Addendum A to Employment Agreementbetween Targeted Medical Pharma and Amir Blachman dated January 31, 2012
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EX-10.1 2 v312870_ex10-1.htm ADDENDUM A TO EMPLOYMENT AGREEMENT
Exhibit 10.1
Addendum A to Employment Agreement between Targeted Medical Pharma and Amir Blachman dated January 31, 2012
| 1. | Effective March 5, 2012, salary is increased to $210,000 per year. $180,000 of this salary will be paid at the rate of $180,000 and $30,000 of this salary will accrue until any one of the following milestones are reached: |
| a. | The Company’s CEO determines that cash flow is sufficient to support the payout of accrued salary; |
| b. | The Company closes any form of financing that generates at least $3 million in proceeds, except for loans to the company by its principals. |
| c. | The Company receives notification from the SEC that ths S-1 registration is approved. |
| d. | The Company’s tax liabilities through December 31, 2011 are eliminated. |
| 2. | Effective April 15, 2012 a bonus of $50,000 is accrued to be paid out upon the occurrence of any on of the milestones listed in sections 1a through 1d of this Addendum. |
| 3. | This Addendum will be added to the previously signed Employee Agreement between Targeted Medical Pharma and Amir Blachman dated January 31, 2012. |
| /s/ William E. Shell | 4/25/2012 | |||
| William E. Shell, MD Chief Executive Officer | Date | |||
| /s/ Amir Blachman | 4/25/2012 | |||
| Amir Blachman VP Strategy and Operations | Date | |||
