Exhibit 10.2
 
ALFACELL CORPORATION

AMENDMENT
TO EACH
5% SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

February 26, 2010

This Amendment (this “Amendment”) to each 5% Senior Secured Convertible
Promissory Note (each a “Note” and collectively, the “Notes”) issued by Alfacell
Corporation, a Delaware corporation (the “Company”) pursuant to that certain
Securities Purchase Agreement dated as of October 19, 2009, to the holders
thereof (collectively, the “Holders”), is made and entered into as of February
26, 2010, by and among the Company and the Holders.  Capitalized terms used but
not defined herein shall have the meanings ascribed to them in the Notes.
 
RECITALS

Whereas, the Company and the Holders wish to amend the Notes to extend the
Meeting Deadline to May 1, 2010 in accordance with Section 5 of each Note.

AGREEMENT

Now, Therefore, in consideration of the foregoing, and the representations,
warranties, covenants and conditions set forth below, the Company and each
Holder, intending to be legally bound, hereby agree as follows:

I.
AMENDMENT TO THE NOTES.

Section 2(A)(vii) of each Note is hereby amended to read in its entirety as
follows:

“(vii).           Stockholder Approval.  The Company shall (a) provide each
stockholder entitled to vote at the next meeting of stockholders of the Company,
which meeting shall occur on or before May 1, 2010 (the “Meeting Deadline”), a
proxy statement, soliciting each stockholder’s affirmative vote at such meeting
for approval of an increase in the number of authorized shares of common stock
of the Company from 100,000,000 to at least 130,593,678 (such affirmative vote
being referred to as the “Stockholder Approval”), (b) use its best efforts to
obtain the Stockholder Approval no later than the Meeting Deadline, and (c)
within 2 business days following receipt of the Stockholder Approval, cause an
amendment to its Certificate of Incorporation reflecting the approved increase
in the authorized shares of Common Stock (such amendment, the “Certificate of
Amendment”) to be filed with the Secretary of State of the State of Delaware;
provided that the above stated obligations shall be subject to and conditioned
upon the Payee’s compliance with the covenants set forth in Section 5(c) of the
Securities Purchase Agreement.”

 
 

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II.
GENERAL.

 
A.           Except as effected by this Amendment, the terms and provisions of
the Notes shall remain unchanged and in full force and effect.
 
B.           This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
 
C.           This Amendment shall be governed by and construed under the laws of
the State of New York as applied to agreements among New York residents, made
and to be performed entirely within the State of New York, without giving effect
to conflicts of laws principles.
 
D.           The titles and subtitles used in this Amendment are used for
convenience only and are not to be considered in construing or interpreting this
Amendment.
 

[SIGNATURE PAGES FOLLOW]

 
 

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The parties have executed this Amendment as of the date first written above.
 
ALFACELL CORPORATION
 
By:        /s/ Charles Muniz
Name:   Charles Muniz
Title:     President, Chief Executive Officer and Chief Financial Officer

 

 
 
 

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The parties have executed this Amendment as of the date first written above
 
 
PURCHASERS:
     
/s/ Charles Muniz
___________________________________
Charles Muniz
Colleen A. Lowe
       
EUROPA INTERNATIONAL, INC.
___________________________________
 
Corinne M. Poquette
By:  /s/ Fred Knoll
Name: Fred Knoll
Title: Knoll Capital Management, Investment
Manager for Europa International, Inc.
 
 
___________________________________
David J. McCash
       
UNILAB LP
     
By:____________________________________
Name: F. Patrick Ostronic
Title: Director, Unilab GP Inc., General Partner for Unilab LP
         
MARY M. MCCASH TRUST DECLARATION DECLARED OCTOBER 20, 2008
     
By:____________________________________
Name: Mary M. McCash
Title: Trustee
         
THE MICHAEL J. MCCASH LIVING TRUST
     
By:____________________________________
Name: Michael J. McCash
Title: Trustee and Grantor