Document:

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[CHAPARRAL NETWORK STORAGE, INC. LOGO]                            EXHIBIT 10.30

                         COMMON STOCK PURCHASE AGREEMENT
                                (Option Exercise)

         This Common Stock Purchase Agreement (the "Agreement") is made as of
the ____ day of _________, 1999, by and between CHAPARRAL NETWORK STORAGE, INC.,
a Delaware corporation (the "Company"), __________________ ("Purchaser") and
_____________ or other designated escrow agent (as Escrow Agent under Section 4
of this Agreement).

        The parties agree as follows:

        1. Common Stock Purchase.

                  1.1 Purchase. Subject to the terms and conditions of this
        Agreement, the Company hereby agrees to sell to Purchaser, and
        Purchaser hereby agrees to purchase from the Company, on the Closing
        Date (as defined herein) ______________ shares of the Company's Common
        Stock (the "Shares"), at a price of $_________________ per share
        ("Original Issuance Price") and an aggregate purchase price of
        $_____________________. The term "Shares" refers to the purchased
        Shares, all securities or property received in replacement of Shares,
        all securities or property distributed with respect to Shares, in any
        case by way of stock dividends, splits or consolidations, or pursuant
        to any re-capitalization, consolidation, merger, reorganization, or the
        like.

                  1.2 Payment. The aggregate purchase price shall be paid by
        Purchaser by check or wire transfer of funds.

        2. Closing; Delivery

                  2.1 Closing. The purchase and sale of the Shares shall occur
        at a closing (the "Closing") to be held at the principal office of the
        Company simultaneously with the execution of this Agreement by the
        parties, or on such other date as they may agree (the "Closing Date").

                  2.2 Delivery. At the Closing, the Company will deliver to
        Purchaser a certificate representing the Shares to be purchased by him
        (which shall be issued in Purchaser's name) against payment of the
        purchase price therefor. The purchase price for the Shares shall be paid
        on the Closing Date by delivery of the consideration referenced in
        Section 1.2 above.

        3. Limitations on Transfer. In addition to any other limitation
        on transfer created by applicable securities laws, Purchaser shall not
        assign, encumber, or dispose of any interest in the Shares except as
        provided in this Section 3.

                  3.1 Right of First Refusal.

                           (a) In the event Purchaser or his transferee desires
                  (or is required) to sell or transfer in any manner any of the
                  Shares, Purchaser shall first offer such Shares for sale to
                  the Company upon the terms and conditions specified herein
                  ("Right of First Refusal") by delivering a notice (the
                  "Notice") to the Company stating

                                    (i)     his bona fide intention to sell or
                         otherwise transfer such Shares,

                                    (ii)    the number of such Shares to be
                         sold to otherwise transferred,

                                    (iii)   the price for which Purchaser
                         proposes to sell such Shares,

                                    (iv)    the name of the proposed buyer or
                         transferee, and

                                    (v)     all additional terms and conditions,
                         if any, of the proposed sale or transfer.

                                    Purchaser shall attach to the Notice a copy
                  of the written offer, if any, reflecting the terms and
                  conditions of the proposed sale or transfer of the Shares to
                  the third party. In the

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                  event of a transfer not involving a sale of the Shares for a
                  specific sum of money, or if, in the sole judgement of the
                  Company's Board of Directors, the proposed transfer does not
                  involve a price for the Shares negotiated by Purchaser and its
                  proposed buyer or transferee in a bona fide "arm's length
                  transaction", the price of the Shares shall be determined by
                  the Company's Board of Directors in the manner specified in
                  Section 3.3 below.

                           (b) Within sixty (60) days following receipt by the
                  Company of the Notice ("Acceptance Period"), the Company (or
                  is assignee) may elect to purchase all or a portion of the
                  Shares to which the Notice refers, at the price per Share and
                  on the same terms and conditions (or terms and conditions as
                  reasonably similar as possible) as set forth in the Notice, or
                  at the price per Share determined pursuant to Section 3.3 in
                  the event that the price of the Shares is to be determined by
                  the Company's Board of Directors under Section 3.1 (a).

                           (c) If the Company (or its assignee) elects to
                  purchase such Shares hereunder, it shall notify Purchaser, in
                  writing, of its intention to purchase such Shares hereunder
                  and either (1) set a date for the closing of the transaction
                  at a place specified by the Company not later than thirty (30)
                  days from the date of such notice, at which time the Company
                  (or its assignee) shall tender payment for the Shares, or (2)
                  include payment for the Shares with the Company's notice to
                  Purchaser. At such closing, the certificate(s) representing
                  the Shares so purchased shall be delivered to the Company and
                  canceled (and the Shares transferred to the Company's
                  assignee, if applicable) as of the date of the mailing of the
                  Company's notice and, thereafter, shall be promptly returned
                  by Purchaser to the Company by certified or registered mail.

                           (d) If the Company (or its assignee) does not elect
                  to purchase all of the Shares to which the Notice refers,
                  Purchaser may sell or otherwise transfer the Shares not
                  purchased to the third party named in the Notice at the price
                  and on the terms and conditions specified in the Notice, or at
                  a higher price; provided that such sale or transfer is
                  consummated within sixty (60) days from the earlier of

                                    (i)  the lapse of the Acceptance Period, or

                                    (ii) the date of the Company's notice,
                           whether written or oral, advising Purchaser that the
                           Company does not intend to purchase the Shares
                           hereunder; provided, further, that any such sale or
                           transfer is made in accordance with all of the terms
                           and conditions set forth in this Agreement.

                           In the event the Shares are not disposed of by
                  Purchaser within such sixty (60) day period, such Shares shall
                  once again be subject to the Right of First Refusal.

                  3.2 Involuntary Transfer.

                           (a) In the event of any transfer by operation of law
                  or other involuntary transfer, of all, or a portion, of the
                  Shares, the Company shall have an option to purchase all of
                  the Shares transferred (the "Involuntary Transfer Option") at
                  a price set pursuant to Section 3.3. Upon such a transfer, the
                  person acquiring the Shares shall promptly notify the
                  Secretary of the Company of such transfer.

                           (b) The Company (or its assignee) shall notify
                  Purchaser and the person acquiring the Shares as to whether
                  the Company (or its assignee) wishes to purchase the shares
                  pursuant to the Involuntary Transfer Option within forty-five
                  (45) days following the date on which the Company was notified
                  of the transfer. If the Company (or its assignee) elects to
                  purchase such Shares hereunder it shall set a date for the
                  closing of the transaction at a place specified by the Company
                  not later than thirty (30) days from the date of the Company's
                  notice to Purchaser and the person acquiring the Shares. At
                  such closing, the Company (or its assignee) shall tender
                  payment for the shares in the form of a check, cancellation of
                  Purchaser's indebtedness to the Company, or some combination
                  thereof, and the certificate(s) representing the Shares so
                  purchased shall be canceled.

                  3.3 Determination of Price by Board. With respect to the
         Shares to be transferred pursuant to the Right of First Refusal or the
         Involuntary Transfer Option where the price per Share is to be
         determined pursuant to this Section 3.3, the price per Share shall be
         a price set by the Board of Directors of the Company that is
         determined by the Board to reflect the then current value of such
         Shares. The

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         Company shall notify Purchaser, his representative, or the person
         acquiring the Shares under Section 3.2 of the price so determined
         within forty-five (45) days after receipt by the Company of written
         notice of the transfer or proposed transfer of the Shares.

                  3.4 Restriction on Alienation. Any sale, transfer, or
         disposition or purported sale, transfer, or disposition or any of the
         shares by Purchaser shall be null and void unless the terms,
         conditions, and provisions of this Agreement are strictly complied
         with. Purchaser hereby authorizes and directs the Transfer Agent of the
         Company to transfer the Shares as to which the Right of First Refusal
         or Involuntary Transfer Option has been exercised from Purchaser to the
         Company (or its assignee). Purchaser further authorizes the Company to
         refuse, or to cause its Transfer Agent to refuse, to transfer, or
         record any Shares to be transferred in violation of this Agreement.

                  3.5 Assignment by Company. The Company's Right of First
         Refusal, and Involuntary Transfer Option may be assigned, in whole or
         in part, to any shareholder or shareholders of the Company.

                  3.6 Obligations Binding Upon Transferees. All transferees of
         Shares or any interest therein will receive and hold such Shares or
         interests subject to the provisions of this Agreement, including,
         insofar as applicable, the Company's Right of First Refusal, and
         Involuntary Transfer Option under this Section 3. Any sale or transfer
         of the Shares shall be void unless the provisions of this Agreement are
         met.

                  3.7 Termination of Rights. The Right of First Refusal, and the
         Involuntary Transfer Option granted by this Section 3 shall terminate
         (a) on the occurrence of the merger or consolidation of the Company
         into, or the sale of all or substantially all of the Company's assets,
         to another entity, except that these restrictions on transfer shall not
         terminate if immediately after such merger, consolidation, or sale of
         assets, at least fifty-one percent (51%) of the capital stock of such
         other corporation is owned by persons who are holders of Shares of
         capital stock of the Company immediately before such merger,
         consolidation, or sale, or (b) at such time as a public market exists
         for the Company's Common Stock (or any other stock issued to purchasers
         in exchange for the Shares purchased under this Agreement). For the
         purpose of this Agreement, a "public market" shall be deemed to exist
         if the Common Stock is listed on a national securities exchange (as
         that term is used in the Securities Exchange Act of 1934), or the
         Common Stock is traded on the over-the-counter market and prices are
         published daily on business days in a recognized financial journal.

                  3.8 Replacement Certificate. In the event the restrictions
         imposed by this Agreement shall be terminated as provided in this
         Section 3, a new certificate or certificates representing the Shares
         shall be issued, on request, without the legend referred to in Section
         6.1 (b) herein.

                  3.9 Excluded Transfers. The restrictions on transfer of this
         Section 3 shall not apply to an inter-vivos transfer to Purchaser's
         ancestors or descendants or spouse or to a Trustee for their benefit,
         provided that such transferee shall take such Shares subject to all the
         terms of this Agreement, including restrictions on further transfer.

                  3.10 Indebtedness. Notwithstanding any provision to the
         contrary in this Agreement, any payment by the Company for purchase of
         Shares from Purchaser may be made by cancellation of any indebtedness
         to the Company from Purchaser.

                  3.11 Market Standoff Agreement. Purchaser, if requested by the
         Company and an underwriter of Common Stock (or other securities) of
         the Company, agrees not to sell or otherwise transfer or dispose of
         any Common Stock (or other securities) of the Company held by
         Purchaser during the period not to exceed one hundred and eighty (180)
         days as requested by the managing underwriter following the effective
         date of a registration statement of the Company filed under the
         Securities Act (as hereafter defined), provided that all officers and
         directors of the Company are required to enter into similar
         agreements. Such agreement shall be in writing in the form
         satisfactory to the Company and such underwriter. The Company may
         impose stop transfer instructions with respect to the shares (or other
         securities) subject to the foregoing restriction until the end of such
         period.

         4. Escrow; Escrow Instructions. As security for Purchaser's faithful
         performance of the terms and provisions of this Agreement, and to
         insure the availability for delivery of the Shares upon the Company's
         (or its assignee's) exercise of the Right of First Refusal, or
         Involuntary Transfer Option, Purchaser shall, at the Closing Date,
         deliver and deposit with _________________ or such other person
         designated by the Company

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         as Escrow Agent in this transaction, the share certificate(s)
         representing the Shares, together with a stock assignment duly
         endorsed in blank (in the form of Exhibit A to this Agreement). The
         Escrow Agent is hereby authorized and directed to hold the documents
         delivered to the Escrow Agent pursuant to the terms of this Agreement,
         including the stock certificate(s), evidencing the Shares and the
         stock assignment in accordance with the following terms of this
         Section 4.

                  4.1 Rights Exercise. In the event the Company (or its
         assignee) shall elect to exercise the Right of First Refusal, or
         Involuntary Transfer Option set forth in Section 3 of this Agreement
         (collectively the "Rights") in whole or in part, the Company (or its
         assignee) shall give to Purchaser and to Escrow Agent a written notice
         specifying a time, place, and/or manner for a closing hereunder.

                  4.2 Closing Instructions. Purchaser and the Company hereby
         irrevocably authorize and direct Escrow Agent to take all such actions
         as may be necessary or proper to close the transaction contemplated by
         such notice in accordance with the terms of such notice. At the
         closing, Escrow Agent is directed to

                           (a) date such stock assignment as shall be necessary
                  for the specific transfer,

                           (b) fill in the number of Shares being transferred,
                  and

                           (c) deliver the same, together with the
                  certificate(s) evidencing the Shares to be transferred, to the
                  Company (or its assignee) as provided in this Agreement
                  against the simultaneous delivery to Escrow Agent of the
                  purchase price for the number of Shares being purchased
                  pursuant to this Agreement.

                  4.3 Additional Share Deposit. Purchaser irrevocably authorizes
         the Company to deposit with Escrow Agent any securities (including
         additional shares of the Company's Common Stock) or other property
         (including cash) which Purchaser would be entitled to receive on
         account of any Shares held by Escrow Agent hereunder. To facilitate the
         performance of this Agreement, Purchaser irrevocably constitutes and
         appoints Escrow Agent as his attorney-in-fact and agent for the term of
         the escrow to execute with respect to such Shares all stock
         certificates, stock assignments, or other instruments, which shall be
         necessary or appropriate to make such securities negotiable and to
         complete any transaction contemplated under this Agreement, including
         but not limited to any filings to comply with state or federal
         securities laws.

                  4.4 Share Release. Upon written request from the Company and
         Purchaser, Escrow Agent is authorized to release from escrow the number
         of Shares indicted in that written request pursuant to this Agreement.

                  4.5 Escrow Termination. The escrow shall terminate upon the
         termination of the Company's Rights under Section 3 of this Agreement.
         Upon termination of this escrow, Escrow Agent shall deliver to
         Purchaser all documents, securities, or other property belonging to
         Purchaser that are still in Escrow Agent's possession, and Escrow Agent
         shall be discharged of all further obligations under Section 4.

                  4.6 Escrow Amendment. Escrow Agent's duties hereunder may be
         altered, amended, modified, or revoked only by a writing signed by all
         of the parties to this Agreement and approved by Escrow Agent.

                  4.7 Escrow Agent Liability. Escrow Agent shall not be
         personally liable for any act Escrow Agent may do or omit to do
         hereunder as Escrow Agent or attorney-in-fact for Purchaser while
         acting in good faith and in the exercise of Escrow Agent's own good
         judgement and any act done or omitted by Escrow Agent pursuant to the
         advice of Escrow Agent's own attorneys shall be conclusive evidence of
         such good faith. Escrow Agent shall not be liable in any respect on
         account of the identities, authorities, or rights of the parties
         executing or delivering or purporting to execute or deliver this
         Agreement or any documents or papers deposited or called for hereunder.
         Escrow Agent shall not be liable for the termination of any rights
         under any applicable statute of limitations with respect to the
         provisions of this Section 4 or any documents deposited with Escrow
         Agent.

                  4.8 Court Orders. Escrow Agent is hereby expressly authorized
         to disregard any and all warnings given by any of the parties hereto or
         by any other person or corporation, excepting only orders or process of
         courts of law, and is hereby expressly authorized to comply with and
         obey orders, judgements, or decrees of any court. In case Escrow Agent
         obeys or complies with any such order,

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         judgement, or decree of any court, Escrow Agent shall not be liable to
         any of the parties hereto or to any other person, firm, or corporation
         by reason of such compliance, notwithstanding that any such order,
         judgement, or decree shall be subsequently reversed, modified,
         annulled, set aside, vacated, or found to have been entered without
         jurisdiction.

                  4.9 Execution Effect. By signing this Agreement, the Escrow
         Agent becomes a party hereto only for the purpose of Section 4. and
         for no other provisions of this Agreement.

                  4.10 Escrow Agent Successors. If, prior to the termination of
         this Escrow, ____________ shall die or shall cease to be Escrow Agent
         of the Company, any other officer of the Company may, from time to
         time, at the request of the Company's Board of Directors, discharge any
         of the duties and perform any of the acts to be performed by
         __________________ as Escrow Agent.

         5. Investment Representations. In connection with the
         acquisition of the Shares, Purchaser represents to the Company the
         following:

                  5.1 Investment. Purchaser is acquiring the Shares to be issued
         to Purchaser for investment for Purchaser's own account and not with
         the view to, or for resale in connection with, any distribution,
         assignment, or resale within the meaning of the Securities Act of 1933
         (the "Securities Act"), or the Delaware Corporate Securities Law, as
         amended ("Delaware Securities Law") to others and no other person has a
         direct or indirect beneficial interest, in whole or in part, in such
         Shares. Purchaser understands that the Shares to be issued to Purchaser
         have not been and will not be registered under the Securities Act or
         qualified under the Delaware Securities Law, or under the laws of any
         other state of the United States in reliance upon specific exemptions
         therefrom which depend upon, among other things, the bona fide nature
         of the investment intent as expressed herein, and in any other
         representations, warranties, or information provided by Purchaser to
         the Company under this Agreement.

                  5.2 Restrictions on Transfer. Purchaser acknowledges that the
         Shares to be issued to Purchaser must be held indefinitely unless
         subsequently registered and qualified under the Securities Act, or
         unless an exemption from registration and qualification is otherwise
         available. Purchaser further understands that the Company is under no
         obligation to register or qualify the Shares.

                  5.3 Rule 144. Purchaser is aware of the provisions of Rule
         144, promulgated under the Securities Act, which permits limited public
         resale of "restricted securities" acquired, directly or indirectly,
         from the issuer thereof (or from an affiliate of such issuer), in a
         non-public offering subject to the satisfaction of certain conditions.

                  5.4 Exemption from Registration. Purchaser further
         acknowledges that, in the event all of the applicable requirements of
         Rule 144 are not satisfied, registration under the Securities Act,
         compliance with Regulation A, or some other registration exemption will
         be required.

                  5.5 Relationship to Company; Experience. Purchaser either has
         a preexisting business or personal relationship with the Company or any
         of its officers, directors, or controlling persons or, by reason of
         Purchaser's business or financial experience, has the capacity to
         protect Purchaser's own interests in connection with Purchaser's
         acquisition of the Shares to be issued to Purchaser hereunder.
         Purchaser has such knowledge and experience in financial, tax, and
         business matters to enable Purchaser to utilize the information made
         available to Purchaser in connection with the acquisition of the Shares
         to evaluate the merits and risks of the prospective investment and to
         make an informed investment decision with respect thereto.

                  5.6 Purchaser's Liquidity. In reaching the decision to invest
         in the Shares, Purchaser has carefully evaluated Purchaser's financial
         resources and investment position and the risks associated with this
         investment, and Purchaser acknowledges that Purchaser is able to bear
         the economic risks of the investment. Purchaser

                           (a) has adequate means of providing for
                  Purchaser's current needs and possible personal contingencies,

                           (b) has no need for liquidity in Purchaser's
                  investment,

                           (c) is able to bear the substantial economic
                  risks of an investment in the Shares for an indefinite period,
                  and

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                           (d) at the present time, can afford a complete loss
                  of such investment. Purchaser's commitment to investments
                  which are not readily marketable is not disproportionate to
                  Purchaser's net worth, and Purchasers investment in the Shares
                  will not cause Purchaser's overall commitment to become
                  excessive.

                  5.7 Offer and Sale. Purchaser understands that the offer and
         sale of the Shares have not been registered under the Securities Act in
         reliance upon exemption therefrom. Purchaser was not offered or sold
         the Shares, directly or indirectly, by means of any form of general
         solicitation or general advertisement, including the following:

                           (a) any advertisement, article, notice, or other
                  communication published in any newspaper, magazine, or
                  similar medium, or broadcast over television or radio; or

                           (b) any seminar or meeting whose attendees had been
                  invited by general solicitation or general advertising.

                  5.8 Access to Data. Purchaser is aware of the Company's
         business affairs and financial condition, and has acquired sufficient
         information about the Company to reach an informed and knowledgeable
         decision to acquire the Shares. Purchaser acknowledges that during the
         course of this transaction and before deciding to acquire the Shares,
         Purchaser has been provided with financial and other written
         information about the Company. Purchaser has been given the opportunity
         by the Company to obtain any information and ask questions concerning
         the Company, the Shares, and Purchaser's investment that Purchaser felt
         necessary; and to the extent Purchaser availed himself of that
         opportunity, Purchaser has received satisfactory information and
         answers.

                  5.9 Risks. Purchaser acknowledges and understands that

                           (a) any investment in the Company constitutes a high
                  risk,

                           (b) the Shares are highly speculative, and

                           (c) there can be no assurance as to what return, if
                  any, there may be.

                            Purchaser is aware that the Company may issue
         additional securities in the future which could result in the dilution
         of Purchaser's ownership interest in the Company.

                  5.10 Valid Agreement. This Agreement, when executed and
         delivered by Purchaser, shall constitute a valid and legally binding
         obligation of Purchaser which is enforceable in accordance with its
         terms.

                  5.11 Residence. The address set forth on the signature page of
         this Agreement is Purchaser's current address and accurately sets forth
         Purchaser's place of residence.

         6. Securities Compliance.

                  6.1 Legends. The certificate or certificates representing the
         Shares shall bear legends in substantially the following form (in
         addition to any other legend imposed by applicable blue sky laws or the
         Articles or Bylaws of the Company):

                                    (a) THE SHARES REPRESENTED BY THIS
                  CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
                  VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
                  THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT
                  AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO, OR AN
                  OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS
                  NOT REQUIRED UNDER THE SECURITIES ACT OF 1993.

                                    (b) THE SHARES REPRESENTED BY THIS
                  CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS IN ACCORDANCE
                  WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE
                  SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
                  THE COMPANY.

                                    (c) THE SECURITIES EVIDENCED BY THIS
                  CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
                  OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
                  ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN

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                  EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH
                  SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR
                  RULE 701 UNDER SUCH ACT, OR THE COMPANY RECEIVES AN OPINION OF
                  COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY
                  SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER,
                  ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION
                  AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

                  6.2 No Qualification. THE SALE OF THE SECURITIES WHICH ARE THE
         SUBJECT OF THIS AGREEMENT, IF NOT YET QUALIFIED WITH THE DELAWARE
         CORPORATION COMMISSIONER, IS SUBJECT TO SUCH QUALIFICATION OR AN
         EXEMPTION BEING AVAILABLE, AND THE ISSUANCE OF SUCH SECURITIES, OR THE
         RECEIPT OF ANY PART OF THE CONSIDERATION PRIOR TO SUCH QUALIFICATION IS
         UNLAWFUL. THE RIGHTS OF THE PARTIES TO THIS AGREEMENT ARE EXPRESSLY
         CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION
         BEING AVAILABLE.

                  6.3 Transfers. In addition to the restrictions imposed under
         Section 3, all transfers of Shares or any interest in any such Shares
         shall be made in strict compliance with applicable state and federal
         securities laws and the Articles and Bylaws of the Company.

         7. Tax Considerations. Purchaser understands that the tax consequences
         to the Purchaser as a result of this transaction depend on Purchaser's
         individual circumstances and the characterization of this transaction.
         Further, Purchaser will be responsible for any personal tax liability,
         whether federal, state, or local, as a result of this transaction and
         Purchaser's ownership of the Shares. Purchaser has consulted with
         Purchaser's own advisor(s) with respect to this transaction and has not
         relied on any advice from the Company or any of its officers,
         directors, agents, or representations.

         8. Miscellaneous.

                  8.1 Amendment. This Agreement may only be amended by written
         agreement between Company and Purchaser (or, with respect to Section 4,
         by written agreement among the Company, Purchaser, and the Escrow
         Agent).

                  8.2 Notices. Any notice, demand, request, or other
         communications hereunder shall be deemed sufficient when delivered
         personally or sent by courier or upon deposit in the United State mail,
         as certified, registered, or first class mail, with postage prepaid,
         and addressed, if to the Company, at it principal place of business,
         Attention: the President, if to Purchaser, at his address as shown on
         the stock records of the Company, or if to Escrow Agent, at
         ________________________. The address to which notice is to be given
         hereunder may be changed from time to time by the parties entitled to
         notice by notice given to all other parties as provided herein.

                  8.3 Successors and Assigns. The rights and benefits of this
         Agreement shall inure to the benefit of, and be enforceable by, the
         Company's successors and assigns. The rights and obligations of
         Purchaser under this Agreement may only be assigned with the prior
         written consent of the Company.

                  8.4 Further Actions. Both parties agree to execute any
         additional documents and take such further action as may be reasonably
         necessary to carry out the purposes of this Agreement.

                  8.5 Shareholder Rights. Subject to the provisions of this
         Agreement, Purchaser shall, during this term of this Agreement,
         exercise all rights and privileges of a shareholder of the Company
         with respect to the shares.

                  8.6 Injunctive Relief. Purchaser agrees that the Company
         and/or other shareholders shall be entitled to a decree of specific
         performance of the terms hereof or an injunction restraining violations
         of this Agreement, such right to be in addition to any of the remedies
         of the Company. No remedy provided herein is intended to be exclusive
         of any other remedy, and each and every remedy shall be cumulative and
         shall be in addition to every other remedy given hereunder, or now or
         hereafter existing at law or in equity.

                  8.7 Governing Law. This Agreement shall be governed by and
         construed in accordance with the laws of the State of Colorado, other
         than the conflict of laws and except for matters of corporate
         governance which shall be governed by and construed according to the
         laws of the State of Delaware.

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                  8.8 Severability. If any provision of this Agreement is held
         by a court of competent jurisdiction to be invalid, void, or
         unenforceable, the remaining provisions shall nevertheless continue in
         full force and effect without being impaired or invalidated in any way
         and shall be construed in accordance with the purposes, tenor, and
         effect of this Agreement.

                  8.9 No Employment Effect. Nothing contained herein shall
         confer upon Purchaser any right to continue in the employ of, or
         consulting relationship with, the Company, and the Company reserves all
         rights to discharge Purchaser for any reason whatsoever, with or
         without cause.

                  8.10 Expenses. Each party hereto shall pay his own expenses
         incurred (including, with limitation, the fees of counsel) on his
         behalf in connection with this Agreement or any transactions
         contemplated by this Agreement.

                  8.11 Entire Agreement. This Agreement embodies the entire
         agreement and understanding of the parties hereto in respect of the
         subject matter hereof and supersedes all prior and contemporaneous
         written or oral communications or agreements between the Company and
         Purchaser regarding the subject matter hereof, and no amendment or
         addition hereto shall be deemed effective unless agreed to, in writing,
         by the parties hereto.

                  8.12 Waivers. No waiver of any provision of this Agreement or
         any rights or obligations of any party hereunder shall be effective,
         except pursuant to a written instrument signed by the party or parties
         waiving compliance, and any such waiver shall be effective only in the
         specific instance and for the specific purpose stated in such writing.

                  8.13 Counterparts. This Agreement may be executed in one or
         more counterparts each of which shall be an original and all of which
         together shall constitute one and the same instrument.

                  8.14 Attorneys' Fees. If any legal action or any arbitration
         or other proceeding is brought for the enforcement of this Agreement,
         or because of an alleged dispute, breach, default, or misrepresentation
         in connection with any provision of this Agreement, the successful or
         prevailing party shall be entitled to recover reasonable attorneys'
         fees and other costs incurred in that action or proceeding, in addition
         to any other relief to which it may be entitled.

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

CHAPARRAL NETWORK STORAGE, INC.                      PURCHASER

---------------------------------------              ---------------------------
Gary L.. Allison, Chairman & CEO                     Purchaser
1951 South Fordham Street                            Street
Longmont, CO 80503                                   City, State, Zip

For purposes of Section 4 only:

Escrow Agent

---------------------------------------

                                  CONFIDENTIAL                      Page 8 of 10

<PAGE>   9

                                SPOUSE'S CONSENT

         I acknowledge that I have read the foregoing Common Stock Purchase
Agreement and that I know its content. I am aware that by its provisions my
spouse agrees to sell all his or her shares, including any community property
interest I may have, on the occurrence of certain events. I hereby consent to
the sale, approve the provisions of the Agreement, and agree that these Shares
and any interest I may have in them are subject to the provisions of the Common
Stock Purchase Agreement and that I will take no action at any time to hinder
the operation of the Common Stock Purchase Agreement on these Shares or any
interest I may have in them.

Spouse of Purchaser

Signature                                     Date
          ---------------------------------         ----------------------------
          Spouse

                                    EXHIBIT A

                      ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE RECEIVED ____________ hereby sells, assigns, and transfers unto
CHAPARRAL NETWORK STORAGE, INC. (__________) shares of the Common Stock (the
"Shares") of CHAPARRAL NETWORK STORAGE, INC., a Delaware corporation (the
"Company"), standing in the undersigned's name on the books of the Company
represented by Certificate No. ________ herewith, and does hereby irrevocably
constitute and appoint __________________________________________ attorney to
transfer such Shares on the books of the Company with full power of substitution
in the premises.

Signature                                       Date
          -----------------------------------         --------------------------
          Purchaser

THIS ASSIGNMENT MAY ONLY BE USED IN CONNECTION WITH THE RIGHTS OF THE COMPANY
UNDER A COMMON STOCK PURCHASE AGREEMENT WITH THE SIGNATORY OF THIS ASSIGNMENT.

                                  CONFIDENTIAL                      Page 9 of 10

<PAGE>   10

                      STOCK CERTIFICATE AND ESCROW RECEIPT

         The undersigned Purchaser acknowledges receipt of a copy of Certificate
No. ____ for ___________ shares of Common Stock of CHAPARRAL NETWORK STORAGE,
INC.

         The undersigned understands that the original of the stock certificate
has been deposited into escrow in accordance with Section 4 of the Common Stock
Purchase Agreement, and is being held by the Escrow Agent at the principal
offices of CHAPARRAL NETWORK STORAGE, INC.

         The undersigned acknowledges that the certificate contains legends
restricting transfer as specified in Section 6 of the Common Stock Purchase
Agreement.

Signature                                   Date
          --------------------------------        ------------------------------
          Purchaser

                                  CONFIDENTIAL                     Page 10 of 10<PAGE>   1
                                                                   EXHIBIT 10.31

                                                                    NOTE #003-99

                                 PROMISSORY NOTE

$75,000.00                                                    Longmont, Colorado
                                                                February 3, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to Grant Saviers, at the offices of Chaparral
Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the principal
sum of $75,000.00 on demand, together with interest thereon from February 3,
1999, at the rate of 8% per annum. This note is due March 31, 1999.
Additionally, a fee of 10% ($7,500) in cash, or warrants to purchase shares of
Chaparral's common stock at a per share price of 50% of the share price paid at
the next round of financing, will be paid in the form requested when the
principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due. If this note is
not paid when due, the undersigned promises to pay in addition all costs of
collection and reasonable attorney's fees incurred by the holder hereof on
account of such collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 3rd day of February, 1999, at Longmont, Colorado.

                                                By: /s/ Douglas Lehrmann
                                                    ----------------------------
                                                    Douglas J. Lehrmann,
                                                    Vice President, Finance
                                                    Chaparral Technologies Inc.

Extended to June 30, 1999   /s/ Grant Saviers
                            --------------------
                                Grant Saviers
<PAGE>   2
                                                                     NOTE #00001

                                 PROMISSORY NOTE

$200,000.00                                                   Longmont, Colorado
                                                                January 13, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $200,000.00 on demand, together with
interest thereon from January 13, 1998, at the rate of 8% per annum. This note
is due February 28, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 13th day of January, 1999, at Longmont, Colorado.

                                          By: /s/ Robert T. Harvey
                                             ----------------------------------
                                              Robert T. Harvey

                                          Woodcarvers Limited, LLC
                                          27068 LaPaz  Box 631
                                          Aliso Viejo, CA  92656
<PAGE>   3
                                                                    NOTE #00001b

                                 PROMISSORY NOTE

$200,000.00                                                   Longmont, Colorado
                                                                  March 31, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $200,000.00 on demand, together with
interest thereon from March 31, 1999, at the rate of 8% per annum. This note is
due May 31, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 31st day of March, 1999, at Longmont, Colorado.

                                                By: /s/ Robert T. Harvey
                                                   -----------------------------
                                                   Robert T. Harvey

                                                Woodcarvers Limited, LLC
                                                27068 LaPaz  Box 631
                                                Aliso Viejo, CA  92656
<PAGE>   4
                                                                     NOTE #00002

                                 PROMISSORY NOTE

$100,000.00                                                   Longmont, Colorado
                                                                February 2, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $100,000.00 on demand, together with
interest thereon from February 2, 1998, at the rate of 8% per annum. This note
is due February 28, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 2nd day of February, 1999, at Longmont, Colorado.

                                                By: /s/ Robert T. Harvey
                                                   -----------------------------
                                                   Robert T. Harvey

                                                Woodcarvers Limited, LLC
                                                27068 LaPaz  Box 631
                                                Aliso Viejo, CA  92656
<PAGE>   5
                                                                     NOTE #00003

                                 PROMISSORY NOTE

$75,000.00                                                    Longmont, Colorado
                                                               February 27, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $75,000.00 on demand, together with
interest thereon from February 27, 1998, at the rate of 8% per annum. This note
is due March 27, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 27th day of February, 1999, at Longmont, Colorado.

                                                By: /s/ Robert T. Harvey
                                                   -----------------------------
                                                   Robert T. Harvey

                                                Woodcarvers Limited, LLC
                                                27068 LaPaz  Box 631
                                                Aliso Viejo, CA  92656
<PAGE>   6
                                                                     NOTE #00005

                                 PROMISSORY NOTE

$200,000.00                                                   Longmont, Colorado
                                                                  March 31, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $200,000.00 on demand, together with
interest thereon from March 31, 1999, at the rate of 8% per annum. This note is
due June 1, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 31st day of March, 1999, at Longmont, Colorado.

                                                By: /s/ Robert T. Harvey
                                                   -----------------------------
                                                   Robert T. Harvey

                                                Woodcarvers Limited, LLC
                                                27068 LaPaz  Box 631
                                                Aliso Viejo, CA  92656
<PAGE>   7
                                                                     NOTE #00006

                                 PROMISSORY NOTE

$150,000.00                                                   Longmont, Colorado
                                                                    MAY 17, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $150,000.00 on demand, together with
interest thereon from May 17, 1999, at the rate of 8% per annum. This note is
due July 16, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 17th day of May, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   8
                                                                     NOTE #00007

                                 PROMISSORY NOTE

$25,000.00                                                    Longmont, Colorado
                                                                   May 24, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $25,000.00 on demand, together with
interest thereon from May 24, 1999, at the rate of 8% per annum. This note is
due July 24, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 24th day of May, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   9
                                                                     NOTE #00008

                                 PROMISSORY NOTE

$25,000.00                                                    Longmont, Colorado
                                                                   May 28, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $25,000.00 on demand, together with
interest thereon from May 28, 1999, at the rate of 8% per annum. This note is
due July 28, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 28th day of May, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   10
                                                                     NOTE #00009

                                 PROMISSORY NOTE

$130,000.00                                                   Longmont, Colorado
                                                                  June 10, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $130,000.00 on demand, together with
interest thereon from June 10, 1999, at the rate of 8% per annum. This note is
due August 10, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 10th day of June, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   11
                                                                     NOTE #00010

                                 PROMISSORY NOTE

$80,000.00                                                    Longmont, Colorado
                                                                   June 15, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $80,000.00 on demand, together with
interest thereon from June 15, 1999, at the rate of 8% per annum. This note is
due August 15, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 15th day of June, 1999, at Longmont, Colorado.

                                                By: /s/ Robert T. Harvey
                                                   -----------------------------
                                                    Robert T. Harvey

                                                Woodcarvers Limited, LLC
                                                27068 LaPaz  Box 631
                                                Aliso Viejo, CA  92656
<PAGE>   12
                                                                     NOTE #00011

                                 PROMISSORY NOTE

$7,000.00                                                     Longmont, Colorado
                                                                   June 16, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $7,000.00 on demand, together with
interest thereon from June 16, 1999, at the rate of 8% per annum. This note is
due August 16, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 16th day of June, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              ---------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   13
                                                                     NOTE #00012

                                 PROMISSORY NOTE

$100,000.00                                                   Longmont, Colorado
                                                                   June 30, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $100,000.00 on demand, together with
interest thereon from June 30, 1999, at the rate of 8% per annum. This note is
due August 30, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 30th day of June, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   14

                                                                     NOTE #00013

                                 PROMISSORY NOTE

$280,000.00                                                   LONGMONT, COLORADO
                                                                    JULY 8, 1999

         For value received, the undersigned, on behalf of the Woodcarvers
Limited, LLC promises to pay to Chaparral Technologies, Inc., at 1951 South
Fordham St. Longmont, CO 80503, the principal sum of $280,000.00 on demand,
together with interest thereon from July 8, 1999, at the rate of 8% per annum.
This note is due September 8, 1999.

         This Promissory note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest is not paid when due. If this note is not paid when
due, the undersigned promises to pay in addition all costs of collection and
reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consent to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 8th day of July, 1999, at Longmont, Colorado.

                                               By:  /s/ Robert T. Harvey
                                                  ------------------------------
                                                        Robert T. Harvey

                                               Woodcarvers Limited, LLC
                                               27068 LaPaz Box 631
                                               Aliso Viejo, CA  92656

<PAGE>   15
                                                                     NOTE #00014

                                 PROMISSORY NOTE

$100,000.00                                                   Longmont, Colorado
                                                                   July 15, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $100,000.00 on demand, together with
interest thereon from July 9, 1999, at the rate of 8% per annum. This note is
due September 9, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 15th day of July, 1999, at Longmont, Colorado.

                                          By: /s/ Robert T. Harvey
                                             -----------------------------
                                              Robert T. Harvey

                                          Woodcarvers Limited, LLC
                                          27068 LaPaz  Box 631
                                          Aliso Viejo, CA  92656
<PAGE>   16
                                                                     NOTE #00015

                                                  PROMISSORY NOTE

$150,000.00                                                   Longmont, Colorado
                                                                   July 15, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $150,000.00 on demand, together with
interest thereon from July 9, 1999, at the rate of 8% per annum. This note is
due September 9, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 15th day of July, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -----------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   17
                                                                     NOTE #00016

                                 PROMISSORY NOTE

$146,000.00                                                   Longmont, Colorado
                                                                   July 15, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $146,000.00 on demand, together with
interest thereon from July 15, 1999, at the rate of 8% per annum. This note is
due September 15, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 15th day of July, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   18
                                                                     NOTE #00017

                                 PROMISSORY NOTE

$300,000.00                                                   LONGMONT, COLORADO
                                                                   JULY 20, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc, at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $300,000.00 on demand, together with
interest thereon from July 20, 1999, at the rate of 8% per annum. This note is
due September 20, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers, Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 20th day of July, 1999, at Longmont, Colorado.

                                        By:  /s/  Robert T. Harvey
                                           ------------------------------------
                                           Robert T. Harvey

                                        Woodcarvers Limited, LLC
                                        27068 LaPaz Box 631
                                        Aliso Viejo, CA   92656

<PAGE>   19
                                                                     NOTE #00018

                                 PROMISSORY NOTE

$150,000.00                                                   Longmont, Colorado
                                                                   July 23, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Technologies, Inc., at 1951 South Fordham St.
Longmont, CO, 80503, the principal sum of $150,000.00 on demand, together with
interest thereon from July 22, 1999, at the rate of 8% per annum. This note is
due September 22, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 22th day of July, 1999, at Longmont, Colorado.

                                           By: /s/ Robert T. Harvey
                                              -------------------------------
                                               Robert T. Harvey

                                           Woodcarvers Limited, LLC
                                           27068 LaPaz  Box 631
                                           Aliso Viejo, CA  92656
<PAGE>   20
                                                                     NOTE #00020

                                 PROMISSORY NOTE

$300,000.00                                                   Longmont, Colorado
                                                                 August 10, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Network Storage, Inc., at 1951 South Fordham
St. Longmont, CO, 80503, the principal sum of $300,000.00 on demand, together
with interest thereon from August 10, 1999, at the rate of 8% per annum. This
note is due October 10, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 10th day of August, 1999, at Longmont, Colorado.

                                                    By: /s/ Robert T. Harvey
                                                       -------------------------
                                                       Robert T. Harvey

                                                    Woodcarvers Limited, LLC
                                                    27068 LaPaz  Box 631
                                                    Aliso Viejo, CA  92656
<PAGE>   21
                                                                     NOTE #00021

                                 PROMISSORY NOTE

$100,000.00                                                   Longmont, Colorado
                                                                 August 12, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Network Storage, Inc., at 1951 South Fordham
St. Longmont, CO, 80503, the principal sum of $100,000.00 on demand, together
with interest thereon from August 12, 1999, at the rate of 8% per annum. This
note is due October 12, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 12th day of August, 1999, at Longmont, Colorado.

                                                    By: /s/ Robert T. Harvey
                                                       -------------------------
                                                       Robert T. Harvey

                                                    Woodcarvers Limited, LLC
                                                    27068 LaPaz  Box 631
                                                    Aliso Viejo, CA  92656
<PAGE>   22
                                                                     NOTE #00022

                                 PROMISSORY NOTE

$100,000.00                                                   Longmont, Colorado
                                                                 August 18, 1999

         For value received, the undersigned, on behalf of Woodcarvers Limited,
LLC promises to pay to Chaparral Network Storage, Inc., at 1951 South Fordham
St. Longmont, CO, 80503, the principal sum of $100,000.00 on demand, together
with interest thereon from August 18, 1999, at the rate of 8% per annum. This
note is due October 18, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Woodcarvers Limited shall be in partial default if payment of any part
of the principal or interest owed is not paid when due. If this note is not paid
when due, the undersigned promises to pay in addition all costs of collection
and reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 18th day of August, 1999, at Longmont, Colorado.

                                                    By: /s/ Robert T. Harvey
                                                       -------------------------
                                                       Robert T. Harvey

                                                    Woodcarvers Limited, LLC
                                                    27068 LaPaz  Box 631
                                                    Aliso Viejo, CA  92656
<PAGE>   23
                                 PROMISSORY NOTE

$29,500.00                                                    LONGMONT, COLORADO
                                                                DECEMBER 4, 1998

         For Value Received, the undersigned hereby unconditionally promises to
pay to the order of Chaparral Technologies, Inc., a Delaware corporation (the
"Company"), at Longmont Colorado, or at such other place as the holder hereof
may designate in writing, in lawful money of the United States of America and in
immediately available funds, the principal sum of Twenty Nine Thousand Five
Hundred and 00/100 ($25,900.00) together with interest accrued from the date
hereof on the unpaid principal at the rate of 0% per annum compounded annually,
or the maximum rate permissible by law (which under the laws of the State of
Colorado shall be deemed to be the laws relating to permissible rates of
interest on commercial loans), whichever is less, as follows:

         Principal Repayment. The outstanding amount hereunder shall be due and
payable In full upon the earliest of: (A) the resale of the shares of the
Company's Common Stock; (B) a "Corporate Transaction", as defined below; (C)
within 90 days following termination of your status as an employee, director or
consultant with the Company or an affiliate of the Company; or (D) ten (10)
years from the date hereof; and

         Interest Payments shall be due and payable on any principal repayment
date referenced above.

         If the undersigned fails to pay any of the principal and accrued
interest when due, the Company, at its sole option, shall have the right to
accelerate this Note, in which event the entire principal balance and all
accrued interest shall become immediately due and payable, and immediately
collectible by the Company pursuant to applicable law.

         For purposes of this Note, a "Corporate Transaction" means one or more
of the following shareholder-approved transactions: (a) a merger or
consolidation in which securities possessing more than fifty percent (50%) of
the total combined voting power of the Company's outstanding securities are
transferred to a person or persons different from those who held those
securities immediately prior to such transaction or (b) the sale, transfer or
other disposition of all or substantially ail of the Company's assets in
complete liquidation or dissolution of the Company.

         This Note may be prepaid at any time without penalty. All money paid
toward satisfaction of this Note shall be applied first to the payment of
interest as required hereunder and then to the retirement of the principal.

         The undersigned hereby represents and agrees that the amounts due under
this Note are not consumer debt, and are not incurred primarily for personal,
family or household purposes, but are for business and commercial purposes only.

         The undersigned hereby waives presentment, protest and notice of
protest, demand for payment, notice of dishonor and all other notices or demands
in connection with the delivery, acceptance, performance, default or endorsement
of this Note.

         The holder hereof shall be entitled to recover, and the undersigned
agrees to pay when incurred, all costs and expenses of collection of this Note,
including without limitation, reasonable attorneys' fees.

         This Note shall be governed by, and construed, enforced and interpreted
in accordance with, the laws of the State of Colorado, excluding conflict of
laws principles that would cause the application of laws of any other
jurisdiction.

                                             /s/ Douglas J. Lehrmann
                                             -----------------------------------
                                                 Douglas J. Lehrmann

<PAGE>   24
                                 PROMISSORY NOTE

$11,800.00                                                    Longmont, Colorado
                                                                  March 25, 1999

         For Value Received, the undersigned hereby unconditionally promises to
pay to the order of Chaparral Technologies, Inc., a Delaware corporation (the
"Company"), at Longmont Colorado, or at such other place as the holder hereof
may designate in writing, in lawful money of the United States of America and in
immediately available funds, the principal sum of Eleven Thousand Eight Hundred
Dollars ($11,800.00) together with interest accrued from the date hereof on the
unpaid principal at the rate of 6% per annum compounded annually, or the maximum
rate permissible by law (which under the laws of the State of Colorado shall be
deemed to be the laws relating to permissible rates of interest on commercial
loans), whichever is less, as follows:

         Principal Repayment. The outstanding amount hereunder shall be due and
payable in full upon the earliest of: (A) the resale of the shares of the
Company's Common Stock; (B) a "Corporate Transaction", as defined below; (C)
within 90 days following termination of your status as an employee, director or
consultant with the Company or an affiliate of the Company; or (D) ten (10)
years from the date hereof; and

         Interest Payments shall be due and payable on any principal repayment
date referenced above.

         If the undersigned fails to pay any of the principal and accrued
interest when due, the Company, at its sole option, shall have the right to
accelerate this Note, in which event the entire principal balance and all
accrued interest shall become immediately due and payable, and immediately
collectible by the Company pursuant to applicable law.

         For purposes of this Note, a "Corporate Transaction" means one or more
of the following shareholder-approved transactions: (a) a merger or
consolidation in which securities possessing more than fifty percent (50%) of
the total combined voting power of the Company's outstanding securities are
transferred to a person or persons different from those who held those
securities immediately prior to such transaction or (b) the sale, transfer or
other disposition of all or substantially all of the Company's assets in
complete liquidation or dissolution of the Company.

         This Note may be prepaid at any time without penalty. All money paid
toward satisfaction of this Note shall be applied first to the payment of
interest as required hereunder and then to the retirement of the principal.

         The undersigned hereby represents and agrees that the amounts due under
this Note are not consumer debt, and are not incurred primarily for personal,
family or household purposes, but are for business and commercial purposes only.

         The undersigned hereby waives presentment, protest and notice of
protest, demand for payment, notice of dishonor and all other notices or demands
in connection with the delivery, acceptance, performance, default or endorsement
of this Note.

         The holder hereof shall be entitled to recover, and the undersigned
agrees to pay when incurred, all costs and expenses of collection of this Note,
including without limitation, reasonable attorneys' fees.

         This Note shall be governed by, and construed, enforced and interpreted
in accordance with, the laws of the State of Colorado, excluding conflict of
laws principles that would cause the application of laws of any other
jurisdiction.

                                                 /s/ Douglas J. Lehrmann
                                                 -------------------------------
                                                 Douglas J. Lehrmann
<PAGE>   25
                                                                    NOTE #004-98

                                 PROMISSORY NOTE

$20,000.00                                                    Longmont, Colorado
                                                               December 15, 1998

         For value received, the undersigned, on behalf of Harvest Storage
Technology Group LLC promises to pay to Chaparral Technologies Inc., at the
offices of Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO,
80503, the principal sum of $20,000.00 on demand, together with interest thereon
from December 15, 1998, at the rate of 8% per annum. This note is due December
15, 2003.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Harvest Storage Technology Group LLC. shall be in partial default if
payment of any part of the principal or interest owed is not paid when due. If
this note is not paid when due, the undersigned promises to pay in addition all
costs of collection and reasonable attorney's fees incurred by the holder hereof
on account of such collection, whether or not suit is filed hereon. This note is
secured by warrants to purchase 111,111 of Chaparral Technologies Inc. common
stock at $.18 per share, which warrants expire December 15, 2003.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 15th day of December, 1998, at Longmont, Colorado.

                                         By: /s/ Robert Harvey
                                            ------------------------------------
                                            Robert Harvey
                                            Harvest Storage Technology Group LLC

<PAGE>   26
                                                                   EXHIBIT 10.32

                                                                    NOTE #002-99

                                 PROMISSORY NOTE

$25,000.00                                                    Longmont, Colorado
                                                                February 3, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to Gary Allison, at the offices of Chaparral
Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the principal
sum of $25,000.00 on demand, together with interest thereon from February 3
1999, at the rate of 8% per annum. This note is due March 31, 1999.
Additionally, a fee of 10% ($2,500) in cash, or warrants to purchase shares of
Chaparral's common stock at a per share price of 50% of the share price paid at
the next round of financing, will be paid in the form requested when the
principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due. If this note is
not paid when due, the undersigned promises to pay in addition all costs of
collection and reasonable attorney's fees incurred by the holder hereof on
account of such collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 3rd day of February, 1999, at Longmont, Colorado.

                                          By: /s/ Douglas Lehrmann
                                              ----------------------------------
                                              Douglas J. Lehrmann,
                                              Vice President, Finance
                                              Chaparral Technologies Inc.

         Extended to June 30, 1999 /s/ Gary Allison
                                   ---------------------
                                   Gary Allison

<PAGE>   27
                                                                     NOTE #00025

                                 PROMISSORY NOTE

$33,753.00                                                    Longmont, Colorado
                                                               December 16, 1999

         For value received, (30,637 shares of Chaparral Network Storage Common
Stock) the undersigned, Gary Allison, promises to pay to Chaparral Network
Storage, Inc., at 1951 South Fordham St. Longmont, CO, 80503, the principal sum
of $33,753.00 on demand, together with interest thereon from December 16, 1999,
at the rate of 8% per annum. This note is due December 31, 1999.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         George Wilson shall be in partial default if payment of any part of the
principal or interest owed is not paid when due. If this note is not paid when
due, the undersigned promises to pay in addition all costs of collection and
reasonable attorney's fees incurred by the holder hereof on account of such
collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 16th day of December, 1999, at Longmont, Colorado.

                                                    By: /s/ Gary Allison
                                                       -------------------------
                                                       Gary Allison

<PAGE>   28
                                                                    Note #001-99

                                 PROMISSORY NOTE

$50,000.00                                                    Longmont, Colorado
                                                                January 27, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to William R. Childs, at the offices of
Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the
principal sum of $50,000.00 on demand, together with interest thereon from
January 27, 1999, at the rate of 8% per annum. This note is due April 27, 1999.
Additionally, a fee of 10% ($5,000) in cash or warrants to purchase 10,000
shares of Chaparral's stock at $.50 per share will be paid at your option when
the principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due. If this note is
not paid when due, the undersigned promises to pay in addition all costs of
collection and reasonable attorney's fees incurred by the holder hereof on
account of such collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 27th day of January, 1999, at Longmont, Colorado.

                                         By: /s/ Gary Allison
                                             -----------------------------------
                                             Gary Allison, Chairman & CEO
                                             Chaparral Technologies Inc.

         THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT
BY WILLIAM R. CHILDS IN FAVOR OF WELLS FARGO BUSINESS CREDIT, INC. DATED AS
OF JULY 5, 1999

<PAGE>   29
                                                                    Note #004-99

                                 PROMISSORY NOTE

$400,000.00                                                   Longmont, Colorado
                                                                   March 1, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to William R. Childs, at the offices of
Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the
principal sum of $400,000.00 on demand, together with interest thereon from
March 1, 1999, at the rate of 2% over prime (9.75%) per annum. This note is due
June 1, 1999. Additionally, a fee of 10% - consisting of 5% in cash or warrants
and 5% in warrants - to purchase shares of Chaparral's stock at $.50 per share
will be issued at your option when the principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due, subject to
extension by mutual agreement. If this note is not paid when due, the
undersigned promises to pay in addition all costs of collection and reasonable
attorney's fees incurred by the holder hereof on account of such collection,
whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 1st day of March, 1999, at Longmont, Colorado.

                                               By: /s/ Douglas J. Lehrmann
                                                   -----------------------------
                                                   Douglas J. Lehrmann, CFO
                                                   Chaparral Technologies Inc.

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT
BY WILLIAM R. CHILDS IN FAVOR OF WELLS FARGO BUSINESS CREDIT, INC. DATED AS
OF JULY 5, 1999

EXTENDED TO DECEMBER 31, 1999                        By /s/ William R. Childs
                                                        ------------------------
                                                            William R. Childs
<PAGE>   30
                                                                    NOTE #006-99

                                 PROMISSORY NOTE

$200,000.00                                                   Longmont, Colorado
                                                                  March 18, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to William R. Childs, at the offices of
Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the
principal sum of $200,000.00 on demand, together with interest thereon from
March 18, 1999, at the rate of 2% over prime (9.75%) per annum. This note is due
June 18, 1999. Additionally, a fee of 10% - consisting of 5% in cash or warrants
and 5% in warrants - to purchase shares of Chaparral's stock at $.50 per share
will be issued at your option when the principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due, subject to
extension by mutual agreement. If this note is not paid when due, the
undersigned promises to pay in addition all costs of collection and reasonable
attorney's fees incurred by the holder hereof on account of such collection,
whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 18th day of March, 1999, at Longmont, Colorado.

                                              By: /s/ Douglas J. Lehrmann
                                                 -------------------------------
                                                 Douglas J. Lehrmann, CFO
                                                 Chaparral Technologies Inc.

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT
BY WILLIAM R. CHILDS IN FAVOR OF WELLS FARGO BUSINESS CREDIT, INC. DATED AS
OF JULY 5, 1999

EXTENDED TO DECEMBER 31, 1999                        BY /s/ William R. Childs
                                                       -------------------------

<PAGE>   31
                                                                    NOTE #007-99

                                 PROMISSORY NOTE

$200,000.00                                                   Longmont, Colorado
                                                                   April 1, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to William R. Childs, at the offices of
Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the
principal sum of $200,000.00 on demand, together with interest thereon from
April 1, 1999, at the rate of 2% over prime (9.75%) per annum. This note is due
July 1, 1999. Additionally, a fee of 10% - consisting of 5% in cash or warrants
and 5% in warrants - to purchase shares of Chaparral's stock at $.50 per share
will be issued at your option when the principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due, subject to
extension by mutual agreement. If this note is not paid when due, the
undersigned promises to pay in addition all costs of collection and reasonable
attorney's fees incurred by the holder hereof on account of such collection,
whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 1st day of April, 1999, at Longmont, Colorado.

                                              By: /s/ Douglas J. Lehrmann
                                                 -----------------------------
                                                 Douglas J. Lehrmann, CFO
                                                 Chaparral Technologies Inc.

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT
BY WILLIAM R. CHILDS IN FAVOR OF WELLS FARGO BUSINESS CREDIT, INC. DATED AS
OF JULY 5, 1999

EXTENDED TO DECEMBER 31, 1999                        BY /s/ William R. Childs
                                                       -------------------------
                                                       WILLIAM R. CHILDS
<PAGE>   32
                                                                    NOTE #009-99

                                 PROMISSORY NOTE

$200,000.00                                                   Longmont, Colorado
                                                                  April 14, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to William R. Childs, at the offices of
Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the
principal sum of $200,000.00 on demand, together with interest thereon from
April 14, 1999, at the rate of 2% over prime (9.75%) per annum. This note is due
July 15, 1999. Additionally, a fee of 10% - consisting of 5% in cash or warrants
and 5% in warrants - to purchase shares of Chaparral's stock at $.50 per share
will be issued at your option when the principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due, subject to
extension by mutual agreement. If this note is not paid when due, the
undersigned promises to pay in addition all costs of collection and reasonable
attorney's fees incurred by the holder hereof on account of such collection,
whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 14th day of April, 1999, at Longmont, Colorado.

                                            By: /s/ Douglas J. Lehrmann
                                               -----------------------------
                                               Douglas J. Lehrmann, CFO
                                               Chaparral Technologies Inc.

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT
BY WILLIAM R. CHILDS IN FAVOR OF WELLS FARGO BUSINESS CREDIT, INC. DATED AS
OF JULY 5, 1999

EXTENDED TO DECEMBER 31, 1999                       BY /s/ William R. Childs
                                                      --------------------------
                                                      WILLIAM R. CHILDS

<PAGE>   33

                                                                    NOTE #001-00

                                 PROMISSORY NOTE

$250,000.00                                                   Longmont, Colorado
                                                                    June 4, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to William R. Childs, at the offices of
Chaparral Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the
principal sum of $250,000.00 on demand, together with interest thereon from June
4, 1999, at the rate of 2% over prime (9.75%) per annum. This note is due Sept
3, 1999. Additionally, a fee of 10% - consisting of 5% in cash or warrants and
5% in warrants - to purchase shares of Chaparral's stock at $.50 per share will
be issued at your option when the principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due, subject to
extension by mutual agreement. If this note is not paid when due, the
undersigned promises to pay in addition all costs of collection and reasonable
attorney's fees incurred by the holder hereof on account of such collection,
whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 4th day of June, 1999, at Longmont, Colorado.

                                                By: /s/ Douglas Lehrmann
                                                   -----------------------------
                                                   Douglas J. Lehrmann, CFO
                                                   Chaparral Technologies Inc.

<PAGE>   34

                              CONVERTIBLE DEBENTURE
                                                                        $250,000

                          CHAPARRAL TECHNOLOGIES, INC.
                             1951 S. Fordham Street
                            Longmont, Colorado 80503
                                 August 5, 1998

                     6-Month 8 Percent Convertible Debenture
                              Due February 5, 1999

Chaparral Technologies, Inc., a Delaware corporation (the "Corporation"), for
value received, promises to pay to William R. Childs or registered assigns, the
sum of $250,000 on February 5, 1999, upon presentation and surrender of this
Debenture at the office of the Corporation in Longmont, Colorado, and to pay
interest at the rate of 8 interest per annum computed from August 5, 1998 (the
"issue date"), until payment of the principal amount of this Debenture has been
made. Payment of principal and interest shall be made at the offices of the
Corporation, in lawful money of the United States of America, and shall be
mailed to the registered owner hereof at the address appearing on the books of
the Corporation.

         1.       Conversion. The holder of this Debenture may, at any time
                  prior to the maturity hereof, convert the principal amount of
                  this Debenture into common stock of the Corporation at the
                  conversion ratio of $0.50 of debenture principal for one share
                  of common stock, or at the adjusted conversion price in effect
                  at the time of the conversion; provided 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
                  the redemption.

                  To convert this Debenture, the holder must surrender the same
                  at the office of the Corporation, accompanied by a written
                  notice of conversion and by a written notice of conversion and
                  by a written instrument of transfer in a form satisfactory to
                  the Corporation, properly completed and executed by the
                  registered holder hereof or a duly authorized attorney.

         2.       Fractional shares. In lieu of issuing any fraction of a share
                  or scrip 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 the then current per share market price
                  of the common stock.

         3.       Adjustments to conversion. If the Corporation at any time
                  subdivides or combines in a larger or smaller number of shares
                  its outstanding shares of common stock, then the number of
                  shares of common stock issuable upon the conversion of this
                  Debenture shall be proportionally increased in the case of a
                  subdivision and decreased in the case of a combination,
                  effective in either case at the close of business on the date
                  that the subdivision or combination becomes effective.

<PAGE>   35

CONVERTIBLE DEBENTURE
William R. Childs
August 5, 1998
Page 2

                  If the Corporation is recapitalized, consolidated with or
                  merged into any other corporation, or sells or conveys to any
                  other corporation all or substantially all of its property as
                  an entity, provision shall be made as part of the terms of any
                  such transaction so that the holder of this Debenture may
                  receive, in lieu of the common stock otherwise issuable to him
                  upon conversion hereof, at the same conversion ratio, the same
                  kind and amount of securities or assets as may be
                  distributable upon the recapitalization, consolidation,
                  merger, sale, or conveyance with respect to the common stock.

         4.       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:

                  (1)      The Corporation fails to pay the principal of this
                           Debenture at its maturity; or

                  (2)      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 insolvent or
                           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.

         5.       Redemption. This Debenture may be redeemed at any time prior
                  to maturity, as a whole at any time or in part from time to
                  time, at the office of the Corporation, upon the notice
                  referred to below, based upon the principal amount, together
                  with accrued interest to the date of redemption.

         6.       Notice of redemption. Notice of redemption shall be mailed to
                  the holder of the Debenture not less than 15 nor more than 30
                  days prior to the date fixed for redemption at his last
                  address as it appears upon the records of the Corporation. If
                  this Debenture is redeemed in part, the Corporation shall,
                  without charge to the holder hereof, either (1) execute and
                  deliver to the holder a debenture for the unredeemed balance
                  of the principal amount hereof, or (2) make not hereon of the
                  principal amount called for redemption and redeemed, upon
                  surrender of this Debenture at the office of the Corporation.
                  Following the date fixed for redemption, interest shall be
                  payable only on the portion of this Debenture not called for
                  redemption.

<PAGE>   36

CONVERTIBLE DEBENTURE
William R. Childs
August 5, 1998
Page 3

         7.       Exchange. The holder of this Debenture may, at any time on or
                  before the date of its maturity or the date fixed for its
                  redemption, by surrendering this Debenture to the Corporation
                  at its office, exchange this Debenture and/or any other of the
                  Debentures for another debenture or debentures of a like
                  principal amount and of like tenor, date and maturity in
                  denominations to be determined.

         8.       Transfer. This Debenture may be transferred only at the office
                  of the Corporation by the surrender hereof for cancellation,
                  and upon the payment of any charge connected with the
                  transfer. If this Debenture is transferred, a new debenture or
                  debentures of like tenor, date and maturity shall be issued to
                  the transferee.

         9.       Registered owner. The Corporation may treat the person whose
                  name appears hereon as the absolute owner of this Debenture
                  for the purpose of receiving payment of or on account of the
                  principal and interest due on this Debenture and for all other
                  purposes, and it shall not be affected by any notice to the
                  contrary.

        10.       Corporate obligation. The holder of this Debenture shall not
                  have any recourse for the payment in whole or of any part of
                  the principal or interest on this Debenture against any
                  incorporator, or present or future stockholder of the
                  Corporation by virtue of any law, or by the enforcement of
                  any assessment, or otherwise, or against any officer or
                  director of the Corporation by reason of any matter prior to
                  the delivery of this Debenture, or against any present or
                  future officer or director of the Corporation. The holder of
                  this Debenture, by the acceptance hereof and as a part of
                  the consideration for this Debenture, expressly agrees that
                  the Debenture is an obligation solely of the Corporation and
                  expressly releases all claims and waives all liability
                  against the foregoing persons in connection with this
                  Debenture.

In Witness Whereof the Corporation has signed and sealed this Convertible
Debenture this 5th day of August, 1998.

                                       CHAPARRAL TECHNOLOGIES, INC.

                                       /s/ Gary L. Allison
                                       -----------------------------------------
                                       Gary L. Allison
                                       Chief Executive

                                       /s/ Robert D. Baker
                                       -----------------------------------------
                                       Robert D. Baker
                                       Secretary

<PAGE>   37

                                WILLIAM R. CHILDS
                       LETTER OF INTENT (August 31, 1998)

         William R. Childs ("Childs") hereby agrees to purchase a five percent
(5%) equity position in Chaparral Technologies, Inc. ("Chaparral") for One
Million Dollars ($1,000,000) subject to completion of business and legal due
diligence in a manner which is Satisfactory to Childs (due diligence will be
completed within 30 days of the date of this letter).

         In consideration of the foregoing, Childs will be issued Series "A"
Preferred Stock which will be convertible to Common Stock authorized by an
Amended and Restated Certificate of Incorporation which will reflect the
relative rights of the stockholders. Upon completion of due diligence which is
satisfactory to Childs the parties will execute a Series "A" Preferred Stock
Agreement.

         This Agreement constitutes the entire agreement between the parties
with respect to its subject matter and may only be modified by a writing signed
by each party.

         In witness whereof, each party has executed this agreement.

CHAPARRAL TECHNOLOGIES, INC.                   WILLIAM R. CHILDS

/s/ G.L. Allison                               /s/ William R. Childs
----------------------------------             ---------------------------------
G.L. Allison, Chairman & CEO                   William R. Childs

<PAGE>   38

                                                                    NOTE #003-99

                                 PROMISSORY NOTE

$25,000.00                                                    Longmont, Colorado
                                                               February  4, 1999

         For value received, the undersigned, on behalf of Chaparral
Technologies Inc. promises to pay to Michael Gluck, at the offices of Chaparral
Technologies Inc. at 1951 South Fordham St. Longmont, CO, 80503, the principal
sum of $25,000.00 on demand, together with interest thereon from February 4,
1999, at the rate of 8% per annum. This note is due March 31, 1999.
Additionally, a fee of 10% ($2,500) in cash, or warrants to purchase shares of
Chaparral's common stock at a per share price of 50% of the share price paid at
the next round of financing, will be paid in the form requested when the
principal and interest is paid.

         This Promissory Note may be prepaid at any time, without premium or
penalty, in whole or in part. Any prepayment of principal shall be accompanied
by a payment of accrued interest in respect of the principal being prepaid.

         Chaparral Technologies Inc. shall be in partial default if payment of
any part of the principal or interest owed is not paid when due. If this note is
not paid when due, the undersigned promises to pay in addition all costs of
collection and reasonable attorney's fees incurred by the holder hereof on
account of such collection, whether or not suit is filed hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         This Promissory Note shall be construed in accordance with the laws of
the State of Colorado without regard to its conflict of laws Rules.

         Executed this 4th day of February, 1999, at Longmont, Colorado.

                                             By: /s/ Douglas Lehrmann
                                                 -------------------------------
                                                 Douglas J. Lehrmann,
                                                 Vice President, Finance
                                                 Chaparral Technologies Inc.

Extended to June 30, 1999 /s/ Mike Gluck
                          -----------------
                          Mike Gluck

<PAGE>   39
                                 PROMISSORY NOTE

$24,500.00                                                    LONGMONT, COLORADO
                                                               NOVEMBER 25, 1998

         For Value Received, the undersigned hereby unconditionally Promises to
pay to the order of Chaparral Technologies, Inc., a Delaware corporation (the
"Company"), at Longmont Colorado, or at such other place as the holder hereof
may designate in writing, in lawful money of the United States of America and in
immediately available funds, the principal sum of Twenty-Four Thousand and Five
Hundred Dollars ($24,500.00) together with interest accrued from the date hereof
on the unpaid principal at the rate of 6% per annum compounded annually, or the
maximum rate permissible by law (which under the laws of the State of Colorado
shall be deemed to be the laws relating to permissible rates of interest an
commercial loans), whichever is less, as follows;

         Principal Repayment. The outstanding amount hereunder shall be due and
payable in full upon the earliest of: (A) the resale of the shares of the
Company's Common Stock; (B) a "Corporate Transaction", as defined below; (C)
within 90 days following termination of your status as an employee, director or
consultant with the Company or an affiliate of the Company; or (D) ten (10)
years from the date hereof; and

         Interest Payments shall be due and payable on any principal repayment
date referenced above.

         If the undersigned falls to pay any of the principal and accrued
interest when due, the Company, at its sole option, shall have the right to
accelerate this Note, in which event the entire principal balance and all
accrued interest shall become immediately due and payable, and immediately
collectible by the Company pursuant to applicable law.

         For purposes of this Note, a "Corporate Transaction" means one or more
of the following shareholder-approved transactions: (a) a merger or
consolidation in which securities possessing more than fifty percent (50%) of
the total combined voting power of the Company's outstanding securities are
transferred to a person or persons different from these who hold those
securities immediately prior to such transaction or (b) the sale, transfer or
other disposition of all or substantially all of the Company's assets in
complete liquidation or dissolution of the Company.

         This Note may be prepaid at any time without penalty. All money paid
toward satisfaction of this Note shall be applied first to the payment of
interest as required hereunder and then to the retirement of the principal.

         The undersigned hereby represents and agrees that the amounts due under
this Note are not consumer debt, and are not incurred primarily for personal,
family or household purposes, but are for business and commercial purposes only.

         The undersigned hereby waives presentment, protest and notice of
protest, demand for payment, notice of dishonor and all other notices or demands
in connection with the delivery, acceptance, performance, default or endorsement
of this Note.

         The holder hereof shall be entitled to recover, and the undersigned
agrees to pay when incurred, all costs and expenses of collection of this Note,
including without limitation, reasonable attorneys' fees.

         This Note shall be governed by, and construed, enforced and interpreted
in accordance with, the laws of the State of Colorado, excluding conflict of
laws principles that would cause the application of laws of any other
jurisdiction.

                                             By:      /s/ Brian J. Allison
                                                -------------------------------
                                             Print Name:  Brian J. Allison
                                                        -----------------------

<PAGE>   40
                                 PROMISSORY NOTE

$98,000.00                                                    LONGMONT, COLORADO
                                                               NOVEMBER 15, 1998

         For Value Received, the undersigned hereby unconditionally promises to
pay to the order of Chaparral Technologies, Inc, a Delaware corporation (the
"Company"), at Longmont Colorado, or at such other place as the holder hereof
may designate in writing, in lawful money of the United States of America and in
immediately available funds, the principal sum of Ninety Eight Thousand Dollars
($98,000.00) together with interest accrued from the date hereof an the unpaid
principal at the rate of 6% per annum compounded annually, or the maximum rate
permissible by law (which under the laws of the State of Colorado shall be
deemed to be the laws relating to permissible rates of interest on commercial
loans), whichever is less, as follows:

         Principal Repayment. The outstanding amount hereunder shall be due and
payable in full upon the earliest of: (A) the resale of the shares of the
Company's Common Stock; (B) a "Corporate Transaction", as defined below; (C)
within 90 days following termination of your status as an employee, director or
consultant with the Company or an affiliate of the Company; or (D) ten (10)
years from the date hereof; and

         Interest Payments shall be due and payable on any principal repayment
date referenced above.

         If the undersigned fails to pay any of the principal and accrued
interest when due, the Company, at its sole option, shall have the right to
accelerate this Note, in which event the entire principal balance and all
accrued interest shall become immediately due and payable, and immediately
collectible by the Company pursuant to applicable law.

         For purposes of this Note, a "Corporate Transaction" means one or more
of the following shareholder-approved transactions: (a) a merger or
consolidation in which securities possessing more than fifty percent (50%) of
the total combined voting power of the Company's outstanding securities are
transferred to a person or persons different from those who held those
securities immediately prior to such transaction or (b) the sale, transfer or
other disposition of all or substantially all of the Company's assets in
complete liquidation or dissolution of the Company.

         This Note may be prepaid at any time without penally. All money paid
toward satisfaction of this Note shall be applied first to the payment of
interest as required hereunder and then to the retirement of the principal.

         The undersigned hereby represents and agrees that the amounts due under
this Note are not consumer debt, and are not incurred primarily for personal,
family or household purposes, but are for business and commercial purposes only.

         The undersigned hereby waives presentment, protest and notice of
protest, demand for payment, notice of dishonor and all other notices or demands
in connection with the delivery, acceptance, performance, default or endorsement
of this Note.

         The holder hereof shall be entitled to recover, and the undersigned
agrees to pay when incurred, all costs and expenses of collection of this Note,
including without limitation, reasonable attorneys' fees.

         This Note shall be governed by, and construed, enforced and interpreted
In accordance with, the laws of the State of Colorado, excluding conflict of
laws principles that would cause the application of laws of any other
jurisdiction.

                                              By: /s/ Jerry L. Walker
                                                 ------------------------------
                                              Print Name: Jerry L. Walker
                                                         ----------------------
<PAGE>   41
                                                                    NOTE #CTI001

                                 PROMISSORY NOTE

$6,000.00                                                     Longmont, Colorado
                                                                January 20, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $6,000.00 with interest thereon
from January 20, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 20th day of January 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 Boulder, Colorado

<PAGE>   42

                                                                    NOTE #CTI002

                                 PROMISSORY NOTE

$7,000.00                                                     Longmont, Colorado
                                                               February 10, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $7,000.00 with interest thereon
from February 10, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 10th day of February 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 P.O. Box 17175
                                                 Boulder, Colorado 80308-0175

<PAGE>   43

                                                                    NOTE #CTI003

                                 PROMISSORY NOTE

$6,000.00                                                     Longmont, Colorado
                                                               February 17, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $6,000.00 with interest thereon
from February 17, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 17th day of February 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 P.O. Box 17175
                                                 Boulder, Colorado 80308-0175

<PAGE>   44

                                                                    NOTE #CTI004

                                 PROMISSORY NOTE

$10,000.00                                                    Longmont, Colorado
                                                               February 24, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $10,000.00 with interest thereon
from February 24, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 24th day of February 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 P.O. Box 17175
                                                 Boulder, Colorado 80308-0175

<PAGE>   45

                                                                    NOTE #CTI005

                                 PROMISSORY NOTE

$30,000.00                                                    Longmont, Colorado
                                                                   April 3, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $30,000.00 with interest thereon
from April 3, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 3rd day of April 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 1951 South Fordham Street
                                                 Longmont, CO 80503

<PAGE>   46

                                                                    NOTE #CTI006

                                 PROMISSORY NOTE

$20,000.00                                                    Longmont, Colorado
                                                                  April 15, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $20,000.00 with interest thereon
from April 15, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 15th day of April 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 1951 South Fordham Street
                                                 Longmont, CO 80503

<PAGE>   47

                                                                    NOTE #CTI007

                                 PROMISSORY NOTE

$15,000.00                                                    Longmont, Colorado
                                                                  April 20, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $15,000.00 with interest thereon
from April 20, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 20th day of April 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 1951 South Fordham Street
                                                 Longmont, CO 80503

<PAGE>   48

                                                                    NOTE #CTI008

                                 PROMISSORY NOTE

$22,500.00                                                    Longmont, Colorado
                                                                   June 23, 1998

         For value received, the undersigned, on behalf of Chaparral
Technologies, Inc., promises to pay to Chaparral Systems, Inc., at 618 Manorwood
Court, Louisville, Colorado, 80027, the sum of $22,500.00 with interest thereon
from June 23, 1998, at the rate of 10.5% per annum, upon the demand of the
holder hereof.

         If this note is not paid when due, the undersigned promises to pay in
addition all costs of collection and reasonable attorney's fees incurred by the
holder hereof on account of such collection, whether or not suit is filed
hereon.

         Each maker consents to renewals, replacements, and extensions of time
for payments hereof before, at, or after maturity, and waives demand and
protest. All payments made hereunder shall be made in the lawful money of the
United States.

         Executed this 23rd day of June 1998, at Longmont, Colorado.

                                              By: /s/ M. Katherine Sills
                                                 -------------------------------
                                                 M. Katherine Sills for
                                                 Chaparral Technologies, Inc.
                                                 1951 South Fordham Street
                                                 Longmont, CO 80503

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