CHYRON CORPORATION

SUBORDINATED 5.00%

PROMISSORY NOTE

|**Note: AG1-08
$1,000,000** | January 14, 2008
New York, New York
|--------------------------- | -----------------------------------

Chyron Corporation, a New York corporation (the "**Company**"), for value received, hereby promises to pay to **Axis Graphics, LLC, a Delaware limited liability company**, or its registered assigns (the "**Holder**"), the maximum principal sum of **One Million Dollars** ($1,000,000), or such lesser amount as shall equal the then outstanding principal amount hereof, plus accrued and unpaid interest on such outstanding principal amount at the rate of five percent (5.00%) per annum (computed on the basis of a 366 day year for the actual number of days elapsed), as set forth below, on December 31, 2008  ("**Maturity**").  Payment for all amounts due hereunder shall be made by mail to the registered address of the Holder, or, if requested in writing by the Holder, by wire transfer in accordance with the Holder's instructions.

The following is a statement of the rights of the Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees:

1.   Payment of Principal and Interest

**(a)  Payment in Full on Maturity**.  Unless this Note is sooner prepaid in accordance with the terms and conditions herein, or sooner becomes due and payable under Section 2 hereof, all outstanding principal of and accrued but unpaid interest on this Note shall be paid in full on Maturity; provided however that the Company may prepay this Note, in full or in part, at any time prior to Maturity, without penalty or further interest, by paying to the Holder the outstanding principal amount at such time, plus any accrued but unpaid interest on such principal amount as of the date of such payment.

**(b)  Interest**.  Interest shall accrue on the outstanding principal amount of this Note, at the rate of five percent (5.00%) per annum and will be payable quarterly (the "**Coupon Rate**") computed on the basis of a 366-day year, until the payment in full of all outstanding principal of and accrued interest on this Note.  Quarterly interest shall be payable on the following dates: for the quarter ended March 31, 2008, on April 1, 2008; for the quarter ended June 30, 2008, on July 1, 2008; for the quarter ended September 30, 2008, October 1, 2008; and for the quarter ended December 31, 2008, on December 31, 2008. All payments, including, without limitation, prepayments, made under this Note shall be applied first against accrued but unpaid interest and second against the outstanding principal balance hereof. Notwithstanding the foregoing provisions of this Section 1(b) or of Section 5, any amount not paid when due hereunder shall bear interest at the rate of ten percent (10.00%) per annum.

2.   Events of Default.

(a)

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(b)

(c)

(d)

(e)

(f)

then, upon the occurrence of any Event of Default described in paragraph (a), (c), (d), (e) or (f) above, all outstanding principal of this Note and all accrued but unpaid interest thereon shall be accelerated automatically, without any further action by any party, and shall become immediately due and payable notwithstanding any other provision of this Note, without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are hereby expressly waived by the Company; and upon the occurrence of any other Event of Default described in the other paragraphs above, Holder may, at Holder's option exercisable at any time after the applicable cure period, by notice to the Company in writing, accelerate this Note and declare the entire outstanding principal balance of this Note and all accrued but unpaid interest thereon immediately due and payable, without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are hereby expressly waived by the Company.  Holder may enforce its rights under this Note and otherwise at law or in equity or both, all remedies available to Holder under this Note or otherwise shall be cumulative, and no course of dealing between the Company and Holder or any delay or omission in exercising any power or right shall operate as a waiver thereof.  The Company shall notify the Holder immediately in writing of the occurrence of any Event of Default, which notification shall include a summary of the material facts relating to such Event of Default and shall specify the date on which such Event of Default occurred.

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3. Representations and Warranties of the Company.

(a) Organization; Good Standing.The Company is a legal entity duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on the operation of it business as now conducted and as proposed to be conducted.

(b) Legal Capacity; Due Authorization. The Company has full legal capacity, power and authority to execute and deliver this Note and to perform its obligations hereunder and this Note has been duly executed and delivered by the Company. All action on the part of the Company and their respective officers and directors necessary for the authorization, execution and delivery of this Note, and the performance of all of the Company's obligations hereunder has been taken, and the obligations of the Company under this Note constitute valid and binding obligations of the Company, enforceable against the Company in accordance with the terms of this Note, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

4. Representations and Warranties of the Holder. The Holder's acceptance of this Note constitutes the Holder's confirmation that it is capable of evaluating the merits and risks of an investment and to bear the economic risk of such investment for an indefinite period of time and has acquired this Note for its own account, and not with a view to, or for resale in connection with, the distribution thereof in violation of the Securities Act.

5.   Ranking

6. Right of Set-Off. Any amount payable by the Holder to the Company pursuant to that certain Asset Purchase Agreement, dated January 14, 2008, by and among the Company, the Holder and Pyburn Films, Inc. (the "Purchase Agreement") may, at the Company's option and in its sole discretion, be set off against obligations due from the Company under this Note.

7.   Waiver and Amendment



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8.   Transfer of this Note

9.   Notices

10.   Governing Law.

11.  Expenses.

12.  Lost, Stolen or Mutilated Note.

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

COMPANY

CHYRON CORPORATION

By  /s/ Michael Wellesley-Wesley  Michael Wellesley-Wesley

Chief Executive Officer and President