Document:

EX-10.8

Exhibit 10.8

DEMAND PROMISSORY NOTE

(“Note”)

	 	 	 	 	 
	$4,141,932.18

	 	 	 	Painesville, Ohio
December 1, 2008

     FOR VALUE RECEIVED, the undersigned LIGHTNING PIPELINE COMPANY, INC., an Ohio corporation
(hereinafter the “Maker”) promises to pay to the order of RICHARD M. OSBORNE, TRUSTEE, his
successors and assigns (hereinafter the “Holder”), the principal sum of Four Million One Hundred
Forty One Thousand Nine Hundred Thirty Two and 18/100 Dollars ($4,141,932.18), together with
interest accruing at the rate of six percent (6%) on the individual loan advances from the date of
each such advance.

     The undersigned may prepay in whole or in part, without premium or penalty the outstanding
indebtedness evidenced by this Note, provided each such prepayment shall be applied to the payments
in the inverse order of maturity.

     The occurrence of any one of the following shall constitute an event of default hereunder:

	l.	 	The failure to pay this Note in full upon demand.
	 
	2.	 	The undersigned shall suffer or permit any act providing grounds for the entry of an Order
for relief under any chapter of the Bankruptcy Code;

     The Maker waives demand, presentment for payment, protest, notice of protest and of
non-payment, and any and all lack of diligence or delays in collection or enforcement of this Note.

     The undersigned agrees to pay to the Holder hereof all costs of collection of the indebtedness
evidenced hereby, including without in any way intending to limit the generality of the foregoing,
reasonable attorney fees incurred in connection with such collection proceedings.

     The Maker further authorizes any attorney at law to appear in any court of record in Cuyahoga
and/or Lake County, Ohio or in any other county where the Maker may reside or do business, after
the indebtedness evidenced hereby becomes due by acceleration or otherwise, and waive the issuing
and service of process, and confess a personal judgment against the Maker in favor of the Holder
hereof for the amount then appearing due, together with the costs of suit and thereupon to release
all errors and waive all rights of appeal, and stay of execution. This warrant of attorney to
confess judgment shall remain in full force and effect so long as any portion of the indebtedness
evidenced hereby remains unpaid, and any confession of judgment and subsequent vacation thereof
shall not constitute termination of this warrant of attorney to confess judgment.

     This Note is to be construed and enforced according to and governed by the laws of the State
of Ohio.

 

 

     If any provision of this Note, or any covenant, stipulation, obligation, agreement, act, or
action, or part thereof made, assumed or entered into, or taken pursuant hereto or in connection
herewith shall be adjudged illegal or invalid, such illegality or invalidity shall not affect any
other provision or any other covenant, stipulation, obligation, agreement, act, or action, or part
thereof, made, assumed, entered into, or taken, each of which shall be construed and enforced as if
such illegal or invalid portion were not contained herein. Such illegality or invalidity or any
application thereof shall not affect any legal and valid application thereof, and each such
provision, covenant, stipulation, obligation, agreement, act, or action, or part shall be deemed to
be effective, operative, made entered into, or taken in the manner and to the full extent permitted
by law.

     WARNING BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHTTO NOTICE AND COURT TRIAL. IF YOU
DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARD- LESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE.

Witnessed by:

	 	 	 	 	 	 	 
	 	 	 	 	LIGHTNING PIPELINE COMPANY, INC.
	 
	 	 	 	 	 	 
	 

	 	 
	 	By:
	 	/s/ Richard M. Osborne, Chairman of the Board
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

2Exhibit 10.1

Exhibit 10.1

Independent Consultant Agreement

This Agreement made as of this 1st day of July 2009, between Cynthia Sobe,
(Consultant), and Associated Materials, LLC, (Associated). Associated hereby retains Consultant on
the following terms and conditions:

1. Consultant, as an independent contractor, shall provide to Associated advice and counsel
on a range of financial matters as well as other similar services as may be requested by
Associated.

2. Consultant will be paid a fee of ten thousand dollars ($10,000.00) monthly for up to three
(3) days of work per month during the term of this Agreement. Should Consultant be needed for work
in excess of (3) days in any calendar month, Consultant will be paid at a rate of one hundred fifty
($150) dollars per hour for all such hours. In addition, Consultant will be reimbursed for
reasonable travel expenses.

3. Consultant agrees to be available as needed by Associated during the term of this
Agreement.

4. Consultant agrees that as an independent contractor she shall not be entitled to any
benefits applicable to Associated employees, and shall have sole responsibility for the payment of
all applicable governmental taxes including Federal, State and local income taxes and for all
employment and disability insurance, Social Security and other similar taxes.

5. The information and knowledge acquired by Consultant in connection with or as a result of
her services hereunder, shall be regarded as confidential and Consultant shall not use, nor
disclose any such information, knowledge or trade secrets to any person either during or after the
period of this agreement, except as otherwise authorized by Associated. All records and copies of
records relating to Associated’s operations and business made or received by Consultant during the
period of this agreement are and shall be Associated’s property exclusively, and Consultant shall
keep the same at all times in his custody and subject to her control, and shall surrender the same
at the termination of this agreement if not before.

6. This agreement shall be effective as of July 1, 2009 and shall continue for ninety (90)
days. This agreement can be extended by mutual agreement between Consultant and Associated for
additional thirty (30) day periods.

IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Associated Materials, LLC
	 
	 	 	 	 	 	 	 	 
	BY:

	 	/s/ Cynthia Sobe
	 	 	 	BY:
	 	/s/ John Haumesser
	 

	 	 
	 	 	 	 	 	 
	 

	 	Cynthia Sobe
	 	 	 	 	 	John Haumesser Vice President, HR
	 
	 	 	 	 	 	 	 	 
	Date:

	 	6/26/2009
	 	 	 	Date:
	 	6/26/2009exv10w1

Exhibit 10.1

Tontine Capital Partners, L.P.

55 Railroad Avenue, 1st Floor

Greenwich, CT 06830

July 1, 2009

Neenah Foundry Company

2121 Brooks Avenue

Neenah, WI 54957

     Re: 121/2%
Senior Subordinated Note due 2013

Ladies and Gentlemen:

     Reference is made to the 121/2% Senior Subordinated Note due 2013 (the “Note”) issued by
Neenah Foundry Company, a Wisconsin corporation (the “Company”), to Tontine Capital
Partners, L.P. (“Tontine”). Capitalized terms used but not defined herein shall have the
respective meanings set forth in the Note.

     Pursuant to Paragraph 2 of the Note, the Company is entitled to defer the payment of a portion
of the interest due under the Note on a given interest payment date at a rate of up to 7.5% per
annum. Notwithstanding the limitation on the amount of interest under the Note that may be
deferred pursuant to Paragraph 2 thereof, Tontine hereby consents to the Company’s deferral of the
entire interest payment due under the Note on July 1, 2009 (the “July 2009 Interest
Payment”) and the Company and Tontine acknowledge and agree that (a) the July 2009 Interest
shall be considered a “Deferred Interest Payment” as defined in Paragraph 2 of the Note, and (b)
all of the provisions of the Note relating to any Deferred Interest Payment shall apply with
respect to such July 2009 Interest Payment.

     For the avoidance of doubt, the foregoing consent and this letter shall not be construed in
any manner to apply to any interest payment due under the Note after July 1, 2009. This consent
does not, and shall not be deemed to release, waive, amend, restate or otherwise modify in any
manner any of the terms, conditions, or provisions of the Note, all of which the Company hereby (i)
confirms are in full force and effect and are enforceable in accordance with their respective
terms; and (ii) ratifies and affirms in all respects. The Company represents and warrants that no
event has occurred and no condition exists which would, upon or after the execution and delivery of
this consent, constitute an Event of Default under the Note or the Indenture. All the Company’s
Obligations under the Note shall in all respects be continuing and this consent shall not be deemed
to evidence or result in a novation or repayment and re-borrowing of such Obligations.

[Remainder of page intentionally left blank]

 

     If you are agreement with the foregoing, please execute a counterpart of this letter and
return it to me by fax at (203) 769-2010.

	 	 	 	 	 
	 	Very truly yours,

TONTINE CAPITAL PARTNERS, L.P.

 	 
	 	By:  	/s/ Jeffrey L. Gendell
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Acknowledged and agreed as of the

1st day of July, 2009

NEENAH FOUNDRY COMPANY

	 	 	 	 	 
	 	 	 
	By:  	                    /s/ Robert E. Ostendorf
 	 	 
	 	Name:  	Robert E. Ostendor 	 	 
	 	Title:  	CEO/President[GRAPHIC OMITTED] Electronic Sensor Technology    1077 Business Center Circle
                                                  Newbury Park, California 91320
                                                  Tel. (805) 480-1994
                                                  FAX  (805) 480-1984

June 29, 2009

Midsummer Investment, Ltd.
295 Madison Avenue, 38th Floor
New York, New York 10017
Attention: Michel Amsalem

Islandia L.P.
485 Madison Avenue, 23rd Floor
New York, New York 10022
Attention: Edgar Berner

Re:    Exercise of Warrants Issued by Electronic Sensor
       Technology, Inc. (the "Company")
       ------------------------------------------------

Dear Mr. Amsalem and Mr. Berner:

     We refer to (a) the Warrant dated as of December 7, 2005 issued by the
Company to Midsummer Investment, Ltd. ("Midsummer") entitling Midsummer to
purchase from the Company up to 3,899,030 shares of common stock of the Company
(the "Midsummer Warrant") and (b) the Warrant dated as of December 7, 2005
issued by the Company to Islandia L.P. ("Islandia"; Midsummer and Islandia are
hereinafter referred to collectively as the "Warrant Holders") entitling
Islandia to purchase from the Company up to 2,166,128 shares of common stock of
the Company (the "Islandia Warrant"; the Midsummer Warrant and the Islandia
Warrant are hereinafter referred to collectively as the "Warrants"). Defined
terms not otherwise defined herein, shall have the meanings set forth in the
Securities Purchase Agreement dated as of December 7, 2005 among the Company,
Midsummer and Islandia (the "Purchase Agreement").

     1.   Exchange. The Company hereby agrees to issue each Warrant Holder in
exchange for such Warrant Holder's Warrants, and for no additional cash or other
consideration, shares of Common Stock, in the following individual amounts: (i)
as to the Midsummer Warrant, the Company shall issue Midsummer 3,899,030 shares
and (ii) as to the Islandia Warrant, the Company shall issue Islandia 2,166,128
shares (such shares issuable to the Midsummer and Islandia, the "Exchange
Shares"). Such Exchange Shares shall be issued without any legends or
restrictions, electronically, pursuant to the DTC instructions included on the
Warrant Holder's signature page hereto, within 3 Trading Days from the date
hereof. Subject to the terms and conditions herein, the Company and each Warrant
Holder acknowledges and agrees that upon the issuance and acceptance of the
Exchange Shares pursuant to this Section, the original certificate evidencing
its Warrants will be deemed cancelled, and the other Transaction Documents and
that certain letter agreement dated March 18, 2008 among the Company, Midsummer
and Islandia shall be deemed terminated and shall have no further force and
effect.

<PAGE>

     2.   Representations and Warranties. The Company hereby makes to the
Warrant Holders the following representations and warranties:

          (a)  Authorization; Enforcement. The Company has the requisite
     corporate power and authority to enter into and to consummate the
     transactions contemplated by this Agreement and otherwise to carry out its
     obligations hereunder and thereunder. The execution and delivery of this
     Agreement by the Company and the consummation by it of the transactions
     contemplated hereby have been duly authorized by all necessary action on
     the part of the Company and no further action is required by the Company,
     its board of directors or its stockholders in connection therewith. This
     Agreement has been duly executed by the Company and, when delivered in
     accordance with the terms hereof will constitute the valid and binding
     obligation of the Company enforceable against the Company in accordance
     with its terms except (i) as limited by general equitable principles and
     applicable bankruptcy, insolvency, reorganization, moratorium and other
     laws of general application affecting enforcement of creditors' rights
     generally, (ii) as limited by laws relating to the availability of specific
     performance, injunctive relief or other equitable remedies and (iii)
     insofar as indemnification and contribution provisions may be limited by
     applicable law.

          (b)  No Conflicts. The execution, delivery and performance of this
     Agreement by the Company and the consummation by the Company of the
     transactions contemplated hereby do not and will not: (i) conflict with or
     violate any provision of the Company's or any Subsidiary's certificate or
     articles of incorporation, bylaws or other organizational or charter
     documents, or (ii) conflict with, or constitute a default (or an event that
     with notice or lapse of time or both would become a default) under, result
     in the creation of any Lien upon any of the properties or assets of the
     Company or any Subsidiary, or give to others any rights of termination,
     amendment, acceleration or cancellation (with or without notice, lapse of
     time or both) of, any material agreement, credit facility, debt or other
     material instrument (evidencing a Company or Subsidiary debt or otherwise)
     or other material understanding to which the Company or any Subsidiary is a
     party or by which any property or asset of the Company or any Subsidiary is
     bound or affected, or (iii) conflict with or result in a violation of any
     law, rule, regulation, order, judgment, injunction, decree or other
     restriction of any court or governmental authority to which the Company or
     a Subsidiary is subject (including federal and state securities laws and
     regulations and Trading Market rules and regulations), or by which any
     property or asset of the Company or a Subsidiary is bound or affected;
     except in the case of each of clauses (ii) and (iii), such as could not
     have or reasonably be expected to result in a Material Adverse Effect.

          (c)  Issuance of the Exchange Shares. The Exchange Shares are duly
     authorized and, upon the execution of this Agreement by the Warrant Holders
     will be duly and validly issued, fully paid and nonassessable, free and
     clear of all Liens. The Company has reserved from its duly authorized
     capital stock a number of shares of Common Stock for issuance of the
     Exchange Shares.

          (d)  Holding Period for Exchange Shares. Pursuant to Rule 144, the
     holding period of the Exchange Shares shall tack back to the original issue
     date of the Warrants.
                                       2
<PAGE>

          The Company agrees not to take a position contrary to this
          Section 2(d). The Company agrees to take all actions, necessary to
          issue the Exchange Shares without restriction and not containing
          any restrictive legend without the need for any action by the Warrant
          Holder.

          3.   Representation and Warranties of the Warrant Holders. Each
Warrant Holder, severally and not jointly, hereby represents as follows:

               (a)  Each Warrant Holder hereby, for itself and for no other
         Warrant Holder, represents and warrants as of the date hereof to the
         Company that the execution, delivery and performance by such Warrant
         Holder of the transactions contemplated by this Agreement have been
         duly authorized by all necessary corporate or similar action on the
         part of such Warrant Holder. This Agreement has been duly executed by
         such Warrant Holder, and when delivered by such Warrant Holder in
         accordance with the terms hereof, will constitute the valid and legally
         binding obligation of such Warrant Holder, enforceable against it in
         accordance with its terms, except (i) as limited by general equitable
         principles and applicable bankruptcy, insolvency, reorganization,
         moratorium and other laws of general application affecting enforcement
         of creditors' rights generally, (ii) as limited by laws relating to the
         availability of specific performance, injunctive relief or other
         equitable remedies and (iii) insofar as indemnification and
         contribution provisions may be limited by applicable law.

         4.    Miscellaneous.

               (a)  The Company shall, within 3 Trading Days of the date hereof,
          file a Current Report on Form 8-K disclosing the material terms of the
          transactions contemplated hereby, and shall attach this Agreement.

               (b)  This Agreement may be executed in two or more counterparts
         and by facsimile signature or otherwise, and each of such counterparts
         shall be deemed an original and all of such counterparts together shall
         constitute one and the same agreement.

               (c)  The Company has elected to provide all Warrant Holders with
          the same terms and form of agreement for the convenience of the
          Company and not because it was required or requested to do so by the
          Warrant Holders. The obligations of each Warrant Holder under this
          Agreement, and any Transaction Document are several and not joint with
          the obligations of any other Warrant Holder, and no Warrant Holder
          shall be responsible in any way for the performance or non-performance
          of the obligations of any other Warrant Holder under this Agreement or
          any Transaction Document. Nothing contained herein or in any
          Transaction Document, and no action taken by any Warrant Holder
          pursuant thereto, shall be deemed to constitute the Warrant Holders as
          a partnership, an association, a joint venture or any other kind of
          entity, or create a presumption that the Warrant Holders are in any
          way acting in concert or as a group with respect to such obligations
          or the transactions contemplated by this Agreement or the Transaction
          Documents. Each Warrant Holder shall be entitled to independently
          protect and enforce its rights, including without limitation, the
          rights arising out of this Agreement or out of the other Transaction
          Documents, and it shall not be necessary for

                                       3
<PAGE>

          any other Warrant Holder to be joined as an additional party in
          any proceeding for such purpose. Each Warrant Holder has been
          represented by its own separate legal counsel in their review and
          negotiation of this Agreement and the Transaction Documents.

               (d)  If any provision of this Agreement is prohibited by law or
          otherwise determined to be invalid or unenforceable by a court of
          competent jurisdiction, the provision that would otherwise be
          prohibited, invalid or unenforceable shall be deemed amended to apply
          to the broadest extent that it would be valid and enforceable, and the
          invalidity or unenforceability of such provision shall not affect the
          validity of the remaining provisions of this Agreement so long as this
          Agreement as so modified continues to express, without material
          change, the original intentions of the parties as to the subject
          matter hereof and the prohibited nature, invalidity or
          unenforceability of the provision(s) in question does not
          substantially impair the respective expectations or reciprocal
          obligations of the parties or the practical realization of the
          benefits that would otherwise be conferred upon the parties. The
          parties will endeavor in good faith negotiations to replace the
          prohibited, invalid or unenforceable provision(s) with a valid
          provision(s), the effect of which comes as close as possible to that
          of the prohibited, invalid or unenforceable provision(s).

                                     *     *     *

                                       4

<PAGE>

     Kindly indicate your agreement to the foregoing by executing this letter in
the space provided below.

                                           Sincerely,

                                           ELECTRONIC SENSOR TECHNOLOGY, INC.

                                           By:  /s/ Philip Yee
                                                -----------------------------
                                                Name:  Philip Yee
                                                Title: Chief Financial Officer

Acknowledged, accepted and agreed:

MIDSUMMER INVESTMENT, LTD.

By:  /s/ Michel A. Amsalem
     ----------------------------
     Name:  Michel A. Amsalem
     Title: Director

Acknowledged, accepted and agreed:

ISLANDIA L.P.

By:  /s/ Richard O. Berner
     ----------------------------
     Name:  Richard O. Berner
     Title: G.P., Islandia, LP. President, John Lang, Inc

                                       5

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