Document:

Unassociated Document

    Exhibit
4.1

    

    FORM OF

    FIRST AMENDMENT TO SERIES C
COMMON  STOCK PURCHASE WARRANT

    

    This FIRST AMENDMENT TO SERIES C COMMON
STOCK PURCHASE WARRANT (“First Amendment”) is made and entered into as of
the 23rd day of January, 2009, by and among PHARMA-BIO SERV, INC.,
formerly known as Lawrence Consulting Group, Inc., a Delaware corporation
(“Pharma-Bio”) and [_____________] (“Holder”).

    

    WITNESSETH:

    

    WHEREAS, Pharma-Bio had
delivered to Holder that certain Series C Common Stock Purchase Warrants of
Lawrence Consulting Group, Inc. dated as of January 25, 2006 (the
“Warrant”);

    

    WHEREAS, the parties have
agreed to extend the final date of the Exercise Period on which the Warrant can
be exercised until January 24, 2010;

    

    NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein, and for
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Pharma-Bio and Holder agree as follows:

    

    TERMS

    

    
      	
               
      

            	
              1.

            	
              Defined
      Terms.  Capitalized but undefined terms herein shall have
      the meanings given to them in the
Warrant

            

    

     

    
      	
               
      

            	
              2.

            	
              Amendment to
      Warrant.  The title and first paragraph of the Warrant is
      amended and restated as follows:

            

    

     

    Void
after 5:30 P.M. New York City time on January 24, 2010

     

    SERIES C
COMMON STOCK PURCHASE WARRANT

     

    of

     

    PHARMA-BIO
SERV, INC.

     

    This is
to certify that, FOR VALUE RECEIVED, [_____________], or registered assigns
(“Holder”), is entitled to purchase, on the terms and subject to the provisions
of this Warrant, from Pharma-Bio Serv, Inc., a Delaware corporation (the
“Company”), at an exercise price (the “Exercise Price”) of seventy three and
44/100 cents ($.7344) per share,  __________ (_____) shares of common
stock, par value $.0001 per share (“Common Stock”), of the Company at any time
during the period (the “Exercise Period”) commencing on the date of this Warrant
and ending at 5:30 P.M. New York City time, on January 24, 2010; provided,
however, that if such date is a day on which banking institutions in the State
of New York are authorized by law to close, then on the next succeeding day
which such banks are not authorized to close.  The number of shares of
Common Stock to be issued upon the exercise or conversion of this Warrant and
the price to be paid for a share of Common Stock may be adjusted from time to
time in the manner set forth in this Warrant.  The shares of Common
Stock deliverable upon such exercise or conversion, and as adjusted from time to
time, are hereinafter sometimes referred to as “Warrant Shares,” and the
exercise price for the purchase of a share of Common Stock pursuant to this
Warrant in effect at any time, as the same may be adjusted from time to time, is
hereinafter sometimes referred to as the “Exercise Price.”  This
Warrant was issued pursuant to a subscription agreement (the “Subscription
Agreement”) between the Company and the initial holder of this
Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              3.

            	
              Reaffirmation.  Pharma-Bio
      hereby reaffirms all covenants, representations, and warranties made by
      it, and all Obligations owed by it, pursuant to the Warrant (to the extent
      the same is not amended herein) and agree that all such covenants,
      representations and warranties shall be deemed to have been remade as of
      the date this First Amendment becomes effective (unless a representation
      and warranty is stated to be given on and as of a specific date, in which
      case such representation and warranty shall be true, correct, and complete
      as of such date, except to the extent, if any, amended
      hereby).

            

    

     

    
      	
               
      

            	
              4.

            	
              Reference to and
      Effect on the Warrant.  Except as specifically amended to
      or agreed to herein, the Warrant shall remain in full force and effect and
      is hereby ratified and confirmed.

            

    

     

    
      	
               
      

            	
              5.

            	
              Execution in
      Counterparts.  This First Amendment may be executed in
      any number of counterparts and by different parties hereto in separate
      counterparts, each of which when so executed and delivered shall be deemed
      to be an original and all of which taken together shall constitute one and
      the same document. Delivery of an executed counterpart of the First
      Amendment by facsimile shall have the same effect as delivery of a
      manually executed counterpart of this First
  Amendment.

            

    

     

    
      	
               
      

            	
              6.

            	
              Headings.  Section
      headings in this First Amendment are included herein for the convenience
      of reference only and shall not constitute a part of this First Amendment
      for any other purpose.

            

    

     

    [Signatures
on Following Page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
parties have caused this First Amendment to be duly executed by their respective
authorized officers as of the day and year first above written.

     

    
      
        	 	PHARMA-BIO SERV,
      INC.:	 
	 	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 

      

    

     

    
      
        	 	WARRANT
      HOLDER:	 
	 	 	 	 
	 	By:EXHIBIT
10(j)

    

    

    RESTRUCTURING  AGREEMENT

    

    

    THIS
RESTRUCTURING AGREEMENT (“Agreement”) is entered into as of this 20th day of
January, 2009 between Power Sports Factory, Inc. (“PSF”) and Andretti IV, LLC
(“Andretti IV”) (collectively the “Parties).

    

    RECITALS

    

    A.           The
Parties are parties to an Exclusive Licensing Agreement dated May 15, 2007
wherein PSF has been, among other things, granted the rights to use the
“Andretti” name and personal publicity rights of several members of the Andretti
family in connection with the branding and sale of the “Andretti/Benelli” line
of motor scooters to be distributed by PSF (“Benelli Agreement”).

    

    B.           The
Parties are also parties to an Exclusive Licensing Agreement dated June 27, 2008
wherein PSF has been, among other things, granted the rights to use the
“Andretti” name and personal publicity rights of several members of the Andretti
family in connection with the branding and sale of the “Andretti/Yamati” line of
motor scooters to be distributed by PSF (“Yamati Agreement”).

    

    C.           Both
the Benelli Agreement and the Yamati Agreement contain provisions relating to
compensation payable to Andretti IV in consideration for the grant of rights
which included the requirement for PSF to pay Andretti IV a minimum guaranteed
amount per year of said Agreements.

    

    D.           As
of December 31, 2008, PSF owes Andretti IV Four Hundred Fifty Thousand Dollars
($450,000) pursuant to the Benelli Agreement and Ninety Thousand Dollars
($90,000) pursuant to the Yamati Agreement for a total of Five Hundred Forty
Thousand Dollars ($540,000) as minimum guaranteed amounts owing pursuant to said
Agreements (“the December 31, 2008 Debt”).

    

    E.           While
the Benelli Agreement and the Yamati Agreement shall continue in full force and
effect through their agreed terms, the Parties wish to
restructure  the December 31, 2008 Debt as set forth in this
Agreement.

    

    NOW,
THEREFORE, in consideration of the mutual promises herein and the fulfillment of
all of them, the sufficiency of which is acknowledged by the Parties, it is
agreed as follows:

    

    AGREEMENT

    

    
      	
            	
              1. 

            	
              Restructuring of
      December 31, 2008 Debt:  In full restructuring of the
      December 31, 2008 Debt, PSF shall effectuate the
  following:

            

    

    

    
      	
               
      

            	
              a.

            	
              Pay
      to Andretti IV the sum of Two Hundred Fifty Thousand Dollars
      ($250,000).  The payment of this sum will be made via wire
      transfer and received by Andretti IV not later than Friday, February 6,
      2009.  The instructions for this wire shall be provided under
      separate cover. In the event that this payment is not made, Andretti IV
      shall have the right, in its sole discretion, to rescind this agreement in
      its entirety, or in part.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              b.

            	
              Issue
      to Andretti IV one million (1,000,000) shares of PSF common stock which
      shall represent a conversion of fifty-eight thousand dollars ($58,000) at
      $.058.

            

    

    

    
      	
               
      

            	
              c.

            	
              Execute
      a Promissory Note in the amount of Eighty-Seven Thousand Dollars ($87,000)
      with full payment thereof to be paid not later than March 30, 2009 in the
      form attached hereto as Exhibit A.

            

    

    

    
      	
               
      

            	
              d.

            	
              Execute
      an Amendment to the Benelli Agreement and to the Yamati Agreement which
      will document a change from the reference “Contract Year Three” to
      “Contract Year Four” contained in Paragraph 13(a)(v) of each such
      Agreement

            

    

    

    2.           Default:  PSF
shall be in default under this Agreement if it fails to comply completely and
timely with obligations set forth in Paragraph 1 or if it fails to timely
satisfy the terms of the Promissory Note.  Upon an event of default,
this Agreement shall, at Andretti IV’s election evidenced by written notice to
PSF, be null and void and all sums payable pursuant to the Benelli Agreement and
the Yamati Agreement in their original forms shall be immediately due and owing,
including all pre- and post-judgment interests, costs and attorneys’ fees that
shall continue to accrue during the term of this Agreement.

    

    3.           Release and Discharge of
December 31, 2008 Debt:  In consideration of PSF’s full
compliance and satisfaction of the terms of this Agreement, Andretti IV shall
release and discharge PSF, along with their current and former shareholders,
officers, directors, representatives, attorneys, insurers, agents, and
employees, and together with any and all persons, firms, corporations,
affiliates, and subsidiaries, who are or may be liable therefor, from the
December 31, 2008 Debt.  Except as otherwise provided herein, all
other terms and conditions of the Benelli Agreement and the Yamati Agreement
shall remain in full force and effect.

    

    

    (THE
BALANCE OF THIS PAGE IS LEFT INTENTIONALLY BLANK)

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Parties have signed this Agreement as of the date set forth
below.

    

    

    
      
        
          	
                  POWER
      SPORTS FACTORY, INC.

                  /s/
      Shawn Landgraf

                  ___________________________

                  Shawn
      Landgraf

                  Chief
      Executive Officer

                   

                  Date:  January
      20, 2009

                	
                  ANDRETTI
      IV, LLC

                  /s/
      Mario Andretti

                  ___________________________

                  Mario
      Andretti

                  Member

                   

                  Date:  January
      20, 2009

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