<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>PROMISSORY NOTE
<TEXT>


                                 PROMISSORY NOTE


         The undersigned,  Louis A. Guzzetti, Jr., hereby promises to pay to the
order of Lynch  Corporation an amount equal to the funds which Lynch Corporation
may loan to the  undersigned  (as  detailed in the  Schedule  set forth  below),
together  with interest at the rate of 6% per annum,  compounded  semi-annually.
The  principal  and  interest  shall be payable on the  thirtieth  day after the
undersigned  shall cease for any reason  (whether  with or without  cause) to be
employed  by  Lynch  Corporation  or an  affiliate  of  Lynch  Corporation.  The
undersigned may prepay this Note at any time without penalty.
Dated: June 6, 2000
                                        ----------------------------------
                                        Louis A. Guzzetti, Jr.
<TABLE>


                                    Schedule
                                    --------
<CAPTION>

            Amount                                       Date
            ------                                       -----

         <S>                                <C>
         $309,495.95                        June 6, 2000
         $ 61,000.00                        September 20, 2000
</TABLE>

</TEXT>
</DOCUMENT>