Document:

Form of ClearPoint Business Resources, Inc. 12% Subordinated Note

 Exhibit 10.11 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION SUBJECT TO, THE
REGISTRATION REQUIREMENTS UNDER SUCH ACT OR AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA. 
 AMENDED AND RESTATED NOTE 
 MERCER
STAFFING, INC. 
 12% Subordinated Note Due 2008 
  

			
	$            	  	March 1, 2005

 MERCER STAFFING, INC. (“MSI”), for value received, promises to pay to
                     or its registered assigns (the “Noteholder”) on March 31, 2008 (the “Maturity
Date”), the principal amount of                      DOLLARS
($            ), and to pay interest (calculated on the basis of a year of three hundred sixty (360) days comprised of twelve (12) months of thirty (30) days each) in
cash on the principal amount hereof for the period from and including the date of issuance hereof to and including the date of the repayment hereof in full at a rate per annum equal to twelve percent (12%), payable quarterly provided MSI is in
compliance with all the terms and conditions set forth in the Loan and Security Agreement dated Security Agreement, dated February 28, 2005 among Bridge Healthcare Finance, LLC, Bridge Opportunity Finance, LLC (“Senior Lenders”), MSI
and its subsidiaries. Such terms and conditions are set forth in the executed subordination agreement which shall be incorporated herein by reference. 
 This Note re-evidences certain indebtedness previously evidenced by that certain Note dated July 1, 2004 from Allied Contract Services, LLC (“ACS”) to the order of Noteholder (the “Prior
Note”) issued pursuant to the Securities Purchase Agreement dated as of July 1, 2004 between ACS and Noteholder. 
 This Note
is given in substitution for and not as payment for the Prior Note and is not intended as a novation thereof. 
 Payment of principal of,
interest on this Note, and all other amounts payable hereunder or under shall be made in Dollars in immediately available funds, at the place and time and in the manner to be specified. 

 This Note and the Indebtedness evidenced hereby constitute Subordinated Indebtedness and are subordinated
and subject in right of payment to the prior payment in full of all Senior Indebtedness, as set forth in the Subordination Agreement dated February 18, 2005 with Senior Lenders, the Noteholder, MSI and its subsidiaries. 
 This Note is subject to the optional prepayment by MSI prior to the Maturity Date provided subject to the terms of the Subordination Agreement
(“Subordination Agreement”). 
 This Note is registered on the books of MSI and is transferable only as provided in the
Subordination Agreement executed with Lender. 
 This Note shall be governed by, and construed and interpreted in accordance with, the
laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflict of laws. 
 * * * * * * * 
 IN WITNESS WHEREOF, this Note has been duly executed and delivered by MSI’s officer as of the date and at the place first written above.

  

			
	MERCER STAFFING, INC.
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President

  

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 ACKNOWLEDGEMENT AND CONSENT 
 The undersigned entered into that certain Securities Purchase Agreement dated as of July 1, 2004 (the “Purchase Agreement”) with Allied Contract Services, LLC (“ACS”) and,
pursuant to the terms of the Purchase Agreement, ACS issued and delivered to the undersigned ACS’s 12% Subordinated Note Due 2005 dated July 1, 2005 (the “Note”). The undersigned hereby acknowledges and consents to the
transfer and assignment of the Purchase Agreement and the Note from ACS to Mercer Staffing, Inc. (“MSI”) effective as of February 16, 2005. 
  

 3ClearPoint Business Resources, Inc. 9% Subordinated Note

 Exhibit 10.12 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION SUBJECT TO, THE
REGISTRATION REQUIREMENTS UNDER SUCH ACT OR AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA. 
 AMENDED AND RESTATED NOTE 
 MERCER
STAFFING, INC. 
 9% Subordinated Note Due 2008 
  

			
	$250,000	  	March 1, 2005

 MERCER STAFFING, INC. (“MSI”), for value received, promises to pay to
Optos Capital, LLC or its registered assigns (the “Noteholder”) on March 31, 2008 (the “Maturity Date”), the principal amount of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00), and to pay interest
(calculated on the basis of a year of three hundred sixty (360) days comprised of twelve (12) months of thirty (30) days each) in cash on the principal amount hereof for the period from and including the date of issuance hereof to and
including the date of the repayment hereof in full at a rate per annum equal to nine percent (9%), payable quarterly provided MSI is in compliance with all the terms and conditions set forth in the Loan and Security Agreement dated Security
Agreement, dated February 28, 2005 among Bridge Healthcare Finance, LLC, Bridge Opportunity Finance, LLC (“Senior Lenders”), MSI and its subsidiaries. Such terms and conditions are set forth in the executed subordination agreement
which shall be incorporated herein by reference. 
 This Note re-evidences certain indebtedness previously evidenced by that certain Note
dated October 15, 2001 from Mercer Ventures, Inc. (“MVI”) to the order of Noteholder (the “Prior Note”) issued pursuant to the Securities Purchase Agreement dated as of October 15, 2001 between MVI and
Noteholder. 
 This Note is given in substitution for and not as payment for the Prior Note and is not intended as a novation thereof.

 Payment of principal of, interest on this Note, and all other amounts payable hereunder or under shall be made in Dollars in immediately
available funds, at the place and time and in the manner to be specified. 
 This Note and the Indebtedness evidenced hereby constitute
Subordinated Indebtedness and are subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, as set forth in the Subordination Agreement dated February 18, 2005 with Senior Lenders, the Noteholder, MSI
and its subsidiaries. 

 This Note is subject to the optional prepayment by MSI prior to the Maturity Date provided subject to the
terms of the Subordination Agreement (“Subordination Agreement”). 
 This Note is registered on the books of MSI and is
transferable only as provided in the Subordination Agreement executed with Lender. 
 This Note shall be governed by, and construed and
interpreted in accordance with, the laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflict of laws. 
 * * * 
 IN WITNESS WHEREOF, this Note has been duly executed and delivered by MSI’s officer as of the date and
at the place first written above. 
  

			
	MERCER STAFFING, INC.
		
	By:	 	 /s/ Chris Ferguson

	Name:	 	Chris Ferguson
	Title:	 	President

 ACKNOWLEDGEMENT AND CONSENT 
 The undersigned entered into that certain Securities Purchase Agreement dated as of October 15, 2001 (the “Purchase Agreement”)
with Mercer Ventures, Inc. (“MVI”) and, pursuant to the terms of the Purchase Agreement, ACS issued and delivered to the undersigned MVI’s 9% Subordinated Note Due 2006 dated October 15, 2001 (the “Note”). The
undersigned hereby acknowledges and consents to the transfer and assignment of the Purchase Agreement and the Note from MVI to Mercer Staffing, Inc. (“MSI”) effective as of February 16, 2005. 
  

			
	Optos Capital, LLC
		
	By:	 	 /s/ Chris Ferguson

		 	Chris Ferguson
		 	ManagerNew Staff, Inc. Asset Sale and Purchase Agreement

 Exhibit 10.13 
 ASSET SALE AND PURCHASE 
 AGREEMENT 
 BY AND BETWEEN 
 NEW STAFF INC. 
 AND 
 ALLIED CONTRACT SERVICES, LLC

 JUNE 18, 2004 

 ASSET SALE AND PURCHASE AGREEMENT 
 This ASSET SALE AND PURCHASE AGREEMENT (this “Agreement”), dated June 18, 2004 (the “Effective Date”), is by and
between, New Staff Inc., a California corporation (“New Staff”) and Allied Contract Services, LLC, a Pennsylvania limited liability company (“Allied”). New Staff and Allied are individually referred to in this
Agreement as a “Party” and collectively, as the “Parties.” 
 RECITALS 
 WHEREAS, Allied is in the business of providing permanent and temporary staffing services to companies in the transportation industry; and

 WHEREAS, Allied desires to sell substantially all of its assets and New Staff desires to purchase such assets upon the terms and
conditions provided herein. 
 NOW, THEREFORE, in consideration of the covenants and the mutual promises made herein, and for such
other good and valuable consideration, the Parties agree as follows: 
 AGREEMENT 
 ARTICLE 1 
 ASSETS; CONSIDERATION

 1.1 Asset Acquisition. Upon the terms and subject to the conditions of this Agreement, Allied agrees to sell, transfer, convey,
assign and deliver to New Staff, and New Staff agrees to purchase from Allied all of Allied’s right, title and interest in the following assets: 
 a. Branch Offices and Related Assets. All leases, furniture, equipment and fixtures related to the branch offices more particularly set forth in Exhibit A attached hereto (collectively, the “Branch
Office Assets”); 
 b. Miscellaneous Assets. All other miscellaneous assets as more particularly set forth in
Exhibit B attached hereto (the “Miscellaneous Assets” and together with the Branch Office Assets collectively referred to in this Agreement as the “Assets”). 
 1.2 Allocation of Asset Value. The Parties agree that solely for tax purposes, the consideration for the Assets shall be apportioned as follows:
(a) Branch Office Assets - $            ; and (b) Miscellaneous Assets - $            . 
 1.3 Consideration. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined below), Allied shall pay for the
Assets, the aggregate amount of TWO MILLION EIGHT HUNDRED THOUSAND AND 00/100 DOLLARS ($2,800,000) as follows: 
 a.
$1,000,000.00 by wire transfer in immediately available funds; and 
  

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 b. A secured promissory note in the aggregate principal amount of ONE MILLION EIGHT
HUNDRED THOUSAND AND 00/100 DOLLARS ($1,800,000.00) (the “Note”) in substantially the form attached hereto as Exhibit C; 
 c. Security Agreement; 
 1.4 New Staff Deliverables. Upon the terms and subject to the conditions of
this Agreement, at the Closing New Staff shall: (a) Deliver the Assets to New Staff in “AS IS” condition; (b) Execute and deliver the Bill of Sale in substantially the form attached hereto as Exhibit D; and
(c) Execute and deliver all such other instruments of sale, transfer, conveyance, assignment, delivery and confirmation and take such action as Allied may reasonably deem necessary or desirable in order to more effectively transfer, convey and
assign the Assets to Allied. 
 1.5 Allied Deliverables. Upon the terms and subject to the conditions of this Agreement, at the
Closing Allied shall: (a) Wire $1,000,000.00 to New Staff in immediately available funds; (b) Execute and deliver the Note; (c) Execute and deliver the Security Agreement in substantially the form attached hereto as Exhibit E;
and (d) Execute and deliver all such other instruments of sale, transfer, conveyance, assignment, delivery and confirmation and take such action as New Staff may reasonably deem necessary or desirable in order to effectuate the transactions
contemplated by this Agreement. 
 1.6 No Assumption of Liabilities by New Staff. New Staff expressly disclaims and shall not assume
or become liable for any obligations, debts, expenses, taxes contracts, warranty obligations, commitments or liabilities of Allied of any kind, whether known or unknown, absolute, contingent or otherwise, including, but not limited to, accounts
payable, notes payable, sales taxes, payroll taxes or obligations, accrued expenses, etc. 
 1.7 Taxes. Allied shall be responsible
for and shall pay all sales, use, documentary, excise, transfer or other transaction taxes, duties and other similar charges (whether assessed or unassessed) applicable to the sale of the Assets. 
 1.8 Closing. Subject to the terms and conditions set forth herein, the closing of the transactions contemplated hereby shall occur at: 301
Commerce Street, Suite 1700, Fort Worth, Texas 76102 before the close of business on June 18, 2004, or at such other place, time and date to which the Parties may agree in writing or by mail (the “Closing”). 
 1.9 Cash on Hand. The Parties agree that all cash on hand as of the Closing shall remain with New Staff. 
 1.10 Side Letter Agreement. [TBD] in the form attached hereto as Exhibit F. 
  

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 ARTICLE 2 
 REPRESENTATIONS AND WARRANTIES 
 2.1 Representations of New Staff. New Staff hereby represents
and warrants to Allied that the following are true as of the Effective Date: 
 a. Organization of New Staff;
Authority. New Staff is a corporation duly organized and validly existing under the laws of the State of California. New Staff has full power and authority to enter into this Agreement, perform its obligations hereunder and consummate the
transactions contemplated hereby and this Agreement constitutes a valid and binding obligation of New Staff. 
 b. No
Conflict or Default. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will violate any statute, regulation or ordinance of any governmental authority, or result in the breach of
any material agreement, deed, contract, mortgage, indenture, writ, order, decree or instrument to which New Staff is a party or by which it is bound prior to the Closing. 
 c. Brokers, Finders. There is no broker, finder or other person who has been retained by New Staff or authorized to act on its
behalf and who is entitled to a commission, fee or like payment in connection with the transactions contemplated by this Agreement. 
 d. Representations and Warranties Bring-Down. To the extent that there are any representations and warranties related to the Assets which arose pursuant to that certain Asset Purchase Agreement, dated June 14, 2004 by and among
Checkmate Staffing, Inc., et al and New Staff, to the extent possible, such representations and warranties are transferred to Allied. 
 e. Title. New Staff has good and marketable indefeasible title to the Assets, free and clear of all liens and encumbrances. 
 f. Complete Disclosure. The copies of all instruments, agreements, other documents and written information delivered by New Staff
to Allied are and will be complete and correct in all material respects as of the date of delivery thereof and as of the Closing. To New Staff’s knowledge, there is no presently existing event, fact or condition that adversely affects the
Assets, or that could reasonably be expected to do so. 
 2.2 Representations of Allied. Allied hereby represents and warrants to New
Staff that the following are true as of the Effective Date: 
 a. Organization of Allied; Authority. Allied is a
limited liability company duly organized and validly existing under the laws of the State of Pennsylvania. Allied has full power and authority to enter into this Agreement, perform its obligations hereunder and consummate the transactions
contemplated hereby and this Agreement constitutes a valid and binding obligation of Allied. 
  

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 b. No Conflict or Default. Neither the execution and delivery of this Agreement
nor the consummation of the transactions contemplated hereby will violate any statute, regulation or ordinance of any governmental authority, or result in the breach of any material agreement, deed, contract, mortgage, indenture, writ, order, decree
or instrument to which Allied is a party or by which it is bound prior to the Closing. 
 c. Brokers; Finders. There is
no broker, finder or other person who has been retained by Allied or authorized to act on its behalf and who is entitled to a commission, fee or like payment in connection with the transactions contemplated by this Agreement. 
 ARTICLE 3 
 COVENANTS

 3.1 Additional Acts. The Parties agree to use their best efforts to take or cause to be taken all actions and to do or cause to
be done all things reasonably necessary, proper or advisable to consummate the transactions contemplated by this Agreement and to use their best efforts to obtain all necessary waivers and consents (including, but not limited to, the assignment of
real property leases from New Staff to Allied). 
 3.2 Indemnification. 
 a. Allied Indemnification. Allied agrees to indemnify and hold harmless New Staff, its affiliates and its attorneys, officers,
principals, partners, directors, employees and agents (each a “New Staff Indemnitee”) from any and all Losses (as defined below) incurred or sustained by or asserted against any of the New Staff Indemnitees with respect to or
arising out of: (i) the failure or breach of any of the Allied’s representations and warranties contained in this Agreement to be true and correct as of the Closing; (ii) the breach of or failure by Allied to observe or perform any
obligation, covenant or agreement of Allied under this Agreement; or (iii) the claim of any third party against Allied arising prior to or on the Closing. For purposes of this Agreement “Losses” shall mean damages, fines, fees,
penalties, deficiencies, losses and expenses (including without limitation interest, court costs, fees of attorneys, accountants and other experts or other expenses of litigation or other proceedings or of any claim, default or assessment).

 b. New Staff Indemnification. New Staff agrees to indemnify and hold harmless Allied, its affiliates and its
attorneys, officers, directors, employees and agents (each a “Allied Indemnitee”) from Losses incurred or sustained by or asserted against any of the Allied Indemnitees with respect to or arising out of: (i) the failure or
breach of any of the New Staff’ representations and warranties contained in this Agreement to be true and correct as of the Closing; or (ii) the breach of or failure by New Staff to observe or perform any obligation, covenant or agreement
of New Staff under this Agreement. 
  

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 ARTICLE 4 
 CONDITIONS PRECEDENT TO CLOSING 
 4.1 New Staff Obligation to Close. New Staff shall not have
any obligation to consummate the transactions contemplated by this Agreement until and unless the following conditions have been satisfied or waived by New Staff: TBD 
 4.2 Allied Obligation to Close. Allied shall not have any obligation to consummate the transactions contemplated by this Agreement until and unless the following conditions have been satisfied or waived by
Allied: TBD 
 ARTICLE 5 
 MISCELLANEOUS 
 5.1 Expenses. Each Party shall pay its own expenses and costs incidental to the preparation of this
Agreement and to the consummation of the transactions contemplated hereby. 
 5.2 Notices. Any notices or other communications
required or permitted hereunder or otherwise in connection herewith shall be in writing and shall be deemed to have been duly given when delivered in person or transmitted by facsimile transmission (with confirmed answer-back) or on receipt after
dispatch by registered or certified mail, postage prepaid, addressed as follows: 
 If to New Staff, to: 
 New Staff Inc. 
 1528 Chapala Street

 Santa Barbara, California. 93101 
 Facsimile: (805) 884-0506 
 Attention: Steven Biersmith, Esq. 
 with a copy (which shall not constitute notice) to: 
 Warner, Stevens & Doby, LLP 
 301 Commerce Street, Suite 1700 
 Fort Worth, Texas 76102 
 Facsimile:
(817) 810-5255 
 Attention: Terry Fokas, Esq. 
  

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 If to Allied, to: 
 Allied Contract Services, LLC 
 c/o Mercer Ventures, Inc. 
 2 Mercer Gate Drive 
 Doylestown, PA 18901

 Facsimile: (        )
        -         
 Attention:
                                        

 with a copy (which shall not constitute notice) to: 
 White & Williams, LLP 
 1800 One Liberty Place 
 Philadelphia, Pennsylvania 19103 
 Facsimile
No.: (215) 789-7550 
 Attention: Amy E. Vulpio 
 or such other address as the person to whom notice is to be given has furnished in writing to the other parties. A notice of change in address shall not be deemed to have been given until received by the addressee. 
 5.3 Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

 5.4 Applicable Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of California
regardless of the laws that might otherwise govern under applicable principles of conflict of laws thereof. Any legal proceeding arising out of or in any way related to this Agreement or to the transactions contemplated hereby shall be brought and
litigated exclusively in any of the state or federal courts located in Santa Barbara County, California having jurisdiction. The Parties waive and agree not to assert, by way of motion, as a defense or otherwise, that any such proceeding is brought
in an inconvenient forum or that the venue in Santa Barbara County, California is improper. 
 5.5 Successors and Assigns. Neither
Party may assign any rights or duties under this Agreement without the prior written consent of the other Party. Any assignment made or attempted in violation of this Section shall be void and of no effect. 
 5.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 5.7 Entire Agreement. This Agreement (including the exhibits, documents and
instruments referred to herein) constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the Parties and is not intended to confer upon any person other than the Parties any rights
or remedies hereunder. 
  

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 5.8 Severability. In the event that any one or more of the provisions or parts of a provision
contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this
Agreement or any other jurisdiction. 
 5.9 Construction. The Parties have participated jointly in the negotiation and drafting of
this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any of the provisions of this Agreement. 
 5.10 Confidentiality. The Parties stipulate and agree that
unless prior written consent has been granted, the terms of this Agreement shall remain confidential and shall not be disclosed to any third party, except for the Parties’ attorneys, accountants, the Internal Revenue Service, or pursuant to a
court order or subpoena issued by a court of competent jurisdiction. 
 5.11 Attorney’s Fees. In any action brought to enforce
the terms of this Agreement or for damages or injunctive relief arising out of the breach of any of the terms, representations, warranties or covenants set forth in this Agreement, the prevailing Party shall be entitled to its reasonable attorneys
fees and costs related to such action(s). In the event that the transactions contemplated by this Agreement are not consummated as a result of the fault, act or omission of a Party, the non-breaching Party shall be entitled to its reasonable costs
related to the negotiation, preparation and drafting this Agreement and any other acts incidental or in contemplation thereto. 
 5.12
Survivability. The representations, warranties and covenants set forth in this Agreement shall survive for a period of one (1) year following the Closing. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on its behalf by its
duly authorized officer, all as of the day and year first above written. 
  

			
	NEW STAFF INC.
		
	By:	 	 /s/ Steve Sorensen

	Name:	 	Steve Sorensen
	Title:	 	CEO
	
	ALLIED CONTRACT SERVICES, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member

 [SIGNATURE PAGE TO ASSET
SALE AND PURCHASE AGREEMENT] 
  

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