Document:

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                                                                   Exhibit 10.32

                               FIRST AMENDMENT TO
                           LOAN AND SECURITY AGREEMENT

      This First Amendment to the Loan and Security Agreement (this "Amendment")
is dated as of the 1st day of September, 2006, by and among EMERSON RADIO CORP.
("ERC US"), a Delaware corporation, EMERSON RADIO MACAO COMMERCIAL OFFSHORE
LIMITED ("ER Macao"), a Macao corporation, MAJEXCO IMPORTS, INC. ("MI"), a
California corporation, EMERSON RADIO (HONG KONG) LIMITED ("ER Hong Kong"), a
Hong Kong corporation, and EMERSON RADIO INTERNATIONAL LTD. ("ER BVI"), a
British Virgin Island company, jointly and severally as co-borrowers and
co-obligors, except as set forth in Section 11.8 of the Loan Agreement, as
defined below (collectively, the "Borrowers" and each is referred to
individually herein as a "Borrower"), and WACHOVIA BANK, NATIONAL ASSOCIATION, a
national banking association (together with its successors and assigns, "Bank").

                                   BACKGROUND

            A. Borrowers and Bank are parties to a certain Loan and Security
Agreement dated as of December 23, 2005 (as the same may be amended or otherwise
modified from time to time, the "Loan Agreement"), and the other Loan Documents
(as defined in the Loan Agreement). Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Loan
Agreement.

            B. The parties have agreed, subject to the terms and conditions of
this Amendment, to amend the Loan Agreement.

            NOW, THEREFORE, with the foregoing Background hereinafter deemed
incorporated by this reference, the parties hereto, intending to be legally
bound, promise and agree as follows:

      1. AMENDMENTS TO LOAN AGREEMENT

            1.1 Definitions. The following definitions are added to Section 1.1
of the Loan Agreement in the appropriate alphabetical order:

            "First Amendment" means the First Amendment to the Loan and Security
            Agreement dated September 1, 2006, among Borrowers and Bank.

            "First Amendment Effective Date" means the date the Effectiveness
            Conditions (as defined in Section 6 of the First Amendment) are
            satisfied.

            1.2 Borrowing Base. Clause (iii) of the definition of Borrowing Base
in the Loan Agreement is amended and restated in its entirety and shall read as
follows:
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                (iii) the lesser of (a) the Inventory Sublimit and (b) the sum
of (i) the lesser of (A) 85% of the NOLV of Eligible Inventory and (B) 55% of
the total amount of Eligible Inventory, plus (ii) the lesser of (A) 85% of the
NOLV of Eligible In-Transit Inventory, and (B) 55% of the total amount of
Eligible In-Transit Inventory and (C) solely for the period from the First
Amendment Effective Date through October 31, 2006, $22,000,000 and at all times
thereafter, $18,000,000, plus (iii) the lesser of (A) 85% of the NOLV of
Eligible Licensed Inventory, and (B) 55% of the total amount of Eligible
Licensed Inventory and (C) $10,000,000, plus

            1.3 Inventory Sublimit. The definition of Inventory Sublimit in the
Loan Agreement is amended and restated in its entirety and shall read as
follows:

            "Inventory Sublimit" means (a) for the period commencing January 1
through and including March 31 of each calendar year, an amount equal to
$27,000,000 and (b) for the period commencing April 1 through and including
December 31 of each calendar year, an amount equal to $31,500,000; provided
however, solely for the period from the First Amendment Effective Date through
October 31, 2006, the Inventory Sublimit shall be an amount equal to
$37,500,000.

            1.4 Revolver Commitment. The definition of Revolver Commitment in
the Loan Agreement is amended and restated in its entirety and shall read as
follows:

            "Revolver Commitment" means the commitment of Bank, subject to the
terms and conditions herein, to make Revolver Loans and issue Letters of Credit
in accordance with the provisions of Section 2 hereof in an aggregate amount not
to exceed $45,000,000 at any one time; provided however, solely for the period
from the First Amendment Effective Date through October 31, 2006, the Revolver
Commitment shall be an amount equal to $53,000,000.

            1.5 Letters of Credit. Clause (i) of Section 2.10.1 of the Loan
Agreement is amended and restated in its entirety and shall read as follows:

                (i) the aggregate face amount of Letters of Credit issued by
Bank which are outstanding at any one time shall not exceed $25,000,000;
provided further that solely for the period from the First Amendment Effective
Date through September 30, 2006, the amount shall not exceed $35,000,000;

      2.    CONFIRMATION OF INDEBTEDNESS

            Each Borrower hereby confirms and agrees that, as of August 29,
2006, the total principal amount of outstanding Revolver Loans under the Loan
Agreement is $4,871,803.68, and the face amount of all outstanding Letters of
Credits is $20,616,082.81 and that each Borrower is unconditionally liable to
Bank for such amounts, together all accrued and unpaid interest and expenses
through the First Amendment Effective Date, without any set-off, deduction,
counterclaim or defense.

      3.    FURTHER ASSURANCES

            Each Borrower hereby agrees to take all such actions and to
execute and/or deliver to Bank all such agreements, instruments, certificates,
assignments, financing statements and other documents, as Bank may reasonably
require from time to time, to effectuate and implement the purposes of this
Amendment.

                                       2
<PAGE>

      4.    CONFIRMATION OF COLLATERAL

            Each Borrower covenants, confirms and agrees that as security
for the repayment of the Obligations, Bank has, and shall continue to have, and
is hereby granted a continuing lien on and security interest in the Collateral,
all whether now owned or hereafter acquired, created or arising, including all
proceeds thereof. Each Borrower acknowledges and agrees that nothing herein
contained in any way impairs Bank's existing rights and priority in the
Collateral.

      5.    REPRESENTATIONS AND WARRANTIES

            Each Borrower warrants and represents to Bank that:

            5.1 By execution of this Amendment, each Borrower reconfirms all
warranties and representations made to Bank under the Loan Documents and
restates such warranties and representations as of the date hereof all of which
shall be deemed continuing until all of the Obligations are paid and satisfied
in full.

            5.2 The execution and delivery by each Borrower of this Amendment
and the performance of the transactions herein contemplated (i) are and will be
within its power, (ii) have been authorized by all necessary action, and (iii)
are not and will not be in contravention of any order of court or other agency
of government, of law, of any organization document of such Borrower or of any
indenture, agreement or undertaking to which such Borrower is a party or by
which the property of such Borrower is bound, or be in conflict with, result in
a breach of or constitute (with due notice and/or lapse of time) a default under
any such indenture, agreement or undertaking, or result in the imposition of any
lien, charge or encumbrance of any nature on any of the properties of such
Borrower.

            5.3 This Amendment and any assignment or other instrument, document
or agreement executed and delivered in connection herewith, will constitute the
legal, valid and binding obligations of each Borrower, enforceable in accordance
with their respective terms, subject only to bankruptcy and similar laws
affecting creditors' rights generally.

            5.4 There are no outstanding Defaults or Events of Default under
any of the Loan Documents.

            5.5 There has been no change which could have a Material Adverse
Effect on any Borrower since the date of the most recent financial statements of
such Borrower delivered to Bank from time to time.

      6.    EFFECTIVENESS CONDITIONS

            This Amendment shall not be effective until the following conditions
("Effectiveness Conditions") have been met to the sole satisfaction of Bank
(all documents to be in form and substance satisfactory to Bank):

            6.1 Borrowers shall have executed and delivered to Bank this
Amendment.

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<PAGE>

            6.2 Borrowers shall have paid to Bank, in immediately available
funds, a non-refundable amendment fee in an amount equal to $20,000, which fee
is fully earned by Bank as of the First Amendment Effective Date.

            6.3 Borrowers shall have executed and delivered to Bank an amended
and restated revolving credit note.

            6.4 Borrowers shall have delivered to Lender authorizing resolutions
authorizing each Borrower's execution, delivery and performance of this
Amendment.

      7.    PAYMENT OF EXPENSES

            Borrowers shall pay or reimburse Bank for all reasonable attorneys'
fees and expenses and all reasonable out of pocket costs in connection with the
analysis, preparation, negotiation and execution of this Amendment and all
agreements, instruments and documents provided for herein or related hereto.

      8.    REAFFIRMATION

            This Amendment shall be incorporated into and made part of the Loan
Agreement. Except as expressly modified by the terms hereof, all of the terms
and conditions of the Loan Agreement, and all of the other Loan Documents, are
hereby reaffirmed and shall continue in full force and effect as therein
written.

      9.    RELEASE

            As further consideration for the agreement of Bank to enter into
this Amendment, each Borrower hereby waives, releases, and discharges Bank, all
affiliates of Bank and all of the directors, officers, employees, attorneys and
agents of Bank and all affiliates of such Persons, from any and all known
claims, demands, actions or causes of action existing as of the date hereof,
arising out of or in any way relating to this Amendment, the Loan Agreement, the
Loan Documents and/or any documents, agreements, instruments, dealings or other
matters connected with this Amendment, the Loan Agreement, the Loan Documents or
the administration thereof.

      10.   MISCELLANEOUS

            10.1 Integrated Agreement. The Loan Documents and this Amendment
shall be construed as integrated and complementary of each other, and as
augmenting and not restricting Bank's rights, remedies and security. If, after
applying the foregoing, an inconsistency still exists, the provisions of this
Amendment shall control.

            10.2 Severability. Any provision hereof, or of the Loan Agreement or
any other Loan Document that is prohibited or unenforceable in any jurisdiction
shall be, as to such jurisdiction, ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

                                       4

<PAGE>

            10.3 Non-Waiver. No omission or delay by Bank in exercising any
right or power under this Amendment, or the Loan Documents or any related
agreement will impair such right or power or be construed to be a waiver of any
Default or Event of Default or an acquiescence therein, and any single or
partial exercise of any such right or power will not preclude other or further
exercise thereof or the exercise of any other right, and no waiver will be valid
unless in writing and signed by Bank and then only to the extent specified.
Bank's rights and remedies are cumulative and concurrent and may be pursued
singly, successively or together.

            10.4 Headings. The headings of any paragraph of this Amendment are
for convenience only and shall not be used to interpret any provision of this
Amendment.

            10.5 Survival. All warranties, representations and covenants made by
Borrowers herein, or in any agreement referred to herein or on any certificate,
document or other instrument delivered by it or on its behalf under this
Amendment, shall be considered to have been relied upon by Bank. All statements
in any such certificate or other instrument shall constitute warranties and
representations by Borrower hereunder. All warranties, representations, and
covenants made by Borrowers hereunder or under any other agreement or instrument
shall be deemed continuing until the Obligations are indefeasibly paid and
satisfied in full.

            10.6 Successors and Assigns. This Amendment shall be binding upon
and shall inure to the benefit of Borrowers and Bank, and their respective
successors and assigns; provided, that Borrowers may not assign any of its
rights hereunder without the prior written consent of Bank, and any such
assignment made without such consent will be void.

            10.7 Governing Law. This Amendment, the Loan Agreement and the Loan
Documents shall be deemed contracts made under the laws of the State of the
Jurisdiction and shall be governed by and construed in accordance with the laws
of said state (excluding its conflict of laws provisions if such provisions
would require application of the laws of another jurisdiction) except insofar as
the laws of another jurisdiction may, by reason of mandatory provisions of law,
govern the perfection, priority and enforcement of security interests in the
Collateral.

            10.8 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE
LAW, EACH BORROWER BY EXECUTION HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AMENDMENT, THE LOAN AGREEMENT, THE LOAN DOCUMENTS OR ANY AGREEMENT
CONTEMPLATED TO BE EXECUTED IN CONNECTION WITH THIS AMENDMENT OR THE LOAN
AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY WITH RESPECT HERETO. THIS PROVISION
IS A MATERIAL INDUCEMENT TO BANK TO ENTER INTO AND ACCEPT THIS AGREEMENT.

            10.9 Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original and all of
which when taken together shall constitute but one and the same instrument. Any
signature delivered by a party by facsimile transmission or .pdf shall be deemed
to be an original signature hereto.

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                       [SIGNATURES TO FOLLOW ON NEXT PAGE]

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         IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date first
above written.

BORROWERS:             EMERSON RADIO CORP.

                       By: /s/ John J. Raab
                           ----------------
                       Name: John J. Raab
                       Title: Senior Executive VP-International Operations & COO

                       EMERSON RADIO MACAO COMMERCIAL
                       OFFSHORE LIMITED

                       By: /s/ John J. Raab
                           ----------------
                       Name: John J. Raab
                       Title:  Director

                       MAJEXCO IMPORTS, INC.

                       By: /s/ John J. Raab
                           ----------------
                       Name: John J. Raab
                       Title: Senior VP-International

                       SIGNED, SEALED and DELIVERED        )
                       as a Deed for and in the name of    )
             L.S.      EMERSON RADIO (HONG KONG) LIMITED   )
                       by its attorney                     )
                       Name: /s/ John J. Raab              )
                             ----------------
                       in the presence of                  )

                       Witness:

                       Name:    John J. Florian
                       Signature: /s/ John J. Florian
                                  -------------------
                       EMERSON RADIO INTERNATIONAL LTD.

                       By: /s/ John J. Raab
                       Name: John J. Raab
                       Title:  Director

                       [SIGNATURES CONTINUED ON NEXT PAGE]

                                       7
<PAGE>

BANK:                  WACHOVIA BANK
                       NATIONAL ASSOCIATION

                       By:      /s/ Georgios C. Kyvernitis
                                --------------------------
                       Name:    Georgios C. Kyvernitis
                       Title:   Vice President

                                       8Untitled Page

		

			

			

			Exhibit 10.4

			

			

		

		
			SETTLEMENT AGREEMENT

					AND GENERAL RELEASE

					

				

		

		
			          This Settlement Agreement and General Release (“Agreement”) is entered into effective this 23rd day of ­­­­­August, 2006 by and between Material Technologies, Inc., a Delaware corporation (“MaTech”), and Ben Franklin Technology Partners of Southeastern Pennsylvania, formerly known as Advanced Technology Center, a Pennsylvania non-profit corporation (“BFTP”).  MaTech and BFTP shall each be referred to as a “Party” and collectively as the “Parties.”

				

			

		

		
			RECITALS

					

				

		

		
			          WHEREAS, on May 4, 1987, MaTech entered into a funding agreement (the “Funding Agreement”) with BFTP, whereby BFTP provided $63,775 to MaTech for the purchase of a royalty of 3% of future gross sales and 6% of sublicense revenues on certain MaTech products;

		

		

		          WHEREAS, The Funding Agreement was amended on August 28, 1987, and as amended, the royalty cannot exceed the lesser of (1) the amount of the advance plus a 26% annual rate of return or, (2) total royalties earned for a term of 17 years;

		

		          WHEREAS, as of the date hereof, the Parties have not established the amount, if any, due and owing under the Funding Agreement;

		

		          WHEREAS, the Parties wish to come to a final resolution regarding the amounts, if any, due from MaTech to BFTP under the Funding Agreement;

		

		          NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, without admitting or denying any wrongdoing by any Party hereto, the Parties wish to resolve the dispute in full and therefore, covenant, promise and agree as follows:

			

		

		
			AGREEMENT

					

				

		

		
			          1.       Consideration of MaTech.  As its consideration under this Agreement and in full payment to BFTP for all outstanding amounts MaTech owes to BFTP whether under the Funding Agreement or otherwise, if any, MaTech agrees to issue to BFTP, within ten (10) days from the execution and delivery of this Agreement to MaTech from BFTP, One Million (1,000,000) shares of MaTech common stock, restricted in accordance with Rule 144 of the Act (the “MaTech Shares”).  The signature pages of this Agreement, signed by BFTP and MaTech, will be delivered to MaTech’s counsel, The Lebrecht Group, APLC (“TLG”), at which time the shares will be requested from MaTech’s transfer agent.  Once TLG receives the shares it will send the shares to BFTP and deliver the executed signature pages to the both Parties.

				

				          2.       Consideration of BFTP.  In exchange for the MaTech Shares, BFTP agrees that all outstanding amounts that are allegedly due and owing to BFTP from MaTech whether under the Funding Agreement or otherwise, will be considered satisfied in their entirety.

				

				

				

				

			

		

		
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			          3.       General Release.  Effective on the date hereof, the Parties, and their respective agents, affiliates, divisions, predecessors, successors and assigns, hereby release the other Parties, and each and all of their present and former agents, officers, directors, attorneys, and employees, from and against any and all claims, agreements, contracts, covenants, representations, obligations, losses, liabilities, demands and causes of action which it may now or hereafter have or claim to have against that Party, as a result of any amounts alleged to be owed by MaTech to BFTP.  This release of claims and defenses shall not alter the prospective duties between the Parties under this Agreement.

			

			          4.       Acknowledgment of Effect of Release.  The Parties acknowledge and agree that this release applies to all claims that one Party may have against any other Party arising out of, or pertaining to, any amounts alleged to be owed by MaTech to BFTP, including, but not limited to, causes of action, injuries, damages, claims for costs or losses to a Party’s person and property, real or personal, whether those injuries, damages, or losses are known or unknown, foreseen or unforeseen, or patent or latent.  The Parties agree not to file any complaints, causes of action, or grievances with any governmental, state or county entity against the other Party arising out of, or pertaining to any amounts alleged to be owed by MaTech to BFTP.  Each Party further agrees and understands that the above releases will be effective as of the date of this Agreement and any Party’s sole remedy against any other Party regarding any amounts alleged to be owed by MaTech to BFTP will be for breach of this Agreement.

			

			          5.       Section 1542 Release. It is understood and agreed by the Parties hereto that all rights under Section 1542 of the Civil Code of California, which provides as follows:

		

		
			
				“A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor,”

			

		

		are hereby expressly waived.  The Parties acknowledge, agree and understand the consequences of a waiver of Section 1542 of the California Civil Code and assumes full responsibility for any and all injuries, damages, losses or liabilities that may hereinafter arise out of or be related to matters released hereunder.  Releasing Party understands and acknowledges that the significance and consequence of this waiver of Section 1542 of the Civil Code is that even if a Party should eventually suffer additional damages arising out of the subject matter hereof, it will not be permitted to make any claim for those damages.  Furthermore, all Parties acknowledge that they intend these consequences even as to claims for damages that may exist as of the date of this Agreement but which the Parties do not know exist, and which, if known, would materially affect the Parties’ decision to execute this Agreement, regardless of whether the Parties’ lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause

			

			          6.       Representations and Warranties of MaTech.

		

		
			          (a)       MaTech is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  MaTech has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement, and to carry out the provisions of this Agreement.

		

		

		

		

		
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			          (b)       All corporate action on the part of MaTech, its officers and directors necessary for the authorization of this Agreement, the performance of all obligations of MaTech hereunder and the authorization and issuance of the MaTech Shares pursuant hereto has been taken.  The Agreement, when executed and delivered, will create valid and binding obligations of MaTech enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, and (b) general principles of equity that restrict the availability of equitable remedies. 

				

				          (c)       MaTech acknowledges and represents that in executing this Agreement, it has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

				

				          (d)       Neither this Agreement nor the consummation of the transactions provided for herein conflicts with or violates (A) any provision of MaTech’s Certificate of Incorporation, as amended, or By-laws, (B) any agreement by which MaTech or its stockholders, or any of its or their respective properties, is bound, or (C) any federal, state or local law, rule or regulation or judicial order.

				

				          (e)       The MaTech Shares have been duly authorized and are fully paid and non-assessable and are being issued to BFTP free and clear of any liens, claims or rights of any entity or person.

		

		          7.       Representations and Warranties of BFTP.

		

		
			          (a)       BFTP is a corporation duly organized, validly existing, and in good standing under the laws of the Commonwealth of Pennsylvania.  BFTP has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement, and to carry out the provisions of this Agreement.

				

				          (b)       All corporate action on the part of BFTP, its officers and directors, necessary for the authorization of this Agreement and the performance of all obligations under this Agreement have been taken.  The Agreement, when executed and delivered, will create valid and binding obligations of BFTP, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, and (b) general principles of equity that restrict the availability of equitable remedies.

				

				          (c)       BFTP acknowledges that by executing this Agreement it is extinguishing all debts and/or other obligations owed to it by MaTech.  BFTP further warrants and represents that it does not have any ownership interest in MaTech (other than the MaTech Shares being issued pursuant to this Agreement), or to its actual knowledge any entity or individual to which MaTech owes money.

		

		

		

		

		
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			          (d)       BFTP acknowledges and represents that in executing this Agreement, BFTP has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

		

		          8.       No Admission of Liability.  This Agreement pertains to an undetermined amount of money owed and does not constitute an admission of liability by any Party for any purpose, except as otherwise provided herein.

		

		          9.       Survival of Representations and Warranties.  The representations and warranties contained in this Agreement are deemed to and do survive the execution hereof.

		

		          10.      Amendments.  This Agreement may not be amended, canceled, revoked or otherwise modified except by written agreement subscribed by all of the Parties to be charged with such modification.

		

		          11.      Successors.  This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective partners, employees, agents, servants, heirs, administrators, executors, successors, representatives and assigns.

		

		          12.      Attorney’s Fees.  All Parties hereto agree to pay their own costs and attorneys’ fees except as follows:

		

		
			          (a)       In the event of any action, suit or other proceeding instituted to remedy, prevent or obtain relief from a breach of this Agreement, arising out of a breach of this Agreement, involving claims within the scope of the releases contained in this Agreement, or pertaining to a declaration of rights under this Agreement, the prevailing Party shall recover all of such Party’s reasonable attorneys’ fees and costs incurred in each and every such action, suit or other proceeding, including any and all appeals or petitions therefrom.

				

				          (b)       As used herein, attorneys’ fees shall be deemed to mean the full and actual costs of any legal services actually performed in connection with the matters involved, calculated on the basis of the usual fee charged by the attorneys performing such services.

		

		          13.      Jurisdiction.  This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of California including all matters of construction, validity, performance, and enforcement and without giving effect to the principles of conflict of laws.

		

		          14.      Integration.  This Agreement sets forth the entire agreement and understanding of the Parties hereto and supersedes any and all prior agreements, arrangements and understandings related to the subject matter hereof.  No understanding, promise, inducement, statement of intention, representation, warranty, covenant or condition, written or oral, express or implied, whether by statute or otherwise, has been made by any party hereto which is not embodied in this Agreement or the written statements, certificates, or other documents delivered pursuant hereto or 

			

			

			

		

		
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		in connection with the transactions contemplated hereby, and no Party hereto shall be bound by or liable for any alleged understanding, promise, inducement, statement, representation, warranty, covenant or condition not so set forth.

		

		

		[signature page immediately follows]

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

			

		
		
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		          IN WITNESS WHEREOF, the Parties hereto, agreeing to be bound hereby, execute this Agreement upon the date first set forth above.

		

		

			
					“MaTech”

						

					

					
					“BFTP”

				
	
					Material Technologies, Inc.,

					
					Ben Franklin Technology Partners of

						Southeastern Pennsylvania (formerly

						known as Advanced Technology Center),

				
	
					a Delaware corporation

					
					a Pennsylvania non-profit corporation

				
	
					

						

						   /s/ Robert M. Bernstein                           

					
					

						

						/s/ Terrence Hicks                                      

				
	
					By:       Robert M. Bernstein

					
					By:      Terrence Hicks

				
	
					Its:       Chief Executive Officer

					
					Its:       Vice President

				

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		
			6

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