Document:

FOURTH
      AMENDMENT AND WAIVER TO CREDIT AGREEMENT

     

    FOURTH
      AMENDMENT AND WAIVER, dated as of December 10, 2007 (this “Amendment”),
      to
      the Credit Agreement referred to below by and among MEASUREMENT SPECIALTIES,
      INC., a New Jersey corporation (“Borrower”);
      the
      other parties signatory thereto as US Credit Parties; the Lenders party thereto
      (together with the New Lenders (as hereinafter defined), the “Lenders”);
      the
      New Lenders; WACHOVIA
      BANK, NATIONAL ASSOCIATION, as Syndication Agent (the “Syndication
      Agent”),
      JPMORGAN
      CHASE BANK, N.A., as Documentation Agent (the “Documentation
      Agent”), and
      GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as agent for
      the
      Lenders (in such capacity, “Agent”).

     

    WITNESSETH

     

    WHEREAS,
      Borrower, the other US Credit Parties signatory thereto, Lenders (other than
      the
      New Lenders), Syndication Agent, Administrative Agent, and Agent are parties
      to
      that certain Amended and Restated Credit Agreement, dated as of April 3, 2006
      (as amended, restated, supplemented or otherwise modified prior to the date
      hereof, the “Credit
      Agreement”);

     

    WHEREAS,
      Borrower is in default of a certain covenant and Borrower, Agent and Requisite
      Lenders have agreed to waive such default in the manner, and on the terms and
      conditions, provided for herein; and

     

    WHEREAS,
      Borrower, Agent and Requisite Lenders have agreed to amend the Credit Agreement
      in the manner, and on the terms and conditions, provided for
      herein.

     

    NOW
      THEREFORE, in
      consideration of the premises and for other good and valuable consideration,
      the
      receipt, adequacy and sufficiency of which are hereby acknowledged, Borrower,
      Agent and Requisite Lenders hereby agree as follows:

     

    1. Definitions.
      Capitalized terms not otherwise defined herein shall have the meanings ascribed
      to them in the Credit Agreement or Annex
      A
      thereto.

     

    2. Waiver
      of Event of Default.
      Requisite Lenders hereby waive, as of the Fourth Amendment Effective Date (as
      hereinafter defined) the Event of Default under Section
      8.1(b)
      of the
      Credit Agreement resulting solely from the failure of Borrower to comply with
      clause (iv) of paragraph (h) of Annex
      C
      to the
      Credit Agreement by June 30, 2007 with respect to the account of Mrehtateb
      listed on Disclosure
      Schedule (3.19)
      with
      BankNorth, N.A. (the “BankNorth
      Account”);
      provided
      that on
      or before May 30, 2008 Borrower either (i) closes the BankNorth Account or
      (ii)
      causes to be executed and delivered a Blocked Account Agreement with respect
      to
      the BankNorth Account. 

     

    3. Amendment
      to Section 1.5 of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, Section 1.5(a)
      of the
      Credit Agreement is hereby amended and restated in its entirety read as
      follows:

     

    “(a) Borrower
      shall pay interest to Agent, for the ratable benefit of Lenders in accordance
      with the various Loans being made by each Lender, in arrears on each applicable
      Interest Payment Date, at the following rates: (i) with respect to the Revolving
      Credit Advances, the Index Rate plus the Applicable Revolver Index Margin per
      annum or, at the election of Borrower, the applicable LIBOR Rate plus the
      Applicable Revolver LIBOR Margin per annum, based on the aggregate Revolving
      Credit Advances outstanding from time to time; and (ii) with respect to the
      Term
      Loan, the Index Rate plus the Applicable Term Loan Index Margin per annum or,
      at
      the election of Borrower, the applicable LIBOR Rate plus the Applicable Term
      Loan LIBOR Margin per annum.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    As
      of the
      Fourth Amendment Effective Date the Applicable Margins are as
      follows:

     

    
      	
              Applicable
                Revolver Index Margin

            	 	 	
              0.25

            	
              %

            
	
              Applicable
                Revolver LIBOR Margin

            	 	 	
              2.00

            	
              %

            
	
              Applicable
                Term Loan Index Margin

            	 	 	
              0.25

            	
              %

            
	
              Applicable
                Term Loan LIBOR Margin

            	 	 	
              2.00

            	
              %

            
	
              Applicable
                L/C Margin

            	 	 	
              2.00

            	
              %

            

    

     

    The
      Applicable Margins may be adjusted by reference to the following
      grids:

     

    
      	
              If
                Senior Leverage Ratio is:

            	 	 	
              Level
                of

              Applicable
                Margins:

            	
               

            
	
              <
                2.25:1.00

            	 	 	
              Level
                I

            	 
	
              >
                2.25:1:00

            	 	 	
              Level
                II

            	 

    

    

    
      	 	 	
              Applicable
                Margins

            	
               

            
	
               

            	
               

            	
              Level
                I

            	
               

            	
              Level
                II

            	 
	
              Applicable
                Revolver Index Margin

            	 	 	
              0.25

            	
              %

            	 	
              0.75

            	
              %

            
	
              Applicable
                Revolver LIBOR Margin

            	 	 	
              2.00

            	
              %

            	 	
              2.50

            	
              %

            
	
              Applicable
                Term Loan Index Margin

            	 	 	
              0.25

            	
              %

            	 	
              0.75

            	
              %

            
	
              Applicable
                Term Loan LIBOR Margin

            	 	 	
              2.00

            	
              %

            	 	
              2.50

            	
              %

            
	
              Applicable
                L/C Margin

            	 	 	
              2.00

            	
              %

            	 	
              2.50

            	
              %

            

    

    

    Adjustments
      in the Applicable Margins commencing with the Fiscal Quarter ending December
      31,
      2007 shall be implemented quarterly on a prospective basis, for each calendar
      month commencing not more than five (5) days after the date of delivery to
      Lenders of the quarterly unaudited or annual audited (as applicable) Financial
      Statements evidencing the need for an adjustment. Concurrently with the delivery
      of those Financial Statements, Borrower shall deliver to Agent and Lenders
      a
      certificate, signed by its chief financial officer, setting forth in reasonable
      detail the basis for the continuance of, or any change in, the Applicable
      Margins. Failure to timely deliver such Financial Statements shall, in addition
      to any other remedy provided for in this Agreement, result in an increase in
      the
      Applicable Margins to the highest level set forth in the foregoing grid, until
      the first day of the first calendar month following the delivery of those
      Financial Statements demonstrating that such an increase is not required. If
      an
      Event of Default has occurred and is continuing at the time any reduction in
      the
      Applicable Margins is to be implemented, that reduction shall be deferred until
      the first day of the first calendar month following the date on which such
      Event
      of Default is waived or cured.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4. As
      of the
      Fourth Amendment Effective Date, Section 2.2(e)
      of the
      Credit Agreement is hereby amended and restated in its entirety to read as
      follows:

     

    “(e) after
      giving effect to any Advance
      (or the incurrence of any Letter of Credit Obligations),
      Borrower and its Subsidiaries on a consolidated basis shall have a Total
      Leverage Ratio not in excess of 3.25 to 1.00, calculated using EBITDA for the
      twelve Fiscal Month period ended at the end of the Fiscal Month for which
      financial statements have most recently been required to be delivered to Agent
      pursuant to paragraph (a) of Annex
      E
      prior to
      the date of such Advance (or the incurrence of any Letter of Credit
      Obligations).”

     

    5. Amendments
      to Section 6.1 of the Credit Agreement.
      

     

    (a) As
      of the
      Fourth Amendment Effective Date, the first paragraph of Section 6.1
      of the
      Credit Agreement is hereby amended and restated in its entirety to read as
      follows:

     

    “6.1 Mergers,
      Subsidiaries, Etc.
      No
      Credit Party shall directly or indirectly, by operation of law or otherwise,
      (a)
      form or acquire any Subsidiary, or (b) merge with, consolidate with, acquire
      all
      or substantially all of the assets or Stock of, or otherwise combine with or
      acquire, any Person, except (i) any wholly-owned Domestic Subsidiary of Borrower
      (other than IC Sensors, Elekon, Entran Devices and Intermediate Holdings) may
      merge with and into Borrower or another wholly-owned Domestic Subsidiary of
      Borrower (so long as Borrower is the surviving entity in any merger involving
      Borrower), (ii) the Credit Parties may consummate the BetaTHERM Reorganization,
      (iii) any wholly-owned Foreign Subsidiary of Borrower may merge with another
      wholly-owned Foreign Subsidiary of Borrower, and (iv) the Credit Parties may
      consummate the IMSA Acquisition; provided
      that (A)
      the IMSA Acquisition complies with each of the conditions set forth in
clauses
      (i)
      through
(iv)
      and
(vi)
      through
(xi)
      of this
Section
      6.1
      as
      determined by Agent in its sole discretion, (B) the purchase price and all
      other
      amounts payable by the Credit Parties in connection with the IMSA Acquisition,
      including all transaction costs and Loans made hereunder related thereto, shall
      not exceed $58,000,000 in the aggregate, and (C) the purchase price and all
      other amounts payable by the Credit Parties in connection with the IMSA
      Acquisition, including all transaction costs and Loans made hereunder related
      thereto, shall be applied against the Acquisition Cap. Notwithstanding the
      foregoing, Borrower, may acquire all or substantially all of the assets or
      Stock
      of any Person (the “Target”)
      (in
      each case, a “Permitted
      Acquisition”)
      subject to the satisfaction of each of the following conditions:”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b) As
      of the
      Fourth Amendment Effective Date, clause
      (v)
      of
Section 6.1
      of the
      Credit Agreement is hereby amended by inserting “(the “Acquisition
      Cap”)”
      immediately after “$40,000,000”.

     

    (c) As
      of the
      Fourth Amendment Effective Date, clause
      (viii)(A)
      of
Section 6.1
      of the
      Credit Agreement is hereby amended and restated in its entirety to read as
      follows:

     

    “(A) a
      pro
      forma consolidated and consolidating balance sheet, income statement and cash
      flow statement of Borrower and its Subsidiaries (the “Acquisition
      Pro Forma”),
      based
      on recent financial statements, which shall be complete and shall fairly present
      in all material respects the assets, liabilities, financial condition and
      results of operations of Borrower and its Subsidiaries in accordance with GAAP
      consistently applied, but taking into account such Permitted Acquisition and
      the
      funding of all Loans in connection therewith, and such Acquisition Pro Forma
      shall reflect that (x) with respect to a Permitted Acquisition of any Target
      that is a Domestic Subsidiary, on a pro forma basis, Borrower and its
      Subsidiaries would have had (1) a Senior Leverage Ratio not in excess of 3.00
      to
      1.00, and (2) a Total Leverage Ratio not in excess of 3.25 to 1.00, and, with
      respect to a Permitted Acquisition of any Target that is a Foreign Subsidiary
      of
      a US Credit Party, on a pro forma basis, Borrower and its Subsidiaries would
      have had (1) a Senior Leverage Ratio not in excess of 2.50 to 1.00, and (2)
      a
      Total Leverage Ratio not in excess of 3.00 to 1.00, in each case, calculated
      using EBITDA for the twelve Fiscal Month period ended at the end of the Fiscal
      Month for which financial statements have most recently been required to be
      delivered to Agent pursuant to paragraph (a) of Annex
      E
      prior to
      the consummation of such Permitted Acquisition (as adjusted for such Permitted
      Acquisition in accordance with clause (y) of the second sentence of the
      definition of EBITDA and Section
      6.1(viii)(D)
      below)
      and calculated using Senior Indebtedness and Indebtedness, as applicable, after
      giving effect to such Permitted Acquisition and all Loans funded in connection
      therewith as of the date of such Permitted Acquisition, (y) Borrowing
      Availability (after giving effect to such Permitted Acquisition and all Loans
      funded in connection therewith) shall be no less than $10,000,000, and
      (z) on a pro forma basis, no Event of Default has occurred and is
      continuing or would result after giving effect to such Permitted Acquisition
      and
      Borrower would have been in compliance with the financial covenants set forth
      in
Annex
      G
      for the
      four quarter period reflected in the Compliance Certificate most recently
      delivered to Agent pursuant to Annex
      E
      prior to
      the consummation of such Permitted Acquisition (after giving effect to such
      Permitted Acquisition and all Loans funded in connection therewith as if made
      on
      the first day of such period);”

     

    (d) As
      of the
      Fourth Amendment Effective Date, clause
      (viii)(D)
      of
Section 6.1
      of the
      Credit Agreement is hereby amended by deleting “12 Fiscal Months” and inserting
      in lieu thereof, “4 Fiscal Quarters”.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    6. Amendments
      to Section 6.3 of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, 

     

    (a) Section
      6.3(g)
      of the
      Credit Agreement is hereby amended by deleting “$15,000,000” and inserting in
      lieu thereof, “$30,000,000”; and

     

    (b) Section
      6.3(i)
      of the
      Credit Agreement is hereby amended by deleting “$1,000,000” and inserting in
      lieu thereof, “$2,000,000”.

     

    7. Amendment
      to Section 6.6 of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, Section 6.6
      of the
      Credit Agreement is hereby amended and restated in its entirety to read as
      follows:

     

    “6.6 Guaranteed
      Indebtedness.
      No
      Credit Party shall create, incur, assume or permit to exist any Guaranteed
      Indebtedness except (a) by endorsement of instruments or items of payment for
      deposit to the general account of any Credit Party; (b) for Guaranteed
      Indebtedness incurred for the benefit of any other Credit Party if the primary
      obligation is expressly permitted by this Agreement; provided
      that no
      US Credit Party may guaranty any Indebtedness incurred pursuant to Section
      6.3(g)
      and/or
(f)
      except
      for any guaranties existing as of the Closing Date and described on Disclosure
      Schedule (6.6);
      and (c)
      unsecured Guaranteed Indebtedness incurred by Borrower pursuant to the IMSA
      Stock Purchase Agreement; provided
      that
      such Guaranteed Indebtedness shall be subordinated to the Obligations in a
      manner and form satisfactory to Agent in its sole discretion, as to right and
      time of payment and as to any other rights and remedies
      thereunder.”

     

    8. Amendments
      to Annex A of the Credit Agreement.
      

     

    (a) As
      of the
      Fourth Amendment Effective Date, Annex
      A
      of the
      Credit Agreement is hereby amended by inserting the following new definitions
      in
      alphabetical order therein:

     

    “Acquisition
      Cap”
has
      the
      meaning ascribed to it in Section
      6.1(v).

     

    “Fourth
      Amendment”
means
      that certain Fourth Amendment and Waiver to Credit Agreement, dated as of
      December 10, 2007, by and among Agent, Syndication Agent, Documentation Agent,
      Lenders, Borrower and US Credit Parties, as the same now exists or may hereafter
      be amended, modified, supplemented, extended, renewed, restated or
      replaced.

     

    “Fourth
      Amendment Effective Date”
means
      December 10, 2007.

     

    “IMSA”
means
      Intersema Microsystems S.A., a corporation (société
      anonyme)
      established under the laws of Switzerland.

     

    “IMSA
      Acquisition”
shall
      mean the acquisition by Borrower of all the issued and outstanding shares of
      capital Stock of IMSA, in accordance with the terms and conditions of the IMSA
      Stock Purchase Agreement, without waiver of any material conditions thereto
      which have not been approved by the Agent in its sole discretion.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “IMSA
      Acquisition Closing Date”
shall
      mean the date on which the IMSA Acquisition is consummated in accordance with
      the terms hereof and of the IMSA Stock Purchase Agreement.

     

    “IMSA
      Stock Purchase Agreement”
shall
      mean that certain stock purchase agreement to be entered into among IMSA, the
      owners of the outstanding equity of IMSA and Borrower, which stock purchase
      agreement shall be in form and substance reasonably satisfactory to
      Agent.

     

    (b) As
      of the
      Fourth Amendment Effective Date, Annex
      A
      of the
      Credit Agreement is hereby amended by amending
      and restating the below definitions in their entireties as follows:

     

    “Borrowing
      Availability”
means
      as of any date of determination the Maximum Amount, less
      the sum
      of (x) the aggregate Revolving Loan plus
      (y) the
      amount of unrestricted cash of Borrower and its Subsidiaries.

     

    “Commitments”
means
      (a) as to any Lender, the aggregate of such Lender’s Revolving Loan Commitment
      and Term Loan Commitment as set forth on Annex
      J
      to the
      Agreement or in the most recent Assignment Agreement executed by such Lender
      and
      (b) as to all Lenders, the aggregate of all Lenders’ Revolving Loan Commitments
      and Term Loan Commitments, which aggregate commitment shall be One Hundred
      Thirty-Seven Million Five Hundred Thousand Dollars ($137,500,000) on the Fourth
      Amendment Effective Date, as to each of clauses
      (a) and (b),
      as such
      Commitments may be reduced, amortized or adjusted from time to time in
      accordance with the Agreement.

     

    “Revolving
      Loan Commitment”
means
      (a) as to any Revolving Lender, the aggregate commitment of such Revolving
      Lender to make Revolving Credit Advances or incur Letter of Credit Obligations
      as set forth on Annex
      J
      to the
      Agreement or in the most recent Assignment Agreement executed by such Revolving
      Lender and (b) as to all Revolving Lenders, the aggregate commitment of all
      Revolving Lenders to make Revolving Credit Advances or incur Letter of Credit
      Obligations, which aggregate commitment shall be One Hundred Twenty-One Million
      Dollars ($121,000,000) on the Fourth Amendment Effective Date, as such amount
      may be adjusted, if at all, from time to time in accordance with the
      Agreement.

     

    “Senior
      Leverage Ratio”
means,
      as of any date of determination, with respect to Borrower, on a consolidated
      basis, the ratio of (a) Senior Indebtedness as of such date of determination,
      less unrestricted cash that is in deposit accounts (as defined in
      Section 9-102 of the Code) or in securities accounts (as defined in
      Section 8-501 of the Code), or any combination thereof, and which such
      deposit account or securities account is the subject of a control agreement
      in
      favor of Agent and is maintained by a branch office of the bank or securities
      intermediary located within the United States, to (b) EBITDA for the twelve
      months ending on such date of determination.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Total
      Leverage Ratio”
means,
      as of any date of determination, with respect to Borrower, on a consolidated
      basis, the ratio of (a) Indebtedness as of such date of determination, less
      unrestricted cash that is in deposit accounts (as defined in Section 9-102
      of the Code) or in securities accounts (as defined in Section 8-501 of the
      Code), or any combination thereof, and which such deposit account or securities
      account is the subject of a control agreement in favor of Agent and is
      maintained by a branch office of the bank or securities intermediary located
      within the United States, to (b) EBITDA for the twelve months ending on such
      date of determination.

     

    (c) As
      of the
      Fourth Amendment Effective Date, the definition of “Earnouts” set forth in
Annex
      A
      of the
      Credit Agreement is hereby amended by deleting “, deferred purchase price”.

     

    (d) As
      of the
      Fourth Amendment Effective Date, the definition of “EBITDA” set forth in
Annex
      A
      of the
      Credit Agreement is hereby amended by deleting “and” found immediately before
      clause (y) in the proviso therein, and inserting at the end of such clause
      (y)
      the following: 

     

    “and
      (z)
      the portion of EBITDA
      attributable to the IMSA Acquisition shall be as set forth on Schedule
      A
      to the
      Fourth Amendment for periods prior to the IMSA Acquisition Closing
      Date.”

     

    (e) As
      of the
      Fourth Amendment Effective Date, the definition of “Fixed Charges” set forth in
Annex
      A
      of the
      Credit Agreement is hereby amended by inserting “(other than Earnouts)”
immediately after “Indebtedness” in clause (b) thereof.

     

    (f) As
      of the
      Fourth Amendment Effective Date, the definition of “Fixed Charge Coverage Ratio”
set forth in Annex
      A
      of the
      Credit Agreement is hereby amended by inserting the following sentence at the
      end thereof:

     

    “For
      the
      purposes of calculating the Fixed Charge Coverage Ratio financial covenant
      set
      forth in paragraph (b)(i) of Annex
      G,
      Fixed
      Charges of each Target (for the one-year period commencing on the closing date
      of the acquisition in which such Target was acquired) shall be annualized based
      on the time elapsed between the closing date of the acquisition in which such
      Target was acquired and the date on which the Fixed Charge Coverage Ratio is
      being tested.” 

     

    (g) As
      of the
      Fourth Amendment Effective Date, the definition of “Indebtedness” set forth in
Annex
      A
      of the
      Credit Agreement is hereby amended by,

     

    (i) deleting
      clause (a) in its entirety and inserting in lieu thereof, the
      following:

     

    “(a)
      all
      indebtedness of such Person for borrowed money, for the deferred purchase price
      of property payment for which is deferred 6 months or more, or for the deferred
      purchase price of property in connection with any acquisition, but excluding
      obligations to trade creditors incurred in the ordinary course of business
      that
      are unsecured and not overdue by more than 6 months unless being contested
      in
      good faith,”

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (ii) deleting
      clause (e) in its entirety and inserting in lieu thereof, the following:

     

    “(e)
      all
      Earnouts payable by such Person; provided
      that
      such Earnouts are payable within the 12-month period immediately following
      the
      determination by Agent of the amount of such Earnouts, which determination
      shall
      be based upon Borrower’s most recent projections of financial performance
      delivered to Agent,”.

     

    9. Amendment
      to Annex C of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, clause (iv) of paragraph (h) of
Annex
      C
      of the
      Credit Agreement is amended and restated in its entirety to read as
      follows:

     

    “(iv)
      the
      account of Mrehtateb listed on Disclosure
      Schedule (3.19)
      with
      BankNorth, N.A. (the “BankNorth
      Account”);
      provided
      that no
      more than $50,000 shall be held in such account for more than one Business
      Day
      (the “Mrehtateb-BankNorth
      Account Cap”),
      and
provided further
      that on
      or before May 30, 2008 Borrower either (i) closes the BankNorth Account or
      (ii)
      causes to be executed and delivered a Blocked Account Agreement with respect
      to
      the BankNorth Account. In the event that Borrower delivers such a Blocked
      Account Agreement on or before May 30, 2008, the Mrehtateb-BankNorth Account
      Cap
      shall be eliminated.”

     

    10. Amendments
      to Annex G of the Credit Agreement.
      Annex
      G
      is
      hereby amended as of the Fourth Amendment Effective Date by,

     

    (a) deleting
      the proviso of paragraph (a) in its entirety and inserting in lieu thereof
      the
      following: “provided
      that for
      the three (3) Fiscal Years ended March 31, 2009, Borrower may exclude up to
      $10,000,000, in the aggregate for such three Fiscal Year period, in Capital
      Expenditures related to
      the
      construction of a new manufacturing facility in ShenZhen, China.”;

     

    (b) deleting
      paragraph (b) in its entirety and inserting in lieu thereof the
      following:

     

    “(b) Borrower
      and its Subsidiaries shall have on a consolidated basis at the end of each
      Fiscal Quarter, a Fixed Charge Coverage Ratio for the 12-month period then
      ended
      of not less than 1.20 to 1.00.”

     

    (c) deleting
      paragraph (c) in its entirety and inserting in lieu thereof the
      following:

     

    “(c) Minimum
      EBITDA.
      Borrower
      and its Subsidiaries on a consolidated basis shall have, at the end of each
      Fiscal Quarter, EBITDA for the 12-month period then ended of not less than
      $30,000,000.”;

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d) deleting
      paragraph (d) in its entirety and inserting in lieu thereof the
      following:

     

    “(d) Maximum
      Total Leverage Ratio.
      Borrower and its Subsidiaries on a consolidated basis shall have, at the end
      of
      each Fiscal Quarter, a Total Leverage Ratio as of the last day of such Fiscal
      Quarter of not more than 3.25 to 1.00.”;

     

    (e) deleting
      paragraph (e) in its entirety and inserting in lieu thereof, “[Intentionally
      Omitted]”; and

     

    (f) deleting
      “$4,000,000” in paragraph (f) and inserting in lieu thereof,
“$6,000,000”.

     

    11. Amendment
      to Annex H of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, Annex
      H
      of the
      Credit Agreement is hereby amended by deleting it in its entirety and replacing
      it with Exhibit
      A
      hereto.

     

    12. Amendment
      to Annex I of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, Annex
      I
      of the
      Credit Agreement is hereby amended by deleting it in its entirety and replacing
      it with Exhibit
      B
      hereto.

     

    13. Amendment
      to Annex J of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, Annex
      J
      of the
      Credit Agreement is hereby amended by deleting it in its entirety and replacing
      it with Exhibit
      C
      hereto.

     

    14. Amendment
      to Exhibit 1.1(a)(ii) of the Credit Agreement.
      As of
      the Fourth Amendment Effective Date, Exhibit
      1.1(a)(ii)
      of the
      Credit Agreement is hereby amended by deleting it in its entirety and replacing
      it with Exhibit
      D
      hereto.

     

    15. New
      Lenders.
      

     

    (a) By
      its
      execution of this Amendment, each of the Lenders executing this Amendment as
      a
“New Lender” on the signature pages hereto (collectively, the “New
      Lenders”)
      agrees
      to be a “Lender” under the Credit Agreement and the other Loan Documents and to
      be bound by the terms and conditions thereof, and to perform its duties and
      obligations thereunder.

     

    (b) Each
      New
      Lender hereby represents and warrants, severally, not jointly, that (i) the
      execution and performance by such New Lender of its duties and obligations
      under
      this Amendment, the Credit Agreement, as amended hereby, and the Collateral
      Documents will not require any registration with, notice to, or consent or
      approval by any Governmental Authority; (ii) such New Lender is familiar with
      transactions of the kind and scope reflected in the Credit Agreement and the
      other Loan Documents; and (iii) such New Lender has made its own independent
      investigation and appraisal of the financial condition and affairs of each
      Credit Party, has conducted its own evaluation of the Loans and Letter of Credit
      Obligations, the Credit Agreement, the other Loan Documents and each Credit
      Party’s creditworthiness, and has made its decision to become a Lender to
      Borrower under the Credit Agreement independently and without reliance upon
      Agent, and will continue to do so.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    16. Revolving
      Loans under the Credit Agreement.
      On
      the
      Fourth Amendment Effective Date,
      the
      Borrower, Agent and each Lender acknowledge and agree that certain outstanding
      Revolving Credit Advances of the Revolving Lenders may need to be reallocated
      among the Revolving Lenders so that each Revolving Lender’s share of the
      principal amount of the outstanding Revolving Loan is in an amount equal to
      such
      Revolving Lender’s percentage of the total Revolving Loan Commitment (in each
      case, the “Reallocated
      Loan Amount”).
      The
      Revolving Lenders agree to effect such reallocation in a mutually satisfactory
      manner. In furtherance of the foregoing, it is understood and agreed that
      immediately after giving effect to such reallocation on the Fourth Amendment
      Effective Date, the Borrower’s Obligations in respect of the principal amount of
      any Revolving Credit Advance to any Revolving Lender shall equal such Revolving
      Lender’s applicable Reallocated Loan Amount. The total outstanding amount of the
      Revolving Loan after effecting such reallocation on the Fourth Amendment
      Effective Date (and disregarding any new Revolving Credit Advances to be made
      on
      the Fourth Amendment Effective Date) shall be the same as the total outstanding
      amount of the Revolving Loan immediately prior to such
      reallocation.

     

    17. Remedies.
      This
      Amendment shall constitute a Loan Document. The breach by any Credit Party
      of
      any representation, warranty, covenant or agreement in this Amendment
(including,
      without limitation, any failure to satisfy the requirements of the proviso
      to
Section
      2
      hereof)
      shall
      constitute an immediate Event of Default hereunder and under the other Loan
      Documents.

     

    18. Representations
      and Warranties.
      To
      induce Agent and Lenders to enter into this Amendment, Borrower makes the
      following representations and warranties to Agent and Lenders:

     

    (a) The
      execution, delivery and performance of this Amendment, the Amended and Restated
      Revolving Notes and the Revolving Notes referred to in clauses (f) and (g),
      respectively, of Section
      23
      hereto
      (collectively, the “Fourth
      Amendment Revolving Notes”),
      and
      the performance of the Credit Agreement as amended by this Amendment (the
“Amended
      Credit Agreement”)
      (i) by
      each US Credit Party, are within such US Credit Party’s organizational power;
      (ii) by each US Credit Party have been duly authorized by such US Credit Party
      by all necessary or proper organizational and shareholder or membership action;
      (iii) do not contravene any provision of any US Credit Party’s charter or bylaws
      or equivalent organizational or other constituent documents; (iv) do not violate
      any law or regulation, or any order or decree of any court or Governmental
      Authority; (v) do not conflict with or result in the breach or termination
      of,
      constitute a default under or accelerate or permit the acceleration of any
      performance required by, any indenture, mortgage, deed of trust, lease,
      agreement or other instrument to which any US Credit Party is a party or by
      which any US Credit Party or any of its property is bound; (vi) do not result
      in
      the creation or imposition of any Lien upon any of the property of any US Credit
      Party other than those in favor of Agent, on behalf of itself and the Lenders,
      pursuant to the Loan Documents; and (vii) do not require the consent or approval
      of any Governmental Authority or any other Person.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (b) This
      Amendment has been duly executed and delivered by or on behalf of Borrower
      and
      each other US Credit Party.

     

    (c) Each
      of
      this Amendment, the Fourth Amendment Revolving Notes, the Amended Credit
      Agreement and the other Loan Documents constitutes a legal, valid and binding
      obligation of Borrower and each of the other US Credit Parties party hereto
      or
      thereto, enforceable against each in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws affecting creditors' rights generally
      and by general equitable principles (whether enforcement is sought by
      proceedings in equity or at law).

     

    (d) After
      giving effect to this Amendment, no Default or Event of Default has occurred
      and
      is continuing.

     

    (e) No
      action, claim or proceeding is now pending or, to the knowledge of any US Credit
      Party, threatened against Borrower or any other Credit Party, at law, in equity
      or otherwise, before any court, board, commission, agency or instrumentality
      of
      any federal, state, or local government or of any agency or subdivision thereof,
      or before any arbitrator or panel of arbitrators, which (i) challenges
      Borrower’s or, to the extent applicable, any other Credit Party’s right, power,
      or competence to enter into this Amendment or the Fourth Amendment Revolving
      Notes or perform any of their respective obligations under this Amendment,
      the
      Fourth Amendment Revolving Notes, the Amended Credit Agreement or any other
      Loan
      Document, or the validity or enforceability of this Amendment, the Fourth
      Amendment Revolving Notes, the Amended Credit Agreement or any other Loan
      Document or any action taken under this Amendment, the Fourth Amendment
      Revolving Notes, the Amended Credit Agreement or any other Loan Document or
      (ii)
      if determined adversely, is reasonably likely to have or result in a Material
      Adverse Effect. To the knowledge of Borrower, there does not exist a state
      of
      facts which is reasonably likely to give rise to such proceedings.

     

    (f) After
      giving effect to this Amendment, the representations and warranties of Borrower
      and the other Credit Parties contained in the Amended Credit Agreement and
      each
      other Loan Document are true and correct on and as of the Fourth Amendment
      Effective Date with the same effect as if such representations and warranties
      had been made on and as of such date, except that any such representation or
      warranty which is expressly made only as of a specified date need be true only
      as of such date.

     

    19. No
      Other Amendments/Waivers.
      Except
      as expressly provided herein, the Credit Agreement and the other Loan Documents
      shall be unmodified and shall continue to be in full force and effect in
      accordance with their terms. In addition, except as specifically provided
      herein, this Amendment shall not be deemed a waiver of any term or condition
      of
      any Loan Document and shall not be deemed to prejudice any right or rights
      which
      Agent, for itself and Lenders, may now have or may have in the future under
      or
      in connection with any Loan Document or any of the instruments or agreements
      referred to therein, as the same may be amended from time to time.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    20. Continuation
      of Obligations and Liens.
      Each of
      the Borrower and the other US Credit Parties hereby acknowledges, agrees and
      affirms (a) its obligations under the Credit Agreement and the other Loan
      Documents, including, without limitation, its guaranty obligations thereunder,
      (b) that such guaranty shall apply to all Obligations, (c) the grant of the
      security interest in all of its assets pursuant to the Loan Documents and (d)
      that such liens
      and
      security interests created and granted are valid and continuing and secure
      all
      the Obligations. 

     

    21. Outstanding
      Indebtedness; Waiver of Claims.
      Each of
      Borrower and the other US Credit Parties hereby acknowledges and agrees that
      as
      of December 6, 2007 the aggregate outstanding principal amount of the Revolving
      Loan is $37,082,783.47 and the aggregate outstanding principal amount of the
      Term Loan is $16,500,000, respectively, and that such principal amounts are
      payable pursuant to the Credit Agreement without defense, offset, withholding,
      counterclaim or deduction of any kind. Borrower and each other US Credit Party
      hereby waives, releases, remises and forever discharges Agent, Lenders and
      each
      other Indemnified Person from any and all claims, suits, actions,
      investigations, proceedings or demands, whether based in contract, tort, implied
      or express warranty, strict liability, criminal or civil statute or common
      law
      of any kind or character, known or unknown, which Borrower or any other Credit
      Party ever had, now has or might hereafter have against Agent or any Lender
      which relates, directly or indirectly, to any acts or omissions of Agent,
      Lenders or any other Indemnified Person on or prior to the Fourth Amendment
      Effective Date.

     

    22. Fees
      and Expenses.

     

    (a) Amendment
      Fee.
      Borrower hereby agrees to pay Agent, for the ratable benefit of Lenders, an
      amendment fee in the amount of $132,000 (the “Amendment
      Fee”),
      which
      shall be fully earned, due and payable in immediately available funds on the
      Fourth Amendment Effective Date.

     

    (b) Expenses.
      Each of
      Borrower and the other US Credit Parties hereby reconfirms its respective
      obligations pursuant to Sections
      1.9
      and
11.3
      of the
      Credit Agreement and pursuant to the GE Capital Fee Letter, to pay and reimburse
      Agent, for Agents and Lenders, for all reasonable costs and expenses (including,
      without limitation, reasonable fees of counsel) incurred in connection with
      the
      negotiation, preparation, execution and delivery of this Amendment and all
      other
      documents and instruments delivered in connection herewith. 

     

    23. Effectiveness.
      This
      Amendment
      shall
      become effective as of the date first set forth above (the “Fourth
      Amendment Effective Date”)
      only
      upon satisfaction in full in the judgment of Agent of each of the following
      conditions on or prior to December
      10,
      2007:

     

    (a) Amendment.
      Agent
      shall have received five (5) original copies of this Amendment duly executed
      and
      delivered by Agent, the Requisite Lenders and Borrower and acknowledged and
      agreed to by each of the other US Credit Parties.

     

    (b) Payment
      of Fees and Expenses.
      Borrower shall have paid to Agent (i) all costs, fees and expenses owing in
      connection with this Amendment and the other Loan Documents and due to Agent
      and/or Lenders (including, without limitation, all reasonable legal fees and
      expenses referenced in Section
      22(b)
      hereof)
      and (ii) the Amendment Fee.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (c) Resolutions.
      Agent
      shall have received a copy of resolutions of Borrower’s board of directors
      approving and authorizing the execution, delivery and performance of this
      Amendment and the Fourth Amendment Revolving Notes and the performance of the
      Amended Credit Agreement including the increase in the Obligations as a result
      of the increase to the Revolving Loan Commitment contemplated by this Amendment,
      certified by an authorized officer of Borrower as being in full force and effect
      without any modification or amendment.

     

    (d) Opinion
      of Counsel.
      Agent
      shall have received legal opinions of counsel acceptable to Agent, which shall
      provide (subject to customary qualifications and exceptions) that (i) this
      Amendment and the Fourth Amendment Revolving Notes have been duly authorized,
      executed and delivered by, and are enforceable against each Credit Party, as
      applicable, (ii) the Amended Credit Agreement is enforceable against each Credit
      Party, and (iii) such other opinions as Agent may reasonably request, all in
      form and substance satisfactory to Agent.

     

    (e) Representations
      and Warranties.
      The
      representations and warranties of or on behalf of the Credit Parties in this
      Amendment shall be true and correct on and as of the Fourth Amendment Effective
      Date.

     

    (f) Amended
      and Restated Revolving Notes.
      Each
      Lender that currently holds a Revolving Note shall have received an Amended
      and
      Restated Revolving Note, substantially in the form of part (1) of Exhibit
      D
      hereto
      with blanks appropriately completed.

     

    (g) Revolving
      Notes.
      Each
      New Lender that has requested a Revolving Note shall have received a Revolving
      Note, substantially in the form of part (2) of Exhibit
      D
      hereto
      with blanks appropriately completed. 

     

    24. GOVERNING
      LAW.
      THIS
      AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAW
      OF
      THE STATE OF NEW YORK.

     

    25. Counterparts.
      This
      Amendment may be executed by the parties hereto on any number of separate
      counterparts and all of said counterparts taken together shall be deemed to
      constitute one and the same instrument. This Amendment may be executed and
      delivered by telecopier or other method of electronic transmission with the
      same
      force and effect as if it were a manually executed and delivered
      counterpart.

     

    [SIGNATURE
      PAGES FOLLOW]

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed and delivered as of the day and year first above written. 

     

    
      	 	 	 
	 	
              BORROWER

            
	 	 
	 	
              MEASUREMENT
                SPECIALTIES, INC.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              
                Title: 

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	 	 
	 	
              
                AGENT
                  AND LENDERS

              

            
	 	 
	 	
              
                GENERAL
                  ELECTRIC CAPITAL

                
                  CORPORATION,

                  
                    as
                      Agent and Lender

                  

                

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Duly Authorized Signatory  

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	 	 
	 	
              
                WACHOVIA
                  BANK, NATIONAL 

                ASSOCIATION,
                  

                
                  as
                    Syndication Agent and Lender

                

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              
                Title: 

              

            

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              
                
                  CoLTS
                    2005-1 LTD., as
                    Lender

                

              

            
	 	 
	 	
              By:
                Wachovia Bank, National Association, as Servicer

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              
                Title: 

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              
                JPMORGAN
                  CHASE BANK, N.A., as
                  

                Documentation
                  Agent and Lender

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              
                Title: 

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              
                
                  BANK
                    OF AMERICA, N.A., as
                    New Lender

                

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              
                Title: 

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              
                
                  ROYAL
                    BANK OF CANADA, as
                    New Lender

                

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              
                Title: 

              

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
      undersigned US Credit Parties hereby (i) acknowledge this Amendment and
      (ii) confirm and agree that their obligations under their respective
      Collateral Documents shall continue without any diminution thereof and shall
      remain in full force and effect with respect to the Obligations as increased
      hereby on and after the effectiveness of this Amendment.

     

    ACKNOWLEDGED,
      CONSENTED and 

    AGREED
      to
      as of the date first written above.

     

    US
      CREDIT
      PARTIES

     

    IC
      SENSORS INC.

     

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              

            	 	 	
            
	 	
              Name: 

              Title: 

            	 	 	
            

    

     

    ELEKON
      INDUSTRIES USA, INC.

     

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              

            	 	 	
            
	 	
              Name: 

              Title: 

            	 	 	
            

    

     

    ENTRAN
      DEVICES LLC

     

    By:
      Measurement Specialties, Inc.

    As
      sole
      Member and sole Manager

     

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              

            	 	 	
            
	 	
              Name: 

              Title: 

            	 	 	
            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    MEASUREMENT
      SPECIALTIES FOREIGN 

    HOLDINGS
      CORPORATION

     

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              

            	 	 	
            
	 	
              Name: 

              Title: 

            	 	 	
            

    

     

    BETATHERM
      USA, LLC 

     

    By:
      Measurement Specialties Foreign Holdings Corporation

    As
      sole
      Member 

     

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              

            	 	 	
            
	 	
              Name: 

              Title: 

            	 	 	
            

    

    
    

     

    YSIS
      INCORPORATED 

     

    
      	 	 	 	 	 
	By:	 	 	 	 
	 	
              

            	 	 	
            
	 	
              Name: 

              Title: 

            	 	 	
            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    ANNEX
      H (Section 9.9(a))

     

    to

     

    CREDIT
      AGREEMENT

     

    LENDERS’
      WIRE TRANSFER INFORMATION

    

      
        	
                Name:

              	
                General
                  Electric Capital Corporation

              
	
                Bank:

              	
                Deutsche
                  Bank Trust Company Americas

              
	 	
                New
                  York, New York

              
	
                ABA
                  #:

              	
                021001033

              
	
                Account
                  #:

              	
                50-232-854

              
	
                Account
                  Name:

              	
                GECC
                  CFS CIF Collection Account

              
	
                Reference:

              	
                CFN8605
                  Measurement Specialties, Inc.

              
	 	 
	
                Name:

              	
                Wachovia
                  Bank, National Association

              
	
                Bank:

              	
                First
                  Union

              
	 	
                Charlotte,
                  North Carolina

              
	
                ABA
                  #:

              	
                053-000-219

              
	
                Account
                  #:

              	
                04659360006116

              
	
                Attn:

              	
                Credit
                  Derivatives

              
	
                Reference:

              	
                Measurement
                  Specialties, Inc.

              
	 	 
	
                Name:

              	
                JPMorgan
                  Chase Bank, N.A.

              
	
                Bank:

              	
                JPMorgan
                  Chase Bank, N.A.

              
	
                ABA
                  #:

              	
                021000021

              
	
                Credit
                  To:

              	
                Commercial
                  Loan Department

              
	
                Account
                  #:

              	
                323522211

              
	
                F/F/C:

              	
                Measurement
                  Specialties, Inc. - Loan # 0002-2000001612

              
	 	 
	
                Name:

              	
                Royal
                  Bank of Canada

              
	 	
                JPMorgan
                  Chase Bank N.A.

              
	
              	
                New
                  York, NY 

              
	
                ABA
                  #:

              	
                021-000-021

              
	
                Account
                  #:

              	
                920-1-033363

              
	
                Reference:

              	
                Measurement
                  Specialties, Inc.

              
	 	 
	
                Name:

              	
                Bank
                  of America, N.A.

              
	
              	
                New
                  York, NY

              
	
                ABA
                  #:

              	
                026009593

              
	
                Account
                  #:

              	
                1093600000630

              
	
                Account
                  Name:

              	
                Commercial
                  Credit Services

              
	
                Reference:

              	
                Measurement
                  Specialties, Inc.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    ANNEX
      I (Section 11.10)

    to

    CREDIT
      AGREEMENT

     

    NOTICE
      ADDRESSES

     

    (A)   If
      to
      Agent or GE Capital, at

    General
      Electric Capital Corporation

    201
      Merritt Seven, 3rd Floor

    Norwalk,
      CT 06854

    Attention:
      Measurement Specialties, Inc., Account Manager

    Telecopier
      No.: 203-956-4238

    Telephone
      No.: 203-956-4103

     

    and,
      with
      respect to any Default or Event of Default, to:

    Paul,
      Hastings, Janofsky & Walker LLP

    75
      E.
      55th Street

    New
      York,
      New York 10022

    Attention:
      Mario J. Ippolito, Esq.

    Telecopier
      No.: 212-230-7848

    Telephone
      No.: 212-318-6420

     

    and

     

    General
      Electric Capital Corporation

    401
      Merritt Seven, 2nd Floor

    Norwalk,
      Connecticut 06856

    Attention:
      Corporate Counsel - GE Commercial & Industrial Finance, Inc.

    Telecopier
      No.: 203-229-1991

    Telephone
      No.: 203-229-1427

     

    (B)   If
      to any
      Credit Party, at

     

    c/o
      Measurement Specialties, Inc.

    1000
      Lucas Way

    Hampton,
      Virginia 23666

    Attention:
      Frank Guidone, Chief Executive Officer

    Telecopier
      No.: 575-766-4347

    Telephone
      No.: 757-766-1500

    

           
      With a copy to:

    

    Hunton
      & Williams LLP

    Bank
      of
      America Plaza, Suite 4100

    600
      Peachtree Street, NE

    Atlanta,
      Georgia 30308-2216

    Attention: Joseph
      B.
      Alexander,
      Esq.

    Telecopier
      No.: 404-602-9004

    Telephone
      No.: 404-888-4218

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    ANNEX
      J (from Annex A - Commitments definition)

    to

    CREDIT
      AGREEMENT

     

    Revolving
      Loan Commitments as of the Fourth Amendment Effective Date:

     

    
      	
              Lender

            	 	
              Revolving
                Loan Commitment

            	 
	
              General
                Electric Capital Corporation

            	 	
              $

            	
              41,666,666.67

            	 
	
              Wachovia
                Bank, National Association

            	 	
              $

            	
              7,666,666.67

            	 
	
              CoLTS
                2005-1 LTD.

            	 	
              $

            	
              3,333,333.33

            	 
	
              JPMorgan
                Chase Bank, N.A.

            	 	
              $

            	
              28,333,333.33

            	 
	
              Bank
                of America, N.A.

            	 	
              $

            	
              20,000,000

            	 
	
              Royal
                Bank of Canada

            	 	
              $

            	
              20,000,000

            	 
	
              Total

            	 	
              $

            	
              121,000,000

            	 

    

    

    Term
      Loan Commitments as of the Closing Date:

    

    
      	
              Lender

            	 	
              Term
                Loan Commitment
                

            	 
	
              General
                Electric Capital Corporation

            	 	
              $

            	
              9,333,333.33

            	 
	
              Wachovia
                Bank, National Association

            	 	
              $

            	
              0

            	 
	
              CoLTS
                2005-1 LTD.

            	 	
              $

            	
              4,000,000.00

            	 
	
              JPMorgan
                Chase Bank, N.A.

            	 	
              $

            	
              6,666,666.67

            	 
	
              Bank
                of America, N.A.

            	 	
              $

            	
              0

            	 
	
              Royal
                Bank of Canada

            	 	
              $

            	
              0

            	 
	
              Total

            	 	
              $

            	
              20,000,000

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D - (1)

     

    EXHIBIT
      1.1(a)(ii)

    to

    CREDIT
      AGREEMENT

     

    FORM
      OF
      AMENDED AND RESTATED REVOLVING NOTE

     

    
      	 	
              New
                York, New York

            
	
              $[____________]

            	
              [_______
                __, 20__]

            

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, MEASUREMENT
      SPECIALTIES, INC.,
      a New
      Jersey corporation (“Borrower”),
      HEREBY PROMISES TO PAY to the order of [_____________________________]
      (“Lender”),
      at
      the offices of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation,
      as
      Agent for Lenders (“Agent”),
      at
      its address at 401 Merritt 7, Norwalk, Connecticut 06856, or at such other
      place as Agent may designate from time to time in writing, in lawful money
      of
      the United States of America and in immediately available funds, the amount
      of
      [___________________________] ($[__________]) or, if less, the aggregate unpaid
      amount of all Revolving Credit Advances made by Lender to the undersigned under
      the “Credit Agreement” (as hereinafter defined). All capitalized terms used but
      not otherwise defined herein have the meanings given to them in the Credit
      Agreement or in Annex
      A
      thereto.

     

    This
      Revolving Note is one of the Revolving Notes issued pursuant to that certain
      Amended and Restated Credit Agreement dated as of April 3, 2006 by and among
      Borrower, the other Persons named therein as Credit Parties, Agent, Lender
      and
      the other Persons parties thereto from time to time as Lenders (including all
      annexes, exhibits and schedules thereto, and as from time to time amended,
      restated, supplemented or otherwise modified, the “Credit
      Agreement”),
      and
      is entitled to the benefit and security of the Credit Agreement, the Security
      Agreement and all of the other Loan Documents referred to therein. Reference
      is
      hereby made to the Credit Agreement for a statement of all of the terms and
      conditions under which the Revolving Loans evidenced hereby are made and are
      to
      be repaid. The date and amount of each Revolving Credit Advance made by Lender
      to Borrower, the rates of interest applicable thereto and each payment made
      on
      account of the principal thereof, shall be recorded by Agent on its books;
      provided that the failure of Agent to make any such recordation shall not affect
      the obligations of Borrower to make a payment when due of any amount owing
      under
      the Credit Agreement or this Note in respect of the Revolving Credit Advances
      made by Lender to Borrower.

     

    The
      principal amount of the indebtedness evidenced hereby shall be payable in the
      amounts and on the dates specified in the Credit Agreement, the terms of which
      are hereby incorporated herein by reference. Interest thereon shall be paid
      until such principal amount is paid in full at such interest rates and at such
      times, and pursuant to such calculations, as are specified in the Credit
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If
      any
      payment on this Revolving Note becomes due and payable on a day other than
      a
      Business Day, the maturity thereof shall be extended to the next succeeding
      Business Day and, with respect to payments of principal, interest thereon shall
      be payable at the then applicable rate during such extension.

     

    Upon
      and
      after the occurrence of any Event of Default, this Revolving Note may, as
      provided in the Credit Agreement, and without demand, notice or legal process
      of
      any kind, be declared, and immediately shall become, due and
      payable.

     

    Time
      is
      of the essence of this Revolving Note. Demand, presentment, protest and notice
      of nonpayment and protest are hereby waived by Borrower.

     

    Except
      as
      provided in the Credit Agreement, this Revolving Note may not be assigned by
      Lender to any Person.

     

    This
      Revolving Note amends and restates and is substituted, without novation, for
      that certain Revolving Note, dated April 3, 2006, in the original principal
      amount of $[__________] made by Borrower in favor of Lender (the “Prior
      Note”)
      and
      this Revolving Note is in substitution for (but not in payment of) the Prior
      Note.

     

    THIS
      REVOLVING NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT
      STATE.

     

    
      	 	 	 
	 	
              MEASUREMENT
                SPECIALTIES, INC.

            
	 
 	 
 	 
 
	 	By:  	________________________________________
	 	Name: 	________________________________________
	 	Title:	________________________________________ 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (2)

     

    FORM
      OF
      REVOLVING NOTE

     

    
      	 	
              New
                York, New York

            
	
              $[____________]

            	
              [_______
                __, 20__]

            

    

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, MEASUREMENT
      SPECIALTIES, INC.,
      a New
      Jersey corporation (“Borrower”),
      HEREBY PROMISES TO PAY to the order of [_____________________________]
      (“Lender”),
      at
      the offices of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation,
      as
      Agent for Lenders (“Agent”),
      at
      its address at 401 Merritt 7, Norwalk, Connecticut 06856, or at such other
      place as Agent may designate from time to time in writing, in lawful money
      of
      the United States of America and in immediately available funds, the amount
      of
      [___________________________] ($[__________]) or, if less, the aggregate unpaid
      amount of all Revolving Credit Advances made by Lender to the undersigned under
      the “Credit Agreement” (as hereinafter defined). All capitalized terms used but
      not otherwise defined herein have the meanings given to them in the Credit
      Agreement or in Annex
      A
      thereto.

     

    This
      Revolving Note is one of the Revolving Notes issued pursuant to that certain
      Amended and Restated Credit Agreement dated as of April 3, 2006 by and among
      Borrower, the other Persons named therein as Credit Parties, Agent, Lender
      and
      the other Persons parties thereto from time to time as Lenders (including all
      annexes, exhibits and schedules thereto, and as from time to time amended,
      restated, supplemented or otherwise modified, the “Credit
      Agreement”),
      and
      is entitled to the benefit and security of the Credit Agreement, the Security
      Agreement and all of the other Loan Documents referred to therein. Reference
      is
      hereby made to the Credit Agreement for a statement of all of the terms and
      conditions under which the Revolving Loans evidenced hereby are made and are
      to
      be repaid. The date and amount of each Revolving Credit Advance made by Lender
      to Borrower, the rates of interest applicable thereto and each payment made
      on
      account of the principal thereof, shall be recorded by Agent on its books;
      provided that the failure of Agent to make any such recordation shall not affect
      the obligations of Borrower to make a payment when due of any amount owing
      under
      the Credit Agreement or this Note in respect of the Revolving Credit Advances
      made by Lender to Borrower.

     

    The
      principal amount of the indebtedness evidenced hereby shall be payable in the
      amounts and on the dates specified in the Credit Agreement, the terms of which
      are hereby incorporated herein by reference. Interest thereon shall be paid
      until such principal amount is paid in full at such interest rates and at such
      times, and pursuant to such calculations, as are specified in the Credit
      Agreement.

     

    If
      any
      payment on this Revolving Note becomes due and payable on a day other than
      a
      Business Day, the maturity thereof shall be extended to the next succeeding
      Business Day and, with respect to payments of principal, interest thereon shall
      be payable at the then applicable rate during such extension.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Upon
      and
      after the occurrence of any Event of Default, this Revolving Note may, as
      provided in the Credit Agreement, and without demand, notice or legal process
      of
      any kind, be declared, and immediately shall become, due and
      payable.

     

    Time
      is
      of the essence of this Revolving Note. Demand, presentment, protest and notice
      of nonpayment and protest are hereby waived by Borrower.

     

    Except
      as
      provided in the Credit Agreement, this Revolving Note may not be assigned by
      Lender to any Person.

     

    THIS
      REVOLVING NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT
      STATE.

    
       

      
        	 	 	 
	 	
                MEASUREMENT
                  SPECIALTIES, INC.

              
	 
 	 
 	 
 
	 	By:  	_________________________________________
	 	Name: 	_________________________________________
	 	Title:	_________________________________________ 

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    
      	
              Historical
                EBITDA for IMSA

            	 
	 	 
	
              FISCAL
                MONTH ENDING

            	 	
              IMSA

            	 
	
              December
                31, 2006

            	 	
              $

            	
              1,147,836

            	 
	
              March
                31, 2007

            	 	
              $

            	
              1,376,177

            	 
	
              June
                30, 2007

            	 	
              $

            	
              1,825,040

            	 
	
              September
                30, 2007

            	 	
              $

            	
              1,014,826EXECUTION
      COPY

     

    AGREEMENT

     

    This
      Agreement (“Agreement”),
      dated
      November 7, 2007 is by and between Measurement Specialties, Inc., a New Jersey
      corporation (the “Company”),
      and
      Frank Guidone (the “Executive”). The Company and the Executive are sometimes
      individually referred to herein as a “Party”
or
      collectively referred to herein as the “Parties.”

     

    WITNESSETH:

     

    WHEREAS,
      the Parties intend that upon their execution of this Agreement, this Agreement
      shall supersede and replace the Executive Employment Agreement, made and entered
      into as of March 31, 2006 between the Company and the Executive , and shall
      be
      the sole agreement governing the terms of and relating to the employment of
      the
      Executive by the Company; 

    

    NOW,
      THEREFORE, the Parties hereto, in consideration of the foregoing recitals and
      the mutual covenants and promises set forth herein, do hereby agree as
      follows:

     

    
      	
            	1.	
              Definitions

            

    

     

    As
      used
      herein, the following terms have the following meanings:

    

    “Agreement”
means
      this Agreement.

    

    “Board”
means
      the Board of Directors of the Company.

    

    “Change
      of Control”
means
      (i) any liquidation, dissolution or winding-up of the Company, whether voluntary
      or involuntary; (ii) any merger, consolidation, conversion transaction or
      reorganization of the Company with or into any other entity or entities that
      results in the conversion or exchange of outstanding Common Stock (or any
      securities into which such Common Stock may be converted or exchanged) of the
      Company for securities issued or other consideration paid or caused to be issued
      or paid by any such entity or affiliate thereof (other than a merger of the
      Company with or into another entity that does not result in the holders of
      Common Stock immediately prior to the consummation of such transaction ceasing
      to own a majority of the voting securities of the entity surviving or resulting
      from the merger); or (iii) any sale, transfer or disposition of all or
      substantially all of the property or assets of the Company. For purposes of
      the
      immediately preceding sentence, sale, transfer or disposition of substantially
      all of the property or assets of the Company shall mean the sale of property
      or
      assets, in a single transaction or a series of related transactions, having
      a
      value in excess of 50% of the value of assets reflected on the balance sheet
      of
      the Company immediately prior to the first such sale. 

    

    “Annual
      Salary”
has
      the
      meaning given such term in Section 5 of this Agreement.

    

    “Bonus
      Plan”
has
      the
      meaning given such term in Section 6 of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    “Cause”
has
      the
      meaning given such term in Section 9 of this Agreement.

    

    “Company”
has
      the
      meaning given such term in the Recitals to this Agreement.

    

    “CRP”
shall
      mean Corporate Revitalization Partners, LLC .

    

    “Disability”
has
      the
      meaning given such term in Section 10 of this Agreement.

    

    “Executive”
has
      the
      meaning given such term in the Recitals to this Agreement.

    

    “Four
      Corners”
shall
      mean Four Corners Capital Partners LP.

    

    “Good
      Reason”
has
      the
      meaning given such term in Section 9 of this Agreement.

    

    “Option”
has
      the
      meaning given such term in Section 7 of this Agreement.

    

    “Option
      Agreement”
has
      the
      meaning given such term in Section 7 of this Agreement.

    

    “Option
      Plan”
has
      the
      meaning given such term in Section 7 of this Agreement. 

    

    “ “Subsidiary”
      or “Subsidiaries”
means
      any entity at least a majority of whose voting securities is at the time owned
      by the Company or one of the Company’s Subsidiaries.

    

    “Term”
has
      the
      meaning set forth in Section 2 of this Agreement. 

     

    
      	 	
              2.

            	
              Term
                of Employment

            

    

    

    The
      service of Executive pursuant to this Agreement (the “Term”) shall continue
      until terminated in accordance with the provisions of this Agreement.

     

    
      	
            	3.	
              Duties
                of Executive

            

    

    

    Executive
      shall serve as the Chief Executive Officer of the Company during the Term,
      and
      in connection therewith shall perform the services and duties attendant to
      such
      office as set forth herein or in the Bylaws of the Company, subject in all
      respects to the direction and supervision of the Board, provided that such
      services and duties are consistent with the normal and customary
      responsibilities of a Chief Executive Officer and that Executive retains the
      title of Chief Executive Officer.

     

    
      	
            	4.	
              Exclusive
                Services and Best
                Efforts

            

    

     

    The
      Parties agree that Executive will devote substantially all of his business
      time,
      his best efforts, energies and skill to the discharge of the duties and
      responsibilities attributable to his position; provided that nothing herein
      shall prevent Executive from (i) engaging in investment activities on behalf
      of
      himself or his family or (ii) engaging in religious, charitable or other
      community or nonprofit activities. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              5.

            	
              Compensation

            

    

    

    In
      consideration of the services to be provided by Executive hereunder, the Company
      shall initially pay Executive a salary of $450,000 per year during the Term
      (“Annual
      Salary”), payable in arrears in approximately equal bi-weekly installments in
      accordance with the Company’s customary payroll practices, subject to the
      following two sentences. Increases in such Salary may be decided by the Board
      in
      its sole discretion after taking account of, among other things, performance
      and
      compensation for similar positions in the Company’s geographic region. The
      Annual Salary shall be reviewed by the Board for increase (but not decrease)
      not
      less frequently than on an annual basis. 

     

    
      	
            	6.	
              Bonus

            

    

     

    In
      addition to the Salary payable pursuant to Section 5 above, Executive shall also
      be eligible to receive an annual bonus pursuant to the Company’s Bonus Plan (the
“Bonus
      Plan”),
      payable in accordance with the terms thereof, based upon annual performance
      criteria and goals established by the Compensation Committee of the Board (the
      “Compensation Committee”). The amount of such bonus, if any, will be determined
      by the Compensation Committee or the Board on an annual basis, based on such
      criteria as the Compensation Committee or the Board shall establish from time
      to
      time. 

     

    
      	
            	7.	
              Stock
                Option

            

    

     

    Executive
      shall be eligible to receive options to purchase shares of the Company’s Common
      Stock (each, an “Option”
and
      collectively “Options”) at an exercise price per share equal to the fair market
      value of a share of the Company’s Common Stock on the date of grant. Options
      shall be granted pursuant to the Company’s 2006 Stock Option Plan or any
      successor thereto (the “Option
      Plan”)
      and
      shall be subject to the terms, conditions and provisions thereof and of the
      certificate or agreement evidencing the Option (the “Option
      Agreement”).
      Options shall be granted in such numbers as shall be determined from time to
      time by the Board or the Compensation Committee.   

     

    
      	 	
              8.

            	
              Benefits;
                Expenses

            

    

     

    Executive
      shall be entitled to take up to five weeks of paid vacation per year. In
      addition, during the Term, the Company shall provide Executive with such
      benefits (at no cost to the Executive), including medical, dental, life and
      disability insurance, as are provided to senior executives of the Company under
      the Company’s employee benefit and welfare plans, and Executive shall be
      eligible to participate in such incentive compensation plans of the Company
      (including, without limitation, the Bonus Plan, as described in Section 6
      hereof, and the Option Plan) as are in effect from time to time and are made
      available to senior executives of the Company. The Company shall reimburse
      Executive, in accordance with the policies and practices of the Company in
      effect from time to time with respect to senior executives of the Company,
      for
      all reasonable and necessary traveling expenses and other disbursements incurred
      by Executive for or on behalf of the Company or its Subsidiaries in connection
      with the performance of his duties hereunder, upon presentation by Executive
      to
      the Company of appropriate documentation therefor. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
            	9.	
              Termination
                of Employment

            

    

     

    (a)
      General.
      Except
      as
      expressly set forth in this Section 9 and in Section 10 hereof (with respect
      to
      the death or disability of Executive), upon a termination of Executive’s
      employment with the Company, the Company shall have no further obligations
      to
      Executive and Executive shall be entitled to no further benefits under this
      Agreement. If the termination is for Cause or for Good Reason, the notice shall
      set forth the specific grounds for the termination. 

    

    (b)
      Termination
      by the Company for Cause.
      (i) The
      Company may terminate the employment of Executive for Cause. Upon a termination
      of employment for Cause, Executive shall be entitled to receive payment from
      the
      Company, within twenty (20) business days after the date of termination, of
      the
      amount of Executive’s Salary accrued through the date of termination and unpaid
      as of that date, together with the amount of any earned but unpaid bonus, and
      any outstanding business expenses incurred by Executive prior to the date of
      termination but not reimbursed as of such date. 

    

    (ii)
      For
      purposes of this Section 9, “Cause”
shall
      mean one or more of the following: (A) the conviction of Executive by a court
      of
      competent jurisdiction of a felony, based on Executive’s commission of a
      criminal act; (B) Executive’s commission of fraud; (C) Executive’s willful
      neglect or refusal to discharge his duties pursuant to this Agreement, assuming
      such duties are lawful, which continues for a period of thirty (30) days
      following written notice thereof by the Board to Executive, or (D) a material
      breach of this Agreement by Executive, which continues for a period of thirty
      (30) days following notice written thereof by the Board to Executive. No act
      or
      failure on Executive’s part shall be considered “willful” unless it is done, or
      omitted to be done by Executive, in bad faith or without reasonable belief
      that
      Executive’s action or omission was in the best interests of the Company. Any
      act, or failure to act, based upon authority given pursuant to a specific
      resolution duly adopted by the Board or based upon the advice of counsel for
      the
      Company shall be conclusively presumed to be done, or omitted to be done, by
      Executive in good faith and in the best interests of the Company.

    

    (iii)
      Notwithstanding the foregoing, the Company may not terminate Executive’s
      employment for Cause until: (A) Executive has been afforded the opportunity
      to
      appear before the Board, with or without legal representation, to address the
      Board’s stated reason for termination, (B) the affirmative vote of the majority
      of the Board members (excluding the Executive if he is a member of the Board,
      and any other member of the Board reasonably believed by the Board to be
      involved in the events leading the Board to terminate Executive’s employment for
      Cause) agreeing that the actions or inactions of the Executive, as specified
      in
      the notice of termination occurred, that such actions or inactions constitute
      Cause, and that the employment of Executive should, accordingly, be terminated
      for Cause, and (C) the Board provides Executive with a written determination
      setting forth the specific details that form the basis of such
      termination.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    (c)
      Termination
      by the Company Without Cause or by Executive for Good Reason.
      (i) The
      Company may terminate the employment of Executive without Cause, and Executive
      may terminate his employment for Good Reason. Upon a termination of Executive’s
      employment without Cause or for Good Reason, Executive shall be entitled to
      receive from the Company, within twenty (20) business days after the date of
      termination, a lump sum payment consisting of (A) the amount of Executive’s
      Salary accrued through the date of termination and unpaid, together with the
      amount of any earned but unpaid bonus, (B) an additional amount equal to 150%
      of
      Executive’s Annual Salary as in effect at the date of termination, and (C) the
      amount of any outstanding business expenses that were incurred by Executive
      prior to the date of termination but not reimbursed as of such date. In
      addition, the installment of the Option otherwise vesting as of the end of
      the
      fiscal year in which the termination of Executive’s employment occurs shall
      instead be deemed to have vested pro rata, as and to the extent provided in
      the
      Option Agreement. Unless otherwise determined by the Board or set forth in
      the
      Option Agreement, all portions of the Option that remain unvested at the date
      of
      termination of Executive’s employment shall be forfeited by Executive, except as
      expressly set forth above. 

    

    (ii)
      For
      purposes of this Section 9, “Good
      Reason”
shall
      mean any one or more of the following: (A) any material change in Executive’s
      position, scope of authority or responsibilities, or a change in Executive’s
      title, to which Executive has not previously agreed, (B) failure by the Company
      to fulfill its obligations specified in Paragraphs 5 and 6 of this Agreement,
      or
      (C) a material breach of the Agreement by the Company. The Company shall have
      thirty (30) business days to cure the Good Reason following notice to the
      Company by Executive of the same.

    

    (d)
      Termination
      by Executive other than for Good Reason.
      The
      Executive may terminate his employment other than for Good Reason. In such
      event, Executive shall be entitled to receive payment from the Company, within
      twenty (20) business days after the date of termination, of the amount of
      Executive’s Salary accrued through the date of termination and unpaid as of that
      date, together with the amount of any earned but unpaid bonus, and any
      outstanding business expenses incurred by Executive prior to the date of
      termination but not reimbursed as of such date. 

     

    
      	
            	10.	
              Death
                and Disability

            

    

     

    (a)
      Death
      of Executive. Notwithstanding
      anything to the contrary contained in Section 9 hereof, this Agreement shall
      terminate automatically on the date of Executive’s death. Within twenty (20)
      business days after such termination, the Company shall pay to Executive’s
      estate or legal representative the amount of Executive’s Annual Salary accrued
      through the date of termination and unpaid at that date, together with the
      amount of any earned but unpaid bonus, and any outstanding business expenses
      incurred by Executive prior to the date of termination but not reimbursed as
      of
      such date.

    

    (b)
      Disability
      of Executive. Notwithstanding
      anything to the contrary contained in Section 9 hereof, the employment of
      Executive shall terminate upon Executive's Disability. For purposes of this
      Agreement, "Disability"
      shall
      mean a physical or mental disability or infirmity that prevents the material
      performance by Executive of his duties hereunder lasting for a continuous period
      of six months or longer. The reasoned and good faith judgment of the Board
      as to
      Disability shall be based on such competent medical evidence as shall be
      presented to it by Executive or by any physician or group of physicians or
      other
      competent medical experts employed by Executive or Employer to advise the Board.
      In case of such termination, Executive shall be entitled to receive, within
      twenty (20) business days after the date of termination, the amount of
      Executive’s Annual Salary accrued through the date of termination and unpaid at
      that date, together with the amount of any earned but unpaid bonus, and any
      outstanding business expenses incurred by Executive prior to the date of
      termination but not reimbursed as of such date. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              11.

            	
              Restrictive
                Covenant

            

    

     

    (a) During
      the Term, and for a period of one year following the termination thereof for
      any
      reason, Executive will not, directly or indirectly, work as an employee,
      consultant, agent, principal, partner, manager, stockholder, officer, director
      or in any other capacity, for any person or entity inside or outside the United
      States of America who or which is directly competitive with the business of
      the
      Company. The restriction in the preceding sentence shall not apply to (a)
      ownership of less than five percent (5%) of the issued and outstanding capital
      of stock of any corporation that is publicly traded and for which capital stock
      selling and asking prices are published from time to time in The Wall Street
      Journal, (b) work that Four Corners and/or CRP or their respective principals
      (other than Executive) perform in the turnaround business, (c) Executive’s
      ownership interest in Four Corners or CRP, or (d) Executive’s participation in
      sales and marketing activities on behalf of both CRP and Four
      Corners.

    

    (b) During
      the Term, and for a period of two years following the termination thereof for
      any reason, Executive will not, directly or indirectly, either for himself,
      or
      on behalf of any other business enterprise, directly or indirectly, under any
      circumstance (i) solicit for employment any person who is employed by the
      Company or any Subsidiaries during the period of Executive’s service to the
      Company, (ii) induce any person who is employed by the Company to terminate
      his
      or her employment with the Company or any Subsidiaries, or (iii) call on,
      solicit, or take away any person or entity who or which is a customer of the
      Company or any Subsidiaries. 

    

    (c)
      It
      is
      expressly agreed by Executive that the nature and scope of each of the
      provisions set forth above in this Section 11 is reasonable and necessary.
      If,
      for any reason, any aspect of the above provisions as it applies to Executive
      is
      determined by a court of competent jurisdiction to be unreasonable or
      unenforceable, the provisions shall only be modified to the minimum extent
      required to make the provisions reasonable and/or enforceable, as the case
      may
      be. 

    

    (d)
      This
      Section 11 and Sections 12 and 13 hereof (and Sections 14 through 22 hereof
      as
      they may apply to such Sections) shall survive the expiration or termination
      of
      this Agreement for any reason.

     

    
      	
            	12.	
              Confidentiality

            

    

     

    Executive
      acknowledges that during the Term, he may have access to and be entrusted with
      confidential information concerning the present and contemplated financial
      status and activities of the Company, the disclosure of any of which
      confidential information to competitors of the Company would be highly
      detrimental to the interests of the Company. The Parties further acknowledge
      and
      agree that the right to maintain the confidentiality of such information
      constitutes a proprietary right that the Company is entitled to protect.
      Accordingly, Executive covenants and agrees with the Company that he will not,
      both during the Term and thereafter, disclose any of such confidential
      information to any person, firm or corporation, nor shall it make use of such
      information, except as required in the normal course of service hereunder or
      as
      required by law or judicial process. For purposes of this Section 12,
“confidential information” shall not include any information which is generally
      available to the public or which hereafter becomes generally available to the
      public other than as a result of breach of the obligation under this Section
      12.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
            	13.	
              Company
                Property

            

    

    

    (a)
      Any
      patents, inventions, discoveries, applications or processes designed, devised,
      planned, applied, created, discovered or invented by Executive in the course
      of
      Executive’s service under this Agreement and which pertain to any aspect of the
      Company’s or Subsidiaries’ business shall be the sole and absolute property of
      the Company, and Executive shall promptly report the same to the Company and
      promptly execute any and all documents that may from time to time reasonably
      be
      requested by the Company to assure the Company the full and complete ownership
      thereof.

    

    (b)
      All
      records, files, lists, including computer generated lists, drawings, documents,
      equipment and similar items relating to the Company’s business which Executive
      shall prepare or receive from the Company shall remain the Company’s sole and
      exclusive property. Upon termination of this Agreement, Executive shall promptly
      return to the Company all property of the Company in its possession. Executive
      further represents that it will not copy or cause to be copied, print out or
      cause to be printed out any software, documents or other materials originating
      with or belonging to the Company. Executive additionally represents that, upon
      termination of this Agreement, Executive will not retain in its possession
      any
      such software, documents or other materials. 

     

    
      	
            	14.	
              Equitable
                Relief; Remedies

            

    

     

    Executive
      acknowledges that a breach of any of the terms of Sections 11, 12 and 13 hereof
      may result in damages to the Company and it Subsidiaries for which there shall
      be no adequate remedy at law. Accordingly, in the event of any breach of any
      of
      the provisions of Sections 11, 12 and 13 hereof, the Company shall be entitled
      to equitable relief by way of injunction or otherwise in addition to any damages
      which the Company may be entitled to recover. The rights and remedies of the
      Company under this Agreement are cumulative and not alternative.

     

    
      	 	
              15.

            	
              Severability

            

    

     

    Each
      paragraph of this Agreement shall be and remain separate from and independent
      of
      and severable from all and any other paragraphs herein except where otherwise
      indicated by the context of the Agreement. The decision or declaration that
      one
      or more of the paragraphs are null and void shall have no effect on the
      remaining paragraphs of this Agreement. If any of the covenants set forth in
      Sections 11, 12, and 13 of this Agreement are held to be unreasonable,
      arbitrary, or against public policy, such covenants will be considered divisible
      with respect to scope, time, and geographic area, and in such lesser scope,
      time
      and geographic area, will be effective, binding and enforceable against the
      Parties.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              16.

            	
              Successors
                and Assigns, Assignment and Intended
                Beneficiaries

            

    

     

    Neither
      this Agreement, nor any of Executive’s or the Company’s respective rights,
      powers, duties or obligations hereunder, may be assigned or delegated by
      Executive or the Company. This Agreement shall be binding upon and inure to
      the
      benefit of Executive and his successors and the Company and its successors.
      Successors of the Company shall include, without limitation, parents or
      Subsidiaries, any corporation or corporations acquiring, directly or indirectly,
      all or substantially all of the assets or stock of the Company, whether by
      merger, consolidation, purchase, lease or otherwise, and such successor shall
      thereafter be deemed the “Company”
for
      the
      purpose hereof.

     

    
      	
            	17.	
              Notices

            

    

     

    Except
      as
      otherwise expressly provided, any notice, request, demand or other communication
      permitted or required to be given under this Agreement shall be in writing,
      shall be sent by one of the following means to Executive and the Company at
      the
      addresses set forth below (or to such other address as shall be designated
      hereunder by notice to the other Parties and persons receiving copies, effective
      upon actual receipt), and shall be deemed conclusively to have been given:
      (a)
      on the first business day following the day timely deposited with Federal
      Express (or other equivalent national overnight courier) or United States
      Express Mail, with the cost of delivery prepaid or for the account of the
      sender; (b) on the fifth business day following the day duly sent by certified
      or registered United States mail, postage prepaid and return receipt requested;
      or (c) when otherwise actually received by the addressee on a business day
      (or
      on the next business day if received after the close of normal business hours
      or
      on any non-business day).

    

    If
      to the
      Company:

    

    Measurement
      Specialties, Inc.

    1000
      Lucas Way

    Hampton,
      Virginia 23666 

    Attn:
      Chief Financial Officer

     

    with
      a
      copy to:

     

    Hunton
      & Williams LLP

    Bank
      of
      America Plaza

    600
      Peachtree Street, N.E., Suite 4100

    Atlanta,
      Georgia 30308

    Attention:
      Joseph B. Alexander, Jr.

    Fax:
      (404) 602-9004

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    If
      to
      Executive:

     

    Frank
      Guidone, at the address listed for the Executive in the Company’s payroll
      records. 

     

    
      	
            	18.	
              Governing
                Law/Venue

            

    

    

    The
      interpretation, construction and performance of this Agreement shall be governed
      by the laws of the State of New Jersey without giving effect to conflicts of
      laws principles thereof. Any disputes or controversies arising under this
      Agreement shall be resolved exclusively by the state or federal courts located
      in the State of New Jersey and each of the Parties hereto consents to the
      exclusive jurisdiction of such courts in connection with the subject matter
      hereof. 

     

    
      	 	
              19.

            	
              Interpretation/Headings

            

    

     

    The
      Parties acknowledge and agree that the terms and provisions of this Agreement
      have been negotiated, shall be construed fairly as to each of the Parties
      hereto, and shall not be construed in favor of or against any Party. The section
      headings contained in this Agreement are for reference purposes only and shall
      not affect the meaning or interpretation of this Agreement.

     

    
      	
            	20.	
              Miscellaneous

            

    

     

    The
      provisions of this Agreement shall not be extended, varied, changed, modified
      or
      supplemented other than by agreement in writing signed by the Parties hereto.
      There are no other terms or conditions, representations or understandings except
      as herein set forth. The failure of either Party to enforce at any time or
      for
      any period of time any one or more of the provisions hereof shall not be
      construed to be a waiver of such provisions or of the right of such Party
      thereafter to enforce each such provision.

     

    
      	
            	21.	
              Counterparts

            

    

     

    This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute a single
      instrument.

    

    
      	
            	23.	
              Entire
                Agreement

            

    

     

    This
      Agreement contains the entire understanding between the Parties hereto and
      supersedes any prior or contemporaneous written or oral agreements,
      representations and warranties between them respecting the subject matter
      hereof, including, but not limited to, the Engagement Agreement and the
      Noncompetition Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed
      as
      of the date first written above.

    
      	 	 	 
	 	
              MEASUREMENT
                SPECIALTIES, INC.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              Name: Mark Thomson

              Title: Chief Financial Officer

            
	 	 
	 	 
	 	Frank
              Guidone

    

     

    
      
        
        

      

      
        10

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