Document:

EXHIBIT 10-1

TIC
TEL INSTRUMENT
ELECTRONICS
--------------------------------------------------------------------------------
WWW.TELINSTRUMENT.COM    728 Garden Street, Carlstadt, N.J.  07072
                         Tel: (201)-933-1600  Fax: (201) 933-7340

February 22, 2010                                                    $125,000.00

                      SUBORDINATED NOTE - DUE APRIL 1, 2011
                      -------------------------------------

FOR  VALUE  RECEIVED,   Tel-Instrument   Electronics  Corp  (herein  called  the
"Company");  a corporation  duly  organized  and existing  under the laws of New
Jersey,  hereby  promises to pay to Mr. Harold K. Fletcher,  or successors,  the
principal sum of  $125,000.00 on or before April 1, 2011, and to pay interest on
the unpaid  balance  thereof  at the rate of 1% per month from the date  hereof,
payable on a monthly basis within fourteen (14) days of the end of each month.

Payments  of the  principal  and  interest  on  this  Note  will  be made at the
principal office of the Company in such coin or currency of the United States of
America as at the time of payment  thereof shall be legal tender for the payment
of public and private  debts.  Payments on this Note will be made either at said
office or, at the option of the  Company,  by good check mailed to the person in
whose name this Note is  registered  at the address set in Section  3(c) hereof.
Demand for payment, protest, and notice of dishonor are hereby waived.

This Note is subject to the following terms and conditions:

1.   Bank Subordination

     1.1. Agreement to  Subordinate.  The  indebtedness  evidenced by this Note,
          including the principal and interest  thereon shall be  subordinate to
          all Bank  Indebtedness  of the  Company,  whether now  outstanding  or
          hereafter  incurred,  and  holder  of  this  Note,  by his  acceptance
          thereof,  agrees  to and  shall  be bound  by the  provisions  of this
          Section 1.

     1.2. (a) Priority of Bank  Indebtedness.  No payment or prepayment shall be
          made by the Company,  directly or indirectly,  on the Note, whether in
          respect of principal or interest, and the holder of the Note shall not
          be entitled to receive any such payment or  prepayment,  nor shall any
          asset of the Company be applied to the payment of the Note, if, at the
          time of such proposed payment,  prepayment or immediately after giving
          effect thereto,  there shall have occurred and be continuing any event
          of default with respect to any Bank Indebtedness  entitling the holder
          thereof to accelerate the maturity thereof. In addition, no payment or
          prepayment of the principal balance of this Note will take place prior
          to the stated maturity date without the prior written approval of Bank
          of America pursuant to the terms of the Credit  Agreement  between the
          Company and the Bank.

          (b) Acceleration of Bank Indebtedness,  Dissolution, Liquidation, Etc.
          Upon  any  acceleration  of the  principal  amount  due  on  any  Bank
          Indebtedness or upon any distribution of all or  substantially  all of
          the assets of the  Company  or upon any  payment  or  distribution  of
          assets  of the  Company  of any kind or  character,  whether  in cash,
          property  or   securities,   to  creditors  in  connection   with  any

                                        1

<PAGE>

          dissolution,    winding-up,    total   or   partial   liquidation   or
          reorganization  of the Company,  whether  voluntary or involuntary and
          whether in bankruptcy, insolvency, receivership,  arrangement or other
          proceeding,  or upon an assignment  for the benefit or  creditors,  or
          upon any  other  marshalling  of the  assets  and  liabilities  of the
          Company, all principal and interest due or to become due upon all Bank
          Indebtedness  shall first be paid in full in cash before the holder of
          this Note shall be  entitled  to receive  any  payments  or retain any
          assets with respect to the Note,  whether for  principal,  interest or
          otherwise.

     1.3. Obligation of Company Unimpaired.  Nothing contained in this Section 1
          or  elsewhere  in the Note is  intended  to or shall  (a)  impair  the
          obligation of the Company, which is absolute and unconditional, to pay
          to the holder of the Note,  the  principal and interest on the Note as
          and when the same shall  become due and  payable,  subject only to the
          provisions  of 1.1 and 1.2;  (b)  affect  the  relative  rights of the
          holder of the Note and  creditors of the Company other than the holder
          of Bank  Indebtedness,  or (c)  prevent  the holder of their Note from
          exercising all remedies otherwise  permitted by applicable law upon an
          Event of Default,  subject to the rights, if any, under this Section 1
          of the holder of Bank  Indebtedness  in respect of cash,  property  or
          securities  of the  Company  received  upon the  exercise  of any such
          remedy.

     1.4. Bank  Indebtedness.  Bank  Indebtedness  shall mean all obligations to
          Bank of America pursuant to the Credit  Agreement,  outstanding on the
          date this Note is issued  or which is  hereafter  outstanding  and any
          defaults, renewals or extensions of any Bank Indebtedness.

     1.5. Other  Debt.  Other debt shall mean all  indebtedness  other than Bank
          Indebtedness that is not secured.

2.   Event of Default and Acceleration of Maturity

     2.1. Events  of  Default.  In case one or more of the  following  events of
          Default shall have occurred and be continuing, that is to say:

          (a)  default in the  payment of  interest  on the Note as and when the
               same  shall  become  due and  payable,  and  continuance  of such
               default for a period of thirty days; or

          (b)  default in the payment of the principal,  on the Note as and when
               the same shall  become due and  payable and  continuance  of such
               default for a period of thirty days; or

          (c)  failure on the part of the Company duly to observe or perform any
               other of the  covenants or  agreements on the part of the Company
               in this Note  contained,  for a period of ninety  days  after the
               date on which written notice of such failure,  requiring the same
               to  be  remedied,  shall  have  been  given  to  the  Company  by
               registered mail; or

          (d)  Default  in  Bank  Indebtedness  or  of  any  other  indebtedness
               exceeding $100,000.

          (e)  a decree or order by a court having  jurisdiction in the premises
               shall have been  entered  adjudging  the  company a  bankrupt  or
               insolvent,  or  approving  as properly  filed a petition  seeking
               reorganization  or readjustment of the Company under the National
               Bankruptcy Act or any other similar  applicable  Federal or State
               law,  and  such  decree  or  order  shall  have  been   continued
               undischarged  or unstated for a period of sixty days; or a decree
               or order of a court having  jurisdiction  in the premises for the
               appointment of a receiver or trustee or assignee in bankruptcy or
               insolvency  of  the  Company  or of all or a  major  part  of its
               property,  or for the  winding-up or  liquidation of its affairs,

                                        2

<PAGE>

               shall  have been  entered,  and such  decree or order  shall have
               remained in force  undischarged or unstayed for a period of sixty
               days; or

          (f)  the Company  shall  institute  proceedings  to be  adjudicated  a
               voluntary  bankrupt,  or shall  consent to the  institution  of a
               bankruptcy  proceeding  against  it, or shall file a petition  or
               answer or consent seeking  reorganization  or readjustment  under
               the  National  Bankruptcy  Act, or any other  similar  applicable
               Federal or State law, or shall  consent to the filing of any such
               petition,  or shall consent to the  appointment  of a receiver or
               trustee or assignee in bankruptcy or insolvency of it or all or a
               major part of its property,  or shall make an assignment  for the
               benefit of creditors,  or shall admit in writing its inability to
               pay its debts generally as they become due;

               Then and in each and every such case, unless the principal of the
               Note shall have already become due and payable, the holder of the
               Note,  by notice in  writing  to the  Company,  may  declare  the
               principal of the Note to be due and payable immediately, and upon
               any  such   declaration  the  same  shall  become  and  shall  be
               immediately  due and payable,  anything  herein  contained to the
               contrary not withstanding.

     2.2  Payment of Notes;  Suit  Therefor.  The Company  covenants that in the
          case of an Event of Default,  and acceleration of maturity pursuant to
          2.1, or maturity in accordance with their terms, and upon demand,  the
          Company  will pay to the  holders of the Note,  the whole  amount that
          then shall have become due and payable for principal and interest at a
          rate of 1.33% per month on overdue  principal  and (to the extent that
          payment of such  interest  is legally  enforceable)  upon the  overdue
          interest,  and in addition  thereto,  such further  amount as shall be
          sufficient  to cover the costs and expenses of  collection,  including
          reasonable compensation for agents, attorneys and counsel

     2.3  Remedies  Cumulative and Continuing.  All powers and remedies given by
          this  Section  2,  shall to the  extent  permitted  by law,  be deemed
          cumulative  and  not  exclusive  of  any  other  powers  and  remedies
          available  to the  holder by  judicial  proceedings  or  otherwise  to
          enforce the  performance or observance of the covenants and agreements
          contained in this Note, and no delay or omission of holder to exercise
          any right or power accruing upon any default  occurring and continuing
          as aforesaid  shall impair such right or power,  or shall be construed
          to be a waiver of any such default or any acquiescence therein.

3.   Miscellaneous

     (a)  This note shall be governed by the  domestic  laws of the State of New
          Jersey.

     (b)  No recourse  for the payment of the  principal  of or interest on this
          Note,  or for any claim based hereon or  otherwise in respect  hereof,
          and no recourse under or upon any obligation, covenant or agreement of
          the  Company  in  any  Note,   or  because  of  the  creation  of  any
          indebtedness   represented   thereby,   shall  be  had   against   any
          incorporator,   stockholder,  officer  or  director,  as  such,  past,
          present,  or future, of the Company,  all such liability being, by the
          acceptance  hereof  and as part  of the  consideration  for the  issue
          hereof, expressly waived and released.

                                        3

<PAGE>

     (c)  Notice hereunder shall be given as follows.

              To Company:           Tel-Instrument Electronics Corp.
                                    728 Garden St.
                                    Carlstadt, NJ 07072
                                    Attn:  Joseph P. Macaluso

              To Holder             Harold K. Fletcher
                                    657 Downing Lane
                                    Williamsville, NY 14221

     (d)  This Note shall not be assigned or  transferred  by Payee  without the
          express  prior  written  consent  of the  Company  except  by will and
          operation of law.

     (e)  If any provision of this Note shall be deemed to be  unenforceable  by
          any Court of Competent Jurisdiction, the other provisions of this Note
          shall remain in full force and affect.

IN WITNESS WHEREOF,  Tel-Instrument Electronics Corp. has caused this Note to be
executed in its corporate name by the signature of its Chief Accounting Officer.

Dated:  February 22, 2010

Holder                                      Tel-Instrument Electronics Corp.

By:  /s/  Harold K. Fletcher                By:  /s/  Joseph P. Macaluso
   -------------------------------             --------------------------------
          Harold K. Fletcher                          Joseph P. Macaluso
                                                      Chief Accounting Officer

                                       4EXHIBIT 10-2

TIC
TEL INSTRUMENT
ELECTRONICS
--------------------------------------------------------------------------------
WWW.TELINSTRUMENT.COM    728 Garden Street, Carlstadt, N.J.  07072
                         Tel: (201)-933-1600  Fax: (201) 933-7340

February 22, 2010                                                    $125,000.00

                      SUBORDINATED NOTE - DUE APRIL 1, 2011
                      -------------------------------------

FOR  VALUE  RECEIVED,   Tel-Instrument   Electronics  Corp  (herein  called  the
"Company");  a corporation  duly  organized  and existing  under the laws of New
Jersey,  hereby  promises to pay to Mr. Jeffrey C. O'Hara,  or successors,  the
principal sum of  $125,000.00 on or before April 1, 2011, and to pay interest on
the unpaid  balance  thereof  at the rate of 1% per month from the date  hereof,
payable on a monthly basis within fourteen (14) days of the end of each month.

Payments  of the  principal  and  interest  on  this  Note  will  be made at the
principal office of the Company in such coin or currency of the United States of
America as at the time of payment  thereof shall be legal tender for the payment
of public and private  debts.  Payments on this Note will be made either at said
office or, at the option of the  Company,  by good check mailed to the person in
whose name this Note is  registered  at the address set in Section  3(c) hereof.
Demand for payment, protest, and notice of dishonor are hereby waived.

This Note is subject to the following terms and conditions:

1.   Bank Subordination

     1.1. Agreement to  Subordinate.  The  indebtedness  evidenced by this Note,
          including the principal and interest  thereon shall be  subordinate to
          all Bank  Indebtedness  of the  Company,  whether now  outstanding  or
          hereafter  incurred,  and  holder  of  this  Note,  by his  acceptance
          thereof,  agrees  to and  shall  be bound  by the  provisions  of this
          Section 1.

     1.2. (a) Priority of Bank  Indebtedness.  No payment or prepayment shall be
          made by the Company,  directly or indirectly,  on the Note, whether in
          respect of principal or interest, and the holder of the Note shall not
          be entitled to receive any such payment or  prepayment,  nor shall any
          asset of the Company be applied to the payment of the Note, if, at the
          time of such proposed payment,  prepayment or immediately after giving
          effect thereto,  there shall have occurred and be continuing any event
          of default with respect to any Bank Indebtedness  entitling the holder
          thereof to accelerate the maturity thereof. In addition, no payment or
          prepayment of the principal balance of this Note will take place prior
          to the stated maturity date without the prior written approval of Bank
          of America pursuant to the terms of the Credit  Agreement  between the
          Company and the Bank.

          (b) Acceleration of Bank Indebtedness,  Dissolution, Liquidation, Etc.
          Upon  any  acceleration  of the  principal  amount  due  on  any  Bank
          Indebtedness or upon any distribution of all or  substantially  all of
          the assets of the  Company  or upon any  payment  or  distribution  of
          assets  of the  Company  of any kind or  character,  whether  in cash,
          property  or   securities,   to  creditors  in  connection   with  any

                                        1

<PAGE>

          dissolution,    winding-up,    total   or   partial   liquidation   or
          reorganization  of the Company,  whether  voluntary or involuntary and
          whether in bankruptcy, insolvency, receivership,  arrangement or other
          proceeding,  or upon an assignment  for the benefit or  creditors,  or
          upon any  other  marshalling  of the  assets  and  liabilities  of the
          Company, all principal and interest due or to become due upon all Bank
          Indebtedness  shall first be paid in full in cash before the holder of
          this Note shall be  entitled  to receive  any  payments  or retain any
          assets with respect to the Note,  whether for  principal,  interest or
          otherwise.

     1.3. Obligation of Company Unimpaired.  Nothing contained in this Section 1
          or  elsewhere  in the Note is  intended  to or shall  (a)  impair  the
          obligation of the Company, which is absolute and unconditional, to pay
          to the holder of the Note,  the  principal and interest on the Note as
          and when the same shall  become due and  payable,  subject only to the
          provisions  of 1.1 and 1.2;  (b)  affect  the  relative  rights of the
          holder of the Note and  creditors of the Company other than the holder
          of Bank  Indebtedness,  or (c)  prevent  the holder of their Note from
          exercising all remedies otherwise  permitted by applicable law upon an
          Event of Default,  subject to the rights, if any, under this Section 1
          of the holder of Bank  Indebtedness  in respect of cash,  property  or
          securities  of the  Company  received  upon the  exercise  of any such
          remedy.

     1.4. Bank  Indebtedness.  Bank  Indebtedness  shall mean all obligations to
          Bank of America pursuant to the Credit  Agreement,  outstanding on the
          date this Note is issued  or which is  hereafter  outstanding  and any
          defaults, renewals or extensions of any Bank Indebtedness.

     1.5. Other  Debt.  Other debt shall mean all  indebtedness  other than Bank
          Indebtedness that is not secured.

2.   Event of Default and Acceleration of Maturity

     2.1. Events  of  Default.  In case one or more of the  following  events of
          Default shall have occurred and be continuing, that is to say:

          (a)  default in the  payment of  interest  on the Note as and when the
               same  shall  become  due and  payable,  and  continuance  of such
               default for a period of thirty days; or

          (b)  default in the payment of the principal,  on the Note as and when
               the same shall  become due and  payable and  continuance  of such
               default for a period of thirty days; or

          (c)  failure on the part of the Company duly to observe or perform any
               other of the  covenants or  agreements on the part of the Company
               in this Note  contained,  for a period of ninety  days  after the
               date on which written notice of such failure,  requiring the same
               to  be  remedied,  shall  have  been  given  to  the  Company  by
               registered mail; or

          (d)  Default  in  Bank  Indebtedness  or  of  any  other  indebtedness
               exceeding $100,000.

          (e)  a decree or order by a court having  jurisdiction in the premises
               shall have been  entered  adjudging  the  company a  bankrupt  or
               insolvent,  or  approving  as properly  filed a petition  seeking
               reorganization  or readjustment of the Company under the National
               Bankruptcy Act or any other similar  applicable  Federal or State
               law,  and  such  decree  or  order  shall  have  been   continued
               undischarged  or unstated for a period of sixty days; or a decree
               or order of a court having  jurisdiction  in the premises for the
               appointment of a receiver or trustee or assignee in bankruptcy or
               insolvency  of  the  Company  or of all or a  major  part  of its
               property,  or for the  winding-up or  liquidation of its affairs,

                                        2

<PAGE>

               shall  have been  entered,  and such  decree or order  shall have
               remained in force  undischarged or unstayed for a period of sixty
               days; or

          (f)  the Company  shall  institute  proceedings  to be  adjudicated  a
               voluntary  bankrupt,  or shall  consent to the  institution  of a
               bankruptcy  proceeding  against  it, or shall file a petition  or
               answer or consent seeking  reorganization  or readjustment  under
               the  National  Bankruptcy  Act, or any other  similar  applicable
               Federal or State law, or shall  consent to the filing of any such
               petition,  or shall consent to the  appointment  of a receiver or
               trustee or assignee in bankruptcy or insolvency of it or all or a
               major part of its property,  or shall make an assignment  for the
               benefit of creditors,  or shall admit in writing its inability to
               pay its debts generally as they become due;

               Then and in each and every such case, unless the principal of the
               Note shall have already become due and payable, the holder of the
               Note,  by notice in  writing  to the  Company,  may  declare  the
               principal of the Note to be due and payable immediately, and upon
               any  such   declaration  the  same  shall  become  and  shall  be
               immediately  due and payable,  anything  herein  contained to the
               contrary not withstanding.

     2.2  Payment of Notes;  Suit  Therefor.  The Company  covenants that in the
          case of an Event of Default,  and acceleration of maturity pursuant to
          2.1, or maturity in accordance with their terms, and upon demand,  the
          Company  will pay to the  holders of the Note,  the whole  amount that
          then shall have become due and payable for principal and interest at a
          rate of 1.33% per month on overdue  principal  and (to the extent that
          payment of such  interest  is legally  enforceable)  upon the  overdue
          interest,  and in addition  thereto,  such further  amount as shall be
          sufficient  to cover the costs and expenses of  collection,  including
          reasonable compensation for agents, attorneys and counsel

     2.3  Remedies  Cumulative and Continuing.  All powers and remedies given by
          this  Section  2,  shall to the  extent  permitted  by law,  be deemed
          cumulative  and  not  exclusive  of  any  other  powers  and  remedies
          available  to the  holder by  judicial  proceedings  or  otherwise  to
          enforce the  performance or observance of the covenants and agreements
          contained in this Note, and no delay or omission of holder to exercise
          any right or power accruing upon any default  occurring and continuing
          as aforesaid  shall impair such right or power,  or shall be construed
          to be a waiver of any such default or any acquiescence therein.

3.   Miscellaneous

     (a)  This note shall be governed by the  domestic  laws of the State of New
          Jersey.

     (b)  No recourse  for the payment of the  principal  of or interest on this
          Note,  or for any claim based hereon or  otherwise in respect  hereof,
          and no recourse under or upon any obligation, covenant or agreement of
          the  Company  in  any  Note,   or  because  of  the  creation  of  any
          indebtedness   represented   thereby,   shall  be  had   against   any
          incorporator,   stockholder,  officer  or  director,  as  such,  past,
          present,  or future, of the Company,  all such liability being, by the
          acceptance  hereof  and as part  of the  consideration  for the  issue
          hereof, expressly waived and released.

                                        3

<PAGE>

     (c)  Notice hereunder shall be given as follows.

              To Company:           Tel-Instrument Electronics Corp.
                                    728 Garden St.
                                    Carlstadt, NJ 07072
                                    Attn:  Joseph P. Macaluso

              To Holder             Jeffrey C. O'Hara
                                    853 Turnbridge Circle
                                    Naperville, IL  60540

     (d)  This Note shall not be assigned or  transferred  by Payee  without the
          express  prior  written  consent  of the  Company  except  by will and
          operation of law.

     (e)  If any provision of this Note shall be deemed to be  unenforceable  by
          any Court of Competent Jurisdiction, the other provisions of this Note
          shall remain in full force and affect.

IN WITNESS WHEREOF,  Tel-Instrument Electronics Corp. has caused this Note to be
executed in its corporate name by the signature of its Chief Accounting Officer.

Dated:  February 22, 2010

Holder                                      Tel-Instrument Electronics Corp.

By:  /s/  Jeffrey C. O'Hara                By:  /s/  Joseph P. Macaluso
   -------------------------------             --------------------------------
          Jeffrey C. O'Hara                          Joseph P. Macaluso
                                                     Chief Accounting Officer

                                       4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]