Exhibit 10.33
March 13, 2009
PHC, Inc. d/b/a Pioneer Behavioral
Health
Pivotal Research Centers,
Inc.
Pivotal Research Centers,
LLC
200 Lake Street, Suite
102
Peabody, MA 01960
Attention: Bruce A.
Shear, President
Telecopy: (978)
536-2677
Re: Asset
Purchase Agreement dated as of January 12, 2009, as amended (the
“ Agreement ”), by and among Premier Research
International, LLC, a Delaware limited liability company (“
Premier ”), Premier Research Arizona, LLC, a Delaware
limited liability company and the wholly-owned subsidiary of
Premier (the “ Purchaser ”), Pivotal Research
Centers, Inc., a Delaware corporation (“ PRC Inc.
”), Pivotal Research Centers, LLC, an Arizona limited
liability company (“ PRC LLC ,” and together
with PRC Inc., the “ Sellers ”), and PHC, Inc.,
a Massachusetts corporation d/b/a Pioneer Behavioral Health and the
parent entity of the Sellers (the “ Parent ”);
Second Amendment of the Agreement
Ladies and Gentlemen:
This letter agreement documents the
supplemental agreements to and amendment of the Agreement with
respect to the matters set forth herein. Capitalized
terms used herein and not otherwise defined shall have the meanings
assigned to them in the Agreement.
1.
Earned Time-Off . Pursuant to Section 5.4 of the
Agreement, the parties agree that, except for the “Earned
Time Off” costs set forth and more particularly described on
Schedule 5.4 to the Agreement, which costs, in the
aggregate, will not exceed the total amount set forth on
Schedule 5.4 (i.e., $40,213), all employer responsibilities,
costs and liabilities, including those under any severance
agreements or arrangements, for any employees of the Sellers,
including those terminated prior to, on or after the Closing Date
shall be and remain the exclusive responsibility, cost and
liability of the Sellers. Subsequent to the date of the
Agreement, Parent and the Sellers informed Premier and the
Purchaser that the aggregate Earned Time Off amount is $45,154.93,
for an aggregate excess amount of $4,941.93 (the “ Excess
Amount ”). Notwithstanding the foregoing,
Premier and Purchaser agree to pay to the Continuing Employees each
such Continuing Employee’s portion of the Excess Amount in
accordance with the Schedule A attached hereto.
2.
Additional Contracts . Pursuant to Section 3.10
of the Agreement, Schedule 3.10 is to set forth, among other
things, a list of Assumed Contracts. Subsequent to the
date of the Agreement, Parent and Sellers informed Premier and the
Purchaser that certain additional Contracts necessary for the
conduct of the Bus
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