Document:

Unassociated Document

    EXHIBIT 10.2

     

    

    

    EMPLOYMENT AGREEMENT
AMENDMENT

    

    EMPLOYMENT AGREEMENT AMENDMENT effective as of
January 1, 2010 by and among Pharma-Bio Serv, Inc.(PBSV) with its principal
office at 6 Carr 696, Dorado, Puerto Rico 00646 (the “Company”), and Pedro
J.  Lasanta, residing at San Juan, Puerto Rico 00924 (“Executive”)
(both hereinafter “the Parties”).

    

    W I T N E
S S E T H:

    

    WHEREAS, the Company has
engaged Executive as its Vice President-Finance & Administration and Chief
Financial Officer and desires to continue to obtain the benefits of Executive’s
knowledge, skill and ability in connection with managing the operation of the
Company and to continue to employ Executive on the terms and conditions agreed
upon in Employment Agreement dated November 5, 2007 and subsequent
amendments.

    

    WHEREAS, PBSV desires to
extend Executive to serve as its Vice President-Finance & Administration and
Chief Financial Officer for an undetermined amount of time.

    

    NOW THEREFORE in exchange for
the mutual promises and undertakings herein, the Parties agree as
follows:

    

    
      	
              1.  

            	
              The
      Agreement dated November 5, 2007 and subsequent amendments are hereby
      modified to adjust base salary to $110,000 per
  year.

            

    

    
      	
              2.  

            	
              In
      all other respects the Employment Agreement dated November 5, 2007 and
      subsequent amendments shall remain in full force and effect and
      unaltered.

            

    

    

    IN WITNESS WHEREOF, the
parties have executed this Agreement in Dorado, Puerto Rico, this 1st day
of January, 2010.

     

    
      
        
          	PHARMA-BIO SERV,
      INC.   	 	 	EXECUTIVE:	 
	 	 	 	 	 
	
                  /s/
      Elizabeth
      Plaza  

                	 	 	
                  /s/
      Pedro Lasanta

                	 
	
                  
                    Elizabeth
      Plaza  

                  

                	 	 	
                  Pedro
      Lasanta

                	 
	
                  President,
      CEO and Chairwoman

                	 	 	
                  Vice
      President-Finance & Administrationand Chief Financial
      OfficerUnassociated Document

    
      EXHIBIT 10.3

       

      

      

      EMPLOYMENT
AGREEMENT

      

      AGREEMENT
dated as of the 31st day of December, 2009, by and among Pharma-Bio Serv
PR, Inc., located at Street 1 Lot 14, Dorado Industrial Park, Higuillar, Dorado,
Puerto Rico (“the Company”),  and Nélida Plaza
Rodríguez,  residing at Dorado, Puerto
Rico  00646  (“Executive”).

      

      WITNESSETH:

      

      WHEREAS,
the Company has engaged Executive as its President of Puerto Rico Operations, in
charge of Scienza Labs, Integratek, Pharma Academy, and Pharma-Bio Serv PR, and
desires to continue to obtain the benefits of Executive’s knowledge, skills and
ability in connection with managing the operations of the Company, expanding and
managing significant client accounts and to continue to employ Executive on the
terms and conditions hereinafter set forth; 

      

      NOW, THEREFORE, in
consideration of the mutual promises set forth in this Agreement, the parties
agree as follows:

       

      
        	
                1.  

              	
                Employment and
      Duties

              

      

      

      
        	
                (a)  

              	
                Subject
      to the terms and conditions hereinafter set forth, the Company hereby
      employs Executive as President of Puerto Rico Operations, as hereinafter
      defined.  As President of Puerto Rico Operations, Executive
      shall have the duties and responsibilities associated with the president
      of a public corporation.  Executive shall report to the
      Company’s Chief Executive Officer.  Executive shall also perform
      such other duties and responsibilities as may be determined by such
      officer, as long as such duties and responsibilities are consistent with
      those of president.

              

      

      

      
        	
                2.  

              	
                Executive’s
      Performance  

              

      

      

      
        	
                (a)  

              	
                Executive
      hereby accepts the employment contemplated by this Agreement. Executive
      shall perform her duties diligently, in good faith and in a manner
      consistent with the best interests of the Company, and shall devote
      substantially all of her business time to the performance of her duties
      under this Agreement.

              

      

      

      
        	
                3.  

              	
                Compensation and Other
      Benefits

              

      

      

      
        	
                (a)  

              	
                For
      her services, the Company shall pay Executive a salary (“Salary”) at the
      annual rate of $175,000.00. Salary shall be paid in such installments as
      the Company regularly pays its executive officers, but not less frequently
      than semi-monthly.

              

      

      

      
        	
                (b)  

              	
                In
      addition to salary, Executive shall receive the following
      benefits:

              

      

      

      
        	
                (i)  

              	
                Such
      insurance, including major medical health insurance and life insurance, as
      the Company provides its executive officers, which benefits will not be
      less than the insurance benefits provided by the Company to its executive
      officers;

              

      

      

      
        	
                (ii)  

              	
                Vacation
      in accordance with Company policy;

              

      

      

      
        	
                (iii)  

              	
                Eligibility
      to participate in such pension and other benefit plans that are available
      to executive officers of the
Company;

              

      

      

      
        	
                (iv)  

              	
                  Lease
      payments for the automobile presently provided to Executive by the
      Company; and

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                (v)  

              	
                Such
      discretionary bonuses and stock options or other equity-based incentives
      as shall be determined by the Company’s compensation committee; provided,
      however, that her bonus shall not exceed 50% of her salary and any such
      bonus shall be paid within 30 days of the completion of the audit for the
      year for which the bonus relates.

              

      

      

      4. Reimbursement of
Expenses 

      

      
        	
                (a)  

              	
                The
      Company shall reimburse Executive, upon presentation of proper expense
      statements, for all authorized, ordinary and necessary out-of-pocket
      expenses reasonably incurred by Executive in connection with the
      performance of her services pursuant to this Agreement in accordance with
      the Company’s expense reimbursement
policy.

              

      

      

      
        	
                5.  

              	
                Termination of
      Employment

              

      

      

      
        	
                (a)  

              	
                This
      Agreement and Executive’s employment hereunder shall terminate immediately
      upon her death.

              

      

      

      
        	
                (b)  

              	
                This
      Agreement and Executive’s employment pursuant to this Agreement may be
      terminated by the Executive or the Company on not less than 30 days’
      written notice in the event of Executive’s Disability. The term
      “Disability” shall mean any illness, disability or incapacity of the
      Executive which prevents her from substantially performing her regular
      duties for a period of two consecutive months or three months, even though
      not consecutive, in any twelve month period; provided however, that any
      maternity leave or other condition covered by the Puerto Rico labor laws
      shall not be counted toward such three or two month
    periods.

              

      

      

      
        	
                (c)  

              	
                The
      Company may terminate this Agreement and Executive’s employment pursuant
      to this Agreement immediately for Cause, in which event no further
      compensation shall be payable to Executive subsequent to the date of such
      termination. The date of termination shall be the date of the notice from
      the Company stating that Executive’s employment is terminated for Cause.
      The term “Cause” shall mean:

              

      

      

      
        
          	
                  (i)

                	
                  repeated
      failure of Executive to perform material instructions from the Board, or,
      if Executive does not report to the Board, from the officer to whom
      Executive reports, provided that such instructions are reasonable and
      consistent with Executive’s duties as set forth in Section 1 of this
      Agreement, or any other failure or refusal by Executive to perform her
      duties required by said Section; provided, however, that Executive shall
      have received notice from the Board or from the officer to whom Executive
      reports, specifying the nature of such failure in reasonable detail and
      Executive shall have failed to cure the failure within five business days
      after receipt of such notice.

                
	
                  (ii) 

                	
                   

                
	 	a
      breach of Sections 6, 7 or 8 of this Agreement;
	 	 
	
                  (iii)

                	a
      breach of trust whereby Executive obtains personal gain or benefit at the
      expense    of or to the detriment of the Company or
      any of its affiliates;
	 	 
	
                  (iv) 

                	any
      fraudulent or dishonest conduct by Executive or any other conduct by
      Executive which damages the Company or any of its affiliates or their
      property, business or reputation;
	 	 
	
                  (v)

                	

                  a
      conviction of, or guilty plea or plea of nolo contendere by, of Executive
      of (x) any felony or (y) any other crime involving fraud, theft,
      embezzlement or use or possession of illegal substances;
  or

                

        

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
              	 
	
                (vi)

              	the admission by Executive of any matters set forth in
      Section 5(c)(v) of
this   Agreement.

         

      

      (d)     Executive’s
resignation shall be treated in the same manner as a termination for
Cause.

      

      
        (e)     In
the event that the Company terminate this Agreement and Executive’s employment
other    than for reasons set forth in Sections 5(a), 5(b)
or 5(c):

      

      

      
        	
                 
      

              	
                (i)The
      Company shall pay to Executive within 30 days after the date of her
      termination an amount equal to her salary for the corresponding working
      period;

              

      

      

      
        	
                 
      

              	
                (ii)
      The restrictions set forth in Section 7(a) of this Agreement shall
      terminate immediately.

              

      

      

      
        	
                6.  

              	
                 Trade Secrets and
      Proprietary Information

              

      

      

      
        	
                (a)  

              	
                Executive
      recognizes and acknowledges that the Company, through the expenditure of
      considerable time and money, has developed and will continue to develop in
      the future information concerning customers, clients, marketing, products,
      services, business, research and development activities and operational
      methods of the Company and its customers or clients, contracts, financial
      or other data, technical data or any other confidential or proprietary
      information possessed, owned or used by the Company, the disclosure of
      which could or does have a material adverse effect on the Company, its
      businesses, any business in which it proposes to engage, its operations,
      financial condition or prospects and that the same are confidential and
      proprietary and considered “confidential information” of the Company for
      the purposes of this Agreement. In consideration of her employment,
      Executive agrees that she will not,  without the consent of the
      Board make any disclosure of confidential information to any person,
      partnership, corporation or entity either during or after employment with
      the company, except that nothing in this Agreement shall be construed to
      prohibit Executive from using or disclosing (a) if such disclosure is
      necessary in the normal course of the Company’s business in accordance
      with policies or instructions or authorization from the Board, (b)
      Executive can demonstrate that such information shall have (i) become
      public knowledge other than by or as a result of disclosure by a person
      not having a right to make such disclosure, (ii) been developed by
      Executive independent of any of the Company’s confidential or proprietary
      information or (iii) been disclosed to Executive by a person not subject
      to a confidentiality agreement with or other obligation of confidentiality
      to the Company.

              

      

      

      
        	
                (b)  

              	
                In
      the event that any confidential information is required to be produced by
      Executive pursuant to legal process, Executive shall give the Company
      notice of such legal process within a reasonable time, but not later than
      ten business days prior to the date such disclosure is to be made, unless
      Executive has received less notice, in which event Executive shall
      immediately notify the Company. The Company shall have the right to object
      to any such disclosure, and if the Company objects (at the Company’s cost
      and expense) in a timely manner so that Executive is not subject to
      penalties for failure to make such disclosure, Executive shall not make
      any disclosure until there has been a court determination on the Company’s
      objections.  If disclosure is required by a court order, final
      beyond right of review, or if the Company does not object to the
      disclosure, Executive shall make disclosure only to the extent that
      disclosure is required by the court order, and Executive will exercise
      reasonable efforts at the Company’s expense, to obtain reliable assurance
      that confidential treatment will be accorded the Confidential
      Information.

              

      

      

      
        	
                (c)  

              	
                Executive
      shall, upon expiration or termination of employment, or earlier at the
      request of the Company, turn over to the Company or destroy all documents,
      papers, computer disks or other material in Executive’s possession or
      under Executive’s control which may contain or be derived from
      confidential information. To the extent that any confidential information
      is on Executive’s hard drive or other storage media, he shall, upon the
      request of the Company, cause either such information to be erased from
      her computer disks and all other storage media or otherwise take
      reasonable steps to maintain the confidential nature of the
      material.

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                (d)  

              	
                Executive
      further realizes that any trading in the Company’s common stock or other
      securities or aiding or assisting others in trading in the Company’s
      common stock or other securities, including disclosing any non-public
      information concerning the Company to a person who uses such information
      in trading in the Company’s common stock or other securities, constitutes
      a violation of federal and state securities laws. Executive will not
      engage in any transactions involving the Company’s common stock or other
      securities while in the possession of material non-public
      information.

              

      

      

      
        	
                (e)  

              	
                For
      the purposes of Sections 6, 7, 8 and 9 of this Agreement, the term
      “Company” shall include PHARMA-BIO SERV PR, INC., and its subsidiaries and
      affiliates.

              

      

      

      
        	
                7.  

              	
                Covenant Not To
      Solicit or Compete

              

      

      

      
        	
                 
      

              	
                (a)    During
      the period from the date of this Agreement until two (2) years following
      the date on which Executive’s employment is terminated, Executive will
      not, directly or indirectly:

              

      

      

      
        	
                (i)

              	
                persuade
      or attempt to persuade any person or entity which is or was a customer,
      client or supplier of the Company to cease doing business with the
      Company, or to reduce the amount of business it does with the Company (the
      terms “customer” and “client” as used in this Section 7 to include any
      potential customer or client to whom the Company submitted bids or
      proposals, or with whom the Company conducted negotiations, during the
      term of Executive’s employment hereunder or during the twelve months
      preceding the termination of her
employment);

              

      

      

      
        	
                (ii)

              	
                solicit
      for herself or any other person or entity other than the Company the
      business of any person or entity which is a customer or client of the
      Company, or was a customer or client of the Company within one (1) year
      prior to the termination of her
employment;

              

      

      

      
        	
                (iii)

              	
                persuade
      or attempt to persuade any employee of the Company, or any individual who
      was an employee of the Company during the one (1) year period prior to the
      lawful and proper termination of this Agreement, to leave the Company’s
      employment, or to become employed by any person or entity other than the
      Company; or

              

      

      

      
        	
                (iv)

              	
                engage
      in any business in the United States whether as an officer, director,
      consultant, partner, guarantor, principal, agent, employee, advisor or in
      any manner, which directly competes with the business of the Company as it
      is engaged in at the time of the termination of this Agreement, unless, at
      the time of such termination or thereafter during the period that the
      Executive is bound by the provisions of this Section 7, the Company ceases
      to be engaged in such activity, provided, however, that nothing in this
      Section 7 shall be construed to prohibit the Executive from owning an
      interest of not more than five (5%) percent of any public Company engaged
      in such activities.

              

      

      

      
        	
                (b)

              	
                Executive
      will not, during or after employment with the Company, make any
      disparaging statements concerning the Company, its business, officers,
      directors and employees that could injure, impair, damage or otherwise
      affect the relationship between the Company, on the one hand, and any of
      the Company’s employees, suppliers, customers, clients or any other person
      with which the Company has or may conduct business or otherwise have a
      business relationship of any kind and description. The Company will not
      make any disparaging statements concerning Executive; provided, however,
      that this sentence shall not be construed to prohibit the Company from
      giving factual information concerning Executive in response to inquiries
      that the Company believes are bona
fide.

              

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        	
                (c)

              	
                The
      Executive acknowledges that the restrictive covenants (the “Restrictive
      Covenants”) contained in Sections 6 and 7 of this Agreement are a
      condition of her employment, and are reasonable and valid in geographical
      and temporal scope and in all other respects. If any court determines that
      any of the Restrictive Covenants, or any part of any of the Restrictive
      Covenants, is invalid or unenforceable, the remainder of the Restrictive
      Covenants and parts thereof shall not thereby be affected and shall remain
      in full force and effect, without regard to the invalid portion. If any
      court determines that any of the Restrictive Covenants, or any part
      thereof, is invalid or unenforceable because of the geographic or temporal
      scope of such provision, such court shall have the power to reduce the
      geographic or temporal scope of such provision, as the case may be, and,
      in its reduced form, such provision shall then be
    enforceable.

              

      

      

      
        	
                8.  

              	
                Inventions and
      Discoveries - Executive agrees promptly to disclose in writing to
      the Company any invention, design, system, process, development or other
      discovery or intellectual property (collectively, “inventions and
      discoveries”) conceived, created or made by her during employment with the
      Company, whether created or developed by herself or with others, whether
      during or after working hours, in any business in which the Company is
      then engaged or which otherwise relates to any product or service dealt in
      by the Company and such inventions and discoveries shall be the Company’s
      sole property, regardless of whether such inventions and discoveries are
      otherwise treated as work performed for hire and regardless of whether
      such inventions and discoveries are or can be patented, registered or
      copyrighted. Upon the Company’s request, Executive shall execute and
      assign to the Company all applications for copyrights, trademarks and
      letters patent of the United States and such foreign countries as the
      Company may designate, and Executive shall execute and deliver to the
      Company such other instruments as the Company deems necessary to vest in
      the Company the sole ownership of all rights, title and interest in and to
      such inventions and discoveries, as well as all copyrights and/or patents.
      Executive shall also give the Company all assistance it may reasonably
      require, including the giving of testimony in any suit, action,
      investigation or other proceeding in connection with the
      foregoing.

              

      

      

      
        	
                9.  

              	
                Injunctive
      Relief - Executive agrees that her violation or threatened
      violation of any of the provisions of Sections 6, 7 or 8 of this Agreement
      shall cause immediate and irreparable harm to the Company. In the event of
      any breach or threatened breach of any of said provisions, Executive
      consents to the entry of preliminary and permanent injunctions by a court
      of competent jurisdiction prohibiting Executive from any violation or
      threatened violation of such provisions and compelling Executive to comply
      with such provisions. This Section 9 shall not affect or limit, and the
      injunctive relief provided in this Section 9 shall be in addition to, any
      other remedies available to the Company at law or in equity or in
      arbitration for any such violation by Executive. In the event an
      injunction is issued against any such violation by Executive, the period
      referred to in Section 7 of this Agreement shall continue until the later
      of the expiration of the period set forth therein or one (1) month from
      the date a final judgment enforcing such provisions is entered and the
      time for appeal has lapsed. Subject to Section 7(c) of this Agreement, the
      provisions of Sections 6, 7, 8 and 9 of this Agreement shall survive any
      termination of this Agreement and Executive’s
  employment.

              

      

      

      
        	
                10.  

              	
                 Indemnification
      - The Company shall provide Executive with payment of legal fees and
      indemnification to the maximum extent permitted by the Company’s
      certificate of incorporation, by-laws and applicable
  law.

              

      

      

      
        	
                11.  

              	
                Representations by the
      Parties

              

      

      

      
        	
                 
      

              	
                (a)   Executive
      represents, warrants, covenants and agrees that she has a right to enter
      into this Agreement, that she is not a party to any agreement or
      understanding, oral or written, which would prohibit performance of her
      obligations under this Agreement, and that she will not use in the
      performance of her obligations hereunder any proprietary information of
      any other party which she is legally prohibited from
  using.

              

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  (b)  

                	
                  The
      Company represents warrants and agrees that it has full power and
      authority to execute and deliver this Agreement and perform its
      obligations hereunder.

                

        

      

      

      
        	
                12.  

              	
                Miscellaneous

              

      

      

      
        	
                (a)  

              	
                Executive
      will cooperate with the Company in connection with the Company’s
      application to obtain key-person life insurance on her life, on which the
      Company will be the beneficiary.  Such cooperation shall include
      the execution of any applications or other documents requiring her
      signature and submission of insurance applications and submission to a
      physical.

              

      

      

      
        	
                (b)  

              	
                Any
      notice, consent or communication required under the provisions of this
      Agreement shall be given in writing and sent or delivered by hand,
      overnight courier or messenger service, against a signed receipt or
      acknowledgment of receipt, or by registered or certified mail, return
      receipt requested, or telecopier or similar means of communication if
      receipt is acknowledged or if transmission is confirmed by mail as
      provided in this Section 12(b), to the parties at their respective
      addresses set forth at the beginning of this Agreement or by telecopier to
      the Company fax at (787) 796-5168, or to Executive at available numbers,
      with notice to the Company being sent to the attention of the individual
      who executed this Agreement on its behalf.  Any party may, by
      like notice, change the person, address or fax number to which notice is
      to be sent.  If no telecopier number is provided for Executive,
      notice to her shall not be sent by telecopier.

              
	 	 
	

                (c)  

              	This
      Agreement shall in all respects be construed and interpreted in accordance
      with, and the rights of the parties shall be governed by, the laws of the
      Commonwealth of Puerto Rico applicable to contracts executed and to be
      performed wholly within such country, without regard to principles of
      conflicts of laws.
	 	 
	

                (d)  

              	Except
      for actions, suits, or proceedings taken pursuant to or under Section 6,
      7, 8 or 9 of this Agreement, any dispute concerning this Agreement or the
      rights of the parties hereunder shall be submitted to binding arbitration
      in San Juan, Puerto Rico before a single arbitrator jointly selected by
      the parties under the rules of the American Arbitration Association. If
      the parties shall be unable to agree upon an arbitrator, then each party
      shall designate one arbitrator and the two arbitrators shall select a
      third arbitrator. The award of the arbitrator shall be final, binding and
      conclusive on all parties, and judgment on such award may be entered in
      any court having jurisdiction. The arbitrator shall have the power, in his
      or her discretion, to award counsel fees and costs to the prevailing
      party. The arbitrator shall have no power to modify or amend any specific
      provision of this Agreement except as expressly provided in Section 12(f)
      of this Agreement.
	 	 
	

                (e)  

              	Any
      claim for injunctive relief or other equitable remedy pursuant to Section
      9 of this Agreement or any claim to enforce an arbitration award or to
      compel arbitration, the parties hereby (i) consents to the exclusive
      jurisdiction of the United States District Court for the District of
      Puerto Rico and the Puerto Rico courts located in San Juan, Puerto Rico,
      (ii) agree that any process in any action commenced in such court under
      this Agreement may be served upon it or her personally, either (x) by
      certified or registered mail, return receipt requested, or by Federal
      Express or other courier service which obtains evidence of delivery, with
      the same full force and effect as if personally served upon such party in
      San Juan, Puerto Rico, or (y) by any other method of service permitted by
      law, and (iii) waives any claim that the jurisdiction of any such court is
      not a convenient forum for any such action and any defense of lack of in
      personam jurisdiction with respect thereof. If an action may be commenced
      pursuant to this Section, the complaint may, notwithstanding Section 12(c)
      of this Agreement, include other claims against the other party, even if
      such claims would otherwise be subject to arbitration pursuant to said
      Section 12(c).

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
        	
                

                  (f)

                

              	
                If
      any term, covenant or condition of this Agreement or the application
      thereof to any party or circumstance shall, to any extent, be determined
      to be invalid or unenforceable, the remainder of this Agreement, or the
      application of such term, covenant or condition to parties or
      circumstances other than those as to which it is held invalid or
      unenforceable, shall not be affected thereby and each term, covenant or
      condition of this Agreement shall be valid and be enforced to the fullest
      extent permitted by law, and any court or arbitrator having jurisdiction
      may reduce the scope of any provision of this Agreement, including the
      geographic and temporal restrictions set forth in Section 7 of this
      Agreement, so that it complies with applicable
  law.

              

      

      

      
        
          	
                  

                    (g)

                  

                	
                  This
      Agreement constitute the entire agreement of the Company and Executive as
      to the subject matter hereof, superseding all prior or contemporaneous
      written or oral understandings or agreements, including any and all
      previous employment agreements or understandings, all of which are hereby
      terminated, with respect to the subject matter covered in this Agreement.
      This Agreement may not be modified or amended, nor may any right be
      waived, except by a writing which expressly refers to this Agreement,
      states that it is intended to be a modification, amendment or waiver and
      is signed by both parties in the case of a modification or amendment or by
      the party granting the waiver. No course of conduct or dealing between the
      parties and no custom or trade usage shall be relied upon to vary the
      terms of this Agreement. The failure of a party to insist upon strict
      adherence to any term of this Agreement on any occasion shall not be
      considered a waiver or deprive that party of the right thereafter to
      insist upon strict adherence to that term or any other term of this
      Agreement.

                
	 	 
	

                  (h)

                	No
      party shall have the right to assign or transfer any of its or her rights
      here under except that  the Company’s rights and obligations may
      be assigned in connection with a merger of consolidation of the Company or
      a sale by the Company of all or substantially all of its business and
      assets.
	 	 
	

                  (i)

                	This
      Agreement shall be binding upon and inure to the benefit of the parties
      hereto and their respective heirs, successors, executors, administrators
      and permitted assigns.
	 	 
	

                  (j)

                	The
      headings in this Agreement are for convenience of reference only and shall
      not affect in any way the construction or interpretation of this
      Agreement.

        

      

       

      IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

      

      

      PHARMA-BIO
SERV, INC.

      

      

      By:/s/ Elizabeth
Plaza

      Name:Elizabeth
Plaza

      Title:President
& “CEO”

      

      

      EXECUTIVE:  /s/
Nélida Plaza
Rodríguez

      Nélida
Plaza Rodríguez

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