0000891554-01-503711 Sample Contracts

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Form Of Convertible Note $
Alfacell Corp • July 30th, 2001 • Biological products, (no disgnostic substances)

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.

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