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) MARCH 21, 2003
APPLIED DIGITAL SOLUTIONS, INC.
- ----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Missouri 000-26020 43-1641533
- ----------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
400 Royal Palm Way, Suite 410, Palm Beach, Florida 33480
- ----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 561-805-8000
ITEM 5. OTHER EVENTS
The Company Agrees To The Terms Of A Forbearance Agreement With IBM Credit LLC.
On March 27, 2003, Applied Digital Solutions, Inc., ("the Company"),
issued a press release announcing that the Company has agreed to the terms
of a Forbearance Agreement with IBM Credit LLC. In addition, the Company
announced that Richard J. Sullivan has retired and that Scott R. Silverman
has assumed the titles of Chairman and Chief Executive Officer.
A copy of the press release is included herewith as Exhibit 10.1, a
copy of the summary of terms and conditions of the Forbearance Agreement is
included herewith as Exhibit 10.2, and a copy of Richard J. Sullivan's
severance agreement is included herewith as Exhibit 10.3.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
10.1 Press release dated March 27, 2003.
10.2 Summary of Terms and Conditions setting forth the terms and
conditions of the Forbearance Agreement among IBM Credit LLC,
Applied Digital Solutions, Inc., Digital Angel Share Trust,
and their applicable subsidiaries (if any) dated March 24,
2003.
10.3 Letter Agreement between Applied Digital Solutions, Inc. and
R. J. Sullivan.
Page 2
SIGNATURES
Pursuant to the requirements of the Securities 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.
(Registrant)
Date: March 27, 2003 By: /s/ Evan C. McKeown
-------------------------------------------
Evan C. McKeown
Vice President and Chief Financial Officer
Page 3