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                                                                     PROPERTY OF
                                                     ARGONAUT TECHNOLOGIES, INC.


                                                                   EXHIBIT 10.11


                    PROMISSORY NOTE SECURED BY DEED OF TRUST


$200,000                                     December 17, 1996
                                             San Carlos, California


     FOR VALUE RECEIVED, the undersigned, David P. Binkley ("EMPLOYEE") and
Cecilia Binkley, husband and wife, (collectively the "BORROWER"), promises to
pay to Argonaut Technologies, Inc., a Delaware corporation (the "COMPANY"), or
order, the principal amount of Two Hundred Thousand Dollars ($200,000). The
principal amount hereof plus interest at the rate of 6.31% per annum (compounded
annually) shall be due and payable to the holder hereof at 887 Industrial Road,
Suite G, San Carlos, CA 94070, or such other place as the holder hereof may
designate as follows:

     The principal amount and any accrued interest, if not sooner paid, shall be
     due and payable upon the earlier of the following dates (collectively,
     "MATURITY EVENTS"):

          (1) Ninety (90) days following the date of termination of the
          employment of Employee with the Company, whether voluntary or
          involuntary, and whether with cause or without cause;

          (2) The date of any sale, conveyance, assignment, alienation or any
          other form of transfer, whether voluntary or involuntary, of that
          certain real property commonly known as 11655 Putter Way, Los Altos,
          California 94024 (the "PROPERTY"), or any part of interest therein;
          except that the following transfers of the Property shall not be
          deemed to be a Maturity Event:

               (a) A transfer upon the death of Employee to Employee's surviving
               spouse (providing the surviving spouse is an obligor hereunder)
               or upon the death of Employee's spouse to Employee;

               (b) A transfer by an obligor hereof whereby such obligor's spouse
               becomes a co-owner of the property transferred;

               (c) A transfer resulting from a decree of dissolution of the
               marriage or legal separation of Employee and Cecilia Binkley or
               from a property settlement agreement incidental to such a decree
               which requires the obligor spouse to assume responsibility for
               the obligations under this Note and the deed of trust encumbering
               the Property and securing this Note (the "DEED OF TRUST") and
               pursuant to which Employee or Cecilia Binkley (whoever is the
               obligor) becomes the sole owner of the property transferred; or

               (d) A transfer by one or both obligors under this note into an
               inter vivos trust in which one or both obligors are
               beneficiaries; or
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          (3)  Ten (10) days after the date that any common stock of the Company
          or any other corporation or entity that owns more than 50% of the
          voting stock of the Company is publicly traded including any transfer
          of shares in connection with an initial public offering;

          or

          (4)  December 17, 2001.

     In the event that any of the following occurs, then unless otherwise
prohibited by law, the holder hereof shall have the option, without demand or
notice, to declare the entire outstanding principal balance of this Note,
together with all accrued and unpaid interest thereon to be immediately due and
payable: (i) Borrower defaults in the payment of principal or interest when due
pursuant to the terms hereof; (ii) Borrower defaults in its performance of any
obligation contained in the Deed of Trust or any other deed of trust, security
agreement or other agreement (including any amendment, modification or extension
thereof) which may hereafter be executed by Borrower for the purpose of securing
this Note; (iii) any representation or warranty contained in this Note or the
Deed of Trust or any other agreement or instrument executed in connection with
the loan evidenced hereby proves to have been false or misleading in any
material respect; (iv) Borrower defaults in its obligation to pay any
indebtedness or to perform any other obligation which is secured by a deed of
trust or other lien on the Property or default under any deed of trust securing
such indebtedness; (v) Borrower defaults in its obligation to pay any
indebtedness evidenced by any promissory note executed by Borrower and payable
to the holder hereof or there occurs any other default under any deed of trust,
mortgage or other document securing repayment of such indebtedness; or (vi) the
amount of the indebtedness secured by any deed of trust, lien or other
encumbrance encumbering the Property that is senior to the Deed of Trust is
increased over the amount of such indebtedness existing as of the date of this
Note.

     In the event any amount owed by Borrower pursuant to this Note is not paid
when due, such unpaid amount shall bear interest from the due date until paid at
a rate equal to the lesser of: (i) ten percent (10%) per annum; or (ii) the
maximum rate permitted by law. After such due date, all payments shall be
credited first to accrued interest and then to principal.

     If an action is instituted for collection of this Note, Borrower agrees to
pay court costs and reasonable attorneys' fees incurred by the holder hereof.

     This Note may be amended or modified, and provisions hereof may be waived,
only by the written agreement of Borrower and the holder hereof. No delay or
failure by the holder hereof in exercising any right, power or remedy hereunder
shall operate as a waiver of such right, power or remedy, and a waiver of any
right, power or remedy on any one occasion shall not operate as a bar or waiver
of any such right, power or remedy on any other occasion. Without limiting the
generality of the forgoing, the delay or failure by the holder hereof for any
period of time to enforce collection of any amounts due hereunder shall not be
deemed to be a waiver of any rights of the holder hereof under contract or under
law. The rights of the holder hereof under this Note are in addition to any
other rights and remedies which the holder hereof may have.


                                      -2-
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     This Note shall be governed by and construed in accordance with the laws
of the State of California.

     This Note may be prepaid at any time without penalty.


                                        BORROWER:

                                        /s/ DAVID P. BINKLEY
                                            ----------------
                                            David P. Binkley

                                        /s/ CECILIA BINKLEY
                                            ----------------
                                            Cecilia Binkley


                                      -3-
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ALL-PURPOSE ACKNOWLEDGEMENT
--------------------------------------------------------------------------------

State of California      }
                         }ss.
County of San Mateo      }

On December 18, 1996 before me, Cinthia Yesitis, personally appeared
   -----------------            ---------------
       (DATE)                      (NOTARY)

David Binkley and Cecelia Binkley,
---------------------------------
          (SIGNERS)

[ ] personally known to me - OR - [X] proved to me on the basis of satisfactory
                                      evidence to be the person(s) whose name(s)
                                      is/are subscribed to the within instrument
                                      and acknowledged to me that he/she/they
                                      executed the same in his/her/their
                                      authorized capacity(ies), and that by
                                      his/her/their signature(s) on the
         [NOTARY SEAL]                instrument the person(s), or the entity
                                      upon behalf of which the person(s) acted,
                                      executed the instrument.

                                      WITNESS my hand and official seal.


                                      /s/ CINTHIA YESITIS
                                      --------------------------------
                                             NOTARY'S SIGNATURE


----------------------------  OPTIONAL INFORMATION  ----------------------------

The information below is not require by law. However, it could prevent
fraudulent attachment of this acknowledgement to an unauthorized document.

CAPACITY CLAIMED BY SIGNER (PRINCIPAL)  DESCRIPTION OF ATTACHED DOCUMENT

[ ] INDIVIDUAL
[ ] CORPORATE OFFICER                   Promissory Note Secured by Deed of Trust
                                        ----------------------------------------
----------------------------------             TITLE OR TYPE OF DOCUMENT
             TITLE(S)

[ ] PARTNER(S)
[ ] ATTORNEY-IN-FACT                                   3
[ ] TRUSTEE(S)                          ----------------------------------------
[ ] GUARDIAN/CONSERVATOR                             NUMBER OF PAGES
[ ] OTHER:________________________
    ______________________________
    ______________________________                 December 18, 1996
                                        ----------------------------------------

SIGNER IS REPRESENTING:
NAME OF PERSON(S) OR ENTITY(IES)

___________________________________     ________________________________________
___________________________________                       OTHER

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