Document:

12% Second Amended and Restated Promissory Note - Matthew Kingfield

 Exhibit 10.14 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION SUBJECT TO, THE
REGISTRATION REQUIREMENTS UNDER SUCH ACT OR AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA. 
 COPY 
 SECOND AMENDED AND RESTATED PROMISSORY NOTE
(THE “NOTE”) 
 CLEARPOINT RESOURCES, INC. 
  

			
	$50,000	 	March 31, 2008

 FOR VALUE RECEIVED, the undersigned, ClearPoint Resources, Inc. (f/k/a Mercer Staffing, Inc.)
(“CPR”), hereby promises to pay to, or to the order of, Matthew Kingfield, an adult individual (“Kingfield”), the principal sum of Fifty Thousand U.S. Dollars ($50,000.00) (the “Principal
Amount”), together with interest at the rate and at such time as set forth below, all upon and subject to the terms and conditions set forth herein. 
 B A C K G R O U N D 
 WHEREAS, CPR and Kingfield are parties to an Amended and Restated Note, dated
March 1, 2005, pursuant to which CPR owes Kingfield the principal amount of $50,000 (the “Original Note”). The Original Note had a maturity date of March 31, 2008. CPR paid Kingfield quarterly interest during the
term of the Original Note; and 
 WHEREAS, this Note amends and restates in its entirety the Original Note. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and promises hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, CPR and Kingfield, intending to be legally bound hereby, agree as follows 
 1. Principal and Interest Payments. Unless this Note is prepaid pursuant to Section 2 hereof or otherwise becomes due and payable on an earlier date in accordance with the terms hereof, the Principal
Amount shall be due and payable on March 31, 2009 (the “Maturity Date”); provided, however, CPR shall have the right, in its sole discretion, to extend the Maturity Date to March 31, 2010 (the
“Maturity Date Extension”), by providing notice to Kingfield. All sums outstanding from time to time hereunder shall bear interest until the date paid at the rate of twelve percent (12%) per annum, such interest to be
paid quarterly. Interest shall accrue at the applicable rate on the basis of a 360-day year and the actual number of days elapsed. 
 2.
Prepayment. CPR shall have the right to prepay all or any portion of this Note from time to time without premium or penalty. Any prepayment shall be used to first to pay any accrued but unpaid interest and then, second, shall be applied to
reduce the final balloon Principal Amount payment. 

 3. Warrants. In consideration of Kingfield agreeing to extend the maturity date of the Original
Note from March 31, 2008 until March 31, 2009, CPR shall cause its parent company, ClearPoint Business Resources, Inc. (“CPBR”) to issue to Kingfield a warrant in the form attached hereto as Exhibit A
(the “Warrant”). The Warrant gives Kingfield the right, for two (2) years, to purchase 7,500 shares of CPBR common stock, par value $0.0001 per share (“Common Stock”), at an exercise price per
share equal to $1.55 (the closing price of the Common Stock on the date hereof) (the “Current Exercise Price”). If CPR exercises the Maturity Date Extension, then Kingfield shall have the right to a second Warrant giving
Kingfield the right to purchase an additional 7,500 shares of Common Stock at an exercise price equal to the closing price of Common Stock on the Maturity Date, but in no event at an exercise price lower than the Current Exercise Price. 

4. Event of Default. 
 a. Event
of Default. It shall be an “Event of Default” if CPR shall fail to make any payment of principal or interest under this Note when such payment is due, which default shall remain uncured for five (5) business days
after written notice of such failure shall have been given by Kingfield to CPR. 
 b. Remedies on Default. Upon an Event of Default
and at any time thereafter during the continuance of such Event of Default, without any further notice, demand, presentment, notice of protest or other action, at the election of Kingfield, this Note shall be immediately due and payable, both as to
the Principal Amount and any accrued but unpaid interest. 
 5. Amendment. This Note shall not be modified or amended other than by a
written agreement signed by both CPR and Kingfield. 
 6. Successors and Assigns. This Note shall be binding upon and inure to the
benefit of CPR’s and Kingfield’s successors and permitted assigns. Kingfield shall not assign this Note without CPR’s prior written consent. 
 7. Governing Law; Consent to Jurisdiction. This Note shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania. The parties hereto agree that any suit for the
enforcement of this Note shall be brought in the courts of the Commonwealth of Pennsylvania or any federal court sitting therein and each party consents to the exclusive jurisdiction of such courts. 
 [SIGNATURES ON FOLLOWING PAGE] 
  

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 IN WITNESS WHEREOF, the undersigned has executed this Second Amended and Restated Promissory Note as of
the day and year first above written. 
  

			
	CLEARPOINT RESOURCES, INC.
		
	By:	 	 /s/ Michael Traina

		 	Michael Traina
		 	CEO

  

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 EXHIBIT A 
 FORM OF WARRANTAgreement by and between ClearPoint Resources, Inc. and Blue Lake Rancheria

 Exhibit 10.15 
 As of March 31, 2008 
 Blue Lake Rancheria 
 P.O. Box 428 
 Blue Lake, CA 95525 
 Attn: Eric Ramos 
 Dear Sir or Madam: 
 This Letter (the “Agreement”) is intended to set forth certain agreements between ClearPoint Resources, Inc. (“CPR”) and Blue Lake Rancheria, a federally recognized Indian tribe
(“Blue Lake”), with respect to the amendment and restatement of that certain Promissory Note, dated March 1, 2005, for the original principal amount of $1,290,000 (the “Note”). The parties
acknowledge and understand that this Agreement constitutes a legally binding obligation and commitment on the parties hereto which shall be further documented in definitive, binding agreements to be completed no later than April 14, 2008.

 1. The Note shall be amended and restated as follows: 
 a. the principal amount shall be due and payable as follows: (a) Two Hundred Thousand U.S. Dollars ($200,000) shall be paid to Blue Lake no later than April 8, 2008, (b) CPR shall pay Blue Lake Fifty
Thousand U.S. Dollars ($50,000) on the first business day of each calendar month for twelve (12) consecutive months (totaling $600,000 in the aggregate), the first payment to occur on May 1, 2008 and the last to occur on April 1,
2009, and (c) on April 30, 2009, CPR shall pay to Blue Lake the balance of the principal amount, equal to Four Hundred and Ninety Thousand U.S. Dollars ($490,000), plus accrued interest; 
 b. the applicable interest rate shall be increased from six percent (6%) to ten percent (10%); 
 c. ClearPoint Business Resources, Inc. (“CPBR”), the parent company of CPR, shall issue Nine Hundred Thousand
(900,000) shares of CPBR common stock, par value $0.0001 per share, in the name of Blue Lake, to be held in escrow, pursuant to an escrow agreement, as security for payment of the amounts set forth in subsection (a) above; and 

 d. the Guaranty, dated February 28, 2005, by and among Blue Lake, Christopher Ferguson and certain
other parties, as well as the Guaranty, dated February 28, 2005, by and among Blue Lake, Michael Traina and certain other parties, shall continue per their respective terms. 
 2. The amended and restated Note, as well as the escrow agreement, shall contain representations, warranties, covenants, indemnifications and other
provisions customary in such transactions. 
 3. Each of the parties agrees to keep the existence and terms of this Agreement and the facts
and content of all discussions relating to the proposed transaction (including proposed terms and conditions), any Confidential Information (as defined in the Non-Disclosure Agreement, dated March 28, 2008, between the parties (the
“Confidentiality Agreement”)) obtained by any party during the negotiation process, the fact that the Confidential Information has been made available and/or that discussions or negotiations have taken place concerning a
possible business relationship, confidential among ourselves and our respective representatives and advisors, unless otherwise required by law, regulatory authorities, stock exchanges and/or the SEC. This Paragraph 3 is not intended to supersede,
but rather be in addition to, the Confidentiality Agreement. 
 4. Both CPR and Blue Lake acknowledge that a breach by either of them of
their respective obligations under this Agreement will cause irreparable harm to the other party. Accordingly, both CPR and Blue Lake acknowledge that the remedy at law for breach of such obligations hereunder will be inadequate and agree, in the
event of a breach or threatened breach by either of them of such provisions, that the other party shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate performance hereunder,
without the necessity of showing economic loss, without any bond or other security being required. 
 5. CPR and Blue Lake will each be
solely responsible for and bear all of their own respective expenses, including, without limitation, expenses of legal counsel, incurred at any time in connection with, pursuing or consummating the transactions contemplated by this Agreement.

 6. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which, taken together,
constitute one and the same instrument. 
 7. This Agreement will be governed by the laws of the Commonwealth of Pennsylvania without regard
to conflicts of law and principals thereof. 
 [SIGNATURES ON FOLLOWING PAGE] 
  

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 If you agree to the foregoing, kindly indicate as such by signing the enclosed copy of this Agreement and
returning it to Michael Traina, Chief Executive Officer of CPR. 
  

			
	CLEARPOINT RESOURCES, INC.
		
	By:	 	 /s/ Mike Traina

		 	Michael Traina
		 	Chief Executive Officer

 AGREED TO AS OF THE 31ST DAY 
 OF MARCH, 2008: 
  

			
	BLUE LAKE RANCHERIA
		
	By:	 	 /s/ Eric Ramos

	Name:	 	Eric Ramos
	Title:	 	President of Business Operations

  

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