Document:

Echo Automotive, Inc.: Exhibit 10.14 - Filed by newsfilecorp.com

THIS NOTE AND THE INDEBTEDNESS REPRESENTED HEREBY ARE FOR
THE PURPOSE OF A BRIDGE LOAN BY AND BETWEEN THE LENDER AND THE COPMANY AND IS
SUBJECT TO ALL ARTICLES OF THE COMPANY’S OPERATING AGREEMENT. 

PROMISSORY NOTE

	$65,000 	July 13th,
      2012 

	Borrower: 	Echo Automotive, LLC of 9909 N
      126th St, Scottsdale Arizona 85259 (individually and collectively the "Borrower") 
	  	  
	Lender: 	Josh Lambert (“Lender”)  

This bridge loan being provided by Lender to Borrower to help
with general operational expenses of the business. It is understood that both
parties wish to replace this agreement with a more definitive purchase and/or
funding agreement and both parties agree to work in good faith to negotiate the
terms of a more definitive and comprehensive agreement. In the event that no
definitive agreement is mutually agreed to and executed by both parties, for any
reason whatsoever, this Promissory Note will remain in full force and
effect.

FOR VALUE RECEIVED, The Borrower promises to pay to Lender at
such address as may be provided in writing to the Borrower, the principal sum of
sixty five thousand ($65,000.00 ) USD, with interest accrued on the unpaid
principal at the rate of 21 percent per annum, calculated monthly not in
advance.

	 	1. 	
      Warrants. Within 120 days of the
      execution of this promissory note, Borrower will issue Lender warrants to
      purchase $65,000 of stock (130,000 shares) at no more than $0.01 per
      share. These warrants will expire 5 years after the issue date and may be
      subject to a standard voting agreement. In addition, Borrower will issue
      Lender Warrants to purchase 1 share of stock at the same as above terms
      for every $10 of outstanding debt at the end of each calendar month. For
      clarity, Borrower would issue Lender 5,000 Warrants on October
      31st, 2012, if the unpaid balance was equal to
  $50,000.

	 	 	 
	 	2. 	
      Term: This Note will be repaid in
      full within 180 days from receipt of funds from Lender.

	 	 	 
	 	3. 	
      Prepayment. At any time while not in
      default under this Note, the Borrower may pay the outstanding balance then
      owing under this Note to Lender without further bonus or
penalty.

	 	 	 
	 	4. 	
      Repayment of Loan. It is understood that
      this loan is a bridge loan to help Borrower with cash timing and to
      operate until it receives other moneys from its current investors. At the
      time those monies are received by Borrower from its investors, Borrower
      will repay this loan within 180 business days.

	 	 	 
	 	5. 	
      Default. If the Borrower defaults in
      payment as required under this Note and within thirty (30) days of written
      notice of such breach, the Security, if any is defined in this note, will
      be immediately provided to Lender and Lender is granted all rights of
      repossession as a secured party. For the avoidance of doubt, Borrower will
      have the right too liquidate such items to satisfy any amounts due under
      this agreement. Any and all proceeds beyond such amount or additional
      security obtained by Lender under this agreement will be promptly returned to Borrower. In
      addition, Borrower will have first right of refusal to purchase any
      property obtained from Borrower and the right to match any bona-fide
  offer.

	 	6. 	
      Legal Fees. All reasonable costs,
      expenses and expenditures including, and without limitation, the complete
      legal costs incurred by Lender in enforcing this Note as a result of any
      default by the Borrower, will be added to the principal then outstanding
      and will immediately be paid by the Borrower.

	 	 	 
	 	7. 	
      Successors. This Note will enure to
      the benefit of and be binding upon the respective heirs, executors,
      administrators, successors and assigns of the Borrower and Lender. The
      Borrower waives presentment for payment, notice of non-payment, protest
      and notice of protest.

	 	 	 
	 	8. 	
      Ranking. The indebtedness evidenced by the
      Note shall be senior in priority to all Indebtedness of the Borrower
      (including trade payables) and all indebtedness of the Borrower shall be
      senior in terms of priority and payment with the Note.

	 	 	 
	 	9. 	
      Conflicting Agreements. In the event of any
      inconsistencies between the terms of this Note and any other document
      related to the loan evidenced by the Note, the terms of this Note shall
      prevail.

	 	 	 
	 	10. 	
      Severability. If any provision of this Note
      is held to be invalid, illegal or unenforceable in any respect or to any
      extent under applicable law, such provision shall nevertheless remain
      valid, legal and enforceable in all other respects and to such extent as
      may be permissible.

	 	 	 
	 	11. 	
      Governing Law. This Note shall be governed
      by and construed under the laws of the State of Arizona.

	 	 	 
	 	12. 	
      Interest Savings Clause. If any interest
      payment due hereunder is determined to be in excess of the then legal
      maximum rate, then that portion of each interest payment representing an
      amount in excess of the then legal maximum rate shall instead be deemed a
      payment of principal and applied against the principal of the obligations
      evidenced by this Note.

	 	 	 
	 	13. 	
      Waiver. The Borrower and Lender
      hereby expressly waive presentment, demand for payment, dishonor, notice
      of dishonor, protest, notice of protest, and any other
  formality.

IN WITNESS WHEREOF Echo Automotive, LLC has duly affixed its
signature by a duly authorized officer and individual under seal on this
13th day July, 2012. 

	SIGNED, SEALED, AND
      DELIVERED 	 	 	
	this 13th day of July, 2012. 	 	 	
	 	 	 	Echo Automotive, LLC 
	 	 	 	 
	 	 	 	per: __________________________________(SEAL)TurboSonic Technologies Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

Exhibit 4.1

SECURED PROMISSORY NOTE

	$1,000,000.00 	October 10, 2012 

FOR VALUE RECEIVED, and subject
to the terms and conditions set forth herein, TURBOSONIC TECHNOLOGIES, INC., a
Delaware corporation (the “Company”), TURBOSONIC CANADA, INC., an Ontario
corporation (“TurboSonic Canada”), and TURBOSONIC INC. an Ontario
corporation (“TurboSonic Canada” and collectively with the Company and
TurboSonic Canada, the “Borrower”), hereby unconditionally jointly and
severally promise to pay to the order of MEGTEC SYSTEMS, INC. or its successors
and assigns (the “Noteholder,” and together with the Borrower, the
“Parties”), the principal amount of ONE MILLION AND 00/100 DOLLARS
($1,000,000.00) (the “Loan”), or the aggregate of such amounts the
Noteholder has disbursed to the Borrower pursuant to Section 2, together
with all accrued and unpaid interest thereon, if any, as provided in this
Secured Promissory Note (this “Note”).

1.              Definitions. Capitalized terms used herein shall have
the meanings set forth in this Section 1.

“Affiliate” means as to
any Person, any other Person that, directly or indirectly, controls, or is
controlled by, or is under common control with, such Person. As used in this
definition, “control” (including, with its correlative meanings, “controlled by”
and “under common control with”) shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of management or
policies of a Person, through the ownership of securities or partnership or
other ownership interests, by contract or otherwise. 

“Borrower” has the meaning
set forth in the introductory paragraph.

“Commitment Period”
means the period from the date hereof to the Maturity Date.

“Debt” of the Borrower,
means all (a) indebtedness for borrowed money; (b) obligations for the deferred
purchase price of property or services, except trade payables arising in the
ordinary course of business; (c) obligations evidenced by notes, bonds,
debentures or other similar instruments; (d) obligations as lessee under capital
leases; (e) obligations in respect of any interest rate swaps, currency exchange
agreements, commodity swaps, caps, collar agreements or similar arrangements
entered into by the Borrower providing for protection against fluctuations in
interest rates, currency exchange rates or commodity prices or the exchange of
nominal interest obligations, either generally or under specific contingencies;
(f) obligations under acceptance facilities and letters of credit; (g)
guaranties, endorsements (other than for collection or deposit in the ordinary
course of business), and other contingent obligations to purchase, to provide
funds for payment, to supply funds to invest in any Person, or otherwise to
assure a creditor against loss, in each case, in respect of indebtedness set out
in clauses (a) through (f) of a Person other than the Borrower; and (h)
indebtedness set out in clauses (a) through (g) of any Person other than
Borrower secured by any lien on any asset of the Borrower, whether or not such
indebtedness has been assumed by the Borrower.

“Default” means any of the
events specified in Section 10 that constitutes an Event of Default or
which, upon the giving of notice, the lapse of time, or both pursuant to
Section 10 would, unless cured or waived, become an Event of Default.

“Default Rate” means, at
any time, the Interest Rate plus 5.00% .

“Event of Default” has the
meaning set forth in Section 10.

“GAAP” means generally
accepted accounting principles in the United States of America as in effect from
time to time.

“Governmental Entity”
means any supranational, national, state, provincial, municipal, local or
foreign government, any instrumentality, subdivision, court, administrative
agency or commission or other authority thereof, or any quasi-governmental or
private body exercising any regulatory, judicial, administrative, taxing,
importing or other governmental or quasi-governmental authority.

“Interest Rate” has the
meaning set forth in Section 5.1.

“Law” as to any Person,
means any law (including common law), statute, ordinance, treaty, rule,
regulation, policy or requirement of any Governmental Entity and authoritative
interpretations thereon, whether now or hereafter in effect, in each case,
applicable to such Person or any of its Subsidiaries or their respective
properties or assets. 

“Lien” means any lien,
pledge, charge, encumbrance, and other security interest of any nature
whatsoever. 

“Loan” has the meaning set
forth in the introductory paragraph.

“Material Adverse Effect”
means any change, effect, condition, factor, or circumstance that, individually
or in the aggregate with other changes, effects, conditions, factors, or
circumstances, is or is reasonably likely to be materially adverse to the
business, results of operations, prospects, properties, condition (financial or
otherwise), assets, or liabilities of the Borrower and its Subsidiaries taken as
a whole; provided, however, that for purposes of determining whether
there has been or is reasonably likely to be a “Material Adverse Effect” in no
event shall there be taken into account any change, effect, condition, factor,
or circumstance resulting from or relating to a matter affecting the Borrower’s
industry generally or a change in general economic or financial conditions,
except to the extent such change, effect, condition, factor, or circumstance has
had, or would be reasonably likely to have, a disproportionate effect on the
Borrower and its Subsidiaries, taken as a whole.

“Maturity Date” means the
earliest of (a) the first anniversary of the date the Loan is disbursed, (b) the
date of a Triggering Event, and (c) the date on which all amounts under this
Note shall become due and payable pursuant to Section 10.

“Note” has the meaning set
forth in the introductory paragraph.

“Noteholder” has the
meaning set forth in the introductory paragraph.

“Order” as to any Person,
means any judgment, injunction, ruling, order or decree applicable to such
Person or any of its Subsidiaries or their respective properties or assets.

“Parties” has the meaning
set forth in the introductory paragraph.

“Permitted Debt” means
Debt (a) existing or arising under this Note and any refinancing thereof; (b)
existing as of the date of this Note and set out in Schedule 1.1 ; (c)
which may be deemed to exist with respect to swap contracts; (d) owed in respect
of any netting services, overdrafts and related liabilities arising from
treasury, depository and cash management services in connection with any
automated clearinghouse transfers of funds; and (e) unsecured insurance premiums
owing in the ordinary course of business.

“Permitted Liens” means
(a) Liens for taxes not yet due or which are being contested in good faith by
appropriate proceedings; (b) non-consensual Liens arising by operation of law,
arising in the ordinary course of business, and for amounts which are not
overdue for a period of more than sixty (60) days or that are being contested in
good faith by appropriate proceedings; (c) Liens created pursuant to the
Security Agreement; and (d) Liens existing as of the date of this Note and set
out in Schedule 1.2.

“Person” means an
individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including a
Governmental Entity.

“Restricted Payment” means
(a) any dividend or other distribution (whether in cash, securities or other
property) with respect to any equity interests in the Company, or any payment
(whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such equity interests or any
option, warrant or other right to acquire any such equity interests, in the
Company, or (b) any payment of incentive compensation, retention bonuses,
severance payments in excess of amounts required by applicable Law, or increase
in base salaries to any employees of the Company, TurboSonic Canada and
TurboSonic Inc., other than as disclosed on Schedule 1.3. 

“Security Agreement” means
(a) the Second Lien Security Agreement dated as of October 10, 2012 by and
between the Borrower and Noteholder, as amended, restated, supplemented or
otherwise modified from time to time in accordance with its terms, and (b) all
other security agreements, pledge agreements, mortgages, assignments and other
collateral documents executed by the Borrower in favor of the Noteholder, in
each case as amended, restated, supplemented or otherwise modified from time to
time in accordance with its terms.

“Subsidiary” of any Person
shall mean any corporation or other form of legal entity (i) an amount of the
outstanding voting securities of which sufficient to elect at least a majority
of its board of directors or other governing body (or, if there are not such
voting securities, more than 50% of the equity interests of which) is owned or
controlled, directly or indirectly, by such Person or by one or more of its
Subsidiaries or (ii) with respect to which such Person or one or more of its
Subsidiaries is the general partner or the managing member or has similar
authority.

“Triggering Event” means
(a) a merger or consolidation of the Borrower other than a merger or
consolidation involving the Noteholder in which the Borrower’s stockholders immediately prior to the transaction do not own, directly or
indirectly, more than fifty percent (50%) of the capital stock of the surviving
corporation; (b) the acquisition of more than fifty percent (50%) of the
Borrower’s outstanding capital stock by a single person, entity or group, or
persons or entities acting in concert, in each case other than the Noteholder;
(c) a sale or transfer of all or substantially all of the assets of the Borrower
to any person or entity other than the Noteholder; or (d) any financing
transaction undertaken by the Borrower other than the issuance of this Note or
in connection with Permitted Debt.

2.              Loan Disbursement Mechanics.

2.1             Commitment. Subject to
Sections 2.2 and Section 2.3, the Noteholder shall make the Loan
available to the Borrower in a single advance during the Commitment Period in an
aggregate amount not to exceed the Loan.

2.2             Advance. As a
condition to the disbursement of the Loan, the Company (for itself and on behalf
of the Borrower) shall, at least three Business Days prior to the requested
disbursement date, deliver to the Noteholder a written notice setting out (a)
that no Default, Event of Default or Triggering Event has occurred and is
continuing, (b) the date on which the Loan is to be disbursed, and (c) wire
transfer instructions for disbursement of the proceeds of the Loan. Such Loan
request shall be deemed to repeat the Borrower's representations and warranties
in Section 6 as of the date of such request. Upon receipt of such
request, the Noteholder shall make available to the Borrower on the disbursement
date the amount set out in the notice in immediately available funds.

2.3             Conditions to Advance.
In addition to the requirements of Section 2.2, the obligation of the
Noteholder to make the Loan, is subject to the satisfaction of the following
conditions:

(a)

            at the time of and immediately after giving effect to the advance of the Loan,
no Default, Event of Default or Triggering Event shall have occurred and be
continuing; and 

(b)

            the representations and warranties of the Borrower set forth in this Note shall
be true and correct in all material respects on and as of the requested
disbursement date.

3.              Final Payment Date; Optional Prepayments.

3.1             Final Payment Date.
The aggregate unpaid principal amount of the Loan, all accrued and unpaid
interest, and all other amounts payable under this Note shall be due and payable
on the Maturity Date.

3.2             Optional Prepayment.
The Borrower may prepay the Loan in full at any time without penalty or premium
by paying the principal amount together with accrued and unpaid interest thereon
to the date of prepayment. No prepaid amount may be reborrowed.

3.3             License Payments. Any
and all amounts paid by the Borrower to Noteholder pursuant to Section 11.2.2 of
the Intellectual Property License Agreement, dated as of the date hereof, between Noteholder and the Borrower shall be applied
dollar for dollar against all amounts due under this Note.

4.              Security Agreement. Payment and performance of
obligations of the Borrower under this Note are secured by a second priority
security interest in the collateral specified in the Security Agreement, subject
only to Permitted Liens in favor of HSBC Bank Canada.

5.              Interest.

5.1             Interest Rate. Except
as otherwise provided herein, the outstanding principal amount of the Loan made
hereunder shall bear interest at an annual rate of ten percent (10.00%) (the
“Interest Rate”) from the date the Loan was made until the Loan is paid
in full, whether at maturity, upon acceleration, by prepayment or otherwise.

5.2             Default Interest. If
any amount payable hereunder is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or
otherwise, such overdue amount shall bear interest at the Default Rate from the
date of such non-payment until such amount is paid in full.

5.3             Computation of
Interest. All computations of interest shall be made on the basis of a
360-day year for the actual number of days elapsed.

5.4             Interest Rate
Limitation. If at any time and for any reason whatsoever, the interest rate
payable on the Loan shall exceed the maximum rate of interest permitted to be
charged by the Noteholder to the Borrower under applicable Law, such interest
rate shall be reduced automatically to the maximum rate of interest permitted to
be charged under applicable Law/that portion of each sum paid attributable to
that portion of such interest rate that exceeds the maximum rate of interest
permitted by applicable Law shall be deemed a voluntary prepayment of
principal.

6.              Payment Mechanics.

6.1             Manner of Payments.
All payments of interest and principal shall be made in lawful money of the
United States of America by cashier’s check, certified check or by wire transfer
of immediately available funds to the Noteholder’s account at a bank specified
by the Noteholder in writing to the Borrower.

6.2             Rescission of
Payments. If at any time any payment made by the Borrower under this Note is
rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, or reorganization of the Borrower or otherwise, the Borrower’s
obligation to make such payment shall be reinstated as though such payment had
not been made. 

7.              Representations and Warranties. The Borrower hereby
represents and warrants to the Noteholder on the date hereof as follows:

7.1             Existence; Compliance With
Laws. Each of the Company, TurboSonic Canada and TurboSonic Inc. is a
corporation duly incorporated, validly existing and in good standing under the
laws of the state of its jurisdiction of organization and has the requisite
power and authority, and the legal right, to own, lease and operate its
properties and assets and to conduct its business as it is now being
conducted.

7.2             Power and Authority.
Each of the Company, TurboSonic Canada and TurboSonic Inc. has the power and
authority, and the legal right, to execute and deliver this Note and the
Security Agreement and to perform its obligations hereunder and thereunder.

7.3             Authorization; Execution
and Delivery. The execution and delivery of this Note and the Security
Agreement by each of the Company, TurboSonic Canada and TurboSonic Inc. and the
performance of its obligations hereunder and thereunder have been duly
authorized by all necessary corporate action in accordance with all applicable
Laws. Each of the Company, TurboSonic Canada and TurboSonic Inc. has duly
executed and delivered this Note and the Security Agreement.

7.4             No Approvals. No
consent or authorization of, filing with, notice to or other act by, or in
respect of, any Governmental Entity or any other Person is required in order for
the Borrower to execute, deliver, or perform any of its obligations under this
Note or the Security Agreement.

7.5             No Violations. The
execution and delivery of this Note and the Security Agreement and the
consummation by each of the Company, TurboSonic Canada and TurboSonic Inc. of
the transactions contemplated hereby and thereby do not and will not (a) violate
any provision of its organizational documents; (b) violate any Law or Order
applicable to it or by which any of its properties or assets may be bound; or
(c) constitute a default under any material agreement or contract by which it
may be bound.

7.6             Enforceability. Each
of this Note and the Security Agreement is a valid, legal and binding obligation
of each of the Company, TurboSonic Canada and TurboSonic Inc., enforceable
against it in accordance with its terms except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law).

7.7             No Litigation. No
action, suit, litigation, investigation or proceeding of, or before, any
arbitrator or Governmental Entity is pending or, to the knowledge of the
Borrower, threatened by or against any of the Company, TurboSonic Canada and
TurboSonic Inc. or any of its property or assets (a) with respect to this Note,
the Security Agreement, or any of the transactions contemplated hereby or
thereby or (b) that could be expected to materially adversely affect its
financial condition or its ability of to perform its obligations under this Note
or the Security Agreement.

8. Affirmative Covenants. Until all amounts outstanding
in this Note have been paid in full, the Borrower shall:

8.1             Reporting
Requirements. Except as otherwise required by applicable law or as advised
by counsel, promptly provide the Noteholder with copies of all monthly and other
interim financial statements as the same become available.

8.2             Maintenance of
Existence. (a) Preserve, renew and maintain in full force and effect its
corporate or organizational existence, and (b) take all reasonable action to
maintain all rights, privileges and franchises necessary or desirable in the
normal conduct of its business, except, in each case, where the failure to do so
could not reasonably be expected to have a Material Adverse Effect.

8.3             Compliance. Comply
with (a) all of the terms and provisions of its organizational documents; and
(b) all Laws and Orders applicable to it and its business, except where the
failure to do so could not reasonably be expected to have a Material Adverse
Effect.

8.4             Notice of Events of
Default. As soon as possible and in any event within two (2) business days
after it becomes aware that a Default or an Event of Default has occurred,
notify the Noteholder in writing of the nature and extent of such Default or
Event of Default and the action, if any, it has taken or proposes to take with
respect to such Default or Event of Default.

8.5             Use of Proceeds. Use
the proceeds of the Loan only for working capital requirements and other general
corporate purposes.

8.6             Further Assurances.
Upon the request of the Noteholder, promptly execute and deliver such further
instruments and do or cause to be done such further acts as may be necessary or
advisable to carry out the intent and purposes of this Note and the Security
Agreement. 

9.              Negative Covenants. Until all amounts outstanding
under this Note have been paid in full, the Borrower shall not:

9.1             Restricted Payments.
Make or commit to make any Restricted Payment without the Noteholder’s prior
written consent.

9.2             Indebtedness. Incur,
create or assume any Debt, other than Permitted Debt.

9.3             Liens. Incur, create,
assume or suffer to exist any Lien on any of its property or assets, whether now
owned or hereinafter acquired, except for Permitted Liens.

10.             Events of Default and Remedies. 

10.1            The occurrence and
continuance of any of the following events shall constitute an “Event of
Default” hereunder:

(a)            
the dissolution, termination of existence, suspension or discontinuance of the
Borrower’s business; or

(b)            
the appointment of a receiver, trustee, custodian, or similar official for the
Borrower or any material portion of the property or assets of the Borrower;
or

(c)
             the conveyance of any material portion of the assets of the Borrower to a
trustee, mortgage or liquidating agent or an assignment for the benefit of
creditors by the Borrower; or

(d)            
the commencement of any proceeding, whether foreign, federal or state, relating
to bankruptcy, insolvency, dissolution, reorganization, composition,
renegotiations of outstanding indebtedness, arrangement, or otherwise to the
relief of debtors or the readjustment of indebtedness, by or against the
Borrower, which is not stayed, vacated or released within sixty (60) days of
commencement; or

(e)            
an event of default under any other financing arrangement of the Borrower, which
shall not have been waived or cured within any applicable cure period; or

(f)            
failure to pay any principal of, any interest on, or any other amount due under
this Note when due; or

(g)            
any representation or warranty made or deemed made by the Borrower to the Noteholder herein or in the Security Agreement is incorrect in any material
respect on the date as of which such representation or warranty was made or
deemed made; or

(h)            
failure to observe or perform any covenant, condition or agreement contained in
this Note or the Security Agreement other than those specified in clauses (a)
through (g) of this Section 10.1(f) and such failure continues for
fifteen (15) days after written notice to the Borrower.

10.2            Remedies. Upon the
occurrence of any Event of Default and at any time thereafter during the
continuance of such Event of Default, the Noteholder may at its option, by
written notice to the Borrower (a) declare the entire principal amount of this
Note, together with all accrued and unpaid interest thereon and all other
amounts payable hereunder, immediately due and payable; and/or (c) exercise any
or all of its rights, powers or remedies under the Security Agreement or
applicable Law; provided, however, that, if an Event of Default described
in Section 10.1(a) -(d) shall occur, the principal of and accrued and
unpaid interest on the Loan shall become immediately due and payable without any
notice, declaration, or other act on the part of the Noteholder. 

11.             Miscellaneous.

11.1            Notices. All notices
and other communications hereunder shall be in writing and shall be deemed duly
given or made as of the date of receipt if delivered personally, sent by
telecopier or facsimile (and sender shall bear the burden of proof of delivery),
sent by overnight courier (providing proof of delivery), or sent by registered
or certified mail (return receipt requested, postage prepaid), in each case, to
the parties at the following addresses or facsimile numbers (or at such other
address or facsimile number for a party as shall be specified by like notice):

If to the Borrower:

TurboSonic Technologies, Inc. 
c/o
TurboSonic, Inc.
550 Parkside Drive 
Suite A-14 
Waterloo

Ontario, Canada N265V4
Attention:
Edward F. Spink
Fax: 519-885-6992
Email: ESpink@turbosonic.com

with a copy to:

Denise M. Tormey
SNR Denton US
LLP
1221 Avenue of the Americas
New York, NY 10020-1089
Fax:
212-768-6800
Email: denise.tormey@snrdenton.com

If to the Noteholder:

MEGTEC Systems, Inc.
830 Prosper
Road, P.O. Box 5030
DePere, Wisconsin 54115-5030
Attention: Mohit
Uberoi
Fax: 920-339-2793
Email: MUberoi@megtec.com

with a copy to:

Quarles & Brady LLP
411 East
Wisconsin Avenue
Milwaukee, Wisconsin 53202
Attention: Kathryn M.
Buono
Fax: 414-271-3552
Email: kathie.buono@quarles.com

11.2            Expenses. The
Borrower shall reimburse the Noteholder on demand for all reasonable
out-of-pocket costs, expenses and fees (including reasonable expenses and fees
of counsel) incurred by the Noteholder in connection with the transactions
contemplated hereby including the negotiation, documentation and execution of
this Note and the Security Agreement and the enforcement of the Noteholder’s
rights hereunder and thereunder.

11.3            Governing Law. This
Note, the Security Agreement, and any claim, controversy, dispute or cause of
action (whether in contract or tort or otherwise) based upon, arising out of or
relating to this Note, the Security Agreement, and the transactions contemplated
hereby and thereby shall be governed by the laws of the State of New York,
including Sections 5-1401 and 5-1402 of the New York General Obligations
Law.

11.4            Submission to
Jurisdiction. The Borrower hereby irrevocably and unconditionally (i) agrees
that any legal action, suit or proceeding arising out of or relating to this
Note or the Security Agreement may be brought in the courts of the State of New
York or of the United States of America for the Southern District of New York and
(ii) submits to the exclusive jurisdiction of any such court in any such action,
suit or proceeding. Final judgment against the Borrower in any action, suit or
proceeding shall be conclusive and may be enforced in any other jurisdiction by
suit on the judgment. Nothing in this Section 11.4 shall affect the right
of the Noteholder to (i) commence legal proceedings or otherwise sue the
Borrower in any other court having jurisdiction over the Borrower or (ii) serve
process upon the Borrower in any manner authorized by the laws of any such
jurisdiction.

11.5            Venue. The Borrower
irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of
venue of any action or proceeding arising out of or relating to this Note or the
Security Agreement in any court referred to in Section 11.4 and the
defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

11.6            Waiver of Jury Trial.
THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE, THE SECURITY AGREEMENT, OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY. 

11.7            Attorneys’ Fees. In
the event that either party institutes any legal suit, action or proceeding
against the other party in respect of a matter arising out of or relating to
this Note or the Security Agreement, the prevailing party in the suit, action or
proceeding shall be entitled to receive, in addition to all other damages to
which it may be entitled, the costs incurred by such party in conducting the
suit, action or proceeding, including reasonable attorneys' fees and expenses
and court costs.

11.8            Counterparts;
Integration; Effectiveness. This Note, the Security Agreement, and any
amendments, waivers, consents or supplements hereto and thereto may be executed
in counterparts, each of which shall constitute an original, but all taken
together shall constitute a single contract. This Note and the Security
Agreement constitute the entire contract between the Parties with respect to the
subject matter hereof and supersede all previous agreements and understandings,
oral or written, with respect thereto. Delivery of an executed counterpart of a
signature page to this Note or the Security Agreement by facsimile or in
electronic format shall be effective as delivery of a manually executed
counterpart of this Note or the Security Agreement, as applicable.

11.9            Successors and
Assigns. This Note may be assigned or transferred by the Noteholder to any
Person. The Borrower may not assign or transfer this Note or any of its rights
hereunder without the prior written consent of the Noteholder. This Note shall
inure to the benefit of, and be binding upon, the Parties and their permitted
assigns.

11.10           Waiver of Notice.
The Borrower hereby waives demand for payment, presentment for payment, protest,
notice of payment, notice of dishonor, notice of nonpayment, notice of
acceleration of maturity and diligence in taking any action to collect sums
owing hereunder.

11.11           Interpretation. For
purposes of this Note (a) the words “include,” “includes” and “including” shall
be deemed to be followed by the words “without limitation”; (b) the word “or” is
not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and
“hereunder” refer to this Note as a whole. The definitions given for any defined
terms in this Note shall apply equally to both the singular and plural forms of
the terms defined. References herein to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any
regulations promulgated thereunder. This Note shall be construed without regard
to any presumption or rule requiring construction or interpretation against the
party drafting an instrument or causing any instrument to be drafted. 

11.12           Amendments and
Waivers. No term of this Note may be waived, modified or amended except by
an instrument in writing signed by the Parties. Any waiver of the terms hereof
shall be effective only in the specific instance and for the specific purpose
given. 

11.13           Headings. The
headings of the various Sections and subsections herein are for reference only
and shall not define, modify, expand or limit any of the terms or provisions
hereof.

11.14           No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising on the part of
the Noteholder, of any right, remedy, power or privilege hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.

11.15           Severability. If any
term or provision of this Note or the Security Agreement is invalid, illegal or
unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Note or
the Security Agreement or invalidate or render unenforceable such term or
provision in any other jurisdiction. Upon such determination that any term or
other provision is invalid, illegal or unenforceable, the parties hereto shall
negotiate in good faith to modify this Note so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order
that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

[Signature follows]

IN WITNESS WHEREOF, the
undersigned has executed this Secured Promissory Note as of the date set forth
above.

	 	TURBOSONIC TECHNOLOGIES, INC. 
	 	  
	 	  
	 	By:
      \s\ Edward F. Spink 
	 	Name: Edward F. Spink 
	 	Title: Chief Executive Officer 
	 	  
	 	  
	 	TURBOSONIC CANADA, INC. 
	 	  
	 	  
	 	By:
      \s\ Edward F. Spink 
	 	Name: Edward F. Spink 
	 	Title: President 
	 	  
	 	  
	 	TURBOSONIC INC. 
	 	  
	 	  
	 	By:
      \s\ Edward F. Spink 
	 	Name: Edward F. Spink 
	 	Title: Chief Executive Officer

Signature Page to Secured Promissory Note

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