Document:

Exhibit 10.3

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THIS NOTE UNDER SUCH ACT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A OF SUCH ACT.

                                 PROMISSORY NOTE

$200,000.00                                                     November 4, 2004

         FOR VALUE RECEIVED, the undersigned, NOXSO CORPORATION, a Virginia
corporation (the "Borrower"), promises to pay to ROCKY POINT PARTNERS, LLC (the
"Lender"), or order, the principal amount of TWO HUNDRED THOUSAND DOLLARS
($200,000.00) or such lesser aggregate unpaid principal amount of the loan made
by the Lender to the Borrower hereunder (the "Loan"), together with daily
interest from the date hereof, computed on the basis of a 365-day year, on the
aggregate principal amount of the Loan from time to time unpaid at the rate of
three percent (3%) per annum, beginning 180 days after the date of issuance, and
shall be due and payable in a single balloon payment on the one year anniversary
of the note and shall otherwise be in a form that is reasonable agreed to by the
parties.

         On the satisfaction of all conditions to the Closing of the transaction
contemplated herein closing of the real estate purchase of the 151 acres of real
property in Dallas, Texas, specifically the removal of the flood plane
designation on the property in Dallas, Texas, the Borrower will pay to the
Lender for credit to the Loan an amount equal to the Loan then due, together
with all accrued and unpaid interest on the Loan. If such conditions are not
satisfied, this note shall be considered null and void.

         The Borrower may from time to time prepay all or any portion of the
Loan, without premium or penalty. Upon all prepayments of the Loan, the Borrower
shall pay to the Lender the principal amount to be prepaid together with unpaid
interest in respect thereof accrued to the date of prepayment.

         Any payment under this Note shall be made to the Lender in lawful money
of the United States of America on the date such payment is due at the office of
the Lender at ______________________ ___________ ____________or at such address
as the Lender may specify in writing to the Borrower.

         The parties hereto, including the Borrower and all guarantors and
endorsers, hereby waive presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance and
enforcement of this Note, except as specifically otherwise provided herein, and
assent to extensions of time of payment, or forbearance or other indulgence,
without notice.

         Any reference in this Note to the Borrower shall be deemed to include
the successors and assigns of the Borrower; provided, however, that the Borrower
may not assign its obligations hereunder without the prior written consent of
the Lender. Any reference in this Note to the Lender shall be deemed to include
the successors and assigns of the Lender.

         Notwithstanding the place where this Note may be executed, the Borrower
expressly agrees that all the terms and provisions hereof shall be governed by
and construed in accordance with the laws (other than the conflict of laws
rules) of the State of Utah.

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

                                                     NOXSO CORPORATION

                                                     /s/ Richard J. Anderson
                                                     ---------------------------
                                                     Title: PresidentEXHIBIT 10.4

                                NOXSO CORPORATION

                                October 26, 2004

Mr. Paul Gelb
PARK AVENUE MORTGAGE GROUP
410 Park Avenue, 17th Floor
New York, NY 10022

Re:      Three Tracts of Land in Dallas, Dallas County, Texas
         Located at the Intersection of Interstate 45 and Loop 12

Dear Mr. Gelb:

NOXSO CORPORATION ("NOXSO") hereby grants PARK AVENUE MORTGAGE GROUP ("PAMG")
the authorization to obtain on behalf of NOXSO, a funded commitment for a
commercial land loan and/or mortgage of approximately $2,200,000 on the above
reference property. NOXSO agrees to cooperated with PAMG and execute all
reasonable documents and submit any additional data required by the lender.

Upon acceptance by NOXSO of such financing, or any other amount presented by
PAMG and accepted by NOXSO, NOXSO hereby agrees to pay PAMG a commission of 3%
of the loan amount. Additionally, NOXSO acknowledges that PAMG was introduced to
NOXSO by its consultant, PARKVIEW PARTNERS, Ltd ("PPL"). NOXSO has been informed
by PPL that 100,000 of the Warrants granted PPL by NOXSO, subject to the terms
and conditions of its consulting agreement, will be made available to PAMG by
PPL, under the same terms and conditions that PPL received from NOXSO. All
parties recognize and understand that no warrants have been issued as of this
date and that none shall be issued prior to the completion of the services
rendered and accepted by NOXSO. NOXSO hereby agrees that upon the acceptable
completion and funding of the transaction contemplated herein, PAMG shall be
granted 100,000 Warrants exercisable for restricted common stock on a one-share
for one-warrant basis, and subject to the registration rights in the consulting
agreement with PPL.

NOXSO and PAMG recognize that the tracts referenced above are vacant land. Under
the terms of this agreement, NOXSO shall grant to PAMG a limited agency with the
right of first refusal to obtain on a timely basis at such time that PAMG is
notified and requested by NOXSO, future development and construction financing
on terms, rates and conditions ("financing terms") that are equal to or better
than those available in the marketplace at the time such development and
construction financing is sought. In the event that PAMG is able to meet or
exceed such "financing terms" and provide the development and construction
financing requested, NOXSO agrees to pay PAMG a commission of 1% of those loan
amounts, unless such commission is subsequently negotiated between the parties,
and the limited agency with the right of first refusal shall continue. In the
event that PAMG is not able to meet or exceed such "financing terms" when
notified and requested by NOXSO, the limited agency with the right of first
refusal granted herein, shall immediately expire.

Should NOXSO fail to accept any financing offered through PAMG or should PAMG
have been unable to obtain financing, NOXSO hereby agrees that, subject to
previously existing associations and relationships of NOXSO'S Directors,
Officers, Affiliates and Staff, and the terms and conditions of the other
agreements it has in place as of the date of this letter agreement, it will not
seek financing, directly or through any other agent or representative, from any
lender that PAMG has approached and submitted required documents for financing
of the above referenced land on behalf of NOXSO for a period of 12 months after
PAMG ceases to obtain satisfactory financing.

<PAGE>

Mr. Paul Gelb
PARK AVENUE MORTGAGE GROUP
October 26, 2004

NOXSO has enclosed a check payable to PAMG for One Thousand Dollars ($1,000.00)
as a non-refundable fee. The non-refundable fee shall be deducted from the fees
due and payable to PAMG at closing of the loan contemplated by this letter.

The terms and conditions contained herein shall be effective as of the date when
counter-signed and returned to NOXSO by PAMG by fax at (801) 296-6976 and (801)
457-3752.

Sincerely,
NOXSO CORPPORATION

By: /s/ Richard J. Anderson
   ------------------------------
   Richard J. Anderson
   CEO & President

cc: Eric L. Robinson, Esq.
    Blackburn & Stoll, LC
    RJA - Financial Admin File
    PARK AVENUE MORTGAGE GROUP File
    Parkview Partners, Ltd File
    File

AGREED
TO:  NOXSO CORPPORATION

The terms and conditions contained herein are acceptable to PARK AVENUE MORTGAGE
GROUP as of October 28, 2004.

PARK AVENUE MORTGAGE GROUP

By:  /s/ Ellen Bitton
    --------------------------
    Ellen BittonQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.4    
    

 
 

[FORM OF STOCK CERTIFICATE FOR CLASS A COMMON STOCK]    
    

INCORPORATED
UNDER THE LAWS OF THE STATE OF DELAWARE 

	NUMBER	 	SHARES

OTELCO INC.  

	 	 	Total Authorized Issue

20,000,000 Shares $0.01 Par Value

Class A Common Stock	 	See Reverse for

Certain Definitions
	 	 	 	 	 
	
 This is to certify that	 	is the owner of

fully paid and

non-assessable
shares of the above Corporation transferable only on the books of the Corporation by the holder thereof in person or by a duly authorized Attorney upon surrender of this
Certificate properly endorsed. 

Witness,
the seal of the Corporation and the signatures of its duly authorized officers. 

Dated

OTELCO INC.

CORPORATE SEAL  

	 
 SIGNATURE	 	 
 SIGNATURE

 

        The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations: 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT—	                          	Custodian	                             
	TEN ENT	—	as tenants by the entireties	 	 	(Cust)	 	(Minor)
	JT TEN	—	as joint tenants with right of survivorship

and not as tenants in common	 	under Uniform Gifts to Minors Act	                                        
     

(State)
	 	 	Additional abbreviations may also be used though not in the list.	 	 	 

	 	 	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	For value received, the undersigned hereby sells, assigns and transfers unto	 	 
	 

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE	 	 

	 

	 
	Shares

	represented by the within Certificate, and hereby irrevocably constitutes and appoints	 	 

	 
	 
	 	Attorney to transfer the said
	Shares on the books of the within named Corporation with full power of substitution in the premises.

	Dated,	 
	 	 
	 	In the presence of	 	 

NOTICE:    The
signature to this assignment must correspond with the name as written upon the face of the certificate in every particular without alteration or enlargement or any change
whatever. 

2

QuickLinks

Exhibit 4.4

[FORM OF STOCK CERTIFICATE FOR CLASS A COMMON STOCK]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]