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

~~August 28~~September 27, 2017 Date of Report (Date of earliest event reported) Excel Corporation (Exact name of registrant as specified in its charter)

Date of Report (Date of earliest event reported)

Delaware	333-173702	27-3955524
(State or other	(Commission File Number)	(IRS Employer
jurisdiction of incorporation)		Identification No.)

~~Excel Corporation~~6363 North State Highway 161, Suite 310 Irving, Texas 75038 (Address of principal executive offices) (Zip Code) (972) 476-1000 (Registrant’s telephone number, including area code)

(Exact name of registrant as specified in its charter)

Delaware		333-173702		27-3955524
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

6363 North State Highway 161, Suite 310

Irving, Texas 75038

(Address of principal executive offices) (Zip Code)

(972) 476-1000

(Registrant’s telephone number, including area code)

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:

☐ ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

~~☐ Soliciting~~¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ~~Emerging growth company ☐~~

~~If an~~Emerging ~~emerging~~ growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐¨

~~Item~~If ~~5.02.~~an ~~Departure~~emerging ofgrowth ~~Directors~~company, orindicate by ~~Certain~~check ~~Officers;~~mark ~~Election~~if ofthe ~~Directors;~~registrant ~~Appointment~~has ofelected ~~Certain~~not ~~Officers;~~to ~~Compensatory~~use ~~Arrangements~~the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of ~~Certain~~the ~~Officers~~Exchange Act. ¨

AsItem ~~previously disclosed, on June 4, 2017, the Board of Directors (the “Board”) of Excel Corporation (the “Company”) (i) terminated for cause the employment of each of Thomas A~~2. ~~Hyde, Jr~~04., ~~the~~Triggering ~~Company’s~~Events ~~former~~That ~~President~~Accelerate ~~and~~or ~~Chief~~Increase ~~Executive~~a ~~Officer,~~Direct ~~and Robert L. Winspear, the Company’s former Chief~~ Financial ~~Officer,~~Obligation ~~Vice~~under President and Secretary (the “Prior Officers”), and (ii) appointed Karl Power to serve as the Company’s Interim Chief Executive Officer and Secretary. On August 10, 2017, the Board designated and appointed an ~~independent~~Off-Balance ~~committee~~Sheet (the “Search Committee”) of the Board to, among other things, conduct an executive search function to find candidates to fill the vacancies resulting from the termination of the Prior Officers, appoint and set appropriate compensation for such new officers and consider, nominate and recommend individuals for election as directors of the Company by the stockholders at the Company’s 2017 annual meeting of stockholders, to be held on September 28, 2017 (the “Annual Meeting”)Arrangement.

OnAs ~~August~~previously 28disclosed, on May 5, 2017, Excel Corporation (the ~~Search~~“Company”) ~~Committee~~received ~~appointed~~a ~~Joni~~written R.notice ~~Floyd~~(the “Notice”) from GACP Finance Co, 56LLC (“GACP”) that the Company was in default under the terms of that certain Loan and Security Agreement dated November 2, 2016, among GACP, as agent, the lenders party thereto, the Company’s, ~~President~~as borrower, and ~~Chief~~certain ~~Executive~~subsidiaries of ~~Officer,~~the Company as guarantors (the “Original Loan Agreement”) and the First Amendment and Waiver to Loan and Security ~~effective~~Agreement, ~~August~~entered 30into as of January 26, 2017 (the “~~Effective~~Amendment” ~~Date~~and, together with the Original Loan Agreement, the “Loan Agreement”). ~~Ms.~~GACP ~~Floyd~~stated ~~has~~in ~~over~~the 30Notice ~~years~~that the Company was in default under the Loan Agreement for failure to perform certain covenants and conditions under the Loan Agreement, including, without limitation, (i) the Company’s ~~experience~~obligations to ~~working~~file a proxy statement providing for the appointment of an independent member to the Company’s Board of Directors (the “Board”), (ii) the Company’s failure to meet the minimum liquidity requirements set forth in the ~~financial~~Loan Agreement as of March 31, 2017 and ~~payment~~(iii) ~~services~~the ~~industries~~Company’s failure to maintain certain EBITDA levels required under the Loan Agreement. Pursuant ~~Her~~to ~~experience~~the ~~includes~~Notice, GACP terminated its commitment to lend or extend credit under the ~~following~~Loan ~~roles~~Agreement and, ~~positions:~~as a result of the default, GACP may declare all amounts under the Loan Agreement due and payable.

●On September ~~Prior~~27, to2017, ~~joining~~ the Company received a supplemental notice from GACP, ~~Ms.~~pursuant ~~Floyd~~to which ~~was~~GACP ~~Managing~~demanded ~~Director~~immediate ofpayment ~~Raven~~from ~~Partners,~~the aCompany ~~consulting~~of ~~firm~~all ~~delivering~~obligations ~~specialized~~owing ~~services~~to ~~via~~the ~~strategy~~lenders ~~development~~under the Loan Agreement and ~~tactical~~served notification ~~execution~~on ~~that~~the ~~she~~Company ~~founded~~of ~~with~~GACP’s aintended ~~partner~~disposition of collateral pursuant to the terms of the Loan Agreement, such collateral consisting of equity interests in ~~March~~each ~~2016~~of the Company’s wholly-owned subsidiaries.

●As of ~~From~~the ~~May~~date ~~2014~~of ~~until~~this ~~December~~Current ~~2015,~~Report ~~Ms.~~on ~~Floyd~~Form ~~served~~8-K, as the ~~Chief~~principal ~~Operating~~due ~~Officer~~under ofthe ~~Future~~Loan ~~Payment~~Agreement ~~Technologies,~~is ~~a payment processing firm~~$13,534,713.51.

●The foregoing ~~From~~description ~~December~~of ~~2011~~the ~~until~~Original ~~May~~Loan ~~2014~~Agreement is not complete and is qualified in its entirety by reference to the full text of the Original Loan Agreement, ~~Ms.~~a ~~Floyd~~copy ~~was~~of which is filed as Exhibit 10.1 to the ~~Executive~~Company’s ~~Vice~~Current ~~President~~Report on Form 8-K dated November 2, 2016 and ~~COO~~incorporated by reference herein. The foregoing description of ~~SecureNet~~the ~~Payment~~Amendment ~~Systems~~is ~~(now~~not ~~WorldPay)~~complete and is qualified in its entirety by reference to the full text of the Amendment, a ~~payment~~copy ~~processor~~of ~~and~~which ~~mobile~~is ~~payment~~filed ~~solutions~~as ~~provider~~Exhibit 10.2 hereto and incorporated by reference herein.

●The Company ~~From~~is ~~January~~currently ~~2010~~in ~~until~~discussions ~~November~~with ~~2011,~~GACP Msregarding a forbearance agreement. ~~Floyd~~There ~~served~~can asbe ~~Partner~~no ~~with~~assurances ~~The~~that ~~Octane~~the ~~Group,~~Company awill be ~~consulting~~able ~~firm~~to ~~for~~enter ~~financial~~into ~~services,~~a ~~technology~~forbearance ~~and~~agreement ~~payment~~with ~~companies~~GACP.

●Item ~~From June 2006 until December 2009, Ms~~8. ~~Floyd worked at Anvil Investments, a boutique investment firm, where she provided investment and management oversight to portfolio companies~~01. ~~Ms.~~Other ~~Floyd also worked for Anvil Investments from 2000 until 2001~~Events.

●On September ~~From~~27, ~~June 2001 until May 2006~~2017, ~~Ms.~~the ~~Floyd~~Board ~~served~~approved as the ~~Chief~~formation ~~Operating Officer~~ of ~~TransFirst Holdings, LLC (now~~ a ~~TSYS~~Governance ~~Company),~~Committee ~~a portfolio company~~ of ~~GTCR~~the ~~Golder Rauner L.L.C.~~Board, ~~where~~consisting ~~she~~initially ~~was~~of ~~responsible~~Ruben ~~for~~Azrak and ~~all~~David ~~aspects~~Shweky of (the ~~company’s~~“Governance ~~operations and administrative management~~Committee”).

●As previously ~~From~~disclosed, ~~June~~on ~~1987~~August ~~until~~10, ~~February 2000~~2017, ~~Ms.~~the ~~Floyd~~Board ~~served~~set atSeptember ~~Affiliated Computer Services~~28, ~~Inc.,~~2017 aas ~~Fortune~~the ~~500~~date ~~information~~of ~~and~~the ~~technology~~Company’s ~~services~~2017 ~~provider~~Annual ~~for~~Meeting of Stockholders (the ~~healthcare,~~“Annual ~~high~~Meeting”). ~~tech,~~On ~~banking,~~September ~~public transportation~~27, ~~communications and industrial business sectors~~2017, ~~where she became~~ the ~~Executive~~Board ~~Vice~~acted ~~President~~to ofpostpone the ~~Electronic~~Annual ~~Commerce~~Meeting ~~Group~~until the ~~with~~date ~~responsibility~~and ~~for~~time ~~sales,~~to ~~operations,~~be ~~service~~determined ~~and~~by ~~financial performance of~~ the ~~ecommerce~~Governance ~~division~~Committee.

● From June 1981 until June 1987, Ms. Floyd served at MTech, a subsidiary of Mercantile National Bank (MBank), where she managed turnaround projects and other initiatives.

~~In connection~~Item ~~with her appointment as President and Chief Executive Officer, the Company and Ms~~9. ~~Floyd entered into an employment agreement (the “Employment Agreement”)~~01. ~~The~~Financial ~~Employment~~Statements ~~Agreement has an initial term of one (1) year,~~ and automatically renews for successive one-year terms unless either party gives notice of non-renewal within 90 days of expiration of the then current term, subject to earlier termination in accordance with the terms of the Employment AgreementExhibits. Ms. Floyd will receive a salary at an annual gross rate of $240,000, and will be eligible to receive a cash bonus of (i) up to 100% of her annual base salary, beginning as of fiscal year 2018 and (ii) up to $150,000 in fiscal year 2017. Ms. Floyd is eligible to participate in such employee benefit plans or programs of the Company established and amended from time to time, and is eligible to receive all medical, dental and other benefits to the same extent as provided to other senior management employees. Upon the commencement of her employment, Ms. Floyd will receive a restricted stock grant of an amount of shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), equal to two and one-half percent (2.5%) of the Company’s outstanding fully diluted Common Stock as of such date. Such restricted stock will vest over a period of two (2) years at a rate of one-third immediately, one-third upon the first anniversary of the Effective Date, and one-third upon the second anniversary of the Effective Date, in each case subject to Ms. Floyd’s continuing employment, provided that the vesting of the restricted stock will accelerate in the event of a termination of Ms. Floyd’s employment, (a) by the Company without cause, or (b) by Ms. Floyd for Good Reason (as such term is defined in the Employment Agreement”).

The Company may terminate the Employment Agreement for any reason, upon written notice, provided that if the Company terminates the Employment Agreement without cause, or the Employment Agreement is terminated for any reason within six months of a Change in Control (~~as defined below~~d)~~, then depending on the date of such termination, the Company will continue to pay Ms~~ Exhibits. Floyd a portion or all of her salary and provide benefits for a period of time following such termination and Ms. Floyd will be entitled to the acceleration of vesting of her restricted stock as noted above (the “Termination Payments”). Upon termination of the Employment Agreement, Ms. Floyd is also entitled to her accrued but unpaid salary, any pre-approved and reasonable business expenses accrued but unpaid and any amounts to which Ms. Floyd is entitled under the Company’s benefit plans in accordance with their terms, provided that, if such termination was for cause, the Company shall have no further obligations to Ms. Floyd following such termination. In the event of Ms. Floyd’s death, Ms. Floyd’s family shall continue to be covered by all of the Company’s medical, health and dental plans in effect at such time, at the Company’s expense, for a period of at least six months following Ms. Floyd’s death in accordance with the terms of such plans. The Employment Agreement also contains non-competition and similar covenants which are in effect during Ms. Floyd’s employment with the Company and for a period of 12 months following the termination of her employment under the Employment Agreement.

Ms. Floyd is entitled to be reimbursed for all pre-approved and reasonable travel and entertainment expenses incurred by her in connection with the performance of her duties under the Employment Agreement, including reimbursement for (i) corporate housing in Alpharetta, Georgia, not to exceed $2,000 per month, and (ii) attending out-of-town meetings of the Board in accordance with such procedures as the Company may from time to time establish for senior officers.

Exhibit Number		Description

10.1		Loan and Security Agreement dated November 2, 2016 among GACP Finance Co., LLC, as Agent, the Lenders as time to time party thereto, as lenders, Excel Corporation, as Borrower, and certain subsidiaries of Borrower, as Guarantors (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 2, 2016 and incorporated by reference herein).

10.2		First Amendment and Waiver to Loan and Security Agreement, dated as of January 26, 2017, among GACP Finance Co., LLC, as Agent, the lender signatories thereto, as lenders, Excel Corporation, as Borrower, and certain other persons party thereto.

If (a) any person or entity shall have become the beneficial owner (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) of securities representing fifty percent (50%) or more of the combined voting power of the Company’s outstanding voting securities, or (b) the Company is party to a merger, consolidation, share exchange, sale of assets or other reorganization, or a proxy contest, as a consequence of which members of the Board in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter (each, a “Change in Control”), the Employment Agreement requires any entity resulting from such Change in Control, or to which such assets are transferred, to assume the Employment Agreement. If Ms. Floyd is terminated for any reason during a period of six (6) months following a Change in Control, she will also be entitled to receive the Termination Payments as noted above.

In addition, the Employment Agreement provides that the Board shall take all appropriate action to have Ms. Floyd appointed or elected to the Board. On August 29, 2017, the Search Committee, which was previously designated by the Board to recommend individuals for election as directors of the Company by the stockholders at the Annual Meeting, as noted above, nominated Ms. Floyd for election as a director of the Company at the Annual Meeting.

There are no other arrangements or understandings pursuant to which Ms. Floyd was selected as the Company’s President and Chief Executive Officer. There are no family relationships among any of the Company’s directors, executive officers, and Ms. Floyd, and there are no related party transactions between the Company and Ms. Floyd reportable under Item 404(a) of Regulation S-K.

The foregoing summary of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to such agreement. A copy of the Employment Agreement is filed herewith as Exhibit 10.1 and is incorporated by reference into this Item 5.02.

On August 29, 2017, as a result of and in connection with the appointment of Ms. Floyd as President and Chief Executive Officer of the Company, Mr. Power’s services as the Company’s Interim Chief Executive Officer and Secretary were no longer required.

Effective September 1, 2017, Karl Power resigned from the Board of the Company, in order to return to his business and family interests.

Item 9.01.	Financial Statements and Exhibits.
(d)	Exhibits.

	Exhibit Number		Description
	10.1		Employment Agreement, dated August 29, 2017 by and between Excel Corporation and Joni R. Floyd.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EXCEL CORPORATION
Date: September 8, 2017	By:	/s/ Ruben Azrak
Date: October 5, 2017	By:	/s/ Joni R. Floyd
	Name:	~~Ruben~~Joni ~~Azrak~~R. Floyd
	Title:	~~Chairman~~President ofand ~~the~~Chief ~~Board~~Executive ~~and Treasurer~~Officer

EXHIBIT INDEX

Exhibit Number		Description
10.1		~~Employment~~Loan and Security Agreement, dated ~~August~~November 292, ~~2017~~2016 byamong ~~and~~GACP ~~between~~Finance Co., LLC, as Agent, the Lenders as time to time party thereto, as lenders, Excel Corporation, as Borrower, and ~~Joni~~certain Rsubsidiaries of Borrower, as Guarantors (filed as Exhibit 10.1 ~~Floyd~~to the Company’s Current Report on Form 8-K dated November 2, 2016 and incorporated by reference herein).
10.2		First Amendment and Waiver to Loan and Security Agreement, dated as of January 26, 2017, among GACP Finance Co., LLC, as Agent, the lender signatories thereto, as lenders, Excel Corporation, as Borrower, and certain other persons party thereto.

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