Document:

ex10-1.htm

    Exhibit 10.1

     

    
      ALFACELL
CORPORATION

      

      AMENDMENT

      TO
SECURITIES PURCHASE AGREEMENT

      

      February
26, 2010

      

      This Amendment (this “Amendment”) to that
certain Securities Purchase Agreement dated as of October 19, 2009 (the “Agreement”) by and
among Alfacell Corporation, a Delaware corporation (the “Company”) and the
investors identified on the signature pages thereto (the “Purchasers”).  Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Agreement.

       

      RECITALS

      

      Whereas,
the Company and the Purchasers wish to amend the Agreement to extend the
deadline for which the Company shall seek stockholder approval for the
Certificate of Amendment until April 1, 2010 in accordance with Section 10(g) of
the Agreement.

      

      AGREEMENT

      

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

      

      
        	
                I.

              	
                AMENDMENT
      TO THE AGREEMENT.

              

      

      

      Section 5(c) of the Agreement is hereby
amended to read in its entirety as follows:

      

      “(c).           Reservation of
Shares.  The Company shall reserve out of its authorized and
unissued Common Stock a number of shares of Common Stock equal to the numbers of
shares issuable upon conversion of the Notes and exercise of the Warrants (the
“Required
Reserve Amount”) for issuance upon any such conversion or
exercise.  If at any time while the Notes or Warrants remain
outstanding the Company does not have a sufficient number of authorized and
unreserved shares of Common Stock to satisfy its obligation to reserve the
Required Reserve Amount, then the Company shall use its best efforts to increase
the Company’s authorized shares of Common Stock to an amount sufficient to allow
the Company to reserve the Required Reserve Amount for the Notes and Warrants
then outstanding.  It is acknowledged by each Purchaser that (i) the
Company will not have a sufficient number of authorized and unreserved shares of
Common Stock to satisfy its obligation to reserve the Required Reserve Amount as
of the Closing Date and (ii) the Company will be required to obtain a vote of
its stockholders holding a majority of its outstanding Common Stock to approve
an amendment to its certificate of incorporation (the “Certificate of
Amendment”) to increase its authorized Common Stock.  It is
understood and agreed that the Company will seek, through the distribution of
proxies, stockholder approval of the Certificate of Amendment on or prior to
April 1, 2010.  It is hereby agreed to by each Purchaser that in
connection with such stockholder approval, each such Purchaser shall (i) take
all reasonable actions and use its best efforts to cause the Company to hold a
meeting of its stockholders to approve the Certificate of Amendment, including
causing the Purchaser’s Board Designee (as defined below), as applicable, to
recommend that the Company’s stockholders approve the Certificate of Amendment
and (ii) cause all shares owned by such Purchaser, including shares owned by
such Purchaser’s affiliates, representatives and family members, to be voted in
favor of the Certificate of Amendment.”

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                II.

              	
                GENERAL.

              

      

       

      A.           Except
as effected by this Amendment, the terms and provisions of the Agreement 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]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      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

              

         

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      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 Grantorex10-2.htm

    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.”

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                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]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      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

              

         

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      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

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