UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| OTCQB |
Item 1.01 Entry into a Material Definitive Agreement.
On October 28, 2022, the Bioxytran Board of Directors unanimously approved the modification of/amendment of Paragraph 8 to the Officers’ Employment Agreements, referring to termination without cause, by the employee for good reason or within twelve (12) months of a change of control. The modification of the employment agreements was precipitated by the employees’ forfeiture of the majority of their accrued salaries and benefits, in the total value of $1,273,000, which occurred on August 1, 2022.
The most substantial changes encompass;
| ● | Compensation of three (3) times the employee’s annual salary upon the Termination Date and any target bonus earned, or if termination occurs within 12 months of a change in control, then the terminated employee shall receive two (2) times the employee’s annual salary and any target bonus earned. | |
| ● | Continued coverage under any health, medical, dental or vision program or policy, in which they were eligible to participate at the time of employment termination, for 12 months. | |
| ● | Provide outplacement services through one or more outside firms of the employee’s choosing up to an aggregate of $50,000. | |
| ● | All other provisions as outlined in Exhibit 10.56. |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | ||
| Number | Description | |
| 10.56 | Modification/Amendment to Officers’ Employment Contract, dated October 28, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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/ David Platt | |
| Name: | Dr. David Platt | |
| Title: | President and Chief Executive Officer | |
| Dated: November 14, 2022 | ||
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