Document:

<PAGE>

                                 PROMISSORY NOTE

$1,565,547                                                 Cerritos, California
                                                           March 15, 2001

     FOR VALUE RECEIVED, the undersigned Robert Stemmler ("Borrower"), an
individual, promises to pay to the order of IMPCO Technologies Inc., a Delaware
corporation (the "Company"), on March 15, 2002, at its office at 16804 Gridley
Place, Cerritos, California, or at such other place as the holder hereof may
designate, in lawful money of the United States of America and in immediately
available funds, the principal sum of One Million Five Hundred Sixty Five
Thousand Five Hundred Forty Seven Dollars ($1,565,547), with interest thereon as
set forth herein.

INTEREST:

     (a) Interest. The outstanding principal balance of this Note shall bear
         --------
interest at nine percent (9%) per annum (computed on the basis of a 360-day
year, actual days elapsed).

     (b) Payment of Interest. Interest accrued on this Note shall be payable on
         -------------------
the first day of each month commencing April 1, 2001.

     (c) Default Rate. From and after the maturity date of this Note, or such
         ------------
earlier date as all principal owing hereunder becomes due and payable by
acceleration or otherwise, the outstanding principal balance of this Note shall
bear interest until paid in full at an increased rate per annum (computed on the
basis of a 360-day year, actual days elapsed) equal to four percent (4%) above
the rate of interest from time to time applicable to this Note.

REPAYMENT AND PREPAYMENT:

     (a) Application of Payments. Each payment made on this Note shall be
         -----------------------
credited first, to any interest then due and second, to the outstanding
principal balance hereof.

     (b) Prepayment. Borrower may prepay principal in whole but not in part on
         ----------
this Note at any time.

EVENTS OF DEFAULT:

     The occurrence of any of the following shall constitute an "Event of
Default" under this Note:

     (a) The failure to pay any principal, interest, fees or other charges when
due hereunder or under any contract, instrument or document executed in
connection with this Note.

     (b) The filing of a petition by or against any Borrower, any guarantor of
this Note or any general partner or joint venturer in any Borrower which is a
partnership or a joint venture (with each such guarantor, general partner and/or
joint venturer referred to herein as a "Third Party Obligor") under any
provisions of the Bankruptcy Reform Act, Title 11 of the United States Code, as
amended or recodified from time to time, or under any similar or other law
relating to bankruptcy, insolvency, reorganization or other relief for debtors;
the appointment of a receiver, trustee, custodian or liquidator of or for any
part of the assets or property of any Borrower or Third Party Obligor; any
Borrower or Third Party Obligor becomes insolvent, makes a general

                                       1
<PAGE>

assignment for the benefit of creditors or is generally not paying its debts as
they become due; or any attachment or like levy on any property of any Borrower
or Third Party Obligor.

     (c) The death or incapacity of any individual Borrower or Third Party
Obligor, or the dissolution or liquidation of any Borrower or Third Party
Obligor which is a corporation, partnership, joint venture or other type of
entity.

     (d) Any default in the payment or performance of any obligation, or any
defined event of default, under any provisions of any contract, instrument or
document pursuant to which any Borrower or Third Party Obligor has incurred any
obligation for borrowed money, any purchase obligation, or any other liability
of any kind to any person or entity, including the holder.

     (e) Any financial statement provided by any Borrower or Third Party Obligor
to Company proves to be incorrect, false or misleading in any material respect.

     (f) Any sale or transfer of all or a substantial or material part of the
assets of any Borrower or Third Party Obligor other than in the ordinary course
of its business.

     (g) Any violation or breach of any provision of, or any defined event of
default under, any addendum to this Note or any loan agreement, guaranty,
security agreement, deed of trust, mortgage or other document executed in
connection with or securing this Note.

MISCELLANEOUS:

     (a) Remedies. Upon the occurrence of any Event of Default, the holder of
         --------
this Note, at the holder's option, may declare all sums of principal and
interest outstanding hereunder to be immediately due and payable without
presentment, demand, notice of nonperformance, notice of protest, protest or
notice of dishonor, all of which are expressly waived by each Borrower. Each
Borrower shall pay to the holder immediately upon demand the full amount of all
payments, advances, charges, costs and expenses, including reasonable attorneys'
fees (to include outside counsel fees and all allocated costs of the holder's
in-house counsel), expended or incurred by the holder in connection with the
enforcement of the holder's rights and/or the collection of any amounts which
become due to the holder under this Note, and the prosecution or defense of any
action in any way related to this Note, including without limitation, any action
for declaratory relief, whether incurred at the trial or appellate level, in an
arbitration proceeding or otherwise, and including any of the foregoing incurred
in connection with any bankruptcy proceeding (including without limitation, any
adversary proceeding, contested matter or motion brought by Company or any other
person) relating to any Borrower or any other person or entity.

     (b) Obligations Joint and Several. Should more than one person or entity
         -----------------------------
sign this Note as a Borrower, the obligations of each such Borrower shall be
joint and several.

     (c) Governing Law. This Note shall be governed by and construed in
         -------------
accordance with the laws of the State of California.

                        [NEXT PAGE IS THE SIGNATURE PAGE]

                                       2
<PAGE>

     IN WITNESS WHEREOF, the undersigned has executed this Note as of the date
first written above.

/s/ Robert M. Stemmler
---------------------------
Robert M. Stemmler

                                       3<PAGE>

                                PROMISSORY NOTE

$782,760                                                    Cerritos, California
                                                                  March 15, 2001

     FOR VALUE RECEIVED, the undersigned Dale Rasmussen ("Borrower"), an
individual, promises to pay to the order of IMPCO Technologies Inc., a Delaware
corporation (the "Company"), on March 15, 2002, at its office at 16804 Gridley
Place, Cerritos, California, or at such other place as the holder hereof may
designate, in lawful money of the United States of America and in immediately
available funds, the principal sum of Seven Hundred Eighty Two Thousand Seven
Hundred Sixty Dollars ($782,760), with interest thereon as set forth herein.

INTEREST:

     (a)  Interest.  The outstanding principal balance of this Note shall bear
          --------
interest at nine percent (9%) per annum (computed on the basis of a 360-day
year, actual days elapsed).

     (b)  Payment of Interest. Interest accrued on this Note shall be payable on
          -------------------
the first day of each month commencing April 1, 2001.

     (c)  Default Rate.  From and after the maturity date of this Note, or such
          ------------
earlier date as all principal owing hereunder becomes due and payable by
acceleration or otherwise, the outstanding principal balance of this Note shall
bear interest until paid in full at an increased rate per annum (computed on the
basis of a 360-day year, actual days elapsed) equal to four percent (4%) above
the rate of interest from time to time applicable to this Note.

REPAYMENT AND PREPAYMENT:

     (a)  Application of Payments.  Each payment made on this Note shall be
          -----------------------
credited first, to any interest then due and second, to the outstanding
principal balance hereof.

     (b)  Prepayment.  Borrower may prepay principal in whole but not in part on
          ----------
this Note at any time.

EVENTS OF DEFAULT:

     The occurrence of any of the following shall constitute an "Event of
Default" under this Note:

     (a)  The failure to pay any principal, interest, fees or other charges when
due hereunder or under any contract, instrument or document executed in
connection with this Note.

     (b)  The filing of a petition by or against any Borrower, any guarantor of
this Note or any general partner or joint venturer in any Borrower which is a
partnership or a joint venture (with each such guarantor, general partner and/or
joint venturer referred to herein as a "Third Party Obligor") under any
provisions of the Bankruptcy Reform Act, Title 11 of the United States Code, as
amended or recodified from time to time, or under any similar or other law
relating to bankruptcy, insolvency, reorganization or other relief for debtors;
the appointment of a receiver, trustee, custodian or liquidator of or for any
part of the assets or property of any Borrower or Third Party Obligor; any
Borrower or Third Party Obligor becomes insolvent, makes a general

                                       1
<PAGE>

assignment for the benefit of creditors or is generally not paying its debts as
they become due; or any attachment or like levy on any property of any Borrower
or Third Party Obligor.

     (c)  The death or incapacity of any individual Borrower or Third Party
Obligor, or the dissolution or liquidation of any Borrower or Third Party
Obligor which is a corporation, partnership, joint venture or other type of
entity.

     (d)  Any default in the payment or performance of any obligation, or any
defined event of default, under any provisions of any contract, instrument or
document pursuant to which any Borrower or Third Party Obligor has incurred any
obligation for borrowed money, any purchase obligation, or any other liability
of any kind to any person or entity, including the holder.

     (e)  Any financial statement provided by any Borrower or Third Party
Obligor to Company proves to be incorrect, false or misleading in any material
respect.

     (f)  Any sale or transfer of all or a substantial or material part of the
assets of any Borrower or Third Party Obligor other than in the ordinary course
of its business.

     (g)  Any violation or breach of any provision of, or any defined event of
default under, any addendum to this Note or any loan agreement, guaranty,
security agreement, deed of trust, mortgage or other document executed in
connection with or securing this Note.

MISCELLANEOUS:

     (a)  Remedies.  Upon the occurrence of any Event of Default, the holder of
          --------
this Note, at the holder's option, may declare all sums of principal and
interest outstanding hereunder to be immediately due and payable without
presentment, demand, notice of nonperformance, notice of protest, protest or
notice of dishonor, all of which are expressly waived by each Borrower.  Each
Borrower shall pay to the holder immediately upon demand the full amount of all
payments, advances, charges, costs and expenses, including reasonable attorneys'
fees (to include outside counsel fees and all allocated costs of the holder's
in-house counsel), expended or incurred by the holder in connection with the
enforcement of the holder's rights and/or the collection of any amounts which
become due to the holder under this Note, and the prosecution or defense of any
action in any way related to this Note, including without limitation, any action
for declaratory relief, whether incurred at the trial or appellate level, in an
arbitration proceeding or otherwise, and including any of the foregoing incurred
in connection with any bankruptcy proceeding (including without limitation, any
adversary proceeding, contested matter or motion brought by Company or any other
person) relating to any Borrower or any other person or entity.

     (b)  Obligations Joint and Several.  Should more than one person or entity
          -----------------------------
sign this Note as a Borrower, the obligations of each such Borrower shall be
joint and several.

     (c)  Governing Law.  This Note shall be governed by and construed in
          -------------
accordance with the laws of the State of California.

                       [NEXT PAGE IS THE SIGNATURE PAGE]

                                       2
<PAGE>

      IN WITNESS WHEREOF, the undersigned has executed this Note as of the date
first written above.

/s/ Dale Rasmussen
-------------------------
Dale Rasmussen

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