Document:

Exhibit

AMENDED AND RESTATED FOUNDER SHARES AMENDMENT AGREEMENT
 June 6, 2018
Infrastructure and Energy Alternatives, Inc. (f/k/a M III Acquisition Corp.)
6235 Digital Way, Suite 460
Indianapolis, Indiana 46278

Re:    Agreement Relating to Founder Shares
Ladies and Gentlemen:
Reference is made to (i) that certain agreement and plan of merger (as amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), dated as of November 3, 2017, by and among M III Acquisition Corp., a Delaware corporation (“Buyer”), Wind Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of Buyer, Wind Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary of Buyer, IEA Energy Services LLC, a Delaware limited liability company (the “Company”), Infrastructure and Energy Alternatives, LLC, a Delaware limited liability company (the “Seller”), the seller representative party thereto, and for the limited purposes set forth therein, the Sponsor (as defined below), (ii) that certain letter agreement (the “Insider Letter”), dated July 7, 2016, between Buyer and Cantor Fitzgerald & Co. and each of M III Sponsor I LLC, a Delaware limited liability company (“M III LLC”), and M III Sponsor I LP, a Delaware limited partnership (“M III LP” and together with M III LLC, “Sponsor”), Mohsin Y. Meghji, Suleman E. Lunat, Brian Griffith, Andrew L. Farkas, Osbert Hood, and Philip Marber with respect to certain matters, including with respect to the persons listed on Exhibit A hereto, the transfer of shares of common stock of the Buyer (“Common Stock”) held of record by each of them (as further described on Exhibit A hereto, the “Founder Shares”), and (iii) that certain Waiver, Consent and Agreement to Forfeit Founder Shares, dated March 20, 2018, by and among the parties to the Merger Agreement (the “Waiver Agreement”). This letter agreement (this “Agreement”) represents the “Founder Shares Amendment” contemplated by the Merger Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement.
This Amended and Restated Founder Shares Amendment Agreement amends and restates in its entirety the Founder Shares Amendment Agreement dated March 26, 2018 by and among Buyer, the Seller, Sponsor, Osbert Hood and Philip Marber (the “Original Agreement”).  Subsequent to the consummation of the transactions contemplated by the Merger (“Closing”), (i) M III LLC distributed Founder Shares to certain of its members and (ii) the parties hereto have agreed to amend the vesting provisions set forth in the Original Agreement.  This Amended and Restated Founder Shares Amendment Agreement amends and restates the Original Agreement to give effect to the foregoing.
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each holder of Founder Shares and the Seller, hereby agrees, for the benefit of the Buyer and the Seller, as follows:
		
	1.
	Each holder of Earnout Shares (as defined below) agrees that the Earnout Shares held by such holder shall be subject to vesting as follows with:

(a)the “$12 Earnout Shares” irrevocably vesting on the first day upon which the closing sale price of the Common Stock on the NASDAQ has equaled or exceeded $12.00 per share (as 

adjusted for stock splits, dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading day period in a consecutive thirty (30) day trading period;

(b)the “$14 Earnout Shares”  irrevocably vest on the first day upon which the closing sale price of the Common Stock on the NASDAQ has equaled or exceeded $14.00 per share (as adjusted for stock splits, dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading day period in a consecutive thirty (30) day trading period; and

(c)On or prior to the tenth anniversary of the date of this Agreement, all of such holder’s then-unvested Earnout Shares will immediately and irrevocably vest upon the occurrence of any of the following events that results in all of Buyer’s stockholders having the right to exchange their shares of Common Stock for consideration in cash, securities or other property which equals or exceeds $10.00 per share (as adjusted for stock splits, dividends, reorganizations, recapitalizations and the like):
		
	(i)
	a Change of Control (as defined below) shall occur; or

		
	(ii)
	Buyer shall engage in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act or otherwise cease to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act.

2.For purposes of this Agreement:

(a)The term Earnout Shares shall mean (i) with respect to each holder of Founder Shares, the number of Founder Shares set forth on Exhibit A with respect to such holder indicated as Earnout Shares, with the number of $12 Earnout Shares and $14 Earnout Shares specified thereon, and with such number of Earnout Shares subject to adjustment under the Waiver Agreement in connection with any forfeiture of shares thereunder after the date hereof,  and (ii) with respect to the Seller, (A) 299,658 shares out of the 425,000 shares of Common Stock issued to the Seller by the Buyer at Closing pursuant to the Waiver Agreement with 50% of such shares being $12 Earnout Shares and 50% being $14 Earnout Shares, and (B) 70.5% of any additional shares of Common Stock issued to the Seller by the Buyer after the date hereof pursuant to the Waiver Agreement, with 50% of such additional shares of Common Stock constituting $12 Earnout Shares and 50% of such additional shares of Common Stock constituting $14 Earnout Shares, in each case to the extent such shares have not vested in accordance with the terms of this Agreement on or prior to the date of such issuance.

(b)The term “Change of Control” means the occurrence of any of the following events after the date hereof:

		
	(i)
	there is consummated, in accordance with Buyer’s certificate of incorporation and applicable law, the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of Buyer’s assets (determined on a consolidated basis) to any Person or “group” (as such term is used in Section 13(d)(3) of the Exchange Act, or any successor provisions thereto);

		
	(ii)
	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d)(3) of the Exchange Act, or any successor provisions thereto, is or becomes the beneficial owner, directly or indirectly, of securities of Buyer representing more than fifty percent (50%) of the combined voting power of Buyer’s then outstanding Common Stock;

		
	(iii)
	there is consummated a merger or consolidation of Buyer with any other corporation or other entity, and, immediately after the consummation of such 

merger or consolidation, either (x) the Board of Directors of Buyer immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the Person surviving the merger or, if the surviving Person is a Subsidiary, the ultimate Buyer thereof, or (y) the Common Stock immediately prior to such merger or consolidation do not continue to represent or are not converted into more than fifty percent (50%) of the combined voting power of then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving Person is a Subsidiary, the ultimate parent thereof; or
		
	(iv)
	the stockholders of Buyer and the Board of Directors of Buyer approve a plan of liquidation or dissolution of Buyer;

provided, that no Change of Control shall be deemed to have occurred pursuant to the foregoing clauses (i) through (iv), if all of the Common Stock held by Buyer’s stockholders prior to the Change of Control remains outstanding and the Common Stock continues to be listed on a national securities exchange.
		
	3.
	Each holder of Earnout Shares hereby irrevocably and unconditionally agrees that, prior to the vesting thereof, such holder shall not Transfer (as defined below) all or any portion of such holder’s Earnout Shares, other than (i) in the case of each holder of Founder Shares, to a permitted transferee described in subclauses (a) through (d) of Section 7(c) of the Insider Letter and (ii) in the case of the Seller, to a Seller Affiliated Transferee (as defined in the Investor Rights Agreement, dated as of the date hereof, by and between the Seller and the Company and the other parties thereto), in each case of clauses (i) and (ii) who enters into a written agreement for the benefit of the parties to this Agreement pursuant to which such permitted transferee agrees to be bound by the provisions of this Agreement.

		
	4.
	“Transfer” shall mean any direct or indirect offer, sale, assignment, Encumbrance, disposition, loan or other transfer (by operation of Law or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with respect to any offer, sale, assignment, Encumbrance, disposition, loan or other transfer (by operation of Law or otherwise), of any Earnout Shares or interest in any Earnout Shares.

		
	5.
	If the Earnout Shares have not vested on or prior to the ten-year anniversary of the date of the Merger Agreement, the Earnout Shares shall be forfeited to Buyer without consideration and with no further action required of any Person. Upon any such forfeiture, such Earnout Shares shall transfer to Buyer for cancellation and in exchange for no consideration.

		
	6.
	Prior to the vesting of any Earnout Shares hereunder, the holder of such Earnout Shares shall nevertheless retain the right to vote such Earnout Shares.

		
	7.
	Until all Earnout Shares have vested or been forfeited hereunder, an amount equal to any dividends or distributions that would have been payable to the holders of Earnout Shares if the Earnout Shares had vested prior to the record date for such dividends or distributions shall be withheld by the Buyer for the benefit of the holders of the Earnout Shares (the “Withheld Amount”).  If any securities of the Buyer or any other Person are included in the Withheld Amount, then any dividends or distributions in respect of or in exchange for any of such securities in the Withheld Amount, whether by way of stock splits or otherwise, shall be delivered to the Buyer and included in the “Withheld Amount”, and will be released to the Buyer or the holders of the Earnout Shares, as applicable, upon the release of the corresponding securities.  If and when the Earnout Shares vest in accordance with Section 1, the Buyer shall release to the holders of the Earnout Shares, the aggregate amount of the Withheld 

Amount  attributable to the Earnout Shares that have vested and, if applicable, shall continue to withhold any remaining Withheld Amount that is attributable to the Earnout Shares that have not yet vested until such Earnout Shares vest, in which case such remaining Withheld Amount shall be released to the holders of Earnout Shares. If all or any portion of the Earnout Shares are forfeited to the Buyer in accordance with Section 5, then the portion of the Withheld Amount attributable to the portion of the Earnout Shares that have been forfeited to the Buyer, as applicable, shall be forfeited to Buyer without consideration and with no further action required of any person. 

		
	8.
	This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof.  This Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

		
	9.
	No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of each of the other parties hereto. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on each of the parties hereto and their respective successors and assigns.

		
	10.
	This Agreement shall be construed and enforced in accordance with the internal laws of the State of Delaware without regard to the conflict of laws principles thereof. The parties hereto (a) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Agreement shall be brought and enforced in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable Delaware state court), or if under applicable Law exclusive jurisdiction of such action is vested in the federal courts, then the United States District Court for the District of Delaware, and irrevocably submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (b) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

		
	11.
	The parties agree that irreparable damage would occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its terms or otherwise breach such provisions.  Accordingly, the parties acknowledge and agree that the parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at Law or in equity.  Each of the parties agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that the other parties have an adequate remedy at Law or an award of specific performance is not an appropriate remedy for any reason at Law or equity.  Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction.

		
	12.
	Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by electronic mail (with recipient receipt acknowledgment), express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission to Buyer and Seller at the addresses specified 

in the Merger Agreement and to the holders of Founder Shares at the addresses set forth on Exhibit A.

		
	13.
	This Agreement shall immediately terminate, without any further action by the parties hereto, at such time, if any, that the Merger Agreement is terminated in accordance with its terms.

[REMAINDER OF PAGE INTENTIONALLY BLANK]
Please indicate your agreement to the foregoing by signing in the space provided below.

	
			
	 
	M III SPONSOR I LLC

By: M III ACQUISITION PARTNERS I LLC, its managing member

	 
	 
	 

	 
	By:
	/s/ Mohsin Y. Meghji

	 
	Name:
	Mohsin Y. Meghji

	 
	Title:
	Managing Member

	
			
	 
	M III SPONSOR I LP

By: M III ACQUISITION PARTNERS I CORP., its general partner

	 
	 
	 

	 
	By:
	/s/ Sarfaraz Haji

	 
	Name:
	Sarfaraz Haji

	 
	Title:
	Group Chief Financial Officer

	 
	 
	 

	 
	By:
	/s/ Osbert Hood

	 
	Name:
	Osbert Hood

	 
	 
	 

	 
	By:
	/s/ Phillip Marber

	 
	Name:
	Phillip Marber

	 
	 
	 

	 
	 
	 

	
			
	 
	INFRASTRUCTURE AND ENERGY ALTERNATIVES, LLC

	 
	 
	 

	 
	By:
	/s/ Ian Schapiro

	 
	Name:
	Ian Schapiro

	 
	Title:
	Authorized Signatory

	
			
	 
	INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC. (F/K/A M III ACQUISITION CORP.)

	 
	 
	 

	 
	By:
	/s/ Andrew Layman

	 
	Name:
	Andrew Layman

	 
	Title:
	Chief Financial OfficerExhibit 10.1

 

May 29, 2018

 

Anne Martin-Vachon

51 Chemin Forsyth

Trois-Rivieres, Quebec

Canada

G8W 2S5

 

 

Dear Anne,

 

On behalf of EVINE Live Inc. (the “Company”),
I am delighted to confirm the details of your offer:

 

TITLE, EFFECTIVE DATE and RESPONSIBILITIES

 

Your title will be President and you will
report to the Chief Executive Officer, currently Bob Rosenblatt. Your start date will be August 1, 2018 (the “Start Date”).
You will generally work out of the Company’s Eden Prairie, Minnesota office, but you are expected to travel as required.
It is expected as a Company employee that you will continue to: (i) devote your business time and attention, your best efforts,
and all of your skill and ability to promote the interests of the Company; (ii) carry out your duties in a diligent, competent,
faithful and professional manner; (iii) work with other employees of the Company in a competent and professional manner; (iv) comply
with all of the Company’s policies, as in effect from time to time; and (v) generally promote the interests of the Company.
We are delighted to support you with continuation of your role on the Board of Directors for the Gildan Corporation.

 

 

COMPENSATION

 

Base Salary: As of the Effective
Date, your base salary will be at the rate of $650,000 per year, less all applicable deductions and withholdings. Such salary will
be paid in accordance with the Company’s regular payroll practices. Your salary will continue to be reviewed from time to
time in accordance with Company policy.

 

Sign-on Bonus: We are pleased to
offer you a sign-on bonus in the amount of $25,000.00 (less applicable taxes and withholdings). This bonus will be paid in one
lump sum in a separate check on a regularly scheduled pay date after you start and within 30 days of your Start Date. Per the Sign-on
Bonus Repayment Agreement, signed by you, in the event that you leave The Company within 12 months of your Start Date, you will
be responsible for reimbursing the company for the entire sign-on bonus.

 

Discretionary Annual Bonuses: You
will be eligible for annual discretionary bonuses, which shall be based on your performance, the Company’s performance, and
such other factors as determined by the Company, with a target bonus of 80% of your FY gross annual salary and a maximum bonus
of 160% of your FY gross annual salary. Whether or not any bonus payment will be made to you, and, if so, in what amount, will
be determined by the Company’s Board of Directors (the “Board”) in its sole discretion, and any bonus is subject
to the terms and conditions established by the Board. Your bonus eligibility begins with respect to the 2018 fiscal year, and will
be prorated based on your Start Date. In order to be eligible for any bonus, you must be an active employee at, and not have given
or received notice of termination of your employment prior to, the time of the payment of such bonus. Please note that payment
of a bonus in any year or years does not in any way guarantee payment of a bonus in any other year or years.

    

    

    

 

Sign-on award: Subject to approval
by the Board and your execution of a written award agreement provided by the Company, you will be granted 200,000 shares of the
Company’s common stock. The form of the award will be split 50% in restricted stock units and 50% in options to purchase
shares of the Company’s common stock at a price per share equal to the closing fair market value on your Start Date with
the Company as a sign-on award.  Your sign-on award will vest on a 3-year vesting schedule: 66,666 on 8/1/2019, 66,666 on
8/1/2020 and 66,667 on 8/1/2021. This sign-on award will be subject to the terms and conditions set forth in the written award
agreement and the terms and conditions applicable in the Company’s 2011 Omnibus Incentive Plan.

 

Long-Term Incentive
Awards: Effective in 2019 and subject to approval by the Board and your execution of written award agreements provided by the
Company, you will be awarded a long-term incentive equity grant with a grant date fair market value of 100% of your base salary.
The form of the grant will be split between performance share unites and options to purchase shares of the Company’s common
stock. This long-term incentive award will be subject to the terms and conditions set forth in the written award agreements and
the terms and conditions applicable in the Company’s 2011 Omnibus Incentive Plan. The Plan is administered at the sole discretion
of the Board, upon such terms and conditions as determined by the HR & Compensation Committee of the Board and as set forth
in any written award agreement and any applicable plan.

 

 

BENEFITS

 

You are eligible to participate in any
present or future employee benefit programs established by the Company for its employees generally or for all employees at your
organizational level, subject to the Company’s right to modify or terminate such benefit plans or programs at any time in
its sole discretion and subject to the eligibility requirements and rules of each such plan or program. You will be eligible to
enroll in the Company’s health insurance plans as of September 1, 2018, provided that you enroll within 31 days after such
date.

 

You will also be eligible for paid time
off in accordance with Company policy, as in effect from time to time. Under current Company policy, based on your scheduled hours
and Start Date, you will be eligible for 160 PTO (paid time off) hours and 2 floating holidays each calendar year. Paid time off
does not carry over from year to year and you will not be paid for unused paid time off at any time, including upon termination
of employment.

 

Relocation Reimbursement: You are
eligible to receive the Company’s Executive Relocation package. Details of that Program are set forth in the EVINE Live
Relocation Handbook. If within two (2) years following the Start Date you voluntarily resign from the Company or your employment
is terminated by the Company for cause, within thirty (30) days following the termination date, you will be required to repay
to the Company the relocation payments paid to you or on your behalf multiplied by a fraction the numerator of which is 730 minus
the number of days you were employed by the Company and the denominator of which is 730. Except as prohibited by applicable law,
you authorize the Company to offset all or part of any such repayment against any payments the Company may owe to you at the time
of termination.

 

 

EMPLOYMENT AT WILL

 

Your employment with the Company is at
will, which means that it is subject to termination by either you or the Company at any time, for any reason, with or without cause.
This letter serves to outline the terms of our employment offer, but it does not constitute a contract of employment for any specific
length of time.

 

CAUSE: “Cause” is defined
as (i) your commission of an act of fraud or another act that results in or is intended to result in your personal enrichment at
the expense of the Company, including and without limitation to theft or embezzlement from the Company, (ii) public conduct by
you materially detrimental to the reputation of the Company, (iii) the material violation by you of any written Company policy,
regulation or practice; (iv) your willful or grossly negligent failure to adequately perform the duties of your position to the
material detriment of the Company; (v) your commission of conduct constituting a felony; (vi) your habitual intoxication, drug
use or chemical substance use; (vii) your excessive absenteeism unrelated to illness or permitted time off, (viii) your nonconformance
with the significant standard business practices or policies of the Company, (ix) misconduct or negligence by you in the workplace,
including, but not limited to, insubordination; and (x) any breach (not covered by clauses (i) through (ix) above) of any provision
of this Agreement.

 

    

    

    

 

PROTECTIVE COVENANTS

 

As a condition of your employment, you
will be required to sign a protective covenants agreement, a copy of which is enclosed (the “Protective Covenants Agreement”).

 

TERMS OF OFFER

 

The Company extends this offer to you contingent
on verification of your prior employment and educational information, satisfactory results from our reference, credit, and background
checks, and verification of your identity and right to work in the United States. The Company reserves the right to change any
of the terms or condition of your employment on a going-forward basis at any time in its sole discretion.

 

MISCELLANEOUS

 

This letter and the enclosed Protective
Covenants Agreement contain the entire agreement between us. You acknowledge that you have not relied upon any representations
(oral or otherwise) other than those explicitly stated in this offer letter. All payments made to you will be subject to applicable
withholding taxes. The terms of this letter and all rights and obligations of the parties hereto, including its enforcement, shall
be interpreted and governed by the laws of Minnesota. No amendment or modification of this letter shall be valid or binding upon
the parties unless in writing and signed by the Company. The Company shall have the right to assign this letter, and, accordingly,
this letter shall inure to the benefit of, and may be enforced by, any and all successors and assigns of the Company. Your rights
and obligations under this letter are personal to you, and you shall not have the right to assign or otherwise transfer your rights
or obligations under this letter.

 

Anne, we are very excited about you joining
EVINE Live and wish you every success in your new position. If I can be of any assistance, please do not hesitate to contact me
at (952) 943-6731.

 

 

Sincerely,

 

	/s/ Lori Riley

Lori Riley

SVP, Chief Human Resources Officer

 

 

	/s/ Anne Martin-Vachon

Anne Martin-Vachon

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