Document:

Exhibit
10.59

 

February
5, 2021

 

Via
Electronic Mail

 

Staffing
360 Solutions, Inc.

3A
London Wall Buildings

London
Wall

London
EC2M 5SY

United
Kingdom

Attn:
Brendan Flood, Chairman and Chief Executive Officer

 

	 	Re:	Limited
    Waiver and Agreement

 

Ladies
and Gentlemen:

 

Reference
is hereby made to that certain Second Amended and Restated Note Purchase Agreement, dated as of October 26, 2020 (as so amended,
the “Purchase Agreement”), among Jackson Investment Group, LLC (“JIG”), Staffing
360 Solutions, Inc., a Delaware corporation (the “Company”), and certain subsidiaries of the Company
signatory thereto. Capitalized terms used in this Limited Waiver and Agreement (this “Agreement”) and
not otherwise defined shall have the meanings ascribed to such terms in the Purchase Agreement.

 

JIG
owns certain shares of series E Preferred Stock and series E-1 Preferred Stock of the Company that are issued pursuant to the
terms of the Certificate of Designation creating the Series E Preferred Stock and the Series E-1 Preferred Stock filed on November
15, 2018, as amended by Amendment No. 1 filed on February 8, 2019 and Amendment No. 2 filed on October 23, 2020 (as so amended,
the “Certificate of Designation”).

 

The
Company and JIG have entered into the Amended and Restated Warrant Agreement, dated as of April 25, 2018, as amended by that certain
Amendment No. 1 dated as of August 27, 2018, Amendment No. 2 dated as of November 15, 2018 and Amendment No. 3 dated October 26,
2020 (as so amended, the “Warrant Agreement”).

 

JIG
understands that the Company intends to sell up to 21,785,880 shares of its Common Stock (the “Shares”)
in a public offering (the “Offering”), in which H.C. Wainwright & Co. (“Wainwright”)
shall serve as an underwriter or placement agent, either pursuant to an underwriting agreement between the Company and Wainwright
or one or more securities purchase agreements between the Company and investors in the Offering.

 

JIG
further understands that the sale of the Shares in the Offering (the “Sale”) would cause there to be inadequate
authorized shares of the Company’s common stock available for issuance if JIG were to exercise all the warrants owned by
it pursuant to the Warrant Agreement (the “Warrants”) and convert into common stock all the series E and series
E-1 Preferred Stock owned by it (the “Preferred Stock”, and together with the Warrants, the “JIG Convertible
Securities”), which would violate covenants and agreements of the Company in the Warrant Agreement, the Certificate
of Designation and the Purchase Agreement (such violations being referred to herein collectively as the “Covenant Violation”).

 

    	 	 	 

    	 

    

 

Staffing
360 Solutions, Inc.

February
5, 2021

Page
2

 

Subject
to the terms and conditions hereof, JIG hereby (a) waives on a limited one-time basis any Covenant Violation that may arise from
the Sale as a result of the then-authorized shares of common stock following the Sale being less than the number of authorized
shares needed to cover JIG Convertible Securities upon any exercise/conversion thereof, and (b) agrees on a limited one-time basis
that it will not exercise or convert any Convertible Securities to the extent that doing so would exceed the number of then-authorized
shares of common stock to be less than the number of shares needed to cover Shares sold or to be sold pursuant in the Offering,
provided that this agreement not to exercise or convert shall terminate on the date which is sixty (60) days after the date of
this Agreement.

 

In
order to induce JIG to grant the limited waivers in respect of the Covenant Violation and the limited agreement not to exercise
or convert Convertible Securities as set forth in the paragraph just above, the Company hereby covenants and agrees that it will
take all actions necessary to cause a meeting of its stockholders to be held as soon as is reasonably possible and to present
at such meeting a proposal to increase the number of authorized shares of common stock to at least a total of 100,000,000 shares,
which actions shall include the preparation and filing with the SEC of a proxy statement in compliance with all applicable SEC
rules and regulations by no later than one hundred twenty (120) days after the date of this Agreement, and the Company shall will
use its reasonable best efforts to solicit votes of its stockholders in favor of such proposal and if necessary shall adjourn
such meeting to allow for the solicitation of additional votes adequate to cause the proposal to be approved. The Company further
acknowledges and agrees that any failure to fully and timely comply with its covenants and agreements set forth above in this
paragraph shall constitute an immediate Event of Default under the Purchase Agreement and a Preferred Default under the Certificate
of Designation and a default under the Warrant Agreement.

 

The
foregoing limited waivers apply only to the Covenant Violation described in this letter and shall be effective only to the extent
specifically set forth herein and shall not (a) be construed as a waiver of any breach, default or Event of Default other than
the Covenant Violation, (b) affect the right of JIG to demand compliance by the Company with all terms and conditions of the Purchase
Agreement, the Warrant Agreement and the Certificate of Designation, except as specifically waived by this Agreement, (c) be deemed
a waiver of any transaction or future action on the part of the Company requiring JIG’s consent or approval under the Purchase
Agreement, the Warrant Agreement or the Certificate of Designation, or (d) except as to the Covenant Violation waived hereby,
be deemed or construed to be a waiver or release of, or a limitation upon, JIG’s exercise of any rights or remedies under
the Purchase Agreement, the Warrant Agreement or the Certificate of Designation whether arising as a consequence of any Default
or Event of Default or Preferred Default (as defined in the Certificate of Designation) which may now exist or otherwise, all
such rights and remedies hereby being expressly reserved.

 

    	 	 	 

    	 

    

 

Staffing
360 Solutions, Inc.

February
5, 2021

Page
3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Limited Waiver and Agreement to be duly executed by their duly authorized
representatives as of the day and year hereof.

 

	 	Sincerely,
	 	 	 
	 	Jackson
    Investment Group, LLC
	 	 	 
	 	By:	/s/
    Richard L. Jackson
	 	Name:	Richard
    L. Jackson
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Staffing
    360 Solutions, Inc.

 

	 	By:	/s/
    Brendan Flood
	 	Name:	Brendan
    Flood
	 	Title:	Chairman
    and Chief Executive OfficerExhibit
10.60

 

 

February
8, 2021

 

STRICTLY
CONFIDENTIAL

 

Staffing
360 Solutions, Inc.

641
Lexington Avenue

27th
Floor

New
York, NY 10022

 

Attn:
Brendan Flood, Chief Executive Officer

 

Dear
Mr. Flood:

 

Reference
is made to the engagement letter (the “Engagement Letter”), dated December 21, 2020, by and between Staffing
360 Solutions, Inc. (the “Company”) and H.C. Wainwright & Co., LLC (“Wainwright”), pursuant
to which Wainwright shall serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company during
the “Term” (as defined in the Engagement Letter). Defined terms used herein but not defined herein shall have the
meanings given to such terms in the Engagement Letter.

 

The
Company and Wainwright hereby agree to add the following sentence to the end of Paragraph A.3 of the Engagement Letter as follows:

 

“Notwithstanding
the foregoing, solely with respect to the Offering consummated pursuant to the Registration Staement on Form S-1 (File No. 333-252059),
the Company agrees to pay Wainwright out of the proceeds of each Closing up to $50,000 for fees and expenses of legal counsel
and other out-of-pocket expenses (to be increased to $100,000 in case of a public Offering); plus the additional amount payable
by the Company pursuant to Paragraph D.3 hereunder and, if applicable, the costs associated with the use of a third-party electronic
road show service (such as NetRoadshow); provided, however, that such amount in no way limits or impairs the indemnification and
contribution provisions of this Agreement.”

 

The
Company and Wainwright hereby agree delete in its entirety Paragraph A.5 and any references in the Paragraph B. of Engagement
Letter to “right of first refusal.”

 

The
Company and Wainwright hereby agree to amend and restate the first sentence of Paragraph B of the Engagement Letter as follows:

 

“B.
Term and Termination of Engagement; Exclusivity. The term of Wainwright’s exclusive engagement will begin
on the date hereof and end on the later of: (i) to the extent a registration statement on Form S-1 in connection with an Offering
is filed within three (3) months following the date hereof, twelve (12) months after such registration statement becomes effective
and (ii) three (3) months following the date hereof (the “Term”).”

 

Except
as expressly set forth above, all of the terms and conditions of the Engagement Letter shall continue in full force and effect
after the execution of this agreement and shall not be in any way changed, modified or superseded except as set forth herein.

 

This
agreement may be executed in two or more counterparts and by facsimile or “.pdf” signature or otherwise, and each
of such counterparts shall be deemed an original and all of such counterparts together shall constitute one and the same agreement.

 

430
Park Avenue | New York, New York 10022 | 212.356.0500 | www.hcwco.com

Member:
FINRA/SIPC

 

    	 

     

    

 

IN
WITNESS WHEREOF, this agreement is executed as of the date first set forth above.

 

	 	Very
    truly yours,
	 	 
	 	H.C.
    WAINWRIGHT & CO., LLC
	 	 	                 
	 	By:
    	/ s/
    Edward  D. Silvera 
	 	Name :
    	 Edward
    D. Silvera 
	 	Title:	 Chief
    Operating Officer 

 

Accepted
and Agreed:

 

	Staffing
    360 Solutions, Inc. 	 
	 	 	 
	By:	/s/
    Brendan Flood	 
	Name:	Brendan
    Flood	 
	Title:	Chairman
    and Chief Executive Officer	 

 

    	2

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