# EDGAR Filing Document

**Accession Number:** 0001702924
**File Stem:** 0001493152-25-019686
**Filing Date:** 2025-10
**Character Count:** 37932
**Document Hash:** e16872eb1c8e556cb37321bbde568e52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-019686.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001493152-25-019686

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WRAP TECHNOLOGIES, INC.
- **CENTRAL INDEX KEY:** 0001702924
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 980551945
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38750
- **FILM NUMBER:** 251417692

**BUSINESS ADDRESS:**
- **STREET 1:** 3480 MAIN HWY, SUITE 202
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33133
- **BUSINESS PHONE:** 800-583-2652

**MAIL ADDRESS:**
- **STREET 1:** 3480 MAIN HWY, SUITE 202
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33133

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): October 21, 2025

**WRAP TECHNOLOGIES, INC.**

**(Exact name of Registrant as specified in its Charter)**

<u>Delaware</u> <u>001-38750</u> <u>98-0551945</u> <br> (State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)

3480 Main Hwy, Suite 202 Miami, Florida 33133

(Address of principal executive offices)

(800) 583-2652

(Registrant's Telephone Number)

<u>Not Applicable</u>

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br> Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.0001 per share | WRAP | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

*Mutual Separation with Jerry Ratigan*

On October 21, 2025, Wrap Technologies, Inc. (the "Company") and Jerry Ratigan, who served as the Company's Chief Financial Officer, Principal Accounting Officer and Principal Financial Officer, mutually agreed to the separation of Mr. Ratigan from such roles, effective as of October 24, 2025.

The terms of Mr. Ratigan's separation from the Company have been memorialized pursuant to a General Release and Severance Agreement, dated as of October 21, 2025, which was executed by the Company and Mr. Ratigan on October 24, 2025 (the "Separation Agreement").

Pursuant to the Separation Agreement, Mr. Ratigan is entitled to receive a severance payment in an amount equal to $50,000, representing three months of Mr. Ratigan's base salary, less all lawful and authorized withholdings and deductions, payable in a lump sum on the Company's first regular pay date following the Effective Date (as defined in the Separation Agreement). In exchange for the consideration provided to Mr. Ratigan in the Separation Agreement, Mr. Ratigan agreed to waive and release any claims in connection with Mr. Ratigan's employment and separation from the Company.

The Separation Agreement provides Mr. Ratigan with 21 days to review the Separation Agreement prior to accepting it. The Separation Agreement further provides that Mr. Ratigan may revoke his acceptance of the Separation Agreement within seven calendar days of his execution thereof. The Separation Agreement shall become enforceable on the eighth day following Mr. Ratigan's execution thereof if he does not revoke his acceptance of the Separation Agreement by written notice before such time.

The description of the terms of the Separation Agreement contained in this Item 5.02 is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

*Appointment of Principal Financial Officer and Principal Accounting Officer*

On October 25, 2025, the board of directors (the "Board") of the Company appointed Scot Cohen, who serves as the Company's Chief Executive Officer and Principal Executive Officer, to the position of Chief Executive Officer, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer, effective immediately. For the information required by Items 401(b), (d), and (e) of Regulation S-K of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), see the Amendment No. 1 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 25, 2025 ("2024 Form 10-K"), the relevant portions of which are incorporated herein by reference.

Mr. Cohen will not be provided any additional compensation for his service as Chief Executive Officer, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The terms of Mr. Cohen's existing Employment Agreement, dated as of October 12, 2023, as amended on January 14, 2024 (as amended, the "Employment Agreement"), have not changed in connection with Mr. Cohen's appointment as Chief Executive Officer, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer of the Company. For more information about the Employment Agreement, see the Company's Current Report on Form 8-K filed on October 16, 2023, and the Company's Current Report on Form 8-K filed on January 19, 2024, the relevant portions of which are incorporated herein by reference.

There is no arrangement or understanding between Mr. Cohen and any other person pursuant to which he was appointed as Chief Executive Officer, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. There are no family relationships between Mr. Cohen and any of the Company's directors, executive officers or persons nominated or chosen by the Company in connection with Mr. Cohen's appointment. There are no transactions between Mr. Cohen and the Company that would be required to be reported under Item 404(a) of Regulation S-K of the Exchange Act, except as reported in the Company's 2024 Form 10-K, the relevant portions of which are incorporated herein by reference, and as set forth below.

On August 18, 2025, V4 Global, LLC ("V4"), an entity affiliated with Mr. Cohen, entered into that certain securities purchase agreement, by and among the Company and the purchasers signatory thereto, pursuant to which, V4 purchased from the Company in a private placement 1,000 shares of Series B Convertible Preferred Stock, par value $0.0001 per share, of the Company ("Series B Preferred Stock"), with an initial conversion price of $1.50 per share, and accompanying warrants to purchase up to 666,667 shares of common stock, par value $0.0001 per share, with an exercise price of $1.50 per share, at a purchase price per share of Series B Preferred Stock and accompanying warrant equal to $1,000, for an aggregate purchase price of $1,000,000.

*Appointment of John Shulman to the Board of Directors*

 

On October 25, 2025, the Board increased the size of the Board to six (6) members and appointed John Shulman to serve as a member of the Company's Board, to serve until the Company's next annual meeting of stockholders or until his successor is duly elected and qualified. Mr. Shulman will be entitled to the standard compensation paid by the Company to all its nonemployee directors under the Company's director compensation program.

There are no arrangements or understandings between Mr. Shulman and any other person pursuant to which he was appointed as director of the Company. There is no family relationship between Mr. Shulman and any director or executive officer of the Company. There are no transactions between Mr. Shulman and the Company that would be required to be reported under Item 404(a) of Regulation S-K of the Exchange Act.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On October 27, 2025, the Company issued a press release announcing the appointment of Mr. Cohen to his new position, the mutual separation with Mr. Ratigan and the appointment of Mr. Shulman to the Board. A copy of the press release is attached as Exhibit 99.1 hereto.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit** <br> **No.** | **Description** |
| 10.1 | [General Release and Severance Agreement, dated October 21, 2025](ex10-1.htm) |
| 99.1 | [Press Release dated October 27, 2025.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **WRAP TECHNOLOGIES, INC.** | **WRAP TECHNOLOGIES, INC.** |
| Date: October 27, 2025 | By: | */s/ Scot Cohen* |
|  |  | Scot Cohen |
|  |  | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**GENERAL RELEASE AND SEVERANCE AGREEMENT**

This General Release and Severance Agreement (this "<u>**Agreement**</u>"), dated as of October 21, 2025 is made and entered into by and between Gerald Ratigan ("<u>**Employee**</u>") and Wrap Technologies, Inc. (the "<u>**Company**</u>").

**WHEREAS**, Employee's employment with the Company shall terminate as of the Separation Date (defined below), the Company desires to provide Employee with the severance benefits as described herein, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE**, for good and valuable consideration, receipt of which is hereby acknowledged, in order to effect a mutually satisfactory and amicable separation of employment from the Company and to resolve and settle finally, fully and completely all matters and disputes that now or may exist between them, as set forth below, Employee and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Separation from Employment**. Effective as of the date of Employee's execution hereof (the "<u>**Separation Date**</u>"), Employee's employment with the Company shall cease and Employee shall relinquish all positions, offices, and authority with the Company and any affiliates. Employee acknowledges and agrees, except for the payments described hereunder, Employee has no rights to any other wages and other compensation or remuneration of any kind due or owed from the Company, including, but not limited, to all wages, reimbursements, bonuses (including, but not limited to, discretionary, performance, and retention bonuses), advances, vacation pay, severance pay, vested or unvested equity or stock options, awards, and any other incentive-based compensation or benefits to which Employee was or may become entitled or eligible. For avoidance of doubt, nothing in this Section waives or limits Employee's rights to: (i) payment of accrued but unpaid base salary through the Separation Date; (ii) unreimbursed business expenses; and (iii) indemnification and/or advancement rights required pursuant to the Company's insurance policies, by-laws, and/or the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Continuing Obligations**. Employee shall remain bound by, and agrees to comply with, any obligations that survive an employment termination as set forth in any other agreement or employee policy to which Employee became subject during and in connection with Employee's employment with the Company, including without limitation Employee's continuing obligation to maintain the confidentiality of the Company's confidential information and all other restricted covenants under the Employee Confidentiality, Non-Competition, Non- Solicitation and Assignment of Rights Agreement (the "<u>**Confidentiality Agreement**</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Consideration**. In consideration of this Agreement and the release herein, and Employee's compliance with Employee's obligations hereunder, the Company will provide Employee with severance pay in the amount of 3 months of Employee's base salary, less all lawful and authorized withholdings and deductions, payable in as a lump sum on the Company's first regular pay date following the Effective Date (as defined below).

Employee agrees that the additional compensation to be paid under this Agreement is due solely from the Company and that Insperity PEO Services, L.P. ("<u>**Insperity**</u>") has no obligation to pay the additional compensation, even though its payment may be processed through Insperity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Transition Services**. Employee agrees to assist with the execution of all documents and all other instruments which the Company shall deem necessary to accomplish the transition of Employee's positions as well as cooperating with the Company in the future in relation to any queries or requests from any regulators, taxation or governmental authorities relating to the activities of the Company and its affiliates in the period prior to the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Cooperation**. Employee further agrees to cooperate fully and make Employee reasonably available to the Company (and its representatives and advisors) in any pending or future governmental or regulatory investigation, inquiry, or request for information, or civil, criminal, or administrative proceeding or arbitration, in each case involving the Company. Employee agrees that, upon reasonable notice and without the necessity of the Company's obtaining a subpoena or court order, Employee shall reasonably respond to all reasonable inquiries of the Company about any matters concerning the Company or its affairs that occurred or arose during Employee's employment by the Company, of which matters Employee has knowledge or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Release of Claims**. For and in consideration of the right to receive the consideration described in Section 3 of this Agreement, Employee fully and irrevocably releases and discharges the Company and Insperity, including all of their affiliates, parent companies, subsidiary companies, employees, owners, directors, officers, principals, agents, insurers, and attorneys (collectively, the "<u>**Releasees**</u>") from any and all actions, causes of action, suits, debts, sums of money, attorneys' fees, costs, accounts, covenants, controversies, agreements, promises, damages, claims, grievances, arbitrations, and demands whatsoever, known or unknown, at law or in equity, by contract (express or implied), in tort, or pursuant to statute, or otherwise (collectively, "<u>**Claims**</u>") arising or existing on, or at any time prior to, the date this Agreement is signed by Employee. Such released Claims include, without limitation, Claims relating to or arising out of: (i) Employee's hiring, compensation, benefits and employment with the Company, (ii) Employee's separation from employment with the Company, and (iii) all Claims known or unknown or which could or have been asserted by Employee against the Company, at law or in equity, or sounding in contract (express or implied) or tort, including claims arising under any federal, state, or local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability, religion, veteran, military status, pregnancy, sexual orientation, or any other form of discrimination, harassment, or retaliation, including, without limitation, age discrimination claims under the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Americans with Disabilities Act; claims under Title VII of the Civil Rights Act of 1964; the Rehabilitation Act; the Equal Pay Act; the Family and Medical Leave Act, 42 U.S.C. §1981; the Civil Rights Act of 1991; the Civil Rights Act of 1866 and/or 1871; the Sarbanes Oxley Act; the Employee Polygraph Protection Act; the Uniform Services and Employment and Re-Employment Rights Act; the Worker Adjustment Retraining Notification Act; the National Labor Relations Act and the Labor Management Relations Act; the Florida Civil Rights Act, and any other similar or equivalent state laws; and any other federal, state, local, municipal or common law whistleblower protection claim, discrimination or anti- retaliation statute or ordinance; claims arising under the Employee Retirement Income Security Act; claims arising under the Fair Labor Standards Act; or any other statutory, contractual or common law claims. Employee does not release Employee's right to enforce the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. No Legal Actions**. Employee represents that Employee has not filed or caused to be filed any lawsuit, complaint, or charge against any Releasees in any court, any municipal, state, or federal agency, or any other tribunal. To the fullest extent permitted by law, Employee agrees that Employee will not sue or file a complaint in any court, or file or pursue a demand for arbitration, pursuing any Claims released under this Agreement, or assist or otherwise participate in any such proceeding. Employee represents and warrants further that Employee has not assigned or conveyed to any other person or entity any of Employee's rights vis-à-vis the Releasees, including any of the Claims released in this Agreement. Employee further expressly waives any claim to any monetary or other damages or any other form of recovery in connection with any proceeding made by him in violation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. No Interference**. Nothing in this Agreement is intended to interfere with Employee's right to report possible violations of federal, state or local law or regulation to any governmental or law enforcement agency or entity (including, without limitation, the Securities and Exchange Commission), or to make other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. Employee further acknowledges that nothing in this Agreement is intended to interfere with Employee's right to file a claim or charge with, or testify, assist, or participate in an investigation, hearing, or proceeding conducted by, the Equal Employment Opportunity Commission (the "<u>**EEOC**</u>"), any state human rights commission, or any other government agency or entity. However, by executing this Agreement, Employee hereby waives the right to recover any damages or benefits in any proceeding Employee may bring before the EEOC, any state human rights commission, or any other government agency or in any proceeding brought by the EEOC, any state human rights commission, or any other government agency on Employee's behalf with respect to any claim released in this Agreement; provided, however, for purposes of clarity, Employee does not waive any right to any whistleblower award pursuant to Section 21F of the Securities Exchange Act of 1934 or any other similar provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Review.** Employee acknowledges that: (i) this Agreement is written in terms and sets forth conditions in a manner which Employee understands; (ii) Employee has carefully read and understands all of the terms and conditions of this Agreement; (iii) Employee agrees with the terms and conditions of this Agreement; and (iv) Employee enters into this Agreement knowingly and voluntarily. Employee acknowledges that Employee does not waive rights or claims that may arise after the date this Agreement is executed, that Employee has been given twenty-one (21) days from receipt of this Agreement in which to consider whether Employee wanted to sign it, that any modifications, material or otherwise made to this Agreement do not restart or affect in any manner the original twenty-one (21) day consideration period, and that the Company advises Employee to consult with an attorney before Employee signs this Agreement. The Company agrees, and Employee represents that Employee understands, that Employee may revoke Employee's acceptance of this Agreement at any time for seven (7) days following Employee's execution of this Agreement and must provide notice of such revocation by giving written notice to the Company. If not revoked by written notice received on or before the eighth (8th) day following the date of Employee's execution of this Agreement, this Agreement shall be deemed to have become enforceable and on such eighth (8th) day (the "<u>**Effective Date**</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Return of Property**. As required by the Confidentiality Agreement, Employee represents that prior to the Separation Date, Employee shall have returned to the Company all Property (as defined therein), documents, and information. As further required by the Confidentiality Agreement, by signing this Agreement, Employee also certifies that Employee has immediately destroyed any information or documents, including, without limitation, any analyses, compilations, studies or other documents, whether prepared by Employee or others, containing or reflecting any Confidential Information (as defined therein) or relating to the business of the Company from any computer, cellular phone or other digital or electronic device in Employee's possession, custody or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. No Further Services**. Employee agrees that Employee will not seek, apply for, accept, or otherwise pursue employment, engagement, or arrangement to provide further services with or for the Company, as an employee, independent contractor or otherwise, except as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Confidentiality of Agreement**. Employee agrees to keep the amount of the consideration completely confidential. However, Employee may disclose the monetary terms of this Agreement to Employee's spouse, CPA or tax advisor, attorney, or as required by law but agrees to instruct any person to whom disclosure is authorized that he or Employee must keep this Agreement and its terms completely confidential. Nothing in this provision is intended to interfere with Employee's right to engage in the conduct set forth in Paragraph 8, nor is it intended to interfere with any rights afforded to the Employee under Section 7 of the National Labor Relations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Neutral Reference**. The Company, if contacted, will provide a neutral reference limited to dates of employment, last position, and final base salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Governing Law/Venue**. The parties agree that this Agreement shall be governed by and construed under the laws of the State of Delaware. In the event of any dispute regarding this Agreement or Employee's employment, the parties hereby irrevocably agree to submit to the federal and state courts situated in Delaware, and Employee agrees that Employee shall not challenge personal or subject matter jurisdiction in such courts. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH, OR RELATED OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, OR IN EQUITY, OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Voluntary.** This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Acknowledgment**. Employee acknowledges and agrees that the payments and other consideration provided herein are consideration to which Employee is not otherwise entitled except pursuant to the terms of this Agreement, and are being provided in exchange for Employee's compliance with Employee's obligations set forth hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. No Admission of Liability**. This Agreement shall not in any way be construed as an admission by the Company or Employee of any acts of wrongdoing or violation of any statute, law or legal right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. No Third-Party Beneficiaries**. Except as expressly provided to the contrary in this Agreement, no third party is intended to be, and no third party shall be deemed to be, a beneficiary of any provision of this Agreement. Employee agrees that all Releasees shall be express third-party beneficiaries of this Agreement (and the release of Claims contained herein), and shall be permitted to enforce the terms of this Agreement as if they were parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Sole Agreement and Severability**. Except as set forth herein, this Agreement is the sole, entire and complete agreement of the parties relating in any way to the subject matter hereof. No statements, promises or representations have been made by any party to any other party, or relied upon, and no consideration has been offered, promised, expected or held out other than as expressly set forth herein, provided only that the release of claims in any prior agreement or release shall remain in full force and effect. The covenants contained in this Agreement are intended by the parties hereto as separate and divisible provisions, and in the event that any or all of the covenants expressed herein shall be determined by a court of competent jurisdiction to be invalid or unenforceable, the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions shall remain in full force and effect.

SIGNATURE PAGE FOLLOWS

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PLEASE READ CAREFULLY. THIS GENERAL RELEASE AND SEVERANCE AGREEMENT INCLUDES A RELEASE OF ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, AGAINST WRAP TECHNOLOGIES, INC.

---

| | | |
|:---|:---|:---|
| WRAP TECHNOLOGIES, INC. | WRAP TECHNOLOGIES, INC. | EMPLOYEE |
| By: | /s/ Jared Novick<br>| /s/ Jerry Ratigan |
| Title: | President & COO |  |

---

Date: October 24, 2025

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## Exhibit 99.1

**Exhibit 99.1**

**Institutional Investor and Juggernaut Capital Founder John Shulman Joins Wrap Technologies Board of Directors**

*Shulman's appointment strengthens Wrap's mission to expand its non-lethal technology ecosystem across state and federal law enforcement, military, corporate, and private security markets.*

 

**MIAMI, FL – October 27, 2025** – **Wrap Technologies, Inc. (NASDAQ: WRAP)** ("Wrap" or the "Company"), a global leader in non-lethal tools, training and policies, today announced the expansion of its Board of Directors to six (6) members and the appointment of **John D. Shulman**, Founder and Managing Partner of **Juggernaut Capital Partners ("JCP")**, to serve as a member of the Company's Board. John was part of the original outside investor group and continues to increase his exposure.

In connection with this appointment, the Company also announced that Jerry Ratigan, who served as Chief Financial Officer, Principal Accounting Officer, and Principal Financial Officer, has mutually agreed with the Company to separate from those roles, effective October 24, 2025.

The Board has appointed Scot Cohen, Wrap's Chief Executive Officer, to resume the roles of Principal Financial Officer and Principal Accounting Officer, effective immediately—positions he previously held.

![](ex99-1_001.jpg)

**John Shulman Brings Decades of Financial Leadership and Growth Expertise**

**John D. Shulman** is the Founder and Managing Partner of **JCP**, a private equity firm with over $1 billion in assets under management, which he established in 2009. He leads JCP's Investment Committee and has more than 25 years of experience in private investments across the consumer, healthcare, pharmaceutical, and business services sectors.

Before founding JCP, Mr. Shulman served as a Managing Director at **Allied Capital Corporation** from 2001 to 2009, where he was a member of both the Management and Investment Committees.

Mr. Shulman currently serves on the Boards of **Foundation Consumer Brands**, **Kemper Sports Management**, **PLEZi Nutrition**, and **ZOA Energy, LLC**. He holds a **B.S. in Finance** from the **University of Virginia's McIntire School of Commerce** and attended the **London School of Economics**.

**Driving Wrap's Next Phase of Innovation and Market Expansion**

"John is a self-made financial operator who has built a multi-billion-dollar investment platform from the ground up," said **Scot Cohen**, Chief Executive Officer of **Wrap**. "I've watched him create billions in returns for his shareholders over the past decade. We believe his financial discipline, sound judgment, and ability to unite people across government and business will be invaluable as we scale Wrap's non-lethal technology ecosystem globally. John has been a substantial investor in Wrap for years, and we're honored to have him join us and help us achieve our goal of leading the next era of innovation and growth."

Mr. Shulman's appointment reinforces Wrap's strategic vision to redefine the future of **non-lethal technology, training, and policy integration**. The Company's expanding product ecosystem includes the **BolaWrap® 150 device**, **Wrap Reality™ VR training**, and **UAS drone interdiction solutions for both law enforcement and military applications**.

As Wrap continues to strengthen its leadership team and expand its technology portfolio, the Company believes it is positioned to unlock significant opportunities across both public safety and the growing private security market, where demand for safer, more accountable solutions continues to rise.

**About Wrap Technologies, Inc.**

Wrap Technologies, Inc. (Nasdaq: WRAP) a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

Wrap's complete public safety portfolio includes the non-lethal BolaWrap 150 device, WrapReality™ immersive training platform, WrapVision™ body-worn camera system, WrapTactics™ training programs, and next-generation CUAS solutions like PAN-DA and the 1KC Kinetic Anti-Drone Cassette, all of which supports the Company's mission to provide safer, scalable, and cost-effective technologies for public safety, defense, and critical infrastructure markets. Wrap's BolaWrap® 150 solution leads in pre-escalation intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption that leverages sight, sound and sensation to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap 150 is not pain-based compliance. It does not shoot, strike, shock, or incapacitate, instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap's commitment to public safety through cutting-edge technology and expert training.

**Wrap Reality™ VR is a fully immersive training simulator to enhance decision-making under pressure.**

As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ is intended to equip officers with the skills and confidence to navigate high-stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve.

**WrapVision is an all-new body-worn camera and evidence management system built for efficiency.**

Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video picture quality and field of view.

**Trademark Information**

Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

**Cautionary Note on Forward-Looking Statements – Safe Harbor Statement**

This release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "anticipate," "should", "believe", "target", "project", "goals", "estimate", "potential", "predict", "may", "will", "could", "intend", and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

**Investor Relations Contact:**

(800) 583-2652

ir@wrap.com