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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): January 3, 2022 (December 29, 2021)

 

Z-Work Acquisition Corp.

(Exact name of registrant as specified in its charter)

 

Delaware   001-39960   85-3333982
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

575 Fifth Avenue

15th Floor

New York, NY 10017

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (626) 867-7295

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
         
Units, each consisting of one share of Class A Common Stock and one-third of one Redeemable Warrant   ZWRKU   The Nasdaq Stock Market LLC
         
Class A Common Stock, par value $0.0001 per share   ZWRK   The Nasdaq Stock Market LLC
         
Warrants, each exercisable for one share Class A Common Stock for $11.50 per share   ZWRKW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On December 29, 2021, Z-Work Acquisition Corp. (the “Company”) entered into an Amendment, dated as of December 29, 2021 (the “Amendment”), to the Letter Agreement, dated January 28, 2021 (the “Letter Agreement”), by and among the Company, its officers, its directors and Z-Work Holdings LLC (the “Sponsor”). The Letter Agreement restricts, among other things, the transfer or deemed transfer by the Sponsor of shares of Class B common stock, par value $0.0001 per share, of the Company (the “Founder Shares”) and certain private placement warrants, and any shares of Class A common stock, par value $0.0001 per share, of the Company issued upon conversion or exercise thereof. The Amendment provides for an exception to the transfer restrictions set forth in the Letter Agreement in order to permit the Sponsor to issue profits interests in the Sponsor to Foresight Consulting Group LLC (“Foresight”) in exchange for Foresight’s agreement to perform certain consulting services for the Sponsor.

 

In connection with the Sponsor’s arrangement with Foresight, the Company has agreed with P. Schoenfeld Asset Management LP (the “anchor investor”) that if the Company completes a business combination identified by Foresight, the anchor investor’s lock-up restrictions with respect to the anchor investor’s shares of the Company shall be waived.

 

The foregoing summary of the Amendment does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

The exhibits to this report are listed in the Exhibit Index below and are incorporated by reference herein.

 

Exhibit Index

 

Exhibit No.   Exhibit Description
     
10.1   Amendment, dated as of December 29, 2021, to the Letter Agreement, dated January 28, 2021, by and among Z-Work Acquisition Corp., its officers, its directors and Z-Work Holdings LLC
     
104  

Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: January 3, 2022 Z-WORK ACQUISITION CORP.
   
  By: /s/ Doug Atkin
  Name:  Doug Atkin
  Title: Executive Co-Chairman

 

 

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Exhibit 10.1

 

Execution Copy

 

AMENDMENT TO

 

LETTER AGREEMENT

 

This Amendment (this “Amendment”), dated as of December 29, 2021, to that certain Letter Agreement, dated January 28, 2021 (the “Letter Agreement”), by and among Z-Work Acquisition Corp., a Delaware corporation (“Z-Work”), Z-Work Holdings LLC, a Delaware limited liability company (the “Sponsor”), and each of the undersigned individuals, each of whom is a director or member of Z-Work’s board and/or management team (each, an “Insider” and collectively, the “Insiders”).

 

RECITALS

 

WHEREAS, the Sponsor intends to enter into that certain Consultant Interests Term Sheet, dated on or around the date hereof (the “Term Sheet”), by and between the Sponsor and Foresight Consulting Group LLC (“Foresight”), pursuant to which Foresight will be issued interests in the Sponsor in exchange for certain consulting services provided and to be provided by Foresight (or one or more of its affiliates) to the Sponsor;

 

WHEREAS, in connection with the execution, delivery and performance of the transactions contemplated by the Term Sheet, the parties desire to amend the Letter Agreement as set forth in this Amendment; and

 

WHEREAS, Section 12 of the Letter Agreement provides that the Letter Agreement may not be amended except by a written instrument executed by all parties thereto;

 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

Agreement

 

1. Amendment. Paragraph 7(c) of the Letter Agreement is hereby amended and restated in its entirety as follows:

 

(c) Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the Sponsor; (b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation of an initial Business Combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the organizational documents of the Sponsor upon dissolution of the Sponsor; or (h) to Foresight pursuant to and in accordance with the Term Sheet; provided, however, that in the case of clauses (a) through (e), (g) or (h), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement and by the same agreements entered into by the Sponsor with respect to such securities (including provisions relating to voting, the Trust Account and liquidating distributions).

 

2. Further Assurances. The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to the Letter Agreement, as amended by this Amendment and every provision hereof.

 

3. Effect of Amendment. Except as expressly provided herein, this Amendment shall not constitute an amendment, modification or waiver of any provision of the Letter Agreement or any rights or obligations of any party under or in respect of the Letter Agreement. Except as modified by this Amendment, the Letter Agreement shall continue in full force and effect. Upon the execution of this Amendment by the Parties, each reference in the Letter Agreement to “this Agreement” or the words “hereunder,” “hereof,” “herein” or words of similar effect referring to the Letter Agreement shall mean and be a reference to the Letter Agreement as amended by this Amendment, and a reference to the Letter Agreement in any other instrument or document shall be deemed a reference to the Letter Agreement as amended by this Amendment. This Amendment shall be subject to, shall form a part of, and shall be governed by, the terms and conditions set forth in the Letter Agreement, as amended by this Amendment. The Letter Agreement, as amended by this Amendment, constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

4. General. Sections 12 through 18 of the Letter Agreement shall apply to this Amendment mutatis mutandis.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

  Z-WORK ACQUISITION CORP.
   
  By /s/ Doug Atkin

  Name:  Doug Atkin

  Title: Executive Co-Chairman
   
 

Z-WORK HOLDINGS LLC

   
  By /s/ Doug Atkin
  Name: Doug Atkin
  Title: Managing Member

 

[Signature Page to Amendment to Letter Agreement]

 

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INSIDERS  
   
/s/ Doug Atkin  
Doug Atkin  
   
/s/ Chris Terrill  
Chris Terrill  
   
/s/ Adam Roston  
Adam Roston  
   
/s/ Douglas Atkin  
Douglas Atkin  
   
/s/ Mandy Ginberg  
Mandy Ginberg  
   
/s/ David Niles  
David Niles  

 

[Signature Page to Amendment to Letter Agreement]

 

 

3