Document:

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                                                                   Exhibit 10.14

                                 ENOTE.COM INC.

                 1999 NON-EMPLOYEE DIRECTORS' STOCK OPTION PLAN

         SECTION 1. PURPOSES OF THE PLAN. The purposes of this 1999
Non-Employee Directors' Stock Option Plan are to attract and retain the best
available individuals for service as Directors of the Company, to provide
additional incentive to the Outside Directors of the Company to serve as
Directors, and to encourage their continued service on the Board. All options
granted hereunder shall be non-statutory stock options.

         SECTION 2. DEFINITIONS. As used herein, the following definitions shall
apply:

         (a) "Board" means the Board of Directors of the Company.

         (b) "Change of Control" means a sale of all or substantially all of the
Company's assets, or any merger or consolidation of the Company with or into
another corporation other than a merger or consolidation in which the holders of
more than 50% of the shares of capital stock of the Company outstanding
immediately prior to such transaction continue to hold (either by the voting
securities remaining outstanding or by their being converted into voting
securities of the surviving entity) more than 50% of the total voting power
represented by the voting securities of the Company, or such surviving entity,
outstanding immediately after such transaction.

         (c) "Code" means the Internal Revenue Code of 1986, as amended.

         (d) "Common Stock" means the Common Stock of the Company.

         (e) "Company" means eNote.com Inc., a Delaware corporation.

         (f) "Continuous Status as a Director" means the absence of any
interruption or termination of service as a Director.

         (g) "Corporate Transaction" means a dissolution or liquidation of the
Company, a sale of all or substantially all of the Company's assets, or a
merger, consolidation or other capital reorganization of the Company with or
into another corporation.

         (h) "Director" means a member of the Board.

         (i) "Employee" means any person, including any officer or Director
employed by the Company or any Parent or Subsidiary of the Company. The payment
of a director's fee by the Company shall not be sufficient in and of itself to
constitute "employment" by the Company.

         (j) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

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         (k) "Option" means a stock option granted pursuant to the Plan. All
options shall be non-statutory stock options (i.e., options that are not
intended to qualify as incentive stock options under Section 422 of the Code).

         (l) "Optioned Stock" means the Common Stock subject to an Option.

         (m) "Optionee" means an Outside Director who receives an Option.

         (n) "Outside Director" means a Director who is not an Employee.

         (o) "Parent" means a "parent corporation," whether now or hereafter
existing, as defined in Section 424(e) of the Code.

         (p) "Plan" means this 1999 Non-Employee Directors' Stock Option Plan.

         (q) "Share" means a share of the Common Stock, as adjusted in
accordance with Section 11 of the Plan.

         (r) "Subsidiary" means a "subsidiary corporation," whether now or
hereafter existing, as defined in Section 424(f) of the Code.

         SECTION 3. STOCK SUBJECT TO THE PLAN. Subject to the provisions of
Section 11 of the Plan, the maximum aggregate number of Shares which may be
optioned and issued under the Plan is 200,000 Shares of Common Stock (the
"Pool"). The Shares maybe authorized, but unissued, or reacquired Common Stock.
If an Option should expire or become unexercisable for any reason without having
been exercised in full, the unpurchased Shares which were subject thereto shall,
unless the Plan has been terminated, become available for future grant under the
Plan. In addition, any Shares of Common Stock that are retained by the Company
upon exercise of an Option in order to satisfy the exercise price for such
Option, or any withholding taxes due with respect to such exercise, shall be
treated as not issued and shall continue to be available under the Plan. If
Shares that were acquired upon exercise of an Option are subsequently
repurchased by the Company, such Shares shall not in any event be returned to
the Plan and shall not become available for future grant under the Plan.

         SECTION 4. ADMINISTRATION OF AND GRANTS OF OPTIONS UNDER THE PLAN.

         (a) ADMINISTRATOR. Except as otherwise required herein, the Plan shall
be administered by the Board.

         (b) PROCEDURE FOR GRANTS. All grants of Options hereunder shall be
automatic and nondiscretionary and shall be made strictly in accordance with the
following provisions:

                  (i) No person shall have any discretion to select which
Outside Directors shall be granted Options or to determine the number of Shares
to be covered by Options granted to Outside Directors.

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                  (ii) Each Outside Director shall be automatically granted
an Option to purchase 20,000 Shares (the "First Option") on the date on which
such person first becomes an Outside Director after the effective date of
this Plan, whether through election by the stockholders of the Company or
appointment by the Board of Directors to fill a vacancy. Each Outside
Director serving on the Board on the effective date of this Plan shall be
granted the First Option.

                  (iii) Each Outside Director shall be automatically granted an
Option to purchase 5,000 Shares (the "Subsequent Option") on the date of each
Annual Meeting of the Company's stockholders immediately following which such
Outside Director is serving on the Board, provided that, on such date, he or she
shall have served on the Board for at least six (6) months prior to the date of
such Annual Meeting.

                  (iv) Notwithstanding the provisions of subsections (ii) and
(iii) hereof, in the event that a grant would cause the number of Shares subject
to outstanding Options plus the number of Shares previously purchased upon
exercise of Options to exceed the Pool, then each such automatic grant shall be
for that number of Shares determined by dividing the total number of Shares
remaining available for grant by the number of Outside Directors receiving an
Option on the automatic grant date. Any further grants shall then be deferred
until such time, if any, as additional Shares become available for grant under
the Plan through action of the stockholders to increase the number of Shares
which may be issued under the Plan or through cancellation or expiration of
Options previously granted hereunder.

                  (v) Notwithstanding the provisions of subsections (ii) and
(iii) hereof, any grant of an Option made before the Company has obtained
stockholder approval of the Plan in accordance with Section 17 hereof shall be
conditioned upon obtaining such stockholder approval of the Plan in accordance
with Section 17 hereof.

         (c) EXERCISE AND VESTING. The terms of each Option granted hereunder
shall be as follows:

                  (i) each Option shall be exercisable only while the Outside
Director remains a Director of the Company, except as set forth in Section 9
below;

                  (ii) with respect to the First Options the exercise price per
Share shall be 25% of the fair market value per Share on the date of grant of
each Option, determined in accordance with Section 8 hereof;

                  (iii) with respect to the Subsequent Option the exercise price
per Share shall be equal to 100% of the fair market value per Share on the date
of grant of each such option, determined in accordance with Section 8 hereof;
and

                  (iv) each First Option shall vest at the rate of 50% of the
total shares per semi-annual period commencing on June 6, 2000.

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                  (v) each Subsequent Option shall vest at the rate of 100% of
the total shares on the anniversary of the grant date.

         (d) POWERS OF THE BOARD. Subject to the provisions and restrictions of
the Plan, the Board shall have the authority, in its discretion: (i) to
determine, upon review of relevant information and in accordance with Section
8(b) of the Plan, the fair market value of the Common Stock; (ii) to determine
the exercise price per Share of Options to be granted, which exercise price
shall be determined in accordance with Section 8 of the Plan; (iii) to interpret
the Plan; (iv) to prescribe, amend and rescind rules and regulations relating to
the Plan; (v) to authorize any person to execute on behalf of the Company any
instrument required to effectuate the grant of an Option previously granted
hereunder; and (vi) to make all other determinations deemed necessary or
advisable for the administration of the Plan.

         (e) EFFECT OF BOARD'S DECISION. All decisions, determinations and
interpretations of the Board shall be final and binding on all Optionees and any
other holders of any Options granted under the Plan.

         (f) SUSPENSION OR TERMINATION OF OPTION. If the Chief Executive Officer
or his or her designee reasonably believes that an Optionee has committed an act
of misconduct, such officer may suspend the Optionee's right to exercise any
option pending a determination by the Board (excluding the Outside Director
accused of such misconduct). If the Board (excluding the Outside Director
accused of such misconduct) determines an Optionee has committed an act of
embezzlement, fraud, dishonesty, nonpayment of an obligation owed to the
Company, breach of fiduciary duty or deliberate disregard of the Company rules
resulting in loss, damage or injury to the Company, or if an Optionee makes an
unauthorized disclosure of any Company trade secret or confidential information,
engages in any conduct constituting unfair competition, induces any Company
customer to breach a contract with the Company or induces any principal for whom
the Company acts as agent to terminate such agency relationship, neither the
Optionee nor his or her estate shall be entitled to exercise any Option
whatsoever. In making such determination, the Board of Directors (excluding the
Outside Director accused of such misconduct) shall act fairly and shall give the
Optionee an opportunity to appear and present evidence on Optionee's behalf at a
hearing before the Board or a committee of the Board.

         SECTION 5. ELIGIBILITY. Options may be granted only to Outside
Directors. All Options shall be automatically granted in accordance with the
terms set forth in Section 4(b) above. An Outside Director who has been granted
an Option may, if he or she is otherwise eligible, be granted an additional
Option or Options in accordance with such provisions. The Plan shall not confer
upon any Optionee any right with respect to continuation of service as a
Director or nomination to serve as a Director, nor shall it interfere in any way
with any rights which the Director or the Company may have to terminate his or
her directorship at any time.

         SECTION 6. TERM OF PLAN; EFFECTIVE DATE. The Plan shall become
effective on the date that the Plan is approved by the Board of Directors
subject to the approval of the Plan by the Company's stockholders as provided
for in Section 17 hereof. It shall continue in effect for a term of ten (10)
years unless sooner terminated under Section 13 of the Plan.

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         SECTION 7. TERM OF OPTIONS. The term of each Option shall be ten (10)
years from the date of grant thereof unless an Option terminates sooner pursuant
to Section 9 below.

         SECTION 8. CONSIDERATION.

         (a) FAIR MARKET VALUE. The fair market value of a share of Common
Stock on any date shall be (i) the straight average of the closing sales
price over the five (5) preceeding business days, of a share of Common Stock
as reported on the principal securities exchange on which shares of Common
Stock are then listed or admitted to trading or (ii) if not so reported, the
average of the closing bid and asked prices for a share of Common Stock over
the five (5) preceeding business days as quoted on the National Association
of Securities Dealers Automated Quotation System ("Nasdaq") or (iii) if not
quoted on Nasdaq, the average of the closing bid and asked prices for a share
of Common Stock as quoted by the National Quotation Bureau's "Pink Sheets" or
the National Association of Securities Dealers' OTC Bulletin Board System
over the five (5) preceding business days. If the price of a share of Common
Stock shall not be so reported, the Fair Market Value of a share of Common
Stock shall be determined by the Board in its absolute discretion.

         (b) FORM OF CONSIDERATION. The consideration to be paid for the Shares
to be issued upon exercise of an Option shall consist entirely of cash, check,
other Shares of Common Stock having a fair market value on the date of surrender
equal to the aggregate exercise price of the Shares as to which the Option shall
be exercised (which, if acquired from the Company, shall have been held for at
least six months), or any combination of such methods of payment and/or any
other consideration or method of payment as shall be permitted under applicable
corporate law.

         SECTION 9. EXERCISE OF OPTION.

         (a) PROCEDURE FOR EXERCISE; RIGHTS AS A STOCKHOLDER. Any Option granted
hereunder shall be exercisable at such times as are set forth in Section 4(b)
above; provided, however, that no Options shall be exercisable prior to
stockholder approval of the Plan in accordance with Section 17 below has been
obtained. An Option may not be exercised for a fraction of a Share. An Option
shall be deemed to be exercised when written notice of such exercise has been
given to the Company in accordance with the terms of the Option by the person
entitled to exercise the Option and full payment for the Shares with respect to
which the Option is exercised has been received by the Company. Full payment may
consist of any consideration and method of payment allowable under Section 8(c)
of the Plan. Until the issuance (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company) of
the stock certificate evidencing such Shares, no right to vote or receive
dividends or any other rights as a stockholder shall exist with respect to the
Optioned Stock, notwithstanding the exercise of the Option. A share certificate
for the number of Shares so acquired shall be issued to the Optionee as soon as
practicable after exercise of the Option. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the stock
certificate is issued, except as provided in Section 11 of the Plan. Exercise of
an Option in any manner shall result in a decrease in the number of Shares which

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thereafter may be available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

         (b) TERMINATION OF CONTINUOUS STATUS AS A DIRECTOR. If an Outside
Director ceases to serve as a Director, he or she may, but only within sixty
(60) days after the date he or she ceases to be a Director of the Company,
exercise his or her Option to the extent that he or she was entitled to exercise
it at the date of such termination. Notwithstanding the foregoing, in no event
may the Option be exercised after its term as set forth in Section 7 has
expired. To the extent that such Outside Director was not entitled to exercise
an Option at the date of such termination, or does not exercise such Option (to
the extent he or she was entitled to exercise) within the time specified above,
the Option shall terminate and the Shares underlying the unexercised portion of
the Option shall revert to the Plan.

         (c) DISABILITY OF OPTIONEE. Notwithstanding Section 9(b) above, in the
event a Director is unable to continue his or her service as a Director with the
Company as a result of his or her total and permanent disability (as defined in
Section 22(e)(3) of the Code), he or she may, but only within twelve (12) months
from the date of such termination, exercise his or her Option to the extent he
or she was entitled to exercise it at the date of such termination.
Notwithstanding the foregoing, in no event may the Option be exercised after its
term set forth in Section 7 has expired. To the extent that he or she was not
entitled to exercise the Option at the date of Termination, or if he or she does
not exercise such Option (to the extent he or she was entitled to exercise)
within the time specified above, the Option shall terminate and the Shares
underlying the unexercised portion of the Option shall revert to the Plan.

         (d) DEATH OF OPTIONEE. In the event of the death of an Optionee: (i)
during the term of the Option who is, at the time of his or her death, a
Director of the Company and who shall have been in Continuous Status as a
Director since the date of grant of the Option or (ii) within three (3) months
after the termination of Continuous Status as a Director, the Option may be
exercised, at any time within twelve (12) months following the date of death, by
the Optionee's estate or by a person who acquired the right to exercise the
Option by bequest or inheritance, but only to the extent of the right to
exercise that had accrued at the date of death or the date of termination, as
applicable. Notwithstanding the foregoing, in no event may the Option be
exercised after its term set forth in Section 7 has expired. To the extent that
an Optionee was not entitled to exercise the Option at the date of death or
termination or if he or she does not exercise such Option (to the extent he or
she was entitled to exercise) within the time specified above, the Option shall
terminate and the Shares underlying the unexercised portion of the Option shall
revert to the Plan.

         SECTION 10. NONTRANSFERABILITY OF OPTIONS. The Option may not be sold,
pledged, assigned, hypothecated, transferred or disposed of in any manner other
than by will or by the laws of descent or distribution or pursuant to a
qualified domestic relations order (as defined by the Code or the rules
thereunder). The designation of a beneficiary by an Optionee does not constitute
a transfer. An Option may be exercised during the lifetime of an Optionee only
by the Optionee or a transferee permitted by this Section.

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         SECTION 11. ADJUSTMENTS UPON CAPITALIZATION CHANGES; CORPORATE
TRANSACTIONS.

         (a) ADJUSTMENT. Subject to any required action by the stockholders of
the Company, the number of shares of Common Stock covered by each outstanding
Option, the number of Shares of Common Stock set forth in Sections 4(b)(ii) and
(iii) above, and the number of Shares of Common Stock which have been authorized
for issuance under the Plan but as to which no Options have yet been granted or
which have been returned to the Plan upon cancellation or expiration of an
Option, as well as the price per Share of Common Stock covered by each such
outstanding Option, shall be proportionately adjusted for any increase or
decrease in the number of issued Shares of Common Stock resulting from a stock
split, reverse stock split, stock dividend, combination or reclassification of
the Common or any other increase or decrease in the number of issued Shares of
Common Stock effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration." Such
adjustment shall be made by the Board, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an Option.

         (b) CORPORATE TRANSACTIONS. In the event of a Corporate Transaction,
each option granted pursuant to this Plan shall immediately vest in its
entirety and be exercisable in full immediately prior to such Corporate
Transaction. In the event of a Corporate Transaction including a Change of
Control, and except as otherwise provided in a Stock Option Agreement issued
under the Plan, each outstanding Option shall be assumed or an equivalent
option shall be substituted by the successor corporation or a Parent or
Subsidiary of such successor corporation, unless the successor corporation
does not agree to assume the outstanding Options or to substitute equivalent
options, in which case the Options shall terminate upon the consummation of
the transaction. For purposes of this Section 11(b), an Option shall be
considered assumed, without limitation, if, at the time of issuance of the
stock or other consideration upon such Corporate Transaction or Change of
Control, each Optionee would be entitled to receive upon exercise of an
Option the same number and kind of shares of stock or the same amount of
property, cash or securities as the Optionee would have been entitled to
receive upon the occurrence of such transaction if the Optionee had been,
immediately prior to such transaction, the holder of the number of Shares of
Common Stock covered by the Option at such time (after giving effect to any
adjustments in the number of Shares covered by the Option as provided for in
this Section 11 and after giving effect to the acceleration of vesting
provided for in the first sentence of this Section 11(b)); provided, however,
that if such consideration received in the transaction was not solely common
stock of the successor corporation or its Parent, the Board of Directors may,
with the consent of the successor corporation, provide for the consideration
to be received upon exercise of the Option to be solely common stock of the
successor corporation or its Parent equal to the Fair Market Value of the per
Share consideration received by holders of Common Stock in such transaction.

         (c) CERTAIN DISTRIBUTIONS. In the event of any distribution to the
Company's stockholders of securities of any other entity or other assets
(other than dividends payable in cash or stock of the Company) without
receipt of consideration by the Company, the Board of Directors

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may, in its discretion, appropriately adjust the price per Share of Common Stock
covered by each outstanding Option to reflect the effect of such distribution.

         SECTION 12. TIME OF GRANTING OPTIONS. The date of grant of an Option
shall, for all purposes, be the date determined in accordance with Section 4(b)
hereof. Notice of the determination shall be given to each Outside Director to
whom an Option is so granted within a reasonable time after the date of such
grant.

         SECTION 13. AMENDMENT AND TERMINATION OF THE PLAN.

         (a) AMENDMENT AND TERMINATION. The Board may amend or terminate the
Plan from time to time in such respects as the Board may deem advisable;
provided that, to the extent necessary and desirable to comply with Rule 16b-3
under the Exchange Act (or any other applicable law or regulation), the Company
shall obtain approval of the stockholders of the Company to Plan amendments to
the extent and in the manner required by such law or regulation.

         (b) EFFECT OF AMENDMENT OR TERMINATION. Any such amendment or
termination of the Plan that would impair the rights of any Optionee shall not
affect Options already granted to such Optionee and such Options shall remain in
full force and effect as if this Plan had not been amended or terminated, unless
mutually agreed otherwise between the Optionee and the Board, which agreement
must be in writing and signed by the Optionee and the Company.

         SECTION 14. CONDITIONS UPON ISSUANCE OF SHARES. Notwithstanding any
other provision of the Plan or any agreement entered into by the Company
pursuant to the Plan, the Company shall not be obligated, and shall have no
liability for failure, to issue or deliver any Shares under the Plan unless such
issuance or delivery would comply with the legal requirements relating to the
administration of stock option plans under applicable U.S. state corporate laws,
U.S. federal and applicable state securities laws, the Code, any stock exchange
or Nasdaq rules or regulations to which the Company may be subject and the
applicable laws of any other country or jurisdiction where Options are granted
under the Plan, as such laws, rules, regulations and requirements shall be in
place from time to time (the "Applicable Laws"). Such compliance shall be
determined by the Company in consultation with its legal counsel. As a condition
to the exercise of an Option, the Company may require the person exercising such
Option to represent and warrant at the time of any such exercise that the Shares
are being purchased only for investment and without any present intention to
sell or distribute such Shares if, in the opinion of counsel for the Company,
such a representation is required by law.

         SECTION 15. RESERVATION OF SHARES. The Company, during the term of this
Plan, will at all times reserve and keep available such number of Shares as
shall be sufficient to satisfy the requirements of the Plan.

         SECTION 16. OPTION AGREEMENT. Options shall be evidenced by written
option agreements in such form as the Board shall approve.

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         SECTION 17. STOCKHOLDER APPROVAL. The Plan was adopted by the Board
of Directors effective December 6, 1999 and is subject to approval by the
stockholders of the Company in accordance with applicable law, and the
requirements of Rule 16b-3 under Section 16(b) of the Exchange Act. Awards
may be granted under the Plan at any time prior to the receipt of such
shareholder approval; provided, however, that each such grant shall be
subject to such approval. Without limitation on the foregoing, no Option may
be exercised prior to the receipt of such approval. If the Plan is not
approved by the Company's stockholders, then the Plan and all Options then
outstanding hereunder shall automatically terminate and be of no force and
effect.

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                                                                   Exhibit 10.15

                             NOTE PURCHASE AGREEMENT

         This Note Purchase Agreement (the "Agreement") is made, entered into
and effective the 13th day of March 2000, by and between eNote.com Inc., a
Delaware corporation having an office at 185 Allen Brook Lane, Williston,
Vermont 05495 (the "Company"), and Seafont Pty. Ltd., a corporation incorporated
under the laws of Australia with a principal address at Level 2, 31 Bligh Street
Sydney, Australia (the "Purchaser"). The parties hereto agree as follows.

         1.   SALE AND PURCHASE OF SECURITIES.

         (a) AGREEMENT TO PURCHASE AND SELL. The Company agrees to sell to the
Purchaser and, in reliance on the representations, warranties and covenants made
herein by the Company, the Purchaser agrees to purchase from the Company, one or
more Subordinated Convertible Debentures (the "Debentures"), in the form of the
speciman attached hereto as Exhibit A due one year from the date of issue in the
aggregate principal amount of $500,000 with accrued interest at 10% per annum
and convertible into shares of the Company's Common Stock, par value $.01 per
share, at a rate of 1 share per $7 of principal balance converted (the
"Conversion Shares").

         (b) PURCHASE PRICE OF SECURITIES. The Purchase Price payable by the
Purchaser for the Debentures shall be Five Hundred Thousand U.S. Dollars
($500,000). Such Purchase Price shall be paid, by bank wire transfer to an
account designated by the Company in writing to the Purchaser, upon the
Company's delivery of the Debentures to the Purchaser.

         2. REPRESENTATIONS AND WARRANTIES. To induce the Purchaser to enter
into and perform its obligations under this Agreement, the Company hereby
represents and warrants to the Purchaser as follows:

         (a) ORGANIZATION AND EXISTENCE. The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of Delaware;
it has obtained all licenses and permits and has filed all registrations in all
jurisdictions that are necessary to the operation of its present business. The
Company is duly qualified as a foreign corporation in all jurisdictions where
such qualification is required.

         (b) AUTHORIZATION AND NON-CONTRAVENTION. The execution and delivery of
this Agreement by the Company and the performance of the duties of the Company
set forth herein are within the Company's corporate powers, have been duly
authorized by all necessary corporate action, have been approved by the
Company's Board of Directors, do not require the approval of the Company's
stockholders and do not contravene (i) the Company's Certificate of
Incorporation or Bylaws or (ii) any statute, rule, regulation or other law or
any contractual restriction binding on or affecting the Company, and do not
result in or require the creation of any lien, security interest or other charge
or encumbrance upon or with respect to any of its properties.

         (c) FULLY-PAID AND NONASSESSABLE SECURITIES. The Conversion Shares to
be delivered to upon the conversion of the Debentures will, on delivery in
accordance with the terms hereof and thereof, be duly authorized, validly
issued, fully paid, nonassessable and free and clear of any and all liens,
encumbrances or restrictions, other than any express restrictions on resale as
described elsewhere in this Agreement or in the Debentures.

         (d) ENFORCEABILITY OF OBLIGATIONS. This Agreement is the legal, valid
and binding obligation of the Company, enforceable against it in accordance with
its terms.

         (e) CLAIMS AND LITIGATION. There are no claims, actions or proceedings,
pending or

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threatened, by or against or affecting the Company, including actions before a
court, governmental agency or arbitrator, other than those arising or instituted
after the date of this Agreement and prior to Closing in which the amount
claimed as loss or damage (or if no specific amount is claimed, then the
Company's good faith reasonable estimate of the amount that will be claimed)
exceeds $20,000 in the aggregate. Furthermore, the Company has no knowledge of
any conflict between its rights respecting the tvemail technologies and the
rights of others or of the basis for any claim that has not yet been asserted.

         (f) TAXES. The Company has filed all required federal, state and other
tax returns and paid any and all income, sales, property or other taxes due
pursuant thereto or pursuant to any assessment received by the Company, except
such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided. All such tax returns filed by the Company
accurately reflect the tax due by the Company for the fiscal periods for which
such returns were filed.

         (g) STOCK AND RECORDS. All outstanding capital stock of the Company was
and is properly issued, duly paid and non-assessable, and all books and records
of the Company, including but not limited to its minute books, bylaws, and books
of account, are accurate and complete.

         (h) CONVERTIBLE SECURITIES AND STOCK PURCHASE RIGHTS. Except as set
forth on Schedule 1 hereto, no shares of the Company's unissued capital stock
are reserved for any purpose other than. Except as set forth on Schedule 1 there
are no other outstanding commitments, warrants, options, securities convertible
into the Company's stock or other rights to acquire any shares of the Company's
capital stock; there are no preemptive or similar rights with respect to the
issuance or sale of the Company's capital stock; there is no commitment of the
Company to issue or sell any shares of its capital stock; there are no
agreements that now or in the future require the Company to repurchase, redeem,
retire or otherwise acquire any shares of its capital stock; and there are no
agreements (other than agreements designed to require compliance with federal or
state securities laws) restricting the transfer of any shares of the Company's
capital stock.

         (i) TITLE TO PROPERTY. The Company has good and marketable title to all
property and assets to be owned by it including, without limitation, all of the
intellectual property and all assets shown in the Company's March 31, 1999
balance sheet, free of all liens, encumbrances, pledges and security interests.

         (j) INVESTMENTS. The Company has no ownership interest or other
investment in any other person, corporation, partnership or other entity.

         (k) OUTSTANDING GUARANTIES. The Company has no outstanding guaranties
or other agreements relating to the debts or liabilities of any other Person
except for such wholly and partially owned subsidiaries as listed in Exhibit B.

         (l) SEC FILINGS. The Company has filed (i) all forms, reports,
statements and other documents required to be filed with the Securities and
Exchange Commission ("SEC'), including, without limitation (1) all Annual
Reports on Form l0-KSB, (2) all Quarterly Reports on Form l0-QSB, (3) all proxy
statements relating to meetings of stockholders (whether annual or special), (4)
all Reports on Form 8-K, (5) all other reports or registration statements and
(6) all amendments and supplements to all such reports and registration
statements (collectively, the "the Company SEC Reports") and (ii) all forms,
reports, statements and other documents required to be filed with any other
applicable federal regulatory authorities (all such forms, reports, statements
and other documents being referred to herein, collectively, as the "the Company
Reports"). The Company Reports were prepared in all material respects in
accordance with the

                                                                               2
<PAGE>

requirements of applicable law (including, with respect to the Company SEC
Reports, the Securities Act and Exchange Act, as the case may be, and the roles
and regulations of the SEC thereunder applicable to such the Company SEC
Reports) and (y) did not at the time they were filed contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

         (m) SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties made in sub-paragraphs (a) through (1) of this Paragraph 2 are true
and correct on the date of this Agreement and shall be true and correct on the
date of the Closing, (ii) shall survive the sale of the Debentures for a period
of one year after the date of the Closing, except to the extent that such
representations and warranties are determined to have been untrue as of the date
hereof or the date of the Closing because of claims or actions (whether based on
alleged violations of securities laws, fraud, preemptive rights or otherwise) by
current or former stockholders of the Company based on events which occurred
prior to the date of this Agreement.

         3. AFFIRMATIVE COVENANTS.

         (a) SEC REPORTING OBLIGATIONS. For so long as the Company's Common
Stock is registered under the Securities Exchange Act of 1934, as amended, the
Company (i) will file all forms, reports, statements and other documents
required to be filed with the Securities and Exchange Commission ("SEC"),
including, without limitation (1) all Annual Reports on Form 10-KSB, (2) all
Quarterly Reports on Form l0-QSB, (3) all proxy statements relating to meetings
of stockholders (whether annual or special), (4) all Reports on Form 8-K, (5)
all other reports or registration statements and (6) all amendments and
supplements to all such reports and registration statements and (ii) all forms,
reports, statements and other documents required to be filed with any other
applicable federal or state regulatory authorities. The Company Reports shall be
prepared in all material respects in accordance with the requirements of
applicable law (including, the Securities Act and Exchange Act, as the case may
be, and the rules and regulations of the SEC thereunder applicable to such
Company Reports) and shall not at the time they are filed contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they are made, not misleading.

         (b) TRANSFER REGISTRATION. The Company shall not register any transfer
of the Debentures or upon conversion, the Conversion Shares, not made in
accordance with the provisions of Regulation S ("Reg S"), pursuant to
registration under the Securities Act of 1933, as amended, or pursuant to an
available exemption from registration under such Act. Furthermore, the Company
will not issue the Conversion Shares upon conversion of the Debentures until the
Company is reasonably satisfied that (i) the Debentures are not converted within
the United States, and (ii) that the Conversion Shares shall not be delivered
within the United States upon exercise, other than in offerings deemed to meet
the definition of "offshore transaction" pursuant to Rule 902(h) of the Act,
unless otherwise registered under the Act or an exemption from such registration
is available.

         4. CLOSING. The Purchaser shall not be obligated to perform its
obligations hereunder unless all of the following conditions which the Company
is hereby obligated to satisfy and perform shall have been satisfied and
performed on or prior to the Closing.

         (a) AUTHORIZATION. Execution and performance of all terms and
conditions hereof by the Company shall have been approved by its Board of
Directors, in a resolution in a manner satisfactory in form and substance to the
Purchaser, and the Company shall have duly executed and delivered this Agreement
and stock certificates evidencing the Purchase hereunder.

                                       3
<PAGE>

         (b) PERFORMANCE. The Company shall have delivered to Purchaser, all of
the schedules, certificates and other papers required to be delivered on or
before the date of this Agreement. None of the Company's representations and
warranties set forth in this Agreement or any information contained in any
schedule, attachment or exhibit hereto or in any writing delivered to the
Purchaser shall be or shall have been discovered by the Purchaser or its
attorneys, accountants, employees or other personnel to be untrue or incorrect
in any material respect on the date of the Closing.

         (c) WAIVER. Any Closing condition or covenant specified in this
Paragraph 4 may be waived by the Purchaser, and such waiver shall be deemed to
have been made to the extent the Purchaser agrees to and consummates the Closing
and one or more of the conditions set forth in this Section 4 have not been
fully satisfied.

         5. INVESTOR REPRESENTATIONS; TRANSFER. The Purchaser represents and
warrants that it: (i) is an "accredited investor" as defined under federal
securities laws; (ii) is not a "U.S. Person", as defined in Reg S; (iii) that
the Debentures, and, if applicable, the Conversion Shares, are being acquired by
the Purchaser for its own account and the Purchaser is not acquiring the
Debentures or the Conversion Shares for the account or benefit of a "U.S.
Person"; (iv) has its principal place of business in Sydney, Australia; (v) that
such acquisition is made without any present intention of reoffering, reselling
or distributing the Debentures or the Conversion Shares; (vi) prior to making
such acquisition, the Purchaser was given unrestricted access to all of the
Company's books and records for the purpose of personally examining any such
documents as the Purchaser deemed material to his investment decision; and (vii)
prior to making such acquisition, the Purchaser was given an opportunity to ask
questions of and receive answers from the Company's officers, directors,
attorneys and accountants respecting any matter which the Purchaser deemed
material to its investment decision and all such questions have been answered to
the full satisfaction of the Purchaser. The Purchaser further understands that
all certificates representing the Debentures and Conversion Shares shall bear
the following legend:

         THE SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED IN RELIANCE
         ON REGULATION S OF THE SECURITIES ACT OF 1933, AS AMENDED (THE
         "ACT"), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
         BEEN REGISTERED UNDER THE ACT OR ANY STATE SECURITIES LAW, AND
         THEY MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO
         REGULATION S, REGISTRATION UNDER THE ACT OR AN EXEMPTION
         THEREFROM UNDER SAID ACT AND UNDER ALL APPLICABLE STATE
         SECURITIES LAWS. FURTHERMORE, ALL HEDGING TRANSACTIONS
         INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
         COMPLIANCE WITH THE ACT.

         The Purchaser further covenants to only resell the Debentures and the
Conversion Shares in accordance with the provisions of Reg S, pursuant to
registration under the Securities Act of 1933, as amended, or pursuant to an
exemption thereunder and shall not engage in any hedging transactions with
regard to the Debentures or the Conversion Shares unless in compliance with such
Act. The foregoing restrictions on the transferability of the Debentures and the
Conversion Shares shall cease and terminate (i) when such securities shall have
been effectively registered under the Securities Act and all applicable state
securities laws, or otherwise disposed of in accordance with the requirements of
Reg S or another exemption under the Securities Act, or (ii) the Company shall
have received an opinion of counsel reasonably acceptable to the Company to the
effect that such restrictions are no longer required in order to ensure
compliance of any future transfer with the Securities Act and all applicable
state securities laws. Whenever such

                                                                               4
<PAGE>

restrictions shall terminate as to any of the Debentures or the Conversion
Shares the holder thereof shall be entitled to receive from the Company, without
expense, new certificates of like tenor not bearing the legend set forth above.

         6. NOTICE. All notices, requests, demands and other communications
relating to this Agreement shall be in writing, including by facsimile or email,
addressed to the address set forth herein or such other address as any party
shall notify the other party in writing, and shall be effective, in the case of
written notice by mail, upon placement into the mails (first class, postage
prepaid), and in the case of notice by facsimile or email, on the day sent.

         7. OTHER PROVISIONS. This Agreement shall be binding upon, inure to the
benefit of and be enforceable by the original parties hereto and their
respective heirs, personal representatives, successors and assigns. This
Agreement shall be governed by the laws of the State of Vermont except to the
extent such laws are preempted by federal law. If any of the provisions
contained in this Agreement are invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby. Any provision of this
Agreement may be waived by the person entitled to the benefit thereof; provided,
no delay or failure on the part of any person in exercising any right hereunder,
and no partial or single exercise thereof, shall constitute a waiver of any
other rights hereunder. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may only
be modified in writing signed by all the parties hereto.

         8. SUBMISSION TO EXCLUSIVE JURISDICTION. With respect to actions and
proceedings to enforce the provisions of, arising from, or relating to this
Agreement or the transactions contemplated hereby, each of the parties hereto
consents to personal jurisdiction in the state or federal courts of Vermont and
irrevocably agrees that all such actions and proceedings shall be litigated
exclusively in such courts. Further, each of the parties hereto waives any
objection that it may have to the conduct of any action or proceeding in any
such court based on improper venue or FORUM NON CONVENIENS. Each of the parties
hereto waives personal service of any and all process upon it and agrees that
valid service of process may be made by mail or courier service directed to it
at the address set forth herein and that service so made shall be deemed to be
completed upon the earlier of actual receipt or ten (10) days after the same
shall have been posted.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                                                               5
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Note Purchase
Agreement, effective as of the date first above written.

                                      ENOTE.COM INC.

                                      BY: /s/ JOHN VARSAMES
                                          -----------------------------------
                                          JOHN R. VARSAMES, PRESIDENT AND CEO

                                      SEAFONT PTY. LTD.

                                      BY: /s/ ANDREW KELLY
                                          -----------------------------------
                                          NAME: ANDREW KELLY
                                          TITLE: CHIEF EXECUTIVE OFFICER

                                                                               6
<PAGE>

                                    EXHIBIT A

                                 [SPECIMAN ONLY]

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED IN RELIANCE ON REGULATION S
OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND HAVE BEEN ACQUIRED
FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE ACT OR ANY STATE
SECURITIES LAW, AND THEY MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO
REGULATION S, REGISTRATION UNDER THE ACT OR AN EXEMPTION THEREFROM UNDER SAID
ACT AND UNDER ALL APPLICABLE STATE SECURITIES LAWS. FURTHERMORE, ALL HEDGING
TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE ACT.

A-1                                                                  $500,000.00

                                  ENOTE.COM INC
                              185 ALLEN BROOK LANE
                            WILLISTON, VERMONT 05495
                                 MARCH 13, 2000

              1-YEAR 10 PERCENT SUBORDINATED CONVERTIBLE DEBENTURE
                               DUE MARCH 13, 2001

eNote.com Inc., a Delaware corporation, (the "Corporation"), for value received,
promises to pay to Seafont Pty. Ltd., an Australian corporation (the "Holder"),
the sum of Five Hundred Thousand U.S. Dollars ($500,000) on March 13, 2001 (the
"due date"), together with interest accrued thereon at the rate of 10 percent
per annum, computed from March 13, 2000 (the "issue date"). Payment of principal
and interest shall be made in lawful money of the United States of America and
shall be wire transferred to the owner hereof at the address appearing below,
unless the conversion option is exercised as set forth below in Section 1. This
Debenture is a duly authorized issue of the Corporation.

This Note is issued pursuant to a Note Purchase Agreement dated March 13, 2000
(the "Purchase Agreement") by and between the Corporation and the Holder.

         1. CONVERSION. The holder of this Debenture may at time prior to the
maturity hereof (except that, if the Corporation has called this Debenture for
redemption, the right to convert shall terminate at the close of business on the
second business day prior to the day fixed as the date for such redemption),
convert the principal amount hereof into shares of the Corporation's Common
Stock. The Conversion ratio shall be $7 of debenture principal per share of
Common Stock. To convert this Debenture, the holder hereof must surrender the
same at the office of the Corporation, together with a written instrument of
transfer in a form satisfactory to the Corporation, properly completed and
executed and with a written notice of conversion. All rights of the holder of
this Debenture shall, to the extent of the principal and interest thereof
converted, cease as of the date of such conversion.

                                                                               7
<PAGE>

         2. FRACTIONAL SHARES. In lieu of issuing any fraction of a share upon
the conversion of this Debenture, the Corporation shall pay to the holder hereof
for any fraction of a share otherwise issuable upon the conversion, cash equal
to the same fraction of $7 per unit.

         3. REDEMPTION. The Corporation may at any time prepay in whole or in
         part, without penalty, the principal amount, plus accrued interest to
         the date of prepayment, of all outstanding debentures of this issue.

         4. SUBORDINATION.

                  a.       The Corporation, for itself, its successors and
                           assigns, covenants and agrees, and each holder of
                           this Note by his acceptance thereof likewise
                           covenants and agrees, that the payment of the
                           principal of and interest on each and all of this
                           Note shall be subordinate and subject, to the extent
                           and in the manner hereinafter set forth, in right of
                           payment to the prior payment in full of all Senior
                           Indebtedness.

                  b.       Upon any distribution of assets of the Corporation
                           upon any dissolution, winding up, liquidation, or
                           reorganization of the Corporation, whether in
                           bankruptcy, insolvency, or receivership proceedings
                           or upon an assignment for the benefit of creditors of
                           any other dissolution, winding up, liquidation, or
                           reorganization of the Corporation:

                           (i)      All Senior Indebtedness shall first be paid
                                    in full, or provision made for such payment
                                    in full of the principal thereof, and
                                    premium, if any, and interest thereon,
                                    before any payment is made on account of the
                                    principal of, or interest on, the Notes;

                           (ii)     Any payment or distribution of assets of the
                                    Corporation of any kind or character,
                                    whether in cash, property, or securities
                                    (other than stock of the Corporation as
                                    reorganized or readjusted or securities of
                                    the Corporation or any other corporation
                                    provided for by a plan of reorganization or
                                    readjustment the payment of which is
                                    subordinate, at least to the extent provided
                                    in this Section with respect to the Notes,
                                    to the payment of all Senior Indebtedness at
                                    the time outstanding and to any securities
                                    issued in respect thereof under any such
                                    plan of reorganization or readjustment), to
                                    which the holder of this Note would be
                                    entitled except for the provisions of this
                                    Section shall be paid by the liquidating
                                    trustee or agent or other person making such
                                    payment of distribution, whether a trustee
                                    in bankruptcy, receiver, or liquidating
                                    trustee or other trustee or agent, directly
                                    to the holders of Senior Indebtedness or
                                    their representative or representatives or
                                    the trustee or trustees under any indenture
                                    under which any instruments evidencing any
                                    of such Senior Indebtedness may have been
                                    issued, ratably according to the aggregate
                                    amounts remaining unpaid on account of the
                                    principal of, and premium, if any, and
                                    interest on, the Senior Indebtedness held or
                                    represented by each, to the extent necessary
                                    to make payment in full of all Senior
                                    Indebtedness remaining unpaid, after giving
                                    effect to any concurrent payment or
                                    distribution, or provision therefor, to the
                                    holders of such Senior Indebtedness; and

                                                                               8
<PAGE>

                           (iii)    In the event that, notwithstanding the
                                    foregoing, any payment or distribution of
                                    assets of the Corporation of any kind or
                                    character, whether in cash, property, or
                                    securities (other than stock of the
                                    Corporation as reorganized or readjusted or
                                    securities of the Corporation or any other
                                    corporation provided for by a plan of
                                    reorganization or readjustment the payment
                                    of which is subordinate, at least to the
                                    extent provided in this Section with respect
                                    to the Note, to the payment of all Senior
                                    Indebtedness at the time outstanding and to
                                    any securities issued in respect thereof
                                    under any such plan of reorganization or
                                    readjustment), shall be received by the
                                    holder of this Note before all Senior
                                    Indebtedness is paid in full, or provision
                                    made for its payment, such payment or
                                    distribution shall be paid over to the
                                    holders of Senior Indebtedness remaining
                                    unpaid or unprovided for or their
                                    representative or representatives or to the
                                    trustee or trustees under any indenture
                                    under which any instruments evidencing any
                                    of such Senior Indebtedness may have been
                                    issued, as provided in the foregoing
                                    subparagraph (2), for application to the
                                    payment of such Senior Indebtedness until
                                    all such Senior Indebtedness shall have been
                                    paid in full after giving effect to any
                                    concurrent payment or distribution, or
                                    provision therefor, to the holders of such
                                    Senior Indebtedness.

                  c.       Subject to the payment in full of all Senior
                           Indebtedness, the holder of this Note shall be
                           subrogated to the rights of the holders of Senior
                           Indebtedness to receive payments or distributions of
                           cash, property, or securities of the Corporation
                           applicable to the Senior Indebtedness until the
                           principal of and interest on this Note shall be paid
                           in full, and no such payments or distributions in
                           respect of this Note of cash, property, or securities
                           distributable to the Senior Indebtedness under the
                           provisions here shall, as between the Corporation,
                           its creditors other than the holders of Senior
                           Indebtedness, and the holder of this Notes, be deemed
                           to be a payment by the Corporation to or on account
                           of this Note. It is understood that the provisions of
                           this Section are and are intended solely for the
                           purpose of defining the relative rights of the holder
                           of this Note, on the one hand, and the holders of the
                           Senior Indebtedness on the other hand. Nothing
                           contained in this Section is intended to or shall
                           impair, as between the Corporation, its creditors
                           other than the holders of Senior Indebtedness, and
                           the holder of this Note, the absolute and
                           unconditional obligation of the Corporation to pay
                           the holder of this Note the principal of and interest
                           on this Note as and when the same shall become due
                           and payable in accordance with their terms, or is
                           intended to or shall affect the relative rights of
                           the holder of this Note and creditors of the
                           Corporation other than the holders of the Senior
                           Indebtedness; nor shall anything herein or therein
                           prevent the holder of this Note from exercising all
                           remedies otherwise permitted by applicable law upon
                           default under this Note, subject to the rights, if
                           any, under this Section of the holders of Senior
                           Indebtedness in respect of cash, property or
                           securities of the Corporation received upon the
                           exercise of any such remedy.

                  d.       Upon any distribution of assets of the Corporation
                           referred to in this Section, the holder of this Note
                           shall be entitled to rely upon a certificate of the
                           liquidating trustee or agent or other person making
                           any distribution to such holder for the

                                                                               9
<PAGE>

                           purpose of ascertaining the persons entitled to
                           participate in such distribution, the holders of the
                           Senior Indebtedness and other indebtedness of the
                           Corporation, the amount thereof or payable thereon,
                           and all other facts pertinent thereto or to this
                           Section.

                  e.       If there shall have occurred a default in the payment
                           of the principal of (or premium, if any) or interest
                           on any Senior Indebtedness, then, unless and until
                           such default shall have been cured or waived, no
                           payment of principal or interest shall be made by the
                           Corporation on this Note, and no holder of this Note
                           shall be entitled to receive any such payment.
                           Nothing contained in this Section shall, however (1)
                           affect the obligation of Corporation to make or
                           prevent the Corporation from making, at any time,
                           except during the pendency of any dissolution,
                           winding up, liquidation, or reorganization
                           proceedings or except as provided in the first
                           sentence of this subsection, payments of principal of
                           or interest on this Note, or (2) prevent the
                           application by any paying agent of any moneys
                           deposited with it by the Corporation to the payment
                           of or on account of the principal of, or interest on,
                           this Note, if, at the time of such deposit, the
                           paying agent did not have written notice of any event
                           prohibiting the making of such payment or deposit by
                           the Corporation; or (3) be construed as preventing
                           the occurrence of any Event of Default hereunder.

                  f.       No right of any present or future holder of any
                           Senior Indebtedness of the Corporation to enforce
                           subordination as herein provided shall at any time or
                           in any way be prejudiced or impaired by any act or
                           failure to act on the part of the Corporation or by
                           any act or failure to act, in good faith, by any such
                           holder, or by an noncompliance by the Corporation
                           with the terms, provisions, and covenants of this
                           Note, regardless of any knowledge thereof any such
                           holder may have or be otherwise charged with.

                  g.       Any renewal or extension of the time of payment of
                           any Senior Indebtedness or the exercise by the
                           holders of Senior Indebtedness of any of their rights
                           under the Senior Indebtedness, including without
                           limitation the waiver of default thereunder or the
                           release of any security therefor, may be made or done
                           all without notice to or assent from the holder of
                           this Note. No compromise, alteration, amendment,
                           modification, extension, renewal, or other change of,
                           or waiver, consent, or other action in respect of,
                           any liability or obligation under or respect of, or
                           of any of the terms, covenants, or conditions or any
                           indenture or other instrument under which any Senior
                           Indebtedness is outstanding or of such Senior
                           Indebtedness, and no release of property securing any
                           Senior Indebtedness, whether or not such release is
                           in accordance with the provisions of any applicable
                           document, shall in any way alter or affect any of the
                           provisions of this Section.

                  h.       "Senior Indebtedness" for purposes of this Section
                           shall mean all indebtedness (principal and interest)
                           now existing or hereafter incurred of the Corporation
                           for money borrowed from banks or other financial
                           institutions: (i) which is secured by the assets of
                           the Corporation; and (ii) is not by its express terms
                           subordinate and junior to or on parity with this
                           Note.

                                       10
<PAGE>

         5. DEFAULT. If any of the following events occur ("Event of Default"),
the entire unpaid principal amount of, and accrued and unpaid interest on, this
Debenture shall immediately be due and payable, and the Corporation shall pay
all costs of collection including, but not limited to, reasonable attorneys'
fees and expenses incurred by the owner(s) or its assigns on account of such
collection, whether or not suit is brought:

                  a.       The Corporation fails to pay the principal of this
                           Debenture at its maturity;

                  b.       The Corporation commences any voluntary proceeding
                           under any bankruptcy, reorganization, arrangement,
                           insolvency, readjustment of debt, receivership,
                           dissolution, or liquidation law or statute, of any
                           jurisdiction, whether now or subsequently in effect;
                           or the Corporation is adjudicated as bankrupt by a
                           court of competent jurisdiction; or the Corporation
                           petitions or applies for, acquiesces in, or consents
                           to, the appointment of any receiver or trustee of the
                           Corporation or for all or substantially all of its
                           property or assets; or the Corporation makes an
                           assignment for the benefit of its creditors; or the
                           Corporation admits in writing its inability to pay
                           its debts as they mature; or

                  c.       There is commenced against the Corporation any
                           proceeding relating to the Corporation under any
                           bankruptcy, reorganization, arrangement, insolvency,
                           readjustment of debt, receivership, dissolution, or
                           liquidation law or statute, of any jurisdiction,
                           whether now or subsequently in effect, and the
                           proceeding remains undismissed for a period of 60
                           days or the Corporation by any act indicates its
                           consent to, approval of, or acquiescence in the
                           proceeding; or a receiver or trustee is appointed for
                           the Corporation or for all or substantially all of
                           its property or assets, and the receivership or
                           trusteeship remains undischarged for a period of 60
                           days; or a warrant of attachment, execution or
                           similar process is issued against any substantial
                           part of the property or assets of the Corporation,
                           and the warrant or similar process is not dismissed
                           or bonded within 60 days after the levy.

         6. REGISTERED OWNER. The Corporation shall treat the person or persons
whose name or names appear on this Debenture as the absolute owner or owners
hereof for the purpose of receiving payment of, or on account of, the principal
and interest due on this Debenture and for all other purposes, unless and until
written notice satisfactory to the Corporation is provided by the registered
owner of assignment hereof.

         7. ASSIGNMENT. The Corporation may assign its rights hereunder to any
person or entity. No assignment of rights or obligations shall be effective
until delivery of written notice of such assignment is made by the assigning
party to the other party hereto.

         8. RESTRICTIONS ON TRANSFER. This Note and any shares of the
Corporation's Common Stock received upon conversion of this Note may not be
transferred other than as provided in the Purchase Agreement.

         9. RELEASE OF SHAREHOLDERS, OFFICERS AND DIRECTORS. This Debenture is
the obligation of the Corporation only, and no recourse shall be had for the
payment of any principal or interest hereon against

                                                                              11
<PAGE>

any shareholder, officer or director of the Corporation, either directly or
through the Corporation, by virtue of any statute for the enforcement of any
assessment or otherwise. The holder or holders of this Debenture, by the
acceptance hereof, and as part of the consideration for this Debenture, release
all claims and waive all liabilities against the foregoing persons in connection
with this Debenture.

         10. GOVERNING LAW. This Debenture and all terms and conditions herein
shall be governed by and construed and in accordance with the laws of the State
of Vermont excluding the state's conflict of law provisions.

         IN WITNESS WHEREOF, THE CORPORATION HAS SIGNED THIS DEBENTURE THIS 13TH
DAY OF MARCH, 2000.

                                              ENOTE.COM INC.

                                              BY: [SPECIMAN ONLY]
                                                  --------------------------

REGISTERED OWNER:
SEAFONT GROUP HOLDINGS PTY. LTD.

BY: /s/ ANDREW KELLY
    ----------------
    ANDREW KELLEY, CEO

                                                                              12
<PAGE>

                                    EXHIBIT B

              WebATM, SolutioNet, Ltd. and Navis Technologies, Inc.

                                                                              13
<PAGE>

                                   SCHEDULE 1

1.       5,000,000 shares of the Company's Convertible Preferred Stock, par
         value $.01 per share.

2.       Warrants to acquire 2,000,000 shares of the Company's Common Stock par
         value $.01 per share.

3.       Options to acquire shares of the Company's Common Stock issued to
         certain employees and consultants as incentive compensation.

4.       1-Year 12 Percent Convertible Debenture Due May 3, in the principal
         amount of $30,000.

5.       1-Year 12 Percent Convertible Debenture Due May 3, 2000, in the
         principal amount of $50,000.

                                                                              14

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