Document:

Exhibit

VOTING AGREEMENT
VOTING AGREEMENT, dated as of October 29, 2019 (this “Agreement”), by and among (a) Infrastructure and Energy Alternatives, Inc., a Delaware corporation with offices located at 6325 Digital Way, Suite 460, Indianapolis, Indiana 46278 (the “Company”), (b) Infrastructure and Energy Alternatives, LLC, a Delaware limited liability company (“IEA LLC”) and OT POF IEA Preferred B Aggregator, L.P. (“OT LP”, and together with IEA LLC, the “Oaktree Stockholders”), and (c) M III Sponsor I LLC, a Delaware limited liability corporation (“M III Sponsor”), Mohsin Y. Meghji (“Meghji”), Mohsin Meghji 2016 Gift Trust (the “Meghji Trust”) and Charles Garner (“Garner”, together with M III Sponsor, Meghji and the Meghji Trust, the “M III Stockholders” and, collectively with the Oaktree Stockholders, the “Stockholders”).
WHEREAS, concurrently herewith, the Company is entering into an Equity Commitment Agreement (the “Equity Commitment Agreement”, as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof; capitalized terms not defined herein shall have the meanings ascribed to them in the Equity Commitment Agreement), with Ares Special Situations Fund IV, L.P., a Delaware limited partnership (“Ares SSF”), ASOF Holdings I, L.P., a Delaware limited partnership (“ASOF” and, together with Ares SSF, “Ares”), Oaktree Power Opportunities Fund III Delaware, L.P., a Delaware limited partnership (“OPPF” and, collectively with the Oaktree Stockholders, “Oaktree”), and the Oaktree Stockholders, pursuant to which, on the terms and subject to the conditions set forth therein, the Company will issue to Ares and Ares will purchase from the Company at the initial closing 80,000 shares of Series B-3 Preferred Stock and 3,568,750 Warrants and Ares and Oaktree will commit to purchase up to 30,000 additional shares of Series B-3 Preferred Stock with associated Warrants;
WHEREAS, in connection with the Equity Commitment Agreement, the Company is entering into the Series A Preferred Exchange Agreement (the “Series A Preferred Exchange Agreement”) pursuant to which IEA LLC has agreed to exchange 17,482.5 shares of the Company’s Series A Preferred Stock representing 50% of the Company’s Series A Preferred Stock held by IEA LLC as of the date hereof in exchange for the number of shares of Series B-3 Preferred Stock and number of warrants to purchase Common Stock, in each case, calculated in accordance with the terms of the Series A Preferred Exchange Agreement;
WHEREAS, as of the date hereof, (a) M III Sponsor owns 484,464 shares of Common Stock (the “M III Sponsor Shares”), which represent (i) approximately 2.2% of the total issued and outstanding Common Stock and (ii) approximately 2.2% of the total voting power of the Company, (b) Meghji owns 387,744 shares of Common Stock (the “Meghji Shares”), which represent (i) approximately 1.7% of the total issued and outstanding Common Stock and (ii) approximately 1.7% of the total voting power of the Company, (c) the Meghji Trust owns 305,376 shares of Common Stock (the “Meghji Trust Shares”), which represent (i) approximately 1.4% of the total issued and outstanding Common Stock and (ii) approximately 1.4% of the total voting power of the Company, and (d) Garner owns 123,883 shares of Common Stock (the “Garner Shares” and, together with the M III Sponsor Shares, the Meghji Shares and the Meghji Trust Shares, the “M III Shares”), which represent (i) approximately 0.6% of the total issued and outstanding Common Stock and (ii) approximately 0.6% of the total voting power of the Company,
WHEREAS, as of the date hereof, the Oaktree Stockholders own 10,313,500 shares of Common Stock (the “Oaktree Shares”, and together with the MIII Shares, the “Stockholder Shares”), which represent (i) approximately 46.3% of the total issued and outstanding Common Stock and (ii) approximately 46.3% of the total voting power of the Company; 
WHEREAS, as of the date hereof, the Oaktree Stockholders additionally own 10,974,268 shares of Common Stock issuable upon conversion of the Series A Preferred Stock of the Company and certain warrants; and
WHEREAS, in connection with the issuance of the Series B-3 Preferred Stock and related Warrants, the Stockholders have agreed to enter into this Agreement with respect to all of the Stockholder Shares and any other securities of the Company now owned (the “Other Securities”, and together with the Stockholder Shares, the “Stockholder Securities”), if any, which such Stockholder is currently entitled to vote, or after the date hereof becomes entitled to vote, at any meeting of the stockholders of the Company.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

ARTICLE I

VOTING AGREEMENT OF THE STOCKHOLDERS
SECTION 1.01.  Voting Agreement.  Subject to the last sentence of this Section 1.01, each Stockholder hereby severally agrees that at any meeting of the stockholders of the Company, however called, and in any action by written consent of the Company’s stockholders, each Stockholder shall vote the Stockholder Securities, which such Stockholder is currently entitled to vote, or after the date hereof become entitled to vote, at any meeting of the stockholders of the Company in favor of (a) the Stockholder Rule 5635 Approval in accordance with Section 5.6(f) of the Equity Commitment Agreement (the “Stockholder Rule 5635 Approval”).  The Stockholders each acknowledge receipt and review of a copy of the Equity Commitment Agreement.  The obligations of each Stockholder under this Section 1.01 shall terminate immediately following the earlier of (i) the Encumbering of the Stockholder Securities of such Stockholder in compliance with Section 4.01, provided that, subject to the proviso to Section 4.01, transferees pursuant to Section 4.01 are not released or discharged of their obligations under this Section 1.01, (ii) the occurrence of the Stockholder Rule 5635 Approval and (iii) the date on which no further Warrants may be issued pursuant to Section 5.6(e) of the Equity Commitment Agreement.  
SECTION 1.02.  Other Votes.  Notwithstanding anything in this Article I to the contrary, each Stockholder shall remain free to vote the Stockholder Securities with respect to any matter not covered by Section 1.01,  in any manner the Stockholder deems appropriate, subject to the Second Amended and Restated Investor Rights Agreement, dated as of August 30, 2019, by and among the Company, MIII, IEA LLC, Selling Stockholders party thereto and OPPF, as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof (the “A&R Investor Rights Agreement”) and the Company’s certificate of incorporation and bylaws.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS
Each Stockholder hereby represents and warrants to the Company and each of the Commitment Parties (as defined in the Equity Commitment Agreement) as follows:
SECTION 2.01.  Authority Relative to this Agreement.  Such Stockholder has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  This Agreement has been duly executed and delivered by such Stockholder and constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, except (a) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to, or affecting generally, the enforcement of creditors’ and other obligees’ rights and (b) where the remedy of specific performance or other forms of equitable relief may be subject to certain equitable defenses and principles and to the discretion of the court before which the proceeding may be brought.
SECTION 2.02.  No Conflict.  (a)  The execution and delivery of this Agreement by such Stockholder does not, and the performance of this Agreement by such Stockholder shall not, (i) conflict with or violate any federal, state or local law, statute, ordinance, rule, regulation, order, judgment or decree applicable to such Stockholder or by which the Stockholder Securities owned by such Stockholder are bound or affected or (ii) result in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a lien or encumbrance on any of the Stockholder Securities owned by such Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which such Stockholder is a party or by which such Stockholder or the Stockholder Securities owned by such Stockholder is bound.
(b)    Except for a filing of an amendment to Schedule 13D to the extent required by the Securities Exchange Act of 1934, as amended, the execution and delivery of this Agreement by such Stockholder does not, and the performance of this Agreement by such Stockholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by such Stockholder.
SECTION 2.03.  Title to the Stock.  As of the date hereof, such Stockholder is the owner of record of the M III Sponsor Shares, the Meghji Shares, the Meghji Trust Shares, the Garner Shares or the Oaktree Shares, as applicable, and such Stockholder is entitled to vote, without restriction, on all matters brought before holders of Common Stock.  The M III Sponsor 

Shares, the Meghji Shares, the Meghji Trust Shares, the Garner Shares or the Oaktree Shares, as applicable, are all the securities of the Company owned, either of record or beneficially, by such Stockholder.  The M III Sponsor Shares, the Meghji Shares, the Meghji Trust Shares, the Garner Shares or the Oaktree Shares, as applicable, are owned free and clear of all Encumbrances (as defined below) by such Stockholder, except, in the case of the M III Sponsor Shares, as set forth in that certain Founder Shares Amendment Agreement, dated as of March 26, 2018, by and among M III Sponser, IEA LLC and the other parties thereto.  Such Stockholder has not appointed or granted any proxy, which appointment or grant is still effective, with respect to the Common Stock or Other Securities owned by such Stockholder in respect of the Stockholder Rule 5635 Approval.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company hereby represents and warrants to the Stockholders as follows:
SECTION 3.01.  Authority Relative to this Agreement.  The Company has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except (a) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to, or affecting generally, the enforcement of creditors’ and other obligees’ rights and (b) where the remedy of specific performance or other forms of equitable relief may be subject to certain equitable defenses and principles and to the discretion of the court before which the proceeding may be brought.
SECTION 3.02.  No Conflict.  The execution and delivery of this Agreement by the Company does not, and the performance of this Agreement by the Company shall not, conflict with or violate any federal, state or local law, statute, ordinance, rule, regulation, order, judgment or decree applicable to the Company.  The execution and delivery of this Agreement by the Company does not, and the performance of this Agreement by the Company shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by the Company.
ARTICLE IV
COVENANTS
SECTION 4.01.  No Disposition or Encumbrance of Stock.  Each Stockholder hereby covenants and agrees that such Stockholder shall not offer or agree to sell, transfer, tender, assign, hypothecate or otherwise dispose of, grant a proxy or power of attorney with respect to, or create or permit to exist any security interest, lien, claim, pledge, option, right of first refusal, agreement, limitation on such Stockholder’s voting rights, charge or other encumbrance of any nature whatsoever (“Encumbrance”) with respect to the Stockholder Securities owned by such Stockholder, directly or indirectly, other than to persons or other entities that, as a condition precedent to the effectiveness of such Encumbrance, agree to be bound by the terms hereof as the holder of such Stockholder Securities.
SECTION 4.02.  Company Cooperation.  The Company hereby covenants and agrees that it will not, and each Stockholder irrevocably and unconditionally acknowledges and agrees (with respect to the Stockholder Securities owned by such Stockholder) that the Company will not (and waives any rights against the Company in relation thereto) recognize any Encumbrance or agreement (other than this Agreement, or Encumbrances effected in accordance with this Agreement) on any of the Stockholder Securities subject to this Agreement. 
SECTION 4.03.  Stockholder’s Capacity.  The Company acknowledges that (a) each Stockholder is not making any representation, warranty, agreement or understanding herein in its capacity as a director or officer of the Company, (b) each Stockholder is executing this agreement solely in its capacity as the direct or indirect owner of Stockholder Securities and (c) nothing herein shall limit or affect any actions taken by either Stockholder or its designees or representatives in their capacity as a director or officer of the Company.

ARTICLE V
MISCELLANEOUS
SECTION 5.01.  Further Assurances.  Each Stockholder shall execute and deliver such further documents and instruments, and shall take all further action as may be reasonably requested by the Company, as necessary in order to consummate the transactions contemplated hereby.  
SECTION 5.02.  Specific Performance.  The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. 
SECTION 5.03.  Entire Agreement.  This Agreement constitutes the entire agreement between the Company and the Stockholders with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the Company and the Stockholders with respect to the subject matter hereof.
SECTION 5.04.  Amendment.  This Agreement may not be amended except by an instrument in writing signed by the parties hereto.
SECTION 5.05.  Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of this Agreement is not affected in any manner materially adverse to any party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible.
SECTION 5.06.  Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.  The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  The parties consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of motion or other application to any of said courts or a judge thereof may be served inside or outside the State of New York or the Southern District of New York by registered mail, return receipt requested, directed to the party being served at its address set forth on the signature ages to this Agreement (and service so made shall be deemed complete three (3) days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said courts.  Each of the Company and the Stockholder irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such a court and any claim that suit, action, or proceeding has been brought in an inconvenient forum.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.
SECTION 5.07.  Termination.  This Agreement shall automatically terminate immediately following the occurrence of the Stockholder Rule 5635 Approval.
SECTION 5.08.  Non-Recourse.  This Agreement may be enforced only against, and any action, legal proceeding or claim based upon, arising out of or related to this Agreement or the transactions contemplated hereby may be brought only against, the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party.  With respect to each party, no past, present or future director, officer, employee, incorporator, member, partner, shareholder, agent, attorney, advisor, lender or representative or Affiliate of such named party shall have any liability (whether in contract or tort, at law or in equity or otherwise, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities of such named party or for any action, legal proceeding or claim based on, arising out of or related to this Agreement or the transactions contemplated hereby and thereby.  The provisions of this Section 6.08 are intended to be for the 

benefit of, and enforceable by the directors, officers, employees, incorporators, members, partners, stockholders, agents, attorneys, advisors, lenders and other representatives and Affiliates referenced in this Section 6.08, and each such Person shall be a third-party beneficiary of this Section 6.08.
SECTION 5.09.  Counterparts.  This Agreement may be executed in any number of counterparts, all of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties hereto and delivered to each other party hereto (including via facsimile or other electronic transmission), it being understood that each party hereto need not sign the same counterpart.
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IN WITNESS WHEREOF, the Stockholders and the Company have duly executed this Voting Agreement as of the date first written above.

	
		
	 
	THE COMPANY:

	 
	 

	 
	INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.

	 
	 

	 
	By: /s/ John Paul Roehm

	 
	Name: John Paul Roehm

	 
	Title: President Chief Executive Officer

	 
	 

	 
	Address: 6325 Digital Way, Suite 460

	 
	               Indianapolis, Indiana 46278

	 
	 

	 
	STOCKHOLDERS:

	 
	 

	 
	M III Sponsor I, LLC

	 
	 

	 
	By: /s/ Mohsin Y. Meghji

	 
	Name: Mohsin Y. Meghji

	 
	Title: Managing Member

	 
	 

	 
	Address: c/o M-III Partners, LP

	 
	               130 West 42 Street

	 
	               17th Floor

	 
	               New York, 10036

	 
	 

	 
	MOHSIN MEGHJI 2016 Gift Trust

	 
	By: /s/ Charles Garner

	 
	Name: Charles Garner

	 
	Title: Co-Trustee

	 
	 

	 
	Address: c/o M-III Partners, LP

	 
	               130 West 42 Street

	 
	               17th Floor

	 
	               New York, 10036

	 
	 

	 
	 

	 
	 

	 
	INFRASTRUCTURE AND ENERGY ALTERNATIVES, LLC

	 
	By: /s/ Ian Schapiro

	 
	Name:  Ian Schapiro

	 
	Title:    Authorized Signatory

	 
	By: /s/ Peter Jonna

	 
	Name:  Peter Jonna

	 
	Title:    Authorized Signatory

	
		
	 
	Address: 333 South Grand Ave., 28th Floor

	 
	                  Los Angeles, CA 90071

	 
	OT POF IEA Preferred B Aggregator, 

	 
	L.P. 

	 
	By:  OT POF IEA Preferred B Aggregator GP, LLC

	 
	Its:  General Partner

	 
	By:  Oaktree Power Opportunities Fund III Delaware, L.P.

	 
	Its:  Managing Member

	 
	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

	 
	 

	 
	Address: 333 South Grand Ave., 28th Floor

	 
	                  Los Angeles, CA 90071Exhibit

Oaktree Power Opportunities Fund III Delaware, L.P.
INFRASTRUCTURE AND ENERGY ALTERNATIVES, LLC,
OT POF IEA Preferred B Aggregator, L.P.
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
Email: ischapiro@oaktreecapital.com
pjonna@oaktreecapital.com 
Attention: Ian Schapiro
Peter Jonna

October 29, 2019

Re: Indemnification Obligations

Ladies and Gentleman,

A reference is hereby made to (i) that certain Equity Commitment Agreement entered into concurrently herewith (the “ECA”), by and among Infrastructure and Energy Alternatives, Inc., a Delaware corporation (the “Company”), Ares Special Situations Fund IV, L.P., a Delaware limited partnership (“Ares SSF”), ASOF Holdings I, L.P., a Delaware limited partnership (“ASOF” and, together with Ares SSF, “Ares”), Oaktree Power Opportunities Fund III Delaware, L.P., a Delaware limited partnership (“OPPF”), Infrastructure and Energy Alternatives, LLC, a Delaware limited liability company (“Oaktree Holdco”) and OT POF IEA Preferred B Aggregator, L.P., a Delaware limited partnership (“OT Aggregator” and, together with OPPF and Oaktree Holdco, “Oaktree”), pursuant to which, among other things, on the terms and subject to the conditions set forth therein, Oaktree will commit to purchase up to 15,000 shares of Series B-3 Preferred Stock with associated Warrants and (ii) that certain Preferred Stock Exchange Agreement entered into concurrently herewith (the “Exchange Agreement”), by and between the Company, Oaktree Holdco and the other parties thereto, pursuant to which Oaktree Holdco will be issued shares of Series B-3 Preferred Stock, together with warrants to purchase shares of the Company’s Common Stock, in exchange for 17,482.5 shares of the Company’s Series A Preferred Stock representing 50% of the Company’s Series A Preferred Stock held by Oaktree Holdco.  Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the ECA.

In connection with the transactions contemplated by the ECA, the Exchange Agreement and the other Definitive Documents and as an inducement to the willingness of Oaktree to enter into the ECA, the Exchange Agreement and the other Definitive Documents and consent to the provisions thereof, the parties hereto are entering into this letter agreement pursuant to which, subject to the terms and provisions herein, the Company shall undertake certain indemnification obligations in favor of Oaktree and its Affiliates.

In consideration of the mutual promises, agreements, representations, warranties and covenants contained herein, in the ECA, in the Exchange Agreement and in the other Definitive Documents, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follow:

		
	1.
	Indemnification Obligations.

 
(a)Following the Closing, the Company and its direct and indirect Subsidiaries (the “Indemnifying Parties” and each, an “Indemnifying Party”) shall, jointly and severally, indemnify and hold harmless Oaktree and its Affiliates (other than the Indemnifying Parties), equity holders, members, partners, general partners, managers and its and their respective Representatives and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, charges, damages, liabilities, debts, penalties, fines, costs and expenses (including reasonable costs of investigation and defense and reasonable attorneys’ fees, costs and expenses) (collectively, “Losses”) that any such Indemnified Person may incur or to which any such Indemnified Person or its assets or properties may become subject based upon, arising out of or in connection with (i) any breach of, or any inaccuracy in, any representation or warranty made by the Company in the ECA or in any of the Definitive Documents, or the Rights Offering Agreement and/or (ii) any breach or default in performance by the Company of any covenants, agreements or obligations contained in the ECA or in any of the other Definitive Documents or the Rights Offering Agreement. 

(b)Following the date hereof, the Indemnifying Parties shall, jointly and severally, indemnify and hold harmless each Indemnified Person from and against any and all Losses that any such Indemnified Person may incur or to which any such Indemnified Person or its assets or properties may become subject based upon, arising out of or in connection with any direct or indirect Action by stockholders or creditors of the Company (including, for the avoidance of doubt, any derivative action) arising out of, relating to or in connection with any of the transactions contemplated by the Term Sheet, the Definitive Documents, the May 2019 ECA, the August 2019 ECA or the Rights Offering Agreement or any investigation or other action by any Governmental Entity arising out of, relating to or in connection with any of the transactions contemplated by the Term Sheet, the Definitive Documents, the May 2019 ECA, the August 2019 ECA or the Rights Offering Agreement. 
(c)For the avoidance of doubt, (x) the amount of any Losses subject to indemnification pursuant to this letter agreement paid to an Indemnified Person shall include a gross-up to take into account such Indemnified Person’s and its Affiliates’ and Affiliated Funds’ ownership of Capital Stock in the Company such that, after payment of the grossed-up amount, such Indemnified Person will not have suffered any Losses and (y) the amount of any Losses for which indemnification is provided under this letter agreement paid to an Indemnified Person by an Indemnifying Party shall be net of any amounts actually recovered by such Indemnified Person under insurance policies with respect to such Loss; provided that, for the avoidance of doubt, any such insurance policies shall be excess and non-contributory.

		
	2.
	Indemnification Procedure.

(a)If any third party shall notify any Indemnified Person in writing with respect to any matter (a “Third Party Claim”) which may reasonably give rise to a claim for indemnification under this letter agreement, then the Indemnified Person shall promptly (and in any event within ten (10) Business Days after receiving notice of the Third Party Claim) notify each Indemnifying Party thereof in writing, describing the claim, the amount thereof (if known and quantifiable) and the basis of the claim; provided that the failure to so notify any Indemnifying Party shall not limit the indemnification obligations of the Indemnifying Parties under this letter agreement, except to the extent that such failure to give notice has materially prejudiced a material defense or claim that would have otherwise been available to the Indemnifying Party.
(b)The Indemnifying Party will have the right to assume control of the defense against a Third Party Claim for Actions of the type described in Section 1(b) with counsel of its choice (reasonably satisfactory to the Indemnified Person) so long as the Indemnifying Party notifies the Indemnified Person promptly in writing (and in any event within 10 days after the Indemnified Person has provided notice to the Indemnifying Party in accordance with Section 2(a)) that (i) the Indemnifying Party is electing to assume control of the defense, (ii) such matter is subject to indemnification hereunder and (iii) the Indemnifying Party will satisfy its indemnification obligations to the extent required under Section 1 of this letter agreement. 
(c)Notwithstanding Section 2(b), the Indemnifying Party shall not have the right to participate in or assume the control of the defense against any Third Party Claim for Actions of the type described in Section 1(b) if: (i) the Third Party Claim relates to or arises in connection with any criminal matter; (ii) the Third Party Claim seeks an injunction or other equitable relief against any Indemnified Person other than precluding the consummation of the transactions contemplated by this letter agreement; (iii) the Indemnifying Party has failed or is failing to defend in good faith the Third Party Claim; (iv) an Indemnified Person has been advised by outside counsel that a reasonable likelihood exists of a conflict of interest between an Indemnified Person and an Indemnifying Party in the event the Indemnifying Party elects to control or defend the Third Party Claim or (v) the Indemnifying Party has not acknowledged that such Third Party Claim is subject to indemnification pursuant to this letter agreement.  If the Indemnifying Party elects to assume such control, the Indemnified Person shall have the right to participate in the negotiation, settlement or defense of such Third Party Claim and to retain counsel to act on its behalf; provided that the fees and disbursements of such counsel shall be paid by the Indemnified Person unless, such Indemnified Person has been advised by outside counsel that a reasonable likelihood of a conflict of interest between an Indemnifying Party and an Indemnified Person exists in respect of such Action (and in which case, the Indemnifying Party shall pay the reasonable fees and expenses of one (1) additional counsel (plus any reasonably necessary local counsel) as may be retained by such Indemnified Person in order to resolve such conflict or to represent such Indemnified Person in such Action solely with regard to such conflict matters).  Until such time as the Indemnifying Party has delivered a written notice of intent to defend a Third Party Claim to the Indemnified Person in accordance with Section 2(a), the Indemnified Person shall, at the expense of the Indemnifying Party, undertake the defense of such Third Party Claim, and shall not settle or compromise such Third Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed) unless the Indemnified Person expressly waives any right to seek or obtain indemnification hereunder or any other remedy against the Indemnifying Party with respect to such Third Party Claim.  If the Indemnifying Party exercises its right to control the defense of a Third Party Claim, the Indemnifying Party shall obtain the prior written consent of the Indemnified Person before entering into any settlement of a Third Party Claim or ceasing to defend such Third Party Claim if, (i) pursuant to or as a result of such settlement or cessation, injunctive or other equitable relief will be imposed against any Indemnified Person or any of its Affiliates, (ii) such settlement does not expressly and unconditionally release each of the Indemnified Persons and their respective Affiliates from all Losses with respect to such claim without prejudice, or (iii) if such settlement includes any statement as to an admission of fact, culpability or failure to act by or on behalf of any Indemnified Person or any of its Affiliates.
(d)In the event that the Indemnifying Party is not entitled, or otherwise elects not, to conduct the defense of a Third Party Claim in accordance with Section 2(a), Section 2(b) or Section 2(c), (i) the Indemnified Person may defend against the Third Party Claim in any manner it may deem appropriate (and the Indemnified Person shall reasonably consult with the 

Indemnifying Party in connection therewith), (ii) the Indemnifying Party shall reimburse the Indemnified Person promptly and periodically for the costs of defending against the Third Party Claim (including attorneys’ fees and expenses reasonably incurred), and (iii) the Indemnifying Party shall remain obligated to indemnify the Indemnified Person to the extent required under this letter agreement.  In the event the Indemnified Person is conducting the defense of the Third Party Claim, the Indemnified Person shall not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed) unless the Indemnified Person expressly waives any right to seek or obtain indemnification hereunder or any other remedy against the Indemnifying Party with respect to such Third Party Claim.
(e)Notwithstanding anything to the contrary set forth herein, the Indemnifying Party shall not be obligated to indemnify an Indemnified Person pursuant to Section 1(b) to the extent it is finally determined by a court of competent jurisdiction that any Losses relating to Actions of the type described in Section 1(b) incurred by such Indemnified Person arising out of such Indemnified Person’s bad faith or willful misconduct (and if prior indemnification payments have been made and it is later finally determined by a court of competent jurisdiction that such Indemnified Person acted (or failed to act) with bad faith or willful misconduct, such portion of the prior indemnification payments arising out of such Indemnified Person’s bad faith or willful misconduct shall be repaid to the Indemnifying Party).

		
	3.
	Treatment of Indemnification Payments.  All amounts paid by an Indemnifying Party to an Indemnified Person under this letter agreement shall, to the extent permitted by applicable Law, be treated as adjustments to the Per Share Purchase Price for all Tax purposes.  The provisions of this letter agreement are an integral part of the transactions contemplated by the ECA and the Exchange Agreement and without these provisions Oaktree would not have entered into the ECA or the Exchange Agreement.

		
	4.
	Survival.  All pre-Closing, pre-2019 Commitment Closing and pre-2020 Commitment Closing covenants and other agreements contained in the ECA shall survive for a period of twelve (12) months following the applicable date.  All covenants and other agreements contained in the ECA which by their terms are to be performed following the Closing shall survive the Closing until fully performed.  The representations and warranties made in the ECA shall survive the Closing Date as follows: (a) the representations and warranties set forth in Section (a) (Organization and Qualification), Section (b) (Authorization; Enforcement Validity), Section (c) (Issuance of Securities), Section (g) (No General Solicitation; Agent’s Fees), Section (p) (Transactions with Affiliates), Section (q) (Equity Capitalization) and Section (vv) (Disclosure) of Exhibit C of the ECA (collectively, the “Fundamental Representations”) shall survive indefinitely, (b) the representations and warranties in Section (v), (Employee Relations), Section (aa) (Tax Status) and Section (ll) (ERISA Compliance) of Exhibit C of the ECA shall survive until the expiration of the statute of limitations plus sixty (60) days and (c) all other representations and warranties set forth in the ECA (including Exhibit C thereof) shall survive until the two (2)-year anniversary of the Closing, the 2019 Commitment Closing and the 2020 Commitment Closing, as applicable.

		
	5.
	Damages.  Notwithstanding anything to the contrary in this letter agreement, none of the Parties will be liable for, and none of the Parties shall claim or seek to recover, any punitive, special, indirect or consequential (other than to the extent reasonably foreseeable) damages or damages for lost profits.

		
	6.
	Additional Matters.  For purposes of determining whether there has been a breach of a representation or warranty contained in the ECA and for purposes of calculating Losses subject to indemnification pursuant to this letter agreement, the representations and warranties contained in the ECA shall be deemed to have been made without any qualifications as to materiality, Material Adverse Effect, specified dollar thresholds or similar qualifications.

		
	7.
	Exclusive Remedy. From and after the 2019 Commitment Closing and the 2020 Commitment Closing, as applicable, the sole and exclusive remedy of Oaktree  with respect to any breach of a representation, warranty, covenant or agreement by the Company in the ECA shall be pursuant (and only pursuant) to this letter agreement; provided that nothing in this Section 7 shall limit (i) any claims for equitable remedies, and Oaktree shall be entitled to seek specific performance and injunctive relief and other equitable remedies in connection with any breach or threatened breach of a representation, warranty, covenant or agreement in the ECA and (ii) any claims for fraud.

		
	8.
	Effect of Termination of ECA.  Upon termination of the ECA pursuant to Article VIII thereof, this letter agreement (other than Section 1(a)), shall survive the termination of the ECA.

		
	9.
	Representations. Each party hereto represents and warrants to the other parties hereto that such party has all requisite power and authority to enter into, execute, and deliver this letter agreement, that this letter agreement has been duly and validly authorized by all requisite action to enter into, execute, and deliver this letter agreement and to perform his or its obligations hereunder and that this letter agreement constitutes its valid, legal and binding obligations enforceable in accordance with, its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or 

other similar Laws limiting creditors’ rights generally or by equitable remedies (regardless of whether enforceability is considered in a proceeding at law or in equity)

		
	10.
	Governing Law. This letter agreement will be governed by Delaware Law without regard to the conflicts of law principles thereof. All actions and proceedings arising out of or relating to this letter agreement shall be heard and determined in the Court of Chancery of the State of Delaware, and the parties hereto irrevocably submit to the exclusive jurisdiction of such court (and, in the case of appeals, appropriate appellate courts therefrom) in any such action or proceeding, irrevocably waive the defense of an inconvenient forum to the maintenance of any such action or proceeding.

		
	11.
	Jointly Drafted; Advice of Counsel. The words used in this letter agreement shall be deemed words chosen by the parties to express their mutual intent, and no rule of construction against any party shall apply to any term or provision of this letter agreement. This letter agreement is entered into by all parties hereto freely and voluntarily, and with and upon the advice of counsel. All parties hereto warrant that they have been fully advised by their attorneys with respect to the advisability of executing this letter agreement and with respect to the releases and other matters contained herein.

		
	12.
	Notices.  All notices and other communications in connection with this letter agreement shall be in writing and shall be deemed given if delivered personally, sent via electronic facsimile (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the Parties at the following addresses (or at such other address for a Party as may be specified by like notice):

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 (which shall not constitute notice) to:
	
		
	Kirkland & Ellis LLP
333 South Hope Street
29th Floor
Los Angeles, CA 90071
Attn:  Tana Ryan, Esq.
Tel:   (213) 680-8430
Email: tryan@kirkland.com
	Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
Attn: Michael Kim, Esq.
Tel:     (212) 446-4746
Email: michael.kim@kirkland.com

Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York 10019
		
	Attn:
	Maurice Lefkort, Esq.

Bradley Friedman, Esq.
		
	Tel:
	(212) 728-8239

(212) 728-8514
		
	Email:
	mlefkort@willkie.com

bfriedman@willkie.com

If to Oaktree:
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
Attention: Ian Schapiro
                 Peter Jonna
Email: ischapiro@oaktreecapital.com
            pjonna@oaktreecapital.com

		
	13.
	Counterparts and Facsimiles. This letter agreement may be executed in counterparts,  which collectively shall be deemed an original and which, taken together, shall constitute one and the same instrument. Electronic or facsimile copies of counterparts of this letter agreement shall have the full force and effect as an original.

		
	14.
	Entire Agreement, Modifications, Etc.  This letter agreement, collectively with the Tranche 2 ECA and the other Definitive Documents, constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all previous negotiations, agreements, understandings or commitments concerning the subject matter hereof, and shall not be released, discharged, changed, waived, or modified except by instruments in writing signed by each of the parties. This letter agreement shall be binding upon and inure to the benefit of the parties hereto and upon their respective successors and permitted assigns. The parties acknowledge that no person or entity, nor an agent or attorney of any person or entity, has made any promises, representations, or warranties whatsoever, express or implied, which are not expressly contained in this letter agreement, and the parties further acknowledge that they have not entered into this letter agreement in reliance upon any collateral promise, representation, warranty, or in reliance upon any belief as to any fact or matter not expressly recited in this letter agreement.

		
	15.
	Benefits. Except as provided herein with respect to the Indemnified Persons, nothing in this letter agreement, express or implied, is intended or shall be construed to give any party other than the parties to this letter agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 

[The remainder of the page is intentionally left blank]

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

Infrastructure and Energy Alternatives, Inc.

By:    /s/ John Paul Roehm                    
Name:    John Paul Roehm
Title:    President and Chief Executive Officer

OAKTREE:

INFRASTRUCTURE AND ENERGY ALTERNATIVES, LLC, 

		
	By:
	/s/ Ian Schapiro

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

Name:  Peter Jonna
Title:    Authorized Signatory
OT POF IEA Preferred B Aggregator,  L.P. 

By:  OT POF IEA Preferred B Aggregator GP, LLC
Its:  General Partner

By:  Oaktree Power Opportunities Fund III Delaware, L.P.
Its:  Managing Member

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
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
Notice Information: 
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
Email: ischapiro@oaktreecapital.com 
            pjonna@oaktreecapital.com 
Attention: Ian Schapiro
                 Peter Jonna

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