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<font style="font-weight: normal; font-style: normal">As
filed with the Securities and Exchange Commission on November 2,
2005</font>
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333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 504pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SECURITIES
AND EXCHANGE COMMISSION<br>
<font style="font-size: 10pt;">Washington, D.C.
20549</font>
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<font style="font-size: 10pt;">UNDER THE SECURITIES ACT OF 1933</font>
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<font style="font-size: 8pt;"><font style="font-weight: normal; font-style: normal">(Exact name of
registrant as specified in its charter)</font></font>
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<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">59-3392443</font></td>
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or other jurisdiction<br> of incorporation or
organization)</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">(I.R.S. Employer<br> Identification
Number)</font></td>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 504pt; text-align: center; font-style: normal; line-height: 9.75pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Armor Holdings,
Inc.<br> 13386 International Parkway<br> Jacksonville, Florida
32218<br> (904) 741-5400<br>
<font style="font-size: 8pt;"><font style="font-weight: normal; font-style: normal">(Address, including zip
code, and telephone number, including area code, of principal executive
offices)</font></font>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
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Holdings, Inc. 2002 Stock Incentive Plan<br>Armor Holdings, Inc. 2002
Executive Stock Plan<br> Armor Holdings, Inc. 2005 Stock Incentive
Plan<br>
<font style="font-size: 8pt;"><font style="font-weight: normal; font-style: normal">(Full title of the plan)</font></font>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
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<td><img src="spacer.gif" height="1" width="538"></td>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 504pt; text-align: center; font-style: normal; line-height: 9.75pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Warren
B. Kanders<br> Chairman of the Board and Chief Executive Officer<br>
Armor Holdings, Inc.<br> 13386 International Parkway<br>
Jacksonville, Florida 32218<br> (904) 741-5400<br>
<font style="font-size: 8pt;"><font style="font-weight: normal; font-style: normal">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</font></font>
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<font style="font-weight: normal; font-style: italic">Copy to:</font>
<br> Kane Kessler, P.C.<br> 1350
Avenue of the Americas<br> New York, NY 10019-4896<br> (212)
541-6222<br> Attn: Robert L. Lawrence, Esq.</p>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 504pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">CALCULATION
OF REGISTRATION
FEE</p>
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<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title
of securities<br> to be registered</font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Amount to be<br>
registered <sup>(1)</sup></font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Proposed maximum<br> offering
price<br> per share <sup>(2)</sup></font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Proposed maximum<br>
aggregate offering<br> price <sup>(2)</sup></font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Amount of<br>
registration fee <sup>(3)</sup></font></td>
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<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000 ;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Common Stock, $0.01
par value per
share</font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000 ; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">4,394,718</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$41.93</font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$184,270,525.74</font></td>
<td style="border-bottom: 1px solid #000000"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000 ;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$21,688.64</font></td>
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<td><img src="spacer.gif" height="1" width="665"></td>
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<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
Registration Statement covers (i) 2,500,000 shares of common stock (the
"Common Stock"), $0.01 par value per share,
of Armor Holdings, Inc. issuable pursuant to the Armor Holdings, Inc.
2005 Stock Incentive Plan (the "2005 Incentive
Plan"); and (ii) 1,894,718 issuable pursuant to the Armor
Holdings, Inc. 2002 Stock Incentive Plan (the "2002
Incentive Plan"). In addition, pursuant to Rule 416(c)
under the Securities Act of 1933, as amended (the
"Securities Act"), this Registration
Statement covers an indeterminable number of additional shares of
Common Stock as may hereafter be offered or issued pursuant to the 2005
Incentive Plan and the 2002 Incentive Plan, to prevent dilution
resulting from stock splits, stock dividends or similar transactions
effected without receipt of
consideration.</font></td>
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="665"></td>
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<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Estimated
solely for the purpose of calculating the registration fee. Pursuant to
Rule 457(c) and 457(h), the proposed maximum offering price per share
is based upon (i) the average exercise price relating to approximately
2,014,000 outstanding options granted under the 2005 Incentive Plan and
the 2002 Incentive Plan for which the underlying shares of Common Stock
have not previously been registered, which is a weighted average price
of $39.42; and (ii) with respect to 2,380,718 shares available for
grant or previously issued under the 2005 Incentive Plan and the 2002
Incentive Plan, a price of $44.05 (the average of the high and low
price of the Registrant's Common Stock as reported on The New
York Stock Exchange on October 28,
2005).</font></td>
</tr>
</table>
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<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="665"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(3)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Pursuant to Rule
429(b) under the Securities Act, this Registration Statement includes
up to (i) 2,700,000 shares of Common Stock issued or issuable pursuant
to the 2002 Incentive Plan; and (ii) 110,000 shares of Common Stock
issued or issuable pursuant to the Armor Holdings, Inc. 2002 Executive
Stock Plan (the "2002 Executive Plan") that
were previously registered on Form S-8 (Registration Statement No.
333-112107) filed on January 22, 2004. In connection with the
previously registered shares for issuance under the Registrant's
2002 Incentive Plan and 2002 Executive Plan, the Registrant paid a fee
of $5,568 a portion of which is attributable to the shares being
carried forward in a combined reoffer Prospectus being filed herewith
(to the extent that there are or may be control or restricted
securities). See the Rule 429 note below. In connection with this
Registration Statement, the Registrant is paying a fee solely on the
4,394,718 additional shares of the Registrant's Common Stock
being registered.</font></td>
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</table>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="269"></td>
<td><img src="spacer.gif" height="1" width="538"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 504pt; text-align: left; font-style: normal; line-height: 9pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As
permitted by Rule 429 under the Securities Act of 1933, the Prospectus
filed together with this Registration Statement shall be deemed to be a
combined resale Prospectus which shall also relate to the
Registrant's Registration Statement No. 333-67033 on Form
S-8.</p>
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<td><img src="spacer.gif" height="1" width="1"></td>
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<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXPLANATORY
NOTE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The 4,394,718 shares of common stock, $0.01 par value per
share (the "Common Stock") of Armor Holdings,
Inc., a Delaware corporation (the "Company"),
being registered pursuant to this Form S-8 are issued or issuable
pursuant to the Armor Holdings, Inc. 2005 Stock Incentive Plan (the
"2005 Incentive Plan") and the Armor
Holdings, Inc. 2002 Stock Incentive Plan (the "2002
Incentive Plan"). This Registration Statement also
includes up to (i) 2,700,000 shares of the Common Stock issued or
issuable pursuant to the 2002 Incentive Plan, and (ii) 110,000 shares
of Common Stock issued or issuable pursuant to the Armor Holdings, Inc.
2002 Executive Stock Plan (the "2002 Executive
Plan"), that were previously registered on Form S-8
(Registration Statement No. 333-112107) filed on January 22, 2004 (the
"2004 Registration Statement"). The 2005
Incentive Plan, 2002 Incentive Plan and 2002 Executive Plan are
collectively referred to herein as the
"Plans".</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Registration Statement
contains two parts. The first part contains a Prospectus pursuant to
Form S-3 (in accordance with Section C of the General Instructions to
the Form S-8) which covers reoffers and resales of
"restricted securities" and/or
"control securities" (as such terms are
defined in Section C of the General Instructions to Form S-8) of the
Company. This reoffer Prospectus relates to up to 3,757,234 shares of
Common Stock that have been or may be issued to certain officers and
directors of the Company pursuant to the Plans. The second part of this
Registration Statement contains Information Required in the
Registration Statement pursuant to Part II of Form S-8. The Form S-8
portion of this Registration Statement will be used for offers of
shares of Common Stock of the Company pursuant to the 2005 Incentive
Plan and the 2002 Incentive Plan.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">ii</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PART I</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 1 .&nbsp;&nbsp;&nbsp;&nbsp;Plan
Information</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The document(s) containing the information
specified in Part  I of Form  S-8 will be sent or given to
participants in the Plans as specified by Rule  428(b)(1) under
the Securities Act. Such documents are not being filed with the
Securities and Exchange Commission, but constitute, along with the
documents incorporated by reference into this Registration Statement, a
prospectus that meets the requirements of Section  10(a) of the
Securities Act.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 2 .&nbsp;&nbsp;&nbsp;&nbsp;Company Information and
Employee Plan Annual Information</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Company will furnish
without charge to each person to whom the Prospectus is delivered, upon
the written or oral request of such person, a copy of any and all of
the documents incorporated by reference in Item 3 of Part  II of
this Registration Statement, other than exhibits to such documents
(unless such exhibits are specifically incorporated by reference to the
information that is incorporated). Those documents are incorporated by
reference in the Section  10(a) prospectus. Requests should be
directed to Armor Holdings, Inc., 13386 International Parkway,
Jacksonville, Florida 32218, attention: Secretary; telephone number
(904) 741-5400.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<b>Note</b>:&nbsp;&nbsp;&nbsp;&nbsp;The reoffer Prospectus
referred to in the Explanatory Note follows this
page.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">iii</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REOFFER
PROSPECTUS<br> ARMOR HOLDINGS, INC.<br> 3,757,234 SHARES OF COMMON
STOCK<br> (par value $0.01 per share)</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Prospectus relates
to up to 3,757,234 shares (the "Shares") of
common stock, $0.01 par value per share, of Armor Holdings, Inc., a
Delaware corporation (the "Company" or
"Armor Holdings") which may be offered and
sold from time to time by certain stockholders of the Company (the
"Selling Stockholders") who have acquired or
will acquire such Shares pursuant to stock options and stock grants
issued or issuable under the (i) the Armor Holdings, Inc. 2005 Stock
Incentive Plan (the "2005 Incentive Plan");
(ii) the Armor Holdings, Inc. 2002 Stock Incentive Plan (the
"2002 Incentive Plan") and (iii) under the
Armor Holdings, Inc. 2002 Executive Stock Plan (the "2002
Executive Plan"). The 2005 Incentive Plan, 2002 Incentive
Plan and 2002 Executive Plan are collectively referred to herein as the
"Plans".</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Company will not receive
any of the proceeds from sales of the Shares by any of the Selling
Stockholders. The Shares may be offered from time to time by any or all
of the Selling Stockholders (and their donees and pledgees) through
ordinary brokerage transactions, in negotiated transactions or in other
transactions, at such prices as he or she may determine, which may
relate to market prices prevailing at the time of sale or be a
negotiated price. See "Plan of Distribution."
All costs, expenses and fees in connection with the registration of the
Shares will be borne by the Company. Brokerage commissions and similar
selling expenses, if any, attributable to the offer or sale of the
Shares will be borne by the Selling Stockholder (or their donees and
pledgees).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each Selling Stockholder and any broker executing
selling orders on behalf of a Selling Stockholder may be deemed to be
an "underwriter" as defined in the Securities
Act of 1933, as amended (the "Securities
Act"). If any broker-dealers are used to effect sales, any
commissions paid to broker-dealers and, if broker-dealers purchase any
of the Shares as principals, any profits received by such
broker-dealers on the resale of the Shares, may be deemed to be
underwriting discounts or commissions under the Securities Act. In
addition, any profits realized by the Selling Stockholders may be
deemed to be underwriting commissions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our Common Stock is
listed on The New York Stock Exchange. On October 28, 2005, the closing
price of our Common Stock was $44.26 per share.</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
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<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">See "Risk
Factors" on page 3 hereof for a discussion of certain
factors that should be carefully considered by prospective
purchasers.</p>
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Neither the
Securities and Exchange Commission nor any state securities commission
has approved or disapproved these securities, or determined if this
Prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.</p>
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<tr>
<td><img src="spacer.gif" width="1" height="6"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The date of this Prospectus
is November 2, 2005.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">You should rely only on the information
included in or incorporated by reference into this Prospectus or
information we have referred to in this Prospectus. We have not
authorized anyone to provide you with information that is different.
This Prospectus may only be used where it is legal to sell these
securities. This Prospectus is not an offer to sell, or a solicitation
of an offer to buy, in any state where the offer or sale is prohibited.
The information in this Prospectus is accurate on the date of this
Prospectus and may become obsolete later. Neither the delivery of this
Prospectus, nor any sale made under this Prospectus will, under any
circumstances, imply that the information in this Prospectus is correct
as of any date after the date of this Prospectus. References to
"the Company," "Armor
Holdings," "we" or
"us" refer to Armor Holdings, Inc.</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">TABLE OF CONTENTS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="429"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="27"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 9pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Page</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">RISK
FACTORS</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">3</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff ; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">FORWARD-LOOKING
STATEMENTS</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">13</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">14</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">COMPANY
OVERVIEW</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">16</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">USE OF
PROCEEDS</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">17</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">SELLING
STOCKHOLDERS</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">18</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">DESCRIPTION OF COMMON
STOCK</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">23</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">PLAN OF
DISTRIBUTION</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">24</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">WHERE YOU CAN FIND MORE
INFORMATION</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">25</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">EXPERTS</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">26</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">LEGAL
MATTERS</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 9pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 9pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">26</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 9pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">RISK FACTORS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prospective purchasers of the Common Stock should consider
carefully the following risk factors relating to the business of the
Company, together with the information and financial data set forth
elsewhere in this Prospectus or incorporated herein by reference, prior
to making an investment decision. This Prospectus contains
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Such statements are
indicated by words or phrases such as
"anticipate,"
"estimate,"
"project," "management
believes," "we believe" and
similar words or phrases. Such statements are based on current
expectations and are subject to risks, uncertainties and assumptions.
Certain of these risks are described below. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
anticipated, estimated or projected.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">RISKS RELATED TO OUR
INDUSTRY</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The products we sell are inherently risky and could
give rise to product liability and other claims.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The products
that we manufacture are typically used in applications and situations
that involve high levels of risk of personal injury. Failure to use our
products for their intended purposes, failure to use or care for them
properly, or their malfunction, or, in some limited circumstances, even
correct use of our products, could result in serious bodily injury or
death. Given this potential risk of injury, proper maintenance of our
products is critical. Our products include: body armor and plates
designed to protect against ballistic and sharp instrument penetration;
less-lethal products such as less-lethal munitions, pepper sprays,
distraction devices and flameless expulsion grenades; various models of
police batons; rotary and fixed-wing aircraft seating systems;
parachutes; vehicle and hard armoring systems; military helmets; and
police duty gear.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Claims have been made and are pending against
certain of our subsidiaries, involving permanent physical injury and
death caused by self-defense sprays and other munitions intended to be
less-lethal. In addition, the manufacture and sale of certain
less-lethal products may be the subject of product liability claims
arising from the design, manufacture or sale of such goods. If these
claims are decided against us and we are found to be liable, we may be
required to pay substantial damages and our insurance costs may
increase significantly as a result. Also, a significant or extended
lawsuit, such as a class action, could also divert significant amounts
of management's time and attention. We cannot assure you that our
insurance coverage would be sufficient to cover the payment of any
potential claim. In addition, we cannot assure you that this or any
other insurance coverage will continue to be available or, if
available, that we will be able to obtain it at a reasonable cost. Our
cost of obtaining insurance coverage has risen substantially since
September 11, 2001. Any material uninsured loss could have a material
adverse effect on our business, financial condition and results of
operations. In addition, the inability to obtain product liability
coverage would prohibit us from bidding for orders from certain
governmental customers since, at present, many bids from governmental
entities require such coverage, and any such inability would have a
material adverse effect on our business, financial condition, results
of operations and liquidity.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In April 2004, two class action
lawsuits were filed against us in Florida state court by police
organizations and individual police officers, alleging that
ballistic-resistant soft body armor (vests) containing
Zylon<sup>&reg;</sup>, manufactured and sold by our wholly-owned
subsidiaries American Body Armor<sup>TM</sup>,
Safariland<sup>&reg;</sup> and PROTECH<sup>TM</sup>, failed to meet the
warranties provided with the vests. On August 12, 2004, the
Jacksonville, Florida (Duval County) Circuit Court gave preliminary
approval to a settlement reached with the Southern States Police
Benevolent Association ("SSPBA"). After a
fairness hearing on November 5, 2004, the Court gave final approval to
that agreement which provided, in essence, that (i) purchasers of
certain Zylon<sup>&reg;</sup>-containing vest models could exchange
their vests for other vests manufactured by Armor Holdings (the
"Exchange Program"), (ii) Armor Holdings
would continue its internal used-vest testing program
(VestCheck<sup>TM</sup>), and (iii) if testing revealed that other
Zylon<sup>&reg;</sup>-containing vests would not meet the warranties
provided with the vests, class members who had purchased those other
vests would be provided with relief on a reasonably </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
comparable basis as those in the Exchange
Program. The other class action suit filed by the National Association
of Police Organizations, Inc. (NAPO), in Ft. Myers, Florida (Lee
County), was voluntarily dismissed with prejudice on November 16,
2004.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">On August 24, 2005, the United States Department of
Justice through the National Institute of Justice (NIJ), released its
<font style="font-weight: normal; font-style: italic">Third Status Report to the Attorney General on Body Armor Safety
Initiative Testing and Activities</font> ("Third NIJ
Report"). The Third NIJ Report contained, among other
items, information and testing data on Zylon<sup>&reg;</sup> and
Zylon<sup>&reg;</sup>-containing vests, and substantially modified
compliance standards for all ballistic-resistant vests with the
implementation of the NIJ 2005 Interim Requirements for
Ballistic-Resistant Body Armor. As a result of the actions of the NIJ,
Armor Holdings halted all sales or shipment of any
Zylon<sup>&reg;</sup>-containing vest models effective August 25, 2005,
and immediately established a Supplemental Relief Program
("SRP") that provides either a cash or
voucher option to those who purchased Zylon<sup>&reg;</sup>-containing
vests through August 12, 2004. The Jacksonville, Florida Court gave
final approval to the SRP on October 27, 2005 after determining that it
was fair, adequate and reasonable.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Following the NIJ's
announcement, the SSPBA filed another class action suit on behalf of
purchasers of Zylon<sup>&reg;</sup>-containing vests from August 13,
2004 (the date of certification of the prior class) through August 29,
2005 (a date after which Armor Holdings had ceased all sales of
Zylon<sup>&reg;</sup>-containing vests). On October 27, 2005, the
Jacksonville, Florida Circuit Court gave final approval to a settlement
reached with the plaintiffs in this second suit that provides
purchasers with either a 100% cash refund or a voucher for
100% of the purchase price redeemable for any Armor Holdings
merchandise.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Company is also voluntarily cooperating with a
request for documents and data received from the Department of Justice,
who is reviewing the entire body armor industry's use of
Zylon<sup>&reg;</sup>, and a subpoena served by the General Services
Administration for information relating to Zylon<sup>&reg;</sup>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any adverse resolution of these matters could have a material
adverse effect on our business, financial condition, results of
operations and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We are subject to extensive
government regulation, and our failure or inability to comply with
these regulations could materially restrict our operations and subject
us to substantial penalties.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We are subject to federal
licensing requirements with respect to the sale in foreign countries of
certain of our products. In addition, we are obligated to comply with a
variety of federal, state and local regulations, both domestically and
abroad, governing certain aspects of our operations and workplace,
including regulations promulgated by, among others, the U.S.
Departments of Commerce, State and Transportation, the Federal Aviation
Administration, the U.S. Environmental Protection Agency and the U.S.
Bureau of Alcohol, Tobacco and Firearms. The U.S. Bureau of Alcohol,
Tobacco, and Firearms also regulates us as a result of our
manufacturing of certain destructive devices and by the use of ethyl
alcohol in certain products. We also ship hazardous goods, and in doing
so, must comply with the regulations of the U.S. Department of
Transportation for packaging and labeling. Additionally, the failure to
obtain applicable governmental approval and clearances could adversely
affect our ability to continue to service the government contracts we
maintain. Furthermore, we have material contracts with governmental
entities and are subject to rules, regulations and approvals applicable
to government contractors. We are also subject to routine audits to
assure our compliance with these requirements. We have become aware
that we are not in full compliance with certain regulations governing
the export of equipment and related technology used for military
purposes that are applicable to certain of our products. We have made a
voluntary disclosure to the Office of Defense Trade Controls Compliance
and have undertaken steps to comply with these regulations and to help
ensure compliance in the future. We do not believe that such
noncompliance will have a material adverse effect on our business. In
addition, a number of our employees involved with certain of our
federal government contracts are required to obtain specified levels of
security clearances. Our business may suffer if we or our employees are
unable to obtain the security clearances that are needed to perform
services contracted for the U.S. Department of Defense, one of
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
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<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
our major customers. Our failure to comply
with these contract terms, rules or regulations could expose us to
substantial penalties, including the loss of these contracts and
disqualification as a U.S. government contractor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Like other
companies operating internationally, we are subject to the Foreign
Corrupt Practices Act and other laws which prohibit improper payments
to foreign governments and their officials by U.S. and other business
entities. We operate in countries known to experience endemic
corruption. Our extensive operations in such countries create risk of
an unauthorized payment by one of our employees or agents, which would
be in violation of various laws including the Foreign Corrupt Practices
Act. Violations of the Foreign Corrupt Practices Act may result in
severe criminal penalties, which could have a material adverse effect
on our business, financial condition, results of operations and
liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We have significant international operations and
assets, and therefore, are subject to additional financial and
regulatory risks.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We sell our products in foreign countries and
seek to increase our level of international business activity. Our
overseas operations are subject to various risks, including:
U.S.-imposed embargoes of sales to specific countries (which could
prohibit sales of our products there); foreign import controls (which
may be arbitrarily imposed and enforced and which could interrupt our
supplies or prohibit customers from purchasing our products); exchange
rate fluctuations; dividend remittance restrictions; expropriation of
assets; war, civil uprisings and riots; government instability; the
necessity of obtaining government approvals for both new and continuing
operations; and legal systems of decrees, laws, taxes, regulations,
interpretations and court decisions that are not always fully developed
and that may be retroactively or arbitrarily applied.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">One
component of our strategy is to expand our operations into selected
international markets. Military procurement, for example, has
traditionally had a large international base. We actively market our
products in Europe, North and South American, the Middle East, north
Africa, and Asia. We, however, may be unable to execute our business
model in these markets or new markets. Further, foreign providers of
competing products and services may have a substantial advantage over
us in attracting consumers and businesses in their country due to
earlier established businesses in that country, greater knowledge with
respect to the cultural differences of consumers and businesses
residing in that country and/or their focus on a single market. We
expect to continue to experience higher costs as a percentage of
revenues in connection with the development and maintenance of
international products and services. In pursuing our international
expansion strategy, we face several additional risks,
including:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">foreign laws and regulations,
which may vary country by country, that may impact how we conduct our
business;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">higher costs of doing business
in foreign countries, including different employment
laws;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">potential adverse tax consequences
if taxing authorities in different jurisdictions worldwide disagree
with our interpretation of various tax laws or our determinations as to
the income and expenses attributable to specific jurisdictions, which
could result in our paying additional taxes, interest and
penalties;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">technological differences
that vary by marketplace, which we may not be able to
support;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">longer payment cycles and
foreign currency fluctuations;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">economic
downturns; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">revenue growth outside of
the United States may not continue at the same rate if it is determined
that we have already launched our products and services in the most
significant markets.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We may also be subject to unanticipated
income taxes, excise duties, import taxes, export taxes or other
governmental assessments. In addition, a percentage of the payments to
us in our international </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
markets are often in local currencies.
Although most of these currencies are presently convertible into U.S.
dollars, we cannot be sure that convertibility will continue. Even if
currencies are convertible, the rate at which they convert is subject
to substantial fluctuation. Our ability to transfer currencies into or
out of local currencies may be restricted or limited. Any of these
events could result in a loss of business or other unexpected costs,
which could reduce revenue or profits and have a material adverse
effect on our business, financial condition, results of operations and
liquidity.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We routinely operate in areas where local government
policies regarding foreign entities and the local tax and legal regimes
are often uncertain, poorly administered and in a state of flux. We
cannot, therefore, be certain that we are in compliance with, or will
be protected by, all relevant local laws and taxes at any given point
in time. A subsequent determination that we failed to comply with
relevant local laws and taxes could have a material adverse effect on
our business, financial condition, results of operations and liquidity.
One or more of these factors could adversely affect our future
international operations and, consequently, could have a material
adverse effect on our business, financial condition, results of
operation and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">RISKS RELATED TO OUR BUSINESS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Many of our customers have fluctuating budgets, which may cause
substantial fluctuations in our results of operations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Customers for our products include federal, state, municipal,
foreign and military, law enforcement and other governmental agencies.
Government tax revenues and budgetary constraints, which fluctuate from
time to time, can affect budgetary allocations for these customers.
Many domestic and foreign government agencies have in the past
experienced budget deficits that have led to decreased spending in
defense, law enforcement and other military and security areas. Our
results of operations may be subject to substantial period-to-period
fluctuations because of these and other factors affecting military, law
enforcement and other governmental spending. A reduction of funding for
federal, state, municipal, foreign and other governmental agencies
could have a material adverse effect on sales of our products and our
business, financial condition, results of operations and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The loss of, or a significant reduction in, U.S. military business
would have a material adverse effect on us.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">U.S. military
contracts account for a significant portion of our business. The U.S.
military funds these contracts in annual increments. These contracts
require subsequent authorization and appropriation that may not occur
or that may be greater than or less than the total amount of the
contract. Changes in the U.S. military's budget, spending
allocations and the timing of such spending could adversely affect our
ability to receive future contracts. None of our contracts with the
U.S. military has a minimum purchase commitment, and the U.S. military
generally has the right to cancel its contracts unilaterally without
prior notice. We are the sole-source provider to the U.S. military for
the armor and blast protection systems (up-armoring) for their High
Mobility Multi-purpose Wheeled Vehicles (Up-Armored HMMWV, commonly
known as the Humvee). The HMMWVs are manufactured by AM General
Corporation under separate U.S. military contracts. Should production
or deliveries of HMMWVs be significantly interrupted, or should other
single source suppliers significantly interrupt deliveries of our
components for up-armoring the HMMWVs, we will not be able to deliver
such up-armoring systems for the HMMWVs to the U.S. military on
schedule, which could have a material adverse effect on our business,
financial condition, results of operations and liquidity. We also
manufacture for the U.S. military helicopter seating systems, aircraft
and land vehicle armor systems, protective equipment for military
personnel and other technologies used to protect soldiers in a variety
of life-threatening or catastrophic situations. The loss of, or a
significant reduction in, U.S. military business for our aircraft and
land vehicle armor systems, other protective equipment, or helicopter
seating systems could have a material adverse effect on our business,
financial condition, results of operations and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">A
reduction of U.S. force levels in Iraq may affect our results of
operations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Since the invasion of Iraq by the U.S. and other
forces in March 2003, we have received steadily increasing orders from
the U.S. military for the up-armoring of HMMWVs and the armoring of
other </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
tactical trucks as well as orders for
personnel equipment, including small arms protection inserts and other
engineered ceramic body armor, helmets, and other protective and duty
equipment. Orders for the up-armoring of HMMWVs and the armoring of
other tactical trucks as well as orders for personnel equipment are the
result, in significant part, from the particular combat situations
encountered by the U.S. military in Iraq, including the use of
improvised explosive devices by enemy combatants. We cannot be certain,
therefore, to what degree the U.S. military would continue placing
armoring orders for its HMMWVs and other tactical trucks as well as
orders for personnel equipment, if the U.S. military were to reduce its
force levels or withdraw completely from Iraq. A significant reduction
in orders from the U.S. military for the armoring of HMMWVs and other
tactical trucks as well as orders for personnel equipment, following a
reduction of U.S. force levels in Iraq could have a material adverse
effect on our business, financial condition, results of operations and
liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">A replacement of the HMMWV in the U.S. military may
affect our results of operations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There continues to be new
orders under our current M1114 Up-Armored HMMWV contract and additional
orders for the newest versions of the M1151 and M1152 Up-Armored
HMMWVs. While backlog extends into 2006 for both the M1114 and M1151/2
Up-Armored HMMWV versions, there are plans for procurement of a
replacement military light transport vehicle with current status being
in the early development stage for evaluation scheduled in mid-2006 and
into 2007 by the U.S. military as possible next-generation replacements
for the HMMWV. While current acquisition strategies plan for possible
production of new light and medium support vehicles beginning as early
as 2008, there is no assurance as to when a replacement for the HMMWV
may be selected, and furthermore, it is reasonable to believe that the
HMMWV will continue for some time to be one of the primary transport
vehicles in the U.S. military. In the event the HMMWV is replaced,
based on U.S. military procurement plans, it is anticipated that
vehicle armoring for a replacement vehicle would be provided to the
vehicle OEM for inclusion in the manufacturing process as components to
be integrated with the vehicle while additional armor components would
be provided for attachment to the vehicle at a later time when
warranted by threat conditions. We anticipate that procurements for the
potential HMMWV replacement models would be competitive and could be
awarded to multiple armor suppliers based on full and open competition.
Although we anticipate continuation of developmental efforts and
enhancement of manufacturing capabilities, at this time, there is no
certainty of obtaining armoring contracts for any HMMWV replacement
vehicles selected by the U.S. military, and if successful in
competitive programs, we cannot determine the specific levels of effort
likely under such military contracts.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Additionally, with regard
to the introduction of potential HMMWV replacement vehicles, the U.S.
military recently announced the U.S. Government's preference to
own the technical data rights for new major end items of equipment and
sub-systems, including the vehicle armoring packages. The U.S.
Government's intent to mitigate risk of limitations on
producibility and to ensure commonality of armor components produced by
multiple sources may negatively influence future manufacturing content
and product pricing, which could have a material adverse effect on our
business, financial condition, results of operations and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We may lose money or generate less than expected profits on our
fixed-price contracts.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Some of our government contracts provide
for a predetermined, fixed price for the products we make regardless of
the costs we incur. Therefore, fixed-price contracts require us to
price our contracts by forecasting our expenditures. When making
proposals for fixed-price contracts, we rely on our estimates of costs
and timing for completing these projects. These estimates reflect
management's judgments regarding our capability to complete
projects efficiently and timely. Our production costs may, however,
exceed forecasts due to unanticipated delays or increased cost of
materials, components, labor, capital equipment or other factors.
Therefore, we may incur losses on fixed price contracts that we had
expected to be profitable, or such contracts may be less profitable
than expected, which could have a material adverse effect on our
business, financial condition, results of operations and liquidity.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Our business is subject to various laws
and regulations favoring the U.S. government's contractual
position, and our failure to comply with such laws and regulations
could harm our operating results and prospects.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As a contractor
to the U.S. government, we must comply with laws and regulations
relating to the formation, administration and performance of the
federal government contracts that affect how we do business with our
clients and may impose added costs on our business. These rules
generally favor the U.S. government's contractual position. For
example, these regulations and laws include provisions that subject
contracts we have been awarded
to:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">protest or challenge by unsuccessful
bidders; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">unilateral termination,
reduction or modification by the government.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The accuracy and
appropriateness of certain costs and expenses used to substantiate our
direct and indirect costs for the U.S. government under both cost-plus
and fixed-price contracts are subject to extensive regulation and audit
by the Defense Contract Audit Agency, an arm of the U.S. Department of
Defense. Responding to governmental audits, inquiries or investigations
may involve significant expense and divert management's
attention. Our failure to comply with these or other laws and
regulations could result in contract termination, suspension or
debarment from contracting with the federal government, civil fines and
damages and criminal prosecution and penalties, any of which could have
a material adverse effect on our business, financial condition, results
of operations and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Our markets are highly
competitive, and if we are unable to compete effectively, we will be
adversely affected.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The markets in which we operate include a
large number of competitors ranging from small businesses to
multinational corporations and are highly competitive. Competitors who
are larger, better financed and better known than we are may compete
more effectively than we can. In order to stay competitive in our
industry, we must keep pace with changing technologies and client
preferences. If we are unable to differentiate our services from those
of our competitors, our revenues may decline. In addition, our
competitors have established relationships among themselves or with
third parties to increase their ability to address client needs. As a
result, new competitors or alliances among competitors may emerge and
compete more effectively than we can. There is also a significant
industry trend towards consolidation, which may result in the emergence
of companies which are better able to compete against us.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">There
are limited sources for some of our raw materials, which may
significantly curtail our manufacturing operations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The raw
materials that we use in manufacturing ballistic resistant garments,
small arms protective insert ("SAPI") plates
and armored vehicles include: ceramic; steel; SpectraShield, a patented
product of Honeywell, Inc.; Kevlar<sup>&reg;</sup>, a patented product
of E.I. du Pont de Nemours Co., Inc. ("du
Pont"); and Twaron, a patented product of Akzo-Nobel
Fibers, B.V. We purchase these materials in the form of woven cloth
from five independent weaving companies. In the event du Pont or its
licensee in Europe cease, for any reason, to produce or sell
Kevlar<sup>&reg;</sup> to us, we would utilize these other ballistic
resistant materials as a substitute. However, neither SpectraShield or
Twaron, is expected to become a complete substitute for
Kevlar<sup>&reg;</sup> in the near future. We enjoy a good relationship
with our suppliers of Kevlar<sup>&reg;</sup>, SpectraShield and Twaron.
Should these materials become unavailable for any reason, we would be
unable to replace them with materials of like weight and strength. We
use a variety of ceramic materials in the production of SAPI plates and
a variety of steels in armoring vehicles. Although we have a number of
suppliers that we deal with in obtaining both ceramic and steel
supplies, the industry generally, including our operations, is
experiencing a limited supply of these materials, which is affecting
the quantity of product that we can complete in any given period. In
addition, SpectraShield, the ballistic fiber backing used in a variety
of our ballistic applications, including SAPI plates, is currently
being rationed by the U.S. Department of Commerce, which could
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
limit the quantity of SAPI plates that we
produce in any given period. Thus, if our supply of any of these
materials were materially reduced or cut off or if there was a material
increase in the prices of these materials, our manufacturing operations
could be adversely affected and our costs increased, and our business,
financial condition, results of operations and liquidity could be
materially adversely affected.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We may be unable to complete or
integrate acquisitions effectively, if at all, and as a result may
incur unanticipated costs or liabilities or operational
difficulties.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We intend to grow through the acquisition of
businesses and assets that will complement our current businesses. We
cannot be certain that we will be able to identify attractive
acquisition targets, obtain financing for acquisitions on satisfactory
terms or successfully acquire identified targets. Furthermore, we may
have to divert our management's attention and our financial and
other resources from other areas of our business. Our inability to
implement our acquisition strategy successfully may hinder the
expansion of our business. Because we depend in part on acquiring new
businesses and assets to develop and offer new products, failure to
implement our acquisition strategy may also adversely affect our
ability to offer new products in line with industry trends.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We
may not be successful in integrating businesses acquired in the future
or those recently acquired into our existing operations. Integration
may result in unanticipated liabilities or unforeseen operational
difficulties, which may be material or require a disproportionate
amount of management's attention. Future acquisitions may result
in us incurring additional indebtedness or issuing preferred stock or
additional Common Stock. Competition for acquisition opportunities in
the industry may rise, thereby increasing our cost of making
acquisitions or causing us to refrain from making further acquisitions.
In addition, the terms and conditions of our senior credit facility,
2.00% Senior Subordinated Convertible Notes due November 1, 2024
(the "2% Convertible Notes") and the
indenture governing the 8 &frac14;% Senior Subordinated Notes
due 2013 (the "8.25% Notes") impose
restrictions on us that, among other things, restrict our ability to
make acquisitions.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Our resources may be insufficient to manage
the demands imposed by our growth.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have rapidly expanded our
operations, and this growth has placed significant demands on our
management, administrative, operating and financial resources. The
continued growth of our customer base, the types of services and
products offered and the geographic markets served can be expected to
continue to place a significant strain on our resources. In addition,
we cannot easily identify and hire personnel qualified both in the
provision and marketing of our products and systems. Our future
performance and profitability will depend in large part on our ability
to attract and retain additional management and other key personnel;
our ability to implement successful enhancements to our management,
accounting and information technology systems; and our ability to adapt
those systems, as necessary, to respond to growth in our business.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We are dependent on industry relationships.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A number of our
products are components in our customers' final products.
Accordingly, to gain market acceptance, we must demonstrate that our
products will provide advantages to the manufacturers of final
products, including increasing the safety of their products, providing
such manufacturers with competitive advantages or assisting such
manufacturers in complying with existing or new government regulations
affecting their products. There can be no assurance that our products
will be able to achieve any of these advantages for the products of our
customers. Furthermore, even if we are able to demonstrate such
advantages, there can be no assurance that such manufacturers will
elect to incorporate our products into their final products, or if they
do, that our products will be able to meet such customers'
manufacturing requirements. Additionally, there can be no assurance
that our relationships with our manufacturer customers will ultimately
lead to volume orders for our products. The failure of manufacturers to
incorporate our products into their final products could have a
material adverse effect on our business, financial condition, results
of operations and liquidity.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We may be unable to protect our
proprietary technology, including the technologies we use to furnish
the up-armoring of HMMWVs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We depend upon a variety of methods
and techniques that we regard as proprietary trade secrets. We also
depend upon a variety of trademarks, service marks and designs to
promote brand name development and recognition. We rely on a
combination of trade secret, copyright, patent, trademark, unfair
competition and other intellectual property laws as well as contractual
agreements to protect our rights to such intellectual property. Due to
the difficulty of monitoring unauthorized use of and access to
intellectual property, however, such measures may not provide adequate
protection. It is possible that our competitors may access our
intellectual property and proprietary information and use it to their
advantage. In addition, there can be no assurance that courts will
always uphold our intellectual property rights, or enforce the
contractual arrangements that we have entered into to protect our
proprietary technology. Any unenforceability or misappropriation of our
intellectual property could have a material adverse effect on our
business, financial condition, results of operations and liquidity.
Furthermore, we cannot assure you that any pending patent application
or trademark application made by us will result in an issued patent or
registered trademark, or that, if a patent is issued, it will provide
meaningful protection against competitors or competitor technologies.
In addition, if we bring or become subject to litigation to defend
against claimed infringement of our rights or of the rights of others
or to determine the scope and validity of our intellectual property
rights, such litigation could result in substantial costs and diversion
of our resources, which could have a material adverse effect on our
business, financial condition and results of operations. Unfavorable
results in such litigation could also result in the loss or compromise
of our proprietary rights, subject us to significant liabilities,
require us to seek licenses from third parties on unfavorable terms, or
prevent us from manufacturing or selling our products, any of which
could have a material adverse effect on our business, financial
condition, results of operations and liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Technological
advances, the introduction of new products, and new design and
manufacturing techniques could adversely affect our operations unless
we are able to adapt to the resulting change in conditions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our
future success and competitive position depend to a significant extent
upon our proprietary technology. We must make significant investments
to continue to develop and refine our technologies. We will be required
to expend substantial funds for and commit significant resources to the
conduct of continuing research and development activities, the
engagement of additional engineering and other technical personnel, the
purchase of advanced design, production and test equipment, and the
enhancement of design and manufacturing processes and techniques. Our
future operating results will depend to a significant extent on our
ability to continue to provide design and manufacturing services for
new products that compare favorably on the basis of time to
introduction, cost and performance with the design and manufacturing
capabilities. The success of new design and manufacturing services
depends on various factors, including utilization of advances in
technology, innovative development of new solutions for customer
products, efficient and cost-effective services, timely completion and
delivery of new product solutions and market acceptance of
customers' end products. Because of the complexity of our
products, we may experience delays from time to time in completing the
design and manufacture of new product solutions. In addition, there can
be no assurance that any new product solutions will receive or maintain
customer or market acceptance. If we are unable to design and
manufacture solutions for new products of our customers on a timely and
cost-effective basis, such inability could have a material adverse
effect on our business, financial condition, results of operations and
liquidity.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We may be adversely affected by applicable
environmental laws and regulations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We are subject to federal,
state, local and foreign laws and regulations governing the protection
of the environment and human health, including those regulating
discharges to the air and water, the management of wastes, and the
control of noise and odors. We cannot assure you that we are at all
times in complete compliance with all such requirements. Like all
companies in our industry, we are subject to potentially significant
fines or penalties if we fail to comply with environmental
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
requirements. Environmental requirements are
complex, change frequently, and could become more stringent in the
future. Accordingly, we cannot assure you that these requirements will
not change in a manner that will require material capital or operating
expenditures or will otherwise have a material adverse effect on us in
the future. In addition, we are also subject to environmental laws
requiring the investigation and clean-up of environmental
contamination. We may be subject to liability, including liability for
clean-up costs, if contamination is discovered at one of our current or
former facilities, in some circumstances even if such contamination was
caused by a third party such as a prior owner. We also may be subject
to liability if contamination is discovered at a landfill or other
location where we have disposed of wastes, notwithstanding that
historic disposal practices may have been in accordance with all
applicable requirements. We use Orthochlorabenzalmalononitrile and
Chloroacetophenone chemical agents in connection with our production of
tear gas, and these chemicals are hazardous and could cause
environmental damage if not handled and disposed of properly. Moreover,
private parties may bring claims against us based on alleged adverse
health impacts or property damage caused by our operations. The amount
of liability for cleaning up contamination or defending against private
party claims could be material.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">RISKS RELATED TO OWNERSHIP OF
OUR COMMON STOCK</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Delaware law may limit possible
takeovers.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our certificate of incorporation makes us subject to
the anti-takeover provisions of Section 203 of the General Corporation
Law of the State of Delaware. In general, Section 203 prohibits
publicly-held Delaware corporations to which it applies from engaging
in a "business combination" with an
"interested stockholder" for a period of
three years after the date of the transaction in which the person
became an interested stockholder, unless the business combination is
approved in a prescribed manner. This provision could discourage others
from bidding for our shares and could, as a result, reduce the
likelihood of an increase in our stock price that would otherwise occur
if a bidder sought to buy our stock.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Our certificate of
incorporation authorizes the issuance of shares of blank check
preferred stock.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our certificate of incorporation provides that
our board of directors will be authorized to issue from time to time,
without further stockholder approval, up to 5,000,000 shares of
preferred stock in one or more series and to fix or alter the
designations, preferences, rights and any qualifications, limitations
or restrictions of the shares of each series, including the dividend
rights, dividend rates, conversion rights, voting rights, terms of
redemption, including sinking fund provisions, redemption price or
prices, liquidation preferences and the number of shares constituting
any series or designations of any series. Such shares of preferred
stock could have preferences over our Common Stock with respect to
dividends and liquidation rights. We may issue additional preferred
stock in ways which may delay, defer or prevent a change in control of
us without further action by our stockholders. Such shares of preferred
stock may be issued with voting rights that may adversely affect the
voting power of the holders of our Common Stock by increasing the
number of outstanding shares having voting rights, and by the creation
of class or series voting rights.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The market price for our
Common Stock is volatile.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The market price for our Common Stock
may be highly volatile. We believe that a variety of factors, including
announcements by us or our competitors, current events such as the war
in Iraq, quarterly variations in financial results, trading volume,
general market trends and other factors, could cause the market price
of our Common Stock to fluctuate substantially. Additionally, due to
our relatively modest size, our winning or losing a large contract may
have the effect of distorting our overall financial results.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We
may issue a substantial amount of our Common Stock in connection with
future acquisitions, and the sale of those shares could adversely
affect our stock price.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As part of our acquisition strategy, we
anticipate issuing additional shares of Common Stock as consideration
for such acquisitions. To the extent that we are able to grow through
acquisitions and </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
issue shares of our Common Stock as
consideration, the number of outstanding shares of Common Stock that
will be eligible for sale in the future is likely to increase
substantially. Persons receiving shares of our Common Stock in
connection with these acquisitions may be more likely to sell large
quantities of their Common Stock that may influence the price of our
Common Stock. In addition, the potential issuance of additional shares
in connection with anticipated acquisitions could lessen demand for our
Common Stock and result in a lower price than would otherwise be
obtained.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Our stock price may be adversely affected when
additional shares are sold.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If our stockholders sell
substantial amounts of our Common Stock in the public market, the
market price of our Common Stock could fall. These sales might make it
more difficult for us to sell equity or equity-related securities in
the future at a time and price that we deem appropriate and may require
us to issue greater amounts of our Common Stock to finance future
acquisitions. Additional shares sold to finance acquisitions may dilute
our earnings per share if the new operations' earnings are
disappointing.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Our debt agreements restrict our ability to pay
dividends or make other distributions to our stockholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our
debt agreements, such as the indenture governing the 2%
Convertible Notes, the indenture governing the 8.25% Notes and
the senior credit facility, contain certain financial and other
covenants that limit, under certain circumstances, our ability to pay
dividends or make other distributions to our stockholders. We are
permitted to pay dividends and make other distributions to stockholders
to the extent we satisfy the conditions, including the financial and
other covenants, contained in such documents.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">We have a high
level of debt.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our high level of debt could have important
consequences to you and to us. For example:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">No payment of any kind may be made to our
Common Stockholders without first meeting our obligations under our
senior credit facility, the indenture governing our 8.25% Notes
and the indenture governing our 2% Convertible
Notes;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">We may become more vulnerable to
general adverse economic and industry conditions and adverse changes in
governmental regulations;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">We may have to
dedicate a substantial portion of our cash flow from operations to make
payments required under our senior credit facility, the 8.25%
Notes and the 2% Convertible Notes, reducing the availability of
cash flow to fund future capital expenditures, working capital,
execution of our growth strategy, research and development costs and
other general corporate requirements;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">We
may have limited flexibility in planning for, or reacting to, changes
in our business and our industry, which may place us at a competitive
disadvantage compared with competitors that have less debt or more
financial resources;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">We may have
limited ability to borrow additional funds, even when necessary to
maintain adequate liquidity; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The
terms of our senior credit facility, the indentures governing the
8.25% Notes and 2% Convertible Notes allow us to incur
substantial amounts of additional debt, subject to certain limitations.
We might incur additional debt for various reasons, including to pay
for additional acquisitions that we may make and assuming debt of
companies that we may acquire.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">FOR ALL OF THE
FOREGOING REASONS AND OTHERS SET FORTH IN THIS PROSPECTUS, THE
SECURITIES OFFERED HEREBY INVOLVE A HIGH DEGREE OF RISK. ANY PERSON
CONSIDERING AN INVESTMENT IN THE SECURITIES OFFERED HEREBY SHOULD BE
AWARE OF THESE AND OTHER FACTORS SET FORTH IN THIS PROSPECTUS. THE
SECURITIES SHOULD BE PURCHASED ONLY BY PERSONS WHO CAN AFFORD A TOTAL
LOSS OF THEIR INVESTMENT IN THE COMPANY.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">FORWARD-LOOKING STATEMENTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This
Prospectus, as well as information incorporated by reference in this
Prospectus, contains forward-looking statements that involve risks and
uncertainties. Some of the forward-looking statements appear under
"Risk Factors." These statements relate to
future events of our future financial performance. In some cases you
can identify forward-looking statements by terminology such as
"may," "would,"
"will,", "should,"
"could," "expects,"
"plans,"
"anticipates,"
"believes,"
"estimates,"
"predicts,"
"potential,"
"continue," or the negative of these terms or
other comparable terminology. These statements are only predictions.
Actual events or results may differ materially. In evaluating these
statements, you should specifically consider various factors, including
the risks outlined in the Risk Factors section of this Prospectus.
These factors may cause our actual results to differ materially from
any forward-looking statement. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance or achievements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Securities and Exchange Commission (the
"Commission") pursuant to the Securities
Exchange Act of 1934, as amended (the "Exchange
Act"), allows us to "incorporate by
reference" the documents we file with it, which means that
we can disclose important business, financial and other information to
you in this Prospectus by referring you to the publicly filed documents
containing this information. The information incorporated by reference
is deemed to be a part of this Prospectus, except for any information
deemed furnished, superseded by information contained in this
Prospectus or filed later by us with the Commission. This Prospectus
incorporates by reference the documents set forth below that we have
previously filed with the Commission, which documents contain important
information about Armor Holdings and our Common
Stock:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(a)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2004, filed
pursuant to the Securities Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(b)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Annual Report on
Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31,
2004, filed pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(c)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Annual Report on
Form 10-K/A (Amendment No. 2) for the fiscal year ended December 31,
2004, filed pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(d)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2005, filed
pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(e)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2005, filed pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(f)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2005, filed pursuant
to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(g)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's
Current Report on Form 8-K, Date of Event &ndash; October 20, 2005
filed on October 20, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(h)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; July 27, 2005 filed on August 2, 2005,
pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(i)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash; July
21, 2005 filed on July 21, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(j)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; June 22, 2005 filed on June 28, 2005,
pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(k)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash; June
27, 2005 filed on June 27, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(l)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; June 6, 2005, filed on June 7, 2005,
pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(m)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash; May
20, 2005, filed on May 26, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(n)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; April 21, 2005, filed on April 21,
2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(o)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash; April
4, 2005, filed on April 4, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(p)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; March 25, 2005, filed on March 31,
2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(q)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K/A, Date of Event &ndash;
February 10, 2005, filed on February 10, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(r)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; February 10, 2005, filed on February
10, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(s)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash;
January 14, 2005, filed on January 14, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(t)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; December 31, 2004 filed on January
6, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(u)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">Definitive Proxy Statement dated May
23, 2005, relating to the annual meeting of stockholders held on June
22, 2005; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(v)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The description of the
Company's Common Stock contained in the Company's
Registration Statement on Form 8-A (Reg. No. 1-11667), filed with the
Commission as of April 29, 1999 by the Company to register such
securities under the Exchange Act, including all amendments and reports
filed for the purpose of updating that description.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All of such
documents are on file with the Commission. In addition, all documents
filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, subsequent to the date of this Prospectus and prior to
termination of the offering are incorporated by reference in this
Prospectus and are a part hereof from the date of filing of such
documents. Any statement contained in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this Prospectus to the extent that a
statement contained herein or in any subsequently filed document that
is also incorporated by reference herein modifies or replaces such
statement. Any statements so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of
this Prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Prospectus incorporates herein by
reference important business and financial information about us that is
not included in or delivered with this Prospectus. This information is
available to you without charge upon written or oral request. If you
would like a copy of any of this information, please submit your
request to us at Armor Holdings, Inc., 13386 International Parkway,
Jacksonville, Florida 32218, attention: Secretary, or call (904)
741-5400.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">You should rely only on the information incorporated
by reference or provided in this Prospectus or any Prospectus
supplement. We have not authorized anyone else to provide you with
different information. You should not assume that the information in
this Prospectus or any Prospectus supplement is accurate as of any date
other than the date on the front page of those documents.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">COMPANY OVERVIEW</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We are a
leading manufacturer and provider of armored military and commercial
vehicles, armor kits for the retrofit of military vehicles, protective
and security products for military and law enforcement personnel,
aircraft armor, aircraft safety products, survivability equipment used
by military aviators and other personnel protection technologies. Our
customers include domestic and international military, law enforcement,
security and corrections personnel and government agencies,
multinational corporations and individuals. We believe our success is
the result of focusing on several core competencies including
engineering, manufacturing and distributing vehicle armoring systems,
high-quality security products and human safety and survival systems.
Our business is comprised of three reportable business segments: the
Aerospace &amp; Defense Group, the Products Division and the Mobile
Security Division.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Aerospace &amp; Defense
Group.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Aerospace &amp; Defense Group supplies human safety
and survival systems to the U.S. military and major aerospace and
defense prime contractors. Our core markets are land, marine and
aviation safety and military personnel protection. The most significant
business within the Aerospace &amp; Defense Group is armoring a variety
of light, medium and heavy wheeled vehicles for the military. We also
provide spare parts and logistical and field support services for
Up-Armored HMMWVs previously shipped by us. We also provide blast and
ballistic protection kits for the standard HMMWV which are installed in
the field. Additionally, we develop ballistic and blast protected
armored and sealed truck cabs for other military tactical wheeled
vehicles. For example, we design, develop and manufacture armor systems
for military vehicles, including such platforms as the Heavy Expanded
Mobility Tactical Truck ("HEMTT"), Palletized
Load System ("PLS"), Heavy Equipment
Transporter ("HET"), M915 and Armored
Security Vehicle ("ASV").</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Aerospace
&amp; Defense Group develops and supplies personnel equipment,
including small arms protection inserts
("SAPI") and other engineered ceramic body
armor, helmets, and other protective and duty equipment. Our products
include, among others, Modular Lightweight Load-Carrying Equipment
("MOLLE") systems, Outer Tactical Vests
("OTVs") and Warrior Helmets. We are
currently the largest supplier of MOLLE systems for the U.S. Army which
is a modular rucksack that can be configured in a number of ways
depending on the needs of the military mission. We also manufacture
OTVs which, when used with SAPI plates, provide enhanced protection
against bullets, mines, grenades and mortar and artillery shells. SAPI
plates have been adopted by the U.S. military as a key element of the
protective equipment worn by U.S. troops.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Aerospace &amp;
Defense Group develops and sells military helicopter seating systems,
helicopter cockpit airbag systems, aircraft armor kits, emergency
bailout parachutes and survival equipment worn by military aircrew. The
primary customers for these products are the U.S. Army, U.S. Marine
Corps, Boeing and Sikorsky Aircraft.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Armor Holdings
Products.</font>&nbsp;&nbsp;&nbsp;&nbsp;Our Armor Holdings Products Division manufactures
and sells a broad range of high quality equipment marketed under brand
names that are known in the military and law enforcement communities.
Products manufactured by this division include concealable and tactical
body armor, hard armor, duty gear, less-lethal munitions, anti-riot
products, police batons, emergency lighting products, forensic
products, firearms accessories, weapon maintenance products, foldable
ladders, backpacks and specialty gloves.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Armor Mobile
Security.</font>&nbsp;&nbsp;&nbsp;&nbsp;Our Armor Mobile Security Division manufactures and
installs armoring systems for commercial vehicles to protect against
varying degrees of ballistic and blast threats. We armor a variety of
commercial vehicles, including limousines, sedans, sport utility
vehicles, commercial trucks and cash-in-transit vehicles. Our customers
in this business include U.S. federal law enforcement and intelligence
agencies, foreign heads of state, multinational corporations, as well
as high net worth individuals and cash-in-transit
operators.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">* * *</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our principal executive
offices are located at 13386 International Parkway, Jacksonville,
Florida 32218.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">USE OF PROCEEDS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Company will
not realize any proceeds from the sale of the Common Stock which may be
sold pursuant to this Prospectus for the respective accounts of the
Selling Stockholders. The Company, however, will derive proceeds upon
the exercise of the options granted to Selling Stockholders. All such
proceeds will be available to the Company for working capital and
general corporate purposes. No assurances can be given, however, as to
when or if any or all of the options will be exercised.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;"></p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SELLING
STOCKHOLDERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Prospectus relates to Shares that are being
registered for reoffers and resales by Selling Stockholders who have
acquired or may acquire Shares pursuant to each of the Plans. The
Selling Stockholders may resell any or all of the Shares at any time
they choose while this Prospectus is effective.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Executive
officers and directors, their family members, trusts for their benefit,
or entities that they own, that acquire Common Stock under the Plans
may be added to the Selling Stockholder list below by a Prospectus
supplement filed with the Commission. The number of Shares to be sold
by any Selling Stockholder under this Prospectus also may be increased
or decreased by a Prospectus supplement. Non-affiliates who purchased
restricted securities, as these terms are defined in rule 144(a) under
the Securities Act, under any of our employee benefit plans and who are
not named below may use this Prospectus for the offer or sale of their
Common Stock if they hold 1,000 shares or less. Although a
person's name is included in the table below, neither that person
nor we are making an admission that the named person is our
"affiliate."</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each of the Selling
Stockholders is an employee or director of the Company. The following
table sets forth:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">the name and principal
position or positions over the past three years with the Company of
each Selling Stockholder;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">the number of
shares of Common Stock each Selling Stockholder beneficially owned as
of October 28, 2005;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">the number of
shares of Common Stock acquired by each Selling Stockholder in
connection with stock options and stock grants pursuant to the Plans
and being registered under this Registration Statement, some or all of
which shares may be sold pursuant to this Prospectus;
and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">the number of shares of Common Stock
and the percentage, if 1% or more, of the total class of Common
Stock outstanding to be beneficially owned by each Selling Stockholder
following this offering, assuming the sale pursuant to this offering of
all shares acquired by such Selling Stockholder in connection with
grants pursuant the Plans and registered under this Registration
Statement.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There is no assurance that any of the Selling
Stockholders will sell any or all of the shares offered by them under
this Registration Statement. The address of each Selling Stockholder is
c/o Armor Holdings, Inc., 13386 International Parkway, Jacksonville,
Florida 32218.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">18</p>
<br>
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<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="94"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="115"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="64"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 12pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of Seller</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 12pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Relationships to<br> the Company</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 12pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number
of<br> Shares<br> Beneficially<br> Owned<sup>(1)</sup></font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 12pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Shares
to<br> be Sold<sup>(2)</sup></font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 12pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Shares to be<br>
Beneficially<br> Owned After<br> the Offering</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 12pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Percentage of<br>
Common Stock<br> to be<br> Beneficially<br> Owned After<br> the
Offering<sup>(1)</sup></font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Warren
B.
Kanders</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Chairman
of the Board of Directors and Chief Executive
Officer</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #cceeff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">3,877,313</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(3)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1,949,258</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1,948,453</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">5.58
%</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Robert R. Schiller</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director,
President and Chief Operating
Officer</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">686,705</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(4)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">842,514</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">233,505</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Glenn
J. Heiar</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Chief Financial
Officer</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #cceeff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">203,791</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(5)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">208,474</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">791</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Robert
F. Mecredy</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President &ndash; Aerospace &amp; Defense
Group</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">227,424</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(6)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">261,251</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">0</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Scott
T. O'Brien</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">President &ndash; Armor Holdings Products
Division</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #cceeff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">150,000</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(7)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">125,737</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">24,263</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Burtt
R.
Ehrlich</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">151,380</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(8)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">76,000</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">75,380</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">David
R.
Haas</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Director</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #cceeff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">50,000</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(9)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">50,000</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">0</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Thomas
W.
Strauss</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">141,091</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(10)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">74,500</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">66,591</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Nicholas
Sokolow</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Director</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #cceeff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">216,791</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(11)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">77,500</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">137,291</font></td>
<td style="padding-top: 12pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #cceeff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">*</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Deborah
A.
Zoullas</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 12pt;background-color: #ffffff;" align="right" valign="top" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">77,794</font></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 12pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="top"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(12)</sup>&nbsp;</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">92,000</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="right" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">0</font></td>
<td style="padding-top: 12pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">*</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Less
than 1%</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Based on 34,927,516 shares of
Common Stock outstanding as of October 28, 2005. As used in this table,
a beneficial owner of a security includes any person who, directly or
indirectly, through contract, arrangement, understanding, relationship
or otherwise has or shares (a) the power to vote, or direct the voting
of, such security or (b) investment power which includes the power to
dispose, or to direct the disposition of, such security. In addition, a
person is deemed to be the beneficial owner of a security if that
person has the right to acquire beneficial ownership of such security
within 60 days.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Represents the maximum number
of Shares issued under each of the 2002 Incentive Plan, the 2002
Executive Plan and 2005 Incentive Plan that could be sold under this
Prospectus if the holder sold all of his or her Shares, exercised all
of his or her options when vested and sold the underlying Shares. Does
not constitute a commitment to sell any or all of the stated number of
Shares. The number of Shares to be sold shall be determined from time
to time by each Selling Stockholder in his or her
discretion.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(3)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported
as beneficially owned includes: (i) 2,098,395 shares of Common Stock
held by Kanders Florida Holdings, Inc., of which Mr. Kanders is the
sole stockholder and sole director and (ii) 117,100 shares of
restricted stock sales of which will be restricted until November 11,
2005; upon Mr. Kanders' voluntary termination of employment with
the Company or his termination by the Company for cause, if the
foregoing lock-up period has not yet expired, it shall be extended for
an additional five year period; upon a change in control of the
Company, any lock-up release period that is still in effect in respect
of such shares upon the occurrence of such change in control shall
terminate. The amount of securities reported as beneficially owned also
includes presently exercisable stock options to purchase: (i) 328,800
shares of Common Stock at an exercise price of $37.90 per share; sales
of Common Stock issued upon an exercise of any such options will be
subject to the following lock-up restrictions: 50,000 shares will be
restricted from sale until January 1, 2007; 100,000 shares will be
restricted from sale until January 1, 2008; 128,800 shares will be
restricted from sale until January 1, 2009; and 50,000 shares will be
restricted from sale until January 1, 2010; in addition, upon Mr.
Kanders' voluntary termination of employment with the Company or
his termination by the Company for cause, if the foregoing lock-up
periods have not yet expired, they shall each be extended for an
additional five year period; (ii) 110,000 shares at an exercise price
of $23.93 per share; (iii) 225,000 shares at an exercise price of
$24.07 per share; (iv) 250,000 shares at an exercise price of $24.07
per share; sales of Common Stock issued upon an exercise of any such
options will be restricted from sale until December 31, 2006; in
addition, upon Mr. Kanders' voluntary termination of employment
with the Company or his termination by the Company for cause, if the
foregoing lock-up period has not yet expired, it shall be extended for
an additional five year period; (v) 93,017 shares at an exercise price
of $14.32 per share; (vi) 193,017 shares at an exercise price of $14.32
per share; sales of Common Stock issued upon an exercise of any such
options are subject to the following lock-up restrictions: 100,000
shares will be restricted from sale until July 26, 2006; in addition,
upon Mr. Kanders' voluntary termination of employment with the
Company or his termination by the Company for cause, any of the
foregoing lock-up periods which have not yet expired shall be extended
for an additional five year period; (vii) 8,125 shares at an exercise
price of $14.44 per share; (viii) 83,333 shares at an exercise price of
$28.90 per share; (ix) 166,667 shares at an exercise price of $28.90
per share; sales of Common Stock issued upon an exercise of any such
options are </font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">
subject to the following lock-up
restrictions: 83,333 shares will be restricted from sale until January
1, 2006, and 83,334 shares will be restricted from sale until January
1, 2007; in addition, upon Mr. Kanders' voluntary termination of
employment with the Company or his termination by the Company for
cause, any of the foregoing lock-up periods which have not yet expired
shall be extended for an additional five year period; and (x) 150,000
shares at an exercise price of $45.93 per share; sales of Common Stock
issued upon an exercise of any such options are subject to the
following lock-up restrictions: 50,000 shares will be restricted from
sale until January 3, 2006; 50,000 shares will be restricted from sale
until January 3, 2007; and 50,000 shares will be restricted from sale
until January 3, 2008; in addition, upon Mr. Kanders' voluntary
termination of employment with the Company or his termination by the
Company for cause, any of the foregoing lock-up periods which have not
yet expired shall be extended for an additional five year period. The
amount of securities reported as beneficially owned excludes: (i) 9,228
shares of Common Stock awarded to the reporting person by the issuer as
a restricted stock award, of which 4,614 shares vest on each of
February 9, 2006, and February 9, 2007; (ii) 11,170 shares of Common
Stock awarded to the reporting person by the issuer as a restricted
stock award, of which 3,723 shares vest on each of January 1, 2006 and
2007, and 3,724 shares vest on January 1, 2008; and (iii) 6,560 shares
held for the benefit of Mr. Kanders'
children.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(4)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported
as beneficially owned includes 95,325 shares of restricted stock sales
of which will be restricted until November 11, 2005; upon Mr.
Schiller's voluntary termination of employment with the Company
or his termination by the Company for cause, if the foregoing lock-up
period has not yet expired, it shall be extended for an additional five
year period; upon a change in control of the Company, any lock-up
release period that is still in effect in respect of such shares upon
the occurrence of such change in control shall terminate. The amount of
securities reported as beneficially owned also includes presently
exercisable stock options to purchase: (i) 219,200 shares at an
exercise price of $37.90 per share; sales of Common Stock issued upon
an exercise of any such options will be subject to the following
lock-up restrictions: 33,333 shares will be restricted from sale until
January 1, 2007; 66,666 shares will be restricted from sale until
January 1, 2008; 85,867 shares will be restricted from sale until
January 1, 2009; and 33,334 shares will be restricted from sale until
January 1, 2010; in addition, upon Mr. Schiller's voluntary
termination of employment with the Company or his termination by the
Company for cause, any of the foregoing lock-up periods which have not
yet expired shall be extended for an additional five year period; (ii)
666 shares at an exercise price of $17.12 per share; (iii) 133,334
shares at an exercise price of $17.12 per share; sales of Common Stock
issued upon an exercise of any such options are subject to the
following lock-up restrictions: 66,667 shares will be restricted from
sale until October 8, 2005, and 66,667 shares will be restricted from
sale until October 8, 2006; in addition, upon Mr. Schiller's
voluntary termination of employment with the Company or his termination
by the Company for cause, any of the foregoing lock-up periods which
have not yet expired shall be extended for an additional five year
period; (iv) 10,050 shares at an exercise price of $15.05 per share;
(v) 50,000 shares at an exercise price of $15.05 per share; sales of
Common Stock issued upon an exercise of any such options will be
restricted from sale until December 31, 2005; in addition, upon Mr.
Schiller's voluntary termination of employment with the Company
or his termination by the Company for cause, if the foregoing lock-up
period has not yet expired, it shall be extended for an additional five
year period; and (vi) 100,000 shares at an exercise price of $45.93 per
share; sales of Common Stock issued upon an exercise of any such
options are subject to the following lock-up restrictions: 33,333
shares will be restricted from sale until January 3, 2006; 33,333
shares will be restricted from sale until January 3, 2007; and 33,334
shares will be restricted from sale until January 3, 2008; in addition,
upon Mr. Schiller's voluntary termination of employment with the
Company or his termination by the Company for cause, any of the
foregoing lock-up periods which have not yet expired shall be extended
for an additional five year period. The amount of securities reported
as beneficially owned excludes: (i) 11,170 shares of restricted stock
3,723 shares of which will vest on each of January 1, 2006 and 2007,
and 3,724 shares of which will vest on January 1, 2008; and (ii) 6,921
shares of restricted stock which vests on February 9,
2007.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(5)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported as
beneficially owned also includes presently exercisable stock options to
purchase: (i) 75,000 shares at an exercise price of $37.90 per share;
sales of Common Stock issued upon an exercise of any such options will
be subject to the following lock-up restrictions: 6,250 shares will be
restricted from sale until January 1, 2008; 12,500 shares will be
restricted from sale until January 1, 2009; 18,750 shares will be
restricted from sale until January 1, 2010; 18,750 shares will be
restricted from sale until January 1, 2011; 12,500 shares will be
restricted from sale until January 1, 2012; and 6,250 shares will be
restricted from sale until January 1, 2013; in addition, upon Mr.
Heiar's voluntary termination of employment with the Company or
his termination by the Company for cause, any of the foregoing lock-up
periods which have not yet expired shall be extended for an additional
five year period; (ii) 20,000 shares at an exercise price of $28.46;
(iii) 80,000 shares at an exercise price of $28.46; sales of Common
Stock issued upon an exercise of any such options are subject to the
following lock-up restrictions: 20,000 shares will be restricted from
sale until March 11, 2006; 20,000 shares will be restricted from sale
until March 11, 2007; 20,000 shares will be restricted from sale until
March 11, 2008; and 20,000 shares will be restricted from sale until
March 11, 2009; in addition, upon Mr. Heiar's voluntary
termination of employment with the Company or his termination by the
Company for cause, any of the foregoing lock-up periods which have not
yet expired shall be extended for an additional five year period; and
(iv) 25,000 shares at an exercise price of $44.76; sales of Common
Stock issued upon an exercise of any such options will be subject to
the following lock-up restrictions: all of the shares will be
restricted from sale for two years from February 10, 2005 (the
"Vesting Date"), 75% of the shares
will be restricted from sale for three years from the Vesting Date,
50% of the shares will be restricted from sale for four years
from the Vesting Date, and 25% of the shares will be restricted
from sale for five years from the Vesting Date. The amount of
securities reported as beneficially owned excludes: (i) 1,954 shares of
restricted stock of which 651 will vest on each of January 1, 2006 and
2007, and 652 shares of which will vest on January 1, 2008; (ii) an
award of 25,000 shares of restricted stock which will vest upon a
change in control of the Company (alternatively the Company may, in its
discretion; cash settle this award by paying Mr. Heiar cash in an
amount equal to the value of such shares on the closing date of the
occurrence of such change in control); (iii) 2,000 shares of restricted
stock which vests on December 31, 2005; and (iv) 1,520 shares of
restricted stock which vests on December 31,
2006.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(6)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes stock options to purchase:
(i)  8,333 shares at an exercise price of $23.09 which are
presently exercisable; (ii)  66,667 shares at an exercise price
of $17.12 which are presently exercisable; sales of Common Stock issued
upon an exercise of any such options are subject to the following
lockup restrictions: 33,333 shares will be
restricted from sale until </font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">
October 8, 2005, and 33,334 shares will be
restricted from sale until October 8, 2006; in addition, upon Mr.
Mecredy's voluntary termination of employment with the Company or
his termination by the Company for cause, any of the foregoing
lockup periods which have not yet expired
shall be extended for an additional five year period; (iii)
75,000 shares at an exercise price of $44.76 which are presently
exercisable; sales of Common Stock issued upon an exercise of any such
options will be subject to the following
lockup restrictions: all of the shares will be
restricted from sale for two years from February 10, 2005 (the
"Vesting Date"), 75% of the shares
will be restricted from sale for three years from the Vesting Date,
50% of the shares will be restricted from sale for four years
from the Vesting Date, and 25% of the shares will be restricted
from sale for five years from the Vesting Date; and (iv)  75,000
shares at an exercise price of $37.90 which are presently exercisable;
sales of Common Stock issued upon an exercise of any such options will
be subject to the following lockup
restrictions: 6,250 shares will be restricted from sale until January
1, 2008; 12,500 shares will be restricted from sale until January 1,
2009; 18,750 shares will be restricted from sale until January 1, 2010;
18,750 shares will be restricted from sale until January 1, 2011;
12,500 shares will be restricted from sale until January 1, 2012; and
6,250 shares will be restricted from sale until January 1, 2013; in
addition, upon the Mr. Mecredy's voluntary termination of
employment with the Company or his termination by the Company for
cause, any of the foregoing lockup periods
which have not yet expired shall be extended for an additional five
year period. Excluded are the following unvested grants of restricted
stock: (i)  3,351 shares of which 1,117 shares will vest on each
of January 1, 2006, January 1, 2007, and January 1, 2008; (ii)
an award of 25,000 shares of restricted stock which will vest upon a
change in control of the Company (alternatively the Company may, in its
discretion; cash settle this award by paying Mr. Mecredy cash in an
amount equal to the value of such shares on the closing date of the
occurrence of such change in control); (iii)  2,400 shares which
will vest on December 31, 2005; and (iv)  1,900 shares which will
vest on December 31, 2006.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(7)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes stock
options to purchase: (i)  15,000 shares at an exercise price of
$44.76 which are presently exercisable; sales of Common Stock issued
upon an exercise of any such options will be subject to the following
lock-up restrictions: 100% of the underlying shares will be
restricted from sale for 24 months following February 10, 2005,
75% of the underlying shares will be restricted from sale for 36
months following February 10, 2005, 50% of the underlying shares
will be restricted from sale for 48 months following February 10, 2005,
and 25% of the underlying shares will be restricted from sale
for 60 months following February 10, 2005; in addition, upon Mr.
O'Brien's voluntary termination of employment with the
Company or termination of employment by the Company for cause, any of
the foregoing lock-up periods which have not yet expired shall be
extended for an additional five year period; (ii) 75,000 shares at an
exercise price of $37.90 which are presently exercisable; sales of
Common Stock issued upon an exercise of any such options will be
subject to the following lock-up restrictions: 6,250 shares will be
restricted from sale until January 1, 2008; 12,500 shares will be
restricted from sale until January 1, 2009, 18,750 shares will be
restricted from sale until January 1, 2010, 18,750 shares will be
restricted from sale until January 1, 2011, 12,500 shares will be
restricted from sale until January 1, 2012, and 6,250 shares will be
restricted from sale until January 1, 2013, in addition, upon Mr.
O'Brien's voluntary termination of employment with the
Company or termination of employment by the Company for cause, any of
the foregoing lock-up periods which have not yet expired shall be
extended for an additional five year period; (iii) 10,000 shares at an
exercise price of $37.90 which are presently exercisable; sales of
Common Stock issued upon an exercise of any such options will be
subject to the following lock-up restrictions: 100% of the
underlying shares will be restricted from sale for 24 months following
March 25, 2005, 75% of the underlying shares will be restricted
from sale for 36 months following March 25, 2005, 50% of the
underlying shares will be restricted from sale for 48 months following
March 25, 2005, and 25% of the underlying shares will be
restricted from sale for 60 months following March 25, 2005, in
addition, upon Mr. O'Brien's voluntary termination of
employment with the Company or termination of employment by the Company
for cause, any of the foregoing lock-up periods which have not yet
expired shall be extended for an additional five year period; and (iv)
50,000 shares at an exercise price of $36.05 which are presently
exercisable; sales of Common Stock issued upon an exercise of any such
options will be subject to the following lock-up restrictions: 10,000
shares will be restricted from sale until July 15, 2005; 10,000 shares
will be restricted from sale until July 15, 2006; 10,000 shares will be
restricted from sale until July 15, 2007; 10,000 shares will be
restricted from sale until July 15, 2008; and 10,000 shares will be
restricted from sale until July 15, 2009, in addition, upon Mr.
O'Brien's voluntary termination of employment with the
Company or termination of employment by the Company for cause, any of
the foregoing lock-up periods which have not yet expired shall be
extended for an additional five year period. Excluded are the following
unvested grants of restricted stock: (i)  737 shares of which 245
shares will vest on each of January 1, 2006 and 246 will vest on
January 1, 2007; and (ii)  an award of 25,000 shares of
restricted stock which will vest upon a change in control of the
Company (alternatively the Company may, in its discretion; cash settle
this award by paying Mr. O'Brien cash in an amount equal to the
value of such shares on the closing date of the occurrence of such
change in control).</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(8)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities
reported as beneficially owned also includes presently exercisable
stock options to purchase: (i) 12,500 shares at an exercise price of
$24.07 per share, (ii) 9,375 shares at an exercise price of $35.40 per
share, (iii) 3,125 shares at an exercise price of $35.40 per share;
(iv) 37,500 shares at an exercise price of $39.20, sales of Common
Stock issued upon an exercise of any such options are subject to
lock-up restrictions and will be released in accordance with the
following schedule: on each calendar quarter beginning on September 30,
2005 and ending on June 30, 2008, 3,125 shares will be released from
such lock-up restrictions, in addition, upon Mr. Ehrlich's
voluntary resignation from the Board of Directors of the Company or his
removal from the Board of Directors of the Company for cause, if any of
the foregoing lock-up periods have not yet expired, they shall be
extended for an additional five year period. Excludes: (i)  5,000
shares owned by Mr. Ehrlich's children; (ii)  6,500 shares
in trust for the benefit of his children, of which Mr. Ehrlich's
spouse is trustee; and (iii)  400 shares owned by Mr.
Ehrlich's spouse's individual retirement account of which
Mr. Ehrlich disclaims beneficial
ownership.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(9)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported
as beneficially owned includes presently exercisable stock options to
purchase (i) 9,375 shares at an exercise price of $35.40, (ii) 3,125
shares at an exercise price of $35.40, and (iii) 37,500 shares at an
exercise price of $39.20, sales of Common Stock issued upon an exercise
of any such options are subject to lock-up restrictions and will be
released in accordance with the following schedule: on each calendar
quarter beginning on September 30, 2005 and ending on June 30, 2008,
3,125 shares will be released from such lock-up restrictions, in
addition, upon Mr. Haas' voluntary </font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">
resignation from the Board of Directors of
the Company or his removal from the Board of Directors of the Company
for cause, if any of the foregoing lock-up periods have not yet
expired, they shall be extended for an additional five year
period.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(10)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported as
beneficially owned also includes presently exercisable stock options to
purchase: (i) 21,591 shares at an exercise price of $7.50 per share
(ii) 10,000 shares at an exercise price of $9.6875 per share, (iii)
10,000 shares at an exercise price of $13.1875 per share, (iv) 12,500
shares at an exercise price of $14.44 per share, (v) 12,500 shares at
an exercise price of $24.07 per share, (vi) 12,000 shares at an
exercise price of $14.32 per share, (vii) 9,375 shares at an exercise
price of $35.40 per share, (viii) 3,125 shares at an exercise price of
$35.40, and (ix) 37,500 shares at an exercise price of $39.20, sales of
Common Stock issued upon an exercise of any such options are subject to
lock-up restrictions and will be released in accordance with the
following schedule: on each calendar quarter beginning on September 30,
2005 and ending on June 30, 2008, 3,125 shares will be released from
such lock-up restrictions, in addition, upon Mr. Strauss'
voluntary resignation from the Board of Directors of the Company or his
removal from the Board of Directors of the Company for cause, if any of
the foregoing lock-up periods have not yet expired, they shall be
extended for an additional five year
period.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(11)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported as
beneficially owned also includes presently exercisable stock options to
purchase: (i) 10,000 shares at an exercise price of $9.6875 per share,
(ii) 10,000 shares at an exercise price of $13.1875 per share, (iii)
12,500 shares at an exercise price of $14.44 per share, (iv) 12,500
shares at an exercise price of $24.07 per share, (v) 15,000 shares at
an exercise price of $14.32 per share, and (vii) 9,375 shares at an
exercise price of $35.40 per share, (vi) 3,125 shares at an exercise
price of $35.40, and (vii) 37,500 shares at an exercise price of
$39.20, sales of Common Stock issued upon an exercise of any such
options are subject to lock-up restrictions and will be released in
accordance with the following schedule: on each calendar quarter
beginning on September 30, 2005 and ending on June 30, 2008, 3,125
shares will be released from such lock-up restrictions, in addition,
upon Mr. Sokolow's voluntary resignation from the Board of
Directors of the Company or his removal from the Board of Directors of
the Company for cause, if any of the foregoing lock-up periods have not
yet expired, they shall be extended for an additional five year period.
Also includes 60,000 shares owned by S.T. Investors Fund, LLC, a
limited liability company of which Mr. Sokolow is a member, 10,000
shares owned by Mr.  Sokolow's profit sharing plan and
11,200 shares held for the benefit of Mr. Sokolow's children and
of which Mr.  Sokolow disclaims beneficial ownership.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(12)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">The amount of securities reported as beneficially
owned also includes presently exercisable stock options to purchase:
(i) 15,794 shares at an exercise price of $13.98; (ii) 12,000 shares at
an exercise price of $14.32 per share, (iii) 9,375 shares at an
exercise price of $35.40 per share, (iv) 3,125 shares at an exercise
price of $35.40, and (v) 37,500 shares at an exercise price of $39.20,
sales of Common Stock issued upon an exercise of any such options are
subject to lock-up restrictions and will be released in accordance with
the following schedule: on each calendar quarter beginning on September
30, 2005 and ending on June 30, 2008, 3,125 shares will be released
from such lock-up restrictions, in addition, upon Ms. Zoullas'
voluntary resignation from the Board of Directors of the Company or his
removal from the Board of Directors of the Company for cause, if any of
the foregoing lock-up periods have not yet expired, they shall be
extended for an additional five year period.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">DESCRIPTION OF COMMON STOCK</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
following description of our Common Stock does not purport to be
complete and is subject in all respects to applicable Delaware law and
qualified by reference to the provisions of our Certificate of
Incorporation, as amended, and Restated Bylaws. Copies of our
Certificate of Incorporation, as amended, and Restated Bylaws are
incorporated herein by reference and will be sent to stockholders upon
request. See "Where Can You Find More
Information."</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 11pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Authorized Common Stock</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have authorized 75,000,000 shares of our Common Stock, par value
$0.01 per share. As of October 28, 2005, there were 34,927,516 shares
of our Common Stock outstanding.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 11pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Voting Rights</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The holders of our Common Stock are entitled to one vote for each
share on all matters voted on by our stockholders, including the
election of directors. No holders of our Common Stock have any right to
cumulative voting.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 11pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Dividend Rights</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Subject to
any preferential rights of any outstanding series of preferred stock,
created by our board of directors, the holders of our Common Stock will
be entitled to such dividends as may be declared from time to time by
our board of directors from funds available therefore. We currently do
not pay cash dividends on our Common Stock, and do not intend to pay
cash dividends on our Common Stock in the foreseeable future. Under the
terms of our credit facility and the indenture governing our senior
subordinated notes, we are allowed to pay dividends on our Common
Stock, subject to certain limitations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 11pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Rights Upon
Liquidation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In the event of a liquidation, dissolution or
winding up, the holders of our Common Stock are entitled to share
ratably in all assets remaining after payment of liabilities and the
liquidation value and other amounts owed to the holders of our
preferred stock.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 11pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Preemptive Rights</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Holders of
our Common Stock have no preemptive rights or rights to convert their
shares of Common Stock into any other securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: italic; line-height: 11pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Other
Rights</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There are no redemption or sinking fund provisions
applicable to our Common Stock.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">23</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PLAN OF DISTRIBUTION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff"> </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Selling Stockholders, which as used herein
includes donees, pledgees, transferees or other successors-in-interest
selling shares of our Common Stock or interests in shares of our Common
Stock received after the date of this Prospectus from a Selling
Stockholder as a gift, pledge, partnership distribution or other
transfer, may, from time to time, sell, transfer or otherwise dispose
of any or all of their shares of our Common Stock or interests in
shares of our Common Stock on any stock exchange, market or trading
facility on which the shares are traded or in private transactions.
These dispositions may be at fixed prices, at prevailing market prices
at the time of sale, at prices related to the prevailing market price,
at varying prices determined at the time of sale, or at negotiated
prices.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Selling Stockholders may use any one or more of the
following methods when disposing of shares or interests
therein:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">market transactions in
accordance with the rules of The New York Stock Exchange or any other
available markets or exchanges;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">ordinary
brokerage transactions and transactions in which the broker-dealer
solicits purchasers;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">block trades in
which the broker-dealer will attempt to sell the shares as agent, but
may position and resell a portion of the block as principal to
facilitate the transaction;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">purchases by
a broker-dealer as principal and resale by the broker-dealer for its
account;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">an exchange distribution in
accordance with the rules of the applicable
exchange;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">privately negotiated
transactions;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">short sales entered into
after the date of this
Prospectus;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">writing or settlement of
options or other hedging transactions, whether through an options
exchange or otherwise;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">distributions to
the partners and/or members of the Selling
Stockholders;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">redemptions or repurchases
of interests owned by partners and/or members of the Selling
Stockholders;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">broker-dealers may agree
with the Selling Stockholders to sell a specified number of such shares
at a stipulated price per share;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">a
combination of any such methods of sale;
and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">any other method permitted pursuant
to applicable law.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In connection with the sale of our Common
Stock or interests therein, the Selling Stockholders may enter into
hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of our Common
Stock in the course of hedging the positions they assume with the
selling stockholders. The Selling Stockholders may also sell shares of
our Common Stock short and deliver these securities to close out their
short positions, or loan or pledge our Common Stock to broker-dealers
that in turn may sell these securities. The Selling Stockholders may
also enter into option or other transactions with broker-dealers or
other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this Prospectus, which
shares such broker-dealer or other financial institution may resell
pursuant to this Prospectus (as supplemented or amended to reflect such
transaction).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Short selling occurs when a person sells shares of
stock which the person does not yet own and promises to buy stock in
the future to cover the sale. The general objective of the person
selling the shares short is to make a profit by buying the shares
later, at a lower price, to cover the sale. Significant amounts of
short selling, or the perception that a significant amount of short
sales could occur, could depress the market price of our Common Stock.
In contrast, purchases to cover a short </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">24</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
position may have the effect of preventing or
retarding a decline in the market price of our Common Stock, and
together with the imposition of the penalty bid, may stabilize,
maintain or otherwise affect the market price of our Common Stock. As a
result, the price of our Common Stock may be higher than the price that
otherwise might exist in the open market. If these activities are
commenced, they may be discontinued at any time. These transactions may
be effected on The New York Stock Exchange or any other available
markets or exchanges.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate proceeds to the Selling
Stockholders from the sale of our Common Stock offered by them will be
the purchase price of our Common Stock less discounts or commissions,
if any. Each of the Selling Stockholders reserves the right to accept
and, together with their agents from time to time, to reject, in whole
or in part, any proposed purchase of our Common Stock to be made
directly or through agents. We will not receive any of the proceeds
from this offering.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Selling Stockholders also may resell all
or a portion of the shares in open market transactions in reliance upon
Rule 144 under the Securities Act, provided that they meet the criteria
and conform to the requirements of that rule.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Selling
Stockholders and any underwriters, broker-dealers or agents that
participate in the sale of our Common Stock or interests therein may be
"underwriters" within the meaning of Section
2(11) of the Securities Act. Any discounts, commissions, concessions or
profits they earn on any resale of the shares may be underwriting
discounts and commissions under the Securities Act. Selling
Stockholders who are "underwriters" within
the meaning of Section 2(11) of the Securities Act will be subject to
the prospectus delivery requirements of the Securities Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">To
the extent required, the shares of our Common Stock to be sold, the
names of the Selling Stockholders, the respective purchase prices and
public offering prices, the names of any agents, dealers or
underwriters, any applicable commissions or discounts with respect to a
particular offer will be set forth in an accompanying prospectus
supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this Prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In order
to comply with the securities laws of some states, if applicable, our
Common Stock may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states our Common
Stock may not be sold unless it has been registered or qualified for
sale or an exemption from registration or qualification requirements is
available and is complied with.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We have advised the Selling
Stockholders that the anti-manipulation rules of Regulation M under the
Exchange Act may apply to sales of shares in the market and to the
activities of the Selling Stockholders and their affiliates. In
addition, we will make copies of this Prospectus (as it may be
supplemented or amended from time to time) available to the Selling
Stockholders for the purpose of satisfying the prospectus delivery
requirements of the Securities Act. The Selling Stockholders may
indemnify any broker-dealer that participates in transactions involving
the sale of the shares against certain liabilities, including
liabilities arising under the Securities Act.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">WHERE YOU CAN
FIND MORE INFORMATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We are subject to the informational
requirements of the Exchange Act, and in accordance therewith we are
required to file periodic reports, proxy statements and other
information with the Commission. Such reports, proxy statements and
other information filed by us can be inspected and copied at the
Commission's Public Reference Room located at 450 Fifth Street,
N.W., Room 1024, Washington, D.C. 20549, at the prescribed rates. The
Commission also maintains a site on the World Wide Web that contains
reports, proxy and information statements and other information
regarding registrants that file electronically. The address of such
site is http://www.sec.gov. Please call 1-800-SEC-0330 for further
information on the operation of the Commission's Public Reference
Room.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our Common Stock is quoted on The New York Stock Exchange
under the symbol "AH."</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">With respect to
our Common Stock, this Prospectus omits certain information that is
contained in the registration statement on file with the Commission, of
which this Prospectus is a part. For further </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">25</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
information with respect to us and our Common
Stock, reference is made to the registration statement, including the
exhibits incorporated therein by reference or filed therewith.
Statements herein contained concerning the provisions of any document
are not necessarily complete and, in each instance, reference is made
to the copy of such document filed as an exhibit or incorporated by
reference to the registration statement. The registration statement and
the exhibits may be inspected without charge at the offices of the
Commission or copies thereof obtained at prescribed rates from the
public reference section of the Commission at the addresses set forth
above.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">You should rely on the information contained in this
Prospectus and in the registration statement as well as other
information you deem relevant. We have not authorized anyone to provide
you with information different from that contained in this Prospectus.
This Prospectus is an offer to sell, or a solicitation of offers to
buy, securities only in jurisdictions where offers and sales are
permitted. The information contained in this Prospectus is accurate
only as of the date of this Prospectus, regardless of the time of
delivery of this Prospectus or any sale or exchange of securities,
however, we have a duty to update that information while this
Prospectus is in use by you where, among other things, any facts or
circumstances arise which, individually or in the aggregate, represent
a fundamental change in the information contained in this Prospectus or
any material information with respect to the plan of distribution was
not previously disclosed in the Prospectus or there is any material
change to such information in the Prospectus. This Prospectus does not
offer to sell or solicit any offer to buy any securities other than our
Common Stock to which it relates, nor does it offer to buy any of these
securities in any jurisdiction to any person to whom it is unlawful to
make such offer or solicitation in such jurisdiction.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXPERTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The financial statements and management's
assessment of the effectiveness of internal control over financial
reporting (which is included in Management's Report on Internal
Control over Financial Reporting) incorporated in this Registration
Statement by reference to the Annual Report on Form 10-K for the year
ended December 31, 2004 have been so incorporated in reliance on the
report of PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts in
auditing and accounting.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">LEGAL MATTERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The validity of
the shares of Armor Holdings Common Stock offered by this Prospectus
will be passed upon by Kane Kessler, P.C., New York, New York, as
counsel to Armor Holdings. Robert L. Lawrence, Esq., a member of Kane
Kessler, P.C., owns 5,000 shares of Armor Holdings Common
Stock.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">26</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="2"><img src="spacer.gif" height="2" width="602"></td>
<td><img src="spacer.gif" height="2" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="2"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 18pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REOFFER
PROSPECTUS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">ARMOR HOLDINGS, INC.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">3,757,234 Shares of
Common Stock, par value $0.01 per share</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="18"></td>
</tr>
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<td><img src="spacer.gif" height="1" width="174"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="253"></td>
<td><img src="spacer.gif" height="1" width="174"></td>
<td><img src="spacer.gif" height="1" width="349"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">November 2, 2005</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">No dealer, salesperson or other person is
authorized to give any information or to represent anything not
contained in this Prospectus. You must not rely on any unauthorized
information or representations. This Prospectus is an offer to sell
only the shares offered hereby, but only under circumstances and in
jurisdictions where it is lawful to do so. The information contained in
this Prospectus is current only as of its
date.</p>
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<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PART
II</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INFORMATION REQUIRED IN THE<br> REGISTRATION STATEMENT</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following documents filed with the Securities and Exchange
Commission (the "Commission") by Armor
Holdings, Inc., a Delaware corporation (the
"Company"), are incorporated by reference
into the Registration Statement:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(a)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2004, filed pursuant to the Securities Exchange Act of
1934 (the "Exchange
Act");</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(b)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's
Annual Report on Form 10-K/A (Amendment No. 1) for the fiscal year
ended December 31, 2004, filed pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(c)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Annual Report on
Form 10-K/A (Amendment No. 2) for the fiscal year ended December 31,
2004, filed pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(d)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2005, filed
pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(e)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2005, filed pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(f)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2005, filed pursuant
to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(g)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's
Current Report on Form 8-K, Date of Event &minus; October 20, 2005
filed on October 20, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(h)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; July 27, 2005 filed
on August 2, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(i)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; July 21, 2005 filed
on July 21, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(j)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; June 22, 2005 filed
on June 28, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(k)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report on Form
8-K, Date of Event &ndash; June 27, 2005 filed
on June 27, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(l)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; June 6, 2005, filed on June 7, 2005,
pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(m)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash; May
20, 2005, filed on May 26, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(n)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; April 21, 2005, filed on April 21,
2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(o)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash; April
4, 2005, filed on April 4, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(p)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; March 25, 2005, filed on March 31,
2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(q)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K/A, Date of Event &ndash;
February 10, 2005, filed on February 10, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(r)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; February 10, 2005, filed on February
10, 2005, pursuant to the Exchange Act;</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(s)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The
Company's Current Report on Form 8-K, Date of Event &ndash;
January 14, 2005, filed on January 14, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(t)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The Company's Current Report
on Form 8-K, Date of Event &ndash; December 31, 2004 filed on January
6, 2005, pursuant to the Exchange
Act;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(u)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">Definitive Proxy Statement dated May
23, 2005, relating to the annual meeting of stockholders held on June
22, 2005; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="546"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 42pt">(v)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 414pt">The description of the
Company's Common Stock contained in the Company's
Registration Statement on Form 8-A (Reg. No. 1-11667), filed with the
Commission as of April 29, 1999 by the Company to register such
securities under the Exchange Act, including all amendments and reports
filed for the purpose of updating that description.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All of such
documents are on file with the Commission. In addition, all documents
filed by the Company with the Commission pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective
amendment which indicates that all the securities offered hereby have
been sold or which deregisters all securities then remaining unsold
shall be deemed to be incorporated by reference in this Registration
Statement and to be a part hereof from the date of the filing of such
documents with the Commission. Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or
superseded for purposes hereof to the extent that a statement contained
herein (or in any other subsequently filed document which also is
incorporated by reference herein) modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed
to constitute a part hereof except as so modified or superseded.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION OF SECURITIES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not applicable.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;INTERESTS OF NAMED EXPERTS AND COUNSEL</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not
applicable.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND
OFFICERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Section 145 of the General Corporation Law of the
State of Delaware (the "DGCL") makes
provision for the indemnification of officers and directors of
corporations in terms sufficiently broad to indemnify our officers and
directors under certain circumstances from liabilities (including
reimbursement of expenses incurred) arising under the Securities
Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As permitted by the DGCL, our Certificate of Incorporation,
as amended, and our Amended and Restated Bylaws (collectively, the
"Charter") provide that, to the fullest
extent permitted by the DGCL, no director shall be liable to the
Company or to its stockholders for monetary damages for breach of his
fiduciary duty as a director. Delaware law does not permit the
elimination of liability (i) for any breach of the director's
duty of loyalty to the Company or its stockholders, (ii) for acts or
omissions not in good faith or which involve intentional misconduct or
a knowing violation of law, (iii) in respect of certain unlawful
dividend payments or stock redemptions or repurchases or (iv) for any
transaction from which the director derives an improper personal
benefit. The effect of this provision in the Charter is to eliminate
the rights of the Company and its stockholders (through
stockholders' derivative suits on behalf of the Company) to
recover monetary damages against a director for breach of fiduciary
duty as a director thereof (including breaches resulting from negligent
or grossly negligent behavior) except in the situations described in
clauses (i)-(iv), inclusive, above. These provisions will not alter the
liability of directors under federal securities laws.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our
Charter provides that we may indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the
right of the Company) by reason of the fact that he is or was a
director, officer, employee or agent of the Company or is or was
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
serving at the request of the Company as a
director, officer, employee or agent of another corporation or
enterprise, against expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or
proceeding if such person acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of
the Company, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe such person's conduct was
unlawful.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our Charter also provides that we may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of
the Company to procure a judgment in its favor by reason of the fact
that such person acted in any of the capacities set forth above,
against expenses (including attorneys' fees) actually and
reasonably incurred by such person in connection with the defense or
settlement of such action or suit if such person acted under similar
standards, except that no indemnification may be made in respect of any
claim, issue or matter as to which such person shall have been adjudged
to be liable to the Company unless and only to the extent that the
Court of Chancery of the State of Delaware or the court in which such
action or suit was brought shall determine upon application that
despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery or
such other court shall deem proper.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Our Charter also provides
that to the extent a director or officer of the Company has been
successful in the defense of any action, suit or proceeding referred to
in the previous paragraphs or in the defense of any claim, issue, or
matter therein, he shall be indemnified against expenses (including
attorneys' fees) actually and reasonably incurred by him in
connection therewith; that indemnification provided for in the Charter
shall not be deemed exclusive of any other rights to which the
indemnified party may be entitled; and that the Company may purchase
and maintain insurance on behalf of a director or officer of the
Company against any liability asserted against him or incurred by him
in any such capacity or arising out of his status as such whether or
not the Company would have the power to indemnify him against such
liabilities under the provisions of Section 145 of the DGCL.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Company has also entered into indemnification agreements with directors
and executive officers that provide these individuals with specific
contractual indemnification rights in connection with their duties to
the Company.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;EXEMPTION FROM REGISTRATION
CLAIMED</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Certain restricted securities to be reoffered and
resold pursuant to this Registration Statement were issued under the
Plans and in transactions exempt from registration pursuant to Section
4(2) of the Securities Act.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="402"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Exhibit
No.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Description of
Exhibits</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Armor Holdings, Inc. 2005 Stock
Incentive Plan (filed as Appendix A to the Registrant's Proxy
Statement dated May 23, 2005, filed with the Securities and Exchange
Commission on May 23, 2005).*</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Armor
Holdings, Inc. Amended and Restated 2002 Stock Incentive Plan (filed as
Exhibit 10.24 to the Registrant's Annual Report on Form 10-K,
filed with the Securities and Exchange Commission on March 7,
2005).*</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Armor Holdings, Inc. 2002
Executive Stock Plan (filed as Exhibit 10.6 to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2002).*</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Opinion of Kane Kessler, P.C.
regarding the legality of the securities being
registered.**</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="402"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Exhibit
No.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Description of
Exhibits</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">23.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consent of Kane
Kessler, P.C. (included in Exhibit No. 5.1 to the Registration
Statement).</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">23.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consent of
PricewaterhouseCoopers LLP.**</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">24.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Power of
Attorney (included in the signature pages of this registration
statement).**</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">Incorporated by
reference.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">**</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">Filed herewith.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item
9.&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby
undertakes:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1)&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period
in which offers or sales are being made, a post-effective amendment to
the Registration Statement:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(i)&nbsp;&nbsp;&nbsp;&nbsp;To include
any prospectus required by Section 10(a)(3) of the Securities Act;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the Prospectus any facts or
events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(iii)&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with
respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<u>provided</u>,
<u>however</u>, that paragraphs (a)(i) and (a)(ii) do not apply if
the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the
Company pursuant to Section  13 or Section 15(d) of the Exchange
Act that are incorporated by reference in the Registration
Statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of
determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial
bona  fide offering thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3)&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination
of the offering.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">B.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Company's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is
incorporated by reference in the Registration Statement shall be deemed
to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial bona  fide offering thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">C.&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or
otherwise, the Company has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than
the payment by the Company of expenses incurred or paid by a director,
officer or controlling person of the Company in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such
issue.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SIGNATURES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the requirements of the Securities Act of 1933,
as amended, the registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of
Jacksonville, State of Florida, on this 2nd day of November,
2005.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="200"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="20"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="236"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 32pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 32pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 32pt; background-color: #ffffff;" align="left" valign="bottom" colspan="7"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARMOR
HOLDINGS,
INC.</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 16pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 16pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By:</font></td>
<td style="padding-top: 16pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><u>/s/
Warren B.
Kanders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<br>Name:
Warren B. Kanders<br>Title: Chairman of the Board of Directors<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Chief Executive
Officer</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">POWER OF ATTORNEY</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each of the
undersigned officers and directors of Armor Holdings, Inc. hereby
severally constitutes and appoints Warren B. Kanders and Robert R.
Schiller as the attorney-in-fact for the undersigned, in any and all
capacities, with full power of substitution, to sign any and all pre-
or post-effective amendments to this Registration Statement, any
subsequent Registration Statement for the same offering which may be
filed pursuant to Rule 462(b) under the Securities Act of 1933, as
amended, and any and all pre- or post-effective amendments thereto, and
to file the same with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact full power and authority to do and
perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact may lawfully do or cause to be done by virtue
hereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the requirements of the Securities Act of
1933, as amended, this Registration Statement has been signed by the
following persons in the capacities and on the dates
indicated:</p>
<table cellpadding="0" cellspacing="0" border="0" width="593">
<tr>
<td><img src="spacer.gif" height="1" width="218"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="234"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="109"></td>
</tr>
<tr>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Signature</td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Title</td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Date</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
Warren B. Kanders</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Chairman of the Board of Directors and Chief
Executive Officer (Principal Executive Officer)</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November
2, 2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Warren B.
Kanders</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Glenn J. Heiar</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Chief Financial Officer (Principal Financial
Officer)</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2, 2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Glenn
J. Heiar</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/
Robert R. Schiller</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2,
2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Robert R.
Schiller</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Burtt R. Ehrlich</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2,
2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Burtt
R. Ehrlich</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Nicholas
Sokolow</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2,
2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Nicholas
Sokolow</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Thomas W.
Strauss</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2,
2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Thomas W.
Strauss</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ David R. Haas</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2,
2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">David R.
Haas</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">/s/ Deborah A.
Zoullas</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Director</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center">November 2,
2005</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Deborah A.
Zoullas</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">II-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">EXHIBIT
INDEX</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center">
<table cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="402"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Exhibit No.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000 ;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Description
of Exhibits</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Armor Holdings, Inc. 2005
Stock Incentive Plan (filed as Appendix A to the Registrant's
Proxy Statement dated May 23, 2005, filed with the Securities and
Exchange Commission on May 23,
2005).*</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Armor Holdings, Inc. Amended and
Restated 2002 Stock Incentive Plan (filed as Exhibit 10.24 to the
Registrant's Annual Report on Form 10-K, filed with the
Securities and Exchange Commission on March 7,
2005).*</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Armor Holdings, Inc. 2002
Executive Stock Plan (filed as Exhibit 10.6 to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2002).*</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Opinion of Kane Kessler, P.C.
regarding the legality of the securities being
registered.**</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">23.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consent of Kane Kessler,
P.C. (included in Exhibit No. 5.1 to the Registration
Statement).</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">23.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consent of
PricewaterhouseCoopers LLP.**</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">24.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Power of
Attorney (included in the signature pages of this registration
statement).**</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">Incorporated by
reference.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">**</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">Filed
herewith.</font></td>
</tr>
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[{"type": "S-8", "sequence": "1", "filename": "file001.htm", "description": "ARMOR HOLDINGS, INC.", "secsgml_size_bytes": 356355}]
{"company-data": {"conformed-name": "ARMOR HOLDINGS INC", "cik": "0000845752", "assigned-sic": "3842", "irs-number": "593392443", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-129396", "film-number": "051173221"}, "business-address": {"street1": "1400 MARSH LANDING PARKWAY", "street2": "SUITE 112", "city": "JACKSONVILLE", "state": "FL", "zip": "32250", "phone": "9047415600"}, "mail-address": {"street1": "1400 MARSH LANDING PARKWAY", "street2": "SUITE 112", "city": "JACKSONVILLE", "state": "FL", "zip": "32250"}, "former-company": {"former-conformed-name": "AMERICAN BODY ARMOR & EQUIPMENT INC", "date-changed": "19920703"}}
As
filed with the Securities and Exchange Commission on November 2,
2005
Registration No.
333-
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
ARMOR HOLDINGS, INC.
(Exact name of
registrant as specified in its charter)
Delaware
59-3392443
(State
or other jurisdiction
of incorporation or
organization)
(I.R.S. Employer
Identification
Number)
Armor Holdings,
Inc.
13386 International Parkway
Jacksonville, Florida
32218
(904) 741-5400
(Address, including zip
code, and telephone number, including area code, of principal executive
offices)
Armor
Holdings, Inc. 2002 Stock Incentive Plan
Armor Holdings, Inc. 2002
Executive Stock Plan
Armor Holdings, Inc. 2005 Stock Incentive
Plan
(Full title of the plan)
Warren
B. Kanders
Chairman of the Board and Chief Executive Officer
Armor Holdings, Inc.
13386 International Parkway
Jacksonville, Florida 32218
(904) 741-5400
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copy to:
Kane Kessler, P.C.
1350
Avenue of the Americas
New York, NY 10019-4896
(212)
541-6222
Attn: Robert L. Lawrence, Esq.
CALCULATION
OF REGISTRATION
FEE
Title
of securities
to be registered
Amount to be
registered
(1)
Proposed maximum
offering
price
per share
(2)
Proposed maximum
aggregate offering
price
(2)
Amount of
registration fee
(3)
Common Stock, $0.01
par value per
share
4,394,718
$41.93
$184,270,525.74
$21,688.64
(1)
This
Registration Statement covers (i) 2,500,000 shares of common stock (the
"Common Stock"), $0.01 par value per share,
of Armor Holdings, Inc. issuable pursuant to the Armor Holdings, Inc.
2005 Stock Incentive Plan (the "2005 Incentive
Plan"); and (ii) 1,894,718 issuable pursuant to the Armor
Holdings, Inc. 2002 Stock Incentive Plan (the "2002
Incentive Plan"). In addition, pursuant to Rule 416(c)
under the Securities Act of 1933, as amended (the
"Securities Act"), this Registration
Statement covers an indeterminable number of additional shares of
Common Stock as may hereafter be offered or issued pursuant to the 2005
Incentive Plan and the 2002 Incentive Plan, to prevent dilution
resulting from stock splits, stock dividends or similar transactions
effected without receipt of
consideration.
(2)
Estimated
solely for the purpose of calculating the registration fee. Pursuant to
Rule 457(c) and 457(h), the proposed maximum offering price per share
is based upon (i) the average exercise price relating to approximately
2,014,000 outstanding options granted under the 2005 Incentive Plan and
the 2002 Incentive Plan for which the underlying shares of Common Stock
have not previously been registered, which is a weighted average price
of $39.42; and (ii) with respect to 2,380,718 shares available for
grant or previously issued under the 2005 Incentive Plan and the 2002
Incentive Plan, a price of $44.05 (the average of the high and low
price of the Registrant's Common Stock as reported on The New
York Stock Exchange on October 28,
2005).
(3)
Pursuant to Rule
429(b) under the Securities Act, this Registration Statement includes
up to (i) 2,700,000 shares of Common Stock issued or issuable pursuant
to the 2002 Incentive Plan; and (ii) 110,000 shares of Common Stock
issued or issuable pursuant to the Armor Holdings, Inc. 2002 Executive
Stock Plan (the "2002 Executive Plan") that
were previously registered on Form S-8 (Registration Statement No.
333-112107) filed on January 22, 2004. In connection with the
previously registered shares for issuance under the Registrant's
2002 Incentive Plan and 2002 Executive Plan, the Registrant paid a fee
of $5,568 a portion of which is attributable to the shares being
carried forward in a combined reoffer Prospectus being filed herewith
(to the extent that there are or may be control or restricted
securities). See the Rule 429 note below. In connection with this
Registration Statement, the Registrant is paying a fee solely on the
4,394,718 additional shares of the Registrant's Common Stock
being registered.
As
permitted by Rule 429 under the Securities Act of 1933, the Prospectus
filed together with this Registration Statement shall be deemed to be a
combined resale Prospectus which shall also relate to the
Registrant's Registration Statement No. 333-67033 on Form
S-8.
EXPLANATORY
NOTE
The 4,394,718 shares of common stock, $0.01 par value per
share (the "Common Stock") of Armor Holdings,
Inc., a Delaware corporation (the "Company"),
being registered pursuant to this Form S-8 are issued or issuable
pursuant to the Armor Holdings, Inc. 2005 Stock Incentive Plan (the
"2005 Incentive Plan") and the Armor
Holdings, Inc. 2002 Stock Incentive Plan (the "2002
Incentive Plan"). This Registration Statement also
includes up to (i) 2,700,000 shares of the Common Stock issued or
issuable pursuant to the 2002 Incentive Plan, and (ii) 110,000 shares
of Common Stock issued or issuable pursuant to the Armor Holdings, Inc.
2002 Executive Stock Plan (the "2002 Executive
Plan"), that were previously registered on Form S-8
(Registration Statement No. 333-112107) filed on January 22, 2004 (the
"2004 Registration Statement"). The 2005
Incentive Plan, 2002 Incentive Plan and 2002 Executive Plan are
collectively referred to herein as the
"Plans".
This Registration Statement
contains two parts. The first part contains a Prospectus pursuant to
Form S-3 (in accordance with Section C of the General Instructions to
the Form S-8) which covers reoffers and resales of
"restricted securities" and/or
"control securities" (as such terms are
defined in Section C of the General Instructions to Form S-8) of the
Company. This reoffer Prospectus relates to up to 3,757,234 shares of
Common Stock that have been or may be issued to certain officers and
directors of the Company pursuant to the Plans. The second part of this
Registration Statement contains Information Required in the
Registration Statement pursuant to Part II of Form S-8. The Form S-8
portion of this Registration Statement will be used for offers of
shares of Common Stock of the Company pursuant to the 2005 Incentive
Plan and the 2002 Incentive Plan.
ii
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
Item 1 .    Plan
Information
The document(s) containing the information
specified in Part  I of Form  S-8 will be sent or given to
participants in the Plans as specified by Rule  428(b)(1) under
the Securities Act. Such documents are not being filed with the
Securities and Exchange Commission, but constitute, along with the
documents incorporated by reference into this Registration Statement, a
prospectus that meets the requirements of Section  10(a) of the
Securities Act.
Item 2 .    Company Information and
Employee Plan Annual Information
The Company will furnish
without charge to each person to whom the Prospectus is delivered, upon
the written or oral request of such person, a copy of any and all of
the documents incorporated by reference in Item 3 of Part  II of
this Registration Statement, other than exhibits to such documents
(unless such exhibits are specifically incorporated by reference to the
information that is incorporated). Those documents are incorporated by
reference in the Section  10(a) prospectus. Requests should be
directed to Armor Holdings, Inc., 13386 International Parkway,
Jacksonville, Florida 32218, attention: Secretary; telephone number
(904) 741-5400.
Note
:    The reoffer Prospectus
referred to in the Explanatory Note follows this
page.
iii
REOFFER
PROSPECTUS
ARMOR HOLDINGS, INC.
3,757,234 SHARES OF COMMON
STOCK
(par value $0.01 per share)
This Prospectus relates
to up to 3,757,234 shares (the "Shares") of
common stock, $0.01 par value per share, of Armor Holdings, Inc., a
Delaware corporation (the "Company" or
"Armor Holdings") which may be offered and
sold from time to time by certain stockholders of the Company (the
"Selling Stockholders") who have acquired or
will acquire such Shares pursuant to stock options and stock grants
issued or issuable under the (i) the Armor Holdings, Inc. 2005 Stock
Incentive Plan (the "2005 Incentive Plan");
(ii) the Armor Holdings, Inc. 2002 Stock Incentive Plan (the
"2002 Incentive Plan") and (iii) under the
Armor Holdings, Inc. 2002 Executive Stock Plan (the "2002
Executive Plan"). The 2005 Incentive Plan, 2002 Incentive
Plan and 2002 Executive Plan are collectively referred to herein as the
"Plans".
The Company will not receive
any of the proceeds from sales of the Shares by any of the Selling
Stockholders. The Shares may be offered from time to time by any or all
of the Selling Stockholders (and their donees and pledgees) through
ordinary brokerage transactions, in negotiated transactions or in other
transactions, at such prices as he or she may determine, which may
relate to market prices prevailing at the time of sale or be a
negotiated price. See "Plan of Distribution."
All costs, expenses and fees in connection with the registration of the
Shares will be borne by the Company. Brokerage commissions and similar
selling expenses, if any, attributable to the offer or sale of the
Shares will be borne by the Selling Stockholder (or their donees and
pledgees).
Each Selling Stockholder and any broker executing
selling orders on behalf of a Selling Stockholder may be deemed to be
an "underwriter" as defined in the Securities
Act of 1933, as amended (the "Securities
Act"). If any broker-dealers are used to effect sales, any
commissions paid to broker-dealers and, if broker-dealers purchase any
of the Shares as principals, any profits received by such
broker-dealers on the resale of the Shares, may be deemed to be
underwriting discounts or commissions under the Securities Act. In
addition, any profits realized by the Selling Stockholders may be
deemed to be underwriting commissions.
Our Common Stock is
listed on The New York Stock Exchange. On October 28, 2005, the closing
price of our Common Stock was $44.26 per share.
See "Risk
Factors" on page 3 hereof for a discussion of certain
factors that should be carefully considered by prospective
purchasers.
Neither the
Securities and Exchange Commission nor any state securities commission
has approved or disapproved these securities, or determined if this
Prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.
The date of this Prospectus
is November 2, 2005.
You should rely only on the information
included in or incorporated by reference into this Prospectus or
information we have referred to in this Prospectus. We have not
authorized anyone to provide you with information that is different.
This Prospectus may only be used where it is legal to sell these
securities. This Prospectus is not an offer to sell, or a solicitation
of an offer to buy, in any state where the offer or sale is prohibited.
The information in this Prospectus is accurate on the date of this
Prospectus and may become obsolete later. Neither the delivery of this
Prospectus, nor any sale made under this Prospectus will, under any
circumstances, imply that the information in this Prospectus is correct
as of any date after the date of this Prospectus. References to
"the Company," "Armor
Holdings," "we" or
"us" refer to Armor Holdings, Inc.
TABLE OF CONTENTS
Page
RISK
FACTORS
3
FORWARD-LOOKING
STATEMENTS
13
INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE
14
COMPANY
OVERVIEW
16
USE OF
PROCEEDS
17
SELLING
STOCKHOLDERS
18
DESCRIPTION OF COMMON
STOCK
23
PLAN OF
DISTRIBUTION
24
WHERE YOU CAN FIND MORE
INFORMATION
25
EXPERTS
26
LEGAL
MATTERS
26
2
RISK FACTORS
Prospective purchasers of the Common Stock should consider
carefully the following risk factors relating to the business of the
Company, together with the information and financial data set forth
elsewhere in this Prospectus or incorporated herein by reference, prior
to making an investment decision. This Prospectus contains
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Such statements are
indicated by words or phrases such as
"anticipate,"
"estimate,"
"project," "management
believes," "we believe" and
similar words or phrases. Such statements are based on current
expectations and are subject to risks, uncertainties and assumptions.
Certain of these risks are described below. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
anticipated, estimated or projected.
RISKS RELATED TO OUR
INDUSTRY
The products we sell are inherently risky and could
give rise to product liability and other claims.
The products
that we manufacture are typically used in applications and situations
that involve high levels of risk of personal injury. Failure to use our
products for their intended purposes, failure to use or care for them
properly, or their malfunction, or, in some limited circumstances, even
correct use of our products, could result in serious bodily injury or
death. Given this potential risk of injury, proper maintenance of our
products is critical. Our products include: body armor and plates
designed to protect against ballistic and sharp instrument penetration;
less-lethal products such as less-lethal munitions, pepper sprays,
distraction devices and flameless expulsion grenades; various models of
police batons; rotary and fixed-wing aircraft seating systems;
parachutes; vehicle and hard armoring systems; military helmets; and
police duty gear.
Claims have been made and are pending against
certain of our subsidiaries, involving permanent physical injury and
death caused by self-defense sprays and other munitions intended to be
less-lethal. In addition, the manufacture and sale of certain
less-lethal products may be the subject of product liability claims
arising from the design, manufacture or sale of such goods. If these
claims are decided against us and we are found to be liable, we may be
required to pay substantial damages and our insurance costs may
increase significantly as a result. Also, a significant or extended
lawsuit, such as a class action, could also divert significant amounts
of management's time and attention. We cannot assure you that our
insurance coverage would be sufficient to cover the payment of any
potential claim. In addition, we cannot assure you that this or any
other insurance coverage will continue to be available or, if
available, that we will be able to obtain it at a reasonable cost. Our
cost of obtaining insurance coverage has risen substantially since
September 11, 2001. Any material uninsured loss could have a material
adverse effect on our business, financial condition and results of
operations. In addition, the inability to obtain product liability
coverage would prohibit us from bidding for orders from certain
governmental customers since, at present, many bids from governmental
entities require such coverage, and any such inability would have a
material adverse effect on our business, financial condition, results
of operations and liquidity.
In April 2004, two class action
lawsuits were filed against us in Florida state court by police
organizations and individual police officers, alleging that
ballistic-resistant soft body armor (vests) containing
Zylon
®
, manufactured and sold by our wholly-owned
subsidiaries American Body Armor
TM
,
Safariland
®
and PROTECH
TM
, failed to meet the
warranties provided with the vests. On August 12, 2004, the
Jacksonville, Florida (Duval County) Circuit Court gave preliminary
approval to a settlement reached with the Southern States Police
Benevolent Association ("SSPBA"). After a
fairness hearing on November 5, 2004, the Court gave final approval to
that agreement which provided, in essence, that (i) purchasers of
certain Zylon
®
-containing vest models could exchange
their vests for other vests manufactured by Armor Holdings (the
"Exchange Program"), (ii) Armor Holdings
would continue its internal used-vest testing program
(VestCheck
TM
), and (iii) if testing revealed that other
Zylon
®
-containing vests would not meet the warranties
provided with the vests, class members who had purchased those other
vests would be provided with relief on a reasonably
3
comparable basis as those in the Exchange
Program. The other class action suit filed by the National Association
of Police Organizations, Inc. (NAPO), in Ft. Myers, Florida (Lee
County), was voluntarily dismissed with prejudice on November 16,
2004.
On August 24, 2005, the United States Department of
Justice through the National Institute of Justice (NIJ), released its
Third Status Report to the Attorney General on Body Armor Safety
Initiative Testing and Activities
("Third NIJ
Report"). The Third NIJ Report contained, among other
items, information and testing data on Zylon
®
and
Zylon
®
-containing vests, and substantially modified
compliance standards for all ballistic-resistant vests with the
implementation of the NIJ 2005 Interim Requirements for
Ballistic-Resistant Body Armor. As a result of the actions of the NIJ,
Armor Holdings halted all sales or shipment of any
Zylon
®
-containing vest models effective August 25, 2005,
and immediately established a Supplemental Relief Program
("SRP") that provides either a cash or
voucher option to those who purchased Zylon
®
-containing
vests through August 12, 2004. The Jacksonville, Florida Court gave
final approval to the SRP on October 27, 2005 after determining that it
was fair, adequate and reasonable.
Following the NIJ's
announcement, the SSPBA filed another class action suit on behalf of
purchasers of Zylon
®
-containing vests from August 13,
2004 (the date of certification of the prior class) through August 29,
2005 (a date after which Armor Holdings had ceased all sales of
Zylon
®
-containing vests). On October 27, 2005, the
Jacksonville, Florida Circuit Court gave final approval to a settlement
reached with the plaintiffs in this second suit that provides
purchasers with either a 100% cash refund or a voucher for
100% of the purchase price redeemable for any Armor Holdings
merchandise.
The Company is also voluntarily cooperating with a
request for documents and data received from the Department of Justice,
who is reviewing the entire body armor industry's use of
Zylon
®
, and a subpoena served by the General Services
Administration for information relating to Zylon
®
.
Any adverse resolution of these matters could have a material
adverse effect on our business, financial condition, results of
operations and liquidity.
We are subject to extensive
government regulation, and our failure or inability to comply with
these regulations could materially restrict our operations and subject
us to substantial penalties.
We are subject to federal
licensing requirements with respect to the sale in foreign countries of
certain of our products. In addition, we are obligated to comply with a
variety of federal, state and local regulations, both domestically and
abroad, governing certain aspects of our operations and workplace,
including regulations promulgated by, among others, the U.S.
Departments of Commerce, State and Transportation, the Federal Aviation
Administration, the U.S. Environmental Protection Agency and the U.S.
Bureau of Alcohol, Tobacco and Firearms. The U.S. Bureau of Alcohol,
Tobacco, and Firearms also regulates us as a result of our
manufacturing of certain destructive devices and by the use of ethyl
alcohol in certain products. We also ship hazardous goods, and in doing
so, must comply with the regulations of the U.S. Department of
Transportation for packaging and labeling. Additionally, the failure to
obtain applicable governmental approval and clearances could adversely
affect our ability to continue to service the government contracts we
maintain. Furthermore, we have material contracts with governmental
entities and are subject to rules, regulations and approvals applicable
to government contractors. We are also subject to routine audits to
assure our compliance with these requirements. We have become aware
that we are not in full compliance with certain regulations governing
the export of equipment and related technology used for military
purposes that are applicable to certain of our products. We have made a
voluntary disclosure to the Office of Defense Trade Controls Compliance
and have undertaken steps to comply with these regulations and to help
ensure compliance in the future. We do not believe that such
noncompliance will have a material adverse effect on our business. In
addition, a number of our employees involved with certain of our
federal government contracts are required to obtain specified levels of
security clearances. Our business may suffer if we or our employees are
unable to obtain the security clearances that are needed to perform
services contracted for the U.S. Department of Defense, one of
4
our major customers. Our failure to comply
with these contract terms, rules or regulations could expose us to
substantial penalties, including the loss of these contracts and
disqualification as a U.S. government contractor.
Like other
companies operating internationally, we are subject to the Foreign
Corrupt Practices Act and other laws which prohibit improper payments
to foreign governments and their officials by U.S. and other business
entities. We operate in countries known to experience endemic
corruption. Our extensive operations in such countries create risk of
an unauthorized payment by one of our employees or agents, which would
be in violation of various laws including the Foreign Corrupt Practices
Act. Violations of the Foreign Corrupt Practices Act may result in
severe criminal penalties, which could have a material adverse effect
on our business, financial condition, results of operations and
liquidity.
We have significant international operations and
assets, and therefore, are subject to additional financial and
regulatory risks.
We sell our products in foreign countries and
seek to increase our level of international business activity. Our
overseas operations are subject to various risks, including:
U.S.-imposed embargoes of sales to specific countries (which could
prohibit sales of our products there); foreign import controls (which
may be arbitrarily imposed and enforced and which could interrupt our
supplies or prohibit customers from purchasing our products); exchange
rate fluctuations; dividend remittance restrictions; expropriation of
assets; war, civil uprisings and riots; government instability; the
necessity of obtaining government approvals for both new and continuing
operations; and legal systems of decrees, laws, taxes, regulations,
interpretations and court decisions that are not always fully developed
and that may be retroactively or arbitrarily applied.
One
component of our strategy is to expand our operations into selected
international markets. Military procurement, for example, has
traditionally had a large international base. We actively market our
products in Europe, North and South American, the Middle East, north
Africa, and Asia. We, however, may be unable to execute our business
model in these markets or new markets. Further, foreign providers of
competing products and services may have a substantial advantage over
us in attracting consumers and businesses in their country due to
earlier established businesses in that country, greater knowledge with
respect to the cultural differences of consumers and businesses
residing in that country and/or their focus on a single market. We
expect to continue to experience higher costs as a percentage of
revenues in connection with the development and maintenance of
international products and services. In pursuing our international
expansion strategy, we face several additional risks,
including:
•
foreign laws and regulations,
which may vary country by country, that may impact how we conduct our
business;
•
higher costs of doing business
in foreign countries, including different employment
laws;
•
potential adverse tax consequences
if taxing authorities in different jurisdictions worldwide disagree
with our interpretation of various tax laws or our determinations as to
the income and expenses attributable to specific jurisdictions, which
could result in our paying additional taxes, interest and
penalties;
•
technological differences
that vary by marketplace, which we may not be able to
support;
•
longer payment cycles and
foreign currency fluctuations;
•
economic
downturns; and
•
revenue growth outside of
the United States may not continue at the same rate if it is determined
that we have already launched our products and services in the most
significant markets.
We may also be subject to unanticipated
income taxes, excise duties, import taxes, export taxes or other
governmental assessments. In addition, a percentage of the payments to
us in our international
5
markets are often in local currencies.
Although most of these currencies are presently convertible into U.S.
dollars, we cannot be sure that convertibility will continue. Even if
currencies are convertible, the rate at which they convert is subject
to substantial fluctuation. Our ability to transfer currencies into or
out of local currencies may be restricted or limited. Any of these
events could result in a loss of business or other unexpected costs,
which could reduce revenue or profits and have a material adverse
effect on our business, financial condition, results of operations and
liquidity.
We routinely operate in areas where local government
policies regarding foreign entities and the local tax and legal regimes
are often uncertain, poorly administered and in a state of flux. We
cannot, therefore, be certain that we are in compliance with, or will
be protected by, all relevant local laws and taxes at any given point
in time. A subsequent determination that we failed to comply with
relevant local laws and taxes could have a material adverse effect on
our business, financial condition, results of operations and liquidity.
One or more of these factors could adversely affect our future
international operations and, consequently, could have a material
adverse effect on our business, financial condition, results of
operation and liquidity.
RISKS RELATED TO OUR BUSINESS
Many of our customers have fluctuating budgets, which may cause
substantial fluctuations in our results of operations.
Customers for our products include federal, state, municipal,
foreign and military, law enforcement and other governmental agencies.
Government tax revenues and budgetary constraints, which fluctuate from
time to time, can affect budgetary allocations for these customers.
Many domestic and foreign government agencies have in the past
experienced budget deficits that have led to decreased spending in
defense, law enforcement and other military and security areas. Our
results of operations may be subject to substantial period-to-period
fluctuations because of these and other factors affecting military, law
enforcement and other governmental spending. A reduction of funding for
federal, state, municipal, foreign and other governmental agencies
could have a material adverse effect on sales of our products and our
business, financial condition, results of operations and liquidity.
The loss of, or a significant reduction in, U.S. military business
would have a material adverse effect on us.
U.S. military
contracts account for a significant portion of our business. The U.S.
military funds these contracts in annual increments. These contracts
require subsequent authorization and appropriation that may not occur
or that may be greater than or less than the total amount of the
contract. Changes in the U.S. military's budget, spending
allocations and the timing of such spending could adversely affect our
ability to receive future contracts. None of our contracts with the
U.S. military has a minimum purchase commitment, and the U.S. military
generally has the right to cancel its contracts unilaterally without
prior notice. We are the sole-source provider to the U.S. military for
the armor and blast protection systems (up-armoring) for their High
Mobility Multi-purpose Wheeled Vehicles (Up-Armored HMMWV, commonly
known as the Humvee). The HMMWVs are manufactured by AM General
Corporation under separate U.S. military contracts. Should production
or deliveries of HMMWVs be significantly interrupted, or should other
single source suppliers significantly interrupt deliveries of our
components for up-armoring the HMMWVs, we will not be able to deliver
such up-armoring systems for the HMMWVs to the U.S. military on
schedule, which could have a material adverse effect on our business,
financial condition, results of operations and liquidity. We also
manufacture for the U.S. military helicopter seating systems, aircraft
and land vehicle armor systems, protective equipment for military
personnel and other technologies used to protect soldiers in a variety
of life-threatening or catastrophic situations. The loss of, or a
significant reduction in, U.S. military business for our aircraft and
land vehicle armor systems, other protective equipment, or helicopter
seating systems could have a material adverse effect on our business,
financial condition, results of operations and liquidity.
A
reduction of U.S. force levels in Iraq may affect our results of
operations.
Since the invasion of Iraq by the U.S. and other
forces in March 2003, we have received steadily increasing orders from
the U.S. military for the up-armoring of HMMWVs and the armoring of
other
6
tactical trucks as well as orders for
personnel equipment, including small arms protection inserts and other
engineered ceramic body armor, helmets, and other protective and duty
equipment. Orders for the up-armoring of HMMWVs and the armoring of
other tactical trucks as well as orders for personnel equipment are the
result, in significant part, from the particular combat situations
encountered by the U.S. military in Iraq, including the use of
improvised explosive devices by enemy combatants. We cannot be certain,
therefore, to what degree the U.S. military would continue placing
armoring orders for its HMMWVs and other tactical trucks as well as
orders for personnel equipment, if the U.S. military were to reduce its
force levels or withdraw completely from Iraq. A significant reduction
in orders from the U.S. military for the armoring of HMMWVs and other
tactical trucks as well as orders for personnel equipment, following a
reduction of U.S. force levels in Iraq could have a material adverse
effect on our business, financial condition, results of operations and
liquidity.
A replacement of the HMMWV in the U.S. military may
affect our results of operations.
There continues to be new
orders under our current M1114 Up-Armored HMMWV contract and additional
orders for the newest versions of the M1151 and M1152 Up-Armored
HMMWVs. While backlog extends into 2006 for both the M1114 and M1151/2
Up-Armored HMMWV versions, there are plans for procurement of a
replacement military light transport vehicle with current status being
in the early development stage for evaluation scheduled in mid-2006 and
into 2007 by the U.S. military as possible next-generation replacements
for the HMMWV. While current acquisition strategies plan for possible
production of new light and medium support vehicles beginning as early
as 2008, there is no assurance as to when a replacement for the HMMWV
may be selected, and furthermore, it is reasonable to believe that the
HMMWV will continue for some time to be one of the primary transport
vehicles in the U.S. military. In the event the HMMWV is replaced,
based on U.S. military procurement plans, it is anticipated that
vehicle armoring for a replacement vehicle would be provided to the
vehicle OEM for inclusion in the manufacturing process as components to
be integrated with the vehicle while additional armor components would
be provided for attachment to the vehicle at a later time when
warranted by threat conditions. We anticipate that procurements for the
potential HMMWV replacement models would be competitive and could be
awarded to multiple armor suppliers based on full and open competition.
Although we anticipate continuation of developmental efforts and
enhancement of manufacturing capabilities, at this time, there is no
certainty of obtaining armoring contracts for any HMMWV replacement
vehicles selected by the U.S. military, and if successful in
competitive programs, we cannot determine the specific levels of effort
likely under such military contracts.
Additionally, with regard
to the introduction of potential HMMWV replacement vehicles, the U.S.
military recently announced the U.S. Government's preference to
own the technical data rights for new major end items of equipment and
sub-systems, including the vehicle armoring packages. The U.S.
Government's intent to mitigate risk of limitations on
producibility and to ensure commonality of armor components produced by
multiple sources may negatively influence future manufacturing content
and product pricing, which could have a material adverse effect on our
business, financial condition, results of operations and liquidity.
We may lose money or generate less than expected profits on our
fixed-price contracts.
Some of our government contracts provide
for a predetermined, fixed price for the products we make regardless of
the costs we incur. Therefore, fixed-price contracts require us to
price our contracts by forecasting our expenditures. When making
proposals for fixed-price contracts, we rely on our estimates of costs
and timing for completing these projects. These estimates reflect
management's judgments regarding our capability to complete
projects efficiently and timely. Our production costs may, however,
exceed forecasts due to unanticipated delays or increased cost of
materials, components, labor, capital equipment or other factors.
Therefore, we may incur losses on fixed price contracts that we had
expected to be profitable, or such contracts may be less profitable
than expected, which could have a material adverse effect on our
business, financial condition, results of operations and liquidity.
7
Our business is subject to various laws
and regulations favoring the U.S. government's contractual
position, and our failure to comply with such laws and regulations
could harm our operating results and prospects.
As a contractor
to the U.S. government, we must comply with laws and regulations
relating to the formation, administration and performance of the
federal government contracts that affect how we do business with our
clients and may impose added costs on our business. These rules
generally favor the U.S. government's contractual position. For
example, these regulations and laws include provisions that subject
contracts we have been awarded
to:
•
protest or challenge by unsuccessful
bidders; and
•
unilateral termination,
reduction or modification by the government.
The accuracy and
appropriateness of certain costs and expenses used to substantiate our
direct and indirect costs for the U.S. government under both cost-plus
and fixed-price contracts are subject to extensive regulation and audit
by the Defense Contract Audit Agency, an arm of the U.S. Department of
Defense. Responding to governmental audits, inquiries or investigations
may involve significant expense and divert management's
attention. Our failure to comply with these or other laws and
regulations could result in contract termination, suspension or
debarment from contracting with the federal government, civil fines and
damages and criminal prosecution and penalties, any of which could have
a material adverse effect on our business, financial condition, results
of operations and liquidity.
Our markets are highly
competitive, and if we are unable to compete effectively, we will be
adversely affected.
The markets in which we operate include a
large number of competitors ranging from small businesses to
multinational corporations and are highly competitive. Competitors who
are larger, better financed and better known than we are may compete
more effectively than we can. In order to stay competitive in our
industry, we must keep pace with changing technologies and client
preferences. If we are unable to differentiate our services from those
of our competitors, our revenues may decline. In addition, our
competitors have established relationships among themselves or with
third parties to increase their ability to address client needs. As a
result, new competitors or alliances among competitors may emerge and
compete more effectively than we can. There is also a significant
industry trend towards consolidation, which may result in the emergence
of companies which are better able to compete against us.
There
are limited sources for some of our raw materials, which may
significantly curtail our manufacturing operations.
The raw
materials that we use in manufacturing ballistic resistant garments,
small arms protective insert ("SAPI") plates
and armored vehicles include: ceramic; steel; SpectraShield, a patented
product of Honeywell, Inc.; Kevlar
®
, a patented product
of E.I. du Pont de Nemours Co., Inc. ("du
Pont"); and Twaron, a patented product of Akzo-Nobel
Fibers, B.V. We purchase these materials in the form of woven cloth
from five independent weaving companies. In the event du Pont or its
licensee in Europe cease, for any reason, to produce or sell
Kevlar
®
to us, we would utilize these other ballistic
resistant materials as a substitute. However, neither SpectraShield or
Twaron, is expected to become a complete substitute for
Kevlar
®
in the near future. We enjoy a good relationship
with our suppliers of Kevlar
®
, SpectraShield and Twaron.
Should these materials become unavailable for any reason, we would be
unable to replace them with materials of like weight and strength. We
use a variety of ceramic materials in the production of SAPI plates and
a variety of steels in armoring vehicles. Although we have a number of
suppliers that we deal with in obtaining both ceramic and steel
supplies, the industry generally, including our operations, is
experiencing a limited supply of these materials, which is affecting
the quantity of product that we can complete in any given period. In
addition, SpectraShield, the ballistic fiber backing used in a variety
of our ballistic applications, including SAPI plates, is currently
being rationed by the U.S. Department of Commerce, which could
8
limit the quantity of SAPI plates that we
produce in any given period. Thus, if our supply of any of these
materials were materially reduced or cut off or if there was a material
increase in the prices of these materials, our manufacturing operations
could be adversely affected and our costs increased, and our business,
financial condition, results of operations and liquidity could be
materially adversely affected.
We may be unable to complete or
integrate acquisitions effectively, if at all, and as a result may
incur unanticipated costs or liabilities or operational
difficulties.
We intend to grow through the acquisition of
businesses and assets that will complement our current businesses. We
cannot be certain that we will be able to identify attractive
acquisition targets, obtain financing for acquisitions on satisfactory
terms or successfully acquire identified targets. Furthermore, we may
have to divert our management's attention and our financial and
other resources from other areas of our business. Our inability to
implement our acquisition strategy successfully may hinder the
expansion of our business. Because we depend in part on acquiring new
businesses and assets to develop and offer new products, failure to
implement our acquisition strategy may also adversely affect our
ability to offer new products in line with industry trends.
We
may not be successful in integrating businesses acquired in the future
or those recently acquired into our existing operations. Integration
may result in unanticipated liabilities or unforeseen operational
difficulties, which may be material or require a disproportionate
amount of management's attention. Future acquisitions may result
in us incurring additional indebtedness or issuing preferred stock or
additional Common Stock. Competition for acquisition opportunities in
the industry may rise, thereby increasing our cost of making
acquisitions or causing us to refrain from making further acquisitions.
In addition, the terms and conditions of our senior credit facility,
2.00% Senior Subordinated Convertible Notes due November 1, 2024
(the "2% Convertible Notes") and the
indenture governing the 8 ¼% Senior Subordinated Notes
due 2013 (the "8.25% Notes") impose
restrictions on us that, among other things, restrict our ability to
make acquisitions.
Our resources may be insufficient to manage
the demands imposed by our growth.
We have rapidly expanded our
operations, and this growth has placed significant demands on our
management, administrative, operating and financial resources. The
continued growth of our customer base, the types of services and
products offered and the geographic markets served can be expected to
continue to place a significant strain on our resources. In addition,
we cannot easily identify and hire personnel qualified both in the
provision and marketing of our products and systems. Our future
performance and profitability will depend in large part on our ability
to attract and retain additional management and other key personnel;
our ability to implement successful enhancements to our management,
accounting and information technology systems; and our ability to adapt
those systems, as necessary, to respond to growth in our business.
We are dependent on industry relationships.
A number of our
products are components in our customers' final products.
Accordingly, to gain market acceptance, we must demonstrate that our
products will provide advantages to the manufacturers of final
products, including increasing the safety of their products, providing
such manufacturers with competitive advantages or assisting such
manufacturers in complying with existing or new government regulations
affecting their products. There can be no assurance that our products
will be able to achieve any of these advantages for the products of our
customers. Furthermore, even if we are able to demonstrate such
advantages, there can be no assurance that such manufacturers will
elect to incorporate our products into their final products, or if they
do, that our products will be able to meet such customers'
manufacturing requirements. Additionally, there can be no assurance
that our relationships with our manufacturer customers will ultimately
lead to volume orders for our products. The failure of manufacturers to
incorporate our products into their final products could have a
material adverse effect on our business, financial condition, results
of operations and liquidity.
9
We may be unable to protect our
proprietary technology, including the technologies we use to furnish
the up-armoring of HMMWVs.
We depend upon a variety of methods
and techniques that we regard as proprietary trade secrets. We also
depend upon a variety of trademarks, service marks and designs to
promote brand name development and recognition. We rely on a
combination of trade secret, copyright, patent, trademark, unfair
competition and other intellectual property laws as well as contractual
agreements to protect our rights to such intellectual property. Due to
the difficulty of monitoring unauthorized use of and access to
intellectual property, however, such measures may not provide adequate
protection. It is possible that our competitors may access our
intellectual property and proprietary information and use it to their
advantage. In addition, there can be no assurance that courts will
always uphold our intellectual property rights, or enforce the
contractual arrangements that we have entered into to protect our
proprietary technology. Any unenforceability or misappropriation of our
intellectual property could have a material adverse effect on our
business, financial condition, results of operations and liquidity.
Furthermore, we cannot assure you that any pending patent application
or trademark application made by us will result in an issued patent or
registered trademark, or that, if a patent is issued, it will provide
meaningful protection against competitors or competitor technologies.
In addition, if we bring or become subject to litigation to defend
against claimed infringement of our rights or of the rights of others
or to determine the scope and validity of our intellectual property
rights, such litigation could result in substantial costs and diversion
of our resources, which could have a material adverse effect on our
business, financial condition and results of operations. Unfavorable
results in such litigation could also result in the loss or compromise
of our proprietary rights, subject us to significant liabilities,
require us to seek licenses from third parties on unfavorable terms, or
prevent us from manufacturing or selling our products, any of which
could have a material adverse effect on our business, financial
condition, results of operations and liquidity.
Technological
advances, the introduction of new products, and new design and
manufacturing techniques could adversely affect our operations unless
we are able to adapt to the resulting change in conditions.
Our
future success and competitive position depend to a significant extent
upon our proprietary technology. We must make significant investments
to continue to develop and refine our technologies. We will be required
to expend substantial funds for and commit significant resources to the
conduct of continuing research and development activities, the
engagement of additional engineering and other technical personnel, the
purchase of advanced design, production and test equipment, and the
enhancement of design and manufacturing processes and techniques. Our
future operating results will depend to a significant extent on our
ability to continue to provide design and manufacturing services for
new products that compare favorably on the basis of time to
introduction, cost and performance with the design and manufacturing
capabilities. The success of new design and manufacturing services
depends on various factors, including utilization of advances in
technology, innovative development of new solutions for customer
products, efficient and cost-effective services, timely completion and
delivery of new product solutions and market acceptance of
customers' end products. Because of the complexity of our
products, we may experience delays from time to time in completing the
design and manufacture of new product solutions. In addition, there can
be no assurance that any new product solutions will receive or maintain
customer or market acceptance. If we are unable to design and
manufacture solutions for new products of our customers on a timely and
cost-effective basis, such inability could have a material adverse
effect on our business, financial condition, results of operations and
liquidity.
We may be adversely affected by applicable
environmental laws and regulations.
We are subject to federal,
state, local and foreign laws and regulations governing the protection
of the environment and human health, including those regulating
discharges to the air and water, the management of wastes, and the
control of noise and odors. We cannot assure you that we are at all
times in complete compliance with all such requirements. Like all
companies in our industry, we are subject to potentially significant
fines or penalties if we fail to comply with environmental
10
requirements. Environmental requirements are
complex, change frequently, and could become more stringent in the
future. Accordingly, we cannot assure you that these requirements will
not change in a manner that will require material capital or operating
expenditures or will otherwise have a material adverse effect on us in
the future. In addition, we are also subject to environmental laws
requiring the investigation and clean-up of environmental
contamination. We may be subject to liability, including liability for
clean-up costs, if contamination is discovered at one of our current or
former facilities, in some circumstances even if such contamination was
caused by a third party such as a prior owner. We also may be subject
to liability if contamination is discovered at a landfill or other
location where we have disposed of wastes, notwithstanding that
historic disposal practices may have been in accordance with all
applicable requirements. We use Orthochlorabenzalmalononitrile and
Chloroacetophenone chemical agents in connection with our production of
tear gas, and these chemicals are hazardous and could cause
environmental damage if not handled and disposed of properly. Moreover,
private parties may bring claims against us based on alleged adverse
health impacts or property damage caused by our operations. The amount
of liability for cleaning up contamination or defending against private
party claims could be material.
RISKS RELATED TO OWNERSHIP OF
OUR COMMON STOCK
Delaware law may limit possible
takeovers.
Our certificate of incorporation makes us subject to
the anti-takeover provisions of Section 203 of the General Corporation
Law of the State of Delaware. In general, Section 203 prohibits
publicly-held Delaware corporations to which it applies from engaging
in a "business combination" with an
"interested stockholder" for a period of
three years after the date of the transaction in which the person
became an interested stockholder, unless the business combination is
approved in a prescribed manner. This provision could discourage others
from bidding for our shares and could, as a result, reduce the
likelihood of an increase in our stock price that would otherwise occur
if a bidder sought to buy our stock.
Our certificate of
incorporation authorizes the issuance of shares of blank check
preferred stock.
Our certificate of incorporation provides that
our board of directors will be authorized to issue from time to time,
without further stockholder approval, up to 5,000,000 shares of
preferred stock in one or more series and to fix or alter the
designations, preferences, rights and any qualifications, limitations
or restrictions of the shares of each series, including the dividend
rights, dividend rates, conversion rights, voting rights, terms of
redemption, including sinking fund provisions, redemption price or
prices, liquidation preferences and the number of shares constituting
any series or designations of any series. Such shares of preferred
stock could have preferences over our Common Stock with respect to
dividends and liquidation rights. We may issue additional preferred
stock in ways which may delay, defer or prevent a change in control of
us without further action by our stockholders. Such shares of preferred
stock may be issued with voting rights that may adversely affect the
voting power of the holders of our Common Stock by increasing the
number of outstanding shares having voting rights, and by the creation
of class or series voting rights.
The market price for our
Common Stock is volatile.
The market price for our Common Stock
may be highly volatile. We believe that a variety of factors, including
announcements by us or our competitors, current events such as the war
in Iraq, quarterly variations in financial results, trading volume,
general market trends and other factors, could cause the market price
of our Common Stock to fluctuate substantially. Additionally, due to
our relatively modest size, our winning or losing a large contract may
have the effect of distorting our overall financial results.
We
may issue a substantial amount of our Common Stock in connection with
future acquisitions, and the sale of those shares could adversely
affect our stock price.
As part of our acquisition strategy, we
anticipate issuing additional shares of Common Stock as consideration
for such acquisitions. To the extent that we are able to grow through
acquisitions and
11
issue shares of our Common Stock as
consideration, the number of outstanding shares of Common Stock that
will be eligible for sale in the future is likely to increase
substantially. Persons receiving shares of our Common Stock in
connection with these acquisitions may be more likely to sell large
quantities of their Common Stock that may influence the price of our
Common Stock. In addition, the potential issuance of additional shares
in connection with anticipated acquisitions could lessen demand for our
Common Stock and result in a lower price than would otherwise be
obtained.
Our stock price may be adversely affected when
additional shares are sold.
If our stockholders sell
substantial amounts of our Common Stock in the public market, the
market price of our Common Stock could fall. These sales might make it
more difficult for us to sell equity or equity-related securities in
the future at a time and price that we deem appropriate and may require
us to issue greater amounts of our Common Stock to finance future
acquisitions. Additional shares sold to finance acquisitions may dilute
our earnings per share if the new operations' earnings are
disappointing.
Our debt agreements restrict our ability to pay
dividends or make other distributions to our stockholders.
Our
debt agreements, such as the indenture governing the 2%
Convertible Notes, the indenture governing the 8.25% Notes and
the senior credit facility, contain certain financial and other
covenants that limit, under certain circumstances, our ability to pay
dividends or make other distributions to our stockholders. We are
permitted to pay dividends and make other distributions to stockholders
to the extent we satisfy the conditions, including the financial and
other covenants, contained in such documents.
We have a high
level of debt.
Our high level of debt could have important
consequences to you and to us. For example:
•
No payment of any kind may be made to our
Common Stockholders without first meeting our obligations under our
senior credit facility, the indenture governing our 8.25% Notes
and the indenture governing our 2% Convertible
Notes;
•
We may become more vulnerable to
general adverse economic and industry conditions and adverse changes in
governmental regulations;
•
We may have to
dedicate a substantial portion of our cash flow from operations to make
payments required under our senior credit facility, the 8.25%
Notes and the 2% Convertible Notes, reducing the availability of
cash flow to fund future capital expenditures, working capital,
execution of our growth strategy, research and development costs and
other general corporate requirements;
•
We
may have limited flexibility in planning for, or reacting to, changes
in our business and our industry, which may place us at a competitive
disadvantage compared with competitors that have less debt or more
financial resources;
•
We may have
limited ability to borrow additional funds, even when necessary to
maintain adequate liquidity; and
•
The
terms of our senior credit facility, the indentures governing the
8.25% Notes and 2% Convertible Notes allow us to incur
substantial amounts of additional debt, subject to certain limitations.
We might incur additional debt for various reasons, including to pay
for additional acquisitions that we may make and assuming debt of
companies that we may acquire.
FOR ALL OF THE
FOREGOING REASONS AND OTHERS SET FORTH IN THIS PROSPECTUS, THE
SECURITIES OFFERED HEREBY INVOLVE A HIGH DEGREE OF RISK. ANY PERSON
CONSIDERING AN INVESTMENT IN THE SECURITIES OFFERED HEREBY SHOULD BE
AWARE OF THESE AND OTHER FACTORS SET FORTH IN THIS PROSPECTUS. THE
SECURITIES SHOULD BE PURCHASED ONLY BY PERSONS WHO CAN AFFORD A TOTAL
LOSS OF THEIR INVESTMENT IN THE COMPANY.
12
FORWARD-LOOKING STATEMENTS
This
Prospectus, as well as information incorporated by reference in this
Prospectus, contains forward-looking statements that involve risks and
uncertainties. Some of the forward-looking statements appear under
"Risk Factors." These statements relate to
future events of our future financial performance. In some cases you
can identify forward-looking statements by terminology such as
"may," "would,"
"will,", "should,"
"could," "expects,"
"plans,"
"anticipates,"
"believes,"
"estimates,"
"predicts,"
"potential,"
"continue," or the negative of these terms or
other comparable terminology. These statements are only predictions.
Actual events or results may differ materially. In evaluating these
statements, you should specifically consider various factors, including
the risks outlined in the Risk Factors section of this Prospectus.
These factors may cause our actual results to differ materially from
any forward-looking statement. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance or achievements.
13
INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE
The Securities and Exchange Commission (the
"Commission") pursuant to the Securities
Exchange Act of 1934, as amended (the "Exchange
Act"), allows us to "incorporate by
reference" the documents we file with it, which means that
we can disclose important business, financial and other information to
you in this Prospectus by referring you to the publicly filed documents
containing this information. The information incorporated by reference
is deemed to be a part of this Prospectus, except for any information
deemed furnished, superseded by information contained in this
Prospectus or filed later by us with the Commission. This Prospectus
incorporates by reference the documents set forth below that we have
previously filed with the Commission, which documents contain important
information about Armor Holdings and our Common
Stock:
(a)
The Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2004, filed
pursuant to the Securities Exchange
Act;
(b)
The Company's Annual Report on
Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31,
2004, filed pursuant to the Exchange
Act;
(c)
The Company's Annual Report on
Form 10-K/A (Amendment No. 2) for the fiscal year ended December 31,
2004, filed pursuant to the Exchange
Act;
(d)
The Company's Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2005, filed
pursuant to the Exchange Act;
(e)
The
Company's Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2005, filed pursuant to the Exchange Act;
(f)
The Company's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2005, filed pursuant
to the Exchange Act;
(g)
The Company's
Current Report on Form 8-K, Date of Event – October 20, 2005
filed on October 20, 2005, pursuant to the Exchange Act;
(h)
The Company's Current Report on Form
8-K, Date of Event – July 27, 2005 filed on August 2, 2005,
pursuant to the Exchange Act;
(i)
The
Company's Current Report on Form 8-K, Date of Event – July
21, 2005 filed on July 21, 2005, pursuant to the Exchange Act;
(j)
The Company's Current Report on Form
8-K, Date of Event – June 22, 2005 filed on June 28, 2005,
pursuant to the Exchange Act;
(k)
The
Company's Current Report on Form 8-K, Date of Event – June
27, 2005 filed on June 27, 2005, pursuant to the Exchange Act;
(l)
The Company's Current Report on Form
8-K, Date of Event – June 6, 2005, filed on June 7, 2005,
pursuant to the Exchange Act;
(m)
The
Company's Current Report on Form 8-K, Date of Event – May
20, 2005, filed on May 26, 2005, pursuant to the Exchange
Act;
(n)
The Company's Current Report
on Form 8-K, Date of Event – April 21, 2005, filed on April 21,
2005, pursuant to the Exchange Act;
(o)
The
Company's Current Report on Form 8-K, Date of Event – April
4, 2005, filed on April 4, 2005, pursuant to the Exchange
Act;
(p)
The Company's Current Report
on Form 8-K, Date of Event – March 25, 2005, filed on March 31,
2005, pursuant to the Exchange Act;
(q)
The
Company's Current Report on Form 8-K/A, Date of Event –
February 10, 2005, filed on February 10, 2005, pursuant to the Exchange
Act;
(r)
The Company's Current Report
on Form 8-K, Date of Event – February 10, 2005, filed on February
10, 2005, pursuant to the Exchange Act;
14
(s)
The
Company's Current Report on Form 8-K, Date of Event –
January 14, 2005, filed on January 14, 2005, pursuant to the Exchange
Act;
(t)
The Company's Current Report
on Form 8-K, Date of Event – December 31, 2004 filed on January
6, 2005, pursuant to the Exchange
Act;
(u)
Definitive Proxy Statement dated May
23, 2005, relating to the annual meeting of stockholders held on June
22, 2005; and
(v)
The description of the
Company's Common Stock contained in the Company's
Registration Statement on Form 8-A (Reg. No. 1-11667), filed with the
Commission as of April 29, 1999 by the Company to register such
securities under the Exchange Act, including all amendments and reports
filed for the purpose of updating that description.
All of such
documents are on file with the Commission. In addition, all documents
filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, subsequent to the date of this Prospectus and prior to
termination of the offering are incorporated by reference in this
Prospectus and are a part hereof from the date of filing of such
documents. Any statement contained in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this Prospectus to the extent that a
statement contained herein or in any subsequently filed document that
is also incorporated by reference herein modifies or replaces such
statement. Any statements so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of
this Prospectus.
This Prospectus incorporates herein by
reference important business and financial information about us that is
not included in or delivered with this Prospectus. This information is
available to you without charge upon written or oral request. If you
would like a copy of any of this information, please submit your
request to us at Armor Holdings, Inc., 13386 International Parkway,
Jacksonville, Florida 32218, attention: Secretary, or call (904)
741-5400.
You should rely only on the information incorporated
by reference or provided in this Prospectus or any Prospectus
supplement. We have not authorized anyone else to provide you with
different information. You should not assume that the information in
this Prospectus or any Prospectus supplement is accurate as of any date
other than the date on the front page of those documents.
15
COMPANY OVERVIEW
We are a
leading manufacturer and provider of armored military and commercial
vehicles, armor kits for the retrofit of military vehicles, protective
and security products for military and law enforcement personnel,
aircraft armor, aircraft safety products, survivability equipment used
by military aviators and other personnel protection technologies. Our
customers include domestic and international military, law enforcement,
security and corrections personnel and government agencies,
multinational corporations and individuals. We believe our success is
the result of focusing on several core competencies including
engineering, manufacturing and distributing vehicle armoring systems,
high-quality security products and human safety and survival systems.
Our business is comprised of three reportable business segments: the
Aerospace & Defense Group, the Products Division and the Mobile
Security Division.
Aerospace & Defense
Group.
The Aerospace & Defense Group supplies human safety
and survival systems to the U.S. military and major aerospace and
defense prime contractors. Our core markets are land, marine and
aviation safety and military personnel protection. The most significant
business within the Aerospace & Defense Group is armoring a variety
of light, medium and heavy wheeled vehicles for the military. We also
provide spare parts and logistical and field support services for
Up-Armored HMMWVs previously shipped by us. We also provide blast and
ballistic protection kits for the standard HMMWV which are installed in
the field. Additionally, we develop ballistic and blast protected
armored and sealed truck cabs for other military tactical wheeled
vehicles. For example, we design, develop and manufacture armor systems
for military vehicles, including such platforms as the Heavy Expanded
Mobility Tactical Truck ("HEMTT"), Palletized
Load System ("PLS"), Heavy Equipment
Transporter ("HET"), M915 and Armored
Security Vehicle ("ASV").
The Aerospace
& Defense Group develops and supplies personnel equipment,
including small arms protection inserts
("SAPI") and other engineered ceramic body
armor, helmets, and other protective and duty equipment. Our products
include, among others, Modular Lightweight Load-Carrying Equipment
("MOLLE") systems, Outer Tactical Vests
("OTVs") and Warrior Helmets. We are
currently the largest supplier of MOLLE systems for the U.S. Army which
is a modular rucksack that can be configured in a number of ways
depending on the needs of the military mission. We also manufacture
OTVs which, when used with SAPI plates, provide enhanced protection
against bullets, mines, grenades and mortar and artillery shells. SAPI
plates have been adopted by the U.S. military as a key element of the
protective equipment worn by U.S. troops.
The Aerospace &
Defense Group develops and sells military helicopter seating systems,
helicopter cockpit airbag systems, aircraft armor kits, emergency
bailout parachutes and survival equipment worn by military aircrew. The
primary customers for these products are the U.S. Army, U.S. Marine
Corps, Boeing and Sikorsky Aircraft.
Armor Holdings
Products.
Our Armor Holdings Products Division manufactures
and sells a broad range of high quality equipment marketed under brand
names that are known in the military and law enforcement communities.
Products manufactured by this division include concealable and tactical
body armor, hard armor, duty gear, less-lethal munitions, anti-riot
products, police batons, emergency lighting products, forensic
products, firearms accessories, weapon maintenance products, foldable
ladders, backpacks and specialty gloves.
Armor Mobile
Security.
Our Armor Mobile Security Division manufactures and
installs armoring systems for commercial vehicles to protect against
varying degrees of ballistic and blast threats. We armor a variety of
commercial vehicles, including limousines, sedans, sport utility
vehicles, commercial trucks and cash-in-transit vehicles. Our customers
in this business include U.S. federal law enforcement and intelligence
agencies, foreign heads of state, multinational corporations, as well
as high net worth individuals and cash-in-transit
operators.
* * *
Our principal executive
offices are located at 13386 International Parkway, Jacksonville,
Florida 32218.
16
USE OF PROCEEDS
The Company will
not realize any proceeds from the sale of the Common Stock which may be
sold pursuant to this Prospectus for the respective accounts of the
Selling Stockholders. The Company, however, will derive proceeds upon
the exercise of the options granted to Selling Stockholders. All such
proceeds will be available to the Company for working capital and
general corporate purposes. No assurances can be given, however, as to
when or if any or all of the options will be exercised.
17
SELLING
STOCKHOLDERS
This Prospectus relates to Shares that are being
registered for reoffers and resales by Selling Stockholders who have
acquired or may acquire Shares pursuant to each of the Plans. The
Selling Stockholders may resell any or all of the Shares at any time
they choose while this Prospectus is effective.
Executive
officers and directors, their family members, trusts for their benefit,
or entities that they own, that acquire Common Stock under the Plans
may be added to the Selling Stockholder list below by a Prospectus
supplement filed with the Commission. The number of Shares to be sold
by any Selling Stockholder under this Prospectus also may be increased
or decreased by a Prospectus supplement. Non-affiliates who purchased
restricted securities, as these terms are defined in rule 144(a) under
the Securities Act, under any of our employee benefit plans and who are
not named below may use this Prospectus for the offer or sale of their
Common Stock if they hold 1,000 shares or less. Although a
person's name is included in the table below, neither that person
nor we are making an admission that the named person is our
"affiliate."
Each of the Selling
Stockholders is an employee or director of the Company. The following
table sets forth:
•
the name and principal
position or positions over the past three years with the Company of
each Selling Stockholder;
•
the number of
shares of Common Stock each Selling Stockholder beneficially owned as
of October 28, 2005;
•
the number of
shares of Common Stock acquired by each Selling Stockholder in
connection with stock options and stock grants pursuant to the Plans
and being registered under this Registration Statement, some or all of
which shares may be sold pursuant to this Prospectus;
and
•
the number of shares of Common Stock
and the percentage, if 1% or more, of the total class of Common
Stock outstanding to be beneficially owned by each Selling Stockholder
following this offering, assuming the sale pursuant to this offering of
all shares acquired by such Selling Stockholder in connection with
grants pursuant the Plans and registered under this Registration
Statement.
There is no assurance that any of the Selling
Stockholders will sell any or all of the shares offered by them under
this Registration Statement. The address of each Selling Stockholder is
c/o Armor Holdings, Inc., 13386 International Parkway, Jacksonville,
Florida 32218.
18
Name
of Seller
Relationships to
the Company
Number
of
Shares
Beneficially
Owned
(1)
Shares
to
be Sold
(2)
Number of
Shares to be
Beneficially
Owned After
the Offering
Percentage of
Common Stock
to be
Beneficially
Owned After
the
Offering
(1)
Warren
B.
Kanders
Chairman
of the Board of Directors and Chief Executive
Officer
3,877,313
(3)
1,949,258
1,948,453
5.58
%
Robert R. Schiller
Director,
President and Chief Operating
Officer
686,705
(4)
842,514
233,505
*
Glenn
J. Heiar
Chief Financial
Officer
203,791
(5)
208,474
791
*
Robert
F. Mecredy
President – Aerospace & Defense
Group
227,424
(6)
261,251
0
*
Scott
T. O'Brien
President – Armor Holdings Products
Division
150,000
(7)
125,737
24,263
*
Burtt
R.
Ehrlich
Director
151,380
(8)
76,000
75,380
*
David
R.
Haas
Director
50,000
(9)
50,000
0
*
Thomas
W.
Strauss
Director
141,091
(10)
74,500
66,591
*
Nicholas
Sokolow
Director
216,791
(11)
77,500
137,291
*
Deborah
A.
Zoullas
Director
77,794
(12)
92,000
0
*
*
Less
than 1%
(1)
Based on 34,927,516 shares of
Common Stock outstanding as of October 28, 2005. As used in this table,
a beneficial owner of a security includes any person who, directly or
indirectly, through contract, arrangement, understanding, relationship
or otherwise has or shares (a) the power to vote, or direct the voting
of, such security or (b) investment power which includes the power to
dispose, or to direct the disposition of, such security. In addition, a
person is deemed to be the beneficial owner of a security if that
person has the right to acquire beneficial ownership of such security
within 60 days.
(2)
Represents the maximum number
of Shares issued under each of the 2002 Incentive Plan, the 2002
Executive Plan and 2005 Incentive Plan that could be sold under this
Prospectus if the holder sold all of his or her Shares, exercised all
of his or her options when vested and sold the underlying Shares. Does
not constitute a commitment to sell any or all of the stated number of
Shares. The number of Shares to be sold shall be determined from time
to time by each Selling Stockholder in his or her
discretion.
(3)
The amount of securities reported
as beneficially owned includes: (i) 2,098,395 shares of Common Stock
held by Kanders Florida Holdings, Inc., of which Mr. Kanders is the
sole stockholder and sole director and (ii) 117,100 shares of
restricted stock sales of which will be restricted until November 11,
2005; upon Mr. Kanders' voluntary termination of employment with
the Company or his termination by the Company for cause, if the
foregoing lock-up period has not yet expired, it shall be extended for
an additional five year period; upon a change in control of the
Company, any lock-up release period that is still in effect in respect
of such shares upon the occurrence of such change in control shall
terminate. The amount of securities reported as beneficially owned also
includes presently exercisable stock options to purchase: (i) 328,800
shares of Common Stock at an exercise price of $37.90 per share; sales
of Common Stock issued upon an exercise of any such options will be
subject to the following lock-up restrictions: 50,000 shares will be
restricted from sale until January 1, 2007; 100,000 shares will be
restricted from sale until January 1, 2008; 128,800 shares will be
restricted from sale until January 1, 2009; and 50,000 shares will be
restricted from sale until January 1, 2010; in addition, upon Mr.
Kanders' voluntary termination of employment with the Company or
his termination by the Company for cause, if the foregoing lock-up
periods have not yet expired, they shall each be extended for an
additional five year period; (ii) 110,000 shares at an exercise price
of $23.93 per share; (iii) 225,000 shares at an exercise price of
$24.07 per share; (iv) 250,000 shares at an exercise price of $24.07
per share; sales of Common Stock issued upon an exercise of any such
options will be restricted from sale until December 31, 2006; in
addition, upon Mr. Kanders' voluntary termination of employment
with the Company or his termination by the Company for cause, if the
foregoing lock-up period has not yet expired, it shall be extended for
an additional five year period; (v) 93,017 shares at an exercise price
of $14.32 per share; (vi) 193,017 shares at an exercise price of $14.32
per share; sales of Common Stock issued upon an exercise of any such
options are subject to the following lock-up restrictions: 100,000
shares will be restricted from sale until July 26, 2006; in addition,
upon Mr. Kanders' voluntary termination of employment with the
Company or his termination by the Company for cause, any of the
foregoing lock-up periods which have not yet expired shall be extended
for an additional five year period; (vii) 8,125 shares at an exercise
price of $14.44 per share; (viii) 83,333 shares at an exercise price of
$28.90 per share; (ix) 166,667 shares at an exercise price of $28.90
per share; sales of Common Stock issued upon an exercise of any such
options are
19
subject to the following lock-up
restrictions: 83,333 shares will be restricted from sale until January
1, 2006, and 83,334 shares will be restricted from sale until January
1, 2007; in addition, upon Mr. Kanders' voluntary termination of
employment with the Company or his termination by the Company for
cause, any of the foregoing lock-up periods which have not yet expired
shall be extended for an additional five year period; and (x) 150,000
shares at an exercise price of $45.93 per share; sales of Common Stock
issued upon an exercise of any such options are subject to the
following lock-up restrictions: 50,000 shares will be restricted from
sale until January 3, 2006; 50,000 shares will be restricted from sale
until January 3, 2007; and 50,000 shares will be restricted from sale
until January 3, 2008; in addition, upon Mr. Kanders' voluntary
termination of employment with the Company or his termination by the
Company for cause, any of the foregoing lock-up periods which have not
yet expired shall be extended for an additional five year period. The
amount of securities reported as beneficially owned excludes: (i) 9,228
shares of Common Stock awarded to the reporting person by the issuer as
a restricted stock award, of which 4,614 shares vest on each of
February 9, 2006, and February 9, 2007; (ii) 11,170 shares of Common
Stock awarded to the reporting person by the issuer as a restricted
stock award, of which 3,723 shares vest on each of January 1, 2006 and
2007, and 3,724 shares vest on January 1, 2008; and (iii) 6,560 shares
held for the benefit of Mr. Kanders'
children.
(4)
The amount of securities reported
as beneficially owned includes 95,325 shares of restricted stock sales
of which will be restricted until November 11, 2005; upon Mr.
Schiller's voluntary termination of employment with the Company
or his termination by the Company for cause, if the foregoing lock-up
period has not yet expired, it shall be extended for an additional five
year period; upon a change in control of the Company, any lock-up
release period that is still in effect in respect of such shares upon
the occurrence of such change in control shall terminate. The amount of
securities reported as beneficially owned also includes presently
exercisable stock options to purchase: (i) 219,200 shares at an
exercise price of $37.90 per share; sales of Common Stock issued upon
an exercise of any such options will be subject to the following
lock-up restrictions: 33,333 shares will be restricted from sale until
January 1, 2007; 66,666 shares will be restricted from sale until
January 1, 2008; 85,867 shares will be restricted from sale until
January 1, 2009; and 33,334 shares will be restricted from sale until
January 1, 2010; in addition, upon Mr. Schiller's voluntary
termination of employment with the Company or his termination by the
Company for cause, any of the foregoing lock-up periods which have not
yet expired shall be extended for an additional five year period; (ii)
666 shares at an exercise price of $17.12 per share; (iii) 133,334
shares at an exercise price of $17.12 per share; sales of Common Stock
issued upon an exercise of any such options are subject to the
following lock-up restrictions: 66,667 shares will be restricted from
sale until October 8, 2005, and 66,667 shares will be restricted from
sale until October 8, 2006; in addition, upon Mr. Schiller's
voluntary termination of employment with the Company or his termination
by the Company for cause, any of the foregoing lock-up periods which
have not yet expired shall be extended for an additional five year
period; (iv) 10,050 shares at an exercise price of $15.05 per share;
(v) 50,000 shares at an exercise price of $15.05 per share; sales of
Common Stock issued upon an exercise of any such options will be
restricted from sale until December 31, 2005; in addition, upon Mr.
Schiller's voluntary termination of employment with the Company
or his termination by the Company for cause, if the foregoing lock-up
period has not yet expired, it shall be extended for an additional five
year period; and (vi) 100,000 shares at an exercise price of $45.93 per
share; sales of Common Stock issued upon an exercise of any such
options are subject to the following lock-up restrictions: 33,333
shares will be restricted from sale until January 3, 2006; 33,333
shares will be restricted from sale until January 3, 2007; and 33,334
shares will be restricted from sale until January 3, 2008; in addition,
upon Mr. Schiller's voluntary termination of employment with the
Company or his termination by the Company for cause, any of the
foregoing lock-up periods which have not yet expired shall be extended
for an additional five year period. The amount of securities reported
as beneficially owned excludes: (i) 11,170 shares of restricted stock
3,723 shares of which will vest on each of January 1, 2006 and 2007,
and 3,724 shares of which will vest on January 1, 2008; and (ii) 6,921
shares of restricted stock which vests on February 9,
2007.
(5)
The amount of securities reported as
beneficially owned also includes presently exercisable stock options to
purchase: (i) 75,000 shares at an exercise price of $37.90 per share;
sales of Common Stock issued upon an exercise of any such options will
be subject to the following lock-up restrictions: 6,250 shares will be
restricted from sale until January 1, 2008; 12,500 shares will be
restricted from sale until January 1, 2009; 18,750 shares will be
restricted from sale until January 1, 2010; 18,750 shares will be
restricted from sale until January 1, 2011; 12,500 shares will be
restricted from sale until January 1, 2012; and 6,250 shares will be
restricted from sale until January 1, 2013; in addition, upon Mr.
Heiar's voluntary termination of employment with the Company or
his termination by the Company for cause, any of the foregoing lock-up
periods which have not yet expired shall be extended for an additional
five year period; (ii) 20,000 shares at an exercise price of $28.46;
(iii) 80,000 shares at an exercise price of $28.46; sales of Common
Stock issued upon an exercise of any such options are subject to the
following lock-up restrictions: 20,000 shares will be restricted from
sale until March 11, 2006; 20,000 shares will be restricted from sale
until March 11, 2007; 20,000 shares will be restricted from sale until
March 11, 2008; and 20,000 shares will be restricted from sale until
March 11, 2009; in addition, upon Mr. Heiar's voluntary
termination of employment with the Company or his termination by the
Company for cause, any of the foregoing lock-up periods which have not
yet expired shall be extended for an additional five year period; and
(iv) 25,000 shares at an exercise price of $44.76; sales of Common
Stock issued upon an exercise of any such options will be subject to
the following lock-up restrictions: all of the shares will be
restricted from sale for two years from February 10, 2005 (the
"Vesting Date"), 75% of the shares
will be restricted from sale for three years from the Vesting Date,
50% of the shares will be restricted from sale for four years
from the Vesting Date, and 25% of the shares will be restricted
from sale for five years from the Vesting Date. The amount of
securities reported as beneficially owned excludes: (i) 1,954 shares of
restricted stock of which 651 will vest on each of January 1, 2006 and
2007, and 652 shares of which will vest on January 1, 2008; (ii) an
award of 25,000 shares of restricted stock which will vest upon a
change in control of the Company (alternatively the Company may, in its
discretion; cash settle this award by paying Mr. Heiar cash in an
amount equal to the value of such shares on the closing date of the
occurrence of such change in control); (iii) 2,000 shares of restricted
stock which vests on December 31, 2005; and (iv) 1,520 shares of
restricted stock which vests on December 31,
2006.
(6)
Includes stock options to purchase:
(i)  8,333 shares at an exercise price of $23.09 which are
presently exercisable; (ii)  66,667 shares at an exercise price
of $17.12 which are presently exercisable; sales of Common Stock issued
upon an exercise of any such options are subject to the following
lockup restrictions: 33,333 shares will be
restricted from sale until
20
October 8, 2005, and 33,334 shares will be
restricted from sale until October 8, 2006; in addition, upon Mr.
Mecredy's voluntary termination of employment with the Company or
his termination by the Company for cause, any of the foregoing
lockup periods which have not yet expired
shall be extended for an additional five year period; (iii)
75,000 shares at an exercise price of $44.76 which are presently
exercisable; sales of Common Stock issued upon an exercise of any such
options will be subject to the following
lockup restrictions: all of the shares will be
restricted from sale for two years from February 10, 2005 (the
"Vesting Date"), 75% of the shares
will be restricted from sale for three years from the Vesting Date,
50% of the shares will be restricted from sale for four years
from the Vesting Date, and 25% of the shares will be restricted
from sale for five years from the Vesting Date; and (iv)  75,000
shares at an exercise price of $37.90 which are presently exercisable;
sales of Common Stock issued upon an exercise of any such options will
be subject to the following lockup
restrictions: 6,250 shares will be restricted from sale until January
1, 2008; 12,500 shares will be restricted from sale until January 1,
2009; 18,750 shares will be restricted from sale until January 1, 2010;
18,750 shares will be restricted from sale until January 1, 2011;
12,500 shares will be restricted from sale until January 1, 2012; and
6,250 shares will be restricted from sale until January 1, 2013; in
addition, upon the Mr. Mecredy's voluntary termination of
employment with the Company or his termination by the Company for
cause, any of the foregoing lockup periods
which have not yet expired shall be extended for an additional five
year period. Excluded are the following unvested grants of restricted
stock: (i)  3,351 shares of which 1,117 shares will vest on each
of January 1, 2006, January 1, 2007, and January 1, 2008; (ii)
an award of 25,000 shares of restricted stock which will vest upon a
change in control of the Company (alternatively the Company may, in its
discretion; cash settle this award by paying Mr. Mecredy cash in an
amount equal to the value of such shares on the closing date of the
occurrence of such change in control); (iii)  2,400 shares which
will vest on December 31, 2005; and (iv)  1,900 shares which will
vest on December 31, 2006.
(7)
Includes stock
options to purchase: (i)  15,000 shares at an exercise price of
$44.76 which are presently exercisable; sales of Common Stock issued
upon an exercise of any such options will be subject to the following
lock-up restrictions: 100% of the underlying shares will be
restricted from sale for 24 months following February 10, 2005,
75% of the underlying shares will be restricted from sale for 36
months following February 10, 2005, 50% of the underlying shares
will be restricted from sale for 48 months following February 10, 2005,
and 25% of the underlying shares will be restricted from sale
for 60 months following February 10, 2005; in addition, upon Mr.
O'Brien's voluntary termination of employment with the
Company or termination of employment by the Company for cause, any of
the foregoing lock-up periods which have not yet expired shall be
extended for an additional five year period; (ii) 75,000 shares at an
exercise price of $37.90 which are presently exercisable; sales of
Common Stock issued upon an exercise of any such options will be
subject to the following lock-up restrictions: 6,250 shares will be
restricted from sale until January 1, 2008; 12,500 shares will be
restricted from sale until January 1, 2009, 18,750 shares will be
restricted from sale until January 1, 2010, 18,750 shares will be
restricted from sale until January 1, 2011, 12,500 shares will be
restricted from sale until January 1, 2012, and 6,250 shares will be
restricted from sale until January 1, 2013, in addition, upon Mr.
O'Brien's voluntary termination of employment with the
Company or termination of employment by the Company for cause, any of
the foregoing lock-up periods which have not yet expired shall be
extended for an additional five year period; (iii) 10,000 shares at an
exercise price of $37.90 which are presently exercisable; sales of
Common Stock issued upon an exercise of any such options will be
subject to the following lock-up restrictions: 100% of the
underlying shares will be restricted from sale for 24 months following
March 25, 2005, 75% of the underlying shares will be restricted
from sale for 36 months following March 25, 2005, 50% of the
underlying shares will be restricted from sale for 48 months following
March 25, 2005, and 25% of the underlying shares will be
restricted from sale for 60 months following March 25, 2005, in
addition, upon Mr. O'Brien's voluntary termination of
employment with the Company or termination of employment by the Company
for cause, any of the foregoing lock-up periods which have not yet
expired shall be extended for an additional five year period; and (iv)
50,000 shares at an exercise price of $36.05 which are presently
exercisable; sales of Common Stock issued upon an exercise of any such
options will be subject to the following lock-up restrictions: 10,000
shares will be restricted from sale until July 15, 2005; 10,000 shares
will be restricted from sale until July 15, 2006; 10,000 shares will be
restricted from sale until July 15, 2007; 10,000 shares will be
restricted from sale until July 15, 2008; and 10,000 shares will be
restricted from sale until July 15, 2009, in addition, upon Mr.
O'Brien's voluntary termination of employment with the
Company or termination of employment by the Company for cause, any of
the foregoing lock-up periods which have not yet expired shall be
extended for an additional five year period. Excluded are the following
unvested grants of restricted stock: (i)  737 shares of which 245
shares will vest on each of January 1, 2006 and 246 will vest on
January 1, 2007; and (ii)  an award of 25,000 shares of
restricted stock which will vest upon a change in control of the
Company (alternatively the Company may, in its discretion; cash settle
this award by paying Mr. O'Brien cash in an amount equal to the
value of such shares on the closing date of the occurrence of such
change in control).
(8)
The amount of securities
reported as beneficially owned also includes presently exercisable
stock options to purchase: (i) 12,500 shares at an exercise price of
$24.07 per share, (ii) 9,375 shares at an exercise price of $35.40 per
share, (iii) 3,125 shares at an exercise price of $35.40 per share;
(iv) 37,500 shares at an exercise price of $39.20, sales of Common
Stock issued upon an exercise of any such options are subject to
lock-up restrictions and will be released in accordance with the
following schedule: on each calendar quarter beginning on September 30,
2005 and ending on June 30, 2008, 3,125 shares will be released from
such lock-up restrictions, in addition, upon Mr. Ehrlich's
voluntary resignation from the Board of Directors of the Company or his
removal from the Board of Directors of the Company for cause, if any of
the foregoing lock-up periods have not yet expired, they shall be
extended for an additional five year period. Excludes: (i)  5,000
shares owned by Mr. Ehrlich's children; (ii)  6,500 shares
in trust for the benefit of his children, of which Mr. Ehrlich's
spouse is trustee; and (iii)  400 shares owned by Mr.
Ehrlich's spouse's individual retirement account of which
Mr. Ehrlich disclaims beneficial
ownership.
(9)
The amount of securities reported
as beneficially owned includes presently exercisable stock options to
purchase (i) 9,375 shares at an exercise price of $35.40, (ii) 3,125
shares at an exercise price of $35.40, and (iii) 37,500 shares at an
exercise price of $39.20, sales of Common Stock issued upon an exercise
of any such options are subject to lock-up restrictions and will be
released in accordance with the following schedule: on each calendar
quarter beginning on September 30, 2005 and ending on June 30, 2008,
3,125 shares will be released from such lock-up restrictions, in
addition, upon Mr. Haas' voluntary
21
resignation from the Board of Directors of
the Company or his removal from the Board of Directors of the Company
for cause, if any of the foregoing lock-up periods have not yet
expired, they shall be extended for an additional five year
period.
(10)
The amount of securities reported as
beneficially owned also includes presently exercisable stock options to
purchase: (i) 21,591 shares at an exercise price of $7.50 per share
(ii) 10,000 shares at an exercise price of $9.6875 per share, (iii)
10,000 shares at an exercise price of $13.1875 per share, (iv) 12,500
shares at an exercise price of $14.44 per share, (v) 12,500 shares at
an exercise price of $24.07 per share, (vi) 12,000 shares at an
exercise price of $14.32 per share, (vii) 9,375 shares at an exercise
price of $35.40 per share, (viii) 3,125 shares at an exercise price of
$35.40, and (ix) 37,500 shares at an exercise price of $39.20, sales of
Common Stock issued upon an exercise of any such options are subject to
lock-up restrictions and will be released in accordance with the
following schedule: on each calendar quarter beginning on September 30,
2005 and ending on June 30, 2008, 3,125 shares will be released from
such lock-up restrictions, in addition, upon Mr. Strauss'
voluntary resignation from the Board of Directors of the Company or his
removal from the Board of Directors of the Company for cause, if any of
the foregoing lock-up periods have not yet expired, they shall be
extended for an additional five year
period.
(11)
The amount of securities reported as
beneficially owned also includes presently exercisable stock options to
purchase: (i) 10,000 shares at an exercise price of $9.6875 per share,
(ii) 10,000 shares at an exercise price of $13.1875 per share, (iii)
12,500 shares at an exercise price of $14.44 per share, (iv) 12,500
shares at an exercise price of $24.07 per share, (v) 15,000 shares at
an exercise price of $14.32 per share, and (vii) 9,375 shares at an
exercise price of $35.40 per share, (vi) 3,125 shares at an exercise
price of $35.40, and (vii) 37,500 shares at an exercise price of
$39.20, sales of Common Stock issued upon an exercise of any such
options are subject to lock-up restrictions and will be released in
accordance with the following schedule: on each calendar quarter
beginning on September 30, 2005 and ending on June 30, 2008, 3,125
shares will be released from such lock-up restrictions, in addition,
upon Mr. Sokolow's voluntary resignation from the Board of
Directors of the Company or his removal from the Board of Directors of
the Company for cause, if any of the foregoing lock-up periods have not
yet expired, they shall be extended for an additional five year period.
Also includes 60,000 shares owned by S.T. Investors Fund, LLC, a
limited liability company of which Mr. Sokolow is a member, 10,000
shares owned by Mr.  Sokolow's profit sharing plan and
11,200 shares held for the benefit of Mr. Sokolow's children and
of which Mr.  Sokolow disclaims beneficial ownership.
(12)
The amount of securities reported as beneficially
owned also includes presently exercisable stock options to purchase:
(i) 15,794 shares at an exercise price of $13.98; (ii) 12,000 shares at
an exercise price of $14.32 per share, (iii) 9,375 shares at an
exercise price of $35.40 per share, (iv) 3,125 shares at an exercise
price of $35.40, and (v) 37,500 shares at an exercise price of $39.20,
sales of Common Stock issued upon an exercise of any such options are
subject to lock-up restrictions and will be released in accordance with
the following schedule: on each calendar quarter beginning on September
30, 2005 and ending on June 30, 2008, 3,125 shares will be released
from such lock-up restrictions, in addition, upon Ms. Zoullas'
voluntary resignation from the Board of Directors of the Company or his
removal from the Board of Directors of the Company for cause, if any of
the foregoing lock-up periods have not yet expired, they shall be
extended for an additional five year period.
22
DESCRIPTION OF COMMON STOCK
The
following description of our Common Stock does not purport to be
complete and is subject in all respects to applicable Delaware law and
qualified by reference to the provisions of our Certificate of
Incorporation, as amended, and Restated Bylaws. Copies of our
Certificate of Incorporation, as amended, and Restated Bylaws are
incorporated herein by reference and will be sent to stockholders upon
request. See "Where Can You Find More
Information."
Authorized Common Stock
We have authorized 75,000,000 shares of our Common Stock, par value
$0.01 per share. As of October 28, 2005, there were 34,927,516 shares
of our Common Stock outstanding.
Voting Rights
The holders of our Common Stock are entitled to one vote for each
share on all matters voted on by our stockholders, including the
election of directors. No holders of our Common Stock have any right to
cumulative voting.
Dividend Rights
Subject to
any preferential rights of any outstanding series of preferred stock,
created by our board of directors, the holders of our Common Stock will
be entitled to such dividends as may be declared from time to time by
our board of directors from funds available therefore. We currently do
not pay cash dividends on our Common Stock, and do not intend to pay
cash dividends on our Common Stock in the foreseeable future. Under the
terms of our credit facility and the indenture governing our senior
subordinated notes, we are allowed to pay dividends on our Common
Stock, subject to certain limitations.
Rights Upon
Liquidation
In the event of a liquidation, dissolution or
winding up, the holders of our Common Stock are entitled to share
ratably in all assets remaining after payment of liabilities and the
liquidation value and other amounts owed to the holders of our
preferred stock.
Preemptive Rights
Holders of
our Common Stock have no preemptive rights or rights to convert their
shares of Common Stock into any other securities.
Other
Rights
There are no redemption or sinking fund provisions
applicable to our Common Stock.
23
PLAN OF DISTRIBUTION
The Selling Stockholders, which as used herein
includes donees, pledgees, transferees or other successors-in-interest
selling shares of our Common Stock or interests in shares of our Common
Stock received after the date of this Prospectus from a Selling
Stockholder as a gift, pledge, partnership distribution or other
transfer, may, from time to time, sell, transfer or otherwise dispose
of any or all of their shares of our Common Stock or interests in
shares of our Common Stock on any stock exchange, market or trading
facility on which the shares are traded or in private transactions.
These dispositions may be at fixed prices, at prevailing market prices
at the time of sale, at prices related to the prevailing market price,
at varying prices determined at the time of sale, or at negotiated
prices.
The Selling Stockholders may use any one or more of the
following methods when disposing of shares or interests
therein:
•
market transactions in
accordance with the rules of The New York Stock Exchange or any other
available markets or exchanges;
•
ordinary
brokerage transactions and transactions in which the broker-dealer
solicits purchasers;
•
block trades in
which the broker-dealer will attempt to sell the shares as agent, but
may position and resell a portion of the block as principal to
facilitate the transaction;
•
purchases by
a broker-dealer as principal and resale by the broker-dealer for its
account;
•
an exchange distribution in
accordance with the rules of the applicable
exchange;
•
privately negotiated
transactions;
•
short sales entered into
after the date of this
Prospectus;
•
writing or settlement of
options or other hedging transactions, whether through an options
exchange or otherwise;
•
distributions to
the partners and/or members of the Selling
Stockholders;
•
redemptions or repurchases
of interests owned by partners and/or members of the Selling
Stockholders;
•
broker-dealers may agree
with the Selling Stockholders to sell a specified number of such shares
at a stipulated price per share;
•
a
combination of any such methods of sale;
and
•
any other method permitted pursuant
to applicable law.
In connection with the sale of our Common
Stock or interests therein, the Selling Stockholders may enter into
hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of our Common
Stock in the course of hedging the positions they assume with the
selling stockholders. The Selling Stockholders may also sell shares of
our Common Stock short and deliver these securities to close out their
short positions, or loan or pledge our Common Stock to broker-dealers
that in turn may sell these securities. The Selling Stockholders may
also enter into option or other transactions with broker-dealers or
other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this Prospectus, which
shares such broker-dealer or other financial institution may resell
pursuant to this Prospectus (as supplemented or amended to reflect such
transaction).
Short selling occurs when a person sells shares of
stock which the person does not yet own and promises to buy stock in
the future to cover the sale. The general objective of the person
selling the shares short is to make a profit by buying the shares
later, at a lower price, to cover the sale. Significant amounts of
short selling, or the perception that a significant amount of short
sales could occur, could depress the market price of our Common Stock.
In contrast, purchases to cover a short
24
position may have the effect of preventing or
retarding a decline in the market price of our Common Stock, and
together with the imposition of the penalty bid, may stabilize,
maintain or otherwise affect the market price of our Common Stock. As a
result, the price of our Common Stock may be higher than the price that
otherwise might exist in the open market. If these activities are
commenced, they may be discontinued at any time. These transactions may
be effected on The New York Stock Exchange or any other available
markets or exchanges.
The aggregate proceeds to the Selling
Stockholders from the sale of our Common Stock offered by them will be
the purchase price of our Common Stock less discounts or commissions,
if any. Each of the Selling Stockholders reserves the right to accept
and, together with their agents from time to time, to reject, in whole
or in part, any proposed purchase of our Common Stock to be made
directly or through agents. We will not receive any of the proceeds
from this offering.
The Selling Stockholders also may resell all
or a portion of the shares in open market transactions in reliance upon
Rule 144 under the Securities Act, provided that they meet the criteria
and conform to the requirements of that rule.
The Selling
Stockholders and any underwriters, broker-dealers or agents that
participate in the sale of our Common Stock or interests therein may be
"underwriters" within the meaning of Section
2(11) of the Securities Act. Any discounts, commissions, concessions or
profits they earn on any resale of the shares may be underwriting
discounts and commissions under the Securities Act. Selling
Stockholders who are "underwriters" within
the meaning of Section 2(11) of the Securities Act will be subject to
the prospectus delivery requirements of the Securities Act.
To
the extent required, the shares of our Common Stock to be sold, the
names of the Selling Stockholders, the respective purchase prices and
public offering prices, the names of any agents, dealers or
underwriters, any applicable commissions or discounts with respect to a
particular offer will be set forth in an accompanying prospectus
supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this Prospectus.
In order
to comply with the securities laws of some states, if applicable, our
Common Stock may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states our Common
Stock may not be sold unless it has been registered or qualified for
sale or an exemption from registration or qualification requirements is
available and is complied with.
We have advised the Selling
Stockholders that the anti-manipulation rules of Regulation M under the
Exchange Act may apply to sales of shares in the market and to the
activities of the Selling Stockholders and their affiliates. In
addition, we will make copies of this Prospectus (as it may be
supplemented or amended from time to time) available to the Selling
Stockholders for the purpose of satisfying the prospectus delivery
requirements of the Securities Act. The Selling Stockholders may
indemnify any broker-dealer that participates in transactions involving
the sale of the shares against certain liabilities, including
liabilities arising under the Securities Act.
WHERE YOU CAN
FIND MORE INFORMATION
We are subject to the informational
requirements of the Exchange Act, and in accordance therewith we are
required to file periodic reports, proxy statements and other
information with the Commission. Such reports, proxy statements and
other information filed by us can be inspected and copied at the
Commission's Public Reference Room located at 450 Fifth Street,
N.W., Room 1024, Washington, D.C. 20549, at the prescribed rates. The
Commission also maintains a site on the World Wide Web that contains
reports, proxy and information statements and other information
regarding registrants that file electronically. The address of such
site is http://www.sec.gov. Please call 1-800-SEC-0330 for further
information on the operation of the Commission's Public Reference
Room.
Our Common Stock is quoted on The New York Stock Exchange
under the symbol "AH."
With respect to
our Common Stock, this Prospectus omits certain information that is
contained in the registration statement on file with the Commission, of
which this Prospectus is a part. For further
25
information with respect to us and our Common
Stock, reference is made to the registration statement, including the
exhibits incorporated therein by reference or filed therewith.
Statements herein contained concerning the provisions of any document
are not necessarily complete and, in each instance, reference is made
to the copy of such document filed as an exhibit or incorporated by
reference to the registration statement. The registration statement and
the exhibits may be inspected without charge at the offices of the
Commission or copies thereof obtained at prescribed rates from the
public reference section of the Commission at the addresses set forth
above.
You should rely on the information contained in this
Prospectus and in the registration statement as well as other
information you deem relevant. We have not authorized anyone to provide
you with information different from that contained in this Prospectus.
This Prospectus is an offer to sell, or a solicitation of offers to
buy, securities only in jurisdictions where offers and sales are
permitted. The information contained in this Prospectus is accurate
only as of the date of this Prospectus, regardless of the time of
delivery of this Prospectus or any sale or exchange of securities,
however, we have a duty to update that information while this
Prospectus is in use by you where, among other things, any facts or
circumstances arise which, individually or in the aggregate, represent
a fundamental change in the information contained in this Prospectus or
any material information with respect to the plan of distribution was
not previously disclosed in the Prospectus or there is any material
change to such information in the Prospectus. This Prospectus does not
offer to sell or solicit any offer to buy any securities other than our
Common Stock to which it relates, nor does it offer to buy any of these
securities in any jurisdiction to any person to whom it is unlawful to
make such offer or solicitation in such jurisdiction.
EXPERTS
The financial statements and management's
assessment of the effectiveness of internal control over financial
reporting (which is included in Management's Report on Internal
Control over Financial Reporting) incorporated in this Registration
Statement by reference to the Annual Report on Form 10-K for the year
ended December 31, 2004 have been so incorporated in reliance on the
report of PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts in
auditing and accounting.
LEGAL MATTERS
The validity of
the shares of Armor Holdings Common Stock offered by this Prospectus
will be passed upon by Kane Kessler, P.C., New York, New York, as
counsel to Armor Holdings. Robert L. Lawrence, Esq., a member of Kane
Kessler, P.C., owns 5,000 shares of Armor Holdings Common
Stock.
26
REOFFER
PROSPECTUS
ARMOR HOLDINGS, INC.
3,757,234 Shares of
Common Stock, par value $0.01 per share
November 2, 2005
No dealer, salesperson or other person is
authorized to give any information or to represent anything not
contained in this Prospectus. You must not rely on any unauthorized
information or representations. This Prospectus is an offer to sell
only the shares offered hereby, but only under circumstances and in
jurisdictions where it is lawful to do so. The information contained in
this Prospectus is current only as of its
date.
PART
II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3.    INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed with the Securities and Exchange
Commission (the "Commission") by Armor
Holdings, Inc., a Delaware corporation (the
"Company"), are incorporated by reference
into the Registration Statement:
(a)
The
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2004, filed pursuant to the Securities Exchange Act of
1934 (the "Exchange
Act");
(b)
The Company's
Annual Report on Form 10-K/A (Amendment No. 1) for the fiscal year
ended December 31, 2004, filed pursuant to the Exchange
Act;
(c)
The Company's Annual Report on
Form 10-K/A (Amendment No. 2) for the fiscal year ended December 31,
2004, filed pursuant to the Exchange
Act;
(d)
The Company's Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2005, filed
pursuant to the Exchange Act;
(e)
The
Company's Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2005, filed pursuant to the Exchange Act;
(f)
The Company's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2005, filed pursuant
to the Exchange Act;
(g)
The Company's
Current Report on Form 8-K, Date of Event − October 20, 2005
filed on October 20, 2005, pursuant to the Exchange Act;
(h)
The Company's Current Report on Form
8-K, Date of Event – July 27, 2005 filed
on August 2, 2005, pursuant to the Exchange Act;
(i)
The Company's Current Report on Form
8-K, Date of Event – July 21, 2005 filed
on July 21, 2005, pursuant to the Exchange Act;
(j)
The Company's Current Report on Form
8-K, Date of Event – June 22, 2005 filed
on June 28, 2005, pursuant to the Exchange Act;
(k)
The Company's Current Report on Form
8-K, Date of Event – June 27, 2005 filed
on June 27, 2005, pursuant to the Exchange
Act;
(l)
The Company's Current Report
on Form 8-K, Date of Event – June 6, 2005, filed on June 7, 2005,
pursuant to the Exchange Act;
(m)
The
Company's Current Report on Form 8-K, Date of Event – May
20, 2005, filed on May 26, 2005, pursuant to the Exchange
Act;
(n)
The Company's Current Report
on Form 8-K, Date of Event – April 21, 2005, filed on April 21,
2005, pursuant to the Exchange Act;
(o)
The
Company's Current Report on Form 8-K, Date of Event – April
4, 2005, filed on April 4, 2005, pursuant to the Exchange
Act;
(p)
The Company's Current Report
on Form 8-K, Date of Event – March 25, 2005, filed on March 31,
2005, pursuant to the Exchange Act;
(q)
The
Company's Current Report on Form 8-K/A, Date of Event –
February 10, 2005, filed on February 10, 2005, pursuant to the Exchange
Act;
(r)
The Company's Current Report
on Form 8-K, Date of Event – February 10, 2005, filed on February
10, 2005, pursuant to the Exchange Act;
II-1
(s)
The
Company's Current Report on Form 8-K, Date of Event –
January 14, 2005, filed on January 14, 2005, pursuant to the Exchange
Act;
(t)
The Company's Current Report
on Form 8-K, Date of Event – December 31, 2004 filed on January
6, 2005, pursuant to the Exchange
Act;
(u)
Definitive Proxy Statement dated May
23, 2005, relating to the annual meeting of stockholders held on June
22, 2005; and
(v)
The description of the
Company's Common Stock contained in the Company's
Registration Statement on Form 8-A (Reg. No. 1-11667), filed with the
Commission as of April 29, 1999 by the Company to register such
securities under the Exchange Act, including all amendments and reports
filed for the purpose of updating that description.
All of such
documents are on file with the Commission. In addition, all documents
filed by the Company with the Commission pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective
amendment which indicates that all the securities offered hereby have
been sold or which deregisters all securities then remaining unsold
shall be deemed to be incorporated by reference in this Registration
Statement and to be a part hereof from the date of the filing of such
documents with the Commission. Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or
superseded for purposes hereof to the extent that a statement contained
herein (or in any other subsequently filed document which also is
incorporated by reference herein) modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed
to constitute a part hereof except as so modified or superseded.
Item 4.    DESCRIPTION OF SECURITIES
Not applicable.
Item 5.    INTERESTS OF NAMED EXPERTS AND COUNSEL
Not
applicable.
Item 6.    INDEMNIFICATION OF DIRECTORS AND
OFFICERS
Section 145 of the General Corporation Law of the
State of Delaware (the "DGCL") makes
provision for the indemnification of officers and directors of
corporations in terms sufficiently broad to indemnify our officers and
directors under certain circumstances from liabilities (including
reimbursement of expenses incurred) arising under the Securities
Act.
As permitted by the DGCL, our Certificate of Incorporation,
as amended, and our Amended and Restated Bylaws (collectively, the
"Charter") provide that, to the fullest
extent permitted by the DGCL, no director shall be liable to the
Company or to its stockholders for monetary damages for breach of his
fiduciary duty as a director. Delaware law does not permit the
elimination of liability (i) for any breach of the director's
duty of loyalty to the Company or its stockholders, (ii) for acts or
omissions not in good faith or which involve intentional misconduct or
a knowing violation of law, (iii) in respect of certain unlawful
dividend payments or stock redemptions or repurchases or (iv) for any
transaction from which the director derives an improper personal
benefit. The effect of this provision in the Charter is to eliminate
the rights of the Company and its stockholders (through
stockholders' derivative suits on behalf of the Company) to
recover monetary damages against a director for breach of fiduciary
duty as a director thereof (including breaches resulting from negligent
or grossly negligent behavior) except in the situations described in
clauses (i)-(iv), inclusive, above. These provisions will not alter the
liability of directors under federal securities laws.
Our
Charter provides that we may indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the
right of the Company) by reason of the fact that he is or was a
director, officer, employee or agent of the Company or is or was
II-2
serving at the request of the Company as a
director, officer, employee or agent of another corporation or
enterprise, against expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or
proceeding if such person acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of
the Company, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe such person's conduct was
unlawful.
Our Charter also provides that we may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of
the Company to procure a judgment in its favor by reason of the fact
that such person acted in any of the capacities set forth above,
against expenses (including attorneys' fees) actually and
reasonably incurred by such person in connection with the defense or
settlement of such action or suit if such person acted under similar
standards, except that no indemnification may be made in respect of any
claim, issue or matter as to which such person shall have been adjudged
to be liable to the Company unless and only to the extent that the
Court of Chancery of the State of Delaware or the court in which such
action or suit was brought shall determine upon application that
despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery or
such other court shall deem proper.
Our Charter also provides
that to the extent a director or officer of the Company has been
successful in the defense of any action, suit or proceeding referred to
in the previous paragraphs or in the defense of any claim, issue, or
matter therein, he shall be indemnified against expenses (including
attorneys' fees) actually and reasonably incurred by him in
connection therewith; that indemnification provided for in the Charter
shall not be deemed exclusive of any other rights to which the
indemnified party may be entitled; and that the Company may purchase
and maintain insurance on behalf of a director or officer of the
Company against any liability asserted against him or incurred by him
in any such capacity or arising out of his status as such whether or
not the Company would have the power to indemnify him against such
liabilities under the provisions of Section 145 of the DGCL.
The
Company has also entered into indemnification agreements with directors
and executive officers that provide these individuals with specific
contractual indemnification rights in connection with their duties to
the Company.
Item 7.    EXEMPTION FROM REGISTRATION
CLAIMED
Certain restricted securities to be reoffered and
resold pursuant to this Registration Statement were issued under the
Plans and in transactions exempt from registration pursuant to Section
4(2) of the Securities Act.
Item 8.    EXHIBITS
Exhibit
No.
Description of
Exhibits
4.1
Armor Holdings, Inc. 2005 Stock
Incentive Plan (filed as Appendix A to the Registrant's Proxy
Statement dated May 23, 2005, filed with the Securities and Exchange
Commission on May 23, 2005).*
4.2
Armor
Holdings, Inc. Amended and Restated 2002 Stock Incentive Plan (filed as
Exhibit 10.24 to the Registrant's Annual Report on Form 10-K,
filed with the Securities and Exchange Commission on March 7,
2005).*
4.3
Armor Holdings, Inc. 2002
Executive Stock Plan (filed as Exhibit 10.6 to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2002).*
5.1
Opinion of Kane Kessler, P.C.
regarding the legality of the securities being
registered.**
II-3
Exhibit
No.
Description of
Exhibits
23.1
Consent of Kane
Kessler, P.C. (included in Exhibit No. 5.1 to the Registration
Statement).
23.2
Consent of
PricewaterhouseCoopers LLP.**
24.1
Power of
Attorney (included in the signature pages of this registration
statement).**
*
Incorporated by
reference.
**
Filed herewith.
Item
9.    UNDERTAKINGS
A.    The undersigned registrant hereby
undertakes:
(1)    To file, during any period
in which offers or sales are being made, a post-effective amendment to
the Registration Statement:
(i)    To include
any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)    To reflect in the Prospectus any facts or
events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement;
(iii)    To include any material information with
respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;
provided
,
however
, that paragraphs (a)(i) and (a)(ii) do not apply if
the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the
Company pursuant to Section  13 or Section 15(d) of the Exchange
Act that are incorporated by reference in the Registration
Statement.
(2)    That, for the purpose of
determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial
bona  fide offering thereof.
(3)    To
remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination
of the offering.
B.    The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Company's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is
incorporated by reference in the Registration Statement shall be deemed
to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial bona  fide offering thereof.
C.    Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or
otherwise, the Company has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than
the payment by the Company of expenses incurred or paid by a director,
officer or controlling person of the Company in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such
issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
as amended, the registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of
Jacksonville, State of Florida, on this 2nd day of November,
2005.
ARMOR
HOLDINGS,
INC.
By:
/s/
Warren B.
Kanders
Name:
Warren B. Kanders
Title: Chairman of the Board of Directors
and Chief Executive
Officer
II-5
POWER OF ATTORNEY
Each of the
undersigned officers and directors of Armor Holdings, Inc. hereby
severally constitutes and appoints Warren B. Kanders and Robert R.
Schiller as the attorney-in-fact for the undersigned, in any and all
capacities, with full power of substitution, to sign any and all pre-
or post-effective amendments to this Registration Statement, any
subsequent Registration Statement for the same offering which may be
filed pursuant to Rule 462(b) under the Securities Act of 1933, as
amended, and any and all pre- or post-effective amendments thereto, and
to file the same with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact full power and authority to do and
perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of
1933, as amended, this Registration Statement has been signed by the
following persons in the capacities and on the dates
indicated:
Signature
Title
Date
/s/
Warren B. Kanders
Chairman of the Board of Directors and Chief
Executive Officer (Principal Executive Officer)
November
2, 2005
Warren B.
Kanders
/s/ Glenn J. Heiar
Chief Financial Officer (Principal Financial
Officer)
November 2, 2005
Glenn
J. Heiar
/s/
Robert R. Schiller
Director
November 2,
2005
Robert R.
Schiller
/s/ Burtt R. Ehrlich
Director
November 2,
2005
Burtt
R. Ehrlich
/s/ Nicholas
Sokolow
Director
November 2,
2005
Nicholas
Sokolow
/s/ Thomas W.
Strauss
Director
November 2,
2005
Thomas W.
Strauss
/s/ David R. Haas
Director
November 2,
2005
David R.
Haas
/s/ Deborah A.
Zoullas
Director
November 2,
2005
Deborah A.
Zoullas
II-6
EXHIBIT
INDEX
Exhibit No.
Description
of Exhibits
4.1
Armor Holdings, Inc. 2005
Stock Incentive Plan (filed as Appendix A to the Registrant's
Proxy Statement dated May 23, 2005, filed with the Securities and
Exchange Commission on May 23,
2005).*
4.2
Armor Holdings, Inc. Amended and
Restated 2002 Stock Incentive Plan (filed as Exhibit 10.24 to the
Registrant's Annual Report on Form 10-K, filed with the
Securities and Exchange Commission on March 7,
2005).*
4.3
Armor Holdings, Inc. 2002
Executive Stock Plan (filed as Exhibit 10.6 to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2002).*
5.1
Opinion of Kane Kessler, P.C.
regarding the legality of the securities being
registered.**
23.1
Consent of Kane Kessler,
P.C. (included in Exhibit No. 5.1 to the Registration
Statement).
23.2
Consent of
PricewaterhouseCoopers LLP.**
24.1
Power of
Attorney (included in the signature pages of this registration
statement).**
*
Incorporated by
reference.
**
Filed
herewith.