Exhibit 10.24
Form Of
Convertible Note
$
This Convertible note is made on April 3, 2001.
Between the Borrower Alfacell Corporation referred to as "I" and the Lender,
______________ whose address is ___________________________
Borrower's Promise to Lender. In return for the loan received I promise to repay
this loan within ninety (90) days, unless the Lender has elected to exercise the
Lender option to convert this loan into ____________ shares of Alfacell Common
Stock. The conversion share price (90 (cent)) was determined by the 10 day
marketplace moving average for Alfacell Common Stock.
In addition, upon conversion, the Lender will receive a three (3) year warrant,
for each share of Converted Alfacell Common Stock, at $2.50 per share. The
expiration date of the warrant is July 7, 2004.
Default. If I fail to make any payment required by this note when due or if I
fail to keep any other promise I make in this note, the Lender may declare that
I am in default on this note. Upon default, I must immediately pay the full
amount and the Lender's costs of collection and reasonable attorney fees.
Witness: Borrower:
ALFACELL CORPORATION
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Schedule of Parties
To Convertible Note
PARTY AMOUNT OF NOTE NUMBER OF SHARES
CONVERTIBLE INTO
Xxxxxxxx Xxxxx $19,998 22,220
Xxxxxx Xxxxxx $19.998 22,220
Xxxxxx Sitao $29,997 33,330
Kuslim Shogen $99,000 110,000
Xxxxxx Xxxxxxx $99,000 110,000
Xxxxxx Xxxxxxx $99,000 110,000
