Document:

EXHIBIT 10.23

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR PLEDGED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND STATUTES OR,
UNLESS PRIOR TO ANY SALE, TRANSFER, OR PLEDGE, THE ISSUER RECEIVES AN OPINION OF
COUNSEL, IN FORM AND SUBSTANCE SATISFACTORY TO IT, THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACT AND STATUTES AND THE RULES PROMULGATED THEREUNDER.

                             SECURED PROMISSORY NOTE

$500,000.00                                                   September 30, 2001

     For value received, the undersigned, EMB CORPORATION, a Hawaii corporation
(the "Company") hereby promises to pay to the order of FGFC HOLDINGS, INC., a
California corporation, its successors and assigns (the "Holder"), in lawful
money of the United States of America, the principal sum of Five Hundred
Thousand Dollars ($500,000.00).

                                   Background
                                   ----------

     The Company purchased all of the outstanding common stock of First Guaranty
Financial Corporation ("FGFC") from the Holder. The principal amount of this
Note represents the cash portion of the purchase price due Holder pursuant to
the Purchase Agreement by and between Company, the Holder and FGFC of even date
hereof (the "Purchase Agreement"). In connection with this Note, the parties are
entering a Security Agreement pursuant to which the Company is delivering
Uniform Commercial Code Financing Statements to the Holder and taking such other
actions as are provided for herein.

                              Terms and Conditions
                              --------------------

     1.   Payment of Principal.
          --------------------

               The entire principal amount of this Note, together with interest
at the rate of ten percent (10%) per annum, shall be due payable, in full, to
the Holder on September 30, 2003.

     2.   Security Interest.
          -----------------

          (a) To secure payment and performance of the Company's duties and
obligations under this Note the Company hereby pledges, assigns, transfers and
grants to the Holder a continuing security interest in (i) the 10,000 shares of
common stock of FGFC and (ii) the 100,000 shares of of Series A convertible
preferred stock of FGFC (collectively, the "Collateral Shares") that were
acquired by the Company in connection with the Purchase Agreement. This
continuing security interest is granted in accordance with that certain Security
Agreement between the parties attached hereto as Exhibit I (the "Security
Agreement"), the terms of which are incorporated herein by reference and in
connection with which the Company hereby delivers (x) to the Holder, Uniform

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Commercial Code financing statements which the Holder is hereby authorized to
file and (y) to Randolf W. Katz, Esq. of Bryan Cave LLP as collateral agent (the
"Collateral Agent") a certificate representing the Collateral Shares.

          (b) As set forth in the Security Agreement, the Holder's right to
exercise its rights as a secured creditor of the Company in respect of the
Collateral Shares arises upon any Event of Default under Section 3 hereof.

          (c) The Collateral Agent shall be deemed authorized and directed to
complete the name of the Holder on the certificates representing any of the
Collateral Shares as to which the Holder shall be entitled in an Event of
Default consistent with the provisions of this Note and the Security Agreement.

          (d) The Holder acknowledges that the Collateral Agent is counsel to
the Company and acknowledges and agrees that the Collateral Agent may continue
to represent the Company in all matters including without limitation matters
involving this Note and the indebtedness represented hereby, save only as may
pertain to any dispute arising out of the Collateral Agent's obligations under
this Section 2. The Holder acknowledges that Collateral Agent's duties to it are
limited to those expressly set forth in Section 2 of this Note.

     3.   Default.
          -------

          The entire unpaid principal of this Note shall become and be
immediately due and payable and issuable upon written demand of Holder, without
any other notice (except as may otherwise be set forth hereinbelow) or demand of
any kind or any presentment or protest, if any one of the following events (each
an "Event of Default") shall occur and be continuing at the time of such demand,
whether voluntarily or involuntarily, or, without limitation, occurring or
brought about by operation of law or pursuant to or in compliance with any
judgment, decree or order of any court or any order, rule or regulation of any
governmental body:

          (a) If the Company defaults in the payment of any principal due under
this Note, and any default shall remain unremedied for fifteen (15) days after
written notice of default shall have been received by the Company;

          (b) If the Company (i) makes a composition or an assignment for the
benefit of creditors or trust mortgage, (ii) applies for, consents to,
acquiesces in, files a petition seeking or admits (by answer, default or
otherwise) the material allegations of a petition filed against it seeking the
appointment of a trustee, receiver or liquidator, in bankruptcy or otherwise, of
itself or of all or a substantial portion of its assets, or a reorganization,
arrangement with creditors or other remedy, relief or adjudication available to
or against a bankrupt, insolvent or debtor under any bankruptcy or insolvency
law or any law affecting the rights of creditors generally, or (iii) admits in
writing its inability to pay its debts generally as they become due;

          (c) If an order for relief shall have been entered by a bankruptcy
court or if a decree order or judgment shall have been entered adjudging the
Company insolvent, or appointing a receiver, liquidator, custodian or trustee,
in bankruptcy or otherwise, for it or for all or a substantial portion of its
assets, or approving the winding-up or liquidation of its affairs on the grounds
of insolvency or nonpayment of debts, and such order for relief, decree, order
or judgment shall remain undischarged or unstayed for a period of forty-five
(45) days;

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<PAGE>

          (d) If the Company is dissolved or liquidated;

          (e) If any representation or warranty made by the Company in Section 3
of the Security Agreement shall prove to have been incorrect in any material
respect when made, if the same shall materially impair the Holder's rights under
this Note or the Security Agreement; or

          (f) If the Company shall fail to perform or observe any term, covenant
or agreement on its part to be performed or observed as contained in Section 4
of the Security Agreement, in each case only if such breach or default shall not
have been remedied by the end of the 15th day after written notice of breach or
default shall have been received by the Company.

     4.   Prepayment. The Company shall have the right to prepay this Note,
in whole or in part, at any time without penalty or premium. But, in no event,
shall such prepayment postpone or otherwise delay any subsequent payments that
may be due.

     5.   General

          (a) Upon receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Note and of indemnity
reasonably satisfactory to it, and upon reimbursement to the Company of all
reasonable expenses incidental thereto, and upon surrender and cancellation of
this Note (in case of mutilation) the Company will make and deliver in lieu of
this Note a new Note of like tenor and unpaid principal amount and dated as of
the date to which interest has been paid on the unpaid principal amount of this
Note in lieu of which such new Note is made and delivered.

          (b) Designees for Shares. The Holder may designate persons other than
the Holder in whose names the Collateral Shares may be registered and issued.

          (c) Absence of Registration. The Holder acknowledges that none of the
Collateral Shares are registered under the Securities Act of 1933, as amended,
and agrees the Company shall have the right to require the Holder to furnish
such representations and warranties as to the Holder's investment intent as are
reasonable and customary in the issuance of unregistered stock.

          (d) Successors and Assigns. This Note, and the obligations and rights
of the Company hereunder, shall be binding upon and inure to the benefit of the
Company, Holder, and their respective successors and assigns.

                                       3

<PAGE>

          (e) Changes and Indulgences. Changes in or additions to this Note may
be made or compliance with any term, covenant, agreement, condition or provision
set forth herein may be omitted or waived (either generally or in a particular
instance and either retroactively or prospectively), only upon written consent
of the Company and the Holder. Neither the failure nor any delay on the part of
either Holder or the Company to exercise any right, remedy, power or privilege
under this Note shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege;
nor shall any waiver of any right, remedy, power or privilege constitute a
waiver with respect to any other occurrence.

          (f) Currency. Except as otherwise set forth or expressly provided for
herein, all payments hereunder shall be made in such coin or currency of the
United States of America as at the time of payment shall be legal tender therein
for the payment of public and private debts.

          (g) Notices. All notices, requests, consents and demands shall be made
in writing and shall be delivered by facsimile to the fax number, if any, set
forth below or by hand, sent via a reputable nationwide overnight courier
service or mailed by first class certified or registered mail, return receipt
requested, postage prepaid.

     If to Holder:                      FGFC Holdings, Inc.
                                        Attn:  Rodney K. Thompson
                                        3 Hutton Center Drive
                                        Suite 150
                                        Santa Ana, California 92707
                                        (Fax Number:  714-850-9920)

     If to Company:                     EMB Corporation
                                        Attention: Chief Executive Officer
                                        5075 Warner Avenue
                                        Suite B
                                        Huntington Beach, California 92649
                                        (Fax Number: 714-377-2123)

     With a copy to:                    Bryan Cave LLP
     (which shall not                   2020 Main Street, Suite 600
     constitute notice)                 Irvine, California 92614
                                        Attention:  Randolf W. Katz, Esquire
                                        (Fax Number: 949-223-7100)

          Notices provided in accordance with this Section 5(g) shall be deemed
delivered upon confirmation of facsimile transmission, upon personal delivery,
one business day after being sent via reputable nationwide overnight courier
service, or three business days after deposit in the United States mail.

          (h) Saturdays, Sundays, Holidays. If any date that may at any time be
specified in this Note as a date for the making of any payment of principal or
interest under this Note shall fall on Saturday, Sunday or on a day which in
Irvine, California shall be a legal holiday, then the date for the making of
that payment shall be the next subsequent day which is not a Saturday, Sunday or
legal holiday.

                                       4

<PAGE>

          (i) Governing Law. This Note shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of California, notwithstanding any conflict-of-laws doctrines of such
state or other jurisdictions to the contrary, and without the aid of any canon,
custom or rule of law requiring constructions against the draftsman. The parties
agree to submit to the jurisdiction and venue of the state and federal courts of
Orange County, California, for the purposes of resolving disputes hereunder and
authorize any such action to be instituted and prosecuted exclusively in the
Superior Court of the State of California or, if appropriate, the United States
District Court for the Central District of California.

          (j) Conflict. In the event of any conflict between the terms of this
Note and the terms of any of the Exhibits hereto, including, but not limited to,
the Security Agreement, the terms of this Note shall control.

          (k) Collection Expenses. The Company agrees to pay all costs of
collection or enforcement, including reasonable attorney's fees and legal
expenses incurred by Holder, in the event that payments are not made under this
Note as required.

          (l) Severability. If any provision of this Note is held invalid or
unenforceable, such invalidity or unenforceability shall not affect the validity
or enforceability of the other provisions of this Note, all of which are
declared severable.

          (m) Headings. The headings used in this Note are solely for
convenience of reference and shall not affect its interpretation.

          (n) Words and Phrases. Words and phrases such as "to this Note,"
"herein," "hereinafter," "hereto," "hereof," "hereby," "hereinbelow,"
"hereinabove" and "hereunder" when used with reference to this Note, refer to
this Note as a whole, unless the context otherwise requires.

          (o) Gender and Number. Wherever from the context of this Note it
appears appropriate, each term stated in either the singular or the plural shall
include the singular or the plural, and pronouns stated in either the masculine,
feminine or neuter gender, shall include the masculine, feminine and neuter.

          (s) Entire Understanding. This Note contains the entire understanding
among the parties hereto with respect to the subject matter hereof, and
supercedes all prior and contemporaneous agreements and understandings,
inducements or conditions, express or implied, oral or written, except as herein
contained. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof.

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<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Note to be executed on its
behalf by its duly authorized officer as of the date first above written.

                                            EMB CORPORATION

                                            By:  /s/  James E. Shipley
                                               -------------------------------
                                                      James E. Shipley
                                                      Chairman and Chief
                                                      Executive Officer

                                       6EXHIBIT 10.24

                               SECURITY AGREEMENT
                               ------------------

     THIS SECURITY AGREEMENT ("Agreement") is entered into as of this 30th day
of September, 2001, by and between FGFC Holdings, Inc., a California corporation
("Secured Party"), and EMB Corporation, a Hawaii corporation ("EMB").
Capitalized terms not otherwise defined in this Agreement shall have the
meanings ascribed to them in the Note (as hereinafter defined).

     WHEREAS, EMB entered into a Purchase Agreement with Secured Party and First
Guaranty Financial Corporation ("FGFC") on September 30, 2001 (the "Purchase
Agreement"), for the acquisition by EMB from Secured Party of all of the common
stock of FGFC"; and

     WHEREAS, in connection with such Purchase Agreement, EMB has executed a
Secured Promissory Note of even date herewith in favor of Secured Party in the
principal amount of Five Hundred Thousand Dollars ($500,000.00) (the "Note"),
the terms of which are incorporated herein by reference and made a part hereof;
and

     WHEREAS, to secure payment and performance of EMB's duties and obligations
under the Note, EMB has agreed to grant Secured Party a continuing security
interest in the 10,000 shares of common stock of FGFC and the 100,000 shares of
Series A convertible preferred stock of FGFC that were acquired by the Company
in connection with the Purchase Agreement, subject to the terms and conditions
set forth herein and in the Note;

     NOW, THEREFORE, in consideration of the premises and mutual covenants set
forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, EMB and Secured Party,
intending to be legally bound hereby, agree as follows:

     1.   Security Interest.
          -----------------

          (a) To secure payment and performance of EMB's "Obligations" (as
hereinafter defined) under the Note, EMB hereby pledges, assigns, transfers and
grants to Secured Party a continuing security interest in the following: Ten
thousand (10,000) shares of common stock of FGFC, one hundred thousand (100,000)
shares of Series A convertible preferred stock of FGFC, together with the
dividends, rights, options, issues, products, proceeds and profits therefrom
(collectively, the "Collateral Shares"). The interest of Secured Party in the
Collateral Shares is a first priority lien and security interest in and to the
Collateral Shares. In addition to a stock certificate representing the
Collateral Shares, EMB shall deliver to the Collateral Agent EMB's undated
assignment separate from such certificate executed in blank, together with such
other assignments, agreements, instruments and documents (collectively, the
"Assignment Documentation") as Secured Party from time to time may reasonably
require and as may be necessary or expedient to facilitate the transfer thereof.
The Collateral Shares and the Assignment Documentation shall be held and
distributed by the Collateral Agent in accordance with the terms and conditions
of the Note and this Agreement; and

          (b) The Collateral Shares referenced by Subparagraph (a)(i) of this
Section, shall hereinafter also be referred to as the "Collateral".

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<PAGE>

          (c) EMB expressly understands and agrees that the security interest
granted to Secured Party hereunder shall remain as security for payment and
performance of EMB's Obligations, whether now existing or that may hereafter be
incurred by future advances or otherwise. Notice of the continuing grant of
these security interests shall, therefore, not be required to be stated on the
face of any document representing any such Obligations, nor otherwise identify
such document as being secured hereby.

     2.   Definitions.  The following terms shall have the following meanings:
          -----------

          (a) "Loan Documents" means this Agreement, and any and all agreements,
notes, guaranties, instruments, security agreements, mortgages, assignments, and
documents evidencing, governing, securing or relating in any way to any of the
Obligations, including without limitation, that certain Note in the original
principal amount of $500,000.00 from EMB in favor of Secured Party of even date
herewith and that certain Form UCC-1 Financing Statement executed by the parties
of even date herewith; and

          (b) "Obligations" means any and all indebtedness, obligations,
liabilities, contracts, indentures, agreements, warranties, covenants,
guaranties, representations, provisions, terms and conditions of whatever kind
with regard to the Loan Documents, whether due or to become due, absolute or
contingent, now existing or hereafter incurred or arising, whether or not
otherwise guaranteed or secured and whether evidenced by any note or draft or
documented on the books and records of Secured Party or otherwise on open
account, including without limitation, all costs, expenses, fees, charges and
attorneys' and other professional fees incurred by Secured Party in connection
with, involving or related to the administration, protection, modification,
collection, enforcement, preservation or defense of any of Secured Party's
rights with respect to any of the Obligations, the Collateral or any agreement,
instrument or document evidencing, governing, securing or relating to any of the
foregoing, including without limitation, all costs and expenses incurred in
inspecting or surveying mortgaged real estate, if any, or conducting
environmental studies or tests, and in connection with any "workout" or default
resolution negotiations involving legal counsel or other professionals and any
renegotiation or restructuring of any of the Obligations.

     3.   EMB's  Representations and Warranties.  EMB makes the following
representations and warranties  hereunder and upon which Secured Party relies:

          (a) Authority. EMB has full power and authority to enter into and
perform the Obligations under this Agreement, to execute and deliver the Loan
Documents and to incur the obligations provided for herein and therein, all of
which have been duly authorized by all necessary and proper corporate action. No
other consent or approval or the taking of any other action is required as a
condition to the validity or enforceability of this Agreement or any of the
other Loan Documents.

          (b) Binding Agreements. This Agreement and the other Loan Documents
constitute the valid and legally binding obligations of EMB, enforceable in
accordance with their respective terms, except as enforcement may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors'
rights generally.

                                       2

<PAGE>

          (c) No Conflicting Law or Agreements. The execution, delivery and
performance by EMB of this Agreement and the other Loan Documents: (i) do not
violate any provision of the bylaws of EMB, (ii) do not violate any order,
decree or judgment, or any provision of any statute, rule or regulation, (iii)
do not violate or conflict with, result in a breach of or constitute (with
notice or lapse of time, or both) a default under any mortgage, indenture,
contract or other agreement to which EMB is a party, or by which any of EMB's
properties are bound, or (iv) except for the lien granted to Secured Party
hereunder, do not result in the creation or imposition of any lien, charge or
encumbrance of any nature whatsoever upon any property or assets of EMB.

          (d) Collateral. EMB is and shall continue to be the sole owner of the
Collateral free and clear of all liens, encumbrances, security interests and
claims, except for the liens granted to Secured Party hereunder. EMB is fully
authorized to sell, transfer, pledge and/or grant a security interest in the
Collateral to Secured Party. All documents and agreements related to the
Collateral shall be true and correct and in all respects what they purport to
be; all signatures and endorsements that appear thereon shall be genuine and all
signatories and endorsers shall have full capacity to contract. None of the
transactions underlying or giving rise to the Collateral shall violate any
applicable state or federal laws or regulations. All documents relating to the
Collateral shall be legally sufficient under such laws or regulations and shall
be legally enforceable in accordance with their terms. EMB agrees to defend the
Collateral against the claims of all persons other than Secured Party, except as
expressly reserved or otherwise provided herein.

     4.   Covenants of EMB.  EMB  covenants  and agrees that from the date
hereof  until full and final  payment and performance of all Obligations EMB
shall:

          (a) Financial Information. Deliver to Secured Party promptly upon
Secured Party's request, such documentation and information about EMB's
financial condition, business and/or operations as Secured Party may, at any
time and from time to time, reasonably request, including without limitation,
monthly unaudited interim, quarterly unaudited interim and annual audited or
unaudited financial statements, and such other records and documentation as
shall reasonably related to Secured Party's interest as a secured creditor of
EMB under the terms of the Note.

          (b) Litigation. Promptly advise Secured Party of the commencement or
threat of litigation, including arbitration proceedings and any proceedings
before any governmental agency, or any other legal action (collectively,
"Litigation"), which is instituted against EMB in connection with the Collateral
or which might jeopardize the first lien of Secured Party as against the
Collateral.

          (c) Maintenance of Existence. Maintain its corporate existence, and
comply with all valid and applicable statutes, rules and regulations, and
maintain its properties in good repair, working order and operating condition.
EMB shall immediately notify Secured Party of any event causing material loss in
the value of its assets.

          (d) Collateral Duties. Do whatever Secured Party may reasonably
request from time to time by way of obtaining, executing, delivering and filing
financing statements, assignments, landlord's or mortgagee's waivers, and other
notices and amendments and renewals thereof, and EMB will take any and all steps

                                       3

<PAGE>

and observe such formalities as Secured Party may reasonably request in order to
create and maintain a valid and enforceable first lien upon, pledge of, and
first priority security interest in, any and all of the Collateral. Secured
Party is authorized to file financing statements without the signature of EMB
and to execute and file such financing statements on behalf of EMB as specified
by the UCC to perfect or maintain Secured Party's security interest in all of
the Collateral.

          (e) Notice of Default. Provide to Secured Party, not later than five
(5) business days after becoming aware of the occurrence or existence of an
Event of Default (as defined in the Note) or a condition which would constitute
an Event of Default but for the giving of notice or passage of time on both,
notice in writing of such Event of Default or condition.

          (f) Maintenance of Current Public Information. EMB agrees to use its
best efforts to make available "adequate current public information" concerning
itself within the meaning of Rule 144(c) promulgated under the Securities Act of
1933, as amended. Notwithstanding anything herein to the contrary, this covenant
shall continue until the 15th month after the payment in full of the Obligations
and shall survive the termination of this Agreement.

     5.   Additional Rights of Secured Party.
          ----------------------------------

          (a) Upon the occurrence of an Event of Default as defined in the Note,
EMB hereby constitutes and appoints Secured Party (with full power of
substitution) its true and lawful attorney and agent in fact to take any or all
of the actions described below in Secured Party's or EMB's name and at EMB's
expense, and EMB hereby ratifies and confirms all actions so taken:

                    (i) Evidence of Liens. Secured Party may execute such
          financing statements and other documents and take such other actions
          as Secured Party deems reasonably necessary or proper in order to
          create, perfect or continue the security interest and other liens
          provided for by this Security Agreement, and Secured Party may file
          the same (or a photocopy of this Security Agreement or of any
          financing statement signed by EMB) in any appropriate governmental
          office.

                    (ii) Preservation of Collateral. Secured Party may take any
          and all action that Secured Party deems reasonably necessary or proper
          to preserve his interest in the Collateral, including, without
          limitation, the payment of debts of EMB, which, if unpaid, might
          materially impair the Collateral or Secured Party's security interest
          therein; or the payment of taxes, assessments or other liens thereon.
          All sums so expended by Secured Party shall be added to the
          Obligations, shall be secured by the Collateral, and shall be payable
          thirty (30) days following Secured Party's written demand.

                    (iii) Secured Party's Right to Cure. In the event EMB fails
          to perform any of its obligations, then Secured Party may perform the
          same but shall not be obligated to do so. All sums so expended by
          Secured Party shall be added to the Obligations, shall be secured by
          the Collateral, and shall be payable thirty (30) days following
          Secured Party's written demand.

                                       4

<PAGE>

          (b) EMB covenants and agrees that the power of attorney granted by the
foregoing subsection (a) is coupled with an interest and shall be irrevocable so
long as this Security Agreement is in force; that said powers are granted solely
for the protection of Secured Party's interest and that Secured Party shall have
no duty to exercise any thereof; that the decision whether to exercise any of
such powers, and the manner of exercise, shall be solely within Secured Party's
reasonable discretion.

     6.   Remedies of Secured Party in Respect of the Collateral Shares.
          -------------------------------------------------------------

          (a) Upon the occurrence of any Event of Default (as defined in the
Note), Secured Party shall have the right, following expiration of any time
period during which EMB may have the right to cure such default, to declare all
of the Obligations to be immediately due and payable and shall then, in respect
of the Collateral Shares, have the rights and remedies of a secured party under
the Uniform Commercial Code or under any other applicable law, including,
without limitation to take possession of the Collateral Shares. Following an
Event of Default, Secured Party shall have the right, following expiration of
any time period during which EMB may have the right to cure such default, to
immediately make written demand upon the Collateral Agent to deliver the
Collateral Shares and the Assignment Documentation to Secured Party. Not later
than five (5) days after the Collateral Agent's receipt of such written demand,
the Collateral Agent shall make delivery, in accordance with Secured Party's
demand, of the certificate representing the Collateral Shares together with the
Assignment Documentation in blank or completed as Secured Party shall have
specified unless, prior to the end of such five (5) day period, EMB shall have
given written notice to the Collateral Agent and to Secured Party in good faith
disputing the occurrence of the Event of Default and directing the Collateral
Agent to withhold the delivery of the Collateral Shares and the Assignment
Documentation. Upon receipt of such written notice from EMB, the Collateral
Agent shall not deliver the Collateral Shares and the Assignment Documentation
to any person other than into court until the controversy shall have been
settled either by an agreement or by a final judgment of a court of competent
jurisdiction. Each party shall be entitled to reimbursement by the other of its
reasonable attorneys fees and costs and other reasonable expenses incurred in
the event that a court of competent jurisdiction shall determine in its favor
(that is, as to Secured Party, that an Event of Default shall have occurred
following EMB's dispute of same; and that is, as to EMB, that an Event of
Default shall not have occurred), notwithstanding a party's good faith in
asserting the existence of an Event of Default (in the case of Secured Party) or
the absence thereof (in the case of EMB).

          (b) Upon the delivery to Secured Party of the Collateral Shares and
the Assignment Documentation pursuant to Section 6(a) above, Secured Party may
date any of the Assignment Documents and participate as the owner of the
Collateral Shares in the election of directors and may exercise such other
rights as a stockholder of FGFC as he may, in his sole and absolute discretion,
see fit. In addition to the foregoing remedies, Secured Party may be the
purchaser of any or all of the Collateral Shares sold at any public or private
sale and thereafter hold the same, absolutely, free and clear of and from any
and all claims or rights of any kind whatsoever. EMB hereby acknowledges and
agrees that ten days' notice shall be deemed commercially reasonable notice with
respect to the time and place of any public sale or the time after which any
private sale or any other intended disposition of the Collateral Shares is to be
made, and, in the case of any notice to EMB of a private sale, such notice shall
advise EMB of the terms and conditions of the sale as are then known to Secured
Party. Recognizing the possibility that there may be no adequate market for the
Collateral Shares or that the sale of the Collateral Shares may require

                                       5

<PAGE>

registration under the Securities Act of 1933 or qualification under other state
or federal laws relating to securities, EMB specifically authorizes a private
sale of all or any of the Collateral Shares without attempts by Secured Party to
approach more than one possible purchaser.

          (c) The proceeds of any sale of any of the Collateral Shares shall be
applied to expenses, including, without limitation, attorney's fees to the
fullest extent allowable by law, reasonably incurred in connection with such
sales, the collection of the Note, and the prosecution or defense of any
proceeding related thereto, and then to the payment or satisfaction of the Note.
In the event the proceeds of any sale or other disposition of the Collateral
hereunder, are insufficient to pay all of the Obligations in full, EMB will be
liable for the deficiency, together with interest thereon, at the maximum rate
allowable by law, and the costs and expenses of collection of such deficiency,
including (to the extent permitted by law) without limitation, attorney's fees,
expenses and disbursements. From and after the occurrence of an Event of
Default, and the expiration of any time period during which EMB may have the
right to cure such default, and unless and until the Note has been fully paid
and satisfied, Secured Party shall be entitled to act with respect to the
Collateral Shares in all matters or events, and to exercise all rights and
privileges, to the maximum extent permitted by law, as an absolute owner of the
Collateral Shares and to hold all proceeds from the sale thereof as part of the
Collateral hereunder.

     7.   Costs and Expenses. Upon the occurrence of an Event of Default as
defined in the Note, EMB agrees to pay on demand all of Secured Party's
reasonable expenses in collecting, enforcing, safeguarding, holding and
disposing of Collateral, and all other losses, costs and expenses incurred by
Secured Party in connection with the enforcement of this Security Agreement, the
Note or the Loan Documents, or in connection with legal advice relating to the
rights or responsibilities of Secured Party under any thereof (including in each
case, without limitation, the reasonable fees and out-of-pocket expenses of
attorneys, accountants and appraisers).

     With respect to any amount advanced by Secured Party and required to be
reimbursed by EMB pursuant to any provision of this Security Agreement, EMB
shall also pay Secured Party interest on such amount at the rate from time to
time applicable to overdue principal of the Note from the date on which EMB
receives written notice of the expenditure to the date of reimbursement. EMB's
obligations under this Section 7 shall survive payment of the Note and the other
Obligations.

     8.   Waivers; Etc. EMB hereby waives presentment, demand, notice, protest
and all other demands and notices in connection with this Agreement or the
enforcement of Secured Party's rights hereunder or in connection with any
Obligations or any Collateral; and consents to and waives notice of: (a) the
granting of renewals, extensions of time for payment or other indulgences to EMB
or to any account debtor in respect of any account receivable of EMB; (b)
substitution, release or surrender of any Collateral; (c) the addition or
release of persons primarily or secondarily liable on any of the Obligations or
on any account receivable or other Collateral; and (d) the acceptance of partial
payments on any Obligations or on any account receivable or other Collateral
and/or the settlement or compromise thereof. No delay or omission on the part of
Secured Party in exercising any right hereunder shall operate as a waiver of
such right or of any other right hereunder. Any waiver of any such right on any
one occasion shall not be construed as a bar to or waiver of any such right on
any such future occasion.

                                        6

<PAGE>

EMB'S WAIVERS UNDER THIS SECTION HAVE BEEN MADE VOLUNTARILY, INTELLIGENTLY,
KNOWINGLY, WITHOUT DURESS AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE
RAMIFICATIONS THEREOF.

     9.   Termination; Assignment; Etc. This Agreement and the security
interest in the Collateral created hereby shall terminate when all of the
Obligations have been paid and finally discharged in full. No waiver by Secured
Party or by any other holder of the Obligations of any default shall be
effective unless in writing signed by Secured Party nor shall any waiver granted
on any one occasion operate as a waiver of any other default or of the same
default on a future occasion. In the event of a sale or assignment by Secured
Party of all or any of the Obligations held by Secured Party, Secured Party may
not assign or transfer its respective rights and interests under this Agreement
in whole or in part to the purchaser or purchasers of such Obligations;
accordingly, such purchaser or purchasers shall become vested with all of the
powers and rights hereunder Further, no sale or assignment shall act to release
or discharge, in whole or in part, Secured Party from any liability or
responsibility hereunder with respect to the rights and interests so assigned.

     10.  Miscellaneous.
          -------------

          (a) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon Secured Party and EMB and their respective successors and
assigns.

          (b) Changes. Changes in or additions to this Agreement may be made or
compliance with any term, covenant, agreement, condition or provision set forth
herein may be omitted or waived (either generally or in a particular instance
and either retroactively or prospectively), only upon written consent of EMB and
Secured Party.

          (c) Notices. All notices, requests, consents and demands shall be made
in writing and shall be delivered by facsimile to the fax number set forth below
or by hand, sent via a reputable overnight courier service or mailed by first
class certified or registered mail, return receipt requested, postage prepaid to
EMB;

          If to EMB:

          EMB Corporation
          5075 Warner Avenue
          Suite B
          Attention:  Chief Executive Officer
          (Fax Number:  714-377-2123)

          With a copy to:
          (which shall not constitute notice)

          Bryan Cave LLP
          2020 Main Street, Suite 600
          Irvine, California 92614
          Attention:  Randolf W. Katz, Esquire
          (Fax Number:  949-223-7100)

                                       7

<PAGE>

          If to Secured Party:

          FGFC Holdings, Inc.
          Attn:  Rodney K. Thompson
          3 Hutton Center Drive
          Suite 150
          Santa Ana, California 92707
          (Fax Number:  714-850-9920)

          (d) Governing Law. This Agreement shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of California notwithstanding any conflict-of-laws doctrines of such
state or other jurisdictions to the contrary, and without the aid of any canon,
custom or rule of law requiring constructions against the draftsman. The parties
agree to submit to the jurisdiction and venue of the state and federal courts of
Orange County, California, for the purposes of resolving disputes hereunder. and
authorize any such action to be instituted and prosecuted exclusively in the
Superior Court of the State of California or, if appropriate, the United States
District Court for the Central District of California.

          (e) Breach. EMB agrees to pay all costs of enforcement, including
reasonable attorney's fees and legal expenses incurred by Secured Party in the
event that EMB fails to comply with or otherwise breaches this Agreement.

          (f) Severability. If any provision of this Agreement is held invalid
or unenforceable, such invalidity or unenforceability shall not affect the
validity or enforceability of the other provisions of this Agreement, all of
which are declared severable.

          (g) Headings. The headings used in this Agreement are solely for
convenience of reference and shall not affect its interpretation.

          (h) Words and Phrases. Words and phrases such as "to this Agreement,"
"herein," "hereinafter," "hereto," "hereof," "hereby," and "hereunder," when
used with reference to this Agreement, refer to this Agreement as a whole,
unless the context otherwise requires.

          (i) Gender and Number. Wherever from the context of this Agreement it
appears appropriate, each term stated in either the singular or the plural shall
include the singular or the plural, and pronouns sated in either the masculine,
feminine or neuter gender, shall include the masculine, feminine and neuter.

          (j) Conflict. In the event of any conflict between the terms of any of
the Loan Documents, including, but not limited to, this Agreement and the Note,
the terms of the Note shall control.

          (k) Entire Understanding. Except as expressly reserved or otherwise
provided herein, this Agreement contains the entire understanding among the
parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements and understandings, inducements or

                                       8

<PAGE>

conditions, express or implied, oral or written, except as herein contained. The
express terms hereof control and supersede any course of performance and/or
usage of the trade inconsistent with any of the terms hereof.

          (l) Jury Waiver. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY COURT
IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN
ANY WAY RELATED TO THE FINANCING TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART
AND/OR THE ENFORCEMENT OF ANY OF THE PARTIES' RESPECTIVE RIGHTS AND REMEDIES,
INCLUDING WITHOUT LIMITATION, TORT CLAIMS. THE PARTIES ACKNOWLEDGE THAT EACH
MADE THIS WAIVER VOLUNTARILY, INTELLIGENTLY, KNOWINGLY, WITHOUT DURESS AND ONLY
AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS THEREOF.

          (m) Counterparts. This Agreement may be executed in any number of
counterparts, including separate counterparts, all of which when taken together,
shall constitute one instrument.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       9

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                            FGFC HOLDINGS, INC.

                                            By:  /s/  Rodney K. Thompson
                                               -------------------------------
                                                      Rodney K. Thompson
                                                      President

                                            EMB CORPORATION

                                            By:  /s/  James E. Shipley
                                               -------------------------------
                                                      James E. Shipley
                                                      Chairman and Chief
                                                      Executive Officer

                                       10

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