Document:

Exhibit 10.4

 

AMENDMENT NO. 1 TO WARRANTS

 

This Amendment No. 1 to Common Stock Purchase Warrant
(this “Amendment”) dated this 20th day of September, 2022, by and among ShiftPixy, Inc., a Wyoming corporation (the “Company”)
and Armistice Capital Master Fund Ltd. (the “Holder”).

 

WHEREAS, the Holder is the holder of outstanding
warrants to purchase up to 25,233 shares of common stock of the Company, with an Issue Date of September 3, 2021 (the “September 2021
Warrants”), the underlying shares of which are registered for resale on a registration statement on Form S-3 (File No. 333-259619)
(the “September 2021 Warrants Registration Statement”) and warrants to purchase up to 98,969 shares of common stock of
the Company, with an issue date of January 28, 2022, the underlying shares of which are registered for resale on a registration statement
on Form S-3 (File No. 333-266401) (the “January 2022 Warrants Registration Statement”) (the “January 2022
Warrants,” and together with the September 2021 Warrants, the “Warrants”);

 

WHEREAS, the Company and the Holder desire
to amend the Warrants as more particularly set forth below;

 

WHEREFORE, the parties do hereby agree as follows:

 

1.             Effective
upon the closing of the securities purchase agreement, dated September 20, 2022, between the Company and the Holder, the Exercise
Price of the Warrants is hereby amended to be $0.01 per share, subject to further adjustment as set forth in the Warrants.

 

2.             The
Company agrees that it will not withdraw the September 2021 Warrants Registration Statement at any time while any September 2021
Warrants are outstanding, and it will not withdraw the January 2022 Warrants Registration Statement at any time while any January 2022
Warrants are outstanding.

 

3.             Except
as modified herein, the terms of the Warrants shall remain in full force and effect.

 

4.             This
Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the same Amendment. A
signature delivered by facsimile or email shall constitute an original.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	SHIFTPIXY, INC.	 
	 	 	 
	By:	/s/ Scott W. Absher 	 
	Name:	Scott W. Absher 	 
	Title:	CEO	 
	 	 	 
	ARMISTICE CAPITAL MASTER FUND LTD.	 
	 	 	 
	By:	/s/ Steven Boyd 	 
	Name:	Steven Boyd 	 
	Title:	CIO of Amristice Capital, LLC, the Investment
    ManagerExhibit 10.5

 

September 20, 2022

 

ShiftPixy, Inc. 

501 Brickell Key Drive, Suite 300 

Miami, FL 33131

 

Dear Mr. Scott W. Absher:

 

This letter (the
 “Agreement”) constitutes the agreement between A.G.P./Alliance Global Partners (the “Placement
Agent”) and ShiftPixy, Inc., a Wyoming corporation (the “Company”), that the Placement Agent shall
serve as the exclusive placement agent for the Company, on a “reasonable best efforts” basis, in connection with the
proposed placement (the “Placement”) of (i) shares (the “Shares”) of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), (ii) warrants to purchase shares of Common
Stock (the “Common Warrants”) and (iii) pre-funded warrants to purchase shares of Common Stock (the
 “Pre-Funded Warrants” and together with the Shares and Common Warrants, the “Securities”). The
Securities actually placed by the Placement Agent are referred to herein as the “Placement Agent Securities.” The
terms of the Placement shall be mutually agreed upon by the Company and the purchaser of the Securities (the
 “Purchaser”), and nothing herein constitutes that the Placement Agent would have the power or authority to bind
the Company or the Purchaser, or an obligation for the Company to issue any Securities or complete the Placement. The Company
expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best efforts basis only
and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities and does
not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with respect to
securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents
or selected-dealers on its behalf in connection with the Placement. Certain affiliates of the Placement Agent may participate in the
Placement by purchasing some of the Placement Agent Securities. The sale of Placement Agent Securities to the Purchaser will be
evidenced by a securities purchase agreement (the “Purchase Agreement”) between the Company and such Purchaser,
in a form reasonably acceptable to the Company and the Purchaser. Capitalized terms that are not otherwise defined herein have the
meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the Company will
be available to answer inquiries from the prospective Purchaser.

 

SECTION 1.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.            Representations
of the Company. With respect to the Placement Agent Securities, each of the representations and warranties (together with any related
disclosure schedules thereto) and covenants made by the Company to the Purchaser in the Purchase Agreement in connection with the Placement,
are hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement
and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents
and warrants that there are no affiliations with any FINRA (as defined below) member firm among the Company’s officers, directors
or, to the knowledge of the Company, any five percent (5.0%) or greater securityholder of the Company, except as set forth in the Purchase
Agreement.

 

B.            Covenants
of the Company. The Company covenants and agrees to continue to retain (i) a firm of independent PCAOB registered public accountants
for a period of at least five (5) years after the Closing Date and (ii) a competent transfer agent with respect to the Common
Stock for a period of five (5) years after the Closing Date. In addition, from the date hereof until 90 days after the Effective
Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance
of any shares of Common Stock or Common Stock Equivalents. Notwithstanding the foregoing, the Company may file a shelf registration statement
on Form S-3 and may take all steps necessary to have said registration statement declared effective during such 90 day period. This
Section 1(B) shall not apply in respect of an Exempt Issuance.

 

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SECTION 2.
REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good standing
of FINRA, (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws
of the United States of America, applicable to the offers and sales of the Placement Agent Securities by the Placement Agent, (iv) is
and will be a corporate body validly existing under the laws of its place of incorporation, and (v) has full power and authority
to enter into and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of
any change in its status with respect to subsections (i) through (v) above. The Placement Agent covenants that it will use its
reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of
applicable law.

 

SECTION 3. COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent and/or its respective
designees a cash fee of 7.0% of the aggregate gross proceeds raised from the sale of the Placement Agent Securities (the
 “Cash Fee”). The Cash Fee shall be paid on the Closing Date. The Company shall not be required to pay the
Placement Agent any fees or expenses except for the Cash Fee, and the reimbursement of up to $50,000 in legal expenses and other
out-of-pocket expenses; provided, that this sentence in no way limits or impairs the indemnification or contribution provisions
contained herein. In addition, the Company shall issue the Placement Agent (and/or its designees) on the Closing Date warrants (the
 “Placement Agent Warrants”) to purchase shares of Common Stock in an amount equal to 5% of the Shares and shares
of Common Stock issuable upon exercise of the Pre-Funded Warrants sold in the Placement. The Placement Agent Warrants shall be in
substantially the form of Common Warrants sold in the Placement, shall be exercisable, in whole or in part, commencing on a date
which is six (6) months after the pricing of the Placement and expiring on the four (4) year anniversary of the date that
the registration statement registering the shares underlying the warrants is declared effective by the Securities and Exchange
Commission, at an initial exercise price per share of Common Stock equal to 110% of the offering price of each Share. The terms of
the Placement Agent Warrants shall comply, in all respects with the requirements of the Financial Industry Regulatory
Authority, Inc. (“FINRA”). The Placement Agent reserves the right to reduce any item of compensation or
adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the
Placement Agent’s aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

 

SECTION 4.
INDEMNIFICATION.

 

A.            To
the extent permitted by law, with respect to the Placement Agent Securities, the Company will indemnify the Placement Agent and its affiliates,
stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including
the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to this Agreement, except
to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in a final judgment
(not subject to appeal) by a court of law to have resulted primarily and directly from the Placement Agent’s fraud, willful misconduct
or gross negligence in performing the services described herein.

 

B.            Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which
the Placement Agent is entitled to indemnity hereunder, the Placement Agent will notify the Company in writing of such claim or of
the commencement of such action or proceeding, but failure to so notify the Company shall not relieve the Company from any
obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial
rights and defenses. If the Company so elects or is requested by the Placement Agent, the Company will assume the defense of such
action or proceeding and will employ counsel reasonably satisfactory to the Placement Agent and will pay the fees and expenses of
such counsel. Notwithstanding the preceding sentence, the Placement Agent will be entitled to employ counsel separate from counsel
for the Company and from any other party in such action if counsel for the Placement Agent reasonably determines that it would be
inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and
the Placement Agent. In such event, the reasonable fees and disbursements of no more than one (1) such separate counsel will be
paid by the Company, in addition to fees of local counsel. The Company will have the right to settle the claim or proceeding
provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement
Agent, which will not be unreasonably withheld. The Company shall not be liable for any settlement of any action effected without
its written consent, which will not be unreasonably withheld.

 

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C.            The
Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by this Agreement.

 

D.            If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless, then
the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims, damages or liabilities
in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and the Placement
Agent on the other, but also the relative fault of the Company on the one hand and the Placement Agent on the other that resulted in such
losses, claims, damages or liabilities, as well as any relevant equitable considerations. The amounts paid or payable by a party in respect
of losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees and expenses incurred
in defending any litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, the Placement Agent’s share
of the liability hereunder shall not be in excess of the amount of fees actually received, or to be received, by the Placement Agent under
this Agreement.

 

E.            These
indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this Agreement is completed
and shall survive the termination of this Agreement, and shall be in addition to any liability that the Company might otherwise have to
any indemnified party under this Agreement or otherwise.

 

SECTION 5.
ENGAGEMENT TERM. The Placement Agent’s engagement hereunder will commence on the date hereof and continue through the Closing
Date. The date of termination of this Agreement is referred to herein as the “Termination Date.” In the event, however,
in the course of the Placement Agent’s performance of due diligence it deems it necessary to terminate the engagement, the Placement
Agent may do so prior to the Termination Date. The Company may elect to terminate the engagement hereunder for any reason prior to the
Termination Date but will remain responsible for fees and expenses pursuant to Section 3 hereof and fees and expenses with respect
to the Placement Agent Securities, if sold in the Placement. Notwithstanding anything to the contrary contained herein, the provisions
concerning the Company’s obligation to pay any fees or expenses actually earned pursuant to Section 3 hereof and the provisions
concerning confidentiality, indemnification and contribution contained herein will survive any expiration or termination of this Agreement.
If this Agreement is terminated prior to the completion of the Placement, all fees or expenses due to the Placement Agent shall be paid
by the Company to the Placement Agent on or before the Termination Date (in the event such fees or expenses are earned or owed as of the
Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the Placement
Agent by the Company for any purposes other than those contemplated under this Agreement.

 

SECTION 6.
PLACEMENT AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with
this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required
by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s
prior written consent.

 

SECTION 7.
NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges
and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities
to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement
Agent hereunder, all of which are hereby expressly waived.

 

SECTION 8.
CLOSING. The obligations of the Placement Agent, and the closing of the sale of the Placement Agent Securities hereunder are subject
to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein
and in the Purchase Agreement, to the performance by the Company of its obligations hereunder and in the Purchase Agreement, and to each
of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent:

 

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A.            All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement,
the Placement Agent Securities, and all other legal matters relating to this Agreement and the transactions contemplated hereby with respect
to the Placement Agent Securities shall be reasonably satisfactory in all material respects to the Placement Agent.

 

B.            The
Placement Agent shall have received from outside U.S. counsel to the Company each such counsel’s written opinion with respect to
the Placement Agent Securities, addressed to the Placement Agent and dated as of the Closing Date, in form and substance reasonably satisfactory
to the Placement Agent.

 

 C.             The Placement Agent shall have received the Placement Agent Warrants.

 

D.            The
Placement Agent shall have received customary certificates of the Company’s executive officers, as to the accuracy of the representations
and warranties contained in the Purchase Agreement, and a certificate of the Company’s secretary certifying that each of the Company’s
charter documents are true and complete, have not been modified and are in full force and effect; (ii) that the resolutions of the
Company’s Board of Directors relating to the Placement are in full force and effect and have not been modified; and (iii) as
to the incumbency of the officers of the Company.

 

E.            The
Common Stock shall be registered under the Exchange Act in accordance with the terms of the Purchase Agreement and, as of the Closing
Date, the Shares and the shares of Common Stock issuable upon exercise of the Warrants shall be listed and admitted and authorized for
trading on the Trading Market or other applicable U.S. national exchange and satisfactory evidence of such action shall have been provided
to the Placement Agent. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration
of the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading Market or other applicable
U.S. national exchange, nor has the Company received any information suggesting that the Commission or the Trading Market or other U.S.
applicable national exchange is contemplating terminating such registration or listing.

 

F.            No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of the Placement Agent Securities or materially and adversely
affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of
any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent
the issuance or sale of the Placement Agent Securities or materially and adversely affect or potentially and adversely affect the business
or operations of the Company.

 

G.            The
Company shall have entered into a Purchase Agreement with the Purchaser of the Placement Agent Securities and such agreement shall be
in full force and effect and shall contain representations, warranties and covenants of the Company as agreed upon between the Company
and the Purchaser.

 

H.            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 the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, any
filing with the FINRA Corporate Financing Department pursuant to FINRA Rules 5110 and 5190 with respect to the Placement and pay
all filing fees required in connection therewith.

 

If any of the conditions
specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement
Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation shall
be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

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SECTION 9. GOVERNING
LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to
agreements made and to be performed entirely in such State, without regard to its conflict of laws principles. This Agreement may
not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure
to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect
to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising
under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York
and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally
and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding
to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other
party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding.

 

SECTION 10.
ENTIRE AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding between the parties hereto, and
supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined
to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision
of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except
by an instrument in writing signed by both the Placement Agent and the Company. The representations, warranties, agreements and covenants
contained herein shall survive the Closing Dates of the Placement and delivery of the Placement Agent Securities. This Agreement may be
executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such facsimile or .pdf signature page were an original thereof.

 

SECTION 11.
NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent
to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business
day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address on the
signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business
day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or
(d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages hereto.

 

SECTION 12.
PRESS ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference
the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and on its
website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

[The remainder of this page has been intentionally
left blank.]

 

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Please confirm that the foregoing correctly
sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 	 
	 	A.G.P./ALLIANCE
    GLOBAL PARTNERS
	 	 	 
	 	By:	/s/
    Thomas J. Higgins 
	 	Name:	Thomas J. Higgins
	 	Title:	Managing Director
	 	 	 
	 	Address
    for notice: 
	 	590
    Madison Avenue 28th Floor
	 	New
    York, New York 10022
	 	Attn:
    Thomas J. Higgins 
	 	Email:   

 

	Accepted and Agreed
    to as of the date first written above:	 
	 	 	 
	ShiftPixy, Inc.	 
	 	 	 
	By:	/s/ Scott W. Absher	 
	Name:	Scott W. Absher	 
	Title:	CEO	 
	 	 	 
	Address for notice:	 

 

[Signature Page to Placement Agency Agreement.]

 

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