CONVERTIBLE PROMISSORY NOTE

Contract Categories: Business Finance - Note Agreements
EX-10.1 2 v218863_ex10-1.htm EX-10.1
 
EXHIBIT 10.1
 

THESE SECURITIES, INCLUDING THE SECURITIES INTO WHICH THEY MAY BE CONVERTED, HAVE BEEN ISSUED IN RELIANCE UPON THE EXEMPTION FROM REGISTRATION AFFORDED BY SECTION 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT ANY SUCH PROPOSED TRANSFER IS IN ACCORDANCE WITH ALL APPLICABLE LAWS, RULES AND REGULATIONS.


CONVERTIBLE PROMISSORY NOTE


$20,000.00                                                                                                                                                 April 11, 2011


FOR VALUE RECEIVED, ALL Fuels & Energy Company, a Delaware corporation (“Maker”), and Russell Duncan (“Payee”), the undersigned, Maker, promises, pursuant to the terms of this Convertible Promissory Note (the “Note”), to pay to Payee (Payee and any subsequent holders hereof are hereinafter referred to collectively as “Holder”), at such place, or places, as Holder may designate to Maker in writing from time to time, the amount of TWENTY THOUSAND AND NO/100 DOLLARS ($20,000.00), together with interest thereon at the rate of ten percent (10%) per annum until paid, which shall be due and payable on demand.


The indebtedness, or any portion thereof, evidenced hereby may, at any time and from time to time, at Holder’s sole option, be converted into shares of Maker’s $.01 par value common stock at the rate of one share for every $.01 of indebtedness so converted. Holder shall deliver to Maker, at the address set forth above, a written notice of his intent to convert some or all of the indebtedness into shares of common stock of Maker, which notice shall set forth the amount of indebtedness which is to be so converted.