Inc. (NASDAQ:INCR) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01Entry into a Material
Definitive Agreement.

On December 26, 2018, Unified Portfolio Acquisitions, LLC (the
Purchaser), a subsidiary of Net Element, Inc. (the Company),
entered into an Advance and Residual Purchase Agreement (the
Agreement) with Argus Merchant Services, LLC (Argus) and Treasury
Payments, LLC (Treasury); Argus and Treasury are collectively
referred to herein as the Seller). to the Agreement, the
Purchaser acquired certain transactional services portfolios
(cash flow assets) from the Seller for a total purchase
consideration of $1,426,000. The cash flow assets consist of
residuals (the Residuals) that the Seller is entitled to receive
to certain agreements (including any amendments of such
agreements, the Combined Marketing Agreements) with TOT Payments,
LLC (doing business as Unified Payments), a subsidiary of the
Company.

On October 27, 2018, the Purchaser paid to Seller $1,150,000 (the
Advance Amount). The Advance Amount and the balance of the
purchase consideration is to be repaid to the Purchaser from
Residuals due to the Seller, whereby each and every month,
commencing from January 2019 (the Effective Date) and for a
period of 24 months (the Advance Period), the Purchaser will be
entitled to a certain amount of the Sellers Residuals. Such
Residuals due to the Purchaser are secured by certain of the
Sellers property as collateral.

At the end of the Advance Period (the Transfer Date), the
Purchaser will receive an ownership interest in a portfolio of
cash flow assets by creating with the Seller, a new static
portfolio pool of mutually agreed residual income from Seller ISO
codes comprising merchant accounts boarded by the Seller under
the Combined Marketing Agreements.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

Net Element, Inc. Exhibit
EX-10.1 2 ex_132210.htm EXHIBIT 10.1 ex_132210.htm Exhibit 10.1     ADVANCE AND RESIDUAL PURCHASE AGREEMENT   This Advance and Residual Purchase Agreement (this “Agreement”),…
To view the full exhibit click here

About Inc. (NASDAQ:INCR)

INC Research Holdings, Inc. is a global contract research organization (CRO). The Company is focused on Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. The Company operates through two segments: Clinical Development Services and Phase I Services. The Company’s Clinical Development Services segment offers all clinical development services, including full-service global studies, as well as ancillary services, such as clinical monitoring, investigator recruitment, patient recruitment, data management, study reports to assist customers with their drug development process, quality assurance audits and specialized consulting services. The Company’s Phase I Services segment focuses on clinical development services for Phase I trials, which include scientific exploratory medicine, first-in-human studies through proof-of-concept stages and support for Phase I studies in established compounds.