Document:

exv10w2

 

Exhibit 10.2

EXECUTION COPY

FIRST AMENDMENT TO EXECUTIVE AGREEMENT

     THIS
FIRST AMENDMENT dated December 28, 2005, is made by and between Pac-West Telecomm,
Inc., a California corporation (the “Company”) and Henry R. Carabelli (“Executive”) for the purpose
of amending certain provisions of the Executive Agreement between the parties entered into as of
July 1, 2003 (“the Executive Agreement”).

1. Section 3 (e) of the Executive Agreement is amended to read as follows:

“(e) Additional Incentives. In order to better align the Executive’s incentives to long
term shareholder value, by a grant dated December 29, 2003, the Company issued restricted stock
units to Executive representing rights to receive 400,000 shares of the common stock of Company
before giving effect to any stock split or reverse stock split. With the agreement of
Executive, on December 28, 2005, the Company cancelled the prior grant of restricted stock
units and approved the issuance of 400,000 shares of Restricted Stock in its place and stead.
The parties are in agreement that 200,000 of such shares of restricted stock (adjusted for any
Stock Split) shall become vested provided Executive remains employed by Company through June
30, 2009 or in the event of Change of Control. The parties are in further agreement that the
right to the remaining 200,000 shares (adjusted for any Stock Split) will vest or become
absolute upon the earlier of June 30, 2009 or the Company achieving the previously agreed to
pre-established goals as set forth in the terms of the December 29, 2003 grant (which are also
contained in the December 27, 2005 grant) during the term of Executive’s employment or in the
event of a Change of Control. The terms of the 2005 grant are contained in a Grant agreement
issued pursuant to the 1999 Pac-West Telecomm, Inc. Stock Incentive Plan (the “Plan”) as in
effect at the time of the grant. The Shares of stock of the Company issued to the Executive
shall be registered with the Securities and Exchange Commission under the Securities Act of
1933 pursuant to a then effective registration statement or shall be otherwise freely
transferable by the Executive once vested.”

2. Except as amended by this FIRST AMENDMENT, the Executive Agreement remains in full force and
effect in accordance with all of its original terms.

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IN WITNESS WHEREOF, the parties have entered into this FIRST AMENDMENT on the date written above.

PAC-WEST TELECOMM, INC.

/s/
Sam Plum 

Name: Sam Plum

Its: Compensation Committee Chair

EXECUTIVE

/s/ Henry R. Carabelli 

Henry Carabelli

2<PAGE>
                                                                 Exhibit 10.1(p)

                               AMENDMENT NO. 1 TO
                              EMPLOYMENT AGREEMENT

         This AMENDMENT NO. 1 to the 2003 Employment Agreement (the "Amendment")
by and between CENTRAL PARKING CORPORATION, a Tennessee corporation (the
"Company"), and JEFF HEAVRIN, an individual residing in Nashville, Tennessee,
(the "Executive") is dated as of May 9, 2005.

         The Company and the Executive are party to that certain Employment
Agreement (the "2003 Employment Agreement") by and between the Company and
Executive executed as of May 30, 2003.

         The Company has asked the Executive to act as Interim Chief Financial
Officer until such time as the Company shall elect a new Chief Financial
Officer.

         In connection with the foregoing, the Company and Executive have agreed
to amend certain provisions of the 2003 Employment Agreement.

         In consideration of the mutual covenants contained in this Agreement,
the parties hereby agree as follows:

     1. Section II is hereby deleted in its entirety and replaced with the
following:

                                   SECTION II
                          POSITION AND RESPONSIBILITIES

                  The Executive agrees to serve as Interim Chief Financial
Officer of the Company until the earlier of (i) July 1, 2005 or (ii) a Change In
Control (as defined in the 2003 Employment Agreement) (the "Trigger Date"), and
to be responsible for the typical management responsibilities expected of an
officer holding such position and such other responsibilities as may be assigned
to Executive from time to time by the Chief Executive Officer of the Company (in
each case consistent with past practice). Thereafter, during the Period of
Employment (as such term is defined herein below), the Executive agrees to serve
as Chief Financial Officer and Senior Vice President of the Company, and to be
responsible for the typical management responsibilities expected of an officer
holding such positions and such other responsibilities as may be assigned to
Executive from time to time by the Chief Executive Officer of the Company (in
each case consistent with past practice) unless prior to the Trigger Date the
Company shall request that the Executive remain with the Company as Vice
President and Controller as provided in the 2003 Employment Agreement.

     2. Section IV A. is hereby deleted in its entirety and replaced with the
following:

         A. Base Salary. The Company shall pay the Executive an annual base
salary ("Base Salary") in the amount of $265,000 as long as the Executive is
serving as Interim Chief Financial Officer or Vice President and Controller. The
Base Salary shall be payable according to the customary payroll practices of the
Company, but in no event less frequently than once each month. The Base Salary
shall be reviewed each fiscal year and shall be subject to increase
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according to the policies and practices adopted by the Company from time to
time. For the purposes of this Agreement, "Base Salary" shall mean the amount
set forth above and, to the extent it is subsequently increased, such increased
amount.

     3. Section IV B. is hereby deleted in its entirety and replaced with the
following:

         B. Annual Incentive Award. The Company will pay an annual incentive
compensation award or bonus ("Annual Incentive Award") to the Executive in a
target amount of $75,000 and in accordance with the Company's bonus plan or
program providing benefits substantially similar to bonus plans as may be
adopted from time to time by the Company.

     3. Section XI A. is hereby amended by replacing sub section (i), (ii) and
(iii) with:

(i) three times his Base Salary, plus (ii) an amount equal to three times the
Executive's target Annual Incentive Award that Executive was to receive during
the Company's fiscal year in which the Change in Control took place, plus (iii)
a continuation of Welfare Benefits and other perquisites of employment
(including payment on the date of termination of the Company portion of 401k
contributions that would have been made over the subsequent three years based on
the Executive's compensation and Company contribution rate in effect prior to
the Change in Control) for a period of three years following the termination.

     4. The Company and Executive agree that it shall not be a Constructive
Discharge under Section VIII E. 3. of the 2003 Employment Agreement if prior to
the Trigger Date, the Company requests Executive to resume the position of Vice
President and Controller. However, any such request after the Trigger Date may
be deemed a Constructive Discharge.

2. The 2003 Employment Agreement, as amended by this Amendment contains the
entire understanding between the Company and the Executive with respect to the
subject matter and supersedes any prior employment or severance agreements
between the Company, its affiliates and the Executive. Notwithstanding the
foregoing, the parties acknowledge and agree that the provisions set forth in
the Company's 1995 Nonqualified Stock Option Plan and all previous grants to
Executive arising out of such plan are in full force and effect.

3.All other provisions set forth in the 2003 Employment Agreement shall remain
in full force and effect.

<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.

                                       CENTRAL PARKING CORPORATION

                                       By:
                                            -----------------------------------
                                            Monroe Carell
                                            Chief Executive Officer

                                       EXECUTIVE:

                                       ----------------------------------------
                                       Jeff Heavrin<PAGE>
                                                                   Exhibit 10.28

                                                                   EXECUTED COPY

                                WAIVER AGREEMENT

     THIS WAIVER AGREEMENT (this "Waiver") entered into as of October 12,
2005 is among CENTRAL PARKING CORPORATION, a Tennessee corporation ("CPC" or the
"Parent"), CENTRAL PARKING SYSTEM, INC., a Tennessee corporation ("CPS"),
ALLRIGHT CORPORATION, a Delaware corporation ("Allright"), KINNEY SYSTEM, INC.,
a Delaware corporation ("Kinney"), CPS FINANCE, INC., a Delaware corporation
("CPSF"), CENTRAL PARKING SYSTEM OF TENNESSEE, INC., a Tennessee corporation
("CPST"), (CPC, CPS, Allright, Kinney, CPSF and CPST are hereinafter referred to
individually as a "Borrower" and collectively as the "Borrowers"), the
Subsidiary Guarantors, the Lenders party hereto and Bank of America, N.A., as
administrative agent for the Lenders (in such capacity, "Administrative Agent"),
and as Swing Line Lender and L/C Issuer. Capitalized terms used herein and not
otherwise defined shall have the respective meanings given to them in the Credit
Agreement (as defined below).

                                    RECITALS

     WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative
Agent have entered into that certain Credit Agreement dated as of February 28,
2003 (as amended, modified, supplemented, extended or replaced from time to
time, the "Credit Agreement");

     WHEREAS, on September 29, 2005, CPC determined that it will restate its
quarterly financial statements for the first three quarters of CPC's fiscal year
ending September 30, 2005 as a result of events more particularly described in
the Current Report on Form 8-K that CPC filed with the SEC on September 30,
2005, all as more particularly set forth in said Current Report (the "Quarterly
Restatements");

     WHEREAS, CPC is engaged in work to determine the quarterly and year-end
financial results of its UK operations and, although the year-end review and
investigation are not concluded, at this time CPC believes that there may be a
negative financial impact on its prior fiscal 2005 quarters in the range of
$8-10 million, consisting primarily of over-accrual of revenues and improper
capitalization of expenses, with the overall negative financial impact on CPC's
fiscal year ending September 30, 2005 (including the $8-10 million related to
prior quarters) being estimated to be in the range of $13-15 million, including
current period operating losses and anticipated expenses of the investigation
(the foregoing, the "Anticipated Total Adjustment");

     WHEREAS, pursuant to Section 5.02, upon any Request for Credit Extension,
CPC (on behalf of itself and the other Borrowers) makes certain representations
and warranties, including representations pursuant to Sections 6.05(b) and
6.05(d) as to the extent to which the most recent financial statements furnished
to the Administrative Agent pursuant to Section 7.01(b) are prepared in
accordance with GAAP and present fairly the consolidated financial condition,
results of operations and cash flows of the Consolidated Parties as of the dates
thereof and for the periods covered thereby (the "Financial Statement
Representations");

<PAGE>

     WHEREAS, CPC and the other Borrowers have requested that the Lenders waive
the Financial Statement Representations solely with respect to the quarterly
financial statements that are the subject of the Quarterly Restatements (the
"Q1-Q3 Financial Statements"), and any corresponding certifications otherwise
made or deemed made pursuant to the Credit Agreement with respect to the Q1-Q3
Financial Statements, solely to the extent of the Quarterly Restatements;

     WHEREAS, following the completion of the Quarterly Restatements, it may be
determined that one or more Events of Default had previously occurred under the
Credit Agreement as a result of the Parent's failure to comply, for the fiscal
quarters ending December 31, 2004, March 30, 2005 and June 30, 2005, with the
Consolidated Leverage Ratio, the Consolidated Senior Leverage Ratio and/or the
Consolidated Fixed Charge Coverage Ratio set forth in Sections 8.11(a), (b) and
(c) respectively (collectively, the "Financial Covenant Defaults");

     WHEREAS, CPC and the other Borrowers have requested that the Lenders (i)
waive the Financial Statement Representations solely with respect to the Q1-Q3
Financial Statements, and any corresponding certifications otherwise made or
deemed made pursuant to the Credit Agreement with respect to the Q1-Q3 Financial
Statements, in each case to the extent of the Quarterly Restatements, and (ii)
waive the Financial Covenant Defaults (if and to the extent any shall have
occurred), in each case, as of the Effective Date (as defined below); and

     WHEREAS, the Required Lenders have directed the Administrative Agent to
execute this Waiver, subject to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Acknowledgement and Waiver.

          (a) Waiver of Financial Statement Representations. Subject to the
     satisfaction of all of the terms and conditions set forth in this Waiver,
     the Required Lenders hereby waive (i) the Financial Statement
     Representations solely with respect to the Q1-Q3 Financial Statements, and
     (ii) any corresponding certifications otherwise made or deemed made
     pursuant to the Credit Agreement with respect to the Q1-Q3 Financial
     Statements, in each case solely to the extent of the Quarterly
     Restatements.

          (b) Waiver of Financial Covenant Defaults. Subject to the satisfaction
     of all of the terms and conditions set forth in this Waiver, the Lenders
     hereby waive the Financial Covenant Defaults (if and to the extent any
     shall have occurred).

          (c) Reservation of Rights. Except for the specific waivers set forth
     in clause (a) and clause (b) above, nothing contained herein shall be
     deemed to constitute a

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<PAGE>

     waiver of (i) any rights or remedies the Administrative Agent or any Lender
     may have under the Credit Agreement or any other Loan Document or under
     applicable law or (ii) the Loan Parties' obligation to comply fully with
     any duty, term, condition, obligation or covenant contained in the Credit
     Agreement and the other Loan Documents not specifically waived. The
     specific waivers set forth herein are effective only with respect to the
     Q1-Q3 Financial Statements, the Quarterly Restatements and any
     corresponding Financial Covenant Defaults, and shall not obligate the
     Lenders to waive any other Default or Event of Default, now existing or
     hereafter arising.

     2. Conditions Precedent. This Waiver shall become effective as of the date
when each of the following conditions precedent has been satisfied (the
"Effective Date"):

          (a) The Administrative Agent shall have received counterparts of this
     Waiver duly executed by each of the Loan Parties.

          (b) The Administrative Agent shall have received duly executed
     consents to the Waiver from (i) the Required Lenders and (ii) Lenders
     holding in the aggregate at least a majority of the Revolving Commitments.

          (c) The Administrative Agent shall have received all reasonable fees
     and expenses incurred by the Administrative Agent in connection with the
     negotiation, preparation, execution and delivery of this Waiver and the
     other transactions contemplated herein including, without limitation, the
     legal fees and expenses of Moore & Van Allen PLLC, counsel to the
     Administrative Agent.

     3. Miscellaneous.

          (a) Representations and Warranties. Each Loan Party represents and
     warrants to the Lenders that, after giving effect to this Waiver:

               (i) the representations and warranties of the Loan Parties set
          forth in Article VI of the Credit Agreement are true and correct as of
          the date hereof except, in each case, for those that specifically
          relate to an earlier date; and

               (ii) no event has occurred and is continuing that constitutes a
          Default or an Event of Default.

          (b) Counterparts/Telecopy. This Waiver may be executed in any number
     of counterparts, each of which when so executed and delivered shall be an
     original, but all of which shall constitute one and the same instrument.
     Delivery of executed counterparts by telecopy shall be effective as an
     original and shall constitute a representation that an original will be
     delivered if requested.

          (c) Entirety. This Waiver and the other Loan Documents embody the
     entire agreement between the parties and supersede all prior agreements and
     understandings, if any, relating to the subject matter hereof. These Loan
     Documents represent the final

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<PAGE>

     agreement between the parties and may not be contradicted by evidence of
     prior, contemporaneous or subsequent oral agreements of the parties.

          (d) GOVERNING LAW. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE
     PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
     ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          (e) Successors and Assigns. This Waiver shall be binding upon and
     inure to the benefit of the parties hereto and their respective successors
     and assigns.

          (f) Section References. Unless otherwise provided herein, references
     herein to "Sections" are references to Sections of the Credit Agreement.

          (g) Execution by Administrative Agent. This Waiver is executed by the
     Administrative Agent on behalf of itself and all Lenders who have approved
     this Waiver pursuant to Section 11.01.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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<PAGE>

                                 SIGNATURE PAGE
                                WAIVER AGREEMENT
                           CENTRAL PARKING CORPORATION

         The parties hereto have duly executed this Waiver as of the date first
above written.

BORROWERS:                   CENTRAL PARKING CORPORATION,
                             a Tennessee corporation

                              By: /s/ Jeff Heavrin
                              Name: Jeff Heavrin
                              Title: Chief Financial Officer

                             CENTRAL PARKING SYSTEM, INC.,
                             a Tennessee corporation
                             ALLRIGHT CORPORATION,
                             a Delaware corporation
                             KINNEY SYSTEM, INC.,
                             a Delaware corporation
                             CPS FINANCE, INC.,
                             a Delaware corporation
                             CENTRAL PARKING SYSTEM OF TENNESSEE, INC.,
                             a Tennessee corporation

                             By: /s/ Jeff Heavrin
                             Name: Jeff Heavrin
                             Title: Chief Financial Officer

<PAGE>

                                 SIGNATURE PAGE
                                WAIVER AGREEMENT
                           CENTRAL PARKING CORPORATION

GUARANTORS:                  CENTRAL PARKING SYSTEM OF NEW YORK, INC.,
                             a Tennessee corporation
                             KINNEY PARKING SYSTEM, INC.,
                             a New York corporation
                             CENTRAL PARKING SYSTEM OF PENNSYLVANIA, INC.,
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM OF VIRGINIA, INC. (F/K/A
                             DIPLOMAT PARKING CORP.), a DC corporation
                             CENTRAL PARKING SYSTEM OF TEXAS, INC.,
                             a Texas corporation
                             CENTRAL PARKING SYSTEM OF OHIO, INC.,
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM OF FLORIDA, INC.,
                             a Tennessee corporation
                             ALLRIGHT NEW YORK PARKING, INC.,
                             a New York corporation
                             CENTRAL PARKING SYSTEM OF NEW JERSEY, INC.,
                             a New Jersey corporation
                             CENTRAL PARKING SYSTEM OF GEORGIA, INC.,
                             a Tennessee corporation
                             USA PARKING SYSTEM, INC. (F/K/A MARLIN, INC.),
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM OF LOUISIANA, INC.,
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM OF MARYLAND, INC.,
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM REALTY OF NEW YORK, INC.,
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM OF WASHINGTON, INC.,
                             a Tennessee corporation
                             CENTRAL PARKING SYSTEM OF MISSOURI, INC.
                             (F/K/A CPS-ST. LOUIS, INC.), a Tennessee
                             corporation
                             CENTRAL PARKING SYSTEM OF WISCONSIN, INC.,
                             a Tennessee corporation

                              By: /s/ Jeff Heavrin
                              Name: Jeff Heavrin
                              Title: Chief Financial Officer
                              of each of the foregoing Guarantors

                           [signature pages continue]

<PAGE>
                                 SIGNATURE PAGE
                                WAIVER AGREEMENT
                           CENTRAL PARKING CORPORATION

                             BANK OF AMERICA, N.A., as
                             Administrative Agent, Swing Line Lender and
                             L/C Issuer

                             By: /s/ Thomas Kilcrease
                             Name: Thomas Kilcrease
                             Title: SVP

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