Document:

Exhibit 10.1

 

SHAREHOLDERS’ AND REGISTRATION RIGHTS AGREEMENT

 

THIS SHAREHOLDERS’
AND REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the “Agreement”),
dated as of March 21, 2016, is made by and among TPG and WLRS (each as defined herein) (collectively, the “Sponsors”)
and WL Ross Holding Corp., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, on the date
hereof, the Company has entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), among
the Company, Neon Acquisition Company, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“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 (“NS
Holdings”), TPG Accolade Delaware, L.P., a Delaware limited partnership (“Blocker”), and Nexeo Holdco,
LLC, a Delaware limited liability company (“New Holdco”), pursuant to which (x) Blocker Merger Sub will merge
with and into Blocker and (y) Company Merger Sub will merge with and into NS Holdings (the mergers contemplated by clauses (x)
and (y), together, the “Mergers”); and

 

WHEREAS, on the date
hereof, the parties hereto desire to set forth their agreement with respect to governance, registration rights and certain other
matters.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.1           
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Adverse Disclosure”
means public disclosure of material non-public information which, in the Board of Directors’ good faith judgment, after consultation
with independent outside counsel to the Company, (i) would be required to be made in any Registration Statement filed with the
SEC by the Company so that such Registration Statement would not be materially misleading; (ii) would not be required to be made
at such time but for the filing of such Registration Statement; and (iii) the Company has a bona fide business purpose for
not disclosing publicly.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person. For these purposes, “control” shall mean the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise; provided that no Shareholder shall be deemed an Affiliate of the Company or any of its subsidiaries
for purposes of this Agreement.

 

     

     

    

 

“Affiliated
Officer” means an officer of the Company affiliated with any of TPG or WLRS.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Articles
of Incorporation” means the Amended and Restated Certificate of Incorporation of the Company.

 

“Board of
Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are authorized
or obligated by law or executive order to close.

 

“Bylaws”
means the bylaws of the Company.

 

“Closing Date”
has the meaning given to such term in the Merger Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common Stock”
means the shares of common stock of the Company, including Founder Shares and any shares of common stock of the Company issuable
upon the exercise of any warrant or other right to acquire shares of common stock of the Company.

 

“Company”
has the meaning set forth in the preamble.

 

“Company Merger”
has the meaning given to such term in the Merger Agreement.

 

“Company Merger
Consideration Portion” has the meaning given to such term in the Merger Agreement.

 

“Company Merger
Effective Time” has the meaning given to such term in the Merger Agreement.

 

“Company Shares”
means the shares of common stock or other equity securities of the Company, including Founder Shares (whether or not such Founder
Shares may be Transferred pursuant to Section 5.1(b)), and any securities into which such shares of common stock or other
equity securities shall have been changed or any securities resulting from any reclassification or recapitalization of such shares
of common stock or other equity securities.

 

“Confidential
Information” has the meaning set forth in Section 3.5.

 

“Early Payment
Target Price” has the meaning set forth in Section 4.1(g)(i).

 

“Early Trigger
Date” has the meaning set forth in Section 4.1(g)(i).

 

“Early Trigger
Offering” has the meaning given to such term in the Merger Agreement.

 

“Early Trigger
Offering Proceeds” has the meaning set forth in Section 4.1(g)(i).

 

    	 	2	 

     

    

 

“Equity Financing”
shall have the meaning given to such term in the Merger Agreement.

 

“Excess Shares”
has the meaning given to such term in the Merger Agreement.

 

“Excess Share
Shelf Registration Statement” has the meaning set forth in Section 4.1(a)(ii).

 

“Excess Share
Shelf Period” has the meaning set forth in Section 4.1(b)(ii).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time.

 

“Final Determination”
means (a) a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree
or other order has become final, (b) a closing agreement made under Section 7121 of the Code (or a comparable agreement under the
laws of a state, local or foreign taxing jurisdiction) with the relevant Governmental Authority or other administrative settlement
with or final administrative decision by the relevant Governmental Authority, (c) a final disposition of a claim for refund, or
(d) any agreement between TPG and the Company which they agree will have the same effect as an item in (a), (b) or (c) for purposes
of this Agreement.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Founder Share
Consideration” has the meaning given to such term in the Merger Agreement.

 

“Founder Shares”
means (i) the 12,476,250 shares of Common Stock issued to WLRS pursuant to that certain Amended and Restated Subscription Agreement
between WLRS and the Company, dated as of April 4, 2014, and outstanding as of the date of this Agreement and (ii) any shares
of Common Stock issued as Founder Share Consideration in the Merger Agreement.

 

“Fund Indemnitor”
has the meaning set forth in Section 3.2(k).

 

“Governmental
Authority” has the meaning given to such term in the Merger Agreement.

 

“Holder”
means any holder of Registrable Securities who is a party hereto or who succeeds to rights hereunder pursuant to Article VII.

 

“Holding Period”
has the meaning set forth in Section 5.1(a).

 

“Indemnification
Agreement” means an Indemnification Agreement in a form mutually acceptable to WLRS and TPG.

 

“Indemnitee”
has the meaning set forth in Section 3.2(k).

 

    	 	3	 

     

    

 

“Issuer Free
Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating
to an offer of the Registrable Securities.

 

“Issuer Public
Sale” has the meaning set forth in Section 4.2(a).

 

“Loss”
has the meaning set forth in Section 4.8(a).

 

“Merger”
has the meaning set forth in the recitals.

 

“Merger Agreement”
has the meaning set forth in the recitals.

 

“Necessary
Action” means, with respect to any party and a specified result, all actions (to the extent such actions are permitted
by law and within such party’s control) necessary to cause such result, including (i) voting or providing a written consent
or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and amendments to the
organizational documents of the Company, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with
governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve
such result.

 

“New Holdco”
has the meaning set forth in the recitals.

 

“Non-Private
Equity Business” shall mean any business or investment of a Shareholder and its Affiliates distinct from the private
equity business of such Shareholder and its Affiliates to the extent not under the control of such Shareholder, its controlled
Affiliate or Affiliated management vehicle; provided, that such business or investment shall not be deemed to be distinct
from such private equity business if and at such time that (a) any confidential information with respect to the Company or its
Subsidiaries is made available to investment professionals of such Shareholder and its Affiliates who are not involved in the private
equity business and who are involved in such other business or investment or (b) such Shareholder or any of its Affiliates instructs
any such business or investment to take any action that would violate any provision of this Agreement had such action been taken
directly by such Shareholder.

 

“Outside Date”
has the meaning set forth in Section 4.1(g)(ii).

 

“Outside Date
Offering” has the meaning given to such term in the Merger Agreement.

 

“Outside Date
Offering Proceeds” has the meaning set forth in Section 4.1(g)(ii).

 

“Permitted
Transferee” means, with respect to any Person, (i) the direct or indirect partners, members, equity holders or other
Affiliates of such Person, or (ii) any of such Person’s related investment funds or vehicles
controlled or managed by such Person or Affiliate of such Person.

 

“Person”
means any individual, partnership, limited liability company, corporation, trust, association, estate, unincorporated organization
or a government or any agency or political subdivision thereof.

 

“Piggyback
Notice” has the meaning set forth in Section 4.2(a).

 

    	 	4	 

     

    

 

“Piggyback
Registration” has the meaning set forth in Section 4.2(a).

 

“Piggyback
Request” has the meaning set forth in Section 4.2(a).

 

“PIPES Holders”
has the meaning set forth in Section 4.2(c).

 

“PIPES
Underwritten Offering” has the meaning set forth in Section 4.2(c).

 

“Potential
Takedown Participant” has the meaning set forth in Section 4.1(g)(iii).

 

“Pre-Closing
Pass-Through Returns” has the meaning set forth in Section 6.2.

 

“Prior Agreement”
means the Registration Rights Agreement, dated June 5, 2014, by and among the Company and WLRS.

 

“Proposed
Charter Amendment” has the meaning set forth in Section 3.2(a).

 

“Proposed
Transfer” has the meaning set forth in Section 5.3.

 

“Proposed
Transferee” has the meaning set forth in Section 5.3.

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments, and all other material incorporated by reference in such prospectus.

 

“Proxy Statement”
has the meaning given to such term in the Merger Agreement.

 

“Purchase
Price Allocation” has the meaning given to such term in Section 6.1.

 

“Qualifying
Shareholder” means each of TPG and WLRS, so long as such Sponsor holds at least three percent (3%) of the Company Shares.

 

“Registrable
Securities” means any Company Shares held by any Holder and any securities held by any Holder that may be issued or distributed
or be issuable in respect of Company Shares by way of conversion, dividend, stock split or other distribution, merger, consolidation,
exchange, recapitalization or reclassification or similar transaction; provided, however, that any such Registrable
Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement with respect to the sale of such
Registrable Securities has become effective under the Securities Act and such Registrable Securities have been disposed of in accordance
with the plan of distribution set forth in such Registration Statement, (ii) such Registrable Securities have been sold to the
public pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act or (iii) such Registrable Securities
shall have been otherwise Transferred and new certificates for them not bearing a legend restricting Transfer under the Securities
Act shall have been delivered by the Company and such securities may be publicly resold without Registration under the Securities
Act without volume limitations or any other restrictions.

 

“Registration”
means a registration with the SEC of any Company Shares for offer and sale to the public under a Registration Statement. The terms
“Register” and “Registering” shall have correlative meanings.

 

“Registration
Expenses” has the meaning set forth in Section 4.7.

 

    	 	5	 

     

    

 

“Registration
Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and
regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration
statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration
statement other than a registration statement (and related Prospectus) filed on Form S-8 or any successor form thereto.

 

“Remaining
Excess Shares” has the meaning set forth in Section 4.1(g)(ii).

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“SEC”
means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time.

 

“Selling Equityholders”
has the meaning set forth in the Merger Agreement.

 

“Shareholder”
means any holder of Company Shares that is or becomes a party to this Agreement from time to time in accordance with the provisions
hereof.

 

“Shelf Registration”
means a Registration effected pursuant to Section 4.1.

 

“Shelf Registration
Statement” means a Registration Statement of the Company filed with the SEC on either (i) Form S-3 (or any successor
form or other appropriate form under the Securities Act) or (ii) if the Company is not permitted to file a Registration Statement
on Form S-3, an evergreen Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities
Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar
rule that may be adopted by the SEC) covering the Registrable Securities, as applicable.

 

    	 	6	 

     

    

 

“Shelf Suspension”
has the meaning set forth in Section 4.1(c).

 

“Shelf Takedown
Notice” has the meaning set forth in Section 4.1(g)(iii).

 

“Shelf Takedown
Request” has the meaning set forth in Section 4.1(g)(i).

 

“Sponsor”
has the meaning set forth in the preamble.

 

“Sponsor Director”
means any director designated for nomination by TPG or WLRS.

 

“Sponsor Shelf
Registration Statement” has the meaning set forth in Section 4.1(a)(i).

 

“Sponsor Shelf
Period” has the meaning set forth in Section 4.1(b)(i).

 

“Staggered
Board Amendment” has the meaning set forth in Section 3.1.

 

“Tax”
means any tax, charge, fee, levy, penalty or other assessment imposed by any U.S. federal, state, local or foreign taxing authority,
including any excise, property, income, sales, transfer, margin, franchise, or other tax, including any interest, penalties or
additions attributable thereto.

 

“Tax Proceeding”
has the meaning set forth in Section 6.3.

 

“Tax Return”
means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule
or attachment thereto and any amendment thereof.

 

“Tagging Holder”
has the meaning set forth in Section 5.3.

 

“TPG”
means, collectively, New Holdco and each of its Affiliates that is or becomes a Shareholder hereunder, and each such Person is
referred to individually as a “TPG Group Member”.

 

“TPG Director”
has the meaning set forth in Section 3.2(a).

 

“TPG Representative”
has the meaning set forth in Section 7.14.

 

“Transaction
Proposals” has the meaning given to such term in the Merger Agreement.

 

“Transfer”
means the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, encumber, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b); and “Transferred,” “Transferee”
and “Transferability” shall each have a correlative meaning.

 

“Transferring
Holder” has the meaning set forth in Section 5.3.

 

“Treasury
Regulations” means the regulations promulgated by the U.S. Department of the Treasury pursuant to and in respect of provisions
of the Code.

 

“Unaffiliated
Director” means a director that meets the independence criteria set forth in Rule 10A-3 under the Exchange Act.

 

    	 	7	 

     

    

 

“Underwritten
Offering” means a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm
commitment basis for reoffering to the public, including any block sale to a financial institution conducted as an underwritten
public offering.

 

“Underwritten
Shelf Takedown” has the meaning set forth in Section 4.1(e).

 

“WLRS”
means WL Ross Sponsor LLC and each of its Affiliates (other than Invesco Ltd. or any of its affiliated funds (not managed by WL
Ross & Co. LLC) that is or becomes a Shareholder hereunder.

 

“WLRS Director”
has the meaning set forth in Section 3.2(a).

 

Section 1.2           
Other Interpretive Provisions.

 

(a)               
 The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)              
The words “hereof”, “herein”, “hereunder” and similar words refer
to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are
to this Agreement unless otherwise specified.

 

(c)               
The term “including” is not limiting and means “including without limitation.”

 

(d)              
The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

(e)               
Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

Article
II

REPRESENTATIONS AND WARRANTIES

 

Except as otherwise
set forth in the Merger Agreement (including the disclosure schedules thereto), each of the parties to this Agreement hereby represents
and warrants to each other party to this Agreement that as of the date such party executes this Agreement:

 

Section 2.1           
Existence; Authority; Enforceability. Such party has the power and authority to enter into this Agreement and to
carry out its obligations hereunder. Such party is duly organized and validly existing under the laws of its respective jurisdiction
of organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized
by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or
the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by it and constitutes its
legal, valid and binding obligations, enforceable against it in accordance with its terms.

 

Section 2.2           
Absence of Conflicts. The execution and delivery by such party of this Agreement and the performance of its obligations
hereunder does not and will not (a) conflict with, or result in the breach of any provision of the constitutive documents of such
party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time,
or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional
payment obligation, under the terms of any contract, agreement or permit to which such party is a party or by which such party’s
assets or operations are bound or affected; or (c) violate any law applicable to such party.

 

    	 	8	 

     

    

 

Section 2.3           
Consents. Other than any consents which have already been obtained, no consent, waiver, approval, authorization,
exemption, registration, license or declaration is required to be made or obtained by such party in connection with (a) the execution,
delivery or performance of this Agreement or (b) the consummation of any of the transactions contemplated herein.

 

Article
III

GOVERNANCE

 

Section 3.1           
Stockholder Support. WLRS shall vote, and shall cause each of its Affiliates to vote, all of their Company Shares
in favor of the Transaction Proposals.

 

Section 3.2           
Board of Directors.

 

(a)               
Charter Amendments. It is the intention of the Shareholders and the Company that the Company be obligated to cooperate
with the Shareholders to cause certain amendments to the Articles of Incorporation, as amended, to be effected in connection with
the Mergers. Accordingly, in the event that the Mergers are approved but any of the proposed amendments in the related Form of
Amended and Restated Certificate of Incorporation set forth as Exhibit C to the Merger Agreement and individually set forth
as a voting item in the Proxy Statement (the “Proposed Charter Amendments”) are not, the Company shall, upon
the written request of either Sponsor, cooperate with respect to the calling and holding of any additional meetings of the stockholders
of the Company, and the preparation, filing and mailing of any additional proxy materials, to seek the approval of the holders
of Common Stock necessary to effect any of the Proposed Charter Amendments; provided, however that in no event shall the
obligation of the Company set forth in this Section 3.2(a) require the Company to cooperate with respect to the calling
and holding of more than two special meetings of the Company’s stockholders to effect the Proposed Charter Amendments. The
Shareholders shall vote, and shall cause each of their Affiliates to vote, all of their Company Shares in favor of any such proposal
or action in furtherance of any Proposed Charter Amendments.

 

(b)              
Composition of the Board. The Shareholders and the Company shall take all Necessary Action to cause the Board of
Directors to be comprised of nine (9) directors, (A) two (2) of whom have been designated by TPG, initially Christopher Yip
and Nathan Wright and thereafter designated pursuant to Section 3.2(c) of this Agreement (each, a “TPG Director”),
(B) two (2) of whom have been designated by WLRS, initially Wilbur L. Ross, Jr. and one additional director selected by WLRS and
thereafter pursuant to Section 3.2(d) of this Agreement (each, a “WLRS Director”), provided
that (i) subject to the last sentence of Section 3.2(d), one of the WLRS Directors shall be an “independent director”
under the NASDAQ listing standards and (ii) Wilbur L. Ross, Jr. shall serve as Chairman of the Board for so long as he remains
a director, (C) one (1) of whom shall be the Chief Executive Officer, initially David Bradley, and (D) four (4) of whom shall be
Unaffiliated Directors immediately following the completion of the Mergers, initially Dan Smith, Kenneth Burke, and the remaining
directors shall be designated by WLRS prior to the Closing Date, subject to the consent of TPG, not to be unreasonably withheld
conditioned or delayed.

 

    	 	9	 

     

    

 

(i)                
In the event that the Proposed Charter Amendment to divide the Board of Directors into three classes is not approved in
connection with the Mergers (the “Staggered Board Amendment”), the Shareholders and the Company shall take
all Necessary Action to cause the foregoing directors to be divided into the two existing classes of directors, each of which directors
shall serve for staggered two-year terms as follows:

 

(A)            
the class I directors shall include: one (1) TPG Director, one (1) WLRS Director and two (2) Unaffiliated Directors (one
appointed by TPG and one appointed by WLRS); and

 

(B)             
the class II directors shall include: one (1) TPG Director, one (1) WLRS Director, the Chief Executive Officer and two (2)
Unaffiliated Directors (one appointed by TPG and one appointed by WLRS).

 

(ii)              
In the event that the Staggered Board Amendment is approved in connection with the Mergers or at a subsequent shareholder
meeting called in accordance with Section 3.2(a), upon the effectiveness of the Staggered Board Amendment, the Shareholders
and the Company shall take all Necessary Action to cause the foregoing directors to be divided into three classes of directors,
each of which directors shall serve for staggered three year-terms as follows:

 

(A)            
the class I directors shall include: one (1) TPG Director, one (1) Unaffiliated Director and the Chief Executive Officer;

 

(B)             
the class II directors shall include: one (1) TPG Director, one (1) WLRS Director and one (1) Unaffiliated Director; and

 

(C)             
the class III directors shall include: one (1) WLRS Director and two (2) Unaffiliated Directors.

 

The initial term of the class I directors
shall expire immediately following the Company’s 2016 annual meeting of stockholders at which directors are elected. The
initial term of the class II directors shall expire immediately following the Company’s 2017 annual meeting of stockholders
at which directors are elected. The initial term of the class III directors, if any, shall expire immediately following the Company’s
2018 annual meeting at which directors are elected.

 

(c)               
TPG Representation. For so long as TPG holds at least the percentage of Common Stock (on a fully diluted basis, including
equity securities exercisable into Common Stock and the Founder Shares) shown below, the Company shall, and the Sponsors shall
take all Necessary Action to, include in the slate of nominees recommended by the Board of Directors for election as directors
at each applicable annual or special meeting of shareholders at which directors are to be elected that number of individuals designated
by TPG that, if elected, will result in TPG having the number of directors serving on the Board of Directors that is shown below.

 

    	 	10	 

     

    

 

	Percent of Common Stock Owned	 	Number of TPG Directors
	7.5% or greater	 	2
	3% or greater, up to 7.5%	 	1

 

(d)              
WLRS Representation. For so long as WLRS holds at least the percentage of Common Stock (on a fully diluted basis,
including equity securities exercisable into Common Stock) shown below, the Company shall, and the Sponsors shall take all Necessary
Action to, include in the slate of nominees recommended by the Board of Directors for election as directors at each applicable
annual or special meeting of shareholders at which directors are to be elected that number of individuals designated by WLRS that,
if elected, will result in WLRS having the number of directors serving on the Board of Directors that is shown below. In the event
that WLRS shall be entitled to designate only one director, such director may be, but shall not be required to be, an “independent
director” under the NASDAQ listing standard.

 

	Percent of Common Stock Owned	 	Number of WLRS Directors
	7.5% or greater	 	2
	3% or greater, up to 7.5%	 	1

 

(e)               
Unaffiliated Directors. Following the closing of the Merger, the nomination of Unaffiliated Directors at subsequent
annual meetings will be the responsibility of the Nominating and Governance Committee of the Board of Directors.

 

(f)               
Decrease in Directors. Upon any decrease in the number of directors that a Sponsor is entitled to designate for nomination
to the Board of Directors, such Sponsor shall take all Necessary Action to cause the appropriate number of Sponsor Directors to
offer to tender their resignation, effective as of the Company’s next annual meeting. If such resignation is then accepted
by the Board of Directors, the Company and the Sponsors shall take all Necessary Action to cause the authorized size of the Board
of Directors to be reduced accordingly. For the avoidance of doubt, any Sponsor Director resigning pursuant to this Section 3.2(f)
shall be permitted to continue serving as a Sponsor Director until the Company’s next annual meeting.

 

(g)              
Removal; Vacancies. Except as provided in Section 3.2(f), and subject to the Articles of Incorporation, (i)
each Sponsor shall have the exclusive right to remove its designees from the Board of Directors, and the Company and the Sponsors
shall take all Necessary Action to cause the removal of any such designee at the request of the designating Sponsor and (ii) each
Sponsor shall have the exclusive right to designate directors for election to the Board of Directors to fill vacancies created
by reason of death, removal or resignation of its designees to the Board of Directors, and the Company and the Sponsors shall take
all Necessary Action to cause any such vacancies to be filled by replacement directors designated by such designating Sponsor as
promptly as reasonably practicable. For the avoidance of doubt and notwithstanding anything to the contrary in this paragraph,
no Sponsor shall have the right to designate a replacement director, and the Company and the Sponsors shall not be required to
take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee
to the Board of Directors would result in a number of directors designated by such Sponsor in excess of the number of directors
that such Sponsor is then entitled to designate for membership on the Board of Directors pursuant to this Agreement.

 

    	 	11	 

     

    

 

(h)              
Additional Unaffiliated Directors. For so long as any Sponsor has the right to designate at least one (1) director
for nomination under this Agreement, the Company will take all Necessary Action to ensure that the number of directors serving
on the Board of Directors shall not exceed nine (9); provided, that the number of directors may be increased if necessary
to satisfy the requirements of applicable laws and stock exchange regulations.

 

(i)                
Committees. Subject to applicable laws and stock exchange regulations, each of TPG and WLRS shall have the right
to have a representative appointed to serve on each committee of the Board of Directors other than the audit committee for so long
as such Sponsor has the right to designate at least one (1) director for election to the Board of Directors. The Shareholders and
the Company shall take all Necessary Action to cause the initial composition of certain committees of the Board of Directors to
be agreed between WLRS, the Company and TPG prior to the Closing.

 

(j)                
Reimbursement of Expenses. The Company shall reimburse the directors for all reasonable out-of-pocket expenses incurred
in connection with their attendance at meetings of the Board of Directors and any committees thereof, including travel, lodging
and meal expenses.

 

(k)              
Indemnification Agreements; D&O Insurance; Indemnification Priority. On or prior to the date of this Agreement
the Company shall, and shall cause each WLR Company (to be defined in the Indemnification Agreement) to, execute and deliver to
each Sponsor Director serving as a director of the Company as of the date hereof, an Indemnification Agreement. From and after
the date hereof, simultaneously with any person becoming a Sponsor Director, the Company shall, and shall cause each WLR Company
to, execute and deliver to each such Sponsor Director an Indemnification Agreement dated the date such Sponsor Director becomes
a director of the Company. The Company shall obtain, on commercially reasonable terms and following consultation with TPG, director
and officer indemnity insurance that is customary for similarly-situated companies and sufficient, in each case to TPG’s
reasonable satisfaction. The Company hereby acknowledges that any director, officer or other indemnified person covered by any
such indemnity insurance policy (any such Person, an “Indemnitee”) may have certain rights to indemnification,
advancement of expenses and/or insurance provided by any of the Sponsors and certain of their respective Affiliates (collectively,
the “Fund Indemnitors”). The Company hereby agrees (i) that the Company and its subsidiaries shall be the indemnitors
of first resort (i.e., their respective obligations to an Indemnitee shall be primary and any obligation of any Fund Indemnitor
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee shall be secondary)
and the obligation of the Company and its subsidiaries to indemnify and advance expenses to an Indemnitee shall be joint and several,
and (ii) the Company irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by the Fund Indemnitors on behalf of an Indemnitee with respect to any claim for which such Indemnitee
has sought indemnification from the Company or any of its subsidiaries, as the case may be, shall affect the foregoing and the
Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of
the rights of recovery of such Indemnitee against the Company or any of its subsidiaries, as the case may be.

 

    	 	12	 

     

    

 

Section 3.3           
Voting Agreement. Each of the Company and the Sponsors agrees not to take any actions that would affect the provisions
of this Agreement and the intention of the parties with respect to the composition of the Board of Directors as herein stated.
Each Sponsor agrees to cast all votes to which such Sponsor is entitled in respect of its Company Shares, whether at any annual
or special meeting, by written consent or otherwise, so as to cause to be elected to the Board of Directors those individuals designated
in accordance with this Article III and to otherwise effect the intent of this Article III. Each Sponsor agrees not
to take action to remove each other’s director nominees from office pursuant to Section 5.4 of the Articles of Incorporation
unless such removal is for cause.

 

Section 3.4           
Standstill Agreement.

 

(a)               
Each Sponsor agrees that, until three (3) months after the date that such Sponsor no longer maintains the right to nominate
two directors pursuant to Section 3.2(c) or Section 3.2(d), as the case may be, without the prior written approval
of at least a majority of the members of the Board of Directors, such Sponsor shall not, and shall cause its controlled Affiliates
not to (other than, in the case of TPG, any Non-Private Equity Business of TPG or its Affiliates), directly or indirectly:

 

(i)                
acquire, agree to acquire, propose or offer to acquire, or facilitate the acquisition of, any Company Shares (other than
acquisitions involving no more than 3% of the fully-diluted voting power of the Common Stock), other than as a result of any stock
split, stock dividend or subdivision of Company Shares or in connection with any of the transactions contemplated by the Merger
Agreement, including the Equity Financing (as defined therein);

 

(ii)              
deposit any Common Stock into a voting trust or similar contract or subject any Company Shares to any voting agreement,
pooling arrangement or similar arrangement or other contract, or grant any proxy with respect to any Common Stock;

 

(iii)            
other than in connection with any matter recommended by the Board of Directors, enter, agree to enter or propose or offer
to enter into any merger, business combination, recapitalization, restructuring, change in control transaction or other similar
extraordinary transaction involving the Company or any of its subsidiaries or an acquisition of 10% or more of the assets of the
Company and its subsidiaries;

 

(iv)            
other than in connection with any matter recommended by the Board of Directors, make or participate or engage in (subject
to Section 3.4(b))), any “solicitation” of “proxies” (as such terms are defined under Regulation
14A under the Exchange Act, disregarding clause (iv) of Rule 14a-1(l)(2) and including any otherwise exempt solicitation pursuant
to Rule 14a-2(b)) to vote any Common Stock;

 

    	 	13	 

     

    

 

(v)              
publicly disclose any intention, plan, arrangement or other contract prohibited by, or inconsistent with, the foregoing;

 

(vi)            
advise or knowingly assist or knowingly encourage or enter into any negotiations or agreements or other contracts with any
other persons in connection with the foregoing; or

 

(vii)          
with respect to any of the foregoing, (x) form, join or in any way participate in (subject to Section 3.4(b)) a “group”
(within the meaning of Section 13(d)(3) of the Exchange Act and the rules and regulations thereunder) with respect to any Common
Stock; (y) call, or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action
by stockholders of the Company with respect to any of the foregoing or (z) directly or indirectly, take any action that would reasonably
be expected to require the Company to make a public announcement regarding the possibility of a business combination, merger, sale
of assets or other type of transaction or matter described in this Section 3.4.

 

(b)              
Notwithstanding the foregoing provisions of this Section 3.4, the foregoing provisions shall not, and are not intended
to:

 

(i)                
prohibit a Sponsor or its controlled Affiliates from privately communicating with, including making any offer or proposal
to, the Board of Directors;

 

(ii)              
restrict in any manner how a Sponsor or its controlled Affiliates vote their Common Stock or other Company securities, except
as provided in Section 3.3;

 

(iii)            
restrict the manner in which any TPG Director or WLRS Director, as the case may be, may (A) vote on any matter submitted
to the Board of Directors or the stockholders of the Company, (B) participate in deliberations or discussions of the Board of Directors
(including making suggestions or raising issues to the Board) in his or her capacity as a member of the Board of Directors, or
(C) take actions required by his or her exercise of legal duties and obligations as a member of the Board of Directors or refrain
from taking any action prohibited by his or her legal duties and obligations as a member of the Board of Directors, provided
that foregoing shall not limit Sponsor's obligations hereunder; or

 

(iv)            
restrict any Sponsor or any of its Permitted Transferees from selling or transferring any of their Company Shares to any
Permitted Transferees of such Sponsor or any successor of such Sponsor that, in any such case, agrees to be bound by the provisions
contained in this Agreement.

 

(c)               
Each of the parties hereto acknowledges and agrees that, if the Board of Directors (or the applicable subsidiary board of
directors or equivalent) resolves to engage in a formal process to sell the Company or any of its subsidiaries or any of their
material assets, then the Company shall provide each Sponsor that is subject to the provisions of Section 3.4(a) with an
invitation to participate in such process, on substantially the same basis generally applicable to other participants in such process,
in accordance with and subject to the rules and procedures of such process put in place by the Board of Directors (or the applicable
subsidiary board of directors or equivalent); provided, however, that the restrictions set forth in Section 3.4(a)
shall not be suspended or waived pursuant to this Section 3.4(d) if such Sponsor took any action in violation of Section
3.4(a) to cause the Board of Directors (or the applicable subsidiary board of directors or equivalent) to engage in such process
to sell the Company or any of its subsidiaries or any of their material assets.

 

    	 	14	 

     

    

 

Section 3.5           
Sharing of Information. To the extent permitted by antitrust, competition or any other applicable law, each Shareholder
agrees and acknowledges that the directors designated by TPG and WLRS may share confidential, non-public information (“Confidential
Information”) about the Company and its subsidiaries with TPG and WLRS, respectively. Each Shareholder recognizes that
it, or its Affiliates and Representatives, has acquired or will acquire Confidential Information the use or disclosure of which
could cause the Company substantial loss and damages that could not be readily calculated and for which no remedy at law would
be adequate. Accordingly, each Shareholder covenants and agrees with the Company that it will not (and will cause its respective
Affiliates and Representatives not to) at any time, except with the prior written consent of the Company, directly or indirectly,
disclose any Confidential Information known to it, unless (i) such information becomes known to the public through no fault of
such Shareholder, (ii) disclosure is required by applicable law or court of competent jurisdiction or requested by a governmental
agency, provided that such Shareholder promptly notifies the Company of such disclosure and takes reasonable steps to minimize
the extent of any such required disclosure, (iii) such information was available or becomes available to such Shareholder before,
on or after the date hereof, without restriction, from a source (other than the Company) without any breach of duty to the Company
or (iv) such information was independently developed by the Shareholder or its representatives without the use of the Confidential
Information. Notwithstanding anything herein to the contrary, nothing in this Agreement shall prohibit a Shareholder from disclosing
Confidential Information to any Affiliate, Representative, limited partner, member or shareholder of such Shareholder; provided,
that such Shareholder shall be responsible for any breach of this Section 3.5 by any such person.

 

Article
IV

REGISTRATION RIGHTS

 

Section 4.1           
Shelf Registration.

 

(a)               
Filing.

 

(i)                
As promptly as practicable following the completion of the Mergers, but in any event within fifteen (15) days following
the Mergers, the Company shall file with the SEC a Shelf Registration Statement relating to the offer and sale of all Registrable
Securities owned by TPG, WLRS and any Permitted Transferees of TPG and WLRS who are Holders of Registrable Securities within seven
(7) days following the Mergers (the “Sponsor Shelf Registration Statement”). As promptly as practicable thereafter,
the Company shall use its reasonable best efforts to cause such Sponsor Shelf Registration Statement to become effective under
the Securities Act. TPG, WLRS and any Permitted Transferee with Registrable Securities to be included in the Shelf Registration
Statement shall furnish to the Company such information in writing as the Company may reasonably request for inclusion in the Sponsor
Shelf Registration Statement.

 

    	 	15	 

     

    

 

(ii)              
As promptly as practicable following the completion of the Mergers, but in any event within fifteen (15) days following
the Mergers, the Company shall file with the SEC a Shelf Registration Statement relating to the primary offer and sale of a number
of shares of Common Stock that is no less than the number of Excess Shares calculated in accordance with Section 2.3(b) and Section
2.9 of the Merger Agreement (such Shelf Registration Statement, the “Excess Share Shelf Registration Statement”).
As promptly as practicable thereafter, the Company shall use its reasonable best efforts to cause such Excess Share Shelf Registration
Statement to become effective under the Securities Act.

 

(b)              
Continued Effectiveness.

 

(i)                
The Company shall use its reasonable best efforts to keep such Sponsor Shelf Registration Statement continuously effective
under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Holders until the date as of
which all Registrable Securities have been sold pursuant to the Sponsor Shelf Registration Statement or another Registration Statement
is filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities
Act and Rule 174 thereunder) (such period of effectiveness, the “Sponsor Shelf Period”). Subject to Section
4.1(c), the Company shall not be deemed to have used its reasonable best efforts to keep the Sponsor Shelf
Registration Statement effective during the Sponsor Shelf Period if the Company voluntarily takes any action or omits to take any
action that would result in Holders of the Registrable Securities covered thereby not being able to offer and sell any Registrable
Securities pursuant to such Sponsor Shelf Registration Statement during the Sponsor Shelf Period, unless such action or omission
is required by applicable law

 

(ii)              
The Company shall use its reasonable best efforts to keep the Excess Share Shelf Registration Statement continuously effective
under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by the Company until the Company
has satisfied all payment obligations due to the Selling Equityholders under Section 2.3(b) and Section 2.9 of the Merger Agreement
with respect to the Excess Shares (such period of effectiveness, the “Excess Share Shelf Period”). Subject to
Section 4.1(c), the Company shall not be deemed to have used its reasonable best efforts to keep the Excess Share Shelf
Registration Statement effective during the Excess Share Shelf Period if the Company voluntarily takes any action or omits to take
any action that would result in the Company not being able to offer and sell any shares of Common Stock pursuant to such Excess
Share Shelf Registration Statement when required pursuant to Section 2.9 of the Merger Agreement during the Excess Share Shelf
Period, unless such action or omission is required by applicable law.

 

(c)               
Subsequent Shelf Registration. If any Shelf Registration Statement ceases to be effective under the Securities Act
for any reason at any time during the Sponsor Shelf Period or Excess Share Shelf Period, as applicable (and either such period,
a “Shelf Period”), the Company shall use its reasonable best efforts to as promptly as is reasonably practicable
cause such Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal
of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its reasonable best efforts to as
promptly as is reasonably practicable amend such Shelf Registration Statement in a manner reasonably expected to result in the
withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional registration statement
(a “Subsequent Shelf Registration”) for (x) in the case of the Sponsor Shelf Registration Statement, an offering
to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time
by the Holders thereof of all securities that are Registrable Securities as of the time of such filing or (y) in the case of the
Excess Share Shelf Registration Statement, a primary offering of Excess Shares by the Company in an amount calculated in accordance
with Section 2.3(b) and Section 2.9 of the Merger Agreement. If a Subsequent Shelf Registration is filed, the Company shall use
its reasonable best efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly
as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration continuously effective and
usable until the end of the Sponsor Shelf Period or Excess Share Shelf Period, as the case may be. Any such Subsequent Shelf Registration
shall be a registration statement on Form S-3 or Form S-1 to the extent that the Company is eligible to use such form. Otherwise,
such Subsequent Shelf Registration shall be on another appropriate form and shall provide for the registration of such Registrable
Securities or Excess Shares for resale by the Holders in accordance with any reasonable method of distribution elected by the Sponsors
or for sale by the Company, as the case may be.

 

    	 	16	 

     

    

 

(d)              
Suspension of Registration. If the continued use of Sponsor Shelf Registration Statement or Excess Share Shelf Registration
Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt prior written
notice of such action to the Holders and the TPG Representative, suspend use of any such Shelf Registration Statements (a “Shelf
Suspension”); provided, however, that the Company shall not be permitted to exercise a Shelf Suspension
(i) more than one time during any twelve (12)-month period, or (ii) for a period exceeding thirty (30) days on any one occasion.
In the case of a Shelf Suspension, upon receipt of the notice referred to above, (a) the Holders agree to suspend use of the applicable
Prospectus and any Issuer Free Writing Prospectuses in connection with any sale or purchase of, or offer to sell or purchase, Registrable
Securities and (b) the Selling Equityholders agree to suspend any obligations of Parent to issue Common Stock pursuant to Section
2.9 for the period of the Shelf Suspension. The Company shall immediately notify the Holders and the Selling Equityholders upon
the termination of any Shelf Suspension, amend or supplement the Prospectus or any Issuer Free Writing Prospectuses, if necessary,
so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as
so amended or supplemented or any Issuer Free Writing Prospectus as the Holders may reasonably request. The Company shall, if necessary,
supplement or make amendments to any Shelf Registration Statement, if required by the registration form used by the Company for
the Shelf Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations
promulgated thereunder or as may reasonably be requested by the Holders of a majority of the Registrable Securities then outstanding.

 

(e)               
Underwritten Offering. If any Sponsor, in consultation with each other Sponsor, so elects, an offering of Registrable
Securities under a Shelf Registration Statement shall be in the form of an Underwritten Offering (each such offering, an “Underwritten
Shelf Takedown”), and the Company shall amend or supplement the Shelf Registration Statement for such purpose. The participating
Sponsors shall have the right to select the managing underwriter or underwriters to administer such offering; provided that
such managing underwriter or underwriters shall be reasonably acceptable to the Company and each Sponsor.

 

    	 	17	 

     

    

 

(f)               
Limits on Underwritten Shelf Takedowns. Subject to the other limitations contained in this Agreement, each Sponsor
is entitled to initiate a total of four (4) Underwritten Shelf Takedowns with respect to its Registrable Securities in any twelve
(12)-month period for which such Sponsor submits a Shelf Takedown Request (as defined below); provided that no Underwritten
Shelf Takedown may be initiated unless the aggregate value of the Registrable Securities to be offered in such offering is at least
$40 million.

 

(g)              
Shelf Takedowns.

 

(i)                
At any time during which the Company has an effective Shelf Registration Statement with respect to a Sponsor’s Registrable
Securities, by notice to the Company specifying the intended method or methods of disposition thereof, such Sponsor may make a
written request (a “Shelf Takedown Request”) to the Company to effect an offering of such Registrable Securities,
including an Underwritten Shelf Takedown, of all or a portion of such Sponsor’s Registrable Securities that are covered by
such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the Shelf Registration Statement
for such purpose.

 

(ii)              
If at any time and from time to time any Sponsor issues a Shelf Takedown Request, then the Company shall use reasonable
best efforts to include in such Underwritten Shelf Takedown, a number of shares of Common Stock at least equal to the number of
Excess Shares that have not yet been issued by the Company in accordance with this Agreement or otherwise settled through payment
to the Selling Equityholders in accordance with Section 2.9(c)(i) or Section 2.9(d)(i) of the Merger Agreement (the “Remaining
Excess Shares”), which shall be issued by the Company and sold in the Underwritten Shelf Takedown with all other equity
securities included in the proposed Underwritten Shelf Takedown. The Company shall remit the gross proceeds thereof (less any underwriting
discounts and commissions) relating to the number of any Remaining Excess Shares actually sold by the Company in any such Underwritten
Shelf Takedown to the Selling Equityholders in accordance with Section 2.9 of the Merger Agreement.

 

(iii)            
Promptly upon receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days thereafter) for any Underwritten
Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable
Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated
(each a “Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown
Participant the opportunity to include in any Underwritten Shelf Takedown that number of Registrable Securities as each such Holder
may request in writing. The Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect
to which the Company has received written requests for inclusion therein within three (3) Business Days after the date that the
Shelf Takedown Notice has been delivered. Each such Holder’s request to participate in an Underwritten Shelf Takedown shall
be binding on such Holder; provided, that each such Potential Takedown Participant that elects to participate may condition
its participation on the Underwritten Shelf Takedown being completed within ten (10) Business Days of its acceptance at a price
per share (after giving effect to any underwriters’ discounts or commissions) to such Holder of not less than ninety percent
(90%) of the closing price for the shares on their principal trading market on the Business Day immediately prior to such Holder’s
election to participate.

 

    	 	18	 

     

    

 

 

(iv)            
Other than with respect to its obligations to conduct an Early Trigger Offering or Outside Date Offering pursuant to Section
4.1(g), the Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if an Underwritten Shelf
Takedown was consummated within the preceding forty-five (45) days (unless otherwise consented to by the Company’s Board
of Directors).

 

(h)              
Additional Required Underwritten Offerings.

 

(i)                
Upon the first Business Day (the “Early Trigger Date”)
on which the volume-weighted average trading price of the Common Stock for any 20 trading days in any 30 trading day period exceeds
$15.00 per share, subject to adjustment in accordance with Section 2.9(e) (the “Early
Payment Target Price”), if the Company elects to conduct an Early Trigger Offering pursuant to Section 2.9(c)(ii)
of the Merger Agreement, the Company shall use reasonable efforts to promptly sell in an Underwritten Offering a number of shares
of Common Stock at least equal to the number of any Remaining Excess Shares, and remit the gross proceeds thereof (less any underwriting
discounts and commissions) relating to any Remaining Excess Shares sold in such Underwritten Offering to the Selling Equityholders
(the “Early Trigger Offering Proceeds”); provided, however, that without the written consent of
New Holdco, on behalf of the Selling Equityholders, the Company shall not issue shares in any Early Trigger Offering at a gross
price per share less than the Early Payment Target Price. In the event that the Company is unable to issue in any Early Trigger
Offering the full amount of Remaining Excess Shares at the time of the Early Trigger Offering, then the Company’s payment
obligations with respect to any Remaining Excess Shares following the Early Trigger Offering shall continue and the provisions
of this Section 4.2(g)(i) shall apply to such future Early Trigger Offerings.

 

(ii)              
If, on June 30, 2021 (the “Outside Date”), the number of Remaining Excess Shares is greater than zero,
then if the Company elects to conduct an Outside Date Offering pursuant to Section 2.9(d)(ii) of the Merger Agreement, the Company
shall use reasonable best efforts to promptly sell in an Underwritten Offering a number of shares of Common Stock at least equal
to the number of any Remaining Excess Shares, and remit the gross proceeds thereof (less any underwriting discounts and commissions)
relating to any Remaining Excess Shares sold in such Underwritten Offering to the Selling Equityholders in accordance with Section
2.9 of the Merger Agreement (the “Outside Date Offering Proceeds”). In the event that the Company is unable
to issue in any Outside Date Offering the full amount of Remaining Excess Shares at the time of the Outside Date Offering, then
the Company’s payment obligations with respect to any Remaining Excess Shares following the Outside Date Offering as determined
by the Company in its reasonable discretion shall continue and the provisions of this Section 4.2(g)(ii) shall apply to such future
Outside Date Offerings.

 

(i)                
Priority of Securities Sold Pursuant to Shelf Registrations. If the managing underwriter or underwriters of a proposed
Underwritten Offering of the Registrable Securities and any Remaining Excess Shares included in a Shelf Registration advise the
Board of Directors in writing that, in its or their opinion, the aggregate number of securities requested to be included in an
Underwritten Shelf Takedown pursuant to Section 4.1(g) and required to be included pursuant to this Agreement with respect
to any Remaining Excess Shares exceeds the number which can be sold in such Underwritten Shelf Takedown without being likely to
have a significant adverse effect on the price, timing or distribution of the securities offered, or the market for the securities
offered, the number of shares of Common Stock to be included in such Underwritten Shelf Takedown shall be allocated pro rata among
the Holders seeking to participate in such Underwritten Shelf Takedown and the Company with respect to any Remaining Excess Shares
required to be included in such Underwritten Shelf Takedown pursuant to Section 4.1(g)(ii) (based on the relative number
of Registrable Securities requested to be included in such Underwritten Shelf Takedown and Remaining Excess Shares required to
be included in the such Underwritten Shelf Takedown pursuant to Section 4.1(g)(ii)), to the extent necessary to reduce the
total number of shares of Common Stock to be included in such Underwritten Shelf Takedown to the number recommended by the managing
underwriter or underwriters; provided, however, that to the extent any shares of Common Stock to be included in the Underwritten
Shelf Takedown would be allocated to TPG pursuant to this sentence, and there are Remaining Excess Shares which have not been included
in the Underwritten Shelf Takedown, then the Remaining Excess Shares shall be substituted for such number of share of Common Stock
allocated to TPG.

 

    	 	19	 

     

    

 

(j)                
In the event that a Holder requests to participate in a Registration pursuant to this Section 4.1 in connection
with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale by such partners
or members, if requested by the Holder.

 

Section 4.2           
Piggyback Rights.

 

(a)               
Participation. If the Company at any time proposes to conduct an Underwritten Offering of its equity securities for
its own account or for the account of any other Persons (other than an offering and sale to employees or directors of the Company
pursuant to any employee stock plan or other employee benefit plan arrangement) (an “Issuer Public Sale”), then,
as soon as practicable (but in no event less than fifteen (15) days prior to the proposed date of such Issuer Public Sale), the
Company shall give written notice (a “Piggyback Notice”) of such proposed Issuer Public Sale to all the Holders
of Registrable Securities. The Piggyback Notice shall offer Holders of Registrable Securities the opportunity to include in such
Issuer Public Sale the number of Registrable Securities as they may request in writing; provided that each Piggyback Request
(as defined below) must include at least a number of Registrable Securies equal to the lesser of (a) Registrable Securities with
an aggregate value of at least $10 million at the time of such Piggyback Request and (b) all of such Holder’s remaining
Registrable Securities, unless such Holder is otherwise permitted to sell its Registrable Securities pursuant to Rule 144 under
the Securities Act without volume limitations or other restrictions on Transfer thereunder. The Company shall use commercially
reasonable efforts to include in each such Issuer Public Sale such Registrable Securities for which the Company has received written
requests for inclusions therein (“Piggyback Request”) within three (3) Business Days after sending the Piggyback
Notice. Each Holder of Registrable Securities shall be permitted to withdraw all or part of such Holder’s Registrable Securities
from an Issuer Public Sale, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent
Issuer Public Sale, all upon the terms and conditions set forth herein; provided that such withdrawal request must be made
in writing prior to the initial offer of securities in the Issuer Public Sale.

 

    	 	20	 

     

    

 

(b)              
If at any time and from time to time the Company proposes to conduct an Issuer Public Sale and any Sponsor elects to participate
in such Issuer Public Sale by delivering a Piggyback Request in accordance with the terms of Section 4.2(a), then the Company shall
be obligated to use reasonable best efforts to include in such Issuer Public Sale any Remaining Excess Shares, which shall be issued
by the Company and sold in the Issuer Public Sale with all other equity securities included in the Issuer Public Sale in
accordance with the provisions of this Section 4; including the pro rata requirements under Section 4.2(i). The Company shall remit
the gross proceeds thereof (less any underwriting discounts and commissions) relating to the number of any Remaining Excess Shares
actually sold by the Company in any such Issuer Public Sale in accordance with Section 2.9 of the Merger Agreement.

 

(c)               
Priority of Piggyback. If the managing underwriter or underwriters of any Issuer Public Sale informs the Company
and the participating Holders of Registrable Securities in writing that, in its or their opinion, the number of securities which
such Holders and any other Persons intend to include in such offering, including any Remaining Excess Shares required to be included
in such Issuer Public Sale pursuant to this Agreement, exceeds the number which can be sold in such offering without being likely
to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities
offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities
that the Company, proposes to sell, and (ii) second, and only if all of the securities referred to in clause (i) have been included,
one hundred percent (100%) of any Remaining Excess Shares required to be included in such Issuer Public Sale, (iii) third, and
only if all the securities referred to in clauses (i) and (ii) have been included, the number of Registrable Securities that,
in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number
to be allocated pro rata among the Holders that have requested to participate in such Registration based on the relative number
of Registrable Securities requested to be included therein then held by each such Holder and (iv) fourth, and only if all of the
Registrable Securities referred to in clauses (i), (ii) and (iii) have been included in such Registration, any other securities
eligible for inclusion in such Issuer Public Sale; provided that with respect to any underwritten offering of shares of
common stock issued in the Equity Financing requested by holders of such shares (the “PIPES Holders”) in accordance
with their registration rights agreement (a “PIPES Underwritten Offering”) then the securities to be included in such
Registration shall be (i) first, the number of shares requested to be included in such PIPES Underwritten Offering by the PIPES
Holders and any other Holders pursuant to a Piggyback Request and any Remaining Excess Shares required to be included in such
PIPES Underwritten Offering that, in the opinion of such managing underwriter or underwriters, can be sold without having such
adverse effect, with such number to be allocated pro rata among the PIPES Holders and Holders that have requested to participate
in such Registration based on the relative number of securities requested to be included therein then held by each such holder
or required to be included therein with respect to the Remaining Excess Shares and (ii)second, and only if all of the securities
referred to in clauses (i) and (ii) have been included in such Registration, any other securities eligible for inclusion in such
Issuer Public Sale.

 

    	 	21	 

     

    

 

Section 4.3           
Black-out Periods.

 

(a)               
Black-out Periods for Issuer Public Sales. In the event of an Issuer Public Sale of the Company’s equity securities
in an Underwritten Offering, the Holders of Registrable Securities agree, if requested by the managing underwriter or underwriters
in such Underwritten Offering, not to effect any public sale or distribution of any securities (except, in each case, as part of
the applicable Underwritten Offering, if permitted) that are the same as or similar to those being offered in such Issuer Public
Sale, or any securities convertible into or exchangeable or exercisable for such securities, and agree to become bound by and execute
and deliver a lock-up agreement with respect to such restrictions, during the period beginning seven (7) days before and ending
ninety (90) days (or such lesser periods as may be permitted by the Company or such managing underwriter or underwriters) after,
the date of the final Prospectus relating to such Underwritten Offering, to the extent timely notified in writing by the Company
or the managing underwriter or underwriters; provided that such restrictions shall not apply to (i) securities acquired
in the public market subsequent to the Underwritten Offering, (ii) distributions-in-kind to a Holder’s partners or members
or (iii) Transfers to Affiliates, but only if such Affiliates agree to be bound by the restrictions herein.

 

(b)              
Black-out Period for Shelf Registrations. In the case of a Registration of Registrable Securities pursuant to Section
4.1 for an Underwritten Offering, the Company and each Holder of Registrable Securities shall, if requested by the Holders
holding a majority of the Registrable Securities to be included in such Registration or the managing underwriter or underwriters,
not effect any public sale or distribution of any securities which are the same as or similar to those being registered, or any
securities convertible into or exchangeable or exercisable for such securities, and, in the case of each such Holder, agree to
become bound by and execute and deliver a lock-up agreement with respect to such restrictions, during the period beginning seven
(7) days before, and ending ninety (90) days (or such lesser periods as may be permitted by such Holders or such managing underwriter
or underwriters) after, the date of the final Prospectus relating to such Underwritten Offering, to the extent timely notified
in writing by a Holder of Registrable Securities covered by such Registration Statement or the managing underwriter or underwriters.
Notwithstanding the foregoing, the Company may effect a public sale or distribution of securities of the type described above and
during the periods described above if such sale or distribution is made pursuant to Registrations on Form S-4 or S-8 or any successor
form to such Forms or as part of any Registration of securities for offering and sale to employees or directors of the Company
pursuant to any employee stock plan or other employee benefit plan arrangement. If requested by such Holders or such managing underwriter
or underwriters, the Company shall use its reasonable best efforts to obtain from each Holder of restricted securities of the Company
which securities are the same as or similar to the Registrable Securities being registered, or any restricted securities convertible
into or exchangeable or exercisable for any of such securities, an agreement not to effect any public sale or distribution of such
securities during any such period referred to in this paragraph, except as part of any such Registration, if permitted. Notwithstanding
the foregoing, with respect to Holders of Registrable Securities, the restrictions set forth in this Section 4.3(b)
shall not apply to (i) securities acquired in the public market subsequent to the Underwritten Offering, (ii) distributions-in-kind
to a Holder’s partners or members or (iii) Transfers to Affiliates, but only if such Affiliates agree to be bound by the
restrictions herein. Without limiting the foregoing (but subject to Section 4.6), if after the date hereof the Company
grants any Person (other than a Holder of Registrable Securities) any rights to demand or participate in a Registration, the Company
agrees that the agreement with respect thereto shall include such Person’s agreement to comply with any black-out period
required by this Section 4.3 as if it were a Holder hereunder).

 

    	 	22	 

     

    

 

Section 4.4           
Registration Procedures.

 

(a)               
In connection with the Company’s Registration obligations under Sections 4.1(a) and (b), the Company shall
use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities and such Remaining
Excess Shares in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable,
and in connection therewith the Company shall:

 

(i)                
prepare the required Registration Statement including all exhibits and financial statements required under the Securities
Act to be filed therewith, and before filing a Registration Statement, Prospectus or any Issuer Free Writing Prospectus, or any
amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered
by any Sponsor Registration Statement and to the Selling Equityholders with respect to any Excess Share Registration Statement,
copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders
and their respective counsel and (y) except in the case of a Registration under Section 4.1 or Section 4.2,
not file any Registration Statement, Prospectus or any Issuer Free Writing Prospectus or amendments or supplements thereto to which
the Holders of a majority of Registrable Securities, or any Sponsor with Registrable Securities, covered by such Registration Statement
or the underwriters, if any, shall reasonably object;

 

(ii)              
as soon as reasonably practicable file with the SEC a Sponsor Registration Statement relating to the Registrable Securities
and an Excess Share Shelf Registration Statement relating to any Remaining Excess Shares, in each case, including all exhibits
and financial statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration
Statements to become effective under the Securities Act as soon as practicable;

 

(iii)            
prepare and file with the SEC such amendments and post-effective amendments to such Registration Statements and supplements
to the Prospectus or any Issuer Free Writing Prospectus as may be (v) necessary to permit the Company to make sales pursuant to
any Excess Share Shelf Registration Statement, (w) necessary to permit Permitted Transferees to make sales pursuant to the Registration
Statement, (x) reasonably requested by the Holders of a majority of participating Registrable Securities or by any Sponsor with
Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent
such request relates to information relating to such Holder), or (z) necessary to keep such Registration effective for the period
of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other
disposition of all securities covered by such Registration Statement during such period in accordance with the intended method
or methods of disposition by the sellers thereof set forth in such Registration Statement;

 

    	 	23	 

     

    

 

(iv)            
notify the Selling Equityholders or the participating Holders of Registrable Securities, as applicable, and the managing
underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents,
as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement
or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus, any amendment or supplement to
such Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement to such Issuer Free Writing Prospectus has been
filed, (b) of any written comments by the SEC or any request by the SEC or any other federal or state governmental authority for
amendments or supplements to such Registration Statement, such Prospectus, such Issuer Free Writing Prospectus or for additional
information (whether before or after the effective date of the Registration Statement), (c) of the issuance by the SEC of any stop
order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing
or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes,
(d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true
and correct in all material respects, and (e) of the receipt by the Company of any notification with respect to the suspension
of the qualification of any Remaining Excess Shares or any Registrable Securities for offering or sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;

 

(v)              
promptly notify the Selling Equityholders or the selling Holder of Registrable Securities, as applicable, and the managing
underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable
Registration Statement or the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing
Prospectus contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein (in the case of such Prospectus, any preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances
under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with
the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period
to amend or supplement such Registration Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities
Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge
to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement,
Prospectus or Issuer Free Writing Prospectus which shall correct such misstatement or omission or effect such compliance;

 

(vi)            
use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing
or suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus;

 

(vii)          
promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information
as the managing underwriter or underwriters and the Selling Equityholders with respect to any Remaining Excess Shares to be sold
by the Company or the Holders of a majority of any Registrable Securities being sold agree should be included therein relating
to the plan of distribution with respect to such Remaining Excess Shares or Registrable Securities; and make all required filings
of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after
being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment;

 

    	 	24	 

     

    

 

(viii)        
furnish to the Selling Equityholders with respect to any Excess Share Registration Statement, each selling Holder of Registrable
Securities and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably
request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements
and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

 

(ix)            
deliver to the Selling Equityholders with respect to the sale of any Remaining Excess Shares by the Company, each selling
Holder of Registrable Securities and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including
each preliminary Prospectus) and any amendment or supplement thereto, each Issuer Free Writing Prospectus and such other documents
as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Remaining Excess Shares by the
Company or underwriter or facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood
that the Company shall consent to the use of such Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement
thereto by each of the selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering
and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto or Issuer Free Writing
Prospectus);

 

(x)              
on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts
to register or qualify, and cooperate with the selling Holders of Registrable Securities, the managing underwriter or underwriters,
if any, and their respective counsel, in connection with the registration or qualification of such Remaining Excess Shares or Registrable
Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction of the United
States as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request
in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification
in effect for such period as required by Section 4.1, as applicable, provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which
would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;

 

(xi)            
if requested, cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters,
if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not
bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names
as the managing underwriters may request at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters;

 

(xii)          
use its reasonable best efforts to cause the Remaining Excess Shares or Registrable Securities covered by the applicable
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary
to enable the Company with respect to any Remaining Excess Shares, the seller or sellers thereof with respect to any Registrable
Securities or the underwriter or underwriters with respect to either, if any, to consummate the disposition of such Remaining Excess
Shares or Registrable Securities;

 

    	 	25	 

     

    

 

(xiii)        
if requested, not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all
Remaining Excess Shares or Registrable Securities, as applicable, and provide the applicable transfer agent with printed certificates
for the Remaining Excess Shares or Registrable Securities which are in a form eligible for deposit with The Depository Trust Company;

 

(xiv)        
make such representations and warranties to the Holders of Registrable Securities being registered, and the underwriters
or agents, with respect to the sale of any Remaining Excess Shares or any Registrable Securities in an Underwritten Offering, if
any, in form, substance and scope as are customarily made by issuers in underwritten public offerings similar to the offering then
being undertaken;

 

(xv)          
enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions
as the Holders of at least a majority of any Registrable Securities being sold, any participating Sponsor or the managing underwriter
or underwriters of any offering or Remaining Excess Shares or Registrable Securities, if any, or a broker, placement agent or other
agent of the Holder, if any, reasonably request in order to expedite or facilitate the registration and disposition of Remaining
Excess Shares or such Registrable Securities;

 

(xvi)        
obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or underwriters of
any offering of Remaining Excess Shares or Registrable Securities, if any, an opinion or opinions from counsel for the Company,
including any customary negative assurances letters, dated the pricing or closing date of the applicable offering or sale (in the
case of an offering with the assistance of a broker, placement agent or other agent of the Holder) or, in the event of an Underwritten
Offering, the date the Registrable Securities are delivered to the Underwriters for sale, in customary form, scope and substance,
which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;

 

(xvii)      
obtain for delivery to the Company and the managing underwriter or underwriters of any offering of Remaining Excess Shares
or Registrable Securities, if any, or a broker, placement agent or other agent of the Holder, if any, with copies to the Holders
of Registrable Securities included in such Registration, a cold comfort letter from the Company’s independent certified public
accountants (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or any business
acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration
Statement) in customary form and covering such matters of the type customarily covered by cold comfort letters as the managing
underwriter or underwriters, if any, or a broker, placement agent or other agent of the Holder, if any, reasonably request, dated
(i) the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement in the
case of an Underwritten Offering and (ii) the pricing or closing date of the applicable offering or sale in the case of a broker,
placement agent or other agent of the Holder, if any;

 

    	 	26	 

     

    

 

(xviii)    
cooperate with each seller of Registrable Securities and each underwriter of any offering of Remaining Excess Shares or
Registrable Securities, if any, participating in the disposition of such Registrable Securities and their respective counsel in
connection with any filings required to be made with FINRA;

 

(xix)        
use its reasonable best efforts to comply with all applicable securities laws and make available to its security holders,
as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the
rules and regulations promulgated thereunder;

 

(xx)          
provide and cause to be maintained a transfer agent and registrar for all Remaining Excess Shares or Registrable Securities
covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement;

 

(xxi)        
use its best efforts to cause all Remaining Excess Shares or Registrable Securities covered by the applicable Registration
Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted
and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted;

 

(xxii)      
make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative
appointed by the majority of the Holders of Registrable Securities covered by the applicable Registration Statement, by any underwriter
participating in any disposition of any Remaining Excess Shares or Registrable Securities to be effected pursuant to such Registration
Statement and by any attorney, accountant, broker, placement agent or other agent retained by such Holders or any such underwriter,
all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s
officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves
available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection
with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility; provided,
however, that any such Person gaining access to information regarding the Company pursuant to this Section 4.4(a)(xxii)
shall agree to hold in strict confidence and shall not make any disclosure or use any information regarding the Company which the
Company determines in good faith to be confidential, and of which determination such Person is notified, unless (v) the release
of such information is requested or required (by deposition, interrogatory, requests for information or documents by a governmental
entity, subpoena or similar process), (w) disclosure of such information, in the opinion of counsel to such Person, is otherwise
required by law, (x) such information is or becomes publicly known other than through a breach of this or any other agreement of
which such Person has knowledge, (y) such information is or becomes available to such Person on a non-confidential basis from a
source other than the Company or (z) such information is independently developed by such Person;

 

    	 	27	 

     

    

 

(xxiii)    
in the case of a marketed Underwritten Offering of Remaining Excess Shares or Registrable Securities, cause the senior executive
officers of the Company to participate in the customary “road show” presentations that may be reasonably requested
by the managing underwriter or underwriters in any such Underwritten Offering and otherwise to facilitate, cooperate with, and
participate in each proposed offering contemplated herein and customary selling efforts related thereto;

 

(xxiv)    
take no direct or indirect action prohibited by Regulation M under the Exchange Act;

 

(xxv)      
take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any registration
covered by Section 4.1 or 4.2 complies in all material respects with the Securities Act, is filed in accordance with
the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby
and, when taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
and

 

(xxvi)    
take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the
disposition of such Remaining Excess Shares or Registrable Securities.

 

(b)              
To the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company
files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may
be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying
the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration
Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

(c)               
The Company may require each seller of Registrable Securities as to which any Registration is being effected to furnish
to the Company such information regarding the distribution of such securities and such other information relating to such Holder
and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing and the Company
may exclude from such registration the Registrable Securities of any such Holder who unreasonably fails to furnish such information
within a reasonable time after receiving such request. Each Holder of Registrable Securities agrees to furnish such information
to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of
this Agreement.

 

(d)              
Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 4.4(a)(v), such holder will forthwith discontinue disposition of Registrable Securities
pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus
or Issuer Free Writing Prospectus, as the case may be, contemplated by Section 4.4(a)(v), or until such Holder is advised
in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case may be, may be resumed,
and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus or such
Issuer Free Writing Prospectus or any amendments or supplements thereto and if so directed by the Company, such Holder shall deliver
to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession,
of the Prospectus or any Issuer Free Writing Prospectus covering such Registrable Securities current at the time of receipt of
such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement
is required to be maintained effective shall be extended by the number of days during the period from and including the date of
the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement
either receives the copies of the supplemented or amended Prospectus or such Issuer Free Writing Prospectus contemplated by Section 4.4(a)(v)
or is advised in writing by the Company that the use of the Prospectus may be resumed.

 

    	 	28	 

     

    

 

(e)               
If any Registration Statement or comparable statement under the “Blue Sky” laws refers to any Holder by name
or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion
therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s
securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements
of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company,
as advised by counsel, required by the Securities Act or any similar federal statute or any “Blue Sky” or securities
law then in force, the deletion of the reference to such Holder.

 

(f)               
Holders may seek to register different types of Registrable Securities simultaneously and the Company shall use its reasonable
best efforts to effect such Registration and sale in accordance with the intended method or methods of disposition specified by
such Holders.

 

Section 4.5           
Underwritten Offerings.

 

(a)               
Shelf Offering. If requested by the underwriters for any Underwritten Offering with respect to the offering and sale
of any Remaining Excess Shares required by this Agreement or requested by Holders of Registrable Securities pursuant to a Shelf
Registration under Section 4.1, the Company shall enter into an underwriting agreement with such underwriters for such
offering, such agreement to be reasonably satisfactory in substance and form to the Company, and, if applicable, participating
Holders and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally
prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in
Section 4.8. If such Underwritten Offering includes Registrable Securities, the Holders of the Registrable Securities
proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement
and shall give consideration to the reasonable suggestions of the Company regarding the form thereof. Such Holders of Registrable
Securities to be distributed by such underwriters shall be parties to such underwriting agreement, which underwriting agreement
shall (i) contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit
of such Holders of Registrable Securities as are customarily made by issuers to selling stockholders in underwritten public offerings
similar to the applicable Underwritten Offering and (ii) provide that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Holders of
Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding the power
and authority of such Holder to enter into the transaction, such Holder’s title to the Registrable Securities, such Holder’s
intended method of distribution and any other representations required to be made by the Holder under applicable law, and the aggregate
amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten Offering.

 

    	 	29	 

     

    

 

(b)              
Piggyback Offering. If the Company proposes to distribute equity securities in an Underwritten Offering through one
or more underwriters and is required to include any Remaining Excess Shares in such Underwritten Offering pursuant to Article IV,
the Company shall use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions
that apply to the other sellers in such Registration, if any, all Remaining Excess Shares required to be offered and sold by the
Company in such Underwritten Offering among the securities of the Company to be distributed by such underwriters in such Registration.
If the Company proposes to distribute equity securities in an Underwritten Offering through one or more underwriters, the Company
shall, if requested by any Holder of Registrable Securities pursuant to Section 4.2 and subject to the provisions of
Section 4.2(b), use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions
that apply to the other sellers in such Registration all the Registrable Securities to be offered and sold by such Holder among
the securities of the Company to be distributed by such underwriters in such Registration. The Holders of Registrable Securities
to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters,
which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of,
the Company to and for the benefit of such Holders of Registrable Securities as are customarily made by issuers to selling stockholders
in secondary underwritten public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Holders of Registrable
Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties to or agreements
with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s
title to the Registrable Securities and such Holder’s intended method of distribution or any other representations required
to be made by the Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s
net proceeds from such Underwritten Offering.

 

(c)               
Participation in Underwritten Registrations. Subject to the provisions of Section 4.5(a) and (b)
above, no Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements
and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

 

    	 	30	 

     

    

 

(d)              
Price and Underwriting Discounts. In the case of an Underwritten Offering under Section 4.1, the price,
underwriting discount and other financial terms for the Registrable Securities shall be determined by the participating Holders.
In addition, in the case of any Underwritten Offering, subject to Section 4.1(g)(iii), each of the Holders may withdraw
their request to participate in the Registration pursuant to Section 4.1 or 4.2 after being advised of such
price, discount and other terms and shall not be required to enter into any agreements or documentation that would require otherwise.

 

Section 4.6           
No Inconsistent Agreements; Additional Rights. The Company and WLRS hereby acknowledge and agree that (i) the Prior
Agreement shall be terminated and cancelled and (ii) the rights and privileges set forth in this Article IV shall effective,
as of the Company Merger Effective Time. For avoidance of doubt, upon effectiveness, the rights and privileges set forth in this
Article IV shall be in lieu of, and not in addition to, those set forth in the Prior Agreement. The Company shall not hereafter
enter into, and, after giving effect to the termination described in this Section 4.6 is not currently a party to,
any agreement with respect to its securities which is inconsistent with the rights granted the Selling Equityholders pursuant to
Section 2.3 and Section 2.9 of the Merger Agreement, including the Company’s obligations with respect to the offering and
sale of any Remaining Excess Shares or the rights granted to the Holders of Registrable Securities by this Agreement. Without the
consent of the Qualifying Shareholders, or, as long as the Company has obligations with respect to any Remaining Excess Shares,
the Selling Equityholders, the Company shall not enter into any agreement granting registration or similar rights to any Person,
and hereby represents and warrants that, as of the date hereof, no registration or similar rights have been granted to any other
Person other than pursuant to this Agreement. Notwithstanding the foregoing, the Company may enter into a customary registration
rights agreement in connection with the Equity Financing with respect to purchasers other than WLRS, (which may also include the
30,000 shares transferred by WLRS to the Company’s three (3) independent directors) with similar size limitations on Underwritten
Offerings and PiggyBack Requests as set forth in this Article 4 unless otherwise consented to by TPG. Such registration rights
agreement may provide for the filing of a resale Shelf Registration Statement covering all shares of common stock issued in the
Equity Financing (other than those purchased by WLRS) within fifteen (15) days following the consummation of the Mergers and will
be subject to the prior written consent of TPG, which may not be unreasonably withheld.

 

Section 4.7           
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement
shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings
required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue
Sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including
expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company
and of printing Prospectuses and Issuer Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company
and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort
letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company
so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred
in connection with the listing of the Remaining Excess Shares or the Registrable Securities on any securities exchange or quotation
of the Remaining Excess Shares or the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating
agency fees with respect to the Remaining Excess Shares or the Registrable Securities, (viii) all reasonable fees and disbursements
of legal counsel for each Sponsor participating in such Registration, (ix) all fees and expenses of accountants selected by the
Holders of a majority of the Registrable Securities being registered, (x) any reasonable fees and disbursements of underwriters
customarily paid by issuers or sellers of securities, (xi) all fees and expenses of any special experts or other Persons retained
by the Company in connection with any Registration, (xii) all of the Company’s internal expenses (including all salaries
and expenses of its officers and employees performing legal or accounting duties) and (xiii) all expenses related to the “road-show”
for any Underwritten Offering, including all travel, meals and lodging. All such expenses are referred to herein as “Registration
Expenses.” The Company shall not be required to pay any fees and disbursements
to underwriters not customarily paid by issuers, including underwriting discounts and commissions and transfer taxes, if any, attributable
to the sale of Registrable Securities or any broker’s fees or other commissions of persons retained by a Holder of Registrable
Securities.

 

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Section 4.8           
Indemnification.

 

(a)               
Indemnification by the Company. The Company shall indemnify and hold harmless, to the full extent permitted by law,
each Holder of Registrable Securities, each shareholder, member, limited or general partner thereof, each shareholder, member,
limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers,
directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act
or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties,
judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation
and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon
(i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable
Securities were registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or
any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any other disclosure document
produced by or on behalf of the Company or any of its subsidiaries including reports and other documents filed under the Exchange
Act or any Issuer Free Writing Prospectus or amendment thereof or supplement thereto, (ii) any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus,
preliminary Prospectus or any Issuer Free Writing Prospectus in light of the circumstances under which they were made) not misleading
or (iii) any actions or inactions or proceedings in respect of the foregoing whether or not such indemnified party is a party thereto.
This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer
of such securities by such Holder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar
securities industry professionals participating in any distribution of Remaining Excess Shares or Registrable Securities, their
officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act)
to the same extent as provided above with respect to the indemnification of the indemnified parties.

 

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(b)              
Indemnification by the Selling Holder of Registrable Securities. Each selling Holder of Registrable Securities agrees
(severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors
and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against
any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable
Securities were registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or
any amendment thereof or supplement thereto or any documents incorporated by reference therein or any Issuer Free Writing Prospectus
or amendment thereof or supplement thereto), or (ii) any omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or any Issuer Free Writing Prospectus,
in light of the circumstances under which they were made) not misleading, to the extent, but only to the extent, that such untrue
statement or omission is contained in any information furnished in writing by such selling Holder to the Company specifically for
inclusion in such Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale
of the Registrable Securities to the Person asserting the claim. In no event shall the liability of any selling Holder of Registrable
Securities hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of
Registrable Securities giving rise to such indemnification obligation less any amounts paid by such Holder pursuant to Section 4.8(d).
The Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as provided above (with appropriate modification)
with respect to information furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement.

 

(c)               
Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or
failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent,
if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however,
that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (w) the indemnifying
party has agreed in writing to pay such fees or expenses, (x) the indemnifying party shall have failed to assume the defense of
such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder
and employ counsel reasonably satisfactory to such Person, (y) the indemnified party has reasonably concluded (based upon advice
of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition
to those available to the indemnifying party, or (z) in the reasonable judgment of any such Person (based upon advice of its counsel)
a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if
the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the
indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person).
If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the
consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional
release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party.
If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement
made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying
party or parties shall not, except as specifically set forth in this Section 4.8(c), in connection with any proceeding
or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than
one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel
has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on
the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available
to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an
indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party
shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.

 

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(d)              
Contribution. If for any reason the indemnification provided for in paragraphs (a) and (b) of this Section 4.8
is unavailable to an indemnified party (other than as a result of exceptions contained in paragraphs (a) and (b) of this Section 4.8)
or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid or
payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements
or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration
Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party
on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant
to this Section 4.8(d) were determined by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in this Section 4.8(d). No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to
in Sections 4.8(a) and 4.8(b) shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.8(d), in connection with any Registration Statement filed by the Company,
a selling Holder of Registrable Securities shall not be required to contribute any amount in excess of the dollar amount of the
net proceeds received by such holder under the sale of Registrable Securities giving rise to such contribution obligation less
any amounts paid by such Holder pursuant to Section 4.8(b). If indemnification is available under this Section 4.8,
the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 4.8(a) and 4.8(b)
hereof without regard to the provisions of this Section 4.8(d). The remedies provided for in this Section 4.8
are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or
in equity.

 

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Section 4.9           
Rules 144 and 144A and Regulation S. The Company shall file the reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file
such reports, it will, upon the request of any Holder of Registrable Securities, make publicly available such necessary information
for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or
Regulation S under the Securities Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter
adopted by the SEC), and it will take such further action as any Holder of Registrable Securities may reasonably request, all to
the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities
Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by
(i) Rules 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar
rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver
to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.

 

Section 4.10       
Termination. The registration rights provided for in this Article IV shall terminate upon the later of the
expiration of the Sponsor Shelf Period or the Excess Share Shelf Period, except for the provisions of Sections 4.8 and 4.9,
which shall survive any such termination.

 

Section 4.11       
Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and
regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement
become effective by a specified date by designating, by notice to the Holders, a registration statement that previously has been
filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such
obligation, and all references to any such obligation shall be construed accordingly; provided that such previously filed
registration statement may be amended to add the number of Registrable Securities, and, to the extent necessary, to identify as
selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To
the extent this Agreement refers to the filing or effectiveness of other registration statements by or at a specified time and
the Company has, in lieu of then filing such registration statements or having such registration statements become effective, designated
a previously filed or effective registration statement as the relevant registration statement for such purposes in accordance with
the preceding sentence, such references shall be construed to refer to such designated registration statement.

 

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Article
V

TRANSFER OF SHARES

 

Section 5.1           
Limitations on Transfer.

 

(a)               
Other than pursuant to the Transfer Letter, no Holder may Transfer any of its Common Stock during the Lock-Up Period (as
defined below) without first obtaining the prior written consent of the Sponsors; provided, that such prohibition shall
not apply to Transfers (i) to Permitted Transferees in accordance with Section 5.2 or (ii) required by law. Other than pursuant
to the Transfer Letter, no Holder may Transfer any of its Common Stock during the Holding Period (as defined below) without first
obtaining the prior written consent of the Sponsors; provided, that such prohibition shall not apply to Transfers (i) to
Permitted Transferees of the Holders in accordance with Section 5.2, (ii) pursuant to, and consequent upon, the exercise
of the tag-along rights set forth in Section 5.3, (iii) pursuant to an Underwritten Offering undertaken in accordance
with the procedures set forth in Article IV, or (iii) required by law. The “Lock-Up Period” shall be
the period from and including the date on which the Merger is consummated until the six-month anniversary of such date. The “Holding
Period” shall be the period from and including the date on which the Lock-Up Period expires until the earlier of (x)
the twelve-month anniversary of the such date; or (y) the date on which the Sponsors, collectively, no longer continue to beneficially
own at least fifty percent (50%) of their Initial Share Ownership.

 

(b)              
Other than pursuant to the Transfer Letter, no Sponsor may Transfer any of its Founder Shares (other than to Permitted Transferees
in accordance herewith); provided, however, that the restrictions set forth in this Section 5.1 shall cease
to apply to (i) 50% of such Sponsor’s Founder Shares, if any, upon the first day that the last sale price of the Common Stock
equals or exceeds $12.50 per share (as adjusted for stock splits, dividends, reorganizations, recapitalizations and the like) for
any twenty (20) trading day period in a thirty (30) trading day period immediately preceding such day, which period commences at
least 150 days after the Closing Date and (ii) 50% of such Sponsor’s Founder Shares, if any, upon the first day that the
last sale price of the Common Stock equals or exceeds $15.00 per share (as adjusted for stock splits, dividends, reorganizations,
recapitalizations and the like) for any twenty (20) trading day period in a thirty (30) trading day period immediately preceding
such day, which period commences at least 150 days after the Closing Date. Notwithstanding the foregoing, following the completion
of the Mergers, the restrictions set forth in this Section 5.1(b) shall cease to apply to all Founder Shares on the
date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the
Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property or
any transaction involving a consolidation, merger, proxy contest, tender offer or similar transaction in which the Company is the
surviving entity which results in a change in the majority of our board of directors or management team or the Parent stockholders
immediately prior to such transaction ceasing to own a majority of the surviving entity immediately after such transaction. The
Sponsors acknowledge that:

 

(i)                
Founder Shares shall not participate in any dividends or other distributions with respect to Common Stock prior to the date
such Founder Shares become transferable in accordance herewith, whereupon such Founder Shares shall be entitled to all dividends
and distributions paid with respect to the Common Stock after the Mergers as if they had been holders of record entitled to receive
distributions on the applicable record date with respect to any such dividend or distribution;

 

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(ii)              
if any Founder Shares shall not have become transferable in accordance herewith by the tenth anniversary of the Closing
Date, such Founder Shares shall be subject to forfeiture by the holders thereof with no further action required of any Person;
provided that the Company would record the aggregate fair value of the Founder Shares so forfeited and reacquired to treasury
stock and a corresponding credit to additional paid-in capital based on the difference between the fair market value of the forfeited
Founder Shares and the pro-rata portion of the price paid to Parent for such forfeited Founder Shares of approximately $25,000.
Upon receipt, such forfeited shares would then be immediately cancelled, which would result in the retirement of the treasury stock
and a corresponding charge to additional paid-in capital; and

 

(iii)            
notwithstanding anything to the contrary herein, the Founder Shares shall, at any time, remain subject to the restrictions
on transfer under applicable securities laws and that certain Insider Letter with respect to the Founder Shares, dated as of May
29, 2014.

 

(c)               
During the Lock-Up Period and the Holding Period, any purported Transfer of Company Shares other than in accordance with
this Agreement shall be null and void, and the Company shall refuse to recognize any such Transfer for any purpose.

 

(d)              
Any Affiliate of WL Ross Sponsor LLC (other than Invesco Ltd. and any of its affiliated funds (not managed by WL Ross &
Co. LLC) who agrees to purchase Company Shares in the Equity Financing shall be required, at the time of and as a condition to
such purchase, to become a party to this Agreement by executing and delivering such documents as may be necessary to make such
Person a party hereto, whereupon such Person will be treated as a Holder for all purposes of this Agreement and shall be subject
to the limitations on transfer set forth herein.

 

Section 5.2           
Transfers to Permitted Transferees.

 

(a)               
During the Lock-Up Period and the Holding Period, a Holder may Transfer, upon notice to the Company, any of its Company
Shares (other than Founder Shares) to a Permitted Transferee of such Holder without the consent of the Sponsors pursuant to Section 5.1(a)
and without the requirement to comply with Section 5.3; provided, that each Permitted Transferee to which Company
Shares are Transferred shall, and such Holder shall cause such Permitted Transferee to, Transfer back to such Holder (or to another
Permitted Transferee of such Holder) the Company Shares Transferred to it if such Permitted Transferee ceases to be a Permitted
Transferee of such Holder. Any Transferee of Company Shares pursuant to this Section 5.2 shall be required, at the
time of and as a condition to such Transfer, to become a party to this Agreement by executing and delivering such documents as
may be necessary to make such Transferee a party hereto, whereupon such Transferee will be treated as a Holder (with the same rights
and obligations as its Transferring Holder) for all purposes of this Agreement.

 

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(b)              
Notwithstanding anything to the contrary in this Article V, Transfers of Founder Shares are permitted (a) to (i)
the Company’s officers or directors, (ii) any affiliates or family members of any of the Company’s officers or directors,
and (iii) Permitted Transferees; (b) in the case of an individual, by a gift to a member of the individual’s immediate family
or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person
or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of
the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by virtue of the laws of
Delaware or a Sponsor’s organizational documents upon dissolution of such Sponsor; or (f) in the event of the Company’s
completion of a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Mergers; provided,
however, that in the case of clauses (a) through (d), these Transferees must become a party to this Agreement by executing
and delivering such documents as may be necessary to make such Transferee a party hereto.

 

Section 5.3           
Tag-Along Rights.

 

(a)               
In the case of a proposed Transfer by a Sponsor (a “Transferring Holder”) of any of its Company Shares
during the Holding Period for which consent would otherwise be required were such Transfer not completed in accordance with this
Section 5.3, other than a Transfer (i) to the Company, in a buyback, exchange or other transaction offered to all of its
shareholders on a pro rata basis; (ii) permitted under Section 5.2 or the Transfer Letter; or (iii) in a pro rata distribution
in kind to all beneficial owners of the Transferring Holder in accordance with the partnership agreement, limited liability company
agreement or other constitutional documents applicable to the Transferring Holder (a “Proposed Transfer”), each
Holder (including any Sponsor who is not a Transferring Holder) who exercises its rights under this Section 5.3(a)
(a “Tagging Holder”) shall have the right to require the Transferring Holder to cause the proposed Transferee
(a “Proposed Transferee”) to purchase up to the number of such Tagging Holder’s Company Shares of the
same class equal to the product of (x) the number of Company Shares of such class held by the Tagging Holder multiplied by (y)
a fraction, the numerator of which is the number of equity securities of such class proposed to be Transferred by the Transferring
Holder to the Proposed Transferee and the denominator which is the total number of Company Shares of such class held by the Transferring
Holder; provided that a Holder must own at least two percent (2%) of the then-outstanding shares of Common Stock in order
to exercise rights under this Section 5.3(a). In the event that the Transferring Holder is unable to cause the Proposed
Transferee to purchase the number of Company Shares equal to the sum of the number of Company Shares proposed to be Transferred
by the Transferring Holder and the number of the Tagging Holder’s Company Shares calculated pursuant to the preceding sentence
(or any lesser number of Company Shares requested by the Tagging Holder), then the Tagging Holder shall be entitled to sell up
to its pro rata portion of the Company Shares of such class actually purchased by the Proposed Transferee, based on the relative
number of equity securities of such class held by the Transferring Holder and all Holders exercising their rights under this Section 5.3.

 

(b)              
The Transferring Holder shall give notice to each other Holder that holds at least two percent 2% of the then-outstanding
shares of Common Stock of a Proposed Transfer not later than twenty (20) Business Days prior to the closing of the Proposed Transfer,
setting forth the number and class of Company Shares proposed to be so Transferred, the name and address of the Proposed Transferee,
the proposed amount and form of consideration (and, if such consideration consists in part or in whole of property other than cash,
the Transferring Holder shall provide such information, to the extent reasonably available to the Transferring Holder, relating
to such non-cash consideration as the other Sponsors may reasonably request in order to evaluate such non-cash consideration),
and other terms and conditions of payment offered by the Proposed Transferee. The Transferring Holder shall deliver or cause to
be delivered to each Tagging Holder copies of all transaction documents relating to the Proposed Transfer as the same become available.
The tag-along rights provided by this Section 5.3 must be exercised by a Holder within fifteen (15) Business Days following
receipt of the notice required by the first sentence of this Section 5.3(b), by delivery of a written notice to the
Transferring Holder indicating its desire to exercise its rights and specifying the number of Company Shares it desires to Transfer;
provided that such number of equity securities does not exceed the number of Company Shares determined pursuant to Section 5.3(a).

 

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(c)               
Any Transfer of Company Shares by a Tagging Holder to a Proposed Transferee pursuant to this Section 5.3 shall be
on the same terms and conditions (including price, time of payment and form of consideration) as provided to the Transferring Holder;
provided that in order to be entitled to exercise its tag-along right pursuant to this Section 5.3, each Tagging
Holder must agree to make to the Proposed Transferee representations, warranties, covenants, indemnities and agreements comparable
to those made by the Transferring Holder in connection with the Proposed Transfer (other than any non-competition or similar agreements
or covenants that would bind the Tagging Holder or its Affiliates), and agree to the same conditions to the Proposed Transfer as
the Transferring Holder agrees, it being understood that all such representations, warranties, covenants, indemnities and agreements
shall be made by the Transferring Holder and each Tagging Holder severally and not jointly. Each Tagging Holder shall be responsible
for its proportionate share of the costs of the Proposed Transfer to the extent not paid or reimbursed by the Proposed Transferee
or the Company.

 

Section 5.4           
Permitted Pledges. Notwithstanding anything to the contrary in this Article V, each Holder is entitled to
pledge, hypothecate or otherwise encumber the Company Shares held by such Holder as collateral in connection with indebtedness
for borrowed money of such Holder or its Affiliates.

 

Article
VI

TAXES

 

Section 6.1           
Tax Allocation. Within forty-five (45) days of the Closing Date, TPG shall deliver to the Company a schedule allocating
the Company Merger Consideration Portion and any other amounts properly treated as consideration with respect to the Company Merger
for U.S. federal income tax purposes (to the extent known at such time) among the assets of Nexeo Solutions Holdings, LLC and,
to the extent relevant, its direct and/or indirect subsidiaries in accordance with the principles of Sections 755 and 1060 of the
Code and the Treasury Regulations thereunder. Within forty-five (45) days after the date of delivery of such allocation to the
Company, the Company will propose to TPG any changes to such allocation in writing or otherwise will be deemed to have agreed with
such allocation upon the expiration of such thirty-day period. TPG and the Company will cooperate in good faith to mutually agree
upon such allocation and will reduce such agreement to writing (as agreed upon, the “Purchase Price Allocation”).
TPG and the Company agree to revise the Purchase Price Allocation to take into account any subsequent adjustments to the Company
Merger Consideration Portion and any changes to any other consideration required to be taken into account under applicable Law,
in the manner consistent with the principles of Sections 755 and 1060 of the Code, as applicable, and the Treasury Regulations
thereunder. The Sponsors and the Company will not, and will cause their Affiliates to not, file any Tax Return or otherwise take
any position with respect to Taxes (including during the course of any audit or other proceeding) which is inconsistent with the
Purchase Price Allocation, as finally determined, except to the extent required by applicable Law following a Final Determination.

 

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Section 6.2           
Pre-Closing Pass-Through Returns. TPG shall prepare (or cause to be prepared) and shall file (or cause to be filed)
the IRS Form 1065 (or any similar form for state and local Tax purposes due in a jurisdiction that follows the U.S. federal income
tax treatment) for Nexeo Solutions Holdings, LLC and Nexeo Solutions, LLC for any taxable periods that end on or before the Closing
Date, whether required to be filed before, on or after the Closing Date (each, a “Pre-Closing Pass-Through Return”).
To the extent required to be filed by the Company, (a) TPG shall deliver to the Company such Pre-Closing Pass-Through Return, together
with supporting documentation, at least thirty (30) days prior to the due date thereof for the Company’s review and reasonable
comment and (b) the Company will cause such Pre-Closing Pass-Through Return (as revised by TPG to incorporate any reasonable comments
received from the Company) to be properly signed and timely filed with the appropriate governmental authority and will provide
a copy of such return and evidence of filing to TPG.

 

Section 6.3           
Tax Cooperation. The Sponsors and the Company shall cooperate fully as and to the extent reasonably requested by
another party to this Agreement in connection with the provisions set forth in Sections 6.1 and 6.2. Such cooperation
shall include the retention and (upon another party’s request) the provision of records and information which are reasonably
relevant to the provisions set forth in Sections 6.1 and 6.2 and making employees available on a mutually convenient
basis to provide additional information and explanation of any material provided hereunder.

 

Article
VII

GENERAL PROVISIONS

 

Section 7.1           
Termination of Certain Agreements. The Sponsors will and will cause their respective Affiliates to take all Necessary
Action to comply with the Section 5.14 of the Merger Agreement.

 

Section 7.2           
Assignment; Benefit.

 

(a)               
The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto.
Any such assignee may not again assign those rights, other than in accordance with this Article VII. Any attempted assignment
of rights or obligations in violation of this Article VII shall be null and void. Notwithstanding anything in the foregoing
to the contrary, the rights of a Holder pursuant to Article IV of this Agreement with respect to all or any portion of its
Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable
Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement
of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided that (i) the Company
is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee
and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee
shall be bound by and subject to the terms set forth in this Agreement.

 

    	 	40	 

     

    

 

(b)              
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors
and permitted assigns, and there shall be no third-party beneficiaries to this Agreement other than the indemnitees under Section 4.8
and Sponsor Directors under the first sentence of Section 3.2(k).

 

Section 7.3           
Freedom to Pursue Opportunities. The parties expressly acknowledge and agree that: (i) each Shareholder, Sponsor
Director and Affiliated Officer of the Company has the right to, and shall have no duty (contractual or otherwise) not to, (x)
directly or indirectly engage in the same or similar business activities or lines of business as the Company or any of its subsidiaries,
including those deemed to be competing with the Company or any of their subsidiaries, or (y) directly or indirectly do business
with any client or customer of the Company or any of its subsidiaries; and (ii) in the event that a Shareholder, Sponsor Director
or Affiliated Officer of the Company acquires knowledge of a potential transaction or matter that may be a corporate opportunity
for the Company or any of its subsidiaries and such Shareholder or any other Person, the Shareholder, Sponsor Director and Affiliated
Officer of the Company shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the
Company or any of their subsidiaries, as the case may be, and, notwithstanding any provision of this Agreement to the contrary,
shall not be liable to the Company, its subsidiaries or their respective Affiliates or Shareholders for breach of any duty (contractual
or otherwise) by reason of the fact that such Shareholder, Sponsor Director or Affiliated Officer, directly or indirectly, pursues
or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the
Company or any of its subsidiaries.

 

Section 7.4           
Termination.

 

(a)               
Article III shall terminate automatically (without any action by any party hereto) as to each Shareholder upon the
later of (i) the time at which such Shareholder no longer has the right to designate an individual for nomination to the Board
of Directors under this Agreement and (ii) the time at which the Shareholders cease to hold in aggregate at least fifty percent
(50%) of the outstanding shares of Common Stock; provided, that the provisions in Sections 3.2(k) and 3.5
shall survive such termination. Article IV of this Agreement shall terminate as set forth in Section 4.10. The
remainder of this Agreement shall terminate automatically (without any action by any party hereto) as to each Shareholder when
such Shareholder ceases to hold any Company Shares.

 

    	 	41	 

     

    

 

(b)              
Upon the termination of the Merger Agreement in accordance with its terms, this Agreement shall terminate, become
void and of no further force and effect without any liability or obligation on the part of any party hereto.

 

Section 7.5           
Severability. In the event that any provision of this Agreement shall be invalid, illegal or unenforceable such provision
shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 7.6           
Entire Agreement; Amendment. (a)This Agreement sets forth the entire understanding and agreement between the
parties with respect to the transactions contemplated herein and supersedes and replaces any prior understanding, agreement or
statement of intent, in each case written or oral, of any kind and every nature with respect hereto. No provision of this Agreement
may be amended, modified or waived in whole or in part at any time without the express written consent of the Company and the Shareholders
holding in aggregate more than fifty percent (50%) of the Company Shares held by the Shareholders; provided that any such
amendment, modification or waiver that (i) would be materially adverse in any respect to any Qualifying Shareholder shall require
the prior written consent of such Qualifying Shareholder or (ii) would be disproportionately adverse to any Sponsor relative to
the Qualifying Shareholders (or, to the extent there are no Qualifying Shareholders, relative to the other Sponsors) shall require
the prior written consent of such disproportionately adversely affected Sponsor. Notwithstanding the foregoing, none of (A) the
first two sentences of Section 3.2(k) relating to Indemnification Agreements for Sponsor Directors, (B) the definition
of Indemnification Agreement and (C) the form of Indemnification Agreement shall be amended in any manner adverse to a Sponsor
Director without the express prior written consent of each Sponsor and the Company. Except as set forth above, there are no other
agreements with respect to the governance of the Company between any Shareholders or any of their Affiliates.

 

(b)              
No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in
writing and executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise,
and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity,
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude
any other or further exercise thereof or the exercise of any other right, power or remedy.

 

Section 7.7           
Counterparts. This Agreement may be executed in any number of separate counterparts each of which when so executed
shall be deemed to be an original and all of which together shall constitute one and the same agreement.

 

Section 7.8           
Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers,
elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall
be given, made or delivered by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a
sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight
delivery (and such notice shall be deemed to have been duly given, made or delivered (a) on the date received, if delivered by
personal hand delivery, (b) on the date received, if delivered by facsimile transmission, by electronic mail or by registered first-class
mail prior to 5:00 p.m. prevailing local time on a Business Day, or if delivered after 5:00 p.m. prevailing local time on a Business
Day or on other than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by air
courier guaranteeing overnight delivery), addressed to the Shareholder at the following addresses (or at such other address for
a Shareholder as shall be specified by like notice):

 

    	 	42	 

     

    

 

if to TPG, to:

 

TPG Global, LLC

301 Commerce Street

Suite 3300

Fort Worth, Texas 76102

Attention: Clive Bode

Fax: (817) 871-4001

 

with a copy (which
shall not constitute notice) to:

 

Vinson & Elkins LLP

1001 Fannin Street, Suite 2500

Attention: Keith Fullenweider and Sarah K. Morgan

Facsimile: (713) 615-5234

 

if to WLRS, to:

 

WL Ross Sponsor LLC

1166 Avenue of the Americas

New York, New York 10036

Telecopy: (212) 278-9845

Attention: Wilbur L. Ross, Jr.

 

with a copy (which
shall not constitute notice) to:

 

Kirkland & Ellis LLP

600 Travis Street, Suite 3300

Houston, TX 77002

Telecopy: (713) 835-3601

Attention: Andrew Calder, P.C. and William J. Benitez

 

    	 	43	 

     

    

if to the Company to:

 

WL Ross Holding Corp.

1166 Avenue of the Americas

New York, New York 10036

Telecopy: (212) 278-9845

Attention: Wilbur L. Ross, Jr.

 

with a copy (which
shall not constitute notice) to:

 

Kirkland & Ellis LLP

600 Travis Street, Suite 3300

Houston, TX 77002

Telecopy: (713) 835-3601

Attention: Andrew Calder, P.C. and William J. Benitez

 

Section 7.9           
Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE.

 

Section 7.10       
Jurisdiction. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY
IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) THE UNITED STATES DISTRICT
COURT FOR THE DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED
IN ANY JURISDICTION.

 

Section 7.11       
Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH SHAREHOLDER WAIVES,
AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY
FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED
WITH THE DEALINGS OF ANY SHAREHOLDER OR THE COMPANY IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. The Company or any Shareholder may file an original counterpart or a copy of
this Section 7.11 with any court as written evidence of the consent of the Shareholders to the waiver of their rights to
trial by jury.

 

Section 7.12       
Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure in money the damages
that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that,
in the event of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Any
such party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity)
to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any
action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the
defense that there is an adequate remedy at law.

 

    	 	44	 

     

    

 

Section 7.13       
Subsequent Acquisition of Shares. Any equity securities of the Company acquired subsequent to the date hereof by
a Shareholder shall be subject to the terms and conditions of this Agreement and such shares shall be considered to be “Company
Shares” as such term is used herein for purposes of this Agreement.

 

Section 7.14       
TPG Representative. Each TPG Group Member, by executing and delivering this Agreement, hereby appoints New Holdco
as the representative to act on behalf of TPG for all purposes under this Agreement (the “TPG Representative”),
including the exercise of all rights of TPG hereunder and the making of all elections and decisions to be made by TPG pursuant
to this Agreement. The Company hereby acknowledges and agrees that the TPG Representative shall have the power and authority to
act on behalf of TPG pursuant to this Agreement and that the act of the TPG Representative shall constitute the act of TPG and
each TPG Group Member for all purposes under this Agreement. The TPG Representative may assign the power and authority granted
to the TPG Representative pursuant to this Section 7.14 to any other Shareholder that is a TPG Group Member, who shall thereafter
serve as the TPG Representative. The Company shall be entitled to rely on any act or writing executed by the TPG Representative.

 

[Signature Pages Follow]

 

    	 	45	 

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the day and year first above written.

 

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

  

Signature Page
to

Shareholders’
and Registration Rights Agreement

 

     

     

    

 

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

  

Signature Page
to

Shareholders’
and Registration Rights AgreementExhibit 10.2

 

Exhibit A

 

 

 

TAX
RECEIVABLE AGREEMENT

 

by and
among

 

WL ROSS
HOLDING CORP.,

 

CERTAIN
OTHER PERSONS NAMED HEREIN,

 

and

 

AGENT

 

 

 

DATED
AS OF [●]

 

 

 

     

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE
AGREEMENT (this “Agreement”), dated as of [●], is hereby entered into by and among WL Ross Holding Corp.,
a Delaware corporation (the “Parent Corporation”), [TPG Unblocked Partnership], a Delaware limited partnership
(“TPG Unblocked Partnership”), [TPG FOF Partnership], a Delaware limited partnership (“TPG FOF Partnership”),
Nexeo Holdco, LLC, a Delaware limited liability company (“New Holdco”), TPG VI AIV SLP SD, LP, a Delaware limited
partnership (“TPG GP”), TPG VI DE BDH, LP, a Delaware limited partnership (“TPG Blocker Owner”)
and the Agent.

 

RECITALS

 

The Parent Corporation,
New Holdco, Nexeo Solutions Holdings, L.L.C., a Delaware limited liability company (“Holdings LLC”), Neon Acquisition
Company LLC, a Delaware limited liability company (“Blocker Merger Sub”), Neon Holding Company LLC, a Delaware
limited liability company (“Company Merger Sub”), and TPG Accolade Delaware, LP, a Delaware limited partnership
(“TPG Blocker”) entered into the Agreement and Plan of Merger, dated March 21, 2016 (the “Merger Agreement”).

 

Pursuant to the Merger
Agreement, Company Merger Sub, a wholly-owned subsidiary of the Parent Corporation, will merge with and into Holdings LLC (the
“Holdings LLC Merger”). Pursuant to the Holdings LLC Merger, the Parent Corporation will acquire the Holdings
LLC interests held by TPG GP, TPG Unblocked Partnership, TPG FOF Partnership and New Holdco, and the interests in Holdings LLC
held by TPG Blocker will remain outstanding. For U.S. federal income tax purposes, the Holdings LLC Merger will be treated as a
taxable acquisition by the Parent Corporation from TPG GP, TPG Unblocked Partnership, TPG FOF Partnership and New Holdco of their
respective interests in Holdings LLC.

 

Pursuant to the Merger
Agreement, immediately following the Holdings LLC Merger, Blocker Merger Sub, a wholly-owned subsidiary of the Parent Corporation,
will merge with and into TPG Blocker, an entity that has elected to be treated as a corporation for U.S. federal income tax purposes
(the “TPG Blocker Merger”). For U.S. federal income tax purposes, the TPG Blocker Merger will be treated as
a taxable acquisition by the Parent Corporation of the ownership interests in TPG Blocker from TPG Blocker Owner.

 

Following the TPG
Blocker Merger and the Holdings LLC Merger, the Parent Corporation will be the sole member of TPG Blocker, and the Parent Corporation
and TPG Blocker will together own all of the interests in Holdings LLC, which will continue to be treated as a partnership for
U.S. federal income tax purposes.

 

Holdings LLC is the
sole shareholder of Nexeo Solutions Sub Holding Corp., a Delaware corporation (“Sub Holding Corp”). Holdings
LLC and Sub Holding Corp together hold all of the common units in Nexeo Solutions LLC (“Nexeo LLC”) and Sub
Holding Corp holds all of the preferred units in Nexeo LLC.

 

Holdings LLC and each
of its direct and indirect Subsidiaries that is treated as a partnership (including Nexeo LLC) will have in effect for the taxable
year that includes the Mergers an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

    	 	1	 

     

    

 

The Parties hereto
are entering into this Agreement to set forth the agreements regarding the sharing of certain the Tax benefits realized by the
Parent Corporation Group (as hereinafter defined).

 

NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined).

 

“Accrued Amount”
means, with respect to any portion of a Net Tax Benefit, the interest on the Net Tax Benefit for a Taxable Year calculated at the
Agreed Rate from the due date (without extensions) for filing the Parent Corporation Return for such Taxable Year until the Payment
Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest, but shall instead be treated
as additional consideration unless otherwise required by law.

 

“Actual Tax
Liability” means, with respect to any Taxable Year, the actual liability for Taxes of the Parent Corporation Group.

 

“Additional
Basis” means any Basis Adjustment resulting from payments made pursuant to this Agreement as described in Section
2.2(b).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.

 

“Agent”
means TPG Unblocked Partnership.

 

“Agreed Rate”
means LIBOR plus 300 basis points.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Amended Schedule”
has the meaning set forth in Section 2.3(b).

 

“Basis Adjustment”
means any adjustment to the Tax basis of a Reference Asset as a result of the Mergers and the payments made pursuant to this Agreement
(as calculated under Section 2.1), including, but not limited to: (i) under Sections 734(b) and 743(b) of the Code
(in situations where Nexeo LLC remains classified as a partnership for U.S. federal income Tax purposes); (ii) under Sections
732(b), 734(b) and 1012 of the Code (in situations where Nexeo LLC becomes an entity that is disregarded as separate from its owner
for U.S. federal income Tax purposes); and (iii) under Section 362(a) of the Code. For the avoidance of doubt, payments made
under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed
Interest.

 

    	 	2	 

     

    

 

“Basis Schedule”
has the meaning set forth in Section 2.1.

 

A “Beneficial
Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security
and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The
terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Blocked AIV”
means TPG VI DE AIV I, LP, a Delaware limited partnership.

 

“Blocker Holders”
means, as applicable, TPG Blocker Owner, TPG Blocker Partnership as successor to TPG Blocker Owner pursuant to Section 7.6(a),
and their respective successors and assigns pursuant to Section 7.6(a).

 

“Blocker Merger
Sub” has the meaning set forth in the Recitals of this Agreement.

 

“Blocker NOLs”
means the net operating losses, capital losses, Section 163(j) Carryovers and credit carryforwards of TPG Blocker relating to taxable
periods ending on or prior to the Closing Date.

 

“Board”
means the Board of Directors of the Parent Corporation.

 

“Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the
United States of America or the State of Texas shall not be regarded as a Business Day.

 

“Closing Date”
means the closing date of the Mergers.

 

“Closing Date
Basis” means (i) the Tax basis immediately prior to the Mergers of any Reference Asset that is goodwill or any other
intangible asset, (ii) any Tax basis resulting from any “start-up expenditures” (as defined in Section 195(c)(1) of
the Code) incurred in connection with the Mergers and all associated transactions and (iii) any Basis Adjustments resulting from
the Mergers; provided, however, that Closing Date Basis shall not include any basis increases generated under Section 743(b)
of the Code in the Holdings LLC Merger that are attributable to assets of Nexeo LLC described in Section 197 of the Code unless,
no later than 60 days after the end of the Parent Corporation’s fiscal year that includes the closing date of the Mergers,
PWC delivers an opinion, at a more likely than not level and in a form reasonably satisfactory to the Parent Corporation, that
the basis increases generated under Section 743(b) of the Code in the Holdings LLC Merger that are attributable to assets of Nexeo
LLC described in Sections 167, 168, and 197 of the Code represent depreciable or amortizable, as applicable, basis to the Parent
Corporation.

 

“Code”
has the meaning set forth in the Recitals of this Agreement.

 

“Company Merger
Sub” has the meaning set forth in the Recitals of this Agreement.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

    	 	3	 

     

    

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the excess, if any, of the cumulative amount of Realized Tax Benefits
for all Taxable Years of the Parent Corporation Group, up to and including such Taxable Year, over the cumulative amount of Realized
Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined
based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination.

 

“Default Rate”
means LIBOR plus 500 basis points.

 

“Designated
Tax Attributes” means the Closing Date Basis, any Additional Basis, any Imputed Interest and any Blocker NOLs.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or any other event (including the execution of IRS
Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax, including, for the avoidance of doubt,
a concession of an issue by the taxpayer or agreement with a Taxing Authority on any issue.

 

“Dispute”
has the meaning set forth in Section 7.9(a).

 

“Disputing
Party” has the meaning set forth in Section 7.10.

 

“Early Termination”
has the meaning set forth in Section 4.1.

 

“Early Termination
Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination
Effective Date” has the meaning set forth in Section 4.3.

 

“Early Termination
Notice” has the meaning set forth in Section 4.3.

 

“Early Termination
Payment” has the meaning set forth in Section 4.4(b).

 

“Early Termination
Rate” means LIBOR plus 100 basis points; provided, that in the case of an Early Termination to which the last
sentence of the definition of “Valuation Assumptions” applies, it shall mean LIBOR plus 200 basis points.

 

“Early Termination
Schedule” has the meaning set forth in Section 4.3.

 

“Expert”
means such nationally recognized expert in the particular area of disagreement as is mutually acceptable to both parties and is
described in Section 7.10.

 

“Holdings
LLC” has the meaning set forth in the Recitals of this Agreement.

 

“Holdings
LLC Merger” has the meaning set forth in the Recitals of this Agreement.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the Parent Corporation Group (using
the same methods, elections, conventions, U.S. federal income tax rate and similar practices used on the relevant Parent Corporation
Return), but without taking into account any Designated Tax Attributes. For the avoidance of doubt, Hypothetical Tax Liability
shall be determined without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable
to any Designated Tax Attribute.

 

    	 	4	 

     

    

 

“Imputed Interest”
means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code with respect to the Parent Corporation’s
payment obligations under this Agreement.

 

“IRS”
means the U.S. Internal Revenue Service.

 

“LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR rate reported, on the date two (2) calendar days
prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported
on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank
offered rates for United States dollar deposits for such period.

 

“Material
Objection Notice” has the meaning set forth in Section 4.3.

 

“Merger Agreement”
has the meaning set forth in the Recitals of this Agreement.

 

“Mergers”
means the TPG Blocker Merger and the Holdings LLC Merger.

 

“Net Tax Benefit”
for each Taxable Year shall mean an amount equal to the excess, if any, of (i) 85% of the Cumulative Net Realized Tax Benefit as
of the end of such Taxable Year over (ii) the total amount of payments previously made under Section 3.1 (excluding payments
attributable to Accrued Amounts).

 

“New Holdco”
has the meaning set forth in the Preamble of this Agreement.

 

“Nexeo LLC”
has the meaning set forth in the Recitals of this Agreement.

 

“Non-Blocker
Holders” means, as applicable, TPG Unblocked Partnership, TPG FOF Partnership, New Holdco, TPG GP, TPG Blocker Partnership
as successor to TPG GP pursuant to Section 7.6(a), and their respective successors and assigns pursuant to Section 7.6(a).

 

“Objection
Notice” has the meaning set forth in Section 2.3(a).

 

“Parent Corporation”
has the meaning set forth in the Preamble of this Agreement.

 

“Parent Corporation
Group” means the Parent Corporation, any direct or indirect Subsidiary of the Parent Corporation and any consolidated,
combined, unitary or similar group of entities that join in filing any Tax Return.

 

“Parent Corporation
Return” means the U.S. federal income Tax Return of the Parent Corporation (including any consolidated group of which
the Parent Corporation is a member, as further described in Section 7.12) filed with respect to any Taxable Year.

 

“Payment Date”
means any date on which a payment is required to be made pursuant to this Agreement.

 

    	 	5	 

     

    

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity.

 

“PWC”
means PricewaterhouseCoopers LLP.

 

“Realized
Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability.
If all or a portion of the Actual Tax Liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there
has been a Determination.

 

“Realized
Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability.
If all or a portion of the Actual Tax Liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until
there has been a Determination.

 

“Reconciliation
Dispute” has the meaning set forth in Section 7.10.

 

“Reconciliation
Procedures” means the procedures described in Section 7.10.

 

“Reference
Asset” means an asset (other than cash or a cash equivalent) that is held by TPG Blocker, Holdings LLC, Sub Holding Corp,
Nexeo LLC or any of the direct or indirect Subsidiaries of Nexeo LLC. A Reference Asset also includes any asset that is “substituted
basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 

“Schedule”
means any of the following: (i) the Basis Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early Termination
Schedule.

 

“Section 163(j)
Carryovers” means disallowed interest expense carryforwards under Section 163(j) of the Code.

 

“Senior Obligations”
has the meaning set forth in Section 5.1.

 

“Sub Holding
Corp” has the meaning set forth in the Recitals of this Agreement.

 

“Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or
indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest
or managing member or similar interest of such Person.

 

“Tax Benefit
Payment” has the meaning set forth in Section 3.1.

 

“Tax Benefit
Schedule” has the meaning set forth in Section 2.2.

 

“Tax Proceeding”
has the meaning set forth in Section 6.1.

 

“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including any information return, claim for refund, amended return and declaration of estimated Tax.

 

    	 	6	 

     

    

 

“Taxable Year”
means a taxable year of the Parent Corporation as defined in Section 441(b) of the Code (and, therefore, for the avoidance of doubt,
may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the Closing Date.

 

“Taxes”
means any and all taxes, assessments or similar charges imposed by the United States or any subdivision thereof that are based
on or measured with respect to net income or profits, and any interest related to such Tax.

 

“Taxing Authority”
means any federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority
thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

 

“TPG Blocker
Owner” has the meaning set forth in the Preamble of this Agreement.

 

“TPG Blocker”
has the meaning set forth in the Recitals of this Agreement.

 

“TPG Blocker
Merger” has the meaning set forth in the Recitals of this Agreement.

 

“TPG Blocker
Partnership” means [●].

 

“TPG FOF Partnership”
has the meaning set forth in the Preamble of this Agreement.

 

“TPG GP”
has the meaning set forth in the Preamble of this Agreement.

 

“TPG Unblocked
Partnership” has the meaning set forth in the Preamble of this Agreement.

 

“TRA Holders”
means the Blocker Holders and the Non-Blocker Holders.

 

“Transferor”
has the meaning set forth in Section 7.12(b).

 

“Treasury
Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year.

 

“Valuation
Assumptions” means, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such
Early Termination Date, (i) the Parent Corporation Group will have taxable income sufficient to fully utilize (A) the
deductions arising from all Designated Tax Attributes during such Taxable Year or future Taxable Years (including, for the avoidance
of doubt, Designated Tax Attributes that would result from future Tax Benefit Payments that would be paid in accordance with the
Valuation Assumptions, further assuming such future Tax Benefit Payments would be paid on the due date, without extensions, for
filing the Parent Corporation Return for the applicable Taxable Year) in which such deductions would become available and (B) any
loss or credit carryovers generated by deductions arising from any Designated Tax Attributes that are available in the Taxable
Year that includes the Early Termination Date and any Blocker NOLs that have not been previously utilized in determining a Tax
Benefit Payment as of the date of such Early Termination Payment will be utilized by the Parent Corporation Group on a pro rata
basis over a five year period beginning on the Early Termination Date, or, if slower, at the rate permitted by any applicable limitations
on such usage (e.g., under Section 382 of the Code) and (ii) the U.S. federal income Tax rates that will be in effect for
each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination
Date. If, following the end of the Taxable Year that includes the date that is ten years after the date of this Agreement, over
two consecutive Taxable Years the costs and expenses of implementing this Agreement exceed the Tax Benefit Payments during such
period and, as a result, at the end of such period the Parent Corporation elects to terminate this Agreement pursuant to Section
4.1, then, in lieu of utilizing the assumption in clause (i) above, the Parent Corporation and the Agent shall negotiate in
good faith to determine the projected taxable income of the Parent Corporation Group over the remaining term of this Agreement
and that amount shall be used in calculating the Early Termination Payment; provided, that if the Parent Corporation and
Agent, for any reason, are unable to successfully agree regarding the projected taxable income of the Parent Corporation Group
within thirty (30) calendar days after receipt by Agent of the Early Termination Notice, the Parent Corporation and Agent shall
employ the Reconciliation Procedures.

 

    	 	7	 

     

    

 

Section
1.2Other Definitional and Interpretative Provisions. The words “hereof,” “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits
and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are
hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit
or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement
shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,”
whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and
comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.
References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time
in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively.

 

ARTICLE
II

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT

 

Section
2.1Basis Schedule. Within sixty (60) calendar days after the filing of the Parent Corporation Return for the
Taxable Year in which the Mergers are effected, the Parent Corporation shall deliver to Agent a schedule (the “Closing
Date Attribute Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement,
(i) the Closing Date Basis, (ii) the period (or periods) over which such Closing Date Basis is amortizable and/or depreciable,
(iii) the Blocker NOLs, (iv) the scheduled expiration dates of the Blocker NOLs, and (v) any applicable limitations on the use
of the Blocker NOLs for Tax purposes (including under Section 382 of the Code). Within sixty (60) calendar days after the filing
of the Parent Corporation Return for a Taxable Year following the Taxable Year in which the Mergers are effected in which there
arises additional Closing Date Basis or Additional Basis, the Parent Corporation shall deliver to Agent a schedule (together with
the Closing Date Attribute Schedule, the “Basis Schedule”) that shows, in reasonable detail necessary to perform
the calculations required by this Agreement, (y) any additional Closing Date Basis and any Additional Basis and (z) the
period (or periods) over which such Closing Date Basis and Additional Basis is amortizable and/or depreciable.

 

    	 	8	 

     

    

 

Section
2.2Tax Benefit Schedule.

 

(a)Within sixty
(60) calendar days after the filing of the Parent Corporation Return for any Taxable Year in which there is a Realized Tax Benefit
or Realized Tax Detriment, the Parent Corporation shall provide to Agent: (i) a schedule showing, in reasonable detail, the
calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year and the allocation of any Net Tax Benefit
among the TRA Holders, which allocation shall be made in accordance with Schedule A (a “Tax Benefit Schedule”),
(ii)  the Parent Corporation Return, (iii) a reasonably detailed calculation by the Parent Corporation of the Hypothetical
Tax Liability, (iv) a reasonably detailed calculation by the Parent Corporation of the Actual Tax Liability, and (v) any
other work papers related thereto that are reasonably available to the Parent Corporation and requested by Agent. In addition,
the Parent Corporation shall allow Agent reasonable access to the appropriate representatives of the Parent Corporation Group in
connection with a review of such Tax Benefit Schedule. The Parent Corporation may use reasonable estimation methodologies for calculating
the portion of any Realized Tax Benefit or Realized Tax Detriment attributable to U.S. state or local Taxes. The Tax Benefit Schedule
will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the
procedures set forth in Section 2.3(b)).

 

(b)For purposes
of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryovers or carrybacks of any Designated
Tax Attribute shall be considered to be subject to the rules of the Code and the Treasury Regulations, as applicable, governing
the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item
includes a portion that is attributable to any Designated Tax Attribute and another portion that is not so attributable, such respective
portions shall be considered to be used in accordance with the “with and without” methodology. The parties agree that
(i) any payment under this Agreement (to the extent permitted by law and other than amounts accounted for as Imputed Interest)
will have the effect of creating Additional Basis in Reference Assets for the Parent Corporation Group in the year of payment to
the extent that the payment is made to Non-Blocker Holders, and (ii) as a result, such Additional Basis will be incorporated
into the calculation for the year of payment and into future year calculations, as appropriate.

 

Section
2.3Procedure; Amendments.

 

(a)An applicable
Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from the first date on which
Agent has received the applicable Schedule or amendment thereto unless Agent (i)  within thirty (30) calendar days after receiving
an applicable Schedule or amendment thereto, provides the Parent Corporation with notice of a material objection to such Schedule
(“Objection Notice”) made in good faith or (ii)  provides a written waiver of such right of any Objection
Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the
date the waiver is received by the Parent Corporation. If the Parent Corporation and Agent, for any reason, are unable to successfully
resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Parent Corporation of such
Objection Notice, the Parent Corporation and Agent shall employ the Reconciliation Procedures.

 

    	 	9	 

     

    

 

(b)The applicable
Schedule for any Taxable Year may be amended from time to time by the Parent Corporation (i) in connection with a Determination
affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional
factual information relating to a Taxable Year after the date the Schedule was provided to Agent, (iii) to correct inaccuracies
in the Schedule as a result of a change in law or applicable rules or regulations (including, if applicable, any such change having
retroactive effect), provided that any such amendment, to the extent applicable, must be consistent with the Tax Returns
(including any amendments) of the Parent Corporation Group, (iv) to correct inaccuracies in the Schedule as a result of a clerical
or computational error in preparation of the Schedule, (v) to comply with the Expert’s determination under the Reconciliation
Procedures, (vi) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (vii) to reflect a change in the Realized
Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year or
(viii) to adjust a Basis Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended
Schedule”). The Parent Corporation shall provide an Amended Schedule to Agent within sixty (60) calendar days of the
occurrence of an event referenced in clauses (i) through (viii) of the preceding sentence. For the avoidance of doubt, in the event
a Schedule is amended after such Schedule becomes final pursuant to Section 2.3(a), the Amended Schedule shall not be taken
into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken
into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs.

 

ARTICLE
III

TAX BENEFIT PAYMENTS

 

Section
3.1Payments.

 

(a)Within five
(5) Business Days after a Tax Benefit Schedule for a Taxable Year becomes final in accordance with Section 2.3(a), the Parent
Corporation shall pay the Net Tax Benefit to the TRA Holders and the Accrued Amount with respect thereto. The payment of the Net
Tax Benefit for such Taxable Year shall be made to the TRA Holders in accordance with the Tax Benefit Schedule for such Taxable
Year and shall be consistent with the principles set forth in Schedule A. Payment of each TRA Holder’s portion of
the Net Tax Benefit and the Accrued Amount with respect thereto (together a “Tax Benefit Payment”) shall be
made by check, by wire transfer of immediately available funds to the bank account previously designated by the TRA Holder to the
Parent Corporation, or as otherwise agreed by the Parent Corporation and the TRA Holder. No TRA Holder shall be required to return
any portion of any previously made Tax Benefit Payment.

 

    	 	10	 

     

    

 

(b)Notwithstanding
any provision of this Agreement to the contrary, the aggregate Net Tax Benefit Payments to be made to a TRA Holder under this Agreement
shall be limited to (i) [●%]1
of (ii) the amount equal to the sum of (A) any cash, excluding any Tax Benefit Payments, received by the TRA Holders in the Mergers
and (B) the fair market value of the shares of Parent Corporation stock (including any Founder Share Consideration (as defined
in the Merger Agreement)) received by the TRA Holders in the Mergers, provided, for the avoidance of doubt, that such amount shall
not include any Imputed Interest.

 

Section
3.2No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement
will result in 85% of the Cumulative Net Realized Tax Benefit, and the Accrued Amount thereon, being paid to the Persons due payments
pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental
results.

 

Section
3.3Pro Rata Payments. If for any reason the Parent Corporation does not fully satisfy its payment obligations
to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then (i) the Parent Corporation
will pay the same proportion of each Tax Benefit Payment due to each Person due a payment under this Agreement in respect of such
Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of
any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full.

 

ARTICLE
IV

TERMINATION

 

Section
4.1Early Termination at Election of the Corporate Taxpayer. The Parent Corporation may terminate this Agreement
at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.4(b)
(an “Early Termination”); provided that the Parent
Corporation may withdraw any notice to execute its termination rights under this Section 4.1 prior to the time at which
any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Parent Corporation, the Parent
Corporation shall not have any further payment obligations under this Agreement, other than for any Tax Benefit Payment previously
due and payable but unpaid as of the Early Termination Notice. Upon payment of all amounts provided for in this Section 4.1,
this Agreement shall terminate.

 

Section
4.2Breach of Agreement.

 

(a)In the event
that the Parent Corporation breaches any of its material obligations under this Agreement, whether as a result of failure to make
any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the
rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, and such breach is not cured by the Parent
Corporation within thirty (30) days after notice is provided by the Agent, then if a majority of the TRA Holders so elect, such
breach shall be treated as an Early Termination. Upon such election, all obligations hereunder shall be accelerated and such obligations
shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include (i) the
Early Termination Payment, calculated as if an Early Termination Notice had been delivered on the date of a breach and (ii) any
Tax Benefit Payment previously due and payable but unpaid as of the date of a breach. Notwithstanding the foregoing, in the event
that the Parent Corporation breaches this Agreement, the TRA Holders shall be entitled to elect to receive the amounts set forth
in clauses (i) and (ii) above or to seek specific performance of the terms hereof.

 

 

		1	NTD: To be determined prior to the Closing Date in the
sole discretion of the Agent.

 

    	 	11	 

     

    

 

(b)The parties
agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due
shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall
not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement
within three (3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not
be a breach of this Agreement if the Parent Corporation fails to make any Tax Benefit Payment when due to the extent that the Parent
Corporation has insufficient funds to make such payment; provided that the interest provisions of Section 5.2 shall
apply to such late payment (unless the Parent Corporation does not have sufficient cash to make such payment as a result of limitations
imposed by existing credit agreements to which Parent Corporation or any Subsidiary of Parent Corporation is a party, in which
case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate); provided further that it
shall be a breach of this Agreement, and the provisions of Section 4.2(a) shall apply as of the original due date of the
Tax Benefit Payment, if the Parent Corporation makes any distribution of cash or other property to its shareholders while any Tax
Benefit Payment is due and payable but unpaid.

 

Section
4.3Early Termination Notice. If the Parent Corporation chooses to exercise its right of early termination under
Section 4.1 above, the Parent Corporation shall deliver to Agent notice of such intention to exercise such right (the “Early
Termination Notice”) and a schedule (the “Early Termination Schedule”) showing in reasonable detail
the calculation of the Early Termination Payment; provided, that in the case of an Early Termination to which the last sentence
of the definition of “Valuation Assumptions” applies, the Parent Corporation shall be required to consult with Agent
in preparing the Early Termination Schedule in accordance with the last sentence of the definition of “Valuation Assumptions”
prior to delivering such schedule to Agent pursuant to the first part of this sentence. The Early Termination Schedule shall become
final and binding on all parties thirty (30) calendar days from the first date on which Agent has received such Schedule or amendment
thereto unless Agent (1) within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Parent
Corporation with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”)
or (2) provides a written waiver of such right of a Material Objection Notice within the period described in clause (i) above,
in which case such Schedule becomes binding on the date the waiver is received by the Parent Corporation (the “Early Termination
Effective Date”). If the Parent Corporation and Agent, for any reason, are unable to successfully resolve the issues
raised in such notice within thirty (30) calendar days after receipt by the Parent Corporation of the Material Objection Notice,
the Parent Corporation and Agent shall employ the Reconciliation Procedures.

 

    	 	12	 

     

    

 

Section
4.4Payment upon Early Termination.

 

(a)Subject to its
right to withdraw any notice of Early Termination pursuant to Section 4.1, within five (5) Business Days after the Early
Termination Effective Date, the Parent Corporation shall pay to each TRA Holder its Early Termination Payment. Each such payment
shall be made by check, by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Holder,
or as otherwise agreed by the Parent Corporation and the TRA Holder.

 

(b)The “Early
Termination Payment” shall equal, with respect to each TRA Holder, the present value, discounted at the Early Termination
Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Parent Corporation
to such TRA Holder beginning from the Early Termination Date (including, for the avoidance of doubt, any Tax Benefit Payment due
and unpaid for the Taxable Year ending with or including the date of the Early Termination Notice) and assuming that the Valuation
Assumptions are applied.

 

ARTICLE
V

SUBORDINATION AND LATE PAYMENTS

 

Section
5.1Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment,
Early Termination Payment or any other payment required to be made by the Parent Corporation to any TRA Holder under this Agreement
shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of
any secured obligations or obligations in respect of indebtedness for borrowed money of the Parent Corporation and its Subsidiaries
(such obligations, “Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations
of the Parent Corporation that are not Senior Obligations. For the avoidance of doubt, notwithstanding the above, the determination
of whether it is a breach of this Agreement if the Parent Corporation fails to make any Tax Benefit Payment when due is governed
by Section 4.2(a).

 

Section
5.2Late Payments by the Parent Corporation. The amount of all or any portion of any Tax Benefit Payment, Early
Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement
shall be payable together with any interest thereon, computed at the Default Rate (or, if so provided in Section 4.2(a),
at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment
under this Agreement was due and payable.

 

ARTICLE
VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section
6.1Participation in the Parent Corporation Group’s Tax Matters. Except as otherwise provided herein, the
Parent Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the Parent Corporation
Group, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling
any issue pertaining to Taxes. Notwithstanding the foregoing, the Parent Corporation shall notify Agent of, and keep Agent reasonably
informed with respect to, the portion of any audit, examination, or any other administrative or judicial proceeding (a “Tax
Proceeding”) of any member of the Parent Corporation Group by a Taxing Authority the outcome of which is reasonably expected
to affect the rights and obligations of the TRA Holders under this Agreement, and shall provide to Agent reasonable opportunity
to provide information and other input to the members of the Parent Corporation Group and their respective advisors concerning
the conduct of any such portion of such Tax Proceeding; provided, however, that the Parent Corporation Group shall not be
required to take any action that is inconsistent with any provision of the Nexeo LLC Agreement.

 

    	 	13	 

     

    

 

Section
6.2Consistency. The Parent Corporation and the TRA Holders agree to report and cause to be reported for all purposes,
including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Designated
Tax Attributes and each Tax Benefit Payment) in a manner consistent with that set forth in any Schedule or Amended Schedule required
to be provided by or on behalf of the Parent Corporation under this Agreement, as finally determined pursuant to Section 2.3.
If the Parent Corporation and any TRA Holder, for any reason, are unable to successfully resolve the any disagreement concerning
such treatment within thirty (30) calendar days, the Parent Corporation and such TRA Holder shall employ the Reconciliation Procedures.

 

Section
6.3Cooperation. Each TRA Holder shall (i) furnish to the Parent Corporation in a timely manner such information,
documents and other materials as the Parent Corporation may reasonably request for purposes of making any determination or computation
necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding (for the
avoidance of doubt, excluding any information, documents or materials relating to the owners of a TRA Holder), (ii) make itself
available to the Parent Corporation and its representatives to provide explanations of the documents and materials and such other
information as the Parent Corporation or its representatives may reasonably request in connection with any of the matters described
in clause (i) above, and (iii) reasonably cooperate in connection with any such matter.

 

ARTICLE
VII

MISCELLANEOUS

 

Section
7.1Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be deemed duly given and received (i) on the date of delivery if delivered personally, or by facsimile upon confirmation
of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or (ii) on
the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder
shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive
such notice:

 

If to the Parent Corporation,
to:

 

WL Ross Holding Corp.

1166 Avenue of the Americas

New York, New York 10036

Attention: Wilbur L. Ross, Jr.

 

    	 	14	 

     

    

 

with a copy (which shall not
constitute notice to the Parent Corporation) to:

Kirkland & Ellis LLP

600 Travis Street, Suite 3300

Houston, Texas 77002

Attention: Andrew Calder, P.C. and William J. Benitez

 

If to Agent, to:

[●]

[●]

[●]

 

If to a TRA Holder other than Agent,
to the address [●].

 

Any party may change its address or fax number by giving the
other party written notice of its new address or fax number in the manner set forth above.

 

Section
7.2Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and
delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of
this Agreement.

 

Section
7.3Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes
all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This
Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted
assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
7.4Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State
of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another
jurisdiction.

 

Section
7.5Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

    	 	15	 

     

    

 

Section
7.6Successors; Assignment.

 

(a)Following a
written consent of the Parent Corporation (such consent not to be unreasonably withheld, conditioned or delayed) a TRA Holder may
assign this Agreement to any person without the prior written consent of the Parent Corporation as long as such transferee executes
and delivers a joinder to this Agreement, in form and substance reasonably satisfactory to the Parent Corporation, agreeing to
become a “Non-Blocker Holder” or “Blocker Holder” (in accordance with the status of the transferee as a
Non-Blocker Holder or Blocker Holder) for all purposes of this Agreement, except as otherwise provided in such joinder. Notwithstanding
the foregoing, the parties to this Agreement acknowledge that immediately following the Blocker Merger, it is contemplated that
TPG Blocker Owner will contribute its rights under this Agreement to TPG Blocker Partnership and that TPG GP will contribute its
rights under this Agreement to TPG Blocker Partnership (through Blocked AIV and Blocker Owner), and that, in connection with that/such
contributions, (i) Parent Corporation consent shall not be required and TPG Blocker Partnership shall not be required to execute
and deliver a joinder to this Agreement, (ii) TPG GP shall cease to be a Non-Blocker Holder as of the time of the contribution
and TPG Blocker Partnership shall be a Non-Blocker Holder as the successor of TPG GP, and (iii) TPG Blocker Owner shall cease to
be a Blocker Holder as of the time of the contribution and TPG Blocker Partnership shall be a Blocker Holder as the successor of
TPG Blocker Owner. Any and all payments payable or that may become payable to a TRA Holder pursuant to this Agreement may be assigned
to any Person or Persons as long as any such Person executes and delivers a joinder to this Agreement, in form and substance reasonably
satisfactory to the Parent Corporation, agreeing to be bound by Section 7.13 and acknowledging specifically the terms of
Section 7.6(b).

 

(b)Notwithstanding
the foregoing provisions of this Section 7.6, no assignee described in the third sentence of Section 7.6(a) shall
have any rights under this Agreement except for the right to enforce its right to receive payments under this Agreement.

 

(c)Except as otherwise
specifically provided herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit
of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and
legal representatives. The Parent Corporation shall cause any direct or indirect successor (whether by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Parent Corporation, by written agreement, expressly
to assume and agree to perform this Agreement in the same manner and to the same extent that the Parent Corporation would be required
to perform if no such succession had taken place.

 

Section
7.7Amendments; Waivers. No provision of this Agreement may be amended unless such amendment is approved in writing
by each of the Parent Corporation and by the TRA Holders who would be entitled to receive a majority of the Early Termination Payments
payable to all TRA Holders hereunder as of the date of the proposed amendment (excluding, for purposes of this sentence, all payments
made to any TRA Holder pursuant to this Agreement as of the date of the proposed amendment); provided, however, that no
such amendment shall be effective if such amendment would have a disproportionate effect on the payments certain TRA Holders will
or may receive under this Agreement unless all such disproportionately affected TRA Holders consent in writing to such amendment.
No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is
to be effective.

 

    	 	16	 

     

    

 

Section
7.8Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement.

 

Section
7.9Resolution of Disputes.

 

(a)Any and all
disputes which are not governed by Section 7.10, including any ancillary claims of any party, arising out of, relating to
or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including
the validity, scope and enforceability of this Section 7.9 and Section 7.10) (each a “Dispute”)
shall be governed by this Section 7.9. The parties hereto shall attempt in good faith to resolve all Disputes by negotiation.
If a Dispute between the parties hereto cannot be resolved in such manner, such Dispute shall be finally settled by arbitration
conducted by a single arbitrator in the State of Delaware in accordance with the then-existing Rules of Arbitration of the International
Chamber of Commerce. If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) calendar days
of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator
shall be a lawyer admitted to the practice of law in the State of Delaware and shall conduct the proceedings in the English language.
Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. In addition to monetary
damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance of any obligation
under this Agreement. The arbitrator is not empowered to award damages in excess of compensatory damages, and each party hereby
irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The award shall be
the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral
tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets.

 

(b)Notwithstanding
the provisions of Section 7.9(a), the Parent Corporation may bring an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration
hereunder, and/or enforcing an arbitration award and, for the purposes of this Section 7.9(b), Agent and each TRA Holder
(3) expressly consents to the application of Section 7.9(c) to any such action or proceeding, (4) agrees that
proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate
and that remedies at law would be inadequate, and (iii) irrevocably appoints the Parent Corporation as agent of such party
for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who
shall promptly advise such party in writing of any such service of process, shall be deemed in every respect effective service
of process upon such party in any such action or proceeding.

 

    	 	17	 

     

    

 

(c)EACH PARTY HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN DELAWARE, FOR THE PURPOSE
OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS Section
7.9, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO
OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration,
to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge
that the fora designated by this Section 7.9(c) have a reasonable relation to this Agreement, and to the parties’
relationship with one another.

 

(d)The parties
hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in Section
7.9(c) and such parties agree not to plead or claim the same.

 

Section
7.10Reconciliation. In the event that the Parent Corporation and Agent (with respect to matters governed by the
definition of “Valuation Assumptions”, Section 2.3 and Section 4.3) or any TRA Holder (with respect to
matters governed by Section 6.2) (as applicable, the “Disputing Party”) are unable to resolve a disagreement
with respect to such matters within the relevant period designated in this Agreement (“Reconciliation Dispute”),
the Reconciliation Dispute shall be submitted to the Expert. The Expert shall be a partner or principal in a nationally recognized
accounting or law firm, and unless the Parent Corporation and the Disputing Party agree otherwise, the Expert shall not, and the
firm that employs the Expert shall not, have any material relationship with the Parent Corporation or the Disputing Party or other
actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of
receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International
Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Exchange Schedule or an amendment
thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter
relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably
practicable, in each case after the matter has been submitted to the Expert for resolution; provided that in resolving any matter,
the Expert shall not require the Parent Corporation or any Affiliate thereof to take a position, or to make any payment based on
a position, that is not “more likely than not” to be sustained. Notwithstanding the preceding sentence, if the matter
is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or
any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by this
Agreement and such Tax Return may be filed as prepared by the Parent Corporation, subject to adjustment or amendment upon resolution.
The Parent Corporation and the Disputing Party shall each bear its own costs and expenses of such proceeding, unless (5) the
Expert adopts such Disputing Party’s position, in which case the Parent Corporation shall reimburse such Disputing Party
for any reasonable out-of-pocket costs and expenses in such proceeding, or (6) the Expert adopts the Parent Corporation’s
position, in which case such Disputing Party shall reimburse the Parent Corporation for any reasonable out-of-pocket costs and
expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section
7.10 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of
the Expert pursuant to this Section 7.10 shall be binding on the Parent Corporation and its Subsidiaries and the Disputing
Party and may be entered and enforced in any court having jurisdiction.

 

    	 	18	 

     

    

 

Section
7.11Withholding. The Parent Corporation shall be entitled to deduct and withhold from any payment payable pursuant
to this Agreement such amounts as the Parent Corporation is required to deduct and withhold with respect to the making of such
payment under the Code or any provision of U.S. federal, state, local or non-U.S. Tax law. To the extent that amounts are so withheld
and paid over to the appropriate Taxing Authority by the Parent Corporation, such withheld amounts shall be treated for all purposes
of this Agreement as having been paid to the relevant TRA Holder.

 

Section
7.12Admission of the Parent Corporation into a Consolidated Group; Transfers of Corporate Assets.

 

(a)If the Parent
Corporation becomes a member of an affiliated or consolidated group of corporations that files a consolidated income Tax Return
pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax law, then: (7) the
provisions of this Agreement shall be applied with respect to the group as a whole; and (8) Tax Benefit Payments, Early Termination
Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group
as a whole to the extent that any applicable Designated Tax Attributes can be used against such consolidated taxable income of
the group as a whole.

 

(b)If the Parent
Corporation (or any other entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder) or any
of its direct or indirect Subsidiaries (a “Transferor”) transfers one or more Reference Assets to a corporation
(or a Person classified as a corporation for U.S. federal income Tax purposes) with which the Transferor does not file a consolidated
Tax Return pursuant to Section 1501 of the Code, the Transferor, for purposes of calculating the amount of any Tax Benefit Payment
or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such
entity) due hereunder, shall be treated as having disposed of such Reference Assets in a fully taxable transaction on the date
of such contribution. The consideration deemed to be received by the Transferor shall be equal to the fair market value of the
transferred Reference Assets, plus (i) the amount of debt to which any such Reference Asset is subject, in the case of a transfer
of an encumbered Reference Asset or (ii) the amount of debt allocated to any such Reference Asset, in the case of a contribution
of a partnership interest. For purposes of this Section 7.12(b), a transfer of a partnership interest shall be treated as
a transfer of the Transferor’s share of each of the assets and liabilities of that partnership.

 

    	 	19	 

     

    

 

Section
7.13Confidentiality.

 

(a)Agent and each
of its assignees and each TRA Holder and each of its assignees acknowledges and agrees that the information of the Parent Corporation
Group is confidential and, except in the course of performing any duties as necessary for the Parent Corporation Group and its
Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep and retain in
the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Parent
Corporation Group and its Affiliates and successors or the TRA Holders, learned by Agent or TRA Holder heretofore or hereafter.
This Section 7.13 shall not apply to (9) any information that has been made publicly available by the Parent Corporation
or any of its Affiliates, becomes public knowledge (except as a result of an act of an Agent or a TRA Holder in violation of this
Agreement) or is generally known to the business community and (10) the disclosure of information (A) as may be proper
in the course of performing such TRA Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under
this Agreement, (B) as part of such TRA Holder’s normal reporting, rating or review procedure (including normal credit
rating and pricing process), or in connection with such TRA Holder’s or such TRA Holder’s Affiliates’ normal
fund raising, marketing, informational or reporting activities, or to such TRA Holder’s (or any of its Affiliates’)
Affiliates, auditors, accountants, attorneys or other agents, (C) to any bona fide prospective assignee of such TRA Holder’s
rights under this Agreement, or prospective merger or other business combination partner of such TRA Holder, provided that
such assignee or merger partner agrees to be bound by the provisions of this Section 7.13, (D) as is required to be
disclosed by order of a court of competent jurisdiction, administrative body or governmental body, or by subpoena, summons or legal
process, or by law, rule or regulation; provided that any TRA Holder required to make any such disclosure to the extent
legally permissible shall provide the Parent Corporation prompt notice of such disclosure, or to regulatory authorities or similar
examiners conducting regulatory reviews or examinations (without any such notice to the Parent Corporation), or (E) to the
extent necessary for a TRA Holder to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any
Taxing Authority or to prosecute or defend any Tax Proceeding with respect to such returns.

 

(b)If Agent or
an assignee or a TRA Holder or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this
Section 7.13, the Parent Corporation shall have the right and remedy to have the provisions of this Section 7.13
specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond
or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to
the Parent Corporation or any of its Subsidiaries or the TRA Holders and the accounts and funds managed by the Parent Corporation
and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition
to, and not in lieu of, any other rights and remedies available at law or in equity.

 

  

 

[Signature Page Follows]

 

    	 	20	 

     

    

 

IN WITNESS WHEREOF, the
Parent Corporation, the TRA Holders, and the Agent have duly executed this Agreement as of the date first written above.

  

 

	 	PARENT CORPORATION:
	 	 	 	 
	 	WL Ross Holding Corp.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	AGENT:	 
	 	 	 	 
	 	[TPG Unblocked Partnership]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	NON-BLOCKER HOLDERS:
	 	 	 	 
	 	[TPG Unblocked Partnership]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	[TPG FOF Partnership]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	Nexeo Holdco, LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

    	 	21	 

     

    

 

 

	 	TPG VI AIV SLP SD, LP
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	BLOCKER HOLDERS:
	 	 	 	 
	 	TPG VI DE BDH, LP
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

    	 	22	 

     

    

 

Schedule A2

 

In accordance with Section
3.1, the entire Net Tax Benefit for each Taxable Year shall be paid within five (5) Business Days after a Tax Benefit Schedule
for such Taxable Year becomes final in accordance with Section 2.3(a).

 

		1.	The Net Tax Benefit shall be allocated among the TRA Holders in accordance with their relative percentage
interests in Holdings LLC immediately before the Mergers, as set forth below:

  

Non-Blocker
Holders:

 

TPG Unblocked
Partnership – [●]%

 

TPG FOF Partnership
– [●]%

 

New Holdco –
[●]%

 

TPG GP –
[●]%

  

Blocker Holders:

 

TPG Blocker Owner
– [●]%

 

		2.	For Designated Tax Attributes other than Blocker NOLs that are not Section 163(j) Interest Carryovers,
any such Designated Tax Attributes available for use during a Taxable Year shall be considered to be utilized proportionately.
Blocker NOLs other than Section 163(j) Interest Carryovers shall be considered to be utilized only to the extent that such Blocker
NOLs available for use during a Taxable Year would be utilized after taking into account all other available Designated Tax Attributes.

 

 

 

 

		2	NTD: Percentages on this schedule to be determined prior
to the Closing Date in the sole discretion of the Agent.

 

    	 	23

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