Exhibit 10.45
October 20, 2003
PERSONAL AND CONFIDENTIAL
Xx. Xxxxxxx X. Xxxxxxxx
c/o Applied Digital Solutions, Inc.
000 Xxxxx Xxxx Xxx, Xxxxx 000
Xxxx Xxxxx, XX 00000
Re: Letter Agreement between Applied Digital Solutions, Inc. and
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G. A. Xxxxxxxx
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Dear Xxxxxxx:
Reference is made to the letter agreement, dated April 1, 2003, between
Applied Digital Solutions, Inc. ("ADSX") and you (the "Letter Agreement").
Capitalized terms used but not defined in this letter shall have the meaning
given to them in the Letter Agreement. This will confirm that you and
Applied ADSX have agreed to the following amendment to the Letter Agreement.
1. The 7,500,000 Shares provided for in Paragraph 2 of the Letter
Agreement shall be issued promptly following the date the
registration statement referred to in such Paragraph 2 is declared
effective, and not "within five months" as provided in the Letter
Agreement. The parties acknowledge that a share certificate was
issued to you and that you returned such certificate in order to
implement the timing as provided in the preceding sentence. ADSX
shall issue to you another share certificate in accordance with the
first sentence of this paragraph.
2. Except as specifically modified hereby, all of the other terms of
the Letter Agreement, including the representations contained
therein, remain in effect as if stated herein.
If the foregoing correctly sets forth the understanding between us, please
sign this
Xx. Xxxxxxx X. Xxxxxxxx
October 20, 2003
Page 2
letter and fax it back to ADSX at 000-000-0000 attention Xxx Xxxxxxxxx.
Very truly yours,
APPLIED DIGITAL SOLUTIONS, INC.
By: /s/ Xxxxx Xxxxxxxxx
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Title:
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Read and Agreed to
this day of October, 2003.
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/s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
