Document:

EX-4.2

 Exhibit 4.2 

NAVIENT CORPORATION, 

as Company, 
 and

 THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
 ELEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of January 27, 2020 

to 
 INDENTURE 

Dated as of July 18, 2014 
  

 
 5.00% Senior
Notes due 2027 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 Page
	 
	
	ARTICLE 1.	  

	
	DEFINITIONS	  

			
	Section 1.1.	 	 Definition of Terms
	  	 	3	 
	
	ARTICLE 2.	  

	
	GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES	  

			
	Section 2.1.	 	 Designation and Principal Amount
	  	 	5	 
	Section 2.2.	 	 Maturity
	  	 	5	 
	Section 2.3.	 	 Further Issues
	  	 	5	 
	Section 2.4.	 	 Form of Payment
	  	 	6	 
	Section 2.5.	 	 Global Securities
	  	 	6	 
	Section 2.6.	 	 Interest
	  	 	6	 
	Section 2.7.	 	 Authorized Denominations
	  	 	6	 
	Section 2.8.	 	 Redemption
	  	 	6	 
	Section 2.9.	 	 Repurchase Upon Change of Control.
	  	 	6	 
	Section 2.10.	 	 Appointment of Agents
	  	 	8	 
	
	ARTICLE 3.	  

	
	FORM OF NOTES	  

			
	Section 3.1.	 	 Form of Senior Notes
	  	 	8	 
	
	ARTICLE 4.	  

	
	ORIGINAL ISSUE OF NOTES	  

			
	Section 4.1.	 	 Original Issue of Senior Notes
	  	 	9	 
	
	ARTICLE 5.	  

	
	MISCELLANEOUS	  

			
	Section 5.1.	 	 Ratification of Indenture
	  	 	9	 
	Section 5.2.	 	 Trustee Not Responsible for Recitals
	  	 	9	 
	Section 5.3.	 	 Governing Law
	  	 	9	 
	Section 5.4.	 	 Separability
	  	 	9	 
	Section 5.5.	 	 Counterparts
	  	 	9	 
		
	 EXHIBIT A – Form of 2027 Senior Notes
	  	 	A-1	 

  
 i 

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of January 27, 2020 (this
“Supplemental Indenture”), between Navient Corporation, a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). 

WHEREAS, the Company and the Trustee executed and delivered the base indenture, dated as of July 18, 2014 (the “Base
Indenture”, as supplemented by this Supplemental Indenture, the “Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series; 

WHEREAS, the Company and the Trustee executed and delivered the first supplemental indenture, dated as of November 6, 2014, to
provide for the establishment of two series of its notes under the Base Indenture known as its “5.000% Senior Notes due 2020” and its “5.875% Senior Notes due 2024”; 

WHEREAS, the Company and the Trustee executed and delivered the second supplemental indenture, dated as of March 27, 2015 (the
“Second Supplemental Indenture”), to provide for the establishment of a series of its notes under the Base Indenture known as its “5.875% Senior Notes due 2021”; 

WHEREAS, the Company and the Trustee executed and delivered the third supplemental indenture, dated as of July 29, 2016, to
provide for the establishment of a series of its notes under the Base Indenture known as its “6.625% Senior Notes due 2021”; 

WHEREAS, the Company and the Trustee executed and delivered the fourth supplemental indenture, dated as of September 16, 2016, to
provide for the establishment of a series of its notes under the Base Indenture known as its “7.250% Senior Notes due 2023”; 

WHEREAS, the Company and the Trustee executed and delivered the fifth supplemental indenture (the “Fifth Supplemental
Indenture”), dated as of March 7, 2017, to provide for the establishment of a series of its notes under the Base Indenture known as its “6.500% Senior Notes due 2022”; 

WHEREAS, the Company and the Trustee executed and delivered the sixth supplemental indenture, dated as of March 17, 2017, to issue
additional 5.875% Senior Notes due 2021 under the Base Indenture and the Second Supplemental Indenture; 
 WHEREAS, the Company and
the Trustee executed and delivered the seventh supplemental indenture, dated as of May 26, 2017, to provide for the establishment of a series of its notes under the Base Indenture known as its “6.750% Senior Notes due 2025”; 

WHEREAS, the Company and the Trustee executed and delivered the eighth supplemental indenture, dated as of June 9, 2017, to issue
additional 5.865% Senior Notes due 2021 under the Base Indenture and the Second Supplemental Indenture; 
 WHEREAS, the Company and
the Trustee executed and delivered the ninth supplemental indenture, dated as of December 4, 2017, to issue additional 6.500% Senior Notes due 2022 under the Base Indenture and the Fifth Supplemental Indenture; 

  
 1 

 WHEREAS, the Company and the Trustee executed and delivered the tenth supplemental
indenture, dated as of June 11, 2018, to provide for the establishment of a series of its notes under the Base Indenture known as its “6.750% Senior Notes due 2026”; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its notes
under the Base Indenture to be known as its “5.00% Senior Notes due 2027” (the “Senior Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and
this Supplemental Indenture; 
 WHEREAS, the Board of Directors of the Company pursuant to the 2020 Business Plan, adopted
December 5, 2019, and certified by the Secretary’s Certificate, executed January 9, 2020, have duly authorized the issuance of the Senior Notes and has authorized the proper officers of the Company to execute any and all appropriate
documents necessary or appropriate to effect each such issuance; 
 WHEREAS, the Company and Navient, LLC, entered into an Agreement
and Plan of Merger on October 16, 2014, pursuant to which Navient, LLC merged with and into the Company, with the Company as the surviving corporation (the “Merger”); 

WHEREAS, as a result of the Merger, the Company assumed Navient, LLC’s obligations under an indenture, dated October 1, 2000
and an amended and restated indenture, dated April 25, 2006; 
 WHEREAS, this Supplemental Indenture is being entered into
pursuant to the provisions of Section 14.01 of the Base Indenture; 
 WHEREAS, the Company has requested and hereby requests
that the Trustee execute and deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental
Indenture a valid and legally binding agreement of the Company, in accordance with its terms, and to make the Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations of the
Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

  
 2 

 NOW THEREFORE, in consideration of the premises and the purchase and acceptance of
the Senior Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Senior Notes, the Company covenants and agrees, with the Trustee, as follows: 

ARTICLE 1. 

DEFINITIONS 

Section 1.1.    Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Base Indenture has the same meaning when used in this Supplemental Indenture; 

(b)    the singular includes the plural and vice versa; 

(c)    headings are for convenience of reference only and do not affect interpretation; and 

(d)    a reference to a Section or Article is to a Section or Article of this Supplemental Indenture unless otherwise
indicated. 
 (e)    The following terms have the meanings given to them in this Section 1.1(e): 

(i)    “Board of Directors” means the board of directors or comparable governing body of
the Company; provided that if the Company is a wholly-owned subsidiary of another person, the Board of Directors means the board of directors or comparable governing body of such person. 

(ii)    “Change of Control” means the occurrence of any of the following: (1) direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken
as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries becomes the beneficial owner, directly or indirectly, of more
than 50% of the then-outstanding number of shares of the Company’s voting stock; (3) the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), or any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding voting stock of the Company or
such other “person” (as that term is used in Section 13(d)(3) of the Exchange Act) is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the voting stock of the
Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving “person” (as that term is used in Section 13(d)(3) of the Exchange Act)
immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the liquidation or
dissolution of the Company; provided, 

  
 3 

 
however, that a transaction will not be deemed to involve a Change of Control if (A) the Company becomes a wholly owned subsidiary of a holding company and (B) the holders of the voting
stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s voting stock immediately prior to that transaction. For purposes of this definition, “voting stock” means
capital stock or other equity interests of any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of the Company, even if the
right to vote has been suspended by the happening of such a contingency. 
 (iii)    “Change of
Control Triggering Event” means the occurrence of both (i) a Change of Control and (ii) a Ratings Downgrade Event. 

(iv)    “Continuing Directors” means, as of any date of determination, any member of the
Board of Directors of the Company who (1) was a member of the Board of Directors of the Company on the date of the issuance of the Senior Notes; or (2) was nominated for election or elected to the Board of Directors of the Company with the
approval of a majority of the Continuing Directors who were members of such Board of Directors of the Company at the time of such nomination or election (either by specific vote or by approval of the Company’s proxy statement in which such
member was named as a nominee for election as a director). 
 (v)    “DTC” shall have
the meaning assigned to it in Section 2.5. 
 (vi)    “Fitch” means Fitch, Inc.,
also known as Fitch Ratings, Inc., or any successor rating agency. 
 (vii)    “Investment Grade
Rating” means a rating by Moody’s equal to or higher than Baa3 (or the equivalent under a successor rating category of Moody’s), a rating by S&P equal to or higher than BBB- (or the
equivalent under any successor rating category of S&P), a rating by Fitch equal to or higher than BBB- (or the equivalent under any successor rating category of Fitch), and the equivalent investment grade
credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth
in the definition of “Rating Agencies”. 
 (viii)    “Moody’s” means
Moody’s Investors Service, Inc. or any successor rating agency 
 (ix)    “Navient
Corporation” means Navient Corporation, or any successor. 
 (x)    “Rating
Agencies” means (1) Moody’s, S&P and Fitch; and (2) if any or all of Moody’s, S&P or Fitch ceases to rate the Senior Notes or fails to make a rating of the Senior Notes publicly available for reasons outside of
the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act, that the Company selects (pursuant to a resolution of the Company’s Board of
Directors) as a replacement agency for any of Moody’s, S&P or Fitch, or all of them, as the case may be. 

  
 4 

 (xi)    “Ratings Downgrade Event”
means, on any date during the Trigger Period, the Senior Notes being downgraded by at least one modifier (a modifier being plus, neutral or minus for S&P or Fitch, 1, 2 or 3 for Moody’s and a similar modifier by any other Rating Agency) by
any two of the three Rating Agencies from the rating on the Senior Notes by each such Rating Agency on the date prior to the first day of the Trigger Period; provided that no Ratings Downgrade Event shall be deemed to occur, if either (i) the
rating on the Senior Notes by each Rating Agency that downgraded its rating is an Investment Grade Rating after the downgrade or (ii) in respect of a particular Change of Control, the Rating Agency or Agencies (as applicable) that downgraded
the Senior Notes announce or confirm or inform the Trustee in writing that the reduction was not the result, in whole or in part, of any event or circumstance comprised of, or arising as a result of, or in respect of, the applicable Change of
Control. 
 (xii)    “S&P” means S&P Global Ratings or any successor rating
agency. 
 (xiii)    “Trigger Period” means the period commencing one day prior to the
first public announcement by the Company of a Change of Control or an arrangement that could result in a Change of Control and ending 60 days following consummation of the Change of Control (which period will be extended following consummation of a
Change of Control for so long as the rating of the Senior Notes is under announced consideration for possible downgrade by any of the Rating Agencies as the result, in whole or in part, of any event or circumstance comprised of, or arising as a
result of, or in respect of, the applicable Change of Control). 
 ARTICLE 2. 

GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES 

Section 2.1.    Designation and Principal Amount. There is hereby authorized and established a new series of
Securities under the Base Indenture, designated as the “5.00% Senior Notes due 2027”, which is not limited in aggregate principal amount. The initial aggregate principal amount of the Senior Notes to be issued under this Supplemental
Indenture shall be limited to $700,000,000. Any additional amounts of the series to be issued shall be set forth in a Company Order. 

Section 2.2.    Maturity. The stated maturity of principal for the Senior Notes will be March 15, 2027.

 Section 2.3.    Further Issues. The Company may from time to time, without the consent of the Holders of
the series of Senior Notes, issue additional notes of such series. Any such additional notes will have the same ranking, interest rate, maturity date and other terms as the series of Senior Notes. Any such additional notes, together with the series
of Senior Notes herein provided for, will constitute a single series of Securities under the Indenture. 

  
 5 

 Section 2.4.    Form of Payment. Principal of, premium, if
any, and interest on the Senior Notes shall be payable in U.S. dollars. 
 Section 2.5.    Global
Securities. Upon the original issuance, the Senior Notes will be represented by one or more Global Securities. The Company will issue the Senior Notes in denominations of $2,000 and in integral multiples of $1,000 in excess thereof and will
deposit the Global Securities with the Trustee as custodian for The Depository Trust Company (“DTC”), in New York, New York, and register the Global Securities in the name of DTC or its nominee. 

Section 2.6.    Interest. The Senior Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from January 27, 2020 at the rate of 5.00% per annum, payable semiannually in arrears; interest payable on each Interest
Payment Date will include interest accrued from January 27, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are
March 15 and September 15, commencing on September 15, 2020; and the record date for the interest payable on any Interest Payment Date is the immediately preceding March 1 and September 1, as the case may be, commencing on
September 1, 2020. 
 Section 2.7.    Authorized Denominations. The Senior Notes shall be issuable in
denominations of $2,000 and in integral multiples of $1,000 in excess thereof. 

Section 2.8.    Redemption. The Senior Notes are subject to redemption at the option of the Company as set
forth in the forms of Senior Notes attached hereto as Exhibit A. 
 Section 2.9.    Repurchase Upon Change of
Control. 
 (a)    If a Change of Control Triggering Event occurs, unless the Company has exercised its right, if
any, to redeem the Senior Notes in full, the Company shall offer (the “Change of Control Offer”) to repurchase any and all of each Holder’s Senior Notes (equal to $2,000 or an integral multiple of $1,000 above that amount) at a
repurchase price in cash equal to 101% of the aggregate principal amount of the Senior Notes repurchased plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (the “Change of Control Payment”).
Within 30 days following any Change of Control Triggering Event, the Company shall be required to mail a notice to each Holder of the Senior Notes to the address of such Holder appearing in the Registrar, with a copy to the Trustee or otherwise in
accordance with the procedures of DTC, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Senior Notes on the date specified in the notice, which date will be no less
than 30 days and no more than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), with the following information: 

(i)    a Change of Control Offer is being made pursuant to this Section 2.9 and that all Senior Notes
properly tendered pursuant to such Change of Control Offer will be accepted for payment; 
 (ii)    the
repurchase price and the Change of Control Payment Date; 

  
 6 

 (iii)    any Senior Note not properly tendered will
remain outstanding and continue to accrue interest; 
 (iv)    unless the Company defaults in the payment
of the Change of Control Payment, all Senior Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on, but not including, the Change of Control Payment Date; 

(v)    Holders electing to have any Senior Notes repurchased pursuant to a Change of Control Offer will be
required to surrender such Senior Notes, in the form set forth in Exhibit A entitled “Option of Holder to Elect Purchase”, on the reverse of such Senior Notes completed, to the Paying Agent specified in the notice at the address specified
in the notice prior to the close of business on the third business day preceding the Change of Control Payment Date; 

(vi)    Holders will be entitled to withdraw their tendered Senior Notes and their election to require the
Company to repurchase such Senior Notes, provided that the Paying Agent receives, not later than the close of business on the last day of the Change of Control Offer period, a facsimile transmission, an email or a letter setting forth the name of
the Holder of Senior Notes, the principal amount of Senior Notes tendered for repurchase, and a statement that such Holder is withdrawing his tendered Senior Notes and his election to have such Senior Notes repurchased; 

(vii)    if such notice is mailed prior to the occurrence of a Change of Control, stating that the Change
of Control Offer is conditional on the occurrence of such Change of Control; and 
 (viii)    that
Holders whose Senior Notes are being repurchased only in part will be issued new Senior Notes equal in principal amount to the unpurchased portion of the Senior Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount
or an integral multiple of $1,000 in excess thereof. 
 (b)    While the Senior Notes are in global form and the Company
makes an offer to repurchase all of the Senior Notes pursuant to the Change of Control Offer, a Holder may exercise its option to elect for the repurchase of the Senior Notes through the facilities of DTC, Euroclear and Clearstream, subject to their
rules and regulations. 
 (c)    The Company shall not be required to make a Change of Control Offer upon the occurrence
of a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Supplemental Indenture applicable to a Change of
Control Offer made by the Company and the third party repurchases on the applicable date all Senior Notes properly tendered and not withdrawn under such Change of Control Offer, provided that a failure by such third party to comply with the
requirements of such Change of Control Offer and to complete such Change of Control Offer shall be treated as a failure by the Company to comply with its obligations to offer to repurchase the Senior Notes unless the Company promptly makes an offer
to repurchase the Senior Notes at 101% of the principal amount thereof plus accrued and 

  
 7 

 
unpaid interest, if any, to, but not including the date of repurchase, which shall be no later than 30 days after the third party’s scheduled Change of Control Payment Date, or (2) a
notice of redemption has been given pursuant to the Indenture as described under Section 4.03 of the Base Indenture, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary
herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control. 

(d)    The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Senior Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any securities laws or regulations conflict with the Change of Control repurchase provisions of this Supplemental Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under Section 2.9 of this Supplemental Indenture by virtue thereof. 
 (e)    On the
Change of Control Payment Date, the Company shall, to the extent permitted by law, 
 (i)    accept or
cause a third party to accept for payment all Senior Notes properly tendered pursuant to the Change of Control Offer; 

(ii)    deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Senior Notes properly tendered; and 
 (iii)    deliver or cause to be
delivered to the Trustee the Senior Notes properly accepted, together with an Officers’ Certificate stating the principal amount of Senior Notes being repurchased. 

(f)    The Paying Agent shall promptly deliver to each Holder of Senior Notes the Change of Control Payment for such
Senior Notes. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

Section 2.10.    Appointment of Agents. The Trustee will initially be the Security Registrar and Paying Agent
for the Senior Notes. 
 ARTICLE 3. 

FORM OF NOTES 

Section 3.1.    Form of Senior Notes. The Senior Notes and the Trustee’s Certificate of Authentication to
be endorsed thereon, are to be substantially in the form set forth in Exhibit A hereto. 

  
 8 

 ARTICLE 4. 

ORIGINAL ISSUE OF NOTES 

Section 4.1.    Original Issue of Senior Notes. The Senior Notes may, upon execution of this Supplemental
Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such Senior Notes as in such Company order provided. 

ARTICLE 5. 

MISCELLANEOUS 

Section 5.1.    Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture,
is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply
solely with respect to the Senior Notes. 
 Section 5.2.    Trustee Not Responsible for Recitals. The
recitals and statements herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture. 
 Section 5.3.    Governing Law. This Supplemental Indenture and each Senior Note
shall be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

Section 5.4.    Separability. In case any provision in the Indenture or in the Senior Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.5.    Counterparts. This Supplemental Indenture may be executed in any number of counterparts each
of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

			
	
	NAVIENT CORPORATION, as Company
		
	By:	 	 /s/ Stephen J. O’Connell

	Name:	 	Stephen J. O’Connell
	Title:	 	Senior Vice President and Treasurer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Laurence J. O’Brien

	Name:	 	Laurence J. O’Brien
	Title:	 	Vice President

  
 [Navient - Signature Page
to the Eleventh Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Exhibit A-1 

 CUSIP No. 63938C AK4 

NAVIENT CORPORATION 

5.00% SENIOR NOTES DUE 2027 
  

			
	No.	  	$
		  	 As revised by the
 Schedule of Increases

or Decreases in
 Global Security

attached hereto

 Interest. Navient Corporation, a Delaware corporation (herein called the “Company,”
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum
of            million dollars ($        ), as revised by the Schedule of Increases or Decreases in Global Security attached hereto, on March 15,
2027 and to pay interest thereon from January 27, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on March 15 and September 15 in each year, commencing
September 15, 2020, at the rate of 5.00% per annum, until the principal hereof is paid or made available for payment. 
 Method of
Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding the relevant Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, all as more fully provided in said Indenture. Payment of the principal of (and
premium, if any) and any such interest on this Security will be made at the Corporate Trust Office in U.S. Dollars. 
 Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Authentication. Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by
manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 Exhibit A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officer. 
  

			
	January 27, 2020
	
	NAVIENT CORPORATION

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated: January 27, 2020
	
	THE BANK OF NEW YORK MELLON
	
	 as Trustee, certifies

that this is one of
 the
Securities referred
 to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

  
 Exhibit A-3 

 [FORM OF REVERSE OF SECURITY] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 18, 2014, among Navient Corporation (the “Company”) and The Bank of New York Mellon, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented and amended by the Eleventh Supplemental Indenture, dated January 27, 2020 (as so supplemented, herein called the
“Indenture”), between the Company and the Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in
aggregate principal amount to $700,000,000. 
 Optional Redemption. 

At any time or from time to time prior to September 15, 2026 (six months prior to the stated maturity of the Securities) (the “Par
Call Date”) the Securities of this series are subject to redemption at the Company’s option, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount to be redeemed plus accrued and unpaid
interest thereon to the Redemption Date, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) that would be
due if such Securities matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the applicable Treasury Rate (as
defined below) plus 50 basis points, plus accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 
 In
addition, at any time on or after the Par Call Date, the Securities of this series are subject to redemption at the Company’s option, in whole or in part, at a Redemption Price equal to the sum of (i) 100% of the principal amount to be
redeemed, plus (ii) accrued and unpaid interest thereon to the Redemption Date. 
 For purposes of determining the optional redemption
price, the following definitions are applicable: 
 “Treasury Rate” means, with respect to any Redemption Date for the
Securities, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 The Treasury Rate will be calculated on the third
business day preceding the Redemption Date. 

  
 Exhibit A-4 

 “Comparable Treasury Issue” means the U.S. Treasury security or securities
selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities being redeemed (assuming the Securities matured on the Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining terms of the Securities. 

“Comparable Treasury Price” means, with respect to any Redemption Date: 

(a)    the average, as determined by the Independent Investment Banker, of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or 
 (b)    if the
Independent Investment Banker is unable to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Independent Investment Banker. 

“Independent Investment Banker” means RBC Capital Markets, LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC as
specified by the Company, or if these firms are unwilling or unable to select the applicable Comparable Treasury Issue or average of the Reference Treasury Dealer Quotations, an independent investment banking institution of national standing
appointed by the Company. 
 ‘‘Reference Treasury Dealer’’ means RBC Capital Markets, LLC, BofA Securities, Inc.
and J.P. Morgan Securities LLC (and their respective successors) plus one other or their affiliates which are primary U.S. government securities dealers (each a “Primary Treasury Dealer”), provided however, that if any of the
foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Securities, an average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 
 Notice of any
redemption will be sent at least 15 days but not more than 60 days before the redemption date to each registered holder of Securities to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 60 days prior to the redemption date, the particular
Securities or portions thereof for redemption from the outstanding Securities not previously called by such method as the Trustee deems fair and appropriate. Any call redemption may, at the Company’s discretion, be conditioned upon the
occurrence of one or more conditions precedent. 
 Defaults and Remedies. If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 Exhibit A-5 

 Repurchase Upon a Change of Control. Upon the occurrence of a Change of
Control Triggering Event, the Holders of the Securities will have the right to require that the Company purchase such Holder’s outstanding Securities, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to, but not including, the date of purchase. 
 Amendment, Modification and Waiver. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit the issuance of debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of
Securities of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for
transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 

  
 Exhibit A-6 

 Miscellaneous. The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the conflicts of law rules of said State. 
 All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 Exhibit A-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security repurchased by the Company pursuant to Section 2.9 of the Supplemental Indenture, check the
box below: 
 ☐Section 2.9 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 2.9 of the Supplemental Indenture,
state the amount you elect to have repurchased: 
  

							
	$                     
				
	Date:                     	  		 		 	
		  		 	Your Signature:	 	  

		  		 		 	(Sign exactly as your name appears on the face of this Note)
				
		  		 	Tax Identification No.:	 	  

				
	Signature Guarantee*:	  	  
	 		 	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 Exhibit A-8 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of

Exchange
	  	 Amount of increase in
Principal Amount of

this Global Security
	  	 Amount of decrease

in Principal Amount
 of this Global

Security
	  	 Principal Amount of

this Global Security
 following each

decrease or increase
	  	 Signature of

authorized signatory
 of Trustee

		  		  		  		  	
		  		  	            	  		  	

  
 Exhibit A-9Exhibit

INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.
(f/k/a M III ACQUISITION CORP.)

THIRD AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT

DATED AS OF
January 23, 2020

	
			
	Table of Contents

	Article I
	DEFINITIONS AND USUAGE
	1

	  Section 1.1
	Definitions
	2

	 
	 
	 

	Article II
	GFI REPRESENTATIVE
	5

	  Section 2.1
	GFI Representative
	6

	 
	 
	 

	Article III
	APPROVAL AND CONSULTATION OF CERTAIN MATTERS
	6

	  Section 3.1
	GFI Representative Approval Rights
	6

	  Section 3.2
	Sponsor Approval Right
	7

	 
	 
	 

	Article IV
	TRANSFER
	7

	  Section 4.1
	Selling Stockholders Transfers and Joinders
	7

	  Section 4.2
	Sponsor Transfers and Joinders
	7

	  Section 4.3
	Management Lock-Up
	7

	 
	 
	 

	Article V
	BOARD REPRESENTATION
	8

	  Section 5.1
	Composition of Board
	8

	  Section 5.2
	Nominees
	9

	  Section 5.3
	[reserved]
	10

	  Section 5.4
	Subsidiaries
	10

	 
	 
	 

	Article VI
	INDEMNIFICATION
	10

	  Section 6.1
	Right to Indemnification
	10

	  Section 6.2
	Prepayment of Expenses
	11

	  Section 6.3
	Claims
	11

	  Section 6.4
	Nonexclusivity Rights
	11

	  Section 6.5
	Other Sources
	11

	  Section 6.6
	Indemnitor of First Resort
	11

	 
	 
	 

	Article VII
	TERMINATION
	11

	  Section 7.1
	Term
	11

	  Section 7.2
	Survival
	12

	 
	 
	 

	Article VIII
	REPRESENTATIONS AND WARRANTIES
	12

	  Section 8.1
	Representations and Warranties of Stockholders
	12

	  Section 8.2
	Representations and Warranties of Company
	12

	 
	 
	 

	Article IX
	MISCELLANEOUS
	12

	  Section 9.1
	Entire Agreement
	12

	  Section 9.2
	Further Assurances
	13

	  Section 9.3
	Notices
	13

	  Section 9.4
	Governing Law
	14

	  Section 9.5
	Consent to Jurisdiction
	14

	  Section 9.6
	Equitable Remedies
	14

	  Section 9.7
	Construction
	14

	
			
	  Section 9.8
	Counterparts
	14

	  Section 9.9
	Third Party Beneficiaries
	14

	  Section 9.10
	Binding Effect
	14

	  Section 9.11
	Severability
	14

	  Section 9.12
	Reporting
	14

	  Section 9.13
	Adjustments Upon Change of Capitalization
	14

	  Section 9.14
	Amendments; Waivers
	14

	  Section 9.15
	Actions in Other Capacities
	15

	 
	 
	 

	Signatures
	 
	15

	 
	 
	 

	Exhibit A
	 
	16

THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT
THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Agreement”), dated as of January 23, 2020 (i) by and between Infrastructure and Energy Alternatives, Inc. (f/k/a M III Acquisition Corp.), a Delaware corporation (the “Company”), M III Sponsor I LLC, a Delaware limited liability company (“Sponsor”), and any other Sponsor Affiliated Transferees hereunder who become party hereto in accordance with this Agreement and (ii) by and among the Company and Infrastructure and Energy Alternatives, LLC, a Delaware limited liability company (“Seller”), any other Seller Affiliated Transferees hereunder who become party hereto in accordance with this Agreement (collectively the “Selling Stockholders”) and Oaktree Power Opportunities Fund III Delaware, L.P., a Delaware limited partnership, in its capacity as the representative of the Selling Stockholders (the “GFI Representative”), amends and restates the Investor Rights Agreement, dated as of March 26, 2018 (the “Initial Closing Date”) (as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof).
WHEREAS, the Company and certain of its Affiliates (as defined herein) consummated the Mergers (as defined in the Merger Agreement) and the other transactions (collectively, the “Transactions”) contemplated by the Agreement and Plan of Merger, by and among IEA Energy Services LLC, the Company, Wind Merger Sub I, Inc., Wind Merger Sub II, LLC, the Seller, the GFI Representative, as the representative of the Seller, and the Sponsor and M III Sponsor I LP (“M III LP”), solely for purposes of Section 10.3 thereof and, to the extent related thereto, Article 12 thereof (as amended, restated, modified or supplemented from time to time, the “Merger Agreement”); 
WHEREAS, after such Transactions, Seller owns shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Company’s Series A preferred stock, par value $0.0001 per share (the “Series A Preferred Stock”);

WHEREAS, after such Transactions, the Sponsor continues to own shares of the Company’s Common Stock and certain warrants to purchase shares of the Company’s Common Stock (the “Sponsor Warrants”);

WHEREAS, the Company, the Selling Stockholders and the GFI Representative desired, in connection with the Transactions, to provide the GFI Representative on behalf of the Selling Stockholders with certain governance rights and director nomination rights;

WHEREAS, the Selling Stockholders desired, in connection with the Transactions, to grant a proxy to the GFI Representative;

WHEREAS, the Company and the Sponsor desired, in connection with the Transactions, to provide Sponsor with certain governance rights and director nomination rights;

WHEREAS, on May 20, 2019, certain commitment parties purchased shares of Series B-1 Preferred Stock, par value $0.0001 per share (the “Series B-1 Preferred Stock”), together with warrants to purchase shares of the Company’s Common Stock, pursuant to that certain Equity Commitment Agreement (the “Series B-1 Equity Commitment Agreement”, as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof), dated as of May 14, 2019, between the Company, the commitment parties set forth therein and, (solely for purposes of Section 5.7, 5.8, 6.3 and 9.14 in the Series B-1 Equity Commitment Agreement), the GFI Representative; 

WHEREAS, pursuant to the terms of the Series B-1 Certificate of Designations, the holders of the Series B-1 Preferred Stock have the right to designate and appoint one member of the Board of Directors subject to, and accordance with, the terms set forth in the Series B-1 Certificate of Designations (the “Series B-1 Designee”);

WHEREAS, as of May 20, 2019, (a) the Board of Directors increased the size of the Board of Directors to nine directors and (b) the holders of the Series B-1 Preferred Stock have the right to appoint the Series B-1 Designee as a Class I Director to fill such board seat pursuant to the terms of the Series B-1 Certificate of Designations; 

WHEREAS, on August 13, 2019, certain commitment parties purchased shares of Series B-2 Preferred Stock, par value $0.0001 per share (the “Series B-2 Preferred Stock,” and together with the Series A Preferred Stock and Series B-1 Preferred Stock, “Preferred Stock”), together with warrants to purchase shares of the Company’s Common Stock, pursuant to that certain Equity Commitment Agreement (the “Series B-2 Equity Commitment Agreement”, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof), dated as of August 30, 2019, between the Company, the commitment parties set forth therein and the other parties set forth therein; 

1

WHEREAS, pursuant to the terms of the Series B-2 Certificate of Designations, the holders of the Series B-2 Preferred Stock have the right to designate and appoint one member of the Board of Directors subject to, and accordance with, the terms set forth in the Series B-2 Certificate of Designations (the “Series B-2 Designee”); and

WHEREAS, effective as of end of the Diligence Period (as defined in the Series B-2 Equity Commitment Agreement) (the "Diligence Period"), (a) the Board of Directors increased the size of the Board of Directors to ten directors and (b) the holders of the Series B-2 Preferred Stock have the right to appoint the Series B-2 Designee as a Class I Director to fill such board seat pursuant to the terms of the Series B-2 Certificate of Designations; and

WHEREAS, on November 14, 2019, certain commitment parties purchased shares of Series B-3 Preferred Stock, par value $0.0001 per share (the “Series B-3 Preferred Stock,” and together with the Series A Preferred Stock, Series B-1 Preferred Stock and Series B-2 Preferred Stock  “Preferred Stock”), together with warrants to purchase shares of the Company’s Common Stock, pursuant to that certain Equity Commitment Agreement (the “Series B-3 Equity Commitment Agreement”, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof), dated as of November 14, 2019, between the Company, the commitment parties set forth therein and the other parties set forth therein; and

WHEREAS, the parties hereto desire to amend the corporate governance rights of the Sponsor and the GFI Representative so that each of the Sponsor and the GFI Representative can each appoint a sole director to the Board.

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I

DEFINITIONS AND USAGE

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

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person; provided, any portfolio company of Oaktree Capital Management, L.P. or its Affiliates, that is not a portfolio company of the GFI Representative (or any parallel or successor funds) shall be deemed not to be an “Affiliate” of the GFI Representative to the extent neither the GFI Representative nor any of its portfolio companies nor any officer, director, general partner or managing member of any of the foregoing has any material economic interest in, or exercises any control with respect to, any such portfolio company.  For the purposes of this definition, “control” (including the terms “controlling” and “controlled”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of such subject Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise.
“Affiliate Transaction” shall have the meaning assigned to such term in Section 3.1(a). 
“Agreement” shall have the meaning assigned to such term in the Preamble. 
“Annual Meeting” shall have the meaning assigned to such term in Section 9.16.
“Ares” means Ares Management LLC, a Delaware limited liability company, on behalf of its affiliated funds, investment vehicles and/or managed accounts.
“beneficial ownership” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act.  The terms “beneficially own” and “beneficial owner” shall have correlative meanings.  With respect to the Selling Stockholders, beneficial ownership of Common Stock shall exclude any shares of Common Stock issuable upon conversion of the Series A Preferred Stock beneficially owned by the Selling Stockholders, regardless of whether the Series A Preferred Stock is convertible within 60 days of the date of calculation.  For the avoidance of doubt, with respect to the Sponsor and any Sponsor Affiliated Transferee, beneficial ownership shall include any Earnout Shares, regardless of whether vested or unvested. 
“Board of Directors” means the board of directors of the Company. 
“By-Laws” means the by-laws of the Company, as they may be amended, restated or otherwise modified from time to time.

2

“Certificate of Incorporation” means the certificate of incorporation of the Company, as it may be amended, restated or otherwise modified from time to time.
“Claim” shall have the meaning assigned to such term in Section 6.1. 
“Common Stock” shall have the meaning assigned to such term in the Recitals.
“Company” shall have the meaning assigned to such term in the Preamble. 
“Covered Person” shall have the meaning assigned to such term in Section 6.1.
“Designees” shall have the meaning assigned to such term in Section 5.2(c).
“Diligence Period” shall have the meaning assigned to such term in the Recitals.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor law or statute, in each case together with the rules and regulations promulgated thereunder. 
“GFI Designee” shall have the meaning assigned to such term in Section 5.2(a).
“GFI Representative” shall have the meaning assigned to such term in the Preamble. 
“Governmental Entity” means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof. 
“Initial Designees” shall mean the Sponsor Designees and the GFI Designee (or any successor thereto or replacement thereof selected hereunder), who was designated as such in connection with the closing of the Transactions or thereafter.
“Independent Designee” shall have the meaning assigned to such term in Section 5.2(c).
“Initial Closing Date” shall have the meaning assigned to such term in the Preamble.
“Management Lock-Up Period” shall have the meaning assigned to such term in Section 4.3(a).
“Other Indemnitors” shall have the meaning assigned to such term in Section 6.6. 
“Person” means any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company, governmental authority, trust or other entity. 
“Preferred Stock” shall have the meaning assigned to such term in the Recitals.
“Sale Transaction” means any (i) direct or indirect acquisition (whether by a purchase, sale, transfer, exchange, issuance, merger, consolidation or other business combination) of shares of capital stock or other securities, in a single transaction or series of related transactions, representing more than fifty percent (50%) of the equity or voting interests of the Company (in each case, including by means of a spin-off, split-off or public offering), (ii) merger, consolidation or other business combination directly or indirectly involving the Company or any of its Subsidiaries representing assets or businesses that constitute or represent more than fifty percent (50%) of the consolidated revenue, consolidated operating income or consolidated assets of the Company and its Subsidiaries, taken as a whole, (iii) reorganization, recapitalization, liquidation or dissolution directly or indirectly involving the Company or any of its Subsidiaries representing more than (50%) of the consolidated revenue, consolidated operating income or consolidated assets of the Company and its Subsidiaries, taken as a whole, in each case which results in any one Person (other than Affiliates of Oaktree Capital Management, L.P.), or more than one Person that are Affiliates or that are acting as a group (as such term is defined in Section 13(d)(3) of the Exchange Act) (excluding Oaktree Capital Management, L.P. and its Affiliates), acquiring direct or indirect ownership of equity securities of the Company or any of its Subsidiaries which, together with the equity securities held by such Person, such Person and its Affiliates or such group, constitutes more than 50% of the total direct or indirect voting power or economic rights of the equity securities of the Company and its Subsidiaries, taken as a whole, (iv) direct or indirect sale, lease, license, exchange, mortgage, transfer or other disposition, in a single transaction or series of related transactions, of assets or businesses that constitute or represent more than fifty percent (50%) of the consolidated revenue, consolidated operating income or consolidated assets of the Company and its Subsidiaries, taken as a whole, or (v) other transaction having a similar effect to those described in clauses (i) through (iv).

3

“SEC” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act.
“SEC Guidance” means (a) any publicly available written or oral interpretations, questions and answers, guidance and forms of the SEC, (b) any oral or written comments, requirements or requests of the SEC or its staff, (c) the Securities Act and the Exchange Act and (d) any other rules, bulletins, releases, manuals and regulations of the SEC.
“Securities Act” means the Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder.
“Seller” shall have the meaning assigned to such term in the Preamble.
“Seller Affiliated Transferee” means, with respect to any Selling Stockholder, (i) the GFI Representative, (ii) any Affiliate of the GFI Representative and (iii) any executive officer, director or member of the Seller as of immediately prior to the Initial Closing Date (or any Affiliate or family member thereof or any trust formed for the benefit of any of the foregoing persons) to whom any Selling Stockholder or any of the forgoing persons Transfers Common Stock, in each case other than the Company.
“Seller Higher Condition” means that the GFI Representative, together with the Seller Affiliated Transferees, directly or indirectly, beneficially owns at least fifty percent (50%) of the Common Stock beneficially owned by the Seller as of the Initial Closing Date, as adjusted for any stock split, stock dividend, reverse stock split, recapitalization, business combination, reclassification or similar event, in each case with such adjustment being determined in good faith by the Board of Directors.
 “Seller Minimum Condition” means that the GFI Representative, together with the Seller Affiliated Transferees, directly or indirectly, beneficially owns at least twenty-five percent (25%) of the Common Stock beneficially owned by the Seller as of the Initial Closing Date, as adjusted for any stock split, stock dividend, reverse stock split, recapitalization, business combination, reclassification or similar event, in each case with such adjustment being determined in good faith by the Board of Directors. 
“Selling Stockholders” means Seller together with any Seller Affiliated Transferees to whom Seller or any Seller Affiliated Transferee has Transferred Common Stock in accordance with the terms hereof.
“Series B-1 Certificate of Designations” means that certain Amended and Restated Certificate of Designations of Series B-1 Preferred Stock of the Company, which sets forth the rights and obligations of the holders of Series B-1 Preferred Stock, and which has been filed with the Secretary of State of the State of Delaware on the date hereof. 
“Series B-2 Certificate of Designations” means that certain Certificate of Designations of Series B-2 Preferred Stock of the Company, which sets forth the rights and obligations of the holders of Series B-2 Preferred Stock, and which has been filed with the Secretary of State of the State of Delaware on the date hereof.
“Series B-1 Designee” shall have the meaning assigned to such term in the Preamble.
“Series B-2 Designee” shall have the meaning assigned to such term in the Preamble.
“Series B-1 Equity Commitment Agreement” shall have the meaning assigned to such term in the Recitals.
“Series B-2 Equity Commitment Agreement” shall have the meaning assigned to such term in the Recitals.
“Series B-3 Equity Commitment Agreement” shall have the meaning assigned to such term in the Recitals.
“Series B-1 Preferred Stock” shall have the meaning assigned to such term in the Recitals.
“Series B-2 Preferred Stock” shall have the meaning assigned to such term in the Recitals.
“Series B-3 Preferred Stock” shall have the meaning assigned to such term in the Recitals.
“Sponsor Affiliated Transferee” means Mohsin Y. Meghji and any of his Affiliates or family members or any trust formed for the benefit of any of the foregoing persons to whom the Sponsor Transfers Common Stock or Sponsor Warrants, in each case other than the Company.
“Sponsor Designee” shall have the meaning assigned to such term in Section 5.2(b).

4

“Sponsor Higher Condition” means that Mohsin Y. Meghji, M III LP (so long as such entity is controlled by the entity listed on Schedule A-1), Sponsor, and the persons listed on Schedule A-2, together with the Sponsor Affiliated Transferees, directly or indirectly, beneficially own at least fifty percent (50%) of the Common Stock (including Earnout Shares) beneficially owned by Mohsin Y. Meghji, M III LP (so long as such entity is controlled by the entity listed on Schedule A-1), the Sponsor and their respective Affiliates (other than Osbert Hood and Philip Marber) as of the Initial Closing Date after giving effect to any forfeiture of shares of Common Stock to the Company on the Initial Closing Date (prior to distribution of any shares of Common Stock by the Sponsor or M III LP to their respective members or partners, including the persons listed on Schedule A-2), as adjusted for any stock split, stock dividend, reverse stock split, recapitalization, business combination, reclassification or similar event, in each case with such adjustment being determined in good faith by the Board of Directors.
“Sponsor Minimum Condition” means that Mohsin Y. Meghji, M III LP (so long as such entity is controlled by the entity listed on Schedule A-1), Sponsor, and the persons listed on Schedule A-2, together with the Sponsor Affiliated Transferees, directly or indirectly, beneficially own at least twenty-five percent (25%) of the Common Stock (including Earnout Shares) held by the Mohsin Y. Meghji, M III LP (so long as such entity is controlled by the entity listed on Schedule A-1), the Sponsor, and their respective Affiliates (other than Osbert Hood and Philip Marber) as of the Initial Closing Date after giving effect to any forfeiture of shares of Common Stock to the Company on the date hereof (prior to distribution of any shares of Common Stock by the Sponsor or M III LP to their respective members or partners, including the persons listed on Schedule A-2), as adjusted for any stock split, stock dividend, reverse stock split, recapitalization, business combination, reclassification or similar event, in each case with such adjustment being determined in good faith by the Board of Directors. 
“Sponsor” shall have the meaning assigned to such term in the Preamble. 
“Sponsor Warrants” shall have the meaning assigned to such term in the Recitals.
“Stockholders” shall mean any of the following persons: so long as any of them beneficially owns any Common Stock, the Selling Stockholders, the Seller Affiliated Transferees, the Sponsor and the Sponsor Affiliated Transferees.
“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.
“Transactions” shall have the meaning assigned to such term in the Recitals.
“Transfer” means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of law.  The terms “Transferred” and “Transferring” have correlative meanings.
“Voting Securities” means the Common Stock and any other securities of the Company or any Subsidiary of the Company which would entitle the holders thereof to vote with the holders of Common Stock in the election of directors of the Company. Interpretation.  In this Agreement and in the exhibits hereto, except to the extent that the context otherwise requires:
(a)the headings are for convenience of reference only and shall not affect the interpretation of this Agreement;
(b)defined terms include the plural as well as the singular and vice versa;
(c)words importing gender include all genders;
(d)a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may from time to time be amended, extended, re-enacted or consolidated and to all statutory instruments or orders made thereunder;
(e)any reference to a “day” shall mean the whole of such day, being the period of 24 hours running from midnight to midnight;
(f)references to Articles, Sections, subsections, clauses and Exhibits are references to Articles, Sections, subsections, clauses and Exhibits of and to, this Agreement;
(g)the words “including” and “include” and other words of similar import shall be deemed to be followed by the phrase “without limitation”; and
(h)unless otherwise specified, references to any party to this Agreement or any other document or agreement shall include its successors and permitted assigns. 

ARTICLE II

GFI REPRESENTATIVE

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Section 2.1GFI Representative.  The GFI Representative and each of the Selling Stockholders agree as follows:

(a)By virtue of the adoption of this Agreement, each Selling Stockholder hereby authorizes, directs and appoints the GFI Representative to act as its sole and exclusive agent, attorney-in-fact and representative, and grants a proxy to the GFI Representative over such Selling Stockholder’s Voting Securities, and hereby constitutes and appoints the GFI Representative as the proxy holder thereof, with full power of substitution with respect to all matters under this Agreement, including (i) determining, giving and receiving notices and processes hereunder, (ii) executing and delivering, on behalf of the Selling Stockholders, any and all documents or certificates to be executed by the Selling Stockholders in connection with this Agreement and the transactions contemplated hereby, (iii) granting any waiver, consent, approval or election, including exercising the consent rights set forth in Section 3.1, (iv) nominating and electing the GFI Designee to the Board of Directors, (v) making any filings with any Governmental Entity, on behalf of the Selling Stockholders under this Agreement, (vi) appointing, in its sole discretion, one or more successor representatives to the GFI Representative, (vii) resolving any disputes hereunder between the Company and the Selling Stockholders, (viii) performing the duties expressly assigned to the GFI Representative hereunder, and (ix) engaging and employing agents and representatives and incurring such other expenses as the GFI Representative shall reasonably deem necessary or prudent in connection with the foregoing.  Any such actions taken, exercises of rights, power or authority, and any decision or determination made by the GFI Representative consistent herewith, shall be absolutely and irrevocably binding on each Selling Stockholder as if such Selling Stockholder personally had taken such action, exercised such rights, power or authority or made such decision or determination in such Selling Stockholder’s individual capacity, and no Selling Stockholder shall have the right to object, dissent, protest or otherwise contest the same.  
(b)The appointment of the GFI Representative as each Selling Stockholder’s attorney-in-fact revokes any power of attorney or proxy heretofore granted that authorized any other Person or Persons to represent such Selling Stockholder with regard to this Agreement.  The appointment of the GFI Representative as attorney-in-fact and the grant to the GFI Representative of a proxy hereto is coupled with an interest and is irrevocable.  The obligations of each Selling Stockholder pursuant to this Agreement (i) will not be terminated by operation of law, death, mental or physical incapacity, liquidation, dissolution, bankruptcy, insolvency or similar event with respect to such Selling Stockholder or any proceeding in connection therewith, or in the case of a trust, by the death of any trustee or trustees or the termination of such trust, or any other event, and (ii) shall survive the delivery of an assignment by any Selling Stockholder of the whole or any fraction of its interest in any payment due to it under this Agreement.
(c)The GFI Representative hereby accepts the foregoing appointment and agrees to serve as the GFI Representative, subject to the provisions hereof, for the period of time from and after the Initial Closing Date without compensation except for the reimbursement by the Selling Stockholders of fees and expenses incurred by the GFI Representative in its capacity as such.  
(d)For all purposes of this Agreement, the Company shall be entitled to rely conclusively on the instructions and decisions of the GFI Representative as to any other actions required or permitted to be taken by the GFI Representative hereunder or in connection with any of the transactions and other matters contemplated hereby.  
(e)The GFI Representative shall not have any liability to the Selling Stockholders whatsoever with respect to its actions, decisions and determinations, and shall be entitled to assume that all actions, decisions and determinations are fully authorized by each and every one of the Selling Stockholders.  The Selling Stockholders shall indemnify and hold harmless the GFI Representative, its Affiliates and all of their respective owners, representatives, successors or assigns from and against any and all losses incurred or suffered by any such Person resulting from, arising out of or relating or attributable to any and all actions, decisions and determinations taken or made by the GFI Representative in connection with this Agreement and the transactions contemplated hereby.  
(f)The GFI Representative shall be entitled to rely upon any order, judgment, certification, demand, notice, instrument or other writing delivered to it hereunder without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity of the service thereof.  The GFI Representative may act in reliance upon any instrument or signature believed by it to be genuine and may assume that the Person purporting to give receipt or advice or make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so.  The GFI Representative may conclusively presume that the undersigned representative of any party hereto which is an entity other than a natural person has full power and authority to instruct the GFI Representative on behalf of that party unless written notice to the contrary is delivered to the GFI Representative.  
(g)The GFI Representative may act pursuant to the advice of counsel with respect to any matter relating to this Agreement, and shall not be liable for any action taken or omitted by it in good faith in accordance with such advice. 
(h)The Company hereby agrees that the GFI Representative shall not, in its capacity as such, have any liability to the Company, or any of its Affiliates whatsoever with respect to its actions, decisions or determinations.  

ARTICLE III

APPROVAL AND CONSULTATION OF CERTAIN MATTERS

Section 3.1GFI Representative Approval Rights.  The Company agrees with the GFI Representative and the Selling Stockholders, that, for so long as the Seller Higher Condition is satisfied, the Company shall not, and shall 

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cause its Subsidiaries not to, directly or indirectly (whether by merger, consolidation, amendment of this Agreement or otherwise) without the prior written approval of the GFI Representative,
(a)enter, amend, supplement, waive or otherwise modify the terms of any transaction or agreement between the Company or any of its Subsidiaries, on the one hand, and any Sponsor, any Affiliate of any Sponsor (including any Sponsor Affiliated Transferee) or any Affiliate of the Company, on the other hand (an “Affiliate Transaction”), other than the exercise of any rights under any agreements as set forth on Schedule B attached hereto (without giving effect to any amendment, supplement, waiver or other modification executed after the Initial Closing Date);
(b)hire or remove the Chief Executive Officer or any other executive officer of the Company or its Subsidiaries 
(c)amend, supplement, waive or fail to enforce that certain Voting Agreement, dated as of October 29, 2019, by and between the Company, Sponsor, the Sponsor Affiliated Transferees, Infrastructure and Energy Alternatives, LLC and OT POF IEA Preferred B Aggregator;
(d)except as set forth in Section 5.2(d), increase or decrease the size of the Board of Directors.

Section 3.2Sponsor Approval Rights.  The Company agrees with Sponsor that, for so long as the Sponsor Higher Condition is satisfied, the Company shall not, and shall cause its Subsidiaries not to, directly or indirectly (whether by merger, consolidation, amendment of this Agreement or otherwise) without the prior written approval of the Sponsor:
(a)enter into, amend, supplement, waive or otherwise modify the terms of any transaction or agreement between the Company or any of its Subsidiaries, on the one hand, and any Selling Stockholders described in clauses (i) and (ii) of the definition of Seller Affiliated Transferee, the GFI Representative or their respective Affiliates, on the other hand or any other Affiliate Transaction (provided that any transaction between the Company, on the one hand, and a Person that would be an Affiliate of the GFI Representative but for the proviso contained in the definition of “Affiliate” shall be deemed to be an Affiliate Transaction requiring such approval unless it meets the requirements in either the succeeding clause (x) or (y)), other than (x) transactions and agreements between the Company or any of its Subsidiaries and Affiliates of the GFI Representative who are engaged on an arm’s-length basis to provide goods or services on construction projects undertaken by the Company or any of its Subsidiaries for customers to the extent that such goods and services, in the reasonable judgment of the Company, could not be obtained from an unaffiliated third party at materially lower prices while maintaining at least the same quality and (y) the exercise of any rights under any agreements as set forth on Schedule C attached hereto (without giving effect to any amendment, supplement, waiver or other modification executed after the Initial Closing Date);
(b)hire or remove the Chief Executive Officer or any other executive officer of the Company or its Subsidiaries or
(c)except as set forth in Section 5.2(d), increase or decrease the size of the Board of Directors.  

ARTICLE IV

TRANSFER

Section 4.1Selling Stockholder Transfers and Joinders.  The Selling Stockholders agree among themselves and with the GFI Representative that, unless waived in writing by the GFI Representative (in which case the holdings of such transferee shall not be included for purposes of determining whether the Seller Higher Condition or the Seller Minimum Condition is satisfied), if a Selling Stockholder effects any Transfer of Common Stock to a Seller Affiliated Transferee, such Seller Affiliated Transferee shall, if not a party hereto, within five (5) days of such Transfer, execute and deliver to the Company and the other parties hereto a joinder to this Agreement, in form and substance reasonably acceptable to the GFI Representative, in which such Seller Affiliated Transferee agrees to be an “Selling Stockholder” for all purposes of this Agreement, including Section 2.1 hereof, and which provides that such Seller Affiliated Transferee shall be bound by and shall fully comply with the terms of this Agreement.

Section 4.2Sponsor Transfers and Joinders.  The Sponsor agrees unless waived in writing by the Sponsor (in which case the holdings of such transferee shall not be included for purposes of determining whether the Sponsor Higher Condition or the Sponsor Minimum Condition is satisfied), if the Sponsor or any Sponsor Affiliated Transferee effects any Transfer of Common Stock to a Sponsor Affiliated Transferee, such Sponsor Affiliated Transferee shall, if not a party hereto, within five (5) days of such Transfer, execute and deliver to the Company and the other parties hereto a joinder to this Agreement, in form and substance reasonably acceptable to the Sponsors, in which such Sponsor Affiliated Transferee agrees to be a “Sponsor Affiliated Transferee” for all purposes of this Agreement, and which provides that such Sponsor Affiliated Transferee shall be bound by and shall fully comply with the terms of this Agreement.  For the avoidance of doubt, the persons set forth on Schedule A-1 and Schedule A-2 and M III LP and their respective transferees shall not be deemed Sponsor Affiliated Transferees hereunder.

Section 4.3Management Lock-Up.

a.Subject to Section 4.3(b), in the case of any of the Persons set forth on Schedule D, until March 26, 2020 (the “Management Lock-Up Period”), without the prior written consent of the Company, each such Person shall not (i) sell, 

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offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder, with respect to any shares of Common Stock, warrants to purchase shares of Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, if any or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock, warrants to purchase Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, if any, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise.
b.Notwithstanding the foregoing, Section 4.3(a) shall not operate to restrict any (i) Transfer by any Person (A) in the case of an individual, by gift to one of the members of the individual’s immediate family or to a trust (provided, that the beneficiary of such trust is a member of one of the individual’s immediate family) or to an affiliate of such person, (B) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual, (C) in the case of an individual, pursuant to a qualified domestic relations order, (D) to the Company for no value for cancellation, (E) to any Seller Affiliated Transferee in accordance with this Agreement or (F) of Preferred Stock, (ii) in the case of any Seller Affiliated Transferee, distribution of any shares of Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, to limited partners, general partners, members, stockholders or other equityholders of such Person or to such Person’s affiliates or to any corporation, partnership, limited liability company, trust, business entity or investment fund, customer account or other entity controlled by or under common control or management with such Person; provided, that, in the case of clauses (i) and (ii), such Person shall, if not a party hereto, within five (5) days of such Transfer, execute and deliver to the Company and the other parties hereto a lock-up agreement agreeing to be bound by the provisions of this Section 4.3 as if a party hereto; (iii) Transfer by any member of management of the Company to Fidelity Investments Charitable Gift Fund (or an Affiliate thereof); provided, that all such Transfers in the aggregate shall not exceed 120,000 shares of Common Stock, (iv) a bona fide third party take-over bid made to all holders of Common Stock or any other acquisition transaction whereby all or substantially all of the Common Stock is acquired by a bona fide third party, or (v) making of bona fide pledges of Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock by such Person pursuant to foreign exchange swap agreements and custody agreements entered into by such Person in the ordinary course of business.
c. Any Transfer made in contravention of this Section 4.3 shall be null and void.

ARTICLE V

BOARD REPRESENTATION

Section 5.1Composition of Board.

(a)The Company agrees with each of the Sponsor and the GFI Representative that, the Board of Directors shall be reduced from ten (10) directors to seven (7) directors, who shall be divided into three (3) classes of directors in accordance with the terms of the Certificate of Incorporation and that: 

(i)the Class I directors shall include either Series B-1 Designee or the Series B-2 Designee, whose term shall expire at the annual meeting of stockholders held in 2021;
(ii)the Class II directors shall include (x) John Paul Roehm (during such time as he serves as Chief Executive Officer of the Company), (y) Terence Montgomery and (z) John Eber, whose term shall expire at the annual meeting of stockholders held in 2022; and
(iii)the Class III directors shall include (x) Charles Garner, who shall be the Sponsor Designee hereunder, (y) Peter Jonna, who shall be the GFI Designee hereunder and (z) Derek Glanvill, whose term shall expire at the annual meeting of stockholders held in 2020.

(b)The Company agrees with each of the Sponsor and the GFI Representative that the Company will use its reasonable best efforts to reclassify each of Charles Garner, the Sponsor Designee hereunder, and Peter Jonna, the GFI Designee hereunder, from Class III directors to Class I directors.  

(c)The Company agrees with the Sponsor that Mohsin Meghji shall resign from the Board as of the date hereof and shall no longer be considered a Sponsor Designee hereunder. The Company agrees with the GFI Representative that Ian Schapiro shall resign from the Board as of the date hereof and shall no longer be considered a GFI Designee hereunder. 

(d)The Company agrees with the Sponsor and the Company agrees with the GFI Representative that the Company shall not, so long as either (i) the Sponsor and the GFI Representative, as applicable, are entitled to designate at least one Designee or (ii) the Sponsor or the GFI Representative, as applicable, have an Initial Designee who is serving such person’s 

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Initial Term (as defined herein) without the Sponsor’s consent or the GFI Representative’s consent, as applicable, amend its Certificate of Incorporation or by-laws, pass any resolution or take any action with the effect of de-staggering the Company’s Board of Directors, providing for a voting standard in the election of directors other than plurality voting or providing for the establishment of any classes of directors inconsistent with Section 5.1(a).

(e)Subject to Section 7.1, the Sponsor, each of the Sponsor Affiliated Transferees, the GFI Representative and each of the Selling Stockholders individually agrees with the Company, that such party will not take any action in their capacities as stockholders (including voting their Common Stock, granting proxies, providing written consents or proposing any stockholder proposal), to amend the Company’s Certificate of Incorporation or by-laws or take any action with the effect of de-staggering the Company’s Board of Directors, providing for a voting standard in the election of directors other than plurality voting or providing for the establishment of any classes of directors inconsistent with Section 5.1(a). 

(f)For the avoidance of doubt, Section 5.1(a)(i)-(iii) is applicable solely to the Initial Designees (such director’s “Initial Term”), except that, subject to the Certificate of Incorporation, a director shall remain a member of the class of directors to which he or she was assigned in accordance with Section 5.1(a).

Section 5.2Nominees.
 
a.The Company agrees with the GFI Representative that the GFI Representative shall have the right to nominate the number of persons for election to the Board of Directors and the Company shall take all reasonable actions within its control to cause to be nominated for election to the Board of Directors, and to cause to continue in office, at any given time, unless waived by the GFI Representative, a number of individuals designated by the GFI Representative (each, a “GFI Designee”) equal to:
i.for so long as the Seller Minimum Condition is satisfied, one director.  No reduction in the beneficial ownership of the GFI Representative shall shorten the term of any GFI Designee during the applicable Initial Term and any such GFI Designee shall in any event be entitled to serve the remainder of such GFI Designee’s Initial Term.

b.The Company agrees with the Sponsor that the Sponsor shall have the right to nominate for election to the Board of Directors the number of individuals set forth below and the Company shall take all reasonable actions within its control to cause to be nominated for election to the Board of Directors, and to cause to continue in office, at any given time, unless waived by the Sponsor, a number of individuals designated by the Sponsor (each, a “Sponsor Designee”) equal to: 

i.for so long as either (A) the Sponsor Minimum Condition is satisfied or (B) if (x) the Sponsor Minimum Condition is not satisfied and (y) all of the Earnout Shares (as defined in the Founder Shares Amendment Agreement) have not fully vested or expired without vesting, one director.  No reduction in the beneficial ownership of the Sponsor shall shorten the term of any Sponsor Designee during the applicable Initial Term and any such Sponsor Designee shall in any event be entitled to serve the remainder of such Sponsor Designee’s Initial Term.

c.The Company agrees with the Sponsor and the Company agrees with the GFI Representative that the Board of Directors shall include not less than three directors who shall qualify as independent directors pursuant to SEC Guidance and the rules of the applicable stock exchange (each, an “Independent Designee” and together with the GFI Designee and the Sponsor Designee, the “Designees”).  For the avoidance of doubt, and notwithstanding anything to the contrary set forth herein, the replacement, removal and appointment of any Independent Designee named in Section 5.1 shall not require any amendment to this Agreement and such Independent Designees and their successors shall be nominated by the Board pursuant to applicable SEC Guidance and the rules of the applicable stock exchange.

d.If at any time, the Board of Directors does not include three directors who qualify as independent directors pursuant to applicable SEC Guidance and the rules of the applicable stock exchange, the size of the Board of Directors shall be expanded so as to permit the appointment of the required Independent Designees.

e.The Company agrees with the Sponsor and the Company agrees with the GFI Representative that, for so long as he serves as the Chief Executive Officer of the Company, John Paul Roehm shall be included as a member of the Board of Directors; provided that John Paul Roehm shall cease to be included as a member of the Board of Directors immediately upon his ceasing to serve as Chief Executive Officer of the Company (with it being understood that the Board of Directors may, in its sole discretion, elect to nominate John Paul Roehm to serve as his successor to the extent permissible under the By-Laws of the Company then in effect).

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f.Without limiting the generality of the foregoing, the Company agrees with the Sponsor and the Company agrees with the GFI Representative and the Selling Stockholders to include the Designees in the slate of nominees recommended by the Board of Directors and to use its reasonable best efforts to cause the election of each such Designee to the Board of Directors, including nominating each such Designee to be elected as a director, recommending such Designee’s election and soliciting proxies or consents in favor thereof, in each case subject to applicable law. 

g.Notwithstanding anything to the contrary in this ARTICLE V, (i) for so long as the Seller Minimum Condition is satisfied, the Sponsor Designee shall require the approval of the GFI Representative (which approval shall not be unreasonably withheld, conditioned or delayed), unless such nominee is an investment professional and a bona fide officer or employee of the Sponsor or its managing members, general partners or management companies, and (ii) for so long as the Sponsor Minimum Condition is satisfied, the GFI Designee shall require the approval of the Sponsor (which approval shall not be unreasonably withheld, conditioned or delayed), unless such nominee is an investment professional and an officer or employee of Oaktree Capital Management, L.P.

h.In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any director who was the GFI Designee or Sponsor Designee, the Company agrees to take at any time and from time to time all actions necessary to cause the vacancy created thereby to be filled as promptly as practicable by a new GFI Designee or Sponsor Designee, as applicable (with respect to the applicable Initial Term only, regardless of the GFI Representative’s or Sponsor’s beneficial ownership of the Company Common Stock at the time of such vacancy).

Section 5.3[reserved].

Section 5.4Subsidiaries.  The Company shall cause its Subsidiaries not to take any action that, if taken by the Company, would require the approval of the Board of Directors unless such action by such Subsidiary has been approved by the Board of Directors in accordance with the terms of this Agreement as would be applied to the Company.

ARTICLE IV

INDEMNIFICATION

Section 6.1Right to Indemnification.  The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, the GFI Representative, each Stockholder, their respective Affiliates (other than the Company and its Subsidiaries) and direct and indirect partners (including partners of partners and stockholders and members of partners), members, stockholders, managers, directors, officers, employees and agents and each Person who controls any of them within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Covered Persons”) from and against any and all losses, claims, 

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damages, liabilities and expenses (including reasonable attorneys’ fees) sustained or suffered by any such Covered Person based upon, relating to, arising out of, or by reason of any third party or governmental claims relating to such Covered Person’s status as a stockholder or controlling person of the Company (including any and all losses, claims, damages or liabilities under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, which relate directly or indirectly to the registration, purchase, sale or ownership of any equity securities of the Company or to any fiduciary obligation owed with respect thereto), including in connection with any third party or governmental action or claim relating to any action taken or omitted to be taken or alleged to have been taken or omitted to have been taken by any Covered Person as a stockholder or controlling person, including claims alleging so-called control person liability or securities law liability (any such claim, a “Claim”).  

Section 6.2Prepayment of Expenses.  To the extent not prohibited by applicable law, the Company shall pay the expenses (including reasonable attorneys’ fees) incurred by a Covered Person in defending any Claim in advance of its final disposition; provided, however, that, to the extent required by applicable law, such payment of expenses in advance of the final disposition of such Claim shall be made only upon receipt of an undertaking by such Covered Person to repay all amounts advanced if it should be ultimately determined that such Covered Person is not entitled to be indemnified under this ARTICLE VI or otherwise.

Section 6.3Claims.  If a claim for indemnification or advancement of expenses under this ARTICLE VI is not paid in full within 30 days after a written claim therefor by the Covered Person has been received by the Company, such Covered Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim.  In any such action the Company shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or advancement of expenses under applicable law. 

Section 6.4Nonexclusivity of Rights.  The rights conferred on any Covered Person by this ARTICLE VI shall not be exclusive of any other rights that such Covered Person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation or By-Laws or any agreement, vote of stockholders or disinterested directors or otherwise. 

Section 6.5Other Sources.  Subject to Section 6.6, the Company’s obligation, if any, to indemnify or to advance expenses to any Covered Person shall be reduced by any amount such Covered Person may collect as indemnification or advancement of expenses from any other Person.

Section 6.6Indemnitor of First Resort.  The Company hereby acknowledges that the Covered Persons may have certain rights to advancement and/or indemnification by the Selling Stockholders or their Affiliates or the Sponsor or their Affiliates, as applicable (in each case, other than the Company and collectively, the “Other Indemnitors”).  In all events, (i) the Company hereby agrees that it is the indemnitor of first resort (i.e., its obligation to a Covered Person to provide advancement and/or indemnification to such Covered Person are primary and any obligation of the Other Indemnitors (including any Affiliate thereof other than the Company) to provide advancement or indemnification hereunder or under any other indemnification agreement (whether pursuant to contract, by-laws or charter), or any obligation of any insurer of the Other Indemnitors to provide insurance coverage, for the same expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such expenses, liabilities, judgments, penalties, fines and amounts paid in settlement) incurred by such Covered Person are secondary and (ii) if any Other Indemnitor (or any Affiliate thereof, other than the Company) pays or causes to be paid, for any reason, any amounts otherwise indemnifiable hereunder or under any other indemnification agreement (whether pursuant to contract, by-laws or charter) with such Covered Person, then (x) such Other Indemnitor (or such Affiliate, as the case may be) shall be fully subrogated to all rights of such Covered Person with respect to such payment and (y) the Company shall fully indemnify, reimburse and hold harmless such Other Indemnitor (or such other Affiliate, as the case may be) for all such payments actually made by such Other Indemnitor (or such other Affiliate, as the case may be).

ARTICLE VII

TERMINATION

Section 7.1Term.  The terms of this Agreement shall terminate, and be of no further force and effect, upon notice to the Company and the other parties hereto:
(a)other than with respect to Section 5.1(f), with respect to all of the Sponsor and Sponsor Affiliated Transferees, (i) upon the consent of the Sponsor; or (ii) at such time as (A) the Sponsor ceases to have any rights pursuant to 

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Section 3 hereof, (B) the Sponsor ceases to have the right to designate a Sponsor Designee pursuant to Section 5 hereof and (C) no Sponsor Designee remains on the Board of Directors;
(b)other than with respect to Section 5.1(f), with respect to all of the Selling Stockholders and the GFI Representative, (i) upon the consent of the GFI Representative; or (ii) at such time as (A) the GFI Representative ceases to have any rights pursuant to Section 3 hereof, (B) the GFI Representative ceases to have the right to designate a GFI Designee pursuant to Section 5 hereof and (C) no GFI Designee remains on the Board of Directors; 
(c)with respect to each Selling Stockholder, (i) if such Selling Stockholder has Transferred all (but not less than all) of its Common Stock or has ceased to be a Seller Affiliated Transferee or (ii) upon termination pursuant to clause (b) above;
(d)with respect to each Sponsor Affiliated Transferee,(i) if such Sponsor Affiliated Transferee has Transferred all (but not less than all) of its Common Stock or has ceased to be a Sponsor Affiliated Transferee or (ii) upon termination pursuant to clause (a) above; 
(e)with respect to Section 5.1(f), (i) with respect to any party, with consent by each of the Company, the Sponsor and the GFI Representative, (ii) with respect to the GFI Representative, so long as the Sponsor, are entitled to designate at least one Designee or any of their respective Initial Designees are serving their Initial Terms or (iii) with respect to the Sponsor, so long as the GFI Representative is entitled to designate at least one Designee or any of their respective Initial Designees are serving their Initial Terms; and
(f)upon the consummation of a Sale Transaction.

Section 7.2Survival.  If this Agreement is terminated pursuant to Section 7.1, with respect to the applicable parties only, this Agreement shall become void and of no further force and effect with respect to such parties, except for:  (i) the provisions set forth in this Section 7.2, ARTICLE VI, and ARTICLE IX and (ii) the rights of the Stockholders with respect to the breach of any provision hereof by the Company prior to such termination, which shall, in each case of clauses (i) and (ii), survive the termination of this Agreement.

ARTICLE VIII

REPRESENTATIONS AND WARRANTIES

Section 8.1Representations and Warranties of Stockholders.  Each Stockholder individually represents and warrants to the Company that (a) such Stockholder is duly authorized to execute, deliver and perform this Agreement; (b) this Agreement has been duly executed by such Stockholder and is a valid and binding agreement of such Stockholder, enforceable against such Stockholder in accordance with its terms; and (c) the execution, delivery and performance by such Stockholder of this Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of time or both would constitute) a default under any agreement to which such Stockholder is a party or, if such Stockholder is an entity, the organizational documents of such Stockholder.

Section 8.2Representations and Warranties of the Company.  The Company represents and warrants to each of the Stockholders that (a) the Company is duly authorized to execute, deliver and perform this Agreement; (b) this Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms; and (c) the execution, delivery and performance by the Company of this Agreement does not violate or conflict with or result in a breach by the Company of or constitute (or with notice or lapse of time or both would constitute) a default by the Company under the Certificate of Incorporation or By-Laws, any existing applicable law, rule, regulation, judgment, order, or decree of any Governmental Entity exercising any statutory or regulatory authority of any of the foregoing, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or Affiliates or any of their respective properties or assets, or any agreement or instrument to which the Company or any of its Subsidiaries or Affiliates is a party or by which the Company or any of its Subsidiaries or Affiliates or any of their respective properties or assets may be bound.

ARTICLE IX

MISCELLANEOUS

Section 9.1Entire Agreement.  This Agreement, together with documents contemplated hereby, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and fully supersede any and all prior or contemporaneous agreements or understandings between the parties hereto pertaining to the subject matter hereof.

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Section 9.2Further Assurances.  Each of the parties hereto does hereby covenant and agree on behalf of itself, its successors, and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such other actions as may be required by law or reasonably necessary to effectively carry out the intent and purposes of this Agreement.

Section 9.3Notices.  Any notice, consent, payment, demand, or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed, (b) sent by facsimile, overnight mail or registered or certified mail, return receipt requested, postage prepaid, or (c) sent by e-mail, with electronic or written confirmation of receipt, in each case addressed as follows:
(i)    if to the Company:

Infrastructure and Energy Alternatives, Inc.
6325 Digital Way, Suite 460
Indianapolis, Indiana 46278
Attn:     Gil Melman, Esq.
Tel:      (765) 828-3513
Email:     Gil.Melman@iea.net

with a copy to:
	
		
	Kirkland & Ellis LLP
333 South Hope Street, 29th Floor
Los Angeles, CA 90071
Attn:  Tana Ryan, P.C.
Facsimile:(213) 680-8500 
Email: tryan@kirkland.com
	Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
Attn: Michael Kim
Facsimile: (212) 446-4900
Email: michael.kim@kirkland.com

(ii)    if to the Sponsor or any Sponsor Affiliated Transferee, to:

c/o M III Partners
130 West 42nd Str., 17th Floor
New York, New York 10036
Attention: Mohsin Y. Meghji
Facsimile: (212) 531-4532
Email:  mmeghji@miiipartners.com

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with a copy to:

M III Partners, LP
130 West 42nd Str., 17th Floor
New York, New York 10036
Attention: Charles Garner
Facsimile: (212) 531-4532
Email: cgarner@miiipartners.com

 (iii)     if to the GFI Representative, to:

GFI Energy Group of Oaktree Capital Management, L.P.
11611 San Vicente Boulevard, Suite 710
Los Angeles, CA 90049
Attention:  Ian Schapiro
Peter Jonna
Facsimile:  (310) 442-0540
Email: ischapiro@oaktreecapital.com
pjonna@oaktreecapital.com
with a copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
Attention:  Ellen N. Ching
Facsimile: (212) 492-0241
Email: eching@paulweiss.com 
    
(iv)     if to any Selling Stockholder, to:

the address and facsimile number of such Selling Stockholder set forth in the records of the Company.
with a copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
Attention:  Ellen N. Ching
Facsimile: (212) 492-0241
Email: eching@paulweiss.com 

Any such notice shall be deemed to be delivered, given and received for all purposes as of:  (A) the date so delivered, if delivered personally, (B) upon receipt, if sent by facsimile or e-mail, or (C) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed.

Section 9.4Governing Law.  ALL ISSUES AND QUESTIONS CONCERNING THE APPLICATION, CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, AND SPECIFICALLY THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

Section 9.5Consent to Jurisdiction.  ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT (INCLUDING AGAINST ANY DIRECTOR OR OFFICER OF THE COMPANY) SHALL BE BROUGHT SOLELY IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE AND EACH PARTY HERETO HEREBY SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURT FOR THE PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS.  IN ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING, EACH PARTY HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND AGREES THAT SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED TO IT AT ITS ADDRESS SET FORTH IN THE BOOKS AND RECORDS OF THE COMPANY.  TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OR ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUIT, LEGAL ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

Section 9.6Equitable Remedies.  The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached.  It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the Court of Chancery of the State of Delaware, this being in addition to any other remedy to which they are entitled at law or in equity.  Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto.  Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate.

Section 9.7Construction.  This Agreement shall be construed as if all parties hereto prepared this Agreement.

Section 9.8Counterparts.  This Agreement may be executed in any number of counterparts, and each such counterpart shall for all purposes be deemed an original, and all such counterparts shall together constitute but one and the same agreement.

Section 9.9Third Party Beneficiaries.  Except as set forth in ARTICLE VI nothing in this Agreement, express or implied, is intended or shall be construed to give any Person other than the parties hereto (or their respective legal representatives, successors, heirs and distributees) any legal or equitable right, remedy or claim under or in respect of any agreement or provision contained herein, it being the intention of the parties hereto that this Agreement is for the sole and exclusive benefit of such parties (or such legal representatives, successors, heirs and distributees) and for the benefit of no other Person.

Section 9.10Binding Effect.  Except as otherwise provided herein, all the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors of the parties hereto. The rights of the GFI Representative and Sponsor hereunder are not assignable. Each Sponsor Affiliated Transferee and each Seller Affiliated Transferee shall be subject to all of the terms of this Agreement, and by taking and holding such shares such Person shall be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound by and to comply with all of the terms and provisions of this Agreement.  Notwithstanding the foregoing, no successor or assignee of the Company shall have any rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement of such Person’s acceptance of such rights and obligations.

Section 9.11Severability.  In the event that any provision of this Agreement as applied to any party or to any circumstance, shall be adjudged by a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision in this Agreement, the application of such provision in any other circumstance or with respect to any other party, or the validity or enforceability of the Agreement as a whole.

Section 9.12Reporting.   Each of the Selling Stockholders, the GFI Representative, the Sponsor and the Sponsor Affiliated Transferees acknowledge and agree that nothing in this Agreement shall be deemed to create a group between any of (i) the GFI Representative and Selling Stockholders, on the one hand, and (ii) the Sponsor and Sponsor Affiliated Transferees, on the other hand and that the parties hereto shall not take a reporting position that is inconsistent with the foregoing without the prior consent of the Sponsor and the GFI Representative.

Section 9.13Adjustments Upon Change of Capitalization.  In the event of any change in the outstanding Common Stock, by reason of dividends, splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the term “Common Stock” shall refer to and include the securities received or resulting therefrom, but only to the extent such securities are received in exchange for or in respect of Common Stock.

Section 9.14Amendments; Waivers.

(a)Except as set forth in Section 5.2(c), no provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an amendment, by the Company, the Sponsor and the GFI Representative, or in the case of a waiver, by (i) the Company if such waiver is to be effective against the Company, (ii) the Sponsor if such waiver is to be effective against the Sponsor or (iii) the GFI Representative if such waiver is to be effective against the GFI Representative or the Selling Stockholders; provided, that any amendment or waiver that affects the rights or obligations of 

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any Stockholder hereunder in a manner disproportionately adverse to such Stockholder as compared to the other Stockholders shall require the written consent of such Stockholder.
(b)No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Section 9.15Actions in Other Capacities.  Nothing in this Agreement shall limit, restrict or otherwise affect any actions taken by any Stockholder in its capacity as a stockholder, partner or member of the Company or any of its Subsidiaries or Affiliates. 

IN WITNESS WHEREOF, the parties have caused this Third Amended and Restated Investor Rights Agreement to be duly executed and delivered, all as of the date first set forth above.

COMPANY:

INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC. (f/k/a M III ACQUISITION CORP.)
		
	By:
	/s/ John P. Roehm    

Name:  John P. Roehm
Title:    Chief Executive Officer

SPONSOR:
M III SPONSOR I LLC

		
	By:
	/s/ Mohsin Y. Meghji    

Name:  Mohsin Y. Meghji
Title:    Managing Member

GFI REPRESENTATIVE:

OAKTREE POWER OPPORTUNITIES FUND III DELAWARE, L.P.

By: Oaktree Power Opportunities Fund III GP, L.P.
Its: General Partner
By: Oaktree Fund GP, LLC 
Its: General Partner
By: Oaktree Fund GP I, L.P. 
Its: Managing Member
		
	By:
	/s/ Ian Schapiro    

Name: Ian Schapiro
Title:  Authorized Signatory
By: /s/ Peter Jonna        
Name: Peter Jonna
Title:  Authorized Signatory

SELLER: 

INFRASTRUCTURE AND ENERGY ALTERNATIVES, LLC
		
	By:
	/s/ Ian Schapiro    

Name:  Ian Schapiro
Title:    Authorized Signatory

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Exhibit A
FORM OF JOINDER AGREEMENT TO THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT
[date]

This JOINDER (the “Joinder Agreement”) is made as of [DATE], by and between the Company and undersigned, to the Third Amended and Restated Investor Rights Agreement, dated as of January 23, 2020, (the “Investor Rights Agreement”) by and among Infrastructure and Energy Alternatives, Inc. (f/k/a M III Acquisition Corp.), a Delaware corporation (the “Company”), M III Sponsor I, LLC, a Delaware limited liability company (the “Sponsor”, any Sponsor Affiliated Transferees who become party thereto, Infrastructure and Energy Alternatives, LLC (the “Seller) and any Seller Affiliated Transferees who become a party thereto, Oaktree Power Opportunities Fund III Delaware, L.P., a Delaware limited partnership, in its capacity as the representative of the Selling Stockholders (“GFI Representative”).  Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Third Amended and Restated Investor Rights Agreement.

WHEREAS, on the date hereof, the undersigned has acquired [] shares of Common Stock from []  and the Third Amended and Restated Investor Rights Agreement requires, as a holder of such Common Stock, to become a party to the Second Amended and Restated Investor Rights Agreement, and Holder agrees to do so in accordance with the terms hereof.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Joinder Agreement hereby agree as follows:
		
	1.
	Agreement to be Bound.  The undersigned hereby (i) acknowledges that it has received and reviewed a complete copy of the Third Amended and Restated Investor Rights Agreement and (ii) agrees that upon execution of this Joinder Agreement, it shall become a party to the Third Amended and Restated Investor Rights Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Third Amended and Restated Investor Rights Agreement as though an original party thereto and shall be deemed a [Seller Affiliated Transferee] [Sponsor Affiliated Transferee] for all purposes thereof.

		
	2.
	Successors and Assigns.  Except as otherwise provided herein, this Joinder Agreement shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns.

		
	3.
	Notices.  For purposes of Section 9.3 of the Third Amended and Restated Investor Rights Agreement, all notices, demands or other communications to the Holder shall be directed to the address or email set forth on the signature page hereto.

		
	4.
	Governing Law.  This Joinder Agreement, and any claim, controversy or dispute arising under or related to this Joinder Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of Delaware.  The parties hereto hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this JOINDER Agreement or the transactions contemplated thereby.

		
	5.
	Counterparts.  This Joinder Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Joinder Agreement by facsimile, email or other electronic transmission (i.e., “pdf”) shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

		
	6.
	Amendments.  No amendment or waiver of any provision of this Joinder Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

		
	7.
	Headings.  The headings in this Joinder Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement to the Third Amended and Restated Investor Rights Agreement as of the date first written above.

By: _______________________________
Name:
Title:

 
The foregoing Joinder Agreement to the Third Amended and Restated Investor Rights Agreement is hereby confirmed and accepted as of the date first above written.

Infrastructure and Energy Alternatives, Inc.
(f/k/a M III Acquisition Corp.)
By: _______________________________
Name:
Title:

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