On July 19, 2019, Volt Funding II, LLC, a wholly-owned special purpose subsidiary (the “Borrower”) of Volt Information Sciences, Inc. (the “Company”),
entered into an amended and restated $115.0 million accounts receivable securitization program (the “Restated Securitization Program”) with certain lenders, letter of credit participants and letter of credit issuers (collectively, the
“Lenders”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, New York Branch (“DZ Bank”), as agent (in such capacity, the “Agent”). The Restated Securitization Program amends the Borrower’s existing $115.0 million
accounts receivable securitization program entered into on January 25, 2018 and previously described in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on January 29, 2018 (the “Original
Securitization Program”) to allow for inclusion of certain accounts receivable from originators in the United Kingdom, which adds an estimated additional $5.0 – 7.0 million in the Borrower’s borrowing availability.
In connection with the Original Securitization Program, the Borrower had entered into certain agreements, including (i) a Receivables
Loan and Security Agreement, dated as of January 25, 2018 (and as subsequently amended on June 8, 2018, January 4, 2019, February 15, 2019, and June 4, 2019, the “RLSA”), among the Borrower, the Company, as initial servicer, the Lenders, the
Agent, Autobahn Funding Company LLC and DZ Bank; (ii) a Receivables Purchase and Sale Agreement, dated as of January 25, 2018 (the “RPSA”), among the Borrower, certain of the Company’s wholly-owned United States subsidiaries and the Company;
and (iii) a Limited Guaranty, dated as of January 25, 2018 (the “Limited Guaranty”), by the Company in favor of the Agent. To implement the Restated Securitization Program, (a) each of the RLSA, the RPSA and the Limited Guaranty was amended
and restated in its entirety as of July 19, 2019 (such agreements, as amended and restated, being referred to herein as the Amended and Restated RLSA, the Amended and Restated RPSA and the Amended and Restated Limited Guaranty, respectively),
and (b) the Borrower, certain of the Company’s wholly-owned United Kingdom subsidiaries and the Company entered into a Receivables Purchase and Sale Agreement, dated as of July 19, 2019 (the “UK RPSA”).
Under the Restated Securitization Program, certain receivables of the Company are sold to the Borrower from time to time. To finance the
purchase of such receivables, the Borrower may request, until January 25, 2021, that the Lenders make loans from time to time to the Borrower that are secured by liens on those receivables. Loans made under the Restated Securitization Program
on or before January 25, 2021 will mature on July 25, 2021. All other material terms and conditions of the Original Securitization Program remain substantially unchanged.
The foregoing description is summary in nature and is qualified in its entirety by reference to the full text of the Amended and
Restated RLSA, the Amended and Restated RPSA, the UK RPSA and the Amended and Restated Limited Guaranty, copies of which are attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively, and which are incorporated herein by reference.