Document:

Unassociated Document

    June
      5,
      2007

    Pinpoint
      Recovery Solutions, Corp. Andrew Scott

    Chairman

    4350
      W.
      Cypress,

    Tampa,
      FL

    (813)
      879-5000

    

    Re:
      Advisory Agreement 

    

    Dear
      Andrew:

    

    DAVID
      N.
      BAKER ("Advisor") is pleased to act as independent Advisor to Pinpoint Recovery
      Solutions, Inc., ("Pinpoint" or the "Company") on the following
      terms:

     

    1. Engagement.
      The Company hereby retains the Advisor to provide consulting services to the
      Company, and the Advisor hereby agrees to provide such services to the
      Company.

     

    2. Services.
      The Description of Work attached as Exhibit A to this agreement describes the
      services to be performed by the Advisor. If the Company and the Advisor
      anticipate the Advisor providing services in addition to those described in
      Exhibit A, the parties may
      amend
      this agreement by attaching additional exhibits. In providing services under
      this agreement
      the Advisors will be acting as independent contractor, not an:employee of the
      Company.

     

    3. Compensation.
      As compensation for services to be provided by the Advisor under this agreement,
      attached as Exhibit B, the Company shall as of the date of this agreement,
      without any conditions, contingencies, for the value of services performed,
      convey to David N. Baker, 203,500 shares (equal to 4.0% of the post financing
      Company based upon a $4.5 million private placement financing as currently
      contemplated) of Pinpoint Recovery Solutions, Inc. common stock, par value
      $0.001 per share. The Company shall furnish the Advisor with the shares upon
      execution of this letter agreement, but in no event later than 10 calendar
      days
      after the execution date of this agreement. On receipt of the shares, the Shares
      will be validly issued, fully paid and nonassessable, and free from all taxes,
      liens and charges.

     

    4. Term.
      Subject to section 10, the term of this agreement will commence on the date
      written above and will end on December 31, 2008.

     

    5. Allocation
      of Time and Energies. The Advisor shall perform diligently any services that
      they provide under this agreement. The Advisor will not be required to devote
      a
      set number of hours in any given time period to performing services under this
      agreement.

     

    6. Indemnification:
      Contribution. Subject to section 7, the Company shall indemnify the Advisor,
      their respective affiliates, and the officers, directors, agents, employees
      and.
      controlling persons of each such affiliate (each of the foregoing, an
      "Indemnified Person") to the fullest extent permitted by law from and against
      any and all losses, claims, damages, expenses (including reasonable fees and
      disbursements of counsel), actions, proceedings, investigations, inquiries
      or
      threats thereof (all

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    of
      the
      foregoing being hereinafter referred to as "Liabilities"), based upon, relating
      to, or arising out of its services hereunder, except that the Company will
      not
      be required to indemnify the Advisor with respect to any Liabilities if it
      has
      been finally judicially determined that those Liabilities resulted from the
      willful misconduct, bad faith or gross negligence of the Indemnified Person
      seeking indemnification.

     

    7. Limitation
      of Liability. Neither party shall under any circumstances be liable for any
      consequential, indirect, special, incidental or exemplary damages, including
      without limitation, any loss of revenues, profits, or business or other economic
      loss arising out of or in connection with the services provided hereunder.
      The
      Advisor's liability under this agreement will be limited to the value of the
      Shares as of the date of this agreement.

     

    8. Other
      Advisory Clients. The Company acknowledges that the Advisor and affiliates
      of
      the Advisor are in the business of providing services and consulting advice
      to
      others. Nothing contained in this agreement is to be construed to limit or
      restrict the Advisor in conducting any business with others or in rendering
      advice to others.

     

    9. Expenses.
      The Company shall promptly reimburse the Advisor for any expense incurred by
      the
      Advisor, if such expense is authorized by and incurred at the behest of, the
      Company and in connection with any services performed by the Advisor under
      this
      agreement. The Company will reimburse Advisor for said expenses within 10
      business days of providing an invoice to Company for any such
      expenses.

     

    10. Termination.
      Either party may terminate this agreement for any reason on 60 days' prior
      notice to the other party. However, all compensation provisions of this
      agreement will survive such termination and all compensation agreed will be
      provided, without an ability of rescission, to Advisor.

     

    11. Miscellaneous.
      Oregon law governs all matters arising out of this agreement, including
      any tort claims, without giving effect to principles relating to conflicts
      of
      law. This agreement may not be amended or otherwise modified except by an
      instrument signed by all parties. If any provision hereof is determined to
      be
      invalid or unenforceable in any respect, that determination will not affect
      that
      provision in any other respect or any other provision of this agreement, which
      will remain in full force and effect.

     

    If
      this
      agreement correctly reflects the terms we have agreed to, please sign a copy
      of
      this agreement in the space provided below and return it to the
      Advisor.

    

     

    DAVID.
      N.
      BAKER

     

    ____________________________

     

    PINPOINT
      RECOVERY SOLUTIONS CORP

     

    ____________________________

    Andrew
      Scott, Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Amendment amends that certain Advisory
      Agreement, dated as of June 5, 2007 (the “Effective Date”), by and between David
      N. Baker and Pinpoint Recovery Solutions Corp. as set forth herein.

    

    Paragraph
      3 of the Advisory Agreement is deleted in its entirety and replaced by the
      following:

    

    3. Compensation.
      As
      compensation for services to be provided by the Advisor under this agreement,
      attached as Exhibit B, the Company shall as of the date of this agreement,
      without any conditions, contingencies, for the value of services performed,
      convey to David N. Baker, 250,000 shares of Pinpoint Recovery Solutions, Inc.
      common stock, par value $0.001 per share. The Company shall furnish the Advisor
      with the shares upon execution of this letter agreement, but in no event later
      than 10 calendar days after the execution date of this agreement, unless
      otherwise agreed to by the parties. On receipt of the shares, the Shares will
      be
      validly issued, fully paid and nonassessable, and free from all taxes, liens
      and
      charges.

    

    The
      terms
      of this Amendment are deemed to be a part of the Advisory Agreement, and is
      effective and enforceable by the parties thereto, and is dated, as of the
      Effective Date. The Advisory Agreement is amended only as expressly set forth
      in
      this Amendment; all other terms and conditions of the Advisory Agreement shall
      remain in full force and effect except as so expressly amended.

     

    DAVID.
      N.
      BAKER

    ____________________________

     

    PINPOINT
      RECOVERY SOLUTIONS CORP

     

    ____________________________

    Andrew
      Scott, ChairmanPROMISSORY
      NOTE

     

    

      
        	
                $1,881,550.00

              	
                June
                  26, 2007

              

      

    

     

    FOR
      VALUE
      RECEIVED, Pinpoint Recovery Solutions Corp. (the "Maker") promises
      to pay to the order of S.A.L.T. Payroll Consultants, Inc. (the "Holder') at
      1120
Pinellas
      Bayway S., Suite 208, Tierra Verde, Florida 33715 or at the Holder's option,
      at
      such other
      place as may be designated, in writing, from time to time by the Holder, the
      principal sum of
      one
      million eight hundred eighty one thousand five hundred fifty and 00/100
($1,881,550.00),
      together with interest, in lawful money of the United States of America,
Payable
      as provided below.

    

    1. The
      principal portion of this Note shall bear interest at the prime rate per
annum
      as
      set
      by
      Bank of America, which shall be payable in accordance with Section 2 of this
      Note. Interest under this Note shall be calculated on the basis of a 360 day
      year for the actual number of days elapsed. In no event shall the interest
      charged hereunder exceed the maximum permitted
      by law.

     

    2. Accrued
      but unpaid interest on this Note shall be payable in arrears six months
      from the date hereof.

     

    3. The
      entire principal balance plus all accrued interest outstanding hereunder
      shall be due and payable six months from the date hereof (the "Maturity
      Date").

     

    4. All
      payments will be made in lawful tender of the United States and, unless
      otherwise specified by Holder, will be applied first to the payment of accrued
      interest, and
      second (to the extent that the amount of such payment exceeds the amount of
      all
      such accrued
      interest) to the payment of the principal.

     

    5. Failure
      by Maker to pay any payment of interest or principal hereunder when
      due
      shall constitute an "Event of Default" hereunder. Upon the occurrence of an
      Event of Default,
      Holder may, by written notice to Maker, declare this Note to be immediately
      due
      and payable,
      whereupon, if such failure is not cured by the Maker within ten (10) Business
      Days after
      the
      Maker's receipt of such notice, the then unpaid principal balance together
      with
      accrued but
      unpaid interest under this Note, shall become immediately due and payable.
      "Business Days"
      shall mean any days other than a Saturday,. Sunday or a day on which banks
      in
      New York City
      are
      authorized or obligated by applicable law or executive order to close or are
      otherwise generally closed.

     

    6. The
      Maker
      may prepay without premium or penalty of any kind all or any
      portion of the outstanding principal amount due under this Note, on any date
      or
      dates, provided,
      that such payment is accompanied by all accrued and unpaid interest on the
      principal so
      prepaid to and including the date of such prepayment.

     

    7.
      The
      amount and date of each repayment of principal thereof shall be recorded
      by Holder on Schedule I hereto or a continuation thereof; provided, however,
      that the

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    failure
      of Holder to make any such recordations shall not in any manner affect the
      obligation of Maker
      to
      repay the outstanding principal balance hereunder and all accrued and unpaid
      interest thereon.

     

    8. All
      payments by the Maker of principal of, or interest on any indebtedness
      evidenced by this Note and all other sums due under this Note shall be made
      free
and
      clear
      of and without deduction for any setoff or counterclaims, or any taxes, fees
      or
      other charges
      of any nature whatsoever imposed by any taxing authorities.

     

    9. No
      failure by the Holder hereof to exercise, and no delay in exercising,
any
      right
      or remedy hereunder shall operate as a waiver thereof, nor shall any single
      or
      partial exercise
      by such Holder of any right or remedy hereunder preclude any other or further
      exercise thereof
      or the exercise of any other right or remedy. The rights and remedies of the
      Holder hereof
      as
      herein specified are cumulative and not exclusive of any other rights or
      remedies which
      such Holder may otherwise have.

     

    10. No
      modification, rescission, waiver, forbearance, release or amendment of
      any
      provision of this Note shall be made, except by a written agreement duly
      executed by the Maker
      and
      the Holder.

     

    11. This
      Note
      is made in the State of New York and shall be governed by and
      construed in accordance with the laws of said State, without regard to conflict
      of laws principles.
      Any dispute arising out of or relating to this Note shall be resolved
      exclusively by state
      or
      federal courts sitting in New York County, State of New York. The Maker and
      the
      Holder hereby irrevocably submit to the jurisdiction of any such court and
      waive
      any objection to
      such
      jurisdiction, including, without limitation, the defenses of inconvenient forum
      and lack of
      personal jurisdiction.

     

    12. This
      Note
      is the entire and only agreement between the Maker and the Holder
      with respect to the subject matter hereof, and all oral representations,
      agreements and undertakings,
      previously or contemporaneously made, which are not set forth herein or therein,
      are
      superseded hereby and thereby. The provisions of this section shall survive
      any
      repayment of this Note.

     

    13. Maker
      hereby waives presentment, protest, notice of dishonor and all other
      demands and notices in connection with the delivery, acceptance, performance,
      default or enforcement
      of this Note.

     

    14. The
      Maker
      and the Holder hereby waive trial by jury in any action and/or proceeding
      arising on, out of or by reason of this Note.

     

    15. The
      Maker
      agrees to pay all collection expenses, court costs and reasonable
      attorneys' fees and disbursements (whether or not litigation is commenced)
      which
may
      be
      incurred in connection with the collection or enforcement of this
      Note.

     

    16.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent
by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      sent
      by a nationally recognized
      courier service providing receipt of delivery, (iv) sent by facsimile, to the
      address or facsimile
      number set forth below, or such other address or facsimile number as either
      the
      Maker

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    or
      Holder
      may designate by providing written notice to the other party in accordance
      with
      this Section
      16:

     

    If
      to
      Maker:

     

    Pinpoint
      Recovery Solutions Corp.

    30
      East
      81st
      Street,
      Suite 11E 

    New
      York,
      NY 10028

    Attention:
      Andrew Scott

    Facsimile
      No.: (212) 895-3783

     

    With
      a
      simultaneous copy to:

     

    Katten
      Muchin Rosenman LIT 

    575
      Madison Avenue

    New
      York,
      NY 10022

    Attention:
      Howard S. Jacobs, Esq. 

    Facsimile
      No.: (212) 940-8776

    

    IN
      WITNESS WHEREOF, the Maker has executed this Note as of the date first
written
      above.

     

    MAKER:

     

    PINPOINT
      RECOVERY SOLUTIONS CORP

     

    By:

    
      

    

    Name:

    Title:

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