Document:

Exhibit 4.5

Exhibit 4.5

Consulting Services Agreement

 

 

[Applied Digital Solutions, Inc. Letterhead]

December 24, 2002

Ovations International

Attention: Mr. Matthew Cossolotto

3481 Wildwood Street

Yorktown Heights, NY 10598

Dear Matthew:

 

This letter will confirm our understanding as follows:

	
1.  
	You shall provide all media relations services and all public relations services required by Applied Digital Solutions, Inc. (“ADS”). Such work shall be for ADS, or at ADS’s direction, for subsidiaries of ADS (including, at times, Digital Angel Corporation). ADS acknowledges that Ovations will have other clients for which you will be required to devote a portion of your time. You agree to perform the work for ADS to the best of your ability.

	
2.  
	
ADS shall pay you $8,000 per month for your services, beginning with January 2003. Payment is due on the first of each month. ADS will also reimburse you for your actual out-of-pocket expenses directly related to your representation of ADS (such as travel for ADS, cost of telephone calls made for ADS or FedEx costs related to ADS work), which reimbursement shall be conditioned upon receipt by ADS of proper documentation therefor. Out-of-pocket expenses shall not include any fixed expenses of maintaining your business (such as rent or internet access) even if ADS is your only client during that month.

	
3.  
	
This Agreement shall continue through August 31, 2003, unless terminated sooner. If either party shall breach this Agreement, the other party may terminate this Agreement on 30 days’ written notice.

	
4.  
	No later than February 2003, ADS shall grant you an option to acquire 100,000(1) shares of common stock of ADS with an exercise price equal to the 

(1) 10,000 after reverse stock split effective April 5, 2004.

	 
	 	 	 
	

	 

  

		then market price of such shares. Such option shall vest upon grant and shall remain exercisable for a period of seven years from the date of grant.

	5.	No later than February 15, 2003, ADS shall cause VeriChip Corporation to grant you an option to acquire 25,000 shares of common stock of VeriChip Corporation with an exercise price equal to the then fair value of a share of common stock of VeriChip Corporation. Such option shall vest one year after grant and shall remain exercisable for a period of eight years from the date of grant.

	6.	
Digital Angel Corporation shall grant you an option to acquire 25,000 shares of common stock of Digital Angel Corporation with an exercise price equal to the then market value of a share of common stock of Digital Angel Corporation as of today’s closing stock price ($2.30 per share). Such option shall vest upon grant and shall remain exercisable for a period of seven years from the date of grant.

	7.	
Any reference to number of shares of common stock (or options to acquire common stock) contained in agreement letter shall be automatically adjusted for any stock split, reverse stock split, stock swap, stock exchange, or like transaction, that occurs prior to the grant provided in this agreement.

	8.	You represent as follows:

	 	a.	
The various options to be received by you hereunder will be acquired for your own account, not as nominee or agent, for investment purposes and not with a view to, or for offer or sale in connection with directly or indirectly, any distribution in violation of the Securities Act of 1933, as amended or any other applicable securities law (the “Securities Act”) and with no intention of participating in the formulation, determination of direction of the basic business decisions of ADS.

	 	b.	You are not a registered broker dealer or engaged in the business of being a broker dealer.

	 	c.	
You acknowledge (i) that you can bear the economic risk and complete loss of value in the options and have such knowledge and experience in financial or business matters that you are capable of evaluating the merits and risks of the investment contemplated hereby, and (ii) that there may be material adverse nonpublic information regarding ADS that could affect the value of the options.

	 	d.	
You also acknowledge that you have had access to such financial and other information concerning ADS as you deem necessary in order to make a decision to acquire the options, including an opportunity to ask questions of and receive information from management of ADS.

	 	e.	You are an accredited investor as defined in Rule 501(a) of Regulation

	 
	 	 	 
	

	 

           

	 	 	D, as amended, under the Securities Act. 

		f. 	Except as provided in the letter agreement dated as of yesterday, no amounts are owing by ADS or its affiliates for past services

If this agreement accurately sets forth our understanding, please sign this letter and the enclosed copies, send one of them to Digital Angel Corporation (c/o James Santelli) and one of them to ADS (c/o Michael Krawitz). Upon receipt by Digital Angel Corporation and ADS, the Agreement will become binding.

	 	
Very truly yours,

	 	 
	 	
APPLIED DIGITAL SOLUTIONS, INC.

	 	 
	 	 
	 	
By: /s/ Scott Silverman                           

	 	
Name: Scott Silverman

	 	
Title:

Agreed and accepted:

OVATIONS INTERNATIONAL

By: /s/ Matthew Cossolotto 

Matthew Cossolotto

President

	 	
AGREED AS TO PARAGRAPH 6 ONLY:

	 	 
	 	
DIGITAL ANGEL CORPORATION

	 	 
	 	 
	 	
By:       /s/ James P. Santelli                            

	 	
Name: James P. Santelli

	 	
Title: SecretaryExhibit 4.6

Exhibit 4.6

 

 

NON-QUALIFIED STOCK OPTION AWARD

APPLIED DIGITAL SOLUTIONS, INC.

 

RESTATED TO REFLECT THE REVERSE STOCK SPLIT AS OF APRIL 5, 2004

 

Name of Option Recipient: J. Michael Norris   

 

 

On January 12, 2004, the Company awarded you a stock option. You were granted an option to buy 2,500 Shares of the Common Stock at the price of $4.50 per share on or after the dates shown in the following schedule:

 

	 	 	 	
Number of Shares for Which

	 	 	
Date
	
Option is First Exercisable

	 	 	
January 12, 2005
	
                   833

	 	 	
January 12, 2006 
	
                   833

	 	 	
January 12, 2007 
	
                   834

 

and no later than January 12, 2012 (the “Option Expiration Date”). 

 

IMPORTANT: By signing below, you agree to be bound by, and acknowledge receipt of, the attached Terms and Conditions of this Non-Qualified Stock Option Award. Furthermore, although this option is not being awarded to you pursuant to the Applied Digital Solutions, Inc., 2003 Flexible Stock Plan (the “Plan”), the rules and terms of the Plan shall be incorporated herein and apply to your option as if it were being granted under the Plan (except to the extent the Plan conflicts with this letter, in which case, this letter shall govern). 

 

APPLIED DIGITAL SOLUTIONS, INC.

 

/s/ Kay E. Langsford-Loveland 

Kay E. Langsford-Loveland 

Vice President, Administration

 

 

Read and agreed to this 

 

3 day of June, 2004.

 

/s/ J. Michael Norris

J. Michael NorrisExhibit 4.7

Exhibit 4.7

 

NON-QUALIFIED STOCK OPTION AWARD

APPLIED DIGITAL SOLUTIONS, INC.

 

RESTATED TO REFLECT THE REVERSE STOCK SPLIT AS OF APRIL 5, 2004

 

Name of Option Recipient: J. Michael Norris

On January 12, 2004, the Company awarded you a stock option. You were granted an option to buy 22,500 Shares of the Common Stock at the price of $4.50 per share on or after January 12, 2006, and on or before January 12, 2013 (the "Option Expiration Date"). 

IMPORTANT: By signing below, you agree to be bound by, and acknowledge receipt of, the attached Terms and Conditions of this Non-Qualified Stock Option Award. Furthermore, although this option is not being awarded to you pursuant to the Applied Digital Solutions, Inc., 2003 Flexible Stock Plan (the “Plan”), the rules and terms of the Plan shall be incorporated herein and apply to your option as if it were being granted under the Plan (except to the extent the Plan conflicts with this letter, in which case, this letter shall govern).

  

                                    APPLIED DIGITAL SOLUTIONS, INC.

 

                                    /s/ Kay E. Langsford-Loveland

                                    Kay E. Langsford-Loveland 

                                    Vice President, Administration

 

Read and agreed to this 

3 day of June, 2004

/s/ J. Michael Norris

J. Michael NorrisEXHIBIT 10.1
                                                                    ------------

                          BOSTON SCIENTIFIC CORPORATION

                          [_] LONG-TERM INCENTIVE PLAN

                      NON-QUALIFIED STOCK OPTION AGREEMENT

                                      DATE

                                  PREPARED FOR:

                                 EMPLOYEE'S NAME

<PAGE>

This Agreement is entered into by and between Boston Scientific Corporation (the
"Corporation") and the person whose name appears on the signature page hereof
(the "Optionee") effective as of the ____ day of __________, 200[_]. This
Agreement is made pursuant to the Boston Scientific Corporation [_] Long-Term
Incentive Plan (the "Plan"), which is administered by the Committee.

Capitalized terms not defined in this Agreement have the same meanings specified
in the Plan.

I.       GRANT OF OPTION

The Corporation hereby grants to the Optionee a Non-Qualified Stock Option (the
"Option") to purchase that number of shares of common stock of the Corporation
set forth on the signature page hereof (the "Option Shares") at the price set
forth on the signature page hereof (the "Exercise Price").

II.      TERM AND VESTING OF OPTION

Except as otherwise provided in Section IV, the Option shall have a term of ten
(10) years from ___________, 200[ ] until ___________, 20[_] and shall vest in
accordance with the vesting schedule set forth on the signature page hereof.

III.     EXERCISE OF OPTION

While this Option remains exercisable, the Optionee may exercise a vested
portion of the Option by delivering to the Corporation or its designee in the
form and at the location specified by the Corporation, notice stating the
Optionee's intent to exercise a specified number of shares subject to the Option
and payment of the full Exercise Price for the specified number of shares. The
payment for the full Exercise Price for the shares exercised must be made in (i)
cash, (ii) by certified check or bank draft payable in U.S. dollars ($US) to the
order of the Corporation, (iii) in whole or in part in Common Stock of the
Corporation owned by the Optionee, valued at Fair Market Value or (iv) if
available to the Optionee, by "cashless exercise", by the Optionee delivering to
his/her securities broker instructions to sell a sufficient number of shares of
Common Stock to cover the Exercise Price, applicable tax obligations and the
brokerage fees and expenses associated therewith.

Shares of Common Stock of the Corporation used for payment, in whole or part, of
the Exercise Price must have been owned by the Optionee, free and clear of all
liens or encumbrances for a period of at least six (6) months prior to the
exercise date. In addition, the Committee may impose such other or different
requirements as it may deem necessary to avoid charges to earnings of the
Corporation.

The exercise date for the Optionee's exercise of all or a specified portion of
the Option pursuant to this Section III will be deemed to be the date on which
the Corporation receives the irrevocable commitment from the Optionee to
exercise the Option Shares in the form of notice of exercise

                                       2
<PAGE>

specified by the Corporation, subject to Optionee's payment in full of the
Option Shares to be exercised. Notice of exercise of all portions of the Option
being exercised along with payment in full of the Exercise Price for such
portion must be received by the Corporation or its designee on or prior to the
last day of the Option term, as set forth in Section II above, except as
provided in Section IV below.

Upon the Corporation's determination that there has been a valid exercise of the
Option, the Corporation shall issue certificates in accordance with the terms of
this Agreement, or cause the Corporation's transfer agent to make the necessary
book entries, for the shares subject to the exercised portion of the Option.
However, the Corporation shall not be liable to the Optionee, the Optionee's
personal representative, or the Optionee's successor(s)-in-interest for damages
relating to any delays in issuing the certificates or in making book entries,
any loss of the certificates, or any mistakes or errors in the issuance of the
certificates or in making book entries, or in the certificates themselves.

IV.      TERMINATION OF EMPLOYMENT

Upon the Optionee's termination of employment for reasons of Retirement, death
or Disability, all remaining unexercised portion(s) of the Option shall
immediately vest and become exercisable by the Optionee or the Optionee's
appointed representative, as the case may be, until the expiration of term of
the Option, or such other term as the Committee may determine at or after grant,
provided that such exercise period does not extend beyond the original term of
the Option and no portion of the Option shall become vested earlier than six (6)
months from the date of grant.

Upon termination of the Optionee's employment for reasons other than for Cause
or those set forth above, the Optionee shall have the shorter of (i) twelve (12)
months from the date of termination or (ii) the remaining term of the Option, to
exercise all vested, unexercised portion(s) of the Option. Upon termination of
the Optionee's employment for reasons other than for Cause, all non-vested
unexercised portions of the Option shall lapse; provided that the Committee, in
its sole discretion, may extend the exercise period and/or accelerate vesting of
unvested portions of the Option provided that such exercise period does not
extend beyond the original term of the Option and no portion of the Option shall
become vested earlier than six (6) months from the date of grant.

At the time the Optionee is informed of termination of the Optionee's employment
for Cause, all unexercised portions of the Option shall lapse and be forfeited.

The Option, to the extent unexercised on the date following the end of any
period described above or the Option term set forth above in Section II, shall
thereupon lapse and be forfeited.

Any permitted transferee (pursuant to Section VIII below) of the Optionee shall
receive the rights herein granted subject to the terms and conditions of this
Agreement. No transfer of this Option shall be approved and effected by the
Corporation unless (i) the Corporation shall have been timely furnished with
written notice of such transfer and any copies of such notice as the Committee
may deem, in its sole discretion, necessary to establish the validity of the
transfer; (ii) the transferee or

                                       3
<PAGE>

transferees shall have agreed in writing to be bound by the terms and conditions
of this Agreement; and (iii) such transfer complies with applicable laws and
regulations.

V.       NO RIGHTS TO CONTINUED EMPLOYMENT

The Option grant made under the Plan and this Agreement shall not confer on the
Optionee any right to continue serving as an employee of the Corporation and
this Agreement shall not be construed in any way to limit the Corporation's
right to terminate or change the terms of the Optionee's employment.

VI.      CHANGE IN CONTROL

All unvested portions of the Option shall vest in the event of a Change in
Control (as defined in the Plan), immediately prior to the effective date of the
Change in Control and in the case of a Covered Transaction (as defined in the
Plan), at least ten (10) days prior to the effective date of a Covered
Transaction. This Option shall terminate immediately prior to the Covered
Transaction unless the Committee provides, at its discretion, for the
substitution or assumption of the Option, by conversion into an option to
acquire securities of equivalent kind and value of the surviving entity as of
the effective date of the Covered Transaction.

VII.     LEGEND ON CERTIFICATE

The certificates representing the shares received by the Optionee pursuant to
the exercise of the Option may be stamped or otherwise imprinted with a legend
in such form as the Corporation or its counsel may require with respect to any
applicable restrictions on sale or transfer and the stock transfer records of
the Corporation may reflect stop-transfer instructions with respect to such
shares.

VIII.    TRANSFERABILITY

Except as required by law, the Option granted under this Agreement is not
transferable and shall not be sold, transferred, assigned, pledged, gifted,
hypothecated or otherwise disposed of by the Optionee other than by will or the
laws of descent and distribution or without payment of consideration to Family
Members of the Optionee or to trusts or other entities for the benefit of
immediate family members of the Optionee. During the Optionee's lifetime, the
Option is exercisable only by the Optionee, except as provided in Section IV
above.

                                       4
<PAGE>

IX.      SATISFACTION OF TAX OBLIGATIONS

The Optionee agrees to make appropriate arrangements with the Corporation for
satisfaction of any applicable federal, state or local income tax, withholding
requirements or like requirements, including the payment to the Corporation at
the time of exercise of the Option of all such taxes and requirements.

X.       SECURITIES LAWS

Upon the acquisition of any shares pursuant to the exercise of the Option,
Optionee will make or enter into such written representations, warranties and
agreements as the Corporation may reasonably request in order to comply with
applicable securities laws, or with the Plan.

XI.      LEGAL NOTICES

Any legal notice necessary under this Agreement shall be addressed to the
Corporation in care of its Secretary at the principal executive office of the
Corporation and to the Optionee at the address appearing in the personnel
records of the Corporation for such Optionee or to either party at such other
address as either party may designate in writing to the other. Any such notice
shall be deemed effective upon receipt thereof by the addressee.

XII.     CHOICE OF LAW

The interpretation, performance and enforcement of this Agreement shall be
governed by the laws of The Commonwealth of Massachusetts (without regard to the
conflicts of laws principles) and applicable federal laws.

XIII.    CONFLICTS

The Option granted by this Agreement is subject to the Plan. The terms and
provisions of the Plan as it may be amended from time to time are hereby
incorporated herein by reference. This Agreement contains terms and provisions
established by the Committee specifically for the grant described herein. Unless
the Committee has been authorized under the Plan to establish specific terms of
an option grant, the terms of the Plan shall govern. The Committee retains the
right to alter or modify the Option granted under this Agreement as the
Committee may determine as in the best interests of the Company.

                                       5
<PAGE>

XIV.     HEADINGS

The headings contained in this Agreement are for convenience only and shall not
affect the meaning or interpretation of this Agreement.

XV.      COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which together shall be deemed to
be one and the same instrument.

                  [remainder of page left intentionally blank]

                                       6
<PAGE>

IN WITNESS WHEREOF, the Corporation, by its duly authorized officer, and the
Optionee have executed and delivered to the Agreement effective as of the date
and year first above written.

Option Shares:  # of Shares

Exercise Price:   FMV (Date of Grant)

Vesting Schedule:

           Percent of Option           Shares Vesting              Date Vested
           -----------------           --------------              -----------
                 33 1/3%                                           ____________
                 33 1/3%                                           ____________
                 33 1/3%                                           ____________

                                              OPTIONEE

                                              Signature:
                                                        -----------------------
                                              Name:     Employee Name

                                              BOSTON SCIENTIFIC CORPORATION

                                              [Authorized Officer]

                                       7

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