Document:

Exhibit 10.3

 

EXECUTION VERSION

 

STOCKHOLDER SUPPORT AGREEMENT

 

This Stockholder Support
Agreement (this “Agreement”) is dated as of September 15, 2020, by and among Social Capital Hedosophia
Holdings Corp. II, a Cayman Islands exempted company limited by shares (which shall domesticate as a Delaware corporation prior
to the Closing (as defined in the Merger Agreement (as defined below)) (“Acquiror”), the Persons set forth
on Schedule I hereto (each, a “Company Stockholder” and, collectively, the “Company Stockholders”),
and Opendoor Labs Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined herein
shall have the respective meanings ascribed to such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS, as of the date
hereof, the Company Stockholders are the holders of record and “beneficial owners” (within the meaning of Rule 13d-3
of the Exchange Act) of such number of shares of Company Capital Stock as are indicated opposite each of their names on Schedule
I attached hereto (all such shares of Company Capital Stock, together with any shares of Company Capital Stock of which ownership
of record or the power to vote (including, without limitation, by proxy or power of attorney) is hereafter acquired by any such
Company Stockholder during the period from the date hereof through the Expiration Time are referred to herein as the “Subject
Shares”);

 

WHEREAS, on September 15,
2020, Acquiror, Hestia Merger Sub Inc., a Delaware corporation (“Merger Sub”), and the Company entered into
an Agreement and Plan of Merger (as amended or modified from time to time, the “Merger Agreement”) pursuant
to which, among other transactions, Merger Sub will be merged with and into the Company (the “Merger”), with
the Company continuing on as the surviving entity; and each share of Company Preferred Stock that is issued and outstanding as
of immediately prior to the Effective Time will be automatically converted into Company Common Stock, and each share of Company
Common Stock that is issued in respect thereof or otherwise issued and outstanding as of immediately prior to the Effective Time
will, in each case, be cancelled and automatically converted into the right to receive a certain number of shares of Acquiror
Common Stock (such transaction, the “Preferred Conversion” and together with the Merger and the other transactions
contemplated by the Merger Agreement, including the Pre-Closing Restructuring (as defined in the Merger Agreement), the “Transactions”);

 

WHEREAS, prior to the
date hereof, the Board of Directors of the Company and the Company Stockholders authorized and approved the filing of that certain
Tenth Amended and Restated Certificate of Incorporation of the Company (the “Charter”) with the Secretary of
State of the State of Delaware, and the Charter was so filed substantially concurrently with the Company’s execution of
the Merger Agreement;

 

     

     

    

 

WHEREAS, pursuant to
their terms, upon consummation of the Merger, each of the following agreements will automatically terminate without any further
action on the part of the parties thereto pursuant to their respective terms: (i) that certain Sixth Amended and Restated
Investors’ Rights Agreement, dated as of February 8, 2019, by and among the Company and the Investors (as defined therein)
(the “Investors’ Rights Agreement”), (ii) that certain Sixth Amended and Restated Voting Agreement,
dated as of February 8, 2019, by and among the Company and the Stockholders (as defined therein) (the “Voting Agreement”)
and (iii) that certain Sixth Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of February 8,
2019, by and among the Company and the Investors (as defined therein) (the “ROFR Agreement” and, together with
the Investors’ Rights Agreement and the Voting Agreement, the “Investment Agreements”); and

 

WHEREAS, as an inducement
to Acquiror and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties
hereto desire to agree to certain matters as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby
agree as follows:

 

ARTICLE I

stockholder SUPPORT AGREEMENT; COVENANTS

 

Section 1.1     Binding
Effect of Merger Agreement. Each Company Stockholder hereby acknowledges that it has read the Merger Agreement and
this Agreement and has had the opportunity to consult with its tax and legal advisors. Each Company Stockholder shall be bound
by and comply with Sections 6.6 (Acquisition Proposals) and 12.12 (Publicity) of the Merger Agreement (and any relevant
definitions contained in any such Sections) as if (a) such Company Stockholder was an original signatory to the Merger Agreement
with respect to such provisions, and (b) each reference to the “Company” contained in Section 6.6 of the
Merger Agreement (other than Section 6.6(i) or Section 6.6(iii) or for purposes of the definition of Acquisition
Proposal) also referred to each such Company Stockholder.

 

Section 1.2     No
Transfer. During the period commencing on the date hereof and ending on the earlier to occur of (a) the Effective
Time, and (b) such date and time as the Merger Agreement shall be terminated in accordance with Section 10.1 thereof
(the “Expiration Time”), each Company Stockholder shall not (i) sell, offer to sell, contract or agree
to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
file (or participate in the filing of) a registration statement with the SEC (other than the Proxy Statement/Registration Statement)
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Exchange Act, with respect to any Subject Shares, (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any Subject Shares (clauses (i) and (i) collectively,
a “Transfer”) or (iii) publicly announce any intention to effect any transaction specified in clause (i) or
(ii).

 

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Section 1.3     New
Shares. In the event that, during the period commencing on the date hereof and ending at the Expiration Time, (a) any
Subject Shares are issued to a Company Stockholder after the date of this Agreement pursuant to any stock dividend, stock split,
recapitalization, reclassification, combination or exchange of Subject Shares or otherwise, (b) a Company Stockholder purchases
or otherwise acquires beneficial ownership of any Subject Shares or (c) a Company Stockholder acquires the right to vote
or share in the voting of any Subject Shares (collectively the “New Securities”), then such New Securities
acquired or purchased by such Company Stockholder shall be subject to the terms of this Agreement to the same extent as if they
constituted the Subject Shares owned by such Company Stockholder as of the date hereof.

 

Section 1.4     Stockholder
Agreements. Hereafter until the Expiration Time, each Company Stockholder hereby unconditionally and irrevocably agrees
that, at any meeting of the Stockholders of the Company (or any adjournment or postponement thereof), and in any action by written
consent of the Stockholders of the Company requested by the Board of Directors of the Company or otherwise undertaken as contemplated
by the Transactions, including in the form attached as Exhibit A (which written consent shall be delivered promptly, and
in any event within forty-eight (48) hours, after (x) the Proxy Statement/Registration Statement (as contemplated by the
Merger Agreement) has been declared effective and has been delivered or otherwise made available to the stockholders of Acquiror
and the Company, and (y) the Company requests such delivery), such Company Stockholder shall, if a meeting is held, appear
at the meeting, in person or by proxy, or otherwise cause its Subject Shares to be counted as present thereat for purposes of
establishing a quorum, and such Company Stockholder shall vote or provide consent (or cause to be voted or consented), in person
or by proxy, all of its Subject Shares:

 

(a)        to
approve and adopt the Merger Agreement and the Transactions;

 

(b)        to
authorize and approve the Merger as a SCH Transaction pursuant to Article IV(B)(6)(e) of the Charter;

 

(c)        to
exercise the drag-along rights set forth in Section 2.9 of the Voting Agreement;

 

(d)        in
any other circumstances upon which a consent or other approval is required under the Charter or the Investment Agreements or otherwise
sought with respect to the Merger Agreement or the Transactions, to vote, consent or approve (or cause to be voted, consented
or approved) all of such Company Stockholder’s Subject Shares held at such time in favor thereof;

 

(e)        against
and withhold consent with respect to any merger, purchase of all or substantially all of the Company’s assets or other business
combination transaction (other than the Merger Agreement and the Transactions); and

 

(f)         against
any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any provision of this Agreement, the
Merger Agreement or the Merger, (B) result in a breach in any respect of any covenant, representation, warranty or any other
obligation or agreement of the Company under the Merger Agreement or (C) result in any of the conditions set forth in Article IX
of the Merger Agreement not being fulfilled.

 

Each Company Stockholder
hereby agrees that it shall not commit or agree to take any action inconsistent with the foregoing.

 

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Section 1.5     No
Challenges. Each Company Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to
take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against
Acquiror, Merger Sub, the Company or any of their respective successors or directors (a) challenging the validity of, or
seeking to enjoin the operation of, any provision of this Agreement or (b) alleging a breach of any fiduciary duty of any
person in connection with the evaluation, negotiation or entry into the Merger Agreement.

 

Section 1.6     Affiliate
Agreements. Each Company Stockholder hereby agrees and consents to the termination of all Affiliate Arrangements set
forth on Section 6.4 of the Company Disclosure Letter to which such Company Stockholder is party, effective as of the Effective
Time without any further liability or obligation to the Company, the Company’s Subsidiaries or Acquiror.

 

Section 1.7     Registration
Rights Agreement. Each of the Company Stockholders set forth on Schedule II will deliver, substantially simultaneously
with the Effective Time, a duly-executed copy of the Amended and Restated Registration Rights Agreement substantially in the form
attached as Exhibit C to the Merger Agreement.

 

Section 1.8     Further
Assurances. Each Company Stockholder shall execute and deliver, or cause to be delivered, such additional documents,
and take, or cause to be taken, all such further actions and do, or cause to be done, all things reasonably necessary (including
under applicable Laws), or reasonably requested by Acquiror or the Company, to effect the actions and consummate the Mergers and
the other transactions contemplated by this Agreement and the Merger Agreement (including the Transactions), in each case, on
the terms and subject to the conditions set forth therein and herein, as applicable.

 

Section 1.9     No
Inconsistent Agreement. Each Company Stockholder hereby represents and covenants that such Company Stockholder has
not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of such
Company Stockholder’s obligations hereunder.

 

Section 1.10   Consent
to Disclosure. Each Company Stockholder hereby consents to the publication and disclosure in the Proxy Statement/Registration
Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities authorities,
any other documents or communications provided by Acquiror or the Company to any Governmental Authority or to securityholders
of Acquiror) of such Company Stockholder’s identity and beneficial ownership of Subject Shares and the nature of such Company
Stockholder’s commitments, arrangements and understandings under and relating to this Agreement and, if deemed appropriate
by Acquiror or the Company, a copy of this Agreement. Each Company Stockholder will promptly provide any information reasonably
requested by Acquiror or the Company for any regulatory application or filing made or approval sought in connection with the Transactions
(including filings with the SEC).

 

 

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ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1     Representations
and Warranties of the Company Stockholders. Each Company Stockholder represents and warrants as of the date hereof
to Acquiror and the Company (solely with respect to itself, himself or herself and not with respect to any other Company Stockholder)
as follows:

 

(a)         Organization;
Due Authorization. If such Company Stockholder is not an individual, it is duly organized, validly existing and in good standing
under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution, delivery
and performance of this Agreement and the consummation of the transactions contemplated hereby are within such Company Stockholder’s
corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate, limited
liability company or organizational actions on the part of such Company Stockholder. If such Company Stockholder is an individual,
such Company Stockholder has full legal capacity, right and authority to execute and deliver this Agreement and to perform his
or her obligations hereunder. This Agreement has been duly executed and delivered by such Company Stockholder and, assuming due
authorization, execution and delivery by the other parties to this Agreement, this Agreement constitutes a legally valid and binding
obligation of such Company Stockholder, enforceable against such Company Stockholder in accordance with the terms hereof (except
as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles
of equity affecting the availability of specific performance and other equitable remedies). If this Agreement is being executed
in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority to enter into this Agreement
on behalf of the applicable Company Stockholder.

 

(b)         Ownership.
Such Company Stockholder is the record and beneficial owner (as defined in the Securities Act) of, and has good title to, all
of such Company Stockholder’s Subject Shares, and there exist no Liens or any other limitation or restriction (including
any restriction on the right to vote, sell or otherwise dispose of such Subject (other than transfer restrictions under the Securities
Act)) affecting any such Subject Shares, other than Liens pursuant to (i) this Agreement, (ii) the Charter, (iii) the
Merger Agreement, (iv) the Voting Agreement or (v) any applicable securities Laws. Such Company Stockholder’s
Subject Shares are the only equity securities in the Company owned of record or beneficially by such Company Stockholder on the
date of this Agreement, and none of such Company Stockholder’s Subject Shares are subject to any proxy, voting trust or
other agreement or arrangement with respect to the voting of such Subject Shares, except as provided hereunder and under the Voting
Agreement. Other than the Company Warrants set forth opposite such Company Stockholder’s name on Schedule I, such
Company Stockholder does not hold or own any rights to acquire (directly or indirectly) any equity securities of the Company or
any equity securities convertible into, or which can be exchanged for, equity securities of the Company.

 

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(c)         No
Conflicts. The execution and delivery of this Agreement by such Company Stockholder does not, and the performance by such
Company Stockholder of his, her or its obligations hereunder will not, (i) if such Company Stockholder is not an individual,
conflict with or result in a violation of the organizational documents of such Company Stockholder or (ii) require any consent
or approval that has not been given or other action that has not been taken by any Person (including under any Contract binding
upon such Company Stockholder or such Company Stockholder’s Subject Shares) to the extent such consent, approval or other
action would prevent, enjoin or materially delay the performance by such Company Stockholder of its, his or her obligations under
this Agreement.

 

(d)         Litigation.
There are no Actions pending against such Company Stockholder, or to the knowledge of such Company Stockholder threatened against
such Company Stockholder, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental
Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by such Company Stockholder
of its, his or her obligations under this Agreement.

 

(e)         Adequate
Information. Such Company Stockholder is a sophisticated stockholder and has adequate information concerning the business
and financial condition of Acquiror and the Company to make an informed decision regarding this Agreement and the Transactions
and has independently and without reliance upon Acquiror or the Company and based on such information as such Company Stockholder
has deemed appropriate, made its own analysis and decision to enter into this Agreement. Such Company Stockholder acknowledges
that Acquiror and the Company have not made and do not make any representation or warranty, whether express or implied, of any
kind or character except as expressly set forth in this Agreement. Such Company Stockholder acknowledges that the agreements contained
herein with respect to the Subject Shares held by such Company Stockholder are irrevocable.

 

(f)          Brokerage
Fees. Except as described on Section 4.16 of the Company Disclosure Letter, no broker, finder, investment banker or other
Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated
by the Merger Agreement based upon arrangements made by such Company Stockholder, for which the Company or any of its Affiliates
may become liable.

 

(g)         Acknowledgment.
Such Company Stockholder understands and acknowledges that each of Acquiror and the Company is entering into the Merger Agreement
in reliance upon such Company Stockholder’s execution and delivery of this Agreement.

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1     Termination.
This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earlier of (a) the
Expiration Time and (b) as to each Company Stockholder, the written agreement of Acquiror, the Company and such Company Stockholder.
Upon such termination of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability
or other obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and
no party hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract,
tort or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this Agreement
shall not relieve any party hereto from liability arising in respect of any breach of this Agreement prior to such termination.
This ARTICLE IV shall survive the termination of this Agreement.

 

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Section 3.2     Governing
Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise
out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause
of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement)
will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed
and performed entirely within such State.

 

Section 3.3     CONSENT
TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.

 

(a)            THE
PARTIES TO THIS AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE OR THE COURTS
OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS
AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS AGREEMENT WAIVE,
AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT AND ANY RELATED AGREEMENT,
CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT THERETO OR THAT SUCH ACTION MAY NOT
BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT
THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE
ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS AGREEMENT BY MAILING A COPY
THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN Section 3.8.

 

(b)            WAIVER
OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 3.3.

 

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Section 3.4     Assignment.
This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties hereto and their
respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder
will be assigned (including by operation of law) without the prior written consent of the parties hereto.

 

Section 3.5     Specific
Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in the chancery court or any other state or federal court within the State
of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.

 

Section 3.6     Amendment;
Waiver. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except
upon the execution and delivery of a written agreement executed by Acquiror, the Company and the Company Stockholders.

 

Section 3.7     Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in
part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

Section 3.8     Notices.
All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly given
(a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight
delivery service or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business
Day), addressed as follows:

 

If to Acquiror:

 

Social Capital Hedosophia Holdings Corp. II

 

317 University Avenue

Palo Alto, California
94301

	Attention:	Steve Trieu
	Email:	steve@socialcapital.com

 

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with a copy to (which will not constitute notice):

 

Skadden, Arps, Slate,
Meagher & Flom LLP

One Manhattan West

New York, New York 10001

	Attention:	Howard L. Ellin
	 	Christopher M. Barlow
	Email:	howard.ellin@skadden.com
	 	christopher.barlow@skadden.com

 

If to the Company:

 

Opendoor Labs Inc.

1 Post Street, Floor 11

San Francisco, California 94104

	Attention:	Legal Department
	Email:	legal@opendoor.com

 

with a copy to (which shall not
constitute notice):

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

	Attention:	Justin Hamill
	 	Joshua M. Dubofsky
	 	Kristen Grannis
	Email:	Justin.Hamill@lw.com
	 	Joshua.Dubofsky@lw.com
	 	Kristen.Grannis@lw.com

 

If to a Company Stockholder:

 

To such Company Stockholder’s address set forth
in Schedule I

 

with a copy to (which will not constitute notice):

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

	Attention:	Justin Hamill
	 	Joshua M. Dubofsky
	 	Kristen Grannis
	Email:	Justin.Hamill@lw.com
	 	Joshua.Dubofsky@lw.com
	 	Kristen.Grannis@lw.com

 

Section 3.9     Counterparts.
This Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission), each of
which shall constitute an original, and all of which taken together shall constitute one and the same instrument.

 

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Section 3.10     Entire
Agreement. This Agreement and the agreements referenced herein constitute the entire agreement and understanding of
the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations
by or among the parties hereto to the extent they relate in any way to the subject matter hereof.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
BLANK]

 

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IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	SVF EXCALIBUR (CAYMAN) LIMITED
	 	 	 
	 	 	 
	 	By:	/s/ Karen Ellerbe
	 	Name:	Karen Ellerbe
	 	Title:	Director

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	KHOSLA VENTURES IV, LP
	 	 
	 	By: Khosla Ventures Associates IV, LLC, a Delaware limited liability company and general partner of Khosla Ventures IV, LP
	 	 	 
	 	 	 
	 	By:	/s/ John Demeter
	 	Name:	John Demeter
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	KHOSLA VENTURES IV (CF), LP
	 	 	 
	 	By: Khosla Ventures IV, LLC, a Delaware limited liability company and general partner of Khosla Ventures IV (CF), LP
	 	 	 
	 	 	 
	 	By:	/s/ John Demeter
	 	Name:	John Demeter
	 	Title:	General Counsel

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

	 	KHOSLA VENTURES SEED B, LP
	 	 	 
	 	By: Khosla Ventures Seed Associates B, LLC, a Delaware limited liability company and general partner of Khosla Ventures Seed B, LP
	 	 	 
	 	 	 
	 	By:	/s/ John Demeter
	 	Name:	John Demeter
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	KHOSLA VENTURES SEED B (CF), LP
	 	 	 
	 	By: Khosla Ventures Seed Associates B, LLC, a Delaware limited liability company and general partner of Khosla Ventures Seed B (CF), LP
	 	 	 
	 	 	 
	 	By:	/s/ John Demeter
	 	Name:	John Demeter
	 	Title:	General Counsel

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 	 
	 	GGV CAPITAL V L.P.
	 	 	 
	 	By: GGV Capital V L.L.C., its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Glenn Solomon
	 	Name:	Glenn Solomon
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	GGV CAPITAL V ENTREPRENEURS FUND L.P.
	 	 	 
	 	By: GGV Capital V L.L.C., its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Glenn Solomon
	 	Name:	Glenn Solomon
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	GGV CAPITAL SELECT L.P.
	 	 	 
	 	By: GGV Capital Select L.L.C., its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Glenn Solomon
	 	Name:	Glenn Solomon
	 	Title:	Managing Director

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 	 
	 	NORWEST VENTURE PARTNERS XIII, LP
	 	 	 
	 	By: Genesis VC Partners XIII, LLC, its General Partner
	 	 	 
	 	By: NVP Associates, LLC, its Managing Member
	 	 	 
	 	 	 
	 	By:	/s/ Jeff Crowe
	 	Name:	Jeff Crowe
	 	Title:	Managing Member
	 	 	 
	 	 	 
	 	NORWEST VENTURE PARTNERS XIV, LP
	 	 	 
	 	By: Genesis VC Partners XIV, LLC, its General Partner
	 	 	 
	 	By: NVP Associates, LLC, its Managing Member
	 	 	 
	 	 	 
	 	By:	/s/ Jeff Crowe
	 	Name:	Jeff Crowe
	 	Title:	Managing Member

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 	 
	 	FIFTH WALL VENTURES, L.P.
	 	 	 
	 	By: Fifth Wall Ventures GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Brad Greiwe
	 	Name:	Brad Greiwe
	 	Title:	Managing Partner
	 	 	 
	 	 	 
	 	FIFTH WALL VENTURES SPV I, L.P.
	 	 	 
	 	By: Fifth Wall Ventures GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Brad Greiwe
	 	Name:	Brad Greiwe
	 	Title:	Managing Partner
	 	 	 
	 	 	 
	 	FIFTH WALL VENTURES SPV II, L.P.
	 	 	 
	 	By: Fifth Wall Ventures GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Brad Greiwe
	 	Name:	Brad Greiwe
	 	Title:	Managing Partner

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

	 	FIFTH WALL VENTURES SPV VIII, L.P.
	 	 	 
	 	By: Fifth Wall Ventures GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Brad Greiwe
	 	Name:	Brad Greiwe
	 	Title:	Managing Partner
	 	 	 
	 	 	 
	 	FIFTH WALL VENTURES SPV XIV, L.P.
	 	 	 
	 	By: Fifth Wall Ventures GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Brad Greiwe
	 	Name:	Brad Greiwe
	 	Title:	Managing Partner
	 	 	 
	 	 	 
	 	FIFTH WALL VENTURES SPV XV, L.P.
	 	 	 
	 	By: Fifth Wall Ventures GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Brad Greiwe
	 	Name:	Brad Greiwe
	 	Title:	Managing Partner

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 	 
	 	GENERAL ATLANTIC (ODL), L.P.
	 	 	 
	 	By: General Atlantic (SPV) GP, LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ J. Frank Brown
	 	Name:	J. Frank Brown
	 	Title:	Managing Director

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	ANDREESSEN HOROWITZ FUND V, L.P.
	 	for itself and as nominee for
	 	Andreessen Horowitz Fund V-A, L.P.,
	 	Andreessen Horowitz Fund V-B, L.P., and
	 	Andreessen Horowitz Fund V-Q, L.P.
	 	 
	 	By: AH Equity Partners V, L.L.C., its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Scott Kupor
	 	Name:	Scott Kupor
	 	Title:	Managing Partner

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 	 
	 	AI LIQUIDRE LLC
	 	 	 
	 	By: Access Industries Management LLC, its manager
	 	 	 
	 	 	 
	 	By:	/s/ Alejandro Moreno
	 	Name:	Alejandro Moreno
	 	Title:	Executive Vice President
	 	 	 
	 	 	 
	 	By:	/s/ Suzette Del Giudice
	 	Name:	Suzette Del Giudice
	 	Title:	Executive Vice President

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 	 
	 	LV OPENDOOR JV, LLC
	 	 	 
	 	By: LV Opendoor Investor LLC, its Managing Member
	 	 	 
	 	By: LEN X, LLC, its Sole Member
	 	 	 
	 	 	 
	 	By:	/s/ Eric Feder
	 	Name:	Eric Feder
	 	Title:	Authorized Person

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	ERIC WU
	 	 	                
	 	By:	/s/ Eric Wu
	 	Name:	Eric Wu

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

	 	ACQUIROR:
	 	 
	 	SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. II
	 	
	 	 
	 	By:	/s/ Chamath Palihapitiya
	 	 	Name: Chamath Palihapitiya
	 	 	Title: Chief Executive Officer

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

	 	COMPANY:
	 	 
	 	OPENDOOR LABS INC.
	 	 
	 	By:	/s/ Eric Wu
	 	 	Name: Eric Wu
	 	 	Title: Chief Executive Officer

 

[Signature Page to
Stockholder Support Agreement]

 

     

     

    

 

Schedule I

Company Stockholder Subject Shares

 

	Holder	 	Shares
    of

    Common

    Stock	 	 	Shares
    of

    Series A

    Preferred

    Stock	 	 	Shares
    of

    Series B

    Preferred

    Stock	 	 	Shares
    of

    Series C

    Preferred

    Stock	 	 	Shares
    of

    Series C-1

    Preferred

    Stock	 	 	Shares
    of

    Series D

    Preferred

    Stock	 	 	Shares
    of

    Series D-1

    Preferred

    Stock	 	 	Shares
    of

    Series E

    Preferred

    Stock	 	 	Shares
    of

    Series E-1

    Preferred

    Stock	 	 	Shares
    of

    Series E-2

    Preferred

    Stock	 	 	Warrants	 	 	Notice

    Information	 
	SVF
    Excalibur (Cayman) Limtied	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	41,762,372	 	 	 	 	 	 	 	3,751,275	 	 	 	 	 	 	 	        	 
	AI LiquidRE LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	8,917,424	 	 	 	 	 	 	 	1,520,024	 	 	 	2,588,340	 	 	 	5,220,296	 	 	 	 	 	 	 	1,623,213	 	 	 	 	 	 	 	 	 
	Khosla Ventures
    IV, LP	 	 	4,751,194	 	 	 	14,253,656	 	 	 	3,404,746	 	 	 	3,512,312	 	 	 	526,944	 	 	 	285,738	 	 	 	 	 	 	 	9,813	 	 	 	 	 	 	 	35,258	 	 	 	 	 	 	 	 	 
	Khosla Ventures
    IV (CF) LP	 	 	303,752	 	 	 	911,262	 	 	 	217,672	 	 	 	224,548	 	 	 	33,688	 	 	 	18,268	 	 	 	 	 	 	 	627	 	 	 	 	 	 	 	2,254	 	 	 	 	 	 	 	 	 
	Khosla Ventures
    Seed B, LP	 	 	20,086	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Khosla Ventures
    Seed B (CF), LP	 	 	1,140	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GGV Capital V L.P.	 	 	 	 	 	 	 	 	 	 	9,431,358	 	 	 	1,075,218	 	 	 	811,114	 	 	 	 	 	 	 	663,968	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GGV Capital V Entrepreneurs
    Fund L.P.	 	 	 	 	 	 	 	 	 	 	346,132	 	 	 	39,460	 	 	 	29,766	 	 	 	 	 	 	 	24,366	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GGV Capital Select
    L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,520,024	 	 	 	1,892,924	 	 	 	1,044,059	 	 	 	 	 	 	 	75,025	 	 	 	 	 	 	 	 	 
	Norwest Venture
    Partners XIII, LP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	7,600,112	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Norwest Venture
    Partners XIV, LP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,610,148	 	 	 	 	 	 	 	150,051	 	 	 	 	 	 	 	 	 
	LV Opendoor JV,
    LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,220,296	 	 	 	 	 	 	 	300,102	 	 	 	 	 	 	 	 	 
	Fifth Wall Ventures,
    L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	724,289	 	 	 	853,618	 	 	 	 	 	 	 	 	 	 	 	562,691	 	 	 	 	 	 	 	 	 
	Fifth Wall Ventures SPV I, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,713,219	 	 	 	3,414,474	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	300,000	 	 	 	 	 
	Fifth Wall Ventures SPV II, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,593,741	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fifth Wall Ventures SPV VIII, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,808,813	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fifth Wall Ventures SPV XIV, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	187,563	 	 	 	 	 	 	 	 	 
	Fifth Wall Ventures SPV XV, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	157,291	 	 	 	 	 	 	 	 	 
	General Atlantic
    (ODL), L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	7,830,444	 	 	 	 	 	 	 	3,751,275	 	 	 	 	 	 	 	 	 
	Andreessen Horowitz
    Fund V, L.P., as nominee	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,566,088	 	 	 	 	 	 	 	3,751,275	 	 	 	 	 	 	 	 	 
	Eric Wu	 	 	20,400,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total:	 	 	25,476,172	 	 	 	15,164,918	 	 	 	13,399,908	 	 	 	13,768,962	 	 	 	1,401,512	 	 	 	17,784,228	 	 	 	9,437,690	 	 	 	65,264,143	 	 	 	0	 	 	 	14,347,273	 	 	 	300,000	 	 	 	 	 

 

[Schedule I to Stockholder Support Agreement]staf-ex101_9.htm

Exhibit 10.1

AMENDMENT NO. 15 TO 

CREDIT AND SECURITY AGREEMENT 

 

THIS AMENDMENT NO. 15 TO CREDIT AND SECURITY AGREEMENT (this “Amendment”) is effectively dated as of the 7th day of September, 2020, by and among MONROE STAFFING SERVICES, LLC, a Delaware limited liability company, FARO RECRUITMENT AMERICA, INC., a New York corporation, LIGHTHOUSE PLACEMENT SERVICES, INC., a Massachusetts corporation, STAFFING 360 GEORGIA, LLC, a Georgia limited liability company, and KEY RESOURCES, INC., a North Carolina corporation (each of the foregoing Persons and each Subsidiary joining the Credit Agreement as hereinafter defined as a Borrower, individually, each a “Borrower” and collectively, “Borrowers”), STAFFING 360 SOLUTIONS, INC., a Delaware corporation (as “Parent”), and MIDCAP FUNDING IV TRUST, a Delaware statutory trust, as successor-by-assignment to MidCap Funding X Trust (as Agent for Lenders, “Agent”, and individually, as a Lender), and the other financial institutions or other entities from time to time parties to the Credit Agreement referenced below, each as a Lender.

 

RECITALS

 

A.Borrowers, Agent and Lenders are party to that certain Credit and Security Agreement dated as of April 8, 2015 (as amended by that certain Amendment No. 1 and Joinder Agreement to Credit and Security Agreement dated as of July 13, 2015, by that certain Amendment No. 2 to Credit and Security Agreement dated as of August 31, 2015, by that certain Overadvance Letter dated October 9, 2015, by that certain Overadvance Letter dated as of November 20, 2015, by that certain Overadvance Letter dated as of February 8, 2016, by that certain Amendment No. 3 to Credit and Security Agreement and Limited Waiver dated as of February 8, 2016, by that certain Amendment No. 4 and Joinder Agreement to Credit and Security Agreement dated as of July 11, 2016, by that certain Amendment No. 5 to Credit and Security Agreement dated as of September 26, 2016, by that certain Amendment No. 6 to Credit and Security Agreement and Limited Consent dated as of January 26, 2017, by that certain Amendment No. 7 to Credit and Security Agreement and Limited Consent dated as of June 5, 2017, by that certain Amendment No. 8 and Joinder Agreement to Credit and Security Agreement and Limited Consent dated as of September 15, 2017, by that certain Amendment No. 9 to Credit and Security Agreement and Limited Consent dated as of June 6, 2018, by that certain Amendment No. 10 and Joinder Agreement to Credit and Security Agreement and Limited Consent dated as of August 27, 2018, by that certain Overadvance Letter dated as of January 3, 2019, by that certain Amendment No. 11 to Credit and Security Agreement dated as of February 7, 2019, by that certain Overadvance Letter dated as of April 1, 2019, by that certain Amendment No. 12 to Credit and Security Agreement dated as of April 1, 2019, by that certain Overadvance Letter dated as of July 15, 2019, by that certain Amendment No. 13 to Credit and Security Agreement dated as of August 2, 2019, by that certain Amendment No. 14 dated as of August 8, 2020, as amended hereby and as it may be further amended, modified and restated from time to time, the “Credit Agreement”).  Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Credit Agreement.

 

B.Borrowers, Agent and Lenders have agreed to amend the Credit Agreement as set forth herein. 

 

 

 

 
 

 

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders, Parent and Borrowers hereby agree as follows:

 

1.Recitals.   This Amendment shall constitute a Financing Document and the Recitals set forth above shall be construed as part of this Amendment as if set forth fully in the body of this Amendment.

 

2.Amendment to Credit Agreement.  Section 1.1 (Amended and Restated Definitions).  The defined term “Commitment Expiry Date” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Commitment Expiry Date” means October 7, 2020.

(b)Confirmation of Representations and Warranties; Reaffirmation of Security Interest.  

 

(a)Each Borrower hereby confirms that all of the representations and warranties set forth in Article 3 of the Credit Agreement are true and correct in all material respects with respect to such Borrower as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, and covenants to perform its respective obligations under the Credit Agreement.  To induce Agent and Lender to enter into this Agreement, Borrowers and Parent further represent and warrant that:

 

(i) no Default or Event of Default has occurred or is continuing as of the date hereof;

(ii)as of the date hereof and, immediately after giving effect to this Amendment and the transactions contemplated hereby, the representations and warranties of Borrowers contained in the Financing Documents are true and correct in all material respects (or if any representation or warranty is qualified with respect to materiality, in all respects) on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date; and

(iii)the execution, delivery and performance by Borrowers and Parent of this Amendment are within each of its corporate powers and have been duly authorized by all necessary corporate action, and this Amendment is the legal, valid and binding obligation of Borrowers and Parent enforceable against Borrowers and Parent in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by equitable principles, and neither the execution, delivery or performance by Borrowers and Parent of this Agreement (A) violates any Law, or any other rule or decree of any Governmental Authority, (B) conflicts with or results in the breach or termination of, constitutes a default under or accelerates any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which 

2

 

 
 
 

 

Borrowers or Parent is a party or by which Borrowers or Parent or any of its property is bound, except for such conflicts, breaches, terminations, defaults or accelerations that would not reasonably be expected to have a Material Adverse Effect, (C) results in the creation or imposition of any Lien upon any of the Collateral, (D) violates or conflicts with the by-laws or other organizational documents of Borrowers and Parent, or (E) requires the consent, approval or authorization of, or declaration or filing with, any other Person, except for those already duly obtained.

(b)Each Borrower and Parent confirms and agrees that all security interests and Liens granted to Agent continue in full force and effect, and all Collateral remains free and clear of any Liens, other than those granted to Agent and Permitted Liens.  Nothing herein is intended to impair or limit the validity, priority or extent of Agent’s security interests in and Liens on the Collateral.  For the avoidance of any doubt, the Collateral secures repayment of the Obligations and the Affiliated Obligations, and in furtherance thereof, Borrowers and Parent hereby reaffirm the grant to Agent, for the benefit of itself and Lenders, of a continuing first priority Lien (subject to Permitted Liens) on and security interest in all of the Collateral as security for the payment and performance of the Obligations, and for the payment and performance of all obligations under the Affiliated Financing Documents.

 

3.Enforceability.  This Amendment constitutes the legal, valid and binding obligation of each Borrower and Parent, and is enforceable against each Borrower and Parent in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles.

 

4.Costs and Fees.  In consideration of Agent’s agreement to enter into this Amendment, Borrower shall pay to Agent a modification fee equal to Twenty Thousand and No/100 Dollars ($20,000.00) (the “Modification Fee”).  The Modification Fee shall be fully earned upon the execution of this Amendment.  In the event Agent and Lenders agree to further extend the Commitment Expiry Date, the Modification Fee shall be applied to the additional charges associated in connection therewith.  Furthermore, Borrowers shall be responsible for the payment of all reasonable costs and fees of Agent’s counsel incurred in connection with the preparation of this Amendment and any related documents.  If Agent or any Lender uses in-house counsel for any of these purposes, Borrowers further agree that the Obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Agent or such Lender for the work performed.  Borrowers hereby authorize Agent to deduct all of such fees set forth in this Section 5 from the proceeds of one or more Revolving Loans made under the Credit Agreement.  

 

5.Reaffirmation of Security Interest.  Each of the Borrowers and Parent confirms and agrees that:  (i) all security interests and liens granted to Agent continue in full force and effect, and (ii) all Collateral remains free and clear of any liens other than liens in favor of Agent and Permitted Encumbrances.  Nothing herein contained is intended to impair or limit the validity, priority and extent of Agent’s security interest in and liens upon the Collateral.

 

6.Conditions to Effectiveness.  This Amendment shall become effective as of the date on which each of the following conditions has been satisfied (the “Effective Date”): 

3

 

 
 
 

 

 

(a)Amendment.  Borrowers and Parent shall have delivered to Agent this Amendment, duly executed by an authorized officer of each Credit Party;

 

(b)Representations and Warranties.  All representations and warranties of Borrowers contained herein shall be true and correct in all material respects as of the Effective Date except to the extent such representations and warranties specifically relate to an earlier date (and such parties’ delivery of their respective signatures hereto shall be deemed to be their certification thereof); and

 

(c)Fees and Expenses.  Agent shall have received from Borrowers of all of the fees owing pursuant to this Amendment and Agent’s reasonable out-of-pocket legal fees and expenses.

 

7.Release.  Each Borrower, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of their respective current and former directors, officers, shareholders, agents, and employees (collectively, “Releasing Parties”), does hereby fully and completely release, acquit and forever discharge each Indemnitee (as defined in the Credit Agreement) of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, choate or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Indemnitees (or any of them), that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event.  “Prior Related Event” means any transaction, event, circumstance, action, failure to act, occurrence of any type or sort, whether known or unknown, which occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of (a) any of the terms of this Amendment or any other Financing Document, (b) any actions, transactions, matters or circumstances related hereto or thereto, (c) the conduct of the relationship between any Indemnitee and any Borrower, or (d) any other actions or inactions by any Indemnitee, all on or prior to the Effective Date.  Each Borrower acknowledges that the foregoing release is a material inducement to Agent’s and Lender’s decision to enter into this Amendment and to agree to the modifications contemplated hereunder.

 

8.No Waiver or Novation.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing.  Nothing herein is intended or shall be construed as a waiver of any existing Defaults or Events of Default under the Credit Agreement or other Financing Documents or any of Agent’s rights and remedies in respect of such Defaults or Events of Default.  This Amendment (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement.

 

9.Affirmation.  Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in 

4

 

 
 
 

 

all respects by Borrowers.  Each Borrower covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement (as amended hereby) and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent’s or any Lender’s part which might otherwise constitute or be construed as a waiver of or amendment to such terms, covenants and conditions. For the avoidance of any doubt, the “deferred revolving loan origination fee” described in Section 2.2(f) of the Credit Agreement shall be due and payable on the Commitment Expiry Date, as amended by this Amendment. 

 

10.Miscellaneous.

 

(a)Reference to the Effect on the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of similar import shall mean and be a reference to the Credit Agreement, as amended by this Amendment.  Except as specifically amended above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.   

 

(b)Incorporation of Credit Agreement Provisions.  The provisions contained in Section 11.6 (Indemnification), Section 12.8 (Governing Law; Submission to Jurisdiction) and Section 12.9 (Waiver of Jury Trial) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

 

(c)Headings.  Section headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

(d)Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Signatures by facsimile or by electronic mail delivery of an electronic version (e.g., .pdf or .tif file) of an executed signature page shall be treated as delivery of an original and shall bind the parties hereto. This Amendment constitutes the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

 

[SIGNATURES APPEAR ON FOLLOWING PAGES]

 

 

 

 

 

5

 

 
 
 

Exhibit 10.1

IN WITNESS WHEREOF, intending to be legally bound, and intending that this document constitute an agreement executed under seal, the undersigned have executed this Amendment under seal as of the day and year first hereinabove set forth.

 

 

AGENT:MIDCAP FUNDING IV TRUST

 

By:          Apollo Capital Management, L.P.,

                its investment manager

 

By:          Apollo Capital Management GP, LLC,

                its general partner

 

 

By: _______________________________(SEAL)

Name:  Maurice Amsellem

	

	
Title:    Authorized Signatory

 

 

LENDER:MIDCAP FUNDING IV TRUST 

 

By:          Apollo Capital Management, L.P.,

                its investment manager

 

By:          Apollo Capital Management GP, LLC,

                its general partner

 

 

By: _______________________________(SEAL)

Name:  Maurice Amsellem

	

	
Title:    Authorized Signatory

 

 

 

 

Signature Page to 

Amendment No. 15 to Credit and Security Agreement 

4

Exhibit 10.1

		
		
	
BORROWERS:
	
MONROE STAFFING SERVICES, LLC,

a Delaware limited liability company 

By:_ __________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 

	
LIGHTHOUSE PLACEMENT SERVICES, INC., a Massachusetts corporation

 

By:___ ________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 
	
FARO RECRUITMENT AMERICA, INC.,

a New York corporation

By:___ _______(Seal)

Name: Brendan Flood
Title:  Chairman and Chief Executive Officer 

 

	
 
	
 

	
STAFFING 360 GEORGIA, LLC, a Georgia limited liability company

 

 

By:___ _________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 
	
KEY RESOURCES, INC.,

a North Carolina corporation

By:___ _________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 

	
	
 

	
PARENT:

STAFFING 360 SOLUTIONS, INC.,

a Delaware corporation

By:_ _______(Seal)

Name:  Brendan Flood
Title:  Chairman and Chief Executive Officer

 

Signature Page to 

Amendment No. 15 to Credit and Security Agreement

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