Document:

AMENDMENT NO. 5 TO
                           LOAN AND SECURITY AGREEMENT

     THIS AMENDMENT NO. 5 TO LOAN AND SECURITY  AGREEMENT  ("Amendment") is made
and entered  into as of January 22, 2007 by and  between  ELECTROGLAS,  INC.,  a
Delaware corporation ("Borrower"), and COMERICA BANK ("Bank").

                                    RECITALS

     A.  Borrower  and Bank have  entered  into that  certain  Loan and Security
Agreement  dated as of July 16, 2004,  as amended by Amendment No. 1 to Loan and
Security  Agreement  dated as of January 24, 2005,  Amendment  No. 2 to Loan and
Security  Agreement  dated  as of July  13,  2005,  Amendment  No. 3 to Loan and
Security  Agreement  dated as of April 25, 2006, and Amendment No. 4 to Loan and
Security  Agreement  dated as of  September  6,  2006  (collectively,  the "Loan
Agreement")  pursuant to which Bank has agreed to extend and make  available  to
Borrower certain credit facilities.

     B. Borrower  desires that Bank amend the Loan  Agreement upon the terms and
conditions more fully set forth herein.

     C. Subject to the  representations  and  warranties of Borrower  herein and
upon the terms and conditions set forth in this Amendment, Bank is willing to so
amend the Loan Agreement.

     D. This  Amendment,  the Loan  Agreement  and the other Loan  Documents (as
defined in the Loan Agreement),  together with all other documents  entered into
or  delivered  pursuant  to any of the  foregoing,  in each  case as  originally
executed  or  as  the  same  may  from  time  to  time  be  modified,   amended,
supplemented,  restated or superseded,  are hereinafter collectively referred to
as the "Loan Documents."

                                    AGREEMENT

     NOW,  THEREFORE,  in consideration of the foregoing recitals and the mutual
covenants  herein set forth and for other good and valuable  consideration,  the
receipt and  sufficiency of which are hereby  acknowledged,  and intending to be
legally  bound,  Borrower and Bank hereby  agree to amend the Loan  Agreement as
follows:

     1. Definitions.  Unless otherwise defined herein,  all terms defined in the
Loan Agreement have the same meaning when used herein.

     2. Amendments to Loan Agreement.

          a.   Section 6.7 of the Loan  Agreement is hereby amended and restated
in its entirety to read as follows:

     "6.7 Financial Covenants.  Borrower shall as of the last day of each fiscal
quarter of Borrower  maintain  the  financial  ratio and  covenant  set forth in
subsection (a) below and shall at all times maintain the financial  covenant set
forth in subsection (b) below:

               (a)  Adjusted  Quick Ratio. A ratio of Cash plus net billed trade
accounts receivable  (provided such accounts receivable are "Eligible Accounts")
to all Indebtedness to Bank of at least (i) 1.50 to 1.00  through May 31,  2007,
provided  that  the amount of Cash necessary to comply with the foregoing  ratio
shall not be less than $5,000,000, and (ii) 2.50 to 1.00 thereafter.

               (b)  Minimum  Cash.  A  balance  of Cash in a Bank  money  market
account or a Bank deposit account of not  less  than (i) $3,000,000 through May
31, 2007 and (ii) $2,500,000 thereafter."

          b.   Clause (a) of the definition of "Eligible  Accounts" contained in
Exhibit A to the Loan Agreement is hereby amended  and restated in its  entirety
to read as follows:

     "Accounts  that the account debtor has failed to pay in full within (i) one
hundred  twenty  (120) days of invoice date through May 31, 2007 and (ii) ninety
(90) days of invoice date thereafter;"

          c.   The  definition  of  "Eligible  Foreign  Accounts"  contained  in
Exhibit A to the Loan Agreement is hereby amended and restated in its  entirety
to read as follows:

     "'Eligible  Foreign  Accounts'  means  Accounts  with  respect to which the
account  debtor  does not have its  principal  place of  business  in the United
States and that are (i)  supported by one or more letters of credit in an amount
and of a tenor, and issue by a financial  institution,  acceptable to Bank, (ii)
insured  by the  Export  Import  Bank of the  United  States or covered by other
credit  insurance  acceptable to Bank, (iii) generated by an account debtor with
its principal place of business in Canada,  provided that the Bank has perfected
its security interest in the appropriate  Canadian province,  (iv) Accounts with
respect to which the account  debtor is any of ST  Microelectronics  NV, Philips
Semiconductor  (subsidiary  of Royal  Philips  electronics  -  Netherlands),  or
DongbuAnam Semiconductor, Inc., or a foreign subsidiary of any of the following:
National   Semiconductor,   Seagate   Technologies,    International   Rectifier
Corporation, Atmel Corporation, Intel Corporation, or Amkor Technology, (v) with
respect to Accounts existing on or prior to May 31, 2007,  Accounts supported by
at least one year of satisfactory payment history from an account debtor that is
acceptable  to Bank,  or (vi)  approved  by Bank on a  case-by-case  basis.  All
Eligible Foreign Accounts must be calculated in U.S. Dollars;  provided however,
that on or prior to May 31,  2007  Eligible  Foreign  Accounts  shall not exceed
$3,000,000.

          d.   Exhibit E to the Loan Agreement  (Borrowing Base  Certificate) is
hereby  deleted  and  replaced  with  Exhibit E  in  the  form attached to  this
Amendment.

                                       2
<PAGE>

     3.  Ratification and  Reaffirmation of Liens.  Borrower hereby ratifies and
reaffirms  the  validity  and  enforceability  of all of the liens and  security
interests  heretofore  granted  pursuant to the Loan  Documents,  as  collateral
security  for the  Obligations,  and  acknowledge  that  all of such  liens  and
security  interests,  and all Collateral  heretofore pledged as security for the
Obligations, continues to be and remains Collateral for the Obligations from and
after the date hereof.

     4. Representations And Warranties.  Except as set forth on the Amendment to
Schedule   attached   hereto,   Borrower   represents   and  warrants  that  its
representations  and  warranties  in the  Loan  Documents  (as  amended  hereby)
continue to be true and complete in all material  respects as of the date hereof
after giving effect to this  Amendment  (except to the extent such  specifically
relate to another date) and that the execution, delivery and performance of this
Amendment  are duly  authorized,  do not  require the consent or approval of any
governmental body or regulatory  authority and are not in contravention of or in
conflict  with any law or  regulation  or any  term or  provision  of any  other
agreement  entered into by Borrower.  Borrower  further  represents and warrants
that, as of the date hereof after giving effect to this  Amendment,  no Event of
Default has occurred and is continuing.

     5. Full Force And Effect; Entire Agreement.  Except to the extent expressly
provided in this  Amendment,  the terms and conditions of the Loan Agreement and
the other Loan Documents  shall remain in full force and effect.  This Amendment
and the other Loan Documents  constitute and contain the entire agreement of the
parties  hereto  and  supersede  any and  all  prior  agreements,  negotiations,
correspondence,  understandings and communications between the parties,  whether
written or oral,  respecting  the subject  matter  hereof.  The  parties  hereto
further  agree that the Loan  Documents  comprise  the entire  agreement  of the
parties  thereto  and  supersede  any and all  prior  agreements,  negotiations,
correspondence,  understandings  and other  communications  between  the parties
thereto,  whether  written or oral respecting the extension of credit by Bank to
Borrower  and/or its  affiliates.  Except as  expressly  set forth  herein,  the
execution,  delivery and  performance of this  Amendment  shall not operate as a
waiver of, or as an amendment  of, any right,  power or remedy of Bank under the
Loan Agreement or any other Loan Document as in effect prior to the date hereof.

     6.  Counterparts;  Effectiveness.  This  Amendment  may be  executed in any
number  of  counterparts,  each of which  when so  delivered  shall be deemed an
original,  but all such counterparts taken together shall constitute but one and
the same  instrument.  This  Amendment  is  effective as of the date first above
written;  provided that, as a condition  precedent to the  effectiveness of this
Amendment,  (i) there shall have been no material adverse change in the business
operations   or  condition   (financial   or  otherwise)  of  Borrower  and  its
Subsidiaries  taken  as a whole,  no  material  impairment  of the  prospect  of
repayment  of any  portion of the  Obligations  owing to Bank,  and no  material
impairment of the value or priority of the security  interest in the  Collateral
and (ii) Bank shall have received,  in form and substance  satisfactory to Bank,
the following:

               (a)  this Amendment, duly executed by Borrower;

               (b)  payment of the fees and Bank  Expenses then due specified in
Section 2.5 of the Loan Agreement, as amended hereby; and

               (c)  such other documents,  and completion of such other matters,
as Bank may reasonably deem necessary or appropriate.

                                       3
<PAGE>

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to
be executed and  delivered by its duly  authorized  officer as of the date first
written above.

                                BORROWER:

                                ELECTROGLAS, INC.

                                By: /s/Tom Brunton

                                Title: CFO

                                BANK:

                                COMERICA BANK

                                By: /s/Robert Shutt

                                Title: Senior Vice President

                                       4
<PAGE>

                                    EXHIBIT E

                           BORROWING BASE CERTIFICATE

<TABLE>
<CAPTION>
<S>      <C>                                                                            <C>
Borrower:  Electroglas, Inc.                                                    Lender:  Comerica Bank

Commitment Amount:  $7,500,000

ACCOUNTS RECEIVABLE*

         1.       Accounts Receivable Book Value as of ___                              $___________
         2.       Additions (please explain on reverse)                                 $___________
         3.       TOTAL ACCOUNTS RECEIVABLE                                             $___________

ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)*

         4.       Amounts over 120 days (through 5/31/07) and amounts over 90
                  days (after 5/31/07)
                  of invoice date                                      $___________
         5.       Balance of 25% (40% in the case of ST
                  Microelectronics NV) over 90 day accounts            $___________
         6.       Concentration Limits                                 $___________
         7.       Ineligible Foreign Accounts                          $___________
         8.       Governmental Accounts                                $___________
         9.       Contra Accounts                                      $___________
         10.      Demo Accounts                                        $___________
         11.      Intercompany/Employee Accounts                       $___________
         12.      Other (please explain on reverse)                    $___________
         13.      TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS                                  $___________
         14.      Eligible Accounts (#3 minus #13)                                      $___________
         15.      LOAN VALUE OF ACCOUNTS (80% of #14)                                   $___________

BALANCES

         16.      Revolving Line minus Non-Formula Amount                               $___________
         17.      Total Funds Available [Lesser of #16 or #15]                          $___________
         18.      Advances in excess of Non-Formula Amount                              $___________
         19.      Outstanding under Letter of Credit Sublimit                           $___________
         20.      RESERVE POSITION (#17 minus #18 and #19)                              $___________

*    As determined in accordance  with the Loan and Security  Agreement dated as
     of July 16, 2004 between Borrower and Lender, as amended.
</TABLE>

                                       5
<PAGE>

The undersigned represents and warrants that the foregoing is true, complete and
correct, and that the information reflected in this Borrowing Base Certificate
complies with the representations and warranties set forth in the Loan and
Security Agreement between the undersigned and Comerica Bank.

ELECTROGLAS, INC.

By:
    -------------------------------------------------
    Authorized Signer

                                       6EXHIBIT 10.1

                    FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

         This Fourth  Amendment (the "Fourth  Amendment")  executed  January 19,
2007 to the Employment  Agreement (the "Agreement")  between Acadia Realty Trust
(the "Trust") and Kenneth F. Bernstein ("Executive").

         WHEREAS,  the Trust and Executive entered into an Employment  Agreement
dated as of October , 1998 (the "Employment Agreement"); and

         WHEREAS,  the  Employment  Agreement  was amended by a First  Amendment
dated as of January 1, 2001, a Second  Amendment dated as of January 1, 2004 and
a Third Amendment dated as of January 1, 2006; and

         WHEREAS, the Trust and Executive desire to further amend the Employment
Agreement.

         NOW,  THEREFORE,  in consideration  of the mutual  covenants  contained
herein and for other good and valuable consideration  including the continuation
of  employment  by the Trust,  the  receipt and  sufficiency  of which is hereby
acknowledged, the Trust and Executive hereby agree as follows:

         1. DEFINITIONS. Terms not defined herein have the meanings set forth in
the Agreement.

         a) The  definition  of "Cause" is hereby  deleted and the  following is
hereby substituted therefor:

                  CAUSE. The Trust shall have the right to terminate Executive's
                  employment   for  Cause  upon   Executive's:   (A)  deliberate
                  misrepresentation  in connection  with, or willful  failure to
                  cooperate  with  a  bona  fide  internal  investigation  or an
                  investigation  by regulatory or law  enforcement  authorities,
                  after being  instructed  by the Company to  cooperate,  or the
                  willful  destruction or failure to preserve documents or other
                  materials  known to be relevant to such  investigation  or the
                  willful  inducement  of  others  to  fail to  cooperate  or to
                  produce  documents or other materials;  (B) failure to perform
                  his duties  hereunder  (other than any such failure  resulting
                  from Executive's incapacity due to physical or mental illness)
                  which  failure  continues  for a period of three (3)  business
                  days after written demand for  corrective  action is delivered
                  by the Trust specifically  identifying the manner in which the
                  Trust believes the Executive has not performed his duties; (C)
                  conduct  by  the  Executive  constituting  a  material  act of
                  willful  misconduct in connection  with the performance of his
                  duties,  including,  without  limitation,  misappropriation of
                  funds or  property  of the Trust  other  than the  occasional,
                  customary  and de minimis use of Trust  property  for personal
                  purposes;  (D)  disparagement  of  the  Trust,  its  officers,
                  trustees,  employees or partners;  (E) soliciting any existing
                  employee  of the Trust  above  the level of an  administrative
                  assistant to work at another company; or (F) the commission by
                  the  Executive  of a felony  or  misdemeanor  involving  moral
                  turpitude, deceit, dishonesty or fraud,
<PAGE>

         b) The  definition  of "Change of Control" is hereby  deleted,  thereby
specifically  deleting the two  sentences set forth in said  definition  wherein
Executive has the right  voluntarily to terminate  employment on or within three
(3) months  following a Change in Control and to have said termination be deemed
a termination for Good Reason, and the following is hereby substituted therefor:

                  CHANGE IN CONTROL.  For purposes of this Agreement  "Change in
                  Control"  shall  mean  that any of the  following  events  has
                  occurred:  (A) any  "person"  or "group" of  persons,  as such
                  terms  are  used  in  Sections  13 and  14 of  the  Securities
                  Exchange Act of 1934, as amended (the "Exchange  Act"),  other
                  than any employee benefit plan sponsored by the Trust, becomes
                  the "beneficial  owner", as such term is used in Section 13 of
                  the  Exchange  Act  (irrespective  of any  vesting  or waiting
                  periods)  of (i)  Common  Shares in an amount  equal to thirty
                  percent  (30 %) or more of the sum total of the Common  Shares
                  issued and outstanding  immediately  prior to such acquisition
                  as if they were a single  class and  disregarding  any  equity
                  raise in connection  with the  financing of such  transaction;
                  provided,  however,  that in  determining  whether a Change of
                  Control has occurred,  Outstanding Shares or Voting Securities
                  which are acquired in an  acquisition  by (i) the Trust or any
                  of its  subsidiaries  or (ii) an employee  benefit  plan (or a
                  trust forming a part  thereof)  maintained by the Trust or any
                  of its subsidiaries  shall not constitute an acquisition which
                  can  cause a Change of  Control;  or (B) the  approval  of the
                  dissolution or  liquidation of the Trust;  or (C) the approval
                  of the sale or other  disposition of all or substantially  all
                  of its  assets  in  one  (1) or  more  transactions;  or (D) a
                  turnover,  during any two (2) year period,  of the majority of
                  the members of the Board,  without the consent of the majority
                  of the members of the Board as to the  appointment  of the new
                  Board members.

         c) The  definition of "Good Reason" is hereby deleted and the following
is substituted therefor:

                  GOOD REASON.  The Executive  shall have the right to terminate
                  his employment  for "Good Reason":  (A) upon the occurrence of
                  any material breach of this Agreement by the Trust which shall
                  include but not be limited to: a material,  adverse alteration
                  in the  nature  of  Executive's  duties,  responsibilities  or
                  authority;  (B) upon a reduction  in  Executive's  Annual Base
                  Salary or a material  reduction in other benefits  (except for
                  bonuses or similar discretionary payments) as in effect at the
                  time in  question,  or a failure to pay such  amounts when due
                  which is not cured by the  Trust  within  ten (10) days  after
                  written  notice of such default by the  Executive,  (C) if the
                  Trust relocates  Executive's office requiring the Executive to
                  increase his commuting  time by more than one (1) hour, or (D)
                  the Trust's  failure to provide  benefits  comparable to those
                  provided the  Executive as of the Effective  Date,  other than
                  any  such  failure  which  affects  all  comparably   situated
                  officers, then the Executive shall have the right to terminate
                  his  employment,  which  termination  shall be deemed for Good
                  Reason.
<PAGE>

         2.  CHANGE  OF  CONTROL.   Notwithstanding  anything  to  the  contrary
contained in the Employment Agreement,  Executive shall have no right to receive
the compensation described in Section 3 following a Change of Control unless the
Trust terminates  Executive's  employment without Cause or Executive  terminates
his employment for Good Reason,  in which event the Executive  shall be entitled
to all the  benefits  described  in the  Employment  Agreement as if this Fourth
Amendment were not executed.

         3.  EFFECTIVE  DATE.  This Fourth  Amendment  shall be  effective as of
December 31, 2006.

         4. SUCCESSORS; COUNTERPARTS. This Fourth Amendment (i) shall be binding
on the executors,  administrators,  estates,  heirs and legal  successors of the
parties and (ii) may be executed in several counterparts with the same effect as
if  the  parties  executing  the  several  counterparts  had  all  executed  one
counterpart.

         5.  GOVERNING  LAW.  This  Fourth  Amendment  shall be  governed by and
construed in  accordance  with the laws of the State of New York without  giving
effect to the principles of conflict of laws thereof.

         IN WITNESS  WHEREOF,  the undersigned have hereto set their hands as of
the day and year first above written.

                                       ACADIA REALTY TRUST

                                       By: /S/ ROBERT MASTERS
                                       --------------------------------------
                                       Robert Masters, Senior Vice President

                                       By: /S/ KENNETH F. BERNSTEIN
                                       --------------------------------------
                                       Kenneth F. Bernstein, Executive

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