Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.24

			
	 	 	 
	November 7, 2007
	 	

Dear Darrell,

Caneum, Inc. (“Caneum”) in conjunction with Execustaff HR, Inc. (“Execustaff”) is pleased to
confirm the offer extended to join the company in the initial position of Vice President starting
November 12, 2007, and continuing through January 18, 2008. Your full time starting salary for
this initial position during this period will be $33,280 annually or $1,280 biweekly. In this
position, you will report to Gary Allhusen.

This initial position will convert into that of Vice President, Accounts, on January 21, 2008.
This is an exempt, full-time position for which your bi-weekly base salary will be $4,615, which is
equivalent to an annual base salary of $120,000. Upon conversion, you will also receive a stock
bonus of $36,677 on January 21, 2008.

You will be eligible to participate in any bonus plan(s) established by Caneum’s Board of Directors
or compensation committee for employees of similar grade, position and title. In addition, you will
be eligible for our commission program as outlined under separate cover. A base option grant will
also be awarded as outlined under separate cover.

Through Execustaff, this position is eligible to participate in a comprehensive benefits program
which includes medical, vision and dental insurance, life and long term disability coverages, a
Section 125 Flexible Spending Account, a 401(k) Plan, accrued PTO leave, and paid holidays
(provided that you meet the eligibility requirements of the plans and policies).

Execustaff acknowledges that any employee performing services for Caneum, Inc. is an employee of
Caneum, Inc. for purposes of determining whether such employee is qualified to receive incentive
stock options or any other stock based compensation pursuant to the code, applicable by law, and
election of accounting treatment for same. Any stock agreement issued to you by Caneum, Inc. will
be an agreement between you and Caneum, Inc. The agreement will be issued to you separately.

You will be employed by Caneum through Execustaff, a Professional Employer Organization providing
human resources management. The first and last payment by the Company to you will be adjusted, if
necessary, to reflect a commencement or termination date other than the first or last working day
of a pay period.

As a condition of employment, you will be expected to abide by company rules and regulations, and
you will be required to sign an Employee Confidentiality Agreement. You should also note that you
will be required to show proof of citizenship, permanent residency in the U.S., or authorization to
work in the U.S. when you begin work. Execustaff will require this documentation on your first day
at work and it must be provided no later than three (3) business days.

Notwithstanding anything herein to the contrary, please understand your employment is “at will”,
voluntarily entered into and is for no specific period. As a result, you are free to resign at any
time, for any reason or for no reason. Similarly, the Company is free to conclude its at-will
employment relationship with you at any time, with or without cause, and with or without notice.
This at-will relationship cannot be altered unless specifically set forth in writing and signed by
both you and the Executive Vice President of Caneum.

In the event of any dispute or claim relating to or arising out of our employment relationship, you
and the Company agree that all such disputes, including but not limited to, claims of harassment,
discrimination and wrongful termination, shall be fully and finally resolved by neutral binding
arbitration under the rules of the Judicial Arbitration and Mediation Services/Endispute in San
Jose, California (hereafter “JAMS”). If the relationship between Execustaff and Caneum is
terminated for any reason, I agree that Caneum will become solely responsible as my employer for
all payroll, workers compensation and benefits, including severance and vacation pay, and I agree
to seek same only from Caneum.

Darrell, we hope you agree that you have a great contribution to Caneum, Inc., and that you will
find working here a rewarding experience. We look forward to a favorable reply and the opportunity
of working with you to create a more successful company. As discussed, this offer is effective
until the close of business on November 9, 2007 and contingent upon closing the placement of one
consulting resource at an account(s) that you bring to Caneum.

Regards,

Gary Allhusen, Executive Vice President

Caneum, Inc.

			
	 	 	 
	 
	 	 

 

 

 

Please specify acceptance or rejection of this offer by returning this form with your
signature.

I agree to and accept the enclosed offer of employment with Caneum, Inc., through Execustaff
conditioned upon Caneum’s application process and standard background check.

My start date will be                                          .

	 	 	 	 	 
	 

Type Employee Name

	 	 

Date
	 	 
	 
	 	 	 	 
	 

Signature

	 	 	 	 

	 	 	 	 	 
	I am rejecting the enclosed offer of employment for the following reason(s):

	 	 
 

	 	 

	 	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

Name

	 	 

Date
	 	 
	 
	 	 	 	 
	 

Signature

	 	 	 	 

This employment relationship is a voluntary one and either you and/or Caneum, Inc. or Execustaff
can terminate this relationship at any time with or without reason.

 

Page 2 of 4

 

LISTS OF ACCEPTABLE DOCUMENTS

	 	 	 	 	 	 	 	 	 
	LIST A	 	 	 	 	 	 	 	 
	Documents that Establish	 	 	 	LIST B	 	 	 	LIST C
	Both Identity and	 	 	 	Documents that Establish	 	 	 	Documents that Establish
	Employment Eligibility	 	OR	 	Identity	 	AND	 	Employment Eligibility
	 
	 	 	 	 	 	 	 	 
	1.   Passport (unexpired
or expired)

2.   Certificate of U.S.
Citizenship (INS Form
N-560 or N-561) 

3.   Certificate of
Naturalization (INS
Form N-550 or N-570)

4.   Unexpired foreign
passport, with I-551
stamp or attached INS
Form I-94 indicating
unexpired employment
authorization 
 

5.   Alien Registration
Receipt Card with
photograph
 (INS Form
I-151 or I-551) 

6.   Unexpired Temporary
Resident Card
 (INS Form I-688) 
 

7.   Unexpired Employment
Authorization Card
 (INS
Form I-688A) 

8.   Unexpired Reentry
Permit
 (INS Form I-327)

9.   Unexpired Refugee
Travel Document (INS
Form I-571) 
 

10. Unexpired
Employment
Authorization Document
issued by the INS which
contains a photograph

(INS Form I-688B)

	 	 	 	1.   Driver’s license or ID card
issued by a state or outlying
possession of the United
States provided it contains a
photograph or information such
as name date of birth, sex,
height, eye color, and address 

2.   ID card issued by federal,
state, or local government
agencies or entities provided
it contains a photograph or
information such as name, date
or birth, sex, height, eye
color, and address 

3.   School ID card with a
photograph 

4.   Voter’s registration card 

5.   U.S. Military card or draft
record 

6.   Military dependent’s ID card

7.   U.S. Coast Guard Merchant
Mariner Card 

 8.   Native American tribal
document 

9.   Driver’s license issued by
a Canadian government
authority 

For persons under age 18 who
are unable to present a
document listed above: 

10. School record or report
card 

11. Clinic, doctor, or
hospital record 

12. Day-care or nursery school
record

	 	 	 	1.   U.S. social security
card issued by the
Social Security
Administration (other
than a card stating it
is not valid for
employment)

 2.   Certification of
Birth Abroad issued by
the Department of State
(Form FS-545 or Form
DS-1350)

 3.   Original or
certified copy of a
birth certificate
issued by a state,
county, municipal
authority or outlying
possession of the
United States bearing
an official seal

 4.   Native American
tribal document

 5.   U.S. Citizen ID card

(INS Form I-197)

6.   ID Card for use of
Resident Citizen in the
United States (INS
Form I-179)

7.   Unexpired employment
authorization document
issued by the INS
(other than those
listed under List A)

Illustrations of many of these documents appear In Part 8 of the Handbook for Employers (M-274)

Form I-9 (Rev. 11-21-91) N

 

Page 3 of 4 

 

Attachment A — Stock Option and Performance Compensation Elements

Stock Options associated with Employee’s position as Director:

Upon execution of this Agreement, Employee will be granted 100,000 ISO options as a base option
plan priced at 100% of the then fair market value of Caneum common stock, as determined by the
Compensation Committee at the first regular meeting of the Board of Directors after the Employee’s
date of hire. Vesting for the 100,000 ISO base options will conform to the following schedule: (1)
Options will vest over a four year period with 12/48th vesting after the first year of employment
and 1/48th vesting per month over the subsequent three-year period. Additionally, Employee will be
granted 400,000 ISO options as an incentive plan priced at 100% of the then fair market value of
Caneum common stock. Vesting for the 400,000 ISO performance options cited would follow the
following formulaic schedule, 400,000 performance based vesting exclusively based on the adjusted
gross margin that you help deliver to Caneum at the following rate: (1) “X” divided by $1,500,000
times 400,000 options, where “X” is the dollar amount of adjusted gross margin achieved by the
Employee’s new book of business each quarter commencing on the Employee’s date of hire or (2) at
the 4 year 6 month anniversary of Employee’s employment with Caneum.” The gross margin can be
generated from any of Caneum’s lines of business.

The grant will be subject to the terms, definitions and provisions of Caneum’s 2002 Stock
Option/Stock Issuances Plan (the “Option Plan”) which is incorporated herein by reference. In the
event of a conflict between this Agreement and the Stock Option Agreement, this Agreement shall
control.

Attachment B — Commission plan

Sales Commission: 13% of adjusted gross margin (AGM) billings for which you were directly involved.
AGM is defined as the Gross Margin after adjustments for W2 (20%) and 1099 / Corp Load (2%).

 

Page 4 of 4Filed by Bowne Pure Compliance

 

Exhibit 10.25

BUSINESS FINANCING MODIFICATION AGREEMENT

This Business Financing Modification
 Agreement is entered into as of April 9, 2008, by and
between CANEUM, INC., a Nevada corporation, and TIER ONE CONSULTING INC., a California corporation
(jointly and severally “Borrower”) and Bridge Bank, National Association (“Lender”).

1. DESCRIPTION OF EXISTING INDEBTEDNESS: Among other indebtedness which may be owing by
Borrower to Lender, Borrower is indebted to Lender pursuant to, among other documents, a Business
Financing Agreement, dated January 24, 2007, by and between Borrower to Lender, as may be amended
from time to time (the “Business Financing Agreement”). Capitalized terms used without definition
herein shall have the meanings assigned to them in the Business Financing Agreement.

Hereinafter, all indebtedness owing by Borrower to Lender shall be referred to as the
“Indebtedness” and the Business Financing Agreement and any and all other documents executed by
Borrower in favor of Lender shall be referred to as the “Existing Documents”.

2. DESCRIPTION OF CHANGE IN TERMS.

	 	A.	 	Modification(s) to Business Financing Agreement:

	 
	 	1)	 	The following definitions in Section 1.1 are hereby amended as follows: 

“Credit Limit” means $1,500,000.

Subsection (m) of the defined term “Eligible Receivable” is amended as follows:

(m) The Receivable is not that portion of Receivables due from an Account Debtor which is
in excess of 45% of Borrower’s aggregate dollar amount of all outstanding Receivables;

“Facility Fee” means a fee of $15,000, due on the date of this Business Financing
Modification Agreement and annually thereafter.

“Finance Charge Percentage” means a rate per year equal to Prime Rate plus 2.00%,
plus an additional 5.00(%) percentage points, during any period that an Event of Default has
occurred and is continuing.

“Prime Rate” means for any day, a variable rate of interest, per annum, most recently
published by the Wall Street Journal, as the “prime rate,” provided that if such day is not a
business day, the Prime Rate for such day shall be such rate on such transactions on the next
preceding business day as so published in the Wall Street Journal on the next succeeding
business day. The Prime Rate shall at no event be less than 5.25%.

“Termination Date” means April 8, 2009.

	 	2)	 	The following subsection shall be inserted into Section 7 entitled “Miscellaneous Provisions”:

(p) Not deviate more than 15% from the board approved operating projections with
respect to net loss/income, to be measured on a quarterly basis beginning with the
quarter ended September 30, 2008. Borrower may add back non-cash expenses when
measuring net income, provided however, such non-cash expenses shall not exceed $275,000
per quarter.

3. CONSISTENT CHANGES. The Existing Documents are each hereby amended wherever necessary to
reflect the changes described above.

4. PAYMENT OF THE ANNUAL FACILITY FEE. Borrower shall pay Lender a fee in the amount of
$15,000 (the “Facility Fee”) plus all out-of-pocket expenses.

 

 

 

5. NO
DEFENSES OF BORROWER/GENERAL RELEASE. Borrower agrees that, as of this date, it has
no defenses against the obligations to pay any amounts under the Indebtedness. Each of Borrower and
Guarantor (each, a “Releasing Party”) acknowledges that Lender
would not enter into this Business
Financing Modification Agreement without Releasing Party’s assurance that it has no claims against
Lender or any of Lender’s officers, directors, employees or agents. Except for the obligations
arising hereafter under this Business Financing Modification Agreement, each Releasing Party
releases Lender, and each of Lender’s and entity’s officers, directors and employees from any known
or unknown claims that Releasing Party now has against Lender of any nature, including any claims
that Releasing Party, its successors, counsel, and advisors may in the future discover they would
have now had if they had known facts not now known to them, whether founded in contract, in tort or
pursuant to any other theory of liability, including but not limited to any claims arising out of or
related to the Agreement or the transactions contemplated thereby. Releasing Party waives the
provisions of California Civil Code section 1542, which states:

“A general release does not extend to claims which the creditor does not know or suspect to exist
in his favor at the time of executing the release, which if known by him must have materially
affected his settlement with the debtor.”

The provisions, waivers and releases set forth in this section are binding upon each Releasing
Party and its shareholders, agents, employees, assigns and successors in interest. The provisions,
waivers and releases of this section shall inure to the benefit of Lender and its agents,
employees, officers, directors, assigns and successors in interest. The provisions of this section
shall survive payment in full of the Obligations, full performance of all the terms of this
Business Financing Modification Agreement and the Agreement, and/or Lender’s actions to exercise
any remedy available under the Agreement or otherwise.

6. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Indebtedness, Lender is relying upon Borrower’s representations, warranties, and agreements, as
set forth in the Existing Documents. Except as expressly modified pursuant to this Business
Financing Modification Agreement, the terms of the Existing Documents remain unchanged and in full
force and effect. Lender’s agreement to modifications to the existing Indebtedness pursuant to this
Business Financing Modification Agreement in no way shall obligate Lender to make any future
modifications to the Indebtedness. Nothing in this Business Financing Modification Agreement shall
constitute a satisfaction of the Indebtedness. It is the intention of Lender and Borrower to
retain as liable parties all makers and endorsers of Existing Documents, unless the party is
expressly released by Lender in writing. No maker, endorser, or guarantor will be released by
virtue of this Business Financing Modification Agreement. The terms of this paragraph apply not
only to this Business Financing Modification Agreement, but also to any subsequent Business
Financing modification agreements.

7. CONDITIONS. The effectiveness of this Business Financing Modification Agreement
is conditioned upon payment of the Facility Fee.

8.
COUNTERSIGNATURE. This Business Financing Modification Agreement shall become effective only when executed by Lender and Borrower.

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	LENDER:	 	 
	 
	 	 	 	 	 	 	 	 
	CANEUM, INC.	 	BRIDGE BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

	 	 
	 	 

	 	 
	Name:

	 	 	 	Name:	 	 	 	 
	 

	 	 

	 	 
	 	 

	 	 
	Title:

	 	 	 	Title:	 	 	 	 
	 

	 	 

	 	 
	 	 

	 	 
	TIER ONE CONSULTING INC.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

 

2

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