Document:

staf-ex1099_62.htm

 

Exhibit 10.99

WAIVER AGREEMENT

 

This WAIVER AGREEMENT (this “Waiver”), dated as of [ ], 2019, is entered into by and among Staffing 360 Solutions, Inc., a Delaware corporation (the “Company”), and the holders of the Series A Preferred Stock of the Company (the “Stockholders”) identified on the signature page hereto.  

WHEREAS, the Stockholders identified on the signature page hereto consist of all of the holders of the outstanding shares of the Series A Preferred Stock (the “Shares”) of the Company as of the date hereof;

WHEREASE, the Amended and Restated Certificate of Incorporation of the Company currently in effect, filed with the Secretary of State of the State of Delaware on June 15, 2017 (the “Amended Charter”), provides, among other things, for the holders of the Shares (x) a payment of cash dividends (the “Dividends”) at the rate of 12% of the Stated Value per annum, payable monthly in cash, pursuant to Article Fourth, Section (c)(ii) of the Amended Charter; and (y) redemption by the Company of all of the Shares for cash or for shares of common stock of the Company, in the Company’s sole discretion, commencing on December 31, 2018, pursuant to Article Fourth, Section (c)(iii)(A) of the Amended Charter (the “Redemption Obligation”); 

WHEREAS, the Company is seeking a waiver from compliance with the Redemption Obligation;

WHEREAS, capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Amended Charter.

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

1.Waiver of the Redemption Obligation.  The Stockholders hereby grant to the Company a waiver from compliance with the Redemption Obligation of the Company pursuant to Article Fourth, Section (c)(iii)(A) of the Amended Charter until December 31, 2020. Notwithstanding the foregoing, the Company, at its sole discretion, shall have the right to, but not the obligation, to redeem all or any portion of the Shares for cash or for shares of common stock of the Company, in the Company’s sole discretion pursuant to Article Fourth, Section (c)(iii)(A) of the Amended Charter, at any time from time to time prior to December 31, 2020. The Company may redeem the Shares from any of the Stockholders at its sole discretion and shall not be required to redeem an equal number or percentage of Shares from the Stockholders and their permitted successors and assigns.

2.Dividends.  For the avoidance of doubt, the Company shall continue to pay the Dividends to the Stockholders pursuant to Article Fourth, Section (c)(ii) of the Amended Charter.

3.Continuing Effect.Except as expressly set forth herein, all of the terms and conditions of the Amended Charter shall remain in full force and effect and are hereby ratified and confirmed by the parties. Without limiting the generality of the foregoing, nothing contained herein shall be deemed a waiver of any other provision of the Amended Charter or as a waiver of or consent to any further or future action on the part of any party that would require the waiver or consent of another party.  

4.Representations and Warranties. Each Stockholder hereby represents and warrants to the Company, severally, but not jointly, and the Company hereby represents and warrants to the 

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Stockholders, that (i) it has the full right, power and authority to enter into this Waiver and to perform its obligations hereunder, and (ii) the execution of this Waiver by the individual whose signature is set forth at the end of this Waiver on behalf of such party, and the delivery of this Waiver by such party, have been duly authorized by all necessary action on the part of such party; and (iii) this Waiver has been executed and delivered by such party and constitutes the legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws and equitable principles related to or affecting creditors' rights generally or the effect of general principles of equity.

5.Counterparts; Choice of Law. This Waiver may be executed in several identical counterparts all of which shall constitute one and the same instrument. This Waiver shall be governed by and construed in accordance with and be governed by the laws of the State of Delaware, without regard to conflict of laws principles.

6.Further Assurances. Each of the parties hereto shall execute and deliver, at the reasonable request of the other party hereto, such additional documents, instruments, conveyances and assurances and take such further actions as such other party may reasonably request to carry out the provisions hereof and give effect to the transactions contemplated by this Waiver. 

7.ENTIRETY.  THIS WAIVER SUPERCEDES ALL PRIOR AGREEMENTS AND UNDERSTANDINGS, IF ANY, RELATING TO THE SUBJECT MATTER HEREOF.  THIS WAIVER REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

 [signature page follows]

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed as of the day and year written above.

 

		
	
 

THE COMPANY:

 

STAFFING 360 SOLUTIONS, INC.

 

By:  

Name: 

Title:  
	
 

STOCKHOLDER:

 

BRENDAN FLOOD

 

By: 

Name: 

Title:  

	
 
	
 

 

MATTHEW BRIAND

 

By: 

Name: 

             Title:staf-ex10100_83.htm

Exhibit 10.100

 
FIRST AMENDMENT TO
Staffing 360 solutions, Inc.

2016 omnibus Incentive Plan

This FIRST AMENDMENT TO Staffing 360 solutions, Inc. 2016 omnibus Incentive Plan (this “Amendment”), effective as of December 18th, 2018 (the “Effective Date”), is made and entered into by Staffing 360 Solutions, Inc., a Delaware corporation (the “Company”).  Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Staffing 360 Solutions, Inc. 2016 Omnibus Incentive Plan (the “Plan”).

RECITALS

WHEREAS, Section 14(a) of the Plan provides that the Company may amend, alter, suspend, discontinue, or terminate the Plan at any time, provided, among other things, that (i) an amendment that would materially impair the rights of a Participant, holder, or beneficiary with respect to an Award previously granted under the Plan shall not be made without the consent of such Participant, holder, or beneficiary, and (ii) no amendment that requires stockholder approval pursuant to applicable law or the requirements of the security exchange on which the Company’s Common Stock is listed shall be effective until such amendment has been approved by the Company’s stockholders;

WHEREAS, the Company desires to amend the Plan to reflect certain changes to the Code upon the enactment of the Tax Cuts and Jobs Act of 2017; and

WHEREAS, the Company has determined that this Amendment (i) does not materially impair the rights of Participants, holders, or beneficiaries with respect to any Awards previously granted to them under the Plan, and (ii) does not require stockholder approval pursuant to any applicable law or the requirements of the security exchange on which the Company’s Common Stock is listed.

NOW, THEREFORE, in accordance with Section 14(a) of the Plan, the Plan is hereby amended, effective as of the Effective Date, as follows:

1.Section 2(p) of the Plan is amended by deleting said section in its entirety and replacing it with the following new Section 2(p):

 

(p)“Eligible Director” means a person who is a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act.

 

2.Section 2(x) of the Plan is amended by deleting the phrase “consistent with Section 162(m) of the Code” from the end of said section.

 

3.Section 4(a) of the Plan is amended by deleting the phrase “or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, as applicable” from the second sentence of said section.

 

4.Section 4(c) of the Plan is amended by deleting the phrase “; provided, however, that such delegation of duties and responsibilities may not be made with respect to grants of Awards to persons (i) subject to Section 16 of the Exchange Act or (ii) who are, or who are reasonably expected to be, ‘covered 

 

employees’ for purposes of Section 162(m) of the Code” from the end of the first sentence of said section and replacing it with the following new phrase:

 

; provided, however, that such delegation of duties and responsibilities may not be made with respect to grants of Awards to persons subject to Section 16 of the Exchange Act.

 

5.Section 11(a) of the Plan is amended by deleting said section in its entirety and replacing it with the following new Section 11(a):

 

(a)Generally.  The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 of this Plan, to designate any other Award as a Performance Compensation Award. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award.

 

6.Section 11(b) of the Plan is amended by deleting the phrase “Within the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable), the” from the second sentence of said section and replacing it with the word “The”.

 

7.Section 11(c) of the Plan is amended by deleting the fourth sentence of said section in its entirety and replacing it with the following new sentence:

 

The Committee shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter promptly communicate such Performance Criteria to the Participant.

 

8.Section 11(d) of the Plan is amended by deleting the second sentence of said section in its entirety and replacing it with the following new sentence:

 

The Committee is authorized, in its sole discretion, at any time to adjust or modify the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific, unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; and (ix) a change in the Company’s fiscal year.

 

9.Section 11(f) of the Plan is amended by deleting the second sentence thereof.

 

10.Section 14(a) of the Plan is amended by deleting the phrase “or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code” from said section.

 

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11.Section 15(e) of the Plan is amended by deleting the phrase “and who are not (and who are not expected to be) ‘covered employees’ within the meaning of Section 162(m) of the Code” from said section.

 

12.Section 15(r) of the Plan is amended by deleting said section in its entirety and replacing it with the following new Section 15(r):

 

(r)Code Section 162(m).  Notwithstanding anything herein to the contrary, to the extent the Committee intends for Section 162(m) of the Code to apply to any Performance Compensation Awards that were granted under the Plan and in effect as of November 2, 2017, the terms of the Plan as in existence on November 2, 2017 shall continue to govern such Performance Compensation Awards, the terms of such Performance Compensation Awards shall not be materially modified by any amendments to the Plan that occur on or after November 2, 2017,  and such Performance Compensation Awards will be interpreted, operated, and construed so as to constitute “qualified performance-based compensation” as such term is defined in Treas. Reg. § 1.162-27(e).

 

13.Except as expressly amended by this Amendment, the Plan shall continue in full force and effect in accordance with the provisions thereof, and all Awards granted prior to the Effective Date shall continue to be governed pursuant to the terms of the Plan as in effect prior to the Effective Date.

 

 

[Remainder of Page Intentionally Left Blank;

Signature Page Follows.]

 

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IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed as of the Effective Date.

staffing 360 solutions, inc.

By:

Name:

Title: 

Signature Page to

First Amendment to 

Staffing 360 Solutions, Inc. 2016 Omnibus Incentive Plan

4818-2592-9090 v.1

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