Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.20

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

This First Amendment (the “Amendment”), entered into this 23rd day of April 2007,
is to the Employment Agreement (the “Agreement”) entered into the 31st day of December
2006, by and between, Caneum India Private Limited (formerly known as Continuum Systems Private
Limited), a company incorporated under the Companies Act, 1956, and having its registered office at
204, Chandi Plaza, 234-A, Sant Nagar, New Delhi — 110065, India with its principal place of
business at DLF Supermart 1, Gurgaon, Haryana, (hereinafter referred to as the “Caneum India”,
which expression shall, unless repugnant to the context, include its successors and permitted
assigns) and Jesper Lindorff, son of Helge Holst Lindorff, age 35, residing at E-26 Richmond Park,
DLF Phase 4, Gurgaon 122002, Haryana, India (herein after referred to as the “Employee”).

RECITALS:

WHEREAS, on or about December 31, 2006, the parties entered into the Agreement, the purpose of
which was to employee the Employee; and

WHEREAS, the parties desire to amend the Agreement as provided herein;

NOW, THEREFORE, pursuant to §15 of the Agreement, the parties hereto mutually agree to amend
the Agreement as follows:

1. Amendment to Compensation. Paragraph (e) of §5 is hereby added to read as follows:

(e) Stock Options. Caneum India shall grant to Employee ten-year options to
purchase 150,000 shares of common stock of Caneum, Inc., a Nevada, USA, corporation
(“Caneum”) pursuant to Caneum’s 2002 Stock Option/Stock Issuance Plan (the “Plan”), a copy
of which is attached hereto and incorporated herein, subject to vesting at the rate of 1/4 of
the granted options after one year from December 31, 2006, and 1/48th of the granted options
per month thereafter.

2. Remainder of Agreement. Except as amended hereby, the Agreement shall continue to
be, and shall remain, in full force and effect. Except as provided herein, this Amendment shall
not be deemed (i) to be a waiver of, or consent to, or a modification or amendment of, any other
term or condition of the Agreement or (ii) to prejudice any right or rights which Caneum India may
now have or may have in the future under or in connection with
the Agreement or any of the instruments or agreements referred to therein, as the same may be
amended, restated, supplemented or otherwise modified from time to time.

 

 

 

3. Incorporation by Reference. The terms of the Agreement are incorporated herein by
reference and shall form a part of this Amendment as if set forth herein in their entirety.

IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment the respective day
and year set forth below to be effective as of the day and year first written above.

	 	 	 	 	 
	CANEUM INDIA:	CANEUM INDIA PRIVATE LIMITED

 	 
	 
	Date:  April 23, 2007 	By:  	/s/ Suki Mudan
 	 
	 	 	Name:  	Suki Mudan 	 
	 	 	Title:  	Director 	 

EMPLOYEE:

	 	 	 	 	 
	 	 	 
	Date:  April 23, 2007 	/s/ Jesper Lindorff
 	 
	 	Name:  	Jesper Lindorff 	 
	 	 	 
	 

 

2Filed by Bowne Pure Compliance

 

Exhibit 10.21

BUSINESS FINANCING AGREEMENT

dated as of January 24, 2007

between

BRIDGE BANK, NATIONAL ASSOCIATION

and

CANEUM, INC., a Nevada corporation, and TIER ONE CONSULTING INC., a California corporation

(jointly and severally “Borrower”).

Borrower and Lender agree as follows:

	1.	 	Definitions and Construction.

1.1 Definitions. In this Agreement:

“Account Balance” means at any time the aggregate of the Receivable Amounts of all
Eligible Receivables at such time.

“Account Debtor” has the meaning in the California Uniform Commercial Code and
includes any person liable on any Receivable, including without limitation, any guaranty of any
Receivable and any issuer of a letter of credit or banker’s acceptance assuring payment thereof.

“Adjustments” means all discounts, allowances, disputes, offsets, defenses, rights of
recoupment, rights of return, warranty claims, or short payments, asserted by or on behalf of any
Account Debtor with respect to any Receivable.

“Advance” means an advance made by Lender to Borrower pursuant to Section 2.2.

“Advance Rate” means 80% or such greater or lesser percentage as Lender may from time
to time establish in its sole discretion upon notice to Borrower.

“Agreement” means this Business Financing Agreement.

“Asset Coverage Ratio” means the ratio of the Account Balance plus unrestricted cash and cash
equivalents maintained with Lender, divided by the total Obligations.

“Borrowing Base” means at any time the sum of the product of the Account Balance and
the Advance Rate.

“Collateral” means all of Borrower’s rights and interest in any and all personal
property, whether now existing or hereafter acquired or created and wherever located, and all
products and proceeds thereof and accessions thereto, including the following (collectively, the
“Collateral”): accounts, including health care insurance receivables, chattel paper, inventory,
equipment, instruments, including promissory notes, investment property, documents, deposit
accounts, letter of credit rights, any commercial tort claim of Borrower which is now or hereafter
identified by Borrower or Lender, general intangibles, and supporting obligations.

“Collections” means all payments from or on behalf of an Account Debtor with respect
to Receivables.

“Compliance Certificate” means a certificate in the form attached to this Agreement by
the chief financial officer of Borrower that, among other things, the representations and
warranties set forth in this Agreement are true and correct as of the date such certificate is
delivered.

“Credit Limit” means $1,500,000.00.

“Default” means any Event of Default or any event that with notice, lapse of time or
otherwise would constitute an Event of Default.

“Eligible Receivable” means a Receivable that satisfies all of the following:

(a) The Receivable has been created by Borrower in the ordinary course of Borrower’s
business and without any obligation on the part of Borrower to render any further performance.

(b) There are no conditions which must be satisfied before Borrower is entitled to receive
payment
of the Receivable, and the Receivable does not arise from COD sales, consignments or
guaranteed sales.

 

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(c) The Account Debtor upon the Receivable does not claim any defense to payment of the
Receivable, whether well founded or otherwise.

(d) The Receivable is not the obligation of an Account Debtor who has asserted or may
assert any counterclaims or offsets against Borrower (including offsets for any “contra
accounts” owed by Borrower to the Account Debtor for goods purchased by Borrower or for services
performed for Borrower).

(e) The Receivable represents a genuine obligation of the Account Debtor and to the extent
any credit balances exist in favor of the Account Debtor, such credit balances shall be deducted
in calculating the Receivable Amount.

(f) Borrower has sent an invoice to the Account Debtor in the amount of the Receivable.

(g) Borrower is not prohibited by the laws of the state where the Account Debtor is located
from bringing an action in the courts of that state to enforce the Account Debtor’s obligation
to pay the Receivable. Borrower has taken all appropriate actions to ensure access to the
courts of the state where the Account Debtor is located, including, where necessary, the filing
of a Notice of Business Activities Report or other similar filing with the applicable state
agency or the qualification by Borrower as a foreign corporation authorized to transact business
in such state.

(h) The Receivable is owned by Borrower free of any title defects or any liens or interests
of others except the security interest in favor of Lender, and Lender has a perfected, first
priority security interest in such Receivable.

(i) The Account Debtor on the Receivable is not any of the following: (i) an employee,
affiliate, parent or subsidiary of Borrower, or an entity which has common officers or directors
with Borrower; (ii) the U.S. government or any agency or department of the U.S. government
unless Borrower complies with the procedures in the Federal Assignment of Claims Act of 1940 (41
U.S.C.§15) with respect to the Receivable, and the underlying contract expressly provides that
neither the U.S. government nor any agency or department thereof shall have the right of set-off
against Borrower (“Eligible Government Receivables”); (iii) any person or entity located in a
foreign country unless (A) the Receivable is supported by an irrevocable letter of credit issued
by a bank acceptable to Lender, and (B) if requested by Lender, the original of such letter of
credit and/or any usance drafts drawn under such letter of credit and accepted by the issuing or
confirming bank have been delivered to Lender; or (iv) an Account Debtor as to which 35% percent
or more of the aggregate dollar amount of all outstanding Receivables owing from such Account
Debtor have not been paid within 90 days from invoice date.

(j) The Receivable is not in default (a Receivable will be considered in default if any of
the following occur: (i) the Receivable is not paid within 90 days from its invoice date; (ii)
the Account Debtor obligated upon the Receivable suspends business, makes a general assignment
for the benefit of creditors, or fails to pay its debts generally as they come due; or (iii) any
petition is filed by or against the Account Debtor obligated upon the Receivable under any
bankruptcy law or any other law or laws for the relief of debtors);

(k) The Receivable does not arise from the sale of goods which remain in Borrower’s
possession or under Borrower’s control.

(l) The Receivable is not evidenced by a promissory note or chattel paper, nor is the
Account Debtor obligated to Borrower under any other obligation which is evidenced by a
promissory note.

(m) The Receivable is not that portion of Receivables due from an Account Debtor which is
in excess of 35% of Borrower’s aggregate dollar amount of all outstanding Receivables;

(n) The Receivable is otherwise acceptable to Lender.

“Event of Default” has the meaning set forth in Section 9.1.

“Facility Fee” means a fee equal to 1.00% of the Credit limit due upon execution of
the Agreement and annually thereafter.

“Finance Charge” means for each Reconciliation Period an interest amount equal to the
Finance Charge Percentage of the average daily outstanding balance of Advances during such
Reconciliation Period.

 

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“Finance Charge Percentage” means a rate per year equal to Prime Rate plus 1.75%, plus
an additional 5.00(%) percentage points, during any period that an Event of Default has occurred
and is continuing.

“Funding Request” means a writing signed by an authorized representative of Borrower
requesting an Advance which accurately identifies the Eligible Receivables and Receivable Amounts,
and includes for each such Receivable the correct amount owed by the Account Debtor, the name and
address of the Account Debtor, the invoice number, the invoice date and the account code.

“Lender” means Bridge Bank, National Association, and its successors and assigns.

“Obligations” means all liabilities and obligations of Borrower to Lender of any kind
or nature, present or future, arising under or in connection with this Agreement or under any other
document, instrument or agreement, whether or not evidenced by any note, guarantee or other
instrument, whether arising on account or by overdraft, whether direct or indirect (including those
acquired by assignment) absolute or contingent, primary or secondary, due or to become due, now
owing or hereafter arising, and however acquired; including, without limitation, all Advances,
Finance Charges, fees, interest, expenses, professional fees and attorneys’ fees.

“Overadvance” means that the total amount of the Advances then outstanding exceeds the
Credit Limit or the Borrowing Base.

“Prime Rate” means for any day, a variable rate of interest, per annum, most recently
published by the Wall Street Journal, as the “prime rate,” provided that if such day is not a
business day, the Prime Rate for such day shall be such rate on such transactions on the next
preceding business day as so published in the Wall Street Journal on the next succeeding business
day.

“Receivable Amount” means as to any Receivable, the Receivable Amount due from the
Account Debtor after deducting all discounts, credits, offsets, payments or other deductions of any
nature whatsoever, whether or not claimed by the Account Debtor.

“Receivables” means Borrower’s rights to payment arising in the ordinary course of
Borrower’s business, including accounts, chattel paper, instruments, contract rights, documents,
general intangibles, letters of credit, drafts, and bankers acceptances.

“Reconciliation Date” means the last calendar day of each Reconciliation Period.

“Reconciliation Period” means each calendar month.

“Termination Date” means the earlier of (a) one year from the date hereof, or (b) the
date on which Lender elects to terminate this Agreement pursuant to the terms herein.

“Termination Fee” means a payment equal to 1.00% of the Credit Limit.

1.2 Construction:

(a) In this Agreement: (i) references to the plural include the singular and to the
singular include the plural; (ii) references to any gender include any other gender; (iii) the
terms “include” and “including” are not limiting; (iv) the term “or” has the inclusive meaning
represented by the phrase “and/or,” (v) unless otherwise specified, section and subsection
references are to this Agreement, and (vi) any reference to any statute, law, or regulation
shall include all amendments thereto and revisions thereof.

(b) Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or
resolved using any presumption against either Borrower or Lender, whether under any rule of
construction or otherwise. On the contrary, this Agreement has been reviewed by each party
hereto and their respective counsel. In case of any ambiguity or uncertainty, this Agreement
shall be construed and interpreted according to the ordinary meaning of the words used to
accomplish fairly the purposes and intentions of all parties hereto.

(c) Titles and section headings used in this Agreement are for convenience only and shall
not be used in interpreting this Agreement.

 

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	2.	 	Advances.

2.1 Funding Requests. Borrower may request that Lender make an advance (each, an
“Advance”) by
delivering to Lender a Funding Request. Lender shall be entitled to rely on all the
information provided by Borrower to Lender on or with the Funding Request and to rely on the
signature on any Funding Request as an authorized signature of Borrower.

2.2 Revolving Credit Line. Subject to the terms and conditions of this Agreement,
from the date on which this Agreement becomes effective until the Termination Date, Lender will
make Advances to Borrower not exceeding the Credit Limit or the Borrowing Base, whichever is less;
provided that in no event shall Lender be obligated to make any Advance that results in an
Overadvance or while any Overadvance is outstanding. Amounts borrowed under this Section may be
repaid and reborrowed during the term of this Agreement. It shall be a condition to each Advance
that (a) all of the representations and warranties set forth in Section 6 are true and correct on
the date of such Advance as though made at and as of each such date and (b) no Default has occurred
and is continuing, or would result from such Advance.

2.3 Intentionally omitted.

2.4 Rights in Respect of Receivables. Lender shall have the exclusive right to
receive all Collections on the Receivable and no Adjustments will be made without the Lender’s
consent. Lender shall have, with respect to any goods related to the Receivables, all the rights
and remedies of an unpaid seller under the California Uniform Commercial Code and other applicable
law, including the rights of replevin, claim and delivery, reclamation and stoppage in transit.

2.5 Due Diligence. Lender may at any time and from time to time contact Account
Debtors and other persons obligated or knowledgeable in respect of Receivables to confirm the
Receivable Amount of such Receivables, to determine whether Receivables constitute Eligible
Receivables, and for any other purpose in connection with this Agreement. Lender may audit
Borrower’s Receivables and any and all records pertaining to the Collateral, at Lender’s sole
discretion and at Borrower’s expense.

	3.	 	Collections, Charges and Remittances.

3.1 Collections. Lender shall credit Collections with respect to Receivables received
by Lender to Borrower’s Account Balance within three business days of the date received. At
Lender’s discretion, all Collections received by Lender may either be (a) credited to Borrower’s
deposit account with Bank, or (b) applied to repay when due the Advances and other Obligations;
once all Obligations have been paid in full, Lender agrees to remit to Borrower the remaining
amount of Collections it receives. Lender has no duty to do any act other than to turn over such
amounts as required above. If an item of Collections is not honored or Lender does not receive
good funds for any reason, the amount of any application shall be reversed as if the Collections
had not been received and Finance Charges under Section 3.2 shall accrue thereon.3.2

3.2 Finance Charges. Ten days following the Reconciliation Date Borrower shall pay to
Lender the Finance Charge for the prior Reconciliation Period. Lender may deduct the accrued
Finance Charges from Borrowers checking account maintained with Lender.

3.3 Fees.

(a) Facility Fee. On the date of this Agreement and on each anniversary thereof
prior to the termination of this Agreement, Borrower shall pay to Lender the Facility Fee.

(b) Termination Fee. In the event this Agreement is terminated within12 months of
the date of this Agreement, Borrower shall pay the Termination Fee to Lender; provided that such
Termination Fee shall be waived if this Agreement is terminated in connection with Borrower’s
entry into a financing agreement with an affiliate of Lender.

3.4 Reporting. Within 30 days after the end of each Reconciliation Period, Lender
shall send to Borrower a report covering the transactions for that Reconciliation Period, including
the amount of all Collections, Adjustments made by Lender, Finance Charges, and other fees and
charges. The accounting shall be deemed correct and conclusive unless Borrower makes written
objection to Lender within 30 days after the Lender mails the accounting to Borrower.

3.5 Adjustments. In the event of a breach of Sections 6 or 7, or in the event any
Adjustment or dispute is asserted by any Account Debtor, Borrower shall promptly advise Lender and
shall, subject to the Lender’s approval, resolve such disputes and advise Lender of any
adjustments. Lender shall have the right, at any time, to take possession of any rejected,
returned, or recovered personal property. If such possession is not
taken by Lender, Borrower is to resell it for Lender’s account at Borrower’s expense with the
proceeds made payable to Lender. While Borrower retains possession of any returned goods, Borrower
shall segregate said goods and mark them as property of Lender.

 

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3.6 Lockbox Account Collection Services. Borrower, Lender and a lockbox provider
acceptable to Lender shall immediately enter into a remittance processing services agreement
acceptable to Lender (the “Lockbox Agreement”). Borrower shall use the lockbox address as the
remit to and payment address for all of Borrower’s Collections and it will be considered an
immediate Event of Default if this does not occur or is not operational within 45 days of the date
of this Agreement. All Collections received to the lockbox will be deposited to a non-interest
bearing bank-control account maintained with Lender and Borrower will not have access to that
account. Borrower will (i) immediately notify, transfer and deliver to Lender all Collections
Borrower receives and (ii) deliver to Lender a detailed cash receipt’s journal on Friday of each
week until the lockbox is operational. Additionally, Lender may request that Account Debtor’s pay
(by wire transfer or otherwise) Collections to Lender directly.

	4.	 	Overadvances.

4.1 Overadvances. Upon any occurrence of an Overadvance, Borrower shall immediately
pay down the Advances so that, after giving effect to such payments, no Overadvance exists.

4.2 Borrower’s Payment. When any Overadvance or other amount owing to Lender becomes
due, Lender shall inform Borrower of the manner of payment which may be any one or more of the
following in Lender’s sole discretion: (a) in cash immediately upon demand therefor; (b) by
deduction from or offset against the amount that otherwise would be forwarded to Borrower in
respect of any further Advances that may be made by Lender; or (c) by any combination of the
foregoing as Lender may from time to time choose.

5.    Power of Attorney. Borrower irrevocably appoints Lender and its successors and
assigns as Borrower’s true and lawful attorney in fact, and authorizes Lender, at Borrower’s sole
expense, whether or not there has been an Event of Default, to (i) receive and open all mail
addressed to Borrower for the purpose of collecting the Receivables; (ii) endorse Borrower’s name
on any checks or other forms of payment on the Receivables; (iii) execute on behalf of Borrower any
and all instruments, documents, financing statements and the like to perfect Lender’s interests in
the Receivables and Collateral; (iv) to notify all Account Debtors with respect to the Receivables
to pay Lender directly; (v) debit Borrower’s checking account maintained with Lender for any and
all Obligations due under this Agreement; (vi) sell, assign, transfer, pledge, compromise, or
discharge the whole or any part of the Collateral; (vii) demand, collect, receive, sue, and give
releases to any Account Debtor for the monies due or which may become due upon or with respect to
the Receivables and to compromise, prosecute, or defend any action, claim, case or proceeding
relating to the Collateral, including the filing of a claim or the voting of such claims in any
bankruptcy case, all in Lender’s name or Borrower’s name, as Lender may choose; and (viii) prepare,
file and sign Borrower’s name on any notice, claim, assignment, demand, draft, or notice of or
satisfaction of lien or mechanics’ lien or similar document with respect to the Collateral; and
(ix) do all acts and things necessary or expedient, in furtherance of any such purposes.

	6.	 	Representations and Warranties. Borrower represents and warrants:

(a) With respect to each Eligible Receivable:

(i) It is the owner with legal right to sell, transfer and assign it;

(ii) The correct Receivable Amount has been accurately reported to Lender and is not
disputed;

(iii) Lender has the right to endorse and/ or require Borrower to endorse all payments
received on Receivables and all proceeds of Collateral; and

(iv) No representation, warranty or other statement of Borrower in any certificate or
written statement given to Lender contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statement contained in the certificates or statement
not misleading.

(b) Borrower is duly existing and in good standing in its state of formation and qualified and
licensed to do business in, and in good standing in, any state in which the conduct of its business
or its ownership of property requires that it be qualified.

 

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(c) The execution, delivery and performance of this Agreement has been duly authorized, and
does not
conflict with Borrower’s organizational documents, nor constitute an Event of Default under
any material agreement by which Borrower is bound. Borrower is not in default under any agreement
to which or by which it is bound.

(d) Borrower has good title to the Collateral and all inventory is in all material respects of
good and marketable quality, free from material defects.

(e) Borrower’s name, form of organization, chief executive office, and the place where the
records concerning all Receivables and Collateral are kept is set forth at the beginning of this
Agreement, Borrower is located at its address for notices set forth in this Agreement.

(f) If Borrower owns, holds or has any interest in, any copyrights (whether registered, or
unregistered), patents or trademarks, and licenses of any of the foregoing, such interest has been
specifically disclosed and identified to Lender in writing.

	7.	 	Miscellaneous Provisions. Borrower will:

(a) Maintain its corporate existence and good standing in its jurisdictions of incorporation
and maintain its qualification in each jurisdiction necessary to Borrower’s business or operations.

(b) Give Lender at least 30 days prior written notice of changes to its name, organization,
chief executive office or location of records.

(c) Pay all its taxes including gross payroll, withholding and sales taxes when due and will
deliver satisfactory evidence of payment to Lender if requested.

(d) Provide to Lender a written report within 10 days, if payment of any Receivable does not
occur by its due date and include the reasons for the delay.

(e) Give Lender copies of all of Borrower’s quarterly balance sheets and income statements,
Forms 10-K, 10-Q and 8-K (or equivalents) within 5 days of filing any of the foregoing with the
Securities and Exchange Commission, while any Advance is outstanding.

(f) Execute any further instruments and take further action as Lender requests to perfect or
continue Lender’s security interest in the Collateral or to effect the purposes of this Agreement.

(g) Immediately notify, transfer and deliver to Lender all Collections Borrower receives.

(h) Not create, incur, assume, or be liable for any indebtedness.

(i) Immediately notify Lender if Borrower hereafter obtains any interest in any copyrights,
patents, trademarks or licenses that are significant in value or are material to the conduct of its
business or the value of any Receivable.

(j) Provide to Lender prior to each Advance or within 30 days after the end of each month when
there is an outstanding balance of Advances, the following for such month and the period then
ending: balance sheet and income statement, accounts payable aging report, and Compliance
Certificate.

(k) Provide to Lender, prior to each Advance or no later than 5 days following the
15th and last day of each month when there is an outstanding balance of Advances, the
following for the period then ending: accounts receivable aging report by invoice date, together
with a borrowing base certificate in form and substance acceptable to Lender setting forth the
Eligible Receivables and Receivable Amounts thereof;

(l) Lender shall have a right from time to time hereafter to audit Borrower’s Receivables at
Borrower’s expense. Such audits shall be conducted prior to the initial Advance and every six
months thereafter or as otherwise requested by Lender.

(m) Maintain its primary depository and operating accounts with Lender and, in the case of any
deposit accounts not maintained with Lender, grant to Lender a first priority perfected security
interest in and “control” (within the meaning of Section 9104 of the California Uniform Commercial
Code) of such deposit account pursuant to documentation acceptable to Lender.

 

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(n) At all times insure all of the tangible Collateral and carry such other business
insurance, with insurers reasonably acceptable to Lender, in such form and amounts as Lender may
reasonably require and that are customary and in accordance with standard practices for Borrower’s
industry and locations, and
Borrower shall provide evidence of such insurance to Lender. All such insurance policies
shall name Lender as an additional loss payee, and shall contain a lenders loss payee endorsement
in form reasonably acceptable to Lender. Upon receipt of the proceeds of any such insurance,
Lender shall apply such proceeds in reduction of the Obligations as Lender shall determine in its
good faith business judgment, provided that no Default or Event of Default has occurred and is
continuing. If Borrower fails to provide or pay for any insurance, Lender may, but is not
obligated to, obtain the same at Borrower’s expense. Borrower shall promptly deliver to Lender
copies of all material reports made to insurance companies.

(o) Not merge or consolidate with or into any other business organization, or acquire all or
substantially all of the capital stock or property of a third party, unless (i) any such acquired
entity becomes a “borrower” under this Agreement and (ii) Lender has previously consented to the
applicable transaction in writing.

(p) Maintain a monthly Asset Coverage Ratio of at least 1.75:1.00.

(q) Maintain a rolling three (3) month performance of at least 80% of the annual operating
projections as set forth in Section 7 (r) hereof.

(r) Provide to Lender (i) no later than 180 days from the end of each fiscal year, annual
financial statements including balance sheet, income statement, and statement of cash flows audited
by a certified public accounting firm acceptable to Lender, and (ii) no later than January 31, 2007
for fiscal year 2007 and no later than 30 days from the end of each fiscal year thereafter, annual
operating projections (including balance sheet, income statement and statement of cash flows) for
the upcoming fiscal year approved by Borrower’s board of directors in form and substance
satisfactory to Lender.

8.    Security Interest. To secure the prompt payment and performance to Lender of all of the
Obligations, Borrower hereby grants to Lender a continuing security interest in the Collateral.
Borrower is not authorized to sell, assign, transfer or otherwise convey any Collateral without
Lender’s prior written consent, except for the sale of finished inventory in the Borrower’s usual
course of business. Borrower agrees to sign any instruments and documents requested by Lender to
evidence, perfect, or protect the interests of Lender in the Collateral. Borrower agrees to
deliver to Lender the originals of all instruments, chattel paper and documents evidencing or
related to Receivables and other Collateral. Borrower shall not grant or permit any lien or
security interest in the Collateral or any interest therein.

	9.	 	Default and Remedies.

9.1 Events of Default. The occurrence of any one or more of the following shall
constitute an Event of Default hereunder.

(a) Failure to Pay. Borrower fails to make a payment under this Agreement.

(b) Lien Priority. Lender fails to have an enforceable first lien (except for any
prior liens to which Lender has consented in writing) on or security interest in the Collateral.

(c) False Information. Borrower (or any guarantor) has given Lender false or
misleading information or representations.

(d) Death. If Borrower is a partnership, any general partner dies or becomes
legally incompetent; or any guarantor dies or becomes legally incompetent.

(e) Bankruptcy. Borrower (or any guarantor) files a bankruptcy petition, a
bankruptcy petition is filed against Borrower (or any guarantor) or Borrower (or any guarantor)
makes a general assignment for the benefit of creditors.

(f) Receivers. A receiver or similar official is appointed for a substantial
portion of Borrower’s (or any guarantor’s) business, or the business is terminated.

(g) Judgments. Any judgments or arbitration awards are entered against Borrower
(or any guarantor), or Borrower (or any guarantor) enters into any settlement agreements with
respect to any litigation or arbitration.

(h) Material Adverse Change. A material adverse change occurs, or is reasonably
likely to occur, in Borrower’s (or any guarantor’s) business condition (financial or otherwise),
operations, properties or prospects, or ability to repay the credit; or Lender determines that
it is insecure for any other reason.

 

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(i) Cross-default. Any default occurs under any agreement in connection with any
credit Borrower (or any guarantor) or any of Borrower’s related entities or affiliates has
obtained from anyone else or which Borrower (or any guarantor) or any of Borrower’s related
entities or affiliates has guaranteed.

(j) Default under Related Documents. Any default occurs under any guaranty,
subordination agreement, security agreement, deed of trust, mortgage, or other document required
by or delivered in connection with this Agreement or any such document is no longer in effect.

(k) Other Agreements. Borrower (or any guarantor) or any of Borrower’s related
entities or affiliates fails to meet the conditions of, or fails to perform any obligation under
any other agreement Borrower (or any guarantor) or any of Borrower’s related entities or
affiliates has with Lender or any affiliate of Lender.

(l) Change of Control. The holders of the capital ownership of the Borrower as of
the date hereof cease to own and control, directly and indirectly, at least 90% of the capital
ownership of the Borrower.

(m) Other Breach Under Agreement. Borrower fails to meet the conditions of, or fails to
perform any obligation under, any term of this Agreement not specifically referred to above.

9.2 Remedies. Upon the occurrence of an Event of Default, (1) without implying any
obligation to do so, Lender may cease making Advances or extending any other financial
accommodations to Borrower; (2) all or a portion of the Obligations shall be, at the option of and
upon demand by Lender, or with respect to an Event of Default described in Section 9.1(e),
automatically and without notice or demand, due and payable in full; (3) Lender may notify Account
Debtors that the underlying Receivables have been assigned to Lender and that payment thereof is to
be made to the order of Lender and sent directly to Lender, and (4) Lender shall have and may
exercise all the rights and remedies under this Agreement and under applicable law, including the
rights and remedies of a secured party under the California Uniform Commercial Code, all the power
of attorney rights described in Section 5 with respect to all Collateral, and the right to collect,
dispose of, sell, lease, use, and realize upon all Receivables and all Collateral in any commercial
reasonable manner.

10.   Accrual of Interest. If any amount owed by Borrower hereunder is not paid when due,
including, without limitation, amounts due under Section 3.3, Overadvances, amounts due under
Section 11, and any other Obligations, such amounts shall bear interest at a per annum rate equal
to the per annum rate of the Finance Charges until the earlier of (i) payment in good funds or (ii)
entry of a final judgment thereof, at which time the principal amount of any money judgment
remaining unsatisfied shall accrue interest at the highest rate allowed by applicable law. All
interest and Finance Charges hereunder calculated at an annual rate shall be based on a year of 360
days, which results in a higher effective rate of interest than if a year of 365 or 366 days were
used.

11.   Fees, Costs and Expenses; Indemnification. The Borrower will pay to Lender upon demand
all fees, costs and expenses (including fees of attorneys and professionals and their costs and
expenses) that Lender incurs or may from time to time impose in connection with any of the
following: (a) preparing, negotiating, administering, and enforcing this Agreement or any other
agreement executed in connection herewith, including any amendments, waivers or consents in
connection with any of the foregoing, (b) any litigation or dispute (whether instituted by Lender,
Borrower or any other person) in any way relating to the Receivables, the Collateral, this
Agreement or any other agreement executed in connection herewith or therewith, (c) enforcing any
rights against Borrower or any guarantor, or any Account Debtor, (d) protecting or enforcing its
interest in the Receivables or the Collateral, (e) collecting the Receivables and the Obligations,
or (f) the representation of Lender in connection with any bankruptcy case or insolvency proceeding
involving Borrower, any Receivable, the Collateral, any Account Debtor, or any guarantor. Borrower
shall indemnify and hold Lender harmless from and against any and all claims, actions, damages,
costs, expenses, and liabilities of any nature whatsoever arising in connection with any of the
foregoing.

 

8

 

12.   Integration, Severability, Waiver, and Choice of Law. This Agreement and any related
security or other agreements required by this Agreement, collectively: (a) represent the sum of the
understandings and agreements between Lender and Borrower concerning this credit; (b) replace any
prior oral or written agreements between Lender and Borrower concerning this credit; and (c) are
intended by Lender and
Borrower as the final, complete and exclusive statement of the terms agreed to by them. In the
event of any conflict between this Agreement and any other agreements required by this Agreement,
this Agreement will prevail. If any provision of this Agreement is deemed invalid by reason of
law, this Agreement will be construed as not containing such provision and the remainder of the
Agreement shall remain in full force and effect. Lender retains all of its rights, even if it
makes an Advance after a default. If Lender waives a default, it may enforce a later default. Any
consent or waiver under, or amendment of, this Agreement must be in writing, and no such consent,
waiver, or amendment shall imply any obligation by Lender to make any subsequent consent, waiver,
or amendment. THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF CALIFORNIA.

13.   Notices. All notices shall be given to Lender and Borrower at the addresses or faxes
set forth on the signature page of this Agreement and shall be deemed to have been delivered and
received: (a) if mailed, three (3) calendar days after deposited in the United States mail, first
class, postage pre-paid, (b) one (1) calendar day after deposit with an overnight mail or messenger
service; or (c) on the same date of confirmed transmission if sent by hand delivery, telecopy,
telefax or telex.

14.   Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN CONNECTION WITH THE OBLIGATIONS OR
IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF
THEM WITH RESPECT TO ANY OBLIGATION, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY REPRESENTS AND
WARRANTS THAT IT HAS REVIEWED THIS WAIVER, HAS DETERMINED FOR ITSELF THE NECESSITY TO REVIEW THE
SAME WITH ITS LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ALL RIGHTS TO A JURY TRIAL.

	15.	 	REFERENCE PROVISION.

a. The parties prefer that any dispute between them be resolved in litigation subject to a Jury
Trial Waiver as set forth in the Loan Documents (defined below), but the California Supreme Court
has held that pre-dispute Jury Trial Waivers not authorized by statute are unenforceable. This
Reference Provision will be applicable until: (i) the California Supreme Court holds that a
pre-dispute Jury Trial Waiver provision similar to that contained in the Loan Documents is valid or
enforceable; or (ii) the California Legislature enacts a statute which becomes law, authorizing
pre-dispute Jury Trial Waivers of the type in the Loan Documents and, as a result, such waivers
become enforceable. In addition, this Reference Provision, if not already applicable as otherwise
provided herein, will become applicable, if a Court, contrary to a choice of law provision
contained in the Loan Documents, holds that the laws of the State of California apply to the Loan
Documents.

b. Other than (i) nonjudicial foreclosure of security interests in real or personal property, (ii)
the appointment of a receiver or (iii) the exercise of other provisional remedies (any of which may
be initiated pursuant to applicable law), any controversy, dispute or claim (each, a “Claim”)
between the parties arising out of or relating to this Agreement or any other document, instrument
or agreement between Lender and the undersigned (collectively in this Section, the “Loan
Documents”), will be resolved by a reference proceeding in California in accordance with the
provisions of Section 638 et seq. of the California Code of Civil Procedure (“CCP”), or their
successor sections, which shall constitute the exclusive remedy for the resolution of any Claim,
including whether the Claim is subject to the reference proceeding. Except as otherwise provided
in the Loan Documents, venue for the reference proceeding will be in the Superior Court or Federal
District Court in the County or District where the real property, if any, is located or in a County
or District where venue is otherwise appropriate under applicable law (the “Court”).

c. The referee shall be a retired Judge or Justice selected by mutual written agreement of the
parties. If the parties do not agree, the referee shall be selected by the Presiding Judge of the
Court (or his or her representative). A request for appointment of a referee may be heard on an ex
parte or expedited basis, and the parties agree that irreparable harm would result if ex parte
relief is not granted. The referee shall be
appointed to sit with all the powers provided by law. Pending appointment of the referee, the
Court has power to issue temporary or provisional remedies.

 

9

 

d. The parties agree that time is of the essence in conducting the reference proceedings.
Accordingly, the referee shall be requested, subject to change in the time periods specified herein
for good cause shown, to (a) set the matter for a status and trial-setting conference within
fifteen (15) days after the date of selection of the referee, (b) if practicable, try all issues of
law or fact within ninety (90) days after the date of the conference and (c) report a statement of
decision within twenty (20) days after the matter has been submitted for decision.

e. The referee will have power to expand or limit the amount and duration of discovery. The
referee may set or extend discovery deadlines or cutoffs for good cause, including a party’s
failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based
upon good cause shown, no party shall be entitled to “priority” in conducting discovery,
depositions may be taken by either party upon seven (7) days written notice, and all other
discovery shall be responded to within fifteen (15) days after service. All disputes relating to
discovery which cannot be resolved by the parties shall be submitted to the referee whose decision
shall be final and binding.

f. Except as expressly set forth in this Agreement, the referee shall determine the manner in which
the reference proceeding is conducted including the time and place of hearings, the order of
presentation of evidence, and all other questions that arise with respect to the course of the
reference proceeding. All proceedings and hearings conducted before the referee, except for trial,
shall be conducted without a court reporter, except that when any party so requests, a court
reporter will be used at any hearing conducted before the referee, and the referee will be provided
a courtesy copy of the transcript. The party making such a request shall have the obligation to
arrange for and pay the court reporter. Subject to the referee’s power to award costs to the
prevailing party, the parties will equally share the cost of the referee and the court reporter at
trial.

g. The referee shall be required to determine all issues in accordance with existing case law and
the statutory laws of the State of California. The rules of evidence applicable to proceedings at
law in the State of California will be applicable to the reference proceeding. The referee shall
be empowered to enter equitable as well as legal relief, provide all temporary or provisional
remedies, enter equitable orders that will be binding on the parties and rule on any motion which
would be authorized in a trial, including without limitation motions for summary judgment or
summary adjudication. The referee shall issue a decision and pursuant to CCP §644 the referee’s
decision shall be entered by the Court as a judgment or an order in the same manner as if the
action had been tried by the Court. The final judgment or order or from any appealable decision or
order entered by the referee shall be fully appealable as provided by law. The parties reserve the
right to findings of fact, conclusions of laws, a written statement of decision, and the right to
move for a new trial or a different judgment, which new trial, if granted, is also to be a
reference proceeding under this provision.

h. If the enabling legislation which provides for appointment of a referee is repealed (and no
successor statute is enacted), any dispute between the parties that would otherwise be determined
by reference procedure will be resolved and determined by arbitration. The arbitration will be
conducted by a retired judge or Justice, in accordance with the California Arbitration Act §1280
through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery
set forth above shall apply to any such arbitration proceeding.

i. THE PARTIES RECOGNIZE AND AGREE THAT ALL DISPUTES RESOLVED UNDER THIS REFERENCE PROVISION WILL
BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO
CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY AND FOR THEIR
MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY DISPUTE BETWEEN THEM WHICH
ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE LOAN DOCUMENTS.

16.   Term and Termination. This Agreement shall become effective upon the execution and
delivery hereof by Borrower and Lender and shall continue in full force and effect until the
Termination Date. Upon the Termination Date, the unpaid balance of the Obligations shall be due and
payable without demand or notice. Notwithstanding any of the foregoing, the obligations of Borrower
to indemnify Lender with respect to the expenses, damages, losses, costs and liabilities described
in Section 11 shall survive until all applicable statute of limitations periods with respect to
actions that may be brought against Lender have run.

 

10

 

	17.	 	  Joint and Several Liability of Borrowers; Waiver of Certain Defenses

(a) Independent obligation. Each Borrower, jointly and severally, promises to pay and
perform as and for its own indebtedness and obligation, (i) the due and punctual payment of the
obligations hereunder, in each case when and as the same shall become due and payable, whether at
maturity, pursuant to a mandatory prepayment requirement, by acceleration, as herein provided or
otherwise; and (ii) the punctual and faithful performance, keeping, observance, and fulfillment of
all of the agreements, conditions, covenants, and other obligations of Borrowers contained in this
Agreement or otherwise with any other obligation with respect to the obligations hereunder. The
obligations of each Borrower under this Agreement is a direct, primary, separate, and independent
obligation of such Borrower, is not in whole or in part a surety relationship, is absolute and
unconditional, and is not dependent in whole or in part upon the obligations of any other Borrower.
Each Borrower agrees that it is jointly and severally liable to Lender for the entire amount of the
obligations hereunder, and that a separate action may be brought against such Borrower whether such
action is brought against any other Borrower or any guarantor or whether any other Borrower or any
such guarantor is joined in such action. Each Borrower agrees that its liability hereunder shall
be immediate and shall not be contingent upon the exercise or enforcement by Lender of whatever
remedies they may have against any other Borrower or any guarantor, or the enforcement of any lien
or realization upon any security Lender may at any time possess. Each Borrower agrees that any
release which may be given by Lender to the other Borrower or any guarantor shall not also
constitute a release such Borrower. Each Borrower consents and agrees that Lender shall be under
no obligation to marshal any assets of any other Borrower or any guarantor in favor of such
Borrower or against or in payment of any or all of the obligations hereunder.

(b) Waivers. To the maximum extent permitted by applicable law, each Borrower hereby:

(i) Notices. Waives: (A) notice of any Advances or other financial accommodations made or
extended under this Agreement, or the creation or existence of any obligations hereunder; (B)
notice of the amount of the obligations hereunder, subject, however, to every Borrower’s right to
make inquiry of Lender to ascertain the amount of the obligations hereunder at any reasonable time;
(C) notice of any adverse change in the financial condition of any Borrower, of any change in
value, or the release of any Collateral, or of any other fact that might increase any Borrower’s
risk hereunder; (D)notice of presentment for payment, demand, protest and notice thereof as to any
instrument; (E) notice of any Default; and (F) all other notices (except if such notice is
specifically required to be given to such Borrower under any Credit Document to which such Borrower
is a party) and demands to which such Borrower might otherwise be entitled;

(ii) Suretyship and Other Rights and Defenses. Waives: (A) any rights to assert against
Lender any defense (legal or equitable), set-off, counterclaim, or claim which such Borrower may
now or at any time hereafter have against any other Borrower; (B) any defense, set-off,
counterclaim or claim, of any kind or nature, arising directly or indirectly from the present or
future lack of perfection, sufficiency, validity, or enforceability of the obligations hereunder or
any security therefor; (C)any defense arising by reason of any claim or defense based upon an
election of remedies by Lender, including any defense based upon an election of remedies by Lender
under the provisions of Section 580d and 726 of the California Code of Civil Procedure, or any
similar law of California or any other jurisdiction; (D) any defense based on any alteration,
impairment or release of the obligations hereunder or any security therefor, whether or not
resulting from any act or failure to act by Lender; and (E) any right to require Lender to
institute suit against any other Borrower or to exhaust any rights and remedies which Lender has or
may have against any other Borrower;

(iii) Subrogation. Waives: (A) any right of subrogation such Borrower has or may have as
against the other Borrower with respect to the obligations hereunder; (B) any right to proceed
against the other Borrower, now or hereafter, for contribution, indemnity, reimbursement, or any
other suretyship rights and claims (irrespective of whether direct or indirect, liquidated or
contingent), with respect to the obligations hereunder; and (C) any right to proceed or to seek
recourse against or with respect to any property or asset of the other Borrower and hereby agrees
that, in light of the waivers contained in this clause, such Borrower shall not be a “creditor” (as
that term is defined in Title II of the United States Code or otherwise) of the other Borrower,
whether for the purposes of the application of Sections 547 or 550 of Title 11 of the United States
Code or otherwise); and

(iv) Statutory Rights. WAIVES, WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER
PROVISION SET FORTH IN THIS SECTION, ANY AND ALL BENEFITS OR DEFENSES ARISING DIRECTLY OR
INDIRECTLY UNDER ANY ONE OR MORE OF CALIFORNIA CIVIL CODE SECTIONS 2787
to 2855, AND CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 580a, 580b, 580c, 580d, and 726.

 

11

 

(c) Consent to Alterations and Releases. Each Borrower consents and agrees that, without
notice to or by such Borrower and without affecting or impairing the obligations of such Borrower
hereunder, Lender may, by action or inaction, compromise or settle, extend the period of duration
or the time for the payment, or discharge the performance of, or may refuse to, or otherwise not
enforce, or may, by action or inaction, release all or any one or more parties to, any one or more
of this Agreement or may grant other indulgences to any Borrower in respect thereof, or may agree
to amend or modify in any manner and at any time (or from time to time) any one or more of this
Agreement, or may, by action or inaction, release or substitute any guarantor, if any, of the
obligations hereunder, or may enforce, exchange, release, or waive, by action or inaction, any
security for the obligations hereunder or any guaranty of the obligations hereunder, or any portion
thereof.

18.   Other Agreements. (i) Any security agreements, liens and/or security interests
securing payment of any obligations of Borrower owing to Lender or its affiliates also secure the
Obligations, and are valid and subsisting and are not adversely affected by execution of this
Agreement. An Event of Default under this Agreement constitutes a default under other outstanding
agreements between Borrower and Lender or its affiliates; (ii) Lender reserves the right to issue
press releases, advertisements, and other promotional materials describing any successful outcome
of services provided on Borrower’s behalf. Borrower agrees that Lender shall have the right to
identify Borrower by name in those materials.

Remainder of page intentionally left blank

 

12

 

IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement on the day and year above
written.

	 	 	 	 	 	 	 
	BORROWER:	 	LENDER:
	 
	 	 	 	 	 	 
	CANEUM, INC., a Nevada corporation,	 	BRIDGE BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	By

	 	/s/ Gary Allhusen
	 	By
	 	/s/ Betty L. Linvill
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Name:

	 	Gary Allhusen
	 	Name:
	 	Betty L. Linvill
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Title:

	 	Executive Vice President and COO
	 	Title:
	 	Senior Vice President
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Address for Notices:	 	Address for Notices:
	170 Newport Center Dr. Ste. 210

Newport Beach, CA 92660

Fax: (949) 273-4001	 	55 Almaden Blvd.

San Jose, CA 95113

Fax: (408) 423-8510
	 
	 	 	 	 	 	 
	BORROWER:	 	 	 	 
	 
	 	 	 	 	 	 
	TIER ONE CONSULTING INC, a California
corporation,	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Robert J. Morris	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Name:

	 	Robert J. Morris	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Title:

	 	CFO	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Address for Notices:	 	 	 	 
	170 Newport Center Dr. Ste. 210

Newport Beach, CA 92660

Fax: (949)269-0111	 	 	 	 

 

13

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