BioCorRx Inc. (OTCMKTS:BICX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Definitive Material Agreement.
On December 10, 2017, BioCorRx Inc. (the “Company”) entered into a Distributor Agreement with CereCare, LLC (the “Distributor Agreement”). The Distributor Agreement is dated December 8, however, it was fully executed on December 10, 2017. to the Distributor Agreement, CereCare, LLC (“CereCare”) shall act as the Company’s exclusive distributor of the BioCorRx Recovery Program (the “Program”) in Nevada from the time the first physician or clinic (a “CereCare Customer”) signs an agreement with the Company and for twenty-four (24) months thereafter as long as at least one CereCare Customer in active in Nevada. CereCare shall serve as the non-exclusive distributor of the Program in every other U.S. state (except for Arizona) and in Mexico and Canada.
CereCare is obligated to pay, as a one-time distribution fee, $100,000 overall. The first $50,000 is due by December 14, 2017 and the second $50,000 is due by December 31, 2017. As of December 14, 2017, the first $50,000 has been paid.
Upon full payment of the $100,000, the Company shall issue one million (1,000,000) restricted shares of the Company’s common stock. The Company shall also grant a five-year fully vested option to CereCare to purchase one hundred thousand (100,000) shares of the Company’s common stock with an exercise price of $0.10 per share for each of the first five CereCare Customers that CereCare signs up in the first six (6) months following execution of the Distributor Agreement. The Company shall grant up to a total of five hundred thousand (500,000) options in accordance with this provision.
The Company shall also grant a five-year fully vested option to CereCare to purchase five hundred thousand (500,000) shares of the Company’s common stock with an exercise price of $0.15 per share if the Company collects, within the first year of the Distributor Agreement, $250,000 in revenue from CereCare Customers.
The Distributor Agreement shall have an initial term of three (3) years.
The foregoing description of the Distributor Agreement is qualified in its entirety by reference to the provisions of the Distributor Agreement which is filed hereto as Exhibit 10.1 and which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
BioCorRx Inc. ExhibitEX-10.1 2 bicx_ex101.htm DISTRIBUTOR AGREEMENT bicx_ex101.htmEXHIBIT 10.1 DISTRIBUTOR AGREEMENT This Distributor Agreement (“Agreement”) is made and effective on December 8,…To view the full exhibit click
About BioCorRx Inc. (OTCMKTS:BICX)
BioCorRx, Inc., formerly Fresh Start Private Management, Inc., is a holding company. The Company is an addiction healthcare solutions company operating in Santa Ana, California. The Company, through its subsidiary, Fresh Start Private, Inc., provides alcoholism and opioid treatment program. It offers a medication-assisted treatment program that combines non-addictive medication coupled with psycho-social counseling. It also distributes and licenses the BioCorRx Recovery Program for alcoholism and opioid addiction treatment. The BioCorRxO Recovery Program consists of over two parts, which include an implant, administered by a licensed physician, of a compounded formulation of the drug, Naltrexone (implanted under the skin) (the Implant), which reduces alcohol cravings over a period of time, and a structured, intensive one on one counseling program developed by it. It offers BioCorRx Recovery Program in over 10 locations, including California, Arizona, Atlanta, Illinois and others.