Applied Digital Solutions Inc (Other) (8-K)
September 24 2007 - 5:14PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 21, 2007
APPLIED DIGITAL SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
|
|
DELAWARE
|
|
0-26020
|
|
43-1641533
|
|
(State or other Jurisdiction of Incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
|
1690 SOUTH CONGRESS AVENUE, SUITE 200
DELRAY BEACH, FLORIDA
|
|
33445
|
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including area code:
561-805-8000
|
|
|
|
|
(Former name or former address if changed since last report.)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Section 5 – Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On September 21, 2007, the Compensation Committee of the Board of Directors of Digital Angel Corporation (“Digital
Angel”), a majority-owned subsidiary of Applied Digital Solutions, Inc., established the Annual Targets for the 2007
fiscal year for the Digital Angel Corporation Annual Incentive Plan (the “Plan”). The Plan was previously filed as
Exhibit 10.1 to Digital Angel’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 9,
2006. The targets are based on the following metrics: Revenue, Operating Income and Cash. Under the Plan, the Digital
Angel Compensation Committee determines the participants entitled to participate in the Plan. The list of eligible
participants remains the same as previous years, except that the Chief Executive Officer (the “CEO”), Barry Edelstein,
is not eligible to participate. Each participant’s bonus amount is calculated based on an analysis of performance based
on the established targets and individual performance objectives and is subject to the discretion of the CEO. The
maximum award under the Plan varies based upon the participant’s level and performance. Targets have been set for the
various senior executives participating in the Plan at 60% of their base salary and executives participating in the
Plan at 30% of their base salary. In no event can amounts awarded under the Plan exceed 120% for senior executives and
60% for executives of their base salary. The minimum targets have been set for senior executives participating in the
Plan at 30% and executives participating in the Plan at 15% of their base salary. Under the Plan, determination of
awards and actual performance is the responsibility of the Digital Angel Compensation Committee, which reserves the
right, in its sole discretion, to increase or decrease awards to participants.
2
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.
|
|
|
|
|
|
|
|
APPLIED DIGITAL SOLUTIONS, INC.
|
|
|
|
By:
|
/s/ Lorraine M. Breece
|
|
|
|
Name:
|
|
Lorraine M. Breece
|
|
|
|
Title:
|
|
Senior Vice President and Acting
Chief Financial Officer
|
|
|
Dated: September 24, 2007
3
Applied Digital Solutions (NASDAQ:ADSX)
Historical Stock Chart
From Apr 2024 to May 2024
Applied Digital Solutions (NASDAQ:ADSX)
Historical Stock Chart
From May 2023 to May 2024
