GFSI » Topics » Item 3.03. Material Modification to Rights of Security Holders.

This excerpt taken from the GFSI 8-K filed Jan 26, 2006.

Item 3.03.  Material Modification to Rights of Security Holders.

On January 24, 2006, PBiz filed Amended and Restated Designations of Preferences, Limitations, and Relative Rights of Series A Preferred Stock with the Tennessee Secretary of State, a copy of which is attached hereto as Exhibit 3.2 and incorporated into this Item 3.03 by reference.  This document amended the original Designations of Preferences, Limitations, and Relative Rights of Series A Preferred Stock by (i) increasing the designated shares of Series A Preferred Stock to 25,000, and (ii) allowing PBiz to satisfy the quarterly cash dividend payments declared under PBiz’s Series A Preferred Stock on any of April 1, 2006, July 1, 2006, October 1, 2006, and January 1, 2007 by granting to the holders of the Series A Preferred Stock additional shares of Series A Preferred Stock and warrants to purchase shares of PBiz common stock at an exercise price of $1.32 per share if so determined by the disinterested directors of PBiz.

This description of the terms of the Amended and Restated Designations of Preferences, Limitations, and Relative Rights of Series A Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the complete text of these documents.

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