Document:

AGREEMENT

       THIS AGREEMENT is made and entered into effective this
1st day of July, 2001, by and between GLOBAL CASINOS, INC., a Utah corporation ("Global" or the "Company"), GLOBAL ALASKA INDUSTRIES, INC., an Alaska corporation which is a wholly-owned subsidiary of Global ("GAI"), and MARK GRIFFIN,
individually ("Griffin").

RECITALS

       A.       Griffin and GAI are parties to a certain Stock Purchase and Sale Agreement dated August 1, 1997 (the "Sale Agreement") pursuant to which GAI acquired from Griffin 100% of the issued and outstanding shares of common stock of Alaska Bingo Supply, Inc., an Alaska corporation
("ABSI").

       B.       In connection with the Sale Agreement, GAI executed and delivered in favor of Griffin a promissory note dated August 1, 1997 in the original principal amount of $4,000,000 (the "First Note").

       C.       Effective March 31, 1998, Global and Griffin entered into an Agreement to Convert Debt (the "Conversion Agreement") pursuant to which (i) Global issued to Griffin an aggregate of 340,329 shares of Series B Convertible Preferred Stock of Global (the "Series B Preferred Stock") and (ii) the First Note was replaced by a new promissory note in the principal amount of $450,000 (the "Second Note").

       D.       Global has redeemed a portion of the shares of Series B Preferred Stock.  As of the date hereof, there remain outstanding and beneficially owned by Griffin a total of 225,455 shares of Series B Preferred Stock, having a stated value of $10.00 per share, for a total outstanding stated value of the Series B Preferred Stock of $2,254,533.27.

       E.       As of the date hereof, the total outstanding balance of principal and accrued and unpaid interest due and owing by GAI to Griffin under the Second Note is $130,617.

       F.       The parties desire to surrender for cancellation all outstanding shares of Series B Preferred Stock and replace the Second Note with a new note (the "Third Note") which consolidates (i) the principal balance due and owing under the Second Note and (ii) the aggregate stated value of the Series B Preferred Stock being surrendered for cancellation.

       NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinbelow set forth, the parties agree as follows:

       1.       Griffin, for himself, his successors, heirs and assigns, hereby transfers and assigns to Global, and irrevocably and unconditionally surrenders for cancellation, all 225,455 shares of Series B Preferred Stock owned by Griffin.

       2.       In connection with the foregoing, Griffin represents and warrants that (i) Griffin is the sole record and beneficial owner of the shares of Series B Preferred Stock and has not transferred to any third person or entity any right, title or interest with respect thereto, (ii) the shares of Series B Preferred Stock are being transferred and assigned to Global free and clear of any claims, liens, encumbrances or other rights of third parties and (iii) the shares of Series B Preferred Stock represent 100% of all of the shares of Series B Preferred Stock of Global owned by Griffin, and Griffin has not granted to any third party any option, put or call with respect to such securities.

       3.       Concurrently with the surrender by Griffin to Global of the Series B Preferred Stock, GAI shall execute and deliver to Griffin a new promissory note (the "Third Note") in the aggregate principal amount of $2,385,170.27.  The Third Note shall be given as a novation of the Second Note and in substitution therefor.  The parties stipulate and agree that the obligation of GAI to repay the Third Note shall be secured by the Security Agreement, Financing Statement and Stock Pledge Agreement, which were each executed and delivered on August 1, 1997 in connection with the consummation of the Sale Agreement.

       4.       In consideration of the foregoing, each party hereto, for itself, its officers, directors, shareholders, agents, personal representatives, successors and assigns, hereby irrevocably and unconditionally waives and relinquishes any claims or causes of action which such party might have by reason of any condition of default or claim of default or nonperformance by any party under the Sale Agreement, Conversion Agreement, the First Note, Second Note or any other instrument or agreement governing the respective rights and obligations of the parties up to the date hereof.

       5.       In consideration of the foregoing, each party, for himself or itself, its officers, directors, shareholders, agents, personal representatives, successors and assigns, hereby releases, forgives and forever discharges the other, from and against any claim, obligation, debt, damage or liability, of whatsoever kind or description, known or unknown, at law or in equity, which may exist or which may in the future arise by virtue of any fact, transaction or occurrence from the beginning of time up to the date hereof.

       IN WITNESS WHEREOF, the parties have signed this Agreement the date and year first above written.

	 	
Global:
	
GLOBAL CASINOS, INC., a Utah corporation

By:  /s/ Frank L.
Jennings                                     

Its: 
President                                                      

	 	
GAI:
	
GLOBAL ALASKA INDUSTRIES, INC., an Alaska corporation,

By:  /s/ Clifford C. Thygesen                                

Its: 
President                                                      

	 	
Griffin:
	
/s/ Mark
Griffin                                                   

Mark Griffin, IndividuallyThe Securities in the form of the Promissory Note of GLOBAL ALASKA INDUSTRIES, INC., have not been registered under the Securities Act of 1933, as amended, or under any state securities laws.  Such securities cannot be sold, transferred, assigned or otherwise disposed, except in accordance with the Securities Act of 1933, as amended, and applicable state securities laws.

PROMISSORY NOTE

	
$2,385,170.27
	
Anchorage, Alaska

	 	
July 1, 2001

        FOR VALUE RECEIVED, GLOBAL ALASKA INDUSTRIES, INC., an Alaska corporation, and its successors and assign, (the "Maker" or "Company") promises to pay to the order of MARK GRIFFIN (the "Holder") at 3707 Woodland Drive, #4, Anchorage, Alaska  99517, or at such other place as Holder may from time to time designate in writing, the principal sum of TWO MILLION THREE HUNDRED EIGHTY-FIVE THOUSAND ONE HUNDRED SEVENTY AND 27/100 DOLLARS ($2,385,170.27) in lawful money of the United States of America, together with interest on so such thereof as is from time to time outstanding at the rate hereinafter provided, and payable as hereinafter provided.

       1.       
Interest Rate.  The unpaid principal balance of this Convertible Promissory Note ("Note") shall bear interest commencing April ___, 2001 at the rate of eight percent (8%) per annum, simple interest.

       2.       Payment.  Principal and interest due under this Note shall be payable as follows:

              a.       Commencing on before July 15, 2001, and continuing thereafter until the Note is paid in full, the principal and accrued interest shall be payable in equal monthly installments of $43,000 each.  Interest shall be calculated from the date hereof and interest accrued for the period commencing the date hereof.

              b.        In addition to the regular monthly installments provided herein, Maker shall be obligated to prepay the principal balance of the Note to the extent of and in an amount equal to fifty percent (50%) of Maker's annual earnings before interest, taxes, depreciation and amortization ("EBITDA"), in excess of $1,300,000 per year (the "Mandatory Payment").  

       3.        Maturity Date.  The total outstanding principal balance hereof, together with accrued and unpaid interest, shall be due and in full six (6) years from the date hereof.

       4.        Default, Penalty, Interest and Attorney Fees.  Any default in the provisions of that certain Stock Purchase and Sales Agreement executed and entered into contemporaneous with this Promissory Note for which consideration is being given, shall be deemed a breach of and default in the terms and conditions of this Note.  Said Stock Purchase and Sales Agreement is hereby incorporated herein by reference as stating Maker's obligations and continuing responsibility during the term of this Promissory Note, in addition to the specific terms and provisions stated herein.

       Default shall include, but not be limited to, non-payment of any respective installment and/or applicable late payment penalty described in this Note within ten (10) days of the due date thereof.  In the event that any installment and/or applicable late payment penalties have not been apid to and received by the Holder within ten (10) days of the date due, Holder may declare a default and may further declare the entire then outstanding balance due and owing; fully accelerating total payments of
all principal, penalties, and interest thereon.

       In the event that any payment due hereunder shall not have been paid to and received by the Holder within seven (7) days of due date of such payment, a late payment penalty of Ten Thousand Dollars ($10,000) shall immediately become due and owing in addition to the payment, or payments then overdue.

       Upon default hereunder, the balance of the principal remaining unpaid, interest accrued thereon, and all other costs and fees shall bear interest at the rate of twelve percent (12%) per annum from the date of default, or the date of advance, as applicable.  Holder shall have the right to immediately seize, and take possession thereof, of any and all collateral, inventory, furniture, fixtures and equipment, as well as accounts receivables and assets given as security for the sale and purchase evidenced by the terms of this Promissory Note and the Stock Purchase and Sales Agreement incorporated herein.  In the event of default, the Maker and all other parties liable hereon agree to pay all costs of collection, seizure of security interest given, including reasonable attorney's fees.

       5.        Escrow.  All original documents executed herewith, to include Stock Purchase and Sales Agreement, this Promissory Note, and the original executed stock in Alaska Bingo Supply, Inc. shall be placed in escrow with the First National Bank of Anchorage, Main Branch, with all payments made pursuant to the agreement of the parties being paid and recorded through said escrow.

       6.       Interest Calculation.  Daily interest shall be calculated on a 365-day year and the actual number of days in each month.

       7.       Nonrecourse Obligation.  The obligation of Maker to pay all sums of principal, interest and other amounts due and owing under this Note is secured by (i) Stock Pledge Agreement of even date covering one hundred percent (100%) of the issued and outstanding shares of common stock of ALASKA BINGO SUPPLY, INC., an Alaskan corporation ("ABS"); and (ii) a General Security Agreement and Financing Statement covering all of the tangible and intangible assets of ABS.  This Note and Maker's obligation hereunder shall be deemed to be nonrecourse as to Maker; and in the event of Maker's default hereunder, Holder's sole and exclusive remedies shall be to exercise its rights under the Stock Pledge Agreement and General Security Agreement, and under no circumstances shall Maker have any liability for any deficiency which may result following Holder's exhaustion of such remedies.

              Upon default of any provision referenced herein, Holder may immediately retake all documents held in escrow, with or without notice, seize and take possession of all collateral and assets given as security for and in consideration of the terms and conditions of this Promissory Note.

       8.        Costs of Collection.  Maker agrees that if, and as often as, this Note is placed in the hands of an attorney for collection or to defend or enforce any of the Holder's rights hereunder or under any instrument securing payment of this Note, Maker shall pay to Holder its reasonable attorney's fees and all court costs and other expenses incurred in connection therewith, regardless of whether a lawsuit is ever commenced or whether, if commenced, the same proceeds to judgment or not.  Such costs and expenses shall include, without limitation, all costs, reasonable attorneys' fees, and expenses incurred by Holder in connection with any insolvency, bankruptcy, reorganization, foreclosure, deed in lieu of foreclosure or similar proceedings involving Maker or any endorser, surety, guarantor, or other person liable for this Note which in any way affect the exercise by Holder of its rights and remedies under this Note, or any other document or instrument securing, evidencing, or relating to the indebtedness evidenced by this Note.

       9.       Application of Payments.  Any payment made against the indebtedness evidenced by this Note shall be applied against the following items in the following order:  (1) costs of collection, including reasonable attorney's fees incurred or paid and all costs, expenses, default interest, late charges and other expenses incurred by Holder and reimbursable to Holder pursuant to this Note (as described herein); (2) default interest accrued to the date of said payment; (3) ordinary interest accrued to the date of said payment; and  finally, outstanding principal.

       10.       Assignment of Note .  This Note may be assigned by Maker to any entity that acquires Maker or substantially all Maker's assets.

       11.       Non-Waiver.  No delay or omission on the part of Holder in exercising any rights or remedy hereunder shall operate as a waiver of such right or remedy or of any other right or remedy under this Note.  A waiver on any one or more occasion shall not be construed as a bar to or waiver of any such right and/or remedy on any future occasion.

       12.       Maximum Interest.  In no event whatsoever shall the amount paid, or agreed to be paid, to Holder for the use, forbearance, or retention of the money to be loaned hereunder ("Interest") exceed the maximum amount permissible under applicable law.  If the performance or fulfillment of any provision hereof, or any agreement between maker and Holder shall result in Interest exceeding the limit for Interest prescribed by law, then the amount of such Interest shall be reduced to such limit.  If, from any circumstance whatsoever, Holder should receive as Interest an amount which would exceed the highest lawful rate, the amount which would be excessive Interest shall be applied to the reduction of the principal balance owing hereunder (or, at the option of Holder, be paid over to Maker) and not to the payment of Interest.

       13.       Purpose.  Maker certifies that the debt evidenced by this Note is obtained for business or commercial purposes and that the proceeds thereof will not be used primarily for person, family, household, or agricultural purposes.  This Note is issued "in substitution" for the Promissory Note dated August 1, 1997 which was replaced by the certain Promissory Note dated March 31, 1998  given by Maker to Holder, for the purpose stated in the General Security Agreement dated August 1, 1997, and such security agreement and related financing statement remain in full force and effect.

       14.       Waiver of Presentment.  Maker and the endorsers, sureties, guarantors and all persons who become liable for all or any part of this obligation shall be jointly and severally liable for such obligation and hereby jointly and severally waive presentment and demand for payment, notice of dishonor, protest and notice of protest, and any and all lack of diligence of delays in collection or enforcement hereof.

       15.       
Governing Law.  As an additional consideration for the extension of credit, Maker and each endorser, surety, guarantor, and any other person who may become liable for all or any part of this obligation understand and agree that the indebtedness evidenced by this Note is made in the State of Alaska and the provisions hereof will be construed in accordance with the laws of the State of Alaska, and such parties further agree that in the event of default, this Note may be enforced in the Superior Court for the State of Alaska sitting in Anchorage, Alaska, and they do hereby submit to the jurisdiction of such court regardless of their residence or where this Note or any endorsement hereof may be executed.

       16.       Binding Effect.  The term "Maker" as used herein shall include the original Maker of this Note and any party who may subsequently become liable for the payment hereof as an assumer with the consent of the Holder, provided that Holder may, at its option, consider the original Maker of this Note alone as Maker unless Holder has consented in writing to the substitution of another party as Maker.  The term "Holder" as used herein shall mean Holder or, if this Note is transferred, the then Holder of this Note.

       17.       Relationship of Parties.  Nothing herein contained shall create or be deemed or construed to create a joint venture or partnership between Maker and Holder, Holder is acting hereunder as a seller only.

       18.       Severability.  Invalidation of any of the provisions of this Note or of any paragraph, sentence, clause, phrase, or word herein, or the application thereof in any given circumstance, shall not affect the validity of the remainder of this Note.

       19.       Amendment.  This Note may not be amended, modified, or changed, except only by an instrument in writing signed by both of the parties.

       20.       Time of the Essence.  Time is of the essence for the performance of each and every obligation of Maker hereunder.

       IN WITNESS WHEREOF, the undersigned has executed this Note effective as of the 1st day of July, 2001.

	 	
GLOBAL ALASKA INDUSTRIES, INC. 

an Alaska corporation

	 	
By:/s/ Clifford C.
Thygesen                                    

     Clifford C. Thygesen, Officer

	 	
GLOBAL CASINOS, INC., a Utah corporation

	 	
By:/s/ Frank L.
Jennings                                       

    Frank L. Jennings, Officer

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