Document:

Exhibit
10.1

 

AMENDMENT NO. 1 TO SPONSOR AGREEMENT

 

This Amendment No.
1 to Sponsor Agreement (this “Amendment”), dated as of November 2, 2018, is made and entered into by
and among Matlin & Partners Acquisition Corporation, a Delaware corporation (“MPAC”), USWS Holdings
LLC, a Delaware limited liability company (“USWS”), and Matlin & Partners Acquisition Sponsor LLC,
a Delaware limited liability company (“Sponsor”). Each capitalized term used and not otherwise defined
in this Amendment has the meaning given to such term in that certain Sponsor Agreement, dated as of July 13, 2018 (the “Sponsor
Agreement”), by and among MPAC, USWS, Sponsor and, solely for the purposes of Sections 7 through 12 thereof, Cantor
Fitzgerald & Co. (“Cantor”).

 

recitals

 

WHEREAS, MPAC, USWS
and Sponsor desire to amend the Sponsor Agreement as set forth in this Amendment; and

 

WHEREAS, pursuant to
Section 12(c) of the Sponsor Agreement, the Sponsor Agreement may be amended by an instrument in writing signed on behalf of each
of the Parties, which, for purposes of this Amendment, excludes Cantor because this Amendment does not amend any of the provisions
of the Sponsor Agreement for the purposes of which Cantor is a party to the Sponsor Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.           Amendments
to Sponsor Agreement.

 

(a)           Section
1 of the Sponsor Agreement is hereby amended to delete the definitions of the terms “Available Funds Adjustment Factor,”
“Available Funds Inverse Adjustment Factor” and “Available Funds Shortfall Amount.”

 

(b)          Section
3(b) of the Sponsor Agreement is hereby amended as follows:

 

(i)           Clause
(i) thereof is amended to delete “and” at the end of such clause.

 

(ii)          Clause
(ii) thereof is amended and restated to read in its entirety as follows:

 

“(ii)          notwithstanding
the expiration of the Founder Shares Lock-up Period pursuant to clause (A) or (B)(x) of paragraph 7(a) of the Letter Agreement
or the expiration of the restrictions on Transfer set forth in clause (i) of this Section 3(b), Sponsor will not Transfer
1,000,000 Conversion Shares until the earlier of (1) the first date on which the VWAP has been equal to or greater $12.00 for at
least 20 of the 30 consecutive Trading Days immediately preceding such date, and (2) the date specified in clause (B)(y) of paragraph
7(a) of the Letter Agreement (provided that this clause (2) shall apply only if the cash, securities or other property for
which each share of Parent Class A Common Stock is exchangeable in the applicable transaction contemplated by such clause (B)(y)
has a value equal to or greater than $12.00, as determined in good faith by Sponsor); provided, that if such Conversion
Shares have not been released from the restrictions in this Section 3(b)(ii) prior to the fifth anniversary of the Closing Date,
the Sponsor will forfeit to MPAC such Conversion Shares for no consideration, and the Sponsor hereby grants to MPAC and any representative
designated by MPAC, without further action by the Sponsor, a limited irrevocable power of attorney to effect such forfeiture on
behalf of the Sponsor, which power of attorney shall be deemed to be coupled with an interest; and”

 

      

     

    

 

(iii)         The
following is added thereto as a new clause (iii) immediately following clause (ii):

 

“(iii)         notwithstanding
the expiration of the Founder Shares Lock-up Period pursuant to clause (A) or (B)(x) of paragraph 7(a) of the Letter Agreement
or the expiration of the restrictions on Transfer set forth in clause (i) or clause (ii) of this Section 3(b), Sponsor will
not Transfer 609,677 Conversion Shares until the earlier of (1) the first date on which the VWAP has been equal to or greater $13.50
for at least 20 of the 30 consecutive Trading Days immediately preceding such date, and (2) the date specified in clause (B)(y)
of paragraph 7(a) of the Letter Agreement (provided that this clause (2) shall apply only if the cash, securities or other
property for which each share of Parent Class A Common Stock is exchangeable in the applicable transaction contemplated by such
clause (B)(y) has a value equal to or greater than $13.50, as determined in good faith by Sponsor); provided, that if such
Conversion Shares have not been released from the restrictions in this Section 3(b)(iii) prior to the fifth anniversary of the
Closing Date, the Sponsor will forfeit to MPAC such Conversion Shares for no consideration, and the Sponsor hereby grants to MPAC
and any representative designated by MPAC without further action by the Sponsor a limited irrevocable power of attorney to effect
such forfeiture on behalf of the Sponsor, which power of attorney shall be deemed to be coupled with an interest.”

 

(c)           Clause
(iii) of Section 3(c) of the Sponsor Agreement is hereby amended and restated to read in its entirety as follows:

 

“(iii)          if
such Transfer is a Transfer of Founder Shares or Conversion Shares and occurs prior to the expiration of the restrictions on Transfer
set forth in clause (i), clause (ii) or clause (iii) of Section 3(b), whether and to what extent the Conversion Shares so
transferred or issuable upon conversion of the Founder Shares so transferred, as applicable, to each such transferee will be subject
to the restrictions on Transfer set forth in clause (i), clause (ii) or clause (iii) of Section 3(b), provided that
no such Transfer or determination by Sponsor shall (A) reduce the total number of Conversion Shares that will be subject to the
restrictions on Transfer set forth in clause (i) of Section 3(b) below the number of Conversion Shares subject to such restrictions
on Transfer as provided in such clause (i) of Section 3(b), (B) reduce the total number of Conversion Shares that will be
subject to the restrictions on Transfer set forth in clause (ii) of Section 3(b) below the number of Conversion Shares subject
to such restrictions on Transfer as provided in such clause (ii) of Section 3(b), or (C) reduce the total number of Conversion
Shares that will be subject to the restrictions on Transfer set forth in clause (iii) of Section 3(b) below the number of
Conversion Shares subject to such restrictions on Transfer as provided in such clause (iii) of Section 3(b).”

 

      

     

    

 

(d)          Clause
(ii)(D) of Section 3(d) of the Sponsor Agreement is hereby amended and restated to read in its entirety as follows:

 

“(D)         if
such Transfer is a Transfer of Founder Shares or Conversion Shares and occurs prior to the expiration of the restrictions on Transfer
set forth in clause (i), clause (ii) or clause (iii) of Section 3(b), to the extent applicable to such transferee as determined
pursuant to Section 3(c), clause (i), clause (ii) and clause (iii) of Section 3(b).”

 

(e)          The
first sentence of Section 5 of the Sponsor Agreement is hereby amended and restated to read in its entirety as follows:

 

“Sponsor
agrees that, on the Closing Date and immediately prior to the consummation of the Closing, Sponsor shall forfeit and surrender
to MPAC for cancelation, for no consideration, a number of Founder Shares equal to the sum of (a) 2,000,000 and (b) a number of
Founder Shares equal to (i) the number of Drawn Shares (as such term is defined in the Crestview Subscription Agreement) multiplied
by (ii) 0.7222, rounded up or down to the nearest whole number (the “Founder Share Cancelation”).”

 

2.            Ratification
of Sponsor Agreement; References. Except as expressly amended by this Amendment, all of the terms, conditions and other
provisions of the Sponsor Agreement are hereby ratified and confirmed and shall continue to be in full force and effect in accordance
with their respective terms. No reference to this Amendment need be made in any instrument or document making reference to the
Sponsor Agreement, and any reference to the Sponsor Agreement in any such instrument or document shall be deemed to refer to the
Sponsor Agreement as amended by this Amendment.

 

3.            Miscellaneous.
All relevant provisions of Section 12 of the Sponsor Agreement shall apply to this Amendment to the same extent as if set forth
herein, mutatis mutandis.

 

[Signature page follows]

 

      

     

    

 

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

 

	 	Matlin & Partners Acquisition Corporation
	 	 	 
	 	By:	/s/ David J. Matlin
	 	Name:	David J. Matlin
	 	Title:	Chief Executive Officer
	 	 	 
	 	USWS Holdings LLC
	 	 	 
	 	By:	/s/ Joel Broussard
	 	Name:	Joel Broussard
	 	Title:	President and CEO
	 	 	 
	 	Matlin & Partners Acquisition Sponsor LLC
	 	 	 
	 	By:	/s/ David J. Matlin
	 	Name:	David J. Matlin
	 	Title:	Director

 

Signature Page to Amendment No. 1 to Sponsor
AgreementExhibit

October 14, 2018
PERSONAL & CONFIDENTIAL
Martin S. McDermut 
[Address]
Re:    Employment Terms
Dear Marty:
I am pleased to extend this formal offer of full-time employment to join Resonant Inc. (“Resonant” or the “Company”) as Chief Financial Officer.  This is a key position reporting directly to myself, George B. Holmes, Chief Executive Officer. I’m excited to have you joining us!  This letter sets out the terms and conditions of your employment with Resonant.
Your first day of employment will be Monday, November 12, 2018, or such earlier date as is agreed to by you and me (“Start Date”).  We will pay you a base salary at an annualized rate of $295,000.  Your base salary is payable in accordance with our regular payroll schedule which is currently every two weeks.  You will participate in the executive bonus plan, which is payable at the sole discretion of our Board in accordance with the terms of the executive bonus plan.  For 2018, you will participate in the Resonant Inc. Incentive Bonus Plan for Fiscal Year 2018, as an Executive Participant thereunder, for the fourth quarter and fiscal year bonus periods.
You are eligible for the Executive Vacation Policy. On your hire date you will receive an accrual of 120 vacation hours. You will not continue to accrue vacation beyond the 120 hours.  You may take vacation at your discretion in accordance with business needs. Recording of vacation will not be required and you will retain the 120 hour accrual until your employment is terminated, at which time the accrual will be paid out. In the best interest of the company and customers, it is essential that you discuss any extended vacations (greater than two weeks) with the CEO prior to scheduling to ensure adequate coverage.
For 2018, at hire, you are eligible to receive sixty-six (66) hours of sick leave (which will be pro-rated further for your partial year of employment). Beginning in 2019, at the beginning of each calendar year, you will be provided with eleven (11) days or eighty-eight hours.
Your place of employment will be based out of the Company’s principal executive offices in Goleta, California.  You will be required to devote all of your business time, energy, skill, and efforts to faithfully and diligently further the business interests of the Company, except as agreed to by the Company in writing in advance.
You will be entitled to participate in all of our employee benefit plans.  These include, among other things, group health insurance and a 401K plan.  We match 100% of contributions under our 401K plan up to a maximum of 5% of your base salary.  Please note that, as with all companies, we reserve the right to change our employee benefit plans from time to time.  
Subject to approval from the Compensation Committee of our Board, we will grant you a restricted stock unit award (the “RSU”) for 175,000 shares of our common stock, which RSU will vest annually in four (4) equal installments with the first installment vesting on December 1, 2018.  The RSU award will be subject to your execution of our standard equity award agreement. 
Your employment will be on an at-will basis.  This means that you will have the right to terminate your employment at any time with or without cause or notice, and the Company will reserve for itself an equal right.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company.  Upon any termination of your employment, you will be entitled to receive:
		
	•
	Any base salary earned but unpaid as of your termination or resignation date;

		
	•
	Payment in lieu of any vacation accrued but unused as of the date of your termination or resignation;

		
	•
	Any business expenses incurred but not reimbursed (in accordance with Company policy) as of your termination or resignation date; and

		
	•
	Any amounts or benefits under any Company compensation, incentive, severance, change in control or benefit plans due and owing and/or vested but not paid as of your termination or resignation date (according to the payment provisions of such plans).

Your employment is conditioned on your signing and returning the enclosed copies of our standard Employee Invention, Confidentiality and Non-Solicitation Agreement (the “Invention Agreement”) and Mutual Agreement to Arbitrate Claims (the “Arbitration Agreement”).  This Letter, the Invention Agreement and the Arbitration Agreement, as well as the Severance and Change in Control Agreement, and equity incentive plan agreements, will together form the entire agreement with respect to the subject matter hereof and thereof, and these agreements together supersede all prior understandings and agreements, whether written or oral, with respect to such matters.  The terms of your employment may only be changed by written agreement, although the Company may from time to time, in its sole discretion, adjust the benefits provided to you and its other employees.
This employment letter is valid for ten (10) business days and will expire if we have not received by that date signed copies of this letter, the Invention Agreement and the Arbitration Agreement. 
We look forward to working with you!
Regards, 
 
/s/ George B. Holmes 
 
George B Holmes, CEO
ACCEPTED AND AGREED: 
 
 
 
/s/ Martin S. McDermut     
Martin S. McDermut

Enclosures (Invention Agreement and Arbitration Agreement)

175 Cremona Drive  ·  Suite 200  ·Goleta  ·  California 93117

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