AMENDMENT TO OPTION AGREEMENT September 26, 2005
AMENDMENT
TO OPTION AGREEMENT
September
26, 2005
Insider
Optionees listed on Schedule
A
c/o Argyle Security Acquisition Corp.
000 Xxxxxxx Xxxxx, Xxxxx 000
Xxx Xxxxxxx, Xxxxx 00000
c/o Argyle Security Acquisition Corp.
000 Xxxxxxx Xxxxx, Xxxxx 000
Xxx Xxxxxxx, Xxxxx 00000
Gentlemen:
On
July
13, 2005, Argyle Security Acquisition Corp. (the “Company”) entered into an
option agreement (the “Option Agreement”) with Argyle New Ventures, L.P., Argyle
Joint Ventures and Xxx Xxxxxxxxxx (the “Stockholders”) pursuant to which the
Stockholders were granted an option to purchase up to an aggregate of 468,750
(the “Insider Options”) shares of common stock, par value $.0001 per share (the
“Common Stock”), of the Company at an exercise price of $.008 per share, to be
distributed on a pro rata basis, in the event, and to the extent, the
underwriters exercise their option to purchase up to an additional 1,875,000
Units in connection with the Company’s initial public offering. On September 23,
the Stockholders entered into a stock transfer agreement (the “Transfer
Agreement”) with Xxxxxx Xxxxx pursuant to which they agreed to transfer to Xx.
Xxxxx 234,375 shares of Common Stock and a corresponding number of the
Insider Options.
Therefore,
pursuant to the terms of the Transfer Agreement, Schedule
A
of the
Option Agreement is hereby deleted in its entirety and replaced by Schedule
A
attached
hereto.
Very
truly yours,
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By: | /s/ Xxx Xxxxxx | |
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Xxx Xxxxxx, Chairman and Co-Chief Executive Officer |
Accepted
and Agreed:
ARGYLE
NEW VENTURES, L.P.
By:
Argyle Communications Inc., its general partner
/s/
Xxx
Xxxxxx
Name:
Xxx
Xxxxxx
Title:
ARGYLE
JOINT VENTURES
/s/
Xxx
Xxxxxx
Name:
Xxx
XxxxxxTitle:
/s/ Xxx
Xxxxxxxxxx
Xxx Xxxxxxxxxx/s/ Xxxxxx
Xxxxx
Xxxxxx Xxxxx/s/ Xxxx
X. Xxxxx
Xxxx
X.
Xxxxx2
Schedule
A
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Percentage
of Over-Allotment Option
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Argyle
New Ventures L.P.
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29.16
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%
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Argyle
Joint Ventures
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29.17
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%
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Xxx
Xxxxxxxxxx
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29.17
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%
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Xxxx
X. Xxxxx
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5.0
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%
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Xxxxxx
Xxxxx
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7.5
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%
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3