Document:

[FACE
      OF
      NOTE]

    

    THIS
      NOTE
      HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
      AS AMENDED (THE “U.S. SECURITIES ACT”) OR OTHER SECURITIES LAWS OF ANY STATE OR
      OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN
      MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
      DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE TRANSACTION IS EXEMPT
      FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
      ACT. 

    

    THIS
      NOTE
      MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
      OR
      BENEFIT OF, U.S. PERSONS (I) AS PART OF THEIR DISTRIBUTION AT ANY TIME OR (II)
      OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE DATE OF THE COMMENCEMENT OF
      THE
      OFFERING AND THE DATE OF ORIGINAL ISSUANCE, EXCEPT IN EITHER CASE IN ACCORDANCE
      WITH REGULATION S UNDER THE U.S. SECURITIES ACT (OR RULE 144A UNDER THE U.S.
      SECURITIES ACT, IF AVAILABLE).

    

    THE
      HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1) AGREES ON ITS OWN BEHALF AND
      ON
      BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES THAT IT
      WILL NOT PRIOR TO (X) THE DATE WHICH IS 40 DAYS AFTER THE LATER OF THE DATE
      OF
      THE COMMENCEMENT OF THE OFFERING AND THE DATE OF ORIGINAL ISSUANCE (OR OF ANY
      PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED
      BY
      APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR
      OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO CHINA SECURITY & SURVEILLANCE
      TECHNOLOGY, INC. (THE “ISSUER”), (B) PURSUANT TO A REGISTRATION STATEMENT WHICH
      HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, (C) FOR SO LONG
      AS
      THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE U.S.
      SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
      BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
      THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS
      AND
      SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE
      MEANING OF REGULATION S OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM
      THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, AND (2) AGREES THAT
      IT
      WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY
      TO THE EFFECT OF THIS LEGEND. THIS LEGEND MAY BE REMOVED UPON THE REQUEST OF
      THE
      HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS
      “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS
      GIVEN TO THEM BY REGULATION S. 

     

     

    CHINA
      SECURITY & SURVEILLANCE TECHNOLOGY, INC.

    (a
      Delaware corporation)

    

    US$
      60,000,000

    

    2.00%
      Senior Notes due February 16, 2007

    

    

    Certificate
      Number: C - 1 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    This
      certificate (the “Certificate”)
      represents a series of Notes in the denomination of US$1,000 each in registered
      form issued by China Security & Surveillance Technology, Inc., a Delaware
      corporation (herein after called the “Issuer”,
      which
      term includes any successor corporation), in the principal amount and
      identifying number set forth above and designated as specified in the title
      (the
“Notes”).
      The
      Notes have the benefit of, and are subject to, the Notes Purchase Agreement
      and
      the Terms and Conditions of the Notes (the “Conditions”)
      set
      forth on the reverse hereof. Terms used herein and not otherwise defined have
      the meanings assigned to them in the Conditions.

    

    	1.  	
            Promise
              To Pay

          

    

    The
      Issuer, for value received, promises to pay on February 16, 2007 or on such
      other date as the principal or other amounts in respect of the Notes may become
      due under the Conditions to the Noteholder the principal amount of US$60,000,000
      and interest (and any additional amounts) thereon at the rate, and at the times,
      determined under the Conditions until payment of the principal sum has been
      made
      in full together with any other amounts as may be payable, all subject to and
      under the Conditions. 

     

    	2.  	
            Transfers

          

    

    Transfers
      of this Note will be recorded in the Note Register maintained by the
      Issuer.

     

    	3.  	
            Governing
              Law

          

    

    THIS
      NOTE
      IS GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
      STATE
      OF NEW YORK.

     

    
      
         

      

      
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    IN
      WITNESS whereof this instrument has been duly executed on behalf of the
      Issuer.

    

    CHINA
      SECURITY & SURVEILLANCE TECHNOLOGY, INC.

    

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              
Name:	 	 	
            
	 	Title:	 	 	 

       

      
        	 	 	 	 	 
	By:	 	 	 	 
	 	
                
Name:	 	 	
              
	 	Title:	 	 	 

      

    

    

    

    Dated:
      February 8, 2007

     

    
      
         

      

      
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    [REVERSE
      OF NOTE]

    

    TERMS
      AND CONDITIONS OF THE NOTES

    

    

    US$60,000,000
      2.00% Senior Notes due February 16, 2007 (the “Notes”)
      of
      China Security & Surveillance Technology, Inc. a Delaware corporation (the
“Issuer”),
      was
      issued on February 8, 2007 (the “Issue
      Date”)
      in
      favor of the Noteholder. Payments of principal and interest in respect of the
      Notes will be made pursuant to Condition 5 of these Terms and Conditions of
      the
      Notes (the “Conditions”).

    

    References
      herein to “dollars”
and
      to
      the sign “US$”
are
      to
      United States dollars. In the Conditions, references to “Noteholder”,
      “Registered
      Holder”
or
      “holder”
means
      the persons in whose name a Note is registered on the Note Register (as defined
      below).

    

    1.  STATUS

     

    The
      Notes
      and all other obligations of the Issuer under the Notes are and at all times
      shall remain the general, unsecured and senior obligations of the Issuer ranking
      pari
      passu
      with any
      and all of the Issuer’s existing and future unsecured indebtedness that is not
      subordinated to the Notes.

    

    2.  FORM,
      DENOMINATION AND TITLE

     

    (a) Form
      and Denomination

    

    The
      Notes
      will be issued only in registered form and in denominations of US$1,000 and
      any
      integral multiple thereof. A certificate will be issued in respect of the
      registered holding of Notes (the “Certificate”).
      Each
      Certificate will have an identifying number which will be recorded on the
      relevant Certificate and in the register of Noteholders (the “Note
      Register”)
      which
      the Issuer, as registrar (the “Registrar”)
      will
      keep and maintain. 

     

    (b) Title

    

    The
      Notes
      will be registered instruments, title to which will pass only by registration
      in
      the Notes Register. The initial Registered Holder of the Notes on the Notes
      Register is Citadel Equity Fund Ltd. The Registered Holder of a Note will be
      treated as the owner for all purposes (whether or not it is overdue and
      regardless of any notice of ownership, trust or any interest or any writing
      on,
      or the theft or loss of, the Certificate issued in respect of it), and none
      of
      the Issuer nor any agent thereof (if any) shall be affected by notice to the
      contrary.

     

    3.  TRANSFERS
      OF Notes;
      Issue of Certificates

     

    (a) Transfers

    

    
      
         

      

      
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    The
      Notes
      may be transferred by delivering the Certificate issued in respect of the Notes
      duly endorsed, or accompanied by a form of transfer duly completed and signed,
      to the Issuer. The form of transfer is attached hereto. The Issuer may decline
      to effect any transfer of a Note during the period of 15 days ending on (and
      including) the due date for any payment of the principal of, or interest and
      any
      additional amounts (if any) on, such Note.

    

    (b) Delivery
      of New Certificates

    

    Each
      new
      Certificate to be issued on transfer of Notes will, within three Business Days
      of receipt by the Registrar (or the relevant transfer agent, if any) of the
      original Certificate and the form of transfer, be mailed by uninsured mail
      at
      the risk of the holder entitled to the Notes to the address specified in the
      form of transfer. Where some but not all the principal amount of the Notes
      in
      respect of which a Certificate is issued are to be transferred, exchanged or
      redeemed, a new Certificate in respect of the principal amount of the Notes
      not
      so transferred, exchanged or redeemed will, within three Business Days of
      deposit or surrender of the original Certificate with or to the Registrar (or
      the relevant transfer agent, if any), be mailed by uninsured mail at the risk
      of
      the holder of the principal amount of the Notes not so transferred, exchanged
      or
      redeemed to the address of such holder appearing on the Note
      Register.

    

    (c) Formalities
      Free of Charge

    

    No
      service charge shall be made for any registration of transfer or exchange of
      Notes but the Issuer may require payment of a sum sufficient to cover any tax
      or
      other governmental charges that may be imposed.

    

    4.  INTEREST

     

    Subject
      to Condition 5(d), the Notes bear interest from and including the Issue Date
      to
      but excluding February 16, 2007 (or such other later date to be mutually agreed
      by and between the Issuer and the Noteholder, which in no event shall be later
      than 120 days from the Issue Date, the “Maturity
      Date”)
      at the
      rate of 2.00% per annum. Subject to Condition 5(d), interest on the Notes will
      be payable on the Maturity Date. The Notes will cease to bear interest from
      and
      including the date (i) when such Notes have been repaid or cancelled in
      accordance with the Conditions, or (ii) from the date that claims on such Notes
      have been prescribed. 

    

    Interest
      on the Notes will be calculated on the basis of a 360-day year consisting of
      12
      months of 30 days each and, in the case of an incomplete month, the number
      of
      days elapsed.

    

    5.  PAYMENTS

     

    (a) Principal
      and Interest

    

    Payment
      of principal and interest (and any additional amounts, if any) will be made
      in
      U.S. dollars to the Registered Holder at the Maturity Date, or to another person
      designated by the Registered Holder to receive the principal, interest and
      such
      additional amounts.

    

    
      
         

      

      
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    (b) Registered
      Accounts

    

    A
      Noteholder’s registered account means the U.S. dollar account maintained by or
      on behalf of such Noteholder with a bank in New York City, details of which
      appear on the Note Register at the close of business on the second Business
      Day
      before the due date for payment and a Noteholder’s registered address means its
      address appearing on the Note Register at that time. 

    

    (c) Payments
      Instruction

    

    Where
      payment is to be made by transfer to a registered account, payment instructions
      (for value on the due date or, if that is not a Business Day, for value on
      the
      next succeeding Business Day) will be initiated on the Business Day preceding
      the due date for payment or, if later, on the Business Day on which the
      Certificate is surrendered at the office of the Issuer. 

    

    (d) Interest
      Step-Up

    

    The
      Issuer shall pay, to the extent lawful, interest (including post-petition
      interest in any proceeding under any Bankruptcy Law) at a rate of 6.00% per
      annum on (i) any and all principal, interest and premium, if any, which are
      due
      but not paid on the Maturity Date, from and including the Maturity Date to
      but
      excluding the date on which the payment in full of such principal, interest
      and
      premium, if any, is made, and (ii) any and all principal, interest and premium,
      if any, outstanding or accrued at the time of the occurrence of any Event of
      Default from and including the date of the occurrence of such Event of Default
      to but excluding the earlier of (x) the date on which such principal, interest
      and premium, if any, are paid in full and (y) the date on which such Event
      of
      Default ceases to exist.

    

    (e) Delay
      in Payment

    

    Noteholders
      will not be entitled to any interest or other payment for any delay after the
      due date in receiving the amount due if the due date at the place of payment
      (or, in the case of the surrender of a Certificate, the place where the
      Certificate is surrendered) is not a Business Day or if the Noteholder is late
      in surrendering its Certificate (if required to do so). 

    

    (f) Legal
      Holidays

    

    In
      any
      case where any repayment date or the Maturity Date shall not be a Business
      Day
      in the applicable place, then (notwithstanding any other provision of the
      Conditions) payment of the principal of, or interest on, the Notes need not
      be
      made on such date, but may be made on the next succeeding Business Day in such
      place with the same force and effect as if made on the repayment date or the
      Maturity Date, as the case may be, and no interest will accrue for the period
      after such date. 

    

    (g) Business
      Days

    

    If
      any
      date for payment of any amount in respect of any Note is not a Business Day,
      then the holder thereof shall not be entitled to payment at the place of
      presentation of the amount due until the next following Business Day and shall
      not be entitled to any interest or other sum in respect of any such delay.
      

    

    
      
         

      

      
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    6.  REPAYMENT

     

    (a) Repayment
      at Maturity

    

    Unless
      previously redeemed in accordance with this Condition, the Notes will be
      redeemed at their principal amount on the Maturity Date.

    

    (b) Mandatory
      Prepayment

    

    The
      Issuer shall procure that (i) an amount equal to 100% of the net proceeds raised
      by it and any of its Subsidiaries from (x) any issue of shares or other equity
      securities to third parties (excluding proceeds from any shares issued in
      connection with the exercise of warrants outstanding as of the Issue Date)
      and
      (y) from any issue of bonds (including any convertible bonds or instruments),
      notes or other debt instruments or debt securities or of any banking facility
      or
      shareholder or other loan evidencing borrowed money entered into by it or any
      of
      its Subsidiaries (excluding up to US$4.0 million of proceeds from drawdown
      of
      any bank or loan facility existing as of the Issue Date), is (in each case)
      immediately applied to the mandatory prepayment of the principal of, and
      interest and any additional amount on, the Notes and (ii) that, on or after
      the
      Maturity Date, any and all cash flows into the Issuer and any of its
      Subsidiaries are immediately applied to the mandatory repayment of the principal
      of, and interest and any additional amount on, the Notes, if any such amount
      is
      due and payable with respect to the Notes.

    

    7.  TAXATION

     

    All
      payments that the Issuer makes under or with respect to the Notes will be made
      free and clear of, and without withholding or deduction for or on account of,
      any present or future tax, duty, levy, impost, assessment or other governmental
      charges (including, without limitation, penalties, interest and other similar
      liabilities related thereto) of whatever nature,
      other
      than any (a) income or franchise taxes imposed on (or measured by) the
      Registered Holder’s (or any assignee’s) net income by the United States of
      America, or by the jurisdiction under the laws of which the Registered Holder
      (or any assignee) is organized or in which its principal office is located
      or,
      in the case of the Registered Holder (or any assignee), in which its applicable
      lending office is located and (b) any branch profits taxes imposed by the United
      States of America or any similar tax imposed by any other jurisdiction in which
      the Registered Holder (or any assignee) is located (collectively, “Taxes”),
      imposed or levied by or on behalf of any jurisdiction
      in which
      the Issuer or any surviving Person (each, a “Payor”)
      is
      incorporated, organized or otherwise considered by a taxing authority to be
      resident for tax purposes or from or through which any of the foregoing makes
      any payment on the Notes or by or within any department or political subdivision
      thereof (each, a “Relevant
      Taxing Jurisdiction”),
      unless the Payor is required to withhold or deduct Taxes by law or by the
      interpretation or administration of law. If the Payor is required to withhold
      or
      deduct any amount for, or on account of, Taxes of a Relevant Taxing Jurisdiction
      from any payment under the Note, the Payor will pay to each holder of a Note
      such additional amounts as may be necessary in order that the net amount paid
      to
      such holder will be not less than the amount specified in such Note to which
      such holder is entitled.

    

    
      
         

      

      
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    The
      Issuer will pay any present or future stamp, court or documentary taxes, or
      any
      other excise or property taxes, charges or similar levies which arise in any
      jurisdiction from the execution, delivery or registration of the Notes or any
      other document or instrument referred to therein, or the receipt of any payments
      with respect to the Notes, excluding any such taxes, charges or similar levies
      imposed by any jurisdiction that is not a Relevant Taxing Jurisdiction (other
      than those resulting from, or required to be paid in connection with, the
      enforcement of the Notes or any other such document or instrument following
      the
      occurrence of any Event of Default).

    

    The
      foregoing obligations will survive any termination, defeasance or discharge
      of
      the Notes and will apply mutatis mutandis to any jurisdiction in which any
      successor Person to a Payor is organized or any political subdivision or taxing
      authority or agency thereof or therein.

    

    8.  COVENANTS

     

    (a)  The
      Issuer hereby acknowledges and agrees that it is subject to, and will comply
      with, the covenants applicable to it contained in the Notes Purchase
      Agreement.

     

    (b)  Subject
      to the Noteholder entering into a confidentiality agreement with the Issuer
      on
      terms reasonably acceptable to the Noteholder and the Issuer, the Issuer shall
      notify the Noteholder of any plan of all or a material portion of the
      acquisition of assets or securities of another Person if such Person’s assets or
      operations are primarily in the People’s Republic of China, including the
      Acquisition (each such acquisition, a “Potential
      Acquisition”),
      and
      provide the Noteholder with all material documents pertaining to each Potential
      Acquisition, including but not limited to, any and all agreements, memorandums
      of understanding, term sheets or letters of intent, whether in draft or executed
      form, together with any and all applications, forms or similar documents
      (including exhibits, schedules and annexures thereto) prepared for the purpose
      of filing or registrations with, or obtaining consents, approvals,
      authorizations, licenses or orders of, any Governmental Authority (as defined
      in
      the Notes Purchase Agreement) under all Applicable Laws (as defined in the
      Notes
      Purchase Agreement) (the “Acquisition
      Documents”)
      and
      all other material documents reasonably requested by the Noteholder, reasonably
      in advance of the consummation of such Potential Acquisition, for the Noteholder
      and its counsels to review, and provide comments and suggestions on, the legal
      structure contemplated by the Acquisition Documents. The Noteholder shall
      provide any such comments to the Issuer as promptly as possible and, in any
      event, no later than three (3) business days from the receipt of all Acquisition
      Documents provided that the Acquisition Documents are timely delivered by the
      Issuer to the Noteholder. The Issuer covenants that it shall reflect, and cause
      to be reflected, in such Acquisition Documents and the legal structure
      contemplated thereby, any comments and suggestions provided by the Noteholder
      and its counsels, that, in the opinion of such counsel, are required or
      necessary to comply with all Applicable Laws and all conditions and requirements
      under any filings, registrations, consents, approvals, authorizations, licenses
      or orders of any Governmental Authority relating to such Potential Acquisition;
      provided,
      that,
      for
      the avoidance of doubt, the Issuer shall, at all times, comply with all
      Applicable Laws and all conditions and requirements under any filings,
      registrations, consents, approvals, authorizations, licenses or orders of any
      Governmental Authority relating to any Potential Acquisition. All legal fees
      incurred by the Noteholder in connection with such review and comment shall
      be
      borne by the Noteholder.

     

    
      
         

      

      
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    9.  Events
      of Default

     

    Each
      of
      the following constitutes an Event of Default with respect to the
      Notes:

    

    (a)  failure
      by the Issuer to pay on the due date any amount payable by it under the Notes
      at
      the place and in the currency in which it is expressed to be payable, unless
      non-payment is due solely to administrative or technical delays in the
      transmission of funds and payment is made within two Business Days of its due
      date; 

     

    (b)  failure
      to comply with any other covenant or agreement in the Notes or in any
      Transaction Document (other than a failure that is the subject of the foregoing
      clause (a) or (j) below), and such failure continues for 7 days after
      written notice is given to the Issuer by the holders of not less than 25% in
      aggregate principal amount of such Notes then outstanding specifying the
      default, demanding that it be remedied and stating that such notice is a “Notice
      of Default;” 

     

    (c)  a
      default
      by the Issuer or any of its Subsidiaries under any instrument constituting
      indebtedness that results in acceleration of the maturity of such indebtedness,
      or failure to pay any such indebtedness when due, in an aggregate amount greater
      than US$4.0 million or its foreign currency equivalent at the time;

     

    (d)  the
      Issuer or any of its Subsidiaries:

     

    (1)  commences
      a voluntary case or gives notice of intention to make a proposal under any
      Bankruptcy Law;

     

    (2)  consents
      to the entry of an order for relief against it in an involuntary case or
      consents to its dissolution or winding up;

     

    (3)  consents
      to the appointment of a receiver, interim receiver, receiver and manager,
      liquidator, trustee or custodian of it or for all or substantially all of its
      property;

     

    (4)  makes
      a
      general assignment for the benefit of its creditors; or

     

    (5)  admits
      in
      writing its inability to pay its debts as they become due or otherwise admits
      its insolvency; and

     

    (e)  a
      court
      of competent jurisdiction enters an order or decree under any Bankruptcy Law
      that:

     

    (1)  is
      for
      relief against the Issuer or any of its Subsidiaries in an involuntary case;
      or

     

    
      
         

      

      
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    (2)  appoints
      a receiver, interim receiver, receiver and manager, liquidator, trustee or
      custodian of the Issuer or any of its Subsidiaries, or for all or substantially
      all of the property of the Issuer or any of its Subsidiaries; or

     

    (3)  orders
      the liquidation of the Issuer or any of its Subsidiaries;

     

    (f)  any
      event
      occurs with respect to the Shareholder which is equivalent or analogous to
      any
      of the events described in sub-clauses (d) and (e) above;

     

    (g)  any
      default by the Issuer or the Shareholder in the performance of any of its
      obligations under the Share Pledge Agreement or the Notes Purchase Agreement,
      which adversely affects the enforceability, validity, perfection or priority
      of
      the Collateral or which adversely affects the condition or value of the
      Collateral; 

     

    (h)  it
      becomes unlawful under any applicable jurisdiction for the Issuer or the
      Shareholder to perform any of its obligations under the Transaction
      Document;

     

    (i)  the
      Issuer or the Shareholder denies or disaffirms its obligations under the Share
      Pledge Agreement, or the Share Pledge Agreement ceases to be or is not in full
      force and effect or Noteholders cease to have a first priority interest in
      the
      Collateral; 

     

    (j)  failure
      to comply with the covenants provided in Condition 8(b); or

     

    (k)  there
      occurs an event, circumstance or default which has or could have a Material
      Adverse Effect.

     

    10.  REMEDIES

     

    (a) Acceleration

    

    If
      any
      Event of Default occurs and is continuing, the holders of at least 25% in
      principal amount of the outstanding Notes may declare the principal of all
      of
      the Notes, together with all accrued and unpaid interest, premium, if any,
      to be
      due and payable by notice in writing to the Issuer specifying the respective
      Event of Default and that such notice is a notice of acceleration, and the
      same
      shall become immediately due and payable. 

    

    In
      the
      case of an Event of Default specified in paragraphs (d), (e), or (f) of
      Condition 9, all outstanding Notes shall become due and payable immediately
      without any further declaration or other act on the part of the Noteholders.
      

    

    (b) Rescission

    

    The
      holders of a majority in principal amount of the then outstanding Notes by
      notice to the Issuer may rescind such acceleration and its consequences if
      (i)
      the rescission would not conflict with any judgment or decree, (ii) all Events
      of Default, other than the nonpayment of accelerated principal of, premium,
      if
      any, and interest on Notes, have been cured or waived as provided in the
      Conditions and (iii) all sums paid or advanced by the Noteholders and the
      reasonable compensation, expenses, disbursements and advances of the
      Noteholders, their agents and counsel have been paid in full. No such rescission
      shall affect any subsequent Default or impair any right consequent
      thereto.

    

    
      
         

      

      
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    (c) Other
      Remedies

     

    If
      an
      Event of Default occurs and is continuing, the Noteholders may pursue any
      available remedy to collect the payment of principal, premium, if any, and
      interest on such Notes or to enforce the performance of any provision of such
      Notes.

    

    11.   
      CERTAIN
      DEFINITIONS

     

    “Bankruptcy
      Law”
means
      Title 11, U.S. Code or any similar federal or state law for the relief of
      debtors, or the law of any other jurisdiction relating to bankruptcy,
      insolvency, winding up, liquidation, reorganization or relief of
      debtors.

    

    “Business
      Day”
means
      a
      day (other than a Saturday or Sunday) on which commercial banks and foreign
      exchange markets settle payments in New York and in the relevant place of
      presentation.

    

    “Default”
means
      an Event of Default or any event or circumstance which would, with the expiry
      of
      a grace period, the giving of notice or the making of a determination, be an
      Event of Default.

    

    “Events
      of Default”
means
      any event or circumstance described as such in Condition 9 of the
      Conditions.

    

    “Notes
      Purchase Agreement”
means
      the Notes Purchase Agreement dated February 5, 2007 made between the Issuer
      and
      the Purchaser.

    

    Other
      capitalized terms used but not otherwise defined herein shall have the meanings
      given to them in the Notes Purchase Agreement. 

    

    12.    
      REPLACEMENT
      OF Notes

     

    If
      any
      Certificate is mutilated, defaced, destroyed, stolen or lost, it may be replaced
      at the office of the Issuer upon payment by the claimant of such costs as may
      be
      incurred in connection therewith and on such terms as to evidence and indemnity
      as the Issuer may require. Mutilated or defaced Certificates must be surrendered
      before replacements will be issued.

    

    In
      the
      event any such mutilated, defaced, destroyed, lost or stolen Certificate has
      become or is about to become due and payable, the Issuer in its discretion
      may,
      instead of issuing a new Certificate, pay such Note.

    

    13.    
      NOTEHOLDER
      VOTING AND MODIFICATION

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    The
      Conditions may be amended by the Issuer without the consent of any Noteholder
      for the purpose of curing any ambiguity, or of curing, correcting or
      supplementing any defective provision contained therein, or in any manner
      necessary or desirable and which shall not adversely affect the interests of
      the
      Noteholders, to all of which each Noteholder shall consent by acceptance of
      the
      Notes. Modifications and amendments to the Notes may be made with the consent
      of
      the holders of at least a majority in aggregate principal amount of the Notes
      at
      the time outstanding; provided,
      however,
      that no
      such modification or amendment may, without the unanimous consent of the holders
      of all Notes, make any “fundamental” change to the terms of the Notes. For
      purposes hereof, “fundamental” changes are defined as (i) a change in the stated
      maturity of the principal of or the date on which interest or any other payment
      is due in respect of the Notes; (ii) a reduction in or cancellation of the
      principal amount of or interest on the Notes; (iii) a change in the currency
      or
      place of payment of the principal of, or interest on, the Notes; (iv) a
      reduction in the above-stated percentage of aggregate principal amount of Notes
      outstanding necessary to modify or amend the terms of the Notes; or (v) any
      impairment of the right to institute any proceedings for the enforcement of
      any
      payment on or with respect to any Note. In respect of any vote of Noteholders,
      a
      Noteholder shall have one vote in respect of each US$1,000 outstanding principal
      amount of the Notes.

    

    Subject
      to the foregoing, the holders of a majority in aggregate principal amount of
      the
      outstanding Notes may waive compliance by the Issuer with the Conditions, and
      may waive any past default under the terms of the Notes except a default in
      the
      payment of the principal or interest.

    

    In
      determining whether the Noteholders of the requisite aggregate principal amount
      of the Notes have concurred in any request, consent or waiver under the
      Conditions, the Notes that are owned by the Issuer or any Subsidiary or
      Affiliate thereof or any other obligor on the Notes with respect to which such
      determination is being made or by any Person directly or indirectly controlling
      or controlled by or under direct or indirect common control with the Issuer
      or
      any other obligor on the Notes with respect to which such determination is
      being
      made will be disregarded and deemed not to be outstanding for the purpose of
      any
      determination.

    

    14.  NOTICES

     

    All
      notices to the Noteholders shall be validly given if in writing and mailed
      by
      first class mail to them at their respective addresses in the Note Register.
      Any
      such notice shall be deemed to have been given on the seventh day after being
      so
      mailed, unless the receipt by all the relevant Noteholders have been
      confirmed.

    

    15.  GOVERNING
      LAW AND SUBMISSION TO JURISDICTION

     

    The
      Notes
      are governed by, and shall be construed in accordance with, the laws of the
      State of New York.

    

    In
      relation to any legal action or proceedings arising out of or in connection
      with
      the Notes, the Issuer and the Noteholder will irrevocably submit to the
      non-exclusive jurisdiction of the New York State and United States Federal
      courts sitting in the Borough of Manhattan, the City of New York. 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Form
      of Transfer

    

    

    CHINA
      SECURITY & SURVEILLANCE TECHNOLOGY, INC. (the “Issuer”)

    (a
      Delaware corporation)

    

    US$60,000,000

    

    2.00%
      Senior Notes due February 16, 2007 (Certificate Number C - 1) (the
“Notes”)

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby transfers the following principal amounts
      of
      Notes in, and all rights in respect thereof, to the transferee(s) listed
      below:

     

    Principal
      Amount Transferred, Name, Address and Account

    for
      Payments of Transferee

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Dated:
              __________	
              Certifying
                Signature:

            	 
	 	
              
Name:
	 	 

    

     

    Notes:

     

    (i)
      A
      representative of the Noteholder should state the capacity in which he signs,
      e.g., as executor of a decedent’s estate.

     

    (ii)
      The
      signature of the person effecting a transfer shall conform to any list of duly
      authorized specimen signatures supplied by the Noteholder or be certified by a
      recognized bank, notary public or in such other manner as the Issuer may
      require.WARRANT
      AGREEMENT

    

    Agreement
      made as of __________, 2007 between Hyde Park Acquisition Corp., a Delaware
      corporation, with offices at 461
      Fifth
      Avenue, 25th
      Floor,
      New York, New York 10017
      (“Company”), and Continental Stock Transfer & Trust Company, a New York
      corporation, with offices at 17 Battery Place, New York, New York 10004
      (“Warrant Agent”).

    

    WHEREAS,
      the Company has received binding commitments from Laurence S. Levy, Edward
      Levy
      and Isaac Kier (collectively, the “Insiders”) to purchase an aggregate of
      1,500,000 warrants (“Insider Warrants”); and

    

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units and, in
      connection therewith, has determined to issue and deliver up to (i) 12,937,500
      Warrants (“Public Warrants”) to the public investors, and (ii) 600,000
      Warrants to EarlyBirdCapital, Inc. (“EBC”) or its designees (“Representative’s
      Warrants” and, together with the Public Warrants and Insider Warrants, the
“Warrants”), each of such Warrants evidencing the right of the holder thereof to
      purchase one share of the Company’s common stock, par value $.0001 per share
      (“Common Stock”), for $5.00, subject to adjustment as described herein;
      and

    

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission a Registration
      Statement on Form S-1, No. 333-138452 (“Registration Statement”), for the
      registration, under the Securities Act of 1933, as amended (“Act”) of, among
      other securities, the Warrants and the Common Stock issuable upon exercise
      of
      the 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 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 of, the Chairman of the
      Board or President 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

        
          

        

      

       

    

    

    2.4. Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until 90
      days after the date hereof unless EBC informs the Company of its decision to
      allow earlier separate trading, but in no event will EBC 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 Underwriter’s over-allotment
      option, if the over-allotment option is exercised prior to the filing of the
      Form 8-K. 

    

    2.5 Warrant
      Attributes.
      The
      Insider Warrants and Representative’s Warrants shall have the same terms and be
      in the same form as the Public Warrants.

    

    3. Terms
      and Exercise of Warrants

    

    3.1. Warrant
      Price.
      Each
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and of this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $5.00 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 (i) the consummation by the Company of a merger,
      capital stock exchange, asset acquisition or other similar business combination
      (“Business
      Combination”) (as described more fully in the Company’s Registration Statement)
      and (ii) ______, 2008, and terminating at 5:00 p.m., New York City time on
      the
      earlier to occur of (i) _________, 2011 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

        
          

        

      

       

    

    

    3.3. 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 by paying in full 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, as follows:

    

    (a) in
      cash,
      good certified check or good bank draft payable to the order of the Company
      (or
      as otherwise agreed to by the Company);

    

    (b) in
      the
      event of redemption pursuant to Section 6 hereof in which the Company’s
      management has elected to force all holders of Warrants to exercise such
      Warrants on a “cashless basis,” by surrendering the Warrants 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 Warrants,
      multiplied by the difference between the Warrant Price and the “Fair Market
      Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
      Section 3.3.1, 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 trading
      day prior to the date on which the notice of redemption is sent to holders
      of
      Warrant pursuant to Section 6 hereof; or

    

    (c) with
      respect to any Insider Warrants,
      in
      the
      event of redemption pursuant to Section 6 hereof other than as
      set
      forth in the above Section 3.3.1(b) and so long as such Insider Warrants are
      held by the Insiders or their affiliates,
      by
      surrendering such Insider Warrants 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 Warrants, multiplied by the difference
      between the exercise price of the Warrants and the “Fair Market Value” by (y)
      the Fair Market Value. 

    

    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 is entitled, registered in such name or
      names
      as may be 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 Public Warrant or a Representative’s Warrant and shall have no
      obligation to settle such Public Warrant or Representative’s Warrant exercise
      unless a registration statement under the Act with respect to the Common Stock
      is effective, subject to the Company’s satisfying its obligations under Section
      7.4 to use its best efforts. In the event that a registration statement with
      respect to the Common Stock underlying a Public Warrant or a Representative’s
      Warrant is not effective under the Act, the holder of such Public Warrant or
      Representative’s Warrant shall not be entitled to exercise such Warrant and such
      Warrant may have no value and expire worthless. In no event will the Company
      be
      required to net cash settle the warrant exercise. Public Warrants and
      Representative’s Warrants may not be exercised by, or securities issued to, any
      registered holder in any state in which such exercise would be unlawful. The
      shares of common stock issuable upon exercise of Insider Warrants shall be
      unregistered shares. In the event that a registration statement is not effective
      for the exercised Public Warrants and Representative’s Warrants, the purchaser
      of a unit containing such Warrant, will have paid the full purchase price for
      the unit solely for the shares included in such unit.

    
      
        
        

      

      
        4

        
          

        

      

       

    

    

    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. Intentionally
      Omitted. 

    
      
        
        

      

      
        5

        
          

        

      

       

    

    

    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 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.

    
      
        
        

      

      
        6

        
          

        

      

       

    

    

    4.5. Notices
      of Changes in Warrant.
      Upon
      every adjustment of the Warrant Price or the number of shares issuable upon
      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 each 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 or down 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 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.

    
      
        
        

      

      
        7

        
          

        

      

       

    

    

    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. 

    
      
        
        

      

      
        8

        
          

        

      

       

    

    

    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, with the prior consent of EBC,
      at
      any time while they are 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 at least $11.00 per share, on each of twenty
      (20) trading days within any thirty (30) trading day period ending on the 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 EBC.

    

    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 registration books.
      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, for cash (or on a “cashless basis” in accordance with
      Section 3.3.1 of this 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. In the event the Company determines to
      require all holders of Warrants to exercise their Warrants on a “cashless basis”
pursuant to Section 3.3.1(b), the notice of redemption will contain the
      information necessary to calculate the number of shares of Common Stock to
      be
      received upon exercise of the Warrants, including the “Fair Market Value” in
      such case. 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. The provisions of this Section 6.4 may not be modified, amended or deleted
      without the prior written consent of EBC.

    
      
        
        

      

      
        9

        
          

        

      

       

    

    

    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
      Agreement.

    

    7.4. Registration
      of Common Stock.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      file with the Securities and Exchange Commission a post-effective amendment
      to
      the Registration Statement, or a new registration statement, for the
      registration, under the Act, of, and it shall use its best efforts to 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 and to maintain the effectiveness of
      such
      registration statement until the expiration of the Warrants in accordance with
      the provisions of this Agreement. The provisions of this Section 7.4 may
      not be modified, amended or deleted without the prior written consent of
      EBC.

    
      
        
        

      

      
        10

        
          

        

      

       

    

    

    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 at the
      Company’s cost. 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.

    

    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.

    
      
        
        

      

      
        11

        
          

        

      

       

    

    

    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 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 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
      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 President or Chairman of the Board
      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 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 Agreement except as a result of the Warrant Agent’s
      negligence, willful misconduct, or bad faith.

    
      
        
        

      

      
        12

        
          

        

      

       

    

    8.4.3. Exclusions.
      The
      Warrant Agent shall have no responsibility with respect to the validity of
      this
      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 Agreement or in any
      Warrant; nor shall it be 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 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 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 Common Stock through
      the exercise of Warrants.

    

    9. Miscellaneous
      Provisions.

    

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

    

    
      	 	 	 	
              Hyde Park
                Acquisition Corp.

            

    

    461
      Fifth
      Avenue, 25th
      Floor

    New
      York,
      New York 10017

    
      	 	 	 	
              Attn: 
                

            	
              Chief
                Executive Officer

            

    

    
      
        
        

      

      
        13

        
          

        

      

       

    

    

    Any
      notice, statement or demand authorized by this 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 within 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:

    

    
      	 	 	 	
              Continental
                Stock Transfer & Trust Company 

            

    

    17
      Battery Place

    
      	 	 	 	
              New
                York, New York 10004

            

    

    
      	 	 	 	
              Attn:

            	
              Compliance
                Department

            

    

    

    with
      a
      copy in each case to:

    

    Graubard
      Miller

    The
      Chrysler Building

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn: David
      Alan Miller, Esq.

    

    and

    

    Andrews
      Kurth LLP

    600
      Travis, Suite 4200

    Houston,
      Texas 77002

    Attn:
       W.
      Mark
      Young, Esq.

    and

    

    EarlyBirdCapital,
      Inc.

    275
      Madison Avenue, Suite 1203

    New
      York,
      New York 10016

    Attn: David
      M.
      Nussbaum, Chairman

    

    9.3. Applicable
      law.
      The
      validity, interpretation, and performance of this Agreement and of the Warrants
      shall be governed in all respects by the laws of the State of New York, without
      giving effect to conflicts of law principles that would result in the
      application of the substantive laws of another jurisdiction. The
      Company hereby agrees that any action, proceeding or claim against it arising
      out of or relating in any way to this 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 inconvenience
      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.

    
      
        
        

      

      
        14

        
          

        

      

       

    

    

    9.4. Persons
      Having Rights under this Agreement.
      Nothing
      in this 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 6.1, 6.4, 7.4 and
      9.2 hereof, EBC, any right, remedy, or claim under or by reason of this Warrant
      Agreement or of any covenant, condition, stipulation, promise, or agreement
      hereof. EBC shall be deemed to be a third-party beneficiary of this Agreement
      with respect to Sections 6.1, 6.4, 7.4 and 9.2 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
      EBC with respect to the Sections 6.1, 6.4, 7.4 and 9.2 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 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.

    

    9.6. Counterparts.
      This
      Agreement may be executed in any number of original or facsimile 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
      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 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 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 pursuant to Sections 3.1 and 3.2,
      respectively, without the consent of the registered holders.

    
      
        
        

      

      
        15

        
          

        

      

       

    

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

     

    
      	 	 	 
	 	
              HYDE PARK
                ACQUISITION CORP. 

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:
                

              Title:
                

            

    

    
      	 	 	 
	 	 	 
	 	
              
                CONTINENTAL
                  STOCK TRANSFER &
                  TRUST COMPANY

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:
                

              Title:
                

            

    

    
      
        
        

      

      
        16

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