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TRGM > SEC Filings for TRGM > Form 8-K on 3-Jan-2014All Recent SEC Filings

Show all filings for TARGETED MEDICAL PHARMA, INC.

Form 8-K for TARGETED MEDICAL PHARMA, INC.


3-Jan-2014

Entry into a Material Definitive Agreement, Financial Statements an


Item 1.01 Entry into a Material Definitive Agreement

WC Receivables Funding, Assignment and Security Agreement

Targeted Medical Pharma, Inc., a Delaware corporation (the "Company"), Cambridge Medical Funding Group, LLC, a Delaware limited liability company ("CMFG") and certain customer physicians of the Company (each a "Medical Provider") have entered into several WC Receivables Funding, Assignment and Security Agreements (each an "Agreement" and collectively, the "Agreements"). Pursuant to the Agreements, CMFG agreed to purchase from each Medical Provider, and each Medical Provider agreed to sell, assign and set over to CMFG, certain receivables (the "Receivables") that are owed to such Medical Providers by various insurance carriers relating to services and products furnished by the Medical Providers to their patients, the costs of which are to be the subject of claims for workers' compensation benefits. As a result of the assignment and sale, the Company receives certain fees from CMFG, on behalf of each particular Medical Provider, and the Company grants each Medical Provider access to the Company's billing, claims processing and lien filing and activation services. Generally, following the assignment of the Receivables, CMFG will then collect, in cash, the Receivables from the insurance carriers. After accounting for certain waterfall payments due according to the Agreement, CMFG will then apportion the remaining cash among CMFG and the particular Medical Provider who had originally assigned the Receivables.

This summary description is qualified in its entirety by reference to the form of WC Receivables Funding, Assignment and Security Agreement, which is attached as 10.1 to this Form 8-K and is incorporated herein by reference.

Amendment to Employment Agreement

On December 20, 2013, the Company entered into the Amendment to Employment Agreement (the "Amended Employment Agreement") with William B. Horne amending that certain Employment Agreement (the "Employment Agreement") dated August 15, 2013 by and among the Company and Mr. Horne. Pursuant to the Amended Employment Agreement, Mr. Horne's base salary has been increased to $275,000 per year, effective as of the date of the Amended Employment Agreement. Additionally, Mr. Horne is entitled to performance bonuses in the event that the Company meets certain financial milestones. Mr. Horne is entitled to a one-time cash bonus of $50,000 if the Company meets certain cash flow milestones and he is entitled to an annual cash bonus ranging from 0% to 30% of $250,000 if the Company's earning before interest, taxes, depreciation and amortization (including equity compensation) ("EBITDA") reaches certain milestones. Mr. Horne also received options to purchase 150,000 shares of the Company's common stock, par value $0.001 per share. Such options will vest over three years, contingent upon the Company meeting certain EBITDA milestones.

This summary description is qualified in its entirety by reference to the Amended Employment Agreement, which is attached as 10.2 to this Form 8-K and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed with this Current Report on Form 8-K:

Exhibit No. Description

10.1 Form of WC Receivables Funding, Assignment and Security Agreement

10.2 Amendment No. 1 to Employment Agreement with William B. Horne

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