Document:

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                                                                     Exhibit 4.3

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                           --------------------------
                               GUARANTY AGREEMENT
                           --------------------------

                           DATED AS OF MARCH 30, 2001

                                       RE:

                                   $35,000,000
                          SENIOR NOTES DUE MAY 31, 2003
                       ISSUED BY THE KROLL-O'GARA COMPANY
                     (FORMERLY KNOWN AS THE O'GARA COMPANY)

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<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE

<S>                                                                                                               <C>
1.       PRELIMINARY STATEMENTS.................................................................................  1

2.       GUARANTY AND OTHER RIGHTS AND UNDERTAKINGS.............................................................  2
         2.1      Guarantied Obligations........................................................................  2
         2.2      Waivers and Other Agreements..................................................................  3
         2.3      Nature of Guaranty............................................................................  3
         2.4      Obligations Absolute..........................................................................  4
         2.5      No Investigation by Noteholders...............................................................  5
         2.6      Indemnity.....................................................................................  5
         2.7      Subordination, Subrogation, Etc...............................................................  5
         2.8      Waiver........................................................................................  5
         2.9      Limitation on Guarantied Obligations..........................................................  6
         2.10     Marshaling....................................................................................  6
         2.11     Setoff, Counterclaim or Other Deductions......................................................  6
         2.12     No Election of Remedies by Noteholders........................................................  6
         2.13     Separate Action; Other Enforcement Rights.....................................................  6
         2.14     Noteholder Setoff.............................................................................  7
         2.15     Delay or Omission; No Waiver..................................................................  7
         2.16     Restoration of Rights and Remedies............................................................  7
         2.17     Cumulative Remedies...........................................................................  7

3.       INTERPRETATION OF THIS AGREEMENT.......................................................................  7
         3.1      Terms Defined.................................................................................  7
         3.2      Section Headings and Construction.............................................................  8

4.       WARRANTIES AND REPRESENTATIONS.........................................................................  9

5.       MISCELLANEOUS..........................................................................................  9
         5.1      Successors and Assigns........................................................................  9
         5.2      Severability..................................................................................  9
         5.3      Communications................................................................................  9
         5.4      Governing Law................................................................................. 10
         5.5      Benefits of Guaranty Restricted to Noteholders................................................ 10
         5.6      Survival of Representations and Warranties; Entire Agreement.................................. 10
         5.7      Amendment..................................................................................... 10
         5.8      Joinder Agreement............................................................................. 10
         5.9      Survival...................................................................................... 10
         5.10     Execution in Counterpart...................................................................... 11
</TABLE>

                                      i

<PAGE>   3

Annex 1  --       Addresses of Guarantors
Annex 2  --       Form of Joinder Agreement

                                      ii
<PAGE>   4

                               GUARANTY AGREEMENT

         GUARANTY AGREEMENT, dated as of March 30, 2001 (as may be amended,
restated or otherwise modified from time to time, this "AGREEMENT"), by and
among Corplex, Inc., a New York corporation, Inphoto Surveillance, Inc., an
Illinois corporation, Kroll Associates, Inc., a Delaware corporation, Kroll
Associates International Holdings, Inc., a Delaware corporation, Kroll
Background America, Inc., a Tennessee corporation, Kroll Buchler Phillips, Ltd.,
an English corporation, Kroll Environmental Enterprises, Inc., a Delaware
corporation, Kroll Holdings, Inc., a Delaware corporation, Kroll Information
Services, Inc., a Delaware corporation, Kroll Laboratory Specialists, Inc., a
Louisiana corporation, Kroll Lindquist Avey, Inc., a Texas corporation, Kroll
Schiff & Associates, Inc., a Texas corporation, Kroll-O'Gara Crisis Management
Group, Inc., a Virginia company, ITI Limited Partnership, a Texas limited
partnership, International Training, Incorporated, a Virginia corporation,
O'Gara-Hess & Eisenhardt Armoring Company, a Delaware corporation, O'Gara
Satellite Networks, Inc., a Delaware corporation, and O'Gara Security
International, Inc., a Delaware corporation, and each other Person that becomes
a party hereto from time to time by execution and delivery of a Joinder
Agreement (such Persons, including their respective successors and assigns,
herein referred to as the "GUARANTORS"), in favor of each of the Noteholders (as
such term is hereinafter defined).

1.       PRELIMINARY STATEMENTS

         1.1 Pursuant to the separate Amended and Restated Note Purchase
Agreements dated as of March 30, 2001 (collectively, as may be amended, restated
or otherwise modified from time to time, the "NOTE PURCHASE AGREEMENT"), between
The Kroll-O'Gara Company, formerly known as The O'Gara Company, (the "COMPANY"),
and each of the parties listed on Schedule A attached thereto, the Company has
agreed to amend and restate certain existing Note Purchase Agreements pursuant
to which the Company, among other things, issued its Senior Notes originally due
May 30, 2004, and as amended, due May 30, 2003, in the aggregate principal
amount of Thirty-Five Million Dollars ($35,000,000) (such Senior Notes as so
amended and as may be amended from time to time herein referred to as the
"NOTES").

         1.2 As contemplated by the terms of the Note Purchase Agreement, each
of the Guarantors has agreed to become a Guarantor hereunder.

         1.3 Each Guarantor will receive direct and indirect economic, financial
and other benefits from the transactions contemplated by the Note Purchase
Agreement and the Notes by the Company, and under this Agreement, and such
transactions are in the best interests of such Guarantor.

         1.4 All acts and proceedings required by law and by the constitutive
documents of each Guarantor necessary to constitute this Agreement a valid and
binding agreement for the uses and

<PAGE>   5

purposes set forth herein in accordance with its terms have been done and taken,
and the execution and delivery hereof have been in all respects duly authorized.

2.       GUARANTY AND OTHER RIGHTS AND UNDERTAKINGS

         2.1      GUARANTIED OBLIGATIONS.

                  (a) Each Guarantor, in consideration of the execution and
         delivery of the Note Purchase Agreement and other consideration, hereby
         irrevocably, unconditionally and absolutely guaranties, on a continuing
         basis, to each holder of Notes (each herein referred to as a
         "NOTEHOLDER") as and for such Guarantor's own debt:

                           (i) the prompt payment of the principal of the Notes
                  and any and all accrued and unpaid interest (including,
                  without limitation, interest which otherwise may cease to
                  accrue by operation of any insolvency law, rule, regulation or
                  interpretation thereof) on the Notes and all other obligations
                  of the Company to the Noteholders under the Note Purchase
                  Agreement when due, whether by mandatory or optional
                  prepayment, acceleration or otherwise, all in accordance with
                  the terms of the Note Purchase Agreement and the Notes,
                  including, without limitation, overdue interest,
                  indemnification payments and all reasonable costs and expenses
                  incurred by the Noteholders in connection with enforcing any
                  obligations of the Company under the Note Purchase Agreement
                  and the Notes, including, without limitation, the reasonable
                  fees and disbursements of Noteholders' special counsel,

                           (ii) the prompt and punctual performance and
                  observance of each and every term, covenant or agreement
                  contained in the Note Purchase Agreement and the Notes to be
                  performed or observed on the part of the Company, and

                           (iii) the prompt and complete payment, on demand, of
                  any and all reasonable costs and expenses incurred by the
                  Noteholders in connection with enforcing the obligations of
                  such Guarantor hereunder, including, without limitation, the
                  reasonable fees and disbursements of Noteholders' special
                  counsel.

         All of the obligations set forth in subsections (i), (ii) and (iii) of
         this Section 2.1 are referred to herein as the "GUARANTIED OBLIGATIONS"
         and the guaranty thereof contained herein is a primary, original and
         immediate obligation of each Guarantor and is an absolute,
         unconditional, continuing and irrevocable guaranty of payment and
         performance and shall remain in full force and effect until the full,
         final and indefeasible payment of the Guarantied Obligations.

<PAGE>   6

                  (b) If for any reason any duty, agreement or obligation of the
         Company contained in the Note Purchase Agreement shall not be performed
         or observed by the Company as provided therein, or if any amount
         payable under or in connection with the Note Purchase Agreement or the
         Notes shall not be paid in full when the same becomes due and payable,
         each Guarantor undertakes to perform or cause to be performed promptly
         each of such duties, agreements and obligations and to pay forthwith
         each such amount to the Noteholders regardless of any defense or setoff
         or counterclaim which the Company may have or assert, and regardless of
         any other condition or contingency.

         2.2      WAIVERS AND OTHER AGREEMENTS.

         Each Guarantor hereby unconditionally

                  (a) waives any requirement that the Noteholders, upon the
         occurrence of an Event of Default, first make demand upon, or seek to
         enforce remedies against, the Company before demanding payment under or
         seeking to enforce the obligations of such Guarantor under this
         Agreement,

                  (b) agrees that the obligations of such Guarantor under this
         Agreement will not be discharged except by complete performance of all
         obligations of the Company contained in the Note Purchase Agreement,
         the Notes and the other Financing Documents,

                  (c) agrees that the obligations of such Guarantor under this
         Agreement shall remain in full force and effect without regard to, and
         shall not be affected or impaired, without limitation, by any
         invalidity, irregularity or unenforceability in whole or in part of the
         Note Purchase Agreement, the Notes or any other Financing Document, or
         any limitation on the liability of any Guarantor under this Agreement,
         or any limitation on the method or terms of payment under the Note
         Purchase Agreement, the Notes or any other Financing Document which may
         at any time be caused or imposed in any manner whatsoever (including,
         without limitation, usury laws),

                  (d) waives diligence, presentment and protest with respect to,
         and any notice of default or dishonor in the payment of any amount at
         any time payable by the Company under or in connection with, the Note
         Purchase Agreement, the Notes or any other Financing Document, and
         further waives any requirement of notice of acceptance of, or other
         formality relating to, the obligations of such Guarantor under this
         Agreement, and

                  (e) agrees that to the extent the Company makes a payment or
         payments to any Noteholder, which payment or payments or any part
         thereof are subsequently invalidated, declared to be fraudulent or
         preferential, set aside or required, for any of the foregoing reasons
         or for any other reason, to be repaid or paid over to a custodian,
         trustee, receiver or any other party or officer under any bankruptcy,
         reorganization, arrangement, insolvency,

<PAGE>   7

         readjustment of debt, dissolution or liquidation law of any
         jurisdiction, state or federal law, or any common law or equitable
         cause, then to the extent of such payment or repayment, the obligation
         or part thereof intended to be satisfied shall be revived and continued
         in full force and effect as if said payment had not been made and each
         Guarantor shall be primarily liable for such obligation.

         2.3      NATURE OF GUARANTY.

         The obligations of each Guarantor under this Agreement constitute an
absolute and unconditional and irrevocable guaranty of payment and not a
guaranty of collection and are wholly independent of and in addition to other
rights and remedies of the Noteholders and are not contingent upon the pursuit
by the Noteholders of any such rights and remedies, such pursuit being hereby
waived by such Guarantor. Notwithstanding anything to the contrary set forth in
the Note Purchase Agreement, the Notes or any other Financing Document, the
obligations of each Guarantor under this Agreement are joint and several with
the obligations of each other Guarantor and any other guarantor of all or any
part of the Guarantied Obligations.

         2.4      OBLIGATIONS ABSOLUTE.

         The obligations, covenants, agreements and duties of each Guarantor
under this Agreement shall not be released, affected or impaired by any of the
following, whether or not undertaken with notice to or consent of such
Guarantor:

                  (a) any assignment or transfer, in whole or in part, of any
         Note although made without notice to or consent of such Guarantor, or

                  (b) any waiver by any Noteholder, or by any other Person, of
         the performance or observance by the Company of any of the agreements,
         covenants, terms or conditions contained in the Note Purchase Agreement
         or in any other Financing Document, or

                  (c) any indulgence in or the extension of the time for payment
         by the Company of any amounts payable under or in connection with the
         Note Purchase Agreement, the Notes or any other Financing Document, or
         of the time for performance by the Company of any other obligations
         under or arising out of the Note Purchase Agreement, the Notes or any
         other Financing Document, or the extension or renewal thereof, or

                  (d) the modification, amendment or waiver (whether material or
         otherwise) of any duty, agreement or obligation of the Company set
         forth in the Note Purchase Agreement, the Notes or any other Financing
         Document (the modification, amendment or waiver from time to time of
         the Note Purchase Agreement, the Notes and the other Financing
         Documents being expressly authorized without further notice to or
         consent of such Guarantor), or

<PAGE>   8

                  (e) the voluntary or involuntary liquidation, sale or other
         disposition of all or substantially all of the assets of the Company or
         any receivership, insolvency, bankruptcy, reorganization or other
         similar proceedings affecting the Company or any of its assets, or

                  (f) the merger or consolidation of the Company or any
         Guarantor with any other Person, or

                  (g) the release or discharge of the Company from the
         performance or observance of any agreement, covenant, term or condition
         contained in the Note Purchase Agreement, the Notes or any other
         Financing Document, by operation of law, or

                  (h) any other cause, whether similar or dissimilar to the
         foregoing, that would release, affect or impair the obligations,
         covenants, agreements or duties of any Guarantor under this Agreement.

         2.5      NO INVESTIGATION BY NOTEHOLDERS.

         Each Guarantor hereby waives unconditionally any obligation that, in
the absence of such provision, the Noteholders might otherwise have to
investigate or to assure that there has been compliance with the law of any
jurisdiction with respect to the Guarantied Obligations, recognizing that, to
save both time and expense, such Guarantor has requested that the Noteholders
not undertake such investigation. Each Guarantor hereby expressly confirms that
the obligations of such Guarantor hereunder shall remain in full force and
effect without regard to compliance or noncompliance with any such law and
irrespective of any investigation or knowledge of any such law by any
Noteholder.

         2.6      INDEMNITY.

         As a separate, additional and continuing obligation, each Guarantor
unconditionally and irrevocably undertakes and agrees with the Noteholders that,
should the Guarantied Obligations not be recoverable from such Guarantor under
Section 2.1 for any reason whatsoever (including, without limitation, by reason
of any provision of the Note Purchase Agreement or the Notes or any other
agreement or instrument executed in connection therewith being or becoming void,
unenforceable or otherwise invalid under any applicable law) then,
notwithstanding any knowledge thereof by any Noteholder at any time, such
Guarantor as sole, original and independent obligor, upon demand by any
Noteholder, will make payment of the Guarantied Obligations to such Noteholder
by way of a full indemnity in such currency and otherwise in such manner as is
provided in the Note Purchase Agreement and the Notes.

<PAGE>   9

         2.7      SUBORDINATION, SUBROGATION, ETC.

         Each Guarantor agrees that any present or future indebtedness,
obligations or liabilities of the Company to such Guarantor shall be fully
subordinate and junior in right and priority of payment to any present or future
indebtedness, obligations or liabilities of the Company to the Noteholders. Each
Guarantor waives any right of subrogation to the rights of the Noteholders
against the Company or any other Person obligated for payment of the Guarantied
Obligations and any right of reimbursement, contribution or indemnity whatsoever
(including, without limitation, any such right as against any other Guarantor)
arising or accruing out of any payment that such Guarantor may make pursuant to
this Agreement, and any right of recourse to security for the debts and
obligations of the Company, unless and until the entire amount of the Guarantied
Obligations shall have been paid in full.

         2.8      WAIVER.

         To the extent that it lawfully may, each Guarantor agrees that it will
not at any time insist upon or plead, or in any manner whatsoever claim or take
any benefit or advantage of, any applicable present or future stay, extension or
moratorium law, which may affect observance or performance of the provisions of
this Agreement, the Note Purchase Agreement, the Notes or any other Financing
Document; nor will it claim, take or insist upon any benefit or advantage of any
present or future law providing for the evaluation or appraisal of any security
for its obligations hereunder or the Company under the Note Purchase Agreement,
the Notes or any other Financing Document prior to any sale or sales thereof
which may be made under or by virtue of any instrument governing the same; nor
will it, after any such sale or sales, claim or exercise any right, under any
applicable law, to redeem any portion of such security so sold.

         2.9      LIMITATION ON GUARANTIED OBLIGATIONS.

         Notwithstanding anything in Section 2.1 or elsewhere in this Agreement
or any other Financing Document to the contrary, the obligations of each
Guarantor under this Agreement shall at each point in time be limited to an
aggregate amount equal to the greatest amount that would not result in such
obligations being subject to avoidance, or otherwise result in such obligations
being unenforceable, at such time under applicable law (including, without
limitation, to the extent, and only to the extent, applicable to any such
Guarantor, Section 548 of the Bankruptcy Code of the United States of America
and any comparable provisions of the law of any other jurisdiction, any capital
preservation law of any jurisdiction and any other law of any jurisdiction that
at such time limits the enforceability of the obligations of such Guarantor
under this Agreement).

<PAGE>   10

         2.10     MARSHALING.

         Neither any Noteholder nor any Person acting for the benefit of any
Noteholder shall be under any obligation to marshal any assets in favor of any
Guarantor or against or in payment of any or all of the Guarantied Obligations.

         2.11     SETOFF, COUNTERCLAIM OR OTHER DEDUCTIONS.

         Except as otherwise required by law, each payment by each Guarantor
shall be made without setoff, counterclaim or other deduction.

         2.12     NO ELECTION OF REMEDIES BY NOTEHOLDERS.

         No election to proceed in one form of action or proceeding, or against
any party, or on any obligation, shall constitute a waiver of such Noteholder's
right to proceed in any other form of action or proceeding or against other
parties unless such Noteholder has expressly waived such right in writing.
Specifically, but without limiting the generality of the foregoing, no action or
proceeding by any Noteholder against the Company or any Guarantor under any
document or instrument evidencing obligations of the Company or any Guarantor to
such Noteholder shall serve to diminish the liability of any Guarantor under
this Agreement, except to the extent that such Noteholder finally and
unconditionally shall have realized payment by such action or proceeding in
respect of the Guarantied Obligations.

         2.13     SEPARATE ACTION; OTHER ENFORCEMENT RIGHTS.

         Each of the rights and remedies granted under this Agreement to each
Noteholder in respect of the Notes held by such Noteholder may be exercised by
such Noteholder without notice by such Noteholder to, or the consent of or any
other action by, any other Noteholder. Each Noteholder may proceed to protect
and enforce this Agreement by suit or suits or proceedings in equity, at law or
in bankruptcy, and whether for the specific performance of any covenant or
agreement contained herein or in execution or aid of any power herein granted or
for the recovery of judgment for the obligations hereby guarantied or for the
enforcement of any other proper, legal or equitable remedy available under
applicable law.

         2.14     NOTEHOLDER SETOFF.

         Each Noteholder shall have, to the fullest extent permitted by law and
this Agreement, a right of set-off against any and all credits and any and all
other property of each Guarantor now or at any time whatsoever, with or in the
possession of such Noteholder, or anyone acting for such Noteholder, to ensure
the full performance of any and all obligations of each Guarantor hereunder.

<PAGE>   11

         2.15     DELAY OR OMISSION; NO WAIVER.

         No course of dealing on the part of any Noteholder and no delay or
failure on the part of any such Person to exercise any right hereunder shall
impair such right or operate as a waiver of such right or otherwise prejudice
such Person's rights, powers and remedies hereunder. Every right and remedy
given by this Agreement or by law to any Noteholder may be exercised from time
to time as often as may be deemed expedient by such Person.

         2.16     RESTORATION OF RIGHTS AND REMEDIES.

         If any Noteholder shall have instituted any proceeding to enforce any
right or remedy under this Agreement or under any Note held by such Noteholder,
and such proceeding shall have been dismissed, discontinued or abandoned for any
reason, or shall have been determined adversely to such Noteholder, then and in
every such case each such Noteholder, the Company and each Guarantor shall,
except as may be limited or affected by any determination (including, without
limitation, any determination in connection with any such dismissal) in such
proceeding, be restored severally and respectively to its respective former
positions hereunder and thereunder, and thereafter, subject as aforesaid, the
rights and remedies of such Noteholders shall continue as though no such
proceeding had been instituted.

         2.17     CUMULATIVE REMEDIES.

         No remedy under this Agreement, the Note Purchase Agreement, the Notes
or any other Financing Document is intended to be exclusive of any other remedy,
but each and every remedy shall be cumulative and in addition to any and every
other remedy given pursuant to this Agreement, the Note Purchase Agreement, the
Notes or any other Financing Document.

3.       INTERPRETATION OF THIS AGREEMENT

         3.1      TERMS DEFINED.

         As used in this Agreement, the capitalized terms have the meaning
specified in the Note Purchase Agreement unless otherwise specified below or set
forth in the section of this Agreement referred to immediately following such
term (such definitions, unless otherwise expressly provided, to be equally
applicable to both the singular and plural forms of the terms defined):

         AGREEMENT, THIS -- has the meaning assigned to such term in the first
paragraph hereof.

         COMPANY -- is defined in Section 1.1.

         GUARANTIED OBLIGATIONS -- is defined in Section 2.1.

<PAGE>   12

         GUARANTORS -- has the meaning assigned to such term in the first
paragraph hereof.

         NOTE PURCHASE AGREEMENT -- is defined in Section 1.1.

         NOTEHOLDER -- is defined in Section 2.1.

         NOTES -- is defined in Section 1.1.

         3.2      SECTION HEADINGS AND CONSTRUCTION.

                  (a) SECTION HEADINGS, ETC. The titles of the Sections appear
         as a matter of convenience only, do not constitute a part hereof and
         shall not affect the construction hereof. The words "herein," "hereof,"
         "hereunder" and "hereto" refer to this Agreement as a whole and not to
         any particular Section or other subdivision.

                  (b) CONSTRUCTION. Each covenant contained herein shall be
         construed (absent express provision to the contrary) as being
         independent of each other covenant contained herein, so that compliance
         with any one covenant shall not (absent such an express contrary
         provision) be deemed to excuse compliance with any other covenant.
         Where any provision herein refers to action to be taken by any Person,
         or which such Person is prohibited from taking, such provision shall be
         applicable whether such action is taken directly or indirectly by such
         Person.

4.       WARRANTIES AND REPRESENTATIONS

         Each Guarantor warrants and represents, as of the date such Guarantor
becomes a Guarantor hereunder, that each of the warranties and representations
made by the Company in Section 4 of the Note Purchase Agreement with respect to
Subsidiaries or the Guarantors generally are true with respect to such Guarantor
on the date that such Guarantor becomes a Guarantor, with the same effect as
though such warranties and representations were made on and as of such date
rather than on and as of the date of this Agreement.

5.       MISCELLANEOUS

         5.1      SUCCESSORS AND ASSIGNS.

                  (a) All covenants and other agreements contained in this
         Agreement by or on behalf of any of the parties hereto shall bind and
         inure to the benefit of their respective successors and assigns
         (including, without limitation, any subsequent holder of a Note)
         whether so expressed or not.

                  (b) Each Guarantor agrees to take such action as may be
         reasonably requested by any Noteholder to confirm such Guarantor's
         guaranty of the Guarantied Obligations in

<PAGE>   13

         connection with the transfer of the Notes of such Noteholder.

         5.2      SEVERABILITY.

         Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or
render unenforceable such provision in any other jurisdiction.

         5.3      COMMUNICATIONS.

         All communications hereunder shall be in writing, shall be delivered in
the manner required by the Note Purchase Agreement, and shall be addressed, if
to any Guarantor, at the applicable address set forth on ANNEX 1 hereto, and if
to any of the Noteholders:

                  (a) if such Noteholder is a holder of the Notes on the
         Restatement Date, at the address for such Noteholder set forth on
         Schedule A to the Note Purchase Agreement, and further including any
         parties referred to on such Schedule A which are required to receive
         notices in addition to such Noteholder, and

                  (b) if such Noteholder is not a holder of the Notes on the
         Restatement Date, at the address for such Noteholder set forth in the
         register for the registration and transfer of Notes maintained pursuant
         to Section 11.1 of the Note Purchase Agreement,

or to any such party at such other address as such party may designate by notice
duly given in accordance with this Section 5.3.

Notices shall be deemed given only when actually received.

         5.4      GOVERNING LAW.

         THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND
THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

         5.5      BENEFITS OF GUARANTY RESTRICTED TO NOTEHOLDERS.

         Nothing express or implied in this Agreement is intended or shall be
construed to give to any Person other than the Guarantors and the Noteholders
any legal or equitable right, remedy or claim under or in respect hereof or any
covenant, condition or provision therein or herein contained,

<PAGE>   14

and all such covenants, conditions and provisions are and shall be held to be
for the sole and exclusive benefit of the Guarantors and the Noteholders.

         5.6      SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

         All representations and warranties contained herein or made in writing
by any Guarantor in connection herewith shall survive the execution and delivery
of this Agreement.

         5.7      AMENDMENT.

         This Agreement may be amended, and the observance of any term hereof
may be waived (either retroactively or prospectively), with (and only with) the
written consent of each Guarantor and the Required Holders, except that no
amendment or waiver of any of the provisions of Section 2, or any defined term
as it is used therein, will be effective unless consented to by each Guarantor
and each Noteholder in writing; provided that this Agreement may, in the manner
specified in Section 5.8, be amended to add one or more new Guarantors hereunder
without the consent of any other Guarantor or any holder of Notes.

         5.8      JOINDER AGREEMENT.

         Upon execution and delivery by any Person of a counterpart of a Joinder
Agreement substantially in the form attached to this Agreement as ANNEX 2, this
Agreement shall for all purposes, without further action, be deemed to have been
amended to add such Person as a Guarantor hereunder with the same effect as if
such Person had been an original party hereto.

         5.9      SURVIVAL.

         So long as the Guarantied Obligations and all payment obligations of
each Guarantor hereunder shall not have been fully and finally performed and
indefeasibly paid, the obligations of each Guarantor hereunder shall survive the
transfer and payment of any Note and the payment in full of all the Notes.

         5.10     EXECUTION IN COUNTERPART.

         This Agreement may be executed in any number of counterparts, each of
which shall be an original but all of which together shall constitute one
instrument. Each counterpart may consist of a number of copies hereof, each
signed by less than all, but together signed by all, of the parties hereto.

      [REMAINDER OF PAGE INTENTIONALLY BLANK. NEXT PAGE IS SIGNATURE PAGE.]

<PAGE>   15

         IN WITNESS WHEREOF, each Guarantor has caused this Agreement to be
executed on its behalf by one of its duly authorized officers.

                                     CORPLEX, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     INPHOTO SURVEILLANCE, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL ASSOCIATES, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL ASSOCIATES INTERNATIONAL
                                     HOLDINGS, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL BACKGROUND AMERICA, INC.

                                     By__________________________________
                                     Name:
                                     Title:

<PAGE>   16

                                     KROLL ENVIRONMENTAL ENTERPRISES, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL HOLDINGS, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL INFORMATION SERVICES, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL LABORATORY SPECIALISTS, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL LINDQUIST AVEY, INC.

                                     By__________________________________
                                     Name:
                                     Title:

<PAGE>   17

                                     KROLL SCHIFF & ASSOCIATES, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     O'GARA-HESS & EISENHARDT ARMORING COMPANY

                                     By__________________________________
                                     Name:
                                     Title:

                                     O'GARA SATELLITE NETWORKS, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     O'GARA SECURITY INTERNATIONAL, INC.

                                     By__________________________________
                                     Name:
                                     Title:

<PAGE>   18

                                     KROLL-O'GARA CRISIS MANAGEMENT GROUP, INC.

                                     By__________________________________
                                     Name:
                                     Title:

                                     ITI LIMITED PARTNERSHIP

                                     By__________________________________
                                     Name:
                                     Title:

                                     INTERNATIONAL TRAINING, INCORPORATED

                                     By__________________________________
                                     Name:
                                     Title:

                                     KROLL BUCHLER PHILLIPS, LTD.

                                     By__________________________________
                                     Name:
                                     Title:<PAGE>   1

                                                                     Exhibit 4.4

                   WAIVER, DIRECTION AND AMENDMENT NUMBER ONE

                                       RE:
                            THE KROLL-O'GARA COMPANY
           $35,000,000 SENIOR NOTES DUE MAY 31, 2003 ISSUED UNDER THE
    AMENDED AND RESTATED NOTE PURCHASE AGREEMENT DATED AS OF MARCH 30, 2001

                                                      Dated as of April 20, 2001

THE KROLL-O'GARA COMPANY
9113 LeSaint Drive
Fairfield, Ohio  45014

To the Persons named on ANNEX 1 hereto

Ladies and Gentlemen:

         Reference is made to the Senior Notes due May 31, 2003 (the "NOTES") of
The Kroll O'Gara Company, an Ohio corporation (together with its successors and
assigns, the "COMPANY"), in the aggregate principal amount of $35,000,000
outstanding under separate Amended and Restated Note Purchase Agreements, each
dated as of March 30, 2001 (collectively, the "NOTE AGREEMENT"), between the
Company and each of the parties listed on ANNEX 1 hereto (collectively, together
with their respective successors and assigns, the "NOTEHOLDERS"). All terms not
otherwise defined herein are used with the same meaning as set forth in the Note
Agreement. Pursuant to a Stock Purchase Agreement (the "STOCK PURCHASE
AGREEMENT") in the form attached hereto as ANNEX 2, the Company intends to
consummate a transaction (the "STOCK SALE") whereby the Company will sell, and
Bengal Acquisition Corp. will purchase the Securities (as described in the Stock
Purchase Agreement). The Company hereby requests that the Noteholders waive
certain rights under the Note Agreement and instruct the Collateral Agent to
release certain collateral, all as more particularly set forth herein.

         1. WAIVER AND DIRECTION. Subject to the terms and conditions set forth
in Section 3 hereof,, and based upon information furnished by the Company to the
Noteholders, each of the undersigned Noteholders hereby (a) agrees to waive its
rights to take any action under the Note Agreement as a result of any Event of
Default resulting from the Company's failure to comply with Section 8.19 of the
Note Agreement due solely to the Stock Sale and (b) instructs the Collateral
Agent to release its Lien of the assets and stock of the corporations whose
stock is the subject of the Stock Sale contemporaneously with the closing of the
Stock Sale.

         2. AMENDMENT TO INTEREST RATE.

                  (a) Effective April 20, 2001 the term "Note Interest Rate" in
         the Note Agreement is hereby amended to read in full as follows:

<PAGE>   2

                  "NOTE INTEREST RATE - means, as of any date of determination,
         a rate per annum equal to (a) if such date is prior to April 12, 2001,
         8.56%, (b) if such date is on or after April 12, 2001 and prior to
         April 20, 2001, the greater of (i) 8.56% or (ii) the Floating Rate as
         of such date and (c) if such date is on or after April 20, 2001, the
         greater of (i) 8.56% or (ii) the lesser of (A) the highest interest
         rate allowed by applicable law on the Notes and (B) the Floating Rate
         PLUS the Applicable Adjustment Margin as of such date."

                  (b) Effective April 20, 2001 Schedule B to the Note Agreement
         is hereby amended by adding the following definition in appropriate
         alphabetical order:

                  "APPLICABLE ADJUSTMENT MARGIN - means, as of any date of
         determination, an amount equal to the product of (a) one-half of one
         percent (0.50%) TIMES (b) the number of complete 30 consecutive day
         periods which shall have expired since April 20, 2001 as of such date
         of determination."

         3. EFFECTIVENESS OF WAIVER AND DIRECTION; EFFECT UPON OTHER PROVISIONS
OF THE NOTE AGREEMENT AND THE NOTES.

                  (a) The waiver and direction set forth in Section 1 above is
         subject to satisfaction of each of the following conditions:

                           (i) the full execution and the delivery of this
                  letter agreement by the Company and each of the Noteholders;

                           (ii) contemporaneously with the closing of the Stock
                  Sale, the Company shall prepay, pursuant to Section 6.2 of the
                  Note Agreement, Notes in aggregate principal amount of not
                  less than the greater of (A) $15,123,500 and (B) an amount
                  equal to 43.21% of (1) the cash portion of the purchase price
                  actually received at the closing by the Seller (as defined in
                  the Stock Purchase Agreement) under the Stock Purchase
                  Agreement minus (2) $3,000,000;

                           (iii) the execution, delivery and effectiveness of an
                  agreement, signed by KeyBank National Association (the
                  "BANK"), party to the Bank Loan Agreement, in form and
                  substance satisfactory to each of the Noteholders containing
                  (A) a waiver on behalf of the Bank, identical in substance to
                  the waiver set forth in Section 1 hereof, with respect to
                  Section 7.13 of the Bank Loan Agreement and (B) a direction to
                  the Collateral Agent identical in substance to the direction
                  set forth in Section 1 hereof;

                           (iv) the warranties and representations contained in
                  Section 4 hereof being true on and as of the date hereof;

                           (v) any and all shares of capital stock of Armor
                  Holdings, Inc. ("AHI") or any other Person received by the
                  Company or any of its Affiliates in connection with the Stock
                  Sale shall have been pledged to the Collateral Agent pursuant
                  to a pledge agreement in form and substance reasonably
                  satisfactory to

                                       2
<PAGE>   3

                  the Noteholders and the Bank and such shares will be released
                  by the Collateral Agent upon sales by the Company pursuant to
                  the terms of the Stock Purchase and payment of the proceeds of
                  such sales as provided in Section 3(b)(i)(A) below; and

                           (vi) the closing of the Stock Sale shall have been
                  completed on or before the Termination Date (as such term is
                  defined in the Stock Purchase Agreement).

                  (b) The Company agrees that the waiver set forth in
         Section 1(a) shall remain in effect if and so long as the Company

                           (i) prepays, pursuant to the provisions of Section
                  6.2 of the Note Agreement, the following principal amounts of
                  Notes:

                                    (A) upon receipt by the Company of any
                  proceeds from the sale of shares of capital stock of AHI or
                  payments made by AHI as Tranche One Deficit or Tranche One
                  Excess amounts pursuant to the provisions of Section 3 of
                  Schedule 2.6 of the Stock Purchase Agreement, in each case
                  received as consideration by it in connection with the Stock
                  Sale, a principal amount of Notes equal to 43.21% of such
                  proceeds or amounts as the case may be, and

                                    (B) within sixty (60) days of the closing of
                  the Stock Sale, a principal amount of Notes equal to the
                  difference (if a positive number) between (1) $6,481,500 and
                  (2) an amount equal to 43.21% of the aggregate proceeds
                  received by the Company from each sale of one or more shares
                  of such capital stock of AHI within the sixty (60) day period
                  immediately following the closing of the Stock Sale and paid
                  by the Company pursuant to clause (A) above;

                           (ii) On or before sixty (60) days immediately
                  following the closing of the Stock Sale the Company pays in
                  full the entire outstanding principal amount of the Notes
                  together with interest thereon.

                  (c) It is further agreed and understood that (i) the amounts
         contemplated to be so paid shall be considered due and payable on each
         of such dates and (ii) the failure of the Company to pay the amounts
         due on the Notes as provided in clause (b) above shall constitute an
         immediate Event of Default.

                  (d) The execution, delivery and effectiveness of this letter
         agreement shall not be deemed, except as expressly provided herein, (i)
         to operate as a waiver of any right, power or remedy of the Noteholders
         under the Note Agreement or the Notes, nor constitute a waiver of any
         provision thereunder, or (ii) to prejudice any rights which any
         Noteholder now has or may have in the future under or in connection
         with the Note Agreement, the Notes or any other documents referred to
         therein. Except as specifically set forth above, all terms and
         conditions of the Note Agreement shall remain unchanged and in full
         force and effect.

                                       3
<PAGE>   4

         4. WARRANTIES AND REPRESENTATIONS. To induce you to enter into this
letter agreement, the Company warrants and represents, as of the date hereof, as
follows:

                  (a) No Default or Event of Default has occurred or is
         continuing (other than the Event of Default which will be waived by the
         execution, delivery and effectiveness of this letter agreement and the
         agreements described in Section 3 hereof), nor does any event or
         condition exist that, upon the execution, delivery and effectiveness of
         this letter agreement, would constitute a Default or an Event of
         Default;

                  (b) Except for an amendment to the interest rate in the Bank
         Loan Agreement which is the same as the amendment set forth in Section
         2 above, the Bank will not receive, directly or indirectly, any fee,
         interest rate adjustment or other remuneration for the waiver or
         direction under the agreement described in Section 3(a)(iii) hereof;
         and

                  (c) The assets of the corporations whose stock is the subject
         of the Stock Purchase Agreement are the assets (other than the Excluded
         Assets) of the Company's Security Products and Services Group described
         in the Company's Preliminary Proxy Statement filed September 19, 2000
         with the Securities and Exchange Commission. Excluded Assets means the
         assets and capital stock of Securify, Inc., O'Gara Laura Automotive
         Group, O'Gara Security Systems, O'Gara-Hess & Eisenhardt CIS and
         certain other entities which have no assets or business operations.

         5. PAYMENT OF FEES AND EXPENSES. In accordance with Section 13.1 of the
Note Agreement, the Company shall pay or, if paid by the Noteholders, reimburse
the Noteholders for, all out-of-pocket fees, costs and expenses paid or incurred
by any Noteholder in connection with the negotiation, preparation, drafting,
implementation, actual or proposed amendment or modification, administration and
enforcement of this letter agreement, the Note Agreement and the Notes.

         6. COUNTERPARTS. This letter agreement and all acceptances hereof may
be executed simultaneously in any number of counterparts, each of which shall be
deemed an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.

                                       4
<PAGE>   5

                                          Very truly yours,

                                          THE KROLL-O'GARA COMPANY

                                          By:
                                              ----------------------------
                                          Name:
                                          Title:

ACCEPTED AND AGREED:
--------------------

CONNECTICUT GENERAL LIFE INSURANCE COMPANY
BY:      CIGNA INVESTMENTS, INC. (AUTHORIZED AGENT)

         By:
             ------------------------------
         Name:
         Title:

LIFE INSURANCE COMPANY OF NORTH AMERICA
BY:      CIGNA INVESTMENTS, INC. (AUTHORIZED AGENT)

         By:
             -------------------------------
         Name:
         Title:

LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK

By:
    ---------------------------------
Name:
Title:

         [Signature Page to Waiver, Direction and Amendment Number One]

<PAGE>   6

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
BY:      DAVID L. BABSON & COMPANY INC.
         ITS INVESTMENT ADVISER

By:
   --------------------------------
Name:
Title:

THE TRAVELERS INSURANCE COMPANY

By:
    -------------------------------
Name:
Title:

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

By:
    -------------------------------
Name:
Title:

         [Signature Page to Waiver, Direction and Amendment Number One]

<PAGE>   7

                                     ANNEX 1

                                   NOTEHOLDERS
                                   -----------

Connecticut General Life Insurance Company
c/o CIGNA Investments, Inc.
900 Cottage Grove Road
Hartford, Connecticut 06152-2307

Life Insurance Company of North America
c/o CIGNA Investments, Inc.
900 Cottage Grove Road
Hartford, Connecticut 06152-2307

Lincoln Life & Annuity Company of New York
c/o Delaware Lincoln Investment Advisers
200 East Berry Street
Fort Wayne, IN  46802-2706
Attn: Private Placements

Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111
Attn:  Securities Investment Division

The Travelers Insurance Company
One Tower Square, 9PB
Hartford, CT 06183-2030
Attn: Investment Group-Private Placement 9PB

The Guardian Life Insurance Company of America
7 Hanover Square
New York, NY 10004-2616
Attn: Thomas M. Donohue
Investment Department 20-D

                                   Annex 1-1

<PAGE>   8

                                     ANNEX 2

                            STOCK PURCHASE AGREEMENT
                            ------------------------

                                   Annex 2-1

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