Amendment to Letter Agreements Between Paramount Acquisition Corp. and EarlyBirdCapital, Inc.
Paramount Acquisition Corp. and EarlyBirdCapital, Inc. have agreed to amend certain letter agreements originally dated July 25, 2005, involving several individuals and trusts. The amendment changes the definition of a key term in paragraph 2 of each agreement, replacing the reference to the "effective date" of the IPO registration statement with the "consummation of the IPO." All other uses of the term "Effective Date" remain unchanged. This amendment clarifies when specific obligations under the agreements take effect.
Exhibit 10.1
Paramount Acquisition Corp.
787 7th Avenue, 48th Floor
New York, New York 10019
April 21, 2007
EarlyBirdCapital, Inc.
275 Madison Avenue
Suite 1203
New York, New York 10016
Gentlemen:
Reference is made to the letter agreements, dated July 25, 2005 (each, a “Letter Agreement”), between EarlyBirdCapital, Inc., Paramount Acquisition Corp. and each of Lindsay A. Rosenwald, Lindsay A. Rosenwald 2000 Family Trusts, J. Jay Lobell, I. Keith Maher, Michael Weiser, Arie Belldegrun and Isaac Kier.
Paragraph 2 of each Letter Agreement is hereby amended by replacing the phrase “effective date (“Effective Date”) of the registration statement relating to the IPO” with the phrase “consummation of the IPO”. Notwithstanding such amendment, the phrase “Effective Date” as used elsewhere in each Letter Agreement shall continue to mean the effective date of the registration statement relating to the IPO.
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| Very truly yours, | ||||
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| PARAMOUNT ACQUISITION CORP. | ||||
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| By: | /s/ J. JAY LOBELL |
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| J. Jay Lobell | |||
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| Chief Executive Officer | |||
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| ACNOWLEDGED AND AGREED: |
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| EARLYBIRDCAPITAL, INC. |
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| By: | /s/ STEVEN LEVINE |
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| Name: Steven Levine |
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| Title: CEO |
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