Warrant Termination Agreement between Electronic Sensor Technology, Inc. and Montgomery 2006-1 Partnership
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Summary
Electronic Sensor Technology, Inc. and Montgomery 2006-1 Partnership have agreed to terminate a warrant that allowed Montgomery to purchase up to 485,213 shares of Electronic Sensor Technology's common stock. As part of this agreement, Electronic Sensor Technology will pay Montgomery $2,500. After this agreement, neither party will have any further rights or obligations under the original warrant. The agreement is effective as of May 29, 2009.
EX-10.1 2 ex10_1.txt LETTER AGREEMENT [GRAPHIC OMITTED] Electronic Sensor Technology 1077 Business Center Circle Newbury Park, California 91320 Tel. (805) 480-1994 FAX ###-###-#### May 29, 2009 Montgomery 2006-1 Partnership c/o Montgomery & Co., LLC 100 Wilshire Boulevard, Suite 400 Santa Monica, California 90401 Attention: Kevin Higgins Re: Termination of Warrant Issued by Electronic Sensor Technology, Inc. (the "Company") Dear Mr. Higgins: We refer to the Warrant dated as of December 7, 2005 issued by the Company to Montgomery 2006-1 Partnership ("Montgomery") entitling Montgomery to purchase from the Company up to 485,213 shares of common stock of the Company (the "Montgomery Warrant"). Each of the Company and Montgomery hereby agrees that effective as of the date hereof, the Montgomery Warrant is hereby terminated and of no further force and effect and neither of the parties hereto shall have any further rights, benefits or obligations thereunder. In consideration for the termination of the Montgomery Warrant, the Company hereby agrees to pay to Montgomery a total amount of $2,500. Kindly indicate your agreement to the foregoing by executing this letter in the space provided below. Sincerely, ELECTRONIC SENSOR TECHNOLOGY, INC. By: /s/ Philip Yee ------------------------------ Name: Philip Yee Title: Chief Financial Officer Acknowledged, accepted and agreed: MONTGOMERY 2006-1 PARTNERSHIP By: /s/ James W. Montgomery ------------------------------- Name: James W. Montgomery Title: CEO
