Document:

Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on December 12, 2019, by and between B. Riley Principal Merger
Corp., a Delaware corporation (“BRPM”), and the undersigned subscriber (the “Subscriber”).

 

WHEREAS, concurrently
with the execution of this Subscription Agreement, BRPM is entering into an agreement (the “Business Combination Agreement”)
for a business combination (the “Business Combination”) with Alta Equipment Holdings, Inc., a Michigan corporation
(the “Target”); and

 

WHEREAS, in connection
with the Business Combination, the Subscriber desires to subscribe for and purchase from BRPM, immediately prior to the consummation
of the Business Combination, that number of shares of BRPM’s Class A common stock, par value $0.0001 per share (“Common
Stock”), set forth on the signature page hereto (the “Subscribed Shares”), for a purchase price of
$10.00 per share (the “Per Share Price” and the aggregate of such Per Share Price for all Subscribed Shares
being referred to herein as the “Purchase Price”), in a private placement (the “Private Placement”),
and BRPM desires to issue and sell to the Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price
by or on behalf of Subscriber to the Company.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1. Subscription.

 

(a) Subject
to the terms and conditions hereof, at the Closing (as defined below), the Subscriber hereby agrees to subscribe for and purchase,
and BRPM hereby agrees to issue and sell to the Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such
subscription and issuance, the “Subscription”).

 

(b) BRPM
shall issue an additional number of shares of Common Stock to the Subscriber equal to the product of the number of Subscribed Shares
purchased by the Subscriber multiplied by 5/95 (the “Incentive Shares”). No fractional Incentive Shares will
be issued, and the Company will round down the number of Incentive Shares to be issued to the Subscriber down to the nearest whole
number.

 

(c) For
each 100,000 Subscribed Shares purchased by the Subscriber, the Subscriber shall also receive from BRPM 37,500 warrants to purchase
shares of Common Stock (the “Incentive Warrants”). Each whole Incentive Warrant shall be exercisable for one
share of Common Stock at a price of $11.50 per share and shall have identical terms to the warrants included as part of the Company’s
units issued in BRPM’s initial public offering (the “IPO”). No fractional Incentive Warrants will be issued,
and the Company will round the number of Incentive Warrants to be issued to the Subscriber down to the nearest whole number.

 

     

     

    

 

2. Closing.

 

(a) The
consummation of the Subscription contemplated hereby (the “Closing”) shall occur on the Closing Date immediately
prior to the consummation of the Business Combination.

 

(b) At
least five (5) Business Days before the anticipated Closing Date, BRPM shall deliver written notice to the Subscriber (the “Closing
Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery of the Purchase Price
to BRPM. No later than two (2) Business Days after receiving the Closing Notice, the Subscriber shall deliver to BRPM such information
as is reasonably requested in the Closing Notice in order for BRPM to issue the Subscribed Shares, Incentive Shares and Incentive
Warrants to the Subscriber. The Subscriber shall deliver to BRPM, on or prior to 8:00 a.m. (Eastern time) (or as soon as practicable
after BRPM or its transfer agent (the “Transfer Agent”) delivers evidence of the issuance to the Subscriber
of the Subscribed Shares, Incentive Shares and Incentive Warrants on and as of the Closing Date) on the Closing Date the Purchase
Price in cash via wire transfer to the account specified in the Closing Notice against (and concurrently with) delivery by BRPM
to the Subscriber of (i) the Subscribed Shares, Incentive Shares and Incentive Warrants in book entry form, free and clear of any
liens or other restrictions (other than those arising under this Subscription Agreement or state or federal securities laws), in
the name of the Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by the Subscriber,
as applicable, and (ii) written notice from BRPM or the Transfer Agent evidencing the issuance to the Subscriber of the Subscribed
Shares, Incentive Shares and Incentive Warrants on and as of the Closing Date. In the event that the consummation of the Business
Combination does not occur within two (2) Business Days after the anticipated Closing Date specified in the Closing Notice, BRPM
shall promptly (but in no event later than two (2) Business Days after the anticipated Closing Date specified in the Closing Notice)
return the funds so delivered by the Subscriber to BRPM by wire transfer in immediately available funds to the account specified
by the Subscriber, and any book entries showing the Subscriber as the owner of the Subscribed Shares, Incentive Shares and Incentive
Warrants shall be deemed cancelled. For the purposes of this Subscription Agreement, “Business Day” means any
day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed.

 

3. Closing
Conditions.

 

(a) The
Closing shall be subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

 

(i) no
suspension of the qualification of the Subscribed Shares, Incentive Shares or Incentive Warrants for offering or sale or trading
in any jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred;

 

(ii) no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the consummation
of the transactions contemplated hereby illegal or otherwise restraining or prohibiting the consummation of the transactions contemplated
hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint
or prohibition; and

 

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(iii) all
conditions precedent to the closing of the Business Combination, including the approval of BRPM’s stockholders, shall have
been satisfied or waived (other than those conditions which, by their nature, are to be satisfied at the closing of the Business
Combination, including without limitation as a result of the Private Placement).

 

(b) The
obligation of BRPM to consummate the transactions contemplated hereby at the Closing shall be subject to the satisfaction or valid
waiver by BRPM of the additional conditions that, on the Closing Date, with respect to the Subscriber:

 

(i) all
representations and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect
(as defined below), which representations and warranties shall be true in all respects) at and as of the Closing Date (except for
such representations and warranties that are made as of a specific date, which shall be true and correct in all material respects
(other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations
and warranties shall be true in all respects) as of such specified date); and

 

(ii) the
Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

 

(c) The
obligation of the Subscriber to consummate the transactions contemplated hereby at the Closing shall be subject to the satisfaction
or valid waiver by the Subscriber of the additional conditions that, on the Closing Date:

 

(i) all
representations and warranties of BRPM contained in this Subscription Agreement shall be true and correct in all material respects
(other than the representations and warranties that are qualified as to materiality or BRPM Material Adverse Effect (as defined
below), which representations and warranties shall be true in all respects) at and as of the Closing Date (except for such representations
and warranties that are made as of a specific date, which shall be true and correct in all material respects (other than the representations
and that are qualified as to materiality or BRPM Material Adverse Effect, which representations and warranties shall be true in
all respects) as of such specified date); and

 

(ii) BRPM
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

 

(d) Prior
to or at the Closing, the Subscriber shall deliver to BRPM a duly completed and executed Internal Revenue Service Form W-9 or appropriate
Form W-8.

 

4. Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated
by this Subscription Agreement.

 

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5. BRPM
Representations and Warranties. BRPM represents and warrants to the Subscriber that:

 

(a) BRPM
is duly incorporated, validly existing and in good standing as a corporation under the laws of the State of Delaware, with corporate
power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into,
deliver and perform its obligations under this Subscription Agreement.

 

(b) The
Subscribed Shares, Incentive Shares and Incentive Warrants have been duly authorized and, when issued and delivered to the Subscriber
against full payment therefor in accordance with the terms of this Subscription Agreement, will be validly issued, fully paid and
non-assessable and will not have been issued in violation of any preemptive rights created under BRPM’s certificate of incorporation
(as amended) or under the laws of the State of Delaware.

 

(c) This
Subscription Agreement has been duly executed and delivered by BRPM and, assuming the due authorization, execution and delivery
of the same by the Subscriber, is the valid and legally binding obligation of BRPM, enforceable against BRPM in accordance with
its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws
affecting creditors generally and by the availability of equitable remedies.

 

(d) The
execution and delivery of this Subscription Agreement, the issuance and sale of the Subscribed Shares, Incentive Shares and Incentive
Warrants and the compliance by BRPM with all of the provisions of this Subscription Agreement and the consummation of the transactions
contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of BRPM pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
or instrument to which BRPM is a party or by which BRPM is bound or to which any of the property or assets of BRPM is subject,
which would have a material adverse effect on the business, financial condition, stockholders’ equity or results of operations
of BRPM, taken as a whole, or the ability of BRPM to consummate the transactions contemplated hereby, including the issuance and
sale of the Subscribed Shares, Incentive Shares and Incentive Warrants (a “BRPM Material Adverse Effect”); (ii)
the organizational documents of BRPM; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over BRPM or any of its properties that would have a BRPM Material Adverse
Effect.

 

(e) Assuming
the accuracy of the representations and warranties of the Subscriber, BRPM is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization (including the New York Stock Exchange (the “NYSE”) or The Nasdaq Stock
Market (“Nasdaq”)) or other person in connection with the execution, delivery and performance by BRPM of this
Subscription Agreement (including, without limitation, the issuance of the Subscribed Shares, Incentive Shares and Incentive Warrants),
other than (i) the filing with the U.S. Securities and Exchange Commission (the “SEC”) of the Registration Statement
(as defined below), (ii) filings required by applicable state securities laws, (iii) if applicable, the filing of a Notice of Exempt
Offering of Securities on Form D with the SEC under Regulation D promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), (iv) a filing with the SEC of a Current Report on Form 8-K disclosing the material terms
of the transactions contemplated hereby, (v) filings or approvals required by the NYSE or Nasdaq, (vi) those required to consummate
the Business Combination as provided by the Business Combination Agreement, (vii) the filing of notification under the Hart Scott
Rodino Antitrust Improvements Act of 1976, if applicable, and (viii) those the failure of which to obtain would not be reasonably
likely to have, individually or in the aggregate, a BRPM Material Adverse Effect.

 

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(f) The
authorized and issued capital stock of BRPM are as set forth in BRPM’s annual report on Form 10-K for the year ended December
31, 2018 (the “2018 10-K”). All issued and outstanding shares of Common Stock have been duly authorized and
validly issued, are fully paid and are non-assessable and are not subject to preemptive rights. Except as set forth in the 2018
10-K, other subscription agreements for the Private Placement and the Business Combination Agreement, there are no outstanding
options, warrants or other rights to subscribe for, purchase or acquire from BRPM any shares of Common Stock or other equity interests
in BRPM (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable for
Equity Interests.

 

(g) BRPM
has made available to the Subscriber (including via the SEC’s EDGAR system) a copy of each form, report, statement, schedule,
prospectus, proxy, registration statement and other document filed by BRPM with the SEC since the IPO. None of BRPM’s filings
with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), contained, when filed
or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading.

 

(h) The
issued and outstanding shares of BRPM’s Common Stock (which prior to the closing of the Business Combination is named Class
A common stock and upon such closing will be renamed common stock) are registered pursuant to Section 12(b) of the Exchange Act
and are currently listed for trading on the NYSE under the symbol “BRPM.” Other than as has been disclosed by BRPM
in its filings with the SEC, there is no suit, action, proceeding or investigation pending or, to the knowledge of BRPM, threatened
against BRPM by the NYSE or the SEC with respect to any intention by such entity to deregister the shares of Common Stock or prohibit
or terminate the listing of the shares of Common Stock on the NYSE.

 

(i) BRPM
is not, and immediately after receipt of payment for the Subscribed Shares, Incentive Shares and Incentive Warrants will not be,
an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(j) Except
for the specific representations and warranties contained in this Section 5 and in any certificate or agreement delivered
pursuant hereto, none of BRPM, any person on behalf of BRPM, including without limitation any placement agent for the sale of the
Subscribed Shares, Incentive Shares and Incentive Warrants (a “Placement Agent”), or any of BRPM’s affiliates
(collectively, the “BRPM Parties”) has made, makes or shall be deemed to make any other express or implied representation
or warranty with respect to BRPM, this offering or the Business Combination, and the BRPM Parties disclaim any such representation
or warranty. Except for the specific representations and warranties expressly made by the Subscriber in Section 6 and in
any certificate or agreement delivered pursuant hereto, BRPM specifically disclaims that it, or anyone on its behalf, is relying
upon any other representations or warranties that may have been made by any Subscriber Party (as defined below).

 

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6. Subscriber
Representations and Warranties. The Subscriber represents and warrants to BRPM that:

 

(a) The
Subscriber (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and
(ii) has the requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

(b) This
Subscription Agreement has been duly executed and delivered by the Subscriber, and assuming the due authorization, execution and
delivery of the same by BRPM, this Subscription Agreement shall constitute the valid and legally binding obligation of the Subscriber,
enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

(c) The
execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares, Incentive Shares and Incentive Warrants
and the compliance by the Subscriber with all of the provisions of this Subscription Agreement and the consummation of the transactions
contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of the Subscriber pursuant to the terms of, (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or
other agreement or instrument to which the Subscriber is a party or by which the Subscriber is bound or to which any of the property
or assets of the Subscriber is subject; (ii) the organizational documents of the Subscriber; or (iii) any statute or
any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over
the Subscriber or any of its properties that, in the case of clauses (i) and (iii), would reasonably be expected to have a
material adverse effect on the Subscriber’s ability to consummate the transactions contemplated hereby, including the purchase
of the Subscribed Shares, Incentive Shares and Incentive Warrants (a “Subscriber Material Adverse Effect”).

 

(d) The
Subscriber (i) is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying
the applicable requirements set forth on Schedule A, (ii) is acquiring the Subscribed Shares, Incentive Shares and Incentive
Warrants only for its own account and not for the account of others, or if the Subscriber is subscribing for the Subscribed Shares,
Incentive Shares and Incentive Warrants as a fiduciary or agent for one or more investor accounts, each owner of such account is
a qualified institutional buyer and the Subscriber has full investment discretion with respect to each such account, and the full
power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account,
and (iii) is not acquiring the Subscribed Shares, Incentive Shares and Incentive Warrants with a view to, or for offer or sale
in connection with, any distribution thereof in violation of the Securities Act (and has provided BRPM with the requested information
on Schedule A following the signature page hereto). The Subscriber is not an entity formed for the specific purpose of acquiring
the Subscribed Shares, Incentive Shares and Incentive Warrants.

 

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(e) The
Subscriber understands that the Subscribed Shares, Incentive Shares and Incentive Warrants are being offered in a transaction not
involving any public offering within the meaning of the Securities Act and that the Subscribed Shares, Incentive Shares and Incentive
Warrants have not been registered under the Securities Act. The Subscriber understands that the Subscribed Shares, Incentive Shares
and Incentive Warrants may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective registration
statement under the Securities Act, except (i) to BRPM or a subsidiary thereof, or (ii) pursuant to an applicable exemption
from the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable
securities laws of the states and other jurisdictions of the United States, and that any certificates or book-entry position representing
the Subscribed Shares, Incentive Shares and Incentive Warrants shall contain a legend to such effect. The Subscriber understands
that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed
Shares, Incentive Shares and Incentive Warrants.

 

(f) The
Subscriber understands and agrees that the Subscriber is purchasing the Subscribed Shares, Incentive Shares and Incentive Warrants
directly from BRPM. The Subscriber further acknowledges that there have not been, and the Subscriber is not relying on, any representations,
warranties, covenants or agreements made to the Subscriber by BRPM, any other party to the Business Combination or any other person
or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of BRPM included
in this Subscription Agreement. The Subscriber acknowledges that certain information provided by BRPM was based on projections,
and such projections were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety
of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially
from those contained in the projections.

 

(g) In
making its decision to purchase the Subscribed Shares, Incentive Shares and Incentive Warrants, the Subscriber has relied solely
upon independent investigation made by the Subscriber. Without limiting the generality of the foregoing, the Subscriber has not
relied on any statements or other information provided by BRPM (other than as set forth herein) or any Placement Agent concerning
BRPM, the Business Combination or the Subscribed Shares, Incentive Shares and Incentive Warrants. The Subscriber acknowledges and
agrees that the Subscriber has received such information as the Subscriber deems necessary in order to make an investment decision
with respect to the Subscribed Shares, Incentive Shares and Incentive Warrants, including with respect to BRPM, the Business Combination
and the Target. The Subscriber represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if
any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Subscriber and
the Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the
Subscribed Shares, Incentive Shares and Incentive Warrants.

 

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(h) The
Subscriber became aware of this offering of the Subscribed Shares, Incentive Shares and Incentive Warrants solely by means of direct
contact between the Subscriber and BRPM or by means of contact from the Placement Agents, and the Subscribed Shares, Incentive
Shares and Incentive Warrants were offered to the Subscriber solely by direct contact between the Subscriber and BRPM or by contact
between the Subscriber and the Placement Agents. The Subscriber did not become aware of this offering of the Subscribed Shares,
Incentive Shares and Incentive Warrants, nor were the Subscribed Shares, Incentive Shares and Incentive Warrants offered to the
Subscriber, by any other means. The Subscriber acknowledges that BRPM represents and warrants that the Subscribed Shares, Incentive
Shares and Incentive Warrants (i) were not offered by any form of general solicitation or general advertising and (ii) are not
being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state
securities laws.

 

(i) The
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed
Shares, Incentive Shares and Incentive Warrants. The Subscriber has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the Subscribed Shares, Incentive Shares and Incentive Warrants,
and the Subscriber has had an opportunity to seek, and has sought, such accounting, legal and tax advice as the Subscriber has
considered necessary to make an informed investment decision.

 

(j) The
Subscriber has adequately analyzed and fully considered the risks of an investment in the Subscribed Shares, Incentive Shares and
Incentive Warrants and determined that the Subscribed Shares, Incentive Shares and Incentive Warrants are a suitable investment
for the Subscriber and that the Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total
loss of the Subscriber’s investment in BRPM. The Subscriber acknowledges specifically that a possibility of total loss exists.

 

(k) The
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Subscribed Shares, Incentive Shares and Incentive Warrants or made any findings or determination as to the fairness of this investment.

 

(l) The
Subscriber does not have, as of the date hereof, and during the 30-day period immediately prior to the date hereof the Subscriber
has not entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or
short sale positions with respect to the securities of BRPM.

 

(m) The
Subscriber acknowledges and agrees that the book-entry position representing the Subscribed Shares, Incentive Shares and Incentive
Warrants (or each certificate representing such securities if subsequently requested and obtained by the Subscriber) will bear
or reflect, as applicable, a legend substantially similar to the following:

 

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“THIS
SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY, IN
EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES,
AND (B) THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE. THE COMPANY MAY REQUIRE THE DELIVERY OF A WRITTEN OPINION OF COUNSEL, CERTIFICATIONS AND/OR ANY OTHER INFORMATION
IT REASONABLY REQUIRES TO CONFIRM THE SECURITIES ACT EXEMPTION FOR SUCH TRANSACTION.”

 

(n) The
Subscriber’s acquisition and holding of the Subscribed Shares, Incentive Shares and Incentive Warrants will not constitute
or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended,
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

(o) If
the Subscriber is not a U.S. person as defined in Rule 902 under the Securities Act or a United States person as defined in the
Code, the Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in
connection with any invitation to subscribe for the Subscribed Shares, Incentive Shares and Incentive Warrants or any use of this
Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Subscribed Shares,
Incentive Shares and Incentive Warrants, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental
or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant
to the purchase, holding, redemption, sale, or transfer of the Subscribed Shares, Incentive Shares and Incentive Warrants. The
Subscriber’s subscription and payment for and continued beneficial ownership of the Subscribed Shares, Incentive Shares and
Incentive Warrants will not violate any applicable securities or other laws of the Subscriber’s jurisdiction.

 

(p) The
Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued
by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited
Investor”). The Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required
by applicable law, provided that the Subscriber is permitted to do so under applicable law. If the Subscriber is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT
Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
the Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. To the extent required, the Subscriber maintains policies and procedures reasonably designed for the screening of its investors
against the OFAC sanctions programs, including the OFAC List. The Subscriber also represents that, to the extent required, the
Subscriber maintains policies and procedures reasonably designed to ensure that the funds held by the Subscriber and used to purchase
the Subscribed Shares, Incentive Shares and Incentive Warrants were legally derived.

 

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(q) The
Subscriber acknowledges that in connection with the offer and sale of the Subscribed Shares, Incentive Shares and Incentive Warrants,
(i) no disclosure or offering document has been delivered to the Subscriber by any Placement Agent or any of their respective affiliates
and (ii) no Placement Agent has acted as the Subscriber’s financial advisor or fiduciary.

 

(r) Except
for the specific representations and warranties contained in this Section 6 and in any certificate or agreement delivered
pursuant hereto, none of the Subscriber nor any person acting on behalf of the Subscriber nor any of the Subscriber’s affiliates
(the “Subscriber Parties”) has made, makes or shall be deemed to make any other express or implied representation
or warranty with respect to the Subscriber and this offering, and the Subscriber Parties disclaim any such representation or warranty.
Except for the specific representations and warranties expressly made by BRPM in Section 5 of this Agreement and in any
certificate or agreement delivered pursuant hereto, the Subscriber specifically disclaims that it, or anyone on its behalf, is
relying upon any representations or warranties that may have been made by BRPM or any person acting on behalf of BRPM or any of
BRPM’s affiliates.

 

7. Registration
Rights. BRPM agrees that, within fifteen (15) business days after the consummation of the Business Combination, BRPM will file
with the SEC (at BRPM’s sole cost and expense) a registration statement (the “Registration Statement”)
registering the resale of the Subscribed Shares, Incentive Shares and Incentive Warrants (and shares of Common Stock underlying
the Incentive Warrants) (collectively, the “Covered Securities”) issued to the Subscriber, and BRPM shall use
its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof. BRPM agrees that it will cause such registration statement or another shelf registration statement to remain effective
until the earlier of (i) two years from the issuance of the Subscribed Shares, Incentive Shares and Incentive Warrants and (ii)
the first date on which the Subscriber can sell all of the Covered Securities (or shares received in exchange therefor) under Rule
144 of the Securities Act within 90 days without limitation as to the amount of such securities that may be sold. BRPM may delay
filing or suspend the use of any such registration statement if BRPM delivers to the holders of the Subscribed Shares a certificate
signed by an officer of BRPM certifying that, in the good faith judgment of the board of directors of BRPM, such registration and
the offering pursuant thereto would reasonably be expected to materially adversely affect or materially interfere with any bona
fide material financing or transaction of BRPM or would require disclosure of information that has not been disclosed to the public,
the premature disclosure of which would materially adversely affect BRPM. Such certificate shall contain a statement of the reasons
for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep the information
contained in such certificate confidential. BRPM’s obligations to include the Covered Securities (or shares issued in exchange
therefor) in the Registration Statement are contingent upon the Subscriber’s timely furnishing in writing to BRPM such information
regarding the Subscriber, the securities of BRPM held by the Subscriber and the intended method of disposition of the Covered Securities
as shall be reasonably requested by BRPM to effect the registration of the Covered Securities, and shall execute such documents
in connection with such registration as BRPM may reasonably request that are customary of a selling stockholder in similar situations.

 

    10

     

    

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to
occur of (a) such date and time as the Business Combination Agreement is terminated in accordance with its terms and (b) upon the
mutual written agreement of each of the parties hereto to terminate this Subscription Agreement; provided that nothing herein
will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled
to any remedies at law or in equity to recover losses, liabilities or damages arising from any such breach. BRPM shall promptly
notify the Subscriber of any termination of the Business Combination Agreement promptly after the termination thereof.

 

9. Additional
Agreements and Waivers of the Subscriber.

 

(a) The
Subscriber hereby acknowledges that BRPM has established a trust account (the “Trust Account”) containing the
proceeds of the IPO and from certain private placements occurring simultaneously with the IPO (including interest accrued from
time to time thereon) for the benefit of BRPM’s public stockholders and certain other parties (including the underwriters
of the IPO). For and in consideration of BRPM entering into this Subscription Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Subscriber hereby (i) agrees that it does not now and shall not
at any time hereafter have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall
not make any claim against the Trust Account, regardless of whether such claim arises as a result of, in connection with or relating
in any way to this Subscription Agreement or any other matter, and regardless of whether such claim arises based on contract, tort,
equity or any other theory of legal liability (any and all such claims are collectively referred to hereafter as the “Released
Claims”), (ii) irrevocably waives any Released Claims that it may have against the Trust Account now or in the future
as a result of, or arising out of, any negotiations, contracts or agreements with BRPM, and (iii) will not seek recourse against
the Trust Account for any reason whatsoever; provided however, that nothing in this Section 9(a) shall be deemed to limit
the Subscriber’s right to distributions from the Trust Account in accordance with BRPM’s amended and restated certificate
of incorporation in respect of Common Stock of BRPM acquired by any means other than pursuant to this Subscription Agreement.

 

(b) The
Subscriber hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any understanding with it,
shall execute any short sales or engage in other hedging transactions of any kind with respect to securities of BRPM during the
period of the date of this Subscription Agreement through the Closing.

 

    11

     

    

 

10. Miscellaneous.

 

(a) All
notices and other communications given or made pursuant to this Subscription Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if
sent by electronic mail or facsimile (if provided), during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next Business Day, (iii) five (5) business days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day after deposit with a nationally recognized
overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications
sent to BRPM shall be sent to: 299 Park Avenue, 21st Floor, New York, New York 10171, Attn: Daniel Shribman, email: dshribman@brileyfin.com,
with a copy to BRPM’s counsel at: Winston & Strawn LLP, 200 Park Avenue, New York, New York 10166, Attn: Joel L. Rubinstein,
Esq., email: jrubinstein@winston.com.

 

All communications
to the Subscriber shall be sent to the Subscriber’s address as set forth on the signature page hereof, or to such e-mail
address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section
10(a).

 

(b) Neither
this Subscription Agreement nor any rights that may accrue to the Subscriber hereunder (other than the Subscribed Shares, Incentive
Shares and Incentive Warrants acquired hereunder, if any) may be transferred or assigned. Neither this Subscription Agreement nor
any rights that may accrue to BRPM or to any Placement Agent may be transferred or assigned.

 

(c) BRPM
may request from the Subscriber such additional information as BRPM may deem necessary to evaluate the eligibility of the Subscriber
to acquire the Subscribed Shares, Incentive Shares and Incentive Warrants, and the Subscriber shall provide such information as
may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies and procedures.

 

(d) The
Subscriber acknowledges that BRPM and any Placement Agent will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, the Subscriber agrees to promptly notify BRPM if
any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate
in all material respects. The Subscriber agrees that the purchase by the Subscriber of the Subscribed Shares, Incentive Shares
and Incentive Warrants from BRPM at the Closing will constitute a reaffirmation of the acknowledgments, understandings, agreements,
representations and warranties herein (as modified by any such notice) by the Subscriber as of the time of such purchase. The Subscriber
further acknowledges and agrees that any Placement Agent is a third-party beneficiary of the representations and warranties of
the Subscriber contained in Section 6 of this Subscription Agreement. BRPM acknowledges that the Subscriber will rely on
the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior
to the Closing, BRPM agrees to promptly notify the Subscriber if any of the acknowledgements, understandings, agreements, representations
and warranties set forth herein are no longer accurate in all material respects. BRPM agrees that the sale by it of the Subscribed
Shares, Incentive Shares and Incentive Warrants to the Subscriber at the Closing will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notice) by the Subscriber as of the
time of such sale.

 

(e) Each
of BRPM and the Subscriber is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription
Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby.

 

    12

     

    

 

(f) All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(g) This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against
whom enforcement of such modification, waiver, or termination is sought.

 

(h) This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as specifically set
forth herein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto,
and their respective successor and assigns.

 

(i) Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

(j) If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

(k) This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(l) The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise.

 

    13

     

    

 

(m) THIS
SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. THE PARTIES
(I) HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE JURISDICTION OF THE STATE COURTS OF NEW YORK AND TO THE JURISDICTION OF
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING
ARISING OUT OF OR BASED UPON THIS AGREEMENT, (II) AGREE NOT TO COMMENCE ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR
BASED UPON THIS AGREEMENT EXCEPT IN STATE COURTS OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, AND (III) HEREBY WAIVE, AND AGREE NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR OTHERWISE, IN ANY SUCH SUIT, ACTION OR
PROCEEDING, ANY CLAIM THAT IT IS NOT SUBJECT PERSONALLY TO THE JURISDICTION OF THE ABOVE-NAMED COURTS, THAT ITS PROPERTY IS EXEMPT
OR IMMUNE FROM ATTACHMENT OR EXECUTION, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE
OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER OR THAT THIS SUBSCRIPTION AGREEMENT OR THE SUBJECT MATTER HEREOF MAY NOT BE ENFORCED
IN OR BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS
SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

(n) BRPM
agrees that it will not, without the prior written consent of the Subscriber, use in advertising or otherwise use publicly the
name of the Subscriber with respect to this Subscription Agreement; provided, however, that BRPM may identify the
Subscriber (i) as required by applicable law, rule or regulation, including as may be required in any securities filings made in
connection with the Business Combination and in the Registration Statement, (ii) in information and documents submitted to its
stockholders seeking required consents or waivers to transactions or other actions that require such consent or waiver, and (iii)
other non-public communications with third parties where disclosure of the capitalization of BRPM is required.

 

11. Exculpation.
The Subscriber agrees that no other subscriber for shares of Common Stock of BRPM in connection with the Business Combination,
nor any Placement Agent, shall be liable to the Subscriber for any action heretofore or hereafter taken or omitted to be taken
by any of them in connection therewith. BRPM agrees that the Subscriber shall not be liable for any action taken or omitted to
be taken by any other subscriber of shares of Common Stock in connection with the Business Combination.

 

[Signature Pages Follow]

 

    14

     

    

 

IN WITNESS WHEREOF,
each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.

 

	 	B. RILEY PRINCIPAL MERGER CORP.
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

[Signature Page to BRPM Subscription Agreement]

 

     

     

    

 

	 	SUBSCRIBER:	 
	 	 	 
	 	Print Name:	

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Address for Notices:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

Name in which shares are to be registered
(if different): ___________________________________________

 

	Number of Subscribed Shares subscribed for:	_____________________	 
	Price Per Subscribed Share:	$10.00	 
	Aggregate Purchase Price:	$____________________	 

 

[Signature Page to BRPM Subscription
Agreement] 

 

     

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF THE SUBSCRIBER

 

This Schedule A must be completed
and signed by the Subscriber and constitutes part of the Subscription Agreement

 

		A.	ACCREDITED INVESTOR STATUS 

 

(Please check the applicable boxes): 

 

		o	The Subscriber is an “accredited investor”
within the meaning of Rule 501(a) under the Securities Act for one or more of the following reasons:

 

		o	The Subscriber is a bank, as defined in Section 3(a)(2) of
the Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the
Securities Act, whether acting in an individual or a fiduciary capacity.

 

		o	The Subscriber is a broker or dealer registered under
Section 15 of the Securities Exchange Act of 1934, as amended.

 

		o	The Subscriber is an insurance company, as defined
in Section 2(13) of the Securities Act.

 

		o	The Subscriber is an 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.

 

		o	The Subscriber is a 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.

 

		o	The Subscriber is a plan established and maintained
by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions for the benefit
of its employees, if the plan has total assets in excess of $5 million.

 

		o	The Subscriber is an employee benefit plan within
the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision is being made by a plan
fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank, an insurance company, or a registered
investment adviser, or if the employee benefit plan has total assets in excess of $5 million.

 

		o	The Subscriber is a private business development company,
as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

		o	The Subscriber is a corporation, Massachusetts or
similar business trust, limited liability company, or partnership, or an organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring the Securities, and that
has total assets in excess of $5 million.

 

		o	The Subscriber is a trust with total assets in excess
of $5 million not formed for the specific purpose of acquiring the Securities, whose purchase is directed by a sophisticated person
as described in Rule 506(b)(2)(ii) under the Securities Act.

 

		o	The Subscriber is a director or executive officer
of BRPM.

 

		o	The Subscriber is a natural person whose individual
net worth, or joint net worth with that person’s spouse, at the time of his or her purchase exceeds $1,000,000. For purposes
of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset;
(b) indebtedness secured by the person’s primary residence up to the estimated fair market value of the primary residence
must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation exceeds
the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount
of such excess must be included as a liability); and (c) indebtedness that is secured by the person’s primary residence
in excess of the estimated fair market value of the residence must be included as a liability.

 

		o	The Subscriber is a 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.

 

		o	The Subscriber is an entity in which all of the equity
owners are accredited investors meeting one or more of the above tests.

 

    A-1

     

    

 

		B.	AFFILIATE STATUS 

 

(Please check the applicable box)

 

The Subscriber: 

 

		o	is:

 

		o	is not:

 

an “affiliate” (as defined in Rule 144
under the Securities Act) of BRPM or acting on behalf of an affiliate of BRPM.

 

	 	SUBSCRIBER:	 
	 	 	 
	 	Print Name:	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

A-2Document

Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES 
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of September 30, 2019, Construction Partners, Inc. (the “Company,” “we,” “us,” and “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our Class A common stock, $0.001 par value per share (“Class A Common Stock”).
Description of Capital Stock
The following is a description of the material terms of our capital stock. It does not purport to be complete and is subject to and qualified in its entirety by our Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), our Amended and Restated Bylaws, or any supplement or amendment thereto (the “Bylaws”), and the General Corporation Law of the State of Delaware (“DGCL”). Copies of the Certificate of Incorporation and Bylaws have been filed with the Securities and Exchange Commission as Exhibits 3.1 and 3.2, respectively, to our Annual Report on Form 10-K.
Authorized Capital Stock
Under the Certificate of Incorporation, our authorized capital stock consists of:
•400,000,000 shares of Class A Common Stock;
•100,000,000 shares of Class B common stock, par value $0.001 per share (“Class B Common Stock”); and
•10,000,000 shares of undesignated preferred stock, par value $0.001 per share. 
As of September 30, 2019, we had 32,597,736 shares of Class A Common Stock outstanding, 19,184,009 shares of Class B Common Stock outstanding and no shares of undesignated preferred stock issued or outstanding. As of September 30, 2019, we had reserved approximately 1,707,466 million additional shares of Class A Common Stock for issuance under our various stock and compensation incentive plans. Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated form.
Class A Common Stock
Dividend Rights
The holders of Class A Common Stock are entitled to receive dividends at the same rate if, as and when declared by our board of directors, out of our legally available assets, in cash, property, shares of our common stock or other securities, after the payment of dividends required to be paid on our outstanding preferred stock, if any. 
Voting Rights
The holders of Class A Common Stock are entitled to one vote per share. The holders of Class B Common Stock are entitled to ten votes per share.  The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters submitted to a vote of stockholders, including the election of directors, unless otherwise required by applicable law, the Certificate of Incorporation or the Bylaws. The holders of Class A Common Stock do not have cumulative voting rights in the election of directors.

Liquidation Rights
Upon our liquidation, dissolution or winding up or upon a sale or disposition of all or substantially all of our assets, the assets legally available for distribution to our stockholders will be distributable ratably among the holders of Class A Common Stock and Class B Common Stock treated as a single class, subject to the prior satisfaction of all outstanding debts and other liabilities and the preferential rights and liquidation preferences to be paid on our outstanding preferred stock, if any.
Modification of Rights 
The Certificate of Incorporation provides that we will not amend, alter, repeal or waive certain provisions of the Certificate of Incorporation, or adopt any provision inconsistent therewith or effect any reclassification of the shares of Class A Common Stock, unless such action is first approved by the affirmative vote or written consent of the holders of a majority of the then-outstanding shares of Class B Common Stock, voting as a separate class, and, to the fullest extent permitted by law, the holders of Class A Common Stock will have no right to vote thereon. However, this provision is subject to any other vote required by applicable law, and under Section 242(b)(2) of the DGCL, holders of Class A Common Stock would be entitled to vote as a class upon a proposed action, whether or not entitled to vote by the Certificate of Incorporation, if such action would increase or decrease the par value of Class A Common Stock, or alter or change the powers, preferences or special rights thereof so as to affect them adversely.
Other Matters
The holders of Class A Common Stock have no sinking fund or redemption provisions, or conversion or preemptive rights. All outstanding shares of Class A Common Stock are validly issued, fully paid and non-assessable. Class A Common Stock is not convertible into any other shares of our capital stock.
Exchange Listing
The Class A Common Stock is listed on The Nasdaq Stock Market LLC under the symbol “ROAD.”
Preferred Stock
The Certificate of Incorporation authorizes our board of directors to establish one or more series of preferred stock. Unless required by law or by any rules adopted by The Nasdaq Stock Market LLC, these authorized shares of preferred stock will be available for issuance without further action by our stockholders. Our board of directors is able to determine, with respect to any series of preferred stock, the terms and rights of such series, including dividend rights, voting rights, conversion rights, terms of redemption, liquidation rights and any other relative rights, powers and preferences, and the qualifications, limitations and restrictions thereof, of such series.
We could issue a series of preferred stock that, depending on its terms, may impede or discourage an acquisition attempt or other transaction that some, or a majority, of our stockholders might believe to be in their best interests or in which they might receive a premium over the market price for their shares of Class A Common Stock. Additionally, the issuance of preferred stock may adversely affect the holders of Class A Common Stock by restricting dividends on Class A Common Stock, diluting the voting power of Class A Common Stock or subordinating the liquidation rights of Class A Common Stock. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our Class A Common Stock.
Certain Provisions of the Certificate of Incorporation and Bylaws
The Certificate of Incorporation and Bylaws of the Company contain certain provisions that may delay, defer or prevent a change in control of the Company.

Dual Class Structure
The Certificate of Incorporation provides for a dual class structure, under which each share of our Class A Common stock has one vote per share and each share of our Class B Common Stock has ten votes per share.
Authorized but Unissued Capital Stock
The Certificate of Incorporation authorizes shares of Class A Common Stock, Class B Common Stock and preferred stock that are unissued and unreserved. 
Classified Board
The Certificate of Incorporation and Bylaws classify the Board of Directors into three classes of directors as nearly equal in number as possible, each of which will serve for three years, with one class of directors being elected each year.
Removal of Directors; Vacancies
The Certificate of Incorporation provides that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all then-outstanding shares of stock entitled to vote thereon, voting together as a single class; provided, however, that once no shares of our Class B Common Stock remain outstanding, directors may only be removed for cause, and then only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock entitled to vote thereon, voting together as a single class. In addition, the Certificate of Incorporation provides that, subject to the rights granted to one or more series of preferred stock then outstanding, if any, any vacancies on our board of directors may be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director or by the stockholders; provided, however, that once no shares of our Class B Common Stock remain outstanding, any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring on our board of directors may only be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director and not by stockholders.
Special Meetings
The Certificate of Incorporation and Bylaws provide that special meetings of our stockholders may be called only by the Chairman of the board of directors, Chief Executive Officer, the board of directors or at the request of the holders of 25% of the Class B Common Stock. The Bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting.
Advance Notice Requirement
The Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee thereof. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. The Bylaws also specify requirements as to the form and content of a stockholder’s notice. The Bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings that may have the effect of precluding the conduct of certain business at a meeting if such rules and regulations are not followed. 

Business Combinations
The Certificate of Incorporation contains provisions providing that we may not engage in certain “business combinations” with any “interested stockholder” for a three-year period following the time that such stockholder became an interested stockholder, unless:
•prior to such time, our board of directors approved either the business combination or the transaction which resulted in such stockholder becoming an interested stockholder;
•upon consummation of the transaction that resulted in such stockholder becoming an interested stockholder, such stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or
•at or subsequent to such time, the business combination is approved by our board of directors and by the affirmative vote of holders of at least 66 2/3% of our outstanding voting stock that is not owned by such stockholder.
No Cumulative Voting
The Certificate of Incorporation does not authorize cumulative voting. 
Limitation of Liability of Directors
The Certificate of Incorporation generally provides that, to the fullest extent permitted by the DGCL, no director shall be liable to the Company or its stockholders for monetary damages for breach of certain fiduciary duties as a director. Under the DGCL, a director’s liability may not be eliminated:
•for any breach(es) of the director’s duty of loyalty to us or to our stockholders;
•for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
•for certain unlawful dividend payments or stock redemptions or repurchases; and
•for any transaction from which the director derives an improper personal benefit.
•The effect of this provision is to restrict the rights of the Company and its stockholders to recover monetary damages against a director for breach of certain fiduciary duties as a director.
Supermajority Voting
The Certificate of Incorporation and the Bylaws provide that our board of directors is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part, the Bylaws without a stockholder vote in any matter. For as long as shares of our Class B Common Stock remain outstanding, any alteration, amendment, change, addition, rescission or repeal of the Bylaws by our stockholders requires the affirmative vote of a majority in voting power of the outstanding shares of our stock present in person or represented by proxy and entitled to vote on such alteration, amendment, change, addition, rescission or repeal. Once no shares of our Class B Common Stock remain outstanding, any alteration, amendment, change, addition, rescission or repeal of the Bylaws by our stockholders requires the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of our stock entitled to vote thereon, voting together as a single class.
The Certificate of Incorporation provides that once no shares of our Class B common stock remain outstanding, certain provisions of the Certificate of Incorporation may be altered, amended, changed, added to, rescinded or repealed only by the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of our stock entitled to vote thereon, voting together as a single class.

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