Document:

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                                                                    EXHIBIT 10.1

                 THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT

         THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement")
entered into as of the 22nd day of September, 2000, by and among QUEPASA.COM,
INC., a Nevada corporation (the "Company"), and JUAN C. GALAN ("Galan").

                                    RECITALS

         A. The Company and Galan entered into an Employment Agreement dated
January 29, 1999, an Amendment of Employment Agreement dated April 7, 1999 an
Amended and Restated Employment Agreement dated August 1, 1999, a Second Amended
and Restated Employment Agreement dated December 1, 1999, a confirming letter
dated May 9, 2000 and an Amendment of Employment Agreement dated June 29, 2000
(collectively, the "Employment Agreement").

         B. The Company and Galan desire to amend and restate the Employment
Agreement in its entirety.

         NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree that the Employment Agreement is hereby amended and restated as follows:

         1. EMPLOYMENT. The Company hereby employs Galan and Galan hereby
accepts employment with the Company as its Chief Financial Officer and Senior
Vice President, Finance and Accounting upon the terms and conditions hereinafter
set forth. Galan's employment shall be deemed an "at will" employment.

         2. DUTIES. Galan will serve the Company as its Chief Financial Officer
and Senior Vice President, Finance and Accounting and will faithfully and
diligently perform the services and functions relating to such offices and
positions or otherwise reasonably incident to such offices and positions,
provided that all such services and functions will be reasonable and within
Galan's areas of expertise. Galan will perform these duties on a part-time
basis, and the Company acknowledges that Galan may have other employment while
performing his duties hereunder.

         3. SCOPE OF EMPLOYMENT. Galan will make himself available as reasonably
necessary to carry out his duties hereunder, including outside of normal
business hours, but shall not be required to be in the Company's offices on a
daily basis. Galan's duties will include participation as reasonably required in
the preparation of all required filings by the Company with the Securities and
Exchange Commission. Galan will be compensated on an hourly basis pursuant to
Section 4 below, but will not work more than 20 hours in a week without prior
approval from the Company's President and Chief Executive Officer.

         4. COMPENSATION. Galan will continue to receive his current salary
through September 30, 2000. Commencing October 1, 2000, as compensation for the
services rendered to the Company

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under this Agreement, Galan will be paid an hourly rate of $125.00; provided,
that Galan shall be paid for at least ten hours each week regardless of the
number of hours actually worked in that week for so long as this Agreement
remains in effect. Galan's compensation shall be paid to him in accordance with
the then current payroll policies of the Company or as otherwise agreed to by
the parties. In addition, Galan shall receive a bonus of $10,000 payable upon
the closing of a Change of Control (as defined below). A "Change of Control" is
a transaction constituting (i) a sale of all or substantially all of the assets
of the Company or (ii) a merger, acquisition, consolidation or other transaction
involving the transfer or issuance of at least 30% of the outstanding voting
stock of the Company. If this Agreement is terminated pursuant to Section 5(a),
(b) or (e) after a definitive agreement for a Change of Control is entered into
by the Company but before the Change of Control has closed, Galan shall receive
a bonus of $5,000 payable on the date of termination, and shall receive an
additional bonus of $5,000 payable upon such closing (these bonuses are in lieu
of the $10,000 bonus referred to above). In addition, upon termination of this
Agreement pursuant to Sections 5(a), (b), (e) or, following the closing of a
Change of Control, 5(d), the Company will transfer ownership to Galan of the
following items of technology equipment currently used by Galan: laptop
computer; office PC and Monitor; office Fax/Printer; Cellular Phone; and Palm
Pilot.

         5. TERMINATION. This Agreement will terminate upon the occurrence of
any of the following events:

         a.       The death of Galan;

         b.       The "Total Disability" (as hereinafter defined) of Galan;

         c.       Written notice to Galan from the Company of termination for
                  "Cause" (as hereinafter defined);

         d.       The voluntary termination of this Agreement by Galan upon two
                  weeks prior written notice;

         e.       Two weeks prior written notice to Galan from the Company for
                  any reason without "Cause".

         "Total Disability" means physical or mental disability, or both,
determined to be (or reasonably expected to be, based upon then available
medical information) of not less than twelve months duration where Galan is
unable to reasonably perform the duties he was performing for the Company
immediately prior to such disability. The determination shall rest upon the
opinion of the physician regularly attending Galan. If the Company disagrees
with said physician's opinion, the Company may engage at their own expense a
physician to examine the Galan, and Galan hereby consents to such examination
and to waive, if applicable any privilege between the physician and Galan that
may arise as a result of said examination. If after conferring, the two
physicians cannot concur on a final opinion, they shall choose a third
consulting physician whose opinion shall control. The expense of the third
consulting physician shall be borne equally by the Galan and the Company.

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         "Cause" means (i) Galan has failed to substantially perform his duties
as reasonably determined by the Board, (ii) Galan engages in poor performance
that is not cured within thirty days after counseling by the Company, (iii)
Galan has failed to comply with the reasonable directives and policies of the
Board, or (iv) Galan breaches his fiduciary duty to the Company or commits any
dishonest, unethical, fraudulent, or felonious act in respect to Galan's duties
to the Company. Galan's refusal to relocate from the Phoenix, Arizona
metropolitan area if requested by the Company shall not constitute the basis for
termination of Galan's employment for Cause.

         If Galan's employment is terminated pursuant to Sections 5(a), (b) or
(e) of this Agreement and the Company closes a Change of Control within six
months of the date of termination of employment, Galan shall receive the $10,000
bonus on the closing date of the Change of Control.

        6. STOCK OPTIONS. Notwithstanding anything to the contrary in any
previous agreement between Galan and the Company, in the event Galan's
employment is terminated for any reason other than pursuant to Section 5(c),
Galan may exercise such portion of his or her stock options as was exercisable
by Galan at the date of such termination (the "Termination Date") at any time
within three months following the Termination Date; provided, however, that if
Galan's employment is terminated due to disability within the meaning of
Internal Revenue Code section 422A, he may exercise such portion of his stock
options as was exercisable on the Termination Date within one year following the
Termination Date. Stock options not exercised within the applicable period
specified above shall terminate. If Galan's employment is terminated pursuant to
Section 5(c) all of his stock options shall terminate immediately and shall not
be exercisable.

         7. LOAN. The Company acknowledges that the $20,000 loan made to Galan
upon commencement of his employment with the Company has been forgiven in full
in accordance with its terms.

         8. BENEFITS. Galan shall be entitled to continued participation in the
Company' medical and dental insurance coverage and 401(k) plan on the same basis
as other executives of the Company. These benefits shall continue through the
last day of the month in which Galan's employment with the Company is terminated
for any reason. Commencing October 1, 2000, Galan will no longer be entitled to
any paid vacation days from the Company and will no longer receive a car
allowance. Any accrued and unused vacation days as of September 30, 2000 shall
be paid to Galan on September 30, 2000 based upon his current annual salary.

         9. BUSINESS EXPENSES. Galan is authorized to incur, with the prior
approval of the Company's President and Chief Executive Officer, reasonable
expenses for promoting the business of the Company, including expenses for
entertainment, travel and similar items. The Company shall reimburse Galan for
all such expenses on the presentation by Galan of itemized accounts of such
expenditures in accordance with guidelines set forth by the Company and the
Internal Revenue Service.

         10. NON-COMPETITION AND CONFIDENTIALITY.

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                  a. Non-Competition. The Company and Galan acknowledge and
agree that Galan's services are of a special and unusual character which have a
unique value to the Company, the loss of which cannot be adequately compensated
by damages in an action at law and if used in competition with the Company,
could cause serious harm to the Company. Accordingly, Galan agrees that during
the Term of this Agreement and for a period of two years after the termination
of this employment by the Company, irrespective of the reason for such
termination, Galan will not (1) enter into any agreement with or directly or
indirectly solicit or attempt to solicit any employee or other representatives
of the Company for the purpose of causing them to leave the Company to take
employment with any other business entity, or (2) compete, directly or
indirectly, with the Company in any way and that Galan will not act as an
officer, director, employee, consultant, shareholder, lender or agent of any
entity engaged in any business of the same nature as, or in competition with,
the business in which the Company is now engaged, was engaged during Galan's
employment or is engaged at the time of Galan's termination of employment,
except for the ownership of less than 5% of the outstanding capital stock of a
publicly traded company.

                  b. Confidentiality.

                           (1) Galan acknowledges that in Galan's employment
hereunder, Galan will be making use of, acquiring and adding to the Company's
trade secrets and its confidential and proprietary information of a special and
unique nature and value relating to such matters as, but not limited to, the
Company's business operations, internal structure, financial affairs, programs,
software systems, procedures, manuals, confidential reports, lists of clients
and prospective clients and sales and marketing methods, as well as the amount,
nature and type of services, equipment and methods used and preferred by the
Company's clients and the fees paid by such clients, all of which shall be
deemed to be confidential information. Galan acknowledges that such confidential
information has been and will continue to be of central importance to the
business of the Company and that disclosure of it to or its use by others could
cause substantial loss to the Company. In consideration of employment by the
Company, Galan agrees that during the Term and any renewal term of this
Agreement and upon and after leaving the employ of the Company for any reason
whatsoever, Galan shall not, for any purpose whatsoever, directly or indirectly,
divulge or disclose to any person or entity any of such confidential information
which was obtained by Galan as a result of the Galan's employment with the
Company or any trade secrets of the Company, but shall hold all of the same
confidential and inviolate.

                           (2) All contracts, agreements, financial books,
records, instruments and documents; client lists; memoranda; data; reports;
programs; software, tapes; Rolodexes; telephone and address books; letters;
research; card decks; listings; programming; and any other instruments, records
or documents relating or pertaining to clients serviced by the Company or Galan,
the services rendered by Galan, or the business of the Company (collectively,
the "Records") shall at all times be and remain the property of the Company.
Upon termination of this Agreement and Galan's employment under this Agreement
for any reason whatsoever, Galan shall return to the Company all Records
(whether furnished by the Company or prepared by Galan), and Galan shall neither
make nor retain any copies of any of such Records after such termination.

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                           (3) All inventions and other creations, whether or
not patentable or copyrightable, and all ideas, reports and other creative
works, including, without limitation, computer programs, manuals and related
materials, made or conceived in whole or in part by Galan while employed by the
Company and within one year thereafter, which relate in any manner whatsoever to
the business, existing or proposed, of the Company or any other business or
research or development effort in which the Company or any of its subsidiaries
or affiliates engages during Galan's employment by the Company will be disclosed
promptly by Galan to the Company and shall be the sole and exclusive property of
the Company. All copyrightable works created by Galan and covered by this
Section 12b(3) shall be deemed to be works for hire. Galan shall cooperate with
the Company in patenting or copyrighting all such inventions, ideas, reports and
other creative works, shall execute, acknowledge, seal and deliver all documents
tendered by the Company to evidence its ownership thereof through the world, and
shall cooperate with the Company obtaining, defending and enforcing its rights
therein.

                  c. Enforceability. In the event of a breach by either party to
this Agreement of the covenants contained in this Section 10, it is understood
that damages will be difficult to ascertain and the Company may petition a court
of law or equity for injunctive relief in addition to any other relief which the
Company may have under the law, this Agreement or any other agreement executed
in connection herewith. In connection with the bringing of any legal or
equitable action for the enforcement of this Agreement, the Company shall be
entitled to recover, whether the Company seeks equitable relief, and regardless
of what relief is afforded, such reasonable attorneys' fees and expenses as the
Company may incur in prosecution of the Company's claim for breach hereof.

         It is hereby agreed that the provisions of this Section 10 are separate
and independent from the other provisions of this Agreement, that these
provisions are specifically enforceable by the Company notwithstanding any claim
by Galan that the Company has violated or breached this Agreement or any claim
that Galan is entitled to any offset or compensation.

         To induce the Company to enter into this Agreement, Galan represents
and warrants to the Company that Section 10 of this Agreement is enforceable by
the Company in accordance with its terms.

         The parties hereto agree that to the extent that any provision or
portion of Section 10 of this Agreement shall be held, found or deemed to be
unreasonable, unlawful or unenforceable by a court of competent jurisdiction,
then any such provision or portion thereof shall be deemed to be modified to the
extent necessary in order that any such provision or portion thereof shall be
legally enforceable to the fullest extent permitted by applicable law; and the
parties hereto do further agree that any court of competent jurisdiction shall,
and the parties hereto do hereby expressly authorize, request and empower any
court of competent jurisdiction to, enforce any such provision or portion
thereof or to modify any such provision or portion thereof in order that any
such provision or portion thereof shall be enforced by such court to the fullest
extent permitted by applicable law.

         11. WAIVER OF BREACH. The waiver by any party hereto of a breach of any
provision of this Agreement will not operate or be construed as a waiver of any
subsequent breach by any party.

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         12. NOTICES. Any notices, consents, demands, request, approvals and
other communications to be given under this Agreement by either party to the
other will be deemed to have been duly given if given in writing and personally
delivered, faxed or if sent by mail, registered or certified, postage prepaid
with return receipt requested, as follows:

         If to the Company:             quepasa.com, inc.
                                        One Arizona Center
                                        400 E. Van Buren, Suite 400
                                        Phoenix, AZ 85004
                                        Facsimile: (602) 716-0200
                                        Attention: Chief Executive Officer

         If to Galan:                   Juan C. Galan
                                        One Arizona Center
                                        400 E. Van Buren, Suite 400
                                        Phoenix, AZ 85004
                                        Facsimile: (602) 716-0200

         Notices delivered personally will be deemed communicated as of actual
receipt, notices by fax shall be deemed delivered when such notices are faxed to
recipient's fax number and notices by mail shall be deemed delivered when
mailed.

         13. ENTIRE AGREEMENT. This Agreement and the agreements contemplated
hereby constitute the entire agreement of the parties regarding the subject
matter hereof, and supersede all prior agreements and understanding, both
written and oral, among the parties, or any of them, with respect to the subject
matter hereof.

         14. SEVERABILITY. If any provision of this Agreement is held to be
illegal, invalid, or unenforceable under present or future laws effective during
this Agreement, such provision will be fully severable and this Agreement will
be construed and enforced as if such illegal, invalid or unenforceable provision
never comprised a part hereof; and the remaining provisions hereof will remain
in full force and effect and will not be affected by the illegal, invalid or
unenforceable provision or by its severance herefrom. Furthermore, in lieu of
such illegal, invalid or unenforceable provision, there will be added
automatically, as part of this Agreement, a provision as similar in its terms to
such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable.

         15. GOVERNING LAW. To the extent permitted by applicable law, this
Agreement and the rights and obligations of the parties will be governed by and
construed and enforced exclusively in accordance with the substantive laws (but
not the rules governing conflicts of laws) of the State of Arizona and the State
of Arizona shall have exclusive jurisdiction regarding any legal actions
relating to this Agreement.

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         16. CAPTIONS. The captions in this Agreement are for convenience of
reference only and will not limit or otherwise affect any of the terms or
provisions hereof.

         17. GENDER AND NUMBER. When the context requires, the gender of all
words used herein will include the masculine, feminine and neuter, and the
number of all words will include the singular and plural.

         18. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original and all of which will
constitute one and the same instrument.

                            [SIGNATURE PAGE FOLLOWS]

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         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                                      THE COMPANY:

                                      quepasa.com, inc., a Nevada corporation

                                      By: /s/ Gary L. Trujillo
                                         --------------------------------------
                                         Gary L. Trujillo, Chairman/Chief
                                         Executive Officer

                                      GALAN:

                                         /s/ Juan C. Galan
                                         --------------------------------------

                                       8<PAGE>   1
Exhibit 10(iii)

                            SECURED PROMISSORY NOTE

                                                                Phoenix, Arizona
                                                                    June 8, 2000

$45,000.00

1.   FUNDAMENTAL PROVISIONS.

     The following terms will be used as defined terms in this Secured
     Promissory Note ("Note"):

<TABLE>
<S>                                            <C>
Lender:                                        Cerprobe Corporation, a Delaware corporation.

Borrower:                                      Daniel J. Hill

Principal Amount:                              Forty-Five Thousand Dollars and No/100 Dollars
                                               ($45,000.00).

Interest Rate:                                 Six percent (6%) per annum.

Default
Interest Rate:                                 Ten percent (10%) per annum above the Interest Rate.

Maturity Date:                                 December 31, 2000.

Business Day:                                  Any day of the year other than Saturdays, Sundays and
                                               legal holidays.
Loan:                                          The loan from Lender to Borrower in the Principal
                                               Amount and evidenced by this Note.
</TABLE>

2.   PROMISE TO PAY.

     For value received, Borrower promises to pay to the order of Lender, at its
     office at 1150 North Fiesta Boulevard, Gilbert, Arizona, 85233, or at such
     other place as the Lender may from time to time designate in writing, the
     Principal Amount, together with accrued interest from the date of
     disbursement on the unpaid principal balance at the Interest Rate.

<PAGE>   2

3.   INTEREST; PAYMENTS.

     (a)  Absent an Event of Default hereunder, the Principal Amount shall bear
          interest at the Interest Rate. Throughout the term of this Note,
          interest shall be computed by applying the ratio of the annual
          interest rate over a year of 365 days, multiplied by the outstanding
          principal balance, multiplied by the actual number of days the
          principal balance is outstanding.

     (b)  All payments of principal and interest due hereunder shall be made (i)
          without deduction of any present and future taxes, levies, imposts,
          deductions, charges, or withholdings, which amounts shall be paid by
          Borrower, and (ii) without any other set off. Borrower will pay the
          amounts necessary such that the gross amount of the principal and
          interest received by the Lender is not less than that required by this
          Note.

     (c)  The entire unpaid principal balance, all accrued interest and any
          other, amounts payable hereunder shall be paid in full on or before
          the Maturity Date.

4.   PREPAYMENT.

     Borrower may prepay the Loan, in whole or in part, at any time without
     penalty or premium.

5.   LAWFUL MONEY.

     Principal and interest are payable in lawful money of the United States of
     America.

6.   APPLICATION OF PAYMENTS/LATE CHARGE/DEFAULT INTEREST.

     (a)  Unless otherwise agreed to, in writing, or otherwise required by
          applicable law, payments will be applied first to accrued, unpaid
          interest, then to principal, and any remaining amount to any unpaid
          collection costs, late charges, and other charges, provided, however,
          upon delinquency or other default, Lender reserves the right to apply
          payments among principal, interest, late charges, collection costs,
          and other charges at its discretion. All prepayments shall be applied
          to the indebtedness owing hereunder in such order and manner as Lender
          may from time to time determine in its sole discretion.

     (b)  If any payment of interest and/or principal is not received by the
          holder hereof when such payment is due, then in addition to the
          remedies conferred upon the holder hereof pursuant to this Note, a
          late charge of five percent of

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          the amount of the regularly scheduled payment or $25.00, whichever is
          greater, up to the maximum amount of $1,500.00 per late charge will be
          added to the delinquent amount to compensate the holder hereof for the
          expense of handling the delinquency for any payment past due in excess
          of ten days, regardless of any notice and cure periods.

     (c)  Upon the occurrence of an Event of Default, including the failure to
          pay upon final maturity, Lender, at its option, may also, if permitted
          under applicable law, do one or both of the following: (i) increase
          the applicable Interest Rate on this Note to the Default Interest
          Rate, and (ii) add any unpaid accrued interest to principal and such
          sum will bear interest therefrom until paid at the rate provided in
          this Note (including any increased rate). The interest rate will not
          exceed the maximum rate permitted by applicable law.

7.   SECURITY.

     This Note is secured by the Signature of the Borrower.

8.   EVENT OF DEFAULT.

     The occurrence of any of the following shall be deemed to be an event of
     default ("Event of Default") hereunder:

     (a)  default in the payment of principal or interest when due pursuant to
          the terms hereof and the expiration of five days after written notice
          of such default from Lender to Borrower;

     (b)  if the Borrower is an employee of the Lender, the Borrower's
          termination of employment with "Cause" or the Borrower's voluntary
          resignation without "Good Reason" as such terms are defined in Section
          9 below;

     (c)  if the Borrower is a non-employee director of the Company, the
          Borrower's ceasing to provide services as a director to the Company;

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9.   DEFINITION OF CAUSE AND GOOD REASON

     (a)  Cause. For purposes of this Loan, a termination of employment for
          "Cause" means a termination of employment resulting from a
          determination by the Lender that the Borrower has: (i) been convicted
          of a felony involving dishonesty, fraud, theft, or embezzlement; (ii)
          repeatedly failed or refused, in a material respect, to follow
          reasonable policies or directives established by the Lender and after
          written notice thereof from the Lender, and a reasonable opportunity
          by the Borrower to cure such failures or refusals after having been
          given reasonable written notice of such failures or refusals; (iii)
          willfully and persistently failed to attend to the material duties or
          obligations imposed upon Borrower after reasonable written notice from
          the Lender and a reasonable opportunity by the Borrower to cure such
          failure; (iv) performed an act or failed to act, which, if the
          Borrower were prosecuted and convicted, would constitute a felony
          involving $1,000 or more of money or property of the Lender, or (v)
          intentionally misrepresented or concealed a material fact for purposes
          of securing employment with the Lender.

     (b)  Good Reason. For purposes of this Loan, a termination of employment
          for "Good Reason" means any of the following events: (i) the
          assignment to the Borrower of any duties that are inconsistent with,
          or the reduction of powers or functions associated with, the
          Borrower's position, duties, or responsibilities with the Lender, or
          an adverse change in the Borrower's titles, authority, or reporting
          responsibilities, or in conditions of the Borrower's employment, (ii)
          the Borrower's base salary is reduced or the potential incentive
          compensation (or bonus) to which the Borrower may become entitled to
          at any level of performance by the Borrower or the Lender is reduced,
          (iii) the failure of the Lender to cause any successor to expressly
          assume and agree to be bound by the terms of this Agreement, (iv) any
          purported termination by the Lender of the Borrower's employment for
          grounds other than for "Cause," (v) the Lender relieving the Borrower
          of the Borrower's duties other than for "Cause," (vi) the Borrower is
          required to relocate to an employment location that is more than fifty
          (50) miles from Gilbert, Arizona.

10.  REMEDIES.

     Upon the occurrence of an Event of Default, then at the option of the
     holder hereof, the entire balance of principal together with all accrued
     interest thereon, and all other amounts payable by Borrower under the Loan
     Documents shall, without demand or notice, immediately become due and
     payable. Upon the occurrence of an Event of Default (and so long as such
     Event of Default shall continue), the entire balance of principal hereof,
     together with all accrued interest thereon, all other

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     amounts due under the Loan Documents, and any judgment for such principal,
     interest, and other amounts shall bear interest at the Default Interest
     Rate, subject to the limitations contained in Section 15 hereof. No delay
     or omission on the part of the Lender in exercising any right under this
     Note or under any of the other Loan Documents hereof shall operate as a
     waiver of such right.

11.  WAIVER.

     Borrower, endorsers, guarantors, and sureties of this Note hereby waive
     diligence, demand for payment, presentment for payment, protest, notice of
     nonpayment, notice of protest, notice of intent to accelerate, notice of
     acceleration, notice of dishonor, and notice of nonpayment, and all other
     notices or demands of any kind (except notices specifically provided for in
     the Loan Documents) and expressly agree that, without in any way affecting
     the liability of Borrower, endorsers, guarantors, or sureties, the Lender
     may extend any maturity date or the time for payment of any installment due
     hereunder, otherwise modify the Loan Documents, accept additional security,
     release any person liable, and release any security or guaranty. Borrower,
     endorsers, guarantors, and sureties waive, to the full extent permitted by
     law, the right to plead any and all statutes of limitations as a defense.

12.  CHANGE, DISCHARGE, TERMINATION, OR WAIVER.

     No provision of this Note may be changed, discharged, terminated, or waived
     except in a writing signed by the party against whom enforcement of the
     change, discharge, termination, or waiver is sought. No failure on the part
     of the Lender to exercise and no delay by the Lender in exercising any
     right or remedy under this Note or under the law shall operate as a waiver
     thereof.

13.  ATTORNEYS' FEES.

     If this Note is not paid when due or if any Event of Default occurs,
     Borrower promises to pay all costs of enforcement and collection and
     preparation therefor, including but not limited to, reasonable attorneys'
     fees, whether or not any action or proceeding is brought to enforce the
     provisions hereof (including, without limitation, all such costs incurred
     in connection with any bankruptcy, receivership, or other court proceedings
     (whether at the trial or appellate level)).

14.  SEVERABILITY.

     If any provision of this Note is unenforceable, the enforceability of the
     other provisions shall not be affected and they shall remain in full force
     and effect.

15.  INTEREST RATE LIMITATION.

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     Borrower hereby agrees to pay an effective rate of interest that is the sum
     of the interest rate provided for herein, together with any additional rate
     of interest resulting from any other charges of interest or in the nature
     of interest paid or to be paid in connection with the Loan, including,
     without limitation, any other fees to be paid by Borrower pursuant to the
     provisions of the Loan Documents. Lender and Borrower agree that none of
     the terms and provisions contained herein or in any of the Loan Documents
     shall be construed to create a contract for the use, forbearance, or
     detention of money requiring payment of interest at a rate in excess of the
     maximum interest rate permitted to be charged by the laws of the State of
     Arizona. In such event, if any holder of this Note shall collect monies
     which are deemed to constitute interest which would otherwise increase the
     effective interest rate on this Note to a rate in excess of the maximum
     rate permitted to be charged by the laws of the State of Arizona, all such
     sums deemed to constitute interest in excess of such maximum rate shall, at
     the option of the Lender, be credited to the payment of other amounts
     payable under the Loan Documents or returned to Borrower.

16.  HEADINGS.

     Headings at the beginning of each numbered section of this Note are
     intended solely for convenience and are not part of this Note.

17.  CHOICE OF LAW.

     This Note shall be governed by and construed in accordance with the laws of
     the State of Arizona without giving effect to conflict of laws principles.

18.  INTEGRATION.

     The Loan Documents contain the complete understanding and agreement of the
     Lender and Borrower and supersede all prior representations, warranties,
     agreements, arrangements, understandings, and negotiations.

19.  BINDING EFFECT.

     The Loan Documents will be binding upon, and inure to the benefit of, the
     Lender, Borrower, and their respective successors and assigns. Borrower may
     not delegate its obligations under the Loan Documents.

20.  TIME OF THE ESSENCE.

     Time is of the essence with regard to each provision of the Loan Documents
     as to which time is a factor.

                                       6
<PAGE>   7
21.  SURVIVAL.

     The representations, warranties, and covenants of the Borrower in the Loan
     Documents shall survive the execution and delivery of the Loan Documents
     and the making of the Loan.

BORROWER:

By:       /s/ Daniel J. Hill
          -----------------------------
Name:     Daniel J. Hill
Title:    Chief Operating Officer

                                       7

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