Option Agreement between Argyle Security Acquisition Corp. and Insider Optionees (July 13, 2005)

Summary

Argyle Security Acquisition Corp. grants options to certain insiders listed in Schedule A, allowing them to purchase up to 468,750 shares of the company's common stock at $0.008 per share. These options become exercisable only if the underwriters exercise their over-allotment option in the company's initial public offering, and must be exercised within three days of that event. The number of shares each insider can purchase is based on their percentage allocation as listed in the agreement.

EX-10.14 8 v026225_ex10-14.htm Unassociated Document

OPTION AGREEMENT

July 13, 2005

Insider Optionees listed on Schedule A
c/o Argyle Security Acquisition Corp.
200 Concord Plaza, Suite 700
San Antonio, Texas 78216

Gentlemen:

Argyle Security Acquisition Corp. (the “Company”) hereby grants to the persons and entities identified on Schedule A attached hereto (the “Insiders”) options to purchase up to an aggregate of 468,750 (the “Insider Options”) shares of common stock, par value $.0001 per share, of the Company at an exercise price of $.008 per share (the “Exercise Price”), 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 (the “Over-allotment Option”) in connection with the Company’s initial public offering.

The Insider Options shall become exercisable only upon the exercise of the Over-allotment Option and shall expire at 5:00 p.m. New York time on the third day thereafter. The number of Insider Options that shall be distributed to the Insiders upon exercise of the Over-allotment Option shall be the product of (i) the number of Units exercised under the Over-allotment Option multiplied by (ii) the percentage set forth on Schedule A (the “Available Options”). Exercise of the Available Options may then be made on behalf of all the Insiders by the payment of the Exercise Price to the Company by any one or more Insiders.


	Very truly yours, ARGYLE SECURITY ACQUISITION CORP.

	By:	/s/ Bob Marbut

		Bob Marbut, Chairman and Co-Chief Executive Officer

Accepted and Agreed:

ARGYLE NEW VENTURES, L.P.

By: Argyle Communications Inc., its general partner

/s/ Bob Marbut

Name: Bob Marbut

Title:

ARGYLE JOINT VENTURES

/s/ Bob Marbut

Name: Bob Marbut

Title:

/s/ Ron Chaimovski

Ron Chaimovski

/s/ John J. Smith

John J. Smith

Schedule A

Stockholders	Percentage of Over-Allotment Option
Argyle New Ventures L.P.		31.67	%
Argyle Joint Ventures		31.67	%
Ron Chaimovski		31.67	%
John J. Smith		5	%