Party Representative is the duly appointed representative
of the TRA Parties under the Tax Receivable Agreement and pursuant to Section 7.15 of the Tax Receivable Agreement has been granted
all requisite power and authority to enter into and perform this Agreement on behalf of the TRA Parties.

 

6.            Miscellaneous.

 

(a)        Entire Agreement; Third Party Beneficiaries. This Agreement (together with the Surviving Provisions of the Tax Receivable
Agreement and, prior to the termination thereof, the other terms of the Tax Receivable Agreement) constitutes the entire agreement
among the Parties and the TRA Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings,
both written and oral, among the Parties and the TRA Parties with respect to the subject matter hereof. This Agreement shall be
binding upon and inure solely to the benefit of each Party hereto and each TRA Party and their respective successors and permitted
assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

 

(b)        Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present
or future Law (i) such provision will be fully severable, (ii) this Agreement will be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a part hereof, (iii) the remaining provisions of this Agreement will remain
in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom
and (iv) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Agreement
a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible.

 

(c)        Amendment; Waiver; Assignment. No provision of this Agreement may be amended unless such amendment is approved in
writing by the Parties. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against
whom the waiver is to be effective. The waiver by either Party of the breach of any term, covenant, agreement or condition herein
contained shall not be deemed a waiver of any subsequent breach of the same or any other term, covenant, agreement or condition
herein, nor shall any custom, practice or course of dealings arising between the Parties in the administration hereof be construed
as a waiver or diminution of the right of either Party to insist upon the strict performance by the other Party of the terms, covenants,
agreements and conditions herein contained. Neither Party may assign any of its rights or delegate any of its duties under this
Agreement without the prior written consent of the other Party.

 

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(d)        Governing Law. This Agreement shall be governed by and interpreted and enforced in accordance with the Laws of the
State of New York, without regard to the conflicts of laws provisions thereof.

 

(e)        Counterparts. This Agreement may be executed in counterparts, and each Party hereto may execute any such counterpart,
each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall
constitute but one and the same instrument. This Agreement shall become effective when each Party shall have received a counterpart
of such document signed by the other Party. The Parties agree that the delivery of this Agreement may be effected by means of an
exchange of facsimile or electronically transmitted signatures.

 

[Signature Page Follows]

 

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

 

 

	 	COMPANY:
	 	 
	 	CAMELOT HOLDINGS (JERSEY) LIMITED
	 	 
	 	 By:
/s/ Stephen Hartman

       Name:  Stephen
Hartman

       Title:    Director

 

     

     

    

 

 

	 	TRA PARTY REPRESENTATIVE:
	 	 
	 	ONEX
PARTNERS IV LP
	 	 
	 	By:
Onex Partners IV GP LP, its General Partner
	 	 
	 	By:
Onex Partners Manager LP, its Agent
	 	 
	 	By:
Onex Partners Manager GP ULC, its General Partner
	 	 
	 	 By:
/s/ Joshua Hausman

       Name:  Joshua
Hausman

       Title:    Managing
Director

	 	 
	 	 By:
/s/ Matthew Ross

       Name:  Matthew
Ross

       Title:    Managing
Director

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