Wrap Technologies, Inc. has amended and restated the employment agreements for its Chief Executive Officer Scot Cohen and President and Chief Operating Officer Jared Novick. The agreements, approved by the Compensation Committee on September 2, 2026, replace the previous contracts dated October 12, 2023, and January 14, 2024, for Cohen, and December 26, 2023, for Novick.
Both executives are set to receive an annualized base salary of $200,000. The employment terms include an initial two-year term with automatic renewal for successive 12-month periods. Either party may terminate the agreement with 90 days' written notice prior to the end of a term.
The agreements outline severance benefits in the event of termination without cause or resignation for good reason. If the Company terminates Mr. Cohen or Mr. Novick without cause, or if they resign for good reason, they are entitled to 12 months of base salary, any earned but unpaid annual bonus, and reimbursement of COBRA premiums for up to 12 months. The agreements also include standard confidentiality, non-competition, non-solicitation, and intellectual property assignment covenants, including a 12-month post-termination non-competition period.
In addition to salary, the executives were granted performance restricted stock awards. Scot Cohen received 4,000,000 shares, while Jared Novick received 2,000,000 shares. These awards are subject to the Company’s market capitalization thresholds as reported by Bloomberg L.P., with vesting occurring over four tiers based on specific capitalization levels.
Separately, the Company amended non-statutory stock option agreements for both executives. The amendments extended the post-termination exercise period for options held by Mr. Cohen and Mr. Novick from three months to 24 months following the termination of employment or continuous service, other than for cause, death, or disability.
