Document:

Subordination and Intercreditor Agreement

 EXHIBIT 10.7 
 SUBORDINATION AND INTERCREDITOR AGREEMENT 
 AGREEMENT (this
“Agreement”), made and entered into this 20th day of June, 2008, by and between COMVEST CAPITAL, LLC, a Delaware limited liability company (“ComVest”), and MANUFACTURERS AND TRADERS TRUST COMPANY, as
Administrative Agent (“MTB”); 
 W I T N E S S E T
H: 
 WHEREAS, ComVest and ClearPoint Business Resources, Inc. (the “Borrower”) are parties to a Revolving
Credit and Term Loan Agreement of even date herewith (as same may be amended, modified, supplemented and/or restated from time to time, the “Loan Agreement”) by and between ComVest and the Borrower, pursuant to which, among other
things, ComVest is providing to the Borrower (a) a revolving credit facility in the principal amount of $3,000,000, and (b) a term loan in the principal amount of $9,000,000 (the “Term Loan”); and 
 WHEREAS, the obligations of the Borrower to ComVest under the ComVest Documents (as such term is hereinafter defined) are guaranteed by all direct
and indirect Subsidiaries of the Borrower from time to time, and are secured by substantially all of the now-owned and hereafter-acquired assets of the Borrower and all direct and indirect Subsidiaries of the Borrower from time to time; and

 WHEREAS, the Borrower is indebted to MTB as reflected in that certain Loan Modification and Restructure Agreement of even date
herewith (as same may be amended, modified, supplemented and/or restated from time to time, the “Restructure Agreement”) by and among the Borrower, its Subsidiaries and MTB; and 
 WHEREAS, the MTB Debt Obligations (as such term is hereinafter defined) are secured by substantially all of the now-owned and hereafter-acquired
assets of the Borrower and its Subsidiaries; and 
 WHEREAS, ComVest and MTB wish to confirm their agreements and understandings with
respect to the relative priorities of their respective claims and liens against the Borrower and its Subsidiaries, and their respective assets, as more particularly set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Definitions. In addition to those
terms defined elsewhere in this Agreement, the following terms shall have the following meanings wherever used in this Agreement: 
 “Code” means the United States Bankruptcy Code as in effect from time to time. 

 “Collateral” means all assets and property of the Borrower and its
Subsidiaries, whether now owned or hereafter acquired, in each case to the extent securing any of the ComVest Obligations and/or MTB Obligations 
 “ComVest Documents” means the collective reference to the Loan Agreement, the promissory notes issued thereunder, and all security agreements, collateral assignments, guarantees and other agreements
and instruments executed and delivered pursuant thereto or in respect thereof, in each case as amended, modified, supplemented and/or restated from time to time. 
 “ComVest Event of Default” means the occurrence or existence of any event or circumstance such as would permit the
acceleration of the ComVest Obligations. 
 “ComVest Liens” means the liens and security interests held by
ComVest from time to time to the extent securing all or any portion of the ComVest Obligations. 
 “ComVest
Obligations” means all obligations outstanding from time to time under or pursuant to the ComVest Documents. 
 “ComVest Priority Collateral” means all Collateral other than the MTB Priority Collateral. 
 “MTB Documents” means the collective reference to the Restructuring Agreement and all promissory notes, security agreements, collateral assignments, guarantees and other agreements and instruments evidencing any currently
outstanding indebtedness of the Borrower or any of its Subsidiaries to MTB, in each case as amended, modified, supplemented and/or restated from time to time. 
 “MTB Liens” means the liens and security interests held by MTB from time to time in the Collateral, in each case to the
extent securing any of the MTB Obligations. 
 “MTB Obligations” means all obligations outstanding from time
to time under or pursuant to (a) the MTB Documents (“MTB Debt Obligations”), and (b) the warrants, warrant agreements and any other agreements which do not evidence currently outstanding indebtedness of the Borrower and/or
any of its Subsidiaries to MTB or any of its affiliates. 
 “MTB Priority Collateral” means the Pre-Closing
Accounts, the Tax Refunds and the Certificate of Deposit, as each of such terms is defined in the Restructure Agreement as in effect on the date hereof. 
 “Permitted Payments” shall have the meaning set forth in Section 2(b) below. 
 “Subsidiary” shall have the meaning ascribed thereto in the Loan Agreement. 
 2. Subordination of MTB
Obligations. 
  

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 (a) Subject to Section 2(b) below, MTB will not ask, demand, accelerate, sue for,
enforce, take, collect or receive, by set-off, Collateral enforcement or in any other manner (other than by action against MTB Priority Collateral, subject to the express requirements of this Agreement), any payment on or in respect of the MTB
Obligations (whether of principal, interest, fees, collection costs or otherwise) (i) from the Borrower, or any successor or assign of the Borrower, including, without limitation, a receiver, trustee or debtor-in-possession (the term
“Borrower” hereinafter shall include any such successor and assign of the Borrower), or (ii) from any other person (other than Michael Traina and/or Christopher Ferguson pursuant to any personal guaranty), firm, partnership or
corporation for the benefit of the Borrower, unless and until (A) all of the ComVest Obligations (exclusive of contingent indemnification obligations to the extent that no claim giving rise thereto has been asserted) shall have been fully paid
and satisfied and all lending commitments of ComVest to the Borrower shall have terminated. 
 (b) Notwithstanding the
provisions of Section 2(a) above, (i) the Borrower may pay to MTB, and MTB may collect, enforce, take, receive (by set-off or in any other manor) and accept from the Borrower, in payment or reduction of the MTB Debt Obligations (but not
any of the other MTB Obligations), any and all proceeds of MTB Priority Collateral at any time from time to time, and (ii) so long as no ComVest Event of Default has occurred and is continuing or would exist immediately after such payment, the
Borrower may pay to MTB, and MTB may accept from the Borrower, scheduled payments of principal and interest in respect of the Deferred Obligations (as such term is defined in the Restructure Agreement) in accordance with the Restructure Agreement as
in effect on the date hereof. 
 (c) By its signature below, the Borrower hereby agrees that it will not make any payment in
respect of the MTB Obligations which is prohibited by the terms of this Section 2. Furthermore, neither MTB nor any of its affiliates shall at any time assert that any of the Collateral secures any obligations owed to MTB or any of its
affiliates other than the MTB Debt Obligations 
 3. Priorities in Collateral. 
 (a) Notwithstanding anything to the contrary contained in any agreements between the Borrower and ComVest and/or between the Borrower and
MTB, and notwithstanding the time, order or method of attachment or perfection as between the MTB Liens and the ComVest Liens, or the time or order of filing or recording of financing statements or other evidences of liens or security interests,
(i) ComVest acknowledges and agrees that all MTB Liens in respect of the MTB Priority Collateral shall have absolute and unconditional priority over any and all ComVest Liens on the MTB Priority Collateral, to the full extent of all MTB Debt
Obligations from time to time, and (ii) MTB acknowledges and agrees that all ComVest Liens shall have absolute and unconditional priority over any and all MTB Liens, to the full extent of all ComVest Obligations from time to time (provided that
the principal amount of the ComVest Obligations to such priority shall at no time exceed $14,000,000). 
 (b) The parties
acknowledge that certain account debtors in respect of the MTB Priority Collateral will also be account debtors in respect of the ComVest Priority Collateral, and that it is in the best interests of both ComVest and MTB that the Borrower’s and
its Subsidiaries’ 

  

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relationships with its account debtors be maintained in good order. Accordingly, with respect to the Borrower’s and its Subsidiaries’ accounts
receivable, (i) except to the extent otherwise directed by the subject account debtor or as provided in the following clause (ii), or to the extent otherwise ascertainable through reasonable diligence, all payments received on such accounts
receivable shall be applied on a first-in, first-out basis (i.e., payments shall be applied to the oldest receivables outstanding at any time), (ii) in the event of any bulk settlement or compromise with any account debtor (whether in the
context of a Code proceeding or otherwise) which includes both MTB Priority Collateral and ComVest Priority Collateral, all payments received in respect of such account debtor shall, unless otherwise indicated by the express terms of such settlement
or compromise, be allocated ratably among the affected accounts receivable, (iii) neither MTB nor ComVest shall place any undue pressure on any of such account debtors, nor shall MTB or ComVest direct the Borrower or any Subsidiary to place any
undue pressure on any account debtor, to cause payments on MTB Priority Collateral to be made in precedence to payments on ComVest Priority Collateral, or vice versa, and (iv) any collection actions taken by either MTB or ComVest in respect of
account debtors on Collateral shall be made in compliance with applicable law. 
 (c) In no event and under no circumstances
shall (i) ComVest be under any obligation to marshal any assets for the benefit of MTB, or to account to MTB in respect of collection efforts or collection results with respect to ComVest Priority Collateral except to the extent required by
applicable law, or (ii) MTB have any claim against ComVest or any of its agents by reason of any settlements, compromises or other actions taken with respect to ComVest Priority Collateral at any time, except to the extent of any breach by
ComVest of its obligations under this Agreement. 
 4. Remedies. 
 (a) Until the ComVest Obligations have been paid in full and all lending commitments of ComVest to the Borrower have been terminated, MTB
shall not, without the prior written consent of ComVest, seek to foreclose or exercise any other enforcement remedies (including, without limitation, settlement or compromise of accounts receivable) with respect to any MTB Liens (other than in
respect of the MTB Priority Collateral, subject to the express requirements of this Agreement), or institute any legal proceedings with respect to any Collateral (other than MTB Priority Collateral, subject to the express requirements of this
Agreement), or take any other action, directly or indirectly, that would interfere in any manner with the rights of the holder of the ComVest Liens. Following payment in full of the ComVest Obligations and the termination of all lending commitments
from ComVest to the Borrower, MTB may effect foreclosure and exercise of its enforcement remedies with respect to the MTB Liens. 
 (b) If, as and when so requested by ComVest, MTB shall (i) immediately release or otherwise terminate the MTB Liens on items of Collateral (other than MTB Priority Collateral) in connection with and/or to facilitate the sale,
realization upon or other disposition of such Collateral by ComVest, or by Borrower with the prior written consent of ComVest, in each case with respect to that Collateral (other than MTB Priority Collateral) which is being sold, realized upon or
otherwise disposed of (A) in the ordinary course of business, (B) prior to the declaration of a ComVest Event of Default if ComVest in good faith believes that such sale, 

  

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realization or disposition would realize fair value for the subject Collateral, or (C) at any time on or after the declaration of a ComVest Event of
Default, and (ii) immediately deliver such other release documents as ComVest may reasonably require in connection therewith; provided, however, that notwithstanding any such release or termination of the MTB Liens, or any
liquidation or disposition of Collateral as aforesaid, the MTB Liens shall nonetheless attach to the proceeds of such Collateral in the same priority as existed prior to such action. 
 (c) Until payment in full of the MTB Debt Obligations, ComVest shall not, without the prior written consent of MTB, seek to foreclose or
exercise any other enforcement remedies with respect to any of the MTB Priority Collateral, or institute any legal proceedings with respect to any MTB Priority Collateral, or take any other action, directly or indirectly, that would interfere in any
manner with the rights of the holder of the MTB Liens in respect of the MTB Priority Collateral. 
 5. Priority; Grant of Authority.

 (a) In the event of any distribution, division or application, partial or complete, voluntary or involuntary, by operation
of law or otherwise, of all or any part of the assets of the Borrower or any of its Subsidiaries or the proceeds thereof to the creditors of the Borrower or any of its Subsidiaries, or readjustment of the obligations and indebtedness of the Borrower
or any of its Subsidiaries, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the MTB Obligations, or
the application of the assets of the Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, cessation or other winding up of the Borrower’s or any Subsidiary’s business, or upon the sale of all or
substantially all of the Borrower’s or any Subsidiary’s assets, then, and in any such event (a “Subject Event”), (i) the holders of ComVest Obligations shall, except to the extent of identifiable proceeds of MTB
Priority Collateral, be entitled to receive payment in full of any and all of the ComVest Obligations (subject to the limitations on principal amounts set forth in Section 3 above) prior to the payment of all or any part of the MTB Obligations,
(ii) any payment or distribution of any kind or character, whether in cash, securities or other property, except to the extent of identifiable proceeds of MTB Priority Collateral, which shall be payable or deliverable upon or with respect to
any or all of the MTB Obligations shall be paid or delivered directly to the holders of ComVest Obligations for application on any of the ComVest Obligations (subject to the limitations on principal amounts set forth in Section 3 above), due or
not due, until such ComVest Obligations (exclusive of contingent indemnification obligations to the extent that no claim giving rise thereto has been asserted) shall have first been fully paid and satisfied, and (iii) any payment or
distribution of any kind or character, whether in cash, securities or other property, to the extent of identifiable proceeds of MTB Priority Collateral, shall be paid or delivered directly to the holders of the MTB Debt Obligations, until all MTB
Debt Obligations shall have first been fully paid and satisfied. Following payment in full of the ComVest Obligations, but subject to the rights of any other lienholders or creditors of the Borrower or the subject Subsidiary, ComVest will remit to
MTB, to the extent of MTB’s interest therein, all remaining Collateral then in ComVest’s possession or under ComVest’s control and all dividends or other payments or distributions paid to and held by ComVest in excess of the ComVest
Obligations (and, for the sole purpose of maintaining the perfection of the MTB Liens 

  

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therein, ComVest shall act as MTB’s agent in holding possession of any certificated securities constituting part of the Collateral, all of which
certificates in existence on the date hereof are being delivered by MTB to ComVest (as priority lienholder) concurrently herewith) . 
 (b) In no event and under no circumstances shall ComVest be entitled to receive or retain any distribution of any identifiable proceeds of any MTB Priority Collateral prior to the payment in full in cash of the MTB Debt Obligations.

 6. Improper Receipts. In the event that MTB or ComVest shall at any time receive any payment which it is prohibited from receiving
pursuant to this Agreement, such party shall turn over such payment to the other party, and pending such delivery, such amounts shall be deemed received and held in trust for the benefit of the other party. Any and all such payments which are turned
over by one party to the other party pursuant to this Section 6 shall not be deemed to be payments on account of the Borrower’s obligations to the remitting party, and the remitting party shall be subrogated to the rights of the other
party with respect to such payments, provided that such rights of subrogation shall not be exercisable or enforceable unless and until the obligations of the Borrower to such receiving party (exclusive of contingent indemnification obligations to
the extent that no claim giving rise thereto has been asserted) are paid in full and any further lending commitments of the receiving party have been terminated. 
 7. Amendment. 
 (a) None of the stated terms of any of the MTB Documents, as presently
in effect, may be altered, amended or otherwise modified, without the prior written consent of ComVest, in any manner such as would in any manner increase or otherwise alter the Borrower’s or any Subsidiary’s obligations thereunder in any
manner adverse to the Borrower or any Subsidiary. 
 (b) MTB hereby agrees that all payments received by ComVest may be
applied, reversed, and reapplied, in whole or in part, to any of the ComVest Obligations, without affecting the validity or enforceability of this Agreement, and assents to any extension or postponement of the time of payment of the ComVest
Obligations or to any other indulgence with respect thereto, to any substitution, exchange or release of all or any Collateral and to the addition or release of any other party or person primarily or secondarily liable therefor. 
 8. Continuing Subordination. 
 (a) MTB acknowledges and agrees that the terms and provisions of this Agreement do not conflict with or violate any terms or provisions of any of MTB Documents or any other agreement, instrument, or document executed by the Borrower or any
Subsidiary and, or in favor of, MTB or any of its affiliates, and that, to the extent the terms and provisions of this Agreement may be inconsistent with any of the MTB Documents or any other such other agreement, instrument, or document, the MTB
Documents and such other agreements, instruments and documents shall be deemed to be superseded by this Agreement. 
 (b) This
Agreement shall be irrevocable and shall remain in effect until the ComVest Obligations have been paid in full and the Loan Agreement and all other ComVest 

  

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Documents have been terminated. This is a continuing agreement of subordination and ComVest may continue, at any time and without notice to MTB, to extend
credit or other financial accommodations and loan monies to or for the benefit of the Borrower on the faith hereof, in such amounts and on such terms and conditions as ComVest and the Borrower may agree (subject to the limitation contained in
Section 3(a) above). 
 9. Waivers. Each party expressly waives all notice of the acceptance by the other party of the
subordination and other provisions of this Agreement and all other notices not specifically required pursuant to the terms of this Agreement; and expressly waives reliance by the other party upon the subordination and other agreements as herein
provided. Each party acknowledges and agrees that (a) the other party has made no warranties or representations with respect to the due execution, legality, validity, completeness or enforceability of any ComVest Documents or MTB Documents, or
the collectibility of any ComVest Obligations or MTB Obligations, (b) subject to the limitation contained in Section 3(a) above, ComVest shall be entitled to amend, modify or otherwise alter any and all of the ComVest Documents, grant any
waivers or indulgencies thereunder, and otherwise manage and supervise its financial arrangements with the Borrower and its Subsidiaries in accordance with its usual practices, modified from time to time as it deems appropriate under the
circumstances, in each case without affecting the validity or enforceability of this Agreement and without regard to the existence of any rights that MTB may at any time have in or to any of the assets of the Borrower and its Subsidiaries,
(c) neither party shall be under any obligation to advise the other party of any ComVest Event of Default or any Spring Back Event or Agreement Terminating Event (as such terms are defined in the Restructure Agreement) or any other circumstance
affecting the ComVest Obligations, the MTB Obligations, the Borrower or any Subsidiary at any time and from time to time, and (d) neither party shall have any liability to the other party for, and each party waives any claim which it may now or
hereafter have against the other party arising out of, (i) any and all actions which the other party, in good faith and without violation of this Agreement, takes or omits to take (including, without limitation, actions with respect to the
creation, perfection or continuation of liens or security interests in any existing or future Collateral, actions with respect to the occurrence of a default, actions with respect to the foreclosure upon, sale, release, or depreciation of, or
failure to realize upon, any Collateral, and actions with respect to the collection of any claim for all or any part of the ComVest Obligations or MTB Obligations from any account debtor, guarantor or any other party) with respect to any ComVest
Document or MTB Document, or to the collection of the ComVest Obligations or MTB Obligations, or the valuation, use, protection or release of Collateral, (ii) ComVest’s election, in any proceeding instituted under the Code, of the
application of Section 1111(b)(2) of the Code, and/or (iii) any borrowing or grant of a security interest under Section 364 of the Code by the Borrower or any Subsidiary, as debtor in possession. Without limiting the generality of the
foregoing, (A) MTB waives the right to assert the doctrine of marshalling with respect to any of the assets of the Borrower or any Subsidiary, and consents and agrees that ComVest may proceed against any or all ComVest Priority Collateral in
such order as ComVest shall determine in its sole discretion, and (B) if ComVest shall desire to provide financing to the Borrower or any Subsidiary under either Section 363 or Section 364 of the Code, MTB agrees that adequate notice
to MTB shall have been provided for such financing if MTB receives notice one (1) business day prior to the entry of the order approving such financing. 
  

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 10. Reversal of Payments. To the extent that any payment or payments made to or received by
ComVest or MTB as contemplated by this Agreement are subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid to any trustee, receiver or other person under the Code or any state bankruptcy or other
such law, then, to the extent thereof, ComVest and MTB shall be restored to their rights and positions as if such payment or payments had not been received. 
 11. Waivers and Amendments. No waiver or amendment shall be deemed to be made by ComVest or MTB of any of its rights hereunder, unless the same shall be in writing and signed by the party to be charged
therewith, and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of ComVest or MTB or the obligations of either such party to the other such party in any other respect at
any other time. 
 12. Information Concerning the Borrower. Each of ComVest and MTB hereby assumes responsibility for keeping itself
informed of the financial condition of the Borrower and of all other circumstances bearing upon the risk of non-payment of the ComVest Obligations and/or the MTB Obligations that diligent inquiry would reveal, and each party hereby agrees that,
except to the extent expressly provided in this Agreement, the other party shall have no duty to advise of information known to the other party regarding such condition or any such circumstances. In the event that either party, in its sole
discretion, undertakes, at any time or from time to time, to provide any such information to the other party, such party shall be under no obligation (a) to provide any such information on any subsequent occasion, or (b) to undertake any
investigation not a part of its regular business routine. 
 13. Notices. Any and all notices hereunder shall be in writing and
addressed to the party to be notified as follows: 
 If to ComVest: 
 ComVest Capital, LLC 
 One North Clematis,
Suite 300 
 West Palm Beach, Florida 33401 
 Attention: Chief Financial Officer 
 Telecopier: _________________ 
 with a copy to: 
 Greenberg Traurig, LLP

 200 Park Avenue 
 New York,
New York 10166 
 Attention: Shahe Sinanian, Esq. 
 Telecopier: (212) 801-6400 
  

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 If to MTB: 
 Mr. James S. Gates 
 Regional Manager - Pennsylvania Assets 
 Vice President 
 M&T Bank 
 PA 1 HM41 
 213 Market Street 
 Harrisburg, Pennsylvania 17101 
 Telecopier:
(717) 255-2370 
 or to such other address as any party may designate for itself by notice. Notice shall be deemed to have been duly given when
(a) delivered personally or otherwise actually received, (b) sent by overnight delivery service, (c) mailed by first class United States mail, postage prepaid, registered or certified, with return receipt requested, or (d) sent
by facsimile with facsimile confirmation of receipt (with duplicate notice sent by United States mail as provided above). 
 14. CONSENT
TO JURISDICTION; WAIVERS. EACH OF MTB AND COMVEST AGREES, IN RESPECT OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, TO THE NON-EXCLUSIVE JURISDICTION OF ANY AND ALL LOCAL, STATE AND/OR FEDERAL COURTS SITTING IN THE STATE OF FLORIDA, AND
WAIVES ANY OBJECTION WHICH SUCH PARTY MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT. EACH PARTY HEREBY WAIVES, TO THE EXTENT PERMITTED BY LAW, ALL RIGHTS TO TRIAL BY
JURY IN ANY ACTION OR PROCEEDING UNDER OR RELATED TO THIS AGREEMENT. 
 15. Governing Law. This Agreement shall (irrespective of the
place where it is executed and delivered) be governed, construed and controlled by and under the laws of the State of New York (without giving effect to principles of conflicts of laws other than Sections 5-1401 and 5-1402 of the New York General
Obligations Law). 
 16. Binding Effect. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto
and their respective successors and assigns. As used herein, the term “ComVest” shall include any and all subsequent holders of ComVest Obligations and any lender refinancing the ComVest Obligations, and the term “MTB” shall
include any and all subsequent holders of MTB Obligations, in their capacities as such. 
 17. Captions. The Section titles utilized
in this Agreement are for convenience only, and shall not affect the construction or interpretation of this Agreement or any of the provisions hereof. 
 18. Counterparts. This Agreement may be executed in any number of counterparts and by fax signature pages, each of which shall be deemed to constitute an original, but all of which together shall constitute one
and the same instrument. 
  

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 19. Severability. In the event and to the extent that any provision of this Agreement shall be
held invalid or unenforceable, such invalidity or unenforceability shall not effect the validity or enforceability of any other provisions of this Agreement, all of which shall remain fully enforceable as set forth herein. 
 20. Legends. If so requested by ComVest from time to time, all promissory notes and other instruments or agreements representing any of the MTB
Obligations shall bear a legend giving notice of the requirements of this Agreement. 
 21. Nature of Subordination. The provisions of
this Agreement are intended solely for the purpose of defining the relative rights of the holders of the ComVest Obligations (on the one hand) and the holders of the MTB Obligations (on the other hand), and none of such provisions shall impair, as
between MTB and the Borrower, the obligations of the Borrower to make payments under the MTB Documents in accordance with the terms thereof. No other person (including, without limitation, the Borrower) is intended to receive any benefit whatsoever
by this Agreement. 
 [The remainder of this page is intentionally blank] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
officers on and as of the date first set forth above. 
  

			
	COMVEST CAPITAL, LLC
		
	By:	 	 /s/ Gary E. Gaggard

		 	 Name: Gary E. Jaggard
 Title: Managing Director

  

			
	 MANUFACTURERS AND TRADERS TRUST
     COMPANY, as Administrative Agent

		
	By:	 	 /s/ James S. Gates

		 	 Name: James S. Gates
 Title: Vice-President

 The undersigned Borrower and its Subsidiaries hereby agrees to comply with the terms and
conditions of the foregoing Agreement. 
  

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

  

			
	 CLEARPOINT RESOURCES, INC.
 ASG, LLC (a
Florida LLC)
 EMGATE SOLUTIONS GROUP, LLC
 CLEARPOINT WORKFORCE,
LLC
 CLEARPOINT HR, LLC
 ALLIED CONTRACT SERVICES, LLC

STAFFBRIDGE, INC.
 CLEARPOINT ADVANTAGE, LLC
 CLEARPOINT MANAGED SERVICES, LLC
 QUANTUM RESOURCE CORPORATION
 ASG, LLC (a Rhode Island LLC)
 MERCER VENTURES, INC.

		
	By:	 	/s/ Michael D. Traina
	 Name: Michael D. Traina
 Title:
CEO

  

 11Loan Modification and Restructure Agreement

 Exhibit 10.8 
 LOAN MODIFICATION AND RESTRUCTURE AGREEMENT 
 This Loan Modification and Restructure Agreement
(this “Agreement”) is made this 20th day of June, 2008 by and among ClearPoint Business Resources, Inc. (“Borrower”), a Delaware corporation, ClearPoint Resources, Inc. (“Resources”), a Delaware corporation, Allied
Contract Services, LLC, a Delaware limited liability company, Mercer Ventures, Inc., a Delaware corporation, Quantum Resource Corporation, a Delaware corporation, Staffbridge, Inc., a Delaware corporation, ClearPoint Advantage, LLC, a Delaware
limited liability company, ClearPoint Managed Services, LLC, a Delaware limited liability company, eMgate Solutions Group, LLC, a Delaware limited liability company, ClearPoint Workforce, LLC, a Delaware limited liability company, ASG, LLC, A Rhode
Island limited liability company, ASG, LLC, a Florida limited liability company, ClearPoint HR, LLC, a Delaware limited liability company (each a “Guarantor” and collectively, “Guarantors”), and Manufacturers and Traders Trust
Company (“MTB”), as Administrative Agent (in such capacity, the “Administrative Agent”) for the lenders and financial institutions (the “Lenders”) from time to time parties to the Credit Agreement referred to below.

 BACKGROUND 
 A. On or
about February 23, 2007, Borrower, Administrative Agent and MTB (as the sole Lender) entered into a certain Credit Agreement (the “Credit Agreement”) and related instruments, agreements and documents. All capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
 B. Pursuant to the Credit Agreement, and
to induce Lenders to enter into the Credit Agreement and to make available to or for the benefit of Borrower and its subsidiaries the Revolving Credit Commitment and the Term Loan Commitment, pursuant to the Guaranties, each Guarantor guaranteed, as
a surety, the Obligations. Subsidiaries formed or acquired subsequent to the date of Credit Agreement entered into a certain Joinder and Assumption Agreement dated as of December 31, 2007 among such Subsidiaries and Administrative Agent (the
“Joinder”), pursuant to which they joined in and agreed to be bound by certain Loan Documents. 
 C. As collateral security for the
Obligations, pursuant to the Security Documents including, without limitation, the Security Agreement, Borrower and each Guarantor granted to Administrative Agent for the benefit of the Lenders a continuing lien on and security interest in and to
the Collateral. 
 D. Borrower and Guarantors are in default of the Obligations and the Guaranty Obligations by virtue of, among other
things, their failure to comply with certain payment, financial and other covenants set forth in the Credit Agreement, the Guaranty and the other Loan Documents. Loan Parties have requested that Administrative Agent and each Lender agree to
consolidate the outstanding indebtedness under the Revolving Credit Commitment and the Term Loan Commitment, compromise such indebtedness in consideration of, inter alia, the issuance of the Warrants, subordinate certain of its liens
and security interests in and to the Collateral to the liens and security interests granted by Loan Parties in and to the Collateral to ComVest (as hereinafter defined) and permit the Restated Obligations to be repaid on a deferred, term basis, all
under the terms and subject to the conditions set forth in this Agreement. 

 NOW, THEREFORE, with the foregoing Background deemed incorporated hereinafter by this reference and
hereby made a part hereof, the parties hereto, intending to be legally bound, hereby further covenant and agree as follows: 
 SECTION 1. DEFINITIONS.

 1.1 “Ace” means Ace Risk Management, 436 Walnut Street, Philadelphia, Pennsylvania 19106. 
 1.2 “Ace Letter of Credit” means that certain standby letter of credit, no. SB-910791-0001, issued by MTB for the account of Borrower in
favor of Ace. 
 1.3 Accounting Terms. All accounting terms not otherwise defined in this Agreement shall have the meanings ascribed
to such terms in accordance with GAAP.
 1.4 “Agreement Termination Events” means the events set forth in Section 5 of
this Agreement. 
 1.5 Certificate of Deposit means that certain Certificate of Deposit issued by MTB to Borrower in the original
principal amount of $1,500,000.00. 
 1.6 “ComVest” means ComVest Capital, LLC, a Delaware limited liability company.

 1.7 “ComVest Indebtedness” means the existing and future debts, liabilities and obligations of Loan Parties to ComVest
pursuant to the terms of a certain Revolving Credit and Term Loan Agreement between ComVest and Borrower and related instruments, agreements and documents (collectively, along with such Revolving Credit and Term Loan Agreement, the “ComVest
Loan Documents”). 
 1.8 “Deferred Obligations” mean the principal sum of Three Million ($3,000,000.00) Dollars,
subject to such additions and credits to such sum as set forth in this Agreement, interest thereon in accordance with this Agreement, and the other obligations in connection with this Agreement. 
 1.9 “Deferred Obligations Amortization Date” means the earlier to occur of (a) the first day of the calendar month following the
date on which the debts, liabilities and obligations evidenced by the ComVest Loan Documents have been paid and satisfied in full with no further right to draw, and (b) January 1, 2011. 
 1.10 “Loan Parties” mean Borrower and Guarantors, jointly, severally and collectively. 
 1.11 “Pre-Closing Accounts” mean the accounts receivable of Borrower and the other Loan Parties described on Exhibit “A,”
attached hereto, incorporated herein by this reference and made a part hereof, and the cash and noncash proceeds thereof. 
  

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 1.12 “Restated Obligations” mean, in the absence of a Spring Back Event, the Deferred
Obligations and the Loan Parties’ obligations described in Section 2.2 below. 
 1.13 “Spring Back Amount” means
the outstanding principal balance of the Obligations, together with accrued and unpaid interest thereon, and costs and expenses reimbursable pursuant to the Credit Agreement, as of the date hereof, including, without limitation, the debt described
in Section 7 of this Agreement, minus any amount received and retained by Administrative Agent pursuant to this Agreement on account of the Deferred Obligations or the Obligations. 
 1.14 “Tax Refunds” mean all existing and future federal and state income tax refunds due or to become due Borrower (including the amount
of any credits issued in respect of such refunds) arising for any period prior to January 1, 2008, whenever paid or credited. 
 1.15
“Voting Rights Agreement” means that certain Voting Rights Agreement of even date herewith pursuant to which the shareholders party to such agreement unconditionally agree to vote their shares in favor of the issuance of the
Warrants. 
 1.16 Warrant Agreements mean those two (2) certain warrant agreements of even date herewith pursuant to which
Borrower issues the Warrants to Administrative Agent. 
 1.17 Warrants mean the warrants of Borrower issued to Administrative Agent
pursuant to which Administrative Agent has the right, at its option, to acquire up to 1,500,000.00 shares of stock of Borrower, together with certain put rights, all as more fully set forth in the Warrant Agreements. 
 SECTION 2. REVOLVING CREDIT COMMITMENT AND TERM LOAN COMMITMENT RESTRUCTURE. 
 2.1 Revolving Credit Termination. Loan Parties hereby acknowledge and agree that Administrative Agent and Lenders have no further commitment to make any loans, advances or extensions of credit to or for their
benefit under the Revolving Credit Commitment, which Revolving Credit Commitment is hereby terminated. 
 2.2 Amortization of Outstanding
Obligations. Subject to satisfaction of all conditions precedent set forth in this Agreement, and absent the existence of any Spring Back Event, Administrative Agent and the Lenders hereby agree that all Obligations in connection with the
Revolving Credit Commitment and the Term Loan Commitment shall be satisfied or deemed satisfied in full and, except as set forth in this Section 2.2, replaced with the following: 
 (a) Commencing on the Deferred Obligations Amortization Date, Loan Parties shall pay the principal amount of the Deferred Obligations in thirty-six
(36) equal and consecutive monthly installments, plus interest on the outstanding principal balance of such Deferred Obligations (to be paid monthly concurrently with the payment of principal) at the per annum rate of five (5%) percent;
provided, however, that after the occurrence of any Agreement Termination Event, interest on the Deferred Obligations shall, without notice to Loan Parties or any other action on the part of Administrative Agent or any Lender to be taken, accrue and
be payable on demand at the per annum rate of twelve (12%) percent. If there is a sale of 

  

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substantially all of the assets of Loan Parties or any of them, or a capital infusion or infusion of subordinated indebtedness, the Loan Parties shall, at
the time any such Loan Party receives proceeds of any such sale, capital infusion or loan, prepay the installments of the Deferred Obligations (in the inverse order of their maturity, last installment credited first) by an amount equal to
twenty-five (25%) percent of such proceeds as are payable to ComVest on account of the ComVest Indebtedness in accordance with the ComVest Loan Documents as in effect on the date of this Agreement; 
 (b) Prior to the Deferred Obligations Amortization Date, Administrative Agent shall receive cash proceeds arising out of the Pre-Closing Accounts of not
less than Three Million ($3,000,000.00) Dollars; provided, however, that in the event Administrative Agent receives less than Three Million ($3,000,000.00) Dollars of proceeds of the Pre-Closing Accounts prior to the Deferred Obligations
Amortization Date, the amount of any such shortfall (the “Accounts Shortfall Amount”) shall be added to and deemed part of the Deferred Obligations and payable in accordance with the provisions set forth in Section 2.2(a) of this
Agreement. In the event Administrative Agent receives proceeds of Pre-Closing Accounts in excess of Three Million ($3,000,000.00) Dollars at any time, twenty (20%) percent of such excess sum shall, absent the existence of any Agreement
Termination Event, be remitted to Loan Parties, with the remainder of such excess to be applied on account of the Obligations as follows: fifty (50%) percent of such excess shall be applied on account of the Deferred Obligations (to
installments thereof in the inverse order of their maturity); and fifty (50%) percent shall be applied to the Obligations in such order and manner as Lenders may determine; 
 (c) Prior to the Deferred Obligations Amortization Date, Administrative Agent shall receive Tax Refunds of not less than One Million ($1,000,000.00)
Dollars; provided, however, that in the event Administrative Agent receives less than One Million ($1,000,000.00) Dollars of proceeds of Tax Refunds, the amount of any such shortfall (the “Tax Refund Shortfall Amount”) shall be added to
and deemed part of the Deferred Obligations and payable in accordance with the provisions set forth in Section 2.2(a) of this Agreement. In the event Administrative Agent receives proceeds of Tax Refunds in excess of One Million ($1,000,000.00)
Dollars, twenty (20%) percent of such excess sum shall, absent the existence of any Agreement Termination Event, be remitted to Loan Parties, with the remainder of such excess to be applied on account of the Obligations as follows: fifty
(50%) percent of such excess shall be applied on account of the Deferred Obligations (to installments thereof in the inverse order of their maturity); and fifty (50%) percent shall be applied to the Obligations in such order and manner as
Lenders may determine; and 
 (d) Administrative Agent and the Lender shall have the right at any time to liquidate and apply the proceeds of
the Certificate of Deposit and any accrued interest thereon to the Obligations in such order and manner as Administrative Agent and the Lenders may determine and Loan Parties acknowledge and agree that no portion of the proceeds so applied shall
reduce the Deferred Obligations. To the extent the issuer of the Ace Letter of Credit is required to make payments under the Letter of Credit in excess of Nine Hundred Thousand ($900,000.00) Dollars at any time, the amount of such excess (the
“Letter of Credit Shortfall Amount”) shall be added to and deemed part of the Deferred Obligations and payable in accordance with the provisions set forth in Section 2.2(a) of this Agreement. In the event payments of drafts under the
Ace Letter of Credit do not aggregate in excess of Nine Hundred 

  

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Thousand ($900,000.00) Dollars, twenty (20%) percent of the difference between Nine Hundred Thousand ($900,000.00) Dollars and the amount of the
aggregate of such drafts paid under the Ace Letter of Credit shall, absent the existence of any Agreement Termination Event, be remitted to Loan Parties, with the remainder of such excess to be applied on account of the Obligations as follows: fifty
(50%) percent of such excess shall be applied on account of the Deferred Obligations (to installments thereof in the inverse order of their maturity); and fifty (50%) percent shall be applied to the Obligations. 
 Following payment and satisfaction in full of the Deferred Obligations, should Administrative Agent receive proceeds of Pre-Closing Accounts, Tax Refunds or if the
issuer has paid less than Nine Hundred Thousand ($900,000.00) Dollars under the Letter of Credit, to the extent the Accounts Shortfall Amount, the Tax Refunds Shortfall Amount or the Letter of Credit Shortfall Amount has been paid as part of the
Deferred Obligations, fifty (50%) percent of any such shortfall amount paid shall be remitted to Loan Parties. For the avoidance of doubt, Loan Parties acknowledge and agree that, except as the proceeds of Pre-Closing Accounts, Tax Refunds and
sums not drawn under the Letter of Credit are to be applied to the Deferred Obligations or remitted to Loan Parties in accordance with this sentence, all proceeds of the Pre-Closing Accounts, Tax Refunds and proceeds of the Certificate of Deposit,
at any time received by Loan Parties or Administrative Agent shall be delivered to or may be retained by Administrative Agent and Lenders, as applicable, for application to the Obligations in such order and manner as Lenders may determine.

 SECTION 3. WARRANTIES AND REPRESENTATIONS. 
 3.1 Inducement to Lenders. To induce Administrative Agent and Lenders to enter in this Agreement, each Loan Party represents and warrants to Administrative Agent as follows: 
 (a) The representations and warranties set forth in the ComVest Loan Documents are true and correct in all material respects (and Administrative Agent and
Lenders may rely on them as if set forth at length here); 
 (b) Loan Parties have, as applicable, the power, authority and capacity to enter
into and perform this Agreement and the instruments, agreements and documents described in this Agreement, and have, as applicable, taken all proper and necessary action to authorize the execution, delivery and performance of this Agreement and such
instruments, agreements and documents; 
 (c) This Agreement and the instruments, agreements and documents described in this Agreement are
or, when delivered will be, valid, binding and enforceable against Loan Parties in accordance with their respective terms;
 (d) Except with
respect to the issuance of the Warrants, no consent, approval or authorization of, or filing, registration or qualification with, any person or entity is required to be obtained by Loan Parties in connection with the execution and delivery of this
Agreement and the instruments, agreements and documents described in this Agreement, or any undertaking or performance of any liability or obligation hereunder or thereunder including, without limitation, the consent or approval of any holder of any
subordinated indebtedness of any Loan Party;
  

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 (e) The execution and delivery of this Agreement and the instruments, agreements and documents referred
to in this Agreement, and the performance by Loan Parties of their obligations hereunder and thereunder will not conflict with, or result in breach of, any of the terms, covenants and provisions of any charter or bylaw provision of any Loan Party,
or any judgment, writ, injunction or decree of any court or governmental authority, or any agreement or instrument to which any Loan Party is a party or by which any Loan Party is or may be bound; 
 (f) No representation or warranty by any Loan Party contained in this Agreement, or any certificate or other instrument, agreement or document furnished
to Administrative Agent or ComVest in connection herewith contains any untrue statements of material fact or omits to stating a material fact necessary to make such representation or warranty not misleading in light of the circumstances under which
it was made; and 
 (g) Except as disclosed in the ComVest Loan Documents, there are no judgments or judicial or administrative orders
or proceedings pending, or to the knowledge of any Loan Party threatened against or affecting any Loan Party or the property of any Loan Party in any court or before any governmental authority or arbitration board or tribunal. 
 Loan Parties hereby expressly acknowledge that the foregoing representations and warranties are being specifically relied upon by Administrative Agent
and the Lenders as a material inducement for Administrative Agent and Lenders to enter into this Agreement. The foregoing warranties and representations shall survive the execution and exchange of this Agreement and the delivery of the instruments,
agreements and documents referred to in this Agreement. 
 SECTION 4. COVENANTS. Loan Parties further covenant and agree with Administrative Agent and
each Lender that, so long as any of the Restated Obligations remain unsatisfied and outstanding and absent the existence of any Spring Back Events (and such covenants shall replace and supersede the covenants set forth in the Loan Documents):,

 4.1 Cooperation and Further Assurances. Borrower and each of the other Loan Parties hereby unconditionally agree to cooperate in all
respects with Administrative Agent in collection and remission to Administrative Agent of the Pre-Closing Accounts and the Tax Refunds, and shall diligently and continuously take all commercially reasonable action to realize the maximum amount of
the same. Without limiting the generality of the foregoing, Borrower and each other Loan Party unconditionally agree, at their expense, (i) to execute and/or deliver to Administrative Agent or to any account debtor obligated with respect to any
Pre-Closing Account such instruments, agreements and documents and such data and information as may be required to effectuate the collection of such Pre-Closing Accounts and otherwise to provide such information regarding such accounts as may be
necessary to facilitate such collection; and (ii) to file for the Tax Refunds on or before October 15, 2008, and to execute and/or deliver such instruments, agreements and documents as may be necessary to provide for the payment directly
to Administrative Agent or its designee of the Tax Refunds in accordance with the terms and subject to the conditions of this Agreement (which instruments, agreements and documents may include such powers of attorney and other forms as may be
required by any taxing authority to effect such payment and collection). Administrative Agent shall promptly notify Loan Parties of its receipt of the Tax Refunds. 
  

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 4.2 Remittances Held in Trust for Administrative Agent. All proceeds of Pre-Closing Accounts and
all sums received in respect of the Tax Refunds shall be remitted to Administrative Agent in the form received (with appropriate endorsement which Borrower and each Loan Party hereby agree to make) for application in accordance with the terms of
this Agreement and, until such time as such proceeds and remittances are made and received by Administrative Agent, Borrower and each Loan Party in possession of the same shall be deemed to hold and hereby agree that they hold the same in
express trust for Administrative Agent. All such proceeds of Pre-Closing Accounts and the Tax Refunds shall be delivered, as aforesaid, to Administrative Agent as soon as practicable, but in any event within three (3) Business
Days of receipt by any Loan Party. To the extent remittance items furnished to Administrative Agent constitute proceeds of Pre-Closing Accounts and funds of account debtors that do not constitute proceeds of Pre-Closing Accounts, Administrative
Agent shall remit to Borrower sums not constituting Pre-Closing Accounts (to the extent same can be identified) within five (5) Business Days after the date on which such have become good (cleared) funds. 
 4.3 Field Examination and Inspections. Loan Parties will, when requested to do so, make available at reasonable times for inspection by duly
authorized representatives of Administrative Agent or any Lender any of their books and records (wherever located), and will furnish to Administrative Agent or any Lender (or cause to be furnished to Administrative Agent or any Lender) any
information reasonably requested regarding their business affairs and condition (financial and otherwise) within a reasonable time after request therefor. Administrative Agent or any Lender may at any time and from time to time on reasonable notice
at reasonable times have complete access to all of Loan Parties’ premises for the purposes of inspecting, examining, verifying and auditing the Collateral, and Loan Parties’ books and records, and otherwise conducting field examinations
with respect to the Collateral and Loan Parties’ books and records. 
 4.4 Periodic Reports. Borrower and each Loan Party shall
furnish to Administrative Agent all financial and other information Borrower and each Loan Party furnishes to ComVest (other than routine correspondence) pursuant to the ComVest Loan Documents within five (5) Business Days of the furnishing to
ComVest of such information. 
 4.5 Management Compensation. The aggregate compensation to the chief executive officer and the chief
financial officer of Borrower and each other Loan Party shall not exceed any limits thereon set forth in the ComVest Loan Documents. 
 4.6
Dividends and Redemptions. No Loan Party may declare or pay any dividends, or make any distribution of cash or property, or both, to any Person in respect of any of the shares of capital stock or other equity securities of any Loan Party or
any other Person, or directly or indirectly redeem, purchase or otherwise acquire for consideration any securities or shares of the capital stock or other equity securities of any Loan Party or any other Person; provided, however, that this covenant
shall not be deemed to prohibit the payment of dividends or distributions by any Loan Party to any other direct or indirect wholly-owned subsidiary of any other Loan Party. 
 4.7 Subordinated Indebtedness. No Loan Party shall pay or collateralize any subordinated indebtedness without the prior, written consent of
Administrative Agent, which 

  

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consent may be withheld in Administrative Agent’s sole and absolute discretion. Notwithstanding the foregoing, Borrower may pay regularly scheduled
payments (but not prepayments or accelerated payments) (i) on account of that certain note dated April 14, 2008 payable to Blue Lake Rancheria (the “Blue Lake Note”) in accordance with the terms thereof, a true and correct copy
of such Blue Lake Note having been furnished to Administrative Agent concurrently herewith; provided, however, that for each Fifty Thousand ($50,000.00) Dollars paid on account of such note, Michael Traina and Christopher Ferguson shall, on a
several basis, be liable as sureties for the Deferred Obligations, each in the amount of Ten Thousand ($10,000.00) Dollars, subject to an aggregate amount of each surety’s liability for the Deferred Obligations of One Hundred Fifty Thousand
($150,000.00) Dollars, and (ii) on account of any other subordinated indebtedness, except to the extent now or hereafter prohibited by the ComVest Loan Documents. 
 4.8 Stockholder Approval. Borrower shall call a meeting of its stockholders to be held as promptly as practicable and in any event no later than ninety (90) days after the date hereof for the purpose of
voting upon and approving the authorization and issuance of the Warrants and the issuance of the shares of Common Stock of Borrower upon the exercise thereof or otherwise pursuant to the Warrants (the “Stockholder Approval”). Borrower
shall recommend to its stockholders approval of such matters. Borrower shall use its reasonable best efforts to solicit from its stockholders proxies in favor of such matters sufficient to comply with all relevant legal requirements, including,
without limitation, Rule 4350(i) promulgated by the NASD, and shall vote such proxies and, shall use its best efforts to cause all “affiliates” (as such term is defined in Rule 12b-2 promulgated under the Exchange Act of 1934, as amended)
of Borrower to vote any shares of Common Stock beneficially owned by such persons or entities, in favor of such matters. This Section 4.8 shall cease to apply in the event that the Stockholder Approval is no longer required in order for the
Company to validly issue the warrants and all of the shares of Common Stock upon exercise thereof under all applicable legal requirements including, without limitation, Rule 4350(i) promulgated under NASD. 
 4.9 Further Assurances. Each Loan Party shall, promptly upon the request of Administrative Agent, execute and/or deliver such instruments,
agreements and documents as Administrative Agent may request to effectuate the intents and objects of this Agreement and, without limiting the generality of the foregoing, to perfect and/or maintain perfection of Administrative Agent’s rights
in and to the Collateral, realize on all Pre-Closing Accounts, the Tax Refunds, and facilitate the issuance of the Warrants. 
 SECTION 5. AGREEMENT
TERMINATING EVENTS AND SPRING BACK EVENTS. 
 5.1 Agreement Terminating Events. Each of the following events shall constitute an
Agreement Terminating Event: 
 (a) If any representation or warranty made herein or in any other instrument, agreement or document furnished
by any Loan Party in connection with this Agreement shall be false, inaccurate or misleading in any material respect when made or when deemed made under this Agreement; 
  

 8 

 (b) Any default in the payment of any principal or interest or any other Obligations when the same shall
be due and payable hereunder, whether at the due date hereof or at a date required for prepayment or by acceleration or otherwise, and the continuance of any such nonpayment (in whole or in part) for a period of five (5) Business Days;

 (c) Any default in the due observance or performance of any covenant, condition or agreement contained in this Agreement which, if capable
of being cured, is not fully cured within thirty (30) days after the occurrence thereof; and 
 (d) The occurrence of any Event of
Default under and as defined in the ComVest Loan Documents which is not cured within or pursuant to any applicable grace, notice and/or cure period set forth therein, unless waived by ComVest in writing. 
 5.2 Spring Back Events. Each of the following events shall constitute a Spring Back Event: 
 (a) The entry of an order for relief as to Borrower, Resources or any other operating Loan Party under Title 11 of the United States Code; 
 (b) Borrower, Resources or any other operating Loan Party makes an assignment for the benefit of creditors; or 
 (c) Borrower, Resources or any other operating Loan Party terminates the operation of its business without the prior written consent of Administrative
Agent, which consent shall not be unreasonably withheld or delayed. 
 5.3 Remedies. Upon the occurrence of any Agreement Termination
Event, and at all times thereafter during the continuance thereof, all Deferred Obligations shall be accelerated and become immediately due and payable, and upon the occurrence of any Spring Back Event, the Spring Back Amount shall be automatically
accelerated and become immediately due and payable, all without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, anything contained herein or in any related instrument, agreement or document to the
contrary, upon the occurrence of which, Administrative Agent and Lenders shall have all rights, remedies, benefits and security accorded by the Loan Documents and applicable law. 
 SECTION 6. CONDITIONS PRECEDENT. This Agreement is subject to the delivery to Lender of each of the following (all instruments, agreements and documents to be in form and substance satisfactory to Lender and
its counsel): 
 6.1 Resolution. A certified (as of the date of this Agreement) copy of resolutions of each Loan Parties’ Board of
Directors authorizing the execution, delivery and performance of this Agreement and each other document to be executed and/or delivered pursuant hereto and any other instrument, agreement or document referred to herein; 
 6.2 Incumbency. A certificate (dated the date of this Agreement) of each Loan Parties’ corporate secretary as to the incumbency and specimen
signatures of the officers of Loan Parties executing this Agreement and each other document to be executed and/or delivered pursuant hereto or thereto;
  

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 6.3 Payment on Account of Obligations. Administrative Agent shall receive for the benefit of
Lenders the sum of One Million ($1,000,000.00) Dollars in immediately available funds for application to the Obligations; 
 6.4 Warrant
Agreement; Warrants. Borrower shall execute and deliver to Administrative Agent the Warrant Agreement for application to the Obligations, which Warrant Agreement and Warrants shall be deemed held in escrow by Administrative Agent pending
shareholder approval of the issuance of the Warrants as more fully set forth in the Voting Rights Agreement; 
 6.5 Voting Rights
Agreement/Registration Rights Agreement. The Voting Rights Agreement and the Registration Rights Agreement referred to therein and such instruments, agreements and documents as Administrative Agent may require to effectuate the intents and
objects of the Voting Rights Agreement shall be executed and/or delivered to Administrative Agent; 
 6.6 ComVest Closing.
Administrative Agent shall receive evidence satisfactory to Administrative Agent that ComVest has executed and exchanged with Loan Parties the ComVest Loan Documents and has made an initial funding under same in an amount not less than
$8,000,000.00; 
 6.7 Intercreditor Agreement. Administrative Agent and ComVest shall have executed and exchanged the intercreditor
agreement; 
 6.8 Traina/Ferguson Guaranty. Messrs. Traina and Ferguson shall each execute and deliver to Administrative Agent the
Guaranty and Suretyship Agreement in respect of the Deferred Obligations in accordance with and subject to the limitations set forth in this Agreement; and 
 6.9 Additional Instruments, Agreements and Documents/Further Assurances. Each Loan Party shall execute and/or deliver to Administrative Agent and any Lender such additional instruments, agreements and
documents, and shall take such other and further action as may be required by Administrative Agent and any Lender, to effectuate the intents and object of this agreement. 
 SECTION 7. CONFIRMATION OF EXISTING INDEBTEDNESS AND RATIFICATION OF LOAN DOCUMENTS. 
 7.1
Confirmation of Existing Indebtedness. Borrower and each Loan Party, hereby unconditionally acknowledge and confirm that: (a) the unpaid principal indebtedness of Borrower to MTB evidenced by the Revolving Credit Note is, as of the date
hereof, Seven Million, Sixty-Five Thousand Eight Hundred Nine and 13/100 ($7,065,809.13) Dollars; (b) accrued and unpaid interest on the outstanding principal balance of the Revolving Credit Commitment is, as of the date hereof, One Hundred
Three Thousand One Hundred Thirteen and 72/100 ($103,113.72) Dollars; (c) the unpaid principal indebtedness of Borrower and each Loan 

  

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Party to MTB evidenced by the Term Loan Note is, as of the date hereof, Three Million Eight Hundred Sixty-Six Thousand Six Hundred Sixty-Six and 70/100
($3,866,666.70) Dollars; (d) accrued and unpaid interest on the outstanding principal balance of the Term Loan is, as of the date hereof, Thirty Seven Thousand Three Hundred Seventy-Seven and 77/100 ($37,377.77) Dollars; and (e) the
foregoing sums, together with continually accruing interest and any related costs, fees and expenses are, as of the date hereof, owing without claim, counterclaim, right of recoupment, defense or set off of any kind or of any nature whatsoever.

 7.2 Liens on Collateral Remain. Nothing herein contained shall be deemed to terminate or extinguish any of the liens and security
interests granted to Administrative Agent pursuant to the Loan Documents.
 SECTION 8. MISCELLANEOUS. 
 8.1 Integrated Agreement. This Agreement and all of the instruments, agreements and documents executed and/or delivered in conjunction with this
Agreement shall be effective upon the date of execution hereof and thereof by all parties hereto and thereto. 
 8.2 Disgorgement. If
Administrative Agent is, for any reason, compelled to surrender or disgorge any payment, interest or other consideration described hereunder to any person or entity because the same is determined to be void or voidable as a preference, fraudulent
conveyance, impermissible set-off or for any other reason, such Obligation or part thereof intended to be satisfied by virtue of such payment, interest or other consideration shall be revived and continue as if such payment, interest or other
consideration had not been received by Administrative Agent, and Loan Parties shall be liable to, and shall indemnify, defend (engaging counsel acceptable to Administrative Agent) and hold Administrative Agent harmless for, the amount of such
payment or interest surrendered or disgorged. The provisions of this Paragraph shall survive execution and exchange or this Agreement. 
 8.3
Automatic Stay. Loan Parties hereby acknowledge, represent and warrant that if they cannot perform in accordance with the terms of this Agreement, they will never be able to perform in accordance with the terms of the Loan Documents (as
hereby modified and restructured), nor will they be able to reorganize under Chapter 11 of the United States Bankruptcy Code or under any similar law. Accordingly, in consideration of this Agreement and in recognition of this opportunity to
restructure the Obligations, Loan Parties hereby agree that if a petition in bankruptcy is filed by or against them, as debtor and debtor-in-possession (if applicable), Loan Parties hereby consent to immediate and unconditional relief in favor of
Administrative Agent from the automatic stay of 11 U.S.C. §362 (the “Stay”), waive their right to oppose a motion for relief from the Stay, waive the benefits of the Stay, and hereby admit and agree that grounds to vacate the Stay to
permit Administrative Agent to enforce their respective rights and remedies under the Loan Documents, this Agreement and the instruments, agreements and documents referred to in this Agreement exist and shall continue to exist, which grounds
include, without limitation, the fact the Administrative Agent’s interests in the Collateral and the Mortgaged Property cannot be adequately protected. 
 8.4 No Defenses; Reliance. Loan Parties hereby confirm and reconfirm that there are no existing defenses, claims, counterclaims or rights of recoupment or set-off against 

  

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Administrative Agent in connection with the negotiation, preparation, execution, performance or any other matters relating to the Loan Documents or this
Agreement. It is hereby and thereby further acknowledged and agreed that notwithstanding anything to the contrary set forth in this Agreement, Administrative Agent has and shall have no obligation to further amend the Loan Documents, or otherwise
further restructure the Obligations, and that neither Administrative Agent nor its representatives have made any agreements with, or commitments or representations or warranties to, Loan Parties (either in writing or orally) other than as expressly
stated in this Agreement. Nothing contained in this Agreement, or any compliance with the terms of this Agreement or any of the instruments, agreements or documents referred to in this Agreement, shall impose any obligation on the part of
Administrative Agent to consummate a further restructure of the Obligations. 
 8.5 No Contest. In consideration of this Agreement,
Loan Parties hereby agree that they will not contest the exercise of Administrative Agent’s rights to foreclose or otherwise take action with respect to the liens on and security interests of Administrative Agent in and to the Collateral, the
Loan Documents and collateral security described in this Agreement, or contest the appointment of any receiver in connection of the operation of any of such property and assets. 
 8.6 Release. In consideration of the accommodations being made available by Administrative Agent to or for the benefit of Loan Parties under this
Agreement, Loan Parties, for themselves and their respective heirs, personal representatives, agents, employees, successors and assigns, do hereby remise, release and forever discharge Administrative Agent, each Lender and its and their respective
agents, employees, representatives, officers, successors and assigns of and from any and all claims, counterclaims, demands, actions and causes of action of any nature whatsoever, whether at law or in equity, including, without limitation, any of
the foregoing arising out of or relating to the transactions described in this Agreement, which against Administrative Agent, each Lender or its and their respective agents, employees, representatives, officers, successors or assigns, or any of
them, any Loan Party has or hereafter can or may have for or by reason of any cause, matter or thing whatsoever, from the beginning of the world to the date of this Agreement. 
 8.7 No Coercion. Loan Parties hereby represent and warrant that they are fully aware of the terms set forth in this Agreement and have
voluntarily, and without coercion or duress of any kind, entered into this Agreement intending to be legally bound by its terms. 
 8.8
Administrative Agent Reliance. Loan Parties expressly understand and further agree that Administrative Agent is relying on all terms, covenants, conditions, warranties and representations set forth in this Agreement. 
 8.9 Confidentiality. 
 (a) Each party
hereto (the “Recipient”) shall keep confidential and not disclose to any third party or use for its own benefit, except as expressly permitted herein, or for the benefit of any third party, any Confidential Information disclosed by the
other party hereto (the “Disclosing Party”) to it, or any Confidential Information to which the other party has access or an opportunity to gain knowledge. Each party hereto agrees to secure and protect the 

  

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Confidential Information of the other party hereto in the same manner as it would secure and protect the Confidential Information of the other party hereto
in the same manner as it would secure and protect its own Confidential Information and agrees to take appropriate action by instruction or agreement with its agents who are permitted access to the Confidential Information to satisfy its obligations
hereunder. Each party hereto shall cooperate with and assist any other party in identifying and preventing any unauthorized use, copying or disclosure of the Confidential Information. 
 (b) The term “Confidential Information” as used in this Agreement shall mean any proprietary or confidential information, whether in verbal,
written or some other tangible medium, including, but not limited to, any prospective business opportunities, technical data, trade secrets, know-how, assets, operations, finances, technologies, patents, copyrights, trademarks, techniques, drawings,
sketches, models, inventions, processes, apparatus, equipment, algorithms, formulae, software, research, experimental work, products, service plans, markets and market studies, design details and specifications, engineering information, procurement
requirements, customer lists, customers, pricing and cost information, business forecasts, sales, distribution, merchandising and marketing plans and information; provided, however, such term shall not include (i) information which, at the time
of disclosure, is already known or available to the public, can be obtained from public sources or is otherwise in the public domain, (ii) information which, after disclosure, becomes known or available to the public through no breach by the
Recipient of this Agreement, (iii) information already in the Recipient’s possession at the time of disclosure, as evidenced by competent written records of the Recipient, (iv) information which was independently developed by or for
the Recipient without the use of or reliance on the Disclosing Party’s Confidential Information, as evidenced by competent written records of the Recipient, or (v) information received by the Recipient from another person or entity who is
not known by the Recipient to be under an obligation to keep the same confidential. 
 (c) Each party hereto expressly acknowledges that the
remedy at law for any breach of this Section 8.9 will be inadequate, and that, upon any such breach or threatened breach, the non-breaching party shall be entitled as a matter of right to injunctive relief in any court of competent
jurisdiction, in equity or otherwise, and to enforce the specific performance of the breaching party’s obligations under these provisions without the necessity of proving the actual damage to the non-breaching party or the inadequacy of a legal
remedy. The rights conferred upon the parties hereto by the preceding sentences shall not be exclusive of, but shall be in addition to, any other rights or remedies which the parties hereto may have at law, in equity or otherwise. 
 8.10 Applicable Law. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without giving effect to principles of
conflicts of laws. 
  

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 8.11 Jury Trial Waiver. LOAN PARTIES HEREBY IRREVOCABLY WAIVE TRIAL BY JURY AND ANY RIGHT THERETO,
AND CONSENT TO THE JURISDICTION OF THE COURTS OF PHILADELPHIA COUNTY, PENNSYLVANIA, AND AGREE NOT TO RAISE ANY OBJECTION TO SUCH JURISDICTION, OR TO THE LAYING OF THE VENUE IN SUCH COMMONWEALTH, AND FURTHER AGREE THAT SERVICE OF PROCESS MAY BE DULY
EFFECTED UPON THEM BY SERVICE IN ACCORDANCE WITH THE PROVISIONS OF THE UNIFORM INTERSTATE AND INTERNATIONAL PROCEDURE ACT. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification and Restructure Agreement to be
duly executed and exchanged as of the day and year first above written. 
  

			
	 CLEARPOINT BUSINESS RESOURCES, INC.

		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina,
		 	Chairman and Chief Executive Officer
	
	EMGATE SOLUTIONS GROUP, LCC, a Delaware limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina,
		 	Chief Executive Officer
	
	CLEARPOINT WORKFORCE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina,
		 	Chief Executive Officer
	
	ALLIED CONTRACT SERVICES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer

  

 15 

			
	CLEARPOINT RESOURCES, INC., a Delaware corporation
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer
	
	MERCER VENTURES, INC., a Delaware corporation
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer
	
	QUANTUM RESOURCE CORPORATION, a Delaware corporation
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer
	
	STAFFBRIDGE, INC., a Delaware corporation
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer

  

 16 

			
	CLEARPOINT ADVANTAGE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer
	
	CLEARPOINT MANAGED SERVICES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina
		 	Chief Executive Officer
	
	ASG, LLC, a Florida limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina,
		 	Chief Executive Officer
	
	ASG, LLC, a Rhode Island limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina,
		 	Chief Executive Officer
	
	CLEARPOINT HR, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Michael D. Traina

		 	Michael D. Traina,
		 	Chief Executive Officer

  

 17 

			
	 ADMINISTRATIVE AGENT AND LENDER:

	
	MANUFACTURERS AND TRADERS TRUST COMPANY
		
	 By:
	 	 /s/ James S. Gates

	 Name:
	 	 James S. Gates

	 Title:
	 	 Vice-President

  

 18

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