Document:

grub-ex101_6.htm

Exhibit 10.1

GRUBHUB INC.

 

FIRST AMENDMENT TO 

2015 LONG-TERM INCENTIVE PLAN

 

 

THIS AMENDMENT (this “Amendment”) to the Grubhub Inc. 2015 Long-Term Incentive Plan, is made and adopted by the Board of Directors (the “Board”) of Grubhub Inc., a Delaware corporation (the “Company”), effective as of the Effective Date (as defined below). All capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Plan (as defined below).

 

RECITALS

 

WHEREAS, the Company has previously adopted, and the Company’s stockholders have previously approved, the Grubhub Inc. 2015 Long-Term Incentive Plan (as amended from time to time, the “Plan”);

 

WHEREAS, pursuant to Section 13.1 of the Plan, the Board may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of the Plan, with any amendment to the Share Reserve subject to the approval of the holders of the Company’s Common Stock entitled to vote in accordance with applicable law;

 

WHEREAS, the Board believes it is in the best interests of the Company and its stockholders to amend the Plan to increase the Share Reserve under the Plan and make such other changes as set forth herein; and

 

WHEREAS, this Amendment shall become effective upon the approval of this Amendment by the Company’s stockholders (the date of such approval, the “Effective Date”).

 

NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows, effective as of the Effective Date:

 

AMENDMENT

 

	
1.
	
The first sentence of Section 4.1(a) of the Plan is hereby deleted and replaced in its entirety with the following:

 

“Subject to any increase or decrease pursuant to Section 4.2, the aggregate number of shares of Common Stock that may be issued or used for reference purposes, or with respect to which Awards may be granted, will not exceed the sum of (i) 15.4 million shares and (ii) any shares currently outstanding under the 2013 Omnibus Incentive Plan (the “Prior Plan”) which, following the Effective Date, expire, are terminated or are cash-settled or canceled for any reason without having been exercised in full (subject to the limitations set forth in Section 4.1(c)) (such aggregate number, the “Share Reserve”).”

 

 

 

	
2.
	
Section 6.3(g) of the Plan is hereby amended by adding the following sentence to the end of such provision:

“In no event shall dividends or dividend equivalents be paid with respect to Options.”

 

	
3.
	
This Amendment shall be and is hereby incorporated into and forms a part of the Plan.

	
4.
	
Except as expressly provided herein, all terms and conditions of the Plan shall continue in full force and effect.

 

* * *

2Exhibit 10.1

 

COOPERATION AGREEMENT

 

This Cooperation
Agreement, dated as of May 16, 2019 (this “Agreement”), is made and entered into by EVINE Live Inc.,
a Minnesota corporation (the “Company”), and each of the other 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”).

 

 Recitals

 

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”) and related matters, as provided in this Agreement.

 

 Agreement

 

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)           Nomination
of New Independent Directors. The Company shall take the necessary steps to cause the Board and all applicable committees
thereof to nominate Benoît Pierre François Jamar and Aaron P. Reitkopf (the “New Independent Directors”)
for election to the Board at the Company’s 2019 annual meeting of shareholders (the “2019 Annual Meeting”).
The Company shall (i) recommend, and reflect such recommendation in the Company’s definitive proxy statement in connection
with the 2019 Annual Meeting, that the shareholders of the Company vote to elect the New Independent Directors as directors of
the Company at the 2019 Annual Meeting for a term of office expiring at the 2020 annual meeting of the shareholders of the Company
(the “2020 Annual Meeting”) and (ii) solicit, obtain proxies in favor of, and otherwise support the
election of the New Independent Directors at the 2019 Annual Meeting, in a manner no less favorable than the manner in which the
Company supports its other nominees for election at the 2019 Annual Meeting.

 

(b)           Board
Matters. Prior to the date of execution of this Agreement, the New Independent Directors have 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), which questionnaires contain biographical information regarding
the New Independent Directors that is required to be included in a proxy statement to be filed by the Company with the SEC pursuant
to the Exchange Act.

 

(c)           Replacement
of a New Independent Director. In the event that a 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) during the Standstill Period, and at such time the Investor Group beneficially owns in the aggregate at least the
lesser of 1.0% of the Company’s then-outstanding Common Stock and 850,000 shares of Common Stock (subject to adjustment
for stock splits, reclassifications, combinations and similar adjustments) (such lesser amount, the “Minimum Ownership
Threshold”), the Investor Group shall have the right to propose a replacement for such director (a “Replacement”)
who (i) qualifies as “independent” pursuant to SEC regulations and the listing standards of The Nasdaq Stock Market
LLC and (ii) has, in the reasonable and good faith judgment of the Company, relevant financial and business experience to serve
on the Board. 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 applicable New Independent Director,
with such Replacement to serve as a director and as a member of those Board committees on which the New Independent Director served
(if qualified under applicable law and stock exchange regulations), in each case, during the unexpired term, if any, of such New
Independent Director. Such Replacement shall thereafter be considered a New Independent Director for all purposes of this Agreement.
The Investor Group shall promptly (and in any event within five business days) inform the Company in writing if the Investor Group
fails to satisfy the Minimum Ownership Threshold at any time.

 

     

     

    

 

(d)           Board
Policies and Procedures. The Investor Group acknowledges that the New Independent Directors 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 Directors and the
Investor Group shall provide the Company with such information as is reasonably requested by the Company concerning the New Independent
Directors 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 Directors. The Company
agrees that each New Independent Director shall receive (i) the same benefits of director and officer insurance, and any indemnity
and exculpation arrangements available generally to the other 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 directors of the Company.

 

		2.	2019 Annual
Meeting.

 

(a)           Subject to the Company’s compliance with Section 1(a), the Investor Group hereby withdraws its nomination letter
to the Company dated March 15, 2019 with respect to the 2019 Annual Meeting.

 

(b)           The Investor Group agrees not to bring any nominations, business, or proposals before or at the 2019 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.

 

(c)           Each Investor shall cause all shares of Common Stock beneficially owned by it and its Affiliates and Associates to be (i)
present for quorum purposes at the 2019 Annual Meeting and at any special meeting of Company shareholders held during the Standstill
Period, and at any adjournments or postponements thereof, and (ii) voted at all such meetings in favor of all directors nominated
by the Board for election and in accordance with all Board recommendations for any other proposals; provided that this Section
2(c) shall not preclude the ability of any Investor to vote its shares of Common Stock for or against any merger or similar
extraordinary transaction involving the acquisition of the Company’s securities.

 

		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 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)           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;

 

(vi)          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”;

 

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

 

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

 

(ix)           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);

 

     

     

    

 

(x)            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);

 

(xi)           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);

 

(xii)          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 Minnesota Business Corporation Act; 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)(xi);

 

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

 

(xiv)        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;

 

(xv)         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;

 

(xvi)        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

 

(xvii)       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 Directors) 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 Directors 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)           The foregoing provisions of this Section 3 shall not be deemed to prohibit the Investor Group or its Investor Agents
from privately discussing or proposing to any person that such person enter into an agreement with the Company respecting an investment,
merger, consolidation, acquisition, business combination, sale of a division, sale of substantially all assets, recapitalization,
restructuring, liquidation, dissolution, or other similar extraordinary transaction involving the Company or any of its Affiliates
(an “Extraordinary Transaction”); provided that any such Extraordinary Transaction may only be presented
to the Board for the Board’s consideration or approval, and may not be publicly disclosed in any manner; and provided
further that if the Board does not approve and recommend any such Extraordinary Transaction, then the Investor Group may not
take any further actions to encourage, support, recommend, advocate or consummate said Extraordinary Transaction.

 

(e)           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 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.

 

(f)            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.

 

(g)           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.

 

     

     

    

 

(h)           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 2020 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 2019 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 nominate the New Independent Directors or to appoint any 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. The Company shall reimburse the Investor Group for its reasonable,
documented out-of-pocket fees and expenses (including legal expenses) incurred in connection with the Investor Group’s nomination
notice, all matters related to the 2019 Annual Meeting, and the negotiation and execution of this Agreement; provided that such
reimbursement shall not exceed $75,000 in the aggregate. Payment shall be made as expeditiously as possible, but in any event shall
be made within five (5) business days following the Company’s receipt of documentation supporting such expenses.

 

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, and not jointly, represents and warrants to the Company that (a) as of the date hereof, such Investor
beneficially owns, directly or indirectly, only the number of shares of Common Stock as described opposite its name on Exhibit
A, and Exhibit A includes all Affiliates and Associates of any Investors that own any securities of the Company beneficially
or of record and reflects all shares of Common Stock in which the Investors have any interest or right to acquire, whether through
derivative securities, voting agreements, or otherwise (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 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
current or former 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 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:

 

(i)            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;

 

(ii)           any communications permitted by Section 3(d);

 

(iii)          any Investor from communicating, (A) on a confidential basis, with its attorneys, accountants, or financial advisors and
the Investor’s existing investors in a manner that (I) is consistent with ordinary course communications with investors,
(II) is not intended to result in a public dissemination and could not reasonably be expected to be made public (due to confidentiality
obligations between the Investor and party receiving the information), (III) does not otherwise violate any applicable laws, and
(IV) is objective, factual, truthful and accurate; and

 

(iv)          any
party from describing the facts underlying any asserted breach that such party prosecutes in litigation, and in good faith, regarding
breach by the other party of its obligations under this Agreement.

 

 (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 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.: +1 (952) 943-6119

		Email:	amfike@evine.com

		Attention:	Andrea Fike, EVP 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.: +1 (612) 766-1600

		Email:	jon.zimmerman@faegrebd.com

mike.stanchfield@faegrebd.com

		Attention:	Jonathan Zimmerman

                                                                                Mike Stanchfield

 

     

     

    

 

If
to any Investor:

 

Cruiser
Capital Master Fund LP

501 Madison
Avenue, Floor 12A

New
York, NY 10022

Fax
No.: +1 (917) 591-9063

		Email:	info@cruisercap.com

		Attention:	Keith M. Rosenbloom

 

With
copies (which shall not constitute notice) to:

 

Foley & Lardner
LLP

777
E Wisconsin Avenue

Suite
3800

Milwaukee,
WI 53202

Fax
No.: +1 (414) 297-4900

		Email:	pfetzer@foley.com

		Attention:	Peter D. Fetzer

 

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.

 

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 Keith M.
Rosenbloom 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 affect 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 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.

 

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, 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.

 

 

[remainder
of page intentionally left blank signature page follows]

 

     

     

    

 

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

 

EVINE LIVE INC.

 

		By:	/s/ Timothy
                                         Peterman

Timothy
Peterman

Chief
Executive Officer

 

 

CRUISER CAPITAL
ADVISORS, LLC

 

		By:	/s/ Keith M. Rosenbloom

Keith M. Rosenbloom

Managing
Member

 

 

CRUISER CAPITAL
MASTER FUND LP

 

		By:	/s/ Keith M. Rosenbloom

Keith M. Rosenbloom

Managing
Member

 

		 	/s/ Keith M. Rosenbloom

Keith M. Rosenbloom,
individually

 

     

     

    

 

Exhibit
A

 

Shareholders,
Affiliates, And Ownership

 

	Investor	Shares of Common Stock
 Beneficially Owned
	Cruiser Capital Advisors, LLC	922,599	(1)
	Cruiser Capital Master Fund LP	345,590	(2)
	Keith M. Rosenbloom	955,555	(1)
	 	 	 
	 	 	 
	                 Aggregate total beneficially owned by the Investor Group: 	955,555	(1)

		(1)	Cruiser Capital Advisors
has sole voting and dispositive power over these shares, which it manages for Cruiser Capital
Master Fund LP and separately managed accounts (collectively, the “Cruiser Clients”).
Because Mr. Rosenbloom is the managing member of Cruiser Capital Advisors, he is deemed to share voting power and dispositive
power over the shares of Common Stock managed for the Cruiser Clients.
		(2)	Pursuant to Rule
13d-3 of the Exchange Act, Cruiser Capital Master Fund LP does not beneficially own shares, but for purposes of the Bylaws Cruiser
Capital Master Fund LP is deemed to beneficially own the shares reflected above.

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