Exhibit 10.1


 


COOPERATION AGREEMENT


 


This AGREEMENT,
dated as of March 19, 2018 (this “Agreement”), is made and entered into by EVINE Live Inc., a Minnesota corporation
(the “Company”), and each of the persons set forth on the signature page hereto (each, an “Investor”
and collectively, the “Investors” or, together with their respective Affiliates and Associates, the “Investor
Group”), which persons presently are or may be deemed to be members of a “group” with respect to the common
stock of the Company, $0.01 par value per share (the “Common Stock”), pursuant to Rule 13d-5 promulgated by
the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”); and


 


WHEREAS,
the Company and the Investor Group have determined to come to an agreement with respect to certain matters relating to the composition
of the Company’s Board of Directors (the “Board”), as provided in this Agreement.


 


NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:


 


1.                 
Board Composition.


 


(a)              
Appointment and Nomination of New Independent Director. No later than three (3) business days from the date of execution
of this Agreement, the Company shall take the necessary steps to cause the Board to appoint Alex Spiro (the “New Independent
Director”) to the Board to serve until the Company’s 2018 annual meeting of shareholders (the “2018 Annual
Meeting”). The Company agrees that the Board and all applicable committees thereof shall take all necessary actions to
nominate the New Independent Director for re-election to the Board at the 2018 Annual Meeting.


 


(b)              
Board Matters. Prior to the date of execution of this Agreement, the New Independent Director has provided to the
Board’s Corporate Governance and Nominating Committee the completed directors’ and officers’ questionnaire (in
the form customarily used for the Company’s independent or non-management directors) completed by the New Independent Director
and his biographical information as would be required to be included in a proxy statement filed by the Company with the SEC pursuant
to the Exchange Act. The Company agrees to (i) recommend, and reflect such recommendation in the Company’s definitive proxy
statement in connection with the 2018 Annual Meeting, that the shareholders of the Company vote to re-elect the New Independent
Director as a director of the Company at the 2018 Annual Meeting for a term of office expiring at the 2019 annual meeting of the
shareholders of the Company (the “2019 Annual Meeting”), and (ii) solicit, obtain proxies in favor of, and otherwise
support the election of the New Independent Director at the 2018 Annual Meeting, in a manner no


 




    	 



     


    

less favorable than the manner
in which the Company supports other nominees for election at the 2018 Annual Meeting.


 


(c)              
Replacement of New Independent Director. In the event that the New Independent Director (or his replacement appointed
pursuant to this Section 1(c)) is unable or unwilling to serve as a director of the Company (other than on account of failure
to be elected or reelected) during the Standstill Period, the Investor Group shall have the right to propose a replacement for
such director (a “Replacement”) that (i) qualifies as “independent” pursuant to SEC regulations
and the listing standards of The Nasdaq Stock Market LLC (“NASDAQ”), (ii) has, in the reasonable and good faith
judgment of the Company, relevant financial and business experience to serve on the Board, and (iii) is independent of the Investor
Group. Any Replacement must be approved by the Company, such consent not to be unreasonably withheld. The Company shall appoint
any such Replacement who meets the foregoing criteria to the Board to replace the New Independent Director, with such Replacement
to serve as a director and as a member of those Board committees on which the then New Independent Director served, in each case,
during the unexpired term, if any, of the New Independent Director. Such Replacement shall thereafter be considered the New Independent
Director for all purposes of this Agreement.


 


(d)              
Board Policies and Procedures. The Investor Group acknowledges that the New Independent Director shall be required
to comply with all policies, processes, procedures, codes, rules, standards, and guidelines applicable, from time to time, to members
of the Board, including the Company’s Code of Conduct, and policies on confidentiality, ethics, hedging and pledging of Company
securities, public disclosures, stock trading, and stock ownership (provided that any amendment or revision of the foregoing
shall not affect any rights of the Investor Group provided in this Section 1), and the New Independent Director and the
Investor Group shall provide the Company with such information as is reasonably requested by the Company concerning the New Independent
Director and/or the Investor Group as is required to be disclosed under applicable law or stock exchange regulations, in each case
as promptly as necessary to enable the timely filing of the Company’s proxy statement and other periodic reports with the
SEC.


 


(e)              
Rights and Benefits of the New Independent Director. The Company agrees that the New Independent Director shall receive
(i) the same benefits of director and officer insurance, and any indemnity and exculpation arrangements available generally to
the directors on the Board, (ii) the same compensation for his service as a director as the compensation received by other non-management
directors on the Board, and (iii) such other benefits on the same basis as all other non-management directors on the Board, including
having the Company (or its legal counsel) prepare and file with the SEC, at the Company’s expense, any Forms 3, 4, and 5
under Section 16 of the Exchange Act that are required to be filed by each director of the Company.


 




    	 	2	 



     


    

2.                 
2018 Annual Meeting. The Investor Group agrees not to bring any nominations, business, or proposals before or at
the 2018 Annual Meeting and agrees not to deliver to the Company or any representative thereof any advance notices of nominations
or shareholder proposals with respect to any meeting of the Company’s shareholders during the Standstill Period.


 


3.                 
Standstill.


 


(a)              
Each Investor agrees that, from the date of this Agreement until the expiration of the Standstill Period, without the prior
written authorization or invitation of the Board, neither it nor any of its Related Persons will, and it will cause each of its
Related Persons not to, directly or indirectly, in any manner:


 


(i)                
publicly propose or publicly announce or otherwise publicly disclose an intent to propose or enter into or agree to enter
into, singly or with any other person, directly or indirectly, (x) any form of business combination or acquisition or other transaction
relating to a material amount of assets or securities of the Company or any of its subsidiaries, (y) any form of restructuring,
recapitalization, or similar transaction with respect to the Company or any of its subsidiaries, or (z) any form of tender or exchange
offer for the Common Stock, whether or not such transaction involves a change of control of the Company; provided, however,
that this clause (i) shall not preclude the tender by any Investor of any securities of the Company into any tender or exchange
offer not made, financed, or otherwise supported by the Investor Group or any Affiliate or Associate thereof or preclude the ability
of any Investor to vote its shares of Common Stock for or against any transaction involving the Company’s securities where
the transaction is not proposed or sponsored by any Investor or any Affiliate or Associate thereof;


 


(ii)             
engage in any solicitation of proxies or written consents to vote any voting securities of the Company, or conduct any non-binding
referendum with respect to any voting securities of the Company, or assist or participate (other than by determining how to vote
their own shares) in any other way, directly or indirectly, in any solicitation of proxies or written consents with respect to
any voting securities of the Company, or otherwise become a “participant” in a “solicitation,” as such
terms are defined in Instruction 3 of Item 4 of Schedule 14A and Rule 14a-1 of Regulation 14A, respectively, under the Exchange
Act, to vote any securities of the Company in opposition to any recommendation or proposal of the Board;


 


(iii)           
acquire, offer, or propose to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or exchange
offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate, or other
group (including any group of persons that would be treated as a single “person” under Section 13(d) of the Exchange
Act), through swap or


 




    	 	3	 



     


    

hedging
transactions or otherwise, any additional securities of the Company or any rights decoupled from the underlying securities of
the Company, to the extent that the Investor Group’s total beneficial ownership would exceed in the aggregate (among all
of the Investors and any Affiliate or Associate thereof) 9.9% of the Common Stock outstanding;


 


(iv)            
Except in Rule 144 open-market broker-sale transactions where the identity of the purchaser is not known and in underwritten
widely-dispersed public offerings, sell, offer, or agree to sell directly or indirectly, through swap or hedging transactions or
otherwise, the securities of the Company or any rights decoupled from the underlying securities held by the Investors to any person
or entity not (A) a party to this Agreement, (B) a member of the Board, (C) an officer of the Company, or (D) an Affiliate or Associate
of the Investors (any person or entity not set forth in clauses (A)-(D) shall be referred to as a “Third Party”)
that would knowingly result in such Third Party, together with its Affiliates and Associates, owning, controlling or otherwise
having any, beneficial, economic or other ownership interest representing in the aggregate in excess of 5% of the shares of Common
Stock outstanding at such time;


 


(v)              
engage in any short sale with respect to any security (other than a broad-based market basket or index) that includes, relates
to, or derives any significant part of its value from a decline in the market price or value of the securities of the Company;


 


(vi)            
except as otherwise set forth in this Agreement, take any action in support of or make any proposal or request that constitutes:
(A) controlling, changing, or influencing the Board or management of the Company, including any plans or proposals to change the
number or term of directors or to fill any vacancies on the Board, (B) any material change in the capitalization, stock repurchase
programs and practices, or dividend policy of the Company, (C) any other material change in the Company’s management, business,
or corporate structure, (D) seeking to have the Company waive or make amendments or modifications to the Company’s Amended
and Restated Articles of Incorporation or Bylaws, or other actions that may impede or facilitate the acquisition of control of
the Company by any person, (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized to
be quoted on, any securities exchange; or (F) causing a class of securities of the Company to become eligible for termination of
registration pursuant to Section 12(g)(4) of the Exchange Act;


 


(vii)         
call or seek to call, or request the call of, alone or in concert with others, any meeting of shareholders, whether or not
such a meeting is permitted by the Company’s Amended and Restated Articles of Incorporation or Bylaws, including a “town
hall meeting”;


 




    	 	4	 



     


    

(viii)       
publicly seek, alone or in concert with others, representation on the Board, except as expressly permitted by this Agreement;


 


(ix)            
initiate, encourage or in any “vote no,” “withhold,” or similar campaign;


 


(x)              
deposit any Common Stock in any voting trust or subject any Common Stock to any arrangement or agreement with respect to
the voting of any Common Stock (other than any such voting trust, arrangement, or agreement solely among the members of the Investor
Group that is otherwise in accordance with this Agreement);


 


(xi)            
seek, or knowingly encourage any person, to submit nominations in furtherance of a “contested solicitation”
for the election or removal of directors with respect to the Company or seek or knowingly encourage any action with respect to
the election or removal of any directors of the Company or with respect to the submission of any shareholder proposals (including
any submission of shareholder proposals pursuant to Rule 14a-8 under the Exchange Act);


 


(xii)         
form, join, or in any other way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) with respect to the Common Stock (other than the Investor Group);


 


(xiii)       
demand a copy of the Company’s list of shareholders or its other books and records, whether pursuant to the Minnesota
Business Corporation Act (the “MBCA”) or pursuant to any other statutory right;


 


(xiv)        
commence, encourage, or support any derivative action in the name of the Company, or any class action against the Company
or any of its officers or directors in order to, directly or indirectly, effect any of the actions expressly prohibited by this
Agreement or cause the Company to amend or waive any of the provisions of this Agreement; provided, however, that
for the avoidance of doubt, the foregoing shall not prevent any of the Investor Group from (A) bringing litigation to enforce the
provisions of this Agreement, (B) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company
against an Investor, (C) bringing bona fide commercial disputes that do not relate to the subject matter of this Agreement or the
topics covered in any correspondence between the Company and the Investor Group prior to the date hereof, or (D) exercising statutory
dissenter’s, appraisal, or similar rights under the MBCA; provided, further, that the foregoing shall
also not prevent the Investors from responding to or complying with a validly issued legal process in connection with litigation
that it did not initiate, invite, facilitate or encourage, except as otherwise permitted in this Section (3)(a)(xiv);


 


(xv)          
disclose publicly or privately in a manner that could reasonably be expected to become public any intent, purpose, plan,
or proposal with respect to


 




    	 	5	 



     


    

the Board,
the Company, its management, policies or affairs, any of its securities or assets, or this Agreement that is inconsistent with
the provisions of this Agreement;


 


(xvi)        
enter into any negotiations, agreements, or understandings with any person or entity with respect to any of the foregoing,
or advise, knowingly assist, knowingly encourage, or knowingly seek to persuade any person or entity to take any action or make
any statement with respect to any of the foregoing, or otherwise take or cause any action or make any statement inconsistent with
any of the foregoing;


 


(xvii)     
make any request or submit any proposal to amend the terms of this Agreement other than through non-public communications
with the Company that would not be reasonably determined to trigger public disclosure obligations for any party;


 


(xviii)   
take any action challenging the validity or enforceability of any of the provisions of this Section 3 or publicly
disclose, or cause or facilitate the public disclosure (including the filing of any document with the SEC or any other governmental
agency or any disclosure to any journalist, member of the media, or securities analyst) of, any intent, purpose, plan, or proposal
to either (A) obtain any waiver or consent under, or any amendment of, any provision of this Agreement, or (B) take any action
challenging the validity or enforceability of any provisions of this Section 3; or


 


(xix)        
otherwise take, or solicit, cause or encourage others to take, any action inconsistent with the foregoing.


 


(b)              
Notwithstanding the foregoing, the provisions of this Section 3 shall not limit in any respect the actions of any
director of the Company (including the New Independent Director) in his or her capacity as such, recognizing that such actions
are subject to such director’s fiduciary duties to the Company and its shareholders (it being understood and agreed that
neither the Investors nor any of their Affiliates or Associates shall seek to do indirectly through the New Independent Director
anything that would be prohibited if done by any of the Investors or their Affiliates and Associates directly).


 


(c)              
The foregoing provisions of this Section 3 shall not be deemed to prohibit the Investor Group or its directors, officers,
partners, employees, members, or agents, in each case acting in such capacity (“Investor Agents”), from communicating
privately regarding or privately advocating for or against any of the matters described in this Section 3 with the Company’s
directors or officers, so long as such communications are not intended to, and would not reasonably be expected to, require any
public disclosure of such communications or requests.


 


(d)              
As of the date of this Agreement, none of the Investors is engaged in any discussions or negotiations with any person, and
none of the Investors has any


 




    	 	6	 



     


    

agreements, arrangements, or
understandings, written or oral, formal or informal, and whether or not legally enforceable, with any person concerning the acquisition
of economic ownership of any securities of the Company, and none of the Investors has actual and non-public knowledge that any
other shareholders of the Company, including any shareholders that have a Schedule 13D currently on file with the SEC with respect
to the Company, have any present or future intention of taking any actions that if taken by the Investors would violate any of
the terms of this Agreement. The Investors agree to refrain from taking any actions during the Standstill Period to intentionally
encourage other shareholders of the Company or any other persons to engage in any of the actions referred to in the previous sentence.


 


(e)              
As used in this Agreement, the terms “Affiliate” and “Associate” shall have the respective
meanings set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act; the terms “beneficial owner” and “beneficial
ownership” shall have the same meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; the terms
“economic owner” and “economically own” shall have the same meanings as “beneficial owner”
and “beneficially own,” except that a person will also be deemed to economically own and to be the economic owner of
(i) all shares of Common Stock that such person has the right to acquire pursuant to the exercise of any rights in connection with
any securities or any agreement, regardless of when such rights may be exercised and whether they are conditional, and (ii) all
shares of Common Stock in which such person has any economic interest, including pursuant to a cash-settled call option or other
derivative security, contract, or instrument in any way related to the price of shares of Common Stock; the terms “person”
or “persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited
liability company, joint venture, estate, trust, association, organization, or other entity of any kind or nature; and the term
“Related Person” shall mean, as to any person, any Affiliates or Associates of such person.


 


(f)               
Notwithstanding anything contained in this Agreement to the contrary, the provisions of Sections 1, 2, and 3 shall
automatically terminate upon (i) the announcement by the Company that it has entered into a definitive agreement with respect to
any merger, consolidation, acquisition, business combination, sale of a division, sale of substantially all assets, recapitalization,
restructuring, liquidation, dissolution, or other similar extraordinary transaction that would, if consummated, result in the acquisition
by any person or group of persons (other than any direct or indirect subsidiaries of the Company) of more than 50% of the Common
Stock; or (ii) the commencement of any tender or exchange offer (by a person other than the Investor Group) that, if consummated,
would result in the acquisition by any person or group of more than 50% of the Common Stock, where the Company files a Schedule
14D-9 (or any amendment thereto), other than a “stop, look and listen” communication by the Company pursuant to Rule
14d-9(f) promulgated under the Exchange Act, that does not recommend that the Company’s shareholders reject such tender or
exchange offer.


 




    	 	7	 



     


    

(g)              
For purposes of this Agreement, “Standstill Period” shall mean the period commencing on the date of this
Agreement and ending at 11:59 p.m., Eastern Time, on the date that is the earlier of (x) 30 calendar days prior to the expiration
of the advance-notice period for the submission by shareholders of director nominations for consideration at the 2019 Annual Meeting
(as set forth in the advance-notice provisions of the Company’s Amended and Restated Bylaws), (y) 100 calendar days prior
to the first anniversary of the 2018 Annual Meeting, or (z) upon 10 calendar days’ prior written notice delivered by any
of the Investor Group to the Company following a material breach of this Agreement by the Company, including the Company’s
failure to appoint or nominate the New Independent Director and/or the Replacement in accordance with Section 1, in each
case, if such breach has not been cured within such notice period, provided that any members of the Investor Group are not
then in material breach of this Agreement.


 


4.                 
Expenses. Each of the Company and the Investors shall be responsible for its own fees and expenses incurred in connection
with the negotiation, execution, and effectuation of this Agreement and the transactions contemplated hereby, including attorneys’
fees incurred in connection with the negotiation and execution of this Agreement and all other activities related to the foregoing.


 


5.                 
Representations and Warranties of the Company. The Company represents and warrants to the Investors that (a) the
Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly
and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the
Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or similar laws generally affecting the rights of creditors
and subject to general equity principles, and (c) the execution, delivery, and performance of this Agreement by the Company does
not and will not violate or conflict with (i) any law, rule, regulation, order, judgment, or decree applicable to it, or (ii) result
in any breach or violation of or constitute a default (or an event that with notice or lapse of time or both could become a default)
under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration,
or cancellation of, any organizational document, or any material agreement, contract, commitment, understanding, or arrangement
to which the Company is a party or by which it is bound.


 


6.                 
Representations and Warranties of the Investors. Each Investor, on behalf of itself, severally represents and warrants
to the Company that (a) as of the date hereof, and other than shares of Common Stock, such Investor does not own beneficially or
of record any securities of the Company, any direct or indirect rights or options to acquire such securities, or any derivative
securities or contracts or instruments in any way related to the price of the Common Stock (other than a broad-based market basket
or index), (b) this Agreement has been duly and validly authorized, executed, and delivered by such Investor, and constitutes a
valid and binding obligation and agreement of such Investor, enforceable against such Investor in


 




    	 	8	 



     


    

accordance with its terms, except
as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance,
or similar laws generally affecting the rights of creditors and subject to general equity principles, (c) such Investor has the
authority to execute this Agreement on behalf of itself and the applicable Investor associated with that signatory’s name,
and to bind such Investor to the terms hereof, (d) each of the Investors shall use its commercially reasonable efforts to cause
its respective Affiliates and Associates to comply with the terms of this Agreement, and (e) the execution, delivery, and performance
of this Agreement by such Investor does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment,
or decree applicable to it, or (ii) result in any breach or violation of or constitute a default (or an event that with notice
or lapse of time or both could become a default) under or pursuant to, or result in the loss of a material benefit under, or give
any right of termination, amendment, acceleration, or cancellation of, any organizational document, agreement, contract, commitment,
understanding, or arrangement to which such member is a party or by which it is bound. The Investor Group acknowledges the Shareholder
Rights Plan (the “Rights Plan”) with Wells Fargo Bank, N.A., a national banking association, and that under
the Rights Plan, any Investor must seek a waiver from the Company under the Rights Plan prior to acquiring beneficial ownership
of 4.99% or more of the Common Stock outstanding, subject to certain exceptions under the Rights Plan.


 


7.                 
Mutual Non-Disparagement.


 


(a)              
Each Investor agrees that, until the earlier of (i) the expiration of the Standstill Period and (ii) any material breach
of this Agreement by the Company (provided that the Company shall have three business days following written notice from such Investor
of any material breach to remedy such material breach if capable of remedy), neither it nor any of its Affiliates or Associates
will, and it will cause each of its Affiliates and Associates not to, directly or indirectly, publicly make, express, transmit,
speak, write, or otherwise publicly state (or cause, further, assist, solicit, encourage, support, or participate in any of the
foregoing), any remark, comment, message, information, declaration, communication, or other statement of any kind, whether verbal
or in writing, that might reasonably be construed to be derogatory or critical of, or negative toward, the Company or any of its
directors, officers, Affiliates, Associates, subsidiaries, employees, agents, or representatives (collectively, the “Company
Representatives”), or that reveals, discloses, incorporates, is based upon, discusses, includes, or otherwise involves
any confidential or proprietary information of the Company or its subsidiaries or Affiliates or Associates, or to malign, harm,
disparage, defame, or damage the reputation or good name of the Company, its business or any of the Company Representatives.


 


(b)              
The Company hereby agrees that, until the earlier of (i) the expiration of the Standstill Period and (ii) any material breach
of this Agreement by an Investor (provided that such Investor shall have three business days following written notice from the
Company of any material breach to remedy such material breach if capable of remedy), neither it nor any of its Affiliates will,
and it will cause each of its Affiliates not


 




    	 	9	 



     


    

to, directly or indirectly,
publicly make, express, transmit, speak, write, or otherwise publicly state (or cause, further, assist, solicit, encourage, support,
or participate in any of the foregoing), any remark, comment, message, information, declaration, communication, or other statement
of any kind, whether verbal or in writing, that might reasonably be construed to be derogatory or critical of, or negative toward,
the Investors or their Affiliates or Associates or any of the Investor Agents, or that reveals, discloses, incorporates, is based
upon, discusses, includes, or otherwise involves any confidential or proprietary information of any Investor or its Affiliates
or Associates, or to malign, harm, disparage, defame, or damage the reputation or good name of any Investor, its business or any
of the Investor Agents.


 


(c)              
Notwithstanding the foregoing, nothing in this Section 7 or elsewhere in this Agreement shall prohibit any party
from making any statement or disclosure required under the federal securities laws or other applicable laws; provided that
such party must provide, to the extent legally permissible, advance written notice to the other parties, and to the extent practicable,
at least two business days in advance, prior to making any such statement or disclosure required under the federal securities laws
or other applicable laws that would otherwise be prohibited by the provisions of this Section 7, and reasonably consider
any comments of such other parties.


 


(d)              
The limitations set forth in Sections 7(a) and 7(b) shall not prevent any party from responding to any public statement
made by the other party of the nature described in Section 7(a) or 7(b) if such statement by the other party was made in
breach of this Agreement.


 


8.                 
No Concession or Admission of Liability. This Agreement is being entered into for the purpose of avoiding litigation,
uncertainty, controversy, and legal expense, constitutes a compromise and settlement entered into by each party hereto, and shall
not in any event constitute, be construed or deemed a concession or admission of any liability or wrongdoing of any of the parties.


 


9.                 
Public Announcements. During the Standstill Period, neither the Company nor any of the Investors shall issue any
press release or make any public announcement regarding this Agreement or the appointments contemplated hereby or take any action
that would require public disclosure thereof without the prior written consent of the other party, except as required by law or
the rules of any stock exchange (and, in any event, each party will provide the other party, prior to making any such public announcement
or statement, a reasonable opportunity to review and comment on such disclosure, to the extent reasonably practicable under the
circumstances, and each party will consider any comments from the other in good faith) or with the prior written consent of the
other party, and otherwise in accordance with this Agreement.


 


10.             
SEC Filings. No later than four business days following the execution of this Agreement, the Company shall file a
Current Report on Form 8-K with the SEC reporting the entry into this Agreement and appending or incorporating by reference this
Agreement as an exhibit thereto. The Company shall provide the Investor Group and its counsel a reasonable


 




    	 	10	 



     


    

opportunity to review and comment
on the Form 8-K prior to such filing, which comments shall be considered in good faith.


 


11.             
Specific Performance. Each of the Investors, on the one hand, and the Company, on the other hand, acknowledges and
agrees that irreparable injury to the other party hereto may occur in the event any of the provisions of this Agreement are not
performed in accordance with their specific terms or are otherwise breached and that such injury would not be adequately compensable
in monetary damages. It is accordingly agreed that the Investors or any Investor, on the one hand, and the Company, on the other
hand (the “Moving Party”), shall each be entitled to seek specific enforcement of, and injunctive or other equitable
relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly,
in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in
equity.


 


12.             
Notice. Any notices, consents, determinations, waivers, or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); (iii) upon confirmation of receipt, when sent by email (provided such confirmation
is not automatically generated); or (iv) one business day after deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same. The addresses, facsimile numbers, and email addresses for such
communications shall be:


 


If to
the Company:


 


EVINE
Live Inc.


6740
Shady Oak Road


Eden
Prairie, MN 55344


Fax
No.: (952) 943-6119


		Email:	amfike@evine.com



		Attention:	Andrea Fike, SVP and General Counsel



 


With
copies (which shall not constitute notice) to:


 


Faegre
Baker Daniels LLP


2200
Wells Fargo Center


90
South 7th Street


Minneapolis,
MN 55402


Fax
No.: (612) 766-1600


		Email:	jon.zimmerman@faegrebd.com



mike.stanchfield@faegrebd.com


		Attention:	Jonathan Zimmerman



Mike
Stanchfield




    	 	11	 



     


    

 


If to
any Investor:


 


Clinton
Group, Inc.


510 Madison
Avenue, 9th Floor


New
York, NY 10022 Fax No.: (212) 377-4252


		Email:	geh@clinton.com



jad@clinton.com


		Attention:	George Hall, President



Joseph
A. De Perio, Senior Portfolio Manager


 


13.             
Governing Law. This Agreement shall be governed in all respects, including validity, interpretation, and effect,
by, and construed in accordance with, the laws of the State of New York, executed and to be performed wholly within the State of
New York, except with respect to matters related to the voting of the Common Stock and corporate governance matters (including
fiduciary determinations) for which Minnesota law shall apply, in each case without reference to the choice of law or conflict
of law principles thereof or of any other jurisdiction to the extent that such principles would require or permit the application
of the laws of another jurisdiction.


 


14.             
Jurisdiction. Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of federal or
state courts of the State of New York in the event any dispute arises out of this Agreement or the transactions contemplated by
this Agreement, (b) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this
Agreement in any court other than the federal or state courts of the State of New York, and each of the parties irrevocably waives
the right to trial by jury, (c) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks
to enforce the terms by way of equitable relief, and (d) irrevocably consents to service of process by first-class certified mail,
return-receipt requested, postage prepaid, to the address of such party’s principal place of business or as otherwise provided
by applicable law. Each of the parties hereto irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim,
or otherwise, in any action, suit, or other legal proceeding with respect to this Agreement, (a) any claim that it is not personally
subject to the jurisdiction of the above-named courts for any reason, (b) that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such courts (whether through service of notice, attachment before judgment,
attachment in aid of execution of judgment, execution of judgment, or otherwise), and (c) to the fullest extent permitted by applicable
law, that (i) such action, suit or other legal proceeding in any such court is brought in an inconvenient forum, (ii) the venue
of such action, suit, or other legal proceeding is improper, or (iii) this agreement, or the subject matter hereof, may not be
enforced in or by such court.


 




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15.             
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT
OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY,
AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 15.


 


16.             
Representative. Each Investor hereby irrevocably appoints Joseph A. De Perio as its attorney-in-fact and representative
(the “Investor Group Representative”), in such Investor’s place and stead, to do any and all things and
to execute any and all documents and give and receive any and all notices or instructions in connection with this Agreement and
the transactions contemplated hereby. The Company shall be entitled to rely, as being binding on each Investor, upon any action
taken by the Investor Group Representative or upon any document, notice, instruction, or other writing given or executed by the
Investor Group Representative.


 


17.             
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with
regard to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, and representations,
whether oral or written, of the parties with respect to the subject matter hereof. There are no restrictions, agreements, promises,
representations, warranties, covenants, or undertakings, oral or written, between the parties other than those expressly set forth
herein.


 


18.             
Headings. The section headings contained in this Agreement are for reference purposes only and shall not effect in
any way the meaning or interpretation of this Agreement.


 


19.             
Waiver. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power, or remedy by such party preclude
any other or further exercise thereof or the exercise of any other right, power, or remedy.


 


20.             
Remedies. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law or equity.


 


21.             
Receipt of Adequate Information; No Reliance; Representation by Counsel. Each party acknowledges that it has received
adequate information to enter into this Agreement, that it


 




    	 	13	 



     


    

has had adequate opportunity to
make whatever investigation or inquiry it may deem necessary or desirable in connection with the subject matter of this Agreement
prior to the execution hereof, and that it has not relied on any promise, representation, or warranty, express or implied, not
contained in this Agreement. Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout
all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said
independent counsel. Each party cooperated and participated in the drafting and preparation of this Agreement and the documents
referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all
of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law
or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or
prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations
of this Agreement shall be decided without regards to events of drafting or preparation. Further, any rule of law or any legal
decision that would provide any party with a defense to the enforcement of the terms of this Agreement against such party shall
have no application and is expressly waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect
the intent of the parties.


 


22.             
Construction. When a reference is made in this Agreement to a Section, such reference shall be to a Section of this
Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes,” and
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
The words “hereof, “herein,” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “will” shall
be construed to have the same meaning as the word “shall.” The words “dates hereof” will refer to the date
of this Agreement. The word “or” is not exclusive. The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms. Any agreement, instrument, law, rule, or statute defined or referred to herein
means, unless otherwise indicated, such agreement, instrument, law, rule, or statute as from time to time amended, modified, or
supplemented.


 


23.             
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable. The parties further
agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve,
to the extent possible, the purposes of such invalid or unenforceable provision.


 


24.             
Amendment. This Agreement may be modified, amended, or otherwise changed only in a writing signed by all of the parties
hereto, or in the case of the Investors, the Investor Group Representative, or their respective successors or assigns.


 




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25.             
Successors and Assigns. The terms and conditions of this Agreement shall be binding upon and be enforceable by the
parties hereto and the respective successors, heirs, executors, legal representatives, and permitted assigns of the parties, and
inure to the benefit of any successor, heir, executor, legal representative, or permitted assign of any of the parties; provided,
however, that no party may assign this Agreement or any rights or obligations hereunder without, with respect to any Investor,
the express prior written consent of the Company (with such consent specifically authorized in a written resolution adopted and
approved by the unanimous vote of the entire membership of the Board), and with respect to the Company, the prior written consent
of the Investor Group Representative.


 


26.             
No Third-Party Beneficiaries. The representations, warranties, and agreements of the parties contained herein are
intended solely for the benefit of the party to whom such representations, warranties, or agreements are made, and shall confer
no rights, benefits, remedies, obligations, or liabilities hereunder, whether legal or equitable, in any other person or entity,
and no other person or entity shall be entitled to rely thereon.


 


27.             
Counterparts; Facsimile / PDF Signatures. This Agreement and any amendments hereto may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the
other parties hereto. In the event that any signature to this Agreement or any amendment hereto is delivered by facsimile transmission
or by e-mail delivery of a portable document format (.pdf or similar format) data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.


 


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


 





	EVINE LIVE INC.	 
	 	 	 
	 	 	 
	By:	/s/ Robert Rosenblatt	 
	Name:	Robert Rosenblatt	 
	Title:	Chief Executive Officer	 
	 	 	 
	 	 	 
	CLINTON GROUP, INC.	 
	 	 	 
	 	 	 
	By:	/s/ George Hall	 
	Name:	George
Hall	 
	Title:	President