Document:

EXHIBIT 10.2

                                 PROMISSORY NOTE
                                 ---------------

$500,000.0                                                     March _____, 2006
                                                                  Effective Date

        This  Promissory  Note is made  and  entered  into in  favor of Aegis NY
Venture  Fund LP, a New York  limited  partnership,  as  Lender  (the  "Lender")
pursuant to that  certain  Loan and Security  Agreement  (the "LOAN  AGREEMENT")
entered  into  amongst  SLM  Holdings,   Inc.,  a  Delaware   corporation   (the
"Borrower"), Sales Lead Management Inc. and Lender.

1 DEFINITIONS.  As used in this Promissory  Note, the following terms shall have
the  following  meanings.  Capitalized  terms  that are used  herein but are not
defined herein shall have the meaning given such terms in the Loan Agreement.

                "BORROWER" means SLM Holdings Inc.

                "BUSINESS DAY" means any day other than a Saturday,  a Sunday or
any other day on which  commercial  banks in New York,  New York are required or
permitted by law to close.

                "EFFECTIVE DATE" means March _____, 2006.

                "LENDER" has the meaning given in the introductory paragraph.

                "LOAN  AGREEMENT"  has the  meaning  given  in the  introductory
paragraph.

                "MATURITY  DATE"  means the second  anniversary  of the  Closing
Date.

                "NOTE"  means  this  Promissory  Note  and  all   modifications,
increases, replacements, renewals, and extensions of this Promissory Note..

        All terms used herein,  whether or not defined in this Note, and whether
used in singular or plural form,  shall be deemed to refer to the object of such
term whether such is singular or plural in nature, as the context may suggest or
require.
<PAGE>

2 PROMISE TO PAY. For value received, Borrower,  unconditionally hereby promises
to pay to the order of the Lender at its place of business located at 26 Century
Hill Drive,  Latham,  New York 12110,  electronically  via ACH credit or at such
other place as the holder of this Note may  hereafter  designate,  the principal
sum of Five Hundred Thousand Dollars and no/100 Dollars ($500,000.00) or so much
thereof as may be advanced,  in lawful money of the United States of America for
the payment of private  debts,  together with  interest on the unpaid  principal
balance from time to time owing hereon  computed as set forth below:

3  INTEREST  RATE.  Reference  is  made to the  Loan  Agreement  for  provisions
affecting this Promissory Note regarding  interest  (including Default Interest)
accruing on this Note. This  Promissory Note is a Loan Document and,  therefore,
is subject to the provisions of the Loan Agreement.

4 PAYMENTS. This Note is payable as follows:

        All accrued but unpaid interest on the outstanding  principal balance of
this Note shall be due and payable electronically via automatic debit ACH credit
in arrears a monthly basis, commencing with the first monthly anniversary of the
date hereof, and thereafter on each subsequent monthly anniversary,, through and
including the Maturity Date.

        Except  as  expressly  provided  herein  or in the  Loan  Agreement  (if
applicable)  to the contrary,  all payments on this Note shall be applied in the
following order of priority:  (a) the payment or  reimbursement of any expenses,
costs or obligations  (other than the outstanding  principal  balance hereof and
interest  hereon)  for which  Borrower  shall be  obligated  or Lender  shall be
entitled  pursuant to the  provisions of this Note or the other Loan  Documents,
(b) the payment of accrued but unpaid  interest  hereon,  and (c) the payment of
all or any portion of the principal  balance hereof then outstanding  hereunder.
If an Event of Default  exists  under this Note,  then  Lender  may, at the sole
option of Lender, apply any such payments, at any time and from time to time, to
any of the items  specified in clauses (a), (b) or (c) above  without  regard to
the order of priority otherwise  specified in this SECTION 4 and any application
to the  outstanding  principal  balance  hereof may be made in either  direct or
inverse order of maturity.  Payments shall be made electronically via ACH credit
and shall not  constitute  payment  in  immediately  available  funds  until the
required  amount  is  actually  received  by  Lender.  Payments  in  immediately
available  funds  received  by Lender in the place  designated  for payment on a
Business Day prior to 2:00 p.m. New York, New York time at said place of payment
shall be credited  prior to the close of business on the Business Day  received,
while  payments  received by Lender on a day other than a Business  Day or after
2:00 p.m. New York,  New York time on a Business Day shall not be credited until
the next  succeeding  Business  Day. If any payment of  principal or interest on
this Note shall become due and payable on a day other than a Business  Day, such
payment shall be made on the next succeeding  Business Day. Acceptance by Lender
of any  payment in an amount  less than the full amount then due shall be deemed
an acceptance on account only, and the failure to pay the entire amount then due
may  become  an Event of  Default.  Borrower  agrees  that all  payments  of any
obligation due hereunder shall be final, and if any such payment is recovered in
any  bankruptcy,  insolvency  or similar  proceedings  instituted  by or against

<PAGE>

Borrower,  all obligations due hereunder  shall be  automatically  reinstated in
respect of the obligation as to which payment is so recovered.

5 PREPAYMENT.  Borrower may prepay this Note in part or in full without  penalty
as described in Section 2.9 of the Loan Agreement.

6 WAIVER.  Except as otherwise  provided herein and in the other Loan Documents,
Borrower  hereby  waives  all  notices  of  nonpayment,   demands  for  payment,
presentments for payment,  notices of intention to accelerate maturity,  notices
of actual acceleration of maturity, grace, protests, notices of protest, and any
other  demands or notices of any kind as to this Note,  diligence in  collection
hereof and in bringing suit hereon, and any notice of, or defense on account of,
the  extension  of time of  payments  or change in the method of  payments,  and
without further notice hereby consents to any and all renewals and extensions in
the time of payment  hereof either  before or after  maturity and the release of
any party primarily or secondarily liable hereon.  Borrower agrees that Lender's
acceptance of partial or delinquent  payments,  or failure of Lender to exercise
any right or remedy  contained herein or in any instrument given as security for
the payment of this Note shall not be a waiver of any  obligation of Borrower to
Lender or constitute waiver of any similar default subsequently  occurring.  The
holder of this Note is entitled to the benefits and security provided for in the
Loan Documents.

7 EVENTS OF DEFAULT AND  REMEDIES.  Reference is made to the Loan  Agreement for
provisions  affecting  this  Promissory  Note  regarding  Defaults and Events of
Default  and the rights and  remedies  of the Lender  upon the  occurrence  of a
Default or an Event of Default.

8 GOVERNING LAW AND VENUE.  THIS NOTE IS BEING  EXECUTED AND  DELIVERED,  AND IS
INTENDED TO BE  PERFORMED,  IN NEW YORK COUNTY,  NEW YORK AND THE INTERNAL  LAWS
(WITHOUT  REGARD TO CONFLICT OF LAW  PRICIPLES)  OF SUCH STATE SHALL  GOVERN THE
VALIDITY,  CONSTRUCTION,  ENFORCEMENT AND INTERPRETATION OF THIS NOTE, EXCEPT TO
THE EXTENT FEDERAL LAWS OTHERWISE GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT
AND INTERPRETATION OF ALL OR ANY PART OF THIS NOTE. ALL LEGAL ACTIONS RELATED TO
THIS NOTE SHALL BE BROUGHT IN THE  APPROPRIATE  COURT OF LAW LOCATED IN NEW YORK
COUNTY,  NEW YORK, TO THE EXCLUSION OF ALL OTHER VENUES.

9 WAIVER OF JURY TRIAL.  BORROWER, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW,  HEREBY  KNOWINGLY,   INTENTIONALLY,   IRREVOCABLY,   UNCONDITIONALLY   AND
VOLUNTARILY,  WITH AND UPON THE ADVICE OF COMPETENT COUNSEL,  WAIVE,  RELINQUISH
AND FOREVER FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED
UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS NOTE OR ANY CONDUCT, ACT OR
OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR DIRECTORS,  OFFICERS,  PARTNERS,

<PAGE>

MEMBERS,  EMPLOYEES,  AGENTS OR ATTORNEYS,  OR ANY OTHER PERSONS AFFILIATED WITH
LENDER  OR  BORROWER,  IN EACH  OF THE  FOREGOING  CASES,  WHETHER  SOUNDING  IN
CONTRACT, TORT OR OTHERWISE.

10  MISCELLANEOUS.

10.1 Notices or communications to be given under this Note shall be given to the
respective parties in writing as set forth in the Loan Agreement.

10.2 Time is of the essence of this Note.

10.3 This Note may not be changed or terminated orally, but only by an agreement
in writing signed by the party against whom  enforcement of any waiver,  change,
modification, termination or discharge is sought.

10.4 This Note is secured by the Security Documents to which reference is hereby
made for a description of the collateral, the nature and extent of the security,
and the rights of the Lender in respect thereof.

10.5 This Note and all the covenants,  promises and agreements  contained herein
shall be  binding  upon  Borrower's  successors,  assigns,  heirs  and  personal
representatives and inure to the benefit of Lender's successors and assigns.

10.6 If any provision of this Note or the  application  thereof to any person or
circumstance   shall,  for  any  reason  and  to  any  extent,   be  invalid  or
unenforceable,  then neither the remainder of this Note nor the  application  of
such  provision  to other  persons or  circumstances  nor the other  instruments
referred to herein  shall be affected  thereby,  but rather shall be enforced to
the greatest extent permitted by applicable law.

Effective March _____, 2006.

                                        BORROWER:
                                        ---------

                                        SLM HOLDINGS,  INC.

                                        By:________________________________
                                              Name:
                                              Title:EXHIBIT 10.3

                                    EXHIBIT A

                                  FORM OF NOTE

         THESE  SECURITIES  INCLUDING ANY  UNDERLYING  SECURITIES  (THE
         "SECURITIES")  HAVE NOT BEEN  REGISTERED  UNDER THE SECURITIES
         ACT OF 1933, AS AMENDED,  OR THE SECURITIES  LAWS OF ANY STATE
         AND MAY NOT BE SOLD OR OFFERED  FOR SALE IN THE  ABSENCE OF AN
         EFFECTIVE  REGISTRATION  STATEMENT  FOR THE  SECURITIES  OR AN
         OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY
         THAT SUCH  REGISTRATION  IS NOT  REQUIRED,  AND ARE SUBJECT TO
         CERTAIN RESTRICTIONS  CONTAINED IN THE FINANCING AGREEMENT (AS
         DEFINED BELOW).

$250,000.00                                                   October 19th, 2006

                               SLM HOLDINGS, INC.

                    10% CONVERTIBLE NOTE DUE April 19th, 2007

         This Note is one of a duly authorized  issue of up to $500,000 in Notes
of SLM Holdings,  Inc., a corporation  organized and existing  under the laws of
the State of Delaware (the "Company")  designated as its 10%  Convertible  Notes
(the "Series").

         This Note is being  issued  pursuant  to the terms of the  Bridge  Loan
Financing Agreement,  dated October 19th, 2006 (the "Financing  Agreement"),  to
which the Company and the Holder (as defined below) or the Holder's  predecessor
in interest are parties.  Capitalized  terms not otherwise  defined herein shall
have the meanings ascribed to them in the Financing Agreement.

         FOR VALUE RECEIVED, subject to Section 2 below, the Company promises to
pay to Richard Joyce, the registered holder hereof (the "Holder"), the principal
sum of Two Hundred and Fifty Thousand Dollars  ($250,000.00) on April 19th, 2007
(the "Maturity  Date") and to pay interest on the principal sum outstanding from
time to time at the rate of 10% per annum  (based on a 365 day  calendar  year).
Interest shall accrue from the Loan Date and, subject to Section 2 below,  shall
be payable on the Maturity Date.

                  This Note is subject to the following additional provisions to
which the Holder, by acceptance of this Note, agrees:

         1.       PREPAYMENT.  The Company may prepay this Note,  in whole or in
part, at any time without prepayment premium or penalty. Any prepayment shall be
credited first to accrued and unpaid interest and then to outstanding principal.

<PAGE>

         2.       CONVERSION  INTO  COMMON  STOCK.  At  any  time  prior  to the
Maturity  Date, at the option of the Holder  exercisable  by delivery of written
notice to the Company prior to the Maturity Date (the "Conversion Notice"),  all
or any portion of the outstanding  principal amount of this Note,  together with
all accrued and unpaid interest thereon, may be converted into common stock, par
value $.0001 per share, of the Company ("Common  Stock").  The effective date of
the conversion (the "Conversion  Date") shall be the date the Conversion  Notice
is received by the  Company.  The number of shares of Common  Stock  deliverable
upon  conversion of this Note (the  "Conversion  Shares"),  in whole or in part,
shall be determined by reference to the following  formula:  one share of Common
Stock for each $0.20 of Note  principal and interest  being  converted,  with no
fractional  shares being issued.  One or more  certificates  for the  Conversion
Shares shall be delivered to the Holder  within ten (10) business days after the
Conversion Date.

         Upon conversion of all amounts payable under this Note and issuance and
delivery of all  Conversions  Shares to the Holder in accordance  with the terms
hereof, this Note shall be cancelled and of no further force or effect.

         3.       INSOLVENCY.  The entire unpaid principal of this Note together
with any accrued and unpaid  interest  thereon shall become  immediately due and
payable upon the occurrence of any of the following events:  (a) the dissolution
of the Company;  (b) the admission in writing of the Company's  inability to pay
its debts as they become due; (c) any  assignment by the Company for the benefit
of creditors;  (d) any application by the Company for appointment of a receiver;
or (e) the  commencement  by the Company of a voluntary case under any provision
of the Federal  Bankruptcy Code (the "Code") or amendments  thereto or any other
federal or state law  affording  relief to debtors;  or there shall be commenced
against the Company any such  proceeding,  application  or an  involuntary  case
under  the  Code  which  proceeding,  application  or case is not  dismissed  or
withdrawn within 90 days of commencement or filing, as the case may be.

         4.       SECURITY  AND  DEFAULT  REMEDY.  The  Company  and its primary
Principles,  Jason Bishara (Executive Chairman) and Peter Cohen (VP and Director
of  Operations)  hereby  acknowledge  the following  default remedy in the event
circumstances  cause any portion of this Note to become in  Default;  The Lender
shall be  entitled  to receive a Default  Remedy in the  amount of Five  Hundred
Thousand  additional  Shares  of The  Companies  Common  Stock  within  ten days
following the default.  This in no way shall satisfy any of the Loan  provisions
detailed  in the  Bridge  Loan  Financing  Agreement.  Both  Bishara  and  Cohen
acknowledge that the default shares shall be transferred from their own personal
holdings of SLM Common stock on a pro rata basis according to current ownership.
Additionally,  the Company and its Principles  further agree to a default remedy
of 50,000  Shares for each  additional  month that the Note  remains in default.
These  shares  are also to be  transferred  from the  personal  holdings  of Mr.
Bishara and Mr. Cohen.

         5.       RESTRICTIONS ON TRANSFER.  This Note is non-negotiable and may
not be sold,  transferred,  pledged,  assigned or hypothecated without the prior
written consent of the Company.

         6.       REPRESENTATIONS  OF  HOLDER.  The  Holder  of  this  Note,  by
acceptance  hereof,  agrees that this Note is being  acquired for investment and
that such Holder will not offer,  sell or otherwise  dispose of this Note except
under  circumstances  which will not result in a violation of

                                       2
<PAGE>

the  Securities  Act of 1933, as amended,  or any  applicable  state Blue Sky or
similar laws  relating to the sale of  securities.  By  acceptance of this Note,
Holder hereby repeats and reaffirms all of Holder's representations,  warranties
and  agreements  set  forth  in the  Financing  Agreement  and in  that  certain
Subscription Agreement of even date therewith between the Company and Holder.

         7.       REGISTRATION RIGHTS.

                  (a)      Piggy-Back Rights.

                           (i)      If at any time  following an initial  public
offering  of the  Company's  securities  the Company  proposes  to register  its
securities under the Securities Act of 1933, as amended (the  "Securities  Act")
for sale to the public (including shelf  registration on Form S-3),  whether for
its own  account or for the  account of other  security  holders for sale to the
public (except for  registrations  pursuant to  registration  statements on Form
S-8, S-4 or another form not available for  registering  the), each such time it
will give written  notice to the Holder of such proposed  registration  at least
twenty  (20) days  prior to the  filing of a  registration  statement.  Upon the
written  request of the Holder given  within ten (10) days after  receipt of any
such notice, to register any of the Conversion  Shares ("Eligible  Securities"),
the Company will use reasonable  efforts to cause the Eligible  Securities as to
which   registration  shall  have  been  so  requested  to  be  covered  by  the
registration  statements  proposed  to be filed by the Company  (the  "Piggyback
Registration")  and to cause such  Piggyback  Registration  to become and remain
effective  for a period  of not less  than 120 days (or  until  such time as all
securities sold thereunder shall have been sold).

                           (ii)     If   a   Piggyback    Registration   is   an
underwritten  primary  registration  on behalf of the Company,  and the managing
underwriter  thereof  advises the Company in writing (with a copy to the Holder)
that in its opinion the number of  securities  requested  to be included in such
registration exceeds the number which can be sold in such offering,  the Company
will  include  in such  registration:  (A) first,  the  securities  the  Company
proposes to sell; and (B) second,  the  securities any other security  holder of
the Company  (including the Holder) proposes to sell in proportion to the number
of securities each proposes to sell.

                           (iii)    If   a   Piggyback    Registration   is   an
underwritten secondary registration on behalf of the Company's security holders,
and the managing underwriter thereof advises the Company in writing (with a copy
to the  Holder)  that in its opinion the number of  securities  requested  to be
included  in such  registration  exceeds  the  number  which can be sold in such
offering,  the  Company  will  include  in such  registration:  (A)  first,  the
securities the security holders of the Company which have exercised  contractual
demand registration rights in connection with such registration propose to sell,
in proportion to the number of securities each proposes to sell; and (B) second,
the securities any other security  holder of the Company  (including the Holder)
proposes to sell in  proportion  to the number of  securities  each  proposes to
sell.

                  (b)      Indemnity.   The  Company  will  indemnify  and  hold
harmless the Holder,  the  officers,  directors,  partners and  employees of the
Holder and each underwriter of securities sold by the Holder pursuant to Section
6(a)(i)  of this Note (and any  Person who  controls  the

                                       3
<PAGE>

Holder or underwriter  within the meaning of Section 15 of the  Securities  Act)
against all claims, losses, damages, liabilities, actions and expenses resulting
from any  untrue  statement  or alleged  untrue  statement  of a  material  fact
contained in a prospectus or in any related registration statement, notification
or the like or from any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the  statements  therein
not  misleading,  except  insofar as the same may have been based on information
furnished in writing to the Company by the Holder or such underwriter  expressly
for use therein and used in accordance with such writing.  The Company agrees to
reimburse each indemnified Person for any legal or any other expenses reasonably
incurred in connection  with  investigating  or defending any such loss,  claim,
damage, liability,  action or expense. Such indemnity shall remain in full force
and effect irrespective of any investigation by any Person indemnified above.

                  (c)      Expenses. The Company shall pay all expenses incurred
by complying with Section 6(a)(i), including without limitation all registration
and filing  fees,  printing  expenses,  fees and  disbursements  of counsel  and
independent  public  accountants for the Company,  fees and expenses  (including
counsel fees) incurred in connection  with  complying  with state  securities or
"Blue  Sky" laws  (other  than  those  which by law must be paid by the  selling
security holders), fees of the National Association of Securities Dealers, Inc.,
transfer  taxes,  fees or  transfer  agents and  registrars  and stock  exchange
listing fees, but excluding all underwriting  discounts and selling  commissions
applicable  to the sale of Eligible  Securities.  All expenses of  participating
sellers  other than those  assumed by the Company in this Note shall be borne by
such  sellers in  proportion  to the number of shares  sold by each seller or as
they may otherwise agree.

                  (d)      Registration  Covenants of the Company.  In the event
that any securities of the Company are to be registered pursuant to this Section
6, the Company  covenants  and agrees that the Company will use its best efforts
to effect the registration and cooperate in the sale of the Eligible  Securities
to be  registered  and will  take  such  other  actions  as shall be  reasonably
requested by the Holder in connection with the Piggyback Registration.

         8.       MISCELLANEOUS.

                  (a)      No  recourse  shall  be had  for the  payment  of the
principal of, or the interest on, this Note,  or for any claim based hereon,  or
otherwise in respect hereof,  against any  incorporator,  shareholder,  officer,
director,  or agent as such,  past,  present  or future,  of the  Company or any
successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the  enforcement of any assessment or penalty or otherwise,  all such
liability being, by the acceptance  hereof and as part of the  consideration for
the issue hereof, expressly waived and released.

                  (b)      All payments contemplated hereby to be made "in cash"
shall be made in  immediately  available  good funds in such coin or currency of
the United  States of  America  as at the time of  payment  is legal  tender for
payment of public and private  debts.  All payments of cash and each delivery of
shares of Common Stock  issuable to the Holder as  contemplated  hereby shall be
made to the Holder at the address  last  appearing  on the Note  Register of the
Company as  designated  in writing by the Holder from time to time;  except that
the Holder can

                                       4
<PAGE>

designate, by notice to the Company, a different delivery address for any one or
more specific payments or deliveries.

                  (c)      This  Note  shall be  governed  by and  construed  in
accordance  with  the  laws of the  State  of New  York  without  regard  to its
conflicts of laws  principles.  Each of the parties consents to the jurisdiction
of the federal courts whose districts encompass any part of the City of New York
or the state  courts of the State of New York sitting in the City of New York in
connection with any dispute  arising under this Agreement and hereby waives,  to
the maximum  extent  permitted by law, any  objection,  including  any objection
based on forum non  coveniens,  to the bringing of any such  proceeding  in such
jurisdictions.

                  (d)      Nothing  contained in this Note shall be construed as
conferring  upon the  Holder  the right to vote or to  receive  dividends  or to
consent  or  receive  notice as a  shareholder  in  respect  of any  meeting  of
shareholders  or any rights  whatsoever as a shareholder of the Company,  unless
and to the extent converted in accordance with the terms hereof.

         IN WITNESS  WHEREOF,  the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized.

                                         SLM HOLDINGS, INC.

                                         By:
                                             --------------------------
                                             Jason Bishara
                                             Executive Chairman

                                       5
<PAGE>

                                    EXHIBIT A

                                  FORM OF NOTE

         THESE  SECURITIES  INCLUDING ANY  UNDERLYING  SECURITIES  (THE
         "SECURITIES")  HAVE NOT BEEN  REGISTERED  UNDER THE SECURITIES
         ACT OF 1933, AS AMENDED,  OR THE SECURITIES  LAWS OF ANY STATE
         AND MAY NOT BE SOLD OR OFFERED  FOR SALE IN THE  ABSENCE OF AN
         EFFECTIVE  REGISTRATION  STATEMENT  FOR THE  SECURITIES  OR AN
         OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY
         THAT SUCH  REGISTRATION  IS NOT  REQUIRED,  AND ARE SUBJECT TO
         CERTAIN RESTRICTIONS  CONTAINED IN THE FINANCING AGREEMENT (AS
         DEFINED BELOW).

$250,000.00                                                   October 20th, 2006

                               SLM HOLDINGS, INC.

                    10% CONVERTIBLE NOTE DUE April 20th, 2007

         This Note is one of a duly authorized  issue of up to $500,000 in Notes
of SLM Holdings,  Inc., a corporation  organized and existing  under the laws of
the State of Delaware (the "Company")  designated as its 10%  Convertible  Notes
(the "Series").

         This Note is being  issued  pursuant  to the terms of the  Bridge  Loan
Financing Agreement,  dated October 19th, 2006 (the "Financing  Agreement"),  to
which the Company and the Holder (as defined below) or the Holder's  predecessor
in interest are parties.  Capitalized  terms not otherwise  defined herein shall
have the meanings ascribed to them in the Financing Agreement.

         FOR VALUE RECEIVED, subject to Section 2 below, the Company promises to
pay to Richard Joyce, the registered holder hereof (the "Holder"), the principal
sum of Two Hundred and Fifty Thousand Dollars  ($250,000.00) on April 20th, 2007
(the "Maturity  Date") and to pay interest on the principal sum outstanding from
time to time at the rate of 10% per annum  (based on a 365 day  calendar  year).
Interest shall accrue from the Loan Date and, subject to Section 2 below,  shall
be payable on the Maturity Date.

                  This Note is subject to the following additional provisions to
which the Holder, by acceptance of this Note, agrees:

         1.       PREPAYMENT.  The Company may prepay this Note,  in whole or in
part, at any time without prepayment premium or penalty. Any prepayment shall be
credited first to accrued and unpaid interest and then to outstanding principal.

<PAGE>

         2.       CONVERSION  INTO  COMMON  STOCK.  At  any  time  prior  to the
Maturity  Date, at the option of the Holder  exercisable  by delivery of written
notice to the Company prior to the Maturity Date (the "Conversion Notice"),  all
or any portion of the outstanding  principal amount of this Note,  together with
all accrued and unpaid interest thereon, may be converted into common stock, par
value $.0001 per share, of the Company ("Common  Stock").  The effective date of
the conversion (the "Conversion  Date") shall be the date the Conversion  Notice
is received by the  Company.  The number of shares of Common  Stock  deliverable
upon  conversion of this Note (the  "Conversion  Shares"),  in whole or in part,
shall be determined by reference to the following  formula:  one share of Common
Stock for each $0.20 of Note  principal and interest  being  converted,  with no
fractional  shares being issued.  One or more  certificates  for the  Conversion
Shares shall be delivered to the Holder  within ten (10) business days after the
Conversion Date.

         Upon conversion of all amounts payable under this Note and issuance and
delivery of all  Conversions  Shares to the Holder in accordance  with the terms
hereof, this Note shall be cancelled and of no further force or effect.

         3.       INSOLVENCY.  The entire unpaid principal of this Note together
with any accrued and unpaid  interest  thereon shall become  immediately due and
payable upon the occurrence of any of the following events:  (a) the dissolution
of the Company;  (b) the admission in writing of the Company's  inability to pay
its debts as they become due; (c) any  assignment by the Company for the benefit
of creditors;  (d) any application by the Company for appointment of a receiver;
or (e) the  commencement  by the Company of a voluntary case under any provision
of the Federal  Bankruptcy Code (the "Code") or amendments  thereto or any other
federal or state law  affording  relief to debtors;  or there shall be commenced
against the Company any such  proceeding,  application  or an  involuntary  case
under  the  Code  which  proceeding,  application  or case is not  dismissed  or
withdrawn within 90 days of commencement or filing, as the case may be.

         4.       SECURITY  AND  DEFAULT  REMEDY.  The  Company  and its primary
Principles,  Jason Bishara (Executive Chairman) and Peter Cohen (VP and Director
of  Operations)  hereby  acknowledge  the following  default remedy in the event
circumstances  cause any portion of this Note to become in  Default;  The Lender
shall be  entitled  to receive a Default  Remedy in the  amount of Five  Hundred
Thousand  additional  Shares  of The  Companies  Common  Stock  within  ten days
following the default.  This in no way shall satisfy any of the Loan  provisions
detailed  in the  Bridge  Loan  Financing  Agreement.  Both  Bishara  and  Cohen
acknowledge that the default shares shall be transferred from their own personal
holdings of SLM Common stock on a pro rata basis according to current ownership.
Additionally,  the Company and its Principles  further agree to a default remedy
of 50,000  Shares for each  additional  month that the Note  remains in default.
These  shares  are also to be  transferred  from the  personal  holdings  of Mr.
Bishara and Mr. Cohen.

         5.       RESTRICTIONS ON TRANSFER.  This Note is non-negotiable and may
not be sold,  transferred,  pledged,  assigned or hypothecated without the prior
written consent of the Company.

         6.       REPRESENTATIONS  OF  HOLDER.  The  Holder  of  this  Note,  by
acceptance  hereof,  agrees that this Note is being  acquired for investment and
that such Holder will not offer,  sell or otherwise  dispose of this Note except
under  circumstances  which will not result in a violation of

                                       2
<PAGE>

the  Securities  Act of 1933, as amended,  or any  applicable  state Blue Sky or
similar laws  relating to the sale of  securities.  By  acceptance of this Note,
Holder hereby repeats and reaffirms all of Holder's representations,  warranties
and  agreements  set  forth  in the  Financing  Agreement  and in  that  certain
Subscription Agreement of even date therewith between the Company and Holder.

         7.       REGISTRATION RIGHTS.

                  (a)      Piggy-Back Rights.

                           (i)      If at any time  following an initial  public
offering  of the  Company's  securities  the Company  proposes  to register  its
securities under the Securities Act of 1933, as amended (the  "Securities  Act")
for sale to the public (including shelf  registration on Form S-3),  whether for
its own  account or for the  account of other  security  holders for sale to the
public (except for  registrations  pursuant to  registration  statements on Form
S-8, S-4 or another form not available for  registering  the), each such time it
will give written  notice to the Holder of such proposed  registration  at least
twenty  (20) days  prior to the  filing of a  registration  statement.  Upon the
written  request of the Holder given  within ten (10) days after  receipt of any
such notice, to register any of the Conversion  Shares ("Eligible  Securities"),
the Company will use reasonable  efforts to cause the Eligible  Securities as to
which   registration  shall  have  been  so  requested  to  be  covered  by  the
registration  statements  proposed  to be filed by the Company  (the  "Piggyback
Registration")  and to cause such  Piggyback  Registration  to become and remain
effective  for a period  of not less  than 120 days (or  until  such time as all
securities sold thereunder shall have been sold).

                           (ii)     If   a   Piggyback    Registration   is   an
underwritten  primary  registration  on behalf of the Company,  and the managing
underwriter  thereof  advises the Company in writing (with a copy to the Holder)
that in its opinion the number of  securities  requested  to be included in such
registration exceeds the number which can be sold in such offering,  the Company
will  include  in such  registration:  (A) first,  the  securities  the  Company
proposes to sell; and (B) second,  the  securities any other security  holder of
the Company  (including the Holder) proposes to sell in proportion to the number
of securities each proposes to sell.

                           (iii)    If   a   Piggyback    Registration   is   an
underwritten secondary registration on behalf of the Company's security holders,
and the managing underwriter thereof advises the Company in writing (with a copy
to the  Holder)  that in its opinion the number of  securities  requested  to be
included  in such  registration  exceeds  the  number  which can be sold in such
offering,  the  Company  will  include  in such  registration:  (A)  first,  the
securities the security holders of the Company which have exercised  contractual
demand registration rights in connection with such registration propose to sell,
in proportion to the number of securities each proposes to sell; and (B) second,
the securities any other security  holder of the Company  (including the Holder)
proposes to sell in  proportion  to the number of  securities  each  proposes to
sell.

                  (b)      Indemnity.   The  Company  will  indemnify  and  hold
harmless the Holder,  the  officers,  directors,  partners and  employees of the
Holder and each underwriter of securities sold by the Holder pursuant to Section
6(a)(i)  of this Note (and any  Person who  controls  the

                                       3
<PAGE>

Holder or underwriter  within the meaning of Section 15 of the  Securities  Act)
against all claims, losses, damages, liabilities, actions and expenses resulting
from any  untrue  statement  or alleged  untrue  statement  of a  material  fact
contained in a prospectus or in any related registration statement, notification
or the like or from any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the  statements  therein
not  misleading,  except  insofar as the same may have been based on information
furnished in writing to the Company by the Holder or such underwriter  expressly
for use therein and used in accordance with such writing.  The Company agrees to
reimburse each indemnified Person for any legal or any other expenses reasonably
incurred in connection  with  investigating  or defending any such loss,  claim,
damage, liability,  action or expense. Such indemnity shall remain in full force
and effect irrespective of any investigation by any Person indemnified above.

                  (c)      Expenses. The Company shall pay all expenses incurred
by complying with Section 6(a)(i), including without limitation all registration
and filing  fees,  printing  expenses,  fees and  disbursements  of counsel  and
independent  public  accountants for the Company,  fees and expenses  (including
counsel fees) incurred in connection  with  complying  with state  securities or
"Blue  Sky" laws  (other  than  those  which by law must be paid by the  selling
security holders), fees of the National Association of Securities Dealers, Inc.,
transfer  taxes,  fees or  transfer  agents and  registrars  and stock  exchange
listing fees, but excluding all underwriting  discounts and selling  commissions
applicable  to the sale of Eligible  Securities.  All expenses of  participating
sellers  other than those  assumed by the Company in this Note shall be borne by
such  sellers in  proportion  to the number of shares  sold by each seller or as
they may otherwise agree.

                  (d)      Registration  Covenants of the Company.  In the event
that any securities of the Company are to be registered pursuant to this Section
6, the Company  covenants  and agrees that the Company will use its best efforts
to effect the registration and cooperate in the sale of the Eligible  Securities
to be  registered  and will  take  such  other  actions  as shall be  reasonably
requested by the Holder in connection with the Piggyback Registration.

         8.       MISCELLANEOUS.

                  (a)      No  recourse  shall  be had  for the  payment  of the
principal of, or the interest on, this Note,  or for any claim based hereon,  or
otherwise in respect hereof,  against any  incorporator,  shareholder,  officer,
director,  or agent as such,  past,  present  or future,  of the  Company or any
successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the  enforcement of any assessment or penalty or otherwise,  all such
liability being, by the acceptance  hereof and as part of the  consideration for
the issue hereof, expressly waived and released.

                  (b)      All payments contemplated hereby to be made "in cash"
shall be made in  immediately  available  good funds in such coin or currency of
the United  States of  America  as at the time of  payment  is legal  tender for
payment of public and private  debts.  All payments of cash and each delivery of
shares of Common Stock  issuable to the Holder as  contemplated  hereby shall be
made to the Holder at the address  last  appearing  on the Note  Register of the
Company as  designated  in writing by the Holder from time to time;  except that
the Holder can

                                       4
<PAGE>

designate, by notice to the Company, a different delivery address for any one or
more specific payments or deliveries.

                  (c)      This  Note  shall be  governed  by and  construed  in
accordance  with  the  laws of the  State  of New  York  without  regard  to its
conflicts of laws  principles.  Each of the parties consents to the jurisdiction
of the federal courts whose districts encompass any part of the City of New York
or the state  courts of the State of New York sitting in the City of New York in
connection with any dispute  arising under this Agreement and hereby waives,  to
the maximum  extent  permitted by law, any  objection,  including  any objection
based on forum non  coveniens,  to the bringing of any such  proceeding  in such
jurisdictions.

                  (d)      Nothing  contained in this Note shall be construed as
conferring  upon the  Holder  the right to vote or to  receive  dividends  or to
consent  or  receive  notice as a  shareholder  in  respect  of any  meeting  of
shareholders  or any rights  whatsoever as a shareholder of the Company,  unless
and to the extent converted in accordance with the terms hereof.

         IN WITNESS  WHEREOF,  the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized.

                                         SLM HOLDINGS, INC.

                                         By:
                                             --------------------------
                                             Jason Bishara
                                             Executive Chairman

                                       5

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