Document:

6% Promissory Note issued to Chris Ferguson

 Exhibit 10.2 
 COPY 
 PROMISSORY NOTE 
  

			
	$400,000.00	 	February 22, 2008
		 	Chalfont, Pennsylvania

 FOR VALUE RECEIVED, the undersigned, ClearPoint Resources, Inc. (the
“Borrower”), hereby promises to pay to, or to the order of, Chris Ferguson (“Ferguson”), the principal sum of Four Hundred Thousand U.S. Dollars ($400,000.00) (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. 
 1. Principal and Interest Payments. Unless this Promissory Note is prepaid pursuant to Section 2 hereof, the Principal Amount, along with any and all accrued interest thereon, shall be due and payable on
February 22, 2009 (the “Maturity Date”). Notwithstanding the prior sentence, there shall be no repayment of the Principal Amount or any interest thereon if such repayment (a) violates Section 3 below, or
(b) would result in a violation of any covenants in, or a default under, any credit agreements to which Borrower or its parent company are a party. All sums outstanding from time to time hereunder shall bear interest until the date paid at the
rate of six percent (6%) per annum. Interest shall accrue and be paid quarterly at the applicable rate on the basis of a 360-day year and the actual number of days elapsed. 
 2. Prepayment. The Borrower shall have the right to prepay from time to time without premium or penalty. 
 3. Subordination. Ferguson hereby agrees that the payment of this Promissory Note is hereby expressly made subordinate and junior in right of
payment to the prior payment of any and all amounts due and owing to Manufacturers and Traders Trust Company (“M&T”) pursuant to the Credit Agreement, dated as of February 23, 2007, by and between M&T and
ClearPoint Business Resources, Inc., as amended. 
 4. Events of Default. 
 a. Definitions. Except as provided in Sections 1(a) or (b), failure to pay the Principal Amount and interest due thereon on the Maturity Date shall
constitute an “Event of Default”. 
 b. Remedies on Default. Upon each and every such 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 Ferguson, this Promissory Note shall be immediately due, payable and
collectible by Ferguson, both as to Principal Amount and interest (including, but not limited to, any deferred interest and any accrued and unpaid interest). 
 5. Amendment. This Promissory Note shall not be modified or amended other than by a written agreement signed by the Borrower and Ferguson. 

 6. Severability. Should any part, but not the whole, of this Promissory Note for any reason be
declared invalid, such decision shall not affect the validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Promissory Note had been executed with the invalid portion thereof eliminated.

 7. Collection Costs. In the event of any action at law or suit in equity with respect to this Promissory Note, the Borrower, in
addition to all other sums which it may be required to pay hereunder, shall pay the reasonable attorneys’ fees and costs incurred by Ferguson in connection with such action or suit and all other costs of collection. 
 8. Successors and Assigns. This Promissory Note shall be binding upon and inure to the benefit of the Borrower’s successors and assigns and
each of Ferguson’s heirs, executors or administrators. Neither party shall be permitted to assign this Promissory Note, or the right to receive payment hereunder, without the prior written consent of the other party hereto. 
 9. Governing Law; Consent to Jurisdiction. This Promissory Note shall be governed by, and construed in accordance with, the laws of the
Commonwealth of Pennsylvania. The Borrower agrees that any suit for the enforcement of this Promissory Note may be brought in the courts of the Commonwealth of Pennsylvania or any federal court sitting therein and the Borrower consents to the
exclusive jurisdiction of such court. 
 IN WITNESS WHEREOF, the undersigned Borrower has executed this Promissory Note as of the day and
year first above written. 
  

			
	CLEARPOINT RESOURCES, INC.
		
	By:	 	 /s/ Kurt Braun

		 	Kurt Braun
		 	Chief Financial Officer

  

 26% Promissory Note issued to Michael Traina

 Exhibit 10.3 
 COPY 
 PROMISSORY NOTE 
  

			
	 $400,000.00
	  	February 22, 2008
		  	Chalfont, Pennsylvania

 FOR VALUE RECEIVED, the undersigned, ClearPoint Resources, Inc. (the
“Borrower”), hereby promises to pay to, or to the order of, Michael Traina (“Traina”), the principal sum of Four Hundred Thousand U.S. Dollars ($400,000.00) (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. 
 1. Principal and Interest Payments. Unless this Promissory Note is prepaid pursuant to Section 2 hereof, the Principal Amount, along with any and all accrued interest thereon, shall be due and payable on
February 22, 2009 (the “Maturity Date”). Notwithstanding the prior sentence, there shall be no repayment of the Principal Amount or any interest thereon if such repayment (a) violates Section 3 below, or
(b) would result in a violation of any covenants in, or a default under, any credit agreements to which Borrower or its parent company are a party. All sums outstanding from time to time hereunder shall bear interest until the date paid at the
rate of six percent (6%) per annum. Interest shall accrue and be paid quarterly at the applicable rate on the basis of a 360-day year and the actual number of days elapsed. 
 2. Prepayment. The Borrower shall have the right to prepay from time to time without premium or penalty. 
 3. Subordination. Traina hereby agrees that the payment of this Promissory Note is hereby expressly made subordinate and junior in right of
payment to the prior payment of any and all amounts due and owing to Manufacturers and Traders Trust Company (“M&T”) pursuant to the Credit Agreement, dated as of February 23, 2007, by and between M&T and
ClearPoint Business Resources, Inc., as amended. 
 4. Events of Default. 
 a. Definitions. Except as provided in Sections 1(a) or (b), failure to pay the Principal Amount and interest due thereon on the Maturity Date shall
constitute an “Event of Default”. 
 b. Remedies on Default. Upon each and every such 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 Traina, this Promissory Note shall be immediately due, payable and
collectible by Traina, both as to Principal Amount and interest (including, but not limited to, any deferred interest and any accrued and unpaid interest). 
 5. Amendment. This Promissory Note shall not be modified or amended other than by a written agreement signed by the Borrower and Traina. 

 6. Severability. Should any part, but not the whole, of this Promissory Note for any reason be
declared invalid, such decision shall not affect the validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Promissory Note had been executed with the invalid portion thereof eliminated.

 7. Collection Costs. In the event of any action at law or suit in equity with respect to this Promissory Note, the Borrower, in
addition to all other sums which it may be required to pay hereunder, shall pay the reasonable attorneys’ fees and costs incurred by Traina in connection with such action or suit and all other costs of collection. 
 8. Successors and Assigns. This Promissory Note shall be binding upon and inure to the benefit of the Borrower’s successors and assigns and
each of Traina’s heirs, executors or administrators. Neither party shall be permitted to assign this Promissory Note, or the right to receive payment hereunder, without the prior written consent of the other party hereto. 
 9. Governing Law; Consent to Jurisdiction. This Promissory Note shall be governed by, and construed in accordance with, the laws of the
Commonwealth of Pennsylvania. The Borrower agrees that any suit for the enforcement of this Promissory Note may be brought in the courts of the Commonwealth of Pennsylvania or any federal court sitting therein and the Borrower consents to the
exclusive jurisdiction of such court. 
 IN WITNESS WHEREOF, the undersigned Borrower has executed this Promissory Note as of the day and
year first above written. 
  

			
	 CLEARPOINT RESOURCES, INC.

		
	 By:
	 	 /s/ Kurt Braun

		 	Kurt Braun
		 	Chief Financial Officer

  

 2Assignment and Assumption Agreement and Bill of Sale

 Exhibit 10.7 
 ASSIGNMENT AND ASSUMPTION AGREEMENT AND BILL OF SALE 
 This ASSIGNMENT AND ASSUMPTION AGREEMENT and BILL OF SALE (the “Agreement”), is made and entered into this 28th day of February, 2008, by and between Optos Capital, LLC, a New Jersey limited liability company (“Purchaser”) and ClearPoint Resources, Inc., a Delaware corporation
(“Seller”). 
 B A C K G R O U N D 
 WHEREAS, on the date hereof, ClearPoint Workforce, LLC, a wholly owned subsidiary of Seller, advanced $800,000 on behalf of Purchaser to the provider of
its outsourced employee leasing program. The advanced funds were utilized for Purchaser’s payroll. In consideration of making the advance on Purchaser’s behalf, Purchaser agreed to assume the promissory notes, and the underlying payment
obligations, issued by Seller on February 22, 2008 which were payable to Michael Traina and Chris Ferguson in the aggregate amount of $800,000, copies of which are attached hereto as Exhibit A (collectively, the
“Notes”). 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Purchaser and Seller hereto, intending to be legally bound hereby, agree as follows: 
 1. Assignment and Assumption.
Seller hereby sells, assigns, conveys, transfers and delivers the Notes to Purchaser, and Purchaser accepts assignment of such Notes. Purchaser hereby assumes the Notes and the underlying payment obligations. Purchaser agrees to discharge and pay
the Notes, and all underlying obligations, liabilities, debts and payments, as and when due. 
 2. Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to the choice of law principles thereof. 
 3. Assignment and Binding Effect. Purchaser shall not assign this Agreement without the prior written consent of Seller. All of the terms and provisions of this Agreement shall be binding upon and inure to the
benefit of and be enforceable by the heirs, administrators, personal representatives, successors and permitted assigns of Purchaser or Seller. 
 4. Amendment; Waiver. This Agreement shall not be amended or modified except by a written instrument duly executed by Purchaser and Seller. Any extension or waiver by Seller of any provision hereto shall be valid only if set forth in
an instrument in writing signed by Seller. 
 5. Counterparts. This Agreement may be executed in two counterparts, each of which shall
be deemed an original, but all of which shall be considered one and the same agreement. 
 [SIGNATURES ON FOLLOWING PAGE] 

 IN WITNESS WHEREOF, this Assignment and Assumption Agreement and Bill of Sale has been signed by or on
behalf of each of the parties as of the date first written above. 
  

			
	OPTOS CAPITAL, LLC
		
	By:	 	 /s/ Chris Ferguson

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

	Name:	 	Michael Traina
	Title:	 	CEO

  

	
	THE FOLLOWING, BY SIGNING BELOW, CONSENT TO THIS ASSIGNMENT ON THIS 28TH DAY OF
FEBRUARY, 2008

	
	 /s/ Michael Traina

	Michael Traina
	
	 /s/ Chris Ferguson

	Chris Ferguson

  

 2 

 EXHIBIT A 
 NOTES

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