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EXHIBIT 10.2 PROMISSORY NOTE TO M&W FIBERGLASS,
LLC
UNSECURED PROMISSORY NOTE
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$1,120,328.35
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December 31, 2008
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FOR VALUE RECEIVED, ADVANCED FIBERGLASS TECHNOLOGIES, INC., a
Wisconsin corporation (herein called “Maker”), promises
to pay to the order of M & W FIBERGLASS, LLC (herein together
with all subsequent permitted holders of this Note collectively
called “Payee”), in Wisconsin Rapids, Wood County,
Wisconsin, the principal sum of One Million One Hundred Twenty
Thousand Three Hundred Twenty-eight and Thirty-five Hundredths
Dollars ($1,120,328.35) (“Principal Amount”) subject to
the terms and conditions set forth below. 1.
Payment. The outstanding principal amount of this Note
shall bear interest at the LIBOR Rate (as defined herein) as of the
date hereof plus two and seventy-five hundredths percent (2.75%)
per annum payable in quarterly installments of principal and
interest amortized over a period of fifteen years with the unpaid
principal balance due and payable with interest on the seventh
(7th) anniversary of the date hereof. For purposes of
this Note, “LIBOR Rate” shall mean the one-year London
Interbank Offered Rate determined using customary quotation
services. 2. Prepayment. Maker shall be
entitled to prepay all or any part of the principal of this Note at
any time or from time to time prior to maturity without premium or
penalty. All prep
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