Document:

Exhibit 10.2

Exhibit 10.2

GLOBAL EMPLOYMENT HOLDINGS, INC.

CONSENT

AND

SECOND AMENDMENT

TO

SENIOR SECURED CONVERTIBLE NOTES

THIS CONSENT AND SECOND AMENDMENT TO SENIOR SECURED CONVERTIBLE NOTES (this “Consent”), dated
as of March 11, 2009, is entered into by (a) Global Employment Holdings, Inc., a Delaware
corporation (the “Company”), (b) Victory Park Management, LLC, a Delaware limited liability
company, in its capacity as Collateral Agent (the “Collateral Agent”) for the holders (the
“Noteholders”) of the Senior Secured Convertible Notes, as amended (the “Notes”), issued by the
Company pursuant to the Notes Securities Purchase Agreement, dated as of March 31, 2006, as amended
(the “Purchase Agreement”), and (c) the Noteholders listed on the signature pages hereto,
representing more than 66-2/3% of the aggregate outstanding principal amount of the Notes.

WHEREAS:

A. The Company’s subsidiary Global Employment Solutions, Inc., a Colorado corporation (“GES”),
desires to sell certain Assets (as defined in the proposed Asset Purchase and Sale Agreement to be
entered into by and among the Company, Temporary Placement Service, Inc., a Georgia corporation
(“TPS”), and Eastern Staffing, LLC, a California limited liability company, d.b.a. Select Staffing,
a copy of which is set forth in Attachment A hereto) of its subsidiary TPS (the “TPS Asset Sale”)
and use the proceeds therefrom to partially pay down the outstanding balances on the Company’s
working capital revolving credit line and term note with Wells Fargo Bank, N.A., and for working
capital purposes.

B. Pursuant to Section 5(g)(i) of the Security Agreement, dated as of March 31, 2006, as
amended, made by the Company and its subsidiaries in favor of the Collateral Agent, and Section
6(e) of the Pledge Agreement, dated as of March 31, 2006, as amended, made by the Company and its
subsidiaries in favor of the Collateral Agent, the Collateral Agent’s consent, on behalf of the
Noteholders, is required to consummate the TPS Asset Sale.

C. In consideration for the Collateral Agent’s consent to the TPS Asset Sale, the Company has
agreed to amend the definition of the term “Senior Indebtedness” in the Notes (the “Amendment”).

D. Pursuant to the terms of the Notes, the consent of the holders of 66-2/3% of the aggregate
outstanding principal amount of the Notes is required to approve the Amendment.

 

 

 

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

1. Defined Terms. Capitalized terms used but not defined herein shall have the
meanings set forth in the Notes.

2. Consent of the Collateral Agent. The Collateral Agent hereby consents to the TPS
Asset Sale.

3. Amendment to Section 28 of the Notes. Effective 90 days after closing of the TPS
Asset Sale, the following subsections of Section 28 of the Notes are amended to read in their
entirety as follows:

“(m) ‘Credit Facility’ means the Credit and Security Agreement, dated as of
April 29, 2008, by and among certain subsidiaries of the Company and Wells Fargo
Bank, N.A., acting through its Wells Fargo Business Credit operating division (as
the same may be amended from time to time) and all other Loan Documents (as defined
therein), each as has been amended and may be amended from time to time, or any
refunding or replacement thereof.”

“(mm) ‘Senior Indebtedness’ means the principal of (and premium, if any),
interest on, and all fees and other amounts (including, without limitation, any
reasonable out-of-pocket costs, enforcement expenses (including reasonable
out-of-pocket legal fees and disbursements), collateral protection expenses and
other reimbursement or indemnity obligations relating thereto) payable by Company
under or in connection with the Credit Facility; provided, however,
that (1) the aggregate amount of the outstanding amount of the Revolving Advances
(as defined in the Credit Facility) made pursuant to Section 2.1 of the Credit
Facility, the outstanding Term Advance (as defined in the Credit Facility) and the
outstanding L/C Amount (as defined in the Credit Facility) will not at any time
exceed $20,000,000 prior to April 30, 2009, and $15,000,000 on or after April 30,
2009, in each case as such amount is reduced from time to time by principal payments
of the portion of the Senior Indebtedness constituting term loans and permanent
reductions of the revolving commitments under the Credit Facility, (2) the aggregate
amount of the outstanding amount of the Revolving Advances (as defined in the Credit
Facility) made pursuant to Section 2.1 of the Credit Facility and the outstanding
L/C Amount (as defined in the Credit Facility) will not at any time exceed
$10,000,000, and (3) such Senior Indebtedness shall not at any time, respective of
the base rate used and excluding any Default Period (as defined in the Credit
Facility), bear an annual interest rate in excess of the sum of the WFBC Base Rate
(as defined in the Credit Facility) plus 3% (excluding commitment and similar per
annum fees) with respect to Revolving Advances (as defined in the Credit Facility)
and the sum of the WFBC Base Rate (as defined in the Credit Facility) plus 5%
(excluding commitment and similar per annum fees) with respect to Term Advances.”

 

2

 

4. Release of Liens. Upon closing of the TPS Asset Sale, the Collateral Agent shall
release all liens, security interests, and encumbrances of any kind or nature on, in or of the
Assets, and the Company, GES and TPS are authorized to prepare, file and record (a) any and all
partial UCC releases or amendments necessary to evidence such release with respect to UCC financing
statements covering the Assets filed against TPS by or on behalf of the Collateral Agent for the
benefit of the Noteholders. Further, the Collateral Agent shall cause a release of the assignments
for security with respect to all of the Intellectual Property Rights (as defined in
the Purchase Agreement) contained in the Assets to be filed with the U.S. Patent and Trademark
Office.

5. No Other Changes. Except as explicitly set forth in this Consent, all of the terms
and conditions of the Notes remain in full force and effect.

6. Condition Precedent. Effectiveness of Sections 3 and 4 hereof are conditioned upon
closing of the TPS Asset Sale.

7. Further Assurances. Each party hereto shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as any other party may reasonably request in
order to carry out the intent and accomplish the purposes of this Consent and the consummation of
the transactions contemplated hereby.

8. Facsimile Signatures; Counterparts. This Consent may be executed in two or more
identical counterparts, all of which shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party;
provided that a facsimile signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an original, not a
facsimile signature.

9. Governing Law. This Consent shall be governed by and construed in accordance with
the laws of the State of New York (without reference to conflict of laws principles).

[Signature Page Follows]

 

3

 

IN WITNESS WHEREOF, each of the undersigned has caused this Consent to be executed and
delivered as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 
	THE COLLATERAL AGENT:	 	 	 	THE COMPANY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	VICTORY PARK MANAGEMENT, LLC	 	 	 	GLOBAL EMPLOYMENT HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Matthew Ray
	 	 	 	By:
	 	/s/ Dan Hollenbach	 	 
	 

	 	 

Name: Matthew Ray
	 	 	 	 	 	 

Name: Dan Hollenbach
	 	 
	 

	 	Title:   Manager
	 	 	 	 	 	Title:   Chief Financial Officer, Treasurer
and Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	THE NOTEHOLDERS:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	VICTORY PARK CREDIT
OPPORTUNITIES MASTER FUND, LTD.	 	 	 	RADCLIFFE SPC, LTD., for and on behalf of the Class A
Convertible Crossover Segregated Portfolio	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	Victory Park Capital Advisors, LLC
	 	 	 	By:
	 	RG Capital Management, L.P.	 	 
	 

	 	 	 	 	 	 	 	By: RGC Management Company, L.L.C.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Matthew Ray
	 	 	 	By:
	 	/s/ Geral F. Stahlecker	 	 
	 

	 	 

Name: Matthew Ray
	 	 	 	 	 	 

Name: Gerald F. Stahlecker
	 	 
	 

	 	Title:   Principal
	 	 	 	 	 	Title:   Managing Director	 	 

Consent and Second Amendment to Notes

 

4

 

ATTACHMENT A

Asset Purchase and Sale Agreement

 

5Exhibit 10.3

Exhibit 10.3

GLOBAL EMPLOYMENT HOLDINGS, INC.

CONSENT

AND

FIRST AMENDMENT TO PREFERRED STOCK SECURITIES PURCHASE

AGREEMENT

THIS CONSENT AND FIRST AMENDMENT TO PREFERRED STOCK SECURITIES PURCHASE AGREEMENT (this
“Consent”), dated as of March 11, 2009, is made by and between Global Employment Holdings, Inc.
(the “Company”), Global Employment Solutions, Inc., a Colorado corporation (“GES”) and the holders
of the Company’s Series A Convertible Preferred Stock (the “Preferred Stock”) listed on the
signature pages hereto, representing more than 66-2/3% of the outstanding shares of Preferred Stock
(collectively, the “Stockholders”).

WHEREAS:

A. The Company, GES and the Stockholders are parties to the Preferred Stock Securities
Purchase Agreement, dated as of March 31, 2006 (the “Preferred SPA”), pursuant to which the Company
issued and the Stockholders purchased the Preferred Stock.

B. The Company’s subsidiary GES desires to sell certain Assets (as defined in the proposed
Asset Purchase and Sale Agreement to be entered into by and among the Company, Temporary Placement
Service, Inc., a Georgia corporation (“TPS”), and Eastern Staffing, LLC, a California limited
liability company, d.b.a. Select Staffing, a copy of which is set forth in Attachment A hereto) of
its subsidiary TPS (the “TPS Asset Sale”), and use the proceeds therefrom to partially pay down the
outstanding balances on the Company’s working capital revolving credit line and term note with
Wells Fargo Bank, N.A., and for working capital purposes.

C. In connection with the TPS Asset Sale, the Company has agreed to amend the definition of
the term “Senior Indebtedness” in the Preferred SPA.

D. The Preferred SPA defines “Senior Indebtedness” by reference to the definition found in the
Notes and, therefore, an amendment of such term in the Notes constitutes an amendment to such term
in the Preferred SPA (the “Amendment”).

E. Pursuant to the terms of the Preferred SPA and the Certificate of Designations, Preferences
and Rights of Series A Convertible Preferred Stock of Global Employment Holdings, Inc., the consent
of the holders of 66-2/3% of the outstanding shares of Preferred Stock is required to approve the
TPS Asset Sale and the Amendment.

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

1. Defined Terms. Capitalized terms used but not defined herein shall have the
meanings set forth in the Notes.

2. Consent of the Stockholders. The Stockholders hereby consent to the TPS Asset
Sale.

 

 

 

3. Amendment of Defined Term “Senior Indebtedness.” Effective 90 days after closing
of the TPS Asset Sale, the Stockholders agree to an amendment of the term “Senior Indebtedness” as
follows:

“Senior Indebtedness” means the principal of (and premium, if any), interest
on, and all fees and other amounts (including, without limitation, any reasonable
out-of-pocket costs, enforcement expenses (including reasonable out-of-pocket legal
fees and disbursements), collateral protection expenses and other reimbursement or
indemnity obligations relating thereto) payable by Company under or in connection
with the Credit Facility; provided, however, that (1) the aggregate
amount of the outstanding amount of the Revolving Advances (as defined in the Credit
Facility) made pursuant to Section 2.1 of the Credit Facility, the outstanding Term
Advance (as defined in the Credit Facility) and the outstanding L/C Amount (as
defined in the Credit Facility) will not at any time exceed $20,000,000 prior to
April 30, 2009, and $15,000,000 on or after April 30, 2009, in each case as such
amount is reduced from time to time by principal payments of the portion of the
Senior Indebtedness constituting term loans and permanent reductions of the
revolving commitments under the Credit Facility, (2) the aggregate amount of the
outstanding amount of the Revolving Advances (as defined in the Credit Facility)
made pursuant to Section 2.1 of the Credit Facility and the outstanding L/C Amount
(as defined in the Credit Facility) will not at any time exceed $10,000,000, and (3)
such Senior Indebtedness shall not at any time, respective of the base rate used and
excluding any Default Period (as defined in the Credit Facility), bear an annual
interest rate in excess of the sum of the WFBC Base Rate (as defined in the Credit
Facility) plus 3% (excluding commitment and similar per annum fees) with respect to
Revolving Advances (as defined in the Credit Facility) and the sum of the WFBC Base
Rate (as defined in the Credit Facility) plus 5% (excluding commitment and similar
per annum fees) with respect to Term Advances.

4. No Other Changes. Except as explicitly set forth in this Consent, all of the terms
and conditions of the Preferred SPA remain in full force and effect.

5. Condition Precedent. Effectiveness of Section 3 hereof is conditioned upon closing
of the TPS Asset Sale.

6. Further Assurances. Each party hereto shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as any other party may reasonably request in
order to carry out the intent and accomplish the purposes of this Consent and the consummation of
the transactions contemplated hereby.

 

2

 

7. Facsimile Signatures; Counterparts. This Consent may be executed in two or more
identical counterparts, all of which shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party;
provided that a facsimile signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an original, not a
facsimile signature.

8. Governing Law. This Consent shall be governed by and construed in accordance with
the laws of the State of New York (without reference to conflict of laws principles).

[Signature Page Follows]

 

3

 

IN WITNESS WHEREOF, each of the undersigned has caused this Consent to be executed as of the
date first written above.

	 	 	 	 	 	 	 	 	 	 	 
	THE COMPANY:	 	 	 	GES:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	GLOBAL EMPLOYMENT HOLDINGS, INC.	 	 	 	GLOBAL EMPLOYMENT SOLUTIONS, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Dan Hollenbach
	 	 	 	By:
	 	/s/ Dan Hollenbach	 	 
	 

	 	 

Name: Dan Hollenbach
	 	 	 	 	 	 

Name: Dan Hollenbach
	 	 
	 

	 	Title:   Chief Financial
Officer, Treasurer and
Secretary
	 	 	 	 	 	Title:   Chief Financial Officer,
Treasurer and Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	THE STOCKHOLDERS:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	RADCLIFFE SPC, LTD., for and on
behalf of the Class A Convertible
Crossover Segregated Portfolio	 	 	 	VICTORY PARK CREDIT OPPORTUNITIES
MASTER FUND, LTD.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	RG Capital Management, L.P.
	 	 	 	By:
	 	Victory Park Capital Advisors, LLC	 	 
	 

	 	By: RGC Management
Company, L.L.C.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Gerald F. Stahlecker
	 	 	 	By:
	 	/s/ Matthew Ray	 	 
	 

	 	 

Name: Gerald F. Stahlecker
	 	 	 	 	 	 

Name: Matthew Ray
	 	 
	 

	 	Title:   Managing Director
	 	 	 	 	 	Title:   Principal	 	 

Consent and First Amendment to Preferred SPA

 

4

 

ATTACHMENT A

Asset Purchase and Sale Agreement

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]