Document:

Exhibit 10.1

                      AMENDED AND RESTATED PROMISSORY NOTE

$3,000,000                                                  Somerset, New Jersey
                                                                    May 23, 2002

                                    RECITALS

     WHEREAS, on February 22, 2001 Reuben F. Richards, Jr. (the "Borrower")
executed a Promissory Note (the "Note") payable to the order of EMCORE
Corporation (the "Company") in consideration for a loan in the principal amount
of $3,000,000;

     WHEREAS, the Board of Directors has deemed it in the best interests of the
Company to amend certain terms of the Note as approved by the Board on May 21,
2002; and

     WHEREAS, the parties intend to amend and restate the Note (herein referred
to as the "Amended and Restated Note") to reflect the changed terms and
conditions.

     NOW, THEREFORE, it is hereby agreed as follows:

     FOR VALUE RECEIVED, the undersigned, Reuben F. Richards, Jr. (the
"Borrower"), hereby promises to pay to the order of EMCORE Corporation (the
"Company"), in lawful money of the United States of America in immediately
available funds, at its offices at 145 Belmont Drive, Somerset, New Jersey 08873
(or such other place as Company may direct) the principal sum of THREE MILLION
DOLLARS AND NO CENTS ($3,000,000.00). Principal and accrued interest shall be
payable on February 22, 2006 (the "Maturity Date") at the foregoing address.

     1. Interest. Interest shall accrue on the unpaid principal balance of this
Amended and Restated Note at a rate of 5.18% per annum from February 22, 2001 to
May 23, 2002 compounded annually and at a rate of 4.99% per annum thereafter
until the Maturity Date. Interest shall be payable on the Maturity Date.

     2. Full Recourse. The loan evidenced by this Amended and Restated Note is a
general obligation of the Borrower.

     3. Security. All obligations of Borrower under this Amended and Restated
Note are secured by a pledge of certain shares of EMCORE Corporation common
stock ("Common Stock") pursuant to the Amended and Restated Pledge Agreement. By
executing this Amended and Restated Note, the Borrower hereby agrees to execute
such other instruments as the Company may direct in order to evidence and
perfect Company's
<PAGE>
security interest in such Common Stock (together with the Amended and Restated
Pledge Agreement, the "Pledge Documents").

     4. Application of Payment. Each payment hereunder may be made, at the
option of the Borrower, in either lawful tender of the United States or in
shares of Common Stock and shall be applied first to any accrued but unpaid
interest on this Amended and Restated Note and the balance to the unpaid
principal. Prepayment of the principal balance of this Amended and Restated
Note, together with any accrued and unpaid interest, may be made in whole or in
part at any time without penalty. For valuation purposes, the fair market value
per share of Common Stock on any date shall be determined in accordance with the
following provisions:

               (a)  If the Common Stock is at the time traded on the NASDAQ
                    National Market, the fair market value shall be the closing
                    selling price per share of Common Stock on the date in
                    question, as such prices are reported by the National
                    Association of Securities Dealers on its NASDAQ system or
                    any successor system. If there is no reported closing
                    selling price for the Common Stock on the date in question,
                    then the closing selling price on the last preceding date
                    for which such quotation exists shall be determinative of
                    the fair market value.

               (b)  If the Common Stock is at the time traded on the American
                    Stock Exchange or the New York Stock Exchange, then the fair
                    market value shall be the closing selling price per share of
                    Common Stock on the date in question on the securities
                    exchange serving as the primary market for the Common Stock,
                    as such price is officially quoted in the composite tape of
                    transactions on such exchange. If there is no reported sale
                    of Common Stock on such exchange on the date in question,
                    then the fair market value shall be the closing selling
                    price on such exchange on the last preceding date for which
                    such quotation exists.

               (c)  If the Common Stock is at the time neither listed on any
                    securities exchange nor traded on the NASDAQ National
                    Market, the fair market value shall be determined by the
                    Corporation's Board of Directors after taking into account
                    such factors as such Board shall deem appropriate.

     5. Representation of the Borrower.

          (a) The Borrower has applied all proceeds evidenced by this Amended
and Restated Note towards the purchase of a personal residence.

     6. Acceleration.

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<PAGE>

          (a) If the Borrower voluntarily terminates his employment with the
Company for any reason, the Company shall have the right to accelerate all or
part of the amounts outstanding under this Amended and Restated Note. If the
Borrower is terminated for cause, all principal and interest outstanding under
this Amended and Restated Note will automatically become due and payable sixty
(60) calendar days after the termination of the Borrower's service with the
Company.

          (b) The Company will have the right to accelerate the principal and
interest due under this Amended and Restated Note upon the occurrence of the
following events: (i) there is default under, or a breach of, any covenant,
representation or warranty of the Borrower under this Amended and Restated Note
or the Amended and Restated Pledge Documents, (ii) the Borrower applies for or
consents to the appointment of a receiver, trustee, custodian or liquidator of
any of his property, admits in writing his inability to pay his debts as they
mature, makes a general assignment as a bankrupt or insolvent or is the subject
of an order for relief under Chapter 13 of the United States Bankruptcy Code or
files a voluntary petition in bankruptcy or a petition or answer seeking an
arrangement with creditors or to take advantage of any bankruptcy, insolvency,
readjustment or debt or liquidation law or statute, or an answer admitting the
material allegations of a petition filed against him in any proceeding under any
such law or (iii) an order, judgment or decree is entered by any court of
competent jurisdiction, without the application, approval or consent of the
Borrower, approving a petition appointing a receiver, trustee, custodian or
liquidator of all or a substantial part of the assets of the Borrower and such
order, judgment or decree continues unstayed and in effect for a period of
thirty (30) days; provided that if an event specified in (ii) or (iii) above
shall occur, all principal and interest outstanding under this Amended and
Restated Note shall become automatically due and payable.

     7. Loan Forgiveness. Notwithstanding any other provision of this Amended
and Restated Note the principal balance and accrued but unpaid interest on this
Amended and Restated Note shall be forgiven as follows: (a) If the Company
terminates the Borrower's employment without cause or (b) there is a Change in
Control. For purposes hereof a Change in Control shall be deemed to have
occurred as follows:

          (i) an acquisition in one transaction or a series of related
     transactions (other than directly from the Company or pursuant to options
     granted under a Company stock option plan or other similar awards granted
     by the Company) of any voting securities by any person, immediately after
     which such person has beneficial ownership of fifty percent (50%) or more
     of the combined voting power of the Company's then outstanding voting
     securities; provided, however, in determining whether a Change in Control
     has occurred, voting securities which are acquired in a Non-Control
     Acquisition shall not constitute an acquisition that would cause a Change
     in Control;

          (ii) the individuals who, immediately prior to the date hereof, are
     members of the Board (the "Incumbent Board"), cease for any reason to
     constitute at least a majority of the members of the Board; provided,
     however, that if the

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<PAGE>
election, or nomination for election, by the Company's common stockholders, of
any new director was approved by a vote of at least a majority of the Incumbent
Board, such new director shall, for purposes of the Plan, be considered as a
member of the Incumbent Board; provided further, however, that no individual
shall be considered a member of the Incumbent Board if such individual initially
assumed office as a result of either an actual or threatened "Election Contest"
(as described in Rule 14a-11 promulgated under the Exchange Act) or other actual
or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board (a "Proxy Contest") including by reason of any agreement
intended to avoid or settle any Election Contest or Proxy Contest; or

     (iii) the consummation of:

          (A) a merger, consolidation or reorganization involving the Company
     unless:

               (1) the stockholders of the Company, immediately before such
          merger, consolidation or reorganization, own, directly or indirectly,
          immediately following such merger, consolidation or reorganization,
          more than fifty percent (50%) of the combined voting power of the
          outstanding voting securities of the corporation resulting from such
          merger or consolidation or reorganization (the "Surviving
          Corporation") in substantially the same proportion as their ownership
          of the voting securities immediately before such merger, consolidation
          or reorganization,

               (2) the individuals who were members of the Incumbent Board
          immediately prior to the execution of the agreement providing for such
          merger, consolidation or reorganization constitute at least a majority
          of the members of the board of directors of the Surviving Corporation,
          or a corporation beneficially owning, directly or indirectly, a
          majority of the voting securities of the Surviving Corporation, and

               (3) no person, other than (i) the Company, (ii) any Related
          Entity (as defined below), (iii) any employee benefit plan (or any
          trust forming a part thereof) that, immediately prior to such merger,
          consolidation or reorganization, was maintained by the Company, the
          Surviving Corporation, or any Related Entity or (iv) any person who,
          together with its Affiliates, immediately prior to such merger,
          consolidation or reorganization had beneficial ownership of fifty
          percent (50%) or more of the then outstanding voting securities, owns,
          together with its Affiliates, beneficial ownership of fifty percent
          (50%) or more of the combined voting power of the Surviving
          Corporation's then outstanding voting securities

          (a transaction described in clauses (1) through (3) above is referred
          to herein as a "Non-Control Transaction");

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<PAGE>

          (B) a complete liquidation or dissolution of the Company other than
     through bankruptcy; or

          (C) an agreement for the sale or other disposition of all or
     substantially all of the assets or business of the Company to any person
     (other than a transfer to a Related Entity or the distribution to the
     Company's stockholders of the stock of a Related Entity or any other
     assets).

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
solely because any person (the "Subject Person") acquired beneficial ownership
of fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities as a result of the acquisition of voting
securities by the Company which, by reducing the number of voting securities
then outstanding, increases the proportional number of shares beneficially owned
by the Subject Persons, provided that if a Change in Control would occur (but
for the operation of this sentence) as a result of the acquisition of voting
securities by the Company, and (1) before such share acquisition by the Company
the Subject Person becomes the beneficial owner of any new or additional voting
securities in a related transaction or (2) after such share acquisition by the
Company the Subject Person becomes the beneficial owner of any new or additional
voting securities which in either case increases the percentage of the then
outstanding voting securities beneficially owned by the Subject Person, then a
Change in Control shall be deemed to occur. For purposes hereof, (x) "Affiliate"
shall mean, with respect to any Person, any other Person that, directly or
indirectly, controls, is controlled by, or is under common control with, such
Person; (y) any "Relative" (for this purpose, "Relative" means a spouse, child,
parent, parent of spouse, sibling or grandchild) of an individual shall be
deemed to be an Affiliate of such individual for this purpose; and (z) neither
the Company nor any Person controlled by the Company shall be deemed to be an
Affiliate of any holder of Common Stock. A Non-Control Acquisition shall mean an
acquisition by (i) an employee benefit plan (or a trust forming a part thereof)
maintained by (A) the Company or (B) any corporation or other person of which a
majority of its voting power or its voting equity securities or equity interest
is owned, directly or indirectly, by the Company (a "Related Entity"), (ii) the
Company or any Related Entity, (iii) any of Thomas Russell, The AER Trust 1997,
Robert Louis-Dreyfus, Gallium Enterprises, Inc. and Reuben Richards or (iv) any
Person in connection with a Non-Control Transaction.

     8. Notices. All notices and other communications required or permitted to
be given hereunder shall be in writing and shall be deemed to have been duly
given if delivered personally or sent by certified mail, return receipt
requested, first-class postage prepaid to the below listed parties at the
following addresses:

                           If to the Company, to:

                           EMCORE Corporation
                           145 Belmont Drive
                           Somerset, NJ  08873
                           Attention:   CFO

                           If to the Borrower, at the address set forth at the
end of this Amended and Restated Note,

     or to such other address as either party shall have last designated by
notice to the other party. All such notices and communications shall be deemed
to have been received on the earlier of the date of receipt and the third
business day after the date of mailing thereof.

     9. Amendments. No amendment of this Amended and Restated Note shall be
effective unless in writing and signed by the Borrower and the Company. Upon
execution of this Amended and Restated Note by the Company and the Borrower, the
Note dated February 22, 2001 shall be cancelled and returned to the Borrower.

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<PAGE>
     10. Waiver. The Borrower, for himself and his legal representatives and
successors, hereby expressly waives presentment, demand, notice, protest, and
all other demands or notices in connection with the delivery, acceptance,
endorsement, performance, default, or enforcement of this Amended and Restated
Note.

     11. No Set-Off. This Amended and Restated Note is not subject to set-off by
the Borrower for any amounts for any reason.

     12. Effect of Delay or Omission. No delay or omission of the Company in
exercising any right or remedy hereunder shall constitute a waiver of any such
right or remedy.

     13. Costs of Collection. The Borrower will pay all costs and expenses of
collection, including reasonable attorneys' fees, incurred or paid by the
Company in enforcing this Amended and Restated Note or the obligations hereby
evidenced, to the extent permitted by law.

     14. Governing Law. This Amended and Restated Note shall be construed and
enforced in accordance with the laws of the State of New Jersey, without regard
to any conflict of laws rules.

     15. Headings. The section and paragraph headings hereof are for convenience
of reference only and shall not be deemed to construe or affect the meaning of
any of the provisions hereof.

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<PAGE>

     IN WITNESS WHEREOF, the Borrower has executed this Amended and Restated
Note as of the date first above written, and by such execution acknowledges each
of the provisions of this Amended and Restated Note.

                                        /s Reuben F. Richards, Jr.
                                        Reuben F. Richards, Jr.

                                        Address:
                                        c/o EMCORE CORPORATION
                                        145 Belmont Drive
                                        Somerset, NJ 08873Exhibit 10.2

                               EMCORE CORPORATION
                               ------------------

                   AMENDED AND RESTATED STOCK PLEDGE AGREEMENT
                   -------------------------------------------

     Agreement made as of this 23RD day of May, 2002, by and between EMCORE
Corporation, a New Jersey Corporation (the "Corporation") and Reuben F.
Richards, Jr. (the "Pledgor").

                                    RECITALS
                                    --------

     WHEREAS, on February 22, 2001 the Pledgor and the Corporation entered into
a Pledge Agreement (the "Pledge Agreement") to secure a Promissory Note in the
amount of $3,000,0000 (the "Note");

     WHEREAS, the Board of Directors has deemed it in the best interests of the
Corporation to approve certain changes to terms of the Note and Pledge Agreement
as approved by the Board on May 21, 2002;

     WHEREAS, the parties intend to amend and restate both the Note (herein
referred to as the "Amended and Restated Note") and Pledge Agreement to reflect
the changed terms and conditions; and

     WHEREAS, it is the intention of the parties that the indebtedness evidenced
by the Amended and Restated Note continue to be secured only by a pledge of
shares of the Corporation's common stock ("Common Stock").

     NOW, THEREFORE, it is hereby agreed as follows:

     1. Grant of Security Interest. As security for all present and future
liabilities, obligations, covenants, duties and debts owing by the Pledgor to
the Corporation arising under or pursuant to the Amended and Restated Note, this
Agreement or any related agreement, instrument or document (the "Obligations"),
the Pledgor hereby grants to the Corporation a first priority security interest
in, and assigns, transfers and pledges to the Corporation the following
securities (collectively, the "Collateral"):

          (i)  the 91,000 shares of Common Stock (the "Pledged Shares")
               delivered to the Corporation simultaneously with the execution
               and delivery of this Agreement.

          (ii) any and all new, additional or different securities or other
               property subsequently distributed with respect to the Pledged
               Shares which

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<PAGE>

               are to be delivered to and deposited with the Corporation
               pursuant to the requirements of Paragraph 3(a) of this Agreement;
               and

         (iii) the proceeds of any sale, exchange or disposition of the
               property and securities described in subparagraphs (i) and (ii)
               above.

     2. Warranties. The Pledgor hereby warrants that the Pledgor is the owner of
the Collateral and has the right to pledge the Collateral and that the
Collateral is free from all liens, adverse claims and other security interests
(other than those created hereby).

     3. Duty to Deliver. Any new, additional or different securities or other
property which may now or hereafter become distributable with respect to the
Collateral by reason of (i) any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the Common
Stock as a class without the Corporation's receipt of consideration or (ii) any
merger, consolidation or other reorganization affecting the capital structure of
the Corporation shall, upon receipt by the Pledgor be promptly delivered to and
deposited with the Corporation as part of the Collateral hereunder. Any such
securities shall be accompanied by one or more properly endorsed stock power
assignments.

     4. Payment of Taxes and Other Charges. The Pledgor shall pay, prior to the
delinquency date, all taxes, liens, assessments and other charges against the
Collateral, and in the event of the Pledgor's failure to do so, the Corporation
may, at its option, pay any or all of such taxes or other charges without
contesting the legality or validity thereof. The payments so made shall become
part of the indebtedness secured hereunder and until paid, shall bear interest
at the minimum per annum rate, compounded semi-annually, required to avoid
imputation of interest income to the Corporation and compensation income to the
Pledgor under the Federal tax laws.

     5. Shareholder Rights. So long as there exists no event of default under
Paragraph 11 of this Agreement, the Pledgor may exercise all shareholder voting
rights and be entitled to receive any and all regular cash dividends paid on the
Collateral and all proxy statements and other shareholder materials pertaining
to the Corporation.

     6. Rights and Powers of the Corporation. The Corporation may, without
obligation to do so, exercise at any time and from time to time, one or more of
the following rights and power with respect to any or all of the Collateral:

          (i)  subject to the applicable limitations of Paragraphs 9 and 10,
               accept other property of the Pledgor in exchange for all or part
               of the Collateral and release Collateral to the Pledgor to the
               extent necessary to effect such exchange, and in such event, the
               other

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<PAGE>

               property received in the exchange shall become part of the
               Collateral hereunder;

          (ii) subject to the applicable limitations of Paragraph 5, perform
               such acts as are necessary to preserve and protect the Collateral
               and the rights, powers and remedies granted with respect to the
               Collateral by this Agreement; and

          (iii) transfer record ownership of the Collateral to the Corporation
               or its nominee and receive, endorse and give receipt for, or
               collect by legal proceedings or otherwise, dividends made or paid
               with respect to the Collateral; provided and only if, there
               exists at the time an outstanding event of default under
               Paragraph 11 of this Agreement. Any cash sums which the
               Corporation may so receive shall be applied to the payment of the
               Amended and Restated Note and any other Obligations secured
               hereunder, in such order of application as the Corporation deems
               appropriate.

          Expenses reasonably incurred in connection with any action by the
     Corporation pursuant to this Paragraph 6 shall form part of the
     indebtedness secured hereunder as provided in Paragraph 13.

     7. Care of Collateral. The Corporation shall exercise reasonable care in
the custody and preservation of the Collateral. However, the Corporation shall
have no obligation to (i) preserve the rights of the Pledgor against adverse
claims or protect the Collateral against the possibility of decline in market
value or (ii) take any action with respect to the Collateral requested by the
Pledgor unless the request is made in writing and the Corporation determines
that the requested action will not unreasonably jeopardize the value of the
Collateral as security for the Amended and Restated Note and the other
Obligations secured hereunder.

     Subject to the limitations of Paragraphs 9 and 10, the Corporation may at
any time release and deliver all or part of the Collateral to the Pledgor, and
the receipt thereof by the Pledgor shall constitute a complete and full
acquittance for the Collateral so released and delivered. The Corporation shall
accordingly be discharged from any further liability or responsibility for such
released Collateral, and such released Collateral shall no longer be subject to
the provisions of this Agreement.

     8. Transfer of Collateral. In connection with the transfer or assignment of
the Amended and Restated Note (whether by negotiation, discount or otherwise),
the Corporation may, upon ten (10) days prior written notice, transfer all or
any part of the Collateral, and the transferee shall thereupon succeed to the
rights, powers and remedies granted the Corporation hereunder with respect to
the Collateral so transferred. Upon such transfer, the Corporation shall be
fully discharged from all liability and responsibility for the transferred
Collateral.

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<PAGE>

     9. Release of Collateral. Provided all Obligations secured hereunder (other
than payments not yet due and payable under the Amended and Restated Note) shall
at the time have been paid in full and there does not at the time otherwise
exist any event of default under Paragraph 11, the Pledged Shares together with
any additional Collateral which may hereafter be pledged and deposited
hereunder, shall be released from pledge and returned to the Pledgor in
accordance with the following provisions:

               (i)  Upon payment or prepayment of principal under the Amended
                    and Restated Note together with payment of all accrued
                    interest to date, one or more of the Pledged Shares held as
                    Collateral hereunder shall (subject to the applicable
                    limitations of Paragraphs 9(iii) and 9(v) below) be released
                    at the time of such payment or prepayment. The number of
                    shares to be so released shall be equal to the number
                    obtained by multiplying (i) the total number of Pledged
                    Shares held under this Agreement at the time of such payment
                    or prepayment by (ii) a fraction, the numerator of which
                    shall be the amount of the principal paid or prepaid and the
                    denominator of which shall be the unpaid principal balance
                    of the Amended and Restated Note immediately prior to such
                    payment or prepayment. In no event, however, shall any
                    fractional shares be released.

               (ii) Under no circumstances, however, shall any Pledged Shares or
                    other Collateral be released if previously applied to the
                    payment of any indebtedness hereunder. In addition, in no
                    event shall any Pledged Shares or other Collateral be
                    released pursuant to the provisions of Paragraphs 9(i) or
                    9(ii) if, and to the extent that, the fair market value and
                    the Common Stock and all other Collateral which would
                    otherwise remain in pledge hereunder after such release were
                    effected would be less than the unpaid principal and
                    accumulated interest under the Amended and Restated Note.

              (iii) For all valuation purposes under this Agreement, the fair
                    market value per share of Common Stock on any date shall be
                    determined in accordance with the following provisions:

                    (A)  If the Common Stock is at the time traded on the NASDAQ
                         National Market, the fair market value shall be the
                         closing selling price per share of Common Stock on the
                         date in question, as such prices are reported by the
                         National Association of Securities Dealers on its
                         NASDAQ system or any successor system. If there is no
                         reported closing selling price for the Common Stock on
                         the date in question, then the closing selling price on
                         the last preceding date for which such quotation exists
                         shall be determinative of the fair market value.

                                       4
<PAGE>

                    (B)  If the Common Stock is at the time traded on the
                         American Stock Exchange or the New York Stock Exchange,
                         then the fair market value shall be the closing selling
                         price per share of Common Stock on the date in question
                         on the securities exchange serving as the primary
                         market for the Common Stock, as such price is
                         officially quoted in the composite tape of transactions
                         on such exchange. If there is no reported sale of
                         Common Stock on such exchange on the date in question,
                         then the fair market value shall be the closing selling
                         price on such exchange on the last preceding date for
                         which such quotation exists.

                    (C)  If the Common Stock is at the time neither listed on
                         any securities exchange nor traded on the NASDAQ
                         National Market, the fair market value shall be
                         determined by the Corporation's Board of Directors
                         after taking into account such factors as such Board
                         shall deem appropriate.

               (iv) The Borrower shall at all times comply with Regulation U of
                    the Federal Reserve Board to the extent applicable.

     10. Substitution of Collateral. The Pledgor may, from time to time,
substitute, with the Corporation's prior written consent (which shall not be
unreasonably withheld), any of the Collateral with additional or different
securities delivered to and deposited with the Corporation as part of the
Collateral hereunder; provided, that, such securities are freely tradable
securities listed on a national securities exchange or the NASDAQ National
Market with an aggregate fair market value (as determined pursuant to Paragraph
9) equal to or greater than the Collateral being substituted for hereunder.

     11. Events of Default. The occurrence of one or more of the following
events shall constitute an event of default under this Agreement:

               (i)  the failure of the Pledgor to pay, when due under the
                    Amended and Restated Note, any installment of principal or
                    accrued interest; or

               (ii) the occurrence of any other acceleration event specified in
                    the Amended and Restated Note; or

              (iii) the failure of the Pledgor to perform any obligation
                    imposed upon the Pledgor by reason of this Agreement; or

               (iv) the breach of any warranty of the Pledgor contained in this
                    Agreement.

                                       5
<PAGE>

          Upon the occurrence of any such event of default, the
Corporation shall provide the Pledgor with written notice of such event of
default, and in the event that such event of default remains uncured five (5)
days after delivery of such notice, the Corporation may, at its option, declare
the Amended and Restated Note and all other indebtedness secured hereunder to be
immediately due and payable and may exercise any or all of the rights and
remedies granted to a secured party under the provisions of the New Jersey
Uniform Commercial Code (as now or hereafter in effect), including (without
limitation) the power to dispose of the Collateral by public or private sale or
to accept the Collateral in full payment of the Amended and Restated Note and
all other indebtedness hereunder.

          Any proceeds realized from the disposition of the Collateral
pursuant to the foregoing power of sale shall be applied first to the payment of
expenses incurred by the Corporation in connection with the disposition, then to
the payment of the Amended and Restated Note and finally to any other
indebtedness secured hereby. Any surplus proceeds shall be paid over to the
Pledgor. However, in the event such proceeds prove insufficient to satisfy all
obligations of the Pledgor under the Amended and Restated Note, then the Pledgor
shall remain personally liable for the resulting deficiency.

     12. Other Remedies. The rights, powers and remedies granted to the
Corporation pursuant to the provisions of this Agreement shall be in addition to
all rights, powers and remedies granted to the Corporation under any statute or
rule of law. Any forebearance, failure or delay by the Corporation in exercising
any right, power or remedy under this Agreement shall not be deemed to be a
waiver of such right, power or remedy. Any single or partial exercise of any
right, power or remedy under this Agreement shall not preclude the further
exercise thereof, and every right, power and remedy of the Corporation under
this Agreement shall continue in full force and effect unless such right, power
or remedy is specifically waived in an instrument executed by the Corporation.

     13. Costs and Expenses. All costs and expenses (including reasonable
attorneys fees) incurred by the Corporation in the exercise or enforcement of
any right, power or remedy granted it under this Agreement shall become part of
the indebtedness secured hereunder and shall be payable immediately upon demand
and bear interest at the minimum per annum rate, compounded semi-annually,
required to avoid imputation of interest income to the Corporation and
compensation income to the Pledgor under the Federal tax laws.

     14. Applicable Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New Jersey without resort to that
State's conflict-of-laws rules.

     15. Successors. This Agreement shall be binding on the Corporation and its
successors and assigns and upon the Pledgor and the executors, heirs and
legatees of the Pledgor's estate.

                                       6
<PAGE>

     16. Severability. If any provision of this Agreement is held to be invalid
under applicable law, then such provision shall be ineffective only to the
extent of such invalidity, and neither the remainder of such provision nor any
other provision of this agreement shall be affected thereby.

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<PAGE>

     IN WITNESS WHEREOF, this Agreement has been duly executed by the Pledgor
and the Corporation as of the date first above written.

EMCORE CORPORATION                          /s Reuben F. Richards, Jr.
                                            Reuben F. Richards, Jr.,  as Pledgor

By: /s Thomas G. Werthan
     Name:  Thomas G. Werthan
     Title: CFO

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