Document:

ex-10_5.htm

Targeted Medical Pharma, Inc. 8-K

 

 

EXHIBIT 10.5

 

 

 

 

February 15, 2010

 

 

Mr. Amir Blachman

1824 Manning Avenue #16,

Los Angeles, CA 90025

Dear Amir:

It is our pleasure to extend the following offer of employment to you on behalf of Targeted Medical Pharma.

Title: Vice President of Operations

Reporting Relationship: The position will report to Dr. William Shell, Elizabeth Charuvastra, RN and Kim Giffoni.   You performance reviews will be done by Dr. Shell.

Job Description: You will be responsible for the management of:

	
1.  

	
Contract management and administration

	
2.  

	
Business reporting and analytics

	
3.  

	
Corporate branding and product marketing

	
4.  

	
Human resource administration

Base Salary: For the first 90 days of employment you will be paid in bi-weekly installments equivalent to $90,000 on an annual basis.  After 90 days your performance will be evaluated and your pay rate and any other compensation will be adjusted commensurate to your performance in the 90 day period and to your level of responsibilities going forward.  All pay is subject to deductions for taxes and other withholdings as required by law or the policies of the company.

 

 

  

1

  

Performance Bonuses: Any bonuses are at your manager’s discretion and will based upon your level of success in carrying out your areas of responsibility.

Benefits: The current, standard company health, life, disability and dental insurance coverage are supplied per company policy and are based on a scale proportional to rate of pay.  You will be covered under the company’s insurance programs from the first day of employment.  Eligibility for other benefits, including pension plan, 401(k) and any reimbursements will generally take place per company policy.

Stock Options:  Should the company decide to continue your employment beyond the first 90 days of employment, you will receive a ten year option to purchase 5,000 share of common company stock at a price of $5.00 per share.  You will vest 100% on the 91st day of employment.  Options may be exercised per the guidelines of the company stock option plan.

Vacation and Personal Time Off: Vacation and personal time off are accrued per company policy.

Phone/Travel Allowance: Normal and reasonable expenses will be reimbursed on a monthly basis per company policy and upon completion of the appropriate expense request form and you will be provided a mobile phone by the company.

Start Date: February 16, 2010

Administrative: On your first day of work, please bring a copy of your driver’s license and social security card.

At-Will Employment: Your employment with the company is at-will and either party can terminate the relationship at any time with or without cause and with or without notice.

If you are in agreement with the above outline, please sign below. This offer is in effect for five business days.

 

 

	

Sincerely,

	  	
 

	  	
 

	  	  	  	  	 
	 	 	 	 	 
	
/s/ William Shell

	  	  	  	2/15/2010
	

Dr. William Shell, CEO

	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 
	

Accept Job Offer:

	  	  	  	  
	 By signing and dating this letter below, I accept this job offer.	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/ Amir Blachman

	  	  	  	2/15/2010 
	

Amir R. Blachman

	  	  	  	 

 

 

2ex-10_6.htm

Targeted Medical Pharma, Inc. 8-K

 

 

EXHIBIT 10.6

 

 

 

 

July 28, 2010

 

Mr. Amir Blachman

1824 Manning Avenue #16,

Los Angeles, CA 90025

Dear Amir:

In consideration of your contributions to the company’s strategic and operating initiatives, it is our pleasure to extend the following promotion to you on behalf of Targeted Medical Pharma, Inc.

Title: Chief Financial Officer and Vice President of Strategic Planning

Reporting Relationship: The position will continue to report to Dr. William Shell, Elizabeth Charuvastra, RN and Kim Giffoni.  You performance reviews will be done by Dr. Shell.

Promotion Effective Date: July 28, 2010

Job Description:

 

Your continuing responsibilities will include:

 

	
1.  

	
Contracts management and administration

	
2.  

	
Human resource administration

	
3.  

	
Facilities management

	
4.  

	
Business process improvement

	
5.  

	
Support of strategic initiatives

 

Your additional responsibilities will include:

 

	
6.  

	
Expansion of your contracts administration role to include the revision of dispenser contracts

	
7.  

	
Contribution to corporate branding and product marketing by providing managerial input to marketing strategy, competitive analyses and production of core visual aids

	
8.  

	
Expansion of your process improvement role within CCPI and TMP

	
9.  

	
Expansion of your accounting, cost, revenue and financial reporting management roles

	
10.  

	
Following up on strategic partnerships (e.g. investors, outsourcing partners, trade organizations)

Base Salary: You will be paid in bi-weekly installments equivalent to $140,000 on an annual basis.  All pay is subject to deductions for taxes and other withholdings as required by law or the policies of the company.  You performance and responsibilities will be reevaluated in 90 days, at which point your compensation will be adjusted accordingly and in consideration of the company’s financial position at the time.

 

  

1

  

 

Performance Bonuses: Any bonuses are at your manager’s discretion and will be based upon your level of success in carrying out your areas of responsibility.

Benefits: Your current health, life, disability and dental benefits remain unchanged.

Stock Options: In addition to the 5,000 shares granted to you to date for which you have fully vested, you will receive a ten year option to purchase 50,000 shares of common company stock at the price determined at the date of completion of the stock option plan.  You will vest 100% over a two year period at monthly intervals.  Options may be exercised per the guidelines of the company stock option plan.

Inclusion in Description:  You will be included as a member of the executive team in all company descriptions including hardcopy and electronic materials.

Vacation and Personal Time Off: Your vacation and personal time off accrual rates remain unchanged.

Phone/Travel Allowance: Your phone and travel allowance terms remain unchanged.

Severance:  If you are terminated for any reason other than just cause, you will be paid severance equivalent to twelve weeks pay at your highest rate of pay in the preceding year.  If your PTO balance at the time of termination is greater than or equal to 12 weeks, you will not receive severance pay.

At-Will Employment: Your employment with the company remains at-will and either party can terminate the relationship at any time with or without cause and with or without notice.

We look forward to your continued contribution to the company’s growth.

 

	 Sincerely, 	  
	 	 
	

/s/William Shell

	  
	Dr. William Shell, CEO	  
	  	  

 

Acceptance of increased responsibilities and revised terms of employment:

 

By signing and dating this letter below, I accept these terms.

 

 

	Sincerely, 	  	 	 
	 	 	 	 
	 	 	 	 
	

/s/Amir Blachman

	  	 7/28/10	 
	Amir R. Blachman	  	 Date	 
	  	  	 	 

 

 

2ex_10-7.htm

Targeted Medical Pharma, Inc. 8-K

 

 

 EXHIBIT 10.7

 

BUSINESS CONSULTANT AGREEMENT

This agreement dated April 30, 2009 is made by and between Targeted Medical Pharma, Inc. whose address is 2980 Beverly Glenn Circle, Ste 301, Los Angeles, CA 90077, referred to as "Company", and Webster Consulting Services, LLC whose address is PO. Box 1301,789 Shaner Armstrong Lane, Eastsound, WA 98245, referred to as "Consultant."

1.  Consultation Services. The Company hereby employs the Consultant to perform the following services in accordance with the terms and conditions set forth in this agreement.

	
•  

	
The Consultant will consult with the officers and employees of the Company concerning matters relating to supply chain management, contract management or any related matter arising out of the business affairs of the Company, as requested by the Company. The Consultant will utilize his knowledge and resources to develop recommendations to improve the performance of the Company in these areas.

2.  Terms of Agreement. This agreement will begin May 1, 2009 and will end September 30,

2009. Either party may cancel this agreement on two working days notice to the other party in writing, by certified mail, email or personal delivery.

3.  Time Devoted by Consultant. There is no fixed projection of the total amount of time which the Consultant will spend on this engagement. The particular amount of time may vary from day to day or week to week, however days spent onsite at the Company location will accrue a minimum of eight (8) hours per day. Through regular communications and bi-weekly billings, the Consultant will keep the Company informed of the amount of time spent on the project by the Consultant as well as forward plans including estimates of the amount of time to be spent on the project during the upcoming billing cycle.

4.  Place Where Services Will Be Rendered. The Consultant will perform services in accordance with this contract at the Company's site, the Consultant's home office, or other location as mutually agreed.

5.  Payment to Consultant.

	
a)  

	
The Consultant will be paid at the rate of $125 per hour for work performed in accordance with this agreement.

	
b)  

	
Travel time between the Consultant's office and the Company site will be billed at four (4) hours at the Consultant's hourly rate of $125.

	
c)  

	
Normal travel expenses incurred by the Consultant including such items as economy class airfares, rental cars, hotel accommodation, meals, personal vehicle mileage (IRS rate), parking and tolls will reimbursed at cost.

	
d)  

	
The Consultant will submit a bi-weekly invoice to the Company via email setting forth the time spent and travel expenses incurred with receipts for individual expenses exceeding $25. Company will make payment of these invoices within 15 days of submission.

 

 

  

  

  

6.  Independent Contractor. Both the Company and the Consultant agree that the Consultant will act as an independent contractor in the performance of its duties under this contract. Accordingly, the Consultant shall be responsible for payment of all taxes including Federal. State and local taxes arising out of the Consultant's activities in accordance with this contract, including by way of illustration but not limitation, Federal and State income tax, Social Security tax, Unemployment Insurance taxes, and any other taxes or business license fee as required.

7.  Confidential Information. The Consultant agrees that any information received by the Consultant during any furtherance of the Consultant's obligations in accordance with this contract, which concerns the personal, financial or other affairs of the Company will be treated by the Consultant in full confidence and will not be revealed to any other persons, firms or organizations without the authorization of the Company.

8.  Employment of Others. The Company may from time to time request that the Consultant arrange for the services of others. All costs to the Consultant for those services will be paid by the Company but in no event shall the Consultant employ others without the prior authorization of the Company.

9. Signatures. Both the Company and the Consultant agree to the above contract.

	  	  	  
	
/s/ Elizabeth Charuvastra

	  	  
	
Targeted Medical Pharma, Inc

	  	  
	  	  	  
	
Chairman 4/30/09

	  	  
	
Title & Date

	  	  
	  	  	  
	
/s/Donald Webster

	  	  
	
Webster Consulting Services, LLC

	  	  
	  	  	  
	
Owner/Manager 4/30/09

	  	  
	
Title & Date

	  	  

  

  

  

 

CONTRACT AMENDMENT

The contract between Targeted Medical Pharma, Inc. "Company" and Webster Consulting Services, LLC "Consultant", dated April 30, 2009 is hereby extended through March 31, 2010. All other terms and conditions of the original contract remain unchanged.

By evidence of the signatures below, both Company and Consultant agree to this contract amendment.

	  	  	  
	
/s/ Elizabeth Charuvastra 9/23/09

	  	  
	  	  	  
	
Signature and Date

	  	  
	  	  	  
	
Elizabeth Charuvastra, Chairman

	  	  
	
Targeted Medical Pharma, Inc.

	  	  
	  	  	  
	  	  	  
	
/s/Donald Webster 9/29/09

	  	  
	  	  	  
	
Signature and Date

	  	  
	
Donald Webster, Owner

	  	  
	
Webster Consulting Services, LLC

	  	  

 

 

  

  

  

 

CONTRACT AMENDMENT #2

 

The contract between Targeted Medical Pharma, Inc. "Company" and Webster Consulting Services, LLC "Consultant", dated April 30, 2009 is hereby amended as follows:

	
1.  

	
The contract term is extended to March 31, 2011

	
2.  

	
The Consultant Rate is changed from $125 per hour to $150 per hour effective April 1, 2010.

All other terms and conditions of the original contract remain unchanged.

By evidence of the signatures below, both Company and Consultant agree to this contract amendment.

 

	  	  	  
	
/s/ Elizabeth Charuvastra 3/31/2010

	  	  
	  	  	  
	
Signature and Date

	  	  
	  	  	  
	
Elizabeth Charuvastra, Chairman

	  	  
	
Targeted Medical Pharma, Inc.

	  	  
	  	  	  
	  	  	  
	
/s/Donald Webster 3/30/2010

	  	  
	  	  	  
	
Signature and Date

	  	  
	
Donald Webster, Owner

	  	  
	
Webster Consulting Services, LLC

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