Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
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Staffing 360 Solutions, Inc. 2020 Omnibus Incentive Plan
On September 29, 2020, Staffing 360 Solutions, Inc. (the “Company”) held its 2020 virtual annual meeting of stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved the 2020 Omnibus Incentive Plan (the “Plan”), pursuant to which the Company may grant equity incentive awards to key employees, key contractors, and non-employee directors of the Company. The Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalent rights, and other awards, which may be granted singly or in combination, and that may be paid in cash, shares of the Company’s common stock, or a combination of cash and common stock. A total of 750,000 shares of common stock are reserved for grant under the Plan, plus any Prior Plan Awards (as defined in the Plan), subject to adjustment in certain circumstances to prevent dilution or enlargement. The Plan had been previously approved by the Company’s board of directors (the “Board”) on June 30, 2020, subject to stockholder approval, and will terminate on June 30, 2030.
The description of the Plan and such portions of the Company’s definitive proxy statement on Schedule 14A (the “Proxy Statement”) filed with the Securities and Exchange Commission on August 14, 2020 are qualified in their entirety by reference to the full text of the Plan, filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
The Board approved forms of restricted stock award agreement, incentive stock option agreement and nonqualified stock option agreement pursuant to the authority set forth in the Plan, copies of which are filed as Exhibits 10.2, 10.3 and 10.4 to this report and incorporated herein by reference.
Election of Directors
As previously reported in the Proxy Statement, the terms of the Company’s Class II directors, Jeff Grout and Alicia Barker, and Non-Classified Director, Brendan Flood, were scheduled to expire at the Annual Meeting, and the Board nominated for re-election at the Annual Meeting Jeff Grout and Alicia Barker as Class II directors and Brendan Flood as Non-Classified director.
At the Annual Meeting, Mr. Grout and Ms. Barker were elected as Class II directors of the Board to serve for a term expiring at the Company’s 2022 annual meeting of stockholders (the “2022 Annual Meeting”) or until his or her successor is elected or qualified. At the Annual Meeting, Mr. Flood was elected as Non-Classified director of the Board to serve for a term expiring at the Company’s 2021 annual meeting of stockholders (the “2021 Annual Meeting”) or until his or her successor is elected or qualified.
For more information about the matters above, see the Company’s Proxy Statement, the relevant portions of which are incorporated herein by reference.