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                                                                   EXHIBIT 10.10

October 29, 1996

David P. Binkley, Ph.D.
239 Keeler Drive
Ridgefield, CT 06877

Dear Dave,

This letter supersedes any similar such letters on the same subject of prior
date.

The Board of Directors and employees of ARGONAUT TECHNOLOGIES, INC. are very
excited and pleased about you becoming our President, Chief Executive Officer
and Board member. We are unanimous in the belief that you can lead the Company
in its move forward toward worldwide prominence. This letter is a formal offer
to join the Company.

Your initial salary for the position will be $17,667 per month, an 8% increase
over your current salary. Your salary will be reviewed annually. The first
review will be in January 1998 and adjustments will be based on performance.
You will also receive a bonus plan that will provide you the opportunity of
earning up to 40% of your base salary in additional cash compensation based
upon achieving milestones to be established by you and the Board. You will be
eligible for this bonus annually (to be reviewed and paid in each January for
the prior calendar year) beginning in January 1998.

You will be granted an option to purchase 500,000 shares of common stock at a
price equal to the fair market value on the date of grant, which is currently
$0.30 per share for common stock. We sold preferred stock in our last financing
round at $3.25 per share. This share amount represents more than 50% above any
other officer in the Company. Your shares will vest monthly over 48 months based
upon your continued employment, however the first six months of vesting will be
accelerated so that one eighth (62,500 shares) will be fully vested to you upon
commencement of employment and the remainder will begin vesting after your
initial six months with the Company.

To facilitate your relocation, you may receive reimbursement of moving expenses
(to include transportation, house selling costs, house purchase closing fees)
of up to $100,000. The Company will also make available a loan of up to $300,000
to further assist you in purchasing a home in this area. This loan will be held
as a second mortgage and due in five years or sooner in the event of
termination of your employment. The interest rate on this loan will be the
minimum rate allowable under Internal Revenue Service regulations (currently
approximately 6%), and will be fixed on the date the note is signed. You may
pay off this loan at any time. In the event of the Company's termination of
your employment without cause, you would receive twelve month's base salary as
severance.
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David P. Binkley, Ph.D.
October 29, 1996
Page two

The employee benefit package will be sent to you under a separate cover from
the Company. The component parts are medical, dental, long term disability,
life insurance, two weeks paid vacation, and 401K plan that is non-matching
until the Company is profitable.

In the event the Company is acquired by or merged into another company, if you
are not offered a position of similar responsibility and leave, the Board of
Directors will waive its right to repurchase the remaining of your unvested
shares and, therefore, you would be able to keep them.

This is not an employment contract for any specified duration. Accordingly,
your employment may be terminated by you or by us at any time, with or without
cause. This offer is contingent upon your signing of the Argonaut Proprietary
Information and Invention Assignment Agreement which will be sent to you under
separate cover. The terms of this offer are considered confidential information
to ARGONAUT TECHNOLOGIES, INC., and we trust that you will treat it
confidentially as between you and the Board of Directors.

If you have any questions about this offer, please contact me at 415-233-3322.
If you accept the offer, please sign this offer letter where indicated and
return it to me at your earliest convenience.

Dave, I speak for the Board of Directors and employees of the Company when I
say that we are looking forward to building a mutually rewarding business
relationship.

We are looking forward to having you join the ARGONAUT TECHNOLOGIES team.

Sincerely,

/s/ B. H. BYERS
---------------------------
Brook H. Byers
Chairman of the Board
ARGONAUT TECHNOLOGIES, INC.

Accepted: /s/ D.P. BINKLEY         Date:   Oct. 29, 1996
          ---------------------         ---------------------
          David P. Binkley<PAGE>   1
                                                                     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

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