LIMITED LIABILITY COMPANY AGREEMENT
OF
ALLIED SECURITY LLC
THIS LIMITED LIABILITY COMPANY AGREEMENT (the "Agreement") of Allied
Security LLC, (the "Company") dated as of this nineteenth day of February, 2003,
by SpectaGuard Acquisition LLC, as the sole member of the Company (the
"Member").
RECITAL
The Member has formed the Company as a limited liability company under the
laws of the State of Delaware and desires to enter into a written agreement, in
accordance with the provisions of the Delaware Limited Liability Company Act and
any successor statute, as amended from time to time (the "Act"), governing the
affairs of the Company and the conduct of its business.
ARTICLE I
The Limited Liability Company
1.1 Formation. The Member has previously formed the Company as a limited
liability company pursuant to the provisions of the Act. A certificate of
formation for the Company as described in Section 18-201 of the Act (the
"Certificate of Formation") has been filed in the Office of the Secretary of
State of the State of Delaware in conformity with the Act.
1.2 Name. The name of the Company shall be Allied Security LLC and its
business shall be carried on in such name with such variations and changes as
the Member shall determine or deem necessary to comply with requirements of the
jurisdictions in which the Company's operations are conducted.
1.3 Business Purpose; Powers. The Company is formed for the purpose of
engaging in any lawful business, purpose or activity for which limited liability
companies may be formed under the Act. The Company shall possess and may
exercise all the powers and privileges granted by the Act or by any other law or
by this Agreement, together with any powers incidental thereto, so far as such
powers and privileges are necessary or convenient to the conduct, promotion or
attainment of the business purposes or activities of the Company.
1.4 Registered Office and Agent. The location of the registered office of
the Company shall be 0000 Xxxxxxxxxxx Xxxx, Xxxxx 000, in the City of
Wilmington, County of New Castle. The Company's Registered Agent at such address
shall be The Xxxxxxxx-Xxxx Corporation System, Inc.
1.5 Term. Subject to the provisions of Article 6 below, the Company shall
have perpetual existence.
ARTICLE II
The Member
2.1 The Member. The name and address of the Member is as follows:
Name Address
---- -------
SpectaGuard Acquisition LLC 000 Xxxxxxx Xxxxx
Xxxx xx Xxxxxxx
Xxxxxxxxxxxx 00000
2.2 Actions by the Member; Meetings. The Member may approve a matter or
take any action at a meeting or without a meeting by the written consent of the
Member. Meetings of the Member may be called at any time by the Member.
2.3 Liability of the Member. All debts, obligations and liabilities of the
Company, whether arising in contract, tort or otherwise, shall be solely the
debts, obligations and liabilities of the Company, and the Member shall not be
obligated personally for any such debt, obligation or liability of the Company
solely by reason of being a member.
2.4 Power to Bind the Company. The Member (acting in its capacity as such)
shall have the authority to bind the Company to any third party with respect to
any matter.
2.5 Admission of Members. New members shall be admitted only upon the
approval of the Member.
ARTICLE III
Management by the Member
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3.1 The management of the Company is fully reserved to the Member, and the
Company shall not have "managers," as that term is used in the Act. The powers
of the Company shall be exercised by or under the authority of, and the business
and affairs of the Company shall be managed under the direction of, the Member,
who shall make all decisions and take all actions for the Company. In managing
the business and affairs of the Company and exercising its powers, the Member
shall act through resolutions adopted in written consents. Decisions or actions
taken by the Member in accordance with this Agreement shall constitute decisions
or action by the Company and shall be binding on the Company.
3.2 Officers and Related Persons. The Member shall have the authority to
appoint and terminate officers of the Company and retain and terminate
employees, agents and consultants of the Company and to delegate such duties to
any such officers, employees, agents and consultants as the Member deems
appropriate, including the power, acting individually or jointly, to represent
and bind the Company in all matters, in accordance with the scope of their
respective duties.
ARTICLE IV
Capital Structure and Contributions
4.1 Capital Structure. The capital structure of the Company shall consist
of one class of common shares (the "Common Shares"), of which there shall be 100
(one hundred) issued and outstanding. All Common Shares shall be identical with
each other in every respect. The Member shall own all of the Common Shares
issued and outstanding.
4.2 Capital Contributions. From time to time, the Member may determine that
the Company requires capital and may make capital contribution(s) in an amount
determined by the Member. A capital account shall be maintained for the Member,
to which contributions and profits shall be credited and against which
distributions and losses shall be charged.
ARTICLE V
Profits, Losses and Distributions
5.1 Profits and Losses. For financial accounting and tax purposes, the
Company's net profits or net losses shall be determined on an annual basis in
accordance with the manner determined by the Member. In each year, profits and
losses shall be allocated entirely to the Member.
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5.2 Distributions. The Member shall determine profits available for
distribution and the amount, if any, to be distributed to the Member, and shall
authorize and distribute on the Common Shares, the determined amount when, as
and if declared by the Member. The distributions of the Company shall be
allocated entirely to the Member.
ARTICLE VI
Events of Dissolution
The Company shall be dissolved and its affairs wound up upon the occurrence
of any of the following events (each, an "Event of Dissolution"):
(a) The Member votes for dissolution; or
(b) A judicial dissolution of the Company under Section 18-802 of the Act.
ARTICLE VII
Transfer of Interests in the Company
The Member may sell, assign, transfer, convey, gift, exchange or otherwise
dispose of any or all of its Common Shares and, upon receipt by the Company of a
written agreement executed by the person or entity to whom such Common Shares
are to be transferred agreeing to be bound by the terms of this Agreement, such
person shall be admitted as a member.
ARTICLE VIII
Exculpation and Indemnification
8.1 Exculpation. Notwithstanding any other provisions of this Agreement,
whether express or implied, or any obligation or duty at law or in equity, none
of the Member, or any officers, directors, stockholders, partners, employees,
affiliates, representatives or agents of any of the Member, nor any officer,
employee, representative or agent of the Company (individually, a "Covered
Person" and, collectively, the "Covered Persons") shall be liable to the Company
or any other person for any act or omission (in relation to the Company, its
property or the conduct of its business or affairs, this Agreement, any related
document or any transaction or investment contemplated hereby or thereby) taken
or omitted by a Covered Person in the reasonable belief that such act or
omission is in or is not
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contrary to the best interests of the Company and is within the scope of
authority granted to such Covered Person by the Agreement, provided such act or
omission does not constitute fraud, willful misconduct, bad faith, or gross
negligence.
8.2 Indemnification. To the fullest extent permitted by law, the Company
shall indemnify and hold harmless each Covered Person from and against any and
all losses, claims, demands, liabilities, expenses, judgments, fines,
settlements and other amounts arising from any and all claims, demands, actions,
suits or proceedings, civil, criminal, administrative or investigative
("Claims"), in which the Covered Person may be involved, or threatened to be
involved, as a party or otherwise, by reason of its management of the affairs of
the Company or which relates to or arises out of the Company or its property,
business or affairs. A Covered Person shall not be entitled to indemnification
under this Section 8.2 with respect to (i) any Claim with respect to which such
Covered Person has engaged in fraud, willful misconduct, bad faith or gross
negligence or (ii) any Claim initiated by such Covered Person unless such Claim
(or part thereof) (A) was brought to enforce such Covered Person's rights to
indemnification hereunder or (B) was authorized or consented to by the Member.
Expenses incurred by a Covered Person in defending any Claim shall be paid by
the Company in advance of the final disposition of such Claim upon receipt by
the Company of an undertaking by or on behalf of such Covered Person to repay
such amount if it shall be ultimately determined that such Covered Person is not
entitled to be indemnified by the Company as authorized by this Section 8.2.
8.3 Amendments. Any repeal or modification of this Article VIII by the
Member shall not adversely affect any rights of such Covered Person pursuant to
this Article VIII, including the right to indemnification and to the advancement
of expenses of a Covered Person existing at the time of such repeal or
modification with respect to any acts or omissions occurring prior to such
repeal or modification.
ARTICLE IX
Miscellaneous
9.1 Tax Treatment. Unless otherwise determined by the Member, the Company
shall be a disregarded entity for U.S. federal income tax purposes (as well as
for any analogous state or local tax purposes), and the Member and the Company
shall timely make any and all necessary elections and filings for the Company
treated as a disregarded entity for U.S. federal income tax purposes (as well as
for any analogous state or local tax purposes).
9.2 Amendments. Amendments to this Agreement and to the Certificate of
Formation shall be approved in writing by the Member. An amendment
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shall become effective as of the date specified in the approval of the Member or
if none is specified as of the date of such approval or as otherwise provided in
the Act.
9.3 Severability. If any provision of this Agreement is held to be invalid
or unenforceable for any reason, such provision shall be ineffective to the
extent of such invalidity or unenforceability; provided, however, that the
remaining provisions will continue in full force without being impaired or
invalidated in any way unless such invalid or unenforceable provision or clause
shall be so significant as to materially affect the expectations of the Member
regarding this Agreement. Otherwise, any invalid or unenforceable provision
shall be replaced by the Member with a valid provision which most closely
approximates the intent and economic effect of the invalid or unenforceable
provision.
9.4 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without regard to the
principles of conflicts of laws thereof.
9.5 Limited Liability Company. The Member intends to form a limited
liability company and does not intend to form a partnership under the laws of
the State of Delaware or any other laws.
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IN WITNESS WHEREOF, the undersigned has duly executed this Agreement as of
the day first above written.
SPECTAGUARD ACQUISITION LLC
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: President
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