Document:

forms1a2111309ex10-2.htm

    PROMISSORY
NOTE

    

    

    $
1,205.00                                                                                     Dated:  December
2, 2008

    

    Principal
Amount                                $1,205.00                                         State
of New York

    

    FOR VALUE RECEIVED, the
undersigned hereby jointly and severally promise to pay to the order of Joseph
C. Passalaqua, the sum One Thousand Two Hundred Five Dollars ($1,205.00),
together with interest thereon at the rate of 18% per annum on the unpaid
balance.  Said sum shall be paid in the manner following:

    

    In full upon demand.

    

    All payments shall be first applied to
interest and the balance to principal.  This note may be prepaid, at
any time, on whole or in part, without penalty.  All prepayments shall
be applied in reverse order of maturity.

    

    This note shall at the option of any
holder hereof be immediately due and payable upon the failure to make any
payment due hereunder within 5 days of its due date.

    

    In the event this note shall be in
default, and placed with an attorney for collection, then the undersigned agree
to pay all reasonable attorney fees and costs of collection.  Payments
not made within five (5) days of due date shall be subject to a late charge of 5
% of said payment.  All payments hereunder shall be made to such
address as may from time to time be designated by any holder
hereof.

    

    The undersigned and all other parties
to this note, whether as endorsers, guarantors or sureties, agree to remain
fully bound hereunder until this note shall be fully paid and waive demand,
presentment and protest and all notices thereto and further agree to remain
bound, notwithstanding any extension, renewal, modification, waiver, or other
indulgence by any holder or upon the discharge or release of any obligor
hereunder or to this note, or upon the exchange, substitution, or release of any
collateral granted as security for this note.  No modification or
indulgence by any holder hereof shall be binding unless in writing; and any
indulgence on any one occasion shall not be an indulgence for any other or
future occasion.  Any modification or change of terms, hereunder
granted by any holder hereof, shall be valid and binding upon each of the
undersigned, notwithstanding the acknowledgment of any of the undersigned, and
each of the undersigned does hereby irrevocably grant to each of the others a
power of attorney to enter into any such modification on their
behalf.  The rights of any holder hereof shall be cumulative and not
necessarily successive.  This note shall take effect as a sealed
instrument and shall be construed, governed and enforced in accordance with the
laws of the State first appearing at the head of this note.  The
undersigned hereby execute this note as principals and not as
sureties.

    

    /s/ John F.
Passalaqua

                                                                                         Borrower-
John F. Passalaqua

                               Secretary,
Pegasus Tel, Inc.forms1a2111309ex10-3.htm

    PROMISSORY
NOTE

    

    

    $
8,682.00                                                                                  
     Dated:  August 13, 2008

    

    Principal
Amount                                $8,682.00                                           State
of New York

    

    FOR VALUE RECEIVED, the
undersigned hereby jointly and severally promise to pay to the order of Joseph
C. Passalaqua, the sum Eight Thousand Six Hundred Eighty-two Dollars
($8,682.00), together with interest thereon at the rate of 18% per annum on the
unpaid balance.  Said sum shall be paid in the manner
following:

    

    In full upon demand.

    

    All payments shall be first applied to
interest and the balance to principal.  This note may be prepaid, at
any time, on whole or in part, without penalty.  All prepayments shall
be applied in reverse order of maturity.

    

    This note shall at the option of any
holder hereof be immediately due and payable upon the failure to make any
payment due hereunder within 5 days of its due date.

    

    In the event this note shall be in
default, and placed with an attorney for collection, then the undersigned agree
to pay all reasonable attorney fees and costs of collection.  Payments
not made within five (5) days of due date shall be subject to a late charge of 5
% of said payment.  All payments hereunder shall be made to such
address as may from time to time be designated by any holder
hereof.

    

    The undersigned and all other parties
to this note, whether as endorsers, guarantors or sureties, agree to remain
fully bound hereunder until this note shall be fully paid and waive demand,
presentment and protest and all notices thereto and further agree to remain
bound, notwithstanding any extension, renewal, modification, waiver, or other
indulgence by any holder or upon the discharge or release of any obligor
hereunder or to this note, or upon the exchange, substitution, or release of any
collateral granted as security for this note.  No modification or
indulgence by any holder hereof shall be binding unless in writing; and any
indulgence on any one occasion shall not be an indulgence for any other or
future occasion.  Any modification or change of terms, hereunder
granted by any holder hereof, shall be valid and binding upon each of the
undersigned, notwithstanding the acknowledgment of any of the undersigned, and
each of the undersigned does hereby irrevocably grant to each of the others a
power of attorney to enter into any such modification on their
behalf.  The rights of any holder hereof shall be cumulative and not
necessarily successive.  This note shall take effect as a sealed
instrument and shall be construed, governed and enforced in accordance with the
laws of the State first appearing at the head of this note.  The
undersigned hereby execute this note as principals and not as
sureties.

    

    /s/ John F.
Passalaqua

                                                                                         Borrower-
John F. Passalaqua

                               Secretary,
Pegasus Tel, Inc.forms1a2111309ex10-4.htm

    PROMISSORY
NOTE

    

    

    $
5,000.00                                                                                        Dated:  December
13, 2007

    

    Principal
Amount                                $5,000.00                                           State
of New York

    

    FOR VALUE RECEIVED, the
undersigned hereby jointly and severally promise to pay to the order of Jospeh
C. Passalaqua, the sum of Five Thousand ($5,000.00), together with interest
thereon at the rate of 10% per annum on the unpaid balance.  Said sum
shall be paid in the manner following:

    

    In full upon demand.

    

    All payments shall be first applied to
interest and the balance to principal.  This note may be prepaid, at
any time, on whole or in part, without penalty.  All prepayments shall
be applied in reverse order of maturity.

    

    This note shall at the option of any
holder hereof be immediately due and payable upon the failure to make any
payment due hereunder within 5 days of its due date.

    

    In the event this note shall be in
default, and placed with an attorney for collection, then the undersigned agree
to pay all reasonable attorney fees and costs of collection.  Payments
not made within five (5) days of due date shall be subject to a late charge of 5
% of said payment.  All payments hereunder shall be made to such
address as may from time to time be designated by any holder
hereof.

    

    The undersigned and all other parties
to this note, whether as endorsers, guarantors or sureties, agree to remain
fully bound hereunder until this note shall be fully paid and waive demand,
presentment and protest and all notices thereto and further agree to remain
bound, notwithstanding any extension, renewal, modification, waiver, or other
indulgence by any holder or upon the discharge or release of any obligor
hereunder or to this note, or upon the exchange, substitution, or release of any
collateral granted as security for this note.  No modification or
indulgence by any holder hereof shall be binding unless in writing; and any
indulgence on any one occasion shall not be an indulgence for any other or
future occasion.  Any modification or change of terms, hereunder
granted by any holder hereof, shall be valid and binding upon each of the
undersigned, notwithstanding the acknowledgment of any of the undersigned, and
each of the undersigned does hereby irrevocably grant to each of the others a
power of attorney to enter into any such modification on their
behalf.  The rights of any holder hereof shall be cumulative and not
necessarily successive.  This note shall take effect as a sealed
instrument and shall be construed, governed and enforced in accordance with the
laws of the State first appearing at the head of this note.  The
undersigned hereby execute this note as principals and not as
sureties.

    

    /s/ John F.
Passalaqua

                                                                                         Borrower-
John F. Passalaqua

                               Secretary,
Pegasus Tel, Inc.forms1a2111309ex10-5.htm

    PROMISSORY
NOTE

    

    

    $
400.00                                                                           
            Dated:  March
21, 2008

    

    Principal
Amount                                $400.00                                           State
of New York

    

    FOR VALUE RECEIVED, the
undersigned hereby jointly and severally promise to pay to the order of Mary
Passalaqua, the sum Four Hundred Dollars ($400.00), together with interest
thereon at the rate of 10% per annum on the unpaid balance.  Said sum
shall be paid in the manner following:

    

    In full upon demand.

    

    All payments shall be first applied to
interest and the balance to principal.  This note may be prepaid, at
any time, on whole or in part, without penalty.  All prepayments shall
be applied in reverse order of maturity.

    

    This note shall at the option of any
holder hereof be immediately due and payable upon the failure to make any
payment due hereunder within 5 days of its due date.

    

    In the event this note shall be in
default, and placed with an attorney for collection, then the undersigned agree
to pay all reasonable attorney fees and costs of collection.  Payments
not made within five (5) days of due date shall be subject to a late charge of 5
% of said payment.  All payments hereunder shall be made to such
address as may from time to time be designated by any holder
hereof.

    

    The undersigned and all other parties
to this note, whether as endorsers, guarantors or sureties, agree to remain
fully bound hereunder until this note shall be fully paid and waive demand,
presentment and protest and all notices thereto and further agree to remain
bound, notwithstanding any extension, renewal, modification, waiver, or other
indulgence by any holder or upon the discharge or release of any obligor
hereunder or to this note, or upon the exchange, substitution, or release of any
collateral granted as security for this note.  No modification or
indulgence by any holder hereof shall be binding unless in writing; and any
indulgence on any one occasion shall not be an indulgence for any other or
future occasion.  Any modification or change of terms, hereunder
granted by any holder hereof, shall be valid and binding upon each of the
undersigned, notwithstanding the acknowledgment of any of the undersigned, and
each of the undersigned does hereby irrevocably grant to each of the others a
power of attorney to enter into any such modification on their
behalf.  The rights of any holder hereof shall be cumulative and not
necessarily successive.  This note shall take effect as a sealed
instrument and shall be construed, governed and enforced in accordance with the
laws of the State first appearing at the head of this note.  The
undersigned hereby execute this note as principals and not as
sureties.

    

    /s/ John F.
Passalaqua

                                                                                         Borrower-
John F. Passalaqua

                               Secretary,
Pegasus Tel, Inc.

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