Document:

Exhibit 10.4

 

AMENDED
AND RESTATED PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS AMENDED AND RESTATED
PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of June 10, 2015 (as it may from time to time be amended, this “Agreement”),
is entered into by and between Electrum Special Acquisition Corporation, a British Virgin Islands company (the “Company”),
and ESAC Holdings LLC, a Delaware limited liability company (the “Purchaser”), amends and restates in its entirety,
the Private Placement Warrants Purchase Agreement made as of June 10, 2015, by and between the Company and the Purchaser.

 

The Company intends
to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one ordinary share, of no par value, of the Company (a “Share”), and one warrant. Each warrant entitles the holder
to purchase one-half of one Share at an exercise price of $5.75 per half Share. The Purchaser has agreed to purchase 13,050,000
warrants in the aggregate (the “Private Placement Warrants”), at a price of $0.50 per warrant. Each Private Placement
Warrant entitles the holder to purchase one-half of one Share at an exercise price of $5.75 per half 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 Private Placement Warrants.

 

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

 

B.        Purchase
and Sale of the Private Placement Warrants.

 

(i)        At
least 24 hours prior to the effective time of the registration statement on Form S-1 (the “Registration Statement”)
the Company will file with the Securities and Exchange Commission (the “SEC”), under the Securities Act of 1933, as
amended (the “Securities Act”), the Purchaser shall deliver an initial deposit of $5,725,000 (the “Initial Deposit”)
to Continental Stock Transfer & Trust Company (the “Escrow Agent”), in accordance with the Escrow Agent’s
wiring instructions, to hold in a non-interest bearing account until the Company consummates the Public Offering.

 

(ii)        At
least 24 hours prior to the consummation of the Public Offering (the “Closing Date”), the Purchaser shall deliver $800,000,
equal to the difference between the aggregate purchase price of $6,525,000 (the “Purchase Price”) for 13,050,000 Private
Placement Warrants and the previously delivered Initial Deposit, the Escrow Agent, in accordance with the Escrow Agent’s
wiring instructions, to hold in a non-interest bearing account until the Company consummates the Public Offering.

 

(iii)        Simultaneously
with the Closing Date, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 13,050,000
Private Placement Warrants. At such time, the Escrow Agent shall deposit the Purchase Price, without interest or deduction,
into the trust fund established by the Company for the benefit of the Company’s public stockholders as described in the Registration
Statement, pursuant to the terms of an escrow agreement to be entered into between the Company, the Purchaser and the Escrow Agent.
Simultaneously with the consummation of the Public Offering, the Company shall deliver a certificate evidencing the Private Placement
Warrants duly registered in the Purchaser’s name to the Purchaser.  

 

C.        Terms
of the Private Placement Warrants.

 

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

 

    	 

    	 

    

 

(ii)        At
the time of the closing of the Public Offering, 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 Private Placement Warrants and the Shares underlying the Private Placement Warrants.

 

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

 

A.        Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing as a British Virgin
Islands business company 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 Private Placement Warrants have been duly authorized by the Company
as of the Closing Date. This Agreement constitutes the 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
Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms
as of the Closing Date.

 

(ii)        The
execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement 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 Date (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 Memorandum and Articles of Association of the Company
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 Private Placement 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 Private Placement Warrants and the Shares issuable upon exercise of such Private Placement 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.

 

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
Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations
and warranties shall survive the Closing Date) that:

 

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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 Date 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)        Pursuant
to Section 1 of this Agreement, the Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement
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.

 

(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 decided to enter into this Agreement not 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.

 

(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. In this regard, the Purchaser understands
that the SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and
after an initial business combination, are deemed to be “underwriters” under the Securities Act when reselling the
securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available
for resale transactions of the Securities despite technical compliance with the requirements of such Rule, and the Securities can
be resold only through a registered offering or in reliance upon another exemption from the registration requirements of the Securities
Act.

 

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(viii)        The
Purchaser has such knowledge and experience in financial and business matters, knows 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 investment in the Securities.

 

Section 4.        Conditions
of the Purchaser’s Obligations. The obligation of the Purchaser to purchase and pay for the Private Placement Warrants
are subject to the fulfillment, on or before the Closing Date, 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 Date 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 Date.

 

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.

 

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 Date, 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 Date 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 Date.

 

C.        Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

D.        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.

 

E.        Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

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Section 6.        Termination.
This Agreement may be terminated at any time after October 31, 2015 upon the election by either the Company or the
Purchaser upon written notice to the either party 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 Date.

 

Section 8.        Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement
on Form S-1 the Company will file with the SEC, under the Securities Act.

 

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 assignment by the Purchaser to affiliates thereof (including, without limitation one or more of its members).

 

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 shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall
be construed in accordance with the internal laws of the State of Delaware.

 

F.        Amendments.
This 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:
	 	 
	 	ELECTRUM SPECIAL ACQUISITION CORPORATION
	 	 
	 	By: 	/s/ Eric N. Vincent
	 	  Name: Eric N. Vincent
	 	  Title:   Chief Executive Officer
	 	 

 

	 	PURCHASER:
	 	 
	 	ESAC HOLDINGS LLC
	 	 
	 	By: The Electrum Group LLC, its Manager
	 	 
	 	By:	/s/ Eric N. Vincent
	 	  Name: Eric N. Vincent
	 	  Title:   Chief Executive Officer

 

[Signature Page to Private Placement Warrants Purchase Agreement]Exhibit 10.5

 

Electrum Special Acquisition Corporation

700 Madison Avenue, 5th Floor

New York, NY 10065

 

June 10, 2015

  

The Electrum Group LLC

700 Madison Avenue, 5th Floor

New York, NY 10065

 

Ladies and Gentlemen:

 

This letter will confirm our agreement
that, commencing on the effective date (the “Effective Date”) of the registration statement (the “Registration
Statement”) for the initial public offering (the “IPO”) of the securities of Electrum Special
Acquisition Corporation (the “Company”) and continuing until the earlier of (i) the consummation by the
Company of an initial business combination or (ii) the Company’s liquidation (in each case as described in the Registration
Statement) (such earlier date hereinafter referred to as the “Termination Date”), The Electrum Group
LLC shall make available to the Company certain office space and administrative and support services as may be required by the
Company from time to time, situated at 700 Madison Avenue, 5th Floor, New York, NY 10065 (or any successor location).
In exchange therefore, the Company shall pay The Electrum Group LLC the sum of $10,000 per month on the Effective Date and continuing
monthly thereafter until the Termination Date. The Electrum Group LLC hereby agrees that it does not have any right, title, interest
or claim of any kind in or to any monies that may be set aside in a trust account (the “Trust Account”)
to be established upon the consummation of the IPO (the “Claim”) and hereby waives any Claim it may have
in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever.

 

	 	Very truly yours,
	 	 
	 	ELECTRUM SPECIAL 
	 	ACQUISITION CORPORATION
	 	 
	 	By:	/s/ Eric N. Vincent
	 	 	Name:  	Eric N. Vincent
	 	 	Title:	Chief Executive Officer

 

Acknowledged and Accepted by:

 

	THE ELECTRUM GROUP LLC	 
	 	 	 
	By:	/s/ Andrew M. Shapiro	 
	 	Name: Andrew M. Shapiro	 
	 	Title:  General Counsel

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