Document:

exv4w12

 

Exhibit 4.12

HALIFAX CORPORATION

AMENDMENT TO 7% SUBORDINATED DEBENTURE

     THIS AGREEMENT is made and entered into, effective for all purposes and in all respects as of
the 29th day of June 2005 by and between (i) HALIFAX CORPORATION, a Virginia corporation
(the “Company”) and (ii) Nancy Morrison Scurlock (“Scurlock”).

WITNESSETH

     WHEREAS, the Company is indebted to Scurlock (pursuant to the Assignment of Subordinated
Debenture dated as of October 18, 2004 by and between the Nancy M. Scurlock Trust, dated December
9, 2003 and Scurlock) in the modified principal amount of Two Hundred Thousand Dollars ($200,000),
with interest thereon pursuant to the 7% Subordinated Debenture dated January 27, 1998 and modified
on August 7, 2003 and September 30, 2003 (the “Debenture”);

     WHEREAS, the Subordination Agreement, dated March 6, 2002, by and among the Company, Research
Industries and Provident Bank (successor by merger to Southern Financial Bank) (the “Subordination
Agreement”) subordinates the Debenture to the Senior Loan Facility (as defined below) and prohibits
repayment of principal of the Debenture while the Senior Loan Facility is outstanding without prior
approval from the Company’s lender under the Senior Loan Facility;

     WHEREAS, in order to correct the inherent inconsistencies between the Debenture and the
Subordination Agreement, the Company and Scurlock wish to extend the maturity date of the Debenture
to July 1, 2007, which date is the next day immediately succeeding the expiration of the Amended
and Restated Loan and Security Agreement, dated as of November 8, 2004, by and between the Company,
Halifax Engineering, Inc., a Virginia corporation, Microserv LLC, a Delaware limited liability
company and Halifax AlphaNational Acquisition, Inc., a Delaware corporation, and Provident Bank, a
Maryland banking corporation, of Baltimore, Maryland, and the successor by merger to Southern
Financial Bank which Amended and Restated Loan and Security Agreement combines, amends and replaces
the Security Agreement dated as of March 6, 2002, Change in Terms Agreements dated as of March 12,
2002 and April 3, 2003 and ARTS Security and Finance Agreement dated as of September 9, 2003, each
executed by the Company and Bank, as amended, as may be amended and further extended from time to
time (the “Senior Loan Facility”);

     WHEREAS, Scurlock wishes to waive any rights she has regarding the acceleration of the
Debenture and the Company’s requirement that the Company provide Scurlock with notice of events of
default under the Debenture which may have arisen or occurred prior to the date of this Agreement,
it being understood that Scurlock is not waiving her rights regarding the acceleration of the
Debenture as a result of, or notice of, any events of default under the Debenture arising on or
after the date hereof;

 

 

     NOW, THEREFORE, in consideration of the mutual covenants made herein and other good and
valuable consideration, receipt of which is hereby acknowledged, the Company and Scurlock hereby
agree as follows:

     A. Recitals; Defined Terms. The foregoing recitals are hereby incorporated by this
reference and made a substantive part hereof.

     B. Extension of the Maturity Date of the Debenture. The Company and Scurlock hereby
agree that the maturity date of the Debenture shall be July 1, 2007, which date is the next day
immediately succeeding the expiration of the Senior Loan Facility.

     C. Waiver of Prior Events of Default. Scurlock hereby waives any rights she has
regarding the acceleration of the Debenture and the Company’s requirement that the Company provide
Scurlock with notice of events of default under the Debenture which may have arisen or occurred
prior to the date of this Agreement, it being understood that Scurlock is not waiving her rights
regarding the acceleration of the Debenture as a result of, or notice of, any events of default
under the Debenture arising on or after the date hereof.

     D. Representation and Warranties.

     1. The Company hereby represents and warrants as follows (with the effectiveness of this
Agreement being further conditioned upon all such representations and warranties being true and
correct in all material respects on the date of this Agreement):

	 	(a)	 	The execution, delivery and performance by the Company of this Agreement have
been duly authorized by all necessary corporate action; and
	 
	 	(b)	 	This Agreement constitutes the legal, valid and binding obligation of the
Company, enforceable against it in accordance with its terms, except to the extent that
such enforcement may be limited by applicable bankruptcy, insolvency, equitable
remedies and other similar laws affecting creditors’ rights generally, and except that
the availability of equitable remedies is subject to the discretion of the court before
which such remedies are sought.

     2. Scurlock hereby represents and warrants (with the effectiveness of this Agreement being
further conditioned upon all such representations and warranties being true and correct in all
material respects on the date of this Agreement) that this Agreement constitutes the legal, valid
and binding obligations of Scurlock, enforceable against her in accordance with its terms, except
to the extent that such enforcement may be limited by applicable bankruptcy, insolvency, equitable
remedies and other similar laws affecting creditors’ rights generally, and except that the
availability of equitable remedies is subject to the discretion of the court before which such
remedies are sought.

     E. Effect on the Agreement. Except as specifically amended or agreed to hereby, the
Debenture shall continue to be in full force and effect and is hereby in all respects ratified and
confirmed. This Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective successors and assigns.

     F. Execution in Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so

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executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page
to this Agreement by telecopier or facsimile shall be effective as delivery of a manually executed
counterpart of this Agreement.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on their behalf
in their respective corporate names by their duly authorized officers all as of the date first
above written.

	 	 	 	 	 	 	 
	 	 	HALIFAX CORPORATION
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Joseph Sciacca
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Joseph. Sciacca
	 

	 	 	 	Title:
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	/s/ Nancy Morrison Scurlock
	 	 	 
	 	 	Nancy Morrison Scurlock, Individually

4exv4w13

 

Exhibit 4.13

HALIFAX CORPORATION

AMENDMENT TO 7% SUBORDINATED DEBENTURE

     THIS AGREEMENT is made and entered into, effective for all purposes and in all respects as of
the 29th day of June 2005 by and between (i) HALIFAX CORPORATION, a Virginia corporation
(the “Company”) and (ii) the ARCH C. SCURLOCK CHILDREN’S TRUST, dated December 9, 2003 (the
“Trust”).

WITNESSETH

     WHEREAS, the Company is indebted to the Trust (pursuant to the Assignment of Subordinated
Debenture dated as of October 18, 2004 by and between the Arch C. Scurlock Trust, dated June 13,
1997 and made irrevocable on December 9, 2002 and the Nancy M. Scurlock Trust, dated December 9,
2002 and the Trust) in the modified principal amount of Two Hundred Thousand Dollars ($200,000),
with interest thereon pursuant to the 7% Subordinated Debenture dated January 27, 1998 and modified
on August 7, 2003 and September 30, 2003 (the “Debenture”);

     WHEREAS, the Subordination Agreement, dated March 6, 2002, by and among the Company, Research
Industries and Provident Bank (successor by merger to Southern Financial Bank) (the “Subordination
Agreement”) subordinates the Debenture to the Senior Loan Facility (as defined below) and prohibits
repayment of principal of the Debenture while the Senior Loan Facility is outstanding without prior
approval from the Company’s lender under the Senior Loan Facility;

     WHEREAS, in order to correct the inherent inconsistencies between the Debenture and the
Subordination Agreement, the Company and the Trust wish to extend the maturity date of the
Debenture to July 1, 2007, which date is the next day immediately succeeding the expiration of the
Amended and Restated Loan and Security Agreement, dated as of November 8, 2004, by and between the
Company, Halifax Engineering, Inc., a Virginia corporation, Microserv LLC, a Delaware limited
liability company and Halifax AlphaNational Acquisition, Inc., a Delaware corporation, and
Provident Bank, a Maryland banking corporation, of Baltimore, Maryland, and the successor by merger
to Southern Financial Bank which Amended and Restated Loan and Security Agreement combines, amends
and replaces the Security Agreement dated as of March 6, 2002, Change in Terms Agreements dated as
of March 12, 2002 and April 3, 2003 and ARTS Security and Finance Agreement dated as of September
9, 2003, each executed by the Company and Bank, as amended, as may be amended and further extended
from time to time (the “Senior Loan Facility”);

     WHEREAS, the Trust wishes to waive any rights it has regarding the acceleration of the
Debenture and the Company’s requirement that the Company provide the Trust with notice of events of
default under the Debenture which may have arisen or occurred prior to the date of this Agreement,
it being understood that the Trust is not waiving its rights regarding the acceleration of the
Debenture as a result of, or notice of, any events of default under the Debenture arising on or
after the date hereof;

 

 

     NOW, THEREFORE, in consideration of the mutual covenants made herein and other good and
valuable consideration, receipt of which is hereby acknowledged, the Company and the Trust hereby
agree as follows:

     A. Recitals; Defined Terms. The foregoing recitals are hereby incorporated by this
reference and made a substantive part hereof.

     B. Extension of the Maturity Date of the Debenture. The Company and the Trust hereby
agree that the maturity date of the Debenture shall be July 1, 2007, which date is the next day
immediately succeeding the expiration of the Senior Loan Facility.

     C. Waiver of Prior Events of Default. The Trust hereby waives any rights it has
regarding the acceleration of the Debenture and the Company’s requirement that the Company provide
the Trust with notice of events of default under the Debenture which may have arisen or occurred
prior to the date of this Agreement, it being understood that the Trust is not waiving its rights
regarding the acceleration of the Debenture as a result of, or notice of, any events of default
under the Debenture arising on or after the date hereof.

     D. Representation and Warranties.

     1. The Company hereby represents and warrants as follows (with the effectiveness of this
Agreement being further conditioned upon all such representations and warranties being true and
correct in all material respects on the date of this Agreement):

	 	(a)	 	The execution, delivery and performance by the Company of this Agreement have
been duly authorized by all necessary corporate action; and
	 
	 	(b)	 	This Agreement constitutes the legal, valid and binding obligation of the
Company, enforceable against it in accordance with its terms, except to the extent that
such enforcement may be limited by applicable bankruptcy, insolvency, equitable
remedies and other similar laws affecting creditors’ rights generally, and except that
the availability of equitable remedies is subject to the discretion of the court before
which such remedies are sought.

     2. The Trust hereby represents and warrants as follows (with the effectiveness of this
Agreement being further conditioned upon all such representations and warranties being true and
correct in all material respects on the date of this Agreement):

	 	(a)	 	The execution, delivery and performance by the Trust of this Agreement have
been duly authorized by all necessary corporate action; and
	 
	 	(b)	 	This Agreement constitutes the legal, valid and binding obligation of the
Trust, enforceable against it in accordance with its terms, except to the extent that
such enforcement may be limited by applicable bankruptcy, insolvency, equitable
remedies and other similar laws affecting creditors’ rights generally, and except that
the availability of equitable remedies is subject to the discretion of the court before
which such remedies are sought.

2

 

     E. Effect on the Agreement. Except as specifically amended or agreed to hereby, the
Debenture shall continue to be in full force and effect and is hereby in all respects ratified and
confirmed. This Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective successors and assigns.

     F. Execution in Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page
to this Agreement by telecopier or facsimile shall be effective as delivery of a manually executed
counterpart of this Agreement.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on their
behalf in their respective corporate names by their duly authorized officers all as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	HALIFAX CORPORATION
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Joseph Sciacca
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Joseph. Sciacca
	 

	 	 	 	Title:
	 	Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	ARCH C. SCURLOCK CHILDREN’S TRUST,
	 	 	dated December 9, 2002
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Mary Scurlock Adamson
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Mary Scurlock Adamson, Trustee
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ John H. Grover
	 	 	 	 	 
	 

	 	 	 	Name:
	 	John H. Grover, Trustee
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Arch C. Scurlock, Jr.
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Arch C. Scurlock, Jr., Trustee
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Nancy M. Scurlock
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Nancy M. Scurlock, Trustee

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