PROMISSORY NOTE $100,000.00 July 19, 1996 Edison, New Jersey FOR VALUE RECEIVED, MEDJET INC. (the "Maker") promises to pay to the order of Robert P. Lehmann ("Holder"), the principal sum of One Hundred Thousand Dollars ($100,000.00), together with interest on the unpaid principal balance at a rate per annum equal to nine percent (9%). Principal and accrued interest hereunder shall be due and payable on written demand made at any time on or after December 31, 1996. Interest shall accrue from the date of this Note until the entire unpaid principal balance together with any accrued and unpaid interest is paid in full. Payment shall be made in lawful tender of the United States and shall be credited first to the accrued interest then due and payable and the remainder applied to principal. Prepayment of principal, together with accrued interest, may be made at any time without notice, premium or penalty. Concurrently with the delivery of this Note, Maker has granted to Holder warrants to purchase 2,246 shares of common stock, par value $.001 per share, of Maker at a purchase price of $11.13 per share, which shares shall, upon their purchase, be included in piggy-back registration rights already granted by Maker to Holder under that certain Subscription Agreement between Holder and Maker dated July 27, 1994. The entire unpaid principal sum of this Note, together with accrued and unpaid interest to date, shall be due and payable at any time on or after December 31, 1996 upon written demand or, without any demand, immediately upon the insolvency of the Maker, the commission of any act of bankruptcy by the Maker, the execution by the Maker of a general assignment for the benefit of creditors, the filing by or against the Maker of any petition in bankruptcy or any petition for relief under the provisions of the federal bankruptcy act or any other state or federal law for the relief of debtors and the continuation of such petition without dismissal for a period of fifteen (15) days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Maker. If action is instituted to collect this Note, the Maker promises to pay all costs and expenses, including reasonable attorneys' fees and expenses, incurred in connection with such action. The Maker hereby waives notice of default, presentment or demand for payment, except as set forth in the first paragraph hereof, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument. This Note may not be transferred without the prior written consent of the Maker. This Note shall be construed in accordance with the internal laws of the State of New York. "MAKER" MEDJET INC. By: /s/ Eugene I. Gordon ---------------------------------- Title: President 2