Document:

WARRANT AGREEMENT

      This Warrant  Agreement (this  "Agreement") made as of _________ __, 2005,
by and between Argyle Security Acquisition  Corporation,  a Delaware corporation
with  offices  at 200  Concord  Plaza,  Suite  700,  San  Antonio,  Texas  78216
("Company"), and American Stock Transfer & Trust Company, a New York corporation
with offices at 59 Maiden Lane, New York, New York 10038 ("Warrant Agent").

      WHEREAS,  the Company is engaged in a public offering ("Public  Offering")
of Units  ("Units")  and, in connection  therewith,  has determined to issue and
deliver up to 4,168,750  Warrants  ("Public  Warrants") to the public investors,
and (ii) 187,500 Warrants to Rodman & Renshaw,  LLC. ("Rodman") or its designees
("Underwriter's Warrants"), each of such Public Warrants evidencing the right of
the holder  thereof to purchase one share of common stock,  par value $.0001 per
share,  of the Company's  Common Stock  ("Common  Stock") for $5.50,  subject to
adjustment as described herein; and

      WHEREAS, the Company has filed with the Securities and Exchange Commission
(the "SEC") a Registration Statement,  No. 333-126569 on Form S-1 ("Registration
Statement")  for the  registration  under the Securities Act of 1933, as amended
("Act") of, among other  securities,  the Public Warrants and the  Underwriter's
Warrants and the Common Stock issuable upon exercise of the Public  Warrants and
the Underwriter's Warrants; and

      WHEREAS,  the Company is issuing 125,000  warrants in a private  placement
immediately  prior  to  the  Public  Offering,   which  warrants  (the  "Private
Warrants") will be identical to the Public Warrants; and

      WHEREAS,  the Company  desires  the Warrant  Agent to act on behalf of the
Company,  and the  Warrant  Agent is willing to so act, in  connection  with the
issuance,  registration,  transfer,  exchange,  redemption  and  exercise of the
Public   Warrants,   the   Underwriter's   Warrants  and  the  Private  Warrants
(collectively, The "Warrants") Warrants; and

      WHEREAS, the Company desires to provide for the form and provisions of the
Warrants,  the terms upon which  they  shall be issued  and  exercised,  and the
respective  rights,  limitation of rights,  and  immunities of the Company,  the
Warrant Agent, and the holders of the Warrants; and

      WHEREAS,  all acts and  things  have  been  done and  performed  which are
necessary  to make the  Warrants,  when  executed  on behalf of the  Company and
countersigned  by or on behalf of the Warrant  Agent,  as provided  herein,  the
valid,  binding and legal  obligations  of the  Company,  and to  authorize  the
execution and delivery of this Agreement.

      NOW,   THEREFORE,   in  consideration  of  the  mutual  agreements  herein
contained, the parties hereto agree as follows:

1.  Appointment of Warrant Agent.  The Company hereby appoints the Warrant Agent
to act as agent for the Company for the  Warrants,  and the Warrant Agent hereby
accepts such  appointment  and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.

2. Warrants.

      2.1 Form of Warrant. Each Warrant shall be issued in registered form only,
shall be in substantially the form of Exhibit A hereto,  the provisions of which
are incorporated herein, and shall be signed by, or bear the facsimile signature

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of, the Chairman of the Board,  Vice Chairman or Co-Chief  Executive Officer and
Treasurer,  Secretary  or  Assistant  Secretary  of the Company and shall bear a
facsimile  of the  Company's  seal.  In the event  the  person  whose  facsimile
signature  has been placed  upon any  Warrant  shall have ceased to serve in the
capacity in which such person signed the Warrant  before such Warrant is issued,
it may be issued  with the same effect as if he or she had not ceased to be such
at the date of issuance.

      2.2  Effect of  Countersignature.  Unless and until  countersigned  by the
Warrant Agent pursuant to this  Agreement,  a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof.

      2.3 Registration.

            2.3.1  Warrant  Register.  The Warrant  Agent shall  maintain  books
("Warrant   Register")  for  the  registration  of  original  issuance  and  the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions delivered to the Warrant Agent by the Company.

            2.3.2 Registered  Holder.  Prior to due presentment for registration
of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose  name such  Warrant  shall be  registered  upon the  Warrant
Register  ("registered  holder"),  as the absolute  owner of such Warrant and of
each Warrant represented thereby  (notwithstanding  any notation of ownership or
other writing on the Warrant  Certificate  made by anyone other than the Company
or the Warrant  Agent),  for the purpose of any  exercise  thereof,  and for all
other purposes,  and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary.

      2.4  Detachability of Warrants.  The securities  comprising the Units will
not be separately  transferable until 20 trading days after the earlier to occur
of the  expiration  of Rodman's  over-allotment  option or its  exercise in full
unless  Rodman  informs the Company of its  decision to allow  earlier  separate
trading,  but in no event will Rodman allow  separate  trading of the securities
comprising the Units until the Company files a Current Report on Form 8-K, which
includes an audited  balance sheet  reflecting the receipt by the Company of the
gross  proceeds of the Public  Offering  including the proceeds  received by the
Company from the exercise of the  underwriters'  over-allotment  option,  if the
over-allotment option is exercised prior to the filing of the Form 8-K.

      2.5 Public Warrants and Underwriter's Warrants. The Underwriter's Warrants
shall have the same terms and be in the same form as the Public  Warrants except
with respect to the Warrant Price as set forth below in Section 3.1.

3. Terms and Exercise of Warrants.

            3.1 Warrant Price. Each Public Warrant shall, when  countersigned by
the  Warrant  Agent,  entitle  the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $5.50 per whole share, subject to the adjustments provided in Section 4

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hereof and in the last  sentence  of this  Section  3.1.  Each  Underwriter's
Warrant shall, when  countersigned by the Warrant Agent,  entitle the registered
holder thereof,  subject to the provisions of such Underwriter's  Warrant and
of this Warrant Agreement,  to purchase from the Company the number of shares of
Common Stock stated therein,  at the price of $5.50 per whole share,  subject to
the  adjustments  provided in Section 4 hereof and in the last  sentence of this
Section 3.1. The term "Warrant Price" as used in this Warrant  Agreement  refers
to the price  per share at which  Common  Stock may be  purchased  at the time a
Warrant is exercised.  The Company in its sole  discretion may lower the Warrant
Price at any time prior to the Expiration Date.

      3.2  Duration  of  Warrants.  A Warrant may be  exercised  only during the
period  ("Exercise  Period")  commencing on the later of the consummation by the
Company of a merger, capital stock exchange,  asset acquisition or other similar
business  combination  (as described more fully in the  Registration  Statement,
"Business  Combination")  or __________,  2006 and terminating at 5:00 p.m., New
York City time on the earlier to occur of  (i)__________,  2010 or (ii) the date
fixed for  redemption of the Warrants as provided in Section 6 of this Agreement
("Expiration Date").  Except with respect to the right to receive the Redemption
Price (as set forth in Section 6  hereunder),  each Warrant not  exercised on or
before the Expiration Date shall become void, and all rights  thereunder and all
rights in respect  thereof  under  this  Agreement  shall  cease at the close of
business on the Expiration  Date. The Company in its sole  discretion may extend
the duration of the Warrants by delaying the Expiration Date.

      3.3 Exercise of Warrants.

            3.3.1  Payment.  Subject to the  provisions  of the Warrant and this
Warrant  Agreement,  a Warrant,  when countersigned by the Warrant Agent, may be
exercised by the registered  holder thereof by surrendering it, at the office of
the Warrant Agent,  or at the office of its successor as Warrant  Agent,  in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant,  duly  executed,  and (i) by paying in full, in lawful
money of the United States,  in cash,  good  certified  check or good bank draft
payable to the order of the  Company,  the Warrant  Price for each full share of
Common  Stock as to which the Warrant is  exercised  and any and all  applicable
taxes due in  connection  with the exercise of the Warrant,  the exchange of the
Warrant for the Common  Stock,  and the  issuance of the Common Stock or (ii) by
surrendering  his or her Warrant for that number of shares of Common Stock equal
to the quotient  obtained by dividing (x) the product of the number of shares of
Common Stock  underlying the Warrant,  multiplied by the difference  between the
Warrant Price and the "Fair Market Value" (defined below) by (y) the Fair Market
Value.  The "Fair Market Value" shall mean the average  reported last sale price
of the Common  Stock for the 10 trading  days ending on the third  business  day
prior to the date on which notice of exercise is given to the Company, or in the
event that the  Company has given a notice of  redemption  to the holder of such
Warrant,  on the third  business  day  prior to the date on which any  notice of
redemption is sent to holders of the Warrant pursuant to Section 6 hereof.

            3.3.2 Issuance of  Certificates.  As soon as  practicable  after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price,  the  Company  shall  issue to the  registered  holder of such  Warrant a
certificate  or  certificates  for the number of full shares of Common  Stock to
which  he,  she or it is  entitled,  registered  in such name or names as may be

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directed by him, her or it, and if such Warrant shall not have been exercised in
full,  a new  countersigned  Warrant  for the  number of shares as to which such
Warrant  shall not have  been  exercised.  Notwithstanding  the  foregoing,  the
Company  shall not be  obligated  to  deliver  any  securities  pursuant  to the
exercise of a Warrant  unless (i) a  registration  statement  under the Act with
respect to the Common Stock issuable upon such exercise is effective, or (ii) in
the opinion of counsel to the  Company,  the  exercise of the Warrants is exempt
from the registration  requirements of the Act and such securities are qualified
for sale or exempt from  qualification  under applicable  securities laws of the
states or other  jurisdictions in which the registered holders reside.  Warrants
may not be exercised by, or securities  issued to, any registered  holder in any
state in which such exercise or issuance would be unlawful.

            3.3.3 Valid  Issuance.  All shares of Common  Stock  issued upon the
proper  exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.

            3.3.4  Date  of  Issuance.  Each  person  in  whose  name  any  such
certificate  for  shares of Common  Stock is issued  shall for all  purposes  be
deemed to have  become the holder of record of such  shares on the date on which
the  Warrant  was  surrendered  and  payment  of the  Warrant  Price  was  made,
irrespective  of the date of delivery of such  certificate,  except that, if the
date of such  surrender and payment is a date when the stock  transfer  books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business  on the next  succeeding  date on which the
stock transfer books are open.

            3.3.5 Warrant Solicitation and Warrant Solicitation Fee.

                  (a) The Company has engaged Rodman, on a non-exclusive  basis,
as its agent for the solicitation of the exercise of the Warrants.  The Company,
at its cost,  will (i)  assist  Rodman  with  respect to such  solicitation,  if
requested by Rodman,  and (ii) provide Rodman, and direct the Company's transfer
agent and the  Warrant  Agent to deliver to Rodman,  lists of the record and, to
the extent  known,  beneficial  owners of the  Company's  Warrants.  The Company
hereby  instructs the Warrant Agent to cooperate with Rodman in every respect in
connection with Rodman's solicitation activities, including, but not limited to,
providing to Rodman,  at the  Company's  cost,  a list of record and  beneficial
holders of the  Warrants  and  circulating  a  prospectus  or offering  circular
disclosing the compensation arrangements referenced in Section 3.3.5(b) below to
holders of the Warrants at the time of exercise of the Warrants.  In addition to
the conditions set forth in Section 3.3.5(b), Rodman shall accept payment of the
warrant  solicitation  fee provided in Section  3.3.5(b) only if it has provided
bona fide  services  to the  Company  in  connection  with the  exercise  of the
Warrants  and only to the extent that an investor  who  exercises  his  Warrants
specifically  designates,  in writing,  that Rodman  solicited  his,  her or its
exercise.  In addition to soliciting,  either orally or in writing, the exercise
of Warrants by a Warrant  holder,  such services may also include  disseminating
information,  either orally or in writing,  to Warrant holders about the Company
or the market for the Company's  securities,  or assisting in the  processing of
the exercise of Warrants.

                  (b) In each  instance  in which a Warrant  is  exercised,  the
Warrant Agent shall promptly give written notice of such exercise to the Company
and Rodman  ("Warrant  Agent's Exercise  Notice").  If, upon the exercise of any
Warrant  more  than  one  year  from  the  effective  date  of the  Registration

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Statement,  (i) the market price of the  Company's  Common Stock is greater than
the Warrant Price,  (ii)  disclosure of  compensation  arrangements  between the
Company  and Rodman  with  respect to the  solicitation  of the  exercise of the
Warrants  was made both at the time of the  Public  Offering  and at the time of
exercise (by delivery of the  Prospectus or as otherwise  required by applicable
law, rule or  regulation),  (iii) the holder of the Warrant  confirms in writing
that the exercise of the Warrant was  solicited by Rodman,  (iv) the Warrant was
not held in a discretionary account, and (v) the solicitation of the exercise of
the Warrant was not in violation of  Regulation M (as such rule or any successor
rule  may be in  effect  as of such  time of  exercise)  promulgated  under  the
Securities   Exchange  Act  of  1934,  as  amended,   then  the  Warrant  Agent,
simultaneously with the distribution of the Common Stock underlying the Warrants
so exercised in  accordance  with the  instructions  from the Company  following
receipt  of  the  proceeds  to  the  Company  received  upon  exercise  of  such
Warrant(s),  shall,  on  behalf  of the  Company,  pay (A) in the case of a cash
exercise of the Warrant,  a fee of 5% of the Warrant Price to Rodman;  or (B) in
the case of  exercise of the  Warrant on a cashless  basis,  either a fee of .05
shares for each  warrant  exercised or 5% of the fair market value of each share
issued upon such exercise (the method of payment to be at the Company's option),
provided that Rodman delivers to the Warrant Agent within ten (10) business days
from the date on which Rodman has received the Warrant Agent's  Exercise Notice,
a certificate that the conditions set forth in the preceding clauses (iii), (iv)
and (v) have been satisfied.  Notwithstanding the foregoing, no fee will be paid
to Rodman with respect to the exercise by the  Underwriters or their  affiliates
or the Company's  officers or directors of Warrants  purchased by it or them and
still held by them for its or their own  account.  Rodman and the Company may at
any time during  business  hours,  examine  the  records of the  Warrant  Agent,
including its ledger of original  Warrant  certificates  returned to the Warrant
Agent upon exercise of Warrants.

                  (c) The provisions of this Section 3.3.5. may not be modified,
amended or deleted without the prior written consent of Rodman.

4. Adjustments.

      4.1 Stock  Dividends  Split Ups. If after the date hereof,  and subject to
the provisions of Section 4.6 below, the number of outstanding  shares of Common
Stock is increased by a stock dividend  payable in shares of Common Stock, or by
a split up of shares of Common  Stock,  or other  similar  event,  then,  on the
effective date of such stock dividend,  split up or similar event, the number of
shares of Common Stock  issuable on exercise of each Warrant  shall be increased
in proportion to such increase in outstanding shares of Common Stock.

      4.2  Aggregation of Shares.  If after the date hereof,  and subject to the
provisions of Section 4.6, the number of  outstanding  shares of Common Stock is
decreased   by  a   consolidation,   combination,   reverse   stock   split   or
reclassification  of shares of Common Stock or other similar event, then, on the
effective  date  of  such  consolidation,   combination,  reverse  stock  split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

      4.3 Adjustments in Exercise Price. Whenever the number of shares of Common
Stock purchasable upon the exercise of the Warrants is adjusted,  as provided in

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Section 4.1 and 4.2 above,  the Warrant  Price shall be adjusted (to the nearest
cent) by multiplying such Warrant Price  immediately prior to such adjustment by
a fraction  (x) the  numerator  of which shall be the number of shares of Common
Stock  purchasable upon the exercise of the Warrants  immediately  prior to such
adjustment,  and (y) the  denominator  of which shall be the number of shares of
Common Stock so purchasable immediately thereafter.

      4.4  Replacement of Securities  upon  Reorganization,  etc. In case of any
reclassification  or  reorganization  of the outstanding  shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common  Stock),  or in the case of any merger or
consolidation  of the Company  with or into  another  corporation  (other than a
consolidation  or merger in which the Company is the continuing  corporation and
that  does  not  result  in  any   reclassification  or  reorganization  of  the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another  corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved,  the Warrant  holders shall  thereafter have the right to purchase
and receive,  upon the basis and upon the terms and conditions  specified in the
Warrants  and in lieu of the shares of Common  Stock of the Company  immediately
theretofore   purchasable  and  receivable  upon  the  exercise  of  the  rights
represented  thereby, the kind and amount of shares of stock or other securities
or   property   (including   cash)   receivable   upon  such   reclassification,
reorganization,  merger or  consolidation,  or upon a dissolution  following any
such sale or  transfer,  that the  Warrant  holder  would have  received if such
Warrant  holder had exercised his, her or its  Warrant(s)  immediately  prior to
such event;  and if any  reclassification  also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such  adjustment  shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The  provisions of this
Section   4.4   shall   similarly   apply   to   successive   reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

      4.5 Notices of Changes in Warrant.  Upon every  adjustment  of the Warrant
Price or the number of shares  issuable on  exercise  of a Warrant,  the Company
shall give written notice thereof to the Warrant Agent, which notice shall state
the Warrant Price  resulting from such  adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a
Warrant,  setting forth in reasonable  detail the method of calculation  and the
facts upon which such  calculation  is based.  Upon the  occurrence of any event
specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company
shall give written notice to the Warrant  holder,  at the last address set forth
for such holder in the  Warrant  Register,  of the record date or the  effective
date of the event. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such event.

      4.6 No Fractional Shares.  Notwithstanding any provision contained in this
Warrant Agreement to the contrary, the Company shall not issue fractional shares
upon exercise of Warrants. If, by reason of any adjustment made pursuant to this
Section 4, the holder of any Warrant  would be  entitled,  upon the  exercise of
such Warrant,  to receive a fractional  interest in a share,  the Company shall,
upon such  exercise,  round up to the  nearest  whole  number  the number of the
shares of Common Stock to be issued to the Warrant holder.

      4.7 Form of Warrant.  The form of Warrant  need not be changed  because of
any  adjustment  pursuant  to this  Section 4, and  Warrants  issued  after such
adjustment  may state the same Warrant Price and the same number of shares as is

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stated in the Warrants initially issued pursuant to this Agreement. However, the
Company  may at any time in its sole  discretion  make any change in the form of
Warrant  that the  Company  may deem  appropriate  and that does not  affect the
substance thereof,  and any Warrant thereafter issued or countersigned,  whether
in exchange or substitution for an outstanding  Warrant or otherwise,  may be in
the form as so changed.

5. Transfer and Exchange of Warrants.

      5.1  Registration  of  Transfer.  The  Warrant  Agent shall  register  the
transfer,  from  time to time,  of any  outstanding  Warrant  upon  the  Warrant
Register,  upon surrender of such Warrant for transfer,  properly  endorsed with
signatures properly  guaranteed and accompanied by appropriate  instructions for
transfer.  Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

      5.2 Procedure for Surrender of Warrants.  Warrants may be  surrendered  to
the Warrant Agent, together with a written request for exchange or transfer, and
thereupon  the Warrant  Agent shall issue in exchange  therefor  one or more new
Warrants as requested by the registered  holder of the Warrants so  surrendered,
representing an equal aggregate number of Warrants;  provided,  however, that in
the event that a Warrant  surrendered  for transfer bears a restrictive  legend,
the  Warrant  Agent  shall not cancel  such  Warrant  and issue new  Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company  stating that such transfer may be made and  indicating  whether the
new Warrants must also bear a restrictive legend.

      5.3 Fractional Warrants. The Warrant Agent shall not be required to effect
any  registration of transfer or exchange which will result in the issuance of a
warrant certificate for a fraction of a warrant.

      5.4 Service  Charges.  No service charge shall be made for any exchange or
registration of transfer of Warrants.

      5.5 Warrant  Execution and  Countersignature.  The Warrant Agent is hereby
authorized to countersign  and to deliver,  in accordance with the terms of this
Agreement, the Warrants required to be issued pursuant to the provisions of this
Section 5, and the Company,  whenever required by the Warrant Agent, will supply
the Warrant  Agent with Warrants duly executed on behalf of the Company for such
purpose.

6. Redemption.

      6.1  Redemption.  Subject to Section 6.4 hereof,  not less than all of the
outstanding Warrants may be redeemed,  at the option of the Company, at any time
after they become  exercisable and prior to their  expiration,  at the office of
the Warrant Agent,  upon the notice  referred to in Section 6.2, at the price of
$.01 per Warrant ("Redemption Price"), provided that the last sales price of the
Common  Stock has been equal to or  greater  than  $11.50 per share,  on each of
twenty (20) trading days within any thirty (30) trading day period ending on the

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third business day prior to the date on which notice of redemption is given. The
provisions of this Section 6.1 may not be modified,  amended or deleted  without
the prior written consent of Rodman.

      6.2 Date Fixed for,  and Notice of,  Redemption.  In the event the Company
shall elect to redeem all of the Warrants,  the Company shall fix a date for the
redemption.  Notice of redemption  shall be mailed by first class mail,  postage
prepaid,  by the  Company  not less  than 30 days  prior to the date  fixed  for
redemption  to the  registered  holders of the  Warrants to be redeemed at their
last addresses as they shall appear on the Warrant  Register.  Any notice mailed
in the manner herein provided shall be  conclusively  presumed to have been duly
given whether or not the registered holder received such notice.

      6.3 Exercise After Notice of Redemption.  The Warrants may be exercised in
accordance with Section 3 of this Warrant  Agreement at any time after notice of
redemption  shall have been given by the Company  pursuant to Section 6.2 hereof
and prior to the time and date fixed for redemption. On and after the redemption
date,  the record holder of the Warrants  shall have no further rights except to
receive, upon surrender of the Warrants, the Redemption Price.

      6.4 Outstanding Warrants Only. The Company understands that the redemption
rights provided for by this Section 6 apply only to outstanding Warrants. To the
extent a person holds rights to purchase  Warrants,  such purchase  rights shall
not be  extinguished  by  redemption.  However,  once such  purchase  rights are
exercised,  the  Company  may  redeem the  Warrants  issued  upon such  exercise
provided that the criteria for redemption is met,  including the  opportunity of
the Warrant holder to exercise prior to redemption  pursuant to Section 6.3. The
provisions of this Section 6.4 may not be modified,  amended or deleted  without
the prior written consent of Rodman.

7. Other Provisions Relating to Rights of Holders of Warrants.

      7.1 No Rights as  Stockholder.  A Warrant does not entitle the  registered
holder thereof to any of the rights of a stockholder of the Company,  including,
without  limitation,  the right to receive  dividends,  or other  distributions,
exercise  any  preemptive  rights to vote or to consent or to receive  notice as
stockholders  in respect of the  meetings  of  stockholders  or the  election of
directors of the Company or any other matter.

      7.2 Lost,  Stolen,  Mutilated,  or Destroyed  Warrants.  If any Warrant is
lost, stolen,  mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their  discretion  impose
(which  shall,  in the  case  of a  mutilated  Warrant,  include  the  surrender
thereof),  issue a new  Warrant  of like  denomination,  tenor,  and date as the
Warrant so lost,  stolen,  mutilated,  or destroyed.  Any such new Warrant shall
constitute a substitute  contractual  obligation of the Company,  whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

      7.3  Reservation  of Common Stock.  The Company shall at all times reserve
and keep  available a number of its  authorized  but  unissued  shares of Common
Stock that will be sufficient to permit the exercise in full of all  outstanding
Warrants issued pursuant to this Warrant Agreement.

                                       8
<PAGE>

      7.4  Registration  of Common Stock.  The Company  agrees that prior to the
commencement of the Exercise Period, it shall file with the SEC a post-effective
amendment to the Registration Statement,  or a new registration  statement,  for
the  registration,  under  the Act,  of,  and it shall  take  such  action as is
necessary  to  qualify  for sale,  in those  states in which the  Warrants  were
initially offered by the Company, the Common Stock issuable upon exercise of the
Warrants.  In either  case,  the Company  will use its best efforts to cause the
same to become  effective on or prior to the commencement of the Exercise Period
and to maintain  the  effectiveness  of such  registration  statement  until the
expiration  of the Warrants in  accordance  with the  provisions of this Warrant
Agreement.  The  provisions of this Section 7.4 may not be modified,  amended or
deleted without the prior written consent of Rodman.

8. Concerning the Warrant Agent and Other Matters.

      8.1 Payment of Taxes.  The Company will from time to time promptly pay all
taxes and charges that may be imposed  upon the Company or the Warrant  Agent in
respect of the  issuance or delivery of shares of Common Stock upon the exercise
of Warrants, but the Company shall not be obligated to pay any transfer taxes in
respect of the Warrants or such shares.

      8.2 Resignation, Consolidation, or Merger of Warrant Agent.

            8.2.1  Appointment of Successor Warrant Agent. The Warrant Agent, or
any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities  hereunder after giving sixty (60) days'
notice in writing to the  Company.  If the office of the Warrant  Agent  becomes
vacant by  resignation  or  incapacity  to act or  otherwise,  the Company shall
appoint in writing a successor  Warrant Agent in place of the Warrant Agent.  If
the Company shall fail to make such appointment within a period of 30 days after
it has been notified in writing of such resignation or incapacity by the Warrant
Agent or by the holder of the Warrant (who shall,  with such notice,  submit his
Warrant for inspection by the Company), then the holder of any Warrant may apply
to the Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent. Any successor  Warrant Agent,  whether
appointed by the Company or by such court, shall be a corporation  organized and
existing  under the laws of the State of New York,  in good  standing and having
its principal  office in the Borough of  Manhattan,  City and State of New York,
and authorized under such laws to exercise corporate trust powers and subject to
supervision or examination by federal or state authority. After appointment, any
successor Warrant Agent shall be vested with all the authority,  powers, rights,
immunities,  duties, and obligations of its predecessor  Warrant Agent with like
effect as if originally  named as Warrant Agent  hereunder,  without any further
act or deed;  but if for any reason it becomes  necessary  or  appropriate,  the
predecessor  Warrant  Agent  shall  execute and  deliver,  at the expense of the
Company,  an instrument  transferring  to such  successor  Warrant Agent all the
authority,  powers, and rights of such predecessor Warrant Agent hereunder;  and
upon request of any successor  Warrant  Agent the Company  shall make,  execute,
acknowledge,  and deliver any and all  instruments in writing for more fully and
effectually  vesting in and confirming to such successor  Warrant Agent all such
authority, powers, rights, immunities, duties, and obligations.

                                       9
<PAGE>

            8.2.2 Notice of Successor  Warrant  Agent.  In the event a successor
Warrant Agent shall be appointed,  the Company shall give notice  thereof to the
predecessor  Warrant Agent and the transfer agent for the Common Stock not later
than the effective date of any such appointment.

            8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into
which the Warrant  Agent may be merged or with which it may be  consolidated  or
any corporation  resulting from any merger or consolidation to which the Warrant
Agent shall be a party shall be the  successor  Warrant Agent under this Warrant
Agreement without any further act.

      8.3 Fees and Expenses of Warrant Agent.

            8.3.1  Remuneration.  The Company  agrees to pay the  Warrant  Agent
reasonable  remuneration for its services as such Warrant Agent hereunder as set
forth on Exhibit A hereto,  and will reimburse the Warrant Agent upon demand for
all expenditures that the Warrant Agent may reasonably incur in the execution of
its duties hereunder.

            8.3.2 Further  Assurances.  The Company agrees to perform,  execute,
acknowledge, and deliver or cause to be performed,  executed,  acknowledged, and
delivered all such further and other acts,  instruments,  and  assurances as may
reasonably  be required by the Warrant  Agent for the carrying out or performing
of the provisions of this Warrant Agreement.

      8.4 Liability of Warrant Agent.

            8.4.1 Reliance on Company Statement.  Whenever in the performance of
its  duties  under this  Warrant  Agreement,  the  Warrant  Agent  shall deem it
necessary or desirable  that any fact or matter be proved or  established by the
Company prior to taking or suffering any action  hereunder,  such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by a statement signed by the
Co-Chief  Executive  Officer,  Chairman  of the  Board or Vice  Chairman  of the
Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement  for any action  taken or suffered in good faith by it pursuant to the
provisions of this Warrant Agreement.

            8.4.2  Indemnity.  The Warrant Agent shall be liable  hereunder only
for its own negligence,  willful  misconduct or bad faith. The Company agrees to
indemnify  the  Warrant  Agent  and  save  it  harmless   against  any  and  all
liabilities,  including  judgments,  costs  and  reasonable  counsel  fees,  for
anything  done or omitted by the Warrant  Agent in the execution of this Warrant
Agreement  except  as a  result  of  the  Warrant  Agent's  negligence,  willful
misconduct, or bad faith.

            8.4.3  Exclusions.  The Warrant  Agent shall have no  responsibility
with respect to the  validity of this  Warrant  Agreement or with respect to the
validity or execution of any Warrant (except its countersignature  thereof); nor
shall it be  responsible  for any  breach  by the  Company  of any  covenant  or
condition contained in this Warrant Agreement or in any Warrant; nor shall it be

                                       10
<PAGE>

responsible to make any  adjustments  required under the provisions of Section 4
hereof or responsible for the manner,  method,  or amount of any such adjustment
or the  ascertaining  of the  existence  of facts  that would  require  any such
adjustment;   nor  shall  it  by  any  act  hereunder  be  deemed  to  make  any
representation  or warranty as to the authorization or reservation of any shares
of Common Stock to be issued  pursuant to this Warrant  Agreement or any Warrant
or as to whether any shares of Common  Stock will when issued be valid and fully
paid and nonassessable.

      8.5  Acceptance  of Agency.  The Warrant  Agent hereby  accepts the agency
established  by this Warrant  Agreement  and agrees to perform the same upon the
terms and  conditions  herein set forth and among other  things,  shall  account
promptly to the Company  with  respect to Warrants  exercised  and  concurrently
account for, and pay to the Company,  all moneys  received by the Warrant  Agent
for the purchase of shares of the Company's Common Stock through the exercise of
Warrants.

9. Miscellaneous Provisions.

      9.1 Successors. All the covenants and provisions of this Warrant Agreement
by or for the benefit of the  Company or the Warrant  Agent shall bind and inure
to the benefit of their respective successors and assigns.

      9.2 Notices.  Any notice or other  communication  required or which may be
given  hereunder  shall be in writing and either be delivered  personally  or by
private national courier  service,  or be mailed,  certified or registered mail,
return receipt  requested,  postage  prepaid,  and shall be deemed given when so
delivered  personally or, if sent by private national  courier  service,  on the
next  business day after  delivery to the courier,  or, if mailed,  two business
days after the date of mailing, as follows:

                  Argyle Security Acquisition Corporation
                  200 Concord Plaza, Suite 700
                  San Antonio, Texas 78216
                  Attn: Bob Marbut

Any notice, statement or demand authorized by this Warrant Agreement to be given
or made by the  holder of any  Warrant or by the  Company  to or on the  Warrant
Agent shall be  sufficiently  given when so  delivered  if by hand or  overnight
delivery or if sent by certified mail or private courier service five days after
deposit of such notice,  postage  prepaid,  addressed  (until another address is
filed in writing by the Warrant Agent with the Company), as follows:

                  American Stock Transfer & Trust Company
                  59 Maiden Lane
                  New York, New York 10038
                  Attn: Compliance Department

with a copy in each case to:

                  Loeb & Loeb LLP
                  345 Park Avenue
                  New York, New York 10154
                  Attn: Mitchell S. Nussbaum

                                       11
<PAGE>

and

                  Rodman & Renshaw, LLC
                  330 Madison Avenue
                  New York, New York 10017
                  Attn:  Edward Kovalik

and

                  Morse Zelnick Rose & Lander, LLP
                  405 Park Avenue, Suite 1401
                  New York, New York 10022
                  Attn: Kenneth S. Rose

      9.3 Applicable law. The validity,  interpretation, and performance of this
Warrant  Agreement and of the Warrants  shall be governed in all respects by the
laws of the State of New York,  without  giving effect to conflict of laws.  The
Company  hereby  agrees that any action,  proceeding or claim against it arising
out of or relating  in any way to this  Warrant  Agreement  shall be brought and
enforced  in the courts of the State of New York or the United  States  District
Court for the Southern  District of New York,  and  irrevocably  submits to such
jurisdiction,  which jurisdiction shall be exclusive.  The Company hereby waives
any objection to such exclusive  jurisdiction  and that such courts represent an
inconvenient  forum.  Any such  process or summons to be served upon the Company
may be served by  transmitting  a copy thereof by registered or certified  mail,
return receipt  requested,  postage prepaid,  addressed to it at the address set
forth in Section 9.2 hereof.  Such mailing shall be deemed personal  service and
shall be legal and binding upon the Company in any action, proceeding or claim.

      9.4 Persons  Having Rights under this Warrant  Agreement.  Nothing in this
Warrant  Agreement  expressed  and nothing  that may be implied  from any of the
provisions  hereof is intended,  or shall be construed,  to confer upon, or give
to, any person or  corporation  other than the parties hereto and the registered
holders of the Warrants  and, for the purposes of Sections  3.3.5 6.1, 6.4, 7.4,
9.2 and 9.8 hereof,  Rodman,  any right,  remedy, or claim under or by reason of
this Warrant Agreement or of any covenant, condition,  stipulation,  promise, or
agreement hereof. Rodman shall be deemed to be a third-party beneficiary of this
Warrant  Agreement  with respect to Sections  3.3.5,  6.1, 6.4, 7.4, 9.2 and 9.8
hereof.  All  covenants,  conditions,  stipulations,  promises,  and  agreements
contained in this Warrant  Agreement shall be for the sole and exclusive benefit
of the parties hereto (and Rodman with respect to the Sections 3.3.5,  6.1, 6.4,
7.4, 9.2 and 9.8 hereof) and their  successors and assigns and of the registered
holders of the Warrants.

      9.5 Examination of the Warrant Agreement. A copy of this Warrant Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of  Manhattan,  City and State of New York,  for  inspection  by the
registered holder of any Warrant.  The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

                                       12
<PAGE>

      9.6 Counterparts.  This Warrant Agreement may be executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

      9.7 Effect of Headings.  The Section  headings  herein are for convenience
only and are not  part of this  Warrant  Agreement  and  shall  not  affect  the
interpretation thereof.

      9.8  Amendments.  This  Warrant  Agreement  may be amended by the  parties
hereto  without the consent of any  registered  holder for the purpose of curing
any ambiguity, or of curing, correcting or supplementing any defective provision
contained  herein or adding or changing  any other  provisions  with  respect to
matters or questions  arising  under this  Warrant  Agreement as the parties may
deem necessary or desirable and that the parties deem shall not adversely affect
the interest of the registered  holders.  All other modifications or amendments,
including  any  amendment to increase the Warrant  Price or shorten the Exercise
Period,  shall require the written  consent of each of Rodman and the registered
holders of a majority  of the then  outstanding  Warrants.  Notwithstanding  the
foregoing, the Company may lower the Warrant Price or extend the duration of the
Exercise Period in accordance with Sections 3.1 and 3.2,  respectively,  without
such consent.

      9.9 Severability.  This Warrant  Agreement shall be deemed severable,  and
the  invalidity or  unenforceability  of any term or provision  hereof shall not
affect the validity or  enforceability of this Warrant Agreement or of any other
term  or  provision  hereof.  Furthermore,  in  lieu  of  any  such  invalid  or
unenforceable  term or provision,  the parties hereto intend that there shall be
added as a part of this  Warrant  Agreement a  provision  as similar in terms to
such  invalid or  unenforceable  provision  as may be possible  and be valid and
enforceable.

      IN WITNESS WHEREOF,  this Warrant  Agreement has been duly executed by the
parties hereto as of the day and year first above written.

Attest:                               ARGYLE SECURITY ACQUISITION CORPORATION

                                      By:
                                          --------------------------------------
                                          Bob Marbut, Co-Chief Executive Officer
----------------------------------

Attest:                               AMERICAN STOCK TRANSFER & TRUST COMPANY

                                      By:
----------------------------------        --------------------------------------
                                          Name:
                                          Title:INVESTMENT
        MANAGEMENT TRUST AGREEMENT

       

      This
        Agreement is made as of _________, 2005 by and between Argyle Security
        Acquisition Corporation (the “Company”) and American Stock Transfer & Trust
        Company (“Trustee”).

       

      WHEREAS,
        the Company’s Registration Statement on Form S-1, No. 333-126569 (“Registration
        Statement”), for its initial public offering of securities (“IPO”) has been
        declared effective as of the date hereof by the Securities and Exchange
        Commission (“Effective Date”); and 

       

      WHEREAS,
        the Company has agreed to issue securities in a
        private placement that will occur immediately prior to the IPO (the
        "Placement"); and

       

      WHEREAS,
        Rodman & Renshaw, LLC (“Rodman”) is acting as the underwriter in the IPO and
        as placement agent for the Placement and

       

      WHEREAS,
        as described in the Company’s Registration Statement, and in accordance with the
        Company’s Certificate of Incorporation, $___________ of the proceeds of the IPO
        and the Placement ($___________ if the underwriter’s over-allotment option is
        exercised in full) will be delivered to the Trustee to be deposited and held
        in
        a trust account for the benefit of the Company and the holders of the Company’s
        Common Stock issued in the IPO and in the event the Units are registered
        in
        Colorado, pursuant to Section 11-51-302(6) of the Colorado Revised Statutes,
        a
        copy of which statute is attached hereto and made a part hereof. The amount
        to
        be delivered to the Trustee will be referred to herein as the “Property,” the
        stockholders for whose benefit the Trustee shall hold the Property will be
        referred to as the “Public Stockholders,” and the Public Stockholders, the
        Company and Rodman will be referred to together as the “Beneficiaries”); and

       

      WHEREAS,
        a portion of the Property consists of $___________ (or $___________ if the
        underwriters’ over-allotment option is exercised in full) attributable to the
        underwriters’ discount and $45,000 attributable to the placement fee which
        Rodman, on behalf of the underwriters, has agreed to deposit in the Trust
        Account (defined below); and

       

      WHEREAS,
        the Company and the Trustee desire to enter into this Agreement to set forth
        the
        terms and conditions pursuant to which the Trustee shall hold the
        Property;

       

      IT
        IS
        AGREED:

       

      1.  Agreements
        and Covenants of Trustee.
        The
        Trustee hereby agrees and covenants to:

       

      (a)  Hold
        the
        Property in trust for the Beneficiaries in accordance with the terms of this
        Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute,
        in a segregated trust account (“Trust Account”) established by the Trustee at a
        branch of JP Morgan Chase NY Bank selected by the Trustee; 

       

      (b)  Manage,
        supervise and administer the Trust Account subject to the terms and conditions
        set forth herein;

       

      (c)  In
        a
        timely manner, upon the instruction of the Company, to invest and reinvest
        the
        Property in any “Government Security.” As used herein, Government Security means
        any Treasury Bill issued by the United States, having a maturity of 180 days
        or
        less or in money market funds meeting certain conditions under Rule 2a-7
        promulgated under the Investment Company Act of 1940;

       

      (d)  Collect
        and receive, when due, all principal and income arising from the Property,
        which
        shall become part of the “Property,” as such term is used herein;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (e)  Notify
        the Company and Rodman of all communications received by it with respect
        to any
        Property requiring action by the Company;

       

      (f)  Supply
        any necessary information or documents as may be requested by the Company
        in
        connection with the Company’s preparation of the tax returns for the Trust
        Account;

       

      (g)  Participate
        in any plan or proceeding for protecting or enforcing any right or interest
        arising from the Property if, as and when instructed by the Company and/or
        Rodman to do so;

       

      (h)  Render
        to
        the Company and to Rodman, and to such other person as the Company may instruct,
        monthly written statements of the activities of and amounts in the Trust
        Account
        reflecting all receipts and disbursements of the Trust Account; and

       

      (i)  As
        of the
        date of the consummation of a business combination (“Business Combination”),
        commence liquidation of the Trust Account upon receipt of the Officers’
        Certificate signed by the Co-Chief Executive Officers or its Chairman of
        the
        Board and Vice Chairman in accordance with the terms of a letter (“Termination
        Letter”), in a form substantially similar to that attached hereto as
Exhibit
        A,
        signed
        on behalf of the Company by its Co-Chief Executive Officers or its Chairman
        of
        the Board and Vice Chairman, and complete the liquidation of the Trust Account
        and distribute the Property in the Trust Account only as directed in the
        Termination Letter and the other documents referred to therein. The Trustee
        understands and agrees that disbursements from the Trust Account shall be
        made
        only pursuant to a duly executed Termination Letter, together with the other
        documents referenced herein, including, without limitation, an independently
        certified oath and report of inspector of election in respect of the shareholder
        vote in favor of the Business Combination. In all cases, the Trustee shall
        provide Rodman with a copy of any Termination Letters, Officers’ Certificates
        and/or any other correspondence that it receives with respect to any proposed
        withdrawal from the Trust Account promptly after it receives same;
        and

       

      (j)  As
        of the
        date 18 months from the date of this Agreement (the “LOI Termination Date”) (or
        24 months from the date hereof in the event the Company has executed the
        Letter
        of Intent (defined below) prior to the LOI Termination Date but failed to
        consummate a Business Combination (“Second Termination Date”), commence
        liquidation of the Trust Account. The Trustee, upon consultation with the
        Company and Rodman, shall deliver a notice to Public Stockholders of record
        as
        of the LOI Termination Date or Second Termination Date, whichever the case
        may
        be, by U.S. mail or via the Depository Trust Company (“DTC”), within five days
        of the LOI Termination Date or Second Termination Date, to notify the Public
        Stockholders of such event and take such other actions as it may deem necessary
        to inform the Beneficiaries. The Trustee shall deliver to each Public
        Stockholder its ratable share of the Property against satisfactory evidence
        of
        delivery of the stock certificates by the Public Stockholders to the Company
        through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise
        presented to the Trustee. Notwithstanding the foregoing, if the Trustee receives
        a bona fide, executed letter of intent or engagement letter (the “Letter of
        Intent”) for a Business Combination prior to the LOI Termination Date
        accompanied by an Officers’ Certificate as described in Section 2(e) hereof,
        then the Trustee shall forego or suspend any liquidation of the Trust Account
        until the earlier of a Business Combination or the Second Termination
        Date.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      
        2. Limited
          Distributions of Income on Property.

        

        (a)
          Upon
          receipt by the Trustee of an Officer’s Certificate signed by either of the
          Co-Chief Executive Officers of the Company certifying as true, accurate
          and
          complete a copy of any tax return required to be filed on behalf of the
          Trust
          Account in respect of income earned on the Property held therein, the Trustee
          shall deliver to the Company for submission to the appropriate taxing authority
          a check made payable to the order of such taxing authority in the amount
          required to pay such taxes; provided, however, that in no event shall the
          aggregate amount of all checks issued to taxing authorities pursuant to
          this
          Section 2(a) exceed the income in respect of which such taxes are due and
          owing.

        

        (b)
          Upon
          one or more written requests from the Company, the Trustee shall distribute
          to
          the Company interest earned on the Trust Account, up to a maximum of $600,000
          in
          the aggregate. The distributions requested by the Company may be for any
          amount,
          provided that (i) in the aggregate, all distributions under this Section
          2(b)
          may not exceed $600,000, and (ii) that such distributions may only be made
          if
          and to the extent that interest has been earned on the amount initially
          deposited into the Trust Account. 

        

        (c)
          Except as provided in Sections 2(a) and 2(b) above, no other distributions
          from
          the Trust Account shall be permitted except in accordance with Sections
          1(i) and
          1(j) hereof.

      

       

      3.  Agreements
        and Covenants of the Company.
        The
        Company hereby agrees and covenants to:

       

      (a)  Provide
        all instructions to the Trustee hereunder in writing, signed by at least
        one of
        the Company’s Co-Chief Executive Officers or its Chairman of the Board and Vice
        Chairman. In addition, except with respect to its duties under paragraph
        1(i)
        and 1(j) above, the Trustee shall be entitled to rely on, and shall be protected
        in relying on, any verbal or telephonic advice or instruction which it in
        good
        faith believes to be given by any one of the persons authorized above to
        give
        written instructions, provided that the Company and/or Rodman shall promptly
        confirm such instructions in writing; and;

       

      (b)  Hold
        the
        Trustee harmless and indemnify the Trustee from and against any and all
        expenses, including reasonable counsel fees and disbursements, or loss suffered
        by the Trustee in connection with any action, suit or other proceeding brought
        against the Trustee involving any claim, or in connection with any claim
        or
        demand which in any way arises out of or relates to this Agreement, the services
        of the Trustee hereunder, or the Property or any income earned from investment
        of the Property, except for expenses and losses resulting from the Trustee’s
        gross negligence or willful misconduct. Promptly after the receipt by the
        Trustee of notice of demand or claim or the commencement of any action, suit
        or
        proceeding, pursuant to which the Trustee intends to seek indemnification
        under
        this paragraph, it shall notify the Company in writing of such claim
        (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the
        right to conduct and manage the defense against such Indemnified Claim,
        provided, that the Trustee shall obtain the consent of the Company with respect
        to the selection of counsel, which consent shall not be unreasonably withheld.
        The Company may participate in such action with its own counsel;
        and

       

      (c)  Pay
        the
        Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it
        being expressly understood that the Property shall not be used to pay such
        fee).
        The Company shall pay the Trustee the initial acceptance fee and first year’s
        fee at the consummation of the IPO and thereafter on the anniversary of the
        Effective Date. The Trustee shall refund to the Company the fee (on a pro
        rata
        basis) with respect to any period after the liquidation of the Trust Fund.
        The
        Company shall not be responsible for any other fees or charges of the Trustee
        except as may be provided in paragraph 2(b) hereof (it being expressly
        understood that the Property shall not be used to make any payments to the
        Trustee under such paragraph).

       

      (d)  In
        the
        event that the Company consummates a Business Combination and the Trust Account
        is liquidated in accordance with Section 1(i) hereof, the Trustee or another
        independent party designated by Rodman shall act as the inspector of election
        to
        certify the results of the shareholder vote; and 

       

      (e)  The
        Officers’ Certificate referenced in Sections 1(i) and 1(j) hereof shall require
        at least one of the Company’s Co-Chief
        Executive Officers or its Chairman of the Board and Vice Chairman
        to each
        certify the following (wherever applicable): (1) prior to the LOI Termination
        Date, the Company has entered into a bona fide Letter of Intent with a target
        business; and/or (2) prior to the LOI Termination Date, the Company has entered
        into a Business Combination with a target business, the terms of which are
        consistent with the requirements set forth in the Registration Statement;
        and/or
        (3) prior to the Second Termination Date, the Company has entered into a
        Business Combination with a target business, the terms of which are consistent
        with the requirements set forth in the Registration Statement; and (4) the
        Board
        of Directors (the “Board”) pursuant to the unanimous written consent of the
        Board has approved (where applicable): (i) the Business Combination; and/or
        (ii)
        Letter of Intent. A copy of such consent shall be attached as an exhibit
        to the
        Officers’ Certificate. 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      4.  Limitations
        of Liability.
        The
        Trustee shall have no responsibility or liability to:

       

      (a)  Take
        any
        action with respect to the Property, other than as directed in paragraph
        1
        hereof and the Trustee shall have no liability to any party except for liability
        arising out of its own gross negligence or willful misconduct;

       

      (b)  Institute
        any proceeding for the collection of any principal and income arising from,
        or
        institute, appear in or defend any proceeding of any kind with respect to,
        any
        of the Property unless and until it shall have received written instructions
        from the Company and/or Rodman given as provided herein to do so and the
        Company
        shall have advanced or guaranteed to it funds sufficient to pay any expenses
        incident thereto;

       

      (c)  Change
        the investment of any Property, other than in compliance with paragraph
        1(c);

       

      (d)  Refund
        any depreciation in principal of any Property;

       

      (e)  Assume
        that the authority of any person designated by the Company and/or Rodman
        to give
        instructions hereunder shall not be continuing unless provided otherwise
        in such
        designation, or unless the Company and/or Rodman shall have delivered a written
        revocation of such authority to the Trustee;

       

      (f)  The
        other
        parties hereto or to anyone else for any action taken or omitted by it, or
        any
        action suffered by it to be taken or omitted, in good faith and in the exercise
        of its own best judgment, except for its gross negligence or willful misconduct.
        The Trustee may rely conclusively and shall be protected in acting upon any
        order, notice, demand, certificate, opinion or advice of counsel (including
        counsel chosen by the Trustee), statement, instrument, report or other paper
        or
        document (not only as to its due execution and the validity and effectiveness
        of
        its provisions, but also as to the truth and acceptability of any information
        therein contained) which is believed by the Trustee, in good faith, to be
        genuine and to be signed or presented by the proper person or persons. The
        Trustee need not investigate any fact or matter stated in the document. The
        Trustee shall not be bound by any notice or demand, or any waiver, modification,
        termination or rescission of this agreement or any of the terms hereof, unless
        evidenced by a written instrument delivered to the Trustee signed by the
        proper
        party or parties and, if the duties or rights of the Trustee are affected,
        unless it shall give its prior written consent thereto;

       

      (g)  Verify
        the correctness of the information set forth in the Registration Statement
        or to
        confirm or assure that any acquisition made by the Company or any other action
        taken by it is as contemplated by the Registration Statement, unless an officer
        of the Trustee has actual knowledge thereof, written notice of such event
        is
        sent to the Trustee or as otherwise required under paragraph 1(i) hereof;
        and

       

      (h)  Pay
        any
        taxes on behalf of the Trust Account (it being expressly understood that
        the
        Property shall not be used to pay any such taxes and that such taxes, if
        any,
        shall be paid by the Company from funds not held in the Trust
        Account).

       

      5.  Certain
        Rights Of Trustee.
        

       

      (a)  Before
        the Trustee acts or refrains from acting, it may require an Officers’
        Certificate or opinion of counsel or both. The Trustee shall not be liable
        for
        any action it takes or omits to take in good faith in reliance on such Officers’
        Certificate or opinion of counsel. The Trustee may consult with counsel and
        the
        advice of such counsel or any opinion of counsel shall be full and complete
        authorization and protection from liability in respect of any action taken,
        suffered or omitted by it hereunder in good faith and in reliance thereon.
        

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      (b)  The
        Trustee may act through its attorneys and agents and shall not be responsible
        for the misconduct or negligence of any agent appointed with due care.

       

      (c)  The
        Trustee shall not be liable for any action it takes or omits to take in good
        faith that it believes to be authorized or within the rights or powers conferred
        upon it by this Agreement. 

       

      (d)  The
        Trustee shall not be responsible for and makes no representation as to the
        validity or adequacy of this Agreement; it shall not be accountable for the
        Company’s use of the proceeds from the Trust Account. Notwithstanding the
        effective date of this Agreement or anything to the contrary contained in
        this
        Agreement, the Trustee shall have no liability or responsibility for any
        act or
        event relating to this Agreement or the transactions related thereto which
        occurs prior to the date of this Agreement, and shall have no contractual
        obligations to the Beneficiaries until the date of this Agreement.

       

      6.  Termination.
        This
        Agreement shall terminate as follows:

       

      (a)  If
        the
        Trustee gives written notice to the Company that it desires to resign under
        this
        Agreement, the Company shall use its reasonable efforts to locate a successor
        trustee. At such time that the Company notifies the Trustee that a successor
        trustee has been appointed by the Company and has agreed to become subject
        to
        the terms of this Agreement, the Trustee shall transfer the management of
        the
        Trust Account to the successor trustee, including but not limited to the
        transfer of copies of the reports and statements relating to the Trust Account,
        whereupon this Agreement shall terminate; provided, however, that, in the
        event
        that the Company does not locate a successor trustee within ninety days of
        receipt of the resignation notice from the Trustee, the Trustee may submit
        an
        application to have the Property deposited with the United States District
        Court
        for the Southern District of New York and upon such deposit, the Trustee
        shall
        be immune from any liability whatsoever that arises due to any actions or
        omissions to act by any party after such deposit; 

       

      (b)  At
        such
        time that the Trustee has completed the liquidation of the Trust Account
        in
        accordance with the provisions of paragraph 1(i) hereof, and distributed
        the
        Property in accordance with the provisions of the Termination Letter, this
        Agreement shall terminate except with respect to Paragraph 2(b); or

       

      (c)  On
        such
        date after ________ __, 2007 when the Trustee deposits the Property with
        the
        United States District Court for the Southern District of New York in the
        event
        that, prior to such date, the Trustee has not received a Termination Letter
        from
        the Company pursuant to paragraph 1(i).

       

      7.  Miscellaneous.

       

      (a)  The
        Company and the Trustee each acknowledge that the Trustee will follow the
        security procedures set forth below with respect to funds transferred from
        the
        Trust Account. Upon receipt of written instructions, the Trustee will confirm
        such instructions with an Authorized Individual at an Authorized Telephone
        Number listed on the attached Exhibit B. The Company and the Trustee will
        each
        restrict access to confidential information relating to such security procedures
        to authorized persons. Each party must notify the other party immediately
        if it
        has reason to believe unauthorized persons may have obtained access to such
        information, or of any change in its authorized personnel. In executing funds
        transfers, the Trustee will rely upon account numbers or other identifying
        numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than
        names. The Trustee shall not be liable for any loss, liability or expense
        resulting from any error in an account number or other identifying number,
        provided it has accurately transmitted the numbers provided.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

      (b)  This
        Agreement shall be governed by and construed and enforced in accordance with
        the
        laws of the State of New York, without giving effect to conflict of laws.
        It may
        be executed in several counterparts, each one of which shall constitute an
        original, and together shall constitute but one instrument.

       

      (c)  This
        Agreement contains the entire agreement and understanding of the parties
        hereto
        with respect to the subject matter hereof. This Agreement or any provision
        hereof may only be changed, amended or modified by a writing signed by each
        of
        the parties hereto; provided, however, that no such change, amendment or
        modification may be made without the prior written consent of Rodman. As
        to any
        claim, cross-claim or counterclaim in any way relating to this Agreement,
        each
        party waives the right to trial by jury.

       

      (d)  The
        parties hereto consent to the jurisdiction and venue of any state or federal
        court located in the City of New York for purposes of resolving any disputes
        hereunder.

       

      (e)  Any
        notice, consent or request to be given in connection with any of the terms
        or
        provisions of this Agreement shall be in writing and shall be sent by express
        mail or similar private courier service, by certified mail (return receipt
        requested), by hand delivery or by facsimile transmission:

       

      if
        to the
        Trustee, to:

       

      American
        Stock Transfer & Trust Company

      59
        Maiden
        Lane 

      New
        York,
        New York 10038

      Attn: 
        ________________

      Fax
        No.:
        (212) ___________

       

      if
        to the
        Company, to:

       

      Argyle
        Security Acquisition Corporation

      200
        Concord Plaza, Suite 700

      San
        Antonio, Texas 78216

      Attn: Bob
        Marbut

      Fax
        No.:
        (210) 828-7300

       

      in
        either
        case with a copy to:

       

      Rodman
        & Renshaw, LLC

      330
        Madison Avenue

      New
        York,
        New York 10017

      Attn: 
        Edward
        Kovalik

      Fax
        No.:
        (212) 356-0536

       

      and

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

        Morse
          Zelnick Rose & Lander, LLP

        405
          Park
          Avenue, Suite 1401

        New
          York,
          New York 10022

        Attn: 
          Kenneth
          S. Rose

        Fax
          No.:
          (212) 838-9190

         

        and

         

        Loeb
          & Loeb LLP

        345
          Park
          Avenue

        New
          York,
          New York 10154

        Attn: Mitchell
          S. Nussbaum

        Fax
          No.: (212) 407-4990

      

                   

      (f)  This
        Agreement may not be assigned by the Trustee without the prior written consent
        of the Company and Rodman.

       

      (g)  Each
        of
        the Trustee and the Company hereby represents that it has the full right
        and
        power and has been duly authorized to enter into this Agreement and to perform
        its respective obligations as contemplated hereunder. The Trustee acknowledges
        and agrees that it shall not make any claims or proceed against the Trust
        Account, including by way of set-off, and shall not be entitled to any funds
        in
        the Trust Account under any circumstance.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties have duly executed this Investment Management
        Trust
        Agreement as of the date first written above.

       

      
        	 	 	 
	 	AMERICAN
                STOCK TRANSFER & TRUST COMPANY, as Trustee
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	Title 

      

      
        	 	 	 
	 	ARGYLE
                SECURITY ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                Bob Marbut

                Co-Chief Executive Officer

              

      

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                Ron Chaimovski

                Co-Chief Executive Officer

              
	 	 

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      EXHIBIT
        A

      [Letterhead
        of Company]

       

      [Insert
        date]

       

      American
        Stock Transfer 

      &
        Trust Company

      59
        Maiden
        Lane 

      New
        York,
        New York 10038

      Attn:
        

       

      
        	
              	Re:	
                    Trust
                  Account No. [         ]
                  Termination
                  Letter

              

      

       

      Gentlemen:

       

      Pursuant
        to paragraph 1(i) of the Investment Management Trust Agreement between Argyle
        Security Acquisition Corporation (“Company”) and American Stock Transfer &
        Trust Company (“Trustee”), dated as of __________, 2005 (“Trust Agreement”),
        this is to advise you that the Company has entered into an agreement (“Business
        Agreement”) with __________________ (“Target Business”) to consummate a business
        combination with Target Business (“Business Combination”) on or about [insert
        date]. The Company shall notify you at least 48 hours in advance of the actual
        date of the consummation of the Business Combination (“Consummation Date”) and
        shall provide you with an Officers’ Certificate in accordance with paragraphs
        1(i) and 2(d) of the Trust Agreement. Capitalized words used herein and not
        otherwise define shall have the meaning ascribed to them in the Trust
        Agreement.

       

      In
        accordance with the terms of the Trust Agreement, we hereby authorize you
        to
        commence liquidation of the Trust Account to the effect that, on the
        Consummation Date, all of funds held in the Trust Account will be immediately
        available for transfer to the account or accounts that the Company and Rodman
        shall direct in writing on the Consummation Date.

       

      On
        the
        Consummation Date (i) counsel for the Company shall deliver to you written
        notification that (a) the Business Combination has been consummated, and
        (b) the
        provisions of Section 11-51-302(6) and Rule 51-3.4 of the CRS have been met,
        to
        the extent applicable; (ii) the Company shall deliver along with the oath
        and
        report of inspector of election certified by an independent inspector which
        may
        be the Trustee or as otherwise appointed by Rodman (collectively, the “Report”);
        and (iii) the Company shall deliver to you written instructions with respect
        to
        the transfer of the funds held in the Trust Account (“Instruction Letter”). You
        are hereby directed and authorized to transfer the funds held in the Trust
        Account immediately upon your receipt of the counsel’s letter, the Report,
        evidence of delivery of the Stock Certificates, the Officers’ Certificate and
        the Instruction Letter, (the “Deliverables”) in accordance with the terms of the
        Instruction Letter. Notwithstanding the foregoing, upon verification of receipt
        by you of the Deliverables, we hereby agree and acknowledge that the Property
        (as defined in the Trust Agreement) in the Trust Account shall be distributed
        as
        follows: (1) first, to Rodman by wire transfer (or as otherwise directed
        by
        Rodman) in immediately available funds, the aggregate amount of $___________
        (or
        $_____________ as applicable) plus any interest accrued thereon; and (2)
        thereafter, to any other Beneficiary (as defined in the Trust Agreement)
        in
        accordance with the terms of the Instruction Letter. In the event that certain
        deposits held in the Trust Account may not be liquidated by the Consummation
        Date without penalty, you will notify the Company and Rodman of the same
        and the
        Company and, if the amount set forth in clause (1) shall not have been paid
        in
        full, the Company and Rodman shall issue joint written instructions directing
        you as to whether such funds should remain in the Trust Account and distributed
        after the Consummation Date to the Company and/or Rodman. Upon the distribution
        of all the funds in the Trust Account pursuant to the terms hereof, the Trust
        Agreement shall be terminated.

       

      In
        the
        event that the Business Combination is not consummated on the Consummation
        Date
        described in the notice thereof and we have not notified you on or before
        the
        original Consummation Date of a new Consummation Date, then the funds held
        in
        the Trust Account shall be reinvested as provided in the Trust Agreement
        on the
        business day immediately following the Consummation Date as set forth in
        the
        notice.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	 	 
	 	 Very truly yours,
	 	 
	 	ARGYLE
                SECURITY ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                Bob Marbut, 

                Co-Chief Executive Officer 

              
	 	 

      

      
        	 	 	 
	 	By:  	 
	 	
                
                  

                

                Ron Chaimovski, 

                Co-Chief Executive Officer

              
	 	 

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      [Letterhead
        of Company]

       

      [Insert
        date]

       

      American
        Stock Transfer 

      &
        Trust Company

      59
        Maiden
        Lane 

      New
        York,
        New York 10038

      Attn:
        

       

      
        	
              	Re:	
                    Trust
                  Account No. [     ] Termination
                  Letter

              

      

       

      Gentlemen:

       

      Pursuant
        to paragraph 1(i) of the Investment Management Trust Agreement between Argyle
        Security Acquisition Corporation (“Company”) and American Stock Transfer &
        Trust Company (“Trustee”), dated as of _____________, 2005 (“Trust Agreement”),
        this is to advise you that the Board of Directors of the Company has voted
        to
        dissolve and liquidate the Company. Attached hereto is a copy of the minutes
        of
        the meeting of the Board of Directors of the Company relating thereto, certified
        by the Secretary of the Company as true and correct and in full force and
        effect.

       

      In
        accordance with the terms of the Trust Agreement, we hereby (a) certify to
        you
        that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado
        Statute have been met and (b) authorize you, to commence liquidation of the
        Trust Account. You will notify the Company and JPMorgan Chase NY Bank
        (“Designated Paying Agent”) in writing as to when all of the funds in the Trust
        Account will be available for immediate transfer (“Transfer Date”). The
        Designated Paying Agent shall thereafter notify you as to the account or
        accounts of the Designated Paying Agent that the funds in the Trust Account
        should be transferred to on the Transfer Date so that the Designated Paying
        Agent may commence distribution of such funds in accordance with the Company’s
        instructions. You shall have no obligation to oversee the Designated Paying
        Agent’s distribution of the funds. Upon the payment to the Designated Paying
        Agent of all the funds in the Trust Account, the Trust Agreement shall be
        terminated.

       

      
        
          	 	 	 
	 	 Very truly yours,
	 	 
	 	ARGYLE
                  SECURITY ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
                    

                  

                  Bob Marbut, 

                  Co-Chief Executive Officer 

                
	 	 

        

        
          	 	 	 
	 	By:  	 
	 	
                  
                    

                  

                  Ron Chaimovski, 

                  Co-Chief Executive Officer

                
	 	 

        

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      
        	
                AUTHORIZED
                  INDIVIDUAL(S)

                FOR
                  TELEPHONE CALL BACK

              	 	
                AUTHORIZED

                TELEPHONE
                  NUMBER(S)

              
	 	 	 
	
                Company:

              	 	 
	 	 	 
	
                Argyle
                  Security Acquisition Corporation

                200
                  Concord Plaza, Suite 700

                San
                  Antonio, Texas 78216

                Attn:
                  Bob Marbut, Co-Chief Executive Officer

              	 	
                 

                 

                (210)
                  829-8779

              
	 	 	 
	
                Trustee:

              	 	 
	 	 	 
	
                American
                  Stock Transfer & Trust Company

                59
                  Maiden Lane 

                New
                  York, New York 10038

                Attn:
                  

              	 	
                (212)
                  936-5100

              

      

       

      
        
          
          

        

        
          4

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