Document:

Exhibit
10.5

    NON-NEGOTIABLE

    PROMISSORY
NOTE

     

    
      	
              $1,350,000.00

            	
              Menomonee
      Falls, Wisconsin

            
	 
      	
              January
      21, 2011

            

    

     

    The
undersigned, DCDC Acquisition Company LLC, a Wisconsin limited liability company
(“Maker”), for value received, promises to pay to Tier Electronics LLC, a
Wisconsin limited liability company (“Payee”), at such place as Payee shall from
time to time direct, the principal sum of ONE MILLION THREE HUNDRED FIFTY
THOUSAND AND 00/100 DOLLARS ($1,350,000.00) plus interest on the outstanding
principal balance accruing from the date hereof at a fixed annual interest rate
equal to eight percent (8%), in lawful money of the United States of
America.  Interest shall be computed on the basis of a 360-day
year.

     

    The
principal balance and accrued interest hereunder shall be due and payable in
accordance with the following schedule: (i) all interest accrued hereunder
during the previous one (1) month period shall be due and payable on the one (1)
month anniversary of the date hereof and on each monthly
anniversary of the date hereof thereafter until the third (3rd)
anniversary of the date hereof, which is the date the last interest payment
shall be due hereunder; and (ii) the sum of Four Hundred Fifty Thousand and
00/100 Dollars ($450,000.00) shall be due and payable on the first (1st)
anniversary of the date hereof and on each anniversary of the date hereof
thereafter until the third (3rd)
anniversary of the date hereof, which is the date the last principal payment
shall be due hereunder.  If any date for the payment of principal and/or
interest hereunder shall be a Saturday, Sunday or legal holiday in the United
States, then such payment shall be made on the first regular business day
immediately following such date.

     

    Notwithstanding
the foregoing, in the event that (i) Payee or current and/or former members of
Payee are obligated to pay any amount of income taxes relating solely and
exclusively to income from operations of Payee for Payee’s tax year ending
December 31, 2010, and (ii) Payee has not previously made tax distributions to
its members for the estimated payment of such amount, Maker shall, within five
(5) business days after actual receipt of written notice from Payee containing
reasonably detailed evidence of the amount of such income tax obligations of
Payee or Payee’s current and/or former members (after giving effect to any
applicable state or federal deductions), make a prepayment hereunder in the
aggregate amount of such income tax obligations in accordance with the
prepayment provisions set forth below.

     

    Further
notwithstanding the foregoing, if at any time prior to the payment in full of
the unpaid principal balance and accrued interest hereunder the federal capital
gains rate applicable to Payee is greater than fifteen percent (15%) and/or the
State of Wisconsin capital gains rate applicable to Payee is greater than five
and 425/1,000 percent (5.425%), then the principal amount hereunder (retroactive
to the date hereof) shall be increased by an amount equal to the product of (i)
the aggregate amount of federal and state capital gain realized by Payee in
connection with the transactions contemplated by the Purchase Agreement (as
defined below), multiplied by (ii) the difference between (A) the combined
federal and State of Wisconsin capital gains rate as of the date of calculation,
minus (B) the combined federal and State of Wisconsin capital gains rate of
twenty and 425/1,000 percent (20.425%) as of the date hereof.  Any
adjustment to the principal amount hereunder pursuant to the terms and
conditions of this paragraph shall be effected by increasing the amount of the
last payment due hereunder without affecting the next regularly-scheduled
payment(s) hereunder.  For purposes of this paragraph, “Payee” shall
include, without limitation, Jeffrey Reichard, the sole member of Tier
Electronics LLC, or such other person who bears the ultimate tax liability on
such capital gains.  It is the intent of this paragraph to benefit the
ultimate taxpayer on such capital gains against any increase in the capital
gains rates applicable to Payee during the period when this Note is
outstanding.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This Note
is secured by the pledge by Maker of certain collateral pursuant to that certain
Collateral Pledge Agreement dated as of the date hereof between Maker and
Payee.

     

    Maker
reserves and shall have the right at any time without notice, bonus or penalty
to prepay all or any portion of the unpaid principal balance and accrued
interest hereunder.  Maker may require presentation of this Note for
endorsement of the prepayment in case prepayment is in part, or for surrender in
case prepayment is in full.  Any partial prepayment shall first be applied
to accrued interest and then to the payment of principal.

     

    Maker
shall be in default on this Note upon the occurrence of any of the
following:

     

    (a)           Any
payment of principal or interest is not made when due, and such nonpayment
continues for fifteen (15) days following written notice by Payee to
Maker.

     

    (b)           Maker
becomes the subject of bankruptcy or insolvency proceedings that are not
dismissed within thirty (30) days.

     

    (c)           A
Maker Parent Change in Control occurs.  “Maker Parent Change in Control”
means any transaction or series of transactions resulting in any of the
following:  (i) the acquisition by one or more Unrelated Purchasers
(as defined below) of all or substantially all of the assets of Maker Parent (as
defined below); (ii) the acquisition of equity interests constituting more than
fifty percent (50%) of the issued and outstanding equity interests of Maker
Parent by one or more Unrelated Purchasers, including, without limitation,
pursuant to a purchase of stock, plan of merger, share exchange or
consolidation; or (iii) a combination or plan of merger involving Maker Parent
in which one or more Unrelated Purchasers hold more than fifty percent (50%) of
the economic and voting interests of the surviving entity.  “Unrelated
Purchaser” means any person or entity other than Maker Parent or an Affiliate of
Maker Parent.  “Maker Parent” means ZBB Energy Corporation, the owner of
all of the membership interests of Maker.  “Affiliate” means, as to any
entity, any person or other entity which, directly or indirectly, is in control
of, is controlled by, or is under common control with, such entity.  A
person or entity shall be deemed to control another entity if the controlling
person or entity possesses, directly or indirectly, the power to direct or cause
the direction of the management and policies of the other entity, whether
through the ownership of voting securities, by contract or
otherwise.

    
      
         

      

      
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    (d)           Maker
Parent ceases to hold at least eighty percent (80%) of the economic and voting
interests of Maker.

     

    (e)           Maker
is in default, and such default continues for five (5) business days following
written notice by Payee to Maker, on the performance of any covenant of Maker
contained in Section 9.1(a) or Section 9.1(b) of the Purchase Agreement (as
defined below).

     

    Upon a
default, the unpaid principal balance and all accrued interest hereunder shall,
at the option of Payee and without notice, mature and become immediately due and
payable.  In the event that Payee engages an attorney or collection agency
to assist with the collection of any past due amounts hereunder, Maker shall
reimburse Payee for all reasonable fees and expenses incurred by Payee by reason
thereof.

     

    This Note
is issued pursuant to that certain Asset Purchase Agreement dated as of the date
hereof by and among Maker, Payee, Jeffrey Reichard and ZBB Energy Corporation
(the “Purchase Agreement”).  The Purchase Agreement contains provisions for
set-off by Maker against amounts due under this Note under certain circumstances
specified in the Purchase Agreement.  Reference is made to the
Purchase Agreement for relevant provisions which bear upon this Note. Notwithstanding anything
contained herein to the contrary, any set-off by Maker of amounts due under this
Note permitted by the terms of the Purchase Agreement shall not be deemed to be
a default by Maker hereunder, but any set-off by Maker not permitted by the
terms of the Purchase Agreement shall be deemed to be a default by Maker
hereunder.

     

    No delay
or omission on the part of Payee in exercising any right or option given to
Payee shall impair such right or option or be considered as a waiver thereof or
acquiescence in any default hereunder.

     

    Maker
hereby waives presentment, demand, notice of dishonor and protest.

     

    This Note
may be amended only by a writing signed by the parties to be
charged.

     

    This Note
shall be construed and enforced in accordance with the laws of the State of
Wisconsin, without reference to choice of law or conflicts of law
principles.

     

    During
any period of default by Maker under this Note, the entire
remaining  principal  amount and accrued interest under this
Note during  such default period will accrue interest at a rate equal
to the lesser of (i) four percent (4%) plus the interest rate that would have
otherwise been charged hereunder, or (ii) the maximum rate permitted by
applicable law.

     

    [Signature page
follows]

    
      
         

      

      
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                MAKER:

              
	 
      
	
                DCDC
      ACQUISITION COMPANY LLC

              
	 
      	 
      
	
                By:

              	
                /s/ Eric C. Apfelbach

              
	 
      	
                Eric
      C. Apfelbach, President

              
	 
      	
                and
      Chief Executive Officer

              

      

    

     

    
      Signature
page to NoteUnassociated Document

    JOINT
VENTURE AGREEMENT

     

    This
JOINT VENTURE AGREEMENT ("Agreement") is made on April 27, 2010 between Secure
Runway Systems Corp (Pinksheets: SRWY) and Mineral Resources and Technical
Consulting, Inc (MRTC) a privately held Nevada Corporation.

     

    RECITALS

     

    The Joint
Venturers have agreed to make contributions to a common fund for the purpose of
acquiring and holding: potentially valuable mining properties in Nevada, Utah
and Arizona called the business interest.

     

    The Joint
Venturers consider it advisable to acquire and to hold their business interest
through a nominee so as to avoid the necessity of numerous separate agreements,
to maintain the legal title to the business interest in a simple and practicable
form, and to facilitate the collection and distribution of the profits accruing
under the business interest, and Robert L. Hawkins has agreed to act as nominee
of the Joint Venturers with the understanding that he is also acquiring a
participating interest in this joint venture on his own account,

     

    It is
therefore agreed:

     

    1. Purpose. The Joint Venturers
form this joint venture to acquire and hold the business interest in common and
to provide the finances required for its acquisition. To the extent set forth in
this Agreement, each of the Joint Venturers shall own an undivided fractional
part in the business. The Joint Venturers appoint as their agent Robert L.
Hawkins, whose duty it shall be to hold each of the undivided fractional parts
in the business interest for the benefit of, and as agent for, the respective
Joint Venturers.

     

    2. Contributions. The Agent
acknowledges that he has received from each of the Joint Venturers, for the
purpose of this joint venture, the sum set after the name of each Joint Venturer
as follows:

     

    
      	
              Name
      of Joint Venturer

            	
              Contribution

            
	
               Mineral
      Resources and Technical Consulting, Inc

            	
               Proprietary
      listings and research data of prospect mining
properties

            
	
               Secure
      Runway Systems

            	
               Cash
      and common stock of SRWY

            
	 
      	 
      

    

     

    3. Acquisition of Business
Interest. The Agent is authorized to acquire and to hold in the name of
Mineral Resources and Technical Consulting, Inc, but on behalf of the Joint
Venturers (of which the Agent is one), the business interest, and to receive as
payment on behalf of Mineral Resources and Technical Consulting, Inc the sum
of  $250,000.00USD and 500,000 shares of SRWY common stock for it as
follows: $25,000.00USD  in cash upon the execution date of this
agreement, and the balance of $225,000.00USD and 500,000 shares of Secure Runway
Systems (SRWY) common stock in two tranches. The first tranche of
$75,000.00USD due within 60 days of the execution of this agreement and the
second tranche including all shares of common stock on or before August 31,
2010.

     

    4. Profits. The Agent shall hold
and distribute the business interest and shall receive the net profits as they
accrue for the term of this Agreement or so long as the Joint Venturers are the
owners in common of the business interest, for the benefit of the Joint
Venturers as follows:

     

    
      	
              Name
      of Joint Venturer

            	
              Proportion

            
	
               Mineral
      Resources and Technical Consulting, Inc

            	
              65%

            
	
               Secure
      Runway Systems

            	
              35%

            
	 
      	 
      

    

     

    5. Expenses of Venture. All
losses and disbursements incurred by the Agent in acquiring, holding and
protecting the business interest and the net profits shall, during the period of
the venture, be paid by the Joint Venturers, on demand of the Agent, in the
ratio which the contribution of each Joint Venturer bears to the total
contributions set forth in Paragraph 2.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6. Liability of Agent. The Agent
shall be liable only for his own willful misfeasance and bad faith, and no one
who is not a party to this Agreement shall have any rights whatsoever under this
Agreement against the Agent for any action taken or not taken by
him.

     

    7. Term. This Agreement shall
terminate and the obligations of the Agent shall be deemed completed on the
happening of either of the following events: (a) the receipt and distribution by
the Agent of the final net profits accruing under the business interest; or (b)
termination by mutual assent of all joint ventures.

     

    8. Compensation of Agent. Unless
otherwise agreed to in the future by a majority in interest of the Joint
Venturers, the Agent shall not receive any compensation for services rendered by
him under this Agreement.

     

    9. Arbitration and Attorneys
Fees. The Joint Venturers agree that any dispute, claim, or controversy
concerning this Agreement or the termination of this Agreement, or any dispute,
claim or controversy arising out of or relating to any interpretation,
construction, performance or breach of this Agreement, shall be settled by
arbitration to be held in Las Vegas, NV in accordance with the rules then in
effect of the American Arbitration Association. The arbitrator may grant
injunctions or other relief in such dispute or controversy. The decision of the
arbitrator shall be final, conclusive and binding on the parties to the
arbitration. Judgment may be entered on the arbitrator’s decision in any court
having jurisdiction. The Joint Venturers will pay the costs and expenses of such
arbitration in such proportions as the arbitrator shall decide, and each Joint
Venturer shall separately pay its own counsel fees and expenses.

     

    10. Governing Law; Consent to Personal
Jurisdiction. THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF
NEVADA WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES. EACH JOINT VENTURER
HEREBY EXPRESSLY CONSENTS TO THE PERSONAL JURISDICTION OF THE STATE AND FEDERAL
COURTS LOCATED IN THE STATE OF N FOR ANY LAWSUIT FILED THERE AGAINST ANY PARTY
TO THIS AGREEMENT BY ANY OTHER PARTY TO THIS AGREEMENT CONCERNING THE JOINT
VENTURE OR ANY MATTER ARISING FROM OR RELATING TO THIS AGREEMENT.

     

    EFFECTIVE DATE OF
AGREEMENT - This agreement becomes effective as of the date it is
executed by the parties to do so.  

     

    The foregoing is agreed to
by: 

     

    
      	

	 	
              April 27,
      2010

            	 
	[Signature of
      Agent] 	 	
              [Date]

            	 

    

     

    Robert L.
Hawkins 

    [Printed
or Typed Name of Agent]

     

    
      	``Edward Minnema``	 	
              April 27,
      2010

            	 
	President, Secure
      Runway Systems Corp 	 	
              [Date]

            	 

    

     

    Edward
Minnema 

    [Printed
or Typed Name of Joint Venturer]

     

    
      	

	 	
              April 27,
      2010

            	 
	President, Mineral
      Resources and Technical Consulting, Inc  	 	
              [Date]

            	 

    

     

    Robert L.
Hawkins

    [Printed or Typed Name of Joint
Venturer]

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