Document:

Letter Agreement - Ampex Corporation and First Jefferson Corporation

 Exhibit 10.21 
  
 AMPEX CORPORATION 
 1228 Douglas Avenue 
 Redwood City, California 94063 
  
                                     As of March 17, 2004

  
 First Jeffson Corporation 
 135 East 57th Street, 32nd Floor 
 New York, New York 10022

 Attention: Mr. Edward J. Bramson 
  
 Re: Promissory Notes dated August 6, 1999 and November 15, 2000 
  

Dear Mr. Bramson: 
  
 On March 11, 2004, Ampex Corporation (the “Company”) advised First Jeffson Corporation, formerly known as Sherborne Investments Corporation
(“FJC”), that it had defaulted in the payment of accrued interest in the aggregate amount of $205,963.41 on the referenced notes. That default has continued for a period in excess of three days from the date we delivered such notice.
Accordingly, an Event of Default has occurred under the notes. 
  
 Our Board of Directors has authorized us to declare all of the unpaid balance of the notes immediately due and payable, and to enforce our rights under the notes and under the Pledge Agreements referred to therein. Pursuant to the Pledge
Agreements, certain shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Stock”) were pledged as collateral to secure FJC’s payment of the notes. As of the date hereof, the Company is holding
85,000 shares (as adjusted) of Class A Stock as collateral for such payment (the “Pledged Shares”). Under the Pledge Agreements, upon an Event of Default, the Company has the right to acquire the Pledged Shares and to have them registered
in the Company’s name, whereupon all rights to vote and receive dividends and distributions with respect to the Pledged Shares shall vest in the Company. 
  

In addition, you have advised us that FJC is the record holder of 500 additional shares of Class A Stock (the “500 Shares”) which, together
with the Pledged Shares and $12,600.00 in cash (the “Cash Payment”), represent substantially all of the assets of FJC. 

 
First Jeffson Corporation 
 As of March 17, 2004

  
 FJC has proposed to transfer the 500 Shares and the Cash Payment to the
Company in connection with the Company’s foreclosure on the notes, and the Company has agreed to accept the 500 Shares and the Cash Payment, together with the Pledged Shares, in settlement of the full amount of unpaid principal and interest due
on the notes. 
  
 The Pledged Shares and the 500 Shares were
determined by our Board of Directors to have a fair market value of $1.80 per share, based on the last closing price per share of Class A Stock quoted on the OTC Bulletin Board immediately preceding the Board’s determination. 
  
 Please acknowledge your consent to all of the foregoing by signing a copy of
this letter in the space provided below and returning it to us, together with the 500 Shares, an executed stock power transferring such shares to the Company, and the Cash Payment. Upon receipt of a fully-executed copy of this letter agreement, the
500 Shares and related stock power, and the Cash Payment, the Company will instruct the transfer agent to register the Pledged Shares and the 500 Shares in the Company’s name, and will return the cancelled notes to you. 
  

			
	Very truly yours,
	
	AMPEX CORPORATION
		
	By	 	 /s/ Joel D. Talcott

	 	 	Joel D. Talcott
	 	 	Vice President and Secretary

  

			
	Acknowledged and agreed to
	as of the date hereof:
	
	FIRST JEFFSON CORPORATION
		
	By	 	 /s/ Edward J. Bramson

	 	 	Edward J. Bramson
	 	 	President
		
	 	 	 /s/ Edward J. Bramson

	 	 	Edward J. Bramson

  

 -2-Fourth Amendment - Hillside - Ampex/Sherborne Agreement

 Exhibit 10.1 
  
 FOURTH AMENDMENT 
  
 TO 
  
 HILLSIDE – AMPEX/SHERBORNE AGREEMENT 
  
 This Fourth Amendment, made as of June 30, 2004, by and among the undersigned parties to the Hillside-Ampex/Sherborne Agreement, dated as of December 1,
1994, by and among (i) Ampex Corporation and each other member of the Ampex Group (as defined in the Agreement), (ii) Hillside Capital Incorporated and each other member of the Limited Hillside Group (as defined in the Agreement), and (iii)
Sherborne Holdings Incorporated and each other member of the Sherborne Group (as defined in the Agreement), as amended by a First Amendment thereto, dated as of November 30, 1995, and as amended by a Second Amendment thereto, dated as of September
2002, and as amended by a Third Amendment thereto, dated as of March 2, 2004 (as so amended, the “Agreement”). 
  
 All capitalized terms defined in the Agreement when used herein shall have the same meaning as in the Agreement. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the parties desire to amend the Agreement in certain respects;

  
 NOW, THEREFORE, each entity in the Ampex Group, Sherborne
Group and Limited Hillside Group hereby agrees as follows: 
  

	 	1.	Effective as of the date hereof, clause (b) of Section 7.1 of the Agreement is amended and restated to read in full as follows: 

  
 “(b) During the period of time that this Agreement is
in effect: 
  
 (i) no more than seventy percent
(70%) of the portfolio held by each Plan shall be invested in equities and 

 no more than sixty percent (60%) of the portfolio held by each Plan shall be invested in fixed income
securities, including cash and cash equivalents for the purposes of this Section (7.1); 
  
 (ii) at least forty percent (40%) of the equity portfolio held by each Plan shall be invested in domestic companies that fall within the
Russell 1000 Universe or international companies that fall within the MSCI EAFE Index; 
  
 (iii) no more than thirty percent (30%) of the equity portfolio held by each Plan shall be invested in foreign securities; 
  
 (iv) the dollar-weighted average maturity of the overall
fixed income portfolio held by each Plan shall not exceed fourteen (14) years; 
  
 (v) no more thirty percent (30%) of the fixed income portfolio held by each Plan shall be invested in non-investment grade securities;

  
 (vi) no more than twenty percent (20%) of
the portfolio held by each plan shall be invested in alternative investments (private equity and hedge funds) (for purposes of the this subsection the value of an alternative investment shall be deemed equal to the cost of the alternative investment
at the time of the original investment less returns of capital); 
  
 (vii) not less than ninety percent (90%) of each Plan’s portfolio shall be managed by investment managers, within the meaning of Section 3(38) of ERISA; 
  
 (viii) generally, no manager shall control more than
thirty-five percent (35%) of each Plan’s portfolio, except that there may be a single manager of fixed income securities; 
  
 (ix) at least ninety percent (90%) of each Plan’s portfolio shall be managed by managers each having at least $100 million of assets
under management; and 
  
 (x) at least fifty
percent (50%) of each Plan’s portfolio shall be managed by managers each having at least $500 million of assets under management; 
  

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 (excluding in each case for the purposes of clauses (ix) and (x) funds managed on behalf of the manager
or any of its affiliates or on behalf of the members of the Ampex Group or the Sherborne Group of any of their benefit plans, including but not limited to the Plans). Assets shall be valued as of the last day of each Plan Year after the date of this
Agreement and any resulting reduction or reallocations as between managers or investment categories, if any, shall be completed within ninety (90) days after year end. For purposes of clause (i) only, non-investments grade securities and alternative
investments shall be treated as equities. Direct obligations of the U.S. Treasury with maturities of two (2) years or less shall be treated as cash for purposes of this subsection (b). Pooled investments shall be included in an appropriate category
under subsection (b) based upon the primary investment strategy at the time the Plans make the investment.” 
  

	 	2.	This Fourth Amendment shall be interpreted in accordance with and governed by the law of the State of New York (without regard to choice of law provisions), except to the extent
preempted by Federal law. 

  

	 	3.	This Fourth Amendment may be executed in any number of identical counterparts, each of which shall be an original as against the party who signed it, and all of which together shall
constitute one and the same instrument. No party to this Fourth Amendment shall be bound by the Fourth Amendment until a counterpart has been executed by or on behalf of each party hereto. 

  

	 	4.	The Agreement remains in full force and effect without modification or amendment (except as se forth herein). 

  

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 IN WITNESS WHEREOF, the parties have executed this Fourth Amendment as of the date set forth herein above. 
  
                                       
  AMPEX GROUP 
  

			
	AMPEX CORPORATION
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	AMPEX DATA SYSTEMS CORPORATION
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	AMPEX FINANCE CORPORATION
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	AMPEX INTERNATIONAL CREDIT CORPORATION
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	AMPEX INTERNATIONAL SALES CORPORATION
		
	By:	 	 /s/ Joel Talcott

	Name:	 	Joel Talcott
	Title:	 	 
	
	AMPEX LEASING CORPORATION
		
	By:	 	 /s/ Joel Talcott

	Name:	 	Joel Talcott
	Title:	 	 

  

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  LIMITED HILLSIDE GROUP 
  

			
	HILLSIDE CAPITAL INCORPORATED
		
	By:	 	 /s/ Raymond F. Weldon

	Name:	 	Raymond F. Weldon
	Title:	 	Managing Director
	
	BROOKSIDE INTERNATIONAL INCORPORATED
		
	By:	 	 /s/ Rosemary Kindelan

	Name:	 	Rosemary Kindelan
	Title:	 	Secretary
	
	BROOKSIDE INTERNATIONAL LLC
		
	By	 	Cliffdale Advisors, Inc.,
	 	 	its Manager
		
	By:	 	 /s/ Raymond F. Weldon

	Name:	 	Raymond F. Weldon
	Title:	 	Assistant Treasurer

  

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  SHERBORNE GROUP 
  

			
	NEWHILL PARTNERS, L.P.
	By:	 	Sherborne and Company, Inc., General Partner
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	SHERBORNE HOLDINGS INCORPORATED
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	NH BOND CORP.
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	President
	
	XEPMA II INC.
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.
	
	XEPMA III INC.
		
	By:	 	 /s/ Craig McKibben

	Name:	 	Craig McKibben
	Title:	 	V.P.

  

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