Document:

FIRST AMENDMENT TO

SINGLE FAMILY HOMES REAL ESTATE PURCHASE
AND SALE AGREEMENT

 

 

THIS FIRST AMENDMENT
TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment") is made as of October
30, 2013, by and between RED DOOR HOUSING LLC, a Texas limited liability company and WFI
FUNDING, INC., a Texas corporation d/b/a RED DOOR FUNDING (collectively, “Seller”), and REVEN
HOUSING TEXAS, LLC, a Delaware limited liability company (“Buyer”), successor-in-interest to REVEN
HOUSING GEORGIA, LLC, a Delaware limited liability company (“Assignor”) with reference to the following
recitals:

 

RECITALS

 

A.Seller and
Assignor entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement, dated as of October 4, 2013 ("Agreement"),
pursuant to which Seller agreed to sell and Assignor agreed to purchase from Seller, that certain group of One Hundred Seventy (170)
single family homes, in the City of Houston, Texas, and which is more particularly defined in the Agreement as the “Property,”
all upon the terms and subject to the conditions contained in the Agreement.

 

B.Seller and Assignor have agreed
to amend the Agreement to reflect the scheduled closing dates, as set forth herein.

 

AGREEMENT

 

1.             Definitions. All initially-capitalized terms used in this First Amendment without definition shall have the meanings
given such terms in the Agreement.

 

2.             Closing Dates. Section 5(d) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

(d)Deferred Closing.
Buyer will cause the Closing to occur with respect to the Property identified on Exhibit A-1 on the Closing Date. The consideration
required to close with respect to those Properties will be equal to the sum of the values of the properties set forth on Exhibit
A-1 (less the value of any Excluded Properties) and Buyer will close with respect to those properties on the scheduled Closing
Date. Buyer may, in its discretion, close on the properties identified on Exhibit A-2 by delivering to Escrow the sum of
the values of the properties set forth on Exhibit A-2 (less the value of any Excluded Properties) on any day after January
15, 2014 and before January 31, 2014, and the consideration required to close with respect to those Properties will be the amount
so delivered to Escrow.

 

3.             Delivery of Purchase Price. The last sentence of Section 5(a)(1) of the Agreement is hereby deleted in its entirety
and replaced with the following:

 

    	 

    	 

    

 

At the closing of the transactions
contemplated by this Agreement (the “Closing”), Buyer shall receive a credit against the Purchase Price
in the amount of the Deposit with respect to the Property identified on Exhibit A-1. No further deposit will be placed into
Escrow.

 

4.             Assignment. Pursuant to Section 22(g) of the Agreement, Assignor hereby assigns its interests under the Agreement
to Buyer, and Buyer hereby assumes all obligations of Assignor under the Agreement. Assignor acknowledges that all of Assignor’s
obligations under the Agreement remain in full force and effect, and Assignor is not released from any obligations thereunder.

 

5.             Exhibits. Exhibit A-1 and Exhibit A-2 of the Agreement are hereby replaced by Exhibit A-1 and
Exhibit A-2, respectively, attached to this First Amendment.

 

6.             Full Force and Effect. Except as modified herein, Buyer, Seller, and Assignor hereby agree and affirm that the Agreement
remains in full force and effect.

 

IN WITNESS WHEREOF, Assignor, Buyer, and
Seller have caused this First Amendment to be duly executed on their behalfs as of the day and year stated above.

 

	ASSIGNOR:	
        REVEN HOUSING GEORGIA, LLC,

        a Delaware limited liability company

         

         

         

        By: /s/ Chad Carpenter____________________

        Name: Chad Carpenter

        Its: Chief Executive Officer

         

 

	BUYER:	
        REVEN HOUSING TEXAS, LLC,

        a Delaware limited liability company

         

         

         

        By: /s/ Chad Carpenter_____________________

        Name: Chad Carpenter

        Its: Chief Executive Officer

         

	SELLER:	
        RED DOOR HOUSING, LLC,

        a Texas limited liability company

         

         

         

        By: /s/ Rickey Williams____________________

        Name: Rickey Williams

        Its: Manager 

 

    	 

    	 

    

 

	SELLER:	
        WFI FUNDING, INC.,

        a Texas corporation

         

         

         

        By: /s/ Rickey Williams___________________

        Name: Rickey Williams

        Its: President 

          

 

    	 

    	 

    

  

EXHIBIT
A-1

 

DESCRIPTION
OF PROPERTies

 

 

	 	 	Address	 	Zip	 	Bed	 	Bath	 	Sq. Ft	 	REVEN Price	 
	1	 	25th Ave. 709	 	77590	 	3	 	2	 	1370	 	$	72,936.28	 
	2	 	34th Ave 2622	 	77590	 	3	 	2	 	1712	 	$	68,073.87	 
	3	 	3rd 2510	 	77547	 	3	 	2	 	1189	 	$	58,349.03	 
	4	 	6th 401	 	77571	 	3	 	1	 	1084	 	$	68,073.87	 
	5	 	Aberdeen 11113	 	77502	 	3	 	1	 	992	 	$	65,642.66	 
	6	 	Addicks Clodine 4003	 	77082	 	3	 	2	 	1960	 	$	92,385.96	 
	7	 	Akard 4218	 	77047	 	3	 	1	 	1034	 	$	60,293.99	 
	8	 	Aldis 10918	 	77075	 	4	 	1	 	1426	 	$	77,798.70	 
	9	 	Andalusian18530	 	77433	 	3	 	2	 	1197	 	$	81,688.64	 
	10	 	Anthony Hay 2414	 	77449	 	3	 	2	 	1420	 	$	87,523.54	 
	11	 	Banton 742	 	77530	 	3	 	1	 	896	 	$	68,073.87	 
	12	 	Barada 10530	 	77034	 	3	 	1	 	981	 	$	71,477.56	 
	13	 	Barcelona 17147	 	77546	 	3	 	2	 	1704	 	$	97,248.38	 
	14	 	Bazelbriar 15835	 	77489	 	3	 	2	 	1240	 	$	77,798.70	 
	15	 	Beaver Trail 11007	 	77086	 	3	 	2	 	1286	 	$	69,289.47	 
	16	 	Beck Ridge 16234	 	77053	 	3	 	2	 	1011	 	$	73,908.77	 
	17	 	Belle Glen 7818	 	77072	 	3	 	2	 	1146	 	$	77,798.70	 
	18	 	Beran 4326	 	77045	 	3	 	1	 	1212	 	$	61,266.48	 
	19	 	Bintliff 7322	 	77074	 	4	 	1	 	1852	 	$	104,055.77	 
	20	 	Bowridge 16211	 	77053	 	3	 	2	 	1803	 	$	80,473.03	 
	21	 	Brickarbor Dr. 1607	 	77449	 	3	 	2	 	1378	 	$	78,771.19	 
	22	 	Brookfield 3719	 	77045	 	3	 	2	 	1196	 	$	74,881.25	 
	23	 	Brookston 4130	 	77045	 	3	 	2	 	1237	 	$	77,798.70	 
	24	 	Brookston 4806	 	77045	 	4	 	2	 	2046	 	$	82,661.12	 
	25	 	Brookston3410	 	77045	 	3	 	2	 	1058	 	$	77,798.70	 
	26	 	Brown 718	 	77536	 	4	 	2	 	1936	 	$	107,945.70	 
	27	 	Buffum 10310	 	77051	 	3	 	1	 	1170	 	$	59,807.75	 
	28	 	Burle Oak 19914	 	77346	 	3	 	2	 	1397	 	$	77,798.70	 
	29	 	Canterview 1310	 	77047	 	3	 	1	 	1305	 	$	63,211.45	 
	30	 	Cape Hyannis 12202	 	77048	 	3	 	2	 	1328	 	$	66,128.90	 
	31	 	Cardinal 712	 	77502	 	3	 	1	 	1487	 	$	77,798.70	 
	32	 	Carmona Ln5010	 	77581	 	3	 	2	 	1416	 	$	106,973.22	 
	33	 	Catbird 16107	 	77396	 	3	 	2	 	1488	 	$	97,248.38	 
	34	 	Charriton 3302	 	77039	 	3	 	1.5	 	1320	 	$	80,716.15	 
	35	 	Cherry Meadow 3806	 	77039	 	3	 	1	 	927	 	$	69,046.35	 
	36	 	Cleveland 1903	 	77502	 	3	 	1	 	1475	 	$	74,881.25	 
	37	 	Concho 11242	 	77072	 	3	 	2	 	1479	 	$	93,066.70	 
	38	 	Creekhurst 12115	 	77099	 	3	 	2	 	1853	 	$	92,385.96	 
	39	 	Crestwood 2006	 	77469	 	4	 	2	 	2622	 	$	97,248.38	 
	40	 	Darlinghurst 6422	 	77085	 	4	 	2	 	2064	 	$	89,954.75	 
	41	 	Dartwood 14122	 	77049	 	3	 	2	 	1114	 	$	73,908.77	 
	42	 	Dawnmist 20121	 	77346	 	4	 	2	 	1866	 	$	87,523.54	 
	43	 	Dawnridge 7710	 	77071	 	4	 	2	 	1772	 	$	92,385.96	 
	44	 	Dayflower 4311	 	77449	 	3	 	2	 	1337	 	$	82,661.12	 
	45	 	Dragonwick 2722	 	77045	 	3	 	1	 	1135	 	$	66,128.90	 
	46	 	Dunkley Dr 905	 	77076	 	3	 	1	 	1216	 	$	65,156.41	 
	47	 	E Fayle 2101	 	77520	 	3	 	2	 	1501	 	$	63,211.45	 
	48	 	E. Delz 343	 	77022	 	3	 	1	 	1200	 	$	65,156.41	 
	49	 	Ebbtide 2923	 	77045	 	3	 	1.5	 	1624	 	$	68,073.87	 
	50	 	Evesborough 11218	 	77099	 	3	 	2	 	1069	 	$	69,532.59	 
	51	 	Fall Meadow 1902	 	77459	 	3	 	2	 	1706	 	$	92,385.96	 
	52	 	Fern valley 8815	 	77044	 	3	 	2	 	1605	 	$	90,440.99	 
	53	 	Fitzwater 4523	 	77373	 	3	 	2	 	1484	 	$	73,908.77	 
	54	 	Folkstone 7731	 	77075	 	4	 	2	 	1702	 	$	92,385.96	 
	55	 	Foredale 9610	 	77075	 	3	 	1	 	1255	 	$	72,936.28	 
	56	 	Foredale 9617	 	77075	 	3	 	1.5	 	1015	 	$	74,881.25	 
	57	 	Foredale 9618	 	77075	 	4	 	2	 	1662	 	$	77,798.70	 
	58	 	Foxhurst 7023	 	77338	 	3	 	2	 	1685	 	$	87,523.54	 
	59	 	Foxway 7302	 	77338	 	3	 	2	 	1615	 	$	92,385.96	 
	60	 	Foy 10610	 	77093	 	3	 	1	 	1104	 	$	63,211.45	 
	61	 	Garland 8108	 	77017	 	3	 	1	 	1417	 	$	74,881.25	 
	62	 	Glen Shadow 9202	 	77088	 	3	 	2	 	1363	 	$	82,661.12	 
	63	 	Glen Shadow 9311	 	77088	 	3	 	2	 	1413	 	$	82,661.12	 
	64	 	Glenridge 4938	 	77053	 	3	 	1	 	1364	 	$	68,073.87	 
	65	 	Goliad Ave 1502	 	77568	 	3	 	1	 	1541	 	$	65,156.41	 
	66	 	Hardwicke Rd 294	 	77060	 	4	 	2	 	1089	 	$	72,936.28	 
	67	 	Heatherbloom 4015	 	77045	 	3	 	1	 	1476	 	$	65,642.66	 
	68	 	Heatherbrook 3919	 	77045	 	3	 	2	 	1604	 	$	75,853.74	 
	69	 	Hillis 9702	 	77078	 	3	 	2	 	1528	 	$	68,073.87	 
	70	 	Horncastle 818	 	77530	 	3	 	1	 	1552	 	$	70,505.07	 
	71	 	Houston Ave 1208	 	77502	 	3	 	1	 	1436	 	$	77,798.70	 
	72	 	Hurlingham 3422	 	77093	 	3	 	1	 	952	 	$	63,211.45	 
	73	 	Ivyknoll 6334	 	77035	 	4	 	2	 	1898	 	$	82,661.12	 
	74	 	Jane Dr 1907	 	77502	 	3	 	1	 	1386	 	$	77,798.70	 
	75	 	Kathryn 12509	 	77015	 	3	 	1	 	1067	 	$	63,211.45	 
	76	 	Kentucky 2003	 	77520	 	3	 	2	 	1960	 	$	63,211.45	 
	77	 	Kindlewood 8915	 	77099	 	3	 	2	 	1088	 	$	73,908.77	 
	78	 	Kings 7106	 	77521	 	3	 	1.5	 	1527	 	$	66,128.90	 
	79	 	Kirkland 8714	 	77089	 	3	 	2	 	1314	 	$	106,973.22	 
	80	 	Kirsten 1230	 	77568	 	3	 	2	 	1704	 	$	82,661.12	 
	81	 	Knotty Oaks 2707	 	77045	 	3	 	2	 	1109	 	$	62,238.96	 
	82	 	Knotty Oaks 3219	 	77045	 	3	 	2	 	1592	 	$	66,128.90	 
	83	 	Knotty Post 6026	 	77373	 	3	 	2	 	1508	 	$	77,798.70	 
	84	 	Knottynold 3923	 	77053	 	3	 	2	 	1374	 	$	77,798.70	 
	85	 	KnottyOaks3314	 	77045	 	3	 	2	 	1626	 	$	67,830.74	 
	86	 	Longbrook 12315	 	77099	 	4	 	2	 	1858	 	$	97,248.38	 
	87	 	Lyden Ridge 5522	 	77053	 	3	 	2	 	1160	 	$	73,908.77	 
	88	 	Marleen 1131	 	77034	 	3	 	1	 	1068	 	$	79,743.67	 
	89	 	Marlen 2412	 	77502	 	3	 	2	 	1400	 	$	82,661.12	 
	90	 	Mcgallion 11311	 	77076	 	3	 	1	 	830	 	$	65,156.41	 
	91	 	Meadow Park 4710	 	77048	 	3	 	1	 	1320	 	$	63,211.45	 
	92	 	Mitchell Rd. 1250	 	77037	 	3	 	2	 	1517	 	$	79,257.43	 
	93	 	Morning Dove 15314	 	77396	 	3	 	2	 	1353	 	$	75,124.37	 
	94	 	Navidad 6927	 	77083	 	3	 	2	 	1320	 	$	76,826.22	 
	95	 	Newgate 23315	 	77373	 	3	 	2	 	1462	 	$	79,743.67	 
	96	 	Wuthering Heights 3107	 	77045	 	3	 	2	 	1097	 	$	65,642.66	 
	97	 	Norell 714	 	77530	 	3	 	1	 	1188	 	$	63,211.45	 
	98	 	Oak Shadows 4547	 	77091	 	3	 	1.5	 	1005	 	$	68,073.87	 
	99	 	Oakside 4010	 	77053	 	3	 	2	 	1189	 	$	72,936.28	 
	100	 	Overcross 3430	 	77045	 	3	 	2	 	1099	 	$	69,289.47	 
	101	 	Parker 7322	 	77016	 	3	 	2	 	1638	 	$	66,128.90	 
	102	 	Pauline 807	 	77502	 	3	 	1	 	1044	 	$	68,073.87	 
	103	 	Plumbrook 12106	 	77099	 	3	 	2	 	1204	 	$	77,798.70	 
	104	 	Ponderosa 4503	 	77521	 	3	 	2	 	1558	 	$	82,661.12	 
	105	 	Presidents Dr 4151	 	77047	 	3	 	2.5	 	1732	 	$	107,945.70	 
	106	 	Quail  Shute 23006	 	77389	 	3	 	2.5	 	1935	 	$	106,973.22	 
	107	 	Quiet Bend 2735	 	77489	 	3	 	2	 	1528	 	$	87,523.54	 
	108	 	Ridgecroft Rd 15802	 	77053	 	3	 	2.5	 	1512	 	$	81,202.40	 
	109	 	Ridgewest 4915	 	77053	 	3	 	2	 	992	 	$	68,073.87	 
	110	 	Ripplebrook 3530	 	77045	 	4	 	2	 	1612	 	$	76,826.22	 
	111	 	Riptide 7606	 	77072	 	3	 	2	 	1133	 	$	82,661.12	 
	112	 	Roandale 11618	 	77048	 	4	 	2	 	1328	 	$	72,936.28	 
	113	 	Rosebriar 15827	 	77489	 	3	 	2	 	1190	 	$	77,798.70	 
	114	 	Rosebriar 15919	 	77489	 	3	 	2	 	1190	 	$	77,798.70	 
	115	 	S Navaho Trail 20078	 	77449	 	3	 	2	 	1298	 	$	85,578.57	 
	116	 	Sagedowne 10122	 	77089	 	4	 	2.5	 	1806	 	$	106,973.22	 
	117	 	Sagehill 11203	 	77089	 	3	 	1.5	 	1766	 	$	99,679.59	 
	118	 	Sagewillow 10631	 	77089	 	3	 	2	 	1494	 	$	97,248.38	 
	119	 	Sailfish 3914	 	77571	 	4	 	2	 	2025	 	$	82,661.12	 
	120	 	Seagrove 323	 	77571	 	4	 	2	 	1500	 	$	82,661.12	 
	121	 	Shady Arbor 7035	 	77040	 	3	 	2	 	1660	 	$	97,248.38	 
	122	 	Shady Brook 2419	 	77087	 	3	 	2	 	1969	 	$	99,193.35	 
	123	 	Shelton 993	 	77530	 	3	 	2.5	 	1056	 	$	82,661.12	 
	124	 	Silversmith Ln 23810	 	77493	 	3	 	2	 	1210	 	$	74,881.25	 
	125	 	Sommercoats 922	 	77530	 	3	 	2	 	1629	 	$	82,661.12	 
	126	 	Springhaven 6406	 	77396	 	3	 	2	 	1513	 	$	81,688.64	 
	127	 	Stover 10350	 	77075	 	3	 	2	 	1183	 	$	75,367.49	 
	128	 	Stover 10801	 	77075	 	3	 	2	 	1649	 	$	72,936.28	 
	129	 	Sunny Dr 2402	 	77093	 	3	 	1	 	1146	 	$	70,991.32	 
	130	 	Swan Valley 19715	 	77433	 	3	 	2	 	1380	 	$	84,606.09	 
	131	 	Tara Blue Ridge 7122	 	77469	 	3	 	2	 	1529	 	$	92,385.96	 
	132	 	Tavenor 4223	 	77047	 	3	 	1	 	946	 	$	61,266.48	 
	133	 	Teal Park 15314	 	77396	 	3	 	2	 	1529	 	$	84,606.09	 
	134	 	Tenderden 1355	 	77530	 	4	 	2	 	1535	 	$	87,523.54	 
	135	 	Tidewater 2730	 	77045	 	3	 	1	 	1732	 	$	68,073.87	 
	136	 	Tiffany 3934	 	77045	 	4	 	2	 	1403	 	$	77,798.70	 
	137	 	Tilden 205	 	77506	 	3	 	1	 	1072	 	$	65,642.66	 
	138	 	Tiltree 9945	 	77075	 	3	 	1	 	1328	 	$	77,798.70	 
	139	 	Timber 202	 	77520	 	3	 	2	 	2556	 	$	82,661.12	 
	140	 	Twinridge 11655	 	77099	 	3	 	2	 	1615	 	$	87,523.54	 
	141	 	Tylergate Dr 4306	 	77373	 	3	 	2	 	1178	 	$	72,936.28	 
	142	 	Valley Park 10006	 	77078	 	3	 	2	 	1189	 	$	66,128.90	 
	143	 	Valley Park 9918	 	77078	 	3	 	2	 	1189	 	$	67,101.38	 
	144	 	Valley Wind 9930	 	77078	 	3	 	1	 	1161	 	$	70,018.83	 
	145	 	Vickery 12710	 	77039	 	3	 	1.5	 	1289	 	$	85,578.57	 
	146	 	Virginia 1809	 	77502	 	3	 	1.5	 	1464	 	$	81,202.40	 
	147	 	W Fuqua 7439	 	77489	 	3	 	2	 	1938	 	$	74,589.51	 
	148	 	W Gulf Bank 1495	 	77088	 	3	 	2	 	1340	 	$	70,018.83	 
	149	 	Washington 3217	 	77503	 	3	 	1	 	953	 	$	68,073.87	 
	150	 	Waterchase 7706	 	77489	 	3	 	2	 	1500	 	$	79,743.67	 
	 	 	 	 	 	 	 	 	 	 	212444	 	$	11,691,832.22	 

 

 

    	 

    	 

    

EXHIBIT
A-2

 

DESCRIPTION
OF DEFERRED PROPERTies

 

	 	 	Address	 	Zip	 	Bed	 	Bath	 	Sq. Ft	 	RVEN Price	 
	1	 	27th 4801	 	77539	 	2	 	2	 	1162	 	$	63,211.45	 
	2	 	34th St 4903	 	77539	 	3	 	2	 	1386	 	$	71,963.80	 
	3	 	Belarbor 6315	 	77087	 	3	 	1	 	975	 	$	60,780.24	 
	4	 	Camden 1307	 	77502	 	3	 	2	 	1141	 	$	79,743.67	 
	5	 	Charney 8714	 	77088	 	3	 	1	 	1140	 	$	69,046.35	 
	6	 	Crooked Creek 5458	 	77017	 	4	 	1.5	 	1509	 	$	72,936.28	 
	7	 	Denoron 4907	 	77048	 	3	 	1	 	1397	 	$	67,587.62	 
	8	 	Foxside 7011	 	77338	 	3	 	2	 	2097	 	$	92,385.96	 
	9	 	Maplemont 16339	 	77095	 	4	 	2	 	1545	 	$	92,385.96	 
	10	 	Paddington 6214	 	77085	 	4	 	2	 	1566	 	$	82,661.12	 
	11	 	Pinetex 7326	 	77396	 	4	 	2	 	1659	 	$	87,523.54	 
	12	 	Red Leaf 711	 	77090	 	4	 	2	 	2556	 	$	116,698.05	 
	13	 	Wavecrest 1607	 	77062	 	3	 	2	 	1836	 	$	116,698.05	 
	14	 	Whispering Willow 23311	 	77373	 	3	 	2	 	1209	 	$	82,661.12	 
	15	 	Whitchurch Way 13203	 	77015	 	3	 	2	 	1520	 	$	95,303.41	 
	16	 	White Gate Ln 11326	 	77069	 	5	 	2	 	2464	 	$	97,248.38	 
	17	 	Whitehall 214	 	77060	 	3	 	2	 	1220	 	$	86,551.06	 
	18	 	Willow Oak 7318	 	77521	 	3	 	2	 	1448	 	$	102,110.80	 
	19	 	Winding Trace 6827	 	77086	 	3	 	2	 	1318	 	$	81,202.40	 
	20	 	Wingdale Dr 15907	 	77082	 	3	 	2	 	1524	 	$	89,468.51	 
	 	 	 	 	 	 	 	 	 	 	30672	 	$	1,708,167.78Exhibit 10.1 

 

NONQUALIFIED STOCK OPTION CANCELLATION
AGREEMENT

 

THIS NONQUALIFIED STOCK OPTION CANCELLATION
AGREEMENT (the “Agreement”), dated as of August 27, 2013 (hereinafter the “Effective Date”),
is made by and between Command Security Corporation, a New York corporation (the “Company”), and Barry I. Regenstein
(the “Executive”).

 

WHEREAS, the Company has previously
entered into a nonqualified stock option agreement under which the Executive was granted an option to purchase 500,000 shares of
the Company’s common stock, dated as of August 30, 2004 (the “Option Agreement”); and

 

WHEREAS, the Executive currently holds
a vested nonqualified stock option to purchase 362,718 shares of the Company’s common stock for $1.35 per share under the
Option Agreement (the “Option”); and

 

WHEREAS, the Company and the Executive
have mutually agreed to cancel the Option in exchange for a lump sum cash payment from the Company to the Executive, upon the terms
and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of
the mutual covenants hereinafter set forth, the parties hereby agree as follows:

 

1.    Cancellation of Option. As of
the Effective Date, the Option, which the parties acknowledge is the only option to purchase shares of the Company’s common
stock held by the Executive that remains outstanding, shall no longer be exercisable and shall be deemed canceled and terminated
(without any further action on the part of the Executive or the Company). Except with respect to the cash payment described in
Section 2 below, the Company shall not have any further obligations or liabilities to the Executive with respect to the Option
or under any agreements evidencing and/or governing the grant of the Option.

 

2.    Cash Payment. As soon as practicable
following the Effective Date, subject to the Executive’s execution of this Agreement, the Company shall pay to the Executive
a lump sum cash payment of $72,544, less all applicable federal, state and local taxes.

 

3.    General Release. In consideration
of the cash payment provided to the Executive under this Agreement, the sufficiency of which the Executive hereby acknowledges,
the Executive releases the Company and its subsidiaries and all of their past, present and future shareholders, directors, officers,
employees, agents, divisions, parents, subsidiaries, related companies, affiliates and assigns, from any and all claims, charges,
demands, suits, rights or causes of action, at law or equity or otherwise, which he may ever have had, has now or may ever have
in the future or which his heirs, executors or assigns can or shall have, against any or all of them, whether known or unknown,
up until the Effective Date, on account of or arising out of the Option Agreement or the Option. The Executive specifically waives
the benefit of any statute or rule of law, which, if applied to the instant Agreement, would otherwise exclude from its binding
effect any claims not now known by the Executive to exist.

 

    	1

    	 

    

 

		4.	Miscellaneous.

 

(a)       Code Section 409A. The Option
was designed to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (“Section
409A”). All payments and benefits under this Agreement are intended either to be exempt from, or to comply with, the
requirements of Section 409A, and this Agreement shall be interpreted in accordance with such intent.

 

(b)       No Rights to Employment. Nothing
contained in this Agreement shall be construed as giving the Executive any right to be retained, in any position, as an employee,
consultant or director of the Company.

 

(c)       Successors.

 

     (i)        This Agreement is personal
to the Executive and without the prior written consent of the Company shall not be assignable by the Executive. This Agreement
shall be binding upon, inure to the benefit of, and be enforceable by the Executive’s legal representatives.

 

     (ii)       This Agreement shall
be binding upon, inure to the benefit of, and be enforceable by the Company and its successors. Other than to a successor to substantially
all of the Company’s business, the Company may not assign its rights and obligations hereunder without the prior written
consent of the Executive, and in the case of any permitted assignment, the Company shall cause such successor to assume this Agreement.

 

(d)       Governing Law. This Agreement
shall be construed, interpreted and enforced in accordance with the laws of the State of New York without regard to the principles
of conflicts of law thereof, or the principles of conflicts of laws of any other jurisdiction which could cause the application
of the laws of any jurisdiction other than the State of New York.

 

(e)       Headings. The headings of
the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction and shall
not constitute a part of this Agreement.

 

(f)        Signature in Counterparts.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

 

 

[Signature page follows.]

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first written above.

 

	 	 	The Company:	 
	 	 	 	 
	 	 	COMMAND SECURITY CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ N. Paul Brost	 
	 	 	Name:  N. Paul Brost	 
	 	 	Title:  Chief Financial Officer	 

 

 

	 	The Executive:	 
	 	 	 
	 	 	 
	 	/s/ Barry I. Regenstein	 
	 	Barry I. Regenstein	 

 

    	3

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