Document:

Form of Amended Intercreditor Agreement

 Exhibit 10.8 

INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (this “Agreement”) dated as of the
29th day of April, 2010, is made by and among TD
Waterhouse RRSP Account 230832S, in trust for Peter Alan Lacey as beneficiary, a corporation (“Lender 1”), Peter A. Lacey, an individual (“Lender 2”“), Michael Moretti, an individual
(“Lender 3”), Tejas Securities Group, Inc 401k Plan and Trust, FBO John J. Gorman, John J. Gorman TTEE, a trust (“Lender 4”), William S. Steckel, an individual (“Lender
5”),and Dynamic Worldwide Solar Energy, LLC a Delaware Limited Liability Company (“Lender 6”), (Lender 1, Lender 2 Lender 3, Lender 4, Lender 5, and Lender 6 are sometimes referred to
herein as the “Lenders”). 
 WITNESSETH: 

WHEREAS, each of the Lenders has entered into a secured lending arrangement with Daystar Technologies, Inc. (the
“Company”); 
 WHEREAS, as part of each such lending arrangement, the Company has issued a convertible
promissory note to each of the Lenders (all indebtedness and other obligations of the Company to the Lenders as evidenced by each convertible promissory note being the “Loan Obligations” and all convertible promissory notes being,
collectively, “Notes”); 
 WHEREAS, the Loan Obligations of each of the Lenders are secured by prior
security interests granted by the Company to each of the Lenders in certain assets of the Company (all such assets being collectively, the “Collateral”) as described in security agreements between the Company and each of the
Lenders (the security agreements being, collectively, “Security Agreements”); and 
 WHEREAS, it is contemplated that
the security interests held by each of the Lenders in the Collateral shall rank pari passu on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Lenders agree as follows: 

1. Each Lender hereby acknowledges that the security interests held by each of the Lenders pursuant to the Security Agreements rank
equally and ratably without priority over one another, regardless of the order of time in which any such security interests or claims arise, attach or are perfected by filing, recording, possession, control or otherwise. Each Lender and its Loan
Obligation is listed in Schedule 1 attached hereto. Each Lender has the obligation to all other parties hereto to provide in writing any change of address or contact information. 

2. The Security Agreements and Notes include all renewals, replacements, modifications and extensions thereof, to the extent that such
renewals, replacements and modifications do not increase the principal amount thereof.
 3. The principal amount of the Notes of
the Lenders listed herein, or as amended, may not exceed $7.0 million in the aggregate (“Maximum Bridge Amount”). All Notes must be on the same payment terms which shall be one balloon payment on the maturity date, may not be

 
prepaid in whole or part without the Lenders’ approval, and must have coterminous maturity dates. All Notes and Security Agreements must be cross defaulted and cross collateralized; and in
the event a Note or Security Agreement of any respective Lender shall not so provide, then the terms of this Agreement shall be incorporated into such Note and Security Agreement as if they were original a part of such documents. 

4. This Agreement and all obligations hereunder, or with respect hereto, shall continue in full force and effect so long as any of the
Loan Obligations remain outstanding. 
 5. Each of the Lenders shall (a) promptly notify the other Lenders of any default
under the Notes, Security Agreements or any other agreements or documents executed in connection therewith, as applicable (a “Default”) known to such Lender and not reasonably believed to have been previously disclosed to the
other Lenders; (b) provide the other Lenders with such information and documentation as such other Lenders shall reasonably request in the performance of their respective obligations hereunder, including but not limited to information relative
to the outstanding balance of principal, interest and other sums owed to such Lender by the Company; and (c) cooperate with the other Lenders with respect to any and all collections and/or foreclosure procedures at any time commenced against
the Company or otherwise in respect of the Collateral securing the Loan Obligations. In the event of default, the Lenders may agree to appoint one Lender or Lender’s designee as the Servicing Lender to act on behalf of all of the Lenders
hereunder. The Lenders agree to pay the Servicing Lender a servicing fee not to exceed 10% of the balance of the Notes outstanding for servicing the defaulted Loan Obligations. THE SERVICING LENDER,
WHERE APPLICABLE, SHALL NOT BE LIABLE FOR ANY ERROR OR ACT DONE
BY IT IN GOOD FAITH, OR BE OTHERWISE RESPONSIBLE OR ACCOUNTABLE UNDER
ANY CIRCUMSTANCES WHATSOEVER (INCLUDING THE SERVICING LENDER’S NEGLIGENCE), EXCEPT
FOR THE SERVICING LENDER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. COMPANY
WILL REIMBURSE SERVICING LENDER FOR REASONABLE EXPENSES, UP TO A MAXIMUM
OF $100,000, WHICH MAY BE INCURRED BY IT IN THE PERFORMANCE OF ITS
SERVICING DUTIES. COMPANY WILL SAVE SERVICING LENDER HARMLESS AGAINST, ANY AND
ALL LIABILITY, CLAIMS, OR HARM AGAINST THE COMPANY, TD WATERHOUSE RRSP ACCOUNT 230832S,
IN TRUST FOR PETER ALAN LACEY AS BENEFICIARY, AND PETER A. LACEY, AN
INDIVIDUAL. THE FOREGOING INDEMNITY SHALL NOT TERMINATE UPON DISCHARGE OF THE
LOAN OBLIGATIONS OR FORECLOSURE, OR RELEASE OR OTHER TERMINATION OF THE
SECURITY AGREEMENTS. All collections received by the servicing Lender shall be distributed pari passu to the Lenders after payment of the servicing fee stated above and all reasonable out of pocket expenses incurred by
the servicing Lender. 
 6. Any and all payments under the Notes as between all Lenders shall be paid equally and ratably.
Furthermore, no Lender may accelerate the obligations of the Company under its Note and commence and complete the exercise of all of its other rights and remedies thereunder (without the approval or joinder of all Lenders). No Lender has an
obligation to the other Lenders to take any steps with regard to the enforcement or protection of other Lender’s rights to the security for its Loan. In the event of a default by the Company under any Loan Obligation, should any payment,
distribution or security or proceeds be received by a Lender upon or with respect to such Lender’s Loan prior to the satisfaction in full of the default, such Lender shall immediately deliver the same equally and ratably to all Lenders in the
form received (except for endorsement or assignment by such Lender where required), for ratable 
  

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application on the Loans (whether or not then due) and, until so delivered, the same shall be held in trust on behalf of all Lenders by such Lender as the property of all Lenders. Notwithstanding
anything herein to the contrary, the Company may not prepay a Lender Note at any time in whole or in part, unless (a) no default exists under the Loans, (b) such payment on the Note will be paid equally and ratably to all Lenders
hereunder, or (c) all Lenders otherwise agree in writing to such prepayment. 
 7. This Agreement shall be governed by the
laws of the State of New York. Unless the context otherwise requires, all capitalized terms used herein which are defined in the New York Uniform Commercial Code shall have the meanings stated therein. 

8. This Agreement is solely for the benefit of and shall bind the parties hereto and their respective successors and assigns, and no
other person or persons shall have any right, benefit, priority or interest under or because of the existence of this Agreement. In the event of the transfer or assignment of all or any part of any of our security interests or claims described
in this Agreement, the priorities established in this Agreement shall continue in full force and effect with respect to such assigned or transferred interests or claims, and the assigning party agrees to advise such assignee and transferee of such
continuing priorities and obtain such assignee’s or transferee’s agreement thereto.
 9. Subject to the limitations in
paragraph 3, this Agreement may be amended to add additional Lenders up to an aggregate amount of $7.0 million in secured Collateral without a writing signed by all the Lenders; provided however, each Lender will promptly receive from Company an
amended Schedule 1 reflecting any additional Lender. 
 10. This Agreement may not be amended to increase the aggregate amount
of secured Collateral to more than $7.0 million or to affect any amendment other than as found in paragraph 9 above, except in a writing signed by all the Lenders. 

11. This Agreement may be executed in counterparts, which when executed and delivered shall be an original, but all such counterparts
shall together constitute one and the same agreement. In the event a Lender fails to execute and deliver this Agreement or an amendment to this Agreement within ten (10) business days of a written request therefor, then such Lender’s
security interests in Company shall automatically be subordinate to the Lenders who have signed this Agreement, regardless of the date of execution of the Note or Security Agreements or the filing or perfection of such non-signing Lender’s
security interests. 
 12. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and assigns. The provisions of this Agreement are, and are intended, solely for the purpose of defining the relative rights of the Lenders by and amongst themselves. Nothing contained herein is intended to or shall impair, the
obligation of the Company as among the Lenders. 
 13. This is a continuing agreement and will remain in full force and effect
until all but one of the Loans have been fully paid, performed and satisfied. This Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any payment of a Loan is rescinded or must otherwise be returned by
a Lender upon the insolvency, bankruptcy, or reorganization of the Company or otherwise, all as though such payment had not been made. 
  

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 14. No defect in, invalidity of, or absence or loss of priority in, or under this Agreement
or the Notes or Security Agreements shall affect the respective rights under this Agreement. 
 15. Each Lender agrees not to
amend or modify its respective Note or Security Agreements, without the prior written approval of the other if any such amendment or modification could materially adversely affect the other’s rights and priority to the Collateral or this
Agreement. 
 16. Within ten (10) business days after a request therefor by any Lender (the “Requesting Party”),
the party of whom such request is made, including the Company (the “Responding Party”) shall furnish to the Requesting Party, at the Requesting Party’s expense, a written letter addressed to the Requesting Party and any other party
reasonably requested by the Requesting Party (including, without limitation, any actual or prospective assignee of the Requesting Party) which states the principal amount then outstanding on the Responding Party’s loan(s) and the date to which
interest on such loan has been paid, the amount of any escrows, reserves or other sums held by or on behalf of the Responding Party (whether or not disbursed) and stating whether it has given any notice of the existence of any default under the
Responding Party’s loan and that, to its knowledge, there is no condition or event which constitutes a default or which, after notice or lapse of time or both, would constitute a default or, if any such condition or event exists, specifying in
reasonable detail the nature and period of existence thereof and what action the Company is taking or (to the extent then known to the Responding Party) proposes to take with respect thereto. 

 

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	TD Waterhouse RRSP Account 230832S
		
	By:	 	  

	Name:	 	Peter A. Lacey
	Title:	 	Authorized Signatory
	
	Peter A. Lacey
		
	By:	 	  

	Name:	 	Peter A. Lacey
	Title:	 	Authorized Signatory
	
	Michael Moretti
		
	By:	 	  

	Name:	 	Michael Moretti
	Title:	 	Authorized Signatory
	
	Tejas Securities Group, Inc 401k Plan and Trust, FBO John J. Gorman, John J. Gorman TTEE
		
	By:	 	  

	Name:	 	John J. Gorman
	Title:	 	Trustee
	
	William S. Steckel
		
	By:	 	  

	Name:	 	William S. Steckel
	Title:	 	Authorized Signatory
	
	Dynamic WorldWide Solar Energy, LLC
		
	By:	 	 /s/ Brad Zackson

	Name:	 	Brad Zackson
	Title:	 	Manager

  

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 Schedule 1. Lenders and Loan Obligations 

 

						
	 Lender
	  	Loan Obligation	  	Contact Information
	TD Waterhouse RRSP Account 230832S	  	$	2,000,000	  	
	Peter A. Lacey, an individual	  	$	885,000	  	
	Michael Moretti, an individual	  	$	400,000	  	
	 Tejas Securities Group, Inc

401k Plan and Trust, FBO John J. Gorman, John J. Gorman TTEE, a trust
	  	$	500,000	  	
	William S. Steckel, an individual	  	$	30,000	  	
	Dynamic Worldwide Solar Energy, LLC	  	$	650,000	  	
	 Aggregate Loan Obligations
	  	$	4,465,000Pledge and Assignment Agreement

 Exhibit 10.1 

PLEDGE AND ASSIGNMENT AGREEMENT 

This PLEDGE AND ASSIGNMENT AGREEMENT (this “Pledge Agreement”) is made as of the 31st day of August, 2009 by and
between BTU INTERNATIONAL, INC., a Delaware corporation, with its chief executive office, principal place of business and mailing address at 23 Esquire Road, North Billerica, Massachusetts 01862 (the “Assignor”), and
SOVEREIGN BANK, with an office at 75 State Street, Boston, Massachusetts 02109 (together with its successors and assigns the “Assignee”). 

WHEREAS, the Assignor and Assignee have been parties to a revolving line of credit facility, evidenced by among other things, an
Amended and Restated Loan Agreement dated December 31, 2006, as amended (the “Loan Agreement”), and various other loan documents, including, without limitation, a Pledge Agreement (the “Prior Pledge Agreement”) dated
as of March 31, 2009 (collectively, the “Prior Loan Documents”); and 
 WHEREAS, the parties hereto
have agreed to terminate the Loan Agreement and other Prior Loan Documents, but the Assignee has issued various letters of credit on behalf of the Assignor, and the Assignor desires that the Assignee continue to issue additional letters of credit,
and the Assignee requires the pledge of cash collateral to secure the repayment obligations arising from the Assignee’s issuance of all such letters of credit; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual agreements and covenants set forth herein, the Assignor and the Assignee agree as follows: 
 1. The
Assignor represents and warrants to the Assignee that the execution and delivery of this Pledge Agreement and the making of the assignment referred to herein (i) constitutes the valid and legally binding obligations of the Assignor which do not
violate any provision of law, any order of any court or other agency of government, or any other applicable documents, or any indenture, agreement or other instrument to which the Assignor is a party or by which it is bound, and (ii) do not
conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument. 

2. Each reference herein to: 

(a) “Obligations” shall mean all indebtedness and liabilities whatsoever of the Assignor to Assignee, whether direct,
indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including, without limitation, (i) all indebtedness and obligations evidenced by, arising from or related to applications and agreements for standby
letters of credit and other reimbursement agreements in connection with letters of credit (each a “Letter of Credit Agreement”), (ii) covered overdrafts and (iii) any and all interest and collection expenses, including, without
limitation, reasonable attorneys’ fees, associated with the foregoing. 
 (b) “Assigned Deposits” shall
mean: (i) all sums deposited or to be deposited in a deposit account numbered 000060504939756 in the name of the Assignor (the “Account”) held by the Assignee, (ii) any deposit account which may replace the Account,
(iii) any certificates of deposit, money market accounts, or any other investments or investment property or financial asset, arising from or related to the Assigned Deposits, (iv) all cash, securities, certificated securities, security
entitlements, income, interest, dividends, proceeds and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for, or in lieu of any or all of the Assigned Deposits, and the
instruments evidencing such indebtedness, together with the interest coupons (if any) attached 
  

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thereto, and all cash, securities, income, interest, dividends, proceeds and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the foregoing, and (v) all replacements thereof, substitutions therefor, investment proceeds thereof, and all interest thereon, including without limitation, any interest or earnings credited or to be credited to the
Assigned Deposits. 
 (c) “Letters of Credit” shall mean all of the outstanding letters of credit which have
been heretofore issued by the Assignee on behalf of the Assignor as described on Exhibit A to this Pledge Agreement and all letters of credit hereafter issued by the Assignee on behalf of the Assignor (each, a “Letter of Credit”).

 3. As security for all of the Obligations, the Assignor hereby assigns and pledges to the Assignee all of the Assignor’s
right, title and interest in the Assigned Deposits, and grants to the Assignee, a security interest therein, and agrees that until satisfaction in full of all Obligations, the Assignee shall have and possess the entire right, title and interest in
and to the Assigned Deposits. The Assignor agrees that the Assignee is hereby authorized to deduct directly from the Assigned Deposits all amounts due to the Assignee under any Letter of Credit Agreement or this Pledge Agreement, without prior
notice or any authorization from the Assignor. The Assignor further agrees that (i) in the event that the Assignor fails to pay to the Assignee any of the Obligations when due, or (ii) if a default occurs hereunder, or (iii) an event
of default occurs under the any Letter of Credit Agreement or this Pledge Agreement, the Assignee shall have and possess a complete right to apply the then remaining Assigned Deposits in the following order: 

 

	 	(a)	to the expense of disposing of the Assigned Deposits, including without limitation reasonable attorneys’ fees and any prepayment fees related thereto; and

  

	 	(b)	to the satisfaction of the Obligations. 

The Assignee is hereby authorized to file UCC financing statements and amendments thereto and continuations thereof, and any other
related filings, in the name of the Assignor without any signature of Assignor to further evidence the Assignee’s interest in the Assigned Deposits, to the extent deemed necessary or appropriate by Assignee. The parties agree that the Assignor
shall at all times be deemed the owner of the Assigned Deposits, subject to the terms and conditions of this Pledge Agreement. 

4. Notwithstanding anything contained in this Agreement to the contrary, as each Letter of Credit expires and the Assignee no longer has
any liability under such Letter of Credit, at the written request of the Assignor, the Assigned Deposits shall be reduced to an amount which is equal to the aggregate of (i) one hundred percent (100%) of the Assignee’s liability under
the remaining outstanding Letter(s) of Credit and (ii) all other Obligations. Upon termination of this Pledge Agreement, the Assignee shall account to the Assignor for any surplus related to the Assigned Deposits which remains. 

5. By executing this Pledge Agreement, Assignor acknowledges that as of the date hereof, it has divested itself of control over the
Assigned Deposits and that Assignee is entitled to, and does in fact control the Assigned Deposits and is entitled to receive the benefits accruing with respect thereto. The Assignor surrenders all authority or right to withdraw, collect or receive
the benefits of the Assigned Deposits. Upon the maturity of any of the Assigned Deposits, Assignee shall reinvest the Assigned Deposits in an investment of Assignee’s choice. With respect to any reinvestments, so long as Assignee acts in good
faith and in accordance with this Pledge Agreement, Assignor releases Assignee from all liability and covenants not to sue Assignee. 
  

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 6. This Pledge Agreement is irrevocable so long as any Obligations are outstanding and shall
terminate only upon (i) the expiration of the Letters of Credit with no liability to the Assignee and payment in full of all Obligations, whether arising by virtue of the Assignee’s issuance of the Letters of Credit, or otherwise, or
(ii) the Assignee’s acknowledgement in writing that this Pledge Agreement has terminated. The Assignee shall carry the Assigned Deposits on its books in the Assignor’s name. All items of income, gain, expense and loss recognized in
the Assigned Deposits shall be reported to the Internal Revenue Service and all state and local taxing authorities under the names and taxpayer identification numbers of the Assignor. Upon termination of this Pledge Agreement, the Assignee shall
reassign the then remaining Assigned Deposits to the Assignor. 
 7. This Pledge Agreement is executed under and shall be
construed in accordance with the local laws of the Commonwealth of Massachusetts. No delay or omission on the Assignee’s part in exercising any right hereunder shall operate as a waiver of such right. The wavier on one occasion shall not be
construed as a bar or a waiver of any such right or remedy on any further occasion. 
 8. The Assignor waives presentment,
demand, protest and notice of dishonor of any and all of the Obligations and any other notice whatsoever. This Pledge Agreement shall be binding on the Assignor and its successors and assigns and shall inure to the benefit of the Assignee and its
successors and assigns. This Pledge Agreement and any provision hereof may not be amended, waived or terminated except by a written instrument signed by Assignor and Assignee. 

9. The Assignee is authorized in its discretion to give notice of this Pledge Agreement and the assignment provided for herein to any
party. 
 10. THE ASSIGNOR AND ASSIGNEE EACH HEREBY AGREE TO WAIVE ANY RIGHT TO A TRIAL BY JURY IN THE EVENT OF A DISPUTE
ARISING FROM THIS PLEDGE AGREEMENT, ANY LETTER OF CREDIT AGREEMENT OR ANY RELATED MATTER. 
 11. The undersigned agree that
facsimile or scanned signatures shall be deemed originals for all purposes. This Pledge Agreement may be executed in counterparts and collectively shall be deemed to be one instrument. 

12. This Pledge Agreement replaces and supercedes the Pledge and Assignment Agreement dated as of March 31, 2009 between the parties
hereto. 
 [signatures on next page] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Pledge Agreement under seal
as of the date first above written. 
  

									
		  		 	ASSIGNOR:
		  		 	BTU INTERNATIONAL, INC.
				
	 /s/ Thaddee O. Gaudette
	  		 	By:	 	 /s/ T. Kealy

	Witness	  		 		 	Name:	 	T. Kealy
		  		 		 	Title:	 	Vice President, Controller
			
		  		 	ASSIGNEE:
		  		 	SOVEREIGN BANK
				
		  		 	By:	 	 /s/ Jorge A. Schwarz

		  		 		 	Jorge A. Schwarz
		  		 		 	Senior Vice President

  

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