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<TITLE>Form 8-K</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): March 11, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>GLOBAL EMPLOYMENT HOLDINGS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

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<TD nowrap align="center" valign="top"><B>Delaware
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>000-51737
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>43-2069359</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
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<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
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<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
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<TD align="center" valign="top"><B>10375 Park Meadows Dr., Suite 375<BR>
Lone Tree, Colorado
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>80124</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(303) 216-9500</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As reported in our Form 8-K filed on March&nbsp;16, 2009, on March&nbsp;12, 2009, Global Employment Holdings,
Inc., referred to herein as Global, and Temporary Placement Service, Inc., referred to herein as
TPS, a wholly owned subsidiary of Global, closed an Asset Purchase and Sale Agreement (the
&#147;Agreement&#148;) with Eastern Staffing, LLC, d.b.a. Select Staffing, referred to herein as Select.
Under the Agreement, Select purchased substantially all of the property, assets, business and
contracts of TPS, excluding the accounts receivable of TPS, and Select assumed certain liabilities
of TPS.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In consideration for the consent by Wells Fargo Bank, N.A., referred to herein as Wells Fargo, to
the Agreement, on March&nbsp;11, 2009, our subsidiaries amended the terms of their Credit and Security
Agreement with Wells Fargo, referred to herein as the Credit Agreement. The material amendments to
the Credit Agreement are as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning on April&nbsp;30, 2009, the maximum amount of borrowings available under the Credit
Agreement will be reduced from $20&nbsp;million to $15&nbsp;million.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The calculation of the interest rate on the outstanding amounts under the Credit Agreement
changed. In the past, interest was calculated based on the Wells Fargo prime rate. As
amended, interest is now calculated with reference to the defined term &#147;WFBC Base Rate.&#148; The
WFBC Base Rate is defined to mean, for any day, a fluctuating rate equal to the higher of (a)
the Wells Fargo prime rate in effect on such day or (b)&nbsp;a rate determined by Wells Fargo to be
1.50% above the daily three month LIBOR rate (the rate of interest equal to LIBOR then in
effect for delivery for a three-month period).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The interest rate on our revolving loan is now calculated with reference to the WFBC Base
Rate plus 0.5%. The interest rate on our term note is now calculated with reference to the
WFBC Base Rate plus 2.75%.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The quarterly principal amortization payments of $20,000 payable to TPS under the $250,000
promissory note received from Select pursuant to the Agreement will be used to partially pay
down the term note under the Credit Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We agreed not to incur or contract to incur capital expenditures of more than (a) $500,000
in the aggregate during the 2009 fiscal year and (b) $200,000 thereafter until new financial
covenants are set.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our ability to make new loans and advances to, and investments in, TPS may not exceed
certain thresholds.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We did not pay any prepayment penalties or fees in consideration for these amendments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In consideration for the consent to the Agreement by the holders of our Senior Secured Convertible
Notes, referred to herein as the Notes, and Series&nbsp;A Convertible Preferred Stock, referred to
herein as the Preferred Stock, on March&nbsp;11, 2009, we agreed with the holders thereof to amend
certain provisions of the Notes and the Preferred Stock Securities Purchase Agreement. The
material amendments to the Notes and the Preferred Stock Securities Purchase Agreement are as
follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate amount outstanding under the Credit Agreement may not exceed $15&nbsp;million
beginning on April&nbsp;30, 2009.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate amount outstanding under the Wells Fargo revolving loans and letters of
credit may not at any time exceed $10&nbsp;million.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The maximum base interest rates (excluding default interest rate) allowed under the Credit
Agreement may not exceed the WFBC Base Rate plus 3% (excluding commitment and similar per
annum fees) with respect to the Wells Fargo revolving loan and the WFBC Base Rate plus 5%
(excluding commitment and similar per annum fees) with respect to the
Wells Fargo term note.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We did not pay any prepayment penalties or fees in consideration for these amendments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;11, 2009, the holders of our Notes appointed Victory Park Management, LLC as the new
collateral agent for the Notes, in replacement of Whitebox Convertible Arbitrage Partners, LP.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit #</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Reference</B></TD>
</TR>


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    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap colspan="3" align="center" valign="top">10.1&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">First Amendment to Credit and Security
Agreement and Waiver of Default, dated as of
March&nbsp;11, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">Consent and Second Amendment to Senior
Secured Convertible Notes, dated as of March
11, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">Consent and First Amendment to Preferred
Stock Securities Purchase Agreement, dated
as of March&nbsp;11, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GLOBAL EMPLOYMENT HOLDINGS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: March 17, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dan Hollenbach
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Dan Hollenbach&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;Index</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit #</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Reference</B></TD>
</TR>


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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">First Amendment to Credit and Security
Agreement and Waiver of Default, dated as of
March&nbsp;11, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">Consent and Second Amendment to Senior
Secured Convertible Notes, dated as of March
11, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
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    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">Consent and First Amendment to Preferred
Stock Securities Purchase Agreement, dated
as of March&nbsp;11, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
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[{"type": "8-K", "sequence": "1", "filename": "c82756e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 23439}]
{"company-data": {"conformed-name": "Global Employment Holdings, Inc.", "cik": "0001348155", "assigned-sic": "7363", "irs-number": "432069359", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51737", "film-number": "09688456"}, "business-address": {"street1": "C/O DAN HOLLENBACH", "street2": "10375 PARK MEADOWS DRIVE, SUITE 375", "city": "LONE TREE", "state": "CO", "zip": "80124", "phone": "303-200-1545"}, "mail-address": {"street1": "C/O DAN HOLLENBACH", "street2": "10375 PARK MEADOWS DRIVE, SUITE 375", "city": "LONE TREE", "state": "CO", "zip": "80124"}, "former-company": {"former-conformed-name": "R&R ACQUISITION I, INC", "date-changed": "20051228"}}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2009
GLOBAL EMPLOYMENT HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-51737
43-2069359
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
10375 Park Meadows Dr., Suite 375
Lone Tree, Colorado
80124
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(303) 216-9500
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
As reported in our Form 8-K filed on March 16, 2009, on March 12, 2009, Global Employment Holdings,
Inc., referred to herein as Global, and Temporary Placement Service, Inc., referred to herein as
TPS, a wholly owned subsidiary of Global, closed an Asset Purchase and Sale Agreement (the
"Agreement") with Eastern Staffing, LLC, d.b.a. Select Staffing, referred to herein as Select.
Under the Agreement, Select purchased substantially all of the property, assets, business and
contracts of TPS, excluding the accounts receivable of TPS, and Select assumed certain liabilities
of TPS.
In consideration for the consent by Wells Fargo Bank, N.A., referred to herein as Wells Fargo, to
the Agreement, on March 11, 2009, our subsidiaries amended the terms of their Credit and Security
Agreement with Wells Fargo, referred to herein as the Credit Agreement. The material amendments to
the Credit Agreement are as follows:
•
Beginning on April 30, 2009, the maximum amount of borrowings available under the Credit
Agreement will be reduced from $20 million to $15 million.
•
The calculation of the interest rate on the outstanding amounts under the Credit Agreement
changed. In the past, interest was calculated based on the Wells Fargo prime rate. As
amended, interest is now calculated with reference to the defined term "WFBC Base Rate." The
WFBC Base Rate is defined to mean, for any day, a fluctuating rate equal to the higher of (a)
the Wells Fargo prime rate in effect on such day or (b) a rate determined by Wells Fargo to be
1.50% above the daily three month LIBOR rate (the rate of interest equal to LIBOR then in
effect for delivery for a three-month period).
•
The interest rate on our revolving loan is now calculated with reference to the WFBC Base
Rate plus 0.5%. The interest rate on our term note is now calculated with reference to the
WFBC Base Rate plus 2.75%.
•
The quarterly principal amortization payments of $20,000 payable to TPS under the $250,000
promissory note received from Select pursuant to the Agreement will be used to partially pay
down the term note under the Credit Agreement.
•
We agreed not to incur or contract to incur capital expenditures of more than (a) $500,000
in the aggregate during the 2009 fiscal year and (b) $200,000 thereafter until new financial
covenants are set.
•
Our ability to make new loans and advances to, and investments in, TPS may not exceed
certain thresholds.
We did not pay any prepayment penalties or fees in consideration for these amendments.
In consideration for the consent to the Agreement by the holders of our Senior Secured Convertible
Notes, referred to herein as the Notes, and Series A Convertible Preferred Stock, referred to
herein as the Preferred Stock, on March 11, 2009, we agreed with the holders thereof to amend
certain provisions of the Notes and the Preferred Stock Securities Purchase Agreement. The
material amendments to the Notes and the Preferred Stock Securities Purchase Agreement are as
follows:
•
The aggregate amount outstanding under the Credit Agreement may not exceed $15 million
beginning on April 30, 2009.
•
The aggregate amount outstanding under the Wells Fargo revolving loans and letters of
credit may not at any time exceed $10 million.
•
The maximum base interest rates (excluding default interest rate) allowed under the Credit
Agreement may not exceed the WFBC Base Rate plus 3% (excluding commitment and similar per
annum fees) with respect to the Wells Fargo revolving loan and the WFBC Base Rate plus 5%
(excluding commitment and similar per annum fees) with respect to the
Wells Fargo term note.
We did not pay any prepayment penalties or fees in consideration for these amendments.
On March 11, 2009, the holders of our Notes appointed Victory Park Management, LLC as the new
collateral agent for the Notes, in replacement of Whitebox Convertible Arbitrage Partners, LP.
Item 9.01. Financial Statements and Exhibits
Exhibit #
Description
Reference
10.1
First Amendment to Credit and Security
Agreement and Waiver of Default, dated as of
March 11, 2009
Filed herewith
10.2
Consent and Second Amendment to Senior
Secured Convertible Notes, dated as of March
11, 2009
Filed herewith
10.3
Consent and First Amendment to Preferred
Stock Securities Purchase Agreement, dated
as of March 11, 2009
Filed herewith
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
GLOBAL EMPLOYMENT HOLDINGS, INC.
Date: March 17, 2009
By:
/s/ Dan Hollenbach
Dan Hollenbach
Chief Financial Officer
Exhibit Index
Exhibit #
Description
Reference
10.1
First Amendment to Credit and Security
Agreement and Waiver of Default, dated as of
March 11, 2009
Filed herewith
10.2
Consent and Second Amendment to Senior
Secured Convertible Notes, dated as of March
11, 2009
Filed herewith
10.4
Consent and First Amendment to Preferred
Stock Securities Purchase Agreement, dated
as of March 11, 2009
Filed herewith