Clarification Letter Agreement between Targeted Medical Pharma, Inc. and AFH Holding and Advisory, LLC (July 25, 2012)

Contract Categories: Business Operations › MOUs
Summary

Targeted Medical Pharma, Inc. and AFH Holding and Advisory, LLC entered into this agreement to clarify terms from a previous letter agreement. For two years, AFH has the right to disapprove two board nominees selected by the company. During the same period, the company may choose not to retain AFH as an advisor for any specific financing or merger/acquisition. Both parties have agreed to these clarifications by signing the letter.

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EX-10.2 3 v320832_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

 

Targeted Medical Pharma, Inc.

2980 Beverly Glen Circle

Suite 301

Los Angeles, California 9077

 

July 25, 2012

 

 

AFH Holding and Advisory, LLC

9595 Wilshire Boulevard

Suite 700

Beverly Hills, California 90212

 

Gentlemen:

 

Reference is hereby made to the letter agreement (the “Letter Agreement”), dated as of the date hereof, by and between Targeted Medical Pharma, Inc. (the “Company”) and AFH Holding and Advisory, LLC (“AFH Advisory”). The parties desire to clarify the Letter Agreement and clarify their understanding of certain provisions of the Letter Agreement as follows:

 

1.The parties acknowledge that their understanding of Paragraph 5 (“Board Oversight”) is as follows:

 

For a period of two (2) years from the date of the Letter Agreement, AFH has the right to disapprove of two nominees for director chosen by the board of directors of the Company.

 

2.The parties acknowledge that their understanding of Paragraph 6 (“Advisory Role”) is as follows:

 

With respect to any specific financing or merger/acquisition the Company engages in during this two-year period, the Company may choose not to retain AFH as an advisor.

 

Please acknowledge your acceptance of your agreement to the foregoing by signing and returning to the undersigned as soon as possible a counterpart of this letter agreement.

 

 

    Very truly yours,
     
    TARGETED MEDICAL PHARMA, INC.
     
     
    By:  /s/ William E. Shell
      Name: William E. Shell, MD
Title: Chief Executive Officer
       
       
ACCEPTED AND AGREED TO AS OF JULY 25, 2012:    
       
AFH Holding and Advisory, LLC    
       
       
By: /s/ Amir F. Heshmatpour    
  Name: Amir F. Heshmatpour    
  Title: Managing Director