VerifyMe, Inc. (OTCMKTS:VRME) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On August 9, 2017, VerifyMe, Inc. (the “Company”) made certain changes to its executive officers. First it appointed Mr. Patrick White as President and Chief Executive Officer, effective August 15, 2017. Under a two-year Employment Agreement, Mr. White receives a salary of $200,000, per year, of which $50,000 is being deferred until the earlier of: (i) the Company has positive cash flow from operations; (ii) approval by the Compensation Committee; or (iii) August 9, 2019. Mr. White received an additional grant of 2,000,000 five-year vested stock options exercisable at $0.07 per share. Mr. White, 64, was the former founder and CEO of Document Security Systems, Inc. 2002-2012. He also worked as a business consultant to Document Security Systems, Inc. from 2012-2015 and worked for multiple businesses as a consultant during the period 2016-2017. He was a business consultant to the Company from June 1, 2017 through August 14, 2017. Currently, he sits on the board of directors of U-Vend, Inc.(OTCQB:UVND).
Additionally, it appointed Mr. Norman Gardner, who had been President and Chief Executive Officer, as Secretary-Treasurer. Mr. Gardner remains Chairman of the Board of Directors and a consultant to the Company.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On August 9, 2017, the Board of Directors of the Company adopted new Bylaws. A copy of the Bylaws is attached hereto as Exhibit 3.1.
Item 9.01 Financial Statements and Exhibits.
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3.1 |
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VerifyMe, Inc. ExhibitEX-3.1 2 ex3_1.htm EXHIBIT 3.1 Exhibit 3.1 AMENDED AND RESTATED BYLAWS OF VERIFYME,…To view the full exhibit click here
About VerifyMe, Inc. (OTCMKTS:VRME)
VerifyMe, Inc., formerly LaserLock Technologies, Inc., operates in the anti-counterfeiting industry. The Company offers security solutions for identification and authentication of people, products and packaging in a range of applications in the security field for both digital and physical transactions. Its products are used to manage and issue secure credentials, including national identifications, passports, driver licenses and access control credentials, as well as authentication security software to secure physical and logical access to facilities, computer networks, Internet sites and mobile applications. Its digital technologies involve the utilization of multiple authentication mechanisms, some of which it owns and some of which it license. These mechanisms include biometric factors, knowledge factors, possession factors and location factors. The Company’s solutions allow the assessment and quantification of risk using a scoring mechanism.