SEC Contract Filing

Filing Date: 2025-04-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_804581.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html><head>
	<title>ex_804581.htm</title>

	<!-- Generated by ThunderDome Portal - 4/23/2025 1:50:32 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; padding: 0in 0.1in; cursor: auto;">
<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

<p style="margin: 0px 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:center;margin:0pt;"><b>Stock Repurchase Agreement</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 72pt;"><font style="font-variant:small-caps;">This Stock Repurchase Agreement </font>(this &#8220;Agreement&#8221;) is entered into as of April 21, 2025, by and between HG Holdings, Inc., a Delaware corporation (the &#8220;Company&#8221;), and each of the entities listed on Schedule A hereto (each a &#8220;Seller&#8221; and collectively the &#8220;Sellers&#8221;), each of which owns, directly or indirectly, the securities of the Company set forth opposite such Seller&#8217;s name on Schedule A hereto. The Company and the Sellers may be collectively referred to herein as the &#8220;parties,&#8221; or individually as a &#8220;party.&#8221;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>RECITALS</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt; text-align: justify;"><b>WHEREAS</b>,<b> </b>the Sellers hold an aggregate of 1,165,049 shares of the Company&#8217;s Common Stock, par value $0.02 per share (the &#8220;<u>Common Stock</u>&#8221;);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt; text-align: justify;"><b>WHEREAS</b>, the Sellers desire to sell, and the Company desires to repurchase, an aggregate of 402,322 shares of the Common Stock held by the Sellers (the &#8220;<u>Repurchase Shares</u>&#8221;), on the terms and subject to the conditions contained in this Agreement (the &#8220;<u>Repurchase</u>&#8221;); and</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt; text-align: justify;"><b>WHEREAS</b>, it is the intention of the parties that the Repurchase be a private sale of securities that is exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the &#8220;<u>Securities Act</u>&#8221;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt; text-align: justify;"><b>NOW, THEREFORE</b>, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>SECTION 1. REPURCHASE.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-indent: 36pt; text-align: justify;">(a)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<b>Repurchase.</b> At the Closing (as defined below), the Company hereby agrees to repurchase from the Sellers, and the Sellers hereby agree to sell, assign, transfer and deliver to the Company, all of the Sellers&#8217; right, title and interest in the Repurchase Shares for consideration of $7.80 multiplied by the number of Repurchase Shares, for an aggregate purchase price of $3,138,111.60 (the &#8220;<u>Repurchase Amount</u>&#8221;). The Company shall, or shall cause its transfer agent to, cancel on its books and records the Repurchase Shares and in lieu thereof, shall deliver promptly to Solas Capital Management, LLC (&#8220;Solas&#8221;), a Delaware limited liability company and the investment manager of each Seller, on behalf of each Seller, the Repurchase Amount by wire transfer (subject to Section 1(b) below) of immediately available funds to an account designated by Solas to the Company prior to the Closing. Thereupon, the Sellers&#8217; rights in and to the Repurchase Shares shall terminate, and the Repurchase Shares shall be restored to the status of authorized but unissued shares of Common Stock.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p sty