Document:

EX-10.9 LETTER AGREEMENT DATED SEPTEMBER 12,2008

EXHIBIT 10.9

STINGER SYSTEMS, INC.

2701 N. Rocky Point Drive, Suite 1130

Tampa, Florida 33607

September 12, 2008

     Gentlemen:

     Reference is hereby made to (a) that certain Securities Purchase Agreement, of even date
herewith (the “DOF Purchase Agreement”), by and between Stinger Systems, Inc., a Nevada
corporation (the “Company”) and Debt Opportunity Fund, LLLP., a Florida limited liability
limited partnership (“DOF”), (b) that certain Securities Purchase Agreement, dated February
29, 2008 (the “February Purchase Agreement”), by and between the Company and Castlerigg
Master Investments, LTD. (“Castlerigg”), (c) that certain Securities Purchase Agreement,
dated August 3, 2007 (the “August Purchase Agreement”), by and between the Company and
Castlerigg, and (d) the certain Placement Agent Agreement, dated May 16, 2007, as amended on June
30, 2008 (the “Placement Agent Agreement”), by and between the Company and Midtown Partners
& Co. LLC, a Florida limited liability company (“Midtown”).

     Pursuant to the DOF Purchase Agreement, DOF acquired (i) a 10% Senior Secured Convertible Note
(the “DOF Note”) convertible up to 10,344,828 shares of common stock of the Company, par
value $0.001 per share (“Common Stock”), and (ii) a common stock purchase warrant
exercisable for up to 12,931,035 shares of Common Stock (the “DOF Warrant”).

     Pursuant to the August Purchase Agreement, Castlerigg acquired (i) a Senior Secured
Convertible Note (the “August Note”) in the aggregate principal amount of $3,000,000,
originally convertible on the date of issuance into 4,730,369 shares of Common Stock, but, after
adjustments pursuant to Sections 7(a) and 7(d) of the August Note, currently convertible as of the
date hereof into 9,452,414 shares of Common Stock and (ii) a common stock purchase warrant (the
“August Warrant”), originally exercisable on the date of issuance for 5,912,961 shares of
Common Stock, but, after adjustment pursuant to Sections 2(a) and 2(c) of the August Warrant,
currently exercisable as of the date hereof for 12,931,035 shares of Common Stock.

     Pursuant to the February Purchase Agreement, Castlerigg (A) acquired (i) a Senior Secured
Convertible Note (the “February Note”) in the aggregate principal amount of $2,150,000,
originally convertible on the date of issuance into 1,720,000 shares of Common Stock, but, after
adjustments pursuant to Sections 7(a) and 7(d) of the February Note, currently convertible as of
the date hereof into 7,413,793 shares of Common Stock, (ii) a common stock purchase warrant (the
“February Warrant”), originally exercisable on the date of issuance for 3,000,000 shares of
Common Stock, but, after adjustment pursuant to Sections 2(a) and 2(c) of the February Warrant,
currently exercisable as of the date hereof into 7,297,241 shares of Common Stock and (iii)
1,250,000 shares of Common Stock and (B) amended and restated the August Note for an Amended and
Restated Senior Secured Convertible Note (the “Amended and Restated Note”, and together
with the DOF Note, the August Note and the February Note, the “Notes”) in the aggregate
principal amount of $2,941,200, originally convertible on the date of issuance into 4,637,654
shares of Common Stock, but, after adjustments pursuant to Sections 7(a) and 7(d) of the February
Note, currently convertible as of the date hereof into 9,452,414 shares of Common Stock.

 

     Pursuant to the Placement Agent Agreement, Midtown acquired a common stock purchase warrant
(the “Placement Agent Warrant”) originally exercisable on the date of issuance for
1,862,068 shares of Common Stock.

     At a meeting of the Board of Directors of the Company duly called and held on September 9,
2008, the Board of Directors of the Company has reserved and set-aside: (i) 10,344,828 shares of
Common Stock for issuance upon exercise of the DOF Note,
(ii) 12,931,034 of Common Stock for
issuance upon exercise of the DOF Warrant, (iii) 7,413,793 shares of Common Stock for issuance upon
exercise of the February Note, (iv) 9,452,414 shares of Common Stock for issuance upon exercise of
the August Note, (v) 7,297,241 shares of Common Stock for issuance upon exercise of the February
Warrant, (vi) 12,931,035 shares of Common Stock for issuance upon exercise of the August Warrant,
and (vii) 1,862,069 shares of Common Stock for issuance upon exercise of the Placement Agent
Warrants.

     On August 23, 2008 and August 25, 2008, T. Yates Exley and Robert F. Gruder, respectively,
signed a majority written consent in the form attached hereto as Exhibit A.

     As of the date of this Letter Agreement, the Company is seeking to increase its authorized and
unissued shares of Common Stock to provide sufficient shares for issuance upon exercise of the DOF
Warrant, the February Warrant, the August Warrant and the Placement Agent Warrants (the
“Unreserved Warrant”), for issuance as interest payable pursuant to the terms of the DOF
Note and the August Note (the “Interest Shares”), or to otherwise satisfy its obligations
under that the terms of the DOF Note, the August Note and the February Note. As a result, the
Company has agreed to file a proxy or information statement with the U.S. Securities and Exchange
Commission (the “SEC”) and obtain such approvals of the Company’s shareholders as may be
required to increase the Company’s authorized capital stock to allow for the reservation of shares
upon exercise of the Unreserved Warrants, and to otherwise comply with its obligation to maintain
minimum authorized capital reserves under the terms and conditions of the DOF Purchase Agreement,
the August Purchase Agreement and the February Purchase Agreement, including maintaining reserves
for the Interest Shares.

     Therefore, the Company hereby agrees with DOF as follows:

     1. (a) The
Company shall, on or prior to September 17, 2008 (the “Filing Date”),
prepare and file with the SEC a preliminary information statement on Schedule 14C; (b) the Company
shall, on or prior to September 30, 2008, provided that the Company is notified by the SEC that the
preliminary information statement on Schedule 14C will not be reviewed (the “Mailing
Date”), prepare and file with the SEC, and mail to all of the Company’s shareholders, a
definitive information statement on Schedule 14C; provided, however, that if the preliminary
information statement on Schedule 14C is reviewed by the SEC, then the “Mailing Date” shall be
twenty days after receipt of comments from the SEC; and (c) on
or prior to September 17, 2008 (the
“Approval Date”), (i) the shareholders of the Company and the Board of Directors of the
Company shall have approved, at a meeting or by written consent, an amendment to the Company’s
Articles of Incorporation increasing the number of authorized shares of Common Stock from
50,000,000 to 150,000,000 shares (such amendment, the “Charter Amendment”), (ii) the
Company shall have filed the Charter Amendment with the Secretary of State of the State of Nevada,
and (iii) the Board of Directors of the Company shall, by written consent or at a meeting, shall
have authorized, reserved and set-aside for the purpose of issuance, no less than 130% of the sum
of the number of shares of Common Stock issuable (x) as Interest Shares pursuant to the terms of
the DOF Note, the February Note, and the August Note, (y) upon conversion of each of the DOF Note,
the February Note, and the August Note, and (z) upon exercise of the DOF Warrant, the February
Warrant, the August

-2-

 

Warrant, and the Placement Agent Warrant (without taking into account any
limitations on the conversion of such notes or exercise of such warrants set forth in such notes
and warrants, respectively). In taking the foregoing actions, the Company shall comply with the
filing and disclosure requirements of Section 14 under the 1934 Act, Nevada law, and any applicable
rules or regulations of the Over-the-Counter Bulletin Board. The Company acknowledges and agrees
to promptly respond to any comments from the SEC on the preliminary information statement on
Schedule 14C.

     2. If any event set forth in clause (a) of Section 1 above has not occurred by the Filing
Date, any event set forth in clause (b) of Section 1 above has not occurred by the Mailing Date, or
any event set forth in clause (c) of Section 1 above has not occurred by the Approval Date (any
such failure or breach being referred to as an “Event”, and the date on which such Event
occurs being referred to as “Event Date”), then in addition to any other rights Castlerigg
may have hereunder or under applicable law or any other agreement (including any rights Castlerigg
may have under the notes upon a default), on each such Event Date and on each monthly anniversary
of each such Event Date (if the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to DOF an amount in cash equal to one and one half
percent (1.5%) of the aggregate principal amount of DOF’s Note (in each case, a “Payment”).
In the event the Company fails to make Payments in a timely manner, such Payments shall bear
interest at the rate of one and one half percent (1.5%) per month (prorated for partial months)
until paid in full.

     3. Miscellaneous.

     (a) Remedies. In the event of a breach by the Company of its obligations under this
letter agreement (this “Agreement”), DOF, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages or a declaration of a
default under the Notes, will be entitled to specific performance of its rights under this
Agreement. The Company agrees that monetary damages would not provide adequate compensation for
any losses incurred by reason of a breach by it of any of the provisions of this Agreement and
hereby further agrees that, in the event of any action for specific performance in respect of such
breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions
of this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and DOF.

     (c) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and shall inure to the
benefit of DOF. DOF may assign their respective rights hereunder in the manner and to the persons
as permitted under the DOF Purchase Agreement, the February Purchase Agreement or the August
Purchase Agreement , as applicable.

     (d) This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the notes or the warrants referred
to above. The Company shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of DOF. DOF may assign some or all of its rights hereunder
without the consent of the

-3-

 

Company, in which event such assignee shall have the same rights as DOF
hereunder with respect to such assigned rights.

     (e) Execution and Counterparts. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that
any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data
file, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof.

     (f) Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of
the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York.

     (g) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive
of any other remedies provided by law.

     (h) Headings. The headings in this Agreement are for convenience only, do not
constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

[remainder of page intentionally left blank]

-4-

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	STINGER SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert F. Gruder
 

President
	 	 

If the foregoing is acceptable, please sign below where indicated.

APPROVED AND ACCEPTED:

	 	 	 	 	 
	DEBT OPPORTUNITY FUND, LLLP,

a Florida limited liability limited partnership	 	 
	 
	 	 	 	 
	By:
	 	/s/ Sean Lyons	 	 
	Name:
	 	
Sean Lyons
	 	 
	Title:
	 	Manager	 	 

-5-

 

EXHIBIT A

 

 

WRITTEN CONSENT

OF

THE STOCKHOLDERS

OF

STINGER SYSTEMS, INC.

                    , 2008

The undersigned holders of outstanding shares of capital stock of Stinger Systems, Inc., a Nevada
corporation (the “Corporation”), acting pursuant to Section 78.320.2 of the Nevada Revised Statutes
and Article II, Section 2.4 of the Corporation’s By-Laws (the “By-Laws”), do hereby consent that
the following actions be taken by written consent:

Amendment to the Articles of Incorporation.

RESOLVED, that
the amendment of the Articles of Incorporation of the Corporation to (i)
increase the total number of authorized shares of Common Stock to 150,000,000; (ii)
authorize 1,000,000 shares of Preferred Stock with rights and preferences as more fully set
forth in the Certificate of Amendment to the Articles of Incorporation and (iii) effect a
1-for-5 reverse split with respect to the outstanding shares of the Corporation’s Common
Stock is hereby approved in substantially the form attached hereto as Exhibit A;.

This written consent of stockholders shall be filed with the minutes of the proceedings of the
Board of Directors and stockholders.

This written consent of stockholders may be executed in counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the same instrument.

	 	 	 
	If you are an individual, please print your
name, sign and date below:

	 	If you are signing on behalf of an entity, please
print the name of the entity, sign and indicate
your title and date below:
	 
	 	 
	Thomas Exley
	 	 
	 

	 	 
	Print Name

	 	Name of the Entity
	 
	 	 
	/s/ Thomas Exley
	 	 
	 

	 	 
	Signature

	 	Signature
	 
	 	 
	8/23/08
	 	 
	 

	 	 
	Date

	 	Title
	 
	 	 
	 

	 	 
	 

	 	Date

 

 

WRITTEN CONSENT

OF 

THE STOCKHOLDERS

OF

STINGER SYSTEMS, INC.

August 25, 2008

The undersigned holders of outstanding shares of capital stock of Stinger Systems,
Inc., a Nevada corporation (the “Corporation”), acting pursuant to Section 78.320.2
of the Nevada Revised Statutes and Article II, Section 2.4 of the Corporation’s
By-Laws (the “By-Laws”), do hereby consent that the following actions be taken by
written consent:

Amendment to the Articles of Incorporation.

RESOLVED, that the amendment of the Articles of Incorporation of the Corporation
to (i) increase the total number of authorized shares of Common Stock to
150,000,000; (ii) authorize 1,000,000 Shares Of Preferred Stock with rights and
preferences as more fully set forth in the Certificate of Amendment to the
Articles of Incorporation and (iii) effect a 1-for-5 reverse split with respect
to the outstanding shares of the Corporation’s Common Stock is hereby approved
in substantially the form attached hereto as Exhibit A;.

This written consent of stockholders shall be filed with the minutes of the
proceedings of the Board of Directors and stockholders.

This written consent of stockholders may be executed in counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and
the same instrument.

	 	 	 
	If you are an individual, please print your
name, sign and date below:

	 	If you are signing on behalf of an entity, please
print the name of the entity, sign and indicate
your title and date below:
	 
	 	 
	Robert Gruder
	 	 
	 

	 	 
	Print Name

	 	Name of the Entity
	 
	 	 
	/s/ Robert Gruder
	 	 
	 

	 	 
	Signature

	 	Signature
	 
	 	 
	8-25-08
	 	 
	 

	 	 
	Date

	 	Title
	 
	 	 
	 

	 	 
	 

	 	DateEX-10.10 LETTER AGREEMENT DATED SEPTEMBER 12,2008

EXHIBIT 10.10

STINGER SYSTEMS, INC.

2701 N. Rocky Point Drive, Suite 1130

Tampa, Florida 33607

September 12, 2008

     Gentlemen:

     Reference is hereby made to (a) that certain Securities Purchase Agreement, of even date
herewith (the “DOF Purchase Agreement”), by and between Stinger Systems, Inc., a Nevada
corporation (the “Company”) and Debt Opportunity Fund, LLLP., a Florida limited liability
limited partnership (“DOF”), (b) that certain Securities Purchase Agreement, dated February
29, 2008 (the “February Purchase Agreement”), by and between the Company and Castlerigg
Master Investments, LTD. (“Castlerigg”), (c) that certain Securities Purchase Agreement,
dated August 3, 2007 (the “August Purchase Agreement”), by and between the Company and
Castlerigg, and (d) the certain Placement Agent Agreement, dated May 16, 2007, as amended on June
30, 2008 (the “Placement Agent Agreement”), by and between the Company and Midtown Partners
& Co. LLC, a Florida limited liability company (“Midtown”).

     Pursuant to the DOF Purchase Agreement, DOF acquired (i) a 10% Senior Secured Convertible Note
(the “DOF Note”) convertible up to 10,344,828 shares of common stock of the Company, par
value $0.001 per share (“Common Stock”), and (ii) a common stock purchase warrant
exercisable for up to 12,931,035 shares of Common Stock (the “DOF Warrant”).

     Pursuant to the August Purchase Agreement, Castlerigg acquired (i) a Senior Secured
Convertible Note (the “August Note”) in the aggregate principal amount of $3,000,000,
originally convertible on the date of issuance into 4,730,369 shares of Common Stock, but, after
adjustments pursuant to Sections 7(a) and 7(d) of the August Note, currently convertible as of the
date hereof into 9,452,414 shares of Common Stock and (ii) a common stock purchase warrant (the
“August Warrant”), originally exercisable on the date of issuance for 5,912,961 shares of
Common Stock, but, after adjustment pursuant to Sections 2(a) and 2(c) of the August Warrant,
currently exercisable as of the date hereof for 12,931,035 shares of Common Stock.

     Pursuant to the February Purchase Agreement, Castlerigg (A) acquired (i) a Senior Secured
Convertible Note (the “February Note”) in the aggregate principal amount of $2,150,000,
originally convertible on the date of issuance into 1,720,000 shares of Common Stock, but, after
adjustments pursuant to Sections 7(a) and 7(d) of the February Note, currently convertible as of
the date hereof into 7,413,793 shares of Common Stock, (ii) a common stock purchase warrant (the
“February Warrant”), originally exercisable on the date of issuance for 3,000,000 shares of
Common Stock, but, after adjustment pursuant to Sections 2(a) and 2(c) of the February Warrant,
currently exercisable as of the date hereof into 7,297,241 shares of Common Stock and (iii)
1,250,000 shares of Common Stock and (B) amended and restated the August Note for an Amended and
Restated Senior Secured Convertible Note (the “Amended and Restated Note”, and together
with the DOF Note, the August Note and the February Note, the “Notes”) in the aggregate
principal amount of $2,941,200, originally convertible on the date of issuance into 4,637,654
shares of Common Stock, but, after adjustments pursuant to Sections 7(a) and 7(d) of the February
Note, currently convertible as of the date hereof into 9,452,414 shares of Common Stock.

 

     Pursuant to the Placement Agent Agreement, Midtown acquired a common stock purchase warrant
(the “Placement Agent Warrant”) originally exercisable on the date of issuance for
1,862,068 shares of Common Stock.

     At a meeting of the Board of Directors of the Company duly called and held on September 9,
2008, the Board of Directors of the Company has reserved and set-aside: (i) 10,344,828 shares of
Common Stock for issuance upon exercise of the DOF Note,
(ii) 12,931,034 of Common Stock for
issuance upon exercise of the DOF Warrant, (iii) 7,413,793 shares of Common Stock for issuance upon
exercise of the February Note, (iv) 9,452,414 shares of Common Stock for issuance upon exercise of
the August Note, (v) 7,297,241 shares of Common Stock for issuance upon exercise of the February
Warrant, (vi) 12,931,035 shares of Common Stock for issuance upon exercise of the August Warrant,
and (vii) 1,862,069 shares of Common Stock for issuance upon exercise of the Placement Agent
Warrants.

     On August 23, 2008 and August 25, 2008, T. Yates Exley and Robert F. Gruder, respectively,
signed a majority written consent in the form attached hereto as Exhibit A.

     As of the date of this Letter Agreement, the Company is seeking to increase its authorized and
unissued shares of Common Stock to provide sufficient shares for issuance upon exercise of the DOF
Warrant, the February Warrant, the August Warrant and the Placement Agent Warrants (the
“Unreserved Warrant”), for issuance as interest payable pursuant to the terms of the DOF
Note and the August Note (the “Interest Shares”), or to otherwise satisfy its obligations
under that the terms of the DOF Note, the August Note and the February Note. As a result, the
Company has agreed to file a proxy or information statement with the U.S. Securities and Exchange
Commission (the “SEC”) and obtain such approvals of the Company’s shareholders as may be
required to increase the Company’s authorized capital stock to allow for the reservation of shares
upon exercise of the Unreserved Warrants, and to otherwise comply with its obligation to maintain
minimum authorized capital reserves under the terms and conditions of the DOF Purchase Agreement,
the August Purchase Agreement and the February Purchase Agreement, including maintaining reserves
for the Interest Shares.

     Therefore, the Company hereby agrees with Castlerigg as follows:

     1. (a) The
Company shall, on or prior to September 17, 2008 (the “Filing Date”),
prepare and file with the SEC a preliminary information statement on Schedule 14C; (b) the Company
shall, on or prior to September 30, 2008, provided that the Company is notified by the SEC that the
preliminary information statement on Schedule 14C will not be reviewed (the “Mailing
Date”), prepare and file with the SEC, and mail to all of the Company’s shareholders, a
definitive information statement on Schedule 14C; provided, however, that if the preliminary
information statement on Schedule 14C is reviewed by the SEC, then the “Mailing Date” shall be
twenty days after receipt of comments from the SEC; and (c) on
or prior to September 17, 2008 (the
“Approval Date”), (i) the shareholders of the Company and the Board of Directors of the
Company shall have approved, at a meeting or by written consent, an amendment to the Company’s
Articles of Incorporation increasing the number of authorized shares of Common Stock from
50,000,000 to 150,000,000 shares (such amendment, the “Charter Amendment”), (ii) the
Company shall have filed the Charter Amendment with the Secretary of State of the State of Nevada,
and (iii) the Board of Directors of the Company shall, by written consent or at a meeting, shall
have authorized, reserved and set-aside for the purpose of issuance, no less than 130% of the sum
of the number of shares of Common Stock issuable (x) as Interest Shares pursuant to the terms of
the DOF Note, the February Note, and the August Note, (y) upon conversion of each of the DOF Note,
the February Note, and the August Note, and (z) upon exercise of the DOF Warrant, the February
Warrant, the August

-2-

 

Warrant, and the Placement Agent Warrant (without taking into account any
limitations on the conversion of such notes or exercise of such warrants set forth in such notes
and warrants, respectively). In taking the
foregoing actions, the Company shall comply with the filing and disclosure requirements of
Section 14 under the 1934 Act, Nevada law, and any applicable rules or regulations of the
Over-the-Counter Bulletin Board. The Company acknowledges and agrees to promptly respond to any
comments from the SEC on the preliminary information statement on Schedule 14C.

     2. If any event set forth in clause (a) of Section 1 above has not occurred by the Filing
Date, any event set forth in clause (b) of Section 1 above has not occurred by the Mailing Date, or
any event set forth in clause (c) of Section 1 above has not occurred by the Approval Date (any
such failure or breach being referred to as an “Event”, and the date on which such Event
occurs being referred to as “Event Date”), then in addition to any other rights Castlerigg
may have hereunder or under applicable law or any other agreement (including any rights Castlerigg
may have under the notes upon a default), on each such Event Date and on each monthly anniversary
of each such Event Date (if the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to Castlerigg an amount in cash equal to one and
one half percent (1.5%) of the aggregate principal amount of Castlerigg’s Note (in each case, a
“Payment”). In the event the Company fails to make Payments in a timely manner, such
Payments shall bear interest at the rate of one and one half percent (1.5%) per month (prorated for
partial months) until paid in full.

     3. Miscellaneous.

     (a) Remedies. In the event of a breach by the Company of its obligations under this
letter agreement (this “Agreement”), Castlerigg, in addition to being entitled to exercise
all rights granted by law and under this Agreement, including recovery of damages or a declaration
of a default under the Notes, will be entitled to specific performance of its rights under this
Agreement. The Company agrees that monetary damages would not provide adequate compensation for
any losses incurred by reason of a breach by it of any of the provisions of this Agreement and
hereby further agrees that, in the event of any action for specific performance in respect of such
breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions
of this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and Castlerigg.

     (c) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and shall inure to the
benefit of Castlerigg. Castlerigg may assign their respective rights hereunder in the manner and to
the persons as permitted under the DOF Purchase Agreement, the February Purchase Agreement or the
August Purchase Agreement , as applicable.

     (d) This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the notes or the warrants referred
to above. The Company shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of Castlerigg. Castlerigg may assign some or all of its rights
hereunder without the

-3-

 

consent of the Company, in which event such assignee shall have the same
rights as Castlerigg hereunder with respect to such assigned rights.

     (e) Execution and Counterparts. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the same agreement and
shall
become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that
any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data
file, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) with the same force and effect as if such facsimile or
”.pdf” signature page were an original thereof.

     (f) Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of
the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York.

     (g) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive
of any other remedies provided by law.

     (h) Headings. The headings in this Agreement are for convenience only, do not
constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

[remainder of page intentionally left blank]

-4-

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	STINGER SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert F. Gruder
 

President
	 	 

If the foregoing is acceptable, please sign below where indicated.

APPROVED AND ACCEPTED:

	 	 	 	 	 
	CASTLERIGG MASTER INVESTMENTS LTD.

 	 	 
	By:  	Sandell Asset Management Corp.
 	 	 
	 	 	 	 
	 	 	 
	By:  	                /s/ Timothy O’Brien	 	 
	Name:  	 	Timothy O’Brien	 	 
	Title:  	 	Chief Financial Officer	 	 
	 

-5-

 

EXHIBIT A

 

 

WRITTEN CONSENT

OF

THE STOCKHOLDERS

OF

STINGER SYSTEMS, INC.

                    , 2008

The undersigned holders of outstanding shares of capital stock of Stinger Systems, Inc., a Nevada
corporation (the “Corporation”), acting pursuant to Section 78.320.2 of the Nevada Revised Statutes
and Article II, Section 2.4 of the Corporation’s By-Laws (the “By-Laws”), do hereby consent that
the following actions be taken by written consent:

Amendment to the Articles of Incorporation.

RESOLVED, that the amendment
of the Articles of Incorporation of the Corporation to (i)
increase the total number of authorized shares of Common Stock to 150,000,000; (ii)
authorize 1,000,000 shares of Preferred Stock with rights and preferences as more fully set
forth in the Certificate of Amendment to the Articles of Incorporation and (iii) effect a
1-for-5 reverse split with respect to the outstanding shares of the Corporation’s Common
Stock is hereby approved in substantially the form attached hereto as Exhibit A;.

This written consent of stockholders shall be filed with the minutes of the proceedings of the
Board of Directors and stockholders.

This written consent of stockholders may be executed in counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the same instrument.

	 	 	 
	If you are an individual, please print your
name, sign and date below:

	 	If you are signing on behalf of an entity, please
print the name of the entity, sign and indicate
your title and date below:
	 
	 	 
	Thomas Exley
	 	 
	 

	 	 
	Print Name

	 	Name of the Entity
	 
	 	 
	/s/ Thomas Exley
	 	 
	 

	 	 
	Signature

	 	Signature
	 
	 	 
	8/23/08
	 	 
	 

	 	 
	Date

	 	Title
	 
	 	 
	 

	 	 
	 

	 	Date

 

 

WRITTEN CONSENT

OF 

THE STOCKHOLDERS

OF

STINGER SYSTEMS, INC.

August 25, 2008

The undersigned holders of outstanding shares of capital stock of Stinger Systems,
Inc., a Nevada corporation (the “Corporation”), acting pursuant to Section 78.320.2
of the Nevada Revised Statutes and Article II, Section 2.4 of the Corporation’s
By-Laws (the “By-Laws”), do hereby consent that the following actions be taken by
written consent:

Amendment to the Articles of Incorporation.

RESOLVED, that the amendment of the Articles of Incorporation of the Corporation
to (i) increase the total number of authorized shares of Common Stock to
150,000,000; (ii) authorize 1,000,000 shares of Preferred Stock with rights and
preferences as more fully set forth in the Certificate of Amendment to the
Articles of Incorporation and (iii) effect a 1-for-5 reverse split with respect
to the outstanding shares of the Corporation’s Common Stock is hereby approved
in substantially the form attached hereto as Exhibit A;.

This written consent of stockholders shall be filed with the minutes of the
proceedings of the Board of Directors and stockholders.

This written consent of stockholders may be executed in counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and
the same instrument.

	 	 	 
	If you are an individual, please print your
name, sign and date below:

	 	If you are signing on behalf of an entity, please
print the name of the entity, sign and indicate
your title and date below:
	 
	 	 
	Robert Gruder
	 	 
	 

	 	 
	Print Name

	 	Name of the Entity
	 
	 	 
	/s/ Robert Gruder
	 	 
	 

	 	 
	Signature

	 	Signature
	 
	 	 
	8-25-08
	 	 
	 

	 	 
	Date

	 	Title
	 
	 	 
	 

	 	 
	 

	 	Date

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