Document:

EX-10.1

 Exhibit 10.1 
 

 
 Quanta Services, Inc. 

Term Sheet 
 2020 Annual
Incentive Plan – Corporate Employees 
 Participants 

Employees will be selected to participate in the Plan at the discretion of the CEO, provided that executive officers will be selected with the approval of the
Compensation Committee after consultation with the CEO. 
 Target Incentive 

A target incentive amount, representing a specified percentage of annual base salary, has been established for each participant in the Plan. 

Performance Period 
 One year beginning on
January 1, 2020 through December 31, 2020. 
 Company Performance Metrics and Weighting 

Metrics and Weighting, which are determined by Compensation Committee annually, are as follows for 2020: 

 

	 	•	 	 EBITDA 60% 

  

	 	•	 	 EBITDA Margin 20% 

  

	 	•	 	 Safety 20% 

The payout on each metric will be determined based on the level of achievement as determined by the Compensation Committee relative to pre-established goals, according to the following table: 
  

			
	 Percent of Achievement
	  	 Payout Percentage

	 Less than Minimum Threshold
	  	0%
	 25%
	  	25%
	 50%
	  	50%
	 100%
	  	100%
	 150%
	  	150%
	 200%
	  	200%

 Administration and Limitations 
  

	 	•	 	 The salary in effect on December 31, 2020 will be used in the calculation. 

 

	 	•	 	 When performance falls between the designated points in the table, the incentive will be determined by
interpolation. 

  

	 	•	 	 Any incentive will be subject to (i) assessment of overall company performance to ensure that payout of
incentives will not jeopardize the financial stability of the company, and (ii) discretion of Quanta management regarding individual performance. 

  

	 	•	 	 A participant must be employed by the company on the date incentive compensation under the Plan is paid. Any
participant not employed by the company on the payment date 

	 	 
forfeits any and all rights to such incentive compensation. It is the company’s intention to pay incentive compensation earned under the plan in March following the end of the calculation
period. 

  

	 	•	 	 A new participant added to this Plan during the Plan year will be
pro-rated from their date of hire unless otherwise determined by the CEO or, in the case of any executive officer, the Compensation Committee. 

Clawback Provision 
 Notwithstanding anything
herein to the contrary, any and all incentive compensation awarded or paid by the Company shall be subject to clawback, forfeiture and repayment (i) to the extent necessary to comply with the requirements of applicable law, the rules and
regulations of the Securities and Exchange Commission, applicable stock exchange listing standards, or the Company’s clawback policy, as amended from time to time, or (ii) to the extent deemed appropriate by the Board of Directors or any
committee thereof, upon its determination that the recipient has violated applicable restrictive covenants.
 Incentive Payout 

Any incentive earned under the Annual Incentive Plan is intended to be paid in cash. 

  
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 Quanta Services, Inc. 

Term Sheet 
 2020 Sr.
Leadership Long-Term Incentive Plan 
 Participants 

Employees will be selected to participate in the Plan with the approval of the Compensation Committee after consultation with the CEO. 

Target Incentive 
 A target incentive amount,
representing a specified percentage of annual base salary, has been established for each participant in the Plan. 
 Performance Period 

Three years beginning on January 1, 2020 through December 31, 2022.  

Company Performance Component 
 A specified
percentage (namely, 70% with respect to the CEO, 60% with respect to senior leadership personnel whose annual base salary rate is expected to exceed $350,000 as of December 31, 2020 or works in an Operations position, and 50% with respect to
other senior leadership personnel) of a participant’s long-term incentive target value will be awarded in performance stock units that, subject to the terms of the applicable award agreement, cliff vest following the end of the three-year
performance period at the rate determined by the Committee based on the achievement of company financial performance metrics. 
 Company Performance
Metrics and Weighting 
 Metrics and Weighting, which are determined by Compensation Committee shortly following commencement of the performance
period, are as follows for 2020-2022: 
  

	 	•	 	 ROIC with TSR Modifier 65% 

 

	 	•	 	 Capital Efficiency 15% 

 

	 	•	 	 Composite Driving Safety 10% 

 

	 	•	 	 Sustainability: Idle Time Reduction 10% 

The vesting rate or payout percentage on each metric will be determined following conclusion of the three-year performance period based on the level of
achievement relative to pre-established goals as certified by the Compensation Committee. 
 Individual
Component 
 The remaining percentage (or 30% with respect to the CEO, 40% with respect to senior leadership personnel whose annual base salary rate
is expected to exceed $350,000 as of December 31, 2020 or works in an Operations position, and 50% with respect to other senior leadership personnel) of a participant’s long-term incentive target value will be awarded in time-vested
restricted stock units that, subject to the terms of the applicable award agreement, vest ratably over a three-year period following the date of grant. 

 Administration and Limitations 

 

	 	•	 	 Any incentive will be subject to (i) assessment of overall company performance to ensure that payout of
incentives will not jeopardize the financial stability of the company and (ii) discretion of Quanta management regarding individual performance, and (iii) approval by the Compensation Committee. 

 

	 	•	 	 It is intended that incentives pursuant to the Long-Term Incentive Plan be granted in equity-based awards, such
as performance stock units and restricted stock units described above, that may be settled solely in common stock. However, with the approval of the Compensation Committee after consultation with the CEO, incentives pursuant to this plan may be
granted in (or substituted with) equity-based awards that may be settled in cash. 

  

	 	•	 	 Generally, a participant must be employed by the company on the date of vesting to be eligible to receive the
payout, and any participant not employed by the company on the vesting date forfeits any and all rights to such payout. However, the Compensation Committee, after consultation with the CEO, may determine to permit a participant who leaves prior to
the completion of the three-year performance period to receive his or her payout, or some portion of it. 

  

	 	•	 	 Awards to a new participant added to this Plan during the first nine months of the performance period generally
will be pro-rated from their date of hire unless otherwise determined by the Compensation Committee. 

Clawback Provision 
 Notwithstanding anything
herein to the contrary, any and all incentive compensation awarded or paid by the Company shall be subject to clawback, forfeiture and repayment (i) to the extent necessary to comply with the requirements of applicable law, the rules and
regulations of the Securities and Exchange Commission, applicable stock exchange listing standards, or the Company’s clawback policy, as amended from time to time, or (ii) to the extent deemed appropriate by the Board of Directors or any
committee thereof, upon its determination that the recipient has violated applicable restrictive covenants.

  
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 Quanta Services, Inc. 

Term Sheet 
 2020
Discretionary Plan – All Employees 
 Participants 

Employees may be selected to receive an award pursuant to this Plan at the discretion of the CEO, provided that any such award to an executive officer shall be
subject to Compensation Committee approval. 
 Awards 

Awards may be made in cash, restricted stock units, or a combination thereof. 

Administration and Limitations 
  

	 	•	 	 A participant must be employed by the company on the date the award is paid. Any participant not employed by the
company on the payment date forfeits any and all rights to such award. It is the company’s intention to pay the awards under the plan in March. 

Clawback Provision 
 Notwithstanding anything
herein to the contrary, any and all incentive compensation awarded or paid by the Company shall be subject to clawback, forfeiture and repayment (i) to the extent necessary to comply with the requirements of applicable law, the rules and
regulations of the Securities and Exchange Commission, applicable stock exchange listing standards, or the Company’s clawback policy, as amended from time to time, or (ii) to the extent deemed appropriate by the Board of Directors or any
committee thereof, upon its determination that the recipient has violated applicable restrictive covenants.Exhibit 10.1

 

AMENDMENT NO. 3 TO THE INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

THIS AMENDMENT NO.
3 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of March 30, 2020, by and
between Gordon Pointe Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Trustee”). Capitalized terms contained in
this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in the Original
Agreement (as defined below).

 

WHEREAS, on January
30, 2018, the Company consummated an initial public offering (the “Offering”) of units of the Company’s
equity securities, each such unit comprised of one share of the Company’s Class A common stock, par value $0.0001 per share
(“Common Stock”), and one warrant to purchase one share of Common Stock;

 

WHEREAS, the Company
entered into an Underwriting Agreement with B. Riley FBR, Inc., as representative (the “Representative”)
of the several underwriters (the “Underwriters”) named therein (the “Underwriting Agreement”);

 

WHEREAS, $126,250,000
of the gross proceeds of the Offering and sale of the Placement Warrants (as defined in the Underwriting Agreement) were delivered
to the Trustee to be deposited and held in a segregated trust account located in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Company’s Common Stock included in the Units issued in the Offering
pursuant to the investment management trust agreement made effective as of January 24, 2018, by and between the Company and the
Trustee (as amended, the “Original Agreement”) (the amount delivered to the Trustee (and any interest
subsequently earned thereon), including the proceeds from any loans made by the Company’s sponsor or its affiliates in connection
with the Extension Amendment (as hereinafter defined) is referred to herein as the “Property”);

 

WHEREAS, the Company
has sought the approval of its stockholders at a meeting of its stockholders to: (i) extend the date before which the Company must
complete a business combination from March 30, 2020 to May 14, 2020 (the “Extension Amendment”) and (ii)
extend the date on which the Trustee must liquidate the Trust Account if the Company has not completed a business combination from
March 30, 2020 to May 14, 2020 (the “Trust Amendment”);

 

WHEREAS, holders of
at least sixty-five percent (65%) of the Company’s outstanding shares of common stock approved the Extension Amendment and
the Trust Amendment; and

 

WHEREAS, the parties
desire to amend and restate the Original Agreement to, among other things, reflect amendments to the Original Agreement contemplated
by the Trust Amendment.

 

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

 

		1.	Amendment of Trust Agreement. Section 1(i) of the Original Agreement is hereby amended
and restated in its entirety as follows:

 

(i)  Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial
Officer, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized
officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including
interest not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest that may
be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred
to therein, or (y) May 14, 2020, if a Termination Letter has not been received by the Trustee prior to such date, in which case
the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit
B and the Property in the Trust Account, including interest not previously released to the Company to pay its franchise and
income taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed
to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a
Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property
because it has received no such Termination Letter by May 14, 2020, the Trustee shall keep the Trust Account open until twelve
(12) months following the date the Property has been distributed to the Public Stockholders;

 

		2.	Miscellaneous Provisions.

 

		(a)	Successors.  All the covenants and provisions of this Amendment by or for
the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted respective successors and assigns.

 

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		(b)	Severability.  This Amendment shall be deemed severable, and the invalidity
or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any
other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto
intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision
as may be possible and be valid and enforceable.

 

		(c)	Applicable Law.  This Amendment shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction.

 

		(d)	Counterparts. This Amendment may be executed in several original or facsimile counterparts,
each one of which shall constitute an original, and together shall constitute but one instrument.

 

		(e)	Effect of Headings.  The section headings herein are for convenience only
and are not part of this Amendment and shall not affect the interpretation thereof.

 

		(f)	Entire Agreement.  The Original Agreement, as modified by this Amendment,
constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises
and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements,
understandings, arrangements, promises and commitments are hereby canceled and terminated.

 

[Signature page follows]

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the date first set forth above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, 
	 	as Trustee 
	 	 
	 	By: 	/s/ Francis E. Wolf, Jr.
	 	Name: 	Francis E. Wolf, Jr.
	 	Title: 	Vice President
	 	 
	 	GORDON POINTE ACQUISITION CORP.
	 	 
	 	By: 	/s/ James J. Dolan
	 	Name:	 James J. Dolan
	 	Title: 	Chief Executive Officer

 

 

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