Document:

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                                                                    Exhibit 10.2

BANCO MERCANTIL, C.A. BANCO UNIVERSAL, domiciled in the city of the Caracas,
originally registered with the Commercial Registry kept by the former Commercial
Court of the Federal District on December 3, 1925, under No. 123, which current
Articles of Incorporation were amended and merged into one single text are
evidenced by the entry made in the First Commercial Registry of the Judicial
Circuit of the Capital District and State of Miranda on February 2, 2006, under
No. 45, Volume 11-Pro, Sole Registry of Fiscal Information (R.I.F.)
            , hereinafter THE BANK, represented in this by its ATTORNEY-IN-FACT,
ANDRES MANUEL PABLO PARRA MORENO, Venezuelan, attorney, married, of legal age,
domiciled in the city of Caracas, bearer of Identity Card No.             , his
capacity being evidenced by a power of attorney registered with the Thirty
seventh Public Registry of Libertador Municipality of the Capital District, on
December 10, 2003, under No. 42, Volume 99 of the respective books, and
registered in the First Commercial Registry of the Federal District and Capital
Region Judicial Circuit, on March 10, 2004, under No. 16, Volume C-Pro,
sufficiently authorized to execute this document, as party of the first part;
and as party of the second part, HARVEST VINCCLER, C.A. limited partnership
domiciled in the city of Caracas, originally registered with the Commercial
Registry of the Judicial Circuit of the Federal District and State of Miranda,
on June 28, 1993, under No. 13, Volume 146-A Second, which transformation from
commercial society into limited partnership and total amendment of the articles
of association, are evidenced by the entry made in the Second Commercial
Registry of the Capital District and State of Miranda Judicial Circuit, on
September 7, 2006, under No. 40, Volume 186 Second, Sole Registry of Fiscal
Information (R.I.F.) No.             , hereinafter THE BORROWER, represented
herein by its GENERAL MANAGER, MAURICIO DI GIROLAMO LIZARRAGA, Venezuelan, of
legal age, married, domiciled in the city of Caracas and bearer of the Identity
Card No.             , sufficiently authorized to execute this document by
ARTICLE ELEVENTH of the Corporate Bylaws of their principal, have agreed to
enter into this agreement of INTEREST BEARING LOAN, which will be governed by
the following clauses: FIRST: GRANT OF INTEREST BEARING LOAN AND ITS USE: THE
BANK grants hereby the BORROWER an INTEREST BEARING LOAN, WITH TRUST FUNDS AND
OTHER TRUST INSTRUMENTS, of TWENTY BILLION BOLIVARS (BS. 20.000.000.000,00),
which THE BORROWER declares to have received in cash fully. THE BORROWER will
use the amount of money received as an INTEREST BEARING LOAN exclusively to
carry out operations of legitimate commercial character; SECOND: FORM AND

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OPPORTUNITY OF PAYMENT OF THE INTEREST BEARING LOAN: THE BORROWER is obliged to
return to THE BANK the amount of money received as an INTEREST BEARING LOAN at
the expiration of a term of ONE HUNDRED EIGHTY (180) CONTINUOUS DAYS counted as
the date of authentication of this document. In case the date of payment of any
of the INSTALMENTS due to be paid by the BORROWER TO THE BANK under this
contract, would be payable on a banking not working day in Caracas, Bolivarian
Republic of Venezuela, THE BORROWER AND THE BANK do agree that said date of
payment will be postponed to the following bank working day in Caracas,
Bolivarian Republic of Venezuela; THIRD: CONVENTIONAL AND MORA INTERESTS: The
amount of money received as interest bearing loan will produce conventional
interests calculated on the debit balance under the variable rates at a FIXED
RATE of TEN POINT ZERO TWO PERCENT (10.02%) PER ANNUM which will be paid by THE
BORROWER at the same time when the owed capital needs to be paid. In case the
date of payment of any of the INSTALMENTS due to be paid by the BORROWER TO THE
BANK under this contract, would be payable on a banking not working day in
Caracas, Bolivarian Republic of Venezuela, THE BORROWER AND THE BANK do agree
that said date of payment will be postponed to the following bank working day in
Caracas, Bolivarian Republic of Venezuela. IN CASE OF DELAY IN THE PAYMENT OF
ANY OBLIGATIONS REFERRED BY THIS CONTRACT, THE APPLICABLE DELAY DURING ALL THE
TIME IT LASTS, I.E. FROM THE DATE SUCH PAYMENT SHOULD HAVE BEEN DONE UNTIL THE
PAYMENT DAY OF THE TOTAL PAYMENT BY THE BORROWER TO THE BANK, WILL BE THE ONE
RESULTING FROM ADDING TO TEN POINT ZERO TWO PERCENT (10.02%) PER ANNUM A THREE
PERCENT (3%) PER ANNUM; FOURTH: PAYMENT IN ADVANCE: Despite the foreseen in
clauses SECOND AND THIRD of this contract, THE BORROWER can pay in advance the
whole or part of the amount of money received as INTEREST BEARING LOAN and the
conventional interests resulting from the application of the interest rate
mentioned in Clause THIRD of this contract and caused until the date of the
payment in advanced, at any moment of this contract effect, and for any other
amount, without any penalty whatsoever, notifying THE BANK in written with at
least TWO (2) BANK WORKING DAYS in advance in Caracas, Bolivarian Republic of
Venezuela. In that case, it is understood that THE BANK will allocate the amount
paid in advance, first to the interest caused and secondly to the remnant owed
capital. Additionally, in this case, THE BORROWER AND THE BANK agree that the
amount of the INSTALMENT TO AMORTIZE THE OWED CAPITAL and the conventional
interests under this contract will be modified in mutual agreement to reflect
the effect of said payment in advance. FIFTH: DEBT AUTHORIZATION OR CHARGE TO
ACCOUNT OR DEPOSIT: THE BORROWER EXPRESSLY AND IRREVOCABLY AUTHORIZES THE BANK
TO DEBIT OR CHARGE ANY ACCOUNT OR DEPOSIT IT MAINTAINS JOINTLY OR INDISTINCTLY
WITH NATURAL OR JURIDICAL PERSONS IN THE BANK, ALL MATURED AMOUNTS OF MONEY TO
BE DEBITED IN

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RELATION TO THE GRANTING OF THE INTEREST BEARING LOAN REFERRED IN THIS CONTRACT,
WITHOUT IT BEING UNDERSTOOD THAT THESE CHARGES GIVE RISE TO NOVATION OF SAID
OBLIGATIONS. SIXTH: CAUSES FOR ANTICIPATED OBLIGATIONS DUE: It will be
considered due obligations and perfectly demanded payment in full and
immediately of the obligations that have been assumed by THE BORROWER by virtue
of this document in ONE (1) of the following events: 6.1.- The failure to pay
when due any ONE (1) of the INSTALMENTS TO AMORTIZE CAPITAL or any one (1) of
the INTEREST instalments in the opportunity when according to this document such
concepts be demandable. 6.2.- If THE BORROWER, breaching what the SEVENTH clause
of this contract stipulates, assigns or delegates the rights or obligations
assumed under this agreement to any individual or legal entity; 6.3.- If
precautionary or executive measures prohibiting the sale or encumbrance,
attachment, seizure or other type of measure are declared on the assets owned by
THE BORROWER and such measures are not stayed within a period of SIXTY (60)
continuous DAYS after the date the decision to adopt these measures was issued;
6.4.- The nullity or inefficacy for any cause of any of the guarantees
constituted to support the payment of the INTEREST BEARING LOAN referred in this
contract, provided that THE BORROWER or a third party do not establish an
equivalent substitutive guarantee to THE BANK'S satisfaction 6.5.- If there is a
judicial declaration of moratorium, bankruptcy or the judicial liquidation of
THE BORROWER'S assets or if the last one incurs in payments ceasing; 6.6.- If
THE BORROWER fails to deliver historical annual Financial Statements to THE BANK
during the term of this contract of INTEREST BEARING LOAN within NINETY (90)
continuous DAYS of the end of the fiscal year, duly certified by a firm of
independent auditors approved by THE BANK, or its monthly Balance Sheets duly
signed by an independent public accountant within THIRTY (30) continuous DAYS
after they have been requested; 6.7.- If THE BORROWER had provided erroneous or
false information that has been used as the base to grant this INTEREST BEARING
LOAN, 5.8.- If it is determined that THE BORRIWER has used the moneys of THE
INTEREST BEARING LOAN for ends or purposes different to the one stated in this
contract. 6.9.- If substantial changes are made to the current shareholding
structure of THE BORROWER without the previous written consent of THE BANK. To
these effects, it will be understood as substantial changes in the shareholding
structure, any change implying a variation higher than TEN (10%) PERCENT of the
same; 6.10.- If THE BORROWER fails to provide THE BANK within the EIGHT (8) BANK
WORKING DAYS after its written request, any information that has

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been at the same time requested to THE BANK by any authority controller our
supervisor of the banks and financial institutions activities in general and
that is directly related to THE BORROWER; 6.11.- If THE BORROWER fails to
immediately notify to THE BANK the existence of any event that may adversely
affect its current economic and financial situation, unless this event is a
consequence or is related to the conversion of the oil project(s) being
currently developed by THE BORROWER of the operative service agreements to mixed
company; 6.12.- If THE BORROWER performs activities of different nature to its
social object at the time of authentication of this contract, unless such change
is consequence or is related to the conversion of the oil project(s) being
currently developed by THE BORROWER of the operative service agreements to mixed
company ; 6.13.- The revoke or renewal failure, depending on the case, of any
government authorization or of any other kind or nature which hinders THE
BORROWER'S fulfilment of its commercial activities; 6.14.- In case of the
anticipated expiration of any other obligations assumed by THE BORROWER with THE
BANK or with any other of its branches, affiliated, subsidiaries or related
companies; and 6.15.- - Default of any other relevant obligations assumed by THE
BORROWER herein. THE FAILURE IN THE FULFILMENT OF THE BANK'S RIGHTS IN AGREEMENT
WITH THIS CLAUSE SHALL BE IN NO CASE UNDERSTOOD AS WAIVER TO THEM, TO THE
ACTIONS THAT MAY BE DERIVED FROM THEM OR AS AN ACCEPTANCE OR TOLERANCE OF THE
CIRCUMSNTANCES EMPOWERING IT TO EXERCISE THEM; SEVENTH: RIGHTS OR OBLIGATIONS
CONVEYANCE: This contract is considered to be celebrated "intuito personae" in
relation to THE BORROWER; consequently, this last one under any circumstances
will not be able to convey or delegate the corresponding rights and obligations
in agreement herewith; EIGHTH: NOTIFICATIONS, COMMUNICATIONS OR CITATIONS
ADDRESS: All notifications, communications or citations that THE BANK and THE
BORROWER should address regarding this agreement of INTEREST BEARING LOAN, will
be done in written, via telefax or e-mail, exclusively sent to the following
addresses: THE BANK: Final Avenida Andres Bello, cruce con Avenida El Lago,
Edificio Mercantil Nro. 1, San Bernardino, Municipio Libertador, Distrito
Capital, Caracas, Unidad Gerencia Petroleo y Gas I, Atencion: Sra. Liliana
Bonora Buzzoni, Telefonos Nros. 0212-5030439 /0440, Telefax Nro. 0212-5031131,
E-mail: lbonora@bancomercantil.com; and THE BORROWER: Centro Profesional
Eurobuilding, Piso 9, Ofic. 9-D, Calle La Guairita, Chuao. Municipio Baruta.
Estado Miranda, Attention: Mr. Mauricio Di Girolamo, Telephone (s) Nro. (s)
58212-212-70-00 Telefax Nro. 58-212-993-36-38 and E-mail:
Mauricio.digirolamo@harvestvinccler.com., with copy to 1177 Enclave Parkway,
Suite 300, Houston, Texas 77077, United States of America. Attention to: Mr.
Steve Tholen, Telephone: 1-281-899-57-14, Telefax: 1-281-899-57-03. E-mail:
stholen@harvestnr.com. THE BORROWER EXPRESSLY RELEASES THE BANK FROM ANY
LIABILITY, DIRECTLY OR INDIRECTLY, DERIVED FROM ANY

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NOTICE OR COMMUNICATION OR CITATION SENT TO AN ADDRESS THAT IS NOT THE CURRENT
ADDRESS, WHEN THIS IS DUE TO FAILURE TO NOTIFY IN A TIMELY MANNER WHAT IS
REFERRED IN THIS CLAUSE; NINTH: APPLICABLE LEGAL REGIME: In case of matters that
have not been foreseen in this contract, the resolutions of the Commerce Code in
relation to Loan which are foreseen in the XIV Title of said legal instrument;
the norms described in the XVI Title of the Third Book of the Civil Code
regarding Mutual or Interest Bearing Loan, as well as the resolutions of the
Decree with Rank of Law of Reform of the Banks and other institutions General
Law, whenever they will be applicable.; TENTH: EXPENDITURES: ALL EXPENDITURES,
TAXES, COMMISSIONS, TARIFFS, CHARGES, HONORARIES AND OTHER PRESENT OR FUTURE
CONCEPTS ORIGINATED OR DERIVED OR PRODUCED AS A CONSEQUENCE OF THE CELEBRATION
AND (OR) EXECUTION OF THIS CONTRACT, INCLUDING PROFESSIONAL HONORARIES OF
ATTORNEYS CAUSED BY THE CLAIMS AND EXECUTION OF THE OBLIGATIONS HEREIN REFERRED
BEFORE THE COMPETENT JURISDICTIONAL ORGANISMS, WILL BE ON THE BORROWER'S
ACCOUNT; ELEVENTH: OTHER DECLARATIONS: THE BORROWER, ACCORDING TO WHAT IS
INSTRUCTED IN ARTICLE 13 OF THE NORMS RELATED TO THE PROTECTION OF THE FINANCIAL
SERVICES USERS DICTATED BY THE BANKS SUPERINTENDENCY AND OTHER FINANCIAL
INSTITUTIONS BY RESOLUTION NO. 147-02 DATED AUGUST 28, 2002, PUBLISHED IN
OFFICIAL GAZETTE OF THE BOLIVARIAN REPUBLIC OF VENEZUELA NO. 37.517 DATED AUGUST
30, 2002, EXPRESSLY DECLARED THAT BEFORE THE GRANT OF THIS CONTRACT, THE BANK
GAVE THEM ONE (1) EXEMPLARY OF THE SAME DRIFT AND THAT CONSEQUENTLY ENOUGH TIME
WAS DISPOSED TO EXAMINE ITS CONTENT, OBTAIN THE PROFESSIONAL ASSISTANCE OF A
RELIABLE ATTORNEY AND IN GENERAL, UNDERSTAND THE PRECISE SCOPE, IMPORTANCE AND
JURIDICAL CONSEQUENCES OF ALL AND EACH OF ITS CLAUSES, WHICH ARE ACCEPTED
WITHOUT ANY OBJECTION SINCE THEY ARE EXACT, INTEGRAL AND EXACT REFLECTION OF
THEIR WILLS; and TWELVTH: SELECTION OF SPECIAL DOMICILE: For all the effects and
consequences derived from this contract, THE BANK, THE BORROWER, choose as
special domicile the city of Caracas, to the jurisdiction of which Tribunals
expressly they declare to be subject to without detriment of the right that
assists THE BANK in its character of creditor to go to any other competent
Tribunal according to the Law.

<PAGE>

                        BOLIVARIAN REPUBLIC OF VENEZUELA
      METROPOLITAN DISTRICT OF CARACAS. THIRTY SEVENTH PUBLIC NOTARY OF THE
                 LIBERTADOR MUNICIPALITY OF THE CAPITAL DISTRICT

Caracas on the twenty third (03) day of the month of October of the year two
thousand six (2006). 196 years of the Independence and 147 years of the
Federation. The previous document written by the Attorney MARIA ROSARIO VEGAS
A., registered in Inpreabogado under No. 50359, was presented for its
Authentication and Return, according form No. 90050, dated 10-03-2006, according
to the Law of Judicial Taxes. Being present the grantors, ANDRES MANUEL PABLO
PARRA MORENO AND MAURICIO DI GIROLAMO LIZARRAGA, both Venezuelans, of legal age,
both married, bearers of the Identification Cards Nos.:              AND
            , domiciled in Caracas. The original and its photocopies were read,
compared and signed in presence of the Notary Public, and the grantors
expressed: "ITS CONTENT IS TRUE AND OUR SIGNATURES DO APPEAR AT THE BOTTOM OF
THE DOCUMENT". The Notary, therefore, upon request of the interested party,
PUBLICALLY CERTIFIES this document containing the Act or Juridical Negotiation
granted herein, and the copies signed in original which will form the Principal
and Duplicated Volumes, inserted under No. 26, Volume 64, of the Authentication
Books held by this Notary, witnessed by DORIS DELGADO AND MARY SEQUERA, bearers
of the identification cards Nos.              and              respectively. The
Notary Public does hereby certify that Ordinal No. 2 of Article 78 of Decree No.
1554 with rank of Law, of Public Registry and Notaries, has been complied with.
Likewise, it is certified that 1) The Commercial Registry of BANCO MERCANTIL,
C.A. (BANCO UNIVERSAL) registered before the Commercial Registry held by the
Commercial Court of the Federal District on 04/03/1925, under No. 123. 2) Last
modification registered before the First Commercial Registry of the Capital
District and State of Monagas Judicial Circuit on 02/02/2006, under No. 45,
Volume 11-APro. 3) Power of Attorney recorded before the Subaltern Office of the
First Circuit of the Baruta Municipality, State of Miranda Registry Office on
02/19/1999, under No. 18, Volume 02, Third Protocol. 4) HARVEST VINCCLER, S.C.A.
Registry document recorded before the same Commercial Registry on 09/07/2006,
under No. 40, Volume 186-A-second, were presented. For this Act the Notary moved
and was set up in Edificio

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Banco Mercantil, 32nd Floor, Av. Andres Bello, Caracas on request of the
interested party, being 10:00 a.m. The present document has five (05) useful
folios.-

THE NOTARY PUBLIC THIRTY SEVENTH,exv10w1

 

EXHIBIT 10.1

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE (COLLECTIVELY WITH THIS
NOTE, THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT ”) OR ANY APPLICABLE STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED, UNLESS REGISTERED UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR UPON DELIVERY TO THE ISSUER OF THE SECURITIES OF AN OPINION OF COUNSEL IN FORM
AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THE SECURITIES THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE ACT OR SUCH APPLICABLE STATE SECURITIES LAWS PURSUANT TO AVAILABLE EXEMPTIONS THEREFROM.
THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS HEREOF.

Claimsnet.com Inc.

Unsecured Convertible Promissory Note

			
	 	 	 
	$50,000.00
	 	Dallas, Texas

September 29, 2006

     Claimsnet.com Inc., a Delaware corporation (the “Company”), for value received, hereby
promises unconditionally to pay to Thomas Michel, or his permitted transferees or assigns
(collectively, the “Holder”), in immediately available and lawful money of the United States of
America (“Dollars” or “$”), the principal amount of Fifty Thousand Dollars ($50,000) (the
“Principal”), plus any accrued and unpaid Interest thereon, on the Maturity Date (as such terms are
defined below).

     This Unsecured Convertible Promissory Note (this “Note”) is issued to the Holder in connection
with the issuance by the Company, from time to time of substantially identical Unsecured
Convertible Promissory Notes, provided that such other promissory notes may vary as to their
principal amounts and the dates of issuance thereof, which other promissory notes, in the aggregate
together with this Note, are not greater in principal amount than $300,000 (such other Unsecured
Convertible Promissory Notes, collectively with this Note, the “Investor Notes”, and the holders of
such Investor Notes, collectively with the Holder, the “Investors”). The following is a statement
of the rights of the Holder and the conditions to which this Note is subject, and to which the
Holder, by the acceptance of this Note, agrees.

     1.     Certain Definitions; Certain Interpretations.

          1.1.     Certain Definitions. As used herein, the following terms shall have the
following meanings:

          “Business Day” means any day that is not a Saturday, Sunday or a legal holiday in the State of
Texas.

          “Common Stock” means the common stock, par value $0.001 per share, of the
Company.

 

 

          “Conversion Price” means $0.25 per share, subject to adjustment as provided in this Note.

          “Conversion Securities” means the shares of Common Stock issuable upon conversion of this Note
in accordance with Sections 5.1 and 5.2(d).

          “Event of Default” shall have the meaning assigned to such term in Section 4.

          “Interest” shall have the meaning assigned to such term in Section 2.2.

          “Investors” shall have the meaning assigned to such term in the Preamble.

          “Investor Notes” shall have the meaning assigned to such term in the Preamble.

          “Issue Date” means the first date written above, which is the date of execution and issuance
of this Note.

          “Maturity Date” means December 31, 2008.

          “Person” means any individual, corporation, limited liability company, partnership, limited
partnership, limited liability partnership, firm, joint venture, association, joint stock company,
trust or other entity or organization, including a government or political subdivision or an agency
or instrumentality thereof.

          “Securities Act” means the Securities Act of 1933, as amended.

          1.2.     Certain Interpretations. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference to any law, rule or
regulation herein shall be construed as referring to any amendment or modification of such law,
rule or regulation, (c) any reference herein to any Person shall be construed to include such
Person’s permitted successors and assigns, (d) the words “herein”, “hereof” and “hereunder”, and
words of similar import, shall be construed to refer to this Note in its entirety and not to any
particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement, except as otherwise expressly provided, and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights.

-2-

 

     2.     Repayment.

          2.1.     Principal. Unless earlier paid, converted or accelerated in accordance with the
provisions hereof, the entire outstanding Principal shall be due and payable on the Maturity Date.
Promptly following the payment in full of this Note, the Holder shall surrender this Note to the
Company for cancellation.

          2.2.     Interest. Interest on the unpaid Principal (“Interest”) during the period from
the Issue Date through the Maturity Date, shall accrue at a rate of seven and one-half percent
(7.5%) per annum, non-compounding. Interest shall be computed on the basis of a 365-day year
applied to actual days elapsed. Unless the Interest on this Note is earlier paid, converted or
accelerated in accordance with the provisions hereof, all Interest then accrued and unpaid shall be
due and payable in cash on the Maturity Date (concurrently with the payment of Principal as
provided in Section 2.1).

          2.3.     Location and Extension of Time for Repayments. All payments (including any
prepayments) of Principal, Interest and other amounts due and payable by the Company pursuant to
this Note shall be paid to the Holder at such Holder’s address for notice pursuant to Section 7.8.
If the outstanding Principal and Interest become due and payable on any day other than a Business
Day, the payment date thereof (including, without limitation, the Maturity Date) shall be
automatically extended to the next succeeding Business Day, and to such payable amounts shall
automatically be added the Interest which shall have accrued during such extension period at the
rate per annum herein specified.

     3.     Prepayments.

          3.1.     Optional Prepayment. Outstanding amounts under this Note may be prepaid, in
whole or in part, at any time at the option of the Company upon at least thirty days’ prior written
notice to the Holder (a “Prepayment Notice”), which Prepayment Notice shall set forth the amount of
Principal and Interest to be prepaid by the Company and the date thereof; provided, that, such
prepayment is made substantially simultaneously and pari passu with prepayment of the other
Investor Notes, in each case, as provided in Section 3.2.

          3.2.     Application of Prepayments. Prepayments made by the Company pursuant to this
Section 3 shall be applied as follows:

               (i) First, to repayment of accrued and unpaid interest on the Investor Notes, pro rata
based on each Investor’s share of the aggregate amount of accrued interest then owed to the
Investors under all Investor Notes; and

               (iii) Second, to repayment of the unpaid principal under the Investor Notes, pro rata
based on each Investor’s share of the aggregate principal amount then owed to the Investors
under all Investor Notes.

-3-

 

          3.4.     No Premiums, Penalties or Consent. No premium or penalty shall be payable, and
no consent of the Holder or the other Investors shall be required, in connection with any
prepayment of this Note or other Investor Notes.

     4.     Events of Default.

          If one or more of the following events shall have occurred and be continuing (each, an “Event
of Default”):

          (a)     the Company shall fail to pay within ten (10) days of when due any principal of, or
accrued interest on, this Note or any of the other Investor Notes;

          (b)     the Company shall consummate the sale of all or substantially all of its assets, or
liquidate, dissolve or wind up;

          (c)     the Company shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part of its property, or
shall consent to any such relief or to the appointment of or taking possession by any such official
in an involuntary case or other proceeding commenced against it, or shall make a general assignment
for the benefit of creditors, or shall take any corporate action to authorize any of the foregoing;
or

          (d)     an involuntary case or other proceeding shall be commenced against the Company seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its
property, and such involuntary case or other proceeding shall remain undismissed for a period of
sixty (60) days; or an order for relief shall be entered against the Company under the federal
bankruptcy laws as now or hereafter in effect.

then, and in each and every such Event of Default, the Holder may, by written notice to the
Company, declare this Note to be, and this Note shall thereupon become, immediately due and payable
in full without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Company; provided, however, that in the case of any of the Events of Default
specified in clauses (c) or (d) above, without any notice to the Company or any other act by the
Holder or the other Investors, this Note shall become immediately due and payable in full without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Company.

-4-

 

     5.     Conversion.

          5.1.     Conversion. At the option of the Holder, exercised in accordance with
this Section 5, at any time or from time to time prior to the Maturity Date, all or any portion of
the outstanding Principal and Interest shall be converted into a number of shares of Common Stock
equal to the quotient obtained by dividing (i) the aggregate Principal and Interest then
outstanding by (ii) the Conversion Price. Notwithstanding anything herein to the contrary, Holder
shall have the right to exercise its conversion rights hereunder after receipt of a Prepayment
Notice and on or prior to the date of any such prepayment by the Company in accordance with such
Prepayment Notice.

          5.2.     Adjustment of Conversion Price. (a) In case the Company shall at any time issue
shares of Common Stock for no consideration by way of dividend or other distribution on the
outstanding Common Stock of the Company or subdivide or combine the outstanding shares of Common
Stock of the Company, the Conversion Price shall forthwith be proportionately decreased in the case
of such dividend, distribution or subdivision, or increased in the case of combination and, in
either case, rounded up or down to the nearest one cent. An adjustment made pursuant to this
Section 5.2 shall become effective when such dividend, distribution, subdivision or combination, as
the case may be, is actually made or becomes effective.

          (b)     No adjustment in the Conversion Price or in the number of shares of Common Stock issuable
upon conversion pursuant to Section 5.1 shall be made by reason of the issuance in exchange for
cash, property or services of shares of Common Stock or any securities convertible into, or
exercisable or exchangeable for, Common Stock, or carrying the right to purchase any of the
foregoing.

          (c)     In case of any reorganization, recapitalization or reclassification of the Company or the
outstanding Common Stock or in the case of any consolidation or merger of the Company with another
entity as a result of which the Company is not the surviving entity, or in the case of any sale of
all, or substantially all, of its property, the Holder shall instead thereafter have the right
pursuant to Section 5.1 to convert the outstanding Principal and Interest under this Note into the
kind and amount of shares of stock or other securities or property receivable upon such
reorganization, reclassification, consolidation, merger or sale by a holder of the number of shares
of Common Stock which the Holder would have had the right to convert this Note into immediately
prior to such reorganization, reclassification, consolidation, merger or sale, at a price equal to
the Conversion Price then in effect pertaining to this Note (the kind, amount and price of such
stock or other securities or property to be subject to subsequent adjustment as provided in this
Section 5.2). Notwithstanding anything contained herein to the contrary, no adjustment of the
Conversion Price shall be made by reason of the issuance of Common Stock or other securities
pursuant to the acquisition by the Company of all or substantially all of the stock, other
securities or property of any other entity.

          (d)     Irrespective of any adjustments in the Conversion Price, this Note and any replacement
notes theretofore or thereafter issued may continue to express the same price and number and kind
of shares as are stated in this Note.

-5-

 

          5.3.     Mechanics of Conversion. If the Holder determines to convert all or any portion
of this Note pursuant to Section 5.1, the Holder shall (i) notify the Company, in writing, at least
three (3) Business Days prior to the contemplated date, of the Holder’s election to convert all or
any portion of this Note, and (ii) surrender this Note for cancellation, duly endorsed, at the
office of the Company, or at such other place designated by the Company. Such conversion shall be
deemed to have been made immediately prior to the close of business on the date of the surrender of
this Note as provided in the immediately preceding sentence.

          5.4.     Issuance of Certificates; Issuance Tax. Promptly upon conversion of any
outstanding Principal and Interest, the Company shall issue to the Holder certificates representing
the number of shares of Common Stock into which such Principal and Interest, have been converted.
Upon conversion of an amount less than the total outstanding Principal and Interest then, subject
to Section 5.5, the Company shall issue to the Holder a duly authorized, validly issued replacement
note evidencing the portion of the outstanding Principal and Interest that was not so converted.
The issuance of certificates for Conversion Securities or a replacement note shall be made without
charge to the Holder for any issuance tax in respect thereof, if any, other than taxes in
connection with the issuance of a certificate for Conversion Securities in the name of any Person
other than the Holder.

          5.5.     No Fractional Shares; Release of Obligations under Note. No fractional
Conversion Securities shall be issued upon conversion of the outstanding Principal and Interest
under this Note; rather, the Company shall round the number of Conversion Securities to be issued
to the nearest whole number. Upon conversion or payment in full of the outstanding Principal and
Interest and any other amounts due and payable under this Note and the issuance of any securities
or other property issuable in connection with the conversion hereof, the Company shall be forever
released from all of its obligations, undertakings and liabilities under this Note.

     6.     Replacement of Note.

          Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or
mutilation of this Note, and in case of loss, theft or destruction, of indemnity reasonably
satisfactory to it (with or without requirement of a surety bond in the Company’s sole discretion),
and upon reimbursement to the Company of all reasonable expenses incidental thereto, and (if
mutilated) upon surrender and cancellation of this Note, the Company shall make and deliver to the
Holder a new promissory note of like tenor in lieu of this Note. Any replacement promissory note
made and delivered in accordance with this Section 6 shall be dated as of the date hereof.

     7.     Miscellaneous.

          7.1.     Survival. All agreements and covenants contained in this Note shall survive the
execution hereof and shall remain in full force and effect until the earlier to occur of (i) the
payment in full of all outstanding Principal and Interest, and any other amounts due and payable,
under this Note, and (ii) the conversion of all outstanding Principal and Interest under this Note,
if applicable, into Conversion Securities in accordance with Section 5.

-6-

 

          7.2.     Assignment. The Holder may not assign or otherwise dispose of this Note or the
rights and obligations hereunder (including by operation of law) without the prior written consent
of the Company. Notwithstanding anything to the contrary in the foregoing, this Note may not be
assigned or otherwise disposed of by the Holder unless (i) registered under the Securities Act and
applicable state securities laws or (ii) the Company receives an opinion of counsel to the proposed
transferor in form and substance satisfactory to the Company, to the effect that such proposed
assignment or other disposition is exempt from the registration requirements of the Securities Act
and applicable state securities laws. Any instrument purporting to make an assignment or other
disposition in violation of this Section 7.2 shall be void.

          7.3.     Benefits of Note. The terms and provisions of this Note shall be binding upon
the successors, assigns, heirs, executors and administrators of the Company and the Holder and
shall inure to the benefit of, and be enforceable by, each Person who shall be a registered holder
of this Note from time to time. The Holder shall have no rights as a member of the Company solely
by virtue of the ownership of this Note.

          7.4.     Severability. In case any provision of this Note shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

          7.5.     Further Assurances. The Holder agrees to execute such other documents,
instruments, agreements and consents, and take such other actions as may be reasonably requested by
the Company hereto to effectuate the purposes of this Note.

          7.6.     Amendment and Waiver. The terms and provisions of this Note may only be
modified, amended or waived in writing signed by the Company and the Holder. All modifications,
amendments, waivers and consents shall be effective only in the specific instance for the purpose
for which given.

          7.7.     Delays or Omissions. No delay by the Holder or the Holder’s agents in exercising
any powers or rights hereunder shall operate as a waiver of such power or right, nor shall any
single or partial exercise of any power or right preclude other or further exercise thereof, or the
exercise of any other power or right hereunder or otherwise.

          7.8.     Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed facsimile transmission if sent during normal business hours of the
recipient, if not, then on the next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent as follows:

-7-

 

	 	 	 	 	 
	 	 	If to the Company:
	 	Claimsnet.com Inc.

14860 Montfort Drive, Suite 250

Dallas, Texas 75254

Attention: Chief Executive Officer

Facsimile: (214) 458-1737

	 	 	 	 	 

	 	 	With a copy to:
	 	Haynes and Boone, LLP

2505 N. Plano Rd, Suite 4000

Richardson, TX 75082-4101

Attention: Justin Clarke

Facsimile: (972) 692-9043

	 	 	 	 	 

	 	 	If to Holder:
	 	Thomas Michel 

Sonnacker 44, 

CH-8905 Arni/ Switzerland 

Facsimile: 011-41-56-634-2389

or, to such other address or facsimile number as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith.

          7.9.     Titles and Subtitles. The titles of the sections and subsections of this Note
are for convenience of reference only and are not to be considered in construing this Note.

          7.90.     Governing Law. This Note shall be construed in accordance with, and governed
by, the laws of the State of Delaware (without giving effect to conflict of laws principles).

          7.11.     Consent to Exclusive Jurisdiction and Service of Process. The Company and the
Holder each hereby irrevocably and unconditionally submits to the jurisdiction of the courts of the
State of Texas and of the Federal courts sitting in the State of Texas in any action or proceeding
directly or indirectly arising out of or relating to this Note or the transactions contemplated
hereby (whether based in contract, tort, equity or any other theory). The Company and the Holder
each agrees that all actions or proceedings arising out of or relating to this Note must be
litigated exclusively in any such court that sits in the County of Dallas, and accordingly, each
party irrevocably waives any objection which he or it may now or hereafter have to the laying of
the venue of any such action or proceeding in any such court. The Company and the Holder each
further irrevocably consents to service of process in the manner provided for notices in Section
7.8. Nothing in this Note will affect the right of the Company or the Holder to serve process in
any other manner permitted by law.

[Signature Page Follows]

-8-

 

     In Witness Whereof, the Company has caused its duly authorized representative to
execute this Note, and the Company has caused this Note to be issued, each as of the date first set
forth above.

	 	 	 	 	 
	 	Claimsnet.com inc.	 
	 	 	 	 
	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	Don Crosbie 	 
	 	 	Title:  	CEO 	 
	 

Signature Page — Unsecured Convertible Promissory Note

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