Document:

exv10w12

 

Exhibit 10.12

GLOBAL EMPLOYMENT HOLDINGS, INC.

JOINDER AGREEMENT

     This Joinder Agreement to the Common Stock Securities Purchase Agreement (“Joinder
Agreement”), dated as of March 31, 2006 (the “Securities Purchase Agreement”), by and among Global
Employment Solutions, Inc. (the “Company”) and the investors identified on the Schedule of Buyers
attached thereto (the “Buyers”), is entered into as of March 31, 2006 by Global Employment
Holdings, Inc. (“Holdings”), a Delaware corporation. Capitalized terms used but not otherwise
defined herein shall have the meanings set forth in the Securities Purchase Agreement.

     Holdings hereby represents, warrants, and certifies to, and agrees with, the Buyers as
follows:

	 	1.	 	Each of the representations and warranties set forth in
Section 3 of the Securities Purchase Agreement are as of the date hereof
hereby true and correct as if each reference to the Company contained in
such representations and warranties was a reference to Holdings.
	 
	 	2.	 	Holdings hereby assumes all covenants and obligations
of the Company set forth in the Securities Purchase Agreement (including,
without limitation, all indemnification obligations) as if each obligation
of the Company and each reference thereto contained elsewhere in the
Securities Purchase Agreement was an obligation of and a reference to
Holdings.
	 
	 	3.	 	In addition, Holdings represents and warrants to each
of the Buyers that:

     A. Authorization; Enforcement; Validity. Holdings has the requisite power and
authority to enter into and perform its obligations under this Joinder Agreement and the
Transaction Documents to which it is a party and to issue the Securities in accordance with the
terms thereof. The execution and delivery of the Transaction Documents by Holdings and the
consummation by Holdings of the transactions contemplated hereby and thereby, including, without
limitation, the issuance of the Shares and the Warrants and the reservation for issuance and
issuance of Warrant Shares issuable upon exercise of the Warrants and (other than the Current
Report on Form 8-K required to be filed after Closing by Holdings pursuant to Section 4(h) of the
Securities Purchase Agreement, the Form D filing required to be made following the Closing by
Holdings with the SEC and the registration statement and related state filings required by the
Registration Rights Agreement) no further filing, consent, or authorization is required by
Holdings, its Board of Directors or its stockholders. This Joinder Agreement and the Transaction
Documents to which Holdings is a party have been duly executed and delivered by Holdings, and
constitute the legal, valid and binding obligations of Holdings, enforceable against Holdings in
accordance with their respective terms, except as such enforceability may be limited

 

 

by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

     B. Issuance of Securities. The issuance of the Shares and the Warrants are duly
authorized and are free from all taxes, liens and charges with respect to the issue thereof. As of
the Closing, a number of shares of Common Stock shall have been duly authorized and reserved for
issuance which equals 130% of the maximum number of shares Common Stock issuable upon exercise of
the Warrants. Upon exercise in accordance with the Warrants, the Warrant Shares will be validly
issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens
and charges with respect to the issue thereof, with the holders being entitled to all rights
accorded to a holder of Common Stock. The offer and issuance by Holdings of the Securities is
exempt from registration under the 1933 Act.

     C. No Conflicts. The execution, delivery and performance of this Joinder Agreement
and the Transaction Documents to which it is a party by Holdings and the consummation by Holdings
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of
the Shares and the Warrants and reservation for issuance and issuance of the Warrant Shares) will
not (i) result in a violation of any certificate of incorporation, certificate of formation, any
certificate of designations or other constituent documents of Holdings or any of its Subsidiaries,
any capital stock of Holdings or any of its Subsidiaries or bylaws of Holdings or any of its
Subsidiaries or (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
Holdings or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws and regulations
and the rules and regulations of the market or automated quotation system upon which the common
equity of Holdings is listed or quoted) that are applicable to Holdings or any of its Subsidiaries
or by which any property or asset of Holdings or any of its Subsidiaries is bound or affected.

     D. Consents. Holdings is not required to obtain any consent, authorization or order
of, or make any filing (other than the filing with the SEC of one or more Registration Statements
in accordance with the requirements of the Registration Rights Agreement) or registration with, any
court, governmental agency or any regulatory or self-regulatory agency or any other Person in order
for it to execute, deliver or perform any of its obligations under or contemplated by the
Transaction Documents, in each case in accordance with the terms hereof or thereof. All consents,
authorizations, orders, filings and registrations that Holdings is required to obtain pursuant to
the preceding sentence have been obtained or effected on or prior to the Closing Date, and Holdings
and its Subsidiaries are unaware of any facts or circumstances which might prevent Holdings from
obtaining or effecting any of the registration, application or filings pursuant to the preceding
sentence.

     E. Dilutive Effect. Holdings understands and acknowledges that the number of Warrant
Shares issuable upon exercise of the Warrants will increase in certain circumstances. Holdings
further acknowledges that its obligation to issue the Warrant Shares upon exercise of the Warrants
in accordance with the Securities Purchase Agreement and the Warrants is absolute

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and unconditional regardless of the dilutive effect, which may be substantial, that such
issuance may have on the ownership interests of other stockholders of Holdings.

     F. Application of Takeover Protections; Rights Agreement. Holdings and its board of
directors have taken all necessary action, if any, in order to render inapplicable any control
share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under Holdings’s Certificate of Incorporation,
as amended and restated and in effect on the date hereof (the “Certificate of Incorporation”) or
the laws of the jurisdiction of its formation or otherwise which is or could become applicable to
any Buyer as a result of the transactions contemplated by the Securities Purchase Agreement,
including, without limitation, Holdings’s issuance of the Securities and any Buyer’s ownership of
the Securities. Holdings has not adopted a stockholder rights plan or similar arrangement relating
to accumulations of beneficial ownership of Common Stock or a change in control of Holdings.

     G. SEC Documents; Financial Statements. Since January 19, 2006, Holdings has filed
all reports, schedules, forms, statements and other documents required to be filed by it with the
SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the
date hereof and all exhibits included therein and financial statements, notes and schedules thereto
and documents incorporated by reference therein being hereinafter referred to as the “SEC
Documents”). Holdings has delivered to the Buyers or their respective representatives true,
correct and complete copies of the SEC Documents not available on the EDGAR system. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the
1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC
Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any
untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. As of their respective dates, the financial statements
of Holdings included in the SEC Documents complied as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles consistently applied (“GAAP”), during the periods involved (except (i) as may
be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of
unaudited interim statements, to the extent they may exclude footnotes or may be condensed or
summary statements) and fairly present in all material respects the financial position of Holdings
as of the dates thereof and the results of its operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit adjustments). No other
information provided by or on behalf of Holdings to the Buyers that is not included in the SEC
Documents, including, without limitation, information referred to in Section 2(d) of the Securities
Purchase Agreement, contains any untrue statement of a material fact or omits to state any material
fact necessary in order to make the statements therein, in the light of the circumstance under
which they are or were made, not misleading.

     H. Conduct of Business; Regulatory Permits. Neither Holdings nor its Subsidiaries is
in violation of any term of or in default under its Certificate of Incorporation or Bylaws or their
organizational charter or certificate of incorporation or bylaws, respectively. Neither Holdings
nor any of its Subsidiaries is in violation of any judgment, decree or order or

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any statute, ordinance, rule or regulation applicable to Holdings or its Subsidiaries, and
neither Holdings nor any of its Subsidiaries will conduct its business in violation of any of the
foregoing, except for possible violations which would not, individually or in the aggregate, have a
Material Adverse Effect. Holdings and its Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate regulatory authorities necessary to conduct their respective
businesses, except where the failure to possess such certificates, authorizations or permits would
not have, individually or in the aggregate, a Material Adverse Effect, and neither Holdings nor any
such Subsidiary has received any notice of proceedings relating to the revocation or modification
of any such certificate, authorization or permit.

     I. Sarbanes-Oxley Act. Holdings is in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any
and all applicable rules and regulations promulgated by the SEC thereunder that are effective as of
the date hereof, except where such noncompliance would not have, individually or in the aggregate,
a Material Adverse Effect.

     J. Equity Capitalization. As of the date hereof and prior to issuance of the
Securities and the closing of the transactions contemplated by the Other Financing: (i) the
authorized capital stock of Holdings consists of (a) 75,000,000 shares of Common Stock, $.0001 par
value per share, of which 180,927.835 are issued and outstanding, and (b) 10,000,000 shares of
preferred stock, $.0001 par value per share, none of which is issued and outstanding or reserved
for issuance; (ii) there are no shares reserved for issuance pursuant to any stock option and
purchase plans and no shares are reserved for issuance pursuant to securities (other than the
Notes, preferred shares and warrants issued as part of the Other Financing) exercisable or
exchangeable for, or convertible into, shares of Common Stock; (iii) all of the outstanding shares
have been, or upon issuance will be, validly issued and are fully paid and nonassessable; (iv) none
of Holdings’s share capital is subject to preemptive rights or any other similar rights or any
liens or encumbrances suffered or permitted by Holdings; (v) there are no outstanding options,
warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, or exercisable or exchangeable for, any share capital
of Holdings or any of its Subsidiaries, or contracts, commitments, understandings or arrangements
by which Holdings or any of its Subsidiaries is or may become bound to issue additional share
capital of Holdings or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to,
calls or commitments of any character whatsoever relating to, or securities or rights convertible
into, or exercisable or exchangeable for, any share capital of Holdings or any of its Subsidiaries;
(vi) there are no outstanding debt securities, notes, credit agreements, credit facilities or other
agreements, documents or instruments evidencing Indebtedness of Holdings or any of its Subsidiaries
or by which Holdings or any of its Subsidiaries is or may become bound (other than the Senior
Indebtedness and Permitted Indebtedness); (vii) there are no financing statements securing
obligations in any material amounts, either singly or in the aggregate, filed in connection with
Holdings other than in connection with the Senior Indebtedness; (viii) there are no agreements or
arrangements under which Holdings or any of its Subsidiaries is obligated to register the sale of
any of their securities under the 1933 Act; (ix) there are no outstanding securities or instruments
of Holdings or any of its Subsidiaries that contain any redemption or similar provisions, and there
are no contracts, commitments, understandings or arrangements by which Holdings or any of its
Subsidiaries is or may become bound to redeem a security of Holdings or any of its Subsidiaries;
(x) there are no securities or instruments containing anti-

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dilution or similar provisions that will be triggered by the issuance of the Securities; (xi)
Holdings does not have any stock appreciation rights or “phantom stock” plans or agreements or any
similar plan or agreement; and (xii) Holdings and its Subsidiaries have no liabilities or
obligations required to be disclosed in the SEC Documents but not so disclosed in the SEC
Documents, other than those incurred in the ordinary course of Holdings’s or its Subsidiaries’
respective businesses and which, individually or in the aggregate, do not or would not have a
Material Adverse Effect. Holdings has furnished to the Buyers true, correct and complete copies of
Holdings’s Certificate of Incorporation, and Holdings’s Bylaws, as amended and as in effect on the
date hereof (the “Bylaws”). Holdings has no securities convertible into, or exercisable or
exchangeable for, shares of Common Stock.

     K. Post-Closing Capitalization. Assuming the payment of the Special Dividend, the
Required Repayments and the Management Payments, Holdings’s capitalization and contingent
liabilities shall be substantially identical to that set forth on Exhibit N to the
Securities Purchase Agreement, after giving effect to the Share Purchase, the Required Repayments,
the Merger, the Special Dividends, the Management Payments, the increase in Senior Indebtedness as
contemplated in Exhibit J to the Securities Purchase Agreement and the Other Financing.

     L. Absence of Litigation. There is no action, suit, proceeding, inquiry or
investigation before or by any court, public board, government agency, self-regulatory organization
or body pending or, to the knowledge of Holdings, threatened against or affecting Holdings, the
Common Stock or any of Holdings’s Subsidiaries or any of Holdings’s or its Subsidiaries’ officers
or directors, other than as disclosed in the Securities Purchase Agreement.

     M. Manipulation of Price. Holdings has not, and to its knowledge no one acting on its
behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the
stabilization or manipulation of the price of any security of Holdings to facilitate the sale or
resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for
soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any person any
compensation for soliciting another to purchase any other securities of Holdings.

     N. Disclosure. Holdings confirms that neither it nor any other Person acting on its
behalf has provided any of the Buyers or their agents or counsel with any information that
constitutes or could reasonably be expected to constitute material, nonpublic information.
Holdings understands and confirms that each of the Buyers will rely on the foregoing
representations in effecting transactions in securities of Holdings. All disclosure provided to
the Buyers regarding Holdings, its business and the transactions contemplated pursuant to the
Securities Purchase Agreement, including this Joinder Agreement, and the Schedules to the
Securities Purchase Agreement, furnished by or on behalf of Holdings, is true and correct and does
not contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in the light of the circumstances under which they were
made, not misleading. Each press release issued by Holdings during the 12 months preceding the
date of the Securities Purchase Agreement did not at the time of release contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which
they are made, not misleading. No event or circumstance has occurred or information exists with
respect to Holdings or any of its Subsidiaries or its or their

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business, properties, prospects, operations or financial conditions, which, under applicable
law, rule or regulation, requires public disclosure or announcement by Holdings but which has not
been so publicly announced or disclosed.

     4. In addition, Holdings covenants to each of the Buyers that:

          A. Form D and Blue Sky. Holdings shall file a Form D with respect to the Securities
as required under Regulation D and to provide a copy thereof to each Buyer promptly after such
filing. Holdings shall have taken such action, on or before the Closing Date (should the Company
have not already taken such action), as Holdings shall reasonably determine is necessary in order
to obtain an exemption for or to qualify the Securities for sale to the Buyers at the Closing
pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the
United States (or to obtain an exemption from such qualification), and shall provide evidence of
any such action so taken to the Buyers on or prior to the Closing Date. Holdings shall make all
filings and reports relating to the offer and sale of the Securities required under applicable
securities or “Blue Sky” laws of the states of the United States following the Closing Date.

          B. Use of Proceeds. Holdings will use the proceeds from the sale of the Securities
solely as permitted by the Securities Purchase Agreement.

          C. Financial Information. (i) Holdings shall send the following to each Investor
during the Reporting Period unless the following are filed with the SEC through EDGAR and are
available to the public through the EDGAR system, within one Business Day after the filing thereof
with the SEC, a copy of its Annual Reports on Form 10-K or 10-KSB, any interim reports or any
consolidated balance sheets, income statements, stockholders’ equity statements and/or cash flow
statements for any period other than annual, any Current Reports on Form 8-K and any registration
statements (other than on Form S-8) or amendments filed pursuant to the 1933 Act, (ii) on the same
day as the release thereof, facsimile copies of all press releases issued by Holdings, the Company
or any of its Subsidiaries, and (iii) copies of any notices and other information made available or
given to the stockholders of Holdings or the Company generally, contemporaneously with the making
available or giving thereof to the stockholders.

          D. Disclosure of Transactions and Other Material Information. On or before 8:30 a.m.,
New York time, on the first Business Day following the Closing Date, Holdings shall file a press
release (the “Press Release”) describing the material terms of the transactions contemplated by the
Transaction Documents. On or before 8:30 a.m., New York time, the second Business Day following
the Closing Date, Holdings shall file a Current Report on Form 8-K describing the terms of the
terms of the transactions contemplated by the Transaction Documents, in the form required by the
1934 Act and attaching the material Transaction Documents (including, without limitation, this
Agreement (and all schedules to this Agreement), the Certificate of Designation, the form of
Warrant, the Registration Rights Agreement and the Security Documents) as exhibits to such filing
(including all attachments, the “8-K Filing”). From and after the issuance of the Press Release,
no Buyer shall be in possession of any material, nonpublic information received from the Company,
Holdings, any of its Subsidiaries or any of their respective officers, directors, employees or
agents, that is not disclosed in the Press Release. Holdings and each of its Subsidiaries and
their respective officers, directors, employees and agents, shall not provide any

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Buyer with any material, nonpublic information regarding the Company, Holdings or any of their
Subsidiaries from and after the issuance of the Press Release without the express written consent
of such Buyer. In the event of a breach of the foregoing covenant by Holdings, any of its
Subsidiaries, or any of their respective officers, directors, employees and agents, in addition to
any other remedy provided herein or in the Transaction Documents, a Buyer shall have the right to
make a public disclosure, in the form of a press release, public advertisement or otherwise, of
such material, nonpublic information without the prior approval by Holdings, its Subsidiaries, or
any of their respective officers, directors, employees or agents. No Buyer shall have any
liability to Holdings, its Subsidiaries, or any of their respective officers, directors, employees,
stockholders or agents for any such disclosure. Subject to the foregoing, neither the Company,
Holdings, nor any Buyer shall issue any press releases or any other public statements with respect
to the transactions contemplated hereby; provided, however, that Holdings shall be
entitled, without the prior approval of any Buyer, to make any press release or other public
disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and
contemporaneously therewith and (ii) as is required by applicable law and regulations (provided
that in the case of clause (i) the holders of 66-2/3 of the outstanding Shares shall be consulted
by Holdings in connection with and given an opportunity to review and comment on any such press
release or other public disclosure prior to its release). Notwithstanding the foregoing, Holdings
shall not publicly disclose the name of any Buyer, or include the name of any Buyer in any filing
with the SEC or any regulatory agency or Principal Market, without the prior written consent of
such Buyer, except (i) for disclosure thereof in the 8-K Filing or Registration Statement or (ii)
as required by law, the regulations of the stock exchange or automatic quotation system upon which
Holdings’s shares of Common Stock are then traded or any order of any court or other governmental
agency, in which case Holdings shall provide such Buyer with prior notice of such disclosure and
the opportunity to review and comment on such disclosure.

     E. Variable Securities; Dilutive Issuances. For long as any Shares or Warrants remain
outstanding, Holdings shall not, in any manner, issue or sell any rights, warrants or options to
subscribe for or purchase Common Stock or directly or indirectly convertible into or exchangeable
or exercisable for Common Stock at a price which varies or may vary with the market price of the
Common Stock, including by way of one or more reset(s) to any fixed price unless the conversion,
exchange or exercise price of any such security cannot be less than the then applicable Exercise
Price (as defined in the Warrants) with respect to the Common Stock into which any Warrant is
exercisable. For so long as any Shares or Warrants remain outstanding, Holdings shall not, in any
manner, enter into or affect any Dilutive Issuance (as defined in the Warrants) if the effect of
such Dilutive Issuance is to cause Holdings to be required to issue upon exercise of any Warrant
any shares of Common Stock in excess of that number of shares of Common Stock which Holdings may
issue upon exercise of the Warrants without breaching Holdings’s obligations under the rules or
regulations of the National Association of Securities Dealers, Inc.’s OTC Bulletin Board (the
“Principal Market”) or the stock exchange or automated quotation system upon which Holdings’s
shares of Common Stock are traded, including, without limitation, any and all discounted issuance
rules, if applicable.

     F. Corporate Existence. So long as any Buyer beneficially owns any Securities,
Holdings shall not be party to any Fundamental Transaction (as defined in the Warrants) unless
Holdings is in compliance with the applicable provisions governing Fundamental Transactions set
forth in the Warrants.

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     G. Reservation of Shares. Holdings shall take all action necessary to at all times
have authorized, and reserved for the purpose of issuance, after the Closing Date, 130% of the
number of shares of Common Stock issuable upon exercise of the Warrants.

     H. Conduct of Business. The business of Holdings, the Company and their Subsidiaries
shall not be conducted in violation of any law, ordinance or regulation of any governmental entity,
except where such violations would not result, either individually or in the aggregate, in a
Material Adverse Effect.

     I. Holding Period. For the purposes of Rule 144, Holdings acknowledges, based on
current securities laws, that the holding period of the Warrant Shares may be tacked onto the
holding period of the Warrants (in the case of Cashless Exercise (as defined in the Warrants)) and
Holdings agrees not to take a position contrary to this Section I.

     J. Additional Issuances of Securities.

	 	(1)	 	For purposes of this section, the following definitions shall
apply.

	 	a.	 	“Convertible Securities” means any stock or securities (other than
Options) convertible into or exercisable or exchangeable for shares of Common
Stock.
	 
	 	b.	 	“Options” means any rights, warrants or options to subscribe for or
purchase shares of Common Stock or Convertible Securities.
	 
	 	c.	 	“Common Stock Equivalents” means, collectively, Options and Convertible
Securities.

	 	(2)	 	From the date hereof until the date that is 180 Trading Days
(as defined in the Certificate of Designation) following the Effective Date (as
defined in the Registration Rights Agreement), as such date may be extended by
one Trading Day for each Trading Day following the Effective Date on which the
Equity Conditions (as defined in the Certificate of Designation) are not
satisfied (the “Trigger Date”), Holdings will not, directly or indirectly,
offer, sell, grant any option to purchase, or otherwise dispose of (or announce
any offer, sale, grant or any option to purchase or other disposition of) any
of its or its Subsidiaries’ equity or equity equivalent securities, including
without limitation any debt, preferred stock or other instrument or security
that is, at any time during its life and under any circumstances, convertible
into or exchangeable or exercisable for shares of Common Stock or Common Stock
Equivalents (any such offer, sale, grant, disposition or announcement being
referred to as a “Subsequent Placement”) without the prior written approval of
the holders of 66-2/3% of the Shares.
	 
	 	(3)	 	From the Trigger Date until the two year anniversary of the
Closing Date, Holdings shall not, directly or indirectly, effect any Subsequent
Placement unless Holdings shall have first complied with this Section
4(J)(2)(c).

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	 	a.	 	Holdings shall deliver to each Buyer a written notice (the “Offer
Notice”) of any proposed or intended issuance or sale or exchange (the “Offer”) of
the securities being offered (the “Offered Securities”) in a Subsequent Placement,
which Offer Notice shall (w) identify and describe the Offered Securities, (x)
describe the price and other terms upon which they are to be issued, sold or
exchanged, and the number or amount of the Offered Securities to be issued, sold or
exchanged, (y) identify the persons or entities (if known) to which or with which
the Offered Securities are to be offered, issued, sold or exchanged and (z) offer
to issue and sell to or exchange with such Buyers a pro rata portion of 50% of the
Offered Securities (a) based on such Buyer’s pro rata portion of the outstanding
Shares purchased pursuant to the Securities Purchase Agreement (the “Basic
Amount”), and (b) with respect to each Buyer that elects to purchase its Basic
Amount, any additional portion of the Offered Securities attributable to the Basic
Amounts of other Buyers as such Buyer shall indicate it will purchase or acquire
should the other Buyers subscribe for less than their Basic Amounts (the
“Undersubscription Amount”).
	 
	 	b.	 	To accept an Offer, in whole or in part, such Buyer must deliver a
written notice to Holdings prior to the end of the 10th Business Day
after such Buyer’s receipt of the Offer Notice (the “Offer Period”), setting forth
the portion of such Buyer’s Basic Amount that such Buyer elects to purchase and, if
such Buyer shall elect to purchase all of its Basic Amount, the Undersubscription
Amount, if any, that such Buyer elects to purchase (in either case, the “Notice of
Acceptance”). If the Basic Amounts subscribed for by all Buyers are less than the
total of all of the Basic Amounts, then each Buyer who has set forth an
Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase,
in addition to the Basic Amounts subscribed for, the Undersubscription Amount it
has subscribed for; provided, however, that if the
Undersubscription Amounts subscribed for exceed the difference between the total of
all the Basic Amounts and the Basic Amounts subscribed for (the “Available
Undersubscription Amount”), each Buyer who has subscribed for any Undersubscription
Amount shall be entitled to purchase only that portion of the Available
Undersubscription Amount as the Basic Amount of such Buyer bears to the total Basic
Amounts of all Buyers that have subscribed for Undersubscription Amounts, subject
to rounding by Holdings to the extent its deems reasonably necessary, which process
shall be repeated until the Buyers shall have had the opportunity to subscribe for
any remaining Undersubscription Amount.
	 
	 	c.	 	Holdings shall have 10 Business Days from the expiration of the Offer
Period above to offer, issue, sell or exchange all or any part of such Offered
Securities as to which a Notice of Acceptance has not been given by the Buyers (the
“Refused Securities”), but only to the offerees described in the Offer Notice (if
so described therein) and only upon terms and conditions (including, without
limitation, unit prices and interest rates) that are not more favorable to the
acquiring person or persons or less favorable to Holdings than those set forth in
the Offer Notice.

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	 	d.	 	In the event Holdings shall propose to sell less than all the Refused
Securities (any such sale to be in the manner and on the terms specified in Section
4(J)(2)(c) above), then each Buyer may, at its sole option and in its sole
discretion, reduce the number or amount of the Offered Securities specified in its
Notice of Acceptance to an amount that shall be not less than the number or amount
of the Offered Securities that such Buyer elected to purchase pursuant to Section
4(J)(2)(c) above multiplied by a fraction, (i) the numerator of which shall be the
number or amount of Offered Securities Holdings actually proposes to issue, sell or
exchange (including Offered Securities to be issued or sold to Buyers pursuant to
Section 4(J)(2)(c) above prior to such reduction) and (ii) the denominator of which
shall be the original amount of the Offered Securities. In the event that any
Buyer so elects to reduce the number or amount of Offered Securities specified in
its Notice of Acceptance, Holdings may not issue, sell or exchange more than the
reduced number or amount of the Offered Securities unless and until such securities
have again been offered to the Buyers in accordance with Section 4(J)(2)(c) above.
	 
	 	e.	 	Upon the closing of the issuance, sale or exchange of all or less than
all of the Refused Securities, the Buyers shall acquire from Holdings, and Holdings
shall issue to the Buyers, the number or amount of Offered Securities specified in
the Notices of Acceptance, as reduced pursuant to Section 4(J)(2)(c) above if the
Buyers have so elected, upon the terms and conditions specified in the Offer. The
purchase by the Buyers of any Offered Securities is subject in all cases to the
preparation, execution and delivery by Holdings and the Buyers of a purchase
agreement relating to such Offered Securities reasonably satisfactory in form and
substance to the Buyers and their respective counsel.
	 
	 	f.	 	Any Offered Securities not acquired by the Buyers or other persons in
accordance with Section 4(J)(2)(c) above may not be issued, sold or exchanged until
they are again offered to the Buyers under the procedures specified in the
Securities Purchase Agreement.

     K. Reporting Status. Until the date on which the Investors (as defined in the
Registration Rights Agreement) shall have sold all the Shares and Warrant Shares and none of the
Warrants is outstanding (the “Reporting Period”), Holdings shall use every reasonable effort to
timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and Holdings
shall not terminate its status as an issuer required to file reports under the 1934 Act even if the
1934 Act or the rules and regulations thereunder would otherwise permit such termination.

     L. OTC Bulletin Board. Holdings shall use best efforts to cooperate in Rodman &
Renshaw, LLC’s application to cause the Common Stock to become designated for quotation on the
Principal Market as soon as practicable following the Closing Date and thereafter to comply with
the rules of the Principal Market. If the Common Stock is not designated for quotation on the
Principal Market by the 10th Business Day after the earlier to occur of the Effective
Date (as defined in the Registration Rights Agreement) or the applicable Effectiveness Deadline
(such date, the “OTC Deadline”), then, as partial relief for the damages to any holder by reason of
any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which

10

 

remedy shall not be exclusive of any other remedies available at law or in equity), Holdings
shall pay to each Investor (as such term is defined in the Registration Rights Agreement) an amount
in cash equal to (i) 1.0% of the aggregate Purchase Price of such Investor’s Shares on the day of
the OTC Deadline and (ii) 2.0% of the aggregate Purchase Price of such Investor’s Shares on every
30th day after the day of the OTC Deadline (prorated for periods totaling less than 30 days) until
the Common Stock is designated for quotation on the Principal Market. The payments to which an
Investor shall be entitled pursuant to this Section 4L are referred to herein as “OTC Delay
Payments”. OTC Delay Payments shall be paid on the earlier of (x) the dates set forth above and
(y) the third Business Day after the first day that the Common Stock is designated for quotation on
the Principal Market. In the event Holdings fails to make OTC Delay Payments in a timely manner,
such OTC Delay Payments shall bear interest at the rate of 2.0% per month (prorated for partial
months) until paid in full. Notwithstanding anything herein or in the Registration Rights
Agreement to the contrary, (i) no OTC Delay Payments shall be due and payable with respect to the
Warrants or the Warrant Shares and (ii) in no event shall the aggregate amount of OTC Delay
Payments payable to any Investor, together with any Registration Delay Payments payable to such
Investor, in each case solely as to which the encurance thereof is outside of the control of
Holdings, exceed, in the aggregate 10% of the aggregate Purchase Price of such Investor’s Shares.

11

 

IN WITNESS WHEREOF, Global Employment Holdings, Inc. has executed this Joinder Agreement on the
date first written above.

	 	 	 	 	 	 	 
	 	 	GLOBAL EMPLOYMENT HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ HOWARD BRILL	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Howard Brill	 	 
	 

	 	 	 	Title: President and Chief Executive Officerexv10w13

 

Exhibit 10.13

GLOBAL EMPLOYMENT HOLDINGS, INC.

INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (“Agreement”) is effective as of this ___day of March,
2006, by and between Global Employment Holdings, Inc., a Delaware corporation (the
“Company”), with its principal address at 9090 S. Ridgeline Boulevard, Littleton, CO,
80125, and ___(“Indemnitee”).

     WHEREAS, the Company and Indemnitee recognize the substantial increase in corporate litigation
in general, subjecting officers and directors to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited;

     WHEREAS, Indemnitee does not regard the current protection available as adequate under the
present circumstances, and Indemnitee and other officers and directors of the Company may not be
willing to continue to serve as officers and directors without additional protection;

     WHEREAS, the Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve as officers and directors of the Company and to indemnify
its officers and directors so as to provide them with the maximum protection permitted by law; and

     WHEREAS, in view of the considerations set forth above, the Company desires that Indemnitee
shall be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. Agreement to Serve. Indemnitee agrees to serve as a director and/or officer, as
applicable, of the Company at the will of the Company for so long as the Indemnitee is duly elected
and qualified, appointed or until such time as Indemnitee tenders a resignation in writing or is
removed as a director and/or officer, as applicable, in accordance with the Company’s Bylaws as
amended from time to time; provided, however, Indemnitee may at any time and for any reason resign
from such position.

     2. Indemnification.

          (a) Indemnification. Subject to the further provisions of this Agreement, the Company hereby
agrees to and shall indemnify Indemnitee and hold him or her harmless from and against any and all
Expenses (as defined below) and Liabilities (as defined below) incurred by Indemnitee or on
Indemnitee’s behalf, to the fullest extent permitted by applicable law in effect on the date
hereof, and to such greater extent as applicable law may thereafter permit or authorize. For
purposes of this Section 2(a), “Expenses” shall mean all direct and indirect costs
(including, without limitation, attorneys’ fees, retainers, court costs, transcripts, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, and all other disbursements or out-
of-pocket expenses) actually, reasonably and customarily incurred in

-1-

 

connection with (i) any
Proceeding (as defined in Section 2(c)), (ii) establishing or enforcing any right to
indemnification or advancement of expenses under this Agreement, applicable law, any other
agreement or provision of the Company’s Certificate of Incorporation or By-laws now or hereafter in
effect or otherwise, or (iii) the review and preparation of this Agreement on behalf of Indemnitee;
provided, however, that “Expenses” shall not include any Liabilities. For purposes of this Section
2(a), “Liabilities” shall mean liabilities of any type whatsoever incurred by reason of (i)
the fact that Indemnitee is or was a Fiduciary (as defined in Section 2(b)(iv)), or (ii) any action
taken (or failure to act) by him or her or on his or her behalf in his or her capacity as a
Fiduciary, including, but not limited to, any judgments, fines (including any excise taxes assessed
on Indemnitee with respect to an employee benefit plan), ERISA excise taxes and penalties, and
penalties and amounts paid in settlement of any Proceeding (including all interest, assessments and
other charges paid or payable in connection with or in respect of such judgments, fines, penalties
or amounts paid in settlement).

          (b) Presumptions.

               (i) Upon making any request for indemnification or advancement of Expenses under this
Agreement, Indemnitee shall be presumed to be entitled to such indemnification or advancement of
Expenses, as the case may be, under this Agreement and, in connection with any determination with
respect to entitlement to indemnification under Section 3(c) hereof, the Company shall have the
burdens of coming forward with evidence and of persuasion to overcome that presumption in
connection with the making by any Person (as defined below) of any determination contrary to that
presumption. Neither the failure of any Person to have made such determination prior to the
commencement of any action pursuant to this Agreement that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by any Person that Indemnitee has not met any applicable standard of conduct, shall
be a defense to any such action by Indemnitee or create a presumption that Indemnitee has not met
the applicable standard of conduct. For purposes of this Section 2(b), “Person” shall mean
any individual, partnership, joint venture, firm, corporation, association, limited liability
company, trust, estate, governmental unit or other enterprise or entity.

               (ii) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted
in good faith if Indemnitee’s action is based on the records or books of account of any Enterprise
(as defined below), including financial statements, or on information supplied to Indemnitee by the
officers of such Enterprise in the course of their duties, or on the advice of legal counsel for
such Enterprise or on information or records given or reports made to such Enterprise by an
independent certified public accountant or by an appraiser or other expert selected by such
Enterprise. The provisions of this Section 2(b) shall not be deemed to be exclusive or to limit in
any way the other circumstances in which Indemnitee may be deemed or found to have met the
applicable standard of conduct set forth in this Agreement. For purposes of this Section 2(b)(ii),
“Enterprise” shall mean any Person of which Indemnitee is or was a Fiduciary.

               (iii) If the Person empowered or selected under Section 3(c) hereof to

-2-

 

determine whether
Indemnitee is entitled to indemnification shall not have made a determination within 20 calendar
days after receipt by the Company of the request therefor, the requisite determination of
entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled
to such indemnification, absent (A) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (B) a prohibition of such indemnification under
applicable law.

               (iv) The knowledge and/or actions, or failure to act, of any other Fiduciary (as defined
below) shall not be imputed to Indemnitee for purposes of determining any right to indemnification
under this Agreement. For purposes of this Section 2(b)(iv), “Fiduciary” shall mean
individual serving as a director, officer, trustee, general partner, managing member, fiduciary,
board of directors’ committee member, employee or agent of (i) the Company, (ii) any resulting
corporation in connection with a consolidation or merger to which the Company is a party, or (iii)
any other Person (including an employee benefit plan) at the request of the Company, including any
service with respect to an employee benefit plan, its participants or its beneficiaries.

               (c) Effect of Certain Proceedings. The termination of any Proceeding (as defined below) by
judgment, order, settlement, conviction or upon a plea of nolo contendre or its equivalent, shall
not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the Company, and with respect
to any criminal Proceeding, that Indemnitee had reason to believe his or her conduct was unlawful.
For purposes of this Section 2(c), “Proceeding” shall mean any threatened, pending or
completed investigation, civil or criminal action, third-party action, derivative action, claim,
suit, arbitration, counterclaim, cross claim, alternative dispute resolution mechanism, inquiry,
administrative hearing or any other proceeding whether civil, criminal, administrative, legislative
or investigative, including any appeal therefrom in which Indemnitee was involved as a party or
otherwise by reason of (i) the fact that Indemnitee is or was a Fiduciary, or (ii) any action taken
(or failure to act) by him or her or on his or her behalf in his or her capacity as a Fiduciary.

     3. Expenses; Indemnification Procedure.

          (a) Advancement of Expenses. The Company shall advance all Expenses incurred by Indemnitee or
on Indemnitee’s behalf, without regard to Indemnitee’s ultimate entitlement to indemnification
under the other provisions of this Agreement. Indemnitee hereby undertakes to repay such amounts
advanced if, and only to the extent that, it shall be determined by a final judgment or other final
adjudication, not subject to further appeal or review, that Indemnitee is not entitled to be
indemnified by the Company as authorized hereby, or under applicable law or otherwise. The
advances to be made hereunder shall be paid by the Company to Indemnitee within 20 calendar days
following delivery of any written request, from time to time, by Indemnitee to the Company. Any
overdue amount of such Expenses to be paid by the Company hereunder shall bear interest, compounded
monthly, at a rate of 8%
per annum. Advances payable hereunder shall include any and all reasonable Expenses

-3-

 

incurred
pursuing an action to enforce this right of advancement, including Expenses incurred preparing and
forwarding any statements to the Company to support the advances claimed.

          (b) Notice by Indemnitee. To obtain indemnification under this Agreement, Indemnitee shall,
as promptly as reasonably practicable under the circumstances, notify the Company in writing upon
being served with any summons, citation, subpoena, complaint, indictment, information or other
document relating to any Proceeding or any other matter which may be subject to indemnification of
Liabilities or advancement of Expenses covered by this Agreement; provided however, that any delay
or failure to so notify the Company shall relieve the Company of its obligations hereunder only to
the extent, if at all, that the Company is actually and materially prejudiced by reason of such
delay or failure. Notice to the Company shall be directed to the President/Chief Executive Officer
of the Company in accordance with Section 14 hereof.

          (c) Determination of Entitlement to Indemnification. Upon the receipt of any notice pursuant
to Section 3(b) hereof, a determination, if expressly required by applicable law, with respect to
Indemnitee’s entitlement to indemnification hereunder shall be made within 20 calendar days by (i)
a majority vote of the Company’s Board of Directors (the “Board”) who are not parties to
the Proceeding in respect of which indemnification is sought by Indemnitee, even though less than a
quorum or (ii) by a committee of such directors designated by majority vote of such directors even
though less than a quorum, or (iii) if there are no such directors, or if such directors so direct,
by Independent Counsel (as defined below) in a written opinion to the Board (a copy of which
opinion shall be delivered to Indemnitee); provided, however, that if there has been a Change of
Control (as defined below) at or prior to the time of such notice by Indemnitee, Indemnitee’s
entitlement to indemnification shall be determined within the foregoing time period by Independent
Counsel (as defined below) selected by Indemnitee, such determination to be set forth in a written
opinion to the Board (a copy of which opinion shall be delivered to Indemnitee). The Company
agrees to pay the reasonable fees of any Independent Counsel and to fully indemnify such
Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or
relating to this Agreement or its engagement pursuant hereto. If, pursuant to the foregoing, it is
determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within 20 calendar days from the date of notice by Indemnitee pursuant to Section 3(b) hereof.
Indemnitee shall reasonably cooperate in the making of such determination, including providing upon
reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. For the avoidance of doubt, any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the Person making such
determination shall be included as Expenses for the purposes of this Agreement. Nothing in this
Section 3(c) shall be construed to limit or modify the presumptions in favor of Indemnitee set
forth in Section 2(b). For purposes of this Section 3(c), “Change of Control” shall be
deemed to have occurred in any one of the following circumstances occurring after the date hereof:
(i) there shall have occurred an event required to be reported with respect to the Company in
response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any
similar schedule or form) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), regardless of whether the

-4-

 

Company is then subject to such reporting
requirement; (ii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) shall have become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 15%. For purposes of this
Section 3(c), “Independent Counsel” shall mean a nationally recognized law firm, or a
member of a nationally recognized law firm, that is experienced in matters of corporate law and
neither currently is, nor in the 5 years previous to its selection or appointment has been,
retained to represent (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the rights of Indemnitee under this Agreement or of
other indemnities under similar indemnification agreements) or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder. For the avoidance of doubt, any
law firm or member of a law firm that shall have advised either party with respect to the review
and preparation of this Agreement shall not be Independent Counsel for the purposes of this
Agreement.

          (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of a claim
pursuant to Section 3(b) hereof, the Company has liability insurance in effect which may cover such
claim, the Company shall give prompt notice of the commencement of such claim to the insurers in
accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such action, suit, proceeding, inquiry or investigation in
accordance with the terms of such policies.

          (e) Selection of Counsel. In the event the Company shall be obligated hereunder to pay the
expenses of any claim, the Company, if appropriate, shall be entitled to assume the defense of such
claim with counsel reasonably approved by Indemnitee, upon the delivery to Indemnitee of written
notice of its election so to do. After delivery of such notice, reasonable approval of such
counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be
liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same claim; provided that, (i) Indemnitee shall have the right to
employ Indemnitee’s counsel in any such claim at Indemnitee’s expense and (ii) if (A) the
employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and
Indemnitee in the conduct of any such defense, or (C) the Company shall not continue to retain such
counsel to defend such claim, then the fees and expenses of Indemnitee’s counsel shall be at the
expense of the Company.

     4. Additional Indemnification Rights; Nonexclusivity.

          (a) Scope. Notwithstanding any other provision of this Agreement, the Company hereby agrees
to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such
indemnification may not be specifically authorized by the other provisions of this Agreement, the
Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of any
change, after the date of this Agreement, in any applicable law, statute, or rule which expands the
right of a Delaware corporation to indemnify a member of its board of directors or an officer, such
changes shall

-5-

 

be, ipso facto, within the purview of Indemnitee’s rights and Company’s
obligations, under this Agreement. In the event of any change in any applicable law, statute or
rule which narrows the right of a Delaware corporation to indemnify a member of its board of
directors or an officer, such changes, to the extent not otherwise required by such law, statute or
rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights
and obligations hereunder.

          (b) Nonexclusivity. The indemnification provided by this Agreement shall not be deemed
exclusive of any rights to which Indemnitee may be entitled under the Company’s Certificate of
Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested directors, the
General Corporation Law of the State of Delaware, or otherwise, both as to action in Indemnitee’s
official capacity and as to action in another capacity while holding such office. The
indemnification provided under this Agreement shall continue as to Indemnitee for any action taken
or not taken while serving in an indemnified capacity even though he or she may have ceased to
serve in an indemnified capacity at the time of any action, suit or other covered proceeding.

     5. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of expenses incurred in
connection with any claim, but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such expenses to which Indemnitee is entitled.

     6. Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in certain
instances, federal law or public policy may override applicable state law and prohibit the Company
from indemnifying its directors and officers under this Agreement or otherwise. For example, the
Company and Indemnitee acknowledge that the Securities and Exchange Commission (the “SEC”)
has taken the position that indemnification is not permissible for liabilities arising under
certain federal securities laws, and federal legislation prohibits indemnification for certain
ERISA violations. Indemnitee understands and acknowledges that the Company has undertaken, and may
be required in the future to undertake, with or without the SEC to submit the question of
indemnification to a court in certain circumstances for a determination of the Company’s right
under public policy to indemnify Indemnitee. In such instances, the parties agree that the Company
shall not be liable to make any interim payments to Indemnitee whatsoever pending final
determination by a court, and any appeals thereof, on such issues.

     7. Officer and Director Liability Insurance. The Company shall use its best efforts
to obtain and maintain on an ongoing basis a policy or policies of insurance on commercially
reasonable terms with reputable insurance companies providing liability insurance for Fiduciaries,
including Indemnitee, in respect of acts or omissions occurring while serving in such capacity, and
to ensure the Company’s performance of its indemnification obligations under this Agreement, on
terms with respect to coverage and amount (including with respect to the payment of Expenses) no
less favorable than those of such policy or policies of insurance in effect on the date hereof. To
the extent that the Company maintains a policy or policies of insurance pursuant to this Section 7,
Indemnitee shall be covered by

-6-

 

such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any Fiduciary under such policy or policies.

     8. Severability. Nothing in this Agreement is intended to require or shall be
construed as requiring the Company to do or fail to do any act in violation of applicable law. The
Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall
not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as
provided in this Section 8. If this Agreement or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify
Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not
have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in
accordance with its terms.

     9. Exceptions. Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with
respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of
defense, except with respect to proceedings brought to establish or enforce a right to
indemnification under this Agreement or any other statute or law of otherwise as required under the
General Corporation Law of the State of Delaware, but such indemnification or advancement of
expenses may be provided by the Company in specific cases if the Board of Directors finds it to be
appropriate;

          (b) Lack of Good Faith. To indemnify Indemnitee for any expenses incurred by Indemnitee with
respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a
court of competent jurisdiction determines that each of the material assertions made by Indemnitee
in such proceeding was not made in good faith or was frivolous;

          (c) Insured Claims. To indemnify Indemnitee for expenses or liabilities of any type
whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and
amounts paid in settlement) which have been paid directly to Indemnitee by an insurance carrier
under a policy of officers’ and directors’ liability insurance maintained by the Company; or

          (d) Claims under Section 16(b). To indemnify Indemnitee for expenses or the payment of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section
16(b) of the Exchange Act, as amended, or any similar successor statute.

-7-

 

     10. Construction of Certain Phrases.

          (a) For purposes of this Agreement, references to the “Company” shall include, in addition to
the resulting corporation, any constituent corporation (including any constituent of a constituent)
absorbed in a consolidation or merger which, if its separate existence had continued, would have
had power and authority to indemnify its directors, officers, and employees or agents, so that if
Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is
or was serving at the request of such constituent corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise, Indemnitee
shall stand in the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as Indemnitee would have with respect to such constituent
corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to “other enterprises” shall include
employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee
with respect to an employee benefit plan; and references to “serving at the request of the Company”
shall include any service as a director, officer, employee or agent of the Company which imposes
duties on, or involves services by, such director, officer, employee or agent with respect to an
employee benefit plan, its participants, or beneficiaries; and if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement.

     11. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall constitute an original.

     12. Successors and Assigns; Assignment. This Agreement shall be binding upon
the Company and its successors and assigns, and shall inure to the benefit of Indemnitee and
Indemnitee’s estate, heirs, legal representatives and assigns. Upon the consummation of the
Company’s reincorporation to Delaware, this Agreement shall automatically and without any action on
the part of the Company be assigned to the Company’s successor corporation in Delaware.

     13. Attorneys’ Fees. In the event that any action is instituted by Indemnitee under
this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be
paid all court costs and expenses, including reasonable attorneys’ fees, incurred by Indemnitee
with respect to such action, unless as a part of such action, a court of competent jurisdiction
determines that each of the material assertions made by Indemnitee as a basis for such action were
not made in good faith or were frivolous. In the event of an action instituted by or in the name
of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement,
Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’ fees,
incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s
counterclaims and cross-claims made in such action), unless as a

-8-

 

part of such action the court determines that each of Indemnitee’s material defenses to such action were
made in bad faith or were frivolous.

     14. Notice. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and receipt
is acknowledged by the party addressee, on the date of such receipt, or (ii) if mailed by certified
or registered mail with postage prepaid, on the third business day after the date postmarked.
Addresses for notice to either party are as shown in the preamble or on the signature page of this
Agreement, or as subsequently modified by written notice.

     15. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably
consent to the jurisdiction of the courts of the State of Colorado, with venue allowed only in the
City and County of Denver, Colorado, for all purposes in connection with any action or proceeding
which arises out of or relates to this Agreement, and agree that any action instituted under this
Agreement shall be brought only in the state courts of the State of Colorado, with venue allowed
only in the City and County of Denver, Colorado, even though this Agreement requires that the
courts of the State of Colorado apply the law of the State of Delaware in all such proceedings.

     16. Choice of Law. This Agreement shall be governed by construed in accordance with
the laws of the State of Delaware, as applied to contracts between Delaware residents entered into
and to be performed entirely within Delaware (without giving effect to its conflicts of law
principles).

     17. Evidence of Coverage. Upon request by Indemnitee, the Company shall provide
copies of any and all directors’ and officers’ liability insurance policies obtained and maintained
in accordance with Section 7 of this Agreement. The Company shall promptly notify Indemnitee of
any changes in the Company’s directors’ and officers’ insurance coverage.

-9-

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	GLOBAL EMPLOYMENT HOLDINGS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	AGREED TO AND ACCEPTED

	 	 
	 	 
	 
	 	 	 	 
	INDEMNITEE:
	 	 	 	 
	 
	 	 	 	 
	 

(Signature)

	 	 	 	 
	 
	 	 	 	 
	 

(Name of Indemnitee)

	 	 	 	 
	 
	 	 	 	 
	 

(Address)

	 	 	 	 

-10-

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