STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF) Files An 8-K Entry into a Material Definitive Agreement

STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

Story continues below

On September 11, 2019, Staffing 360 Solutions, Inc. (the “Company”) and Monroe Staffing Services, LLC (“Monroe Staffing”), an indirect subsidiary of the Company, entered into an Amendment Agreement (the “Amendment Agreement”) with Pamela D. Whitaker (“Seller”) to amend a Share Purchase Agreement (the “Share Purchase Agreement”) previously entered into on August 27, 2018, to which the Seller sold 50% of the common shares of Key Resources Inc. to Monroe Staffing, as previously reported in the Company’s Form 8-K dated August 27, 2018.

to the Amendment Agreement, Monroe Staffing may delay the payment of the first year earnout payment of $2,027,198, which had been due to Seller on August 27, 2019, until not later than February 27, 2020.  For each full calendar month beyond August 27, 2019, that such payment is delayed, Monroe Staffing shall pay Seller interest in the amount of $10,000 with the first such payment of interest due on September 30, 2019.  In addition, the Share Purchase Agreement was further amended to change the due date for the second year earnout payment of $2,027,198 from August 27, 2020, to February 27, 2020.

The foregoing description of the Amendment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Staffing 360 Solutions, Inc. Exhibit
EX-10.1 2 staf-ex101_6.htm EX-10.1 staf-ex101_6.htm   Exhibit 10.1   AMENDMENT AGREEMENT     This AMENDMENT AGREEMENT,…
To view the full exhibit click here

About STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF)

Staffing 360 Solutions, Inc. operates in the staffing sector. The Company is engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and the United Kingdom. Its targeted consolidation model is focused on the finance and accounting, administrative, engineering and information technology (IT) staffing space.

An ad to help with our costs