Letter Agreement Regarding Waiver of Conversion Rights – Paramount Acquisition Corp. and Shareholders (September 7, 2005)

Summary

This agreement is between Paramount Acquisition Corp. and several of its shareholders, including individuals and a family trust. The shareholders agree to waive their rights to convert their shares of Paramount's common stock into cash in connection with any vote to approve a business combination, as described in the company's IPO prospectus. This means they will not seek to exchange their shares for cash if such a transaction occurs.

EX-10.14 6 file002.htm LETTER AGREEMENT

  September 7, 2005 Paramount Acquisition Corp. 787 Seventh Avenue, 48th Floor New York, New York 10019 Re: Paramount Acquisition Corp. ("Company") --------------------------------------- Gentlemen: Each of the undersigned hereby waives his/its right to exercise conversion rights with respect to any shares of the Company's common stock owned by the undersigned, directly or indirectly, and agrees that he/it will not seek conversion with respect to such shares in connection with any vote to approve a business combination (as is more fully described in the Company's Prospectus relating to the Company's initial public offering). Very truly yours, /s/ Lindsay A. Rosenwald --------------------------- Lindsay A. Rosenwald LINDSAY A. ROSENWALD 2000 FAMILY TRUSTS By: /s/ Lester Lipschutz --------------------------- Name: Lester Lipschutz Title: Trustee /s/ J. Jay Lobell --------------------------- J. Jay Lobell /s/ I. Keith Maher --------------------------- I. Keith Maher /s/ Michael Weiser --------------------------- Michael Weiser /s/ Arie Belldegrun --------------------------- Arie Belldegrun /s/ Isaac Kier --------------------------- Isaac Kier