Document:

Bridge Loan Agreement Letter of Guarantee & Stock Option Pledge-Edward A. Labry

 
EXHIBIT 10.32

 
Bridge Loan Agreement 
Letter of Guarantee and Stock Option Pledge 
 
This agreement is made by and between Edward A. Labry and Concord EFS, Inc. on October 22, 2001. 
 
Whereas, Edward A. Labry desires to borrow from Concord EFS,
Inc. (the “Company”) the amount set forth on Exhibit A attached hereto (the “Loan Amount”), to be repaid in full with interest within thirty (30) days; and 
 
Whereas, the Company is willing to extend a loan to Edward A. Labry under the terms and conditions set forth
herein. 
 
For the consideration set forth below
the parties agree as follows: 
 
The Company hereby
extends a loan of the Loan Amount, and has delivered such Loan Amount, to Edward A. Labry. 
 
Edward A. Labry agrees to repay the Loan Amount to the Company within thirty (30) days and pay simple annual interest of three and thirty-one one hundredths percent (3.31%) determined based on the days
such loan is outstanding as a pro rata portion of a calendar year of 365 days. 
 
Edward A. Labry hereby grants a security interest to the Company of all vested Concord stock options in order to ensure repayment of said loan. Such security interest shall lapse and be of no further
force or effect after the repayment of the Loan Amount to the Company including all accrued interest. 
 
This Agreement can be extended for additional 30 day periods by mutual agreement of the parties at the above noted interest rate.

 
 

	 CONCORD EFS, INC.
	 	 	 	 EDWARD A. LABRY

	
	 /s/ Dan M. Palmer

	 	 	 	 /s/ Edward A. Labry III

 
EXHIBIT A

 
$13,297,500.00<PAGE>

                                  Exhibit 10-12

                                  AMENDMENT TO
                    EMPLOYMENT AND NON-COMPETITION AGREEMENT
                    ----------------------------------------

     This Amendment dated January 29, 2003 (this "Amendment") is made to the
Employment and Non-Competition Agreement dated as of November 5, 1997 (the
"Agreement") between Elgin National Industries, Inc., a Delaware corporation,
and all related and affiliated entities, successors and assigns now in existence
or hereinafter created ("ENI"), and Charles D. Hall ("Hall").

     WHEREAS, Section 4(b) of the Agreement provides that ENI shall pay Hall a
management incentive bonus each fiscal year during the Term (as defined in the
Agreement); and

     WHEREAS, as an inducement to Hall to continue his employment with ENI
pursuant to the Agreement, the parties wish to execute this Amendment to
establish the specific terms of the incentive bonus for the fiscal years 2003
and later, which terms shall be identical to the terms governing the incentive
bonus for the fiscal years of ENI 1997 through 2002.

     NOW, THEREFORE, it is hereby agreed as follows:

     1.   Preamble; Recitals. The preamble and recitals set forth above are
          incorporated in and form a part of this Amendment.

     2.   Amendment. Section 4(b) of the Agreement is hereby amended by adding
          the following as the last sentence thereto: "For each fiscal year of
          ENI beginning with the 2003 fiscal year and continuing for each fiscal
          year until the expiration of the Term or earlier termination of this
          Agreement, Hall shall be entitled to receive an Incentive Bonus equal
          to 1.50% of ENI's EBITDA for such fiscal year, to be paid as provided
          above in this Section 4(b)."

     3.   Full Force and Effect. The Agreement, as amended hereby, continues in
          full force and effect.

     4.   Counsel. Hall acknowledges that he has been advised to obtain separate
          legal counsel to review this Amendment and advise him regarding the
          legal consequences of the same. Mayer, Brown, Rowe & Maw has drafted
          this Amendment as counsel for ENI with Hall's consent. Although Mayer,
          Brown, Rowe & Maw has represented Hall previously in other matters not
          involving the Agreement, Mayer, Brown, Rowe & Maw is not acting as
          attorney for Hall with respect to this Amendment. Mayer, Brown, Rowe &
          Maw shall be under no obligation to maintain the confidentiality from
          ENI of any matter communicated to it by Hall with respect to this
          Amendment.

<PAGE>

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties
hereto have caused this Amendment to be duly executed as of the date and year
first above written.

                                      ELGIN NATIONAL INDUSTRIES, INC.

                                      By: /s/ WAYNE J. CONNER
                                         ------------------------------------
                                      Title: Vice President
                                            ---------------------------------

                                      /s/ CHARLES D. HALL
                                      ---------------------------------------<PAGE>

                                  Exhibit 10-13

                                  AMENDMENT TO
                    EMPLOYMENT AND NON-COMPETITION AGREEMENT
                    ----------------------------------------

         This Amendment dated January 29, 2003 (this "Amendment") is made to the
Employment and Non-Competition Agreement dated as of November 5, 1997 (the
"Agreement") between Elgin National Industries, Inc., a Delaware corporation,
and all related and affiliated entities, successors and assigns now in existence
or hereinafter created ("ENI"), and Fred C. Schulte ("Schulte").

         WHEREAS, Section 4(b) of the Agreement provides that ENI shall pay
Schulte a management incentive bonus each fiscal year during the Term (as
defined in the Agreement); and

         WHEREAS, as an inducement to Schulte to continue his employment with
ENI pursuant to the Agreement, the parties wish to execute this Amendment to
establish the specific terms of the incentive bonus for the fiscal years 2003
and later, which terms shall be identical to the terms governing the incentive
bonus for the fiscal years of ENI 1997 through 2002.

         NOW, THEREFORE, it is hereby agreed as follows:

         5.       Preamble; Recitals. The preamble and recitals set forth above
                  are incorporated in and form a part of this Amendment.

         6.       Amendment. Section 4(b) of the Agreement is hereby amended by
                  adding the following as the last sentence thereto: "For each
                  fiscal year of ENI beginning with the 2003 fiscal year and
                  continuing for each fiscal year until the expiration of the
                  Term or earlier termination of this Agreement, Schulte shall
                  be entitled to receive an Incentive Bonus equal to 1.50% of
                  ENI's EBITDA for such fiscal year, to be paid as provided
                  above in this Section 4(b)."

         7.       Full Force and Effect. The Agreement, as amended hereby,
                  continues in full force and effect.

         8.       Counsel. Schulte acknowledges that he has been advised to
                  obtain separate legal counsel to review this Amendment and
                  advise him regarding the legal consequences of the same.
                  Mayer, Brown, Rowe & Maw has drafted this Amendment as counsel
                  for ENI with Schulte's consent. Although Mayer, Brown, Rowe &
                  Maw has represented Schulte previously in other matters not
                  involving the Agreement, Mayer, Brown, Rowe & Maw is not
                  acting as attorney for Schulte with respect to this Amendment.
                  Mayer, Brown, Rowe & Maw shall be under no obligation to
                  maintain the confidentiality from ENI of any matter
                  communicated to it by Schulte with respect to this Amendment.

<PAGE>

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties
hereto have caused this Amendment to be duly executed as of the date and year
first above written.

                                         ELGIN NATIONAL INDUSTRIES, INC.

                                         By: /s/ WAYNE J. CONNER
                                             -----------------------------------
                                         Title: Vice President
                                                --------------------------------

                                         /s/ FRED C. SCHULTE
                                         ---------------------------------------<PAGE>

                                  Exhibit 10-14

                                  AMENDMENT TO
                    EMPLOYMENT AND NON-COMPETITION AGREEMENT
                    ----------------------------------------

     This Amendment dated January 29, 2003 (this "Amendment") is made to the
Employment and Non-Competition Agreement dated as of November 5, 1997 (the
"Agreement") between Elgin National Industries, Inc., a Delaware corporation,
and all related and affiliated entities, successors and assigns now in existence
or hereinafter created ("ENI"), and Wayne J. Conner ("Conner").

     WHEREAS, Section 4(b) of the Agreement provides that ENI shall pay Conner a
management incentive bonus each fiscal year during the Term (as defined in the
Agreement); and

     WHEREAS, as an inducement to Conner to continue his employment with ENI
pursuant to the Agreement, the parties wish to execute this Amendment to
establish the specific terms of the incentive bonus for the fiscal years 2003
and later, which terms shall be identical to the terms governing the incentive
bonus for the fiscal years of ENI 1997 through 2002.

     NOW, THEREFORE, it is hereby agreed as follows:

     9.   Preamble; Recitals. The preamble and recitals set forth above are
          incorporated in and form a part of this Amendment.

     10.  Amendment. Section 4(b) of the Agreement is hereby amended by adding
          the following as the last sentence thereto: "For each fiscal year of
          ENI beginning with the 2003 fiscal year and continuing for each fiscal
          year until the expiration of the Term or earlier termination of this
          Agreement, Conner shall be entitled to receive an Incentive Bonus
          equal to 1.50% of ENI's EBITDA for such fiscal year, to be paid as
          provided above in this Section 4(b)."

     11.  Full Force and Effect. The Agreement, as amended hereby, continues in
          full force and effect.

     12.  Counsel. Conner acknowledges that he has been advised to obtain
          separate legal counsel to review this Amendment and advise him
          regarding the legal consequences of the same. Mayer, Brown, Rowe & Maw
          has drafted this Amendment as counsel for ENI with Conner's consent.
          Although Mayer, Brown, Rowe & Maw has represented Conner previously in
          other matters not involving the Agreement, Mayer, Brown, Rowe & Maw is
          not acting as attorney for Conner with respect to this Amendment.
          Mayer, Brown, Rowe & Maw shall be under no obligation to maintain the
          confidentiality from ENI of any matter communicated to it by Conner
          with respect to this Amendment.

<PAGE>

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties
hereto have caused this Amendment to be duly executed as of the date and year
first above written.

                                     ELGIN NATIONAL INDUSTRIES, INC.

                                     By: /s/ CHARLES D. HALL
                                         ---------------------------------------
                                     Title: President
                                            ------------------------------------

                                     /s/ WAYNE J. CONNER
                                     -------------------------------------------

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