Document:

EXHIBIT 4.2
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NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN
THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH
RESPECT TO THE SECURITIES ISSUABLE UPON CONVERSION HEREOF) ISSUED IN RELIANCE ON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED
UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

              NONNEGOTIABLE 2% SECURED CONVERTIBLE PROMISSORY NOTE
              ----------------------------------------------------

$100,000                                                 Ridgefield, Connecticut
September 14, 2005

     FOR VALUE RECEIVED, the undersigned, Global Matrechs, Inc., a Delaware
corporation (the "Maker"), hereby promises to pay to MacNab LLC (the "Payee")
the principal sum of one hundred thousand dollars ($100,000) in one installment
due on September 14, 2007 (the "Maturity Date") together with interest from and
after the date hereof at the rate of two percent (2%) per annum computed on the
unpaid principal balance on the basis of a 360-day year. All payments made
hereunder shall be made in immediately available funds. By acceptance of this
Note, the Payee represents, warrants, covenants and agrees that it will abide by
and be bound by its terms. Capitalized terms not otherwise defined herein shall
have the meaning set forth in that certain Securities Purchase Agreement dated
September 14, 2005 by and between the Maker and the Payee.

     1. Conversion. The Payee shall have the option at any time to convert all
or a portion of the outstanding principal and interest on this Note into a
number of shares of common stock, $0.001 par value per share (the "Common
Stock") equal to a fraction, the numerator of which shall be the amount of
principal and interest being so converted and the denominator of which shall be
equal to the Conversion Price (the "Conversion Shares"). The "Conversion Price"
shall be $0.02.

     2. Restrictions on Conversion. Notwithstanding anything to the contrary
contained herein, the number of Conversion Shares that may be acquired by the
Payee upon any conversion of this Note (or otherwise in respect hereof) shall be
limited to the extent necessary to insure that, following such conversion, the
total number of shares of Common Stock then beneficially owned by such Payee and
its affiliates and any other persons whose beneficial ownership of Common Stock
would be aggregated with the Payee's for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), does not
exceed 4.999% of the total number of issued and outstanding shares of Common
Stock (including for such purpose the shares of Common Stock issuable upon such
conversion). For such purposes, beneficial ownership shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder.

<PAGE>

     3. Prepayment. If at any time the Market Price (as defined below) of the
Maker's Common Stock remains less than $0.03 cents for ten (10) consecutive
trading days, then at the written election of the Payee provided not later than
the 10th calendar day following the last day of such 10 trading day period, the
Maker shall within 60 days of the receipt of such election prepay the principal
amount outstanding at the time of such prepayment plus a premium (a "Prepayment
Premium") equal to 40% of the principal amount being prepaid plus accrued
interest. For the purposes of this Section 3, the "Market Price" shall equal the
closing price per share of the Common Stock on such date as reported by a
nationally recognized stock exchange price determined by the first of the
following clauses that applies: (a) if the Common Stock is then listed or quoted
on the New York Stock Exchange, the American Stock Exchange, the Nasdaq National
Market, the Nasdaq SmallCap Market or the OTC Bulletin Board, the bid price per
share of the Common Stock on the primary market or exchange on which the Common
Stock is then listed or quoted; (b) if prices for the Common Stock are then
reported in the "Pink Sheets" published by the National Quotation Bureau
Incorporated (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per share of the Common Stock so
reported; or (c) in all other cases, the fair market value of a share of Common
Stock as determined by an independent qualified appraiser selected in good faith
and paid for by the Payee.

     4. Adjustment for Dividends, Distributions, Subdivisions, Combinations,
Mergers, Consolidations or Sale of Assets.

          (a) Manner of Adjustment.

               (i) Stock Dividends, Distributions or Subdivisions. In the event
the Maker shall issue shares of Common Stock in a stock dividend, stock
distribution or subdivision, the Conversion Price in effect immediately before
such stock dividend, stock distribution or subdivision shall, concurrently with
the effectiveness of such stock dividend, stock distribution or subdivision, be
proportionately decreased and the number of shares of Common Stock issuable upon
conversion of this Note shall be proportionately increased.

               (ii) Combinations or Consolidations. In the event the outstanding
shares of Common Stock shall be combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, the Conversion Price
in effect immediately prior to such combination or consolidation shall,
concurrently with the effectiveness of such combination or consolidation, be
proportionately increased and the number of shares of Common Stock issuable upon
conversion of this Note shall be proportionately decreased.

               (iii) Adjustment for Reclassification, Exchange or Substitution.
In the event that the class of securities issuable upon the conversion of this
Note shall be changed into the same or a different number of shares of any class
or classes of stock, whether by capital reorganization, reclassification or
otherwise, then and in each such event the Payee shall have the right thereafter
to convert this Note for the kind and amount of shares of stock and other
securities and property receivable upon such reorganization, reclassification,
or other change, by Payees of the number of shares of the class of securities
into which such Note might have been

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<PAGE>

convertible for immediately prior to such reorganization, reclassification, or
change, all subject to further adjustment as provided herein.

               (iv) Adjustment for Merger, Consolidation or Sale of Assets. In
the event that the Maker shall merge or consolidate with or into another entity
or sell all or substantially all of its assets, this Note shall thereafter be
convertible for the kind and amount of shares of stock or other securities or
property to which a Payee of the number of shares of Common Stock of the Maker
deliverable upon conversion of this Note would have been entitled upon such
consolidation, merger or sale; and, in such case, appropriate adjustment (as
determined in good faith by the Maker's Board of Directors) shall be made in the
application of the provisions set forth in this Section 4 with respect to the
rights and interest thereafter of the Payee of this Note, to the end that the
provisions set forth in this Section 4 shall thereafter be applicable, as nearly
as reasonably may be, in relation to any shares of stock or other property
thereafter deliverable upon the conversion of this Note.

          (b) Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Conversion Price pursuant to this Section 4,
the Maker at its expense shall promptly compute such adjustment or readjustment
in accordance with the terms hereof and furnish to the Payee a certificate
setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based.

          (c) Closing of Books. The Maker shall at no time close its transfer
books against the transfer of any shares of Common Stock issued or issuable upon
the conversion of this Note in any manner which interferes with the timely and
proper issuance of such shares.

     5. Miscellaneous.

          (a) Restricted Securities. By acceptance hereof, the Payee understands
and agrees that this Note is a "restricted security" under the federal
securities laws inasmuch as it is being acquired from the Maker in a transaction
not involving a public offering and has not been the subject of registration
under the Securities Act and that under such laws and applicable regulations
such securities may be resold in the absence of registration under the
Securities Act only in certain limited circumstances. The Payee hereby
represents that it is familiar with Rule 144, as promulgated by the Securities
and Exchange Commission under the Securities Act, as currently in effect, and
understands the resale limitations imposed thereby and by the Securities Act.

          (b) Legends. It is understood that this Note shall bear the legend (in
addition to any legends which may be required, in the opinion of the Maker's
counsel, by the securities laws of the state where the Payee is located) set
forth on the first page of this Note.

     6. Default. The following shall constitute an "Event of Default":

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<PAGE>

          (a)  The Maker shall default in the payment of principal or interest
               on this Note and same shall continue for a period of twenty (20)
               days; or

          (b)  The Maker shall (1) make an assignment for the benefit of
               creditors or commence proceedings for its dissolution; or (2)
               apply for or consent to the appointment of a trustee, liquidator
               or receiver for its or for a substantial part of its property or
               business; or

          (c)  A trustee, liquidator or receiver shall be appointed for the
               Maker or for a substantial part of its property or business
               without its consent and shall not be discharged within sixty (60)
               days after such appointment; or

          (d)  Any governmental agency or any court of competent jurisdiction at
               the instance of any governmental agency shall assume custody or
               control of the whole or any substantial portion of the properties
               or assets of the Maker and shall not be dismissed within sixty
               (60) days thereafter; or

          (e)  Except for any judgments, settlements or related litigations or
               actions disclosed in the Maker's Annual Report on Form 10-K for
               the year ended December 31, 2003, any money judgment, writ or
               warrant of attachment, or similar process in excess of One
               Hundred Fifty Thousand ($150,000) Dollars in the aggregate shall
               be entered or filed against the Maker or any of its properties or
               other assets and shall remain unpaid, unvacated, unbonded or
               unstayed for a period of sixty (60) days; or

          (f)  Bankruptcy, reorganization, insolvency or liquidation proceedings
               or other proceedings for relief under any bankruptcy law or any
               law for the relief of debtors shall be instituted by or against
               the Maker and, if instituted against the Maker, shall not be
               dismissed within sixty (60) days after such institution or the
               Maker shall by any action or answer approve of, consent to, or
               acquiesce in any such proceedings or admit the material
               allegations of, or default in answering a petition filed in any
               such proceeding;

Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Payee (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Payee and in the Payee's sole discretion, the Payee may consider all
obligations under this Note immediately due and payable, without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived
by the Company, anything herein or in any note or other instruments contained to
the contrary notwithstanding, and the Payee may immediately enforce any and all
of the Payee's rights and remedies provided herein or any other rights or
remedies afforded by law. Upon the occurrence of any Event of Default as set
forth herein and during any period that the Company shall have failed to make
payment of any principal or Interest due hereunder, at the option of Payee and
without notice to the Company, the Interest shall be added to the outstanding
principal balance hereof, and the

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<PAGE>

entire outstanding principal balance, as so adjusted, shall bear interest
thereafter until paid at an annual rate of eighteen percent (18%) (the "Default
Rate").

     7. Presentment. Except as set forth herein, the Maker waives presentment,
demand and presentation for payment, notice of nonpayment and dishonor, protest
and notice of protest and expressly agrees that this Note or any payment
hereunder may be extended from time to time by the Payee without in any way
affecting the liability of the Maker.

     8. All provisions herein made are expressly limited so that in no event
whatsoever, whether by reason of advancement of proceeds hereof, acceleration of
maturity of the unpaid balance hereof or otherwise, shall the amount paid or
agreed to be paid to Payee for the use of the money advanced or to be advanced
hereunder exceed the maximum rate of interest allowed to be charged under
applicable law (the "Maximum Rate"), regardless of whether or not there has been
an acceleration of the payment of principal as set forth herein. If, from any
circumstances whatsoever, the fulfillment of any provision of this Note or any
other agreement or instrument now or hereafter evidencing, securing or in any
way relating to the indebtedness evidenced hereby shall involve the payment of
interest in excess of the Maximum Rate, then, ipso facto, the obligation to pay
interest hereunder shall be reduced to the Maximum Rate; and if from any
circumstance whatsoever, Payee shall ever receive interest, the amount of which
would exceed the amount collectible at the Maximum Rate, such amount as would be
excessive interest shall be applied to the reduction of the principal balance
remaining unpaid hereunder and not to the payment of interest. This provision
shall control every other provision in any and all other agreements and
instruments existing or hereafter arising between the Maker and Payee with
respect to the indebtedness evidenced hereby.

     9. In the event this Note is placed in the hands of an attorney for
collection, or if Payee incurs any costs incident to the collection of the
indebtedness evidenced hereby, the Maker agrees to pay to Payee an amount equal
to all such costs, including without limitation all reasonable attorneys' fees
and all court costs.

     10. Notices.

          (c) Notices to the Payee. Whenever any provision of this Note requires
a notice to be given or a request to be made to the Payee by the Maker, then and
in each such case, any such notice or request shall be in writing and shall be
sent by registered or certified mail, return receipt requested with postage
thereon fully prepaid to the Payee at its address set forth on the first page of
this Note or at such other address as the Payee may from time to time designate
in writing.

          (d) Notices to the Maker. Whenever any provision of this Note requires
a notice to be given or a request to be made to the Maker by the Payee, any such
notice or request shall be in writing and shall be sent by registered or
certified mail, return receipt requested with postage thereon fully prepaid to
the Maker at its address set forth on the signature page or at such other
address as the Maker may from time to time designate in writing.

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<PAGE>

     11. Construction; Governing Law. The validity and construction of this Note
and all matters pertaining hereto are to be determined in accordance with the
laws of the state of New York without regard to the conflicts of law principles
thereof.

     12. Amendments. Neither this Note nor any of its provisions may be changed,
waived or modified without the written consent of both the Maker and the Payee.

     13. Successors. This Note shall be a binding obligation of any successor of
the Maker.

     IN WITNESS WHEREOF, the Maker, by its appropriate officers thereunto duly
authorized, has executed this Note as of this 14th day of September, 2005.

                                       GLOBAL MATRECHS, INC.

                                       By: /s/ Michael Sheppard
                                           --------------------------
                                       Name: Michael Sheppard
                                       Title: President

                                       Address: 90 Grove Street, Suite 201
                                                Ridgefield, CT 06877

                                        6EXHIBIT 10.1
                                                                    ------------

                          SECURITIES PURCHASE AGREEMENT

     THIS SECURITIES PURCHASE AGREEMENT (the "Agreement") is made this 14th day
of September, 2005, by and between Global Matrechs, Inc. (the "Company"), a
Delaware corporation, and MacNab LLC (the "Purchaser").

     WHEREAS, the Purchaser wishes to purchase from the Company, and the Company
wishes to sell to the Purchaser, a promissory note in the principal amount of
$100,000 substantially in the form of Exhibit A attached hereto (the "Note"),
and a warrant (the "Warrant") to purchase shares of common stock, par value
$0.0001 per share (the "Common Stock"), of the Company, substantially in the
form of Exhibit B attached hereto (the "Warrant Shares").

     NOW, THEREFORE, in consideration of the mutual covenants contained in this
Agreement, the parties agree as follows:

     SECTION 1 Sale of Securities.

     1.1. Authorization of Sale of the Securities. Subject to the terms and
conditions of this Agreement, the Company has authorized the sale and issuance
to the Purchaser of the Note and Warrant (the "Securities").

     1.2. Agreement to Sell and Purchase the Securities. At the Closing, the
Company will issue and sell to the Purchaser and the Purchaser will buy from the
Company the Securities upon the terms and conditions hereinafter set forth.
Subject to and in reliance upon all of the representations, warranties,
covenants, terms and conditions of this Agreement, any such closing hereunder
shall take place at the offices of Foley Hoag LLP, 155 Seaport Boulevard,
Boston, Massachusetts, 02210 at 10:00 a.m., local time, on the dates set forth
below, or at such other location, date and time as many be agreed upon between
the Purchaser and the Company.

     1.3. Closing. At the closing of the sale and purchase of the Note. the
Company shall issue and sell, and the Purchaser shall purchase, the Note, which
shall be in principal amount of $100,000 (the "Principal Amount") and the
Warrant to purchase 4,000,000 shares of Common Stock, against payment by the
Purchaser of the Principal Amount.

     SECTION 2. Grant of Security Interest. The Company hereby grants to the
Purchaser, to secure the payment of the Notes, a security interest in and so
pledges and assigns to the Purchaser a security interest in all of its right,
title and interest to the following:

     2.1. presently existing and hereafter arising accounts, contract rights,
and all other forms of obligations owing to the Company arising out of the sale
or lease of goods or the rendition of services by the Company, whether or not
earned by performance, and any and all credit insurance, guaranties, and other
security therefor, as well as all merchandise returned to or reclaimed by the
Company and the Company's Books relating to any of the foregoing (collectively,
"Accounts");

<PAGE>

     2.2. present and future general intangibles and other personal property
(including choses or things in action, goodwill, patents, trade names,
trademarks, servicemarks, copyrights, blueprints, drawings, purchase orders,
customer lists, monies due or recoverable from pension funds, route lists,
monies due under any royalty or licensing agreements, infringement claims,
computer programs, computer discs, computer tapes, literature, reports, catalogs
deposit accounts, insurance premium rebates, tax refunds, and tax refund claims)
other than goods and Accounts, and the Company's Books relating to any of the
foregoing (collectively, "General Intangibles");

     2.3. present and future letters of credit, notes, drafts, instruments,
certificated and uncertificated securities, documents, leases, and chattel
paper, and the Company's Books relating to any of the foregoing (collectively,
"Negotiable Collateral");

     2.4. present and future inventory in which the Company has any interest,
including goods held for sale or lease or to be furnished under a contract of
service and all of the Company's present and future raw materials, work in
process, finished goods, and packing and shipping materials, wherever located,
and any documents of title representing any of the above, and the Company's
Books relating to any of the foregoing (collectively, "Inventory");

     2.5. books and records including: ledgers; records indicating, summarizing,
or evidencing the Company's assets or liabilities, or the collateral; all
information relating to the Company's business operations or financial
condition; and all computer programs, disc or tape files, printouts, funds or
other computer prepared information, and the equipment containing such
information (collectively, "Company's Books");

     2.6. substitutions, replacements, additions, accessions, proceeds, products
to or of any of the foregoing, including, but not limited to, proceeds of
insurance covering any of the foregoing, or any portion thereof, and any and all
Accounts, General Intangibles, Negotiables, Collateral, Inventory, money,
deposits, accounts, or other tangible or intangible property resulting from the
sale or other disposition of the accounts, General Intangibles, Negotiable
Collateral, Inventory or any portion thereof or interest therein and the
proceeds thereof.

     SECTION 3. Registration Rights.

     3.1. Request for Registration. If the Company proposes to register any of
its securities under the Securities Act of 1933, as amended ("Act") (except for
registrations on Forms S-8 or S-4 or their equivalent), it will give written
notice by registered mail, at least twenty (20) days prior to the filing of each
such registration statement, to the Purchaser of its intention to do so. If the
Purchaser notifies the Company within ten (10) days after receipt of any such
notice of its desire to include any of the Warrant Shares or Conversion Shares
(together, the "Underlying Shares"), the Company shall afford the Purchaser the
opportunity to have any such Underlying Shares registered under such
registration statement at the Company's sole cost and expense; provided,
however, that the Purchaser shall not have any registration rights with respect
to that certain registration on Form SB-2 to be filed with the Securities and
Exchange Commission with respect to the Private Equity Credit Agreement entered
into by the Company on January 31, 2005, or any amendments thereto.

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<PAGE>

     3.2. Limitations on Registration.

     (a) Termination of Registration Rights. These rights may be exercised at
any time on an unlimited number of occasions after the date hereof until such
time when all Underlying Shares may be sold without volume restrictions pursuant
to Rule 144(k) as determined by the counsel to the Company pursuant to a written
opinion letter to such effect, addressed and acceptable to the Company's
transfer agent and the Purchaser.

     (b) Underwritten Offerings. In connection with any offering involving an
underwriting of shares being issued by the Company, the Company shall not be
required to include any Underlying Shares in such underwriting unless such
Purchaser accepts the terms of the underwriting as agreed upon between the
Company and the underwriters selected by it, and then only in such quantity as
will not, in the reasonable opinion of the underwriters, jeopardize the success
of the offering by the Company. If the underwriters reasonably believe the total
amount of Underlying Shares which the Purchaser requests to be included in an
underwritten offering pursuant to this Section 3, together with any other shares
of Common Stock for which registration has been requested by holders with
similar rights, exceeds the amount of securities that the underwriters
reasonably believe compatible with the success of the offering, the Company
shall only be required to include in the offering so many of the Underlying
Shares and such other shares of Common Stock as the underwriters reasonably
believe will not jeopardize the success of the offering, such shares so included
to be apportioned pro rata among the Purchaser and other holders based on the
number of shares for which registration was initially requested.

     SECTION 4. Expenses. Each party hereto will pay its own expenses in
connection with the transactions contemplated hereby, whether or not such
transactions shall be consummated.

     SECTION 5. Notices. All notices, requests, consents, and other
communications under this Agreement shall be in writing and shall be delivered
by hand, sent via overnight courier, sent by facsimile, or mailed by first class
certified or registered mail, return receipt requested, postage prepaid:

     if to the Company, to:

              Global Matrechs, Inc.
              90 Grove Street, Suite 201
              Ridgefield, Connecticut 06877
              Attn:  Michael Sheppard
              Facsimile: (203)431-8304

     with a copy to:

              Foley Hoag LLP
              155 Seaport Boulevard
              Boston, MA  022110
              Attn:  David A. Broadwin, Esq.
              Facsimile: (617) 832-7000

     if to the Purchaser, to:

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<PAGE>

              MacNab LLC
              Harbour House, 2nd Floor
              Waterfront Drive
              PO Box 972
              Road Town
              Tortola, British Virgin Islands

     SECTION 6. Severability. In case any provision contained in this Agreement
should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired thereby.

     SECTION 7. Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York for contracts
to be wholly performed in such state and without giving effect to the principles
thereof regarding the conflict of laws. Each of the parties consents to the
exclusive jurisdiction of the federal courts whose districts encompass any part
of the County of New York or the state courts of the State of New York sitting
in the County of New York in connection with any dispute arising under this
Agreement or any of the other Transaction Agreements and hereby waives, to the
maximum extent permitted by law, any objection, including any objection based on
FORUM NON CONVENIENS, to the bringing of any such proceeding in such
jurisdictions. Each of the parties hereto expressly waives its right to a trial
by jury with respect to any adjudication arising between the parties pursuant to
this Agreement.

     SECTION 8. Entire Agreement. This Agreement contains the entire agreement
of the parties with respect to the subject matter hereof and supersedes and is
in full substitution for any and all prior oral or written agreements and
understandings between them related to such subject matter, and neither party
hereto shall be liable or bound to the other party hereto in any manner with
respect to such subject matter by any representations, indemnities, covenants or
agreements except as specifically set forth herein.

                  [Remainder of page intentionally left blank.]

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<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
Agreement to be executed as of the date first above written by their duly
authorized representatives shown below:

                                        GLOBAL MATRECHS, INC.

                                        By: /s/ Michael Sheppard
                                            ----------------------------
                                        Name:Michael Sheppard
                                        Title:  President

                                        MACNAB LLC

                                        By: /s/
                                            ----------------------------
                                        Name: Navigator Management
                                        Title: Director

                                        5

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