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Unassociated Document

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, HAVE BEEN TAKEN
      FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION
      WITH ANY DISTRIBUTION THEREOF AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED
      IN
      THE ABSENCE OF SUCH REGISTRATION AND QUALIFICATION WITHOUT, EXCEPT UNDER CERTAIN
      SPECIFIC LIMITED CIRCUMSTANCES, AN OPINION OF COUNSEL FOR HOLDER, CONCURRED
      IN
      BY COUNSEL FOR MAKER, THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT
      REQUIRED.

     

    ARGYLE
      SECURITY ACQUISITION CORPORATION

     

    PROMISSORY
      NOTE

    

      
        	
                 

              	
                New
                  York, New York

              
	
                US$50,000

              	
                April
                  16, 2007

              

      

    

     

    ARGYLE
      SECURITY ACQUISITION CORPORATION, a Delaware corporation. (“Maker”), for value
      received, hereby promises to pay to the order of Argyle
      Global Opportunities, L.P.,
      or
      holder (“Holder”), thirty days after the Maker consummates a Business
      Combination (as defined in the Maker’s second amended and restated certificate
      of incorporation), in lawful money of the United States at the address of Holder
      at 200 Concord Plaza, Suite 700, San Antonio, Texas 78216, the principal amount
      of Fifty Thousand Dollars (US$50,000), together with simple interest thereon
      at
      the rate of four percent (4%) per annum. This Note may be prepaid without
      penalty, in whole or in part, at any time and from time to time, provided that
      accrued and unpaid interest through the date of such prepayment on the principal
      amount so prepaid shall be paid concurrently with such prepayment.

     

    The
      occurrence of any of the following shall be an Event of Default:

     

    (a) Maker
      shall fail to pay any of its obligations under this Note on the date when due;
      or

     

    (b) Maker
      shall default in any payment of principal of or interest on any material
      indebtedness or contingent obligation (other than its obligations under this
      Note), or any other event shall occur the effect of which is to permit such
      indebtedness or contingent obligation to be declared, or such indebtedness
      or
      contingent obligation shall otherwise become, due prior to its stated maturity;
      or

     

    (c) (i)
      Maker
      shall (A) commence any case, proceeding or other action under any existing
      or
      future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
      insolvency, reorganization or relief of debtors, seeking to have an order for
      relief entered with respect to it, seeking to adjudicate it a bankrupt or
      insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
      liquidation, dissolution, composition or other relief with respect to it or
      its
      debts, (B) commence any case, proceeding or other action seeking appointment
      of
      a receiver, trustee, custodian or other similar official for it or for all
      or
      any substantial part of its assets, or (C) make a general assignment for the
      benefit of its creditors;

     

    (ii)
      There shall be commenced against Maker any case, proceeding or other action
      of a
      nature referred to in clause (i) above that (A) results in the entry of an
      order
      for relief or any such adjudication or appointment, or (B) remains undismissed,
      undischarged or unbonded for a period of sixty (60) days;

     

    (iii)
      There shall be commenced against Maker any case, proceeding or other action
      seeking issuance of a warrant of attachment, execution, distraint or similar
      process against all or any substantial part of its assets that results in the
      entry of an order for any such relief that shall not have been vacated,
      discharged, stayed or bonded pending appeal within sixty (60) days from the
      entry thereof;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (iv)
      Maker shall take any action in furtherance of, or indicating its consent to,
      approval of or acquiescence in, any of the acts set forth in clause (i), (ii),
      or (iii) above; or 

     

    (v)
      Maker
      shall generally not, shall be unable to, or shall admit in writing its inability
      to, pay its debts as they become due; or

     

    (d) One
      or
      more judgments or decrees material to Maker shall be entered against Maker
      not
      paid or fully covered by insurance and all such judgments or decrees shall
      not
      have been vacated, discharged or stayed or bonded pending appeal within sixty
      (60) days from the entry thereof.

     

    Upon
      the
      occurrence of an Event of Default, Holder may declare the outstanding principal
      balance hereof immediately due and payable and Maker shall immediately pay
      to
      Holder such amount, with interest accrued but unpaid thereon to the date of
      payment in full at the applicable rate provided herein.

     

    If
      this
      Note is placed in the hands of attorneys for collection after default, or the
      indebtedness represented hereby or any part thereof is collected in bankruptcy,
      receivership or other judicial proceedings, Maker agrees to pay, in addition
      to
      the principal and interest payable hereunder, attorneys’ fees and court and
      other costs of collection incurred by Holder.

     

    Maker
      and
      all endorsers, sureties and guarantors hereof, and other persons liable for
      the
      liabilities of Maker, hereby jointly and severally waive presentment, demand
      for
      payment, notice of dishonor, protest, notice of protest, all other notices
      or
      demands in connection with the delivery, acceptance, performance, default,
      endorsement or guaranty of this Note and the right to trial by jury, and hereby
      consent to any and all extensions of time, renewals, releases of liens, waivers
      or modifications that may be made or granted by Holder with respect hereto.
      No
      delay by Holder in exercising any power or right hereunder shall operate as
      a
      waiver of any power or right, nor shall any single or partial exercise of any
      power or right preclude other or further exercise thereof or the exercise of
      any
      other power or right hereunder or otherwise. No waiver or modification of the
      terms hereof shall be valid unless in writing signed by Holder and then only
      to
      the extent therein set forth.

     

    THIS
      NOTE
      SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS
      OF THE STATE OF NEW YORK.

     

    

      
        	
                 

              	
                ARGYLE
                  SECURITY ACQUISITION CORPORATION

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                By:

              	
                /s/
                  Bob Marbut

              
	
                 

              	
                 

              	
                Name:
                  Bob Marbut

              
	
                 

              	
                 

              	
                Title:  
                  Co-Chief Executive
                  Officer

              

      

    

     

    
      
         

      

      
        2CONSULTING
      AGREEMENT

    

    THIS
      AGREEMENT,
      made
      this 16th
      day of
      April 2007, by and between Rocky
      Mountain Fudge Company, Inc.,
      a
      Nevada corporation (“RMFC”)
      and
Ronald
      Moulton
      (“Consultant”).
      In
      consideration of the compensation hereinafter agreed and the covenants and
      agreements herein contained, the parties hereto mutually agree as
      follows:

    

    1. Independent
      Contractor.
      Consultant will
      be
      deemed at all times to be an independent contractor. Consultant
      is
      not,
      for any purposes, an employee or agent of RMFC
      and
Consultant
      agrees
      not to make any representation to the contrary. Consultant
      understands
      and agrees that as an independent contractor he does not have any authority
      to
      sign contracts, notes, obligations, to make any purchases or to acquire or
      dispose of any property on behalf of RMFC,
      unless
      otherwise directed and authorized in writing by an officer of RMFC.
      RMFC
      understands
      and agrees that as an arms length independent contractor, Consultant
      does
      not
      have any obligations or liability with respect to any contracts, notes,
      obligations, purchases, acquisitions or dispositions of any property on behalf
      of RMFC
      and
RMFC
      agrees
      to indemnify and save harmless Consultant
      from
      any
      and all claims arising from these transactions.

    

    2. Character
      and Extent of Services.
      Consultant
      will
      provide consulting and advisory services in connection with RMFC’s
      business
      development and production and marketing strategies. The services will be
      performed by Consultant
      and will
      include, but not be limited to the following:

    

    ● Assist
      in
      the production and marketing of product and in strategic planning;

    ● Attend
      exhibits, functions and other events where attendance will benefit RMFC;

    ● Provide
      business guidance to RMFC
      management;

    ● Provide
      advice to the Board of Directors; and

    ● Perform
      such other services as are mutually agreed upon by Consultant
      and
RMFC.

    

    3. Term.
      This
      Agreement
      and the
      services to be performed hereunder will commence on the 17th
      day of
      April 2007 and for a period of three years thereafter. This Agreement
      will be
      automatically renewed for an additional three years, unless otherwise terminated
      by either party with a minimum of fifteen (15) days written notice prior to
      the
      renewal date. Thereafter either party may terminate the Agreement
      at any
      time with fifteen (15) days written notice.

    

    4. Compensation
      and Expenses.
      In
      consideration for this Agreement
      and the
      services to be performed by Consultant
      hereunder,
      RMFC
      will pay
Consultant
      at
      the
      rate of $20.00 per hour for services provided to RMFC
      under
      the terms of this Agreement,
      payable
      on the first day of each month immediately following the month in which the
      services were provided. Consultant
      will
      submit to RMFC
      such
      reports or other supporting documentation as RMFC
      may
      reasonably require to verify the services rendered. Expenses, which must be
      approved in advance by RMFC,
      are to
      be reimbursed upon submission to RMFC
      of valid
      invoices evidencing such expenses. 

    

    5. Assignment
      and Subcontracting.
      Consultant’s
      obligations authorized under this Agreement
      are not
      assignable or transferable and Consultant
      agrees
      not to subcontract any of the work authorized hereunder without prior approval
      of RMFC.

    

    6. Legal
      Requirements.
      Consultant
      agrees
      to secure all necessary licenses or permits required by law and comply with
      all
      ordinances, laws, rules, and regulations pertaining to the services to be
      provided hereunder. 

    

    
      
         

      

      
        Page
          1

        
          

        

      

      
         

      

    

    7. Guarantees
      and Warranty.
      Consultant
      warrants
      and guarantees that the work performed hereunder will be in accordance with
      generally accepted professional standards.

    

    8. Proprietary
      Information. Consultant
      will
      not,
      either during or after the term of this Agreement,
      disclose to any third party any confidential or proprietary information relative
      to the work performed hereunder or the business or products of RMFC
      without
      the prior written consent of RMFC.
      RMFC
      representatives will at all times have access to the work performed by
Consultant
      for
      purposes of inspecting same and determining that the work is being performed
      in
      accordance with the terms of the Agreement.

    

    9. Waiver.
      The
      failure of
      RMFC
      to
      insist on strict performance of any of the terms and conditions hereof will
      not
      constitute a waiver of any other provisions or any default to Consultant.
      The
      terms and conditions of this Agreement
      will
      survive the period herein stated.

    

    10. Governing
      Law.
      This
Agreement
      is
      governed by and construed in accordance with the substantive laws of the state
      of Utah.

    

    11. Entire
      Agreements and Amendments
      This
      instrument constitutes the entire Agreement
      between
      the parties covering the subject matter defined herein. No modifications or
      amendments will be valid unless stated in writing and signed by the parties
      hereto.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement
      to be
      duly executed in their respective names:

    

    
      	
              “RMFC”

            	
               

            
	
              Rocky
                Mountain Fudge Company, Inc.

            	
              “Consultant”

            
	 	 
	 	 
	 	 
	
              By:______________________________

            	
              ______________________________

            
	
              Its:

            	
              Ronald
                Moulton

            

    

     

     

    
 

    
      
         

      

      
        Page
          2

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