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
Effective October 6, 2017, VerifyMe, Inc. (the “Company”) entered into a Compensation Agreement with Mr. Howard Goldberg, terminating the prior agreement. In accordance with the Compensation Agreement, the Company shall issue Mr. Goldberg $100,000 of units in its current private placement, or 1,430,000 shares of common stock and 1,430,000 five-year warrants exercisable at $0.15 per share. Of the shares and warrants, 75,075 shares and warrants will vest as of the end of October, November and December 2017 subject to Mr. Goldberg continuing to perform consulting services as of each applicable vesting date. The consideration consists of services valued at $5,250 per month, one-half of a loan made by a family member and a sum due to the Company’s Chairman for accrued compensation.
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.