VeriChip Settles Stock Option Suit With Former Exec

Law360, New York (March 5, 2009, 12:00 AM EST) -- Florida-based microchip maker VeriChip Corp. has agreed to pay a former executive $275,000 and provide him with $250,000 in shares of the company to settle a suit over his stock options.

VeriChip revealed the settlement in a filing Wednesday with the U.S. Securities and Exchange Commission. The suit by Jerome C. Artigliere was filed in July in the Circuit Court of Palm Beach County, Fla.

VeriChip said in the filing that it believes settling “will enable management to focus its efforts on the company's business and...
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