Document:

EXHIBIT 10.2
                                 PROMISSORY NOTE

THIS NOTE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED
AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
AN EFFECTIVE  REGISTRATION  STATEMENT AS TO THE SECURITIES  UNDER SAID ACT OR AN
OPINION OF COUNSEL  SATISFACTORY  TO THE COMPANY THAT SUCH  REGISTRATION  IS NOT
REQUIRED.

                                 PROMISSORY NOTE

$2,500,000                                                        April 29, 2008

FOR VALUE RECEIVED, PAID, INC., a Delaware corporation (the "Company"), promises
to pay to the order of Lewis Asset Management, or its registered assigns
("Holder"), on or before the first event of the following:

      1. 24 months from the date of this Note ("Maturity Date"); or

      2. Any time during the 24 months prior to the Maturity Date;

in lawful  money of the United  States,  in  immediately  available  funds,  the
principal sum of Two Million Five Hundred Thousand Dollars ($2,500,000) (or such
lesser  amount  actually  extended by Holder to Company) plus the full amount of
the interest owed  hereunder,  with interest on the unpaid  balance at a rate of
Fifteen Percent (15%). As further  consideration  for the Note, the Company will
issue the  Warrant  in the form  attached  hereto to Holder  equal to a right to
purchase one hundred  thousand  shares for every $100,000  loaned at an exercise
price of $.25 per  share.  This Note does not  conflict  with any other  Company
commitments  to other  lenders and shall be  unsecured.  The  Company  agrees to
secure this  $2,500,000  Revolving  Credit Facility with (.5%) one half of 1% of
the patent portfolio asset owned 100% by Paid, Inc. The unpaid principal of this
Note from time to time  outstanding  shall  bear  interest,  payable  monthly in
arrears,  computed on the basis of the actual number of days elapsed over a year
assumed to have 360 days

1. Events of Default. The occurrence of any of the following shall constitute an
Event of Default:

      (a) Failure to Pay  Principal or Interest when Due. The Company shall fail
to pay (or shall state in writing an  intention  not to pay or its  inability to
pay) any principal or interest payment when due hereunder;

      (b)  Voluntary  Bankruptcy or  Insolvency  Proceedings.  The Company shall
(a)(i)  apply  for  or  consent  to  the  appointment  of a  receiver,  trustee,
liquidator  or  custodian  of  itself  or of all or a  substantial  part  of its
property,  (ii) be unable,  or admit in writing its inability,  to pay its debts
generally as they mature, (iii) make a general assignment for the benefit of its
or any of its creditors, (iv) be dissolved or liquidated in full or in part, (v)
become  insolvent  (as such term may be defined or  interpreted  pursuant to any
applicable statute),  (vi) commence a voluntary case or other proceeding seeking
liquidation,  reorganization or other relief with respect to itself or its debts
pursuant  to any  bankruptcy,  insolvency,  or similar law now or  hereafter  in
effect  or  consent  to any  such  relief  or to the  appointment  of or  taking
possession  of its  property by any  official in any  involuntary  case or other
proceeding  commenced  against  it, or (vii) take any action for the  purpose of
effecting  any of the  foregoing;  or (b)  become  a debtor  in any  involuntary
bankruptcy or insolvency  proceedings if such proceedings for the appointment of
a  receiver,  trustee,  liquidator  or  custodian  of the Company or of all or a
substantial  part of the  property  thereof,  or an  involuntary  case or  other
proceedings seeking liquidation,  reorganization or other relief with respect to
the Company or the debts thereof pursuant to any bankruptcy, insolvency or other
similar law now or

<PAGE>

hereafter in effect shall be commenced  and an order for relief  entered or such
proceeding  shall not be  dismissed  or  discharged  within  thirty (30) days of
commencement.

2. Rights of Holder Upon Default.  Upon the occurrence or existence of any Event
of Default,  all outstanding  obligations payable by the Company hereunder shall
automatically become immediately due and payable,  without presentment,  demand,
protest  or any  other  notice of any kind,  all of which are  hereby  expressly
waived.

3. Assignment by the Company. Neither this Note nor any of the rights, interests
or  obligations  hereunder  may be  assigned by the  Company,  without the prior
written consent of Holder.

4. Prepayment.  The Company shall have the right to prepay at any time, in whole
or in  part,  the  unpaid  principal  and  interest  due on this  Note,  with no
prepayment penalty or premium.

5.  Failure to Act and Waiver.  No failure or delay by Holder  hereof to require
the  performance  of any term or terms of this Note or not to exercise any right
or any remedy  shall  constitute a waiver of any such term or of any right or of
any  default,  nor shall such  delay or  failure  preclude  Holder  hereof  from
exercising  any such  right,  power or  remedy at any  later  time or times.  By
accepting  payment  after the due date of any  amount  payable  under this Note,
Holder shall not be deemed to waive the right either to require payment when due
of all other  amounts  payable,  or to later  declare a default  for  failure to
effect such payment of any such other amount.  The failure of the Holder of this
Note to give  notice of any  failure  or breach of the  Company  under this Note
shall  not  constitute  a waiver  of any  right or  remedy  in  respect  of such
continuing  failure or breach or any  subsequent  failure  or breach.  Except as
otherwise expressly provided herein, the Company waives demand,  presentment for
payment,  notice of  intent to  accelerate,  notice of  acceleration,  notice of
nonpayment or dishonor,  grace,  protest,  notice of protest, all other notices,
and any and all diligence or delay in collection or the filing of suit hereon.

6.  Collection.  In the event  this Note is  collected  by legal  proceeding  or
through  a  bankruptcy  court,  or is placed  in the  hands of an  attorney  for
collection after default  (whether or not suit is filed),  the Company shall pay
all reasonable  costs of collection,  including  reasonable  attorneys' fees and
expenses.

7. Fees and  Expenses.  The  Company  shall pay to Holder,  by wire  transfer of
immediately  available funds to an account designated by Holder, all of Holder's
reasonable  agreed upon  out-of-pocket  fees and expenses incurred in connection
with  the  transactions   contemplated   hereby  (including  without  limitation
attorneys' fees of Holder's counsel).

8. Miscellaneous.

      (a) This Note shall bind and inure to the benefit of the parties and their
      respective  permitted  successors  and assigns.

      (b) Any  provision  hereof which is  prohibited  or  unenforceable  in any
      jurisdiction shall, as to such jurisdiction,  be ineffective to the extent
      of such prohibition or unenforceability  without affecting the validity or
      enforceability  of the  remainder  of this  Agreement  or the  validity or
      enforceability of such provision in any other jurisdiction.

      (c) The Company hereby  consents to the  jurisdiction of the courts of the
      Commonwealth  of  Massachusetts  in any action or proceeding  which may be
      brought  against  it under or in  connection  with this  Agreement  or any
      transaction  contemplated  hereby or to enforce  any  agreement  contained
      herein and, in the event any such  action or  proceeding  shall be brought
      against  it,  the  Company  agrees  not to  raise  any  objection  to such
      jurisdiction or to the laying of venue in Boston, MA.

      (d) This Note and all actions  arising out of or in  connection  with this
      Note shall be governed by and construed in accordance with the laws of the
      Commonwealth of Massachusetts, without

<PAGE>

      regard  to  the  conflicts  of  law  provisions  of  the  Commonwealth  of
      Massachusetts or of any other state.

9. Wire  Transfer  Information.  The Company  shall  provide  its wire  transfer
information  to Holder  upon any  disbursement  request.  Upon  receipt  of such
request, Holder shall wire funds in installments of no less than $250,000 within
fifteen (15) days of such written  request.  The initial $450,000 in funds shall
be loaned to the Company  immediately as of the date hereof as a fixed loan. The
remaining $2,050,000 shall serve as a revolving line of credit,  whereby, in the
event that the Company draws on such amount and repays such amount in accordance
with the terms of this Note,  the  Company  shall have the right to redraw  upon
such  amount  so  long as the  principal  amount  outstanding  does  not  exceed
$2,500,000.

                     [Remainder of Page Intentionally Blank]

<PAGE>

                        Signature Page to Promissory Note

IN WITNESS WHEREOF, the Company has duly executed this Note as of the day and
year first above written.

Paid Inc.

/s/ Gregory Rotman

--------------------------------------
By: Gregory Rotman

Name: Gregory Rotman
Title: CEO
Date: April 29, 2008

AGREED AND CONFIRMED:
Lewis Asset Management

        /s/ W. Austin Lewis
By:
    -------------------------------
General Partner, duly authorizedex10-5.htm

    Exhibit
10.5

     

    

     

    AMERICAN
BILTRITE INC.
AMENDED
AND RESTATED
1999
STOCK OPTION PLAN
FOR
NON-EMPLOYEE DIRECTORS

     

    
      	
              Section
      1.

            	
              General
      Purpose of Plan; Definitions.

            

    

     

    The name
of this plan is the American Biltrite Inc. Amended and Restated 1999 Stock
Option Plan for Non-Employee Directors (the "Plan"). The purpose of the Plan is
to enable the Company (as defined below) to compensate non-employee members of
the Board (as defined below) and to provide incentives to such members, which
incentives are linked directly to increases in stockholder value and will
therefore inure to the benefit of all stockholders of the Company.

     

    For
purposes of the Plan, the following terms shall be defined as set forth
below:

     

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

     

    (b)           "Code" means the Internal Revenue Code of
1986, as amended from time to time, or any successor
thereto.

     

    (c)           "Committee" means the Compensation
Committee of the Board, or any other committee the Board may subsequently
appoint to administer the Plan. The Committee shall be composed entirely of
directors who meet the qualifications referred to in Section 2 of the Plan. If
at any time no Committee shall be in office, then the functions of the Committee
specified in the Plan shall be exercised by the Board.

     

    (d)           "Company" means American Biltrite Inc., a
corporation organized under the laws of the State of Delaware, or any successor
corporation.

     

    (e)           "Fair Market Value" shall mean, with
respect to Stock or other property, the fair market value of such Stock or other
property determined by such
methods or procedures as shall be established from time to time by the
Committee. Unless otherwise determined by the Committee in good faith, the per
share Fair Market Value of Stock as of a particular date shall mean (i) the
closing sale price per share of Stock on the
national securities exchange on which the Stock is principally traded for the
last preceding date on which there was a sale of such Stock on such exchange, or
(ii) if the shares of Stock are then traded in an over-the-counter market, the average of the
closing bid and asked prices for the shares of Stock in such over-the-counter
market for the last preceding date on which there was a sale of such Stock in
such market, or (iii) if the shares of Stock are not then listed on a national securities exchange or
traded in an over-the-counter market, such value as the Committee, in its sole
discretion, shall determine.

     

    (f)           "Nonqualified Stock Option" means any
Stock Option that is not an "incentive stock option" within the meaning of Section 422 of the
Code.

     

    (g)           "Plan" has the meaning set forth in the
first paragraph hereof.

     

    (h)           "Securities Act" means the Securities
Act of 1933, as amended.

     

    (i)           "Stock" means the Company's presently
authorized Common Stock, par value $0.01 per share, except as this definition may
be modified pursuant to Section 3 hereunder to include shares which are
substituted for, or represent adjustments to, the Company's Common Stock, par
value $0.01 per share, or other Stock.

     

    
      
         

      

      
        1

         

      

      
         

      

    

    (j)           "Stock Option" means any option to purchase shares of Stock
granted pursuant to Section 5.

     

    
      	
              Section 2.

            	
              Administration.

            

    

     

    The Plan
shall be administered by a Committee of not less than two persons, who shall be
appointed by the Board and who shall serve at the pleasure of the
Board.

     

    
      	
              Section 3.

            	
              Stock
      Subject to Plan; Substitutions and
Adjustments

            

    

     

    The total
number of shares of Stock reserved and available for issuance under the Plan
shall be 100,000. Such shares may consist, in whole or in part, of authorized
and unissued shares or treasury shares.

     

    In the
event of any merger, reorganization, consolidation, recapitalization, Stock
dividend or other change in corporate structure affecting the Stock, a
substitution or adjustment shall be made in (a) the aggregate number and kind of
shares reserved and available for issuance under the Plan and (b) the number and
option price of shares subject to outstanding Stock Options granted under the
Plan as may be determined by the Committee, provided that the number of shares
subject to any award shall always be a whole number.

     

    
      	
              Section 4.

            	
              Eligibility.

            

    

     

    Each
non-employee member of the Board shall receive Nonqualified Stock Options in
accordance with the provisions of Section 5.

     

    
      	
              Section 5.

            	
              Stock
      Options.

            

    

     

    (a)           Stock Options shall be granted in the
following
manner:

     

    (i)           On July 1, 1999, each non-employee member of the Board
shall be granted a Nonqualified Stock Option to purchase 1,000 shares of
Stock;

     

    (ii)           On each July 1 thereafter during the
term of the Plan, each non-employee member of the Board shall be granted a Nonqualified Stock Option
to purchase 500 shares of Stock; and

     

    (iii)           Each new non-employee member of the
Board who has not previously been a non-employee member of the Board during the
term of the Plan shall be granted, on the date he or she is elected to the Board during the term
of the Plan, a Nonqualified Stock Option to purchase 1,000 shares of
Stock.

     

    (b)           Stock Options granted under the Plan
shall be subject to the terms and conditions set forth
below.

     

    (i)           The exercise price per share of Stock purchasable under such Stock
Options shall be 100% of the Fair Market Value of the Stock on the date of
grant.

     

    (ii)           Such options shall be exercisable
commencing on the date which is 6 months after the date of grant by payment in
full of the exercise price
in cash, certified or cashier's check or delivery of Stock certificates endorsed
in blank or accompanied by executed stock powers with signatures guaranteed by a
national bank or trust company or a member of a national securities exchange.
For these purposes, the Stock shall be valued at
the Fair Market Value on the date of exercise. Payment of the exercise price
with certificates evidencing shares of Stock as provided above shall not
increase the number of shares available for the grant of Stock Options under the Plan.

     

    (iii)           Each Stock Option shall cease to be
exercisable on the date that is ten years following the date of
grant.

     

    
      
         

      

      
        2

         

      

      
         

      

    

    (iv)           The aggregate number of shares of Stock
that may be granted to any non-employee member of the Board pursuant to the
Plan may not exceed 50,000
shares.

     

    (v)           No Stock Options shall be transferable
by the recipient otherwise than by will or by the laws of descent and
distribution, and all Stock Options shall be exercisable, during the recipient's
lifetime, only by the recipient or the recipient's guardian or
legal representative.

     

    (c)           Each recipient of a Stock Option shall
enter into a stock option agreement with the Company, which agreement shall set
forth, among other things, the exercise price of the option, the term of
the option and provisions
regarding exercisability of the option granted thereunder, which provisions
shall not be inconsistent with the terms set forth herein.

     

    
      	
              Section 6.

            	
              Amendment
      and Termination.

            

    

     

    The Board
may amend, alter, modify or discontinue the Plan at any time, provided that the
Board may not amend or alter the provisions of the Plan relating to the amount,
price and timing of awards more than once every six months, other than to
comport with changes in the Code, or the rules thereunder, or the Employee
Retirement Income Security Act of 1974, as amended, or the rules
thereunder.

     

    
      	
              Section 7.

            	
              Unfunded
      Status of Plan.

            

    

     

    The Plan
is intended to constitute an "unfunded" plan for incentive compensation. With
respect to any payments not yet made to a recipient by the Company, nothing
contained herein shall give any such recipient any rights that are greater than
those of a general creditor of the Company.

     

    
      	
              Section 8.

            	
              General
      Provisions.

            

    

     

    (a)           The Plan and the rights of all persons
claiming hereunder shall be construed and determined in accordance with
the laws of the State of Delaware without giving effect to the choice of laws
principles thereof.

     

    (b)           The obligation of the Company to sell or
deliver shares with respect to Stock Options granted under the Plan
shall be subject to all
applicable laws, rules and regulations, including all applicable federal and
state securities laws, and the obtaining of all such approvals by governmental
agencies as may be deemed necessary or appropriate by the Committee. Moreover,
each Stock Option is subject to the
requirement that, if at any time the Committee determines, in its absolute
discretion, that the listing, registration or qualification of shares issuable
pursuant to a Stock Option is required by any securities exchange or under any state or federal law, or the
consent or approval of any governmental regulatory body is necessary or
desirable as a condition of, or in connection with, the grant of a Stock Option,
or the issuance of shares thereunder, no Stock Options shall be granted or shares issued, in whole or
in part, unless such listing, registration, qualification, consent or approval
has been effected or obtained, free of any conditions, as acceptable to the
Committee. In the event
that the issuance or disposition of shares acquired pursuant to a Stock Option
is not covered by a then current registration statement under the Securities Act
and is not otherwise exempt from such registration, such shares shall be
restricted against transfer to the extent required by the Securities Act or regulations thereunder,
and the Committee may require the holder of a Stock Option receiving shares
pursuant to that Stock Option, as a condition precedent to receipt of such
shares, to make such representations as the Committee deems appropriate, including without limitation a
representation to the Company in writing that the shares acquired by such Stock
Option holder are acquired for investment only and not with a view to
distribution.

     

    (c)           Nothing contained in the Plan shall
prevent the Board from
adopting other or additional compensation arrangements, subject to stockholder
approval if such approval is required; and such arrangements may be either
generally applicable or applicable only in specific cases. The adoption of the
Plan shall not confer upon any member of the Board any
right to continued membership on such Board.

     

    
      
         

      

      
        3

         

      

      
         

      

    

    (d)           Each recipient of a Stock Option shall,
no later than the date as of which the value of a Stock Option first becomes
includible in the gross income of such recipient for federal income tax purposes, pay to
the Company, or make arrangements satisfactory to the Committee regarding
payment of, any federal, state, or local taxes of any kind required by law to be
withheld with respect to the award. The obligations of the Company under the Plan shall be
conditional on such payment or arrangements and the Company shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the recipient.

     

    (e)           No member of the Board or the Committee, nor any officer or
employee of the Company acting on behalf of the Board or the Committee, shall be
personally liable for any action, determination, or interpretation taken or made
in good faith with respect to the Plan, and all members of the Board or the Committee and each
and any officer or employee of the Company acting on their behalf shall, to the
extent permitted by law, be fully indemnified and protected by the Company in
respect of any such action, determination or interpretation.

     

    
      	
              Section 9.

            	
              Effective
      Date of Plan.

            

    

     

    The
effective date of the Plan is July 1, 1999.

     

    
      	
              Section 10.

            	
              Term
      of Plan.

            

    

     

    No Stock
Option shall be granted pursuant to the Plan on or after July 1, 2019, but Stock
Options previously granted may extend beyond that date.

     

    
      
         

      

      
        4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]