Document:

Exhibit
      10.9

     

    AMENDED
      AND RESTATED

    SECURED
      CONVERTIBLE NOTE PURCHASE AGREEMENT

    

    THIS
      AMENDED AND RESTATED SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT is made as
      of
      this 15th
      day of
      October, 2007 by and between United Benefits & Pension Services, Inc., a
      Delaware corporation (the “Company”)
      and
      the parties signatory hereto and identified in Schedule
      A
      hereto
      (hereinafter collectively referred to as the “Purchasers”
or
      the
“Buyers”).

    

    WHEREAS
      the
      Company previously entered into that certain Secured Convertible Note Purchase
      Agreement (the “Original
      Purchase Agreement”),
      dated
      as of April 16, 2007, by and between the Company and the parties signatory
      thereto and identified in Schedule A thereto (the “Original
      Purchasers”),
      pursuant to which the Company issued Secured Convertible Notes due September
      30,
      2007 in the aggregate principal amount of $250,000 (the “Original
      Notes”)
      to the
      Original Purchasers;

    

    WHEREAS,
      as of
      October 1, 2007, the Company’s obligations under $60,000 aggregate principal
      amount of the Original Notes issued in favor of Core Fund L. P. and Flat
      Universe, LLC had been satisfied;

    

    WHEREAS,
      as of
      October 1, 2007, the Original Notes issued in favor of to the Persons identified
      in Schedule
      B
      hereto
      (the “Existing
      Purchasers”)
      in the
      aggregate principal amount of $190,000 (the “Outstanding
      Notes”)
      remained outstanding;

    

    WHEREAS
      the
      Existing Purchasers and the Company entered into that certain Amendment (the
      “Purchase
      Agreement Amendment”),
      dated
      October 1, 2007, pursuant to which the Original Purchase Agreement and the
      Outstanding Notes were amended to, among other things, extend the maturity
      dates
      of the Outstanding Notes to November 30, 2007 (as amended, the “Existing
      Notes”).

     

    WHEREAS,
      as of
      the date hereof, the Existing Notes remain outstanding;

    

    WHEREAS
      the
      Company desires to issue additional Secured Convertible Notes due November
      30,
      2007 in the aggregate principal amount of $100,000 (the “Additional
      Notes”)
      to
      Michael Kim (“M.
      Kim”)
      and
      Paul Kim (“P.
      Kim”,
      and,
      together with M. Kim, the “Additional
      Purchasers”);

    

    WHEREAS
      the
      Purchasers desire to amend and restate the Original Purchase Agreement to,
      among
      other things, add the Additional Purchasers as parties thereto and provide
      for
      the conversion of the Notes (as defined in Section 1.01(b) hereof) upon the
      completion of the Private Placement (as defined in Section 4.01(h) hereof);
      and

    

    WHEREAS
      Cane
      Clark, LLP has resigned as Collateral Agent (as defined in Section 7.14 hereof)
      and has been replaced by Spyglass Capital Partners LLC.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants and agreements herein contained, the
      parties agree as follows:

    

    ARTICLE
      I

    

    PURCHASE,
      SALE AND TERMS OF NOTES

    

    
      1.01.The
        Notes.
        

    

    

    (a) The
      Company previously authorized the issuance and sale to the Existing Purchasers
      of the Existing Notes, in the original aggregate principal amount of
      $190,000.00. Purchasers hereby acknowledge and agree that pursuant to and in
      accordance with the Purchase Agreement Amendment, the Maturity Date (as defined
      in the Existing Notes) is November 30, 2007.

    

    (b) The
      Company has authorized the issuance and sale to the Additional Purchasers of
      the
      Additional Notes in the original aggregate principal amount of $100,000.00.
      The
      Additional Notes shall be substantially in the form set forth in Exhibit
      1.01.
      The
      Additional Notes and the Existing Notes may hereinafter be referred to
      individually as a “Note”
and
      collectively as the “Notes”,
      which
      terms shall also include any notes delivered in exchange or replacement
      therefor. As used hereinafter, the term Maturity Date shall have the meaning
      set
      forth in the Notes.

    

    (c) The
      Notes
      shall be secured under the terms of the Pledge Agreement, dated April 16, 2007,
      between the Company and the Collateral Agent (as defined in Section 7.14),
      as
      amended by the Pledge Agreement Amendment (as defined in Section 2.02) (as
      amended, the “Pledge
      Agreement”).
      In
      the event that, on or prior to the Maturity Date, the Company consummates a
      reverse merger with a public corporation with no assets or liabilities, trading
      on the OTC Bulletin Board (the “Public
      Corporation”),
      the
      Notes shall be convertible into shares of the common stock of the Public
      Corporation upon the terms set forth in the Notes. In the event that, on or
      prior to the Maturity Date, the Company completes the Private Placement (as
      defined in Section 4.01(h)), the Notes shall be convertible into shares of
      the
      common stock (“Common Stock”) of the Company. 

    

    
      1.02.Purchase
        and Sale of Notes.
        

    

    

    (a) The
      Closing.
      The
      Company agrees to issue and sell to the Additional Purchasers, and, subject
      to
      and in reliance upon the representations, warranties, terms and conditions
      of
      this Agreement, the Additional Purchasers agree to purchase, the Additional
      Notes for an aggregate purchase price of $100,000. Such purchase and sale shall
      take place at a closing (the “Closing”)
      to be
      held at the offices of Katten Muchin Rosenman LLP, 575 Madison Avenue, New
      York,
      New York, 10022 at, 1:00 P.M. on October 15, 2007 or on such other date and
      at such time as may be mutually agreed upon.

    
      
        
        

      

      
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    (b) Use
      of
      Proceeds.
      The
      Company agrees to use the full proceeds from the sale of the Additional Notes
      solely for general working capital, including, without limitation, the repayment
      of advances made by the Chief Executive Officer of the Company on behalf of
      the
      Company to fund certain obligations of the Company. 

    

    1.03.
      Payments
      and Endorsements.
      Payments of principal, interest and premium, if any, on the Notes, shall be
      made
      directly by check duly mailed or delivered to the Purchasers at the addresses
      provided by Purchasers from time to time. 

    

    1.04.
      Payment
      on Non-Business Days.
      Whenever any payment to be made shall be due on a Saturday, Sunday or a public
      holiday under the laws of the State of New York, such payment may be made on
      the
      next succeeding business day, and such extension of time shall in such case
      be
      included in the computation of payment of interest due. 

     

    1.05.
      Representations
      by the Purchasers.
      The
      Purchasers represent, severally and not jointly, as follows: 

    

    (a) Limitations
      on Resale of Securities Acquired in this Offering.
      The
      Notes and the Shares underlying the Notes acquired under this Agreement will
      be
“restricted securities” and may in the future be sold only if registered with
      the Securities and Exchange Commission or in compliance with limited exemptions
      from registration under the Act, the availability of which must be established
      to the satisfaction of the Company. The following legend will be placed on
      the
      Notes and certificates evidencing the shares if converted and not
      registered:

    

    The
      securities represented by this Certificate have not been registered under the
      Securities Act of 1933 (the “Act”)
      and
      are “restricted securities” as that term is defined in Rule 144 under the Act.
      The securities may not be offered for sale, sold or otherwise transferred except
      pursuant to an effective registration statement under the Act, or pursuant
      to an
      exemption from registration under the Act, the availability of which is to
      be
      established to the satisfaction of the corporation.

    

    In
      addition, stop transfer instructions regarding the Notes and underlying Common
      Stock will be issued to the transfer agent of the Company until registered
      or an
      exemption is available. The Company will refuse to transfer the Notes and
      underlying Common Stock not made pursuant to registration under the Act, or
      pursuant to an available exemption from registration.

    

    (b)
      Investment
      Purpose.
      The
      Additional Notes are being, and the Existing Notes have been, acquired for
      the
      Purchaser’s own account and not on behalf of any other person or entity. The
      Additional Notes are being, and the Existing Notes have been, acquired for
      investment purposes and not for resale or distribution.

    
      
        
        

      

      
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    (c)
      Receipt and Review of Information.
      The
      Purchasers have received and reviewed all information that they have requested
      relating to the business, properties, financial condition and affairs of the
      Company, and have been given the opportunity to discuss the business,
      properties, financial condition, and affairs of the Company with its management.
      The Purchasers have reviewed this information with their legal, investment,
      financial, and tax and accounting advisors. As a result, Purchasers are
      cognizant of the financial condition, capitalization, and proposed operations
      and financing of the Company, and Purchasers have been able to evaluate the
      merits and risks of the investment in the Notes. 

    

    (d) Purchasers
      Have Not Relied on Other Information.
      Purchasers acknowledge and understand that the Company has not authorized any
      person to make any statements on its behalf which would in any way contradict
      any of the information which the Company has provided to Purchasers in writing,
      including the information set forth in this Agreement. Purchasers represent
      to
      the Company that Purchasers have not relied upon any such representations
      regarding the Company, its business or financial condition, or this transaction
      in making any decision to acquire the Notes offered hereby. 

    

    (e) Sophisticated
      Investor/Accredited Investor Status.
      Purchasers represent that they are sophisticated investors in securities with
      companies in the development stage and acknowledges that they are able to fend
      for themselves, can bear the economic risk of their investment, and have such
      knowledge and experience in financial or business matters that they are capable
      of evaluating the merits and risks of the investment in the Notes. In addition,
      the purchasers are “accredited investors” as defined under the federal
      securities laws. Purchasers are asked to furnish information and representations
      sufficient for the Company to confirm the Purchasers' status as an accredited
      investor in order for the Company to comply with its obligations to demonstrate
      compliance with federal and with state securities laws. 

     

    ARTICLE
      II

    

    CONDITIONS
      TO ADDITIONAL PURCHASERS’ OBLIGATION

    

    The
      obligation of the Purchasers to purchase and pay for the Additional Notes at
      the
      Closing is subject to the following conditions: 

    

    2.01.
      Representations
      and Warranties.
      Each of
      the representations and warranties of the Company set forth in Article III
      hereof shall be true on the date of the Closing. 

    

    2.02.
      Documentation
      at Closing.
      The
      Additional Purchasers shall have received prior to or at the Closing of the
      sale
      and purchase of the Additional Notes all of the following, each in form and
      substance satisfactory to the Additional Purchasers and its special counsel:
      

    
      
        
        

      

      
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    (a) An
      Amendment to Pledge Agreement, in the form attached as Exhibit
      2.02(a),
      (the
“Pledge
      Agreement Amendment”),
      shall
      have been executed and delivered by Richard E. Stierwalt (“Stierwalt”),
      each
      of the Existing Purchasers and the Collateral Agent (as defined in Section
      7.14). 

    

    (b) The
      Additional Notes.

     

    ARTICLE
      III

    

    REPRESENTATIONS
      AND WARRANTIES

    

    The
      Company represents and warrants as follows:

    

    3.01.
      Organization
      and Standing of the Company.
      The
      Company is a duly organized and validly existing corporation in good standing
      under the laws of the jurisdiction in which it was organized and has all
      requisite corporate power and authority for the ownership and operation of
      its
      properties and for the carrying on of its business as now conducted and as
      now
      proposed to be conducted. The Company has no Subsidiaries. 

    

    3.02.
      Corporate
      Action.
      The
      Company has all necessary corporate power and has taken all corporate action
      required to make all the provisions of this Agreement, the Notes and any other
      agreements and instruments executed in connection herewith and therewith the
      valid and enforceable obligations they purport to be. The issuance of the Notes
      is not subject to preemptive or other similar statutory or contractual rights
      and will not conflict with any provisions of any agreement or instrument to
      which the Company is a party or by which it is bound. 

    

    3.03.
      Governmental
      Approvals.
      No
      authorization, consent, approval, license, exemption of or filing or
      registration with any court or governmental department, commission, board,
      bureau, agency or instrumentality, domestic or foreign, is or will be necessary
      for, or in connection with, the offer, issuance, sale, execution or delivery
      by
      the Company of, or for the performance by it of its obligations under, this
      Agreement or the Notes. 

    

    3.04.
      Litigation.
      There
      is no litigation or governmental proceeding or investigation pending or, to
      the
      best of the knowledge of the Company, threatened against the Company affecting
      any of its properties or assets, or against any officer, key employee or
      principal stockholder of the Company where such litigation, proceeding or
      investigation, either individually or in the aggregate, would have a material
      adverse effect on the Company. Neither the Company, nor, to the best of the
      knowledge of the Company, any officer or key employee of the Company, or
      principal stockholder of the Company, is in default with respect to any order,
      writ, injunction, decree, ruling or decision of any court, commission, board
      or
      other government agency affecting the Company. 

    
      
        
        

      

      
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    3.05.
      Compliance
      with Other Instruments.
      The
      Company is in compliance in all respects with the terms and provisions of its
      charter and by-laws and in all material respects with the terms and provisions
      of the mortgages, indentures, leases, agreements and other instruments and
      of
      all judgments, decrees, governmental orders, statutes, rules and regulations
      by
      which it is bound or to which its properties or assets are subject.

     

    3.06.
      Title
      to Assets, Trademarks, Patents.
      The
      Company has good and clear record and marketable title in fee to such of its
      fixed assets as are real property, and good and merchantable title to all of
      its
      other assets, now carried on its books including those reflected in the most
      recent balance sheet of the Company or acquired since the date of such balance
      sheet (except personal property disposed of since said date in the ordinary
      course of business) free of any mortgages, pledges, charges, liens, security
      interests or other encumbrances. The Company enjoys peaceful and undisturbed
      possession under all leases under which it is operating, and all said leases
      are
      valid and subsisting and in full force and effect. The Company owns or has
      a
      valid right to use the patents, patent rights, licenses, permits, trade secrets,
      trademarks, trademark rights, trade names or trade name rights or franchises,
      copyrights, inventions and intellectual property rights being used to conduct
      its business as now operated and as now proposed to be operated; and the conduct
      of its business as now operated and as now proposed to be operated does not
      and
      will not conflict with valid patents, patent rights, licenses, permits, trade
      secrets, trademarks, trademark rights, trade names or trade name rights or
      franchises, copyrights, inventions and intellectual property rights of others.
      

    

    3.07.
      Taxes.
      The
      Company has accurately prepared and timely filed all federal, state and other
      tax returns required by law to be filed by it, and all taxes shown to be due
      and
      all additional assessments have been paid or provision made therefor. The
      Company knows of no assessments or adjustments pending or threatened against
      the
      Company for any period, nor of any basis for any such assessment or adjustment.
      

    

    3.08.
      Insurance.
      The
      Company carries insurance covering its properties and business adequate and
      customary for the type and scope of the properties and business, but in any
      event in amounts sufficient to prevent the Company from becoming a
      co-insurer.

     

    3.09.
      Books
      and Records.
      The
      books of account, ledgers, order books, records and documents of the Company
      accurately and completely reflect all material information relating to the
      business of the Company, the nature, acquisition, maintenance, location and
      collection of the assets of the Company, and the nature of all transactions
      giving rise to the obligations or accounts receivable of the Company.

    

    3.10 Other
      Debt.
      The
      Company has no other secured or unsecured debt, other than obligations incurred
      in the ordinary course of its business, obligations due and owing the Chief
      Executive Officer of the Company in connection with advances made to fund
      certain of the Company’s obligations, and obligations under the Existing
      Notes.

    
      
        
        

      

      
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    ARTICLE
      IV

    

    COVENANTS
      OF THE COMPANY

    

    4.01.
      Affirmative
      Covenants of the Company Other Than Reporting Requirements.
      Without
      limiting any other covenants and provisions hereof, the Company covenants and
      agrees that, as long as any of the Notes are outstanding, it will perform and
      observe the following covenants and provisions: 

    

    (a) Punctual
      Payment.
      Pay the
      principal of, premium, if any, and interest on each of the Notes at the times
      and place and in the manner provided in the Notes and herein. 

    

    (b) Payment
      of Taxes and Trade Debt.
      Pay and
      discharge all taxes, assessments and governmental charges or levies imposed
      upon
      it or upon its income or profits or business, or upon any properties belonging
      to it, prior to the date on which penalties attach thereto, and all lawful
      claims which, if unpaid, might become a lien or charge upon any properties
      of
      the Company, provided that the Company shall not be required to pay any such
      tax, assessment, charge, levy or claim which is being contested in good faith
      and by appropriate proceedings if the Company shall have set aside on its books
      adequate reserves with respect thereto. Pay when due, or in conformity with
      customary trade terms, all lease obligations, all trade debt, and all other
      Indebtedness incident to the operations of the Company, except such as are
      being
      contested in good faith and by appropriate proceedings if the Company concerned
      shall have set aside on its books adequate reserves with respect thereto.

    

    (c) Maintenance
      of Insurance.
      Maintain insurance with responsible and reputable insurance companies or
      associations in such amounts and covering such risks as is usually carried
      by
      companies engaged in similar businesses and owning similar properties in the
      same general areas in which the Company operates, but in any event in amounts
      sufficient to prevent the Company from becoming a co-insurer.

    

    (d) Preservation
      of Corporate Existence.
      Preserve and maintain its corporate existence, rights, franchises and privileges
      in the jurisdiction of its incorporation. Preserve and maintain all licenses
      and
      other rights to use patents, processes, licenses, trademarks, trade names,
      inventions, intellectual property rights or copyrights owned or possessed by
      it
      and necessary to the conduct of its business. 

    

    (e) Compliance
      with Laws.
      Comply
      with all applicable laws, rules, regulations and orders of any governmental
      authority, noncompliance with which could materially adversely affect its
      business or condition, financial or other. 

     

    (f) Keeping
      of Records and Books of Account.
      Keep
      adequate records and books of account, in which complete entries will be made
      in
      accordance with generally accepted accounting principles consistently applied,
      reflecting all financial transactions of the Company a and in which, for each
      fiscal year, all proper reserves for depreciation, depletion, obsolescence,
      amortization, taxes, bad debts and other purposes in connection with its
      business shall be made. 

    

    (g) Maintenance
      of Properties, etc.
      Maintain and preserve all of its properties, necessary or useful in the proper
      conduct of its business, in good repair, working order and condition, ordinary
      wear and tear excepted. 

    
      
        
        

      

      
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    (h) Reverse
      Merger; Private Placement.
      On or
      before November 30, 2007, the Company intends to conduct either (i) a reverse
      merger, reverse share exchange, reverse triangular merger or similar transaction
      (“Reverse
      Merger”)
      with
      the Public Corporation approved by Spyglass Capital Partners LLC; or (ii) a
      private equity offering and a private debt offering (collectively, the
“Private
      Placement”)
      of the
      Company’s securities for aggregate gross proceeds of approximately $17,000,000.
      Notwithstanding any other provision of this Agreement or the Additional Notes,
      if, and only if, neither the Reverse Merger nor the Private Placement is
      consummated on or prior to November 30, 2007, then the Company shall owe a
      one-time cash payment equal to 10% of the principal amount of the Additional
      Notes in addition to the principal and interest then owing. In the event that
      the Company consummates a Reverse Merger and closing of a related equity
      financing, ownership of the Public Corporation shareholders shall be 10%, on
      a
      fully diluted post Reverse Merger, post equity financing basis, excluding the
      Performance Issuance (as defined below). Should the Company consummate a Reverse
      Merger in contravention of this Agreement and without the approval of Spyglass
      Capital Partners LLC, the Company shall issue to Spyglass Capital Partners
      LLC
      common stock representing 10% of the Company on a fully-diluted, post-Reverse
      Merger, post-equity financing basis, excluding the Performance Issuance.

    

    As
      used
      herein, the term “Performance
      Issuance”
shall
      mean the issuance to Stierwalt (and/or the Chairman and/or Chief Financial
      Officer of the Company), prior to or contemporaneously with the closing of
      the
      Reverse Merger, of an aggregate amount of Performance Incentive Shares (as
      defined below) equal to 5% of the outstanding common stock of the Public
      Corporation on a fully diluted basis (after giving effect to the conversion
      of
      the Notes, the consummation of the Reverse Merger, the completion of a related
      equity financing and the acquisition by the Company of Associated Third Party
      Administrators (“ATPA”)).
      As
      used herein, the term “Performance
      Incentive Shares”
shall
      mean shares of common stock of the Public Corporation issued for consideration
      per share equal to the par value of such shares pursuant to a plan or agreement
      which provides that such shares shall vest and become non-forfeitable upon
      the
      Public Corporation achieving pro forma consolidated EBITDA (as reasonably
      determined by the Public Corporation’s independent registered accountants and
      agreed to by Stierwalt, the Company and the Purchasers) equal to or exceeding
      $5.15 million on an annualized basis (taking into account any cost savings,
      revenue increases and other items relating to ATPA and excluding EBITDA
      generated from other businesses which may be acquired subsequent to the closing
      of the Reverse Merger) for two consecutive fiscal quarters ending no later
      than
      the ninth complete fiscal quarter after the closing of the Reverse
      Merger.

     

    (i) Registration
      of Shares.
      The
      Company shall include the shares issuable upon conversion of the Notes (the
      “Shares”)
      in any
      Registration Statement filed by the Company or the Public Corporation following
      the Reverse Merger or the Private Placement, as the case may be. If the Company
      does not file a Registration Statement for any other reason following the first
      to occur of the Reverse Merger or the Private Placement, it agrees to file
      a
      Registration Statement within 60 days after closing of the Reverse Merger or
      the
      Private Placement for the Shares and use its best efforts to have the
      Registration Statement declared effective as soon as possible. In the event
      the
      Company does not file the required Registration Statement within 60 days after
      the closing of the Reverse Merger or the Private Placement, then the Company
      shall pay to the Purchasers a one-time payment equal to $25,000. In the event
      the Registration Statement is not declared effective within 120 days thereafter,
      the Company shall pay an amount equal to an additional $5,000 each month until
      the Registration Statement is declared effective, or until such time as Rule
      144
      is available for sale of the Shares, whichever occurs first. 

    
      
        
        

      

      
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    (j) Conversion
      of Note.
      The
      Notes are contemplated as a bridge loan to the Private Placement or an equity
      financing in conjunction with the Reverse Merger. In the event that the Company
      consummates the Reverse Merger prior to the Maturity Date, at the closing of
      the
      Reverse Merger, the principal amount of the Notes shall automatically convert
      into shares of common stock of the Public Corporation at a conversion price
      equal to a 50% discount to the offering price per share in the equity offering
      consummated prior to, or in connection with, the Reverse Merger, and all accrued
      and unpaid interest thereon shall be due and payable in cash. Notwithstanding
      any contrary provision contained in the Existing Notes, in the event that the
      Company completes the Private Placement prior to the Maturity Date, at the
      closing of the Private Placement, all of the Notes shall automatically convert
      into shares of Common Stock, at a conversion price equal to a 50% discount
      to
      the offering price per share of Common Stock in the Private Placement, and
      all
      accrued and unpaid interest thereon shall be due and payable in cash.

    

    (k) Payment
      to Original Purchasers.
      The
      Company hereby agrees to pay to the holder of each Existing Note, on the earlier
      to occur of (i) the conversion of the Existing Notes pursuant to this Agreement
      or (ii) the Maturity Date, a one-time cash payment equal to 20% of the principal
      amount of such Existing Note, which amount represents (y) a penalty pursuant
      to
      Section 4.01(h) of the Original Note Purchase Agreement in an amount equal
      to
      10% of the principal amount of such Existing Note, for failure to consummate
      the
      Reverse Merger prior to September 30, 2007; and (z) consideration for the
      extension of the maturity date of such Existing Note pursuant to the Purchase
      Agreement Amendment in an amount equal to 10% of the principal amount of such
      Existing Note. 

     

    ARTICLE
      V

    

    EVENTS
      OF
      DEFAULT

    

    5.01.
      Events
      of Default.
      If any
      of the following events (“Events of Default”) shall occur and be continuing:

    

    (a) The
      Company shall fail to pay any installment of principal of any of the Notes
      when
      due; or 

    

    (b) The
      Company shall fail to pay any principal, interest or premium on any of the
      Notes
      when due and such failure shall continue for five (5) business days; or

    

    (c) The
      Company shall default in any material respect in the performance of any covenant
      contained in this Agreement; or 

    
      
        
        

      

      
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    (d) Stierwalt
      shall default in any material respect in the performance of any covenant
      contained in either of the Pledge Agreement or Account Control Agreement; or
      

    

    (e) Any
      representation or warranty made by the Company in this Agreement, or by
      Stierwalt in the Pledge Agreement or the Account Control Agreement, shall prove
      to have been incorrect when made in any material respect. 

    

    ARTICLE
      VI

    

    DEFINITIONS
      AND ACCOUNTING TERMS

    

    6.01.
      Certain
      Defined Terms.
      As used
      in this Agreement, the following terms shall have the following meanings (such
      meanings to be equally applicable to both the singular and plural forms of
      the
      terms defined):

    

    “Agreement”
      means this Amended and Restated Secured Convertible Note Purchase Agreement
      as
      from time to time amended and in effect between the parties. 

    

    “Account
      Control Agreement” shall mean the letter agreement, dated April 16, 2007, by and
      among Stierwalt, Gilford Securities, Inc. and Cane Clark, LLP.

     

    “Company”
      means and shall include United Benefits & Pension Services, Inc., and its
      successors and assigns. 

    

    “Notes”
      shall have the meaning assigned to that term in Section 1.01. 

    

    “Person”
      means an individual, corporation, partnership, joint venture, trust, or
      unincorporated organization, or a government or any agency or political
      subdivision thereof. 

    

    “Purchaser”
      means and shall include the Purchasers identified in Schedule A. 

    

    “Securities
      Act” means the Securities Act of 1933 or any similar Federal statute, and the
      rules and regulations of the Securities and Exchange Commission (or of any
      other
      Federal agency then administering the Securities Act) thereunder, all as the
      same shall be in effect at the time. 

    

    “Subsidiary”
      or “Subsidiaries” means any corporation or trust of which the Company and/or any
      of its other Subsidiaries (as herein defined) directly or indirectly owns at
      the
      time all of the outstanding shares of every class of such corporation or trust
      other than directors’ qualifying shares. 

    
      
        
        

      

      
        -
          10
          -

        
          

        

      

      
        
        

      

    

    

    6.02.
      Accounting
      Terms.
      All
      accounting terms not specifically defined herein shall be construed in
      accordance with generally accepted accounting principles consistent with those
      applied in preparation of financial statements in the United States.

     

    ARTICLE
      VII

    

    MISCELLANEOUS

    

    7.01.
      No
      Waiver; Cumulative Remedies.
      No
      failure or delay on the part of the Purchaser, or any other holder of the Notes
      in exercising any right, power or remedy hereunder shall operate as a waiver
      thereof; nor shall any single or partial exercise of any such right, power
      or
      remedy preclude any other or further exercise thereof or the exercise of any
      other right, power or remedy hereunder. The remedies herein provided are
      cumulative and not exclusive of any remedies provided by law.

    

    7.02.
      Amendments,
      Waivers and Consents.
      Any
      provision in this Agreement or the Notes to the contrary notwithstanding,
      changes in or additions to this Agreement may be made, and compliance with
      any
      covenant or provision herein or therein set forth may be omitted or waived,
      if
      the Company (i) shall obtain consent thereto in writing from the holder or
      holders of at least a majority in principal amount of all Notes then
      outstanding, and (ii) shall, in each case, deliver copies of such consent in
      writing to any holders who did not execute the same; provided
      that no
      such consent shall be effective to reduce or to postpone the date fixed for
      the
      payment of the principal (including any required redemption) or interest payable
      on any Note, without the consent of the holder thereof, or to reduce the
      percentage of the Notes the consent of the holders of which is required under
      this Section. Any waiver or consent may be given subject to satisfaction of
      conditions stated therein and any waiver or consent shall be effective only
      in
      the specific instance and for the specific purpose for which given. Written
      notice of any waiver or consent effected under this subsection shall promptly
      be
      delivered by the Company to any holders who did not execute the same.

    

    7.03.
      Addresses
      for Notices, etc.
      All
      notices, requests, demands and other communications provided for hereunder
      shall
      be in writing (including telegraphic communication) and mailed via certified
      mail or by courier delivery and delivered to the applicable party at the
      addresses indicated below:

    

    
      	
              If
                to the Company:

            
	 	 
	 	
              Richard
                Stierwalt, CEO

            
	 	
              United
                Benefits & Pension Services, Inc.

            
	 	
              345
                Governors Lane

            
	 	
              Fairfield,
                CT 06824

            

    

    
      
        
        

      

      
        -
          11
          -

        
          

        

      

      
        
        

      

    

    

    
      	
              With
                a copy to:

            
	 	
              Howard
                Jacobs, Esq

            
	 	
              Wayne
                A. Wald, Esq.

            
	 	
              Katten
                Muchin Rosenman LLP

            
	 	
              575
                Madison Avenue

            
	 	
              New
                York, NY 10022

            
	 	 
	
              If
                to the Purchaser:

            
	 	
              Payments
                should be mailed to:

            
	 	
              The
                address indicated on such Purchaser’s Lender
                Questionnaire

            

    

     

    If
      to any
      other holder of the Notes: at such holder’s address for notice as set forth in
      the register maintained by the Company, or, as to each of the foregoing, at
      such
      other address as shall be designated by such Person in a written notice to
      the
      other party complying as to delivery with the terms of this Section. All such
      notices, requests, demands and other communications shall, when mailed or sent
      by courier, respectively, be effective when deposited in the mails or delivered
      by courier, respectively, addressed as aforesaid. 

    

    7.04.
      Costs,
      Expenses and Taxes.
      . Each
      of the parties hereto agrees to pay such party’s own fees and expenses in
      connection with this Agreement, the Pledge Agreement Amendment, the Notes and
      the transactions contemplated hereby or thereby, including, without limitation,
      legal and accounting fees and expenses. The Company shall pay any and all stamp
      and other taxes payable or determined to be payable in connection with the
      execution and delivery of this Agreement, the Pledge Agreement, the Notes and
      the other instruments and documents to be delivered hereunder or thereunder
      and
      agrees to save the Purchaser harmless from and against any and all liabilities
      with respect to or resulting from any delay in paying or omission to pay such
      taxes and filing fees.

    

    7.05.
      Binding
      Effect; Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the Company and
      the
      Purchaser and their respective successors and assigns, except that the Company
      shall not have the right to assign its rights hereunder or any interest herein
      without the prior written consent of the Purchaser. 

    

    7.06.
      Survival
      of Representations and Warranties.
      All
      representations and warranties made in this Agreement, the Notes, or any other
      instrument or document delivered in connection herewith or therewith, shall
      survive the execution and delivery hereof or thereof and the making of the
      loans. 

    

    7.07.
      Prior
      Agreements.
      This
      Agreement constitutes the entire agreement between the parties and supersedes
      any prior understandings or agreements concerning the subject matter hereof,
      including, without limitation, the Original Purchase Agreement, as amended
      by
      the Purchase Agreement Amendment. Notwithstanding the foregoing, the Existing
      Purchasers acknowledge and agree that the Maturity Date of the Existing Notes
      shall be November 30, 2007, as previously agreed by the Company and the Existing
      Purchasers in the Purchase Agreement Amendment.

    

    7.08.
      Severability.
      The
      invalidity or unenforceability of any provision hereof shall in no way affect
      the validity or enforceability of any other provision. 

    
      
        
        

      

      
        -
          12
          -

        
          

        

      

      
        
        

      

    

    

    7.09.
      Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York, without regard to conflicts of law provisions thereof.
      

    

    7.10.
      Headings.
      Article, Section and subsection headings in this Agreement are included herein
      for convenience of reference only and shall not constitute a part of this
      Agreement for any other purpose. 

    

    7.11.
      Sealed
      Instrument.
      This
      Agreement is executed as an instrument under seal. 

    

    7.12.
      Counterparts.
      This
      Agreement may be executed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument, and each of the parties
      hereto may execute this Agreement by signing any such counterpart. 

    

    7.13.
      Further
      Assurances.
      From
      and after the date of this Agreement, upon the request of the Purchaser, the
      Company and each Subsidiary shall execute and deliver such instruments,
      documents and other writings as may be necessary or desirable to confirm and
      carry out and to effectuate fully the intent and purposes of this Agreement,
      the
      Pledge Agreement and the Notes. 

    

    7.14.
       Appointment.
      Purchasers
      hereby irrevocably designates Spyglass Capital Partners, LLC as Collateral
      Agent
      (in such capacity, the “Collateral Agent”). Purchasers hereby irrevocably
      authorizes the Collateral Agent to take such action on its behalf under the
      provisions of this Agreement, the Pledge Agreement, the Account Control
      Agreement and any other instruments and agreements referred to herein or therein
      and to exercise such powers and to perform such duties hereunder and thereunder
      as are specifically delegated to or required of the Collateral Agent by the
      terms hereof and thereof and such other powers as are reasonably incidental
      hereto and thereto. Purchasers hereby accepts the pledges, mortgages and
      fiduciary assignments created for their benefit under the Pledge Agreement
      and
      empowers the Collateral Agent to enter into such agreements and act as
      Collateral Agent on behalf and for the benefit of the Purchasers. The provisions
      of this Section are solely for the benefit of the Collateral Agent and
      Purchasers, and none of the Company nor any of its Subsidiaries or affiliates
      shall have any rights as a third party beneficiary of any of the provisions
      hereof. In performing its functions and duties under this Agreement, the
      Collateral Agent shall act solely as agent of the Purchasers and the Collateral
      Agent does not assume and shall not be deemed to have assumed any obligation
      or
      relationship of agency or trust with the Company, or for any of its Subsidiaries
      or affiliates.

    

    7.15.
      Administration
      of the Collateral. The
      Collateral Agent shall administer the Collateral and any Lien thereon (as such
      terms are defined in the Pledge Agreement) for the benefit of the Purchasers
      in
      the manner provided herein and in the Pledge Agreement; provided,
      however,
      that in
      the event of conflict between the provisions relating to administration of
      Collateral included in this Agreement and those included in the Pledge
      Agreement, the latter shall prevail. The Collateral Agent shall exercise such
      rights and remedies with respect to the Collateral as are granted to it
      hereunder and under the Pledge Agreement and applicable law and as shall be
      directed by the Purchasers. Upon payment in full of all obligations under this
      Agreement and the Notes (including, without limitation, upon the conversion
      of
      the Notes in accordance with the terms herein), the Collateral Agent shall
      promptly release any and all Liens, Collateral (as such terms are defined in
      the
      Pledge Agreement) and other security arrangements entered into in connection
      with this Agreement and the Notes and the transactions contemplated hereby
      and
      thereby.

     

    
      
        
        

      

      
        -
          13
          -

        
          

        

      

      
        
        

      

    

     

    7.16.
      Reliance
      by
      Agents. The
      Collateral Agent shall be entitled to rely, and shall be fully protected in
      relying, upon any note, writing, resolution, notice, statement, certificate,
      telex, teletype or telecopier message, electronic mail, cablegram, radiogram,
      order or other document, telephone message or other electronic form of
      communication signed, sent or made by Purchasers and upon advice and statements
      of legal counsel, independent accountants and other experts selected by the
      Collateral Agent.

     

    7.17.
      Resignation
      by the Agents. The
      Collateral Agent may resign from the performance of all its respective functions
      and duties hereunder and/or under Pledge Agreement and related documents at
      any
      time by giving 15 Business Days’ prior written notice to Purchasers and the
      Company. Such resignation shall take effect upon the appointment of a successor
      Collateral Agent.

     

    7.18 Interest
      Rate.
      In no
      event shall any interest to be paid under the Notes (including, without
      limitation, any other fees or amounts deemed to be interest pursuant to law)
      exceed the maximum rate permitted by law. In any such event, the Notes shall
      automatically be deemed amended to permit interest charges (including, without
      limitation, any other fees or amounts deemed to be interest pursuant to law)
      at
      an amount equal to, but no greater than, the maximum rate permitted by
      law.

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their respective officers thereunto duly authorized, as of the date first above
      written. 

    

    
      	UNITED
              BENEFITS & PENSION SERVICES, INC.
	 	 	 
	 	
              By:

            	
              /s/
                Richard Stierwalt

            
	 	 	
               
                Richard Stierwalt, CEO

            

    

     

    
      	
              PURCHASERS:

            	 
	 	 
	
              SPYGLASS
                CAPITAL PARTNERS LLC

            	
              /s/
                Eugene Park

            
	 	 	
              Eugene
                Park, an individual

            
	 	 	 
	
              By:

            	
              /s/
                Andrew Park

            	
            	 
	 	
              Andrew
                Park, Managing Member

            	
              /s/
                Hyun Park

            
	 	 	
              Hyun
                Park, an individual

            
	 	 	 
	 	 	
              /s/
                Sun Choi

            
	 	 	
              Sun
                Choi, an individual

            

    

    
      
        
        

      

      
        -
          14
          -

        
          

        

      

      
        
        

      

    

    

    
      	 	 	
              /s/
                Carolyn Yoon

            
	 	 	
              Carolyn
                Yoon, an individual

            
	 	 	 
	 	 	
              /s/
                David Chang

            
	 	 	
              David
                Chang, an individual

            
	 	 	 
	 	 	
              /s/
                Michael Kim

            
	 	 	
              Michael
                Kim, an individual

            
	 	 	 
	 	 	
              /s/
                Paul Kim

            
	 	 	
              Paul
                Kim, an individual

            

    

    

    Acknowledged
      and agreed to solely with respect to Sections 7.14, 7.15, 7.16 and
      7.17

     

    SPYGLASS
      CAPITAL PARTNERS LLC

     

    
      	
              By:

            	
              /s/
                Andrew Park

            
	 	
              Andrew
                Park, Managing Member

            

    

     

    
      
        
        

      

      
        -
          15
          -

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    TO

    

    SECURED
      CONVERTIBLE NOTE PURCHASE AGREEMENT

    

    
      	
              Purchaser
                Name

            	 	 	
              Amount

            	 
	
              Eugene
                Park

            	 	
              $

            	
              60,000

            	 
	
              Hyun
                Park

            	 	
              $

            	
              45,000

            	 
	
              Sun
                Choi

            	 	
              $

            	
              45,000

            	 
	
              Carolyn
                Yoon

            	 	
              $

            	
              15,000

            	 
	
              Conifer
                Networks, LLC

            	 	
              $

            	
              15,000

            	 
	
              Spyglass
                Capital Partners LLC

            	 	
              $

            	
              10,000

            	 
	
              Michael
                Kim

            	 	
              $

            	
              50,000

            	 
	
              Paul
                Kim

            	 	
              $

            	
              50,000

            	 

    

    
      
        
        

      

      
        -
          16
          -

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

    

    TO

    

    SECURED
      CONVERTIBLE NOTE PURCHASE AGREEMENT

     

    
      	
              Original
                Purchaser Name

            	 	 	
              Amount

            	 
	
              Eugene
                Park

            	 	
              $

            	
              60,000

            	 
	
              Hyun
                Park

            	 	
              $

            	
              45,000

            	 
	
              Sun
                Choi

            	 	
              $

            	
              45,000

            	 
	
              Carolyn
                Yoon

            	 	
              $

            	
              15,000

            	 
	
              Conifer
                Networks, LLC

            	 	
              $

            	
              15,000

            	 
	
              Spyglass
                Capital Partners LLC

            	 	
              $

            	
              10,000

            	 

    

     

    
      
        
        

      

      
        -
          17
          -

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1.01

    

    FORM
      OF SECURED CONVERTIBLE NOTE

    
      
        
        

      

      
        -
          18
          -Exhibit
        10.10

    

     

    EMPLOYMENT
      AGREEMENT

    

    Employment
      Agreement, dated as of December 17, 2007, by and between Richard E. Stierwalt,
      an individual with an address at [___________________] (“Executive”),
      and United Benefits & Pension Services, Inc., a Delaware Corporation, with
      its principal office located at 501 Kings Highway East, Suite 108, Fairfield,
      Connecticut 06825 (the “Company”). 

    

    RECITALS

    

    A. The
      Company desires to retain Executive as an executive officer and director of
      the
      Company and its present or future Affiliates (as hereinafter defined),
      including, without limitation, Associated Third Party Administrators, a
      California corporation and a wholly-owned subsidiary of the Company (“ATPA”),
      during the Term (as defined below).

    

    B. Executive
      desires to be employed by the Company during the Term, all upon the terms and
      conditions set forth herein. 

    

    NOW,
      THEREFORE, the Company and Executive agree as follows:

    

    1. Engagement;
      Duties.
      Subject
      to the terms and conditions set forth herein, the Company shall employ Executive
      as President and Chief Executive Officer during the Term (as defined in Section
      2). Executive shall perform the duties and responsibilities customarily
      performed by a person serving as President and Chief Executive Officer of a
      corporation comparable to the Company that is engaged in a business similar
      to
      that of the Company and its present or future Affiliates. During the Term,
      the
      Executive shall report to, and be subject to the direction and control of,
      the
      Board of Directors of the Company (the “Board”). In addition, for so long as he
      is employed by the Company as President and Chief Executive Officer, Executive
      shall be elected to serve and, if so elected, shall serve as a member of the
      Board and may be elected to serve, and, if so elected, shall serve, as a member
      of the board of directors of any present or future Affiliate of the Company.
      During the Term, Executive shall promote the interests of the Company and any
      present or future Affiliate of the Company, perform his duties faithfully and
      diligently, consistent with sound business practices, and devote his full
      business time to the performance of his duties for the Company and its present
      and future Affiliates in accordance with the terms hereof. 

    

    2. Term. Unless
      this Agreement is terminated pursuant to Section 5, the term of this Agreement
      (the “Initial Term”) shall commence as of the date on which the merger of UBPS
      Acquisition Sub, Inc., a Delaware corporation and a wholly-owned subsidiary
      of
      the Company (“Merger Sub”), with and into ATPA, pursuant to the Agreement and
      Plan of Merger, dated November 30, 2007, by and among the Company, Merger Sub,
      ATPA and certain principal stockholders of ATPA identified on the signature
      page
      thereto, is consummated (the “Effective Date”) and shall expire on the date
      immediately preceding the second anniversary of the Effective Date. The Initial
      Term shall automatically be extended thereafter for subsequent one year periods
      (each an “Extension Year” and, together with the Initial Term, the “Term”),
      subject to earlier termination pursuant to Section 5, unless at least ninety
      (90) days prior to the expiration of the then-current Extension Year, as the
      case may be, the Company or Executive have notified the other party in writing
      that Employee’s employment hereunder shall terminate upon the expiration of the
      then-current Term. 

     

    
      
        
          Page
            1

        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. Compensation.
      As
      consideration for the performance by Executive of Executive’s obligations under
      this Agreement, the Company shall compensate Executive as follows:

    

    (A) During
      the Initial Term, the Company shall pay Executive a base salary at the rate
      of
      Two Hundred Seventy-five Thousand ($275,000.00) Dollars per year (“Base
      Salary”), which shall be prorated for periods that are less than one (1) year.
      The Board, or, if applicable, the compensation committee appointed by the Board
      (the “Compensation Committee”), shall review Executive’s performance at the end
      of the Initial Term and any Extension Year. Executive’s base salary shall be
      subject to increase or decrease, at the discretion of the Board (or, if
      applicable, the Compensation Committee) effective as of the date on which the
      applicable Extension Year shall have commenced, based on the results of such
      review. 

    

    (B) In
      addition to the Base Salary, the Company shall pay Executive, if and when earned
      by Executive, a bonus (“Bonus”) based on Executive’s performance as determined
      by performance criteria and objectives established by the Board or, if
      applicable, the Compensation Committee, which bonus shall in no event exceed
      fifty percent (50%) of the Base Salary in effect at the time of the
      determination of such Bonus. The Board of Directors, or, if applicable, the
      Compensation Committee, shall consult with Executive on the creation of
      applicable performance criteria and objectives. Such criteria and objectives
      shall be established within ninety (90) days after the Effective Date and,
      if
      the term is renewed, within sixty (60) days after the commencement of any
      Extension Year. 

    

    (C) The
      Base
      Salary shall be payable in accordance with the Company’s usual and customary
      payroll practices. The Bonus, if any, shall be paid within sixty (60) days
      after
      the end of each fiscal year of the Company. If the Bonus is based upon financial
      results for the fiscal year and such results are not known within sixty (60)
      days after the end of the fiscal year, then eighty (80%) of the projected Bonus
      shall be paid within sixty (60) days after the end of such fiscal year and
      the
      balance shall be payable within thirty (30) days after delivery of audited
      financial statements for the applicable fiscal year. The Company
      shall deduct from the Base Salary and any Bonus any federal, state or local
      withholding taxes, social security contributions and any other amounts which
      may
      be required to be deducted or withheld by the Company pursuant to any federal,
      state or local laws, rules or regulations.

    

    4. Reimbursement
      of Expenses; Fringe Benefits.

    

    (A) Expenses.
      The
      Board will authorize an expense budget for Executive commensurate with
      reasonable business requirements, which shall provide for reimbursement of
      Executive’s reasonable travel and entertainment costs and expenses, costs and
      expenses of attending conferences, seminars and conventions related to the
      business of the Company or any present or future Affiliate of the Company,
      and
      such other costs and expenses as determined by the Board, in its sole
      discretion; provided that the amount of such budget shall include, among other
      things, the costs and expenses of travel between ATPA’s offices in California
      and the Company’s headquarters in New York one time per month, and shall not
      exceed the budget for ATPA’s previous Chief Executive Officer. During the Term,
      the Company shall promptly reimburse Executive for reasonable business expenses
      incurred by Executive in the performance of Executive’s duties on behalf of the
      Company or its present or future Affiliates, including, without limitation,
      reasonable travel and entertainment costs and expenses and costs and expenses
      of
      attending conferences, seminars and conventions related to the business of
      the
      Company or any present or future Affiliate of the Company; provided,
      that
      such expenses were incurred in the furtherance of the Company’s or an
      Affiliate’s business in accordance with the foregoing budget, and that Executive
      presents evidence of such expenses and costs as may be required under the
      policies of the Company as are then in effect.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (B) Fringe
      Benefits.
      During
      the Term, to the extent eligible, Executive shall be entitled to those fringe
      benefits and perquisites that are now or in the future made available to other
      executives of the Company or its present or future Affiliates generally,
      including, without limitation, any health, accident, disability or other
      insurance, pension, benefit and/or retirement plan (including 401k) or welfare
      plan, as and when such benefit plans are established. The foregoing shall not
      require the Company or any present or future Affiliate of the Company to
      establish any such plan or program solely for Executive’s benefit. In addition,
      the Company shall pay Executive’s annual dues at a golf club frequented by major
      clients of the Company or any of its present or future Affiliates

    

    (C) Directors’
      and Officers’ Liability Insurance.
      The
      Company shall use reasonable commercial efforts to procure directors’ and
      officers’ insurance in such form and amount and providing such coverage for
      Executive, in his capacity as President, Chief Executive Officer and a director
      of the Company and any of its present or future Affiliates, as is customary
      for
      similarly situated executives serving in similar capacities, provided
      that the
      costs of such coverage are not substantially greater than those at companies
      engaged in similar business activities. 

    

    (D) Vacation.
      Executive shall be entitled to twenty (20) paid vacation days during each year
      of the Term at such times as are mutually agreed upon by Executive and
      Company.

    

    (E) Equity
      Incentive Plans.
      Executive may, at the discretion of the Board, be granted stock options or
      other
      incentive compensation under plans adopted by the Board for the benefit of
      the
      executives and key management personnel of the Company or any present or future
      Affiliate of the Company. Executive shall be entitled to receive a grant of
      stock options under the Company’s 2007 Stock Option Plan to purchase a total
      number of shares of the Company’s common stock equal to 37.5% of the total
      number of shares reserved for grant under such plan. The option agreement
      relating to such options shall include (i) customary cashless exercise
      provisions, (ii) accelerated vesting provisions in the event of (a) a Change
      of
      Control (as defined in Section 5) or (b) termination of the employment of
      Executive by the Company without Cause (as defined in Section 5) or resignation
      by Executive with Good Reason, and (iii) monthly vesting in equal monthly
      amounts over twenty-four months. Such options will be granted upon approval
      of
      the Board at the first meeting of the Board after the Effective Date. Executive
      shall be entitled to receive up to a total of 313,019 shares of the Company’s
      common stock as performance incentive shares upon the Company achieving certain
      budgeted performance targets for certain periods to be established by the Board
      and approved by the holders of the Senior Secured Notes of Associated Third
      Party Administrators, a California corporation.

     

    (F) Location.
      Within
      thirty days after the Effective Date, Executive shall have his office located
      in
      the metropolitan San Francisco area, subject to reasonable travel requirements.
      

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5. Termination.
      The
      Company may terminate this Agreement upon Executive's death, and may terminate
      this Agreement at any earlier time at the option of the Company due to
      Executive's Disability (as defined below) or for Cause (as defined below).
      Executive may terminate this Agreement for Good Reason (as defined below).
      

    

    (A) As
      used
      in this Agreement: 

    

    (i) The
      term
      "Disability" means the inability of Executive substantially to perform his
      duties and obligations under this Agreement for sixty (60) consecutive days
      or
      ninety (90) days in any one hundred eighty (180)-day period because of any
      mental or physical incapacity. 

    

    (ii) The
      term
      "Cause" means the adoption by the Board of a resolution finding that Executive
      has (a) engaged in any reckless or negligent misconduct that damages, in any
      material respect, the reputation, business or business relationships of the
      Company or any present or future Affiliate of the Company, (b) committed a
      fraud, embezzlement or other act of misappropriation against the Company or
      any
      present or future Affiliate of the Company, (c) been convicted by, or entered
      a
      plea of nolo contendere
      in, a
      court of competent and final jurisdiction for any crime involving moral
      turpitude, fraud, embezzlement, misappropriation or any other felony or crime
      punishable by imprisonment; (d) refused or failed to perform his duties
      hereunder or shall materially violate his duty of loyalty to the Company or
      any
      of its present or future Affiliates, provided that such refusal, failure or
      violation, if curable, is not cured within thirty (30) days after written notice
      of such refusal or failure is given by the Board to Executive, or (e) materially
      breached this Agreement or any other written agreement between Executive and
      the
      Company, or any Affiliate (as defined below) of the Company, that continues
      without cure for a period of thirty (30) days after written notice of such
      breach is given by the Board to Executive.

    

    (iii) The
      term
“Good Reason” means (a) any circumstance resulting in a material reduction in
      the Base Salary or duties and responsibilities of Executive or (b) any material
      breach by the Company of this Agreement or any other written agreement between
      Executive and the Company, or any Affiliate of the Company, that continues
      without cure for a period of thirty (30) days after written notice of such
      breach is given by Executive to the Company; provided,
      however,
      that in
      order for Good Reason to exist hereunder, the Executive must provide the Company
      with written notice of the event(s) alleged to constitute Good Reason within
      90
      days of the occurrence of such event(s) and Executive must terminate his
      employment within six months of such event.

    (iv) The
      term
“Change of Control” means and shall have occurred or be deemed to have occurred
      only if any of the following events occur:

     

    (a) The
      acquisition, directly or indirectly, by any person or group (as those terms
      are
      defined in Sections 3(a)(9), 13(d) and 14(d) of the Securities Exchange Act
      (the
“Exchange Act”) and the rules thereunder) of beneficial ownership (as determined
      pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote
      generally in the election of directors (voting securities) of the Company that
      represent 50% or more of the combined voting power of the Company’s then
      outstanding voting securities, other than (1) any such acquisition by any person
      or group that includes Executive; (2) an acquisition by a trustee or other
      fiduciary holding securities under any employee benefit plan (or related trust)
      sponsored or maintained by the Company or any person controlled by the Company
      or by any employee benefit plan (or related trust) sponsored or maintained
      by
      the Company or any person controlled by the Company; or (3) an acquisition
      of
      voting securities by the Company or a corporation owned, directly or indirectly
      by all of the stockholders of the Company in substantially the same proportions
      as their ownership of the stock of the Company. Notwithstanding the foregoing,
      the following event shall not constitute an acquisition by any person or group
      for purposes of this subsection (a): an acquisition of the Company’s securities
      by the Company which causes the Company’s voting securities beneficially owned
      by a person or group to represent 50% or more of the combined voting power
      of
      the Company’s then outstanding voting securities; provided,
      however,
      that if
      a person or group shall become the beneficial owner of 50% or more of the
      combined voting power of the Company’s then outstanding voting securities by
      reason of share acquisitions by the Company as described above and shall, after
      such share acquisitions by the Company, become the beneficial owner of any
      additional voting securities of the Company, then such acquisition shall
      constitute a Change of Control; or

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) Individuals
      who, as of the Effective Date, constitute the Board of the Company (as of the
      Effective Date, the “Incumbent Board”) cease for any reason to constitute at
      least a majority of the Board of the Company, provided that any person becoming
      a director subsequent to the Effective Date whose election, or nomination for
      election by the Company’s stockholders, was approved by a vote of at least a
      two-thirds of the directors then comprising the Incumbent Board (other than
      an
      election or nomination of an individual whose initial assumption of office
      is in
      connection with an actual or threatened election contest relating to the
      election of the directors of the Company) shall be, for purposes of this
      Agreement, considered as though such person were a member of the Incumbent
      Board; or

     

    (c) The
      consummation by the Company (whether directly involving the Company or
      indirectly involving the Company through one or more intermediaries) of (i)
      a
      merger, consolidation, reorganization, or business combination, or (ii) the
      acquisition of assets or stock of another entity, in each case other than a
      transaction:

     

    (1) Which
      results in the Company’s voting securities outstanding immediately before the
      transaction continuing to represent (either by remaining outstanding or by
      being
      converted into voting securities of the Company or the person that, as a result
      of the transaction, controls, directly or indirectly, the Company or owns,
      directly or indirectly, all or substantially all of the Company’s assets or
      otherwise succeeds to the business of the Company (the Company or such person,
      the “Successor Entity”)) directly or indirectly, at least a majority of the
      combined voting power of the Successor Entity’s outstanding voting securities
      immediately after the transaction; and 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (2) After
      which no person or group beneficially owns voting securities representing 50%
      or
      more of the combined voting power of the Successor Entity; provided,
      however,
      that no
      person or group shall be treated for purposes of this clause (B) as beneficially
      owning 50% or more of combined voting power of the Successor Entity solely
      as a
      result of the voting power held in the Company prior to the consummation of
      the
      transaction; or

     

    (d) a
      sale or
      disposition of all or substantially all of the Company’s assets; or

     

    (e) The
      Company’s stockholders approve a liquidation or dissolution of the
      Company.

     

    (v) The
      term
“Termination Date” shall mean the earlier of the expiration of this Agreement or
      the effective date of the Company’s termination of this Agreement.

    

    (B) Payments
      to Executive Upon Termination of This Agreement.
      

    

    (i) In
      the
      event this Agreement is terminated prior to the expiration of the Term by the
      Company without Cause, or by Executive for Good Reason, the Company shall pay
      to
      Executive: (a) in a lump sum, within thirty (30) days after the Termination
      Date, Executive’s accrued but unpaid Base Salary as of the Termination Date; (b)
      in a lump sum, within thirty (30) days after the Termination Date, any earned
      but unpaid Bonus as of the Termination Date; (c) in a lump sum, within thirty
      (30) days after the Termination Date, an amount equal to any costs or expenses
      incurred by Executive prior to the Termination Date which are reimbursable
      pursuant to Section 4(A); (d) any amounts that would have been payable for
      Executive’s health insurance or any other benefit plans of the Company in which
      Executive participates (only to the extent allowable under law) through the
      remainder of the Term had Executive’s employment not been terminated, in
      accordance with the terms of the applicable health insurance policy or such
      other plan, but without duplication; and (e) within sixty (60) days after the
      Termination Date, a lump sum cash payment equal to the product of one week
      of
      the Base Salary in effect on the Termination Date multiplied by the number
      of
      full months that the Employee was employed by the Company or ATPA; provided,
      however,
      in no
      event shall Executive receive a payment under subparagraph (d) in an amount
      less
      than three months of the Base Salary in effect on the Termination
      Date.

    

    (ii) If
      within
      twelve (12) months following a Change of Control occurring during the Term,
      the
      employment of Executive hereunder is terminated by the Company without Cause
      or
      Employee terminates his employment for Good Reason, the Company shall pay to
      Executive: (a) in a lump sum, within thirty (30) days after the Termination
      Date, Executive’s accrued but unpaid Base Salary as of the Termination Date; (b)
      in a lump sum, within thirty (30) days after the Termination Date, any earned
      but unpaid Bonus as of the Termination Date; (c) in a lump sum, within thirty
      (30) days after the Termination Date, an amount equal to any costs or expenses
      incurred by Executive prior to the Termination Date which are reimbursable
      pursuant to Section 4(A); (d) any amounts that would have been payable for
      the
      Executive’s health insurance or any other benefit plans of the Company in which
      Executive participates (only to the extent allowable by law) through the
      remainder of the Term had Executive’s employment not been terminated, in
      accordance with the terms of the applicable insurance policy or such other
      plan,
      but without duplication; and (e) within sixty (60) days after the Termination
      Date, a lump sum cash payment in an amount equal to one year’s Base Salary in
      effect on the Termination Date.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (iii) If
      the
      Company or any present or future Affiliate of the Company (a) during the Term
      enters into a binding written agreement to engage in a transaction which, if
      consummated, would result in a Change of Control; (b) such transaction is
      consummated within twelve (12) months after the last date of the Term; and
      (c)
      subsequent to entering into such agreement the Company terminates the employment
      of Executive without Cause or Executive terminates his employment for Good
      Reason, the Company shall pay to Employee an amount equal to the payments set
      forth in Section 5(b)(ii) hereof.

    

    (iv) In
      the
      event this Agreement is terminated prior to the expiration of the Term by the
      Company for Cause or due to Executive’s death or Disability, the Company shall
      pay to Executive, within thirty (30) days after the Termination Date: (a) in
      a
      lump sum, an amount equal to Executive’s accrued but unpaid Base Salary and
      Bonus as of the Termination Date; (b) in a lump sum, reimbursement for any
      reimbursable business expenses incurred in accordance with this Agreement prior
      to the Termination Date; and (c) any amounts or benefits due through the
      Termination Date under this Agreement and any health insurance policy applicable
      to Executive or any other benefit plan of the Company in which Executive
      participates (only to the extent allowable under law) in accordance with the
      terms of such policy, but without duplication. 

    

    (v) As
      consideration for the payments under Sections 5(B)(i), (ii) or (iii), Executive
      shall execute and deliver to the Company a release of any and all claims against
      the Company and any Affiliate of the Company (excluding any claim for such
      payments) in form and substance reasonably satisfactory to the Company.
 

    

    (vi) If,
      at
      the time Executive’s employment with the Company is terminated, Executive is a
“specified employee” under section 409A of the Internal Revenue Code of 1986 (as
      amended, the “Code”) and payments herein would result in a violation of Section
      409A of the Code, any such payment shall be delayed until the first day after
      the six month anniversary of the date of such termination.

    

    6. Non-Disclosure;
      Non-Competition and Non-Solicitation.

    

    (A) Non-Disclosure.
      Executive
      understands and agrees that the business of the Company is based upon
      specialized work and Confidential Information (as hereinafter defined).
      Executive agrees that he shall keep secret all Confidential Information and
      that
      he will not, directly or indirectly, use for his own benefit or for the benefit
      of others or Disclose (as hereinafter defined), without the prior written
      consent of the Company, any Confidential Information. At any time upon the
      Company’s request and upon the expiration or earlier termination of this
      Agreement, Executive shall turn over to the Company all books, notes, memoranda,
      manuals, notebooks, records and other documents made, compiled by, delivered
      to,
      or in the possession or control of Executive containing or concerning any
      Confidential Information, including all copies thereof, in any form or format,
      including any computer hard disks, wherever located, containing any such
      information, it being agreed that the same and all information contained therein
      are at all times the exclusive property of the Company.
      The
      provisions of this Section 6(A) shall survive for a period of three (3) years
      following the Termination Date. 

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    As
      used
      in this Agreement, the term “Confidential Information” means any information or
      compilation of information not generally known to the public or the industry,
      that is proprietary or confidential to the Company, its Affiliates and/or those
      doing business with the Company and/or its Affiliates, including but not limited
      to know-how, processes, techniques, methods, plans, specifications, trade
      secrets, patents, copyrights, supplier lists, customer lists, mailing lists,
      financial information, business plans and/or policies, methods of operation,
      sales and marketing plans and any other information acquired or developed by
      Executive in the course of his past, present and future dealings with the
      Company, which is not readily available to the public. “Confidential
      Information” shall not include information that Executive can demonstrate was
      known to him prior to the Effective Date or that was made available to Executive
      by a third party without obligation of confidentiality. 

    

    As
      used
      in this Agreement, the term “Disclose” means to reveal, deliver, divulge,
      disclose, publish, copy, communicate, show, allow or permit access to, or
      otherwise make known or available to any third party, any of the Confidential
      Information. Notwithstanding any provision contained herein to the contrary,
      Disclosure of Confidential Information made pursuant to applicable law or the
      order of any court, agency or other governmental authority of competent
      jurisdiction shall not be a violation of this Section 6.

    

    (B) Non-Competition;
      Non-Solicitation.
      During
      the period (the “Restricted Period”) Commencing on the date hereof and ending on
      the second anniversary of the Termination Date, Executive covenants and agrees
      that he will not, without the Company’s prior written consent, directly or
      indirectly, either on behalf of himself or any other person, firm, corporation
      or other entity (other than on behalf of the Company or its
      Affiliates):

    

    (i) be
      employed by, own, manage, control, operate, advise or provide consulting
      services to any entity or individual that competes with the Company in the
      areas
      of Taft-Hartley
      pension plan administration and health and welfare claims processing in the
      geographical areas where the Company or any of its subsidiaries conducts
      business or proposes to conduct business (a “Competitive Business”);
provided,
      however,
      that,
      notwithstanding the foregoing, passive ownership of not more than one percent
      (1%) of the outstanding voting or other equity securities of a Competitive
      Business, the common stock or comparable equity securities of which are traded
      on a national securities exchange or in the over-the-counter market, shall
      not
      be a violation of this Section 6;

     

    (ii) solicit
      or divert any business or any customer from the Company or its Affiliates or
      assist any person, firm, corporation or other entity in doing so or attempting
      to do so; 

     

    (iii) cause
      or
      seek to cause any person, firm or corporation to refrain from dealing or doing
      business with the Company or its Affiliates or assist any person, firm,
      corporation or other entity in doing so; or

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      (iv) hire,
        solicit or divert from the Company or its Affiliates any of their respective
        employees, consultants or agents who have, at any time during the immediately
        preceding one (1) year period from the date hereof or the Restricted Period,
        been engaged by the Company
        or its
        Affiliates,
        nor
        assist any person, firm, corporation or other entity in doing so.

       

    

    As
      used
      in this Agreement, the
      term
“Affiliate” shall mean any
      entity controlling, controlled by or under the common control with the Company.
      For purposes of this Agreement, “control” shall mean the direct or indirect
      ownership of fifty (50%) percent or more of the outstanding equity securities
      or
      voting rights of an entity or possession, directly or indirectly, of the power
      to direct, or cause the direction of, the management and policies of an
      entity.

     

    (C) Injunctive
      Relief.
      If
      Executive shall breach or threaten to breach any of the provisions of this
      Section 6, in addition to and without limiting any other remedies available
      to Company at law or in equity, the Company shall be entitled, upon application
      to any court of competent jurisdiction, to immediate injunctive relief to
      restrain any such breach or threatened breach and to enforce the provisions
      of
      Section 6. Executive acknowledges and agrees that there is no adequate remedy
      at
      law for any such breach or threatened breach and, in the event that any
      proceeding is brought seeking injunctive relief, Executive shall not use as
      a
      defense thereto that there is an adequate remedy at law.

    

    7. Indemnification. The
      Company, on behalf of itself and its Affiliates, shall defend, indemnify and
      hold harmless Executive in his capacity as an officer and director of the
      Company and/or any of its Affiliates to the fullest extent permitted by
      applicable law against any losses or damages incurred by Executive in connection
      with any action, suit or proceeding to which Executive may be made a party
      by
      reason of his being or having been an officer or director of the Company or
      any
      of its Affiliates, or because of actions taken by Executive which were believed
      by Executive to be in the best interests of the Company and not in violation
      of
      applicable law, and Executive shall be entitled to be covered by any directors’
and officers’ liability insurance policies which the Company maintains for the
      benefit of its directors and officers, subject to the limitations of any such
      policies. The Company shall have the right to assume, with legal counsel of
      its
      choice, who shall be reasonably acceptable to Executive, the defense of
      Executive in any such action, suit or proceeding for which the Company is
      providing indemnification to Executive. Should Executive determine to employ
      separate legal counsel in any such action, suit or proceeding, any costs and
      expenses of such separate legal counsel shall be the sole responsibility of
      Executive. If the Company does not assume the defense of any such action, suit
      or proceeding, the Company shall, upon the request of Executive, promptly
      advance or pay any amount for costs or expenses, including the reasonable fees
      of counsel retained by Executive, incurred by Executive in connection with
      such
      action, suit or proceeding; provided
      that
      Executive agrees in writing to repay any such amounts advanced if it is
      ultimately determined by a court, administrative agency or other governmental
      authority having competent jurisdiction that Executive is not entitled to such
      indemnification. Executive shall be entitled to indemnification under this
      clause regardless of any subsequent amendment of the Certificate of
      Incorporation or By-Laws of the Company. 

     

    8. Representation
      and Warranty of Executive.
      Executive represents and warrants to Company that the execution and delivery
      of
      this Agreement and the performance of Executive’s obligations pursuant hereto
      shall not conflict with or result in a breach of any provisions of any (a)
      agreement, commitment, undertaking, arrangement or understanding to which
      Executive is a party or by which Executive is bound; or (b) order, judgment
      or
      decree of any court or arbitrator.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    9. General
      Provisions.

    

    (A) Notices.
      All
      notices and other communications under this Agreement shall be in writing and
      may be given by personal delivery, registered or certified mail, postage
      prepaid, return receipt requested or generally recognized overnight delivery
      service. Notices shall be sent to the appropriate party at that party's address
      set forth above or at such other address for that party as shall be specified
      by
      notice given under this Section. All such notices and communications shall
      be
      deemed received upon (a) actual receipt by the addressee or (b) actual delivery
      to the appropriate address. Copies of notices hereunder shall be sent as
      follows: If to Executive, to: Day Pitney LLP, One Canterbury Green, Stamford,
      Connecticut 06901, fax no. 203 977 7301, attention: David A. Swerdloff, Esq.;
      and if to the Company, to: United Benefits & Pension Services, Inc., 501
      Kings Highway East, Suite 108, Fairfield, Connecticut 06825.

    

    (B) Assignment.
      This
      Agreement shall be binding upon, and inure to the benefit of, the parties'
      respective successors, permitted assigns, and heirs and legal representatives.
      This Agreement may be assigned to, and thereupon shall inure to the benefit
      of,
      any organization which succeeds to substantially all of the business or assets
      of the Company, whether by means of merger, consolidation, acquisition of all
      or
      substantially all of the assets of the Company or otherwise, including, without
      limitation, by operation of law. This Agreement is a personal services contract
      and may not be assigned by Executive nor may the duties of Executive hereunder
      be delegated by Executive to any other person. 

    

    (C) Severability.
      If any
      provision of this Agreement, or the application of any provision to any person
      or circumstance, shall for any reason or to any extent be invalid or
      unenforceable, the remainder of this Agreement and the application of that
      provision to other persons or circumstances shall not be affected, but shall
      be
      enforced to the full extent permitted by law.

    (D) Certain
      Tax Provisions.
      In the
      event of any inconsistency between any provision of this Agreement and Section
      409A of the Internal Revenue Code of 1986 (as amended, the “Code”), including
      any regulatory and administrative guidance issued from time to time thereunder,
      the provisions of Section 409A shall control. It is the intention of the parties
      hereto that this Agreement satisfy the requirements of Code Section 409A, and
      the parties hereby agree to amend this Agreement as and when necessary or
      desirable to conform to or otherwise properly reflect any guidance issued under
      Code Section 409A after the date hereof without violating Code Section 409A.
      In
      case any one or more provisions of this Agreement fails to comply with the
      provisions of Code Section 409A, the remaining provisions of this Agreement
      shall remain in effect, and this Agreement shall be administered and applied
      as
      if the non-complying provisions were not part of this Agreement. The parties
      in
      that event shall endeavor to agree upon a reasonable substitute for the
      non-complying provisions, to the extent that a substituted provision would
      not
      cause this Agreement to fail to comply with Code Section 409A, and, upon so
      agreeing, shall incorporate such substituted provisions into this Agreement.
      

    

    (E) No
      Waiver.
      The
      failure of a party to insist upon strict adherence to any term of this Agreement
      on any occasion shall not be considered a waiver or deprive that party of the
      right thereafter to insist upon strict adherence to that term or any other
      term
      of this Agreement. Any waiver must be in writing.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (F) Governing
      Law; Arbitration.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York applicable to agreements made and to be performed in that
      state, without regard to any of its principles of conflicts of laws or other
      laws that would result in the application of the laws of another jurisdiction.
      This Agreement shall be construed and interpreted without regard to any
      presumption against the party causing this Agreement to be drafted. Each of
      the
      parties hereby unconditionally and irrevocably waives the right to a trial
      by
      jury in any action, suit or proceeding arising out of or relating to this
      Agreement or the transactions contemplated hereby. All disputes relating in
      any
      way to this Agreement shall be resolved exclusively through arbitration
      conducted in accordance with the Commercial Arbitration Rules of the American
      Arbitration Association as then in effect. The arbitration hearing shall be
      held
      in New York, New York and shall be before a single arbitrator selected by the
      parties in accordance with the Commercial Arbitration Rules of the American
      Arbitration Association pursuant to its rules on selection of arbitrators.
      Any
      arbitrator selected shall have reasonable experience as an arbitrator relating
      to the dispute at issue. The arbitrator shall render a formal, binding
      non-appealable resolution and award on each issue as expeditiously as possible
      but not more than thirty days after the hearing. All discovery disputes shall
      be
      resolved by the arbitrator. The prevailing party in the arbitration shall be
      entitled to reimbursement of its reasonable attorneys fees, and the parties
      shall use all reasonable efforts to keep arbitration costs to a
      minimum.

    

    (G) Counterparts.
      This
      Agreement may be executed in counterparts, both of which shall be considered
      an
      original, but both of which together shall constitute the same
      instrument.

    

    (H) Entire
      Agreement; Amendment.
      This
      Agreement contains the complete statement of all the arrangements between the
      parties with respect to its subject matter, supersedes all prior agreements
      between them with respect to that subject matter, and may not be changed or
      terminated orally. Any amendment or modification must be in writing and signed
      by the party to be charged.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement as of the date first set forth
      above.

    

    
      	
              UNITED
                BENEFITS & PENSION SERVICES, INC.

            
	 
	
              By:
                /s/
                Richard Stierwalt

            
	
              Name:
                Richard Stierwalt

            
	
              Title:
                Chief Executive Officer

            
	 
	
              /s/
                Richard
                E. Stierwalt        
                

            
	
              RICHARD
                E. STIERWALT

            

    

     

    [SIGNATURE
      PAGE – STIERWALT EMPLOYMENT AGREEMENT]

     

    
      
        
        

      

      
        12

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