Document:

Exhibit 10.3

 

FOUNDER SHARE TRANSFER LETTER AGREEMENT

 

March 21, 2016

WL Ross Holding Corp.

1166 Avenue of the Americas

New York, New York 10036

 

Nexeo Holdco, LLC

3 Waterway Square Place #1000

The Woodlands, TX 77380

 

	 	Re:	Transfer of Founder Shares 

 

Gentlemen:

 

Reference is made to that certain agreement and plan of merger
by and among WL Ross Holding Corp., a Delaware corporation (“Parent”), Neon Acquisition Company LLC, a Delaware
limited liability company and a wholly-owned subsidiary of Parent (“Blocker Merger Sub”), Neon Holding Company
LLC, a Delaware limited liability company and a wholly-owned subsidiary of Blocker Merger Sub (“Company Merger Sub”),
Nexeo Solutions Holdings, LLC, a Delaware limited liability company (the “Company”), TPG Accolade Delaware,
L.P., a Delaware limited partnership (“Blocker”) and Nexeo Holdco, LLC, a Delaware limited liability company
and a wholly-owned subsidiary of the Company (“New Holdco”). In order to induce Nexeo to enter into the Merger
Agreement, WL Ross Sponsor LLC (“WLRS”) has agreed to enter into this letter agreement (this “Agreement”)
relating to the transfer of the number of shares of Parent Common Stock calculated in accordance with Section 2 hereof issued to
WLRS pursuant to that certain Amended and Restated Subscription Agreement between WLRS and Parent, dated as of April 4, 2014 (the
“Subscription Agreement”), on the terms and subject to the conditions specified herein. This letter represents the
“Transfer Letter” contemplated by the Merger Agreement. Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to them in the Merger Agreement.

 

WLRS hereby agrees with New Holdco and Parent as follows:

 

1. Subject to the satisfaction or waiver of all conditions precedent
set forth in the Merger Agreement and in exchange for the consideration contemplated by the Merger Agreement, concurrently with
the Closing WLRS shall transfer to the Selling Equityholders, a number of Founder Shares equal to the product of (a) the number
of Founder Shares outstanding and held by WLRS immediately prior to the Closing (excluding 30,000 Founder Shares which will be
transferred to the Parent’s independent directors), multiplied by (b) the Selling Equityholder Fraction (as adjusted
in accordance with Exhibit B, attached hereto, the “Transfer Shares”). The “Selling Equityholder Fraction”
shall equal (x) the sum of (i) the number of shares of Parent Common Stock issued as Stock Consideration plus (ii) the number of
Excess Shares determined in accordance with the Merger Agreement, if any, divided by (y) the sum of (i) the number of shares
of Parent Common Stock (excluding any Founder Shares) issued and outstanding as of immediately following the Closing plus (ii)
the number of Excess Shares determined in accordance with the Merger Agreement, if any.

 

Concurrently with the provision of the Consideration Schedule
by the Company pursuant to the Merger Agreement, New Holdco shall provide written instructions to WLRS as to the allocation of
the Transfer Shares among the Selling Equityholders; provided, however, that as a condition to receiving any Transfer Shares, each
Selling Equityholder shall agree in writing to be bound by the terms of this Agreement, and shall have become, by joinder, a party
to the Shareholders and Registration Rights Agreement. Upon the transfer of the Transfer Shares, WLRS shall cease to own the Transfer
Shares.

 

2. The Transfer Shares shall be
deemed to be Founder Shares and shares of Common Stock as such terms are defined in the Shareholders and Registration Rights Agreement,
and each holder of Founder Shares, including any Transfer Shares, will be bound by the terms and conditions thereof, including
such terms governing the vesting and transfer of the Founder Shares, a summary of which terms are set forth on Exhibit A hereto.
WLRS shall not Transfer (as such term is defined in the letter agreement, dated May
29, 2014, by and among WLRS, the Company and certain management holders party thereto) any Transfer Shares, other than in accordance
with Section 1.

 

     
 

     

    

 

3. This Agreement and the Shareholders and Registration Rights
Agreement constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof. This Agreement may not be changed, amended, modified or waived (other than to correct
a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

 

4. No party hereto may assign either this Agreement or any of
its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment
in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title
to the purported assignee. This Agreement shall be binding on the undersigned and their respective successors and assigns.

 

5. This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Delaware, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding,
claim or dispute arising out of, or relating in any way to, this Agreement shall be brought and enforced in the Court of Chancery
of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable Delaware
state court), or if under applicable Law exclusive jurisdiction of such action is vested in the federal courts, then the United
States District Court for the District of Delaware, and irrevocably submits to such jurisdiction and venue, which jurisdiction
and venue shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and venue or that such courts represent
an inconvenient forum.

 

6. Any notice, consent or request to be given in connection
with any of the terms or provisions of this Agreement shall be in writing and shall be sent by electronic mail (with recipient
receipt acknowledgment), express mail or similar private courier service, by certified mail (return receipt requested), by hand
delivery or facsimile transmission.

 

7. This Agreement shall terminate at such time, if any, that
the Merger Agreement is terminated in accordance with its terms.

 

 

[Signature page follows]

 

    	 	2	 

     

    

 

Please indicate your agreement to the foregoing by signing in
the space provided below.

 

	 	WL ROSS SPONSOR LLC
	 	 	 
	 	By:	
/s/ Wilbur L. Ross. Jr.
	 	 	Name:  Wilbur L. Ross. Jr.
	 	 	Title:     Manager

 

	ACCEPTED AND AGREED TO:
	 	 	 
	WL ROSS HOLDINGS CORP.
	 	 	 
	By:	
/s/ Wilbur L. Ross. Jr.	 
	Name:  	Wilbur L. Ross. Jr.	 
	Title:     	Chairman and Chief Executive Officer	 

 

	NEXEO HOLDCO, LLC
	 	 	 
	By:	
/s/ David Bradley	 
	Name:  	David Bradley	 
	Title:     	President and Chief Executive Officer	 

 

[Signature Page
to Private Placement Warrant Exchange Letter Agreement]

 

    	 	3Exhibit 10.4

 

 

PRIVATE PLACEMENT WARRANT EXCHANGE LETTER AGREEMENT

 

March 21, 2016

WL Ross Holding Corp.

1166 Avenue of the Americas

New York, NY 10036

 

	 	Re:	Exchange of Private Placement Warrants 

 

Gentlemen:

 

Reference is made to that certain agreement and plan of merger
by and among WL Ross Holding Corp. (the “Company”), Neon Acquisition Company LLC, a wholly owned subsidiary of the
Company (“Blocker Merger Sub”), Neon Holding Company LLC, a wholly owned subsidiary of Blocker Merger Sub (“Company
Merger Sub”), Nexeo Solutions Holdings, LLC (“Nexeo”), TPG Accolade Delaware, L.P. (“Blocker”), and
Nexeo Holdco, LLC (“New Holdco”), dated as of the date hereof (the “Merger Agreement”). In order to induce
Nexeo to enter into the Merger Agreement, WL Ross Sponsor LLC (“WLRS”) has agreed to enter into this letter agreement
(this “Agreement”) relating to the exchange of a 22,400,000 warrants sold to WLRS by the Company in a private placement
in connection with the Company’s initial public offering (the “Private Placement Warrants”) for 2,240,000 shares
of common stock (“Common Stock”) of the Company (such shares, the “Exchange Shares).

 

WLRS and the Company hereby agree with Nexeo as follows:

 

1. Subject to the satisfaction or waiver of all conditions precedent
set forth in the Merger Agreement, at the Closing (as defined in the Merger Agreement) WLRS shall exchange the Private Placement
Warrants for the Exchange Shares. In order to effectuate such exchange, upon the Closing, WLRS shall deliver its Private Placement
Warrants to the Company against delivery of the Exchange Shares in certificated or book entry form, at the election of WLRS.

 

2. The Exchange Shares shall be deemed to be “Company
Shares” and shares of Common Stock as such terms are defined in that certain shareholders and registration rights agreement
(the “Shareholders and Registration Rights Agreement”), dated as of the date hereof, among New Holdco, WLRS, and the
Company, with the same terms, conditions and registration rights set forth with respect to Company Shares and shares of Common
Stock beneficially owned by WLRS thereunder. For the avoidance of doubt, the Exchange Shares shall not be subject to the same transfer
restrictions imposed on the Founder Shares under Section 5.1(b) of the Shareholders and Registration Rights Agreement.

 

3. In furtherance, and not in limitation of, any other restrictions
applicable to the Private Placement Warrants, whether pursuant to the terms of any such Private Placement Warrant or otherwise,
(i) no Private Placement Warrants shall be exercised by WLRS prior to the Closing (as defined in the Merger Agreement) and (ii)
WLRS shall not Transfer (as such term is defined in the letter agreement, dated May 29, 2014, by and among WLRS, the Company and
certain management holders party thereto) any Private Placement Warrants other than in the exchange contemplated in section 1.

 

4. This Agreement and the Shareholders and Registration Rights
Agreement constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof. This Agreement may not be changed, amended, modified or waived (other than to correct
a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

 

5. No party hereto may assign either this Agreement or any
of its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment
in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title
to the purported assignee. This Agreement shall be binding on the undersigned and their respective successors and assigns.

 

     

     

    

 

6. This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Delaware, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding,
claim or dispute arising out of, or relating in any way to, this Agreement shall be brought and enforced in the Court of Chancery
of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable Delaware
state court), or if under applicable Law exclusive jurisdiction of such action is vested in the federal courts, then the United
States District Court for the District of Delaware, and irrevocably submits to such jurisdiction and venue, which jurisdiction
and venue shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and venue or that such courts represent
an inconvenient forum.

 

7. Any notice, consent or request to be given in connection
with any of the terms or provisions of this Agreement shall be in writing and shall be sent by electronic mail (with recipient
receipt acknowledgment), express mail or similar private courier service, by certified mail (return receipt requested), by hand
delivery or facsimile transmission.

 

8. This Agreement shall terminate at such time, if any, that
the Merger Agreement is terminated in accordance with its terms.

 

 

[Signature page follows]

 

     
 

     

    

 

Please indicate your agreement to the foregoing by signing in
the space provided below.

 

	 	WL ROSS SPONSOR LLC
	 	 	 
	 	By:	
/s/ Wilbur L. Ross, Jr. 
	 	 	Name:   Wilbur L. Ross, Jr. 
	 	 	Title:     Manager

 

	ACCEPTED AND AGREED TO:
	 	 	 
	NEXEO HOLDCO, LLC
	 	 	 
	By:	
/s/ David Bradley	 
	Name:  	 David Bradley	 
	Title:     	President and Chief Executive Officer	 

 

 

	WL ROSS HOLDING CORP.
	 	 	 
	By:	
/s/ Wilbur L. Ross, Jr.	 
	Name:  	 Wilbur L. Ross, Jr.	 
	Title:     	Chairman and Chief Executive Officer	 

 

Signature Page
to

Transfer Letter

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