Pay-Fone’s chairman agreed to sell his stock.

Lewis Greenwood, founder and chairman of Pay-Fone Systems, has reached an agreement in principle to sell his stock in the company to Allied Contractors, headed by Richard Kelton. Greenwood will step down as chairman but will remain with the firm as a consultant. Kelton was recently elected to the board of directors at Pay-Fone Systems, a Van Nuys-based payroll and accounting services firm with annual revenue of $7 million. Greenwood and his wife, Helene, will receive about $2.8 million for their Pay-Fone shares.