Document:

Exhibit 10.3

 

LOCK-UP AGREEMENT

 

April 12, 2022

 

 

		Re:	Securities Purchase Agreement, dated as of April 12, 2022, between VerifyMe, Inc., a Nevada corporation
(the “Company”) and the purchasers signatory thereto (the “Purchasers”)

 

Ladies and Gentlemen:

 

Defined terms not
otherwise defined in this letter agreement (the “Letter Agreement”) shall have the meanings set forth in the Securities
Purchase Agreement (the “Purchase Agreement”), dated as of April 12, 2022. Pursuant to Section 2.2(a) of the Purchase
Agreement and in satisfaction of a condition of the Company’s obligations under the Purchase Agreement, the undersigned irrevocably
agrees with the Company that, from the date hereof until ninety (90) after the date of the Purchase Agreement (such period, the “Restricted
Period”), the undersigned will not offer, sell, contract to sell, lend, hypothecate, pledge or otherwise dispose of (or enter
into any transaction which is designed to, or might reasonably be expected to, result in the disposition, whether by actual disposition
or effective economic disposition due to cash settlement or otherwise, by the undersigned), directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), with respect to, any shares of Common Stock of the Company or securities
convertible, exchangeable or exercisable into, shares of Common Stock of the Company beneficially owned, held or hereafter acquired by
the undersigned (the “Securities”). Beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act. The undersigned hereby authorizes the Company during the Restricted Period to cause any transfer agent for the Securities
to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, Securities for which
the undersigned is the records owner and the transfer of which would be a violation of the Letter Agreement.

 

Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may transfer the Securities provided that (i) the Company receives
a signed lock-up letter agreement (in the form of this Letter Agreement) for the balance of the Restricted Period from each donee, trustee,
distributee, or transferee, as the case may be, prior to such transfer (ii) any such transfer shall not involve a disposition for
value, (iii) such transfer is not required to be reported with the Securities and Exchange Commission in accordance with the Exchange
Act and no report of such transfer shall be made voluntarily, and (iv) neither the undersigned nor any donee, trustee, distributee
or transferee, as the case may be, otherwise voluntarily effects any public filing or report regarding such transfers, with respect to
transfer:

 

	 	i)	as a bona fide gift or gifts;

 

	 	ii)	
    to any immediate family
member or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes
of this Letter Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote
than first cousin); 

     

    	 	 	 

    	 

    

 

	 	iii)	to any corporation, partnership, limited liability company, or other business entity, all of the equity holders of which consist of the undersigned and/or the immediate family of the undersigned;

 

	 	iv)	if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (a) to another corporation, partnership, limited liability company, trust or other business entity that is an Affiliate of the undersigned or (b) in the form of a distribution to limited partners, limited liability company members or stockholders of the undersigned;

 

	 	v)	if the undersigned is a trust, to the beneficiary of such trust;

 

	 	vi)	by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the undersigned; 

 

	 	vii)	
    by operation of law, such
as pursuant to a qualified domestic order or in connection with a divorce settlement; or 

 

	 	vii)	 of securities purchased in open market transactions after the Closing Date.

 

In addition, notwithstanding
the foregoing, this Letter Agreement shall not restrict the delivery of shares of Common Stock to the undersigned upon (i) exercise any
options granted under any employee benefit plan of the Company (including a cashless exercise or broker-assisted exercise and payment
of tax obligations); provided that any shares of Common Stock or Securities acquired in connection with any such exercise will be subject
to the restrictions set forth in this Letter Agreement, or (ii) the exercise of warrants; provided that such shares of Common Stock delivered
to the undersigned in connection with such exercise are subject to the restrictions set forth in this Letter Agreement.

 

Furthermore, the
undersigned may enter into any new plan established in compliance with Rule 10b5-1 of the Exchange Act; provided that (i) such plan may
only be established if no public announcement or filing with the Securities and Exchange Commission, or other applicable regulatory authority,
is made (or required to be made) in connection with the establishment of such plan during the Restricted Period, and (ii) no sale of shares
of Common Stock are made pursuant to such plan during the Restricted Period.

 

The undersigned
acknowledges that the execution, delivery and performance of this Letter Agreement is a material inducement to the Purchaser to complete
the transactions contemplated by the Purchase Agreement and the Company shall be entitled to specific performance of the undersigned’s
obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform
this Letter Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit
from the closing of the transactions contemplated by the Purchase Agreement.

 

    		2	

    	 

    

 

This Letter Agreement may
not be amended or otherwise modified in any respect without the written consent of each of the Company and the undersigned. This Letter
Agreement shall be construed and enforced in accordance with the laws of the State of New York without regard to the principles of conflict
of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting in the Southern
District of New York and the courts of the State of New York located in Manhattan, for the purposes of any suit, action or proceeding
arising out of or relating to this Letter Agreement, and hereby waives, and agrees not to assert in any such suit, action or proceeding,
any claim that (i) it is not personally subject to the jurisdiction of such court, (ii) the suit, action or proceeding is brought in an
inconvenient forum, or (iii) the venue of the suit, action or proceeding is improper. The undersigned hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by receiving a copy thereof sent to the
Company at the address in effect for notices to it under the Purchase Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. The undersigned hereby waives any right to a trial by jury. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. The undersigned agrees and understands
that this Letter Agreement does not intend to create any relationship between the undersigned and the Purchaser, but that the Purchaser
is a third-party beneficiary of this Letter Agreement.

 

This Letter Agreement shall
be binding on successors and assigns of the undersigned with respect to the Securities and any such successor or assign shall enter into
a similar agreement for the benefit of the Purchaser.

 

    		3	

    	 

    

 

*** SIGNATURE PAGE FOLLOWS***

 

 

 

This Letter Agreement may
be executed in two or more counterparts, all of which when taken together may be considered one and the same agreement.

 

 

	 	 
	Signature	 
	 	 
	 	 
	Print Name	 
	 	 
	 	 
	Position in Company, if any	 
	 	 
	 	 
	Address for Notice:	 
	 	 
	 	 
	 	 
	 	 

 

 

4EXHIBIT
10.1

 CLAIM
PURCHASE AGREEMENT  

 

 

This
Claim Purchase Agreement (this “Agreement”) is entered into effective as of April __, 2022 (the “Effective
Date”), by and between GBT Tokenize Corp., a Nevada Corporation (the “Purchaser”) and the Creditor identified
below (the “Creditor”). The Purchaser and the Creditor (each, a “Party”; and, together, the “Parties”)
agree as follows with respect to the outstanding debt owed to Creditor by the Company named below (“Company”):

 

Company
Name:   GTX CORP.

 

Creditor
Name:

 

Claim
Amount:     $

 

Purchase
Price:     $ 1

 

The
Claim Amount and Purchase Price set forth above are good thru the Effective Date, and consists of all amounts payable from Company to
Creditor, which amounts include outstanding principal, accrued and unpaid interest, other charges and fees owing by the Company to Creditor,
including legal fees, and obligations relating to shares of the Company’s common stock held by or owing to the Creditor. Documentation
of Claim (complete copies of all documentation attached):

 

		☒	Written
                                            Contract(s) / Promissory Notes attached as Exhibit A

 

	 	i.	MANAGEMENT
CONVERTIBLE PROMISSORY NOTE issued by GTX CORP, with an issuance date of September 30, 2016, in the original face amount of $ , with
a current outstanding balance of $  of principal plus accrued and unpaid interest; and

  

1.             Purchase
and Sale. Purchaser hereby purchases from Creditor, and Creditor hereby sells, transfers, conveys, and assigns to Purchaser, for
the consideration set forth herein, all right, title, and interest of Creditor in and to one or more claims of Creditor against Company
described herein and attached hereto (the “Claim”). Creditor hereby sells, transfers, and assigns all right, title,
and interest of Creditor in the Claim to Purchaser. Creditor confirms that Company has no other obligations to Global TechLink Consultants,
Inc. pursuant to the attached Convertible Promissory Note, other than those that are being sold to Purchaser pursuant to this Agreement.

 

2.            
Intentionally omitted.

 

3.            Payment
of Purchase Price. Purchaser shall tender the sum of $15,000.00 (which represents the Purchase Price for the Claim) to Creditor as
of the Effective Date.

 

4.            Cooperation.
Creditor will furnish Purchaser with all reasonably requested documentation and evidence supporting the Claim, and reasonably cooperate
in providing any other information in Creditor’s possession and taking any other reasonable and lawful action that Purchaser deems
reasonably necessary or appropriate to obtain the Approval.

 

1
GTX CORP tendered $ to as of the date hereof, which consisted of (x) $ in unpaid principal (note 1 Listed above) and (y) $0.00
in accrued but unpaid interest through the date hereof (which remains owing by the Company to GBT Tokenize Corp. under the Convertible
Promissory Note of the Company initially in favor of , which Promissory Note is amended and restated in favor of GBT Tokenize Corp. as
of the date hereof).

  

    	1

    	 

    

 

5.            
Intentionally omitted.

 

6.            Representations,
Warranties and Covenants. Creditor hereby represents, warrants, and covenants to Purchaser as follows:

 

(a)  (i)
The Claim is a bona fide outstanding claim against Company, and is an enforceable obligation arising in the ordinary course of business,
for money lent to Company by Creditor in good faith.

 

(ii)
The Claim is secured by any security interest in any property of the Company or an affiliate of the Company or by a guarantee of the
Company or of an affiliate of The Company.

 

(b)
 Creditor did not enter into the transaction giving rise to the Claim in contemplation of any sale or distribution of Company’s
common stock or other securities.

 

(c)  The
Claim Amount is the full amount due to Creditor (through the good thru date shown above) with respect to the Claim, net of any applicable
discounts, allowances or other deductions to which Company is lawfully entitled. Any documents provided by the Creditor to the Company
with respect to the Claim, if any, are true, correct, and complete copies of such documents.

 

(d)  The
Claim is not reasonably subject to dispute and Company is unconditionally obligated to pay the full Claim Amount without defense, counterclaim,
or offset.

 

(e)  Creditor
is the sole owner of the Claim, free and clear of all liens, encumbrances, and rights of third parties. Creditor has not previously sold,
transferred, encumbered, or released any part of the Claim.

 

(f)   There
has been no modification, compromise, forbearance, or waiver (written or oral) entered into or given by Creditor with respect to the
Claim. There is no action commenced by Creditor and based on the Claim that is currently pending in any court or other legal venue, and
no judgments based upon the Claim have been previously entered in favor of Creditor in any legal proceeding.

 

(g) Creditor
has all necessary power and authority to (i) execute, deliver and perform all of its obligations under this Agreement and (ii) sell,
convey, transfer, and assign the Claim to Purchaser. Creditor has such knowledge and experience in business and financial matters that
it is able to protect its own interests and evaluate the risks and benefits of entering into this Agreement. Creditor acknowledges and
agrees that it has had an opportunity to conduct its own due diligence and consult with its own legal counsel, and tax, financial, and
other advisors, and that Creditor is not relying in that regard on Purchaser. Creditor acknowledges that except as specifically set forth
herein, Purchaser is not making any representations or warranties whatsoever, including, without limitation, about the Company.

 

(h)  The
execution, delivery, and performance of this Agreement by Creditor have been duly authorized by all requisite action on the part of Creditor.
This Agreement has been duly executed and delivered by Creditor.

 

(i)   Creditor
is not and within the past ninety (90) days has not been directly or indirectly through one or more intermediaries in control, controlled
by, or under common control with, the Company and is not an affiliate of the Company as defined in Rule 144 promulgated under the Securities
Act of 1933, as amended.

 

    	2

    	 

    

  

(j)   To
the best of Creditor’s knowledge, the execution and delivery of this Agreement by Creditor and the performance of all of its obligations
hereunder (i) do not and will not violate, conflict with, breach, or constitute a default under, any material contract, agreement or
commitment binding upon such Creditor, and (ii) do not and will not conflict with or violate any applicable law, rule, regulation, judgment,
order or decree of any court or other government authority having jurisdiction over such Creditor or the Claim.

 

(k)  There
is no action, suit, inquiry, notice of violation, proceeding, or investigation pending or, to the knowledge of Creditor, threatened against
or affecting Creditor or any of its assets before or by any court, arbitrator, governmental or administrative agency, or regulatory authority
that adversely affects or challenges the legality, validity or enforceability of the Claim or this Agreement, or that could have or reasonably
be expected to result in a material adverse effect on this Agreement.

 

(l)   Creditor
has no present intention to utilize any of the proceeds to be received from Purchaser to directly or indirectly, provide any consideration
to or invest in any manner in the Company or any affiliate of the Company.

 

(m) Creditor
will not, directly or indirectly, receive any consideration from or be compensated in any manner by the Company, or any affiliate of
the Company, in exchange for or in consideration for selling the Claim.

 

(n) Creditor
will immediately advise Purchaser if any of the foregoing cease to be fully true and accurate at any time up to and including the Approval
Date.

 

7.            Representations
and Warranties of Purchaser.Purchaser hereby represents and warrants to Creditor as follows:

 

(a)  Purchaser
has all necessary power and authority to (i) execute, deliver and perform all of its obligations under this Agreement, and (ii) purchase
and accept the Claim from Creditor. Purchaser has such knowledge and experience in business and financial matters that it is able to
protect its own interests and evaluate the risks and benefits of entering into this Agreement. Purchaser acknowledges and agrees that
it has had an opportunity to conduct its own due diligence and consult with its own legal counsel, and tax, financial and other advisors,
and that Purchaser is not relying in that regard on Creditor. Purchaser acknowledges that except as specifically set forth herein, Creditor
is not making any representations or warranties whatsoever, including, without limitation, about the Company.

 

(b)  The
execution, delivery, and performance of this Agreement by Purchaser has been duly authorized by all requisite action on the part of Purchaser.
This Agreement has been duly executed and delivered by Purchaser.

 

8.            Fees
and Expenses. Except for fees that may be included in the Purchase Price, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. Creditor understands that Purchaser shall not be liable for any commissions, selling
expenses, orders, purchases, contracts, taxes, withholding, or obligations of any kind resulting from any or arising out of settlement
of the Claim.

 

    	3

    	 

    

 

9.            Choice
of Law. This Agreement shall be governed by and construed according to the laws of the State of California, without giving effect
to its choice of law principles.

 

10.          Limitation
of Damages. Each of the Parties hereby waives any right which it may have to claim or recover any incidental, special, exemplary,
punitive, or consequential damages, or any damages other than, or in addition to, actual damages.

 

11.          Notices.
All notices and other communications shall be in writing and shall be provided to the recipient Party to the addresses set forth on the
signature page hereof. All notices and communications shall be deemed made and effective as follows: (a) if transmitted for overnight
delivery via a nationally recognized delivery service, the first business day after being delivered by the transmitting Party to such
overnight delivery service, (b) if faxed, when transmitted in legible form by facsimile machine to the recipient Party’s correct
facsimile machine number, (c) if by e-mail, when transmitted by e-mail, or (d) if mailed via regular U.S. mail, upon delivery. Any Party
may designate a superseding notice contact name, street address, e-mail address or fax number by providing the other Parties with written
notice pursuant to the provisions hereof.

 

12.           Amendments
and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment,
by the Parties, or, in the case of a waiver, by the Party against whom enforcement of such waiver is sought. No waiver of any default
shall be deemed to be a continuing or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

 

13.          Construction
Survival. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit
or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the Parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

14.           No
Third Party Beneficiaries. This Agreement is intended for the benefit of Creditor and Purchaser and their respective successors and
permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by any other person.

 

15.          Entire
Agreement. This Agreement, together with the exhibits hereto, contains the entire agreement and understanding of the Parties, and
supersedes all prior and contemporaneous agreements, letters, discussions, communications and understandings, both oral and written,
concerning the sale, transfer, conveyance and assignment of the Claim, which the Parties acknowledge have been merged into this Agreement.

 

16.          Signature.
This Agreement may be executed in counterparts and by facsimile, portable document format or other electronic means, each of which shall
constitute an original and all of which when taken together shall constitute one document.

 

17.          “AS
IS” Nature of Transaction. Except for the express representations and warranties made by Creditor in this Agreement, the sale,
conveyance, and assignment of the Claim is made AS IS, WHERE IS and WITH ALL FAULTS, and subject to no other representations or warranties
of any nature or kind, express or implied, including, without limitation, any warranties of merchantability or warranties that the Claim
is fit for a particular purpose. Neither party has relied upon, and there have been no, promises, understandings or agreements made by
the other party, or any agent or representative of such party, with respect to the Claim, the Company, or any other matter, except as
expressly set forth herein. Notwithstanding anything contained in this Agreement to the contrary, the Claim shall not be deemed sold,
transferred, assigned, or conveyed to Purchaser unless and until Creditor receives the Purchase Price, and until Creditor receives the
full amount of the Purchase Price hereunder, nothing contained herein shall be deemed or construed as a waiver by Creditor of any defaults,
or any of its rights or remedies under the documents underlying the Claim, nor be deemed or construed as an amendment or modification
of any of the documents underlying the Claim.

 

    4 

     

    

 

 IN
WITNESS WHEREOF, the parties hereto have caused this Claim Purchase Agreement to be duty executed, to be effective as of the Effective
Date set forth above.

 

CREDITOR:

 

	By:
    	 	 
	 	 	 
	Address:	 

 

    5 

     

    

 

	PURCHASER:	 
	GBT
    Tokenize Corp.	 
	 	 
	By:	 	 
	 	Michael
    Murray, Director and CEO 

    2450 Colorado Avenue, Suite 100E 

    Santa Monica, CA 90404	 

  

    6 

     

    

 

Exhibit
A

Written
Contract(s) / Promissory Notes

 

7

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