Interactive Systems Worldwide Inc/DE – ‘10KSB’ for 9/30/97 – EX-10

As of:  Monday, 12/29/97   ·   For:  9/30/97   ·   Accession #:  1025995-98-1   ·   File #:  0-21831   ·   Correction:  This Filing’s “Filed as of” Date was Corrected and “Changed as of” 1/7/98 by the SEC on 1/7/98. ®

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Annual Report — Small Business   —   Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB       Annual Report -- Small Business                       59±   266K 
 2: EX-10       Exhibit 10.1(A)                                        2±     9K 
 4: EX-10       Exhibit 10.16                                         24±    96K 
 5: EX-10       Exhibit 10.17                                          2±    12K 
 6: EX-10       Exhibit 10.18                                         13±    55K 
 3: EX-10       Exhibit 10.3(A)                                        2±    12K 
 7: EX-23       Exhibit 23.1                                           1      7K 
 8: EX-27       Financial Data Schedule                                1      7K 

EX-10   —   Exhibit 10.3(A)

EXHIBIT 10.3(a)                                                                 

PROMISSORY NOTE     

$ 100,000.00                                           DATE:                    
February 6, 1997                                                                
                              Las Vegas,
Nevada                                                                          

FOR VALUE RECEIVED, the undersigned ("Makers") promise to             
pay to                                                                          
INTERNATIONAL SPORTS WAGERING, INC., a Delaware corporation, or                 
to order (hereinafter                                                           
"Holder"), the principal sum of One Hundred Thousand and No/100                 
Dollars ($100,000.00), with no                                                  
interest, payable as follows:                                                   

(a) During the first year after the execution hereof,                 
principal shall be paid in consecutive  bi-                                     
weekly installments of One Thousand Nine Hundred Twenty-Three and               
08/00 Dollars ($1,923.08),                                                      
commencing on February 21, 1997, and continuing every two weeks                 
thereafter; and                                                                 

(b) During the second and third years after the execution             
hereof, principal shall be paid in                                              
consecutive bi-weekly installments of Nine Hundred Sixty-One and                
54/00 Dollars ($961.54),                                                        
commencing on February 20, 1998, and continuing every two weeks                 
thereafter, with all amounts due                                                
hereunder to be paid in full on or before February 4, 2000 (                    
Maturity Date ).                                                                

All bi-weekly payments due hereunder shall be paid by                 
deduction from the base salary of                                               
Maker, Sidney Diamond, from his employment with International                   
Sports Wagering, Inc.                                                           
Notwithstanding the foregoing, in the event that the principal                  
outstanding hereunder becomes due                                               
and payable in full prior to the Maturity Date, all further                     
payments shall be made  at the offices of                                       
Holder, 201 Lower Notch Rd., Little Falls, New Jersey 87424,                    
unless otherwise designated by                                                  
Holder.   Any and all payments hereunder shall be payable in                    
lawful money of the United States                                               
which shall be legal tender in payment of all debts at the time                 
of payment.                                                                     

Should payment of any principal not be made when due, Makers          
shall be in default under this                                                  
promissory note.  In the event of such default, the whole sum of                
principal outstanding hereunder                                                 
shall become immediately due and payable at the option of Holder,               
and Holder may exercise any and                                                 
all rights and remedies it may possess at law or in equity for                  
the collection of this obligation.                                              
Additionally, in the event that Maker, Sidney Diamond, resigns                  
from employment with International                                              
Sports Wagering, Inc., prior to the Maturity Date, or is                        
terminated from his said employment prior                                       
to the Maturity Date for cause, death, or disability, the whole                 
sum of principal outstanding hereunder                                          
shall become due and payable at the option of Holder thirty (30)                
days after the date of the said                                                 
resignation or termination, and Holder may exercise any and all                 
rights and remedies it may possess                                              
at law or in equity for the collection of this obligation.                      
Nevertheless, in the event that Maker, Sidney                                   
Diamond, is terminated from employment with International Sports                
Wagering, Inc., other than for                                                  
cause, death, or disability, the whole sum of principal then                    
outstanding hereunder shall be deemed                                           
forgiven.  This Note may be pre-paid without penalty.                           

This Note is secured by two (2) deeds of trust of even date           
herewith.  Upon payment in full                                                 
of all obligations hereunder, this Note shall be marked "Paid in                
Full" and returned to Makers, and                                               
the  said deeds of trust shall be reconveyed.                                   

Makers hereby waive notice of default, diligence, demand,             
presentment, notice of                                                          
nonpayment and protest.  If any action is taken by Holder                       
(whether by Court proceeding or                                                 
otherwise) to enforce payment of this Note, the undersigned                     
Makers promise to pay to Holder any                                             
and all costs of such action, including all reasonable attorneys'               
fees and costs incurred therein.                                                

"Makers"      

/s/ Sidney Diamond  

Sidney Diamond      

/s/ Arlene Diamond  

Arlene Diamond      

Dates Referenced Herein

This ‘10KSB’ Filing		Date		Other Filings
		2/4/00		None on these Dates
		2/20/98
Changed as of / Corrected on:		1/7/98
Filed on:		12/29/97
For Period End:		9/30/97
		2/21/97
		2/6/97
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