Document:

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                                                                   EXHIBIT 10.14

                              CONSULTING AGREEMENT

         This Consulting Agreement is made and entered into as of this _____ day
of October, 1999 by and between Natural Health Trends Corp. (the "Company"), and
Domain Investments, Inc. (the "Consultant") (the "Agreement").

         In consideration of and for the mutual promises and covenants contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

1. PURPOSE AND TERM. The Company hereby retains the Consultant upon the terms
and conditions contained herein for a period of 24 months commencing upon the
date of execution of this Agreement (the "Term").

2. DUTIES OF CONSULTANT. During the Term of this Agreement, the Consultant will
provide the Company with such regular and customary consulting advice as is
reasonably requested by the Company, including but not limited to, assisting the
Company with restructuring and reorganizing debt, negotiations with creditors,
administration of debts and voluntary workouts. Consultant shall assist the
Company in maximizing the value of both the Global Health Alternatives, Inc. and
the Ellon product lines. All information obtained by the Consultant in
connection with this Agreement and relating to the Company shall be the property
of the Company.

3. CONSULTING FEE. For its services, Consultant shall be paid a consulting fee
of $5,000 per month. The Company shall have the ability to issue to Consultant
95,000 shares of the Company's common stock, in lieu of cash. In the event the
Company exercises its right to issue the shares of common stock, the Company
shall have no further obligation to Consultant. Consultant shall also be
responsible for all accounting, legal and other costs incurred by Consultant
pursuant to this Agreement.

4. ASSIGNABILITY OF SHARES. Consultant represents and warrants to the Company
that it is not acquiring the Shares with a view to, or for resale in connection
with, any distribution in violation of the Securities Act of 1933, as amended.
The Shares have not been registered under the Securities Act or any state
securities law and shall not be transferred, sold, assigned or hypothecated in
violation thereof. If permitted by law, any such transfer, sale, assignment or
hypothecation shall be effected by Consultant only by surrendering the Shares
for assignment at the office of the Company, accompanied by an opinion of
counsel satisfactory to the Company, and its counsel, stating that such transfer
does not violate the Securities Act or any applicable state securities law.

5. REGISTRATION RIGHTS. The shares to be issued pursuant to subsection 3 of this
Agreement shall contain unlimited piggyback registration rights. Consultant's
piggyback registration rights shall commence on the date hereof and shall
terminate three (3) years after the Company shall register any of its shares of
common stock for sale pursuant to the Securities Act of 1933, as amended (the
"Act"). The Company shall bear the costs of such registrations. In the event of
the sale of the shares contemplated hereunder, Consultant shall pay any and all
underwriting commissions and non-

<PAGE>   2
accountable expenses of any underwriter selected by Consultant to sell the
common stock (the "Registrable Securities"). The Company agrees to use its
prompt best efforts to cause the filing required herein to become effective and
to qualify or register the Registrable Securities in such states as are
reasonably requested by the Consultant. As to Consultant's registration rights,
the Company agrees to qualify or register the Registrable Securities in such
additional states as are reasonably requested by Consultant and the Company
shall bear all costs and expenses, of the qualification of registration of the
Registrable Securities in such additional states as are reasonably requested by
the Consultant. In no event shall the Company be required to register the
Registrable Securities in more than five (5) states or in a state in which such
registration would cause (i) the Company to be obligated to do business in such
state, or (ii) the principal stockholders of the Company to be obligated to
escrow any of their securities.

6. COMPANY DISCLOSURE OF INFORMATION. The Company hereby agrees to timely
provide the Consultant with the documents and the information enumerated below.
The Consultant agrees that it shall keep all such information and the contents
of such documents confidential and shall utilize such information solely for the
purpose of performing the Services, and for no other purpose. The information
and/or documents that Company shall provide are:

         a.       all of the Company's current filings with the SEC or other
                  regulatory bodies with jurisdiction over the Company's
                  activities;

         b.       copies of any meetings of the Company's shareholders,
                  directors or committees of its board of directors;

         c.       the Company's current audited financial statement and any
                  unaudited financial statements produced currently by the
                  Company's auditors; and

         d.       all public releases of information.

7. CONSULTANT'S NON-DISCLOSURE OF INFORMATION/NON-COMPETITION.

         a.       The Consultant acknowledges that in the course of its
                  engagement it may become familiar with trade secrets and other
                  confidential information (collectively, "Confidential
                  Information") concerning the Company and Consultant shall
                  hold in a fiduciary capacity for the benefit of the Company
                  all secret, confidential proprietary information, knowledge or
                  data relating to the Company that shall have been obtained by
                  the Consultant during its engagement by the Company and that
                  shall have not been or now or hereafter have become public
                  knowledge (other than by acts by the Consultant or its
                  representatives in violation of this Agreement). Consultant
                  agrees that it shall not disclose to any third party any
                  Confidential Information for any purpose other than the
                  performance of its duties under this Agreement. During the
                  Term and at all times thereafter, regardless of the reason for
                  the termination of this Agreement, Consultant shall not,
                  without the prior written consent of the Company or as
                  otherwise may be required by law or legal process, communicate
                  or divulge any such information, knowledge or data to anyone
                  other than the Company and those designated by the Company.

                                      -2-
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         b.       Upon completion of the Term or earlier termination of this
                  Agreement for any reason, Consultant will return to the
                  Company any confidential materials or information which the
                  Company may have supplied to the Consultant. Consultant may
                  retain a copy of such materials or information for
                  Consultant's own due diligence file. However, Consultant
                  hereby agrees not to distribute or release such confidential
                  materials or information without giving the Company at least
                  five (5) days' written notice so that Company shall have the
                  opportunity, at Company's sole cost and expense, to move to
                  prevent Consultant's distribution or release of the
                  confidential material or information.

         c.       Subject to the limitations set forth herein, Consultant agrees
                  that during the Term and for a period of one year thereafter
                  it shall not directly or indirectly, own, manage, control,
                  participate in, consult with, render services for, or in any
                  manner engage in any business competing with the business of
                  the Company as such business exists within any geographical
                  area in which the Company conducts its business. In addition,
                  Consultant shall not solicit, interfere with or conduct
                  business with any vendors, customers or employees of the
                  Company during the term of this Agreement or for a period of
                  one year after the termination hereof. In the event the
                  Company breaches any of its duties or obligations under this
                  Agreement, the Company agrees that Consultant shall not be
                  bound by the provisions of this Agreement, except for the
                  provisions concerning Confidential Information.

8. SEVERABILITY. Every provision of this Agreement is intended to be severable.
If any term or provision hereof is deemed unlawful or invalid for any reason
whatsoever, such unlawfulness or invalidity shall not affect the validity of the
remainder of this Agreement.

9. MISCELLANEOUS.

         a.       Any notice or other communication between the parties hereto
                  shall be sent by certified or registered mail, postage
                  prepaid, if to the Company, addressed to it at 380 Lashley
                  Street, Longmont, CO 80501 or, if to the Consultant, addressed
                  to it at ________________________________or to such address as
                  may hereafter be designated in writing by any of such entities
                  to the others. Such notice or other communication shall be
                  deemed to be given on the date of receipt.

         b.       If, during the term hereof, the Consultant shall cease to do
                  business, the provisions hereof relating to the duties of the
                  Consultant and the compensation by the Company as it applies
                  to the Consultant shall thereupon cease to be in effect,
                  except for the Company's obligation of payment for services
                  rendered prior thereto. This Agreement shall survive any
                  merger of, acquisition of, or acquisition by the Consultant
                  and, after any such merger or acquisition, shall be binding
                  upon the Company and the corporation surviving such merger or
                  acquisition.

                                      -3-
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         c.       This Agreement embodies the entire agreement and understanding
                  between the Company and the Consultant and supersedes any and
                  all negotiations, prior discussions and preliminary and prior
                  agreements and understandings related to the central subject
                  matter hereof.

         d.       This Agreement has been duly authorized, executed and
                  delivered by and on behalf of the Company and the Consultant.

         e.       This Agreement shall be governed by and construed in all
                  respects under the laws of the State of New York, without
                  reference to its conflict of laws, rules or principles. Any
                  suit, action, proceeding or litigation arising out of or
                  relating to this Agreement shall be brought and prosecuted in
                  such federal or state court or courts located within the State
                  of New York as provided by law. The parties hereby irrevocably
                  and unconditionally consent to the jurisdiction of each such
                  court or courts located within the State of New York and to
                  service of process by registered or certified mail, return
                  receipt requested, or by any other manner provided by
                  applicable law, and hereby irrevocably and unconditionally
                  waive any right to claim that any suit, action, proceeding or
                  litigation so commenced has been commenced in an inconvenient
                  forum.

         f.       This Agreement and the rights hereunder may not be assigned by
                  either party (except by operation of law) and shall be binding
                  upon and inure to the benefit of the Parties and their
                  respective successors, assigns and legal representatives.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date hereof.

                                         NATURAL HEALTH TRENDS CORP.

                                         By:  /s/ MARK D. WOODBURN
                                              ---------------------------------
                                              Name:    Mark D. Woodburn
                                              Title:   Chief Financial Officer

                                         DOMAIN INVESTMENTS, INC.

                                         By:
                                              ---------------------------------
                                              Name:
                                              Title:

                                      -4-<PAGE>   1

                                                                     EXHIBIT 4.3

NEITHER THIS NOTE NOR ANY STOCK ISSUED UPON CONVERSION HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY
APPLICABLE STATE SECURITIES OR BLUE SKY LAWS (THE "STATE LAWS"), AND MAY NOT BE
SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE ACT AND STATE LAWS
OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

                           CONVERTIBLE PROMISSORY NOTE

March 31, 2000                                                        $1,000,000

                  AER ENERGY RESOURCES, INC., a Georgia corporation (the
"Company"), hereby promises to pay to the order of THE KINDT-COLLINS COMPANY, a
Delaware corporation (together with any subsequent holder of this Note, the
"Holder"), the principal amount of ONE MILLION AND NO/100 DOLLARS
($1,000,000.00), together with interest thereon calculated from the date hereof
in accordance with the provisions of this Note. Capitalized terms used herein
and not otherwise defined shall have the meanings assigned to them in Section 7.

                  1.       Payment of Interest.

                  1.1      Computation and Payment of Interest. Interest on the
unpaid principal amount of this Note outstanding from time to time shall accrue
on a daily basis at a rate per annum equal to the Prime Rate (as defined below)
plus four percent (4.0%) and shall be computed on the basis of a three hundred
sixty (360) day year for the actual number of days elapsed in the period during
which it accrues. On and after the occurrence and during the continuance of an
Event of Default, at the option of the Holder, interest on the unpaid principal
amount of this Note outstanding from time to time shall accrue on a daily basis
at a rate per annum equal to the Prime Rate plus six percent (6.0%) (the
"Default Rate").

                  Accrued interest shall be due and payable quarterly in arrears
on the first day of January, April, July and October of each year, commencing
July 1, 2000. Accrued interest also shall be due and payable on the date of any
voluntary or mandatory prepayment of this Note, at maturity, whether by
acceleration or otherwise, and on the date of any conversion of this Note
pursuant to Section 5. Interest payable after maturity of this Note (by
acceleration or otherwise) shall be payable upon demand.

                  As used herein, "Prime Rate" means the rate of interest
publicly announced from time to time by Bank of America, Atlanta, Georgia, as
its "Prime Rate" or "Base Rate" for commercial loans made by such bank. The
interest rate hereunder shall be adjusted on the effective date of any change in
the Prime Rate to reflect the Prime Rate then in effect. In the event that such
bank ceases to publish a "Prime Rate" or "Base Rate" for its commercial loans,
the Holder may specify an alternate source for the Prime Rate by delivering
written notice thereof to the Company.

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                  1.2      Interest Laws. Notwithstanding any provision to the
contrary contained in this Note, the Company shall not be required to pay, and
the Holder shall not be permitted to collect, any amount of interest in excess
of the maximum amount of interest permitted by law ("Excess Interest"). If any
Excess Interest is provided for or determined by a court of competent
jurisdiction to have been provided for in this Note, then in such event: (a) the
provisions of this Section 1.2 shall govern and control; (b) the Company shall
not be obligated to pay any Excess Interest; (c) any Excess Interest that the
Holder may have received hereunder shall be, at the Holder's option, (i) applied
as a credit against the outstanding principal balance of this Note or accrued
and unpaid interest (not to exceed the maximum amount permitted by law), (ii)
refunded to the Company, or (iii) any combination of the foregoing; (d) the
interest rate provided for herein shall be automatically reduced to the maximum
lawful rate allowed from time to time under applicable law (the "Maximum Rate"),
and this Note shall be deemed to have been and shall be, reformed and modified
to reflect such reduction; and (e) the Company shall not have any action against
the Holder for any damages arising out of the payment or collection of any
Excess Interest. Notwithstanding the foregoing, if for any period of time
interest on this Note is calculated at the Maximum Rate rather than the
applicable rate under this Note, and thereafter such applicable rate becomes
less than the Maximum Rate, the rate of interest payable on this Note shall
remain at the Maximum Rate until the Holder shall have received the amount of
interest which the Holder would have received during such period on this Note
had the rate of interest not been limited to the Maximum Rate during such
period.

                  2.       Payment of Principal.

                  2.1      Scheduled Payment. The Company shall pay in full the
outstanding principal amount of this Note to the Holder on March 30, 2002 (the
"Maturity Date").

                  2.2      Voluntary Prepayments. The Company may prepay the
principal amount of this Note in whole only upon not less than ten (10) days'
prior written notice to the Holder; provided, however, that the Company may not
prepay this Note after the date that the Company receives a notice of conversion
of this Note pursuant to Section 5 notwithstanding that the Company may have
previously delivered a notice of prepayment to the Holder, and upon delivery of
any such notice of conversion, all outstanding notices of prepayment (regardless
of when delivered) shall be deemed automatically rescinded. The Company may not
prepay the principal amount of this Note in part.

                  2.3      Mandatory Prepayment. Upon the closing of any Equity
Issuance, the Holder may require the Company to apply all or any portion of the
Net Proceeds of such Equity Issuance in prepayment of the outstanding principal
amount of this Note (or portion thereof); provided, however, in the event that
the holder of the Other Note requires the Company to apply all of any portion of
such Net Proceeds in prepayment of the Other Note and the amount of such Net
Proceeds is less than the aggregate principal of this Note and the Other Note to
be prepaid, then such Net Proceeds shall be applied pro rata in prepayment of
this Note and the Other Note based on the relative amounts of principal as to
which the Holder and the holder of the Other Note require prepayment in
connection with such Equity Issuance.

                  3.       Manner and Time of Payment.

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                  3.1      Payment in Same Day Funds. All payments by the
Company with respect to this Note shall be made without deduction, defense,
setoff or counterclaim and in same day funds and delivered to the Holder by wire
transfer to such account as the Holder may designate from time to time. The
Company shall receive credit for such funds on the date received if such funds
are received by the Holder by 2:00 p.m. (Atlanta, Georgia time) on such day. In
the absence of timely receipt, such funds shall be deemed to have been paid by
the Company on the next succeeding Business Day.

                  3.2      Payment on Non-Business Days. If any payment on this
Note shall become due on a day that is not a Business Day, such payment shall be
made on the next succeeding Business Day and such extension of time shall in
such case be included in computing any interest due in connection with such
payment.

                  4.       Events of Default.

                  4.1      Definition. For purposes of this Note, an "Event of
Default" shall be deemed to have occurred:

                  (a)      if the Company fails to pay any interest then accrued
         and payable with respect to this Note (and such failure continues for a
         period of five (5) days after notice thereof to the Company);

                  (b)      if the Company fails to pay any principal on this
         Note when due (and such failure continues for a period of five (5) days
         after notice thereof to the Company);

                  (c)      if the Company breaches or otherwise fails to perform
         or observe any covenant or agreement contained in this Note and such
         failure to perform or observe is not cured within ten (10) days after
         the Company receives notice of the occurrence thereof;

                  (d)      if the Company makes an assignment for the benefit of
         creditors or admits in writing its inability to pay its debts generally
         as they become due; or an order, judgment or decree is entered
         adjudicating the Company bankrupt or insolvent; or any order for relief
         with respect to the Company is entered under the United States
         Bankruptcy Code; or the Company petitions or applies to any tribunal
         for the appointment of a custodian, trustee, receiver or liquidator of
         the Company, or of any substantial part of the assets of the Company,
         or commences any proceeding relating to the Company under any
         bankruptcy reorganization, arrangement, insolvency, readjustment of
         debt, dissolution or liquidation law of any jurisdiction; or any such
         petition or application is filed, or any such proceeding is commenced,
         against the Company and either (i) the Company by any act indicates its
         approval thereof, consents thereto or acquiesces therein or (ii) such
         petition, application or proceeding is not dismissed within sixty (60)
         days;

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<PAGE>   4

                  (e)      if any money judgment, writ or warrant of attachment,
         or similar process is entered or filed against the Company or any of
         its assets, and remains undischarged, unvacated, unbonded and unstayed
         for a period of thirty (30) days; or

                  (f)      if any order, judgment or decree is entered against
         the Company decreeing the dissolution or split up of the Company and
         such order remains undischarged or unstayed for a period in excess of
         twenty (20) days.

                  4.2      Consequences of Event of Default.

                  (a)      If an Event of Default of the type described in
Section 4.1(d) has occurred, the entire outstanding principal amount of this
Note, plus all accrued interest thereon, shall automatically become immediately
due and payable, without any demand or other action on the part of the Holder.

                  (b)      If any Event of Default other than of the type
described in Section 4.1(d) has occurred, the Holder may declare (by written
notice delivered to the Company) all or any portion of the outstanding principal
amount of this Note, plus all accrued interest thereon, due and payable and
demand immediate payment of all or any portion of the outstanding principal
amount of this Note, plus all accrued interest thereon. The Holder shall also
have any other rights which the Holder may have been afforded under any contract
or agreement at any time and any other rights which the Holder may have pursuant
to applicable law.

                  5.       Conversion.

                  5.1      Conversion Option. If on or prior to the Maturity
Date, the Company consummates an Equity Issuance, then, provided that the Holder
is at that time an "accredited investor" as defined in Regulation D promulgated
under the Act, the Holder shall have the right, on the effective date of such
Equity Issuance, to convert the outstanding principal amount of this Note, in
whole or in part, to shares of the equity securities issued by the Company in
such Equity Issuance. If more than one class or series of shares of equity
securities are issued in such Equity Issuance, then the Holder may elect to
receive in such conversion any one or more of such classes or series of
securities. Upon any such conversion, the Company shall issue to the Holder the
number of shares of each class or series of such equity securities that the
Holder elects to receive, as determined in accordance with the following
formula:

              N = O
                  -
                  P

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<PAGE>   5

              where:

              N = the number of shares of such class or series of equity
                  securities to be issued to the Holder upon such conversion

              O = the outstanding principal amount of this Note to be converted
                  into such class or series

              P = the lowest price per share of such class or series of equity
                  securities issued to any Person other than the Holder in
                  connection with such Equity Issuance

                  5.2      Manner of Conversion. The Holder may exercise the
right to convert this Note pursuant to Section 5.1 by delivering written notice
of such exercise to the Company, which notice shall specify the portion of the
principal balance of this Note as to which the Holder elects such conversion and
the class(es) or series of securities to be received upon such conversion. Such
notice may be delivered to the Company at any time prior to the closing of the
Equity Issuance. In the event that the Holder exercises such conversion option,
then at the closing of the Equity Issuance, the Company shall deliver to the
Holder or to such other Person as the Holder shall designate in its notice of
conversion one or more certificates evidencing the shares of equity securities
into which this Note (or portion) is converted, which certificate(s) shall be in
the name of the Holder or such other Person as the Holder shall designate in its
notice of exercise and, in the case of a partial conversion, a new note in the
amount of the unconverted principal balance hereof. In exchange for such
certificate(s) and any such new note, the Holder shall deliver to the Company
the original of this Note. On the date of any such conversion, the Company shall
pay to the Holder in cash, all accrued but unpaid interest on the portion of the
principal amount of this Note that is so converted.

                  5.3      Notice of Equity Issuance. Not less than ten (10)
days prior to the expected closing date of any Equity Issuance, the Company
shall deliver to the Holder written notice of such Equity Issuance, which notice
shall set forth the material terms of such Equity Issuance and the expected
closing date thereof.

                  6.       Miscellaneous Provisions.

                  6.1      Waiver of Demand and Notice. The Company hereby
waives demand, notice, protest and all other demands and notices in connection
with the delivery, acceptance, performance, default or enforcement of this Note.

                  6.2      Governing Law. This Note shall be construed and
enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the
laws of the State of Georgia, without giving effect to provisions thereof
regarding conflict of laws.

                  6.3      Consent to Jurisdiction and Service of Process. The
Company and, by its acceptance hereof, the Holder hereby consent to the
jurisdiction of any state or federal court located in Atlanta, Georgia and
irrevocably agree that subject to the Holder's election, all actions or

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<PAGE>   6

proceedings arising out of or relating to this Note shall be litigated in such
courts. The Company accepts for itself and in connection with its properties,
generally and unconditionally, the nonexclusive jurisdiction of the aforesaid
courts and waives any defense of forum non conveniens, and irrevocably agrees to
be bound by any judgment rendered thereby in connection with this Note.

                  6.4      Expenses and Attorneys' Fees. The Company shall
promptly reimburse the Holder for all fees, costs and expenses (including
reasonable attorneys' fees) incurred by the Holder in any action to enforce this
Note or to collect any payments due from the Company under this Note.

                  6.5      Notices. Unless otherwise specifically provided
herein, any notice or other communication required or permitted to be given
shall be in writing addressed to the respective party as set forth below and may
be personally served, sent by facsimile, telex or overnight courier service or
United States mail and shall be deemed to have been given: (a) if delivered in
person, when delivered; (b) if delivered by telecopy or telex, on the date of
transmission if transmitted on a Business Day before 4:00 p.m. (Atlanta, Georgia
time) or, if not, on the next succeeding Business Day; (c) if delivered by
overnight courier, one (1) Business Day after delivery to such courier properly
addressed; or (d) if by U.S. Mail, four (4) Business Days after depositing in
the United States mail, with postage prepaid and properly addressed.

                  Notices shall be addressed as follows:

                  If to the Company:        AER Energy Resources, Inc.
                                            4600 Highlands Parkway
                                            Suite G
                                            Smyrna, Georgia 30082
                                            Attention: President
                                            Facsimile No.: 770 433-2286

                  If to the Holder:         The Kindt-Collins Company
                                            12651 Elmwood Avenue
                                            Cleveland, Ohio  44111
                                            Attention: President
                                            Facsimile No.: 216 252-7624

or to such other address as the party addressed shall have previously designated
by written notice to the serving party, given in accordance with this Section
6.5. A notice not given as provided above shall, if it is in writing, be deemed
given if and when actually received by the party to whom given.

                  6.6      Failure or Indulgence Not Waiver; Remedies
Cumulative. No failure or delay on the part of the Holder in the exercise of any
power, right or privilege hereunder shall impair such power, right or privilege
or be construed to be a waiver of any default or acquiescence therein, nor shall
any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. All
rights and remedies existing under this Note are cumulative to, and not
exclusive of, any rights or remedies otherwise available.

                                       6
<PAGE>   7
                  6.7      Severability. The invalidity, illegality or
unenforceability in any jurisdiction of any provision in or obligation under
this Note shall not affect or impair the validity, legality or enforceability of
the remaining provisions or obligations under this Note or of such provision or
obligation in any other jurisdiction.

                  6.8      Headings. Section and subsection headings in this
Note are included herein for convenience of reference only and shall not
constitute a part of this Note for any other purpose or be given any substantive
effect.

                  6.9      Assignments and Participations. Subject to the
requirements of the Act and the State Laws, the Holder may assign its rights
under this Note and further may assign, or sell participations in, all or any
part of this Note to any other Person or Persons. Prior to the effective date of
any assignment of this Note, the Holder shall deliver to the Company written
notice of such assignment, which notice shall specify the identity of the
assignee.

                  7.       Definitions. The following terms used in this Note
shall have the following meanings:

                  "Business Day" means a day other than Saturday, Sunday or a
         bank or legal holiday under the laws of the State of Georgia.

                  "Conversion Option" means the option of the Holder, pursuant
         to Section 5, to convert all or a portion of the unpaid principal and
         interest hereunder into equity securities of the Company.

                  "Equity Issuance" means the public or private issuance by the
         Company of equity securities in the Company to any Person.

                  "Event of Default" means each of the events set forth in
         Section 4.1.

                  "Net Proceeds" means, with respect to any Equity Issuance, the
         sale proceeds received by the Company in such Equity Issuance, net of
         underwriting fees, commissions and discounts.

                  "Other Note" means the Convertible Promissory Note of even
         date herewith, in the principal amount of $1,000,000, made and executed
         by the Company in favor of Keystone, Inc., as such Note may be replaced
         or exchanged from time to time.

                  "Person" means and includes natural persons, corporations,
         limited partnerships, general partnerships, limited liability
         companies, joint ventures, associations, trusts, business trusts or
         other organizations, whether or not legal entities, and governments and
         agencies and political subdivisions thereof.

                                       7
<PAGE>   8

                      [Signature appears on following page]

                                       8
<PAGE>   9

                  IN WITNESS WHEREOF, the Company has executed and delivered
this Note as of the date first written above.

                                 AER ENERGY RESOURCES, INC.

                                 By:          /s/   J.T. Moore
                                    --------------------------------------------
                                 Name:              J.T. Moore
                                      ------------------------------------------
                                 Title: Vice President & Chief Financial Officer
                                        ----------------------------------------

                                       9

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