Document:

EXHIBIT
10.1

 

AMENDMENT
NO. 1

TO INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This
Amendment No. 1 (this “Amendment”), dated as of March 6, 2018, to the Investment Management Trust Agreement (as defined
below) is made by and among Jensyn Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock
Transfer & Trust Company (the “Trustee”). All terms used but not defined herein shall have the meanings assigned
to them in the Trust Agreement.

 

WHEREAS,
the Company and the Trustee entered into an Amended and Restated Investment Management Trust Agreement dated as of March 2, 2016
(the “Trust Agreement”);

 

WHEREAS,
Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances
described therein;

 

WHEREAS,
at a special meeting of stockholders of the Company held on March 5, 2018, the Company stockholders approved (i) a proposal to
amend (the “Charter Amendment”) the Company’s amended and restated certificate of incorporation to provide that
the date by which the Company shall be required to effect a Business Combination shall be on or June 5, 2018 (the “ Extended
Date”) and (ii) a proposal to extend the date on which to commence liquidating the Trust Account in the event the Company
has not consummated a business combination by the Extended Date; and

 

WHEREAS,
on the date hereof, the Company is filing the Charter Amendment with the Secretary of State of the State of Delaware.

 

NOW
THEREFORE, IT IS AGREED:

 

1.
Section 1(i) of the Trust Agreement is hereby amended and restated to read in full as follows:

 

“(i)
Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of
a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, signed on behalf of the Company by its Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary,
affirmed by counsel for the Company and, in the case of a Termination Letter in a form substantially similar to that attached
hereto as Exhibit A, acknowledged and agreed to by CCM, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however,
that in the event that a Termination Letter has not been received by the Trustee by June 5, 2018, the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public
Stockholders promptly after such date.”

 

    	 

     

    

 

2.
Section 2(c) of the Trust Agreement is hereby amended and restated to read in full as follows:

 

“(k)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as
provided in Section 2(a), no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i)
and 2(e) hereof.”

 

3.
A new Section 2(e) is hereby inserted into the Trust Agreement immediately following Section 2(d) to read as follows:

 

“(e)
Upon the receipt of an Amendment Notification Letter (as defined below), the Trustee shall distribute to Public Stockholders who
exercised their conversion rights in connection with an Amendment (as defined below), an amount equal to the pro rata share of
the Property relating to the shares of Common Stock for which such Public Stockholders have exercised conversion rights in connection
with such Amendment.”

 

4.
A new Section 3(f) is hereby inserted in the Trust Agreement immediately following Section 3(e) as follows:

 

“(f)
If the Company seeks to amend any provision of its Amended and Restated Certificate of Incorporation relating to stockholders’
rights or pre-Business Combination activity (including the time within which the Company has to complete a Business Combination)
(in each case an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification
Letter”) in the form of Exhibit D providing instructions for the distribution of funds to Public Stockholders who exercise
their conversion option in connection with such Amendment.”

 

6.
A new Exhibit D, attached hereto, is hereby added to the Trust Agreement immediately following Exhibit C of the Trust Agreement.

 

7.
All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

 

8.
This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed
to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument.
A facsimile signature shall be deemed to be an original signature for purposes of this Amendment.

 

9.
This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required
by Section 6(c) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust
Agreement is hereby ratified, intentionally waived and relinquished by all parties hereto.

 

10.
This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first
written above.

 

	 	Continental
    Stock Transfer & Trust Company, as Trustee
	 	 
	 	By:	/s/
    Francis E. Wolf, Jr
	 	Name:	Francis E. Wolf, Jr.
	 	Title:	Vice
    President

 

	 	JENSYN
    ACQUISITION CORP.
	 	 
	 	By:	/s/
    Jeffrey J. Raymond
	 	Name:	Jeffrey J. Raymond
	 	Title:	President
    and Chief Executive Officer

 

[Signature
Page to Amendment No. 1 to the Investment Management Trust Agreement]

 

    	 

     

    

 

EXHIBIT
D

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Cynthia Jordan, Accounting Department

 

Re:
Trust Account No. [  ] Stockholder Conversion Instruction

 

Ladies
and Gentlemen:

 

Pursuant
to Section 2(e) of the Amended and Restated Investment Management Trust Agreement between Jensyn Acquisition Corp. (the “
Company” ) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of March 2, 2016, as
amended (the “Trust Agreement”), the Company hereby requests that you deliver to the Public Stockholders who have
properly elected to have their Common Stock converted into cash in connection with the stockholder vote to approve an amendment
to the Company’s amended and restated certificate of incorporation to extend the time in which the Company must complete
a Business Combination or liquidate the Trust Account $ ___________ of the principal and interest income earned on the Property
as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

You
are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the
accounts designated by such Public Stockholders:

 

	 	Very
    truly yours,
	 	 
	 	JENSYN
    ACQUISITION CORP.
	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 

 

    	D-1bbsi-ex1044_59.htm

 

EXHIBIT 10.44

DEATH BENEFIT AGREEMENT

 

		
	
Employee:
	
Heather Gould

 

	
Employer:
	
Barrett Business Services, Inc., a Maryland corporation

 

	
Death Benefit:
	
$800,000, paid in one lump sum as set forth below

 

	
Effective Date:
	
October 30, 2017

 

 

RECITALS

	
A.
	
Employee has been employed by Employer and rendered valuable services to Employer. 

 

	
B.
	
In consideration for Employee's past, current, and future service to Employer, Employer desires to enter into this Death Benefit Agreement (this "Agreement") to pay, upon Employee's death, the Death Benefit to the beneficiary designated by Employee. 

 

AGREEMENT

For good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows:

 

1.Beneficiary Designation

1.1Beneficiary Designation.  Subject to Section 1.3, Employee has the right, at any time, to designate one or more persons or an entity as the beneficiary or beneficiaries to whom the Death Benefit will be paid in the event of Employee's death (the "Beneficiary").  Each Beneficiary designation must be in writing on the form prescribed by Employer and will be effective only when filed with Employer during Employee's lifetime. 

1.2Changing Beneficiary.  Subject to Section 1.3, any Beneficiary designation may be changed by Employee without the consent of the previously named Beneficiary by the filing of a new designation with Employer.  The filing of a new designation will cancel all designations previously filed.  

1.3Community Property.  If Employee is or becomes married and resides in Washington or any other community property state, the following rules will apply:

(a)Designation of a Beneficiary other than Employee's spouse will not be effective unless the spouse executes a written consent that acknowledges the effect of the designation, or it is established that consent cannot be obtained because the spouse cannot be located;

(b)A designation may be changed by Employee with the consent of Employee's spouse as provided for in Section 1.3(a) by the filing of a new designation with Employer;

(c)If Employee's marital status changes after Employee has designated a Beneficiary, the following will apply:

(i)If Employee is married at the time of death but was unmarried when the designation was made, the designation will be void unless the spouse has consented to it in the manner prescribed in Section 1.3(a);

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(ii)If Employee is unmarried at the time of death but was married when the designation was made:

(1)The designation will be void if the spouse was named as Beneficiary unless Employee had submitted a change of beneficiary listing the former spouse as the beneficiary; and 

(2)The designation will remain valid if a non-spouse Beneficiary was named.

(iii)If Employee was married when the designation was made and is married to a different spouse at death, the designation will be void unless the new spouse has consented to it in the manner prescribed above.

1.4No Beneficiary Designation.  In the absence of an effective Beneficiary designation, or if all designated Beneficiaries predecease Employee, then the Death Benefit will be paid to the personal representative of Employee's estate.

2.Payment of Benefit.  In the event of Employee's death, Employer will pay the Death Benefit directly to Employee's Beneficiary within 60 days after the date of death.

3.Limitation.  Notwithstanding any other provision of this Agreement, no benefit will be payable under this Agreement if Employee's death occurs under circumstances such that the policy on the life of Employee described in Section 5 does not pay a full death benefit, for example, in the case of suicide or other circumstances.

4.Employment Requirement.  Upon termination of Employee's employment with Employer for any reason other than due to Employee's death, the Death Benefit will be forfeited to Employer with no payment to Employee.  For purposes of this Agreement, "employment" will include periods of illness or other leaves of absence authorized by Employer.

5.Source of Benefits.  The Death Benefit will be paid solely out of the general assets of Employer.  In order to pay the Death Benefit provided for under this Agreement, Employer may elect, in its sole discretion, to purchase a life insurance policy on the life of Employee.  Employee will cooperate with Employer and any insurance carrier as necessary to obtain the insurance.  Employer will be the owner of any policy or policies of life insurance purchased under this Agreement, and any such policy or policies will be, and remain, a general, unpledged, and unrestricted asset of Employer.  Neither Employee nor any Beneficiary or other person will have any claim against, right to, or security or other interest in, any specific fund, account, insurance policy, or other asset of Employer with respect to any benefits under this Agreement. 

6.Miscellaneous.

6.1Nonassignability.  Neither Employee nor any other person will have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable under this Agreement, or any part of such amounts, which are, and all rights to which are, expressly declared to be unassignable and nontransferable.  No part of the amounts payable will, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by Employee or any other person, nor be transferable by operation of law in the event of Employee's or any other person's bankruptcy or insolvency.

6.2Not a Contract of Future Service.  The terms and conditions of this Agreement may not be deemed to constitute a contract of future service between Employer and Employee, and Employee (or his or her Beneficiary) will have no rights against Employer except as may otherwise be specifically provided in this Agreement.

6.3Governing Law.  This Agreement will be construed and interpreted according to the laws of the State of Washington (without regard to conflict of laws principles).

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6.4Notice.  Any notice or filing required or permitted to be given to Employer under this Agreement will be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Secretary of Employer.  Such notice will be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

6.5Successors.  This Agreement will bind and inure to the benefit of Employer and its successors and assigns.  The term successors as used in this Section 6.5 includes any corporate or other business entity which, whether by merger, consolidation, purchase or otherwise, acquires all or substantially all of the business and assets of Employer, and successors of any such corporation or other business entity. 

6.6Withholding.  Employer may deduct from all payments made to a Beneficiary under this Agreement any Federal, state or local taxes required by law to be withheld with respect to such payments.    

[Signature Page Follows]

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The parties have executed this Death Benefit Agreement as of the date first written above. 

 

		
	
Employee:

 

 

 

/s/ Heather Gould                 

Heather Gould

Date:10/30/2017                         

 
	
Employer:

 

BARRETT BUSINESS SERVICES, INC.

 

By: /s/ Anthony Meeker                                 

Name: Anthony Meeker

Title: Chairman of the Board

Date: 11/09/2017                                           

 

 

	
 
	
 

 

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