Item 1.01 Entry into a Material Definitive Agreement.

On October 10, 2022, Veritec, Inc. ("Company") entered into a License and Distributor Agreement ("License Agreement") with Nugen Universe, LLC ("NU"). The License Agreement is for a period August 10, 2022 (effective date) through August 31, 2027, and grants NU a Worldwide license and distribution for the Company's blinxPay Close-Loop Virtual Wallet and blinxPay Open-Loop Visa Debit and all hardware products of the Company.

NU shall pay the the Company a one-time license payment of $1,000,000 for the right to market the Company's products noted above, of which $200,000 was received by the Company. The remaining balance of $800,000 is scheduled to be paid as outlined in the License Agreement. In addition to the one-time license payment, EU agrees to pay a minimum monthly support fee plus 5% royalty from all sales of products noted above.

The foregoing descriptions of the License Agreement do not purport to be complete and are qualified by reference to the full text of such agreements, which are attached to this Current Report on Form 8-K as Exhibits 10.1 and is incorporated herein by reference.

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