Sullivan, the highest ranked player in the field, posted a six-under 65 after he birdied the final two holes in a low-scoring day.
This is just Waite’s fourth European Tour start and he combined an eagle, seven birdies and two bogeys to finish the day on seven under.
America’s Veerman didn’t drop a shot and scored a mistake-free 64 to share the lead.
“I’ve just had a good attitude from the beginning of the week,” Waite said. “I’ve got nothing to lose and everything to gain so I just need to get out there — it’s a scoreable track — hit some good shots and see what we get out of it.”