Document:

Unassociated Document

    

       

      PROMISSORY
        NOTE 

       

      
        	$15,000  	
                 As
                  of November 22,
                  2005

              

      

       

      Argyle
        Security Acquisition Corporation (the “Maker”) promises to pay to the order of
        Ron Chaimovski (the “Payee”) the principal sum of Fifteen Thousand Dollars and
        No Cents ($15,000.00) in lawful money of the United States of America, together
        with interest on the unpaid principal balance of this Note, on the terms
        and
        conditions described below. 

       

      1.  Principal.
        The
        principal balance of this Note shall be repayable on the earlier of (i) November
        15, 2006 or (ii) the date on which Maker consummates an initial public offering
        of its securities. 

       

      2.  Interest.
        Interest shall accrue at the rate of 4% annually (non-compounded) on the
        unpaid
        principal balance of this Note. 

       

      3.  Application
        of Payments.
        All
        payments shall be applied first to payment in full of any costs incurred
        in the
        collection of any sum due under this Note, including (without limitation)
        reasonable attorneys’ fees, then to the payment of any accrued interest and
        finally to the reduction of the unpaid principal balance of this Note.

       

      4.  Events
        of Default.
        The
        following shall constitute Events of Default: 

       

      (a)  Failure
        to Make Required Payments.
        Failure
        by Maker to pay the principal of or accrued interest on this Note within
        five
        (5) business days following the date when due. 

       

      (b)  Voluntary
        Bankruptcy, Etc.
        The
        commencement by Maker of a voluntary case under the Federal Bankruptcy Code,
        as
        now constituted or hereafter amended, or any other applicable federal or
        state
        bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
        or
        the consent by it to the appointment of or taking possession by a receiver,
        liquidator, assignee, trustee, custodian, sequestrator (or other similar
        official) of Maker or for any substantial part of its property, or the making
        by
        it of any assignment for the benefit of creditors, or the failure of Maker
        generally to pay its debts as such debts become due, or the taking of corporate
        action by Maker in furtherance of any of the foregoing. 

       

      (c)  Involuntary
        Bankruptcy, Etc.
        The
        entry of a decree or order for relief by a court having jurisdiction in the
        premises in respect of maker in an involuntary case under the Federal Bankruptcy
        Code, as now or hereafter constituted, or any other applicable federal or
        state
        bankruptcy, insolvency or other similar law, or appointing a receiver,
        liquidator, assignee, custodian, trustee, sequestrator (or similar official)
        of
        Maker or for any substantial part of its property, or ordering the winding-up
        or
        liquidation of the affairs of Maker, and the continuance of any such decree
        or
        order unstayed and in effect for a period of 60 consecutive days. 

       

      5.  Remedies.

       

      (a)  Upon
        the
        occurrence of an Event of Default specified in Section 4(a), Payee may, by
        written notice to Maker, declare this Note to be due and payable, whereupon
        the
        principal amount of this Note, and all other amounts payable thereunder,
        shall
        become immediately due and payable without presentment, demand, protest or
        other
        notice of any kind, all of which are hereby expressly waived, anything contained
        herein or in the documents evidencing the same to the contrary notwithstanding.
        

       

      (b)  Upon
        the
        occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
        unpaid principal balance of, and all other sums payable with regard to, this
        Note shall automatically and immediately become due and payable, in all cases
        without any action on the part of Payee. 

       

      6.  Waivers.
        Maker
        and all endorsers and guarantors of, and sureties for, this Note waive
        presentment for payment, demand, notice of dishonor, protest, and notice
        of
        protest with regard to the Note, all errors, defects and imperfections in
        any
        proceedings instituted by Payee under the terms of this Note, and all benefits
        that might accrue to Maker by virtue of any present or future laws exempting
        any
        property, real or personal, or any part of the proceeds arising from any
        sale of
        any such property, from attachment, levy or sale under execution, or providing
        for any stay of execution, exemption from civil process, or extension of
        time
        for payment; and Maker agrees that any real estate that may be levied upon
        pursuant to a judgment obtained by virtue hereof, on any writ of execution
        issued hereon, may be sold upon any such writ in whole or in part in any
        order
        desired by Payee. 

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      7.  Unconditional
        Liability.
        Maker
        hereby waives all notices in connection with the delivery, acceptance,
        performance, default, or enforcement of the payment of this Note, and agrees
        that its liability shall be unconditional, without regard to the liability
        of
        any other party, and shall not be affected in any manner by any indulgence,
        extension of time, renewal, waiver or modification granted or consented to
        by
        Payee, and consents to any and all extensions of time, renewals, waivers,
        or
        modifications that may be granted by Payee with respect to the payment or
        other
        provisions of this Note, and agrees that additional makers, endorsers,
        guarantors, or sureties may become parties hereto without notice to them
        or
        affecting their liability hereunder. 

       

      8.  Notices.
        Any
        notice called for hereunder shall be deemed properly given if (i) sent by
        certified mail, return receipt requested, (ii) personally delivered, (iii)
        dispatched by any form of private or governmental express mail or delivery
        service providing receipted delivery, (iv) sent by telefacsimile or (v) sent
        by
        e-mail, to the following addresses or to such other address as either party
        may
        designate by notice in accordance with this Section: 

       

      If
        to
        Maker: 

       

      Argyle
        Security Acquisition Corporation 

      200
        Concord Plaza, Suite 700

      San
        Antonio, Texas 78216

      Attn.:
        Bob Marbut, Co-Chief Executive Officer 

       

      If
        to
        Payee: 

       

      Ron
        Chaimovski

      Argyle
        Security Acquisition corporation

      200
        Concord Plaza, suite 700

      San
        Antonio, Texas 78216

       

      Notice
        shall be deemed given on the earlier of (i) actual receipt by the receiving
        party, (ii) the date shown on a telefacsimile transmission confirmation,
        (iii)
        the date on which an e-mail transmission was received by the receiving party’s
        on-line access provider (iv) the date reflected on a signed delivery receipt,
        or
        (vi) two (2) Business Days following tender of delivery or dispatch by express
        mail or delivery service. 

       

      9.  Construction.
        This
        Note shall be construed and enforced in accordance with the domestic, internal
        law, but not the law of conflict of laws, of the State of New York.

       

      10.  Severability.
        Any
        provision contained in this Note which is prohibited or unenforceable in
        any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction. 

       

      IN
        WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused
        this
        Note to be duly executed by its Co-Chief Executive Officer the day and year
        first above written. 

       

      
        	 	 	 
	 	ARGYLE
                SECURITY ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/
                Bob Marbut
	 	
                
Name:
                Bob Marbut
	 	Title:
                Co-Chief Executive Officer

      

       

      
        
          
          

        

        
          3Exhibit 4.1

                        INDEPENDENT CONTRACTOR AGREEMENT

      This Independent Contractor Agreement ("Agreement") is made and effective
this 8th day of August 2004, by and between Jeffrey Revell-Reade ("Consultant")
and Multi-Tech International, Corp., a Nevada corporation ("Company")

      WHEREAS, Company desires to engage Consultant to perform certain services
for the Company, pursuant to the terms and conditions stated in this Agreement,
and

      WHEREAS, Consultant desires to perform certain services for Company,
pursuant to the terms and conditions stated herein.

      NOW, THEREFORE, in consideration of the foregoing and the mutual promises
and covenants herein contained, the parties agree as follows:

1. Services to be Performed. Company desires that Consultant perform, and
Consultant agrees to perform the following services for the Company in the
indicated capacities:

o     Actively attempt to locate a suitable merger candidate as well as analyze
      and perform proper due diligence functions through consummation of such
      transaction. In the event that Company identifies such a candidate,
      Consultant shall assist Company in the foregoing functions, at no
      additional expense to the Company, in order to consummate such merger.
      Consultant shall spend no less than 10 hours per month performing the
      duties enumerated herein.

2. Consultant's Performance. All work done by Consultant shall be of the highest
professional standard and shall be performed to Company's reasonable
satisfaction.

3. Status. Consultant's status under this Agreement shall be that of an
independent consultant, and not that of an agent or employee. Consultant
warrants and represents that he has complied with all federal, state and local
laws regarding business permits and licenses that may be required for him to
perform the work as set forth in this Agreement.

4. Terms of Compensation. In the event Consultant successfully performs all
services found in Section 1 of this Agreement, Company shall compensate
Consultant by issuing him Seventeen Million (17,000,000) shares of common stock
("Shares"). Within 30 days after the completion of such a merger, the Company
shall file a registration statement on Form S-8 and the Consultant shall have
the right to register Eight Million (8,000,000) of the Shares pursuant to that
registration statement.

<PAGE>

5. Reimbursement of Expenses. Company shall reimburse Consultant for reasonable
monthly expenses provided the expenses are documented in writing by Consultant
to the satisfaction of the Company.

6. Termination. This Agreement may be terminated at anytime by Consultant during
the term hereof with 90 days written notice. Further, this Agreement may be
terminated by the Company for Cause (as that term is defined below) with 90 days
written notice. In the event Company dismisses Consultant for Cause then
Company's obligations to Consultant shall be limited to the compensation earned
up to the date of Consultant's termination for Cause.

      (a)   Definition of Cause. "Cause" shall mean:

            (i)   any action by Consultant which constitutes dishonesty relating
                  to Company, a willful violation of law (other than traffic
                  offenses and similar minor offenses) or a fraud against
                  Company;

            (ii)  Consultant is charged by indictment for, is convicted of or
                  pleads guilty to a felony or other crime;

            (iii) misappropriation of Company's funds or assets by Consultant
                  for his personal gain;

            (iv)  willful misconduct by Consultant relating to Company,
                  including, without limitation, willful failure to perform
                  stated duties or to follow legitimate directions of his
                  superiors;

            (v)   the continual or frequent possession by Consultant of an
                  illegal substance or abuse by Consultant of a controlled
                  substance or alcohol resulting in a pattern of behavior
                  disruptive to the business operations of Company;

            (vi)  failure by Consultant to perform Consultant's duties and
                  responsibilities to Company in a competent manner;

            (vii) any material violation by Consultant of any covenant contained
                  in this Agreement, including covenants related to
                  confidentiality; and

            (viii) any other willful misconduct which materially injures
                  Company.

Subject to this Section 6, in the event that the Company terminates this
Agreement for any reason other than "For Cause", Consultant shall receive all
benefits pursuant to Section 4 of this Agreement as if Consultant satisfactorily
performed all required duties during the Term of this Agreement.

<PAGE>

7. Federal, State and Local Payroll Taxes. Company will not withhold or pay on
behalf of Consultant or any of its employees: (a) federal, state or local income
taxes; or (b) any other payroll tax of any kind. In accordance with the terms of
this Agreement and the understanding of the parties herein, Consultant shall not
be treated as an employee with respect to the services performed hereunder for
federal, state or local tax purposes.

8. Fringe Benefits. Because Consultant is engaged in its own independent
consulting business, it is not eligible for, nor entitled to, and shall not
participate in, any of Company's pension, health or other fringe benefit plans,
if any such plans exist. Such participation in these fringe benefits plans is
limited solely to Company's employees.

9. Notice to Consultant Regarding Tax Liability. Consultant understands that he
is responsible to pay his income tax in accordance with federal, state and local
law. Consultant further understands that he is liable for Social Security,
("FICA") tax, to be paid in accordance with all applicable laws.

10. Term. This Agreement's term shall begin on the date hereof and shall remain
in force until August 8, 2006. Unless both parties mutually agree to terminate
this Agreement.

11. Confidentiality. During the term of this Agreement, and thereafter in
perpetuity, Consultant shall not, without the prior written consent of Company,
disclose to anyone any Confidential Information. "Confidential Information" for
the purposes of this Agreement shall include Company's proprietary and
confidential information such as, but not limited to, customer lists, business
plans, marketing plans, financial information, designs, drawing, specifications,
models, software, source codes and object codes. Confidential Information shall
not include any information that: (a) is disclosed by Company without
restriction; (b) becomes publicly available through no act of Consultant; or (c)
is rightfully received by Consultant.

12. Controlling Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Nevada.

13. Headings. The headings in this Agreement are inserted for convenience only
and shall not be used to define, limit or describe the scope of this Agreement
or any of the obligations herein.

14. Final Agreement. This Agreement constitutes the final understanding and
agreement between the parties with respect to the subject matter hereof and
supersedes all prior negotiations, understandings and agreements between the
parties, whether written or oral. This Agreement may be amended, supplemented or
changed only by an agreement in writing signed by both of the parties.

15. Notice. Any notice required to be given or otherwise given pursuant to this
Agreement shall be in writing and shall be hand delivered, mailed by certified
mail, return receipt requested or sent by recognized overnight courier service
as follows:

<PAGE>

         If to Consultant:

                  Jeffrey Revell-Reade

         It to Company:

                  Multi-Tech International Corporation, Inc.
                  c/o Rubin, Bailin, Ortoli LLP
                  405 Park Avenue
                  New York, N.Y. 10022
                  Attn: William S. Rosenstadt

         Such Notice shall be deemed given when actually delivered.

16. Severability. If any term of this Agreement is held by a court of competent
jurisdiction to be invalid or unenforceable, then this Agreement, including all
of the remaining terms, will remain in full force and effect as if such invalid
or unenforceable term had never been included.

17. Restrictions on Assignment. Consultant may not assign or otherwise transfer
his rights or delegate its obligations created hereunder to any third party
without the prior written consent of the Company. Notwithstanding the foregoing,
this Agreement shall bind and inure to the benefit of the successors and assigns
of the parties.

         IN WITNESS WHEREOF, this Agreement has been executed by the parties as
of this the 8th day of August, 2004.

                                    Multi-Tech International Corporation, Inc.

                                    By: /s/ David F. Hostelley
                                    ----------------------------------
                                    Name: David F. Hostelley
                                    Title: President

                                    /s/ Jeffrey Revell-Reade
                                    ----------------------------------
                                    Jeffrey Revell-Reade

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}]]