Technology Products and Services. We are the sole provider of data management, analysis, and dissemination services for the laboratory data integration and communications project under our subcontract for the BioWatch program, a federally-funded airborne biological agent detection program administered by the Department of Homeland Security. The services we provide under the subcontract include gathering of data samples from collectors, transportation of samples to testing laboratories, processing and synthesis of data, and the dissemination of test results to federal agencies. In addition, we sell software solutions to state and local government agencies focused on emergency preparedness, response and recovery. Our principal software offering is Global Secure Response Manager, a web-based software platform that enables real-time collaboration and communication among federal, state and local emergency management and homeland security professionals. To date, we have sold this software to 19 states and two municipalities. We sell our technology products and services primarily through our Global Secure Systems business unit. For the fiscal year ended June 30, 2005, sales of our technology products and services accounted for approximately 35% of our revenues

GLOBAL SECURE CORP.

Option Holder:

/s/ Charles A. Hasper

/s/ Michael E. Recca

Name:
Title:

Charles A. Hasper
Chief Financial Officer

Michael E. Recca

EX-10.54 4 w10188a1exv10w54.htm EX-10.54 exv10w54

Exhibit 10.54

CORRECTION
TO
STOCK OPTION AGREEMENT

THIS CORRECTION TO STOCK OPTION AGREEMENT (this “Correction”) is made as of this September 20, 2005, in reference to that certain Stock Option Agreement grant date August 24, 2004, between Global Secure Corp. (f/k/a GlobalSecure Holdings, Ltd.) (the “Company”) and Michael E. Recca, which is attached hereto (the “Stock Option Agreement”).

RECITALS

A. At a meeting of the Board of Directors of the Company held on August 24, 2004, the Board of Directors of the Company granted to Michael E. Recca, a director of the Company options to purchase 800,000 shares of common stock of the Company at an exercise price of $1.21 per share (the “Options”).

B. The Board of Directors intended that the Options be granted to Mr. Recca at the same price per share of $1.22 as the other options granted by the Company that day to officers of the Company, which price was the average price per share paid by the investors in the Company’s private placement. However, the Stock Option Agreement mistakenly reflected that the Options granted to Mr. Recca were granted at an exercise price of $1.21 per share.

C. Consistent with the intent of the Board of Directors, the Company and Mr. Recca desire to correct the error contained Stock Option Agreement so that the Stock Option Agreement will properly reflect that the exercise price of the Options is $1.22 per share. All other terms of the Stock Option Agreement will remain the same.

NOW THEREFORE, in consideration of the recitals, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and desiring to correct the Stock Option Agreement so as to properly reflect the terms of the grant, the parties intending to be legally bound, hereby agree as follows:

1. The Stock Option Agreement is hereby amended by deleting all references to the exercise price of the Options at $1.21 and replacing therewith the exercise price of $1.22 per share. In all other respects, the Stock Option Agreement remains unchanged.

2. This Correction may be executed in more than one counterpart, each of which taken together shall constitute one and the same original.

3. The Stock Option Agreement as hereby modified is incorporated herein and this Correction together with the Stock Option Agreement shall constitute one single instrument.

IN WITNESS WHEREOF, the Company and Michael E. Recca have caused this Correction to be executed as of this September 20, 2005.