Document:

10.2

                        INITIAL TERM LOAN PROMISSORY NOTE
                        ---------------------------------

$195,000.00                                                      July ____, 2006
                                                      Philadelphia, Pennsylvania

         FOR VALUE RECEIVED, the undersigned,  RONSON CORPORATION,  a New Jersey
corporation, RONSON CONSUMER PRODUCTS CORPORATION, a New Jersey corporation, and
RONSON AVIATION, INC., a New Jersey corporation  (individually and collectively,
the "Company"),  hereby,  jointly and severally,  promise to pay to the order of
THE CIT GROUP/COMMERCIAL  SERVICES, INC. as Agent ("CIT") for itself and for CIT
FINANCIAL  LTD.,  at its office  located at 1211  Avenue of the  Americas,  12th
Floor, New York, New York 10036, in lawful money of the United States of America
and in  immediately  available  funds,  the  principal  amount  of  One  Hundred
Ninety-Five  Thousand  and  00/100  Dollars  ($195,000.00),  in sixty (60) equal
consecutive monthly principal installments of $3,250.00 each with the first such
installment  due and payable on  September 1, 2006 and  subsequent  installments
(including the final installment) due and payable on the first day of each month
thereafter  until  this  Note  is paid  in  full,  subject  to the  payment  and
acceleration provisions set forth in the last paragraph of this Note.

         The Company  further  agrees to pay  interest at said  office,  in like
money, on the unpaid principal amount owing hereunder from time to time from the
date  hereof  on the  dates  and at the  rates  specified  in  Section  8 of the
Financing  Agreement  of even date  herewith  between  the  Company and CIT (the
"Financing  Agreement").  Capitalized terms used in this Note and defined in the
Financing Agreement shall have the meanings given to such terms in the Financing
Agreement unless otherwise specifically defined herein.

         This Note is a Promissory Note referred to in the Financing  Agreement,
evidences the Initial Term Loan made to the Company  thereunder,  and is subject
to, and entitled to, all provisions and benefits thereof, including optional and
mandatory prepayment, in whole or in part, as provided therein.

         Notwithstanding any other provision of this Note to the contrary,  upon
the occurrence of any Event of Default specified in the Financing Agreement,  or
upon  termination  of the Financing  Agreement for any reason,  all amounts then
remaining  unpaid on this Note may  become,  or be  declared  to be, at the sole
election  of CIT,  immediately  due and  payable as  provided  in the  Financing
Agreement.

                                  RONSON CORPORATION

                                  By:      /s/ Louis V. Aronson II
                                           -------------------------------------
                                  Name:    Louis V. Aronson II
                                  Title:   President and Chief Executive Officer

                                  RONSON CONSUMER PRODUCTS
                                  CORPORATION

                                  By       /s/ Louis V. Aronson II
                                           -------------------------------------
                                  Name:    Louis V. Aronson II
                                  Title:   President and Chief Executive Officer

                                  RONSON AVIATION, INC.

                                  By:      /s/ Louis V. Aronson II
                                           -------------------------------------
                                  Name:    Louis V. Aronson II
                                  Title:   President and Chief Executive Officer10.3

                  INITIAL ADDITIONAL TERM LOAN PROMISSORY NOTE
                  --------------------------------------------

$750,000.00                                                      July ____, 2006
                                                      Philadelphia, Pennsylvania

         FOR VALUE RECEIVED, the undersigned,  RONSON CORPORATION,  a New Jersey
corporation, RONSON CONSUMER PRODUCTS CORPORATION, a New Jersey corporation, and
RONSON AVIATION, INC., a New Jersey corporation  (individually and collectively,
the "Company"),  hereby,  jointly and severally,  promise to pay to the order of
THE CIT GROUP/COMMERCIAL SERVICES, INC., As Agent ("CIT") for itself and for CIT
FINANCIAL  LTD.,  at its office  located at 1211  Avenue of the  Americas,  12th
Floor, New York, New York 10036, in lawful money of the United States of America
and in immediately  available funds, the principal amount of Seven Hundred Fifty
Thousand  and 00/100  Dollars  ($750,000.00),  in sixty  (60) equal  consecutive
monthly   principal   installments  of  $12,500.00  each  with  the  first  such
installment  due and payable on  September 1, 2006 and  subsequent  installments
(including the final installment) due and payable on the first day of each month
thereafter  until  this  Note  is paid  in  full,  subject  to the  payment  and
acceleration provisions set forth in the last paragraph of this Note.

         The Company  further  agrees to pay  interest at said  office,  in like
money, on the unpaid principal amount owing hereunder from time to time from the
date  hereof  on the  dates  and at the  rates  specified  in  Section  8 of the
Financing  Agreement  of even date  herewith  between  the  Company and CIT (the
"Financing  Agreement").  Capitalized terms used in this Note and defined in the
Financing Agreement shall have the meanings given to such terms in the Financing
Agreement unless otherwise specifically defined herein.

         This Note is a Promissory Note referred to in the Financing  Agreement,
evidences the Initial Additional Term Loan made to the Company  thereunder,  and
is subject to, and entitled to, all provisions and benefits  thereof,  including
optional and mandatory prepayment, in whole or in part, as provided therein.

         Notwithstanding any other provision of this Note to the contrary,  upon
the occurrence of any Event of Default specified in the Financing Agreement,  or
upon  termination  of the Financing  Agreement for any reason,  all amounts then
remaining  unpaid on this Note may  become,  or be  declared  to be, at the sole
election  of CIT,  immediately  due and  payable as  provided  in the  Financing
Agreement.

                                 RONSON CORPORATION

                                 By:      /s/ Louis V. Aronson II
                                          -------------------------------------
                                 Name:    Louis V. Aronson II
                                 Title:   President and Chief Executive Officer

                                 RONSON CONSUMER PRODUCTS
                                 CORPORATION

                                 By:      /s/ Louis V. Aronson II
                                          -------------------------------------
                                 Name:    Louis V. Aronson II
                                 Title:   President and Chief Executive Officer

                                 RONSON AVIATION, INC.

                                 By:      /s/ Louis V. Aronson II
                                          -------------------------------------
                                 Name:    Louis V. Aronson II
                                 Title:   President and Chief Executive OfficerCONTRIBUTION AGREEEMENT
                             -----------------------

         This  CONTRIBUTION  AGREEMENT  dated as of July 31, 2006 by and between
RONSON CORPORATION,  a corporation  organized and existing under the laws of the
State of New Jersey (hereinafter referred to as "Ronson"),  and LOUIS V. ARONSON
II,  residing at 53  Vliettown  Road,  Oldwick,  New Jersey  08858  (hereinafter
referred to as the "Guarantor").

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS,  Ronson,  together with Ronson Consumer Products  Corporation,
Ronson  Aviation,  Inc.  and  Ronson  Corporation  of Canada  Ltd.  (hereinafter
referred to, collectively,  as the "Borrowers") are  contemporaneously  herewith
entering into a Financing Agreement dated the date hereof (hereinafter  referred
to as the "Loan Agreement") with The CIT  Group/Commercial  Services,  Inc. (for
itself and for CIT Financial Ltd.; hereinafter referred to, collectively, as the
"Lender"),  providing, among other matters, for the Initial Additional Term Loan
(as defined therein) from the Lender to the Borrowers in the original  principal
amount of $750,000; and

         WHEREAS, the Lender has required that the Guarantor execute and deliver
to the Lender a Limited Guaranty,  Suretyship and Security  Agreement,  together
with a Money  Market  Account  Pledge and  Assignment  Agreement,  and a Deposit
Account  Control  Agreement  among the Lender,  the Guarantor and Wachovia Bank,
National  Association,  each dated the date  hereof  (hereinafter  referred  to,
collectively,  as the "Guaranty  Documents"),  in the  respective  forms thereof
prescribed  by the  Lender,  copies of which are  annexed to this  Agreement  as
Exhibits  A, B and C  respectively,  providing,  among  other  matters,  for the
Guarantor's guaranty of the Borrower's  obligations under the Initial Additional
Term Loan in an aggregate amount not to exceed $250,000 (hereinafter referred to
as the  "Guaranteed  Amount"),  such guaranty  secured by a money market account
(together with any replacements or substitutions therefor,  hereinafter referred
to as the "Guaranty  Collateral") issued by Wachovia Bank, National  Association
(hereinafter referred to as "Wachovia"); and

         WHEREAS, the Guarantor has financed the Guaranty Collateral pursuant to
arrangements with Wachovia (together with any amendments or supplements  thereto
or any  refinancings or  replacements  thereof,  hereinafter  referred to as the
"Guarantor Loan"); and

         WHEREAS,  the parties  hereto desire to provide for the  reimbursement,
contribution and indemnification  arrangements  hereunder in connection with the
execution and delivery to the Lender of the Guaranty Documents by the Guarantor;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein, the parties hereby agree as follows:

                                   ARTICLE I
                                   ---------

         A. Guarantor Loan Costs.  Ronson hereby agrees to pay, or reimburse the
            --------------------
Guarantor  for,  any and all  reasonable  costs  incurred  by the  Guarantor  in
connection  with the  commitment,  negotiation,  execution  and  delivery of the
Guarantor Loan and the Guaranty, and each of them, including, but not limited to
interest (currently  calculated at the prime rate from

<PAGE>

time to time in effect at Wachovia  less  one-half  percent),  fees and expenses
under the Guarantor Loan, and reasonable fees and expenses of counsel, if and to
the extent in excess of any interest or other return on the Guaranty  Collateral
paid to the  Guarantor.  Each such  payment  or  reimbursement  shall be made by
Ronson  promptly  following  delivery by the  Guarantor  of his  statement  with
respect  thereto in reasonable  detail;  it being  acknowledged  and agreed that
Ronson shall be entitled to reimbursement of any such amounts from the Guarantor
in the event of subsequent payment to the Guarantor of any interest or return on
the Guaranty  Collateral not taken into account in the calculation of costs paid
or reimbursed by Ronson as aforesaid.

         B.  Indemnification.  Ronson  shall  defend,  indemnify  and  hold  the
             ---------------
Guarantor,  and his heirs,  successors  and assigns  (hereinafter  referred  to,
collectively,  as the "Indemnified Parties") harmless against, and reimburse the
Indemnified  Parties for and contribute to the Indemnified  Parties the entirety
of,  any and all  claims,  losses,  damages,  liabilities,  costs  and  expenses
whatsoever,  including,  without  limitation,  reasonable  attorneys'  fees  and
expenses (hereinafter referred to, collectively,  as "Damages") paid or incurred
by the  Indemnified  Parties,  or any of them,  based upon or  arising  from the
Guaranty  Documents,  and the provisions thereof and any obligation  thereunder.
Without limiting the foregoing,  an Indemnified Party claiming  indemnification,
reimbursement  or contribution  pursuant to this Paragraph B shall promptly give
Ronson  written notice of any action,  suit or proceeding  that may give rise to
such  obligation  by Ronson.  Ronson  shall  provide the defense with respect to
claims to which such obligation  applies and in doing so shall have the right to
control the defense and  settlement  with respect to such claims;  provided that
any  settlement  includes  a general  release of the  Indemnified  Party with no
admission or finding of fault by the Indemnified Party. An Indemnified Party may
participate  at its  expense in the  defense of any action or claim which may be
asserted against him and for which such party seeks indemnity,  reimbursement or
contribution pursuant to the provisions of this Paragraph B; or such Indemnified
Party,  at his  election,  may  assume  the  defense  of such  claim or  action,
including  the right to settle or  compromise  any claim against him without the
consent of Ronson, in cases where (i) Ronson has failed to promptly initiate and
continue  the  defense of such claim or (ii) the  Indemnified  Party  reasonably
determines that a conflict of interest between Ronson and the Indemnified  Party
exists with respect to such claim.  Each party shall make a reasonable effort to
cooperate in such settlement and/or defense.

         C. Loan Agreement.  Ronson hereby  covenants that,  while the Guarantor
            --------------
remains  obligated  under  the  Guaranty  Documents,  it shall  not agree to the
extension  of the  scheduled  maturity  date of the  obligations  subject to the
Guaranty  without the prior written  consent of the  Guarantor  (which shall not
unreasonably be withheld or delayed).

                                   ARTICLE II
                                   ----------

         A. Ronson Representations.
            ----------------------

         Ronson represents and warrants to the Guarantor that:

            (i) Ronson is a corporation duly organized,  validly existing and in
good standing  under the laws of the State of New Jersey,  and is duly qualified
as  a  foreign  corporation  and  in  good  standing  under  the  laws  of  each
jurisdiction  where  it is  required  to be so  qualified  to  enter  into  this
Agreement and perform its obligations hereunder.

                                       2
<PAGE>

            (ii) The  execution,  delivery  and  performance  by  Ronson of this
Agreement and the consummation of the transactions  contemplated hereby: (a) are
within Ronson's corporate power and authority;  (b) have been duly authorized by
all necessary or proper corporate  action;  (c) are not, in contravention of any
provision of Ronson's  certificate  of  incorporation  or by-laws;  (d) will not
violate  any  law or  regulation,  or any  order  or  decree  of  any  court  or
governmental  instrumentality binding upon Ronson; (e) will not conflict with or
result in the breach or termination of, constitute a default under or accelerate
any  performance  required by, any indenture,  mortgage,  deed of trust,  lease,
agreement or other  instrument  to which Ronson is a party or by which Ronson or
any of its property is bound;  (f) will not result in the creation or imposition
of any lien,  charge or encumbrance upon any of the property of Ronson;  and (g)
do not require the consent or approval of, or any filing with, any  governmental
authority or any other person (except for those consents and approvals that have
been obtained).

            (iii) This  Agreement has been duly executed and delivered by Ronson
and  constitutes a legal,  valid and binding  obligation of Ronson,  enforceable
against it in  accordance  with its terms,  subject  to  applicable  bankruptcy,
insolvency, fraudulent conveyance,  reorganization,  moratorium and similar laws
affecting  creditors'  rights  and  remedies  generally,   and  subject,  as  to
enforceability,  to  general  principles  of  equity,  including  principles  of
commercial  reasonableness,  good faith and fair dealing  (regardless of whether
enforcement is sought in a proceeding at law or in equity).

         B. Guarantor Representations.  The Guarantor represents and warrants to
            -------------------------
Ronson that:

            (i) The execution, delivery and performance by the Guarantor of this
Agreement: (a) does not violate any law or regulation, or any order or decree of
any court or governmental instrumentality binding on the Guarantor; (b) will not
conflict with or result in the breach or  termination  of,  constitute a default
under or accelerate any performance required by, any indenture,  mortgage,  deed
of trust, lease, agreement or other instrument to which the Guarantor is a party
or by which the  Guarantor or any of his property is bound;  (c) will not result
in the creation or imposition of any lien, charge or encumbrance upon any of the
property of the Guarantor; and (d) do not require the consent or approval of, or
any filing with,  any  governmental  authority  or any other person  (except for
those consents and approvals that have been obtained).

            (ii) This  Agreement  has been duly  executed  and  delivered by the
Guarantor  and  constitutes  the  legal,  valid and  binding  obligation  of the
Guarantor,  enforceable  against it in  accordance  with its  terms,  subject to
applicable  bankruptcy,   insolvency,  fraudulent  conveyance,   reorganization,
moratorium and similar laws affecting  creditors' rights and remedies generally,
and subject,  as to enforceability,  to general principles of equity,  including
principles of commercial reasonableness, good faith and fair dealing (regardless
of whether enforcement is sought in a proceeding at law or in equity).

                                  ARTICLE III
                                  -----------

         A.  Notices.  Whenever it is provided  herein that any notice,  demand,
             -------
request, consent,  approval,  declaration or other communication shall or may be
given to or served upon either of the parties by the other,  or whenever  either
of the  parties  desires to give or serve upon the other any such  communication
with respect to this  Agreement,  each such notice,  demand,

                                       3
<PAGE>

request,  consent,  approval,  declaration  or other  communication  shall be in
writing and either shall be delivered in person with receipt  acknowledged or by
registered or certified mail,  return receipt  requested,  postage  prepaid,  as
follows: (i) if to Ronson, to Campus Drive, P.O. Box 6707, Somerset,  New Jersey
08875,  Attn:  Chief  Financial  Officer;  and (ii) if to the Guarantor,  to the
Guarantor's  address  hereinabove  set forth; or at such other address as may be
substituted  by  notice  given as herein  provided.  The  giving  of any  notice
required  hereunder  may be waived in writing by the party  entitled  to receive
such notice. Every notice, demand, request,  consent,  approval,  declaration or
other communication  hereunder shall be deemed to have been duly given or served
on the date on which personally delivered,  with receipt acknowledged,  or three
business  days after the same shall have been  deposited  with the United States
mail.

         B. Benefits.  Except as otherwise provided herein, this Agreement shall
            --------
be binding  upon and inure to the benefit of the parties to this  Agreement  and
their respective  successors and permitted  assigns.  Nothing in this Agreement,
express or implied,  is intended or shall be  construed to give any person other
than the parties to this Agreement or their respective successors or assigns any
legal or equitable  right,  remedy or claim under or in respect of any agreement
or any provision contained herein.

         C. Integration.  This Agreement constitutes the complete  understanding
            -----------
of the parties  with  respect to its  subject  matter and  supersedes  any other
agreement  or  understanding  relating  thereto.  No  amendment or waiver of any
provision  of this  Agreement  shall in any event be  effective  unless the same
shall be in writing and signed by the parties  hereto.  No action taken pursuant
to this Agreement,  including,  without  limitation,  any investigation by or on
behalf of any party,  shall be deemed to constitute a waiver by the party taking
such action, of compliance with any  representations,  warranties,  covenants or
agreements contained herein.

         D. Survival.  The  representations,  warranties  and agreements  herein
            --------
shall survive  termination  or expiration of the Loan  Agreement or the Guaranty
Documents or any other event.

         E.  Severability.  In the event that any one or more of the  provisions
             ------------
contained  in this  Agreement  shall be  determined  to be  invalid,  illegal or
unenforceable  in any  respect  for  any  reason,  the  validity,  legality  and
enforceability  of any such  provision or  provisions in every other respect and
the remaining provisions of this Agreement shall not be in any way impaired.

         F. Governing Law. This  Agreement  shall be governed by,  construed and
            -------------
enforced in accordance  with, the laws of the State of New Jersey without regard
to the principles thereof relating to conflict of laws.

         G.  Counterparts.  This  Agreement  may be  executed  in any  number of
             ------------
counterparts,  each of which shall be deemed to be an original  and all of which
together shall be deemed to be one and the same instrument.

                                       4
<PAGE>

         IN  WITNESS  WHEREOF,  Ronson  and  the  Guarantor  has  executed  this
Agreement as of the day and year first above written.

                             RONSON CORPORATION

                             By       /s/ Daryl Holcomb
                               ---------------------------------
                                      Daryl Holcomb,
                                      Vice President and Chief Financial Officer

                             GUARANTOR:

                                      /s/ Louis V. Aronson II
                             -----------------------------------
                             Louis V. Aronson II

                                       5

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