Document:

Exhibit 10.1

 

AMENDMENT
TO

 

EMPLOYMENT
AGREEMENT AND RSU AGREEMENT

 

This
AMENDMENT TO EMPLOYMENT AGREEMENT AND RSU AGREEMENT (“Amendment”) is entered into as of December 30,
2020 by and among NESCO Holdings, Inc., a Delaware corporation (the “Company”), and Joshua Boone (“Executive”).

 

WHEREAS,
the Company and Executive previously entered into that certain Employment Agreement, dated as of May 15, 2020 (the “Original
Agreement”), and that certain Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement, dated as of
June 15, 2020 (the “RSU Agreement”); and

 

WHEREAS,
the Company and Executive desire to amend certain terms of the Original Agreement and the RSU Agreement as set forth herein.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein, the Company and Executive, intending to
be legally bound, hereby agree as follows:

 

1. The
vesting schedule set forth in the RSU Agreement is hereby deleted in its entirety and replaced with the following:

 

“Vesting
Schedule: Subject to the terms of the Agreement, the RSUs will vest in four equal annual installments occurring on each of
the first four anniversaries of the vesting commencement date set forth above (the “Vesting Commencement Date”),
provided that (1) fifty percent (50%) of the RSUs otherwise scheduled to vest on a given vesting date will vest no earlier than
the first date after the Grant Date on which the Company’s ten day average closing stock price on the New York Stock Exchange
equals or exceeds $6.00 per share and (2) fifty percent (50%) of the RSUs otherwise scheduled to vest on a given vesting date
will vest no earlier than the first date after the Grant Date on which the Company’s ten day average closing stock price
on the New York Stock Exchange equals or exceeds (a) if at any time a Qualifying Termination occurs, $8.00 per share or (b) in
all other events, $10.00 per share. A “Qualifying Termination” is Participant’s Termination of
Service by the Company without Cause or by Participant for “Good Reason” (as defined in the Employment Agreement entered
into by and between the Company and Participant, dated as of May 15, 2020, as amended) within twelve (12) months following a Change
in Control.”

 

2. Sections
2.1(b) and (c) of the RSU Agreement are hereby deleted in their entirety and replaced with the following:

 

“(b) Notwithstanding
the foregoing, in the event Participant incurs a Termination of Service by reason of Participant’s death or Disability,
the Participant will, immediately prior to such Termination of Service, vest in any RSUs that would have become vested had Participant
remained employed or in service with the Company or its Subsidiaries until the first anniversary of the date of the Participant’s
Termination of Service.”

 

     

     

    

 

3. Sections
4(f)(iii) and (iv) of the Original Agreement are hereby deleted in their entirety and replaced with the following:

 

“(iii) Termination
Without Cause (including a Company Non-Renewal of the Employment Term). In addition to the amounts payable under Section 4(f)(i),
in the event that the Company terminates Executive’s employment as a result of a non-renewal of the Employment term or without
Cause pursuant to Section 2(a) or Section 4(c), respectively, subject to (x) Executive’s executing, and
not subsequently revoking, a general release of all claims arising under this Agreement or otherwise related to Executive’s
employment by the Company in substantially the form attached hereto as Exhibit A (a “Release”),
in accordance with Section 16(d), and (y) Executive’s continued compliance with the Restrictive Covenant
Agreement (as defined in Section 5), the Company shall (A) continue to pay, in accordance with its normal payroll
practices, Executive’s Salary for the period beginning on the date of termination of Executive’s employment (the “Date
of Termination”) and ending on the (i) six (6)-month anniversary of the Date of Termination if such Date of Termination
occurs prior to the second anniversary of the Effective Date, (ii) nine (9)-month anniversary of the Date of Termination if such
Date of Termination occurs between the second anniversary of the Effective Date and prior to the third anniversary of the Effective
Date or (iii) twelve (12)-month anniversary of the Date of Termination if such Date of Termination occurs either (I) on or after
the third anniversary of the Effective Date or (II) upon or following the occurrence of a Change in Control (as defined in the
Plan, and any such period under this clause (A), the “Severance Period”), (B) during the Severance
Period, pay Executive a monthly cash amount, less taxes and withholdings, equal to the premium costs incurred by Executive (and
Executive’s spouse and dependents, where applicable) to obtain COBRA coverage pursuant to one of the group health plans
sponsored by Company, and (C) pay any Bonus if declared or earned but not yet paid for a completed calendar year (collectively,
clauses (A) through (C) are the “Severance Benefits”). Provided Executive signs and does not revoke
a Release in accordance with Section 16(d), Executive shall also be entitled to (x) if the Date of Termination occurs on or within
12 months following a Change in Control (the “CiC Protection Period”), (A) accelerated vesting of all
service-based criteria for outstanding equity awards held by Executive (including the Options and the service-based vesting component
of the RSUs) and (B) any equity awards held by Executive that vest based on performance-based criteria (including the RSUs) shall
remain eligible to vest for two years following the Date of Termination upon attainment of the applicable performance criteria
contained therein or (y) if the Date of Termination occurs outside of the CiC Protection Period, (A) accelerated vesting of all
service-based criteria for outstanding equity awards held by Executive (including the Options and the service-based vesting component
of the RSUs) and which are scheduled to vest within one year following the Date of Termination and (B) any equity awards held
by Executive that vest based on performance-based criteria (including the RSUs) shall remain outstanding and eligible to vest
for one year following the Date of Termination upon attainment of the applicable performance criteria contained therein (subject
in all events to earlier termination upon the occurrence of a corporate transaction or event in accordance with the terms of the
document governing such awards). Any equity awards not otherwise vested (x) at the end of the two-year period following Executive’s
termination of employment pursuant to this Section 4(f)(iii) that occurs during the CiC Protection Period or (y) at the end of
the one-year period following Executive’s termination of employment pursuant to this Section 4(f)(iii) that occurs outside
of the CiC Protection Period shall be forfeited for no consideration.

 

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(iv) Resignation
from the Company for Good Reason. In addition to the amounts payable under Section 4(f)(i), in the event that
the Executive resigns Executive’s employment with the Company for Good Reason pursuant to Section 4(e), subject to
(x) Executive’s executing, and not subsequently revoking, a Release in accordance with Section 16(d), and
(y) Executive’s continued compliance with the Restrictive Covenant Agreement, Executive shall be entitled to (i) the
Severance Benefits and (ii) (A) if the Date of Termination occurs during the CiC Protection Period, (I) accelerated vesting of
all service-based criteria for outstanding equity awards held by Executive (including the Options and the service-based vesting
component of the RSUs) and (II) any equity awards held by Executive that vest based on performance-based criteria (including the
RSUs) shall remain outstanding and eligible to vest for two years following the Date of Termination upon attainment of the applicable
performance criteria contained therein (subject in all events to earlier termination upon the occurrence of a corporate transaction
or event in accordance with the terms of the document governing such awards) or (B) if the Date of Termination occurs outside
of the CiC Protection Period, (I) accelerated vesting of all service-based criteria for outstanding equity awards held by Executive
(including the Options and the service-based vesting component of the RSUs) and which are scheduled to vest within one year following
the Date of Termination and (II) any equity awards held by Executive that vest based on performance-based criteria (including
the RSUs) shall remain eligible to vest for one year following the Date of Termination upon attainment of the applicable performance
criteria contained therein. Any equity awards not otherwise vested (x) at the end of the two-year period following Executive’s
termination of employment pursuant to this Section 4(f)(iv) that occurs during the CiC Protection Period or (y) at the end of
the one-year period following Executive’s termination of employment pursuant to this Section 4(f)(iv) that occurs outside
of the CiC Protection Period shall be forfeited for no consideration.”

 

4. This
Amendment shall be and is hereby incorporated in and forms a part of the Original Agreement and the RSU Agreement in applicable
part. This Amendment constitutes the entire agreement of the parties and supersedes in their entirety all prior undertakings and
agreements of the Company and Executive with respect to the subject matter hereof.

 

5. All
other terms and provisions of the Original Agreement and the RSU Agreement shall remain unchanged except as specifically modified
herein.

 

[Remainder
of page intentionally left blank.  Next page is signature page.]

 

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IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

NESCO
Holdings, Inc.

 

	/s/ Lee Jacobson	 
	Name: Lee Jacobson	 
	Position: Chief Executive Officer	 

 

EXECUTIVE

 

	/s/ Joshua Boone	 
	Name: Joshua Boone	 

 

[Signature Page to Amendment to Employment
Agreement and RSU Agreement]

 

 

4Exhibit 10.1

 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

RMG SPONSOR III, LLC

PROMISSORY NOTE

 

	Principal Amount: Up to U.S.$300,000	Dated as of December 30, 2020

 

FOR VALUE RECEIVED and subject to the terms
and conditions set forth herein, RMG Sponsor III, LLC, a Delaware limited liability company (“Maker”), promises
to pay to MKC Investments LLC (“Payee”), or order, the principal sum of Three Hundred Thousand U.S. Dollars
(U.S.$300,000) or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid under this Note on the
Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below.
All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by
Maker to such account as Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal. The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) December
31, 2021, and (ii) the date on which RMG Acquisition Corp. III consummates an initial public offering of its securities (such
earlier date of (i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default
(as defined below). The principal balance may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally
for any obligations or liabilities of Maker hereunder.

 

2.            Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand U.S.
Dollars (U.S.$300,000) in draw downs under this Note. The principal of this Note may be drawn down from time to time prior to the
Maturity Date upon request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state
the amount to be drawn down, and must not be an amount less than Ten Thousand U.S. Dollars (U.S. $10,000) unless agreed upon by
Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request;
provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Three
Hundred Thousand U.S. Dollars (U.S.$300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as
a result of, any Drawdown Request by Maker.

 

3.            Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

4.            Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

    	 	 	 

     

    

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)             Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the
Maturity Date.

 

(b)             Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts
as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)             Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of sixty (60) consecutive days.

 

6.            Remedies.

 

(a)             Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)             Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

7.            Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

    	 	2	 

     

    

 

9.            Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other
address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address
most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.          Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

11.          Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

12.          Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of Maker and Payee.

 

13.          Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	RMG SPONSOR III, LLC
	 	 	 	 
	 	By:	/s/ Philip Kassin
	 	 	Name:	Philip Kassin
	 	 	Title: 	President

 

	Agreed and acknowledged:	 
	 	 	 	 
	MKC INVESTMENTS LLC	 
	 	 	 	 
	By:	/s/ Philip Kassin	 
	 	Name:	 Philip Kassin	 
	 	Title:	 President	 

 

[Signature Page
to Sponsor Promissory Note]

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