Exhibit 10.2
GUARANTY
For value
received, Applied Digital Solutions, Inc., a Delaware corporation
(“ADSX”) absolutely and unconditionally guarantees
payment, when due, to Verizon Federal Inc., a Delaware corporation
(“Verizon”) of the amounts agreed to be paid to Verizon
by Government Telecommunications, Inc., a Virginia corporation,
(“GTI”) under that Confidential Settlement Agreement
and Release, dated December 19, 2007, among ADSX, GTI and
Verizon (the “Agreement”).
This Guaranty
will take effect when signed by both ADSX and Verizon and will
continue in full force and effect until all amounts owed under the
Agreement shall have been paid in full. Verizon shall provide ADSX
with prompt written notice in the event GTI fails to pay any
amounts due under the Agreement. ADSX shall have ten (10) days
from receipt of such notice to cure GTI’s failure to
pay.
This Guaranty
and the obligations arising hereunder shall be governed by, and
construed in accordance with, the laws of the state of Virginia.
All disputes, controversies, or
