Document:

Exhibit 10.31 TS Employment Conversion 1

		
			EXHIBIT 10.31
		

		
			 
		

		
			 
		

		
			CONVERSION AGREEMENT
		

		
			 
		

		
			This Conversion Agreement dated as of March 30, 2012 (the “Agreement”) by and between TS Employment, Inc. (“TSEI”) and Corporate Resource Services, Inc. and its subsidiaries (collectively, “CRS”).
		

		
			 
		

		
			WHEREAS, inter alia, TSEI, (collectively, “TSEI”) and its affiliated and formerly affiliated PEO companies loaned to CRS the sum aggregate of approximately $12,522,000 (the “Loan”) as of December 30, 2011,
		

		
			 
		

		
			WHEREAS, both TSEI and CRS are willing to convert certain of the Loan from debt to shares of CRS Common Stock, $.0001 par value, (the “CRS Shares”) as provided below, whereby the amount set forth below (comprising a portion of the Loan) shall be repaid in the form of CRS Shares; and
		

		
			 
		

		
			The BVA Group, an independent valuation firm has been retained to determine the true share value of the CRS Shares and the number of CRS Shares issuable to TSEI on account thereof.
		

		
			 
		

		
			NOW THEREFORE, in consideration of the mutual premises herein contained, the parties agree as follows:
		

		
			 
		

			
					
						1.  

					
					
						Pursuant to the BVA analysis, the true value of the CRS Shares is $.4622 per share, (“Per Share Price”)

				

		
			 
		

			
					
						2.  

					
					
						The parties agree to convert $12 million in debt due from CRS to TSEI (the $12 Million Debt”) to CRS Shares at the Per Share Price.

				

		
			 
		

			
					
						3.  

					
					
						The number of CRS Shares issuable hereunder shall be 25,962,788 Shares (“Issuable Shares”).  This shall be determined by dividing the Per Share Price divided by 12 million into the Price Share Price.

				

		
			 
		

			
					
						4.  

					
					
						The Issuable Shares shall be issued to TSEI forthwith in exchange for cancellation of the $12 Million Debt.

				

		
			 
		

			
					
						5.  

					
					
						The foregoing has been approved by the Board of Directors, the majority of the stockholders of CRS and the stockholder of TSEI.  Except as expressly provided herein, the debt due TSEI from CRS shall remain unchanged.

				

		
			 
		

		
			 
		

		
			If the foregoing accurately reflects our agreement, please so indicate by signing below.
		

		
			 
		

		
			 
		

			
					
						 

					
						 

					
						 

					
						 

					
					
						TS EMPLOYMENT, INC.

					
						    (on behalf of itself and its affiliates)

					
						 

					
						by: /s/ Robert Cassera                               

					
						       Its: President

					
						 

				
	
					
						 

					
					
						CORPORATE RESOURCE SERVICES, INC.

					
						and its subsidiaries

					
						 

					
						by: /s/ Jay Schecter                                    

					
						       Its: Chief Executive OfficerExhibit 10.32 Rosenthal Amendment

		

			 

		

		

			 

		

		
			                                                                                                            
		

		
			EXHIBIT 10.32
		

		
			 
		

		
			AMENDMENT DATED AUGUST 24, 2012 TO A CERTAIN AMENDED AND RESTATED COMMISSION AGREEMENT DATED EFFECTIVE DECEMBER 14, 2010 (“ACA”) BY AND AMONG THE TUTTLE AGENCY, INC., SEGUE SEARCH OF NEW JERSEY INC., TUTTLE AGENCY OF NEW JERSEY INC., TUTTLE SPECIALTY SERVICES INC., ROSENTHAL & ROSENTHAL, INC., INTEGRATED CONSULTING GROUP, INC. AND TRI-STATE EMPLOYMENT SERVICES, INC.
		

		
			 
		

		
			WHEREAS, each Company is or has been a corporation engaged in the temporary and permanent placement of employees primarily in the light industrial industry; and
		

		
			 
		

		
			WHEREAS, the parties seek to amend the ACA to reflect certain charges with respect to the Original Commission Agreement and the Amended and Restated Commission Agreement.
		

		
			 
		

		
			NOW THEREFORE, in consideration of the mutual promises herein contained, the parties hereto agree as follows:
		

		
			 
		

			
			
				 1.
			

			
			
			Defined Terms.  Unless expressly defined otherwise in this amendment, the defined terms used herein shall have the same meanings as those ascribed in the ACA.

			
			
				 2.
			

			
			
			Commission Payments; Benchmark.     

			
			
				 a.
			

			
			
			The following shall be added at the end of Section 1:

		
			“Notwithstanding the foregoing, from and after April 2, 2012, the commission payable by Integrated shall be as follows: (1) for the period March 26, 2012 through July 19, 2012, the sum of $79,280.16, payable in seven equal consecutive weekly installments of $10,000 and a final weekly installment of $9,280.16, commencing on the date hereof; (ii) 1.5% of Net Sales for the period July 26, 2012 through September 7, 2013; and (iii) 1% of Net Sales for the period September 8, 2013 through September 7, 2019.;  provided that in the event total calendar year Net Sales are less than the Yearly Benchmark, the total commission payable by Integrated in such calendar year shall be calculated as if Net Sales were in the amount of 
		

		 

		

			 

		

 

		

			 

		

		

			 

		

		the Yearly Benchmark.  The “Yearly Benchmark” will equal 2012 Net Sales multiplied by .50.  
		

		
			b.  By way of example, if Integrated’s Net Sales for 2012 are $10 million, the Yearly Benchmark applicable to 2013 and each subsequent year will be not less than $5 million such that Integrated’s annual payment obligations for such years will be no less than $5 million multiplied by the applicable percentages set forth in Section 2(a) hereinabove.
		

			
			
				 3.
			

			
			
			Guaranty.  The provisions of the Guaranty in Section 2 of the ACA are hereby amended to provide that all reference to the guaranty of Tri-State shall also include the guaranty (according to Section 2’s terms) of Corporate Resource Services, Inc.

			
			
				 4.
			

			
			
			No Changes.  Except as expressly modified or changed herein, the ACA remains in full force and unmodified.

		
			 
		

		
			 
		

			
					
						THE TUTTLE AGENCY, INC.

					
						By: __/s/  Eric Goldstein 

					
						Its President

					
					
						INTEGRATED CONSULTING GROUP, INC.

					
						By:  /s/  Jay H. Schecter

					
						Its Chief Executive Officer

				
	
					
						 

					
						SEGUE SEARCH OF NEW JERSEY INC.

					
						By: __/s/  Eric Goldstein 

					
						Its President

					
					
						 

					
						As to Section 3 only: 

					
						TRI-STATE EMPLOYMENT SERVICES, INC.

					
						By:  /s/ Robert Cassera

					
						Its Senior Vice-President

				
	
					
						 

					
						TUTTLE AGENCY OF NEW JERSEY, INC.

					
						By: __/s/  Eric Goldstein 

					
						Its President

					
					
						 

					
						CORPORATE RESOURCE SERVICES, INC.

					
						By:  /s/  Jay H. Schecter

					
						Its Chief Executive Officer 

					
						 

				
	
					
						 

					
						TUTTLE SPECIALTY SERVICES INC.

					
						By: __/s/  Eric Goldstein 

					
						Its President

					
					
						 

				
	
					
						 

					
						 

					
						ROSENTHAL & ROSENTHAL, INC.

					
						By:    /s/  James J. Occhiogrosso

					
						Its Executive Vice PresidentExhibit 10.33 TS Employment Conversion 2

		
			EXHIBIT 10.33
		

		
			 
		

		
			CONVERSION AGREEMENT
		

		
			 
		

		
			            This Conversion Agreement dated as of July 31, 2012 (the “Agreement”) by and between TS Employment, Inc. (“TSEI”) and Corporate Resource Services, Inc. and its subsidiaries (collectively, “CRS”).
		

		
			 
		

		
			            WHEREAS, inter alia, TSEI, (collectively, “TSEI”) and its affiliated and formerly affiliated PEO companies loaned to CRS sums which currently aggregate approximately $3,100,000 (the “Loan”),
		

		
			 
		

		
			            WHEREAS, both TSEI and CRS are willing to convert certain of the Loan from debt to shares of CRS Common Stock, $0.0001 par value, (the “CRS Shares”) as provided below, whereby the amount set forth below (comprising a portion of the Loan) shall be repaid in the form of CRS Shares; and
		

		
			 
		

		
			            The BVA Group, an independent valuation firm has been retained to determine the true share value of the CRS Shares and the number of CRS Shares issuable to TSEI on account thereof.
		

		
			 
		

		
			            NOW THEREFORE, in consideration of the mutual premises herein contained, the parties agree as follows:
		

		
			 
		

			
			
				 1.
			

			
			
			Pursuant to the BVA analysis, the true value of the CRS Shares is $0.4622 per share, (“Per Share Price”)

			
			
				 2.
			

			
			
			The parties agree to convert $2.1 million in debt due from CRS to TSEI (the $2.1 Million Debt”) to CRS Shares at the Per Share Price.

			
			
				 3.
			

			
			
			The number of CRS Shares issuable hereunder shall be 4,543,488 Shares (“Issuable Shares”).  This shall be determined by dividing $2.1 million by the Per Share Price. 

			
			
				 4.
			

			
			
			The Issuable Shares shall be issued to TSEI forthwith in exchange for cancellation of the $2.1 Million Debt.

			
			
				 5.
			

			
			
			The foregoing has been approved by the Board of Directors, the majority of the stockholders of CRS and the stockholder of TSEI.  Except as expressly provided herein, the debt due TSEI from CRS shall remain unchanged.

		
			 
		

		
			If the foregoing accurately reflects our agreement, please so indicate by signing below.
		

		
			 
		

		
			                                                            TS EMPLOYMENT, INC.
		

		
			                                                                        (on behalf of itself and its affiliates)
		

		
			 
		

		
			                                                            by: /s/ Robert Cassera                                                     
		

		
			                                                                  Its: President
		

		
			 
		

		
			CORPORATE RESOURCE SERVICES, INC.
		

		
			                                                            and its subsidiaries
		

		
			 
		

		
			                                                            by: /s/ Jay Schecter                                                 
		

		
			                                                                  Its: Chief Executive Officer

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