September 3, 2009 ClearPoint Business Resources, Inc.
September 3,
2009
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Dear
Sirs:
Reference
is made to the Promissory Note dated as of August 14, 2006 in the original
principal amount of $450,000 issued by ClearPoint Business Resources, Inc.
(“ClearPoint”) to Shareholders of Staffbridge, Inc. (“Lender”), as amended by
that certain Amendment to Note dated December 31, 2007 further amended by
the Debt Extension Agreement dated June 30, 2008 and subsequently the Debt
Extension Agreement date December 31, 2008 for the balance due for work
performed as a contractor to ClearPoint by Lender (the “Note”).
Lender
hereby agrees to further amend the Note as follows. The current
outstanding balance of the Note of $177,517.50 shall be paid according it to the
following schedule: (i) monthly payments of 16,137.95 commencing
February 15, 2010, (ii) Accrued but unpaid interest as of August 31,
2009 amounting to $4,732 plus interest for the period of September 1, 2009
through January 31, 2010 of $5,915 will be paid monthly in the amount of
$967.91 commencing February 15, 2010 in addition to amounts stated in (i)
above.
This
agreement shall be binding upon and inure to the benefit of the successors and
permitted assigns of the Lender and the addresses hereof. This
Agreement may not be amended of modified, nor any provision hereof be waived,
without the prior written consent of the party to be charged therewith. This
Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania.
[SIGNATURES
ON FOLLOWING PAGE]
| Very truly yours, | |||
| SHAREHOLDER OF STAFFBRIDGE | |||
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By:
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/s/ ▇▇▇▇▇ ▇▇▇▇ | ||
| Name: ▇▇▇▇▇ ▇▇▇▇ | |||
| SHAREHOLDER OF STAFFBRIDGE | |||
| By: | /s/ ▇▇▇▇▇ ▇▇▇ | ||
| Name: ▇▇▇▇▇ ▇▇▇ | |||
Acknowledged
and Agreed:
| ClearPoint Resources, Inc. | |||||
| By: | /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||
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Name: ▇▇▇▇
▇. ▇▇▇▇▇▇▇▇
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Title: CFO
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[SIGNATURE
PAGE TO DEBT EXTENSION AGREEMENT DATED September 3, 2009]