Summary of CLAIMSNET COM INC

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli

Item 1.01 Entry into a Material Definitive Agreement.

On April 15, 2009, Claimsnet.com, inc., a Delaware corporation ("Claimsnet"), borrowed an aggregate of $75,000 from National Financial Corporation ("NFC"), a related party, and in return issued an unsecured promissory note (the "Note"). The Note bears interest at the rate of 3% per annum. Principal and accrued and unpaid interest on the Note are due on demand. In the event Claimsnet cannot satisfy the demand for payment, it shall not be in default of the Note until NFC provides seven (7) days written notice and opportunity to cure such default. Upon such a default, the rate of interest increases to the highest rate allowed by law.

A description of the relationship between Claimsnet and NFC is provided in Claimsnet's Annual Report on Form 10-K for the year ended December 31, 2008, in "Item 11. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters," which section is incorporated herein by reference for all purposes.

The proceeds from the Note will be used to finance Claimsnet's working capital requirements.

The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the Note which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01 for a description of Claimsnet's financial obligations pursuant to the Note.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 20, 2009, Claimsnet accepted the resignation of Gary Austin as its President and Chief of Operations. Claimsnet appointed Don Crosbie to succeed Mr. Austin as President. Mr. Crosbie continues to serve as our Chief Executive Officer and Chairman, positions he has held since October 2002. Mr. Austin now serves as Vice President of Operations of Claimsnet.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 10.1. Unsecured Promissory Note Made by Claimsnet.com inc. in Favor of National Financial Corporation, dated April 15, 2009.

Top of the Form