New York, New York $ August 11, 2000
SECURED PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned Global iTechnology, Inc., a Delaware Corporation with offices at
317 Madison Avenue, Suite 807, New York, New York 10017 ("Borrower"), promises to pay____________,
residing at _______________________________ ("Lender"), the unpaid amount of principal set forth above,
with interest at the Interest Rate (as hereinafter defined) on the unpaid principal amount from the date hereof until
the said principal amount has been paid in full, whether at the Maturity Date (as hereinafter defined) or otherwise,
all as more fully set forth herein.
This Note is given by Borrower to Lender pursuant to and is entitled to the benefits of the Pledge, Escrow and
Security Agreement between the parties hereto of even date herewith (the "Loan Agreement"), to which
reference is hereby made for a more complete statement of the terms and conditions under which the Loan
evidenced hereby is made and is to be repaid. Capitalized terms not defined herein shall have the meaning set
forth in the Loan Agreement. This Note is secured by a lien and security interest in certain of Borrower's assets
granted by Borrower to Lender, more fully described in the Loan Agreement.
No reference herein to the Loan Agreement and no provision of the Note or the Loan Agreement shall alter or
impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and interest on
this Note at the place, at the time and in the currency herein prescribed.
The "Interest Rate" shall be eight percent (8%) per annum, until the principal amount of this Note, together with
all unpaid accrued interest, thereon, shall have been paid in full; provided, however, that in no event shall the
Interest Rate exceed the maximum rate or amount permitted by applicable law. Accrued interest shall be
computed on the basis of a 365 day year for the actual number of days elapsed during the period for which
computed and shall be paid by Borro