Exhibit 10.5
Convertible Promissory Note
Date:
April 2, 2010
Principal Amount:
US$50,000
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$50,000.00 with interest thereon of ten 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 Henderson, 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 notice.
Rival Technologies Inc.
Per: Douglas B. Thomas, CEO