(b) Effective March 8, 2007, Tommy G. Thompson, an independent member of the Board of Directors of VeriChip Corporation (the “Company”), submitted a letter to the Company expressing his interest in taking a leave of absence from the Board of Directors in order to devote his full time and efforts to running for President of the United States. As a leave of absence would have left the Company without a full board to address matters of corporate governance, Mr. Thompson resigned as a Director effective as of that date.
(d) On March 9, 2007, the Board of Directors of the Company appointed Jeffrey Cobb to fill the vacancy of Tommy G. Thompson and to serve as a member of the Company’s Board of Directors. Mr. Cobb is expected to be appointed to the Company’s Compensation Committee. As a non-employee director, Mr. Cobb received a stock option grant for 25,000 shares of the Company’s common stock and is entitled to receive a fixed quarterly fee in the amount of $5,000 and reimbursement for out-of-pocket expenses incurred in attending Board of Director and Compensation Committee meetings.
Mr. Cobb is the Chief Operating Officer of IT – Resource Solutions, Inc. Prior to April 2004, Mr. Cobb was the Executive Vice President and Chief Operating Officer of SCB Computer Technology Inc. From 1998 to 2002, Mr. Cobb served as Executive Vice President and Chief Operating Officer of Professional Services of SCB Computer Technology Inc. Mr. Cobb currently serves as a Director of InfoTech USA, Inc., a majority-owned subsidiary of Applied Digital Solutions, Inc., which also owns a majority position in the Company.
Mr. Cobb has not been involved in any related party transaction with the Company for an amount that exceeds $120,000 and there are no arrangements or understandings between Mr. Cobb and other persons with respect to his appointment as a director.
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: March 12, 2007
/s/ William J. Caragol
William J. Caragol
Vice President and Chief Financial Officer
