FYI. Just so everyone knows the facts and not the fiction about Bob and his SCRC shares. Thanks.
http://biz.yahoo.com/e/150706/scrc8-k.html
Form 8-K for SCRIPSAMERICA, INC.
6-Jul-2015
Entry into a Material Definitive Agreement, Change in Directors or Principal
Item 1.01 - Entry Into a Material Definitive Agreement
On June 30, 2015, we entered into an agreement with our Chief Executive Officer, President and Secretary, Robert Schneiderman, whereby Mr. Schneiderman resigned from all positions he held with the Company or its subsidiaries.
The agreement provides for the following terms:
� Effective June 30, 2015, Mr. Schneiderman resigned as our (i) Chief Executive Officer, (ii) President, (iii) Secretary and (iv) from all other management and corporate offices, if any, of both the Company and each of our subsidiaries and affiliates, including but not limited to Main Avenue Pharmacy, Inc., P.I.M.D. International, LLC, Wholesale Rx, Inc., and DispenseDoc, Inc.
� Mr. Scheniderman's resignation shall be effective on June 30, 2015, creating vacancies which the Board of Directors may fill from time to time.
� Mr. Schneiderman will meet with the Company's new management, as may be requested, at any mutually convenient time during regular business hours up to the close of business on June 30, 2016 and provide such factual background information, documents, files, e-mails, computer files, etc. as may be requested or which he may deem potentially helpful or informative in providing continuity.
� During July 2015, Mr. Schneiderman shall transfer any and all Company files and data, and related e-mails to the Company.
� The Company shall pay Mr. Schneiderman a severance of One Hundred Forty-four Thousand Dollars ($144,000) which shall be paid at the rate of Twelve Thousand Dollars ($12,000) per month for twelve (12) months, commencing July 1, 2015. The $12,000 monthly payment shall be made by the Company in two equal payments of $6,000 on the 15th and the 30th of each month, starting with July, 2015. In the event of his death or permanent disability, the fee shall be paid to his wife or heirs as may be applicable.
� For a period of six (6) months following his resignation on June 30, 2015, Mr. Schneiderman may sell up to 100,000 shares per week, and may accumulate any unsold amount from week to week for a maximum of ten (10) weeks or a total of One Million (1,000,000) shares.
� Upon the sale of all or any part of the accumulated total, Mr. Schneiderman may either sell up to 100,000 shares per week and/or accumulate the difference between the amount sold and the 100,000 share cap.
� For a period of nine (9) months after his termination, Mr. Schneiderman may publicly sell up to 150,000 shares each week, and may accumulate any unsold amount from week to week for a maximum of ten (10) weeks or an aggregate of One Million Five Hundred Thousand (1,500,000) shares.
� Upon the sale of all or any part of the accumulated share total, Mr. Schneiderman may either sell up to 150,000 shares and/or accumulate the difference between the amount sold and the 150,000 share cap.
� Mr. Schneiderman shall place sell orders of his shares at a price, of not less than one-half of the difference between the highest bid and the lowest offer.
� After such nine (9) month period, there shall be no further volume restriction, but for a further period of three (3) months all sell orders shall be placed at a price, at the time of placing such order, of no less than one-half of the difference between the highest bid and the lowest offer.
� Private transactions are not limited or affected by the dribble out provisions applicable to Mr. Schneiderman's public sales.
� The Company shall repay two (2) loans in the aggregate amount of $212,669 which mature in January 2016, each bearing simple interest at the rate of 12% per annum. The Company shall make monthly payments of interest and shall pay the principal sums upon the respective maturity of the notes.
� The Company shall repay Andrea Schneiderman, for loans made to Wholesale Rx, which have an unpaid balance of $19,214 on or before September 10, 2015.
� The Company shall pay all credit card balances of approximately $13,111, in which Mr. Schneiderman is a guarantor, in full, together with all interest and charges.
� The Company shall pay the credit card, also issued on the credit of and in the name of Mr. Schneiderman, which has been used by Main Avenue Pharmacy, Inc. and which has a current over-limit balance of $59,613.69. The Company shall pay off $30,000 of the total outstanding balance on or before July 15th, 2015 and the balance, including interest and service charges, on or before July 30th, 2015.
� Mr. Schneiderman shall be removed as the guarantor for the Company's credit line with Wells Fargo and the Company's credit card accounts.
