Document:

Second Amendment to Commercial Loan Agreement

 Exhibit 10.44 
 SECOND AMENDMENT TO 
 COMMERCIAL LOAN AGREEMENT 
 This SECOND AMENDMENT TO COMMERCIAL LOAN AGREEMENT, dated as of January 19, 2007 (this “Second Amendment”), is between VERICHIP
CORPORATION, a Delaware corporation (the “Borrower”), and APPLIED DIGITAL SOLUTIONS, INC., a Missouri corporation (the “Lender”). 
 Recitals: 
 WHEREAS, on December 27, 2005, the Borrower and the Lender entered into a
Commercial Loan Agreement (the “Agreement”) pursuant to which Lender made a Loan to Borrower subject to the terms and conditions contained in the Agreement; 
 WHEREAS, on October 6, 2006, the Borrower and the Lender entered into a First Amendment to Commercial Loan Agreement pursuant to which Lender increased the principal amount of the Loan by Four Million Five
Hundred Thousand Dollars ($4,500,000.00) (including a change in the applicable interest rate) in order to meet the Borrower’s working capital needs, IPO costs, and cash needs in connection with Perceptis’ potential election to take its
final (deferred) payment in cash and to make certain other amendments to the Agreement contained herein; 
 WHEREAS, Borrower has requested
and Lender has agreed, subject to the terms and conditions set forth herein, to increase the principal amount of the Loan by One Million Five Hundred Dollars ($1,500,000.00) in order to meet the Borrower’s working capital needs and IPO costs;

 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 Agreement. 
  

	1.	Recitals. The foregoing recitals are true and correct and are hereby incorporated by this reference. 

  

	2.	Definitions. All capitalized terms used herein, except as modified or defined in this Second Amendment, shall have the meaning given to such terms in the Agreement.
All references to the Agreement in all documents executed by Borrower, Guarantor and/or Bank in connection with the Agreement are hereby deemed to refer to the Agreement, as hereby amended. 

  

	3.	Amendments: The following sections of the Agreement are hereby amended as follows: 

 a. Revolving Line of Credit: The amount of the Revolving Line of Credit on page 1 of the Agreement shall be amended by replacing
“$13,000,000.00” with “$14,500,000.00”. 
  

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 b. Review Date. Upon the consummation of an initial public offering of the Borrower’s common
stock pursuant to an effective registration statement filed with the Securities and Exchange Commission (an “IPO”), all references to a “Review Date” and an “Annual Review” at the top of the first page of the Agreement
shall be deleted without further need to amend the Agreement. 
 c. Termination of Revolver. Upon the consummation of an IPO, without
further need to amend the Agreement, Section I.C. of the Agreement shall be deleted and replaced with the following: “C. Termination of Revolver. Notwithstanding anything contained in this Section 1 or elsewhere to the contrary,
from and after the initial public offering of the Borrower’s common stock and the payment by Borrower of the Seven Million Dollars ($7,000,000.00) as required under the Second Amended and Restated Revolving Line of Credit Note, Borrower shall
not be entitled to reborrow any amounts hereunder and the Loans shall thereafter be considered a term loan payable in accordance with the terms of such note.” 
 c. Events of Default; Acceleration. The second sentence of Section XI of the Agreement shall be deleted and replaced with the following: “Notwithstanding anything herein or in the other Loan Documents to
the contrary, an Event of Default shall not be deemed to be occurring hereunder or under any Loan Documents during any period from (X) the date the Borrower files a registration statement with respect to an IPO until (Y) the earlier of
(i) ten days after the date such initial public offering is consummated, and (ii) the date the Borrower withdraws such registration statement (such period, the “IPO Preparation Period”); provided that the Company is diligently
pursuing an initial public offering during the IPO Preparation Period.” 
  

	4.	Conditions Precedent. This Second Amendment shall not be effective until Lender has received the following duly executed documents: 

 a. This Second Amendment; 
 b. Second Amended and Restated Revolving Line of Credit Note - Working Capital of even date herewith in the principal amount of $14,500,000.00; and 
 c. Second Amendment to Security Agreement of even date herewith. 
  

	5.	Representations and Warranties. The terms and conditions, representations and warranties, and covenants as set forth in the Agreement and all
other loan documents executed by Borrower in favor of Lender in connection with the Loan are hereby ratified and affirmed by Borrower, and Borrower hereby agrees that the said terms and conditions, and covenants are valid, true and correct as if
made on the date hereof. 

  

	6.	No Implied Modifications; Inconsistencies. Except as expressly modified hereby, all terms and provisions of the Agreement shall remain unchanged
and in full force and effect. In the event of an inconsistency between the terms of this Second Amendment and the terms of the Agreement, the terms hereof shall control. 

  

	7.	Acknowledgement. Lender acknowledges and agrees that the appointment of Scott Silverman as Borrower’s Chief Executive Officer and the
issuance of 500,000 restricted shares of Borrower’s common stock to Mr. Silverman did not violate the negative covenant contained in Section IX.C of the Loan Agreement. 

  

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	8.	Counterparts. This Second Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute but one
instrument. 

  

	9.	Governing Law. This Second Amendment shall be governed by and construed in accordance with the laws of the State of New Hampshire. 

 IN WITNESS WHEREOF, the parties hereto have by their duly authorized representatives executed this Second Amendment on the date first above written. 
  

			
	BORROWER:
	
	 VERICHIP CORPORATION, a Delaware
 corporation

		
	By:	 	 /s/ William J. Caragol

	Print Name:	 	 William J. Caragol

	Title:	 	 CFO

	
	LENDER:
	
	 APPLIED DIGITAL SOLUTIONS, INC., a
 Missouri corporation

		
	By:	 	 /s/ Evan McKeown

	Print Name:	 	 Evan McKeown

	Title:	 	 CFO

  

 3Second Amended and Restated Revoling Line of Credit Note

 Exhibit 10.45 
 SECOND AMENDED AND RESTATED 
 REVOLVING LINE OF CREDIT NOTE 
 WORKING CAPITAL 
  

			
	$14,500,000.00 U.S.	 	January 19, 2007

 FOR VALUE RECEIVED, the undersigned, VeriChip Corporation, a Delaware corporation with a principal
place of business at 1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445 (the “Borrower”), hereby promises to pay to the order of Applied Digital Solutions, Inc., a Missouri corporation located at 1690 South Congress Avenue,
Suite 200, Delray Beach, Florida 33445 (the “Lender”), at such address, or such other place or places as the holder hereof may designate in writing from time to time hereafter, the maximum principal sum of Fourteen Million Five Hundred
Thousand Dollars ($14,500,000.00), or, if less, so much thereof as may be advanced or readvanced by the Lender to the Borrower pursuant to the terms of the Loan Agreement (as hereinafter defined), together with interest as provided for herein below,
in lawful money of the United States of America. 
 Interest shall be calculated and charged daily on the basis of actual days elapsed over a
three hundred sixty (360) day banking year, on the unpaid principal balance outstanding from time to time at a fixed rate equal to twelve percent (12%) per annum (the “Interest Rate”). The Interest Rate will apply to the
outstanding amount under the Loan Agreement and this Second Amended and Restated Revolving Line of Credit Note (the “Note”) effective from and after October 6, 2006 which is the date of the Amended and Restated Revolving Line of
Credit Note in the principal amount of $13,000,000.00 from the Borrower in favor of the Lender (the “Amended and Restated Note”). For avoidance of doubt, the interest rate described in the Revolving Line of Credit Note dated
December 27, 2005 in the principal amount of $8,500,000.00 from the Borrower in favor of the Lender (the “Original Note”) applied to the outstanding amounts under the Original Note prior to the date of the Amended and Restated Note.

 The Borrower shall make the following payments with each such payment consisting of principal and interest: 
 (a) Seven Million Dollars ($7,000,000) within ten (10) days after the consummation of an initial public offering of the Borrower’s common stock
pursuant to an effective registration statement filed with the Securities and Exchange Commission (an “IPO”). 
 (b) Assuming the
consummation of the IPO described in (a) above occurs, Two Hundred Fifty Thousand Dollars ($250,000) on the first day of each month commencing in January 2008 through August 2008; 
 (b) Assuming the consummation of the IPO described in (a) above occurs, Three Hundred Fifty Thousand Dollars ($350,000) on the first day of each month
commencing in September 2008 through July 2009; and 
 (c) one final balloon payment on August 1, 2009, equal to the outstanding
principal amount then due under the Loans and the other Obligations, plus all accrued and unpaid interest and any fees or expenses outstanding. 
 Notwithstanding the above payment schedule, in the event an IPO is not consummated on or before July 1, 2008, the outstanding principal amount then due under the Loans and the other Obligations, plus all accrued and unpaid interest and any
fees or expenses outstanding, shall be due and payable on July 1, 2008, unless extended pursuant to the terms of the Loan Agreement. 
 All
payments made hereunder shall be applied first to any then unpaid, but accrued, interest and then to principal. 

 The Note is issued under, and is subject to, the Commercial Loan Agreement dated December 27, 2005,
as amended by that First Amendment to Commercial Loan Agreement dated October 6, 2006 and that Second Amendment to Commercial Loan Agreement dated January 19, 2007, between the Borrower and the Lender, as it may be amended from time to
time (the “Loan Agreement”). The holder of this Note is entitled to all of the benefits and rights of the Lender under the Loan Agreement. However, neither this reference to the Loan Agreement nor any provision thereof shall impair the
absolute and unconditional obligation of the undersigned to pay the principal and interest on this Note as herein provided. Any capitalized term used in this Note that is not otherwise expressly defined herein shall have the meaning ascribed thereto
in the Loan Agreement. 
 The holder may impose upon the undersigned a delinquency charge of $35.00 or five percent (5.00%) of the
amount of the principal and/or interest payment not paid on or before the thirtieth (30th) day after such installment is due, whichever is greater. The entire principal balance hereof, together with accrued interest, shall after maturity,
whether by demand, acceleration or otherwise, bear interest at the contract rate of this Note plus an additional three percent (3.00%) per annum. Upon default by Borrower under the terms of this Note or any other Loan Documents, interest shall
accrue at a variable rate equal to the contract rate of this Note plus three percent (3.00%). 
 The undersigned agrees to pay on demand all
reasonable out-of-pocket costs of collection hereof, including court costs, service fees, and reasonable attorney’s fees, whether or not any foreclosure or other action is instituted by the holder in its discretion. 
 The word “holder”, as used in this Note, shall mean the payee or endorsee of this Note who is in possession of it, or the bearer, if this Note
is at that time payable to the bearer. 
 The indebtedness evidenced by this Note is secured by the Loan Documents as defined in the Loan
Agreement. Any default by the undersigned under the Loan Documents shall constitute a default under this Note entitling the holder to declare the entire principal amount of the indebtedness evidenced hereby, together with all accrued interest
thereon, immediately due and payable. 
 No delay or omission on the part of the holder in exercising any right, privilege or remedy shall
impair such right, privilege or remedy or be construed as a waiver thereof or of any other right, privilege or remedy. No waiver of any right, privilege or remedy or any amendment to this Note shall be effective unless made in writing and signed by
the holder. Under no circumstances shall an effective waiver of any right, privilege or remedy on any one occasion constitute or be construed as a bar to the exercise of or a waiver of such right, privilege or remedy on any future occasion. The
acceptance by the holder hereof of any payment after any default hereunder shall not operate to extend the time of payment of any amount then remaining unpaid hereunder or constitute a waiver of any rights of the holder hereof under this Note.

 All rights and remedies of the holder, whether granted herein or otherwise, shall be cumulative and may be exercised singularly or
concurrently, and the holder shall have, in addition to all other rights and remedies, the rights and remedies of a secured party under the Uniform Commercial Code of New Hampshire. The holder shall have no duty as to the 

  

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collection or protection of the Collateral or of any income thereon, or as to the preservation of any rights pertaining thereto beyond the safe custody
thereof. Surrender of this Note, upon payment or otherwise, shall not affect the right of the holder to retain the Collateral as security for the payment and performance of any other liability of the undersigned to the holder. 
 Every maker, endorser, or guarantor of this Note, or the obligations represented by this Note, waives all exemption rights, valuation and appraisement,
presentment, protest and demand, demand for payment, notice of dishonor and protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assents to any extension or
postponement of the time of payment or any other indulgence, to any substitution, exchange or release of Collateral, and/or to the addition or release of any other party or person primarily or secondarily liable. 
 This Note may be prepaid in whole or in part without penalty. 
 This Note and the provisions hereof shall be binding upon the undersigned and the undersigned’s heirs, administrators, executors, successors, legal representatives and assigns and shall inure to the benefit of
the holder, the holder’s heirs, administrators, executors, successors, legal representatives and assigns. 
 This Note amends and
restates the Amended and Restated Note. This Note may not be amended, changed or modified in any respect except by a written document that has been executed by each party. This Note constitutes a New Hampshire sealed instrument and contract to be
governed by the laws of such state and to be paid and performed therein. 
  

							
	IN THE PRESENCE OF:	 		 		 	
			
		 		 	VeriChip Corporation
				
	 /s/ John H. Nichols
	 		 	By:	 	 /s/ Daniel A. Gunther

		 		 	Print Name:	 	 Daniel A. Gunther

		 		 	Title:	 	 President

  

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