Document:

<PAGE>

                                                                     EXHIBIT 4.3

                   SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT
                            AND SENIOR DISCOUNT NOTES

         This Second Amendment to Note Purchase Agreement and Senior Discount
Notes (this "Amendment") dated as of August 13, 2001 is by and among Ampex Data
Systems Corporation (the "Issuer"), Ampex Corporation (the "Guarantor"), the
entities identified as "Purchasers" on the signature pages hereto (the
"Purchasers"), and DDJ Capital Management, LLC (the "Holders' Agent").

         WHEREAS, the Issuer, the Guarantor, the Purchasers and the Holders'
Agent are parties to a certain Note Purchase Agreement dated as of November 6,
2000 (as amended, the "Note Purchase Agreement") with respect to $8,919,555.56
aggregate principal amount of Senior Discount Notes of Ampex Data Systems
Corporation (the "Senior Discount Notes"); and

         WHEREAS, the parties have entered into an Amendment to the Note
Purchase Agreement and the Senior Discount Notes, dated as of May 30, 2001 (the
"First Amendment"), pursuant to which, among other things, the stated maturity
date of the Senior Discount Notes was extended from May 30, 2001 to August 31,
2001; and

         WHEREAS, the Issuer and the Guarantor are parties to an Agreement,
dated December 1, 1994 (effective November 22, 1994), as amended (the "Hillside
Agreement"), by and among Hillside Capital Incorporated, a Delaware corporation
("Hillside"), and certain other parties named therein, which provides, among
other things, that if Hillside shall make requested contributions to a Plan (as
defined in the Hillside Agreement) the Guarantor shall issue, pursuant to
Section 2.3 of the Hillside Agreement, certain Contribution Notes (as so
defined) evidencing its obligation to repay such contributions in accordance
with the terms of such Contribution Notes and of the Hillside Agreement, and the
Issuer and the other members of the Ampex Group (as so defined) shall, pursuant
to Section 3.1 of the Hillside Agreement, guarantee ("Guarantee") payment of
such Contribution Notes jointly and severally with the Guarantor; and

         WHEREAS, the Issuer and the Guarantor have requested that the
Purchasers and the Holders' Agent agree to further amend the Note Purchase
Agreement and the Senior Discount Notes (i) to extend the stated maturity date
of the Senior Discount Notes from August 31, 2001 to October 31, 2001 and (ii)
to permit the issuance of Contribution Notes and Guarantees pursuant to the
Hillside Agreement without giving rise to any default under the Note Purchase
Agreement or the Senior Discount Notes; and

<PAGE>

          WHEREAS, the Purchasers and the Holders' Agent are willing to amend
the Note Purchase Agreement and the Senior Discount Notes as requested on the
terms and subject to the conditions set forth herein;

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do
hereby agree as follows:

          1.   Capitalized terms used herein without definition shall have the
meaning set forth in the Note Purchase Agreement or the First Amendment, as
applicable.

          2.   Notwithstanding anything to the contrary set forth in the Note
Purchase Agreement, the Notes, the First Amendment or the Letter Agreement, the
parties hereto do hereby agree that:

                    (a) The Senior Discount Notes shall mature and be due and
               payable in full on the earliest to occur of (i) October 31, 2001,
               (ii) a Mandatory Redemption Date, or (iii) a Designated Voluntary
               Redemption Date (the earliest to occur of any of the foregoing
               being hereinafter referred to as the "Redemption Date");

                    (b) On June 1, 2001, the Senior Discount Notes shall be
               deemed to have an Accreted Value of $1,000 per $1,000 principal
               amount of Senior Discount Notes;

                    (c) The Senior Discount Notes shall cease to accrete in
               value from and after June 1, 2001 and instead, from June 2, 2001
               through the Redemption Date, interest shall accrue on the unpaid
               Accreted Value of the Senior Discount Notes at a rate of twenty
               percent (20%) per annum, compounding on April 30th and October
               31st of each year, and based on an annual period of twelve 30-day
               months, which interest shall be due and payable in full in cash
               on the Redemption Date; provided that if for any reason the
               interest or other amounts payable in respect of the Senior
               Discount Notes or otherwise under the Note Purchase Agreement are
               found by a court of competent jurisdiction, in a final
               determination, to exceed the limit which may be lawfully charged,
               then the obligation of the Issuer to pay interest and other
               charges shall automatically be reduced to such limit and, if any
               amount in excess of such limit shall have been paid, then such
               amount shall be refunded to the Issuer; and

                    (d) If the Issuer fails to pay to the Holders of the Senior
               Discount Notes on or before the Redemption Date cash in an amount
               equal to the sum of (A) the Accreted Value of the Senior Discount
               Notes as of June 1, 2001, and (B) accrued and unpaid interest on
               such Accreted Value as set forth above in Section 2(c) of this
               Amendment, interest shall accrue

                                       2

<PAGE>

               on the unpaid portion of the Accreted Value of the Senior
               Discount Notes (and on the unpaid portion of accrued interest) at
               the Default Rate for each day from and after the Redemption Date
               until the entire Accreted Value of the Senior Discount Notes and
               all accrued interest thereon, shall have been paid in full.

          3.   Section 8.1 of the Note Purchase Agreement is hereby amended by
adding a new clause (g) thereto to read as follows:

               "and; (g) unsecured Indebtedness of the Guarantor or any
Restricted Subsidiary to Hillside arising pursuant to the terms of the Hillside
Agreement in an aggregate outstanding amount not to exceed $1,500,000, the
proceeds of which Indebtedness shall be applied to fund required contributions
to a Plan (as defined in the Hillside Agreement), and which Indebtedness shall
be evidenced by Contribution Notes (as so defined), including any Guarantees (as
so defined) issued pursuant thereto; provided that none of the Issuer, the
Guarantor or any Restricted Subsidiary shall make any payments to Hillside in
respect of such Indebtedness, such Contribution Notes or such Guarantees prior
to the repayment in full of the entire Accreted Value of the Senior Discount
Notes and all accrued interest thereon, except that if no Default or Event of
Default shall have occurred and be continuing under this Agreement or the Senior
Discount Notes, the Guarantor and the Restricted Subsidiaries shall be permitted
to make monthly payments of interest only in respect of such Contribution Notes
at the rate and in accordance with the terms thereof and of the Hillside
Agreement."

          4.   The Guarantor hereby acknowledges, confirms, ratifies and agrees
that (i) pursuant to the provisions of Article XIV of the Note Purchase
Agreement, the Guarantor has guaranteed the obligations of the Issuer under the
Note Purchase Agreement and the Senior Discount Notes, (ii) as security for the
obligations of the Issuer and the Guarantor under the Note Purchase Agreement,
the Guarantor has granted to the Holders' Agent for the benefit of the Holders,
pursuant to the Collateral Security Agreement, a security interest in all of the
right, title and interest now owned or hereafter acquired by the Guarantor in
various royalties, license fees, receivables and other payment, and (iii) the
Note Purchase Agreement and the Collateral Security Agreement are presently and,
after giving effect to this Amendment, will continue to be valid and binding
obligations of the Guarantor enforceable in accordance with their respective
terms.

          5.   This Amendment shall become effective on the date that each of
the following conditions has been fulfilled to the satisfaction of the Holders'
Agent, provided that any or all of the following conditions may be waived, in
whole or in part, by the Holders' Agent in its sole discretion:

                    (a) The Issuer, the Guarantor, the Purchasers and the
               Holders' Agent shall have executed and delivered to the Holders'
               Agent an original of this Amendment; and

                                       3

<PAGE>

               (b) The Issuer and the Guarantor shall have executed and
          delivered to the Holders' Agent such additional documents as the
          Holders' Agent may reasonably request.

     6.   Each of the Issuer and the Guarantor acknowledges, represents and
warrants that neither the Issuer nor the Guarantor has any claim, cause of
action, defense, or right of set off against the Purchasers or the Holders'
Agent, and, to the extent that either the Issuer or the Guarantor has any such
rights, each of the Issuer and the Guarantor hereby releases, waives, and
forever discharges the Purchasers and the Holders' Agent (together with their
predecessors, successors and assigns) from each action, cause of action, suit,
debt, defense, right of set off, or other claim whatsoever, in law or in equity,
known or unknown against the Purchasers or the Holders' Agent.

     7.   This Amendment may be executed in counterparts, each of which shall be
an original and all of which shall constitute one and the same agreement.

     8.   This Amendment shall be governed and construed in accordance with the
laws of The Commonwealth of Massachusetts. If any provision of this Agreement is
in conflict with a statute or rule of the law of The Commonwealth of
Massachusetts, or is otherwise unenforceable for any reason whatsoever, such
provision shall be deemed null and void to the extent of such conflict or
unenforceability, but shall be deemed separable from and shall not invalidate
any other provisions of this Amendment.

     9.   This Amendment contains the final, complete, and exclusive expression
of the understandings between the parties regarding the transaction contemplated
by this Amendment.

                                       4

<PAGE>

          IN WITNESS WHEREOF, each of the undersigned parties through
their authorized representatives has executed and delivered this Amendment as an
instrument under seal as of the date set forth above.

                                "ISSUER"

                                AMPEX DATA SYSTEMS CORPORATION

                                By: /s/ Craig L. McKibben
                                    --------------------------------------------
                                    Name:  Craig L. McKibben
                                    Title: Vice President

                                "GUARANTOR"

                                AMPEX CORPORATION

                                By: /s/ Craig L. McKibben
                                    --------------------------------------------
                                    Name:  Craig L. McKibben
                                    Title: Vice President

                                "PURCHASERS"

                                B III CAPITAL PARTNERS, L.P.

                                By: DDJ Capital III, LLC, its General Partner
                                By: DDJ Capital Management, LLC, Manager

                                By: /s/ David J. Breazzano
                                    --------------------------------------------
                                    Name:  David J. Breazzano
                                    Title: Member

                                B III-A CAPITAL PARTNERS, L.P.

                                By: GP III-A, LLC, its General Partner
                                By: DDJ Capital Management, LLC, Manager

                                By: /s/ David J. Breazzano
                                    --------------------------------------------
                                    Name:  David J. Breazzano
                                    Title: Member

                                       5

<PAGE>

               State Street Bank & Trust, solely in its capacity as Custodian
               for General Motors Employees Global Group Pension Trust as
               directed by DDJ Capital Management, LLC, and not in its
               individual capacity

               By: /s/ Andrew B. Lord
                   ------------------------------------------------
                   Name:  Andrew B. Lord
                   Title: Assistant Secretary

               "HOLDERS' AGENT"

               DDJ Capital Management, LLC, in its capacity as Agent for the
               Purchasers and the other holders from time to time of Senior
               Discount Notes

               By: /s/ David J. Breazzano
                   ------------------------------------------------
                   Name:  David J. Breazzano
                   Title: Member

                                       6<PAGE>

                                                                     EXHIBIT 4.4

                   THIRD AMENDMENT TO NOTE PURCHASE AGREEMENT
                            AND SENIOR DISCOUNT NOTES

         This Third Amendment to Note Purchase Agreement and Senior Discount
Notes dated as of October 26, 2001 (this "Amendment") is by and among Ampex Data
Systems Corporation (the "Issuer"), Ampex Corporation (the "Guarantor"), the
entities identified as "Purchasers" on the signature pages hereto (the
"Purchasers"), and DDJ Capital Management, LLC as agent (the "Holders' Agent")
for the Purchasers and the other holders from time to time of the Senior
Discount Notes (defined below).

         WHEREAS, the Issuer, the Guarantor, the Purchasers and the Holders'
Agent are parties to a certain Note Purchase Agreement dated as of November 6,
2000 (as amended, the "Note Purchase Agreement") with respect to $8,919,555.56
aggregate principal amount of Senior Discount Notes of the Issuer (the "Senior
Discount Notes"); and

         WHEREAS, the parties have entered into (i) an Amendment to Note
Purchase Agreement and the Senior Discount Notes, dated as of May 30, 2001 (the
"First Amendment"), pursuant to which, among other things, the stated maturity
date of the Senior Discount Notes was extended from May 30, 2001 to August 31,
2001, and (ii) a Second Amendment to Note Purchase Agreement and the Senior
Discount Notes, dated as of August 13, 2001 (the "Second Amendment"), pursuant
to which, among other things, the stated maturity date of the Senior Discount
Notes was extended from August 31, 2001 to October 31, 2001; and

         WHEREAS, the Issuer and Sherborne & Company Incorporated, a Delaware
corporation ("SCI"), propose to enter into a Loan Agreement (the "SCI Loan
Agreement") to be in substantially the form of Exhibit A to this Amendment,
which provides, among other things, for the making of working capital loans
("Loans") by SCI, at its discretion, to Issuer, from time to time in an
aggregate amount up to $2,500,000, such Loans to be (i) evidenced by a Secured
Promissory Note to be in substantially the form of Annex A to the SCI Loan
Agreement (the "SCI Note"), (ii) secured by a lien and security interest in
favor of SCI on certain "Collateral" of Issuer more fully described in the
Security Agreement to be in substantially the form of Annex B to the SCI Loan
Agreement (the "SCI Security Agreement"), and (iii) guaranteed by Guarantor
pursuant to a Guarantee Agreement to be in substantially the form of Annex C to
the SCI Loan Agreement (the "SCI Guarantee Agreement"); and

         WHEREAS, the Issuer and the Guarantor have requested that the
Purchasers and the Holders' Agent agree to further amend the Note Purchase
Agreement and the Senior Discount Notes (i) to extend the stated maturity date
of the Senior Discount Notes from October 31, 2001 to March 31, 2002, and (ii)
to permit the Issuer and the Guarantor to enter into and perform their
respective obligations under the SCI Loan Agreement, the SCI Note, the SCI
Security Agreement and the SCI Guarantee Agreement without giving rise to any
default under the Note Purchase Agreement or the Senior Discount Notes; and

<PAGE>

          WHEREAS, the Purchasers and the Holders' Agent are willing to amend
the Note Purchase Agreement and the Senior Discount Notes as requested on the
terms and subject to the conditions set forth herein;

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do
hereby agree as follows:

          1.   Capitalized terms used herein without definition shall have the
meanings set forth in the Note Purchase Agreement, the First Amendment or the
Second Amendment, as applicable.

          2.   Notwithstanding anything to the contrary set forth in the Note
Purchase Agreement, the Senior Discount Notes, the First Amendment, the Second
Amendment or the Letter Agreement (as defined in the First Amendment), the
parties hereto do hereby agree that:

                    (a) The Senior Discount Notes shall mature and be due and
               payable in full on the earliest to occur of (i) March 31, 2002,
               (ii) a Mandatory Redemption Date, or (iii) a Designated Voluntary
               Redemption Date (the earliest to occur of any of the foregoing
               being hereinafter referred to as the "Redemption Date");

                    (b) On June 1, 2001, the Senior Discount Notes shall be
               deemed to have had an Accreted Value of $1,000 per $1,000
               principal amount of Senior Discount Notes;

                    (c) The Senior Discount Notes shall cease to accrete in
               value from and after June 1, 2001 and instead, from June 2, 2001
               through the Redemption Date, interest shall accrue on the unpaid
               Accreted Value of the Senior Discount Notes at a rate of twenty
               percent (20%) per annum, compounding on April 30th and October
               31st of each year, and based on an annual period of twelve 30-day
               months, which interest shall be due and payable in full in cash
               on the Redemption Date; provided that if for any reason the
               interest or other amounts payable in respect of the Senior
               Discount Notes or otherwise under the Note Purchase Agreement are
               found by a court of competent jurisdiction, in a final
               determination, to exceed the limit which may be lawfully charged,
               then the obligation of the Issuer to pay interest and other
               charges shall automatically be reduced to such limit and, if any
               amount in excess of such limit shall have been paid, then such
               amount shall be refunded to the Issuer; and

                                       2

<PAGE>

                    (d) If the Issuer fails to pay to the Holders of the Senior
               Discount Notes on or before the Redemption Date cash in an amount
               equal to the sum of (A) the Accreted Value of the Senior Discount
               Notes as of June 1, 2001, and (B) accrued and unpaid interest on
               such Accreted Value as set forth above in Section 2(c) of this
               Amendment, interest shall accrue on the unpaid portion of the
               Accreted Value of the Senior Discount Notes (and on the unpaid
               portion of accrued interest) at the Default Rate for each day
               from and after the Redemption Date until the entire Accreted
               Value of the Senior Discount Notes and all accrued interest
               thereon, shall have been paid in full.

          3.   Section 1.1 of the Note Purchase Agreement is hereby amended by
adding the following terms:

               "`Hillside' means Hillside Capital Incorporated."
                 --------

               "`Hillside Agreement' means the Agreement dated as of December 1,
                 ------------------
          1994 (effective November 22, 1994), as amended, by and among the
          Issuer, the Guarantor, Hillside and certain other parties named
          therein, which provides, among other things, that if Hillside shall
          make requested contributions to certain employee benefit plans of the
          Guarantor, the Guarantor shall issue certain Contribution Notes (as
          defined in the Hillside Agreement) and the Issuer and other members of
          the Ampex Group (as defined in the Hillside Agreement) shall guarantee
          the payment of such Contribution Notes.

               "`SCI' means Sherborne & Company Incorporated."
                 ---

               "`SCI Guarantee Agreement' means the Guarantee Agreement to be
                 -----------------------
          entered into by the Guarantor and SCI on or about October 29,2001
          pursuant to which the Guarantor shall guaranty the payment and
          performance by the Issuer of all obligations of the Issuer under the
          SCI Loan Agreement, the SCI Security Agreement and the SCI Note."

               "`SCI Loan Agreement' means the Loan Agreement to be entered
                 ------------------
          into by the Issuer and SCI on or about October 29, 2001 pursuant to
          which SCI shall from time to time make working capital loans to the
          Issuer in an aggregate amount up to $2,500,000."

               "`SCI Note' means the Secured Promissory Note to be issued by
                 --------
          the Issuer to SCI on or about October 29, 2001 in the maximum
          principal amount of $2,500,000."

               "`SCI Security Agreement' means the Security Agreement to be
                 ----------------------

          entered into by the Issuer and SCI on or about October 29, 2001
          pursuant to which the Issuer shall grant in favor of SCI as security
          for the obligations of the Issuer under

                                       3

<PAGE>

          the SCI Loan Agreement and the SCI Note, liens and security interests
          on substantially all of the Issuer's properties and assets other than
          the Colorado Facility and the related Property subject to the liens in
          favor of the Holders' Agent under the Colorado Deed of Trust."

          4.   Section 8.1 of the Note Purchase Agreement is hereby amended by
deleting existing Section 8.1 in its entirety and replacing it with the
following new Section 8.1:

               "8.1 Borrowing. Create, incur, assume or suffer to exist any
                    ---------
          liability for Indebtedness for Borrowed Money except: (a) the Senior
          Discount Notes; (b) the 12% Senior Notes; (c) purchase money
          Indebtedness and Capital Leases; (d) existing Indebtedness identified
          on Schedule 8.1; (e) Indebtedness of any Restricted Subsidiary to the
          Guarantor or to any other Restricted Subsidiary of the Guarantor and
          Indebtedness of the Guarantor to any Restricted Subsidiary, in each
          case, incurred in the ordinary course of business and consistent with
          past practices; (f) Indebtedness of the Issuer and the Guarantor to
          Ampex Finance Corporation incurred after the Closing Date under the
          Inter-Company Loan Agreement described in Schedule 1.1; (g) unsecured
          Indebtedness of the Guarantor or any Restricted Subsidiary to Hillside
          arising pursuant to the terms of the Hillside Agreement in an
          aggregate outstanding amount not to exceed $2,000,000 and evidenced by
          Contribution Notes (as defined in the Hillside Agreement), including
          any guarantees of the Contribution Notes executed by the Issuer or any
          Restricted Subsidiary pursuant thereto; provided that none of the
          Issuer, the Guarantor or any Restricted Subsidiary shall make any
          payments to Hillside in respect of such Indebtedness, such
          Contribution Notes or such guarantees prior to the repayment in full
          of the entire Accreted Value of the Senior Discount Notes and all
          accrued interest thereon, except that if no Default or Event of
          Default shall have occurred and be continuing under this Agreement or
          the Senior Discount Notes, the Guarantor and the Restricted
          Subsidiaries shall be permitted to make monthly payments of interest
          only in respect of such Contribution Notes at the rate and in
          accordance with the terms thereof and of the Hillside Agreement; and
          (h) Indebtedness of the Issuer to SCI under the SCI Loan Agreement and
          the SCI Note in an aggregate outstanding amount not to exceed
          $2,500,000, and Indebtedness of the Guarantor arising pursuant to the
          SCI Guarantee Agreement."

          5.   Section 8.2 of the Note Purchase Agreement is hereby amended by
deleting existing Section 8.2 in its entirety and replacing it with the
following new Section 8.2:

               "8.2 Liens.  Create, incur, assume or suffer to exist any Lien
                    -----
          upon any of its Property, whether now owned or hereafter acquired,
          except (i) Permitted Liens and (ii) Liens on Property of the Issuer
          securing the obligations of the Issuer

                                       4

<PAGE>

          under the SCI Loan Agreement and SCI Note pursuant to the terms of the
          SCI Security Agreement, provided that such Liens pursuant to this
          clause (ii) shall not extend to the Colorado Facility or any related
          Property of the Issuer subject to the liens in favor of the Holders'
          Agent under the Colorado Deed of Trust."

          6.   Section 8.6 of the Note Purchase Agreement is hereby amended by

     deleting existing Section 8.6 in its entirety and replacing it with the
     following new Section 8.6:

                    "8.6 Payments of Indebtedness for Borrowed Money. Make any
                         -------------------------------------------
          payment or prepayment on account of any Indebtedness for Borrowed
          Money other than on the Senior Discount Notes, except that (a) the
          Issuer may make payments of principal and interest on account of the
          obligations of the Issuer under the SCI Loan Agreement and the SCI
          Note, (b) the Guarantor and its Subsidiaries may make regularly
          scheduled payments of principal and interest (but no prepayments) on
          account of the other Indebtedness permitted under Section 8.1 above,
          and (c) the Guarantor and its Subsidiaries may make payments of
          principal and interest on account of intercompany Indebtedness owing
          from (i) the Guarantor to any of its Subsidiaries, (ii) any of the
          Guarantor's Subsidiaries to the Guarantor, or (iii) any of the
          Guarantor's Subsidiaries to any of the Guarantor's other
          Subsidiaries."

          7.   The Guarantor hereby acknowledges, confirms, ratifies and agrees
     that (i) pursuant to the provisions of Article XIV of the Note Purchase
     Agreement, the Guarantor has guaranteed the obligations of the Issuer under
     the Note Purchase Agreement and the Senior Discount Notes, (ii) as security
     for the obligations of the Issuer and the Guarantor under the Note Purchase
     Agreement, the Guarantor has granted to the Holders' Agent for the benefit
     of the Holders, pursuant to the Guarantor Security Agreement, a security
     interest in all of the right, title and interest now owned or hereafter
     acquired by the Guarantor in various royalties, license fees, receivables
     and other payments as set forth therein, and (iii) the Note Purchase
     Agreement and the Guarantor Security Agreement are presently and, after
     giving effect to this Amendment, will continue to be valid and binding
     obligations of the Guarantor enforceable in accordance with their
     respective terms.

          8.   This Amendment shall become effective on the date that each of
     the following conditions has been fulfilled to the satisfaction of the
     Holders' Agent, provided that any or all of the following conditions may be
     waived, in whole or in part, by the Holders' Agent in its sole discretion:

                    (a) The Issuer, the Guarantor, the Purchasers and the
               Holders' Agent shall have executed and delivered to the Holders'
               Agent an original of this Amendment;

                                       5

<PAGE>

               (b)  The Issuer and SCI shall have executed and delivered the SCI
          Loan Agreement and all conditions precedent to the funding of loans by
          SCI under the SCI Loan Agreement (other than the effectiveness of this
          Amendment) shall have been satisfied or waived by SCI; and

               (c)  The Issuer and the Guarantor shall have executed and
          delivered to the Holders' Agent such additional documents as the
          Holders' Agent may reasonably request, including without limitation,
          an amendment to the May 23, 2001 letter agreement from Hillside
          Capital Corporation extending Hillside Capital Corporation's waiver of
          its right to obtain a mortgage on the Colorado Facility until the
          thirtieth (30th) day next following the extended maturity date of the
          Senior Discount Notes, each of which additional documents shall be in
          form and substance reasonably satisfactory to the Holders' Agent.

     9.   Each of the Issuer and the Guarantor acknowledges, represents and
warrants that neither the Issuer nor the Guarantor has any claim, cause of
action, defense, or right of set off against the Purchasers or the Holders'
Agent, and, to the extent that either the Issuer or the Guarantor has any such
rights, each of the Issuer and the Guarantor hereby releases, waives, and
forever discharges the Purchasers and the Holders' Agent (together with their
predecessors, successors and assigns) from each action, cause of action, suit,
debt, defense, right of set off, or other claim whatsoever, in law or in equity,
known or unknown against the Purchasers or the Holders' Agent.

     10.  This Amendment may be executed in counterparts, each of which shall be
an original and all of which shall constitute one and the same agreement.

     11.  This Amendment shall be governed and construed in accordance with the
laws of The Commonwealth of Massachusetts. If any provision of this Amendment is
in conflict with a statute or rule of the law of The Commonwealth of
Massachusetts, or is otherwise unenforceable for any reason whatsoever, such
provision shall be deemed null and void to the extent of such conflict or
unenforceability, but shall be deemed separable from and shall not invalidate
any other provisions of this Amendment.

         This Amendment contains the final, complete, and exclusive expression
of the understandings between the parties regarding the transaction contemplated
by this Amendment.

                                       6

<PAGE>

          IN WITNESS WHEREOF, each of the undersigned parties through their
authorized representatives has executed and delivered this Amendment as an
instrument under seal as of the date set forth above.

                          "ISSUER"

                          AMPEX DATA SYSTEMS CORPORATION

                          By: /s/ Craig L. McKibben
                             ---------------------------------------------------
                             Name:  Craig L. McKibben
                             Title: Vice President

                          "GUARANTOR"

                          AMPEX CORPORATION

                          By: /s/ Craig L. McKibben
                             ---------------------------------------------------
                             Name:  Craig L. McKibben
                             Title: Vice President

                          "PURCHASERS"

                          B III CAPITAL PARTNERS, L.P.

                          By: DDJ Capital III, LLC, its General Partner
                          By: DDJ Capital Management, LLC, Manager

                          By: /s/ David J. Breazzano
                             ---------------------------------------------------
                             Name:  David J. Breazzano
                             Title: Member

                          III-A CAPITAL PARTNERS, L.P.

                          By: GP III-A, LLC, its General Partner
                          By: DDJ Capital Management, LLC, Manager

                          By: /s/ David J. Breazzano
                             ---------------------------------------------------
                             Name:  David J. Breazzano
                             Title: Member

                                       7

<PAGE>

                    State Street Bank & Trust, solely in its capacity as
                    Custodian for General Motors Employees Global Group Pension
                    Trust as directed by DDJ Capital Management, LLC, and not in
                    its individual capacity

                    By: /s/ Joseph Gately
                       ----------------------------------------------------
                       Name:  Joseph Gately
                       Title: Assistant Secretary, as Trustee for
                              General Motors Employees Global
                              Group Pension Trust

                    "HOLDERS' AGENT"

                    DDJ Capital Management, LLC, in its capacity as Agent for
                    the Purchasers and the other holders from time to time of
                    Senior Discount Notes

                    By: /s/ David J. Breazzano
                       -----------------------------------------------------
                       Name:  David J. Breazzano
                       Title: Member

                                       8

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