Document:

EXHIBIT 4.1

                                FORM OF DEBENTURE

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS.
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

                       ELECTRONIC SENSOR TECHNOLOGY, INC.
                             (a Nevada corporation)

                                  9% DEBENTURE

Issue Date: April 10, 2009                                         $1,000,000.00
Maturity Date: April 10, 2010

     This 9% DEBENTURE (this "Debenture") is issued by ELECTRONIC SENSOR
TECHNOLOGY, INC., a Nevada corporation (the "Company"). FOR VALUE RECEIVED, the
Company promises to pay to HALFMOON BAY CAPITAL LTD, a British Virgin Islands
company (together with its registered successors and assigns, the "Holder"), the
principal sum of $1,000,000.00 on or before the Maturity Date, together with
interest in the amounts and at the times set forth below. The Company grants the
Holder a security interest in all of the intellectual properties of the Company.

1.   Interest; Redemption.

     (a) Interest. Interest shall accrue on the unpaid principal balance of this
Debenture from the Issue Date to but excluding the Maturity Date at a rate per
annum of nine percent (9%), calculated on the basis of a 365 day year and shall
be payable in arrears on each Interest Payment Date (as defined below) for the
period commencing on the immediately preceding Interest Payment Date (or, in the
case of the first Interest Payment Date, commencing on the Issue Date) and
ending on the calendar day immediately preceding such Interest Payment Date. As
used herein, "Interest Payment Date" means (i) each date of prepayment, in
respect of the principal amount of this Debenture that is being prepaid; and
(ii) the date on which the principal amount of this Debenture is due in full
(whether at maturity, by acceleration or otherwise).

     (b) Principal. The unconverted unpaid principal amount of this Debenture
shall be due and payable on the Maturity Date.

     (c) Payments. Principal and interest on this Debenture less any amounts
required to
<PAGE>

be withheld by any tax authority with jurisdiction over the Company (the
"Withheld Amounts") shall be paid to the Holder in United States Dollars by wire
transfer of immediately available funds to such account located within the
continental United States of America as the Holder may notify the Company in
writing from time to time. The Company shall pay all Withheld Amounts to the
applicable taxing authority in the manner and within the time period required by
applicable law.

     (d) Prepayment. In the event that the Company intends to prepay all or any
portion of the principal amount of this Debenture, it shall notify the Holder in
writing of its intention to do so, specifying the principal amount that the
Company intends to prepay (a "Repayment Notice"). The Company shall pay to the
Holder the principal amount set forth in the Repayment Notice within five (5)
Business Days following the Repayment Notice.

     (e) Business Days. Any payment that would be due on a date that is a
Saturday, Sunday or day that is a federal legal holiday in the United States or
a day on which banking institutions in the State of California are authorized or
required by law or other government action to close, shall instead be due on the
next succeeding day that does not fall into any of the foregoing categories (a
"Business Day").

2.   Events of Default.

     (a) "Event of Default", wherever used herein, means any one of the
following events:

          (i) Any default in the payment when due and payable of (A) interest on
     this Debenture, which failure to pay is not cured within three (3) Business
     Days, or (B) principal of this Debenture;

          (ii) A material breach by the Company of its other obligations under
     this Debenture, which material breach is not cured within thirty (30) days
     following receipt of notice thereof from the Holder; or

          (iii) (A) The Company commences a case, as debtor, under any
     applicable bankruptcy or insolvency laws as now or hereafter in effect or
     any successor thereto, or any other proceeding under any reorganization,
     arrangement, adjustment of debt, relief of debtors, dissolution, insolvency
     or liquidation or similar law of any jurisdiction whether now or hereafter
     in effect relating to the Company; (B) there is commenced a case against
     the Company under any applicable bankruptcy or insolvency laws, as now or
     hereafter in effect or any successor thereto, which remains undismissed for
     a period of ninety (90) days; (C) the Company is adjudicated by a court of
     competent jurisdiction insolvent or bankrupt; (D) the Company suffers any
     appointment of any custodian or the like for the Company or any substantial
     part of its property, which continues undischarged or unstayed for a period
     of ninety (90) days; or (E) the Company makes a general assignment for the
     benefit of creditors.

     (b) Remedies Upon Event of Default. If any Event of Default occurs, the
full principal amount of this Debenture, together with accrued and unpaid
interest thereon, shall
<PAGE>

become immediately due and payable in cash. Amounts not paid when due shall bear
interest at the maximum lawful rate and shall be payable upon demand of the
Holder.

3.   Miscellaneous.

     (a) Notices. Any and all notices required or permitted to be given to a
party pursuant to the provisions of this Debenture will be in writing and will
be effective and deemed to provide such party sufficient notice under this
Agreement on the earliest of the following: (a) at the time of personal
delivery, if delivery is in person; (b) at the time of transmission by
facsimile, addressed to the other party at the facsimile number specified herein
(or hereafter modified by subsequent notice to the parties hereto), with
confirmation of receipt made by printed confirmation sheet verifying successful
transmission of the facsimile; (c) the day of sending such notice by electronic
mail with a read or delivered receipt; (d) one (1) business day after deposit
with an express overnight courier for United States deliveries, or two (2)
business days after such deposit for deliveries outside of the United States,
with proof of delivery from the courier requested; or (e) three (3) business
days after deposit in the United States mail by certified mail (return receipt
requested) for United States deliveries.

     All notices for delivery outside the United States will be sent by
facsimile or by express courier. Notices by facsimile shall be machine verified
as received. All notices not delivered personally or by facsimile will be sent
with postage and/or other charges prepaid and properly addressed to the party to
be notified at the address or facsimile number as follows, or at such other
address or facsimile number as such other party may designate by one of the
indicated means of notice herein to the other parties hereto as follows:

     if to the Investor, to:

          Halfmoon Bay Capital Ltd
          Trident Chambers
          P.O. Box 146
          Road Town Tortola
          British Virgin Islands
          Facsimile:     603-2163-3552
          Attention:     Wan Azmi Wan Hamzah

     if to the Company, to:

          Electronic Sensor Technology, Inc.
          1077 Business Center Circle
          Newbury Park, California 91320
          Facsimile:     805-480-1984
          Attention:     President and Chief Executive Officer

     (b) Lost or Mutilated Debenture. If this Debenture shall be mutilated,
lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Debenture, or in lieu
of or in substitution for a lost, stolen or destroyed Debenture, a new Debenture
for the principal amount of this Debenture so mutilated,
<PAGE>

lost, stolen or destroyed but only upon receipt of evidence of such loss, theft
or destruction of such Debenture, and of the ownership hereof, and indemnity, if
requested, all reasonably satisfactory to the Company.

     (c) Governing Law. This Debenture will be governed by and construed in
accordance with the laws of the State of California, without giving effect to
that body of laws pertaining to conflict of laws.

     (d) Waiver. Any waiver by the Holder of a breach of any provision of this
Debenture shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this
Debenture.

     (e) Severability. If any provision of this Debenture is held to be invalid
or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Debenture shall not in any way be
affected or impaired thereby and the Company and the Holder will attempt to
agree upon a valid and enforceable provision that is a reasonable substitute
therefor, and upon so agreeing, shall incorporate such substitute provision in
this Debenture.

     (f) Headings. The headings contained herein are for convenience only, do
not constitute a part of this Debenture and shall not be deemed to limit or
affect any of the provisions hereof.

     IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed by a duly authorized officer as of the date first above indicated.

                                  ELECTRONIC SENSOR TECHNOLOGY, INC.

                                  By: /s/ William Wittmeyer
                                      ------------------------------------------
                                      Name:   William Wittmeyer
                                      Title:  Chief Operating Officerexv10w2w1

EXHIBIT 10.2.1

December 30, 2008

Mr. Thomas A. Young, Jr.

14200 Park Meadow Drive

Suite 200 South

Chantilly, VA 20151

Re: Amendment to Employment Agreement dated May 1, 2008 (the “Employment

Agreement”) with Alliance Bankshares and Alliance Bank

Dear Tom:

     By now, you may be aware that in 2004 in reaction to the Enron debacle, Congress adopted
sweeping new rules governing all forms of deferred compensation provided by employers to their
employees. These new rules — Section 409A of the Internal Revenue Code — have been evolving for
several years and are complex, and the deadline for compliance is December 31, 2008. They
have significant implications for many types of deferred compensation and benefit plans and
programs, as well as employment agreements.

     We believe that some of the payments provided under your Employment Agreement are subject to
Section 409A. As such, we recommend that your Employment Agreement be amended to avoid potentially
adverse tax consequences to you. (If Section 409A is not complied with, you may be subject to
accelerated income tax on a portion of your unpaid benefits under the Agreement plus a 20%
additional penalty and interest charge.) The proposed amendments are set forth on Schedule
A. We ask that you please countersign this letter on or before December 31, 2008 (and return a
signed copy to us for our files) to reflect our mutual agreement that your Employment Agreement
shall be, and is by virtue of this letter, amended as set forth in Schedule A.

     If you do not execute and return the amendment to us, we will assume that you have determined
that the proposed changes are not necessary to comply with Section 409A. (None of Alliance
Bankshares or its respective affiliates or representatives is liable for any adverse tax
consequences resulting from any failure to comply with Section 409A.)

     Please feel free to call me if you have any questions.

	 	 	 	 	 
	 	Sincerely,

Alliance Bank Corporation

 	 
	 	By:  	/s/ Paul M. Harbolick, Jr.
 	 
	 	Its:  	Executive Vice President and CFO 	 
	 	 	 	 
	 
	 	Alliance Bankshares Corporation

 	 
	 	By:  	/s/ Paul M. Harbolick, Jr.
 	 
	 	Its:  	Executive Vice President and CFO 	 
	 	 	 	 
	 

Seen and Agreed:

I have received the attached letter and agree to the changes to my Employment Agreement that are
described therein.

	 	 	 	 	 
	Date:
December 30, 2008     

	 	/s/ Thomas A. Young, Jr.
	 	 
	 

	 	 	 	 
	 

	 	Thomas A. Young, Jr.	 	 

 

 

SCHEDULE A

409A Amendments

(All capitalized terms have the meaning set forth in the Employment Agreement unless otherwise
defined herein.)

	1.	 	Section 4(a) shall be amended by adding the following to the end:
	 
	 	 	Notwithstanding the above, the annual base salary shall be paid in accordance with the
Corporation’s normal payroll practices, but not less frequently than monthly.
	 
	2.	 	Section 10(c) shall be amended by adding the following to the end:
	 
	 	 	Such amounts shall be paid within 60 days of Employee’s death.
	 
	3.	 	Section 10(i)(1) shall be amended by replacing it in its entirety with the following:
	 
	 	 	(i)(1) If Employee’s employment is terminated without Cause within one year after a Change
of Control shall have occurred or if he resigns for Good Reason within one year after a
Change of Control shall have occurred, then the Corporation shall pay to Employee as
compensation for services rendered to the Corporation and its Affiliates an aggregate
amount (subject to any applicable payroll or other taxes required to be withheld) equal to
the excess, if any (the “Change of Control Severance Compensation”), of (i) 299% of
Employee’s “annualized includable compensation for the base period”, as defined in Section
280G of the Code over (ii) the total amount payable to Employee under Section 10(d),
provided that the aggregate amount of Change of Control Severance Compensation required to
be paid hereby shall be paid by the Corporation in equal installments over the thirty-six
months succeeding the date of termination. Payments of the above installments of the
Change of Control Severance Compensation shall be made at the times Employee’s base salary
payments would have been made in accordance with Section 4(a).
	 
	4.	 	Section 10(i)(3) shall be amended by replacing the penultimate sentence of Section 11(j) in
its entirety with the following:
	 
	 	 	In the event payments or benefits are to be reduced, the Corporation shall effect the
reduction by first reducing or eliminating cash payments and then by reducing or
eliminating those payments or benefits which are not payable in cash, in each case in
reverse order beginning with payments or benefits which are to be paid the farthest in
time.

 

 

	5.	 	Section 23 shall be amended by replacing it in its entirety with the following:

Section 23. Code Section 409A Compliance.

     (a) The intent of the parties is that payments and benefits under this Agreement
comply with Section 409A of the Code and applicable guidance issued thereunder (“Code
Section 409A”) or comply with an exemption from the application of Code Section 409A and,
accordingly, all provisions of this Agreement shall be construed in a manner consistent
with the requirements for avoiding taxes or penalties under Code Section 409A.

     (b) Neither Employee nor the Corporation shall take any action to accelerate or delay
the payment of any monies and/or provision of any benefits in any matter which would not be
in compliance with Code Section 409A.

     (c) A termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the form or timing of payment of any amounts
or benefits that are subject to Code Section 409A and that are paid upon or following a
termination of employment unless such termination is also a “separation from service”
(within the meaning of Code Section 409A) and, for purposes of any such provision of this
Agreement under which (and to the extent) deferred compensation subject to Code Section
409A is paid, references to a “termination” or “termination of employment” or like
references shall mean separation from service. If Employee is deemed on the date of
separation from service with the Corporation to be a “specified employee”, within the
meaning of that term under Code Section 409A(a)(2)(B) and using the identification
methodology selected by the Corporation from time to time, or if none, the default
methodology, then with regard to any payment or benefit that is required to be delayed in
compliance with Code Section 409A(a)(2)(B), such payment or benefit shall not be made or
provided prior to the earlier of (i) the expiration of the six-month period measured from
the date of Employee’s separation from service or (ii) the date of Employee’s death. In
the case of benefits, however, Employee may pay the cost of benefit coverage, and thereby
obtain benefits, during such six month delay period and then be reimbursed by the
Corporation thereafter when delayed payments are made pursuant to the next sentence. On
the first day of the seventh month following the date of Employee’s separation from service
or, if earlier, on the date of Employee’s death, all payments delayed pursuant to this
Section 23 (whether they would have otherwise been payable in a single sum or in
installments in the absence of such delay) shall be paid or reimbursed to Employee in a
lump sum, and any remaining payments and benefits due under this Agreement shall be paid or
provided in accordance with the normal payment dates specified for them herein.

 

 

     (d) With regard to any provision herein that provides for reimbursement of expenses or
in-kind benefits that are subject to Code Section 409A, except as permitted by Code Section
409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or
exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement,
or in-kind benefits, provided during any taxable year shall not affect the expenses
eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year, provided
that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed
under any arrangement covered by Code Section 105(b) solely because such expenses are
subject to a limit related to the period the arrangement is in effect. All reimbursements
shall be reimbursed in accordance with the Corporation’s reimbursement policies but in no
event later than the calendar year following the calendar year in which the related expense
is incurred.

     (e) If under this Agreement, an amount is to be paid in two or more installments, for
purposes of Code Section 409A, each installment shall be treated as a separate payment.

     (f) When, if ever, a payment under this Agreement specifies a payment period with
reference to a number of days (e.g., “payment shall be made within ten (10) days following
the date of termination”), the actual date of payment within the specified period shall be
within the sole discretion of the Corporation.

     (g) Notwithstanding any of the provisions of this Agreement, the Corporation shall not
be liable to Employee if any payment or benefit which is to be provided pursuant to this
Agreement and which is considered deferred compensation subject to Code Section 409A
otherwise fails to comply with, or be exempt from, the requirements of Code Section 409.

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