Document:

Amendment to A. Clayton Perfall's employment agreement

Exhibit 10.26 
 
 
CONDITIONAL 
AMENDMENT TO EMPLOYMENT AGREEMENT 
 
THIS CONDITIONAL AMENDMENT to that certain Employment Agreement, dated as of October 1, 2001, by and between A. Clayton Perfall
(“Employee”) and AHL Services, Inc., a Georgia corporation (“Employer”) (the “Employment Agreement”), is made and entered into this 28th day of March, 2003, by and between Employer and Employee. 
 
BACKGROUND 
 
WHEREAS, Employee currently serves as the Chief Executive
Officer of Employer, pursuant to the terms of the Employment Agreement; and 
 
WHEREAS, Employer and Employee are parties to that certain Agreement and Plan of Merger by and among Huevos Holdings, Inc. (“Purchaser”) and Employer, Frank A. Argenbright, Jr., Employee and
Caledonia Investments plc, dated as of March     , 2003 (the “Acquisition Agreement”); and 
 
WHEREAS, pursuant to the terms of the Acquisition Agreement, Employer will cease to exist as a public company in a transaction that
qualifies as a “Going Private Transaction” under the terms of the Employment Agreement (the “Merger”); and 
 
WHEREAS, pursuant to Section 3.3 of the Employment Agreement, upon the closing of a “Going Private Transaction,” Employee would
be entitled to receive a lump-sum payment, within thirty (30) days of such closing, of $2.5 million in cash (the “Liquidity Bonus”); and 
 
WHEREAS, Purchaser has requested that Employee receive, in connection with the Merger and in lieu of the Liquidity Bonus, 1,900,000
restricted shares of Class B Participating Preferred Stock of Employer, as the surviving corporation resulting from the Merger (the “Stock”); and 
 
WHEREAS, Employee has received indications from independent appraisers that the appraised value of the Stock to be received in lieu of the
Liquidity Bonus will be approximately $950,000; and 
 
WHEREAS, Employee intends to obtain a written appraisal of the value of the Stock upon receipt thereof; and 
 
WHEREAS, despite indications that the current value of the Stock is worth substantially less than the Liquidity Bonus, Employee believes
that the Merger is in the best interest of Employer and its stockholders and is willing to receive the Stock in lieu of the Liquidity Bonus upon closing of the Merger, in order to enable the Merger to proceed; 

 
NOW THEREFORE,
in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 
1. Condition to Amendment. The Amendment
shall be and is hereby fully conditioned upon the consummation of the Merger and shall be deemed effective immediately prior to, but contingent upon, such consummation. 
 
2. Going Private Transaction. Subsection 3.3 shall be and hereby is deleted in its entirety, and the
following is substituted therefor: 
 
“3.3 Change in Control or Going Private Transaction. Upon the consummation of the merger of Huevos Holdings, Inc. with and into Employer, as provided pursuant to that certain Agreement and Plan of Merger by and among
Huevos Holdings, Inc., and Employer, Frank A. Argenbright, Jr., Employee and Caledonia Investments plc, dated as of March     , 2003, which merger shall be deemed to be a “Going Private Transaction” for purposes of this
Agreement, Employee shall be entitled to receive a distribution of 1,900,000 shares of Class B Participating Preferred Stock of Employer, as the surviving corporation resulting from the Merger. Employee shall promptly deliver to Employer cash equal
to the amount of all withholding tax obligations (whether federal, state or local) imposed on Employer by reason of the receipt of Stock hereunder.” 
 
3. Stock Options. Subsection 3.2(b)(iii) shall be and hereby is deleted in its entirety. Section 4 shall be and hereby is deleted
in its entirety, and the following is substituted therefor: 
 
“Section 4 Stock Options. [Intentionally left blank.]” 
 
4. Effect of Amendment. As amended hereby, the Employment Agreement shall be and remain in full force and effect. 
 
 
[signatures appear on following page] 
 

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IN WITNESS
WHEREOF, Employee has hereunto set Employee’s hand and, pursuant to the authorization from its Board of Directors, Employer has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

 
 

	 EMPLOYEE

	
	 /s/    A. CLAYTON
PERFALL

	

	 A. Clayton Perfall

	
	  
 AHL SERVICES, INC.

	
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

 

3Agreement dated as of March 28, 2003

Exhibit 10.27 
 
 
AGREEMENT 
 
This AGREEMENT (this “Agreement”), dated as of March
28, 2003, by and among CGW SOUTHEAST PARTNERS IV, L.P. (“CGW”), AHL SERVICES, INC. (“AHL”), ARGENBRIGHT, INC. (“Argenbright”), ARGENBRIGHT HOLDINGS LIMITED (“U.S. Holdings”), and AHL EUROPE LIMITED (“AHL
Europe Limited”; together with AHL, Argenbright, and U.S. Holdings, collectively referred to as the “AHL Parties”), and SECURICOR plc, a company incorporated under the laws of England and Wales (“Securicor”). 
 
RECITALS 
 
WHEREAS, Securicor and the AHL Parties are parties to that
certain Settlement and Release Agreement dated as of April 12, 2002 (as amended, restated, supplemented, or otherwise modified from time to time, the “Settlement Agreement;” capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to them in the Settlement Agreement); and 
 
WHEREAS, in connection with the execution and delivery of the Settlement Agreement, AHL executed and delivered to Securicor certain promissory notes in the aggregate principal amount of $13,000,000
(the “Notes”); and 
 
WHEREAS, CGW has
entered into a Confidentiality Agreement with AHL dated July 15, 2002, in connection with CGW’s consideration of a possible transaction involving AHL; and 
 
WHEREAS, it is a condition to CGW’s consummation of a possible transaction with AHL that, among other things, Securicor agrees upon
certain matters as set forth herein, upon and subject to all of the terms, conditions and provisions hereof. 
 
NOW, THEREFORE, in consideration of the premises and the agreements, covenants and provisions herein contained and for Ten Dollars
($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 
SECTION 1. PAYMENT OF OBLIGATIONS 
 
1.1 Sale of Notes. In the event: (a) an Affiliate of CGW (the “Purchaser”) enters into, on or prior to April 30,
2003, an agreement (a “Merger Agreement”) with AHL (the “Transaction”) to acquire all of the capital stock of AHL in a transaction pursuant to which all such capital stock is purchased solely for cash or for cash or other
securities of AHL; and (b) the Transaction is consummated on or before September 30, 2003; then Securicor agrees to sell, assign, transfer, convey and endorse over to CGW, and CGW agrees to purchase from Securicor, at or immediately prior to the
consummation of the Transaction, the Notes and all of Securicor’s rights and interest therein, against payment to Securicor by CGW, by wire transfer to an account designated 

 
in writing by Securicor, of
Three Million United States Dollars (U.S.$3,000,000) in immediately available funds. Securicor represents and warrants to CGW that it has title to the Notes, and that the Notes will be transferred to CGW free and clear of any liens. OTHER THAN AS
EXPRESSLY SET FORTH HEREIN, CGW HEREBY ACKNOWLEDGES AND AGREES THAT THE NOTES ARE TRANSFERRED BY SECURICOR TO CGW WITHOUT RECOURSE AND WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY NATURE WHATSOEVER, ALL OF WHICH ARE EXPRESSLY DISCLAIMED BY
SECURICOR. CGW hereby further acknowledges that Securicor shall be entitled to retain any payments of principal and/or interest received in respect of the Notes prior to consummation of the sale contemplated herein. Securicor and CGW both
acknowledge and agree that the transfer and assignment of the Notes pursuant to the terms of this Agreement is expressly subject to the terms of that certain Subordination Agreement, dated as of April 12, 2002, by Securicor in favor of the Lenders
identified therein, and Wachovia Bank, National Association, as agent for such Lenders. 
 
1.2 CGW’s and Purchaser’s Reliance. Securicor acknowledges that CGW and the Purchaser are relying upon the agreements of Securicor set forth herein as a part of the decision of the
Purchaser to enter into a binding Merger Agreement with AHL and expressly agrees that the sale of the Notes to CGW as herein provided is not a “Repudiation” as defined in the Settlement Agreement. 
 
1.3 Cancellation of Obligations. The parties hereto
hereby agree that upon and contemporaneously with the consummation of the sale of the Notes to CGW as provided in Section 1.1 above, (a) Securicor waives all rights to the payment to Securicor of any accrued but unpaid interest on the Notes to and
through the date of the sale of the Notes to CGW, and releases AHL from its obligation for the payment to Securicor of all such accrued but unpaid interest, (b) Securicor waives and releases AHL from the payment or performance of all obligations of
any kind whatsoever, known or unknown, fixed or contingent, then or thereafter due, by AHL in favor of Securicor under or with respect to the Settlement Agreement (the “AHL Obligations”), (c) each of the AHL Parties waives and
releases Securicor from the payment or performance of all obligations of any kind whatsoever, known or unknown, fixed or contingent, then or thereafter due, by Securicor in favor of the AHL Parties under or with respect to the Settlement Agreement,
other than any obligations related to the fire at Seton Hall University on January 19, 2000 (the “Securicor Obligations”), and (d) Securicor terminates and forever releases all security interests and other liens in favor of Securicor in
any assets of any AHL Party or other persons and entities pledged as security for any of the AHL Obligations. By its execution hereof, Securicor agrees to execute and deliver such instruments and documents as CGW or AHL shall reasonably request, at
CGW’s or AHL’s sole expense, to further evidence or confirm the waivers and releases herein made and given, or to evidence termination of such security interest and liens, and authorizes CGW and the Purchaser to amend and terminate of
record any financing statements filed of record under the Uniform Commercial Code of any applicable jurisdiction. CGW and AHL agree to pay Securicor’s reasonable attorneys’ fees incurred in connection with such instruments and documents.

 

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Until the
earlier to occur of termination of this Agreement and consummation of the sale of the Notes contemplated in Section 1.1 above, Securicor agrees that it shall forebear from exercising any rights Securicor may have to call an event of default against
the AHL Parties under any of the Notes or accelerate any of the Obligations. 
 
1.4 Termination; Notification of Transaction. The parties hereto agree that this Agreement shall terminate on the earliest to occur of (a) April 30, 2003, if an Affiliate of CGW has not entered
into the Merger Agreement providing for the Transaction; (b) September 30, 2003, if the Notes have not been purchased by such date; or (c) such date that Securicor has been notified by CGW or the Purchaser that the Transaction will not be
consummated on the terms and conditions contemplated herein. CGW and, by accepting the benefits hereof, the Purchaser, hereby agree to promptly notify Securicor in writing in the event that CGW, the Purchaser or AHL decide that the Transaction will
not be consummated on the terms and conditions contemplated herein. 
 
SECTION 2. MISCELLANEOUS 
 
2.1
Counterparts. This Agreement may be executed by facsimile by each party to this Agreement upon a separate copy, and in such case one counterpart of this Agreement shall consist of enough of such copies to reflect the signature of all of the
parties to this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement or its terms to produce or account for more than one of
such counterparts. 
 
2.2 Governing Law.
This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Georgia, without reference to the conflicts or choice of law principles thereof. 
 
2.3 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Neither CGW nor any of the AHL Parties may transfer or assign any of its rights or obligations under this Agreement to any other person or entity without first obtaining the prior written
consent of the other parties hereto. 
 
2.4
Entire Agreement. This Agreement is intended by the parties hereto to be the final expression of their agreement with respect to the subject matter hereof and is the complete and exclusive statement of the terms thereof, notwithstanding any
representations, statements or agreements to the contrary heretofore made. This Agreement may be modified only by a written instrument signed by both of the parties hereto. 
 
2.5 Headings. The section and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect any way the meaning or interpretation of this Agreement. Unless otherwise specified to the contrary, all 
 

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references to sections and
paragraph headings are references to sections and paragraph headings of this Agreement. 
 
2.6 Specific Performance. Each party hereto agrees that any remedy at law for any breach of the provisions contained in this Agreement shall be inadequate and that the other party hereto shall
be entitled to specific performance and any other appropriate injunctive relief in addition to any other remedy such party might have under this Agreement or at law or in equity. 
 
 
[Signatures appear on following
page] 
 
 

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IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers hereunder duly authorized as of the day and year first written above. 
 
 

	 CGW:

	
	 CGW SOUTHEAST PARTNERS IV, L.P.

	 By:
	 	 CGW Southeast IV, L.L.C., its General Partner

	 By:
	 	 CGW, Inc., its Manager

	
	 By:
	 	 /s/    MICHAEL D. LONG 

	 	 	

	 Name:
	 	 Michael D. Long

	 Title:
	 	 Vice President

	
	 SECURICOR:

	
	 SECURICOR plc

	
	 By:
	 	 /s/    NIGEL GRIFFITHS

	 	 	

	 ame:
	 	 Nigel Griffiths

	 Title:
	 	 Director

	
	 AHL PARTIES:

	
	 AHL SERVICES, INC.

	
	 By:
	 	 /s/    A. CLAYTON PERFALL

	 	 	

	 Name:
	 	 A. Clayton Perfall

	 Title:
	 	 Chief Executive Officer

	
	 ARGENBRIGHT, INC.

	
	 By:
	 	 /s/    A. CLAYTON PERFALL

	 	 	

	 Name:
	 	 A. Clayton Perfall

	 Title:
	 	 Chief Executive Officer

	
	 ARGENBRIGHT HOLDINGS LIMITED

	
	 By:
	 	 /s/    A. CLAYTON PERFALL

	 	 	

	 Name:
	 	 A. Clayton Perfall

	 Title:
	 	 Chief Executive Officer

	
	 AHL EUROPE LIMITED

	
	 By:
	 	 /s/    A. CLAYTON PERFALL

	 	 	

	 Name:
	 	 A. Clayton Perfall

	 Title:
	 	 Director

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