On May 15, 2008, VeriChip Corporation (the “Company”) entered into a Separation Agreement (the “Separation Agreement”) with Scott R. Silverman, its Chairman and Chief Executive Officer. On July 9, 2008, the Company and Mr. Silverman entered into an Amendment to the Separation Agreement (the “Amendment”). The Amendment extends the date, under Section I.C. of the Agreement, that Mr. Silverman may receive payments for a strategic transaction involving the VeriMed business or the Company from July 15, 2008 to July 31, 2008.
Item 7.01 Regulation FD Disclosure.
On July 9, 2008, a lawsuit was served on the Company by Jerome C. Artigliere, a former executive of the Company’s stockholder, Digital Angel Corporation. The lawsuit, which also names Digital Angel Corporation, alleges that Mr. Artigliere holds options to acquire shares of common stock of the Company and that he has been denied the right to exercise those options. The complaint seeks damages, including injunctive relief related to the upcoming special meeting of Company stockholders. The Company believes the complaint includes inaccuracies, is without merit and intends to defend the lawsuit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VeriChip Corporation
Date: July 11, 2008
/s/ William J.
Caragol
William
J. Caragol
President and Chief Financial Officer
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