iLabor Network Supplier Agreement Amendment No. 3
Exhibit
10.7.6
Amendment
No. 3
WHEREAS,
pursuant to the iLabor Network Supplier Agreement entered into between
ClearPoint Resources, Inc. (“ClearPoint”), Staffchex, Inc. (Staffchex”) and
Staffchex Servicing, Inc. (Staffchex Servicing and together with “Staffchex”,
the “Company”) on February 28, 2008 (the “Agreement”), collectively the parties
(the “Parties), and as Amended on March 16, 2009, and November 18, 2009,
ClearPoint and the Company hereby further amend (the “Third Amendment”) the
Agreement dated this 11th day of January, 2010 as follows:
WHEREAS,
the Company and ClearPoint agreed to a reduction in the Compensation from 1.25%
to 0.75%, effective November 1, 2009 in exchange for the Transferred Accounts,
generating a minimum of $96,153 in gross xxxxxxxx on a weekly basis, and that
minimum has not been met. The Parties hereby agree that the
Compensation rate effective as of the date of this Amendment No. 3, shall be
0.75% on all Staffchex collections, excluding those accounts listed on
Attachment A of Amendment No. 2. Of the 0.75% Compensation rate,
0.50% shall be deferred in accordance with Amendment No. 2 until February 1,
2010. Additionally, Staffchex agrees to direct WFBC to pay
ClearPoint $2,885 per week, effective January 11, 2010, in lieu of Transferred
Accounts until such time as the total Transferred Accounts increases to
$96,153. For the period December 14, 2009 through January 8, 2010,
Staffchex will pay ClearPoint 3% of actual xxxxxxxx for Transferred
Accounts. Determination of a completed transfer is in the sole
discretion of ClearPoint. Further it is agreed that all Compensation,
Prior Compensation, Deferred Compensation, and any amounts due from the
shortfall of Transferred Accounts, will be paid to ClearPoint, or its designee
directly from WFBC from first available funds pursuant to the Account Transfer
Agreement between Staffchex and WFBC dated May 16, 2008, on a weekly
basis.
In
WITNESS WHEREOF, the parties hereto have executed and delivered this iLabor
Network Supplier Amendment No. 3 as of the date above.
This
letter agreement may be executed in two counterparts, each of which shall be
deemed an original, but all of which shall be considered one and the same
agreement.
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CLEARPOINT
RESOURCES, INC
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/s/
Xxxx X. Xxxxxxxx
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Name: Xxxx
X. Xxxxxxxx
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Title: CFO
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STAFFCHEX,
INC.
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/s/ Xxxxx Xxxxx
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Name: Xxxxx
Xxxxx
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Title: CEO
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| STAFFCHEX SERVICING, INC. | ||||
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/s/
Xxxxx Xxxxx
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Name: Xxxxx
Xxxxx
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Title: CEO
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