Exhibit 10.4.1
PROMISSORY NOTE
This Note made on the 14th day of October, 1998 between Stratus Services Group,
Inc. ("Borrower"), a Delaware corporation whose principal place of business is
000 Xxxxx Xxxx, Xxxxx 000, Xxxxxxxxx, Xxx Xxxxxx 00000 and J. Xxxx Xxxxxxx, Esq.
as Trustee with Power of Attorney ("Lender") residing at 00 Xxxxxxx Xxxxxx,
Xxxxxxxx, XX 00000, represents a promise by the borrower for the repayment of
principal and interest on the following Loan.
Terms and Conditions:
1. Amount of loan: $250,000 US
2. Term: 90 days (renewable upon the same terms for an additional 90
day period)
3. Interest Rate: 2% per month, payable monthly.
4. Additional Consideration: Upon signing, Borrower will transfer to
Lender 10,000 shares of Stratus Services Group, Inc. Common Stock.
5. Prepayment: Borrower can elect, at any time during the life of the
Note, to pre-pay the entire amount owed (plus accrued interest to
date of prepayment) without penalty.
6. Default: The Borrower shall be in default if any of the following
occur: (a) application for, or the appointment of, a receiver in
bankruptcy; (b) filing of any petition, or the commencement of any
action or any proceeding against borrower for relief under any
bankruptcy or insolvency laws or any laws relating to the relief of
debtors, readjustment of indebtedness or reorganizations; or (c)
violation of any of the foregoing provisions regarding repayment or
the payment of interest, the waiver of which does not constitute a
waiver of which does not constitute a waiver of default.
BORROWER: LENDER:
STRATUS SERVICES GROUP, INC.
/s/Xxxxxx X. Xxxxxxx /s/ J. Xxxx Xxxxxxx
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Xxxxxx X. Xxxxxxx, Chairman J. Xxxx Xxxxxxx, Esq.
and CEO Trustee With Powers of Attorney
GUARANTOR:
/s/Xxxxxx X. Xxxxxxx
----------------------------
Xxxxxx X. Xxxxxxx
