Document:

staf-ex102_14.htm

Capital Group, Inc.

 

 

 

 

 

Brendan Flood

Staffing 360 Solutions, Inc.

641 Lexington Avenue, Suite 1526 New York, NY 10022

June 23, 2016

 

 

Source Capital Group, Inc. Proposed Offering Engagement Letter

 

 

To Brendan:

 

The purpose of this engagement letter is to set forth the terms pursuant to which Source Capital Group, Inc. whose address is 276 Post Road West, Westport, CT 06880 (hereinafter referred to as “Source” or “SCG” or “Dealer Manager”) will act as the sole exclusive placement agent and financial advisor for a proposed issuance, or series of issuances, of up to $3 million of convertible securities (“Proposed Offering”) of Staffing 360 Solutions, Inc. a Nevada Corporation (collectively, with its subsidiaries and affiliates), (hereinafter referred to as the “Issuer” or the “Company”).

 

The terms of our agreement are as follows:

 

1.The Issuer hereby retains and engages Source, for the period beginning on the date hereof and ending on the latest of (i) the completion of the Proposed Offering or (ii) July 31, 2016, unless sooner terminated pursuant to the terms of this engagement letter agreement or extended for an additional thirty (30) day period at the mutual discretion of the Issuer and Source (the “Engagement Period”), to act as the Issuer’s sole exclusive placement agent, financial advisor and/or dealer-manager in connection with the Proposed Offering. The compensation for acting as the exclusive sole placement agent to the Issuer and conditions of Source’s engagement is stated hereunder. During the Engagement Period and as long as Source is proceeding in good faith with activities in connection with the Proposed Offering, the Issuer agrees not to solicit, negotiate with or enter into any agreement with any other source of financing (whether equity, debt or otherwise other than bank financings or financings in connection with strategic alliances), any placement agent, financial advisor, dealer manager or any other person or entity in connection with the Proposed Offering, as the case may be, subject to prior written approval from Source.

 

2.In consideration for its services in the Proposed Offering , Source shall be entitled to a cash fee equal to 8% of the dollar amount received by the Issuer from any proceeds received by the Issuer in connection with the Proposed Offering, as a 6% commission and 2% non-accountable expense fee in connection with a Proposed Offering, provided that, upon the execution of this engagement letter the Issuer shall pay Source $10,000 as an advance against such non- accountable expense allowance (the “Advance”). If the engagement hereunder is terminated, the portion of the Advance not used for Source’s actual out-of-pocket expenses shall be promptly reimbursed to the Issuer as required under FINRA rule 5110 (f)(2)(D).

 

3.The Issuer shall be responsible for and pay all expenses relating to the Proposed Offering, including, without limitation, all filing fees relating to any registration statement required by be filed as part of the Proposed Offering of and any filing fees relating to the review of the Proposed Offering materials by the Financial Industry Regulatory Authority, Inc. (“FINRA”); all fees and expenses relating to the listing of such Shares on the exchange where the Common Stock is (or will be) listed; all fees, expenses and disbursements relating to the registration or qualification of the Shares under the “blue sky” securities laws of any states or other jurisdictions; the costs of mailing and printing all of the Proposed Offering documents, Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as Source may reasonably deem necessary.

 

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Capital Group, Inc.

 

 

 

4.Source may plan and arrange one or more “road show” trips for the Issuer’s management to market the Proposed Offering. The Issuer shall pay for its own expenses, including, without limitation, travel and lodging expenses, associated with such trips. During the 45-day period prior to the filing of the Registration Statement, if applicable, with the Securities and Exchange Commission (“Commission”), and at all times thereafter prior and following the effectiveness of such Registration Statement, the Issuer and its officers, directors and related parties will abide by all rules and regulations of the Commission relating to public Proposed Offerings, including, without limitation, those relating to public statements (i.e., “gun jumping”) and disclosures of material non-public information.

 

5.The Issuer shall supply Source and its counsel, at the Issuer’s cost, with bound volumes of the Proposed Offering materials within a reasonable time after the closing of the Proposed Offering (the “Closing”).

 

	
 
	
6.
	
The Proposed Offering shall be conditioned upon, among other things, the following:

 

(a)Satisfactory completion by Source of its due diligence investigation and analysis of: (i) the Issuer’s arrangements with its officers, directors, employees, affiliates, customers and suppliers, (ii) the audited historical financial statements of the Issuer as may be required by the Act and rules and regulations of the Commission thereunder for inclusion in the Registration Statement, if applicable, and (iii) the Issuer’s projected financial results for the fiscal year ending December 31, 2016;

 

(b)The continued listing of the Common Stock on its current exchange or migration to a higher exchange (“Trading Market”);

 

(c)Source shall have received from outside counsel to the Issuer such counsel’s written opinion, addressed to Source, dated as of the Closing, in customary form and substance reasonably satisfactory to Source;

 

(d)FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall, if requested by Source, make or authorize Source’s counsel to make on the Company’s behalf, an Issuer Filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 and pay all filing fees required in connection therewith.

 

(e)Prior to the Closing, the Company shall have furnished to Source such further information, certificates and documents as Source may reasonably request, including customary audit comfort letters (all opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for Source);

 

(f)Any Proposed Offering shall fund through an escrow account established by Source and paid for by the Issuer;

 

 

7.Source shall not be granted the right of first refusal (“No Right of First Refusal”) on subsequent offerings by the Issuer.

 

	
 
	
8.
	
The Issuer represents and warrants to Source as follows:

 

(a)The Issuer has the requisite corporate power and authority to enter into and to consummate the transactions contemplated hereunder and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Issuer and the consummation by it of the transactions contemplated hereby

 

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.com

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Capital Group, Inc.

 

 

have been duly authorized by all necessary action on the part of the Issuer and no further action is required by the Issuer, its board of directors or its stockholders in connection herewith. This Agreement has been duly authorized and executed by the Issuer and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (iii) that rights to indemnification and contribution thereunder may be limited by federal or state securities laws or public policy relating thereto.

 

	
 
	
(b)
	
The execution, delivery and performance of this Agreement by the Issuer do not and will not

(i) conflict with or violate any provision of the Issuer’s or any subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Issuer or any subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing Issuer or subsidiary debt or otherwise) or other understanding to which the Issuer or any subsidiary is a party or by which any property or asset of the Issuer or any subsidiary is bound or affected (except as may have been consented to or waived), or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Issuer or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Issuer or a Subsidiary is bound or affected.

 

(c)The Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other “Person” (defined as an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability Issuer, joint stock Issuer, government (or an agency or subdivision thereof) or other entity of any kind) in connection with the execution, delivery and performance by the Issuer of this Agreement, other than such filings as are required to be made under applicable Federal and state securities laws, by the Trading Market.

 

(d)Except as otherwise provided in this Agreement, no brokerage or finder’s fees or commissions are or will be payable by the Issuer to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. Source shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the offer and sale of the Securities contemplated by this Agreement.

 

(e)The Issuer has not, and to its knowledge none of its officers or directors have, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Issuer to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities (other than Source’s placement of the Securities), or (iii) paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Issuer other than pursuant to this Agreement.

 

(f)To the knowledge of the Issuer, there are no affiliations with any FINRA member firm among the Issuer’s officers, directors or any five percent (5%) or greater stockholder of the Issuer.

 

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.com

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Capital Group, Inc.

 

 

(g)Source shall be a third party beneficiary of any representations and warranties given to any investors in the Proposed Offering, which representation and warranties shall be reasonably acceptable to Source.

 

9.Source reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein in the event that a determination and/or suggestion shall be made by FINRA to the effect that Source’s aggregate compensation is in excess of FINRA rules or that the terms thereof require adjustment; provided, however, the aggregate compensation otherwise to be paid to Source by the Issuer may not be increased above the amounts stated herein without the approval of the Issuer.

 

10.The Issuer agrees that no solicitation material apart from, if applicable, the Registration Statement will be used by it in connection with the Proposed Offering or filed with the Commission or any federal, state or local governmental or regulatory authority by or on behalf of the Issuer without Source’s prior approval, which approval may not be unreasonably delayed, withheld or denied.

 

11.The Issuer agrees that it will not issue press releases or engage in any other publicity, without Source’s prior written consent, commencing on the date hereof and continuing for a period of forty (40) days from the Closing of the Proposed Offering, other than normal and customary releases issued in the ordinary course of the Issuer’s business. The Issuer covenants to adhere to all “gun jumping” and “quiet period” rules and regulations of the Commission prior to, during and following the filing of the Registration Statement, if applicable, and the consummation of the Proposed Offering.

 

12.During the Engagement Period or until the Closing, the Issuer agrees to cooperate with Source and to furnish, or cause to be furnished, to Source, any and all information and data concerning the Issuer, its subsidiaries and the Proposed Offering that Source deems appropriate, including, without limitation, the Issuer’s acquisition plans and plans for raising capital or additional financing (the “Information”). The Issuer shall provide Source reasonable access during normal business hours from and after the date of execution of this Agreement until the date of the Closing to all of the Issuer’s and its subsidiaries assets, properties, books, contracts, commitments and records and to the Issuer’s and its subsidiaries officers, directors, employees, appraisers, independent accountants, legal counsel and other consultants and advisors. The Issuer represents and warrants to Source that all Information: (i) made available by the Issuer to Source or its agents and representatives, (ii) contained in any preliminary or final Prospectus prepared by the Issuer in connection with the Proposed Offering, and (iii) contained in any filing by the Issuer with any court or governmental regulatory agency, commission or instrumentality, will be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading in light of the circumstances under which such statements are made. The Issuer further represents and warrants to Source that all such Information will have been prepared by the Issuer in good faith and will be based upon assumptions which, in light of the circumstances under which they were made, are reasonable. The Issuer acknowledges and agrees that in rendering its services hereunder, Source will be using and relying on such information (and information available from public sources and other sources deemed reliable by Source) without independent verification thereof by Source or independent appraisal by Source of any of the Issuer’s assets. The Issuer acknowledges and agrees that this engagement letter and the terms hereof are confidential and will not be disclosed to anyone other than the officers and directors of the Issuer and the Issuer’s accountants, advisors and legal counsel. Except as contemplated by the terms hereof or as required by applicable law, Source shall keep strictly confidential all non-public Information concerning the Issuer provided to Source. No obligation of confidentiality shall apply to Information that: (a) is in the public domain as of the date hereof or hereafter enters the public domain without a breach by Source, (b) was known or became known by Source prior to the Issuer’s disclosure thereof to Source, (c) becomes known to Source from a source other than the Issuer, and other than by the breach of an obligation of confidentiality owed to the Issuer, (d) is disclosed by the Issuer to a third party without restrictions on its disclosure or (e) is independently developed by Source. Source’s obligations of confidentiality hereunder shall extend to its employees.

 

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.com

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Capital Group, Inc.

 

 

13.This engagement letter shall be deemed to have been made and delivered in New York City and both this engagement letter and the transactions contemplated hereby shall be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York, without regard to the conflict of laws principles thereof.

 

14.Each of Source and the Issuer: (i) agrees that any legal suit, action or proceeding arising out of or relating to this engagement letter and/or the transactions contemplated hereby shall be instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of Source and the Issuer further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service of process upon the Issuer mailed by certified mail to the Issuer’s address shall be deemed in every respect effective service of process upon the Issuer, in any such suit, action or proceeding, and service of process upon Source mailed by certified mail to Source’s address shall be deemed in every respect effective service process upon Source, in any such suit, action or proceeding. Notwithstanding any provision of this engagement letter to the contrary, the Issuer agrees that neither Source nor its affiliates, and the respective officers, directors, employees, agents and representatives of Source, its affiliates and each other person, if any, controlling Source or any of its affiliates, shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Issuer for or in connection with the engagement and transaction described herein except for any such liability for losses, claims, damages or liabilities incurred by us that are finally judicially determined to have resulted from the bad faith or gross negligence of such individuals or entities. Source will act under this engagement letter as an independent contractor with duties to the Issuer. Because Source will be acting on the Issuer’s behalf in this capacity, it is Source’s practice to receive indemnification. A copy of Source’s standard indemnification form is attached to this engagement letter as Exhibit A.

 

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.com

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Capital Group, Inc.

 

 

 

We are delighted at the prospect of working with you and look forward to a successful Proposed Offering. If you are in agreement with the foregoing, please execute and return two copies of this engagement letter to the undersigned along with the Advance. This engagement letter may be executed in counterparts and by facsimile transmission.

 

 

Regards,

 

SOURCE CAPITAL GROUP, INC.

 

 

	
 
	
By:
	
 Richard H. Kreger
	
 

Senior Managing Director

 

 

	
 
	
By:
	
 Russ Newton
	
 

Chief Financial Officer

 

 

 

ACCEPTED AND AGREED TO AS OF THE DATE FIRSTABOVE WRITTEN:

 

Staffing 360 Solutions, Inc.

 

 

 

	
 
	
By:
	

	
 

	
 
	

	
Brendan Flood
	
 

Executive Chairman

 

 

[Signature Page to Engagement Letter] [Exhibit A, Indemnification Letter Begins on Next Page]

 

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.com

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Capital Group, Inc.

 

 

 

This Exhibit A is a part of and is incorporated into the Proposed Offering Engagement Letter dated June 23, 2016 between the Issuer and Source Capital Group, Inc. ("Source"). Capitalized terms used herein and not otherwise defined shall have the respective meanings provided in the Agreement.

 

The Issuer agrees to indemnify and hold harmless Source, its affiliates and each person controlling Source (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of Source, its affiliates and each such controlling person (Source, and each such entity or person. an "Indemnified Person") from and against any losses, claims, damages, judgments, assessments, costs and other liabilities (collectively, the "Liabilities"), and shall reimburse each Indemnified Person for all fees and expenses (including the reasonable fees and expenses of one counsel for all Indemnified Persons, except as otherwise expressly provided herein) (collectively, the "Expenses") as they are incurred by an Indemnified Person in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation, whether or not any Indemnified Person is a party thereto (collectively, the "Actions"), (i) caused by, or arising out of or in connection with, any untrue statement or alleged untrue statement of a material fact contained in any offering documents prepared by the Issuer (including any amendments thereof and supplements thereto) (the "Offer Documents") or by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (other than untrue statements or alleged untrue statements in, or omissions or alleged omissions from, information relating to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person expressly for use in the Offer Documents) or (ii) otherwise arising out of or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant to the Agreement, the transactions contemplated thereby or any Indemnified Person's actions or inactions in connection with any such advice, services or transactions; provided, however, that, in the case of clause (ii) only, the Issuer shall not be responsible for any Liabilities or Expenses of any Indemnified Person that have resulted primarily from such Indemnified Person's (x) gross negligence, bad faith or willful misconduct in connection with any of the advice, actions, inactions or services referred to above or (y) use of any offering materials or information concerning the Issuer in connection with the offer or sale of the Securities in the Transaction which were not authorized for such use by the Issuer and which use constitutes negligence, bad faith or willful misconduct. The Issuer also agrees to reimburse each Indemnified Person for all Expenses as they are incurred in connection with enforcing such Indemnified Person's rights under the Agreement, which includes this Exhibit A.

 

Upon receipt by an Indemnified Person of actual notice of an Action against such Indemnified Person with respect to which indemnity may be sought under the Agreement, such Indemnified Person shall promptly notify the Issuer in writing; provided that failure by any Indemnified Person so to notify the Issuer shall not relieve the Issuer from any liability which the Issuer may have on account of this indemnity or otherwise to such Indemnified Person, except to the extent the Issuer shall have been prejudiced by such failure. The Issuer shall, if requested by Source, assume the defense of any such Action including the employment of counsel reasonably satisfactory to Source, which counsel may also be counsel to the Issuer. Any Indemnified Person shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Issuer has failed promptly to assume the defense and employ counsel or (ii) the named parties to any such Action (including any impeded parties) include such Indemnified Person and the Issuer, and such Indemnified Person shall have been advised in the reasonable opinion of counsel that there is an actual conflict of interest that prevents the counsel selected by the Issuer from representing both the Issuer (or another client of such counsel) and any Indemnified Person; provided that the Issuer shall not in such event be responsible hereunder for the fees and expenses of more than one firm of separate counsel for all Indemnified Persons in connection with any Action or related Actions, in addition to any local counsel. The Issuer shall not be liable for any settlement of any Action effected without its written consent (which shall not be unreasonably withheld). In addition, the Issuer shall not, without the prior written consent of Source (which shall not be unreasonably withheld), settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened Action in respect of which indemnification or contribution may be sought hereunder (whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Person from all Liabilities arising out of such Action for which indemnification or contribution may be sought hereunder. The

 

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.com

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Capital Group, Inc.

 

 

indemnification required hereby shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and payable.

 

In the event that the foregoing indemnity is unavailable to an Indemnified Person other than in accordance with the Agreement, the Issuer shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as is appropriate to reflect (i) the relative benefits to the Issuer, on the one hand, and to Source and any other Indemnified Person, on the other hand, of the matters contemplated by the Agreement or (ii) if the allocation provided by the immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault of the Issuer, on the one hand, and Source and any other Indemnified Person, on the other hand, in connection with the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; provided that in no event shall the Issuer contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses in excess of the amount of fees actually received by Source pursuant to the Agreement. For purposes of this paragraph, the relative benefits to the Issuer, on the one hand, and to Source on the other hand, of the matters contemplated by the Agreement shall be deemed to be in the same proportion as (a) the total value paid or contemplated to be paid to or received or contemplated to be received by the Issuer in the transaction or transactions that are within the scope of the Agreement, whether or not any such transaction is consummated, bears to (b) the fees paid to Source under the Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act of 1933, as amended, shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

 

The Issuer also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Issuer for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant to the Agreement, the transactions contemplated thereby or any Indemnified Person's actions or inactions in connection with any such advice, services or transactions except for Liabilities (and related Expenses) of the Issuer that have resulted primarily from such Indemnified Person's gross negligence, bad faith or willful misconduct in connection with any such advice, actions, inactions or services.

 

The reimbursement, indemnity and contribution obligations of the Issuer set forth herein shall apply to any modification of the Agreement and shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person's services under or in connection with, the Agreement.

 

ACCEPTED AND AGREED TO AS OF THE DATE FIRSTABOVE WRITTEN:

 

Staffing 360 Solutions, Inc.Source Capital Group, Inc.

 

 

By: By:  

Brendan FloodRuss Newton

Executive ChairmanChief Financial Officer

Members FINRA & SIPC276 Post Road West, Westport, CT 06880www.Sourcegrp.comExhibit 10.31

 

xG TECHNOLOGY, INC.

 

2016 EMPLOYEE STOCK PURCHASE PLAN

 

Section 1. Purpose.

 

The purpose of the xG
TECHNOLOGY, INC. 2016 EMPLOYEE STOCK PURCHASE PLAN (the “Plan”) is to promote the interest of xG Technology, Inc.,
a Delaware corporation (“xG Tech”) and its stockholders by providing employees of xG Tech and its Designated Subsidiaries
with an opportunity to purchase Common Stock of xG Tech through accumulated payroll deductions. By encouraging stock ownership,
xG Tech seeks to attract, retain and motivate employees and to encourage them to devote their best efforts to the business and
financial success of xG Tech. It is the intention of xG Tech to have the Plan qualify as an “Employee Stock Purchase Plan”
under Section 423 of the Code. The provisions of the Plan, accordingly, shall be construed in a manner consistent with the requirements
of that section of the Code.

 

Section 2. Definitions.

 

For purposes of the
Plan, the following capitalized terms shall have the following meanings:

 

2.1 “Board of
Directors” or “Board” means the Board of Directors of xG Tech.

 

2.2 “Code”
means the Internal Revenue Code of 1986, as amended.

 

2.3 “Committee”
means the compensation committee of the Board, and shall consist solely of three or more Board members who are not employees of
xG Tech or any Subsidiary unless otherwise determined by the Board. If no compensation committee exists, or for any other reason
as may be determined by the Board it decides to serve as the Committee, the Board shall be considered the Committee and may take
any action under the Plan that would otherwise be the responsibility of the Committee.

 

2.4 “Common Stock”
means the common stock, $0.00001 par value, of xG Tech.

 

2.5 “Compensation”
means all base straight time gross earnings and commissions, but exclusive of payments for overtime, shift premium, incentive compensation,
incentive payments, bonuses and other compensation.

 

2.6 “Designated
Subsidiary” means any Subsidiary that has been designated by the Committee from time to time in its sole discretion as eligible
to participate in the Plan.

 

2.7 “Employee”
means any individual who is an employee of xG Tech or a Designated Subsidiary as the term is used in Treasury Regulation Section
1.423-2(e) and described in Treasury Regulation Section 1.421-1(h); PROVIDED, HOWEVER, EMPLOYEES WHO HAVE BEEN EMPLOYED LESS THAN
THIRTY (30) DAYS PRIOR TO THE APPLICABLE OFFERING PERIOD, EMPLOYEES WHOSE CUSTOMARY EMPLOYMENT WITH xG TECH IS TWENTY (20) HOURS
OR LESS PER WEEK, EMPLOYEES WHOSE CUSTOMARY EMPLOYMENT WITH xG TECH IS FOR NOT MORE THAN FIVE (5) MONTHS IN ANY CALENDAR YEAR,
AND EMPLOYEES WHO ARE RESIDENTS OF OR EMPLOYED IN ANY JURISDICTION IN WHICH SUCH A PLAN IS PROHIBITED UNDER APPLICABLE LAW SHALL
NOT BE DEEMED EMPLOYEES FOR THE PURPOSES OF THIS PLAN. For purposes of the Plan, the employment relationship shall be treated as
continuing intact while the individual is on sick leave or other leave of absence approved by xG Tech. Where the period of leave
exceeds 90 days and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment
relationship shall be deemed to have terminated on the 91st day of such leave.

 

2.8 “Enrollment
Date” means the first Trading Day of each Offering Period.

 

2.9 “Exercise
Date” means the last Trading Day of each Offering Period.

 

    	 	1	 

     

    

 

2.10 “Fair Market
Value” means, as of any date, the value of Common Stock determined as follows:

 

2.10.1 If there should
be a public market for the Common Stock on such date, the closing price of the Common Stock as reported on such date on the composite
tape of the principal national securities exchange on which the Common Stock is listed or admitted to trading, or, if no composite
tape exists for such national securities exchange on such date, then the closing price on the principal national securities exchange
on which the Common Stock is listed or admitted to trading.

 

2.10.2 If the Common
Stock is not listed or admitted on a national securities exchange, the arithmetic mean of the closing bid price and closing asked
price for the Common Stock on such date as quoted on the National Association of Securities Dealers Automated Quotation System
(or such market in which such prices are regularly quoted).

 

2.10.3 If the day is
not a Trading Day, and as a result, paragraphs 2.10.1 and 2.10.2 above are inapplicable, the “Fair Market Value” of
the Stock shall be determined as of the next earlier Trading Day. If paragraphs 2.10.1 and 2.10.2 above are otherwise inapplicable,
then the “Fair Market Value” of the Common Stock shall be as determined in good faith by the Committee.

 

2.11 “Highly Compensated
Employee” has the same meaning as the term is used in Section 414(q) of the Code.

 

2.12 “Offering
Periods” means the period of approximately six (6) months during which an option shall be granted and may be exercised pursuant
to the Plan, commencing on the first Trading Day on or after July 1st and January 1st of each year
following the approval of the Plan by xG Tech’s stockholders and the Board of Directors, and terminating on the last Trading
Day in the periods ending six (6) months later from each beginning date. Notwithstanding the foregoing, the first Offering Period
shall commence on July 1, 2016 and shall terminate on the last trading day on or before [June 30, 2025]. The duration and timing
of Offering Periods may be changed pursuant to Section 4 of this Plan.

 

2.13 “Plan”
means this xG Technology, Inc. 2016 Employee Stock Purchase Plan.

 

2.14 “Purchase
Price” means the lesser of 85% of the Fair Market Value of a share of Common Stock on the Exercise Date of the current Offering
Period or 85% of the Fair Market Value of a share of Common Stock on the Grant Date of the current Offering Period; provided however,
that the Purchase Price may be adjusted by the Board or the Committee pursuant to Section 20.

 

2.15 “Reserves”
means the number of shares of Common Stock covered by each option under the Plan that have not yet been exercised and the number
of shares of Common Stock that have been authorized for issuance under the Plan but not yet placed under option.

 

2.16 “Subsidiary”
has the meaning set forth for “subsidiary corporation” in Section 424(f) of the Code, whereby a Subsidiary means any
corporation (other than the employer corporation) in an unbroken chain of corporations beginning with the employer corporation
if, at the time of the granting of the option, each of the corporations other than the last corporation in the unbroken chain owns
stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

 

2.17 “xG Tech”
means xG Technology, Inc., a Delaware corporation.

 

2.18 “Trading
Day” means a day on which the Nasdaq Stock Market (“NASDAQ”) quotation medium is open for trading; provided,
however, if xG Tech is no longer traded on the NASDAQ then Trading Day shall mean a day on which the quotation medium, market,
or exchange on which xG Tech is then-traded is open for trading.

 

Section 3. Eligibility.

 

3.1 Any individual who
is an Employee of xG Tech or a Designated Subsidiary on a given Enrollment Date shall be eligible to participate in the Plan.

 

    	 	2	 

     

    

 

3.2 Notwithstanding
any provision of the Plan to the contrary, no Employee shall be granted an option under the Plan: (i) to the extent that, immediately
after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to section 424(d)
of the Code) would own stock of xG Tech and/or hold outstanding options to purchase such stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of the stock of xG Tech or of any Subsidiary thereof; or (ii) to
the extent that his or her rights to purchase stock under all employee stock purchase plans of xG Tech and its Subsidiaries would
accrue at a rate which exceeds Two Hundred, Fifty Thousand Dollars ($250,000) of fair market value of such stock (determined at
the time such option is granted) for each calendar year in which such option is outstanding at any time.

 

Section 4. Offering Periods.

 

The Plan shall be implemented
by consecutive Offering Periods with a new Offering Period commencing and ending as set forth in Section 2.12, or on such other
date as the Committee shall determine, and continuing thereafter until terminated in accordance with Section 20 hereof; provided,
however, that the first Offering Period under the Plan shall commence pursuant to Section 2.12. Subject to compliance with the
requirements of Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange
rule), the Committee shall have the power to change the duration of Offering Periods (including the commencement dates thereof)
with respect to future offerings without shareholder approval if such change is announced at least five (5) days prior to the scheduled
beginning of the first Offering Period to be affected thereafter.

 

Section 5. Participation.

 

5.1 An eligible Employee
may become a participant in the Plan by completing a Subscription Agreement authorizing payroll deductions in the form of Exhibit
A to this Plan and filing it with xG Tech’s payroll office prior to the applicable Enrollment Date.

 

5.2 Payroll deductions
for a participant shall commence on the first payroll following the Enrollment Date after xG Tech receives the participant’s
Subscription Agreement and shall end on the last payroll in the Offering Period to which such Subscription Agreement is applicable,
unless sooner terminated by the participant as provided in Section 10 hereof.

 

Section 6. Payroll Deductions.

 

6.1 At the time a participant
files his or her Subscription Agreement, he or she shall elect to have payroll deductions made on each payday during the Offering
Period in an amount not exceeding fifty percent (50%) of the Compensation that he or she receives on each payday during the Offering
Period.

 

6.2 All payroll deductions
made for a participant shall be credited to his or her account under the Plan and shall be withheld in whole percentages only.
A participant may not make any additional payments into such account.

 

6.3 A participant may
discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his
or her payroll deductions during the Offering Period by completing or filing with xG Tech a new Subscription Agreement authorizing
a change in payroll deduction rate. The Committee may, in its discretion, limit the number of participation rate changes during
any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days
after xG Tech’s receipt of the new Subscription Agreement unless xG Tech elects to process a given change in participation
more quickly. A participant’s Subscription Agreement shall remain in effect for successive Offering Periods unless terminated
as provided in Section 10 hereof.

 

6.4 Notwithstanding
the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3.2 hereof, a participant’s
payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period. Payroll deductions shall recommence
at the rate provided in such participant’s Subscription Agreement at the beginning of the first Offering Period which is
scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10 hereof.

 

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6.5 At the time the
option is exercised, in whole or in part, or at the time some or all of xG Tech’s Common Stock issued under the Plan is disposed
of, the participant must make adequate provision for xG Tech’s federal, state, or other tax withholding obligations, if any,
which arise upon the exercise of the option or the disposition of the Common Stock. At any time, xG Tech may, but shall not be
obligated to, withhold from the participant’s Compensation the amount necessary for xG Tech to meet applicable withholding
obligations, including any withholding of any tax or benefits that may be attributable to the sale or early disposition of Common
Stock by the Employee.

 

Section 7. Grant of Option.

 

On the Enrollment Date
of each Offering Period, each eligible Employee participating in such Offering Period shall be granted an option to purchase on
the Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of xG Tech’s Common
Stock determined by dividing such Employee’s payroll deductions accumulated prior to such Exercise Date and retained in the
participant’s account as of the Exercise Date by the applicable Purchase Price; provided, however, in no event will an eligible
Employee be permitted to purchase more than a number of shares equal to the result of $250,000 divided by the Fair Market Value
of xG Tech’s Common Stock on the first Trading Day during such Offering Period (subject to adjustment upon changes in capitalization
of xG Tech as provided in Section 19 hereof ); and provided further that such purchase shall be subject to the limitations set
forth in Sections 3.2 and 13 hereof. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant
has withdrawn pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period.

 

Section 8. Exercise of Option.

 

8.1 Unless a participant
withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares shall be exercised automatically
on the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the applicable
Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares shall be purchased; any payroll
deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in
the participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided
in Section 10 hereof. Any other monies left over in a participant’s account after the Exercise Date shall be returned to
the participant or, at the election of the participant, maintained in the Plan for use in subsequent Offering Periods. During a
participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her.

 

8.2 If the Committee
determines that, on a given Exercise Date, the number of shares with respect to which options are to be exercised may exceed: (i)
the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering
Period; or (ii) the number of shares available for sale under the Plan on such Exercise Date, the Committee may in its sole discretion:
(x) provide that xG Tech shall make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment
Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion
to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and continue all Offering
Periods then in effect; or (y) provide that xG Tech shall make a pro rata allocation of the shares available for purchase on such
Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its
sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate
any or all other Offering Periods then in effect pursuant to Section 20 hereof. xG Tech may make pro rata allocation of the shares
available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization
of additional shares for issuance under the Plan by xG Tech’s shareholders subsequent to such Enrollment Date.

 

Section 9. Delivery.

 

Certificates evidencing
the shares purchased upon exercise of a participant’s option will be issued by xG Tech’s transfer agent as promptly
as practicable after each Exercise Date on which a purchase of shares occurs. Notwithstanding the foregoing, shares purchased upon
exercise of a participant’s option may be held electronically by an uncertificated book-entry by xG Tech’s transfer
agent or by the Plan administrator.

 

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Section 10. Withdrawal.

 

10.1 A participant may
withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her
option under the Plan at any time by giving written notice to xG Tech in the form of Exhibit B to this Plan. All
of the participant’s payroll deductions credited to his or her account shall be paid to such participant promptly after receipt
of notice of withdrawal and such participant’s option for the Offering Period shall be automatically terminated, and no further
payroll deductions for the purchase of shares shall be made for such Offering Period. If a participant withdraws from an Offering
Period, payroll deductions shall not resume at the beginning of the succeeding Offering Period unless the participant delivers
to xG Tech a new Subscription Agreement.

 

10.2 A participant’s
withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan which
may hereafter be adopted by xG Tech or in succeeding Offering Periods which commence after the termination of the Offering Period
from which the participant withdraws.

 

Section 11. Termination of Employment.

 

Upon a participant’s
ceasing to be an Employee, for any reason, he or she shall be deemed to have elected to withdraw from the Plan and the payroll
deductions credited to such participant’s account during the Offering Period but not yet used to exercise the option shall
be returned to such participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15
hereof, and such participant’s option shall be automatically terminated. The preceding sentence notwithstanding, a participant
who receives payment in lieu of notice of termination of employment shall be treated as continuing to be an Employee for the participant’s
customary number of hours per week of employment during the period in which the participant is subject to such payment in lieu
of notice.

 

Section 12. Interest.

 

No interest shall accrue
on the payroll deductions of a participant in the Plan.

 

Section 13. Stock

 

13.1 Subject to adjustment
upon changes in capitalization of xG Tech as provided in Section 19 hereof, the maximum number of shares of xG Tech’s Common
Stock which shall be made available for sale under the Plan shall be $3,500,000 value of Shares (including Shares underlying Options);
provided, however, that the maximum number of Shares of Common Stock (including Shares underlying Options) with respect to which
Awards may be granted to any participant in any year is $250,000 worth of Shares. The Shares to be delivered under the Plan may
consist of either Shares authorized and reserved for the Plan or Shares subsequently acquired by the Company as treasury Shares,
including Shares purchased in the open market or in private transactions. 

 

13.2 The participant
shall have no interest or voting right in shares covered by his or her option until such option has been exercised.

 

13.3 Shares to be delivered
to a participant under the Plan shall be registered in the name of the participant or in the name of the participant and his or
her spouse jointly with the right or survivorship.

 

Section 14. Administration.

 

The Board or the Committee,
as determined in the sole discretion of the Board, shall administer the Plan. The Board or the Committee shall have full and exclusive
discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all
disputed claims filed under the Plan. Every finding, decision and determination made by the Board or the Committee shall, to the
full extent permitted by law, be final and binding upon all parties.

 

    	 	5	 

     

    

 

Section 15. Designation of Beneficiary.

 

15.1 A participant,
in its Subscription Agreement, may designate a beneficiary who is to receive any shares and cash, if any, from the participant’s
account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised
but prior to delivery to such participant of such shares and cash. In addition, a participant may file a written designation of
a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such participant’s
death prior to exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent
shall be required for such designation to be effective.

 

15.2 Such designation
of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and
in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death,
xG Tech shall deliver such shares and/or cash to the executor or administrator of the estate of the participant, or if no such
executor or administrator has been appointed (to the knowledge of xG Tech), xG Tech, in its discretion, may deliver such shares
and/or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative
is known to xG Tech, then to such other person as xG Tech may designate.

 

Section 16. Transferability.

 

Neither payroll deductions
credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the
Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution
or as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition
shall be without effect, except that xG Tech may treat such act as an election to withdraw funds from an Offering Period in accordance
with Section 10 hereof.

 

Section 17. Use of Funds.

 

All payroll deductions
received or held by xG Tech under the Plan may be used by xG Tech for any corporate purpose, and xG Tech shall not be obligated
to segregate such payroll deductions.

 

Section 18. Reports.

 

Individual accounts
shall be maintained for each participant in the Plan. Statements of account shall be given to participating Employees at least
annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased
and the remaining cash balance, if any.

 

Section 19. Adjustments Upon Changes in
Capitalization, Dissolution, Liquidation, Merger or Asset Sale.

 

19.1 Changes in Capitalization.
Subject to any required action by the shareholders of xG Tech, the Reserves, the maximum number of shares each participant may
purchase each Purchase Period (pursuant to Section 7), as well as the price per share and the number of shares of Common Stock
covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease
in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without
receipt of consideration by xG Tech; provided, however, that conversion of any convertible securities of xG Tech shall not be deemed
to have been “effected without receipt of consideration”. Such adjustment shall be made by the Committee, whose determination
in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by xG Tech of shares of
stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number or price of shares of Common Stock subject to an option.

 

19.2 Dissolution or
Liquidation. In the event of the proposed dissolution or liquidation of xG Tech, the Offering Period then in progress shall be
shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation
of such proposed dissolution or liquidation, unless provided otherwise by the Committee. The New Exercise Date shall be before
the date of xG Tech’s proposed dissolution or liquidation. The Committee shall notify each participant in writing, at least
ten (10) business days prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed
to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless
prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof.

 

    	 	6	 

     

    

 

19.3 Merger or Asset
Sale. In the event of a proposed sale of all or substantially all of the assets of xG Tech, or the merger of xG Tech with or into
another corporation, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation
or a Parent or Subsidiary of the successor corporation, unless the successor corporation refuses to do so. In the event that the
successor corporation refuses to assume or substitute for the option, any Offering Periods then in progress shall be shortened
by setting a new Exercise Date (the “New Exercise Date”) upon which the Offering Period then in progress shall end.
The New Exercise Date shall be before the date of xG Tech’s proposed sale or merger. The Committee shall notify each participant
in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the participant’s
option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the
New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof.

 

Section 20. Amendment or Termination.

 

20.1 The Board of Directors
or the Committee may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19 hereof, no such
termination can affect options previously granted, provided that an Offering Period may be terminated by the Board of Directors
or the Committee on any Exercise Date if the Board or the Committee determines that the termination of the Offering Period or the
Plan is in the best interests of xG Tech and its shareholders. Except as provided in Section 19 and this Section 20 hereof, no
amendment may make any change in any option theretofore granted which adversely affects the rights of any participant. To the extent
necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or
stock exchange rule), xG Tech shall obtain shareholder approval of any amendments to the Plan in such a manner and to such a degree
as required.

 

20.2 Subject to compliance
with the requirements of Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or
stock exchange rule), but without shareholder consent and without regard to whether any participant rights may be considered to
have been “adversely affected,” the Board or the Committee shall be entitled to change the Offering Periods, limit
the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant
in order to adjust for delays or mistakes in xG Tech’s processing of properly completed withholding elections, establish
reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the
purchase of Common Stock for each participant properly correspond with amounts withheld from the participant’s Compensation,
and establish such other limitations or procedures as the Board or the Committee determines in its sole discretion advisable which
are consistent with the Plan.

 

20.3 Subject to compliance
with the requirements of Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or
stock exchange rule), in the event the Board or the Committee determines that the ongoing operation of the Plan may result in unfavorable
financial accounting consequences, the Board or the Committee may, in its discretion and, to the extent necessary or desirable,
modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:

 

20.3.1 altering the
Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

 

20.3.2 shortening any
Offering Period so that Offering Period ends on a new Exercise Date, including an Offering Period underway at the time of the Board
action; and

 

20.3.3 allocating shares.

 

Such modifications or
amendments shall not require stockholder approval or the consent of any Plan participants.

 

    	 	7	 

     

    

 

Section 21. Conditions Upon Issuance of
Shares.

 

Shares shall not be
issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto
shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933,
as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for xG
Tech with respect to such compliance.

 

As a condition to the
exercise of an option, xG Tech may require the person exercising such option to represent and warrant at the time of any such exercise
that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if,
in the opinion of counsel for xG Tech, such a representation is required by any of the aforementioned applicable provisions of
law.

 

Section 22. Term of Plan.

 

The Plan shall become
effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the shareholders of xG Tech. It
shall continue in effect for a term of ten (10) years unless sooner terminated under Section 20 hereof.

 

Section 23. Notices.

 

All notices or other
communications by a participant to xG Tech under or in connection with the Plan shall be deemed to have been duly given when received
in the form specified by xG Tech at the location, or by the person, designated by xG Tech for the receipt thereof.

 

    	 	8

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