UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

   

FORM 8-K

    

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 11, 2019

 

BIOXYTRAN, INC.

(Exact Name if Business Issuer as specified in its Charter)

  

Nevada   001-35027   26-2797630
(State or other Jurisdiction
of Incorporation)
  (Commission File Number)   (IRS Employer
Identification Number)

  

233 Needham Street, 
Suite 300

Newton MA, 02464

(Address of principal executive offices, including zip code)

 

(617) 494-1199

(Registrant’s telephone number including area code)

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12)

 

Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))

 

Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001   BIXT   OTC(Pink)

 

 

 

 

 

 

Item 1.01. Entry Into a Material Definitive Agreement.

  

On June 11, 2019, Bioxytran, Inc. (“Bioxytran”) and Steven entered into a Board Agreement (the “Agreement”) whereby Steven Aust (“Advisor”) will serve as a member of Bioxytran’s Advisory Board.  Advisor will advise Bioxytran will advise the Company from time to time on strategic planning to build awareness of the Company’s technology. The term of the Agreement is three months, renewable for two additional three-month terms or as extended by the Board of Directors of the Company and as agreed to in writing by Bioxytran and the Advisor.

 

As compensation for his services, Bioxytran will issue Advisor 250,000 shares of Bioxytran’s common stock, par value $0.01 per share (the “Common Stock”) upon the execution of the Agreement and at the beginning of each of the two additional three month term the Agreement is renewed for a maximum of up to 750,000 shares of Common Stock. In the event that the Agreement is renewed for a second term, the term will be extended for a period of one year and Mr. Aust will be solely compensated $20,000 per month. In addition, Bioxytran will pay for Advisor’s pre-approved expenses. The Agreement may be terminated by either party with 15 days prior written notice. Upon termination of the Agreement, Advisor shall receive payment for services performed and expenses paid or incurred. The Agreement also contains protection for Bioxytran’s intellectual property and confidential information. Advisor is an independent contractor and is not entitled to any employee benefits.

 

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 Advisory Board Agreement, which is filed as Exhibit 10.25 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 8.01. Other Events.

 

On June 12, 2019, Bioxytran issued a press release, “Bioxytran, Inc. Announces Public Company Executive Steve Aust to Join Advisory Board”

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number   Description
10.25   Form of Advisory Board Agreement between Bioxytran, Inc. and Steven Aust dated June 11, 2019.
     
99.1   Press Release dated June 12, 2019.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

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

Dated:

June 12, 2019

 

 

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Exhibit 10.25

 

Advisory Board Agreement

 

This Advisory Board Agreement (the “Agreement”), dated June 11, 2019 (the “Effective Date”), and is entered into by Bioxytran, Inc., with a business address at 233 Needham Street, Suite 300, Newton MA, 02464 (the “Company”), and Steven Aust (the “Advisor”) with an address at c/o VRDT Corporation, 12223 Highland Avenue, Suite 106-542, Rancho Cucamonga, CA 91739 (the “Advisor”).

 

In consideration of the representations, warranties and covenants set forth hereinafter, effective on the date hereof, the Company and the Advisor hereby agree as follows:

 

1.  Appointment of Advisor . The Company hereby appoints the Advisor to the Company’s Board of Advisors (the “Board of Advisors”). The Advisor will advise the Company from time to time on strategic planning to build awareness of the Company’s technology and as otherwise requested by the Chief Executive Officer of Company and agreed to by Advisor to discuss the Business (as defined below) of the Company (the “Services”). Upon execution of this Agreement Advisor will make himself reasonably available at the Company’s request and attend meetings or conference calls in connection with the Services. The term (“Term”) of this Agreement shall be three months from the date hereof and may be extended for two (2) additional three (3) month periods upon the mutual written consent of Company and Advisor or as otherwise extended as provided in Section 2.3 hereof.

 

Compensation . As compensation for providing such consulting services to the Company pursuant to this Agreement, the Company agrees:

 

2.1 to grant upon the execution of this Agreement 250,000 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”);

 

2.2 Future shares of Common Stock shall be issued to the Advisor in the amount of 250,000 shares for each additional three (3) month extension of this Agreement up to a maximum of two (2) renewal periods (a maximum of 500,000 additional shares of Common Stock) and;

 

2.3 If this Agreement is extended for the second renewal period, or if the Board of Directors makes the determination to retain Advisor for a period of one (1) year or more, Company shall solely pay to Advisor $20,000 month for a period of one (1) year (the “Fees”) and the Term shall be extended for one (1) year from such date of renewal or retention determination.

 

3. Expenses.  In addition to the Shares and Fees granted pursuant to this Agreement, the Company will reimburse the Advisor expenses incurred directly or indirectly by the Advisor in carrying out the consulting services pursuant to this Agreement. The Advisor will ensure that he will obtain the Company’s prior approval for any such expenses before they are incurred.

 

4.  Benefits . The Advisor shall not be entitled to any benefits, coverages or privileges, including, without limitation, social security, unemployment, medical or pension payments, made available to employees of the Company. The Advisor acknowledges that the Company will not withhold taxes on any amounts paid to him hereunder and that Advisor is responsible for all tax withholding, social security, unemployment insurance and other similar payments. Advisor shall provide Company a copy of his or her Form W-9 prior to payment of any Fees or Shares.

 

5.  Termination . The Company may, without prejudice to any right or remedy it may have due to any failure of the Advisor to perform his obligations under this Agreement, terminate the Term upon fifteen (15) days’ prior written notice to the Advisor. The Advisor may, without prejudice to any right or remedy he may have due to any failure of the Company to perform its obligations under this Agreement, terminate this Agreement and the Term upon fifteen (15) days’ prior written notice to the Company. Upon termination of this Agreement, the Advisor shall be entitled to payment for services performed and pre-approved expenses paid or incurred prior to the effective date of termination. Such payments shall constitute full settlement of any and all claims of the Advisor of every description against the Company. Notwithstanding the foregoing, the Company may terminate the Advisory Period, effective immediately upon receipt of written notice to Advisor, if the Board reasonably determines that Advisor breaches or threatens to breach any provision of Sections 6, 7 or 8. The following provisions shall survive termination of this Agreement: Sections 5, 7, 8 and 12.

 

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6. Cooperation . In the performance of his obligations under this Agreement, the Advisor shall use his reasonable best efforts, shall reasonably cooperate with the Company’s personnel, shall not interfere with the conduct of the Company’s business, and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property. The Company shall provide such access to its information and property as may be reasonably required in order to permit the Advisor to perform his obligations hereunder.

 

7.  Inventions and Proprietary Information .

 

7.1. Inventions . All inventions, discoveries, computer programs, data, technology, designs, innovations, formulas compounds, drugs and improvements (whether or not patentable and whether or not copyrightable) (“Inventions”) related to the business of the Company as conducted now or in the future (the “Business”) which are made, conceived, reduced to practice, created, written, designed or developed by the Advisor, solely or jointly with others and whether during normal business hours or otherwise, during the Term and while actively serving as Advisor to the Company, as a member of the Company’s Board of Advisors, or thereafter if resulting directly or indirectly derived from Proprietary Information (as defined below) of the Company, shall be the sole property of the Company.

 

By way of clarification, any Inventions made, conceived, reduced to practice, created, written, designed or developed by the Advisor, solely or jointly with others, in the course of the Advisor’s activities with any third party and not in the course of his performance of advisory services hereunder or which are not directly or indirectly derived from Proprietary Information, shall not constitute “Inventions” hereunder.

 

The Advisor hereby assigns to the Company all Inventions and any and all related patents, copyrights, trademarks, trade names, and other industrial and intellectual property rights and applications therefore, in the United States and elsewhere and appoints any officer of the Company as the Advisor’s duly authorized attorney to execute, file, prosecute and protect the same before any government agency, court or authority. Upon request of the Company and at the Company’s expense, the Advisor shall execute further assignments, documents and other instruments as may be necessary or desirable to fully and completely assign all Inventions to the Company and to assist the Company in applying for, obtaining and enforcing patents or copyrights or other rights in the United States and in any foreign country with respect to any Invention.

 

7.2.  Proprietary Information .

 

7.2.1. The Advisor acknowledges that his relationship with the Company is one of high trust and confidence and that in the course of his service to the Company he will have access to and contact with Proprietary Information. The Advisor agrees that he will not, during the Advisory Period or at any time thereafter, disclose to others, or use for his benefit or the benefit of others, any Proprietary Information.

 

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7.2.2. For purposes of this Agreement, “Proprietary Information” shall mean all non-public information (whether or not patentable and whether or not copyrightable) owned, possessed or used by the Company, including, without limitation, any Invention, vendor information, customer information, trade secret, process, technical data, know-how, computer program, software, software documentation, hardware design, technology, marketing or business plan, forecast, plan, unpublished financial data, budget, license, price, cost and employee list that is communicated to, learned of, developed or otherwise acquired by the Advisor in the course of his service as an Advisor to the Company.

 

7.2.3. Proprietary Information excludes, and the Advisor’s obligations under this Section 7.2 shall not apply to, any information that (i) is or becomes known to the general public under circumstances involving no breach by the Advisor or others of the terms of this Section 7.2, (ii) is already known by the Advisor prior to the disclosure by Company, (iii) is learned by the Advisor from a third party authorized to disclose such information, (iv) is independently developed by the Advisor without use of the Company’s Proprietary Information, (v) is required by law (including statute, rule, regulation, order or other legal compulsion) to be disclosed, (vi) is generally disclosed to third parties by the Company without restriction on such third parties, or (vii) is approved for release by written authorization of the Chief Executive Officer of the Company.

 

7.2.4. Upon termination of this Agreement or at any other time upon request by the Company, the Advisor shall promptly deliver to the Company all Proprietary Information and all records, files, memoranda, notes, designs, data, reports, price lists, customer lists, drawings, plans, computer programs, software, software documentation, sketches, laboratory and research notebooks and other documents (and all copies or reproductions of such materials) that relates to the Proprietary Information.

 

7.2.5. The Advisor represents that his retention as an advisor with the Company and his performance under this Agreement does not, and shall not, breach any agreement that obligates him to keep in confidence any trade secrets or confidential or proprietary information of his or of any other party or to refrain from competing, directly or indirectly, with the business of any other party. The Advisor shall not disclose to the Company any trade secrets or confidential or proprietary information of any other party.

 

7.3.  Remedies . The Advisor acknowledges that any breach of the provisions of this Section 7 shall result in serious and irreparable injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. The Advisor agrees, therefore, that, in addition to any other remedy it may have, the Company shall be entitled to enforce the specific performance of this Agreement by the Advisor and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages and without the posting of a bond.

 

8.  No Conflict of Interest; Non-Competition Agreement.

 

8.1. The Advisor represents and warrants to the Company that the Advisor currently has no agreement with, nor conflicting interests, nor any other obligation to, any third party that would conflict with the terms of this Agreement and the Business of the Company, nor shall the Advisor enter into any such agreement nor incur such an obligation, without the prior written consent of the Company. The Advisor further represents that the performance of the Services will not breach any agreement or obligation with any third party, including without limitation any obligation to refrain from engaging in activities that may compete with such party. The Advisor understands the confidential nature of the information and materials he will acquire or develop in performing his services under this Agreement. The Advisor acknowledges that if such information or materials were revealed to competitors of the Company, then such disclosure could cause damage to the Company. Therefore, for the duration of the Term and for two (2) years thereafter, the Advisor shall not engage in any activities that would compete with the Company-including, without limitation, founding or otherwise holding an equity interest in any other business entity working in the field (other than as a shareholder of less than 2% of the stock of a publicly traded corporation, provided that Advisor exercise no operational or strategic control over such corporation), becoming employed by, serving as a consultant for, serving as a member of a Advisory Board (or a comparable organization) for, or acting in any manner on behalf of any other for-profit enterprise that conducts activities similar to or competes with those of the Company, without first obtaining the written consent of the Company. Notwithstanding the foregoing, nothing contained in this Section 8 or elsewhere in this Agreement shall interfere with, limit or otherwise adversely affect the Advisor’s freedom or ability to perform his duties and responsibilities for the Advisor’s current businesses. The Company agrees not to unreasonably withhold or delay its consent to activities by the Advisor in areas with respect to which the Company either has no business or in which it does not intend to develop business.

 

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8.2. During the Term and for a period of two (2) years commencing on the expiration or termination (if earlier) of this Agreement, Advisor will not solicit, entice, persuade or induce any individual who is then, or has been within the preceding six-month period, an employee or consultant of the Company or any of its subsidiaries or affiliates to terminate his employment or consulting relationship with the Company or any of its subsidiaries or affiliates or to become employed by or enter into contractual relations with any other individual or entity, and the Advisor shall not approach any such employee or consultant for any such purpose or authorize or knowingly approve the taking of any such actions by any other individual or entity. The term “affiliate” shall mean any person or entity that directly, or indirectly, through one or more intermediaries, is controlled or is controlled by, or is under common control of the Company.

 

8.3 Since a breach of the provisions of this Section 8 could not adequately be compensated by money damages, the Company shall be entitled, in addition to any other right and remedy available to it, to an injunction restraining such breach or a threatened breach, and in either case no bond or other security shall be required in connection therewith. Advisor agrees that the provisions of this Section 8 are necessary and reasonable to protect the Company in the conduct of its business. If any restriction contained in this Section 8 shall be deemed to be invalid, illegal, or unenforceable by reason of the extent, duration, or geographical scope thereof, or otherwise, then the court making such determination shall have the right to reduce such extent, duration, geographical scope, or other provisions hereof, and in its reduced form such restriction shall then be enforceable in the manner contemplated hereby.

 

9.  Notices . All notices required or permitted under this Agreement shall be in writing and shall be deemed effective upon personal delivery, upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, or by a nationally recognized overnight mail delivery carrier , addressed to the other party at the address shown in the preamble above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 9.

 

10.  Entire Agreement.  This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof and supersedes and replaces all prior agreements, arrangements and communications, whether oral or written, with respect to the subject matter hereof and any and all such prior agreements, arrangements and communications shall be deemed terminated.

 

11.  Amendment.  This Agreement may be amended or modified only by a written instrument executed by the Company and the Advisor.

 

12.  Governing Law; Jurisdiction.  This Agreement shall be construed, interpreted and enforced in accordance with the laws of Massachusetts, without giving effect to principles of conflicts of laws. Advisor and the Company irrevocably agree to exclusive jurisdiction for a dispute arising under this Agreement in a state court located in Boston, Massachusetts or in a federal court located in the United States District Court of Massachusetts and irrevocably waive any objection to an inconvenient forum.

 

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13.  Successors and Assigns.  This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Advisor are personal and shall not be assigned by him.

 

14.  Independent Contractor Status . The Advisor shall perform all services under this Agreement as an “independent contractor” and not as an employee or agent of the Company. The Advisor is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner.

 

15.  Miscellaneous .

 

15.1. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

 

15.2. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

 

15.3. In the event that any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 

15.4 This Agreement may be signed in counterparts and when taken together shall constitute the valid execution of this Agreement.

 

{Signature page follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth above.

 

ADVISOR   BIOXYTRAN, INC.
       
    By:  
Name: Steven Aust      Name: Dr. David Platt
Title: Chief Executive Officer

 

 

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Exhibit 99.1

 

Bioxytran, Inc. Announces Public Company Executive Steve Aust to Join Advisory Board

 

BOSTON, MASSACHUSETTS, June 12, 2019 (GLOBE NEWSWIRE) -- BIOXYTRAN, INC. (OTC: BIXT), a developmental stage biotechnology company developing a pipeline of novel anti-necrosis drugs designed to treat stroke victims announced today that it has retained Steve Aust to join Bioxytran’s Advisory Board. Mr. Aust will provide strategic planning to building awareness of Bioxytran’s technology with key opinion leaders.

 

Steve Aust played Division 1 collegiate basketball for Pepperdine University and brings a passion for sports, competition, and leadership to all of his business pursuits. He has owned and operated direct sales and marketing companies in the nutritional, cosmetic, travel and entertainment businesses, was ranked as a top 100 Networkers for 12 years, built networks international distributors and is a former investment banker. Mr. Aust is currently President of VRDT Corporation.

 

“Steve has firsthand experience of a loved one suffering through a stroke. He understood our value proposition immediately – buying stroke victims critical extra hours so that they can be treated before irreversible brain damage occurs.” stated Bioxytran CEO, David Platt. “Steve is the perfect brand ambassador for Bioxytran and has an extensive network of key opinion leaders in finance, medicine, sports and entertainment. He is an experienced team builder and can forge the relationships the company needs to get influential organizations to take notice and start following the progress we are making on the drug development front. Steve also understands the challenges facing new public companies. I am impressed with his his strong ethical compass and understanding of corporate governance and financing. He brings a wealth of experience to Bioxytran.”

 

Mr. Aust commented, “What attracted me to Bioxytran was Dr. Platt’s experience as a chemist with his proven track record of getting new drugs to market and his experience as an executive with small public companies. BXT-25 has the potential to reduce the level of brain damage stroke patients experience while they travel to the hospital. Once at the hospital they must wait for a diagnosis before receiving additional treatment. BXT-25 has a unique solution, and I look forward to having candid dialogues about this life saving technology with key opinion leaders.”

 

Mr. Aust added, “Almost $22 billion will be spent this year on treating just the indirect effects of stroke like caretaking and rehabilitation. I believe that Dr. Platt and his team can roll out BXT-25 to save lives and reduce sky-rocking medical costs associated with stroke. I feel privileged to work with the Bioxtran team to provide a unique solution to a medical problem that effects so many lives. When I sat down with this team I sensed that there was also a platform technology just waiting to be unearthed. Each one of these verticals we discussed could represent a multi-million or even multi- billion dollar opportunity and help save countless lives. It didn’t take me long to see the condensed pathway to approval and the teams meticulous planning to that end. This is why we need to reach key opinion leaders now to show them the power of BXT-25 and its potential applications. I plan to lead this campaign because stroke patients need an oxygen bridge now and can ill afford any delay in development.”

 

 

 

 

About Bioxytran, Inc.

 

Bioxytran Inc. is a developmental stage biotechnology company. The company is working towards a first-in-class oxygen treatment platform for victims of brain stroke trauma. The first product to proceed to testing is BXT-25, which will be evaluated as a resuscitative agent to treat strokes, especially during the all-critical first hour following a stroke. The product will also be evaluated for its efficacy in treating other brain trauma issues. BXT-25 is based on a new molecule designed to reverse hypoxia in the brain.  Hypoxic brain injuries such as ischemic strokes, could be treated with BXT-25 via an intravenous injection that quickly allows the drug molecule to travel to the lungs and bind with the oxygen molecules. From the lungs the molecule mimics a red blood cell traveling to the brain. Since the molecule is 5,000 times smaller than red blood cells it can penetrate the clot and deliver the oxygen to the critical areas in the brain blocked by the clot. To learn more, visit our website: http://www.Bioxytraninc.com.

 
Resources Unlimited NW LLC
860.908.4133
info@resourcesunlimitedllc.com

 

Forward-Looking Statements

 

This press release includes forward-looking statements as defined under federal law, including those related to the performance of technology described in this press release. These forward looking statements are generally identified by the words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are subject to significant risks, assumptions and uncertainties. Known material factors that could cause Bioxytran’s actual results to differ materially from the results contemplated by such forward-looking statements are described in the forward looking statements and risk factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and those risk factors set forth from time-to-time in other filings with the Securities and Exchange Commission. Bioxytran undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.