Amended and Restated 8% Demand Promissory Note between ClearPoint Business Resources, Inc. and Parker Drew
ClearPoint Business Resources, Inc. has issued an amended and restated demand promissory note to Parker Drew for $50,000. The note accrues interest at 8% per year, with interest payments due quarterly. The lender, Parker Drew, can demand repayment at any time. The company may repay the note either in cash or in shares of its common stock, valued at the closing price on June 26, 2008. The company waives certain formalities related to notice and protest, remaining fully liable for repayment.
Exhibit 4.14
AMENDED AND RESTATED DEMAND PROMISSORY NOTE
| AMOUNT: | US$50,000 | |
| DATE: | June 26, 2008 | |
This AMENDED AND RESTATED DEMAND PROMISSORY NOTE (the “Note”) amends and restates, in its entirety, the Demand Promissory Note executed on June 6, 2008, by ClearPoint Business Resources, Inc. (the “Company”) in favor of Parker Drew (the “Lender”) in the original principal amount of $50,000 (Fifty Thousand U.S. Dollars) (the “Original Principal Amount”).
For value received, the Company promises to pay the Lender the Original Principal Amount on demand, with an interest rate of eight percent (8%) per annum – interest to be paid quarterly. The Company shall have the right to repay this Note in shares of common stock of the Company, at a price of $ per share (the closing price of the Company’s shares on June 26, 2008). The Company waives presentment, demand, notice of dishonour and protest or further notice of any kind and agrees that it shall remain liable in respect of this Note as if presentment, demand, notice of dishonour and protest had been duly made or given.
| FULL VALUE RECEIVED: | ||
| CLEARPOINT BUSINESS RESOURCES, INC. | ||
| By: |
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| Name: |
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| Title: |
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| ACKNOWLEDGED AND ACCEPTED: | ||
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| Parker Drew | ||
