Amendment to Employment Agreement between VerifyMe, Inc. and Patrick White (August 13, 2019)
This agreement amends the employment contract between VerifyMe, Inc. and Patrick White. The contract term is reduced to one year with no automatic renewal. Patrick White is granted 500,000 vested stock options under the company's equity plan, subject to a standard option agreement. Due to financial constraints, $100,000 owed to Patrick White and $50,000 of his annual salary are deferred until August 15, 2020. All other terms of the original agreement remain unchanged. The amendment is subject to board approval.
Exhibit 10.2
August 13, 2019
Mr. Patrick White
58 Bosworth Field
Mendon, NY 14506
| Re: | Amendment of Employment Agreement |
Dear Patrick:
This letter agreement modifies your Employment Agreement, dated August 15, 2017, that recently automatically renewed (the “Agreement”). In consideration of the mutual promises contained in this letter agreement, VerifyMe, Inc. (“VRME”) and you agree as follows:
| 1. | The Agreement’s term shall be reduced to one year and the automatic renewal clause shall be deleted; |
| 2. | VRME shall grant you 500,000 five-year vested Incentive Stock Options exercisable at fair market value under the 2017 Equity incentive Plan and subject to your executing VRME’s standard Incentive Stock Option Agreement. |
| 3. | Because VRME cannot afford to pay it, you agree to defer $100,000 (the “Deferral”) which is due to you on August 15, 2019 for one year or August 15, 2020; and |
| 4. | Also because the Company cannot afford to pay your full salary, you agree to defer $50,000 of your annual salary until August 15, 2020. |
In all other respects, the Agreement is ratified and confirmed.
Clinton Square, 75 S. Clinton Ave, Suite 510 | Rochester, NY 14604
Phone: 585 ###-###-#### | www.verifyme.com | OTCQB:VRME
The terms contained in this letter agreement are subject to approval of VRME’s Board of Directors.
| Sincerely yours, | |
| VerifyMe, Inc. | |
| /s/ Norman Gardner | |
| By: Norman Gardner | |
| Chairman |
I hereby agree to the foregoing:
/s/ Patrick White
Patrick White
