Document:

First Amendment to Credit Agreement

 Exhibit 10.3 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 FIRST AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”), dated as of July 13, 2007, among CLEARPOINT BUSINESS RESOURCES, INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions parties to the Credit
Agreement (as hereinafter defined) (collectively, the “Lenders”), and MANUFACTURERS AND TRADERS TRUST COMPANY, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”).

 WITNESSETH: 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement, dated as of February 23, 2007 (as heretofore amended, supplemented or otherwise modified, the “Credit
Agreement”); and 
 WHEREAS, the parties hereto have agreed to amend the Credit Agreement to (i) increase the aggregate
Term Loan Commitments of the Lenders by $2,000,000, (ii) modify the repayment schedule for the Term Loans and (iii) modify the pricing grid, all on the terms and subject to the terms and conditions herein set forth. 
 NOW, THEREFORE, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Defined Terms. Unless otherwise defined herein,
terms defined in the Credit Agreement are used herein as therein defined. 
 2. Increase in the Term Loan Commitments.
(a) The aggregate amount of the Term Loan Commitments is hereby increased from $3,000,000 to $5,000,000. In furtherance thereof, Schedule I to the Credit Agreement is hereby amended to read as set forth on the new Schedule I to Credit Agreement
attached hereto as Exhibit A. On the Effective Date (as defined in Paragraph 8 hereof), the Term Loan Lender shall extend an additional Term Loan to the Borrower in the amount of $2,000,000. The proceeds of the new Term Loan shall be applied to
the Revolving Credit Loans outstanding, with such payments being first applied to Base Rate Loans and then to Eurodollar Loans, with payment to Eurodollar Loans being applied in direct order of maturity. 
 (b) On and after the Effective Date, principal on the Term Loans shall be repaid in equal monthly installments of $83,333.33 on the first Business Day of
each month, with the first such payment being due on the first Business Day in August 2007. In furtherance thereof, the fourth sentence of Section 2.1(b) of the Credit Agreement is hereby deleted and the following two sentences are inserted in
lieu thereof: 
 Subject to any prepayment obligation provided in this Agreement, on and after the effective date of the First Amendment to
Credit Agreement, dated as of July 13, 2007, the outstanding principal amount of the Term Loans shall be due and payable in monthly 

 
installments of $83,333.33 payable on the first Business Day of each month commencing on the first Business Day in August 2007, with a final balloon payment
of all outstanding principal of the Term Loans due on the Term Loan Maturity Date. The Borrower shall also pay on the Term Loan Maturity Date all accrued and unpaid interest under the Term Loan Facility. 
 (c) On the Effective Date, the Borrower shall deliver to the Term Loan Lender a new Term Note in favor of such Lender in a principal amount equal to such
Lender’s new Term Loan Commitment (the “New Note”). The New Note shall be in substitution for such Lender’s existing Term Note. 
 3. Applicable Margin. The definition of the term “Applicable Margin” contained in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows: 
 “Applicable Margin”: (a) on any date, for any Revolving Credit Loan, the percentage per annum set forth below in the column entitled
“Applicable Margin—Base Rate Loans” or “Applicable Margin—Eurodollar Loans,” as appropriate, opposite the Total Leverage Ratio set forth below as shown on the last Compliance Certificate delivered by the Borrower to the
Administrative Agent pursuant to subsection 5.1(c) prior to such date: 
  

							
	 Level
	  	 Total Leverage Ratio
	  	 Applicable
Margin - Base Rate
 Loans
	 	 Applicable
Margin - Eurodollar
 Loans

	I	  	Less than or equal to 1.50 to 1.0	  	0%	 	1.50%
				
	II	  	Greater than 1.50 to 1.0, but less than or equal to 2.50 to 1.0	  	0%	 	1.875%
				
	III	  	Greater than 2.50 to 1.0	  	0%	 	2.25%

 ; provided, however, that (a) adjustments, if any, to the Applicable Margin for Revolving
Credit Loans resulting from a change in the Total Leverage Ratio shall be effective five (5) Business Days after the Administrative Agent has received a Compliance Certificate, (b) in the event that no Compliance Certificate has been
delivered for a fiscal quarter on or prior to the last date on which it can be delivered without violation of subsection 5.1(c), the Applicable Margin for Revolving Credit Loans from such date until such Compliance Certificate is actually delivered
shall be that applicable under Level III and (c) in the event that the actual Total Leverage Ratio for any fiscal quarter is subsequently determined to 

  

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be greater than that set forth in the Compliance Certificate for such fiscal quarter, the Applicable Margin for Revolving Credit Loans shall be recalculated
for the actual period based upon such actual Total Leverage Ratio. Any additional interest on the Revolving Credit Loans resulting from the operation of clause (c) above shall be payable by the Borrower to the Administrative Agent, for
the benefit of the Revolving Credit Lenders, within five (5) days after receipt of a written demand therefor from the Administrative Agent. 
 (b) on any date, for any Term Loan, the percentage per annum set forth below in the column entitled “Applicable Margin—Base Rate Loans” or “Applicable Margin—Eurodollar Loans”, as appropriate, opposite the
Total Leverage Ratio set forth below as shown on the last Compliance Certificate delivered by the Borrower to the Administrative Agent pursuant to subsection 5.1(c) prior to such date: 
  

							
	 Level
	  	 Total Leverage Ratio
	  	 Applicable
Margin - Base Rate
 Loans
	 	 Applicable
Margin - Eurodollar
 Loans

	I	  	Less than or equal to 1.50 to 1.0	  	0%	 	1.875%
				
	II	  	Greater than 1.50 to 1.0, but less than or equal to 2.50 to 1.0	  	0%	 	2.25%
				
	III	  	Greater than 2.50 to 1.0	  	0%	 	2.625%

 ; provided, however, that (a) adjustments, if any, to the Applicable Margin for Term Loans
resulting from a change in the Total Leverage Ratio shall be effective five (5) Business Days after the Administrative Agent has received a Compliance Certificate, (b) in the event that no Compliance Certificate has been delivered for a
fiscal quarter on or prior to the last date on which it can be delivered without violation of subsection 5.1(c), the Applicable Margin for Term Loans from such date until such Compliance Certificate is actually delivered shall be that applicable
under Level III and (c) in the event that the actual Total Leverage Ratio for any fiscal quarter is subsequently determined to be greater than that set forth in the Compliance Certificate for such fiscal quarter, the Applicable Margin for
Term Loans shall be recalculated for the actual period based upon such actual Total Leverage Ratio. Any additional interest on the Term Loans resulting from the operation 

  

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of clause (c) above shall be payable by the Borrower to the Administrative Agent, for the benefit of the Term Loan Lenders, within five (5) days
after receipt of a written demand therefor from the Administrative Agent. 
 4. Commitment Fees. The definition of the term
“Applicable Commitment Fee Percentage” contained in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows: 
 “Applicable Commitment Fee Percentage”: on any date, the percentage per annum set forth below opposite the Total Leverage Ratio set forth below as shown on the last Compliance Certificate delivered by
the Borrower to the Administrative Agent pursuant to subsection 5.1(c) prior to such date: 
  

					
	 Level
	  	 Total Leverage Ratio
	  	Applicable Commitment
Fee Percentage
	I	  	Less than or equal to 1.50 to 1.0	  	0.15%
			
	II	  	Greater than 1.5 to 1.0, but less than or equal to 2.50 to 1.0	  	0.20%
			
	III	  	Greater than 2.50 to 1.0	  	0.25%

 provided, however, that (a) adjustments, if any, to the Applicable Commitment
Fee Percentage resulting from a change in the Total Leverage Ratio shall be effective five (5) Business Days after the Administrative Agent has received a Compliance Certificate, (b) in the event that no Compliance Certificate has been
delivered for a fiscal quarter on or prior to the last date on which it can be delivered without violation of subsection 5.1(c), the Applicable Commitment Fee Percentage from such date until such Compliance Certificate is actually delivered shall be
that applicable under Level III and (c) in the event that the actual Total Leverage Ratio for any fiscal quarter is subsequently determined to be greater than that set forth in the Compliance Certificate for such fiscal quarter, the
Applicable Commitment Fee Percentage shall be recalculated for the applicable period based upon such actual Total Leverage Ratio. Any additional Commitment Fees resulting from the operation of clause (c) above shall be payable by the Borrower
to the Administrative Agent, for benefit of the Revolving Credit Lenders, within five (5) days after receipt of a written demand therefor from the Administrative Agent. 
  

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 5. Interest Payments. 
 (a) The definition of the term “Interest Payment Date” contained in Section 1.1 of the Credit Agreement is hereby amended and restated to
read as follows: 
 “Interest Payment Date”: (a) as to any Revolving Credit Loan that bears interest at the Base Rate,
each January 1, April 1, July 1 and October 1, (b) as to any Term Loan that bears interest at the Base Rate, the first Business Day of each calendar month, (c) as to any Eurodollar Loan, the last day of such Interest
Period, (d) as to any Revolving Credit Loan, in addition to the foregoing, the Revolving Credit Termination Date and (e) as to any Term Loan, in addition to the foregoing, the Term Loan Maturity Date. 
 (b) Notwithstanding anything to the contrary, the Borrower may only select an Interest Period of one month for all or any portion of the Term Loans and
therefore the Borrower shall not have the option of an Interest Period of two or three months on any Term Loan bearing interest at the Eurodollar Rate. 
 6. Existing Notes. The Lenders hereby agree to waive the requirement that the Borrower obtain a Subordination Agreement for each Existing Note and waive any Default or Event of Default caused by the
Borrower’s failure to do so within sixty days of the Closing Date. 
 7. Representations and Warranties. The Borrower
hereby represents and warrants to the Lenders and the Administrative Agent that: 
 (a) After giving effect to this Amendment, there exists no
Default or Event of Default under the Credit Agreement; 
 (b) No Material Adverse Change has occurred since March 31, 2007; 

(c) The representations and warranties made in the Loan Documents are true and correct in all material respects on and as of the date hereof as if
made on and as of the date hereof, except that any such representation and warranty that is given as of a particular date or period and relates solely to such date or period is true and correct in all material respects as of such date or period;

 (d) Each of the Borrower and the other Loan Parties has all requisite power and authority, corporate or otherwise, to enter into and
perform its obligations under this Amendment, the New Note, the Consent and Agreement of Guarantors attached hereto (the “Consent and Agreement of Guarantors”) and any other Loan Documents to which it is a party and to fulfill its
obligations set forth herein and therein. The execution, delivery and performance of this Amendment, the borrowings under the Credit Agreement as amended hereby and the execution and delivery of the New Note and the other Loan Documents to which the
Borrower or any other Loan Party is a party have been duly authorized by all requisite corporate or other action and will not violate or constitute a default under any Requirement of Law, or of any indenture, note, loan or credit agreement, license
or any other agreement, lease or instrument to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any of its 

  

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Subsidiaries or any of its or their Properties are bound. This Amendment, the New Note, the Consent and Agreement of Guarantors and the other Loan Documents
have each been duly executed and delivered by each Loan Party thereto. This Amendment, the New Note, the Consent and Agreement of Guarantors and the other Loan Documents issued or to be issued hereunder constitute, the authorized, valid and legally
binding obligations of the Borrower or other Loan Party(ies) party thereto enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws or equitable
principles from time to time in effect relating to or affecting the rights of creditors generally. 
 (e) The making and performance of this
Amendment, the New Note, the Consent and Agreement of Guarantors and the other documents or instruments executed in connection herewith will not (i) violate any provision of any law or regulation, federal, state or local, or the certificate or
articles of incorporation, bylaws, certificate or articles of organization or operating agreement (as applicable) of the Borrower or any Guarantor, (ii) result in any breach or violation of, or constitute a default or require the obtaining of
any consent under, any agreement or instrument by which the Borrower or any Guarantor or its or their property may be bound, or (iii) affect the validity, perfection or priority of the interests of the Administrative Agent, for the benefit of
the Lenders, in any collateral securing the Obligations. 
 8. Conditions Precedent. This Amendment shall become effective on
the date that the Administrative Agent shall have received the following, all of which shall be in form and substance satisfactory to the Administrative Agent and its counsel (such date, the “Effective Date”): 
 (a) This Amendment duly executed and delivered by the Borrower, the Administrative Agent and the Lenders; 
 (b) The New Note duly executed and delivered by the Borrower; 
 (c) The Consent and Agreement of Guarantors, a form of which is attached as Exhibit B hereto, duly executed and delivered by the Guarantors; 
 (d) A certificate of the Secretary of the Borrower and each Guarantor certifying as to (i) the resolutions of the Boards of Directors of the
Borrower and each Guarantor approving and adopting this Amendment, the New Note, the Consent and Agreement of Guarantors, the other documents and instruments executed in connection herewith, the transactions contemplated herein and authorizing
execution and delivery hereof and thereof, certified by a secretary or assistant secretary of the Borrower or such Guarantor to be true and correct and in full force and effect as of the Effective Date and (ii) that there has been no changes to
the organizational documents of such Person since the copies delivered on the Closing Date. 
 (e) A fee equal to $10,000 (50 basis points on
the $2,000,000 increase in the Term Loans). 
 9. Affirmations. The Borrower hereby: (a) affirms all the provisions of the
Credit Agreement and the other Loan Documents, as supplemented and amended hereby, (b) agrees that the terms and conditions of the Credit Agreement and the other Loan Documents 

  

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shall continue in full force and effect as supplemented and amended hereby, (c) acknowledges, confirms and reaffirms that the collateral pledged under
the Loan Document continues to secure the Obligations, including those arising under the Credit Agreement, as amended hereby, and (d) acknowledges and agrees that it has no defense, set-off, counterclaim or challenge against the payment of any
sums currently owing under the Loan Documents or the enforcement of any of the terms or conditions thereof. 
 10. Limited Effect; No
Waiver. Except as expressly modified hereby, the Credit Agreement and the other Loan Documents shall continue to be, and shall remain, unaltered and in full force and effect in accordance with their terms. Except as provided in Paragraph 6
above, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any existing or future Default or Event of Default, whether known or unknown or any right, power or remedy of the Administrative Agent or the Lenders
under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. 
 11. Release and Indemnity.
(a) Recognizing and in consideration of the Lenders’ agreements set forth herein, the Borrower and each Guarantor hereby waives and releases the Administrative Agent, the Lenders and their respective officers, attorneys, agents, and
employees from any liability, suit, damage, claim, loss or expense of any kind or nature whatsoever and howsoever arising that the Borrower or such Guarantor ever had or now has against any of them through and including the date hereof arising out
of or relating to any acts or omissions with respect to this Amendment, the Credit Agreement, the other Loan Documents or any other matters described or referred to herein or therein or related hereto or thereto. 
 (b) The Borrower and each Guarantor further hereby agrees to indemnify and hold the Administrative Agent, the Lenders and their respective officers,
attorneys, agents and employees (collectively, the “Indemnified Parties”) harmless from any loss, damage, judgment, liability or expense (including counsel fees) suffered by or rendered against the Lenders or the Administrative
Agent or any of them on account of anything arising out of this Amendment, the Credit Agreement, the other Loan Documents or any other document delivered pursuant hereto or thereto up to and including the date hereof; provided that, neither the
Borrower nor any Guarantor shall have any obligation hereunder to any Indemnified Party with respect to indemnified liabilities arising from the gross negligence or willful misconduct of such Indemnified Person as finally determined by a court of
competent jurisdiction. 
 12. Integration. This Amendment constitutes the sole agreement of the parties with respect to the
terms hereof and shall supersede all oral negotiations and the terms of prior writings with respect thereto. 
 13.
Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

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 14. Miscellaneous. 
 (a) Expenses. The Borrower agrees to pay all of the Administrative Agent’s reasonable out-of-pocket fees and expenses incurred in connection
with the preparation, negotiation and execution of this Amendment and the other documents executed in connection herewith, including without limitation, the reasonable fees and expenses of counsel to the Administrative Agent. 
 (b) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

(c) Successor and Assigns. This Amendment shall inure to the benefit of, and be binding upon, the parties hereto and their respective
successors and assigns. 
 (d) Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed
to be an original, and all of which shall constitute one and the same instrument. 
 (e) Headings. The headings of any paragraph of
this Amendment are for convenience only and shall not be used to interpret any provision hereof. 
 (f) Modifications. No modification
hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought. 
 [SIGNATURES TO FOLLOW] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	CLEARPOINT BUSINESS RESOURCES, INC.
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	 Chris Ferguson

	Title:	 	 President

	
	 MANUFACTURERS AND TRADERS TRUST COMPANY
 as a Lender and as Administrative Agent

		
	By:	 	 /s/ David Mills

	Name:	 	 David Mills

	Title:	 	 Vice President

 EXHIBIT A 
 Schedule I to Credit Agreement 

 SCHEDULE I 
 Lenders and Commitments 
  

										
	 Lenders and Notice Information
	  	Revolving Credit
Commitment	  	Term Loan
Commitment	  	Total
Commitment
	 Manufacturers and Traders Trust Company
 601 Dresher Road
 Horsham, PA 19044
 Attention: David W. Mills
 Telecopy: (215) 956-7074
	  	$	20,000,000.00	  	$	5,000,000.00	  	$	25,000,000.00
				
	 Total
	  	$	20,000,000.00	  	$	5,000,000.00	  	$	25,000,000.00

  

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 EXHIBIT B 
 CONFIRMATION AND ACKNOWLEDGMENT OF GUARANTORS 

 CONSENT OF GUARANTORS 
 Each of the undersigned guarantors (each a “Guarantor”) consents to the provisions of the foregoing First Amendment to Credit Agreement (the
“Amendment”) and confirms and agrees that: (a) such Guarantor’s obligations under its Guaranty dated as of February 23, 2007 (as amended, the “Guaranty”), relating to the Obligations (as defined in the Credit
Agreement referred to in the Amendment) shall be unimpaired by the Amendment; (b) such Guarantor has no defenses, setoffs, counterclaims, discounts or charges of any kind against the Administrative Agent or any Lender, its officers, directors,
employees, agents or attorneys with respect to the Guaranty and the other Loan Documents to which it is a party; (c) the provisions of Paragraph 11(a) and (b) of the Amendment are binding on such Guarantor as if such Guarantor signed the
Amendment; (d) the collateral pledged under the Loan Documents continues to secure the Obligations, including those arising under the Credit Agreement, as amended by the Amendment; and (e) all of the terms, conditions and covenants in the
Guaranty and the other Loan Documents to which it is a party remain unaltered and in full force and effect and are hereby ratified and confirmed and apply to the Obligations, as modified by the Amendment, including the increase in the Term Loans to
$5,000,000. Each of the undersigned Guarantors certifies that all representations and warranties made in the Guaranty are true and correct in all material respects as of the date of the amendment. Unless otherwise defined herein, terms defined in
the Credit Agreement referred to in the Amendment are used herein as therein defined. 

 WITNESS the due execution of this Consent as of the date of the Amendment, intending to be legally bound
hereby. 
  

			
	ALLIED CONTRACT SERVICES, LLC
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President
	
	CLEARPOINT RESOURCES, INC.
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President
	
	MERCER VENTURES, INC.
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President
	
	QUANTUM RESOURCE CORPORATION
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President
	
	STAFFBRIDGE, INC.
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President
	
	CLEARPOINT ADVANTAGE, LLC
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President

			
	CLEARPOINT MANAGED SERVICES, LLC
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President
	
	CLEARPOINT ADVANTAGE, LLC
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	PresidentLetter Agreement, dated November 9, 2007

 Exhibit 10.1 
 November 9, 2007 
 BY HAND AND U.S. MAIL 
 Mr. Phillip R. Burnaman 
 222 Nod Hill Road 
 Wilton, Connecticut 06897 
 Dear Mr. Burnaman: 
 This letter confirms our agreement relating to your separation from employment with NewStar Financial, Inc. (the “Company”). 
 1. In consideration of the terms of this agreement, the Company is terminating your employment without “Cause” (as such term is defined under the employment agreement between you and the Company dated
December 8, 2006 (the “Employment Agreement”)) and your employment with the Company shall end effective as of the close of business, December 1, 2007 (the “Separation Date”). Any position you hold as an officer or
director of the Company or any of its subsidiaries or affiliates, and/or any position as a member of any committees of the Board of the Company or any of its subsidiaries or affiliates shall end by your resignation effective as of the Separation
Date. You agree to sign such documents as the Company may reasonably request to effectuate such resignations. 
 2. In addition to any salary
payments owing for the final payroll period through the Separation Date and whatever vested rights you may have under the Company 401(k) plan, you shall receive the following payment(s) and benefits for the periods indicated, less any payroll
deductions required by law, which shall be in lieu of any other payments or benefits (including vacation or other paid leave time) to which you otherwise might be entitled: 
 a. Continuation of your annual base salary, payable in accordance with the Company’s regular payroll practices, commencing after the
Separation Date and not less than ten (10) days after the Second Release (as defined in Paragraph 4 below) is signed and returned to the Company, and continuing until one year from the Separation Date (the “Severance Period”), which
each such payment hereby designated as a separate payment; 

 b. Payment of a one-time lump sum amount of $450,000, to be paid on June 2, 2008;

 c. Accrued but unused vacation time and any unreimbursed expenses incurred by you through the Separation Date which would
be owing in accordance with Company policies, to be paid within 10 days of the Separation Date; 
 d. Continuation of your
eligibility and your dependents’ eligibility (to the extent they participated immediately prior to the Separation Date) to participate in the Company’s health care benefits plan (subject to the same terms and conditions as other employees
of the Company including all employee contributions, co-pays and deductibles) until the earlier of (i) the expiration of the Severance Period or (ii) the date on which you commence other employment and become eligible to participate in
that employer’s health care benefits plans; and 
 e. Reimbursement by the Company for up to $10,000 for the cost of
outplacement services during the Severance Period, to be paid in a lump sum during the first payroll period after the Separation Date and not less than ten (10) days after the Second Release is signed and returned to the Company; 
 f. Accelerated vesting of the Restricted Stock and RSA Options (each as defined in the Amended and Restated RSA) granted to you pursuant
to the Amended and Restated Restricted Stock Agreement dated December 13, 2006 (the “Amended and Restated RSA”), such that all Restricted Stock and RSA Options granted under that agreement shall be deemed, respectively,
Non-Forfeitable Shares (as defined in the Amended and Restated RSA) and fully vested as of the Separation Date; and 
 g.
Accelerated vesting of the Restricted Stock (as defined in the IPO RSA) granted to you pursuant to the Restricted Stock Agreement dated December 13, 2006 (the “IPO RSA”), such that thirty percent (30%) of the Restricted Stock
granted pursuant to that agreement shall be deemed Non-Forfeitable Shares (as defined in the IPO RSA) as of the Separation Date; and 
 h. A period of ninety (90) days following the expiration of the Severance Period to exercise any vested options (or, if earlier, up to the original term of the vested options). 
 Unless otherwise expressly provided herein, any payment of compensation by the Company to you, whether pursuant to
this letter agreement or otherwise, shall be made within two and one-half months (2 1/2 months) after the later
of the end of the calendar year or the Company’s fiscal year in which your right to such payment vests (i.e., is not subject to a “substantial risk of forfeiture” for purposes of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”)). To the extent that any amounts come within the definition of “involuntary separation” under Code Section 409A, such amounts up to the lesser of two times your annual compensation for the
year preceding the year of termination or two times the 401(a)(17) limit for the year of termination, shall be excluded from “deferred compensation” as allowed under Code Section 409A, and shall not be subject to the Code
Section 409A compliance requirements set forth 

  

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herein. Neither party individually or in combination with each other (or any other party) may accelerate any such deferred payment, except in compliance with
Code Section 409A, and no amount shall be paid prior to the earliest date on which it is permitted to be paid under Code Section 409A. In the event that you are determined by the Company (such determination to be conclusive and binding as
between the parties) to be a “specified employee” (as defined in Code Section 409A(a)(2)(B)(i) and determined in accordance with Code Section 416(i) (without regard to paragraph (5) thereof)) of the Company at a time when
its stock is deemed to be publicly traded on an established securities market, payments determined to be “nonqualified deferred compensation” payable following termination of employment shall be made no earlier than the earlier of
(i) the first day of the seventh (7th) month following such termination of employment, or (ii) your death, consistent with the provisions of Code Section 409A. Any payment delayed by reason of the prior sentence shall be paid out
in a single lump sum at the end of such required delay period and any other payments shall be paid in accordance with the original payment schedule. 
 3. Upon expiration of the Severance Period during which you and your covered dependents will continue to be eligible to participate in the Company’s health care benefits plan, or such earlier date when you become
eligible to participate in the health care benefits plans of a new employer, the Company will afford you and your covered dependents the opportunity, at your own expense, to receive “continuation coverage” under COBRA, continuing for so
long as required by law. The Company shall provide you and your covered dependents with a separate notice describing your rights under COBRA. 
 4. In consideration of the terms hereof, you have agreed to and do waive any claims you may have for employment by the Company and have agreed not to seek such employment or reemployment by the Company in the future. You have further agreed
to and do release and forever discharge the Company, its parent, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, employees and agents from any and all claims and causes of action, known or
unknown, arising out of or relating to your employment by the Company or the termination thereof, including, but not limited to wrongful discharge, breach of contract, tort, fraud, defamation, and any rights or claims under Title VII of the Civil
Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act, the Family Medical Leave Act, the Connecticut Fair Employment Practices Act, the Connecticut Human Rights
and Opportunities Act, the Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, and any other federal, state or local law relating to employment, discrimination in employment, termination of employment, wages, benefits or
otherwise. This release does not include (i) your right to enforce the terms of this agreement, (ii) any right you may have to indemnification by the Company for actions taken prior to the Separation Date, and (iii) any right you have
under any Company employee benefit plan (as such term is defined under Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended). As a condition to the commencement of the payments and benefits described in Paragraph 2
above, you agree to execute a general release of claims co-extensive with the release set forth above in this Paragraph 4, but updated to include the period between the effective date of this letter and the Separation Date (the “Second
Release”). The Second Release shall be in the form attached hereto as Exhibit A. 
  

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 5. You agree to return to the Company on or prior to the Separation Date all Company property and
documents in your possession, custody or control, including, without limitation, automobiles, credit cards, computers and telecommunication equipment, keys, instructional and policy manuals, mailing lists, computer software, financial and accounting
records, reports and files, and any other physical or personal property which you obtained in the course of your employment by the Company, and you further agree not to retain copies of any such Company documents, excluding publicly available
documents and documents relating directly to your own compensation and employee benefits. 
 6. You acknowledge that your contractual
obligations set forth in Section 7 of the Employment Agreement regarding Confidential Information, as defined therein, shall continue in full force and effect after the Separation Date. You acknowledge that in the course of your employment with
the Company, you acquired Confidential Information and you agree that you will keep such Confidential Information confidential at all times after your employment terminates, and you will not make use of such Confidential Information on your own
behalf, or on behalf of any third party. 
 7. You acknowledge and confirm that you have continuing obligations to the Company that survive
the termination of your employment pursuant to Sections 7 and 8(a) of the Employment Agreement, the Amended and Restated RSA (other than Section 6(a)(A) of such agreement), the IPO RSA (other than Section 6(a)(A) of such agreement) and the
Lock Up Agreement dated December 13, 2006 (the “Lock Up Agreement”). The Company acknowledges and confirms that it has continuing obligations to you that survive the termination of your employment pursuant to Sections 9 and 20(c) of
the Employment Agreement to the extent that a claim arises for actions taken prior to the Separation Date. 
 8. You agree that following
your execution of this agreement, not to disparage or induce or encourage others to disparage the Company, its services, its products or any of its current or former affiliates, members, offices, directors, employees or agents. The Company agrees
that following your execution of this agreement, not to disparage or induce or encourage others to disparage you. 
 9. You agree to maintain
the terms of this agreement confidential unless otherwise required by law; provided, however, that you may disclose the terms of this agreement to your immediate family members and to your attorneys, accountants, financial or tax advisors.

 10. You agree that following your execution of this agreement, at the Company’s reasonable request, you shall assist and advise the
Company in any investigation which may be performed by the Company or any governmental agency and any litigation in which the Company may become involved. Such assistance shall include you making yourself reasonably available for interviews by the
Company or its counsel, deposition and/or court appearances at the Company’s request. The Company shall attempt to schedule such assistance at mutually convenient times and places, taking into account any employment constraints that you may
have. The Company shall promptly reimburse you for reasonable expenses, such as telephone, travel, lodging and meal expenses, incurred by you at the Company’s request, consistent with the Company’s generally applicable policies for
employee expenses. To the maximum extent permitted by law, you agree that you will notify Head of Human Resources if you are contacted by any governmental agency, or by any person contemplating or maintaining any claim or legal action against the
Company, or by any agent or attorney of such person, within three business days of such contact. 
  

 4 

 11. Neither by offering to make nor by making this agreement does either party admit any failure of
performance, wrongdoing, or violation of law. In addition, you shall not have any duty to find new employment following the Separation Date and, other than with respect to the continuation of your health care benefits pursuant to paragraph 2(d), any
payment made to you by the Company under this agreement shall not be reduced by any compensation or benefits received by you from a third party for the providing of personal services (whether by employment or by functioning as an independent
contractor) following the Separation Date. 
 12. This agreement, including the Second Release, sets forth the entire understanding of the
parties and supersedes any and all prior agreements, oral or written, relating to your employment by the Company or the termination thereof; provided, however, that Sections 7 and 8(a) of the Employment Agreement, regarding Confidential Information
and Restrictive Covenants, respectively, the Amended and Restated RSA (other than Section 6(a)(A) of such agreement), the IPO RSA (other than Section 6(a)(A) of such agreement), and the Lock Up Agreement shall continue in full force and
effect. This agreement may not be modified except by a writing, signed by you and by a duly authorized officer of the Company. This agreement shall be binding upon your heirs and personal representatives, and the successors and assigns of the
Company. 
 13. This agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without
regard to its choice of law rules. 
 14. You agree that any controversy or claim arising out of or relating to this letter agreement, the
employment relationship between you and the Company, or the breach thereof, including the arbitrability of any controversy or claim, which cannot be resolved amicably after a reasonable attempt to negotiate such a resolution, shall be submitted to
arbitration in the Commonwealth of Massachusetts in accordance with the Commercial Dispute Resolution Rules of the American Arbitration Association, as such rules may be amended from time to time. The award of the arbitrator shall be final and
binding upon you and the Company, and judgment may be entered with respect to such award in any court of competent jurisdiction. All references to judicial enforcement or relief in the Amended and Restated RSA, the IPO RSA and the Lock Up Agreement
shall be deemed to reference enforcement or relief in arbitration. 
 15. You acknowledge that before entering into this agreement, you have
had the opportunity to consult with any attorney or other advisor of your choice, and you are hereby advised to do so if you choose. You further acknowledge that you have entered into this agreement of your own free will, and that no promises or
representations have been made to you by any person to induce you to enter into this agreement other than the express terms set forth herein. You further acknowledge that you have read this agreement and understand all of its terms, including the
waiver and release of claims set forth in Paragraph 4 above. 
  

 5 

 If the foregoing is acceptable to you, please sign the annexed copy of this agreement and return it to
me. You may take up to twenty-one (21) days from today to consider, sign and return this agreement. In addition, you may revoke the agreement after signing it, but only by delivering a signed revocation notice to me within seven (7) days
of your signing this agreement. This agreement shall not become effective or enforceable until this seven day revocation period expires without you having revoked this agreement. 
  

	
	Very truly yours,
	
	/s/ Colleen M. Banse
	Colleen M. Banse
	Vice President, Human Resources

  

	
	Accepted and Agreed:
	
	/s/ Phillip R. Burnaman
	Phillip R. Burnaman
	
	November 11, 2007
	Date

  

 6 

 Exhibit A 
 Second Release Agreement 
 WHEREAS, NewStar Financial, Inc. (the “Company”) and
Phillip R. Burnaman (the “Executive”) entered into an agreement dated November 9, 2007 (the “Separation Agreement”); 
 WHEREAS, this Second Release formed a part of the Separation Agreement, was expressly incorporated therein, and was attached as Exhibit A to the Separation Agreement, and whereas this Second Release served as consideration for the
Company to enter into the Separation Agreement; 
 NOW THEREFORE, in consideration of the mutual promises and mutual covenants
contained herein and in the Separation Agreement, the parties agree as follows: 
 1. In consideration of the payments and benefits set forth
in the Separation Agreement, Executive agrees to and does waive any claims he may have for employment by the Company and agrees not to seek such employment or reemployment by the Company in the future. Executive further agrees to and does release
and forever discharge the Company, its parent, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, employees and agents from any and all claims and causes of action, known or unknown, arising out of
or relating to his employment by the Company or the termination thereof, including, but not limited to wrongful discharge, breach of contract, tort, fraud, defamation, and any rights or claims under Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act, the Family Medical Leave Act, the Connecticut Fair Employment Practices Act, the Connecticut Human Rights and Opportunities Act, the
Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, and any other federal, state or local law relating to employment, discrimination in employment, termination of employment, wages, benefits or otherwise. This release
does not include (i) Executive’s right to enforce the terms of the Separation Agreement, (ii) any right Executive may have to indemnification by the Company for actions taken prior to the Separation Date, and (iii) any right
Executive may have under any Company employee benefit plan (as such term is defined under Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended). 
  

 7 

 2. Executive acknowledges that before signing this Second Release, he has had the opportunity to consult
with any attorney or other advisor of his choice, and has been advised by the Company (through this document) to do so if he chooses. The Executive further acknowledges that he has signed this Second Release of his own free will, and that no
promises or representations have been made to him by any person to induce him to sign this Second Release other than the express terms set forth herein and in the Separation Agreement. Executive further acknowledges that he has read this Second
Release and understands all of its terms, including the waiver and release of claims set forth in paragraph 1 above. 
 3. Executive
acknowledges that he has had twenty-one days from receipt thereof to consider, sign and return this Second Release to the Company, although he may do so earlier at his discretion. The Executive may revoke this Second Release after signing and
delivering it to the Company, but only by delivering a signed revocation notice to the Company (Attention: Colleen M. Banse at 500 Boylston Street Suite 1600 Boston MA 02116) within seven days of the date he signed the Second Release as indicated
below. This Second Release is not effective and enforceable until the seven-day revocation period has expired without Executive having revoked. If Executive revokes this Second Release after Executive receives any payment described in Paragraph 2 of
the Separation Agreement, Executive shall return to the Company the entire amount paid to Executive under the terms of the Separation Agreement within seven calendar days of the revocation, and shall not be entitled to any further payments under the
Separation Agreement. 
 IN WITNESS WHEREOF, Executive has executed this Second Release as of the date below. 
  

	
	
	  
	Phillip R. Burnaman

 Date: __________________________ 
  

 8

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