VerifyMe, Inc. Promissory Note and Warrant Agreement (February 13, 2017)

Summary

VerifyMe, Inc. issues a $100,000 promissory note, promising to repay the lender the full amount by June 30, 2017, or earlier upon demand. The note is non-interest bearing and can be prepaid at any time without penalty. If legal action is needed to enforce the note, VerifyMe will cover reasonable attorney fees. In addition, the lender receives warrants to purchase 5,000,000 shares of VerifyMe common stock at $0.40 per share on a cashless basis, as part of the loan arrangement.

EX-10.6 7 ex10_6.htm EXHIBIT 10.6

Exhibit 10.6

VerifyMe, Inc.

409 Boot Road

Downingtown, PA 19335

FORM OF PROMISSORY NOTE

AMOUNT: $100,000

DATE: February 13, 2017

For value received $100,000 receipt of which is hereby acknowledged, VerifyMe, Inc., a Nevada Corporation (the “Maker”) promises to pay to the order of ___________ the amount of One Hundred Thousand and 0/100 Dollars ($100,000.00) in lawful money of the United States of America. The note is non-interest bearing.

The entire principal balance will be due on demand and payable in full no later than June 30, 2017.

Maker shall have the right to prepay all or any part of this Note at any time without penalty or bonus to Payee.

In the event any action is required to enforce the terms hereof, the undersigned promises to pay reasonable attorney’s fees and costs incurred in connection therewith.

	Name:
	Title:

Warrants:

In conjunction with this promissory note and agreement with the Company to grant warrants to purchase VerifyMe common stock with an exercise price of $0.40 for every $20,000 that is loaned, the Company has recorded a warrant to purchase 5,000,000 shares of VerifyMe, Inc. common stock at an exercise price of $0.40 on a cashless basis for your benefit.