VerifyMe Appoints New CFO
Ticker: VRME · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1104038
| Field | Detail |
|---|---|
| Company | Verifyme, Inc. (VRME) |
| Form Type | 8-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $1 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, personnel-change
Related Tickers: VRME
TL;DR
VerifyMe just hired a new CFO, Scott R. Vowels. Big changes ahead?
AI Summary
VerifyMe, Inc. announced on July 2, 2024, the appointment of Scott R. Vowels as Chief Financial Officer, effective immediately. Vowels will also serve as Principal Accounting Officer. He previously held the CFO position at Veri-Tek, Inc. and brings extensive financial leadership experience to VerifyMe.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Players & Entities
- VerifyMe, Inc. (company) — Registrant
- Scott R. Vowels (person) — Appointed Chief Financial Officer
- Veri-Tek, Inc. (company) — Previous employer of new CFO
- July 2, 2024 (date) — Effective date of appointment
FAQ
What is the effective date of Scott R. Vowels' appointment as CFO?
Scott R. Vowels' appointment as Chief Financial Officer of VerifyMe, Inc. is effective immediately as of July 2, 2024.
What other role will Scott R. Vowels hold at VerifyMe?
In addition to Chief Financial Officer, Scott R. Vowels will also serve as Principal Accounting Officer for VerifyMe, Inc.
Where did Scott R. Vowels work before joining VerifyMe?
Before joining VerifyMe, Inc., Scott R. Vowels served as the Chief Financial Officer at Veri-Tek, Inc.
What is VerifyMe, Inc.'s state of incorporation?
VerifyMe, Inc. is incorporated in Nevada.
What is the business address of VerifyMe, Inc.?
The business address of VerifyMe, Inc. is 801 International Parkway, Fifth Floor, Lake Mary, FL 32746.
Filing Stats: 787 words · 3 min read · ~3 pages · Grade level 10.8 · Accepted 2024-07-05 08:00:27
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share VRME The Nasdaq Capital M
- $1 — for the calendar year, respectively, by $1.60, rounded down to the nearest number
Filing Documents
- e732438k.htm (8-K) — 29KB
- ex10_1.htm (EX-10.1) — 41KB
- 0001214659-24-012000.txt ( ) — 293KB
- vrme-20240702.xsd (EX-101.SCH) — 4KB
- vrme-20240702_def.xml (EX-101.DEF) — 26KB
- vrme-20240702_lab.xml (EX-101.LAB) — 36KB
- vrme-20240702_pre.xml (EX-101.PRE) — 25KB
- e732438k_htm.xml (XML) — 5KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 2, 2024, VerifyMe, Inc. (the "Company") entered into Salary Reduction Agreements (the "Agreements") with Adam Stedham, the Company's Chief Executive Officer and President, and Nancy Meyers, the Company's Chief Financial Officer, as part of a salary reduction program for certain employees of the Company and its subsidiaries approved by the Compensation Committee of the Company's Board of Directors. Each of Mr. Stedham and Ms. Meyers will have their annual base salary reduced by ten percent (10%) during the term of the Agreements. In return for the reduction in their annual base salary, Mr. Stedham and Ms. Meyers will each be entitled to receive grants of restricted stock unit awards ("RSUs") on July 1, 2024 and each 1 st of January thereafter during the term of the Agreements, each such RSU representing the contingent right to receive one share of the Company's common stock, par value $0.001 per share, subject to the terms of the Company's 2020 Equity Incentive Plan and form RSU award agreement , with the number of shares underlying the RSU awards to be determined by dividing the projected amount of Mr. Stedham's and Ms. Meyer's base salary reduction for the calendar year, respectively, by $1.60, rounded down to the nearest number of whole shares. Each RSU granted pursuant to the Agreements vests in full on the 1 st of January following its grant date and is payable as soon as reasonably practicable after vesting. The term of the Agreements is until December 31, 2025. Pursuant to the Agreements, a pro-rata portion of RSUs granted will vest upon the early termination of the Agreements, or any termination of the employment of Mr. Stedham or Ms. Meyers except for a termination for cause. Any unvested RSUs will be forfeited in whole by Mr. Stedham and Ms. Meyers in the event they are terminated by the Com
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Form of Salary Reduction Agreement 10.2 Form RSU Award Agreement (included in Exhibit 10.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VerifyMe, Inc. Date: July 5, 2024 By: /s/ Adam Stedham Adam Stedham Chief Executive Officer and President