Document:

Exhibit
10.2

    

    United
States Department of the Treasury

    1500
Pennsylvania Avenue, NW

    Washington,
D.C. 20220

    

    March 13,
2009

    

    Ladies
and Gentlemen:

    

    Reference
is made to that certain Letter Agreement incorporating the Securities Purchase
Agreement – Standard Terms dated of as of the date of this letter agreement (the
“Securities Purchase
Agreement”) between United States Department of Treasury (“Investor”) and the company
named on the signature page hereto (the “Company”).  Capitalized
terms used but not defined herein shall have the meanings assigned to them in
the Securities Purchase Agreement.

     

    The
American Recovery and Reinvestment Act of 2009, as it may be amended from time
to time (the “Act”),
includes provisions relating to executive compensation and other matters that
may be inconsistent with the Securities Purchase Agreement, the Warrant and the
Certificate(s) of Designation (the “Transaction
Documents”).  Accordingly, Investor and the Company desire to
confirm their understanding as follows:

     

    1.            
Notwithstanding anything in the Transaction Documents to the contrary, in the
event that the Act or any rules or regulations promulgated thereunder are
inconsistent with any of the terms of the Transaction Documents, the Act and
such rules and regulations shall control.

     

    2.            
For the avoidance of doubt (and without limiting the generality of Paragraph
1):

     

    (a)           the
provisions of Section 111 of the Emergency Economic Stabilization Act of 2008,
as amended by the Act or otherwise from time to time (“EESA”), shall apply to the
Company;

     

    (b)           the
waiver to be delivered by each of the Company’s Senior Executive Officers
pursuant to Section 1.2(d)(v) of the Securities Purchase Agreement shall, in
addition, be delivered by any additional highly compensated employees required
by applicable rules or regulations under EESA;

     

    (c)           the
Company’s chief executive officer and chief financial officer shall provide the
written certification of compliance by the Company with the requirements of
Section 111 of EESA in the manner specified by Section 111(b)(4) thereunder or
in any rules or regulations under EESA; and

     

    (d)           the
Company shall be permitted to repay preferred shares, and when such preferred
shares are repaid, the Investor shall liquidate warrants associated with such
preferred shares, all in accordance with the Act and any rules and regulations
thereunder.

     

    From and
after the date hereof, each reference in the Securities Purchase Agreement to
“this Agreement” or “this Securities Purchase Agreement” or words of like import
shall mean and be a reference to the Agreement (as defined in the Securities
Purchase Agreement) as amended by this letter agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    This
letter agreement will be governed by and construed in accordance with the
federal law of the United States if and to the extent such law is applicable,
and otherwise in accordance with the laws of the State of New York applicable to
contracts made and to be performed entirely within such State.

     

    This
letter agreement, the Securities Purchase Agreement, the Warrant, the
Certificate(s) of Designation and any other documents executed by the parties at
the Closing constitute the entire agreement of the parties with respect to the
subject matter hereof.

    

    Nothing
in this letter agreement shall be deemed an admission by Investor as to the
necessity of obtaining the consent of the Company in order to effect the changes
to the Transaction Documents contemplated by this letter agreement, nor shall
anything in this letter agreement be deemed to require Investor to obtain the
consent of any other TARP recipient (as defined in the Act) participating in the
Capital Purchase Program (the “CPP”) in order to effect
changes to their documentation under the CPP.

    

    This
letter agreement may be executed in any number of separate counterparts, each
such counterpart being deemed to be an original instrument, and all such
counterparts will together constitute the same agreement.  Executed
signature pages to this letter agreement may be delivered by facsimile and such
facsimiles will be deemed sufficient as if actual signature pages had been
delivered.

     

    [Remainder
of this page intentionally left blank]

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    In
witness whereof, the parties have duly executed this letter agreement as of the
date first written above.

     

    
      
        
          
            
              	 
      	
                      UNITED
      STATES DEPARTMENT OF

                    
	 
      	
                      THE
      TREASURY

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                             /s/ Neel
      Kashkari

                    
	 
      	 
      	
                      Name:
      Neel Kashkari

                    
	 
      	 
      	
                      Title:  
      Interim Assistant Secretary For
      Financial
          
       Stability

                    
	 
      	 
      	 
      
	 
      	
                      COMPANY:
      FIRST PLACE FINANCIAL CORP.

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                             /s/ Steven R.
      Lewis

                    
	 
      	 
      	
                      Name:
      Steven R. Lewis

                    
	 
      	 
      	
                      Title:  
      President and Chief Executive
Officer

                    

            

          

        

      

    

     

    
      Signature
Page to Letter AgreementEXHIBIT
10.1

     

    SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT

     

    This
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Second Amendment”), effective as
of January 1, 2009, is by and between Pharma-Bio Serv, Inc. (PBSV), a Delaware
corporation, and Pharma-Bio Serv PR Inc., a Puerto Rico corporation, having its
principal office at 373 Mendez Vigo, Suite 110, Dorado, Puerto Rico, 00646 (the
“Company”), and Elizabeth Plaza, residing at 363 Dorado Beach East, Dorado,
Puerto Rico, 00646-2096 (“Executive”).

    

    WHEREAS,
the Company and Executive have entered into that certain Employment Agreement,
dated as of January 2, 2008, as such Employment Agreement may be amended,
restated or otherwise modified from time to time (the “Employment
Agreement”).  Capitalized terms used but not defined herein shall have
the meanings ascribed to such terms in the Employment Agreement;
and

    

    WHEREAS,
the Company and Executive have entered into that certain Employment Agreement
Amendment, dated as of June 9, 2008, extending the term of the Employment
Agreement to January 1, 2010 (the “First Amendment”); and

    

     WHEREAS,
the Company and Executive have agreed upon new terms of Compensation under
Sections 3(a) and 3(b)(iv) of the Employment Agreement; and

    

    WHEREAS,
the parties hereto desire to further amend the Employment Agreement, as set
forth below.

    

    NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, and intending to be legally bound, the parties
hereto agree as follows:

    

    1.           Section
3(a) of the Employment Agreement is amended as follows:

      

    3.           Compensation
and Other Benefits.

      

    
      
        	
                
                

              	
                (a) 

              	
                For
      her services during the Employment Term, the Company shall pay Executive a
      salary (“Salary”) at the annual rate of $200,000.  All Salary
      payments shall be payable in such installments as the Company regularly
      pays its executive officers, but not less frequently than
      semi-monthly.

              

      

    

       

    2.           Section
3(b)(iv) of the Employment Agreement is amended as follows:

    

    
      
        	
                
                

              	
                (iv)

              	
                A
      company automobile, provided, that the total costs for the automobile
      including lease payments, insurance, maintenance and any other costs and
      expenses relating to the automobile shall not exceed $1,400 per
      month.

              

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           Miscellaneous
Provisions.

       

    
      a)           No Other
Amendments. Except
as explicitly amended by the terms of the First Amendment and this Second
Amendment, the terms of the Employment Agreement shall remain in effect and are
unchanged by this Second Amendment.

    

     

    b)           Entire
Agreement. The
Employment Agreement, as amended by the First Amendment and this Second
Amendment, constitutes the entire agreement among the parties with respect to
the subject matter hereof and supersedes all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof.

     

    c)           Governing
Law. This Second Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Puerto Rico, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
Commonwealth of Puerto Rico or any other jurisdiction) that would cause the
application of the law of any jurisdiction other than the Commonwealth of Puerto
Rico.

     

    d)           Parties in
Interest. This Second Amendment shall be binding upon and inure
solely to the benefit of each party and its successors and permitted assigns
and, nothing in this Second Amendment, express or implied, is intended to or
shall confer upon any other person any rights, benefits or remedies of any
nature whatsoever under or by reason of this Second Amendment.

     

    e)           Counterparts.  This
Second Amendment may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which shall constitute one and the
same agreement.  Delivery of an executed counterpart of a signature
page to this Second Amendment by facsimile shall be effective as delivery of a
mutually executed counterpart to this Second Amendment.

    

     

    [SIGNATURES
ON FOLLOWING PAGE]

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to
Employment Agreement to be duly executed as of the day and year first above
written.

     

    
      
        	 	
                PHARMA-BIO
      SERV, INC.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/
      Kirk Michel	 
	 	 	Name:
      Kirk Michel	 
	 	 	Title:  Chairman
      of Compensation Committee	 
	 	 	 	 
	 	Date:  March
      11, 2009	 

      

    

     

     

    
      
        	 	EXECUTIVE	 
	 	 	 	 
	
                 

              	/s/
      Elizabeth Plaza	 
	 	
                Elizabeth
      Plaza

              	 
	 	 	 	 
	 	      
                Date:  March
      11, 2009

              	 

      

    

     

     

    
      
         

      

      
        3

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