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) March 11, 2008
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
March
11, 2008, Argyle Security, Inc. entered into an agreement with Tatum, LLC,
effective as of January 1, 20008. Tatum is an entity of which the company’s
Chief Financial Officer, Don Neville, is a partner. In the agreement, Tatum
agreed to make the services of Mr. Neville available to Argyle on a permanent
basis based upon the terms and conditions contained in the agreement. Pursuant
to the agreement, Argyle will pay Tatum a $70,000 signing fee as well as 35%
of
Neville’s 2008 bonus. In addition, Argyle will pay Tatum a resource fee of
$1,000 per month during the term of the agreement. The other terms of Mr.
Neville’s employment with Argyle, including his base salary, remain the
same.
Item
9.01 Financial
Statements and Exhibits.
Financial
Information
In
its
Form 8-K filed January 8, 2008, Argyle indicated that it would file financial
statements and pro forma financial information related to the acquisition of
the
assets of Peterson Detention, Inc. by Argyle’s wholly owned subsidiary, ISI
Detention Contracting Group, Inc. by March 19, 2008. Upon completion of an
audit
of the balance sheet for assets and liabilities acquired from Peterson Detention
and subsequent to adjustments to the balance sheet recommended by the company’s
independent auditors, the company has determined that Peterson Detention would
not constitute a material subsidiary and Argyle is therefore not required to
file separate financial statements and pro forma financial information regarding
the acquisition.
Exhibits
Exhibit
No. Description
10.1 Permanent
Executive Services Agreement between Argyle and Tatum, LLC, dated effective
January 1, 2008.
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: March
17, 2008 |
By: |
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Name:
Donald F. Neville
Title:
Chief Financial Officer
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Exhibit
Index
Exhibit
No. Description
10.1
Permanent
Executive
Services Agreement between Argyle and Tatum, LLC, dated effective January 1,
2008.