Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported) September 7, 2007
ARGYLE
SECURITY, INC.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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000-51639
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20-3101079
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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200
Concord Plaza, Suite 700
San
Antonio, TX
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78216
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (210)
828-1700
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting
material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
5.02 Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers; Compensatory Arrangements of Certain
Officers.
On
September 7, 2007, Argyle Security, Inc. appointed Donald F.
Neville
as its Chief Financial Officer and Executive Vice President. Neville had been
providing various financial consulting services to the company since August
1,
2007, and Tatum, LLC and Neville received an aggregate of $67,500 for such
services. Neville, 41,
joins
Argyle with two decades of professional experience and has served as CFO and
CEO
of private and public companies in the high technology, internet marketing
services and manufacturing industries.
Neville’s direct experience includes financial reporting (SEC and private),
internal controls, strategic planning, mergers and acquisitions, capital markets
activities and international operations, among other areas.
From
June
2004 to June 2007, Neville was the CFO, Secretary and Treasurer of ClearCube
Technology, Inc., an Austin, Texas based developer of centralized computing
solutions. From December 2001 to October 2003, Neville was CEO of NexGen
Solutions, an private internet retail marketing company that operated the
website “mall.com”. Neville has been partner of Tatum, LLC since 1999, the
largest CFO firm in the country providing a wide variety of companies with
experienced financial executives, and will remain a partner which will allow
him
access to a variety of professional resources provided by Tatum, LLC to its
partners.
Other
than serving as a consultant to Argyle, Neville has had no previous relationship
with Argyle or any of its affiliates.
On
September 7, 2007, Argyle also entered into an agreement with Tatum, LLC, an
entity of which Neville is a partner. Tatum agreed to make the services of
Neville available to Argyle on the terms and conditions contained in the
agreement. Pursuant to the agreement, Argyle will pay $30,000 per month: $24,000
directly to Neville , representing 80% of the monthly charge and $6,000 directly
to Tatum, representing 20% of the monthly charge. The compensation will be
prorated for partial month’s service. Argyle will also reimburse travel
expenses, including mileage, hotels and meals from Austin to Argyle’s offices by
providing a lump sum, non-accountable monthly expense allowance of $2,500.
The
agreement may be terminated by either party on fifteen days notice.
Additionally,
Argyle will grant Neville a long term incentive award on October 1, 2007
consisting of 10,000 shares of restricted stock and 10,000 performance units,
which will also be allocated 80% to Tatum and 20% to Neville.
Item
9.01 Financial
Statements and Exhibits.
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10.1 |
Executive
Services Agreement between Argyle and Tatum, LLC, dated September
7,
2007.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ARGYLE
SECURITY, INC. |
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| Date: September
13, 2007 |
By: |
/s/ Donald
F.
Neville |
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Name:
Donald F. Neville |
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Title: Chief
Financial Officer |
Exhibit
Index
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10.1 |
Executive
Services Agreement between Argyle and Tatum, LLC, dated September
7,
2007.
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