Document:

2014.12.31-Exhibit 10.54

EXHIBIT 10.54

EXECUTION COPY
EMPLOYMENT AGREEMENT
This Employment Agreement (“Agreement”) is made this 14th day of January, 2014 by and between Discovery Communications, LLC (“Company”) and JB Perrette (“Executive”).
As a condition to and in consideration of the mutual promises and covenants set forth in this Agreement, Company hereby offers Executive and Executive hereby accepts employment upon the terms and conditions set forth herein.  Effective January 14, 2014 (“Effective Date”), this Agreement supersedes all prior employment agreements between Company and Executive.
I.DUTIES, ACCEPTANCE, LOCATION
		
	A.
	Company employs Executive to render exclusive and full-time services as President, Discovery Networks International, upon the terms and conditions set forth herein.  Executive’s assumption of the office of President, Discovery Networks International, shall be contingent upon the approval of the Board of Directors of Discovery Communications, Inc. and based on the timing approved by the Board, but the compensation and other terms and conditions of this agreement shall be effective upon the effective date of this Agreement.  Executive’s duties shall be consistent with his title and as otherwise directed by Company.  The parties shall mutually agree on any press release announcing Executive’s appointment and/or the fact that Executive has entered into this Agreement.

		
	B.
	Company reserves the right to change the individual and/or position to whom/which Executive reports and, if Company deems it necessary, subject to Section IV(D)(1)(b) hereof, the location where Executive works.  Executive’s primary work location shall be the Company’s offices in London, England, but Executive shall make himself available for travel to other locations as business needs require and in order to facilitate effective interaction between Executive and other members of management and the Company.  

		
	C.
	Executive hereby accepts such employment and agrees to render the services described above.  Throughout his employment with Company, Executive agrees to serve Company faithfully and to the best of his ability, and to devote his full business time and energy to perform the duties arising under this Agreement in a professional manner that does not discredit, but furthers the interests of Company.

		
	D.
	Executive shall be seconded from Company to Discovery Corporate Services, Ltd., a wholly-owned subsidiary of Company in the United Kingdom, or such other Company subsidiary in the United Kingdom as the Company may designate by written notice to Executive.  Executive shall continue to be an employee of Company during the period of secondment.  The period of 

secondment shall end on the earlier of (1) the end of the Term of Employment, or (2) Executive’s repatriation to the United States.
II.TERM OF EMPLOYMENT
		
	A.
	Subject to Section IV, Executive’s term of employment shall begin on January 1, 2014 and end on December 31, 2016 (“Term of Employment”).

		
	B.
	Company shall have the option to enter negotiations with Executive to renew this Agreement with Executive for an additional term.  If Company wishes to exercise its option to enter negotiations with Executive to renew this Agreement, it will give Executive written notice of its intent to enter such negotiations to renew not later than one hundred fifty (150) days prior to the end of the Term of Employment.  The Term of Employment may not, however, be extended unless by mutual agreement of the Company and Executive as to all of the material terms and conditions of the extension.  In the event the parties do not enter into an agreement to extend this Agreement for an additional term, this Agreement shall expire and the Term of Employment shall end on December 31, 2016; provided, however, that if the Company elects not to renew this Agreement, Executive shall be eligible for a severance payment pursuant to Section IV(D)(2) herein. If Company offers to renew this Agreement, but the parties are unable to agree on final terms, and Executive terminates employment at the end of the Term of Employment, Executive will be eligible for a Noncompetition Payment (as defined by, and in accordance with, Section VI(G), below). 

III.COMPENSATION
		
	A.
	Base Salary.  Effective January 1, 2014, Company agrees to provide Executive with an annual base salary of $1,000,000, which is inclusive of any 2014 merit increase.  Beginning January 1, 2014, this sum will be paid over the course of twelve months, in increments paid on regular Company paydays, less such sums as the law requires Company to deduct or withhold.  Executive’s future salary increases will be reviewed and decided in accordance with Company’s standard practices and procedures for similarly-situated executives.

		
	B.
	Bonus/Incentive Payment.  Effective January 1, 2014, in addition to the base salary paid to Executive pursuant to Section III(A), Executive shall be eligible for an annual bonus/incentive payment target of one hundred ten percent (110%) of his base salary.  The portion of the bonus/incentive payment to be received by Executive will be determined in accordance with Company’s applicable incentive or bonus plan in effect at that time (e.g., subject to reduction for Company under-performance and increase for Company over-performance) and will be paid in accordance with the applicable incentive or 

bonus plan.  Executive shall continue to be eligible for a bonus/incentive payment with respect to his service in 2013 based on his then-applicable bonus/incentive target and base salary, and subject to and in accordance with, the terms of the applicable bonus/incentive plan.
		
	C.
	Benefits.  Executive shall be entitled to participate in and to receive any and all benefits generally available to executives at Executive’s level in the company in accordance with the terms and conditions of the applicable plan or arrangement and, during the period of Executive’s secondment to the Company’s London offices, as the same may apply to US citizens working abroad via secondment.  The Company shall pay expenses or otherwise reimburse Executive for business expenses in accordance with the Company’s Travel and Entertainment policy, as the same applies to similarly-situated senior executives of the Company.  Executive shall be eligible for insurance coverage under the Company’s director and officer liability insurance and employment practices liability insurance policies in accordance with those policies and in amounts similar to coverage afforded other senior executives of the Company for activities on behalf of Company and its subsidiaries, and otherwise shall be eligible for indemnification in accordance with the Company’s corporate governance requirements.  Executive shall be eligible for four (4) weeks of paid vacation each calendar year, in accordance with the Company’s vacation policy.

		
	D.
	Relocation and International Assignment Benefits.  Executive shall receive and be afforded relocation and international assignment benefits in accordance with Company’s Long-Term International Assignment policy.

		
	E.
	Equity Program.   Executive will be recommended for equity awards in the first quarter of 2014 as follows:

		
	1.
	An award of Performance-based Restricted Stock Units (“PRSUs”) under the Discovery Communications, Inc. 2013 Incentive Plan, or a successor plan (the “Stock Plan”), with a target value of $1,150,000.  The recommended number of units will be calculated by dividing the target value of $1,150,000 by the closing price of Discovery Series A common stock on the trading day immediately preceding the date of grant.  The award, which is subject to approval by the Compensation Committee, will be subject to the terms and conditions of the Stock Plan and the implementing award agreement.  

		
	2.
	An award of PRSUs and nonqualified Stock Options (“Stock Options”) in accordance with the Company’s normal annual equity grant processes for senior executives, with a target value of $500,000.  The recommended number of units will be calculated (a) for the PRSUs, by dividing 50% of the target value ($250,000) by the closing 

price of Discovery Series A common stock on the trading day immediately preceding the date of grant, and (b) for the Stock Options, by dividing the remaining 50% of the target value ($250,000) by the Black-Scholes value of a Discovery stock option on the last trading day of the month preceding the date of grant.  The award, which is subject to approval by the Compensation Committee, will be subject to the terms and conditions of the Stock Plan and the implementing award agreements.
Executive shall be considered for future annual equity grants in accordance with the Company’s normal executive compensation processes and practices for similarly-situated employees.  In the event that Executive separates at the end of the Term of Employment because the Company has declined to offer renewal, Executive’s separation at the end of the Term shall be treated as a termination “not for Cause” for purposes of Executive’s awards under the Stock Plan.  The classification of separation with respect to other plans or arrangements shall not be required to be consistent with this classification.
IV.TERMINATION OF EMPLOYMENT AND AGREEMENT
		
	A.
	Death.  If Executive should die during the Term of Employment, this Agreement will terminate.  No further amounts or benefits shall be payable except earned but unpaid base salary, accrued but unpaid vacation, unreimbursed expenses, and those benefits that may vest in accordance with the controlling documents for other relevant Company benefits programs, which shall be paid in accordance with the terms of such other Company benefit programs, including the terms governing the time and manner of payment (the “Accrued Benefits”).

		
	B.
	Inability To Perform Duties.  If, during the Term of Employment, Executive should become physically or mentally disabled, such that he is unable to perform his duties under Sections I (A) and (C) hereof for (i) a period of six (6) consecutive months or (ii) for shorter periods that add up to six (6) months in any eight (8)-month period, by written notice to the Executive, Company may terminate this Agreement. Notwithstanding the foregoing, Executive’s employment shall terminate upon Executive incurring a “separation from service” under the medical leave rules of Section 409A.  In that case, no further amounts or benefits shall be payable to Executive, except that until (i) he is no longer disabled or (ii) he becomes 65 years old -- whichever happens first -- Executive may be entitled to receive continued coverage under the relevant medical or disability plans to the extent permitted by such plans and to the extent such benefits continue to be provided to the Company executives at Executive’s level in  the Company generally, provided that in the case of any continued coverage under one or more of Company’s medical 

plans, if Company determines that the provision of continued medical coverage at Company’s sole or partial expense may result in Federal taxation of the benefit provided thereunder to Executive or his dependents because such benefits are provided on a self-insured basis by Company, then Executive shall be obligated to pay the full monthly COBRA or similar premium for such coverage.
		
	C.
	Termination For Cause.

		
	1.
	Company may terminate Executive’s employment and this Agreement for Cause by written notice. Cause shall mean under this paragraph:  (i) the conviction of, or nolo contendere or guilty plea, to a felony (whether any right to appeal has been or may be exercised); (ii) conduct constituting embezzlement, material misappropriation or fraud, whether or not related to Executive’s employment with the Company; (iii) conduct constituting a financial crime, material act of dishonesty or conduct in violation of Company’s Code of Ethics; (iv) improper conduct substantially prejudicial to the Company’s business; (v) willful unauthorized disclosure or use of Company confidential information; (vi) material improper destruction of Company property; or (vii) willful misconduct in connection with the performance of Executive's duties.

		
	2.
	In the event that Executive materially neglects his duties under Sections I(A) or (C) hereof or engages in other conduct that constitutes a breach by Executive of this Agreement (collectively “Breach”), Company shall so notify Executive in writing.  Executive will be afforded a one-time-only opportunity to cure the noted Breach within ten (10) days from receipt of this notice.  If no cure is achieved within this time, or if Executive engages in the same Breach a second time after once having been given the opportunity to cure, Company may terminate this Agreement by written notice to Executive.

		
	3.
	Any termination of employment pursuant to Sections IV(C)(1) or Section IV(C)(2) hereof shall be considered a termination of Executive’s employment “For Cause” (or for “Cause”) and upon such termination, Executive shall only be entitled to receive any amounts or benefits hereunder that have been earned or vested at the time of such termination in accordance with the terms of the applicable governing Company plan(s), (including the provisions of such plan(s) governing the time and manner of payment), and/or as may be required by law.  “Cause” as used in any such Company plan shall be deemed to mean solely the commission of the acts described in Sections IV(C)(1) or Section IV(C)(2) hereof (after giving effect to the cure opportunity described therein).  

		
	D.
	Termination Of Agreement By Executive for Good Reason/Termination of Agreement by Company Not For Cause.

		
	1.
	Company may terminate Executive’s employment and this Agreement not for Cause (as “Cause” is defined above), and Executive may terminate his employment and this Agreement for “good reason” as defined herein. “Good Reason” for purposes of this Agreement shall only mean the occurrence of any of the following events without Executive’s consent:  (a) a material reduction in Executive’s duties or responsibilities; (b) Company’s material change in the location of the Company office where Executive principally works (i.e., relocation to a location outside the London, UK metropolitan area, except that repatriation to the New York metropolitan area at the end of the Term of Employment shall not constitute Good Reason); (c) the change of Executive’s reporting relationship to a level lower than the CEO of the Company; (d) the Company’s failure to appoint Executive as President, Discovery Networks International within 60 days after the Effective Date; or (e) a material breach of this Agreement through the Company’s failure to make the 2014 equity awards at at least the levels provided by Section II(D), provided however, that Executive must provide the Company with written notice of the existence of the event constituting Good Reason within sixty (60) days of any such event having occurred or Executive learning of the event, whichever is later, and allow the Company  thirty (30) days to cure the same.  If Company so cures the event, Executive shall not have a basis for terminating his employment for Good Reason with respect to such cured event.  In addition, if an event occurs that triggers Executive’s right to terminate this Agreement for Good Reason, Executive must exercise his right in writing to terminate this Agreement for Good Reason within ninety-five (95) days of the effective date of the applicable event or upon the event becoming known to him or such right shall be deemed waived.

		
	2.
	If Company terminates Executive’s employment and this Agreement not for Cause, or if Executive terminates his employment and this Agreement for Good Reason, the Company shall pay Executive the Accrued Benefits, and then shall make the following payments (“Severance Payment”):

(a)   Subject to paragraph 3 immediately below, on the Release Deadline (as defined below), Company will commence to pay Executive Executive’s annual base salary for the longer of (i) the balance of the Term of Employment, (ii) twelve (12) months, or (iii) the number of weeks of severance to which the Executive would have been entitled had the Company’s then-current redundancy severance 

plan applied to Executive’s termination (the “Base Salary Continuation”).  In the event the period of Base Salary Continuation is calculated under Section 2(a)(ii) or 2(a)(iii) of this paragraph and the Company relieves the Executive of all of Executive’s work responsibilities for some period of time prior to the effective date of Executive’s termination of employment, this period of “garden leave” shall be offset against the number of weeks of Base Salary Continuation.  Notwithstanding the foregoing, the Base Salary Continuation may in no event be less than thirteen (13) weeks.  
The Base Salary Continuation shall be paid in substantially equal increments on regular Company paydays, less required deductions and withholdings, until the balance is paid in full.  
(b) Executive will be paid the prorated portion of his bonus under the Company’s incentive or bonus plan for the year in which the termination occurs. The bonus/incentive payment portion of the Severance Payment will be paid in the year following the calendar year in which the termination occurs on the date that Company pays bonuses/incentive payments to its other executives at Executive’s level in the Company and will be paid at the target amount set forth in Section III(B), subject to Company/Division performance but not more than 100 percent for Company/Division’s target performance. 
(c)  The Company shall reimburse Executive for up to 18 months of continued health coverage (medical, dental, and vision) under the applicable Company medical plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), should Executive be eligible for and elect COBRA.  These reimbursements shall be subject to required withholdings.  In the event the balance of Term of Employment is greater than 18 months, the Company shall pay Executive at the end of the 18-month period an amount equivalent to the then-current COBRA premium for the number additional months remaining in the Term of Employment.  If Company determines in good faith that reimbursement of the cost of continued medical coverage at Company’s sole or partial expense may result in Federal taxation of the benefit provided thereunder to Executive or his dependents because such benefits are provided on a self-insured basis by Company, then Executive shall be obligated to pay the full monthly COBRA or similar premium for such coverage.  In such event, the Company shall pay Executive, in a lump sum, an amount equivalent to the monthly premium for COBRA coverage for the remaining balance of the Term of Employment.

		
	3.
	No Severance Payment will be made if Executive fails to sign a release substantially in the form attached hereto. Such release must be executed and become effective within the sixty (60) calendar day period following the date of Executive’s “separation from service” within the meaning of Section 409A (the last day of such period being the “Release Deadline”).  No Severance Payment will be made if Executive violates the provisions of Section VI hereof, in which case all Severance Payment shall cease, and those already made shall be forfeited.

		
	4.
	Company agrees that if, at the time Executive is Terminated not For Cause, or Executive terminates his employment for Good Reason, Company has a standard severance policy in effect that would be applicable in the absence of this Agreement (i.e., applicable to the circumstances surrounding the termination) and that would result in Executive’s receiving a sum greater than this Severance Payment, Executive will receive whichever is the greater of these two payments; provided, that if (i) the standard severance policy would provide for a sum greater than the Severance Payment, and (ii) the payment schedule under the Severance Policy is different from the payment schedules for the Severance Payment and would result in an impermissible acceleration or delay in payment in violation of the time and manner of payment requirements of Section 409A, then the payment schedule provided in the Company’s standard severance policy shall only apply to the portion of the amount payable under the standard severance policy that exceeds the Severance Payment.    

		
	5.
	If Executive terminates this Agreement before the Term of Employment has expired for a reason other than those stated in IV(D)(1) hereof, it will be deemed a material breach of this Agreement.  Executive agrees that, in that event, in addition to any other rights and remedies which Company may have as a result of such breach, he will forfeit all right and obligations to be compensated for any remaining portion of his annualized base salary, Severance Payment, bonus/incentive payment that may otherwise be due under this Agreement, pursuant to other Company plans or policies, or otherwise, except as may be required by law.  Executive further agrees that this breach would cause substantial harm to the Company’s business and prospects.  Executive agrees that Executive committing this breach shall mean that he owes Company the prompt payment of cash equivalent to six (6) months of base salary (on a gross basis before taxes).  Furthermore, Executive acknowledges and agrees that the full damages for Executive’s breach are not subject to calculation and that the amount owed under the preceding sentence, therefore, will only reimburse Company for a portion of the damage done.  For this reason, 

Company shall remain entitled to recover from Executive any and all damages Company has suffered and, in addition, Company will be entitled to injunctive relief.  The parties agree that the repayment described in this Section IV(D) is expressly not Company’s exclusive or sole remedy.  This payment obligation shall not apply if a substantially similar provision is not included in the 2014 renewal of the employment agreement for the Company’s General Counsel.

		
	E.
	Right To Offset.  In the event that Executive secures employment or any consulting or contractor or business arrangement for services he performs during the period that any payment from Company is continuing under Section IV(D) hereof, Executive shall have the obligation to timely notify Company of the source and amount of payment (“Offset Income”).  Company shall have the right to reduce the Severance Payment by the Offset Income.  Executive acknowledges and agrees that any deferred compensation for his services from another source that are performed while receiving Severance Payment from Company, will be treated as Offset Income (regardless of when Executive chooses to receive such compensation).  In addition, to the extent that Executive’s compensation arrangement for the services include elements that are required to be paid later in the term of the arrangement (e.g., bonus or other payments that are earned in full or part based on performance or service requirements for  the period during which the Severance Payment is made), the Company may calculate the Offset Income by annualizing or by using any other reasonable methodology to attribute the later payments to the applicable period of the Severance Payment.  Executive agrees to provide Company with information sufficient to determine the calculation of the Offset Income, including compensation excerpts of any employment agreement or other contract for services, Form W-2s, and any other documentation that the Company reasonably may require, and that failure to provide timely notice to the Company of Offset Income or to respond to inquiries from Company regarding any such Offset Income shall be deemed a material breach of this Agreement.  Executive also agrees that Company shall have the right to inquire of third party individuals and entities regarding potential Offset Income and to inform such parties of Company’s right of offset under this Agreement with Executive.  Accordingly, Executive agrees that no further Severance Payment from Company will be made until or unless this breach is cured and that all payments from Company already made to Executive, during the time he failed to disclose his Offset Income, shall be forfeited and must be returned to Company upon its demand, up to the amount of Offset Income attributable to such period. Any offsets made by the Company pursuant to this Section IV(E) shall be made at the same time and in the same amount as a Severance Payment amount is otherwise payable (applying the Offset Income to the Company’s payments in the order each are paid) so as not to accelerate or delay the payment of any Severance Payment installment.  Furthermore, in 

the event that Executive provides Competitive Services during the first six months after the expiration of the Restricted Period (both as defined in Section VI), and fails to obtain the Company’s prior written consent to do so, Executive shall not be entitled to any Severance Payment during any period of such six-month period in which he is providing Competitive Services.
		
	F.
	Mitigation. In the event of termination of employment pursuant to Section IV(D) herein, and during the period that any payment from Company is continuing or due under Section IV(D), Executive shall be under a continuing obligation to seek other employment, including taking all reasonable steps to identify and apply for comparable, available jobs for which Executive is qualified.  This obligation to seek other employment shall not apply during the Restricted Period, as defined in Section VI(A). At the Company's request, Executive may be required to furnish to the Company proof that Executive has engaged in efforts consistent with this paragraph, and Executive agrees to comply with any such request.  Executive further agrees that the Company may follow-up with reasonable inquiries to third parties to confirm Executive’s mitigation efforts.  Should the Company determine in good faith that Executive failed to take reasonable steps to secure alternative employment consistent with this paragraph, the Company shall be entitled to cease any payments due to Executive pursuant to Section IV(D)(2).

V.CONFIDENTIAL INFORMATION
		
	A.
	Executive acknowledges his fiduciary duty to Company.  As a condition of employment, Executive agrees to protect and hold in a fiduciary capacity for the benefit of Company (except as required by law or as may be required within the scope of his duties hereunder) all confidential information, knowledge or data, including the terms of this Agreement and, without limitation, all trade secrets relating to Company or any of its subsidiaries, and their respective businesses, (i) obtained by the Executive during his employment by Company or otherwise and (ii) that is not otherwise publicly known (other than by reason of an unauthorized act by the Executive).  Notwithstanding the foregoing, Executive may disclose the terms of this Agreement to his immediate family members, representatives, and prospective employers.  After termination of the Executive's employment with Company, Executive shall not communicate or divulge any such information, knowledge or data to anyone other than Company and those designated by it, without the prior written consent of Company, except as herein provided or as required by law.

		
	B.
	In the event that Executive is compelled, pursuant to a subpoena or other order of a court or other body having jurisdiction over such matter, to produce any information relevant to Company, whether confidential or not, Executive 

agrees to provide Company with written notice of this subpoena or order so that Company may timely move to quash if appropriate.
		
	C.
	Executive also agrees to reasonably cooperate with Company in any legal action for which his participation is needed.  Company agrees to try to schedule all such meetings so that they do not unduly interfere with Executive's pursuits after he is no longer in Company’s employ, and will reimburse Executive for reasonable travel expenses incurred in connection with such cooperation.

VI.RESTRICTIVE COVENANTS
		
	A.
	Executive covenants that during his employment with Company and, for a period of twelve (12) months after the conclusion of Executive’s employment with Company (the “Restricted Period”), he will not, directly or indirectly, on his own behalf or on behalf of any entity or individual, engage in the following activities within the Restricted Territory:  any business activities involving nonfiction, scripted, sports, lifestyle, or general entertainment television (whether in cable, broadcast, free to air, or any other distribution method), or business activities otherwise competitive with any area of the Company for which Executive had management responsibilities during the three years prior to the termination date (“Competitive Services”).  The Restricted Territory is the United States, the United Kingdom, and any other country for which the Executive had management responsibility (e.g., supervised employees located in that country or was involved in business or programming operations in that country) at any time during the three (3) years prior to the Executive’s separation from employment.  This provision shall not prevent Executive from owning stock in any publicly-traded company.   Executive agrees that this Section VI (A) is a material part of this Agreement, breach of which will cause Company irreparable harm and damages, the loss of which cannot be adequately compensated at law.  In the event that the provisions of this paragraph should ever be deemed to exceed the limitations permitted by applicable laws, Executive and Company agree that such provisions shall be reformed to the maximum limitations permitted by the applicable laws.  In the event that the Executive is placed on “garden leave” pursuant to Section IV (D) prior to separation and the period of Base Salary Continuation is less than twelve months, the Restricted Period shall be twelve months or the period of Base Salary Continuation, whichever is shorter.

		
	B.
	If Executive wishes to pursue Competitive Services during the Restricted Period and to obtain the written consent of the Company before doing so, Executive may request consent from the Company by providing written evidence, including assurances from Executive and his potential employer, that the fulfillment of Executive’s duties in such proposed work or activity would not involve any use, disclosure, or reliance upon the confidential 

information or trade secrets of the Company.  The Company shall respond within one (1) week after Company’s receipt of such a request, provided that Executive has provided the assurances and sufficient information upon which the Company reasonably may assess the request.  If the Company determines that it does not have sufficient evidence upon which to assess, the Company shall set forth the information needed in reasonable detail within one (1) week of receiving the request.

In the event that (1) Executive receives an offer to perform Competitive Services and seeks such consent from the Company, and the Company determines that the proposed services violate the covenants of Section VI(A) and does not provide consent, and (2) Executive is receiving the Noncompetition Payment from the Company as set forth in Section II(B), the Company will commence to pay Executive one hundred percent (100%) of his base salary for that portion of the Restricted Period that Executive is restricted from performing (and does not perform) the proposed services.
		
	C.
	During his employment and for a period of twelve (12) months following the conclusion of Executive's employment with Company, Executive covenants that he will not directly or indirectly solicit, recruit, interfere with or otherwise attempt to entice, any employees of Company or its subsidiary and affiliated companies to leave their employment, other than Executive’s then- assistant. 

		
	D.
	During his employment and for a twelve (12) month period following the conclusion of Executive's employment with Company, Executive covenants that he will not directly or indirectly solicit, recruit, interfere with or otherwise attempt to entice, solicit, induce or encourage any vendor, producer, independent contractor, or business partner to terminate its business relationship with Company or its subsidiary and affiliated companies.        

		
	E.
	During the period Executive is employed by Company, Executive covenants and agrees not to engage in any other business activities whatsoever, or to directly or indirectly render services of a business, commercial or professional nature to any other business entity or organization, regardless of whether Executive is compensated for these services.  The only exception to this provision is if Executive obtains the prior written consent of Company’s Chief Executive Officer.

		
	F.
	Throughout the period that Executive is an employee of Company, Executive agrees to disclose to Company any direct investments (i.e., an investment in which Executive has made the decision to invest in a particular company) he has in a company that is  a Competitor of Company (“Competitor”) or that Company is doing business with during the Term of Employment (“Partner”), if such direct investments result in Executive or Executive’s immediate family 

members, and/or a trust established by Executive or Executive’s immediate family members, owning five percent or more of such a Competitor or Partner.  This Section VI(F) shall not prohibit Executive, however, from making passive investments (i.e., where Executive does not make the decision to invest in a particular company, even if those mutual funds, in turn, invest in such a Competitor or Partner).  Regardless of the nature of Executive’s investments, Executive herein agrees that his investments may not materially interfere with Executive’s obligations and ability to provide services under this Agreement.
		
	G.
	If Company offers to renew this Agreement, the parties are unable to agree to final terms, and Executive terminates employment at the end of the Term of Employment, Executive will be eligible for a “Noncompetition Payment.”   Provided that Executive signs a release substantially in the form attached hereto, and such release is executed and becomes effective on or before the Release Deadline (as defined in Section IV(D)(2)), on the Release Deadline, Company will commence to pay Executive an amount equal to 50% of Executive’s annual base salary for the Restricted Period, in addition to the Accrued Benefits.  The parties intend that the Noncompetition Payment shall not be due if the Executive is otherwise eligible for the Severance Payment.  The Noncompetition Payment shall be paid in substantially equal increments on regular Company paydays, less required deductions and withholdings, until the balance is paid in full, provided that Executive complies with the provisions of this Section VI.  

		
	H.
	In the event that Executive violates any provision of this Section VI, in addition to any injunctive relief and damages to which Executive acknowledges Company would be entitled, all Severance Payment or Noncompetition Payment to Executive, if any, shall cease, and those already made will be forfeited.

VII.    ARBITRATION
		
	A.
	Submission To Arbitration.  Company and Executive agree to submit to arbitration all claims, disputes, issues or controversies between Company and Executive or between Executive and other employees of Company or its subsidiaries or affiliates (collectively "Claims") directly or indirectly relating to or arising out of Executive's employment with Company or the termination of such employment including, but not limited to Claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans With Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Employee Retirement Income Security Act, any Claim arising out of this Agreement, and any similar federal, state or local law, statute, regulation or common law doctrine.

		
	B.
	Use Of AAA.  Choice of Law.  All Claims for arbitration shall be presented to the American Arbitration Association (“AAA”) in accordance with its applicable rules.  The arbitrator(s) shall be directed to apply the substantive law of federal and state courts sitting in Maryland, without regard to conflict of law principles.  Any arbitration, pursuant to this Agreement, shall be deemed an arbitration proceeding subject to the Federal Arbitration Act.

		
	C.
	Binding Effect.  Arbitration will be binding and will afford parties the same options for damage awards as would be available in court.  Executive and Company agree that discovery will be allowed and all discovery disputes will be decided exclusively by arbitration.

		
	D.
	Damages and Costs.  Any damages shall be awarded only in accord with applicable law.  The arbitrator may only order reinstatement of the Executive if money damages are insufficient.  The parties shall share equally in all fees and expenses of arbitration.  However, each party shall bear the expense of its own counsel, experts, witnesses and preparation and presentation of proof.

		
	VIII.
	CONTROLLING LAW AND ADDITIONAL COVENANTS

		
	A.
	The validity and construction of this Agreement or any of its provisions shall be determined under the laws of Maryland.  The invalidity or unenforceability of any provision of this Agreement shall not affect or limit the validity and enforceability of the other provisions.

		
	B.
	If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated.

		
	C.
	Executive expressly acknowledges that Company has advised Executive to consult with independent legal counsel of his choosing to review and explain to Executive the legal effect of the terms and conditions of this Agreement prior to Executive’s signing this Agreement.

		
	D.
	This Agreement supersedes any and all other agreements, either oral or in writing, between the parties with respect to the employment of Executive by Company, and contains all of the covenants and agreements between the parties with respect to such employment in any manner whatsoever. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, that are not stated in this Agreement, and that no other agreement, statement or promise not contained in this Agreement shall be valid or binding.

		
	E.
	Any modifications to this Agreement will be effective only if in writing and signed by the party to be charged.

		
	F.
	Any payments to be made by Company hereunder shall be made subject to applicable law, including required deductions and withholdings.

		
	G.
	Section 409A of the Code.  

		
	1.
	It is intended that the provisions of this Agreement comply with Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively, “Code Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.  Notwithstanding the foregoing, the Company shall have no liability with regard to any failure to comply with Code Section 409A so long as it has acted in good faith with regard to compliance therewith.

		
	2.
	If under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment shall be treated as a separate payment.

		
	3.
	A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms shall mean Separation from Service.  

		
	4.
	If Executive is deemed on the date of termination of his employment to be a “specified employee”, within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then: 

		
	a.
	With regard to any payment, the providing of any benefit or any distribution of equity upon separation from service that constitutes “deferred compensation” subject to Code Section 409A, such payment, benefit or distribution shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of the Executive’s Separation from Service or (ii) the date of the Executive’s death; and

		
	b.
	On the first day of the seventh month following the date of Executive’s Separation from Service or, if earlier, on the date of his death, (x) all payments delayed pursuant to this Section 

VIII(G)(4) (whether they would otherwise have been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal dates specified from them herein and (y) all distributions of equity delayed pursuant to this Section VIII(G)(4) shall be made to Executive.
		
	5.
	With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense occurred. 

		
	6.
	Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.          

		
	H.
	This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of the Executive) and assigns.  The rights or obligations under this Agreement may not be assigned or transferred by either party, except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law.

		
	I.
	This Agreement may be executed with electronic signatures, in any number of counterparts, as shall subsequently be executed with actual signatures.  The electronically signed Agreement shall constitute one original agreement.  

Duplicates and electronically signed copies of this Agreement shall be effective and fully enforceable as of the date signed and sent.  
		
	J.
	All notices and other communications to be made or otherwise given hereunder shall be in writing and shall be deemed to have been given when the same are (i) addressed to the other party at the mailing address, facsimile number or email address indicated below, and (ii) either: (a) personally delivered or mailed, registered or certified mail, first class postage-prepaid return receipt requested, (b) delivered by a reputable private overnight courier service utilizing a written receipt or other written proof of delivery, to the applicable party, (c) faxed to such party, or (d) sent by electronic email.  Any notice sent in the manner set forth above by United States Mail shall be deemed to have been given and received three (3) days after it has been so deposited in the United States Mail, and any notice sent in any other manner provided 

If to Company:                    
Discovery Communications, LLC         
One Discovery Place                 
Silver Spring, MD 20910-3354             
Attention: General Counsel         
Fax:  (240) 662-1485             
Email: bruce_campbell@discovery.com    
                                    
If to Executive, at the home address then on file with the Company, with a concurrent copy to:
Del Shaw Moonves Tanaka Finkelstein & Lezcano
2120 Colorado Ave., Suite 200
Santa Monica, CA 90404
Attn:  Ernest Del, Esq. and Jeffrey Finkelstein, Esq.

In witness whereof, the parties have caused this Agreement to be duly executed as set forth below.
/s/ Jean-Briac Perrette                        1/13/14    
Executive                   Date 

/s/ Adria Alpert Romm                   1/14/14    
Discovery Communications, LLC      Date

AGREEMENT AND GENERAL RELEASE
This Agreement and General Release (“Release”) is entered into by and between Discovery Communications, LLC (“Company”) and ________________ (“Executive”) to resolve any and all disputes concerning his employment with Company and his separation from employment on __________________.  Accordingly, in exchange for the consideration and mutual promises set forth herein, the parties do hereby agree as follows:
1.  Effective close of business ________________, Executive’s employment with Company will terminate, and all salary continuation and benefits will cease other than those to which Executive is entitled in consideration for this Release as set forth in Executive’s Employment Agreement with Company (“Agreement”), which is incorporated by reference, and as a matter of law (e.g., COBRA benefits).
2.  In consideration for Executive’s executing this Release of any and all legal claims he might have against the Discovery Parties (as defined below), and the undertakings described herein, and to facilitate his transition to other employment, Company agrees to provide Executive with the consideration detailed in Section IV(D) (“Severance Payment”) of the Agreement.
3.  Neither Company nor Executive admits any wrongdoing of any kind, and both agree that neither they nor anyone acting on their behalf will disclose this Release, or its terms and conditions.  Notwithstanding the foregoing, Executive is not barred from disclosing this Release to his legal, financial and personal advisors or to those persons essential for Executive to (a) implement or enforce his rights under this Release and the Agreement in which the Release is incorporated; (b) defend himself in a lawsuit, investigation or administrative proceeding; (c) file tax returns; or (d) advise a prospective employer, business partner or insurer of the contractual restrictions on his post-Company employment.
4.  In exchange for the undertakings by Company described in the above paragraphs:
a.  Executive, for himself, his heirs, executors, administrators and assigns, does hereby release, acquit and forever discharge Company, its subsidiaries, affiliates and related entities, as well as all of their respective officers, shareholders, shareholder representatives, directors, members, partners, trustees, employees, attorneys, representatives and agents (collectively, the “Discovery Parties”), from any and all claims, demands, actions, causes of action, liabilities, obligations, covenants, contracts, promises, agreements, controversies, costs, expenses, debts, dues, or attorneys’ fees of every name and nature, whether known or unknown, without limitation, at law, in equity or administrative, against the Discovery Parties that he may have had, now has or may have against the Discovery Parties by reason of any matter or thing arising from the beginning of the world to the day and date of this Release, including any claim relating to the termination of his employment with any Discovery Party (collectively, “Claims”).  Those Claims from which Executive releases the Discovery Parties include, but are not limited to, any claim, demand or action, known or unknown, arising out of any transaction, act or omission related to Executive’s employment by any Discovery Party and Executive’s separation from such employment, sounding in tort or contract and/or any cause of action arising under 

federal, state or local statute or ordinance or common law, including, but not limited to, the federal Age Discrimination In Employment Act of 1967, Title VII of the Civil Rights Act of 1964, as amended, the Americans With Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, the Maryland Human Rights Act, as well as any similar state or local statute(s), in each case as any such law may be amended from time to time. The foregoing shall, in accordance with applicable law, not prohibit or prevent Executive from filing a Charge with the United States Equal Employment Opportunity Commission (“EEOC”) and/or any state or local agency equivalent, and/or prohibit or prevent Executive from participating in any investigation of any Charge filed by others, albeit that he understands and agrees that he shall not be entitled to seek monetary compensation for himself from the filing and/or participation in any such Charge.
b.  Executive expressly acknowledges that his attorney has advised him regarding, and he is familiar with the fact that certain state statutes provide that general releases do not extend to claims that the releasor does not know or suspect to exist in his favor at the time he executes such a release, which if known to him may have materially affected his execution of the release.  Being aware of such statutes, Executive hereby expressly waives and relinquishes any rights or benefits he may have under such statutes, as well as any other state or federal statutes or common law principles of similar effect, and hereby acknowledges that no Claim against any Discovery Party shall be deemed to be outside the scope of this Release whether mentioned herein or not.  Executive also specifically knowingly waives the provisions of Section 1542 of the Civil Code of the State of California, which reads: A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.  Notwithstanding the provisions of Civil Code Section 1542 stated above and for the purpose of implementing a full and complete release and discharge of the Discovery Parties, Executive expressly acknowledges that this Agreement is specifically intended to include in its effect all claims that he does not know or suspect to exist in his favor at the time he signs this Agreement.
c.  Executive hereby acknowledges that he is executing this Release pursuant to the Agreement, and that the consideration to be provided to Executive pursuant to Section IV(D) of the Agreement is in addition to what he would have been entitled to receive in the absence of this Release.  Executive hereby acknowledges that he is executing this Release voluntarily and with full knowledge of all relevant information and any and all rights he may have.  Executive hereby acknowledges that he has been advised to consult with an independent attorney of his own choosing in connection with this Release to explain to him the legal effect of the terms and conditions of this Release and that Executive has consulted such an attorney for such purpose.  Executive acknowledges that he has read this Release in its entirety.  Executive further states that he fully understands the terms of this Release and that the only promises made to him in return for signing this Release are stated herein and in the Agreement in which this Release is incorporated.  Executive hereby acknowledges that he is voluntarily and knowingly agreeing to the terms and conditions of this Release without any threats, coercion or duress, whether economic or otherwise, and that Executive agrees to be bound by the terms of this Release.  Executive 

acknowledges that he has been given twenty-one (21) days to consider this Release, and that if Executive is age forty (40) or over, Executive understands that he has seven (7) days following his execution of this Release in which to revoke his agreement to comply with this Release by providing written notice of revocation to the General Counsel of Company no later than three business days following such period.
d.    Executive further hereby covenants and agrees that this General Release shall be binding in all respects upon himself, his heirs, executors, administrators, assigns and transferees and all persons claiming under them, and shall inure to the benefit of all of the officers, directors, agents, employees, stockholders, members and partners and successors in interest of Company, as well as all parents, subsidiaries, affiliates, related entities and representatives of any of the foregoing persons and entities.
e.    Executive agrees that he will not disparage any Discovery Party or make or publish any communication that reflects adversely upon any of them, including communications concerning Company itself and its current or former directors, officers, employees or agents.  Similarly, Discovery Communications, LLC hereby agrees that its directors, officers, and executives shall not take any actions or make any statements, written or oral, which disparage or defame the goodwill or reputation of Executive, or make, issue, or publish any communication of a derogatory nature about him.  This paragraph shall not prohibit the publication of truthful, verifiable statements by any Party regarding the other Party, when such statements are required to be made under oath to or in front of any court, arbitrator, administrative or legislative body.   The Parties shall mutually agree upon any press release regarding Executive’s departure from the Company.
5.      a.    If any provision of this Release is found to be invalid, unenforceable or void for any reason, such provision shall be severed from the Release and shall not affect the validity or enforceability of the remaining provisions.
b.    Company and Executive agree that this Release, consisting of three (3) pages, and the Agreement in which this Release is incorporated, constitutes the entire agreement between them.  The parties further warrant that they enter into this Release freely.
c.     This Release shall be interpreted, enforced and governed by the laws of the State of Maryland without regard to the choice of law principles thereof.
IN WITNESS WHEREOF, I have signed this General Release this __ day of  
_________________________, 201__.
By:                            

Print Name:                        

Subscribed and sworn to before me this ___ day of _______________, 201__.

                                                    
Notary Public
My Commission ExpiresEX-10.1

 Exhibit 10.1 

SUBSCRIPTION AGREEMENT 

FOR 
 7.625% SERIES A
CONVERTIBLE PREFERRED STOCK 
 AND 

COMMON STOCK 
 This
Subscription Agreement (this “Agreement”), made as of February 18, 2015 by and among Hennessy Capital Acquisition Corp. (the “Company”), The Traxis Group B.V. (“Traxis”), the undersigned
subscriber of Preferred Shares (as defined below) under whose name is set forth “Preferred Subscriber” on the signature pages hereto (the “Preferred Subscriber”) and each of the undersigned subscribers of shares of Common Stock
(as defined below) under whose name is set forth “Common Subscriber” on the signature pages hereto (each, a “Common Subscriber,” collectively, the “Common Subscribers” and, together with the Preferred
Subscriber, the “Subscribers” and each a “Subscriber”), is intended to set forth certain representations, covenants and agreements among the Company and the Subscribers: 

(i) with respect to the private offering (the “Preferred Offering”) for sale by the Company and the purchase by the Preferred
Subscriber in such private offering, pursuant to Section 1 hereof, of the number of shares set forth under the Preferred Subscriber’s name on the signature pages hereto of 7.625% Preferred Stock with the terms set out in the form of
certificate of designations attached as Exhibit A hereto (the “Certificate of Designations” and, such shares, the “Preferred Shares”) at a price per share of $100.00; 

(ii) with respect to the acquisition by each Common Subscriber of shares of common stock of the Company, par value $0.0001 per share with the
terms set out in the form of the second amended and restated certificate of incorporation of the Company attached as Exhibit E hereto (the “Common Stock”), through private transactions as described in Section 2(c) hereof; and

 (iii) with respect to the private offering (the “Common Offering”) for sale by the Company and the purchase by each
Common Subscriber in such private offering, pursuant to Section 2(d) hereof, of shares of Common Stock. 
 In consideration of the
mutual terms, covenants and conditions contained herein, the Subscribers and the Company hereby agree as follows: 
 1. Subject Preferred
Subscription. Subject to the terms and conditions set forth in this Agreement, the Preferred Subscriber hereby irrevocably subscribes for and agrees, subject to the simultaneous occurrence of the closing of the acquisition of School Bus Holdings
Inc. (“School Bus”) in accordance with that certain Purchase Agreement, dated as of September 21, 2014 (as amended and as in effect as of the date hereof, the “Purchase Agreement”), by and between Traxis and the
Company (such acquisition, the “Acquisition”, and the closing of the Acquisition, the “Acquisition Closing”), to purchase from the Company the number of Preferred Shares indicated as the “Subject Preferred
Shares” under the Preferred Subscriber’s name on the signature page hereto (the “Subject Preferred Shares”) at a purchase price of $100.00 per share, and the Company agrees, subject to the simultaneous Acquisition Closing
and the other conditions set forth herein, to sell to the Preferred Subscriber at such purchase price such number of Subject Preferred Shares; provided, 

 
however, that, notwithstanding anything to the contrary herein, if either (i) the Base Conversion Price (as defined in the Certificate of Designations) is less than $11.60 or
(ii) the value of the consideration paid to Traxis upon the Acquisition Closing is less than $220.0 million, valuing all shares of Common Stock issued to Traxis at $10.00 per share, then the Company shall not have any obligation to sell any
Preferred Shares to the Preferred Subscriber. 
 2. Subject Common Subscription. 

(a) Each Common Subscriber covenants and agrees that until the earlier of (A) the Acquisition Closing and (B) the Termination Date
(as defined below), it shall not, and shall ensure that its Affiliates do not, Transfer any Common Stock. For purposes hereof, “Affiliate” shall mean affiliate as such term is defined in Rule 12b-2 of the Exchange Act (as defined
below) and “Transfer” shall mean any direct or indirect transfer, redemption, disposition or monetization in any manner whatsoever, including, without limitation, through redemption election or any derivative transactions. 

(b) Each Common Subscriber covenants and agrees that it shall, and shall cause its Affiliates to, (A) vote the Common Stock, if any, that
it owned on the record date for the special meeting of stockholders to be held by the Company to approve, among other things, the Acquisition (the “Special Meeting”) in favor of (x) the Acquisition, whether pursuant to a proxy
filed by the Company or otherwise, in any vote thereon and (y) the proposals of the Company set forth in its Definitive Proxy Statement filed with the Securities and Exchange Commission (the “SEC”), as supplemented by
definitive additional materials filed with the SEC through the date hereof (the “Proxy”) in connection with the Special Meeting and (B) not exercise its redemption rights in any Common Stock in connection with the Special
Meeting. 
 (c) Commencing on the date hereof through the close of business on the third Trading Day prior to the Special Meeting (the
“Private Purchase Deadline”), each Common Subscriber shall (provided it is lawful to do so) use reasonable best efforts to purchase the number of shares of Common Stock that may be purchased for the consideration set forth as Common
Shares Allocation under its name on the signature page hereto (as such Common Shares Allocation may be modified in accordance with Section 3(f) hereof) (or such lesser number of shares, if any, as directed by the Company in writing or to which the
Company consented in writing) (its “Common Shares Allocation”) in privately negotiated transactions with third parties, including forward contracts, provided that: (a) such transactions settle no later than, and are conditioned
upon, the Acquisition Closing and (b) no Common Subscriber shall be required to purchase any shares of Common Stock at a price above $10.00. On the date immediately following the Private Purchase Deadline and promptly at other times requested
by the Company from time to time, each Common Subscriber shall (x) notify the Company in writing of the number of shares of Common Stock so purchased (the “Market Shares”) and the aggregate purchase price paid therefor by such
Common Subscriber and (y) provide the Company, for all Market Shares acquired, all documentary evidence reasonably requested by the Company and its advisors (including without limitation, its legal counsel) and its transfer agent and proxy
solicitor to confirm that: (A) such Common Subscriber purchased, or has contracted to purchase, such shares, and (B) the seller of such shares has provided to such Common Subscriber a representation that (I) the seller voted such
shares in favor of the Acquisition and the proposals of the Company set forth in the Proxy and (II) the seller of such shares did not exercise its redemption rights for such shares in connection with the Special Meeting. For purposes hereof,
“Trading Day” shall mean a day during which trading in the 

  
 2 

 
Common Stock generally occurs on the NASDAQ Capital Market or, if the Common Stock is not listed on the NASDAQ Capital Market, on the principal other national or regional securities exchange on
which the Common Stock is then listed or, if the Common Stock is not listed on a national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading. 

(d) Subject to the terms and conditions set forth in this Agreement, each Common Subscriber hereby irrevocably subscribes for and agrees to
purchase from the Company the number of shares of Common Stock equivalent to its Private Placement Remainder (as defined below) at a purchase price of $10.00 per share, and the Company agrees to sell such shares to each Common Subscriber at such
price (the shares of Common Stock to be so sold, the “Subject Common Shares”), subject to the Company’s right to determine not to consummate such sale if the Acquisition Closing does not occur. For the avoidance of doubt, if
the Acquisition Closing does not occur, then the Common Subscribers’ obligations to purchase, and the Company’s obligation to issue, shares under the foregoing sentence are extinguished. Any such purchase shall be consummated
simultaneously with the Acquisition Closing. For purposes hereof, each Common Subscriber’s “Private Placement Remainder” shall mean that number of shares of Common Stock that is equal to the quotient obtained by dividing (A) such
Common Subscriber’s Common Shares Allocation (as reduced by the amount, if any, of its Common Shares Allocation used to purchase common stock pursuant to Section 2(c) hereof) by (B) $10.00. For the avoidance of doubt, in the event
that less than all (or no) Market Shares are acquired by any Common Subscriber pursuant to Section 2(c), such Common Subscriber’s obligations under this Section 2(d) shall nevertheless apply. 

3. Delivery of Subscription Amount; Acceptance of Subscriptions; Delivery. Each Subscriber understands and agrees that this subscription is made
subject to the following terms and conditions: 
 (a) Contemporaneously with the execution and delivery of this Agreement, each Subscriber
shall execute and deliver the Investor Questionnaire (as defined below) and, in respect of the Preferred Offering and Common Offering, as applicable, upon notice from the Company setting forth the reasonably anticipated date of the Acquisition
Closing, each Subscriber shall, no fewer than 3 days prior to such anticipated date (the “Funding Date”), cause a wire transfer to be made for payment for the Subject Preferred Shares and the Subject Common Shares, as applicable, in
immediately available funds in the amount equal to (i) in the case of the Preferred Subscriber, $100.00 multiplied by the number of Subject Preferred Shares for which the Preferred Subscriber has subscribed pursuant to Section 1
hereof (the “Preferred Subscription Amount”) and (ii) in the case of each Common Subscriber, $10.00 multiplied by the number of Subject Common Shares to be purchased by such Common Subscriber pursuant to the Common Offering,
(the “Common Subscription Amount”), in each case in accordance with the Subscription Instructions set forth on Exhibit B hereto. In the event a Common Subscriber enters into privately negotiated transactions with third parties
subsequent to the Funding Date but prior to the Acquisition Closing, the Common Subscription Amount shall be reduced by the dollar amount of such purchases, such excess funds shall be returned to such Common Subscriber, and the number of Subject
Common Shares shall be reduced by an amount equal to the quotient obtained by dividing the aggregate amount paid by such Common Subscriber to such third parties for such shares of Common Stock divided by $10.00. The payments provided for in this
Section 3(a) shall be maintained in escrow with Continental Stock Transfer & Trust Company (or other nationally recognized escrow agent with whom in all cases, whether with Continental Stock Transfer &

  
 3 

 
Trust Company or otherwise, the Company shall have an escrow agreement in place for purposes hereof, which such agreement shall be on reasonable and customary terms) pending the Company’s
acceptance of the subscription. 
 (b) The respective subscriptions of the Preferred Subscriber for the Subject Preferred Shares and of the
Common Subscribers for the Subject Common Shares shall be deemed to be accepted only (and shall not otherwise be accepted by the Company except) when (i) the Company has confirmed in writing to such Subscriber that the Company’s
representations and warranties contained herein are, or shall be, true and correct as of the date of the acceptance of such subscription and (ii) there occurs the simultaneous Acquisition Closing. If all such acceptances do not occur on or
prior to the earliest of (x) the Acquisition Closing or (y) the date on which the Purchase Agreement is terminated in accordance with its terms (the “Termination Date”), such Subscriber’s subscription shall
automatically be deemed rejected (the “Subscription Rejection”). For the avoidance of doubt, no Subscriber shall be deemed to have made or to have agreed to make any subscription hereunder in the event any other Subscriber’s
subscription is not accepted or is deemed rejected by the Company. 
 (c) The payment of the Preferred Subscription Amount and Common
Subscription Amount (or a portion thereof, as applicable) will be returned promptly, without interest, to the applicable Subscriber if the subscriptions are rejected in whole or in part or if the Preferred Offering or Common Offering, as applicable,
is withdrawn or canceled. 
 (d) The representations and warranties of the Company and each Subscriber set forth herein shall be true and
correct as of the date that the Company accepts the subscriptions set forth herein. 
 (e) Notwithstanding anything to the contrary herein,
the Preferred Subscriber shall not have any obligation to purchase from the Company the Subject Preferred Shares pursuant to Section 1, and the Common Subscribers shall not have any obligation to purchase from the Company the Subject Common
Shares pursuant to Section 2(d), and, upon written notice delivered to the Company by the Subscribers, this Agreement shall be of no further force or effect, if: 

(i) Adam Gray shall not have been appointed as a member of the Board of Directors of the Company (the “Board of Directors”)
effective as of the Acquisition Closing; 
 (ii) either Traxis or the Company has, without the written consent of each Subscriber (such
consent not to be unreasonably withheld, conditioned or delayed), agreed to amend any material term of the Purchase Agreement, or agreed to waive any material condition (including, without limitation, with respect to any event, development or
occurrence that is the subject of the Updated Seller Disclosure Schedule (if any, as defined in the Purchase Agreement) which constitutes or relates to a matter that has had a Material Adverse Effect (as defined in the Purchase Agreement), it being
acknowledged and agreed that the Company shall provide to each Subscriber, promptly after receipt thereof and in any event prior to the Acquisition Closing, the Updated Seller Disclosure Schedule, if any) to its obligations to consummate the
transactions contemplated by the Purchase Agreement; or 
 (iii) the Company’s stockholders shall not have approved the Business
Combination, or the proposal identified as Proposal 9 in the Company’s definitive proxy statement dated January 20, 2015 at the special meeting of stockholders to be held to vote upon the Business Combination (as defined therein). 

  
 4 

 (f) If, prior to the Acquisition Closing, the Common Subscribers desire to modify the respective
Common Shares Allocations under the Common Subscribers’ names on the signature pages hereto, then, prior to the Acquisition Closing, the Common Subscribers shall jointly deliver to the Purchaser and Traxis a notice, signed by each of the Common
Subscribers, setting forth on the signature pages to such notice such modified Common Shares Allocations, provided that the sum of the Common Shares Allocation indicated under all Common Subscribers’ names on the signature pages to such notice
shall equal the sum of the Common Shares Allocations indicated under all Common Subscribers’ names on the signature pages hereto. For the avoidance of doubt, the purpose of this Section 3(f) is to provide the Common Subscribers with the right,
prior to the Acquisition Closing, to reallocate among them the sum of the Common Shares Allocations that determines the number of Common Shares to which, collectively, they have committed to acquire (in accordance with the terms, and subject to the
conditions, set forth in this Agreement), but not to decrease or increase the sum of the Subscribers’ Common Shares Allocation. 
 4. Expenses.
Each party hereto shall pay all of its own expenses in connection with this Agreement and the transactions contemplated hereby. 
 5. Registration
Rights. 
 (a) At the Acquisition Closing, the Company and each Subscriber shall execute and deliver the Registration Rights Agreement
in the form attached hereto as Exhibit C (the “Registration Rights Agreement”), pursuant to which the Company shall agree under certain circumstances to register the resale of the Subject Common Shares and the Subject Preferred
Shares (and the Common Stock of the Company into which the Preferred Shares may be converted, the “Underlying Common”), each under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and
regulations promulgated thereunder, and applicable state securities laws. 
 (b) None of the Subject Common Shares or the Subject Preferred
Shares or the Underlying Common (collectively, the “Subject Shares”) may be directly or indirectly transferred, disposed of or otherwise monetized in any manner whatsoever, except in a transaction that is in compliance with the
Securities Act and applicable state securities laws. Except as provided in the Registration Rights Agreement, it shall be a condition to any such transfer that the Company shall be furnished with a written opinion of counsel to the holder of such
Subject Common and Subject Preferred Shares (or the Underlying Common, as applicable), reasonably satisfactory to the Company (as determined by the Company within 3 Business Days of its receipt of such written opinion), to the effect that the
proposed transfer would be in compliance with the Securities Act and applicable state securities laws; provided that the Company shall not require such written opinion of counsel if, acting in its reasonable discretion, if determines that
applicable Law does not prohibit any transfers of the Subject Preferred Shares (or the Underlying Common), as applicable, at such time. “Business Day” shall mean any day that is not a Saturday, a Sunday or a day on which commercial
banks in New York City are required or authorized to be closed. 
 (c) Without limitation to the generality of the foregoing, no Subscriber
shall execute any short sales or engage in other hedging transactions of any kind with respect to the Common Stock during the period from the date of the Acquisition Closing through the date that is 45 consecutive days thereafter. For the avoidance
of doubt, the prohibition set forth herein shall not be applicable on or after the Termination Date. 
 6. Representations, Warranties, Understandings,
Risk Acknowledgments, and Covenants of Each Subscriber. Each Subscriber hereby represents, warrants and covenants to the Company as follows: 

(a) Such Subscriber is purchasing the Subject Shares for its own account, not as a nominee or agent, for investment purposes and not with a
view towards distribution or resale within the meaning of the Securities Act (absent the registration of the Subject Shares for resale under the Securities Act or a valid exemption from registration). Such Subscriber will not sell, assign or
transfer such shares at any time in violation of the Securities Act or applicable state securities laws. Such Subscriber acknowledges that the Subject Shares cannot be sold unless subsequently registered under the Securities Act and applicable state
securities laws or an exemption from such registration is available. 

  
 5 

 (b) Such Subscriber understands that (A) the Subject Shares (1) have not been
registered under the Securities Act or any state securities laws, (2) have been offered and will be sold in reliance upon an exemption from the registration and prospectus delivery requirements of the Securities Act, (3) will be issued in
reliance upon exemptions from the registration and prospectus delivery requirements of state securities laws which relate to private offerings and (4) must be held indefinitely because of the fact that the Subject Shares have not been
registered under the Securities Act or applicable state securities laws, and (B) such Subscriber must therefore bear the economic risk of its investment hereunder indefinitely unless a subsequent disposition thereof is registered under the
Securities Act and applicable state securities laws or is exempt therefrom. Such Subscriber further understands that such exemptions depend upon, among other things, the bona fide nature of the investment intent of such Subscriber expressed herein.
Pursuant to the foregoing, such Subscriber acknowledges that until such time as the resale of the Subject Shares has been registered under the Securities Act as contemplated by the Registration Rights Agreement or otherwise may be sold pursuant to
an exemption from registration, the certificates representing any Subject Shares acquired by such Subscriber shall bear a restrictive legend substantially as follows (and a stop-transfer order may be placed against transfer of the certificates
evidencing such Subject Shares): 
 In respect of the Subject Preferred Shares: 

THIS SHARE OF PREFERRED STOCK AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SHARE OF PREFERRED STOCK HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SHARE OF PREFERRED STOCK OR THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SHARE OF PREFERRED STOCK NOR ANY INTEREST OR PARTICIPATION
HEREIN OR THEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING: 
 BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

	 	1.	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH
RESPECT TO EACH SUCH ACCOUNT, AND 

  

	 	2.	 AGREES FOR THE BENEFIT OF HENNESSY CAPITAL ACQUISITION CORP. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL 

  
 6 

	 	
INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AFTER
THE LAST DATE OF INITIAL ISSUANCE HEREOF, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

  

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, OR 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR 

  

	 	(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

  

	 	(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
  

	 	3.	ACKNOWLEDGES THAT NO PREFERRED STOCK MAY BE OWNED BY OR TRANSFERRED TO ANY HOLDER OR BENEFICIAL OWNER THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER, AND ANY TRANSFER MADE OR EFFECTED IN VIOLATION OF THIS REQUIREMENT SHALL BE VOID AB INITIO. 

In respect of the Subject Common Shares and the Underlying Common: 

THIS SHARE OF COMMON STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. NEITHER THIS SHARE OF COMMON 

  
 7 

 
STOCK NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING: 

BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

 

	 	1.	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH
RESPECT TO EACH SUCH ACCOUNT, AND 

  

	 	2.	AGREES FOR THE BENEFIT OF HENNESSY CAPITAL ACQUISITION CORP. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS
THE LATER OF (X) ONE YEAR OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AFTER THE LAST DATE OF INITIAL ISSUANCE HEREOF, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED
BY APPLICABLE LAW, EXCEPT: 

  

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, OR 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR 

  

	 	(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

  

	 	(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 8 

 (c) Such Subscriber has knowledge, skill and experience in financial, business and investment
matters relating to an investment of this type and is capable of evaluating the merits and risks of such investment and protecting such Subscriber’s interest in connection with the acquisition, if any, of the Subject Common Shares, Market
Shares and Subject Preferred Shares (including the Underlying Common) (collectively, the “Shares”). Such Subscriber understands that the acquisition of the applicable Shares is a speculative investment and involves substantial risks
and that such Subscriber could lose such Subscriber’s entire investment. Further, the undersigned has (i) carefully read and considered the risks identified in the Disclosure Documents (as defined below) and (ii) carefully considered
the risks related to the Acquisition, the Company, and School Bus and has taken full cognizance of and understands all of the risks related to the Company, School Bus, the Acquisition, the applicable Shares and the transactions contemplated hereby,
including, without limitation, the purchase of the applicable Shares. Acknowledging the very significant tax impact analysis and other analyses that is warranted in determining the consequences to it of purchasing and owning the applicable Shares,
to the extent deemed necessary by such Subscriber, such Subscriber has had the opportunity to retain, at its own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits and consequences of the
foregoing, including, without limitation, purchasing and owning the applicable Shares. Such Subscriber has the ability to bear the economic risks of such Subscriber’s investment in the Company, including a complete loss of the investment, and
such Subscriber has no need for liquidity in such investment. 
 (d) Such Subscriber has been furnished by the Company all information (or
provided access to all reasonable information it requested) regarding the business and financial condition of the Company and School Bus, the Company’s expected plans for future business activities, and the merits and risks of an investment in
the applicable Shares which such Subscriber has requested or otherwise needs to evaluate the investment in the applicable Shares. 
 (e)
Such Subscriber is in receipt of and has carefully read and understands the following items (collectively, the “Disclosure Documents”): 

(i) the final prospectus of the Company, filed with the Securities and Exchange Commission (the “SEC”) on January 16,
2014 (the “Final Prospectus”); 
 (ii) each filing made by the Company with the SEC following the filing of the Final
Prospectus; 
 (iii) the Purchase Agreement (including any amendment thereto), a copy of which has been made available to such Subscriber;
and 
 (iv) the Proxy (including any supplement thereto) and the amendments to the Articles of Incorporation of the Company proposed to be
voted on pursuant thereto, a copy of which has been made available to such Subscriber. 

  
 9 

 Such Subscriber understands the significant extent to which certain of the disclosures contained
in items (i) and (ii) above shall no longer apply following the acquisition of School Bus in accordance with the Purchase Agreement. 

Such Subscriber acknowledges that neither the Company nor any of its affiliates has made or makes any representation or warranty to such
Subscriber in respect of the Company or School Bus, the Acquisition, the Company upon, or relating to, the Acquisition, other than in the case of the Company, the representations and warranties contained in this Agreement. 

The Preferred Subscriber acknowledges that the Conversion Price (as defined in the Certificate of Designations) is based on an assumed pro
forma number of shares of Common Stock outstanding of 20,687,500 and an assumed market capitalization of $206,875,000 (in any case, without taking into account the issuance of any Preferred Shares) at $10.00 per share. 

(f) In making its investment decision to purchase the applicable Shares, such Subscriber is relying solely on investigations made by such
Subscriber and such Subscriber’s representatives. The offer to sell the Subject Common Shares and Subject Preferred Shares, as applicable, was communicated to such Subscriber in such a manner that such Subscriber was able to ask questions of
and receive answers from the management of the Company concerning the terms and conditions of the proposed transaction and that at no time was such Subscriber presented with or solicited by or through any advertisement, article, leaflet, public
promotional meeting, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or meeting or any other form of general or public advertising or solicitation.

 (g) Such Subscriber acknowledges that it has been advised that: 

(i) The Subject Shares offered hereby have not been approved or disapproved by the SEC or any state securities commission nor has the SEC or
any state securities commission passed upon the accuracy or adequacy of any representations by the Company. Any representation to the contrary is a criminal offense. 

(ii) In making an investment decision, such Subscriber must rely on its own examination of the Company, the Acquisition, School Bus, the
applicable Shares, the Common Offering and the terms of the Preferred Offering, as applicable, including the merits and risks involved. The applicable Shares have not been recommended by any federal or state securities commission or regulatory
authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of any representation. Any representation to the contrary is a criminal offense. 

(iii) The Subject Shares will be “restricted securities” within the meaning of Rule 144 under the Securities Act, are subject to
restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom. Such Subscriber is aware of the
provisions of Rule 144 are not currently available and, in the future, may not become available for resale of any of the Subject Shares and that the Company is an issuer subject to Rule 144(i) under the Securities Act. Such Subscriber is aware that
it may be required to bear the financial risks of this investment for an indefinite period of time. 

  
 10 

 (h) Such Subscriber agrees to furnish the Company with such other information as the Company may
reasonably request in order to verify the accuracy of the information contained herein and agrees to notify the Company immediately of any material change in the information provided herein that occurs prior to the acceptance of this Agreement by
the Company. 
 (i) Such Subscriber further represents and warrants that it is a “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act, an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act, and Subscriber has executed the Investor Questionnaire attached hereto as Exhibit D (the
“Investor Questionnaire”) and shall provide to the Company an updated Investor Questionnaire for any change in circumstances at any time on or prior to the Acquisition Closing. 

(j) As of the date of this Agreement, such Subscriber and its affiliates do not have, and during the 30 day period prior to the date of this
Agreement such Subscriber and its affiliates have not, in a seller, transferor or other similar capacity, entered into, any “put equivalent position” as such term is defined in Rule 16a-1 of under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) or short sale positions with respect to the securities of the Company. In addition, such Subscriber shall comply with all applicable provisions of Regulation M promulgated under the Securities Act. 

(k) If such Subscriber is a natural person, he or she has reached the age of majority in the state in which such Subscriber resides, has
adequate means of providing for such Subscriber’s current financial needs and contingencies, is able to bear the substantial economic risks of an investment in the Subject Common Shares and Subject Preferred Shares (including the Underlying
Common), as applicable, for an indefinite period of time, has no need for liquidity in such investment and, at the present time, could afford a complete loss of such investment. 

(l) If such Subscriber is a partnership, corporation, trust, estate or other entity (an “Entity”): (i) such Entity has
the full legal right and power and all authority and approval required (a) to execute and deliver, or authorize execution and delivery of, this Agreement and all other instruments executed and delivered by or on behalf of such Entity in
connection with the purchase of the applicable Shares, (b) to delegate authority pursuant to power of attorney and (c) to purchase and hold such Shares; (ii) the signature of the party signing on behalf of such Entity is binding upon
such Entity; and (iii) such Entity has not been formed for the specific purpose of acquiring such Shares, unless each beneficial owner of such entity is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act, is qualified as an accredited investor within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act and has submitted information substantiating such individual qualification. 

(m) If such Subscriber is a retirement plan or is investing on behalf of a retirement plan, such Subscriber acknowledges that investment in
the applicable Shares poses additional risks including the inability to use losses generated by an investment in the applicable Shares to offset taxable income. 

(n) This Agreement has been duly authorized, executed and delivered by such Subscriber and constitutes a legal, valid and binding obligation
of such Subscriber enforceable against such Subscriber in accordance with its terms, except as such enforceability may be 

  
 11 

 
limited by: (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws in effect that limit creditors’ rights generally; (ii) equitable limitations on
the availability of specific remedies; (iii) principles of equity (regardless of whether such enforcement is considered in a proceeding in Law or in equity); and (iv) to the extent rights to indemnification and contribution may be limited
by federal securities laws or the public policy underlying such laws. 
 (o) Such Subscriber understands and confirms that the Company will
rely on the representations and covenants contained herein in effecting the transactions contemplated by this Agreement and the other Transaction Documents (as defined herein). All representations and warranties provided to the Company furnished by
or on behalf of such Subscriber, taken as a whole, are true and correct and do not contain any untrue statement of material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. 
 (p) Such Subscriber has read the Final Prospectus, and understands that the
Company has established a trust fund, currently in an amount of approximately $115 million (“Trust Fund”) for the benefit of the Company’s public shareholders and that the Company may disburse monies from the Trust Fund only
(i) to the Company’s public shareholders in the event they elect to redeem their shares, (ii) to the public shareholders upon the liquidation of the Company if the Company fails to consummate an initial business combination within the
required time period described in the Final Prospectus, (iii) to the Company in limited amounts for its tax obligations and (iv) to the Company after, or concurrently with, the consummation of a business combination. To induce the Company
to enter into this Agreement and sell the securities to be sold to it hereunder, such Subscriber agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Fund (“Claim”) and waives
any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason whatsoever. Notwithstanding the foregoing, each
Subscriber shall maintain rights of redemption of any public shares it may own if the Acquisition Closing does not occur, subject to the terms and conditions applicable to any such redemption. This section shall survive the termination of this
Agreement for any reason. 
 (q) Neither such Subscriber nor, to the extent it has them, any of its shareholders, members, managers, general
or limited partners, directors, affiliates or executive officers (collectively with such Subscriber, the “Subscriber Covered Persons”), are subject to any of the “Bad Actor” disqualifications described in Rule 506(d) under
the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). 

(r) Such Subscriber has exercised reasonable care to determine whether any Subscriber Covered Person is subject to a Disqualification Event.

 (s) The purchase of the applicable Shares by such Subscriber will not subject the Company to any Disqualification Event. 

(t) As of the date hereof, such Subscriber does not own, directly or indirectly, any shares of Common Stock. 

  
 12 

 7. Representations and Warranties of the Company. The Company represents and warrants to each of the
Subscribers as follows: 
 (a) Subject to obtaining all required approvals necessary in connection with the performance of the Purchase
Agreement (including, without limitation, the approval of the Company’s stockholders) and any required approvals pursuant to the applicable rules of NASDAQ (together, the “Required Approvals”), the Company has all requisite
corporate power and authority to enter into and perform this Agreement, the Registration Rights Agreement and the Purchase Agreement (collectively, the “Transaction Documents”), and to consummate the transactions contemplated hereby
and thereby, in accordance with the terms hereof and thereof. Subject to obtaining the Required Approvals, the execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by the Company’s Board of Directors and, subject to obtaining the Required Approvals, no further consent or authorization of the Company, its Board of Directors, or its
shareholders is required. This Agreement and each of the other Transaction Documents have been duly executed and delivered by the Company. This Agreement and each of the other Transaction Documents will constitute upon execution and delivery by the
Company, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by: (i) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws in effect that limit creditors’ rights generally; (ii) equitable limitations on the availability of specific remedies; (iii) principles of equity (regardless of whether such enforcement is considered
in a proceeding in Law or in equity); and (iv) to the extent rights to indemnification and contribution may be limited by federal securities laws or the public policy underlying such laws. 

(b) Subject to obtaining the Required Approvals, the execution, delivery and performance of this Agreement and each of the other Transaction
Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby will not (i) conflict with or result in a violation of any material provision of the Second Amended and Restated Certificate of
Incorporation, of the Company, (ii) violate or conflict with, or result in a material breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any material agreement, to which the Company is a party, or (iii) result in a violation of any Law applicable to the Company or by which any property or asset of the Company
is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations in clauses (ii) and (iii) of this Section 7(b) as would not, individually or in the aggregate, have a
material adverse effect on the business, properties condition (financial or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole (“Material Adverse Effect”)). The Company is not in violation of
its Second Amended and Restated Certificate of Incorporation or other organizational documents. The Company is not in default (and no event has occurred which with notice or lapse of time would result in a default) under, and the Company has not
taken any action or failed to take any action that would give to others any rights of termination, 

  
 13 

 
amendment, acceleration or cancellation of, any agreement or instrument to which the Company is a party or by which any property or assets of the Company is bound or affected, except for defaults
or possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect. Except for filings required under the Securities Act and any applicable state securities laws (and subject to obtaining the Required Approvals), the
Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market (other than pursuant to the applicable
rules of NASDAQ and the filing of a Notification and Report Form with the United States Federal Trade Commission and the United States Department of Justice under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended and the expiration
or termination of any applicable waiting period thereunder, if required) in order for it to execute, deliver or perform any of its obligations under the Transaction Documents. All consents, authorizations, orders, filings and registrations that the
Company is required to effect or obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof or will, prior to any acceptance of this subscription, be so obtained or effected in a timely manner as required
by Law. 
 (c) The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with
the SEC pursuant to the reporting requirements of the Securities Act and the Exchange Act (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than
exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”) since January 16, 2014, or has timely filed for a valid extension of such time of filing and has filed
any such SEC Document prior to the expiration of any such extension. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of
the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(d) As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material
respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may not include
footnotes, year-end adjustments or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the dates thereof and the consolidated
results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). 

(e) The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange
Act). Such disclosure controls and procedures: (i) are designed to ensure that material information relating to the Company and 

  
 14 

 
its subsidiaries is made known to the Company’s chief executive officer and its chief financial officer by others within those entities, particularly during the periods in which the
Company’s reports and filings under the Exchange Act are being prepared, (ii) have been evaluated for effectiveness as of the end of the most recent quarterly period reported to the SEC, and (iii) are effective to perform the
functions for which they were established. 
 (f) Except with respect to the transactions contemplated hereby and by each of the other
Transaction Documents and except as disclosed in the Disclosure Documents or has been disclosed in any public disclosure as defined in Section 101(e) of Regulation FD promulgated under the Exchange Act, since January 16, 2014: (i) the
Company has conducted its business only in the ordinary course, consistent with past practice, and since that date, no changes have occurred which would reasonably be expected to have a Material Adverse Effect; and (ii) the Company has not
incurred any liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past practice and in order to consummate the Acquisition and
(B) liabilities not required to be reflected on the Company’s financial statements pursuant to GAAP or required to be disclosed in the SEC Documents. 

(g) Other than deficiency letters from NASDAQ dated August 7, 2014 and February 4, 2015, there is no Action pending or, to the
knowledge of the Company, threatened against the Company or any of its subsidiaries that (i) adversely affects or challenges the legality, validity or enforceability of the Agreement, or (ii) if there were an unfavorable decision, would
have or reasonably be expected to have a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending any investigation by the SEC involving the Company or to the knowledge of the Company, any director or
officer of the Company (in his or her capacity as such). The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Exchange Act or the Securities Act. As used in
this Agreement, “Action” means any action, lawsuit, claim, suit, arbitration, hearing, examination or judicial or legal proceeding or investigation, whether civil, criminal or administrative, at Law or in equity, or by or before any
federal, national, supranational, foreign, state, provincial, local, county, municipal or other government, any governmental, regulatory or administrative authority, agency, department, bureau, board, commission or official or any quasi-governmental
or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority, or any court, tribunal, judicial or arbitral body, or any securities exchange, futures exchange, contract market, any other exchange
or corporation or similar self-regulatory body or organization applicable to a party to this Agreement (each, a “Governmental Authority”) (in each case to the extent that the rules, regulations or orders of such body or authority
have the force of Law). As used in this Agreement, “Law” means any material law (statutory, common or otherwise), including any material statute, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or
other order of a Governmental Authority. 
 (h) The Company has made or filed all federal, state and foreign income and all other tax
returns, reports and declarations required by any jurisdiction to which it is subject in respect of which the failure to so make or file could reasonably be expected to have a Material Adverse Effect and has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those 

  
 15 

 
being contested in good faith and, to the extent required by generally accepted accounting principles, has set aside on its books provisions reasonably adequate for the payment of all taxes that
are material in amount for periods subsequent to the periods to which such returns, reports or declarations apply. The Company has not executed a waiver with respect to the statute of limitations relating to the assessment or collection of any
foreign, federal, state or local tax. 
 (i) Since January 16, 2014, except as set forth in any document filed with the SEC, no event
has occurred or, to the knowledge of the Company, circumstance exists that (with or without notice or lapse of time) would or could reasonably be expected to: (i) constitute or result in a violation by the Company, or a failure on the part of
the Company to comply with, any Law; or (ii) give rise to any obligation on the part of the Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature in connection with a failure to comply with any
Law, except in either case that would not reasonably be expected to have a Material Adverse Effect. 
 (j) The Company is in compliance in
all material respects with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder that are applicable to it. 

(k) No labor or employment dispute exists or, to the knowledge of the Company, is imminent or threatened, with respect to any of the employees
of the Company that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (l) To
the extent this Agreement is not already publicly disclosed at such time, the Company will file with the SEC disclosing the form of this Agreement within 2 Business Days of the date hereof. 

(m) The Company understands and confirms that the Subscribers will rely on the representations and covenants contained herein in effecting the
transactions contemplated by this Agreement. 
 8. Understandings. Each Subscriber understands, acknowledges and agrees with the Company as follows:

 (a) Such Subscriber hereby acknowledges and agrees that its subscription hereunder is irrevocable by such Subscriber, that, except as
required by Law, such Subscriber is not entitled to cancel, terminate or revoke this Agreement or any agreements of such Subscriber hereunder, and that this Agreement and such other agreements shall survive the death or disability of such Subscriber
and shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. If such Subscriber is more than one person, the obligations of such
Subscriber hereunder shall be joint and several and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and his/her heirs, executors, administrators,
successors, legal representatives and permitted assigns. 

  
 16 

 (b) No federal or state agency has made any finding or determination as to the accuracy or
adequacy of the Disclosure Documents or as to the suitability of this offering for investment nor any recommendation or endorsement of the Shares. 

(c) The Preferred Offering is intended to be exempt from registration under the Securities Act, which is dependent upon the truth,
completeness and accuracy of the statements made by such Subscriber herein. 
 (d) There is only a limited public market for the Common
Stock. There can be no assurance that a Subscriber will be able to sell or dispose of any Shares. 
 (e) The representations and warranties
of such Subscriber contained in this Agreement and in any other writing delivered in connection with the transactions contemplated hereby shall be true and correct in all respects on and as of the date hereof and the date of the consummation of each
offering of the Subject Common Shares and Subject Preferred Shares, as applicable, as if made on and as of such date and such representation and warranties and all agreements of such Subscriber contained herein and in any other writing delivered in
connection with the transactions contemplated hereby. 
 9. Survival. All representations, warranties and covenants contained in this Agreement shall
survive until the earlier of the (A) Acquisition Closing or (B) Termination Date. Notwithstanding the foregoing, the rights of the Subscribers, and the obligations of the Company, set forth in Section 11 and
Section 22 of this Agreement shall survive the Acquisition Closing indefinitely. The Subscribers acknowledge the meaning and legal consequences of the representations, warranties and covenants contained herein and that the Company has
relied upon such representations, warranties and covenants in determining each Subscriber’s qualification and suitability to purchase the applicable Shares. 

10. Notices. All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if and when
delivered personally or two Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid or one Business Day after it is delivered by a commercial overnight carrier or upon confirmation if delivered by
facsimile or email: 
 (a) if to the Company (prior to the Acquisition Closing), to the following address: 

Hennessy Capital Acquisition Corp. 

700 Louisiana Street, Suite 900 

Houston, Texas 77002 
 Attention:
Daniel J. Hennessy 
 Facsimile: (312) 876-3854 

with a copy to: 
 Sidley Austin
LLP 
 One South Dearborn 

Chicago, Illinois 60603 

Attention: Jeffrey N. Smith, Esq., Dirk W. Andringa, Esq. 

Facsimile: (312) 853-7036 

  
 17 

 and to: 

Ellenoff Grossman & Schole LLP 

1345 Avenue of the Americas 
 New
York, New York 10105 
 Attention: Stuart Neuhauser, Esq. 

Facsimile: (212) 370-7889 

and to: 
 The Traxis Group B.V.

 c/o Cerberus Capital Management L.P. 

875 Third Ave. 
 New York, New
York 10022 
 Attention: Dev Kapadia 

Facsimile: (212) 755-3009 

and to: 
 Schulte Roth &
Zabel LLP 
 919 Third Avenue 

New York, New York 10022 

Attention: Richard A. Presutti, Esq. 

Facsimile: (212) 593-5955 

(b) if to the Company (following the Acquisition Closing), to the following address: 

Blue Bird Corporation 
 402 Blue
Bird Blvd., P.O. Box 937 
 Fort Valley, Georgia, 31030 

Attention: CEO 
 Facsimile:
(478) 822-3609 
 with a copy to: 

The Traxis Group B.V. 
 c/o
Cerberus Capital Management L.P. 
 875 Third Ave. 

New York, New York 10022 

Attention: Dev Kapadia 

Facsimile: (212) 755-3009 

  
 18 

 and to: 

Schulte Roth & Zabel LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attention: Richard A. Presutti, Esq. 

Facsimile: (212) 593-5955 

(c) if to a Subscriber, to the address set forth on the signature page hereto. 

(d) or at such other address as any party shall have specified by notice in writing to the others. 

11. Preemptive Rights. 
 (a) Until the
earliest of (i) such time as Blackwell Partners LLC – Series A and/or Affiliates of Coliseum Capital Management, LLC (which for purposes of this Section 11 shall not include any direct or indirect transferee, assignee or other
successor in interest to the Preferred Shares (other than any Affiliate or Affiliates of Blackwell Partners LLC – Series A or Coliseum Capital Management, LLC), or rights under this Agreement, held by the Preferred Subscriber named on the
signature pages hereto) collectively ceases to hold, directly or indirectly, at least 20% of the then-outstanding shares of preferred stock (including, without limitation, Preferred Shares or any other series of preferred shares), (ii) the
Effective Date (as defined in the Certificate of Designations) of a Fundamental Change (as defined in the Certificate of Designations) and (iii) five (5) years from the Issue Date (as defined in the Certificate of Designations), if the
Company proposes to sell and issue any shares of preferred stock (including, without limitation, Preferred Shares or any other series of preferred shares) to any Person (the shares to be so sold or issued, the “Preemptive
Securities”), then the Preferred Subscriber shall have a right of first offer to purchase, in the aggregate, such portion of such Preemptive Securities as is equal to the percentage of all then-outstanding shares of preferred stock
(including, without limitation, Preferred Shares or any other series of preferred shares) owned by the Preferred Subscriber (the Preferred Subscriber’s “Preemptive Percentage”). Notwithstanding the foregoing, if Coliseum
Capital Management, LLC ceases to be the investment manager of Blackwell Partners, LLC – Series A for any reason, then the Preferred Subscriber shall have a right of first offer to purchase a portion of such Preemptive Securities no less than
the Preferred Subscriber Percentage, and no greater than the Preferred Subscriber’s Preemptive Percentage, and such portion elected to be purchased by the Preferred Subscriber shall be its “Preemptive Percentage”. As used herein, the
“Preferred Subscriber Percentage” shall be a percentage, equal to the quotient of (i) the then-outstanding shares of preferred stock (including, without limitation Preferred Shares or any other series of preferred shares) owned, directly
or indirectly, by Affiliates of Coliseum Capital Management, LLC, divided by the total then-outstanding shares of preferred stock (including, without limitation Preferred Shares or any other series of preferred shares). 

(b) If the Company proposes to issue and sell any Preemptive Securities to any Person, then the Company shall give the Preferred Subscriber
written notice (the “Preemptive Rights Trigger Notice”) of the Company’s proposal, describing the Preemptive Securities, the price and the terms and conditions upon which the Company proposes to issue the same. The Preferred
Subscriber 
  

	1 	To be the combined percentage of the Preemptive Percentage held by CCP and CCP II in Coliseum School Bus Holdings, LLC. 

  
 19 

 
shall have fifteen (15) Business Days from the giving of the Preemptive Rights Trigger Notice (the “Offer Period”) to agree to purchase its Preemptive Percentage of such
Preemptive Securities for the price and upon the terms and conditions specified in the Preemptive Rights Trigger Notice by giving written notice to the Company setting forth such agreement (a “Preemptive Rights Exercise Notice”);
provided, that, if the Board of Directors determines that time is of the essence and that it is in the best interests of the Company that the Company issue Preemptive Securities at the same price and on the same terms as those set
forth in the Preemptive Rights Trigger Notice prior to the end of the Offer Period, and the Company has provided the Preferred Subscriber at least two Business Days’ prior written notice of its intention to do so, then the Company shall have
the right to so issue such Preemptive Securities (the “Emergency Preemptive Securities”) prior to the end of the Offer Period (such issuance to be subject to the subsequent sale and purchase obligation set forth in clause
(x) below, if applicable), and, provided, further, that, if Emergency Preemptive Securities are issued prior to the end of the Offer Period and the Preferred Subscriber delivers a Preemptive Rights Exercise Notice prior to the end
of the Offer Period, then (x) the Company will cause the holders of the Emergency Preemptive Securities to sell, and the Preferred Subscriber shall have the obligation, and the right, to purchase, the Preferred Subscriber’s Preemptive
Percentage of such Emergency Preemptive Securities at the same price and on other applicable terms and conditions (including the receipt by such Preferred Subscriber of any applicable fees) set forth in the Preemptive Rights Trigger Notice (which,
for the avoidance of doubt, shall be the same as the price and applicable terms and conditions upon which holders of Emergency Preemptive Securities purchased such Emergency Preemptive Securities), and (y) Section 11(c) shall not apply to
the Emergency Preemptive Securities so purchased. For the avoidance of doubt, the first proviso in the immediately preceding sentence shall in no way affect the rights of the Preferred Subscriber to agree to purchase its Preemptive Percentage of
such Preemptive Securities in accordance with this Section 11(b). For the avoidance of doubt, the Preferred Subscriber shall not have the right to assign all or any portion of its rights pursuant to this Section 11 to any Person, other
than to an Affiliate or Affiliates of the Preferred Subscriber or of Coliseum Capital Management, LLC. 
 (c) The Company shall have 60
days, beginning after the expiration of the Offer Period to sell any Preemptive Securities not purchased prior to the expiration of the Offer Period at the same price as or a greater price than the price specified in the Preemptive Rights Trigger
Notice, and upon such terms and conditions (other than price) which, when taken as a whole, are no more favorable in the aggregate to the purchasers thereof than those specified in the Preemptive Rights Trigger Notice. To the extent the Company has
not sold the Preemptive Securities within such 60-day period, the Company shall not thereafter issue or sell any Preemptive Securities without first offering such securities to the Preferred Subscriber in the manner provided in this
Section 11 above. During such 60-day period, the Company shall not issue or 

  
 20 

 
sell at a lesser price, or upon such terms and conditions (other than price) which, when taken as a whole, are more favorable in the aggregate to the purchasers thereof than those specified in
the Preemptive Rights Trigger Notice, without first offering such securities to the Preferred Subscriber in the manner provided above. 
 12.
Notification of Changes. Each Subscriber agrees and covenants to notify the Company and Traxis immediately upon the occurrence of any event prior to the Acquisition Closing that would cause any representation, warranty, covenant or other
statement contained in this Agreement to be false or incorrect or of any change in any statement made herein occurring prior to the Acquisition Closing. 

13. Assignability; Amendments; Waiver. This Agreement is not assignable by any Subscriber, and may not be amended, modified or terminated except by an
instrument in writing signed by the Company, Traxis and each Subscriber, or, with respect to termination, as otherwise provided for in this Agreement. The Agreement may not be waived except by an instrument in writing signed by the party against
whom enforcement of waiver is sought. 
 14. Binding Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to
the benefit of the parties and their heirs, successors and assigns, and the agreements, representations, warranties and acknowledgments contained herein shall be deemed to be made by and be binding upon such heirs, executors, administrators,
successors, legal representatives and assigns. This Agreement does not confer any rights or remedies upon any person or entity other than the parties hereto and their heirs, successors and permitted assigns, provided, however, that the
Company and each of the Subscribers hereby acknowledge and agree that Traxis has the right to cause the Company to enforce its rights and perform its obligations under this Agreement including the right to cause the Company to make or not make any
election or otherwise exercise or not exercise a right hereunder; and provided further, however, that notwithstanding anything to the contrary herein, the Company and each of the Subscribers acknowledge that money damages would not be
an adequate remedy at Law if any Subscriber fails to perform in any material respect any of its obligations hereunder and accordingly agree that each party, in addition to any other remedy to which it may be entitled at Law or in equity, shall be
entitled to seek an injunction or similar equitable relief restraining such party from committing or continuing any such breach or threatened breach or to seek to compel specific performance of the obligations of any other party under this
Agreement, without the posting of any bond, in accordance with the terms and conditions of this Agreement in any court of the United States or any State thereof having jurisdiction, 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. 
 15. Obligations
Irrevocable. Except as otherwise provided herein, the obligations of each Subscriber to make its subscription provided for hereunder shall be irrevocable, except with the consent of the Company and Traxis, until the Subscription Rejection. 

16. Agreement. This Agreement and the Registration Rights Agreement constitutes the entire agreement of the Subscribers and the Company relating to the
matters contained herein 

  
 21 

 
and therein, superseding all prior contracts or agreements, whether oral or written. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement. 
 17. Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware, without regard to the principles of conflicts of law thereof that would require the application of the laws of any jurisdiction other than New York. Each of the parties consents to the non-exclusive jurisdiction of the
federal courts whose districts encompass any part of the District of Delaware or the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable Delaware state court),
with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions. 

18. Severability. If any provision of this Agreement or the application thereof to any Subscriber or any circumstance shall be held invalid or
unenforceable to any extent, the remainder of this Agreement and the application of such provision to other subscriptions or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by Law. 

19. Construction. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret,
define, or limit the scope, extent or intent of this Agreement or any provision hereof. The rule of construction that an agreement shall be construed strictly against the drafter shall not apply to this Agreement. 

20. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed
to be an original and all of which together shall be deemed to be one and the same agreement. A facsimile or other electronic transmission of this signed Agreement shall be legal and binding on all parties hereto. 

21. Counsel. Each Subscriber hereby acknowledges that the Company and its counsel represent the interests of the Company and not those of any
Subscriber in any agreement (including this Agreement) to which the Company is a party. 
 22. Information; Confidentiality. From and after such
time, if any, when the Company ceases to be a public reporting company under the Securities Act, the Company shall provide to each Subscriber, for so long as such Subscriber is a shareholder of the Company, quarterly financial reports within 45 days
following the end of the applicable fiscal quarter (or, if shorter, within such shorter period that such reports are provided to the Company’s lenders pursuant to the Credit Agreement), annual financial reports within 120 days following the end
of the applicable fiscal year (or, if shorter, within such shorter period that such reports are provided to the Company’s lenders pursuant to the Credit Agreement) and management discussion and analysis or similar reports (at the same time that
such reports are provided to the Company’s lenders pursuant to the Credit Agreement), in each case in the same form provided to the Company’s lenders as required by the Credit Agreement; provided, that notwithstanding the foregoing,
the Company shall have no obligation to deliver any such information to the extent 

  
 22 

 
such information is not required to be delivered to the Company’s lenders pursuant to the Credit Agreement. Without limiting any of Subscriber’s pre-existing confidentiality
obligations, Subscriber shall not, for a period of six (6) months following the date hereof, without the Company’s prior written consent, disclose to any other person or entity the nature, extent or fact that Subscriber is entering this
Agreement or the terms and conditions hereof, or any information Subscriber may receive in connection with this Agreement (in each case to the extent the Company has communicated the confidentiality thereof) other than (a) pursuant to the order
of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case Subscriber agrees, to the extent practicable and not prohibited by
applicable Law, to inform the Company promptly thereof prior to such disclosure), (b) upon the request or demand of any regulatory authority having jurisdiction over Subscriber, (c) to the extent that such information is or becomes
publicly available other than by reason of disclosure by Subscriber in violation of this Agreement, or (d) to Subscriber’s Affiliates and to Subscriber’s and its Affiliates’ employees, legal counsel, independent auditors and
other agents (collectively “representatives”) who need to know such information and who are informed of the confidential nature of such information and are or have been advised of their obligation to keep information of this type
confidential. Subscriber will cause all of its and its Affiliate’s representatives to comply with the confidentiality provisions of this Agreement as fully as if they were a party hereto and will be responsible for a breach of the
confidentiality provisions of this Agreement by any such representatives. 
 [Signature Page to follow] 

  
 23 

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

					
	HENNESSY CAPITAL ACQUISITION CORP.
		
	By:		 /s/ Daniel J. Hennessy

			Name:		Daniel J. Hennessy
			Title:		Chief Executive Officer

  

			
	ACCEPTED AND AGREED:
	
	THE TRAXIS GROUP B.V.
		
	By:		 /s/ Dev Kapadia

			Dev Kapadia
			Managing Director

  

[Signature Page to Subscription Agreement] 

 SIGNATURE PAGE 

TO 
 SUBSCRIPTION
AGREEMENT 
 OF 

HENNESSY CAPITAL ACQUISITION CORP. 

IN WITNESS WHEREOF, the undersigned Subscriber hereby executes, delivers, joins in and agrees to be bound by the Subscription Agreement by and
between Hennessy Capital Acquisition Corp., The Traxis Group B.V. and each Subscriber (as defined therein) to which this Signature Page is attached as a Subscriber thereunder, which, together with all counterparts of such agreement and signature
pages of other parties to such agreement, shall constitute one and the same document in accordance with the terms of such agreement. 
  

			
	 COLISEUM SCHOOL BUS HOLDINGS, LLC
  

By: Coliseum Capital Management, LLC, its Manager

		
	By:		 /s/ Adam Gray

			Name: Adam Gray
			Title: Managing Director
	
	 PREFERRED SUBSCRIBER

100,000

	Subject Preferred Shares
	
	Offering Price per Preferred Share: $100.00
	
	 Address:
 c/o Coliseum
Capital Management, LLC
 One Station Place, 7th Floor South

Stamford, CT 06902
 Attention: Adam Gray

Facsimile: (203) 286-1111
  

With a copy (which shall not constitute notice) to:
 Paul
Hastings LLP
 75 E. 55th Street
 New York, NY 10022

Attention: Barry Brooks
 Facsimile: (212)
230-7777

  

[Signature Page to Subscription Agreement] 

			
	 COLISEUM CAPITAL PARTNERS, L.P.
  

By: Coliseum Capital, LLC, General Partner

		
	By:		 /s/ Adam Gray

			Name: Adam Gray
			Title: Manager
	
	 COMMON SUBSCRIBER

	$16,890,000
	Common Shares Allocation
	
	 Address:
 c/o Coliseum
Capital Management, LLC
 One Station Place, 7th Floor South

Stamford, CT 06902
 Attention: Adam Gray

	Facsimile: (203) 286-1111
	
	 With a copy (which shall not constitute notice) to:

Paul Hastings LLP
 75 E. 55th Street

New York, NY 10022
 Attention: Barry Brooks

Facsimile: (212) 230-7777

	
	 COLISEUM CAPITAL PARTNERS II, L.P.
  

By: Coliseum Capital, LLC, General Partner

		
	By:		 /s/ Adam Gray

			Name: Adam Gray
			Title: Manager
	
	 COMMON SUBSCRIBER

	$3,100,000
	Common Shares Allocation
	
	 Address:
 c/o Coliseum
Capital Management, LLC
 One Station Place, 7th Floor South

Stamford, CT 06902
 Attention: Adam Gray

	Facsimile: (203) 286-1111
	
	 With a copy (which shall not constitute notice) to:

Paul Hastings LLP
 75 E. 55th Street

New York, NY 10022
 Attention: Barry Brooks

Facsimile: (212) 230-7777

  

[Signature Page to Subscription Agreement] 

 
			
	 BLACKWELL PARTNERS, LLC
  

By: Coliseum Capital Management, LLC, Attorney-in-Fact

		
	By:		 /s/ Adam Gray

			Name: Adam Gray
			Title: Managing Director
	
	 COMMON SUBSCRIBER

	$5,010,000
	Common Shares Allocation
	
	 Address:
 c/o Coliseum
Capital Management, LLC
 One Station Place, 7th Floor South

Stamford, CT 06902
 Attention: Adam Gray

	Facsimile: (203) 286-1111
	
	 With a copy (which shall not constitute notice) to:

Paul Hastings LLP
 75 E. 55th Street

New York, NY 10022
 Attention: Barry Brooks

Facsimile: (212) 230-7777

 Exhibit A 

Certificate of Designations 

 Exhibit B 

Subscription Instructions 

 Exhibit C 

Form of Registration Rights Agreement 

 Exhibit D 

Investor Questionnaire 

 Exhibit E 

Form of Certificate of Incorporation

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