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                                                                   EXHIBIT 10.32

                        TRANSFER AND ASSIGNMENT AGREEMENT

         THIS TRANSFER AND ASSIGNMENT AGREEMENT (this "Agreement") is made and
entered into this 11th day of June 2003 by and between Gunther Partners, LLC
(hereinafter referred to as the "Assignor") and Gunther International Ltd.
(hereinafter referred to as the "Assignee").

                                    RECITALS:

         A.       On or about June 11th, 2003, the Assignor succeeded to the
rights of the original parties designated as Recipients under the Royalty
Agreements listed in Exhibit A attached hereto (collectively, as amended, the
"Royalty Agreements").

         B.       The Royalty Agreements require the Company to make royalty
payments based on the total annual sales of the Company.

         C.       The Assignor desires to transfer, assign and convey to the
Assignee, and the Assignee desires to acquire from the Assignor, all of the
Assignor's right, title and interest in and to the Royalty Agreements.

         NOW, THEREFORE, in consideration of the premises, and of the mutual
promises and covenants hereinafter set forth, each of the parties to this
Agreement, intending to be legally bound, hereby agrees as follows:

         1.       Assignment of Royalty Agreements. The Assignor hereby sells,
transfers, conveys and assigns to the Assignee all of the Assignor's right,
title and interest in and to the Royalty Agreements, including, without
limitation, (a) all rights of the Assignor to receive any and all royalty
payments due and to become due to the Assignor under or pursuant to the Royalty
Agreements, (ii) all rights of the Assignor to receive the benefit of any
provision of the Royalty Agreements, and (iii) all rights of the Assignor to
compel performance and otherwise exercise all remedies under the Royalty
Agreements. The Assignee hereby accepts the Royalty Agreements from the
Assignor.

         2.       Consideration. In consideration of the transfer and assignment
of the Assignor's interest in and to the Royalty Agreements, the Assignee shall
pay the Assignor an aggregate of $165,756.28 by delivering a promissory note
(the "Note") substantially in the form of Exhibit B attached hereto. The
Assignor hereby acknowledges receipt of the Note.

         3.       Effect of Assignment. Effective as of the date hereof, the
Royalty Agreements shall be terminated and shall be of no further force or
effect. From and after the date hereof, the Assignor shall have no rights under
the Royalty Agreements whatsoever.

         4.       Representations and Warranties of Assignor. The Assignor
hereby represents and warrants to the Assignee, as follows:

                  (a)      This Agreement has been duly executed and delivered
by the Assignor, and is the valid and binding obligation of the Assignor,
enforceable in accordance with its terms.

                  (b)      True and correct copies of the Royalty Agreements, as
amended through the date of this Agreement, previously have been provided to the
Assignee. Except for the Modification Agreements, each dated as of March 31,
1997, the Royalty Agreements have not been modified or amended and remain in
full force and effect as of the date hereof.

                  (c)      The Assignor has not transferred, assigned or
conveyed any interest in or to the Royalty Agreements to any other person or
entity.

                  (d)      The combined Pro Rata Share of the Assignor under the
Royalty Agreements is 19.5334%.

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         6.       Future Cooperation. The Assignor and the Assignee mutually
agree to cooperate at all times from and after the date hereof with respect to
any of the matters described herein, and to execute such further deeds, bills of
sale, assignments, releases, assumptions, notifications, or other documents as
may be reasonably requested for the purpose of giving effect to, evidencing or
giving notice of the transaction evidenced by this Agreement.

         7.       Binding Effect. This Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and assigns.

         8.       Modification and Waiver. No supplement, modification, waiver
or termination of this Agreement or any provisions hereof shall be binding
unless executed in writing by all parties hereto. No waiver of any of the
provisions of this Assignment shall constitute a waiver of any other provision
(whether or not similar), nor shall such waiver constitute a continuing waiver
unless otherwise expressly provided.

         9.       Counterparts. Any number of counterparts of this Agreement may
be executed. Each counterpart will be deemed to be an original instrument and
all counterparts taken together will constitute one agreement.

         10.      Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Connecticut, without
giving effect to principles of conflicts of laws of that State.

         11.      Survival. All of the representations and warranties of the
Assignor set forth in this Agreement shall survive the consummation of the
transactions contemplated hereby.

         12.      Certain Interpretative Matters. All pronouns used herein shall
include the neuter, masculine, or feminine. Each term appearing in this
Agreement with initial capitalization and not defined herein shall have the
meaning ascribed to it in the Royalty Agreements.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or
caused this Agreement to be duly executed on its behalf, as of the day and year
first above written.

                                     ASSIGNOR:
                                     Gunther Partners, LLC

                                     By: /s/ Thomas J. Tisch
                                         ----------------------------
                                     Name: Thomas J. Tisch
                                     Title: Manager

                                     ASSIGNEE:
                                     GUNTHER INTERNATIONAL LTD.

                                     By:   /s/   Marc I. Perkins
                                        ----------------------------
                                     Name: Marc I. Perkins
                                     Title: President

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                                                                       EXHIBIT A

                             THE ROYALTY AGREEMENTS

                  1.Royalty Agreement by and between Gunther International Ltd.
and William H. Gunther III, dated as of September 3, 1992.

                  2.Royalty Agreement by and between Gunther International Ltd.
and Susan G. Hotkowski, originally dated as of September 3, 1992 and amended by
a separate Modification Agreement, dated as of March 31, 1997.<PAGE>
                                                                   EXHIBIT 10.33

                         NON-NEGOTIABLE PROMISSORY NOTE

$165,756.28                                                    June 11, 2003

         FOR VALUE RECEIVED, Gunther International Ltd., a Delaware corporation
("Maker"), hereby promises to pay to Gunther Partners, LLC, a Delaware limited
liability company ("Payee"), in lawful money of the United States of America,
the principal sum of One Hundred Sixty-Five Thousand Seven Hundred Fifty-Six
Dollars and 28/100 ($165,756.28), together with interest in arrears on the
unpaid principal balance at an annual rate equal to 8.0%, in the manner provided
below. Interest shall be calculated on the basis of a year of 365 or 366 days,
as applicable, and charged for the actual number of days elapsed.

         This Note has been executed and delivered pursuant to and in accordance
with the terms and conditions of that certain Transfer and Assignment Agreement,
dated June 11, 2003 (the "Transfer Agreement"), by and between Maker and Payee,
and is subject to the terms and conditions of the Transfer Agreement, which are,
by this reference, incorporated herein and made a part hereof. Capitalized terms
used in this Note without definition shall have the respective meanings set
forth in the Transfer Agreement.

1.       Payments.

         1.1      Principal and Interest. The principal amount of this Note and
all required interest thereon shall be due and payable in the amounts and at the
times that royalty payments otherwise would have been due and payable under the
terms and provisions of the Royalty Agreements but for the fact that the Royalty
Agreements have been reacquired by Maker, and such payments shall continue until
such time as the principal amount of this Note, and all accrued interest
thereon, have been paid in full. Interest on the unpaid principal balance of
this Note shall be due and payable annually (covering the period from April 1
through March 31 of each year during which this Note is outstanding), together
with each payment of principal. IN NO EVENT SHALL MAKER BE OBLIGATED TO MAKE ANY
PAYMENTS OF PRINCIPAL AND INTEREST WHICH EXCEED THE AGGREGATE ROYALTY PAYMENTS
THAT OTHERWISE WOULD HAVE BEEN DUE AND PAYABLE UNDER THE ROYALTY AGREEMENTS, BUT
FOR THE FACT THAT THE ROYALTY AGREEMENTS HAVE BEEN REACQUIRED BY MAKER UNDER THE
TERMS AND PROVISIONS OF THE TRANSFER AGREEMENT.

         1.2      Manner Of Payment. All payments of principal and interest on
this Note shall be made by delivery of good funds to Payee at its principal
executive offices located at 667 Madison Avenue, New York, New York 10021, or at
such other place in the United States of America as Payee shall designate to
Maker in writing or by wire transfer of immediately available funds to an
account designated by Payee in writing. If any payment of principal or interest
on this Note is due on a day which is not a Business Day, such payment shall be
due on the next succeeding Business Day, and such extension of time shall be
taken into account in calculating the amount of interest payable under this
Note. "Business Day" means any day other than a Saturday, Sunday or legal
holiday in the State of New York.

         1.3      Prepayment. Maker may, without premium or penalty, at any time
and from time to time, prepay all or any portion of the outstanding principal
balance due under this Note, provided that each such prepayment is accompanied
by accrued interest on the amount of principal prepaid calculated to the date of
such prepayment.

2.       Defaults.

         2.1      Events Of Default. The occurrence of any one or more of the
following events with respect to Maker shall constitute an event of default
hereunder ("Event of Default"):

                  (a)      If Maker shall fail to pay when due any payment of
principal or interest on this Note and such failure continues for fifteen (15)
days after Payee notifies Maker in writing.

                  (b)      If, pursuant to or within the meaning of the United
States Bankruptcy Code or any other federal or state law relating to insolvency
or relief of debtors (a "Bankruptcy Law"), Maker shall (i) commence a

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voluntary case or proceeding; (ii) consent to the entry of an order for relief
against it in an involuntary case; (iii) consent to the appointment of a
trustee, receiver, assignee, liquidator or similar official; (iv) make an
assignment for the benefit of its creditors; or (v) admit in writing its
inability to pay its debts as they become due.

                  (c)      If a court of competent jurisdiction enters an order
or decree under any Bankruptcy Law that (i) is for relief against Maker in an
involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or
similar official for Maker or substantially all of Maker's properties, or (iii)
orders the liquidation of Maker, and in each case the order or decree is not
dismissed within 120 days.

         2.2      Notice By Maker. Maker shall notify Payee in writing within
five days after the occurrence of any Event of Default of which Maker acquires
knowledge.

         2.3      Remedies. Upon the occurrence of an Event of Default hereunder
(unless all Events of Default have been cured or waived by Payee), Payee may, at
its option, (i) by written notice to Maker, declare the entire unpaid principal
balance of this Note, together with all accrued interest thereon, immediately
due and payable regardless of any prior forbearance, and (ii) exercise any and
all rights and remedies available to it under applicable law, including, without
limitation, the right to collect from Maker all sums due under this Note. Maker
shall pay all reasonable costs and expenses incurred by or on behalf of Payee in
connection with Payee's exercise of any or all of its rights and remedies under
this Note, including, without limitation, reasonable attorneys' fees.

3.       Miscellaneous.

         3.1      Waiver. The rights and remedies of Payee under this Note shall
be cumulative and not alternative. No waiver by Payee of any right or remedy
under this Note shall be effective unless in a writing signed by Payee. Neither
the failure nor any delay in exercising any right, power or privilege under this
Note will operate as a waiver of such right, power or privilege and no single or
partial exercise of any such right, power or privilege by Payee will preclude
any other or further exercise of such right, power or privilege or the exercise
of any other right, power or privilege. To the maximum extent permitted by
applicable law, (a) no claim or right of Payee arising out of this Note can be
discharged by Payee, in whole or in part, by a waiver or renunciation of the
claim or right unless in a writing, signed by Payee; (b) no waiver that may be
given by Payee will be applicable except in the specific instance for which it
is given; and (c) no notice to or demand on Maker will be deemed to be a waiver
of any obligation of Maker or of the right of Payee to take further action
without notice or demand as provided in this Note. Maker hereby waives
presentment, demand, protest and notice of dishonor and protest.

         3.2      Notices. Any notice required or permitted to be given
hereunder shall be given in writing and shall be considered duly given upon the
earliest to occur of (a) personal delivery, (b) two (2) days after being
delivered to a nationally recognized overnight delivery courier or service, (c)
three (3) days after being mailed by registered or certified mail, return
receipt requested, postage prepaid, or (d) the delivering parties' receipt of a
written confirmation of a facsimile transmission. All notices to Maker shall be
addressed to Maker at its principal office and to Payee at the address set forth
in Section 1.2 above. Any party hereto may change its address by giving notice
to the other party hereto as provided herein.

         3.3      Severability. If any provision in this Note is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of
this Note will remain in full force and effect. Any provision of this Note held
invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable.

         3.4      Governing Law. This Note will be governed by, and construed in
accordance with, the laws of the State of Connecticut without regard to
conflicts of laws principles.

         3.5      Parties In Interest. This Note shall bind Maker and its
successors and assigns. This Note shall not be assigned or transferred by Payee
without the express prior written consent of Maker, except by operation of law.

         3.6      Section Headings, Construction. The headings of Sections in
                  this Note are provided for convenience only and will not
                  affect its construction or interpretation. All references to
                  "Section" or "Sections" refer to the corresponding Section or
                  Sections of this Note unless otherwise specified. All words
                  used in this Note will be construed to be of such gender or
                  number as the circumstances require. Unless otherwise

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                  expressly provided, the words "hereof" and "hereunder" and
                  similar references refer to this Note in its entirety and not
                  to any specific section or subsection hereof.

         IN WITNESS WHEREOF, Maker has executed and delivered this Note as of
the date first stated above.

                                     GUNTHER INTERNATIONAL LTD

                                     By: /s/ Marc I. Perkins
                                         ----------------------------
                                         Name: Marc I. Perkins
                                         Title: Chief Executive Officer

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