Convertible Promissory Note between Rival Technologies Inc. and Epsom Investment Services NV dated July 2, 2009
Rival Technologies Inc. has borrowed $100,000 from Epsom Investment Services NV, agreeing to pay 10% annual interest. The loan, including interest, is payable on demand, but Rival can repay it at any time without penalty. Epsom has the right to convert any or all of the outstanding loan and interest into Rival's common stock at the market price on the day before conversion notice is given. This agreement outlines the terms for repayment and conversion rights.
Exhibit 10.2
Convertible Promissory Note
Date:
July 2, 2009
Principal Amount:
US$100,000
FOR VALUE RECEIVED Rival Technologies Inc. (herein called “Rival”) hereby promises to pay to Epsom Investment Services NV (herein called “Epsom”). The principal sum of US$100,000, with interest thereon of then percent (10%) per annum calculated annually. Principal and interest are due and will be paid ON DEMAND.
Notice of demand or presentment for payment are hereby waived. Rival may repay the principal and interest at any time without penalty.
Epsom may, at any time during the term hereof, choose to convert any or all of the principal and interest outstanding to common stock in Rival by providing written notice of conversion to its principal office in Las Vegas, Nevada (by fax or letter). The conversion price shall be the closing market value of Rival stock on the last trading day prior to the date Epsom provides Rival with notices.
Rival Technologies Inc.
/s/Douglas Thomas
Per: Douglas Thomas, CEO
