Document:

exv10w9

 

Exhibit 10.9

FIRST PRIORITY OPEN PLEDGE AGREEMENT OVER CREDIT RIGHTS

DERIVED FROM A CRUDE OIL COMMERCIAL SALES AGREEMENT

Between (i) GRAN TIERRA ENERGY COLOMBIA, LTD. (formerly ARGOSY ENERGY INTERNATIONAL), a limited
partnership organized under the laws of the State of Utah (Registered No. 2110646-0180) and having
its principal office at 300, 611 10th Avenue SW, Calgary, Alberta, Canada T2R OB2 with a
branch denominated GRAN TIERRA ENERGY COLOMBIA, LTD, incorporated through Public Deed No. 5323 on
October 25, 1983, granted by the Seventh Notary of Bogotá, registered on November 23, 1983 under
Number 2092 of Book VI, with Mercantile Register No. 00841851, and its main domicile in Bogotá,
DC., represented by EDGAR LOUIS DYES, as evidenced in the certificate of incumbency and legal
representation, of legal age, resident of Bogotá DC, bearer of Alien’s Identity Document Number
223.325, acting in his capacity as Legal Representative and (ii) STANDARD BANK PLC a corporation
organized under the laws of England and Wales (Company No. 2130447) and having its registered
office at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2SB with main domicile in the United
Kingdom, acting for and on behalf of the Secured Parties (hereinafter the “Administrative Agent”)
represented in this act by RODERICK L. FRASER and MANUEL GONZALEZ, both of legal age, domiciled in
New York City identified as it appears below their signatures.

WHEREAS:

     A. GRAN TIERRA ENERGY, INC., a corporation organized under the laws of the State of Nevada
(Registered No. E0666052005-8) and having its principal office at 300, 611 10th Avenue
SW, Calgary, Alberta, Canada T2R OB2 acting as ( the Borrower) and GRAN TIERRA ENERGY COLOMBIA,
LTD. (formerly ARGOSY ENERGY INTERNATIONAL), a limited partnership organized under the laws of the
State of Utah (Registered No. 2110646-0180) and having its principal office at 300, 611
10th Avenue SW, Calgary, Alberta, Canada T2R OB2 (the “Partnership”) and ARGOSY
ENERGY CORP., a corporation organized under the laws of the State of Delaware (Registered No.
3234977) (the “GP”) (the Partnership and the GP, collectively, the “Original
Guarantors”, and individually, an “Original Guarantor”), and the lenders party thereto
as Banks, entered into a credit agreement dated as of February 22, 2007 (the “Credit Agreement”)
with STANDARD BANK PLC as Arranger, Administrative Agent and Issuing Bank.

     B. Under the Credit Agreement, the Borrower was obliged to create a pledge over the credit
rights of GRAN TIERRA ENERGY COLOMBIA, LTD. derived from a Crude Oil Commercial Sales Agreement in
order to secure the fulfillment of the obligations stipulated in the Agreement.

     C. On December 1, 2006, ECOPETROL S.A., a decentralized entity of the national order,
established through Law 165 of 1948, organized as a joint Stock Company pursuant to Decree 1760 of
2003, with Tax Identification Number 899-999-068-1, attached to the Ministry of Mines and Energy,
with main domicile in Bogotá D.C., whose corporate bylaws are contained in Public Deed No. 4832
dated October 31, 2005, and Public Deed

 

 

4302 of September 26, 2006, from the Second Notary of the Bogotá D.C. Circle and on the other
hand GRAN TIERRA ENERGY COLOMBIA, LTD. formerly (ARGOSY ENERGY INTERNATIONAL,) a company with a
branch in Colombia incorporated through Public Deed No. 5323 on October 25, 1993, granted by the
Seventh Notary of Bogotá, registered on November 23, 1983 under Number 2092 of Book VI, with
Mercantile Register No. 00841851, and its main domicile in Bogotá, engaged in a Crude Oil
Commercial Sales Agreement.

     D. The payments made by ECOPETROL S.A. to GRAN TIERRA ENERGY COLOMBIA, LTD. in virtue of the
Crude Oil Commercial Sales Agreement will be as follows: one part payable in Colombian pesos,
equivalent to twenty-five (25%) of the volumes determined and delivered, in accordance with the
provisions contained therein; b) the remaining seventy five percent (75%) in dollars of the United
States of America.

     E. As of the date of this Pledge Agreement, GRAN TIERRA ENERGY COLOMBIA, LTD. is a subsidiary
of exclusive property (directly and through its General Partner, Argosy Energy Corp.) of GRAN
TIERRA ENERGY, INC

     F. It is a condition precedent to the advance of Loans under the Credit Agreement that GRAN
TIERRA ENERGY COLOMBIA, LTD. creates a first-priority open pledge in favor of STANDARD BANK PLC,
over the present and future rights, titles and interests of GRAN TIERRA ENERGY COLOMBIA, LTD. to
receivables and credits payable from time to time by ECOPETROL under the Crude Oil Commercial Sales
Agreement

     G. In compliance of the obligation mentioned in whereas clause F above, GRAN TIERRA ENERGY
COLOMBIA, LTD. has agreed to create a first priority open pledge, in favor of STANDARD BANK PLC
over all the present and future rights, titles and interests of GRAN TIERRA ENERGY COLOMBIA, LTD.
to receivables and credits payable from time to time by ECOPETROL under the Crude Oil Commercial
Sales Agreement

NOW, THEREFORE, the parties agree as follows:

FIRST CLAUSE. DEFINED TERMS: Capitalized terms used in this Pledge Agreement (including the
preamble and whereas clauses) and not otherwise defined herein, unless the context otherwise
requires, have the respective meanings given to such terms in the Credit Agreement.

SECOND CLAUSE. PURPOSE: GRAN TIERRA ENERGY COLOMBIA, LTD. hereby creates a first priority open
pledge, in favor of STANDARD BANK PLC over all the present and future rights, titles and interests
of GRAN TIERRA ENERGY COLOMBIA, LTD. to receivables and credits payable from time to time by
ECOPETROL under the Crude Oil Commercial Sales Agreement.

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The pledge created hereunder, includes the rights of GRAN TIERRA ENERGY COLOMBIA, LTD. to receive:
(i) the full price of the crude oil agreed between GRAN TIERRA ENERGY COLOMBIA, LTD. and ECOPETROL
(ii) all the default interest derived from the Crude Oil Commercial Sales Agreement, if any; (iii)
all the fines, compensations or indemnifications of any nature to which GRAN TIERRA ENERGY
COLOMBIA, LTD. may be entitled to by virtue of breaches of the Crude Oil Commercial Sales
Agreement; (iv) all the indemnifications paid by insurance companies or banks, to which GRAN TIERRA
ENERGY COLOMBIA, LTD. is entitled to, derived from or related to the Crude Oil Commercial Sales
Agreement; and (v) all and any other amounts to which GRAN TIERRA ENERGY COLOMBIA, LTD. may be
entitled to by virtue of the Crude Oil Commercial Sales Agreement

THIRD CLAUSE. SECURITY FOR OBLIGATIONS: The pledge created by means of this Pledge Agreement is an
open pledge, that secures the payment and performance in full by the Obligors (as defined in the
Credit Agreement) of all present and future obligations (including, in the case of the Guarantors,
the Guaranteed Obligations) to the Secured Parties under the Credit Agreement and the other Loan
Documents (hereinafter the “Secured Obligations”).

STANDARD BANK PLC may enforce the pledge created by means of the Pledge Agreement at any time
after (i) an Event of Default under Section 10(f) or 10(g) of the Credit Agreement has occurred, or
(ii) any other Event of Default in respect of which STANDARD BANK PLC has delivered a notice to
the Borrower, terminating the Commitments and/or declaring all amounts payable by the Obligors as
immediately due and payable pursuant to the Credit Agreement.

Notwithstanding the above, the Parties hereto agree that the amount of the Secured Obligations will
correspond to the sum of USD$55,000,000 for principal plus any interest and any other costs,
expenses, fees, commissions, indemnifications and other amounts due by any Obligor pursuant to the
Credit Agreement and the other Loan Documents.

FOURTH CLAUSE. COLLECTIONS: All and any payments to be made under the Crude Oil Commercial Sales
Agreement correspondent to the seventy five percent (75%) portion in dollars of the United States
of America, shall be made by ECOPETROL by means of transference and deposit of those payments in
account number 103353265 opened by GRAN TIERRA ENERGY COLOMBIA, LTD. with JPMorgan Chase Bank, N.A
New York, New York the (the Collection Account)

FIFTH CLAUSE. SERVICES AND INSTRUCTIONS TO ECOPETROL: GRAN TIERRA ENERGY COLOMBIA, LTD. shall
notify in writing to ECOPETROL, within the three (3) working days following the date of execution
of this Pledge Agreement, in the manner indicated in Annex No. 1 to this Pledge Agreement, that
from the date on which this Pledge Agreement is entered into all the rights of GRAN TIERRA ENERGY
COLOMBIA, LTD. to receive payments under the Crude Oil Commercial Sales Agreement

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have been pledged in favor of STANDARD BANK PLC Additionally, GRAN TIERRA ENERGY COLOMBIA, LTD.
shall instruct irrevocably ECOPETROL to make all the payments derived from the Crude Oil Commercial
Sales Agreement correspondent to the seventy five percent (75%) in dollars of the United States of
America, through a transfer and deposit of those payments in the Collection Account.

SIXTH CLAUSE. ADDITIONAL OBLIGATIONS: In addition to the obligations stipulated in all other
clauses of this Pledge Agreement and in any applicable regulations, GRAN TIERRA ENERGY COLOMBIA,
LTD. undertakes the following specific obligations: (i) be liable for the existence, validity and
duly and timely compliance of the Crude Oil Commercial Sales Agreement, (ii) abstain from fully or
partially assigning the Crude Oil Commercial Sales Agreement or the rights derived therefrom
without prior, specific and written authorization of the STANDARD BANK PLC; (iii) promptly inform
STANDARD BANK PLC about any breach of the Crude Oil Commercial Sales Agreement regardless its
cause, by GRAN TIERRA ENERGY COLOMBIA, LTD. or ECOPETROL; (iv) maintain in force and without any
liens or limitations all its rights under the Crude Oil Commercial Sales Agreement other than
Permitted Liens; and (v) promptly inform STANDARD BANK PLC about any claim, lawsuit, seizure or
precautionary measure of any nature instituted or intended to be instituted by any person in
regards to the rights of GRAN TIERRA ENERGY COLOMBIA, LTD. under the Crude Oil Commercial Sales
Agreement

SEVENTH CLAUSE. TERM: This Pledge Agreement will remain in force and effect until the payment and
discharge of the Secured Obligations in full and the termination of all Commitments under the
Credit Agreement. Once all of the Secured Obligations have been paid or discharged in full, GRAN
TIERRA ENERGY COLOMBIA, LTD. will be entitled to receive from STANDARD BANK PLC the execution of a
document canceling the pledge created under this Pledge Agreement; provided always that if
any payment in respect of the Secured Obligations is avoided or reduced as a result of the
insolvency of GRAN TIERRA ENERGY COLOMBIA, LTD. or any analogous event, such pledge shall to the
fullest extent permitted by law be reinstated as if the payment and discharge of the Secured
Obligations had not occurred, and the liability of GRAN TIERRA ENERGY COLOMBIA, LTD. will continue
as if the payment in respect of the Secured Obligations had not occurred, and the Administrative
Agent shall be entitled to recover the amount of such payment from GRAN TIERRA ENERGY COLOMBIA,
LTD. as if such payment had not been made

EIGHTH CLAUSE. REPRESENTATIONS AND WARANTEES: GRAN TIERRA ENERGY COLOMBIA, LTD. hereby represents
and warrants in favor of the Administrative Agent and for the benefit of all the Secured Parties,
the following:

	 	(i)	 	That all the rights of GRAN TIERRA ENERGY COLOMBIA, LTD. under the Crude Oil
Commercial Sales Agreement are of its exclusive property, have not been previously
assigned or transferred and are free from any seizures, pledges,

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	 	 	 	lawsuits, and in general from any other types of liens and limitations to ownership
other tan Permitted Liens.
	 
	 	(ii)	 	That the Crude Oil Commercial Sales Agreement is valid and binding upon each of GRAN
TIERRA ENERGY COLOMBIA, LTD. and to its knowledge ECOPETROL and enforceable against each
of them, in accordance with the terms and conditions stipulated therein.
	 
	 	(iii)	 	That GRAN TIERRA ENERGY COLOMBIA, LTD. has no knowledge of any fact or event that
could imply or produce a breach of the Crude Oil Commercial Sales Agreement
	 
	 	(iv)	 	That it is legally empowered to enter into and perform this Pledge Agreement and that
for its execution and performance there are no legal, contractual or statutory
restrictions applicable to GRAN TIERRA ENERGY COLOMBIA, LTD.
	 
	 	(v)	 	That all the actions and conditions (statutory or of any other type) required for the
execution and performance of this Pledge Agreement, have been duly and fully obtained,
performed, fulfilled with and satisfied.
	 
	 	(vi)	 	That this Pledge Agreement creates valid and binding obligations upon GRAN TIERRA
ENERGY COLOMBIA, LTD. enforceable against it, according to the terms and conditions
provided herein.
	 
	 	(vii)	 	That except for the authorizations already received, the entering into and
perfecting of this Pledge Agreement as well as its compliance and performance, does not
breach or imply a non-compliance, neither requires any consent or authorization under: (a)
the constituent documents of GRAN TIERRA ENERGY COLOMBIA, LTD.; (b) any law, decree,
resolution, agreement, order, judicial decision, writ, administrative decision, license or
permit applicable to GRAN TIERRA ENERGY COLOMBIA, LTD. or to which GRAN TIERRA ENERGY
COLOMBIA, LTD. is bound, or (c) any contract or document to which GRAN TIERRA ENERGY
COLOMBIA, LTD. is a party or is obligated.

NINTH CLAUSE. EXPENSES AND TAXES: All the expenses and taxes that may be caused or derived from the
execution and compliance of this Pledge Agreement shall be fully assumed and paid by GRAN TIERRA
ENERGY COLOMBIA, LTD.

TENTH CLAUSE. COSTS AND FEES: The expenses and costs to be incurred by STANDARD BANK PLC in case
this pledge is made effective, including lawyer’s fees, will be fully assumed by GRAN TIERRA ENERGY
COLOMBIA, LTD.

ELEVENTH CLAUSE. APPLICABLE LAW: This Pledge Agreement is governed by, and shall be construed and
interpreted in accordance with, the laws of the Republic of Colombia.

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TWELFTH CLAUSE. USE OF ENGLISH LANGUAGE: The English text of this Pledge Agreement shall be
controlling in all cases, except in connection with any legal action or proceeding brought in
respect of this Pledge Agreement in the competent courts of Colombia, in which case an official
translation into Spanish of this Pledge Agreement shall be controlling.

THIRTEENTH CLAUSE. NOTICES: Any message, notification or summon required, demanded or permitted by
this Pledge Agreement shall be made in writing and shall be given in accordance with Section 12.02
of the Credit Agreement:

FOURTEENTH CLAUSE. MISCELLANEOUS:

14.1. Survival of Agreements. Each agreement, representation, warranty, and covenant contained or
referred to in this Pledge Agreement shall survive any investigation at any time made by the
STANDARD BANK PLC and shall survive any disbursement under the Loans, except for changes permitted
hereby and, except as otherwise provided in this article, shall terminate only when all amounts due
or to become due under the Loan Documents are indefeasibly paid.

14.2. Integration; Amendments. This Pledge Agreement and the other Loan Documents embodies the
entire understanding of the Parties and supersedes all prior negotiations, understandings, and
agreements between them with respect to the subject matter hereof. The provisions of this Pledge
Agreement and of its Annexes may be waived, supplemented, or amended only by an instrument in
writing signed by the Parties hereto.

14.3. Severability. If any provision of this Pledge Agreement is prohibited or held to be invalid,
illegal, or unenforceable in any jurisdiction, then to the fullest extent permitted by law, such
invalidity, illegality, or unenforceability shall not affect the validity, legality, and
enforceability of the other provisions of this Pledge Agreement and shall not render such provision
prohibited, invalid, illegal, or unenforceable in any other jurisdiction. If, and to the extent
that, any obligation of GRAN TIERRA ENERGY COLOMBIA, LTD. is unenforceable for any reason, GRAN
TIERRA ENERGY COLOMBIA, LTD. shall, independent of any other obligation hereunder, make the maximum
contribution to the payment and satisfaction thereof as is permissible under applicable law.

14.4. No Waiver.

(a) No failure or delay by STANDARD BANK PLC in exercising any right, power, or remedy shall
operate as a waiver thereof or otherwise impair any of its other rights, powers, or remedies. No
single or partial exercise of any such right, power, or remedy shall preclude any other or further
exercise thereof or the exercise of any other legal right, power, or remedy. No waiver of any
right, power, or remedy shall be effective unless given in writing.

(b) The rights, powers or remedies provided for herein are cumulative and are not exclusive of any
other rights, powers, or remedies provided by law. The assertion or employment of

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any right, power or remedy hereunder, or otherwise, shall not prevent the concurrent assertion of
any other rights, powers, or remedies.

14.5. Execution in Counterparts. This Pledge Agreement may be executed in counterparts, each of
which when so executed and delivered shall be deemed an original and all of which together shall
constitute one and the same instrument.

In witness whereof, this Pledge Agreement is signed as of February 22, 2007.

GRAN TIERRA ENERGY COLOMBIA, LTD.

By Argosy Energy Corp, its General Partner

/s/ James Hart

Name:

ID:

Title:

STANDARD BANK PLC

for the benefit of the Secured Parties

	 	 	 
	/s/ Manuel Gonzalez-Spahr
	 	 
	 

	 	 
	Name:
	 	 
	ID:
	 	 
	Title:
	 	 
	 
	/s/ Roderick L. Fraser

	 	 
	 

	 	 
	Name:
	 	 
	ID:
	 	 
	Title:
	 	 

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ANNEX NO. 1

FORM OF NOTIFICATIONS AND INSTRUCTIONS TO ECOPETROL AND ANY

OTHER OFFTAKER PURCHASING HYDROCARBONS FROM GRAN TIERRA

ENERGY COLOMBIA, LTD.

Bogotá,                      of                      2007

Messrs.

ECOPETROL S.A.

Attention: (       )

(Address)

Dear sirs:

We refer to the Crude Oil Commercial Sales Agreement executed by ARGOSY ENERGY INTERNATIONAL
(now GRAN TIERRA ENERGY COLOMBIA, LTD.) and ECOPETROL S.A. on December 1, 2006,

We are hereby notifying you that:

1. By virtue of a pledge agreement dated as of February 22, 2007 by GRAN TIERRA ENERGY
COLOMBIA, LTD. and STANDARD BANK PLC, a company legally incorporated and existing in conformity
with the laws of England and Wales (the “Administrative Agent”), GRAN TIERRA ENERGY COLOMBIA,
LTD. created in favor of STANDARD BANK PLC, a first priority open pledge over all the rights of
GRAN TIERRA ENERGY COLOMBIA, LTD. to receive payments under the Crude Oil Commercial Sales
Agreement.

The above referred pledge includes all the rights of GRAN TIERRA ENERGY COLOMBIA, LTD. to
receive price, interests, fines, indemnifications or compensations of any nature, and other
credit rights derived from the Crude Oil Commercial Sales Agreement.

In conformity with the mentioned pledge, we are irrevocably instructing ECOPETROL to deposit
all and any amounts to which GRAN TIERRA ENERGY COLOMBIA, LTD. may be entitled to under or as
consequence of the Crude Oil Commercial Sales Agreement correspondent to the seventy five
percent (75%) portion in dollars of the United States of America, in favor of the STANDARD BANK
PLC in account number 103353265 in the name of GRAN TIERRA ENERGY COLOMBIA, LTD. maintained
with JP Morgan Chase Bank, N.A. in New York, New York (the “Collection Account”):

Please return a copy of this letter, duly signed in sign of acceptance.

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Best regards,

GRAN TIERRA ENERGY COLOMBIA, LTD.

By Argosy Energy Corp, its General Partner

                                                            

Name:

ID:

Title:

Served upon and accepted:

ECOPETROL S.A.

                                                            

Name:

ID:

Title:

9exv10w2

 

Exhibit 10.2

AMENDMENT TO ASSET PURCHASE AGREEMENT

     This AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”) is hereby made and
entered into as of February 28, 2007 by and among Global Employment Holdings, Inc., a Delaware
corporation (the “Buyer”), Career Blazers Personnel Services, Inc., a New York corporation,
Career Blazers Contingency Professionals, Inc., a New York corporation, and Career Blazers
Personnel Services of Washington, D.C., Inc., a District of Columbia corporation (each of such
corporations, a “Seller Constituent”; collectively, the “Seller”), and CapeSuccess
LLC, a Delaware limited liability company (the “Seller Parent”).

     WHEREAS, the Buyer, the Seller and the Seller Parent previously entered into that certain
Asset Purchase Agreement dated as of December 29, 2006 (the “Original Agreement”), pursuant
to which the Seller agreed to sell to the Buyer and the Buyer agreed to purchase substantially all
of the property, assets and Business, and to assume certain obligations and liabilities of the
Seller, all upon terms and subject to the conditions set forth in the Original Agreement; and

     WHEREAS, the Buyer, the Seller and the Seller Parent have agreed to amend certain sections of
the Original Agreement in accordance with this Amendment.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements and covenants
hereinafter set forth, the Buyer, the Seller and the Seller Parent hereby agree as follows:

     SECTION 1. Amendments.

     The Original Agreement shall be amended by:

     (A) deleting the definition of “Net Working Capital” set forth in Section 1 of the
Original Agreement in its entirety and substituting therefore the following:

     (B) adding as a new defined term to Section 1 of the Original Agreement, the following:

     ““Severance Obligation” means the severance obligation payable to the Seller’s
Vice President Perm New York (“Designated Employee”) pursuant to the employment
agreement by and between Designated Employee and Seller in effect as of the Closing if
Designated Employee’s employment is terminated by the Buyer within 180 days of the Closing.”

     ““Net Working Capital” means (a) the amount of the consolidated current assets
of the Seller included in the Transferred Assets, minus (b) the amount of the consolidated
current liabilities of the Seller included in the Assumed Liabilities, all as determined in
accordance with GAAP. The calculation of Net Working Capital shall be made in a manner
consistent with the treatment of the items listed on Exhibit C. To the extent the Seller,
on or prior to Closing, makes any payment for current liabilities accrued in the ordinary
course of business that would otherwise be reflected as a current liability in the
calculation of Net Working Capital, such satisfied current liability shall not be
included in the calculation of Net Working Capital as provided for herein.

 

 

     (C) deleting Section 2.3 of the Original Agreement in its entirety and substituting
therefore the following:

     “Agreement to Assign and Assume Liabilities. At the Closing, on and subject to
the terms and conditions set forth in this Agreement, the Buyer agrees to assume to the
extent arising from and related to the Business and the Transferred Assets all the
Liabilities of the Seller, including but not limited to the Severance Obligation, other than
the Excluded Liabilities (collectively, the “Assumed Liabilities”).”

     (D) deleting from Section 2.8 of the Original Agreement the phrase “One Million Three
Hundred Fifty Thousand Dollars ($1,350,000)” and substituting therefore the phrase “One
Million Five Hundred Twenty-Five Thousand Dollars ($1,525,000)”.

     (E) deleting Section 2.10(d) of the Original Agreement in its entirety and substituting
therefore the following:

     “(d) Within ninety (90) days after the Closing Date, the Buyer shall provide the Seller
a proposed allocation of the Purchase Price among the Assets acquired by the Buyer. Such
allocation is intended to comply with the requirements of Section 1060 of the Code. Within
fifteen (15) days of the Seller’s receipt of the Buyer’s proposed allocation of the Purchase
Price among the Assets acquired by the Buyer, the Buyer and the Seller shall mutually agree
on a final allocation of the Purchase Price among the Assets acquired by the Buyer. The
Seller and the Buyer shall deliver within one hundred twenty (120) days after the Closing
Date and shall file Form 8594 with their respective Tax Returns consistent with such final
allocation. The parties shall treat and report the transaction contemplated by this
Agreement in all respects consistently for purposes of any Tax, including the calculation of
gain, loss and basis with reference to the Purchase Price allocation made pursuant to this
Section 2.10(d). The parties shall not take any action or position inconsistent with the
obligations set forth in this Agreement. The Seller agrees to indemnify and hold the Buyer
and its Affiliates harmless and the Buyer hereby agrees to indemnify and hold the Seller
harmless, from and against any and all losses, liabilities and expenses (including
additional income taxes and reasonable fees and disbursements of counsel) that may be
incurred by the indemnified party as a result of the failure of the indemnifying party so to
report the sale and purchase of the Transferred Assets acquired by the Buyer hereunder as
required by applicable Laws.”

     (F) adding the following sentence to the end of Section 3.1:

“The Closing shall be deemed effective as of 12:01 am, New York time, on February 26, 2007,
notwithstanding the actual date of the Closing Date.”

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     (G) deleting Section 12.1(a) of the Original Agreement in its entirety and substituting
therefore the following:

     “(a) The Seller shall indemnify and defend the Buyer, its Affiliates and each of their
shareholders, directors, officers, employees, agents and advisors (collectively, the
“Buyer Indemnified Parties”) and hold the Buyer Indemnified Parties harmless from
and with respect to any and all Adverse Consequences incurred or sustained by, or imposed
upon, the Buyer Indemnified Parties resulting from, arising out of, relating to, in the
nature of, or caused by (i) any breach or inaccuracy on the part of the Seller of any of its
representations or warranties contained in this Agreement; (ii) any breach, default or lack
of performance on the part of the Seller of any of its agreements or covenants contained in
this Agreement or in any instrument of transfer delivered by the Seller hereunder; (iii) any
brokerage or finder’s fees or commissions or similar payments based upon any agreement or
understanding made, or alleged to have been made by any Person with the Seller or its
Affiliates in connection with this Agreement or the transactions contemplated hereby; (iv)
any Excluded Liability, or (v) the Severance Obligation.

     (H) deleting Section 12.7 of the Original Agreement in its entirety and substituting
therefore the following:

     “12.7 Adverse Consequences Limitation. In no event shall the aggregate of the
Seller’s liability for indemnification claims under clauses a(i) or a(ii) of Section 12.1 on
the one hand and the Buyer’s liability for indemnification under clauses (a)(i) or (a)(ii) o
Section 12.2 on the other hand exceed One Million Three Hundred Fifty Thousand Dollars
($1,350,000); provided, however, this limitation shall not apply to any claims for Adverse
Consequences recoverable from a claim based on fraud or intentional misconduct or any breach
of Sections 4.5, 4.6, 4.10 or 4.19 or a claim under Section 12.1(a)(iii) and (iv) or
12.2(a)(iii) and (iv), in each case which Adverse Consequences shall be recoverable or
payable to the extent of all such Adverse Consequences. Further, in no event shall the
aggregate of the Seller’s liability for indemnification claims under clause (a)(v) of
Section 12.1 exceed One Hundred Seventy-Five Thousand Dollars ($175,000).

     (I) deleting Section 12.8 of the Original Agreement in its entirety and substituting
therefore the following:

     “12.8 Indemnity Escrow. Subject to the other provisions of this Article 12,
(i) the Buyer may give notice of a claim for indemnification under this Article 12 pursuant
to the Indemnity Escrow Agreement and (ii) neither the exercise of such right by the Buyer
nor the failure to give a notice of a claim under the Indemnity Escrow Agreement will
constitute an election of remedies or limit the Buyer in any manner in the enforcement of
any other remedies hereunder that may be available to it.

     (a) (i) If Designated Employee ceases to be employed by the Buyer during the first one
hundred eighty (180) days following the Closing Date, but is not entitled to receive the
Severance Obligation, a portion of the Indemnity Escrow Amount equal to One Hundred
Seventy-Five Thousand Dollars ($175,000) shall be paid to the

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Seller under the terms of the Indemnity Escrow Agreement. (ii) If Designated Employee
continues to be employed by the Buyer on the date which is one hundred eighty (180) days
following the Closing Date, a portion of the Indemnity Escrow Amount equal to One Hundred
Seventy-Five Thousand Dollars ($175,000) shall be paid to the Seller under the terms of the
Indemnity Escrow Agreement. (iii) If Designated Employee ceased to be employed by the Buyer
during the one hundred eighty (180) days following the Closing Date, and Designated Employee
claims that she is entitled to payments of the Severance Obligation upon the final
resolution of any such claim, payment of any amounts expended by the Buyer with respect to
such resolution up to One Hundred Seventy-Five Thousand Dollars ($175,000) shall be paid
from the Indemnity Escrow to the Buyer under the terms of the Indemnity Escrow Agreement and
the difference between any such amount paid to the Buyer and One Hundred Seventy-Five
Thousand Dollars ($175,000) shall be paid from the Indemnity Escrow to the Seller.

     (b) On December 1, 2007, a portion of the Indemnity Escrow Amount equal to Four
Hundred Fifty Thousand Dollars ($450,000) less the sum of (i) the aggregate amount of any
claims paid to the Buyer under the Indemnity Escrow Agreement and (ii) the aggregate amount
of any claims for indemnification hereunder for which notice has been given under Section
12.3, shall be paid to the Seller under the terms of the Indemnity Escrow Agreement.

     (c) On the date which is fifteen months after the Closing Date any funds which
continue to be held under the Indemnity Escrow Agreement less the aggregate amount of any
claims for indemnification hereunder for which notice has been given under Section 12.3
shall be paid to the Seller under the terms of the Indemnity Escrow Agreement.”

     SECTION 2. Defined Terms. All terms used herein, and not otherwise defined, shall
have the same meaning as in the Original Agreement.

     SECTION 3. Modifications. Except as otherwise specifically modified by this
Amendment, all other terms and provisions of the Original Agreement shall remain unmodified and in
full force and effect. Nothing contained in this Amendment shall in any way impair the validity or
enforceability of the Original Agreement, as modified hereby, or alter, waive, annul, vary, affect
or impair any provision, condition or covenant contained therein or any rights, power or remedy
therein.

     SECTION 4. Governing Law. The Laws of the State of New York will govern all questions
concerning the relative rights of the parties hereto. The Laws of the State of New York also will
govern the interpretation, construction, and enforcement of this Amendment and all transactions and
agreements contemplated hereby, notwithstanding any jurisdiction’s conflict of law rules to the
contrary.

4

 

     SECTION 5. Binding Nature of Agreement; Assignment. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors, and assigns, except that no party may assign or transfer its rights or obligations
under this Amendment without the prior written consent of the other parties hereto.

     SECTION 6. Counterparts. This Amendment may be executed in one or more counterparts,
each of which will be deemed an original but all of which together will constitute one and the same
instrument. This Amendment shall become effective as of the date first above written.

[The remainder of this page has been intentionally left blank.]

5

 

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

	 	 	 	 	 
	 	BUYER:

GLOBAL EMPLOYMENT HOLDINGS, INC.

 	 
	 	By:  	/s/ Howard
Brill	 
	 	 	Name:  	Howard Brill	 
	 	 	Title:  	Chief Executive Officer and President	 
	 

	 	 	 	 	 
	 	SELLER:

CAREER BLAZERS PERSONNEL SERVICES, INC.

 	 
	 	By:  	/s/
Michael
Roth	 
	 	 	Name:  	Michael
Roth	 
	 	 	Title:  	Treasurer	 
	 

	 	 	 	 	 
	 	CAREER BLAZERS CONTINGENCY PROFESSIONALS, INC.

 	 
	 	By:  	/s/
Michael
Roth	 
	 	 	Name:  	Michael
Roth	 
	 	 	Title:  	Treasurer	 
	 

	 	 	 	 	 
	 	CAREER BLAZERS PERSONNEL SERVICES OF WASHINGTON, D.C., INC.

 	 
	 	By:  	/s/
Michael
Roth	 
	 	 	Name:  	Michael
Roth	 
	 	 	Title:  	Treasurer	 
	 

	 	 	 	 	 
	 	SELLER PARENT:

CAPESUCCESS LLC

 	 
	 	By:  	/s/
Michael
Roth	 
	 	 	Name:  	Michael
Roth	 
	 	 	Title:  	Treasurer	 
	 

Signature page to Amendment to Asset Purchase Agreement

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