Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 23

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 23
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 of the Atlantic International Board of Directors in accordance with the Delaware law, and Atlantic International’s governing documents; and •Staffing 360 shall have obtained approval of the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement by required vote of the Staffing 360 stockholders and the Staffing 360 Board of Directors in accordance with Delaware Law, and Staffing 360’s governing documents. •Staffing 360 shall have delivered to Atlantic International: •a signed agreement between the Internal Revenue Service and Staffing 360 concerning the terms of settlement mutually agreeable to Atlantic International; and •a signed settlement agreement with Jackson Investment Group (“Jackson”) converting Staffing 360’s indebtedness with the appropriate Jackson party whereby: (i) all interest accrued and payable to appropriate Jackson party will be waived or forgiven and (ii) the principal amount of the Loan will be converted into 5,600,000shares of Series I Preferred Stock subject to adjustment. In the event the average closing price of Atlantic Common Stock over the five (5) trading days immediately preceding the date of the Closing is below $5.00, members of the management of Staffing 360 and Atlantic and Atlantic itself shall issue to Jackson such number of additional shares of Atlantic Common Stock to equal to (i) 5,600,000shares multiplied by the quotient of $5.00 per share and the Average Closing Price (as defined herein) minus (ii) 5,600,000. Additionally, pursuant to the First Amendment and further agreement between the applicable parties, Jackson shall enter into a lock -upagreement such that the Merger Consideration (as defined in the Merger Agreement) for all of the Series I Preferred Stock are subject to a lock up period for the one year after the closing of the Merger, provided, however, that 600,000shares of Merger Consideration shall be freely tradable following the closing of the Merger. •Signed agreements to be mutually agreed to by the Parties whereby the applicable parties shall: (i) convert any amounts owed in Earned Contingent Cash Payment into five million (5,000,000) shares of Series H Preferred Stock of Staffing 360 and waive any interest/dividends or other payments due from Staffing 360 related to the Series H Preferred Stock; and (ii) lock -upagreements such that the Merger Consideration for all of the shares of Series H Preferred Stock are; (A) subject to a lock up for