Exhibit 10.8


 


VERIFYME, INC.


2020 EQUITY INCENTIVE PLAN


 


RESTRICTED STOCK UNIT AWARD AGREEMENT


 


This Restricted Stock Unit
Award Agreement (this “Award Agreement”) is made and entered into as of [ ] (the “Date of Grant”),
by and between VerifyMe, Inc. (the “Company”) and [ ] (the “Participant”). Capitalized terms not
defined in this Award Agreement shall have the respective meanings given such terms by the VerifyMe, Inc. 2020 Equity Incentive Plan (the
“Plan”).


 


1.       Award.
The Company hereby grants to the Participant an Award (the “Award”) of [ ] Restricted Stock Units (the “RSUs”)
subject to the provisions of the Plan and to the terms and conditions of this Award Agreement.


 


2.       Vesting
and Payment. Subject to the provisions of the Plan and this Award Agreement, the RSUs shall vest (each, a “Vesting Date”)
as follows:


 


(a)       50%
of the RSUs (“Tranche 1”) will vest on the two-year anniversary of the Date of Grant if the Participant has remained
in continuous service with the Company and its Affiliates through such date and the closing price of the Common Stock during such two-year
period was at or above $5.00 for 20 consecutive trading days. If Tranche 1 does not vest on the two-year anniversary of the Date of Grant
because closing price of the Common Stock was not at or above $5.00 during such two year period, then Tranche 1 will vest on the three-year
anniversary of the Date of Grant if the Participant has remained in continuous service with the Company and its Affiliates through such
date and the closing price of the Common Stock during such three-year period was at or above $5.00 for 20 consecutive trading days. In
the event of termination of the Participant’s employment due to the death or Disability of the Participant at any time on or before
the two-year anniversary of the Date of Grant, if Tranche 1 has not vested prior to the date of termination, then Tranche 1 will vest
on the date of the Participant’s termination if the closing price of the Common Stock was at or above $5.00 for 20 consecutive trading
days during the period from Date of Grant through the date of the Participant’s termination of employment.


 


(b)       50%
of the RSUs (“Tranche 2”) will vest on the two-year anniversary of the Date of Grant if the Participant has remained
in continuous service with the Company and its Affiliates through such date and the closing price of the Common Stock during such two-year
period was at or above $7.00 for 20 consecutive trading days. If Tranche 2 does not vest on the two-year anniversary of the Date of Grant
because closing price of the Common Stock was not at or above $7.00 during such two year period, then Tranche 2 will vest on the three-year
anniversary of the Date of Grant if the Participant has remained in continuous service with the Company and its Affiliates through such
date and the closing price of the Common Stock during such three-year period was at or above $7.00 for 20 consecutive trading days. In
the event of termination of the Participant’s employment due to the death or Disability of the Participant at any time on or before
the two-year anniversary of the Date of Grant, if Tranche 2 has not vested prior to the date of termination, then Tranche 2 will vest
on the date of the Participant’s termination if the closing price of the Common Stock was at or above $7.00 for 20 consecutive trading
days during the period from Date of Grant through the date of the Participant’s termination of employment.


 



    	 	 	 



    	 



    




 


(c)       In
the event of a Change in Control, any unvested portion of Tranche 1 or Tranche 2 will immediately vest, regardless of whether the applicable
closing price condition has been satisfied.


 


Each vested RSU represents the
right to receive one share of Common Stock, which, less the number of shares of Common Stock withheld to satisfy tax withholding pursuant
to Paragraph 4 below, if any, will be issued to the Participant as soon as practicable following the applicable Vesting Date (including
a Vesting Date as a result of the termination of the Participant’s employment due to the death or Disability of the Participant
or as a result of a Change in Control), but no later than 60 days thereafter.


 


3.       Stockholder
Rights. The Participant shall not be entitled, prior to the conversion of the RSUs into the right to receive shares of Common
Stock and the issuance of such shares to the Participant, to any rights as a stockholder with respect to such shares of Common Stock,
including the right to vote, sell, pledge, transfer or otherwise dispose of the shares.


 


4.       Withholding
of Taxes. The Company and its Affiliates shall have the right to deduct shares of Common Stock that would otherwise be distributed
pursuant to this Award Agreement from any payment made under this Award Agreement in satisfaction of the federal, state, local or foreign
income or other taxes required by law to be withheld with respect to such payment. Shares of Common Stock tendered as payment of required
tax withholding shall be valued at the fair market value of the Company’s Common Stock on the date such tax withholding obligation
arises. It shall be a condition to the obligation of the Company to issue shares of Common Stock or other property, or any combination
thereof, upon payment of the Award, that the Participant pay to the Company or an Affiliate, upon its demand, such amount as may be requested
by the Company or the Affiliate for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other
taxes. If the amount requested is not paid, the Company may refuse to issue or pay shares of Common Stock or other property, or any combination
thereof.


 


5.       Miscellaneous.


 


(a)       Compliance
with Laws. If the Company, in its sole discretion, determines that the listing upon any securities exchange or registration or qualification
under any federal, state or local law or any foreign law of any shares to be issued pursuant to an Award is necessary or desirable, issuance
of such shares shall not be made until such listing, registration or qualification shall have been completed.


 


(b)       Incorporation
of Plan. The RSUs are subject to the Plan and any interpretations by the Committee under the Plan, which are hereby incorporated into
this Award Agreement by reference and made a part hereof. By the execution of this Award Agreement, the Participant acknowledges that
the Plan document and the Plan prospectus, as in effect on the date of this Agreement, have been made available to the Participant for
review. Any inconsistency between this Award Agreement and the Plan shall be resolved in favor of the Plan.


 



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(c)       No
Right to Employment. The Participant’s right, if any, to continue to serve the Company or any Affiliate as an employee or otherwise
will not be enlarged or otherwise affected by the Plan or this Award Agreement. This Award Agreement does not restrict the right of the
Company or any Affiliate to terminate the Participant’s employment or service at any time, with or without cause.


 


(d)       Administration,
Interpretation, Etc. Any action taken or decision made by the Company, the Board or the Committee arising out of or in connection
with the construction, administration, interpretation or effect of any provision of the Plan or this Award Agreement shall lie within
its sole and absolute discretion, as the case may be, and shall be final, conclusive and binding on the Participant and all persons claiming
under or through the Participant. By receipt of the RSUs or other benefit under the Plan, the Participant and each person claiming under
or through the Participant shall be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken
under the Plan or this Award Agreement by the Company, the Board or the Committee.


 


(e)       Entire
Agreement. This Award Agreement constitutes the entire agreement of the parties hereto with respect to the matters contained herein
and constitutes the only agreement between the parties hereto with respect to the matters contained herein.


 


(f)       Notices.
Any notices necessary or required to be given under this Award Agreement shall be sufficiently given if in writing, and personally delivered
or mailed by registered or certified mail, return receipt requested, postage prepaid, to the last known addresses of the parties hereto,
or to such other address or addresses as any of the parties shall have specified in writing to the other party hereto.


 


(g)       Choice
of Law. This Award Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating
to its execution, its validity, the obligations provided herein or performance shall be governed by the substantive laws, but not the
choice of law rules, of the State of Nevada without regard to choice of law considerations.


 


6.       Section
409A. The RSUs are intended to qualify for an exception from Section 409A and this Award Agreement shall be interpreted and
administered consistent with such intention. Notwithstanding the foregoing, in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section
409A.


 


7.       Counterparts;
Participant Acknowledgement. This Award Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which shall constitute one and the same agreement. By the execution of this Award Agreement, the Participant signifies
that the Participant has fully read, completely understands, and voluntarily agrees with this Award Agreement and knowingly and voluntarily
accepts all of its terms and conditions.


 


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IN WITNESS WHEREOF, the Company
and the Participant have executed this Award Agreement as of the Date of Grant set forth above.


 


	 	VERIFYME, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	Patrick White
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	Participant
	 	 	 
	 	 	 
	 	Address of the Participant:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Email address:





 


 


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