Bioxytran Inc (BIXT)

[jedijazz]

$BIXT Current Report Filing (8-k) https://ih.advfn.com/p.php?pid=nmona&article=79840421

Item 1.01. Entry Into a Material Definitive Agreement.


On May 6, 2019, Bioxytran, Inc. (“Bioxytran”) and Asclepius LLC entered into a one-year Scientific Advisory Board Agreement, effective as of May 1, 2018 (the “Scientific Advisory Board Agreement”) whereby Juan Carlos Lopez Talavera (“Advisor”) will serve as a member of Bioxytran’s Scientific Advisory Board. Advisor will provide assistance and advice to the company in his field of expertise as a developer of pharmaceutical compounds and mentor Bioxytran’s through the Food and Drug Administration’s regulatory submission and approval process. Advisor will commit such time as possible without interfering with his existing duties with his current employer but in no event more than 20 days per year.


As compensation for his services, Bioxytran will issue Advisor options to purchase up to 45,000 shares of Bioxytran’s common stock, par value $0.01 per share (the “Common Stock”), under the Company’s 2010 Employee, Director and Consultant Stock Plan, or any successor plan thereto, at the beginning of each successive quarter of service, exercisable at a price equal to 110% of the market price of Bioxytran’s Common Stock on the date of issuance. In addition, Bioxytran will pay for Advisor’s expenses up to $500 per quarter. The Scientific Advisory Agreement may be terminated by either party with 30 days prior written notice. Upon termination of the Scientific Advisory Board Agreement, Advisor shall receive payment for services performed and expenses paid or incurred prior to the date of termination. The Scientific Advisory Board Agreement also contains protection for Bioxytran’s intellectual property and for the intellectual property of Advisor’s employer.



The foregoing description of the Scientific Advisory Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Scientific Advisory Agreement, which is filed as Exhibit 10.24 to this Current Report on Form 8-K and incorporated herein by reference.



Item 8.01. Other Events.



On May 6, 2019, Bioxytran issued a press release announcing that Juan Carlos Lopez Talavera, former Bristol-Myers Squibb executive joined Bioxytran’s Scientific Advisory Board.



Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.



Exhibit
Number Description
10.24 Scientific Advisory Board Agreement between Bioxytran, Inc. and Asclepius LLC dated May 1, 2019.

99.1 Press Release dated May 6, 2019.



By: /s/ Dr. David Platt
Name: Dr. David Platt
Title: President and Chief Executive Officer


Dated: May 6, 2019