<PAGE>

                                                                    Exhibit 10.2

                                 PROMISSORY NOTE

$250,000.00                                               Jacksonville Beach, FL
                                                                October 22, 2003

         FOR VALUE RECEIVED, INTREPID CAPITAL CORPORATION, INC., a Delaware
corporation (the "Company"), promises to pay to the order of FORREST TRAVIS (the
"Holder") the principal sum of two hundred fifty thousand and 00/100 U.S.
Dollars ($250,000.00) with interest in arrears on the unpaid principal balance
from time to time outstanding from the date hereof until due and payable at the
rate provided in Section 1(a) hereof. The Holder of this Note, by acceptance
hereof, agrees to and shall be bound by the provisions of this Note.

         1.       TERMS OF NOTE. The payment terms of this Note shall be as
                  follows:

                  (a)      Interest. This Note shall bear interest on the
                           outstanding principal balance hereof at the rate of
                           six percent (6%) per annum (computed on the basis of
                           a 365 or 366 day year, as the case may be). Interest
                           on this Note shall accrue from the date of issuance
                           of this Note set forth above.

                  (b)      Payment and Maturity. The principal of this Note and
                           accrued interest at the rate provided in Section 1(a)
                           hereof shall be payable in generally level quarterly
                           installments of principal and interest on January 15,
                           April 15, July 15 and October 15 of each year through
                           October 15, 2006, all as more specifically provided
                           in the amortization schedule attached hereto as
                           Schedule 1. All payments of principal and interest
                           hereunder shall be made by the Company in lawful
                           money of the United States of America at the address
                           of the Holder appearing on the books of the Company,
                           or such other place as the Holder hereof shall
                           designate to the Company in writing. If not sooner
                           paid as aforesaid, the entire balance of this Note,
                           including both principal and unpaid interest, shall
                           be due and payable in full on the third anniversary
                           of this Note.

                  (c)      Voluntary Prepayment. The Company has the right to
                           prepay this Note in whole or in part at any time
                           during the term of this Note without premium or
                           penalty. Any such partial prepayment shall be applied
                           first against accrued interest and then against the
                           principal sums last maturing hereunder.

         2.       SECURITY INTEREST. The Company grants to Holder and the Holder
                  accepts from Company a secured interest in the proceeds (cash
                  and non-cash) of the Company's billed and uncollected advisory
                  fees, as well as all future unbilled advisory fees This
                  security interest shall remain in force until all of the
                  Company's indebtedness to the Holder under this Note is
                  satisfied.

         3.       RESTRICTIONS. The Holder by its acceptance of this Note
                  acknowledges that it is aware that this Note has not been
                  registered under the Securities Act or the securities laws of
                  any state or other jurisdiction. The Holder represents and
                  warrants to the Company that it has acquired this Note for
                  investment and not with a view to or for sale in connection
                  with any distribution of this Note or with any intention of
                  distributing or selling this Note.

<PAGE>

                  The Holder acknowledges that it has no right to demand that
                  the Company register this Note.

         4.       DEFAULT. It shall be an event of default ("Event of Default")
                  hereunder if the Company shall (a) fail to make when due
                  payment of the principal of or any interest on this Note and
                  such failure continues for a period of thirty (30) business
                  days after the date such payment was due; (b) default in the
                  performance of any of the obligations, covenants or agreements
                  legally imposed by the terms of this Note; (c) apply for or
                  consent in writing to the appointment of a receiver, trustee,
                  or liquidator of the Company; (d) file a voluntary petition in
                  bankruptcy or admit in writing the Company's inability to pay
                  the Company's debts as they come sue; (e) make general
                  assignments for the benefit of creditors; (f) file a petition
                  or answer seeking reorganization or rearrangement with
                  creditors or taking advantage of any insolvency law; or (g)
                  file an answer admitting the material allegations of a
                  petition filed against the Company in any bankruptcy,
                  reorganization, insolvency or similar proceedings. At the
                  option of the Holder, the whole indebtedness evidenced hereby
                  may be declared due and payable upon the occurrence of an
                  Event of Default, whereupon the entire unpaid principal
                  balance of this Note and all interest accrued thereon from the
                  last payment due shall thereupon at once mature and become due
                  and payable without presentation or demand for payment or
                  notice of the intent to exercise such option or notice of the
                  exercise of such option by the Holder, or notice of any kind,
                  all of which are hereby expressly waived by the Company and
                  may be collected by suit or other legal proceedings.

         5.       COSTS AND EXPENSES OF COLLECTION. If there shall be an Event
                  of Default on this Note, the Company shall be liable for all
                  costs, expenses, and reasonable attorneys' and paralegal's
                  fees and expenses incurred by the Holder in connection with
                  the collection of the sums evidenced hereby, including all
                  such costs, expenses, and fees incurred in on any appeal or in
                  any administrative or bankruptcy proceeding.

         6.       USURY. It is the intention of the parties hereto to comply
                  with the usury laws applicable to this loan, if any.
                  Accordingly, it is agreed that notwithstanding any provision
                  to the contrary in this Note, no such provision shall require
                  the payment or permit the collection of interest in excess of
                  the maximum permitted by law. ("Excess Interest"). If any
                  Excess Interest is provided for, contracted for, charged for
                  or received, then the provisions of this paragraph shall
                  govern and control and the Company shall not be obligated to
                  pay the amount of such Excess Interest. Any such Excess
                  Interest which may have been collected shall be, at the
                  Holder's option, either applied as a credit against the then
                  unpaid principal amount hereof or refunded to the Company. The
                  effective rate of interest shall be automatically subject to
                  reduction to the maximum lawful contract rate allowed under
                  the usury laws as now or hereafter construed. It is further
                  agreed that without limitation of the foregoing, all
                  calculations of the rate of interest contracted for, charged
                  for or received under this Note which are made for the
                  purposes of determining whether such rate exceeds the maximum
                  lawful rate shall be made, to the extent permitted by law, by
                  amortizing, prorating, allocating and spreading in equal parts
                  during the full stated term of this Note all interest
                  contracted for, charged for or received from the Company or
                  otherwise by the Holder.

         7.       HEADINGS. The descriptive headings of this Note are inserted
                  for convenience only and do not constitute a part of this
                  Note.

         8.       GOVERNING LAW. This Note shall be governed by, and construed
                  and interpreted in accordance with, the laws of the state of
                  Florida, excluding those laws relating to the resolution of
                  conflicts between the laws of different jurisdictions.

<PAGE>

         9.       WAIVER OF TRIAL BY JURY. THE COMPANY AND THE HOLDER HEREBY
                  KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT
                  EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
                  LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
                  CONNECTION WITH THIS NOTE OR ANY COURSE OF CONDUCT, COURSE OF
                  DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF
                  THE COMPANY OR HOLDER.

         IN WITNESS WHEREOF, the Company has caused this Note to be executed
under the seal by its duly authorized officer as of the date set forth above.

                                   COMPANY

                                   INTREPID CAPITAL CORPORATION

                                   By:   /s/ Mark F. Travis
                                       -----------------------------------
                                       Mark F. Travis
                                       Chief Executive Officer/President

                                   By:   /s/ Donald C. White
                                       -----------------------------------
                                       Donald C. White
                                       Chief Financial Officer

                                   HOLDER

                                   FORREST TRAVIS

                                         /s/ Forrest Travis
                                   --------------------------------------------

<PAGE>

                                   SCHEDULE 1

                              AMORTIZATION SCHEDULE

<TABLE>
<CAPTION>
                         TOTAL         PRINCIPAL       INTEREST        REMAINING
     DATE               PAYMENT         PORTION        PORTION          BALANCE
     ----               -------        ---------       --------        ----------
<S>                   <C>              <C>             <C>            <C>
January 15, 2004      $ 23,873.00      $19,205.00      $3,668.00      $230.795.00
April 15, 2004        $ 23,873.00      $19,487.00      $3,386.00      $211.308.00
July 15, 2004         $ 23,873.00      $19,773.00      $3,100.00      $191,535.00
October 15, 2004      $ 23,873.00      $20,062.00      $2,811.00      $171,473.00
January 15, 2005      $ 23,873.00      $20,357.00      $2,516.00      $151,116.00
April 15, 2005        $ 23,873.00      $20,656.00      $2,217.00      $130,460.00
July 15, 2005         $ 23,873.00      $20,959.00      $1,914.00      $109,501.00
October 15, 2005      $ 23,873.00      $21,267.00      $1,606.00      $ 88,234.00
January 15, 2006      $ 23,873.00      $21,579.00      $1,294.00      $ 66.655.00
April 15, 2006        $ 23,873.00      $21,895.00      $  978.00      $ 44.760.00
July 15, 2006         $ 23,873.00      $22,217.00      $  656.00      $ 22.543.00
October 15, 2006      $ 23,873.00      $22,543.00      $  330.00      $      0.00
</TABLE>