Document:

<PAGE>

                                                                    Exhibit 10.1
                         NON-NEGOTIABLE PROMISSORY NOTE

$75,000.00                                                    September 18, 2001

FOR MONEY BORROWED, the undersigned (the "Company") promises to pay to the order
of Jeffry D. Frisby, an individual resident of Davie County, North Carolina
(hereinafter, the "Holder"), the principal sum of Seventy-Five Thousand
($75,000.00) Dollars upon the terms and conditions set forth in this Note.

The unpaid principal amount of this Note shall bear interest from and after the
date hereof at the Prime Rate, as published in the Southeast edition of the Wall
Street Journal, plus .75% per annum until paid. Unless prepaid, the principal
amount of this Note and all accrued interest shall be payable on the earlier of
(i) the date that is 60 days from the date hereof; or (ii) the date that is 5
business days after receipt by the Company of payment of 50% of that certain
customer receivable in the amount of $498,858.75 evidenced by their Purchase
Order # 261451. This Note may be prepaid in whole or in part at any time without
premium or penalty. Any such prepayments shall be credited first to any accrued
and unpaid installments of interest and then to principal.

The following shall be grounds for declaration of default under this Note (each
an "Event of Default"): (a) failure of the Company to pay any principal of, or
interest on, this Note as and when the same become due and payable; and (b) the
filing by or against the Company of any petition seeking liquidation,
reorganization, arrangement, readjustment of debts or for any other relief under
the Bankruptcy Code or under any other act or law pertaining to insolvency or
creditor relief, whether state, federal or foreign, now or hereafter existing.
Upon the occurrence and during the continuance of any Event of Default, Holder
may, upon written notice to the Company, declare all amounts due hereunder
immediately due and payable.

If any payment on this Note becomes due and payable on a Saturday, Sunday or
other day on which commercial banks in the State of North Carolina are
authorized or required by law to close, the maturity thereof shall be extended
to the next succeeding business day and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate during such
extension.

No remedy herein conferred upon Holder is intended to be exclusive of any other
remedy and each and every such remedy shall be cumulative and shall be in
addition to every other remedy hereunder or now or hereafter existing at law or
in equity or by statute or otherwise. No course of dealings between the Company
and Holder and no delay or failure to exercise any rights hereunder shall
operate as a waiver of or otherwise prejudice any of Holder's rights with
respect to this Note.

If this Note is referred to an attorney for collection, the Company agrees to
pay all of Holder's costs of collection, including reasonable attorney's fees.
In addition, the Company agrees to pay the reasonable legal expenses actually
incurred by Holder to document and execute this Note.

<PAGE>

This Note is not negotiable and may not be transferred or assigned without the
prior written consent of the Company.

THIS NOTE IS MADE AND DELIVERED IN WINSTON-SALEM, NORTH CAROLINA AND SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE
STATE OF NORTH CAROLINA WITHOUT REGARD TO CONFLICTS OF LAW.

IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its
corporate name by its duly authorized officer and its seal to be affixed hereto
as of the day and year first written above.

                                             FRISBY TECHNOLOGIES, INC.

                                             By:  /s/ John L. Ruggiero
                                                -----------------------------
                                             Name: John L. Ruggiero
                                             Title:   Chief Financial Officer

                                       2<PAGE>

                                                                    Exhibit 10.2
                         NON-NEGOTIABLE PROMISSORY NOTE

$75,000.00                                                    September 19, 2001

FOR MONEY BORROWED, the undersigned (the "Company") promises to pay to the order
of Gregory S. Frisby, an individual resident of Guilford County, North Carolina
(hereinafter, the "Holder"), the principal sum of Seventy-Five Thousand
($75,000.00) Dollars upon the terms and conditions set forth in this Note.

The unpaid principal amount of this Note shall bear interest from and after the
date hereof at the Prime Rate, as published in the Southeast edition of the Wall
Street Journal, plus .75% per annum until paid. Unless prepaid, the principal
amount of this Note and all accrued interest shall be payable on the earlier of
(i) the date that is 60 days from the date hereof; or (ii) the date that is 5
business days after receipt by the Company of payment of 50% of that certain
customer receivable in the amount of $498,858.75 evidenced by their Purchase
Order # 261451. This Note may be prepaid in whole or in part at any time without
premium or penalty. Any such prepayments shall be credited first to any accrued
and unpaid installments of interest and then to principal.

The following shall be grounds for declaration of default under this Note (each
an "Event of Default"): (a) failure of the Company to pay any principal of, or
interest on, this Note as and when the same become due and payable; and (b) the
filing by or against the Company of any petition seeking liquidation,
reorganization, arrangement, readjustment of debts or for any other relief under
the Bankruptcy Code or under any other act or law pertaining to insolvency or
creditor relief, whether state, federal or foreign, now or hereafter existing.
Upon the occurrence and during the continuance of any Event of Default, Holder
may, upon written notice to the Company, declare all amounts due hereunder
immediately due and payable.

If any payment on this Note becomes due and payable on a Saturday, Sunday or
other day on which commercial banks in the State of North Carolina are
authorized or required by law to close, the maturity thereof shall be extended
to the next succeeding business day and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate during such
extension.

No remedy herein conferred upon Holder is intended to be exclusive of any other
remedy and each and every such remedy shall be cumulative and shall be in
addition to every other remedy hereunder or now or hereafter existing at law or
in equity or by statute or otherwise. No course of dealings between the Company
and Holder and no delay or failure to exercise any rights hereunder shall
operate as a waiver of or otherwise prejudice any of Holder's rights with
respect to this Note.

If this Note is referred to an attorney for collection, the Company agrees to
pay all of Holder's costs of collection, including reasonable attorney's fees.
In addition, the Company agrees to pay the reasonable legal expenses actually
incurred by Holder to document and execute this Note.

<PAGE>

This Note is not negotiable and may not be transferred or assigned without the
prior written consent of the Company.

THIS NOTE IS MADE AND DELIVERED IN WINSTON-SALEM, NORTH CAROLINA AND SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE
STATE OF NORTH CAROLINA WITHOUT REGARD TO CONFLICTS OF LAW.

IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its
corporate name by its duly authorized officer and its seal to be affixed hereto
as of the day and year first written above.

                                            FRISBY TECHNOLOGIES, INC.

                                            By:  /s/ John L. Ruggiero
                                               -----------------------------
                                            Name: John L. Ruggiero
                                            Title:   Chief Financial Officer

                                       2<PAGE>

                                                                    Exhibit 10.3

                         NON-NEGOTIABLE PROMISSORY NOTE

$75,000.00                                                      October 19, 2001

FOR MONEY BORROWED, the undersigned (the "Company") promises to pay to the order
of Jeffry D. Frisby, an individual resident of Davie County, North Carolina
(hereinafter, the "Holder"), the principal sum of Seventy-Five Thousand
($75,000.00) Dollars upon the terms and conditions set forth in this Note.

The unpaid principal amount of this Note shall bear interest from and after the
date hereof at the Prime Rate, as published in the Southeast edition of the Wall
Street Journal, plus .75% per annum until paid. Unless prepaid, the principal
amount of this Note and all accrued interest shall be payable on the earlier of
(i) the date that is 60 days from the date hereof; or (ii) the date that is 5
business days after receipt by the Company of payment of 50% of that certain
customer receivable in the amount of $498,764.00 evidenced by their Purchase
Order # 261453. This Note may be prepaid in whole or in part at any time without
premium or penalty. Any such prepayments shall be credited first to any accrued
and unpaid installments of interest and then to principal.

The following shall be grounds for declaration of default under this Note (each
an "Event of Default"): (a) failure of the Company to pay any principal of, or
interest on, this Note as and when the same become due and payable; and (b) the
filing by or against the Company of any petition seeking liquidation,
reorganization, arrangement, readjustment of debts or for any other relief under
the Bankruptcy Code or under any other act or law pertaining to insolvency or
creditor relief, whether state, federal or foreign, now or hereafter existing.
Upon the occurrence and during the continuance of any Event of Default, Holder
may, upon written notice to the Company, declare all amounts due hereunder
immediately due and payable.

If any payment on this Note becomes due and payable on a Saturday, Sunday or
other day on which commercial banks in the State of North Carolina are
authorized or required by law to close, the maturity thereof shall be extended
to the next succeeding business day and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate during such
extension.

No remedy herein conferred upon Holder is intended to be exclusive of any other
remedy and each and every such remedy shall be cumulative and shall be in
addition to every other remedy hereunder or now or hereafter existing at law or
in equity or by statute or otherwise. No course of dealings between the Company
and Holder and no delay or failure to exercise any rights hereunder shall
operate as a waiver of or otherwise prejudice any of Holder's rights with
respect to this Note.

If this Note is referred to an attorney for collection, the Company agrees to
pay all of Holder's costs of collection, including reasonable attorney's fees.
In addition, the Company agrees to pay the reasonable legal expenses actually
incurred by Holder to document and execute this Note.

<PAGE>

This Note is not negotiable and may not be transferred or assigned without the
prior written consent of the Company.

THIS NOTE IS MADE AND DELIVERED IN WINSTON-SALEM, NORTH CAROLINA AND SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE
STATE OF NORTH CAROLINA WITHOUT REGARD TO CONFLICTS OF LAW.

IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its
corporate name by its duly authorized officer and its seal to be affixed hereto
as of the day and year first written above.

                                         FRISBY TECHNOLOGIES, INC.

                                         By:  /s/ John L. Ruggiero
                                            -----------------------------
                                         Name: John L. Ruggiero
                                         Title:   Chief Financial Officer

                                       2

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