DEMANDPROMISSORYNOTE
| U.S.$20,000.00 | November 20,2014 |
Theundersigned,AlterolaBiotechInc.,acorporationorganizedunderthelawsofNevada(the“Company”),herebypromisestopaytotheorderofGlamisCapitalS.A.,acorporationorganizedunderthelawsoftheMarshallIslands(togetherwithitssuccessors andassigns,the“Holder”),theprincipal sum of TwentyThousand($20,000.00)UnitedStatesDollars,togetherwithsimple interestfromthe datehereofontheunpaidbalancethereofat10%perannum, onthedatetwobusinessdaysafterreceiptofdemandforpayment(suchdate,the“MaturityDate”).
Interestshall becomputed onthebasis ofa365-dayyearor366-dayyearasapplicableandactualdayslapsed.TheCompanyshallhavetheprivilegeofprepayingtheprincipalunderthisDemandPromissoryNote(the“Note”)inwholeorinpart,withoutpenaltyorpremiumatanytime.Allpaymentshereundershallbeappliedfirsttointerest,then toprincipal.Allinterestdueandpayablehereundershall becumulatedandaccrueinterest attheratehereunder.
PaymentsduehereunderaretobemadebywiretransfertosuchbankaccountoftheHolderastheHoldermayfromtime totimedesignate,inlawfulmoneyoftheUnitedStatesofAmerica.
ThisNoteandallamountsoutstandingshallimmediatelyandautomaticallymatureandbecomedueandpayable,withoutpresentment,demand,protestornotice,allofwhichareherebywaived,intheeventthattheCompanyfilesavoluntarypetitioninbankruptcyoraninvoluntarypetitionisfiledagainstitandnot dismissedwithintendays.
NeitherthisNote noranytermhereofmay be amendedorwaivedorallyorin writing,exceptthatanytermof this Notemaybeamended andtheobservanceofanytermof this Notemaybewaived(eithergenerallyorinaparticularinstanceandeitherretroactivelyorprospectively)with(butonlywith)thewrittenconsentoftheCompany and theHolder.ThisNoteshallinuretothebenefit of theHolder ofthisNoteandtheCompanyandtheir respectivesuccessorsandassignsand bebinding upontheHolderof thisNoteandtheCompanyandtheirrespectivesuccessorsandassigns.
Anynoticeorcommunicationmustbegiveninwritingordeliveredinperson,orbyovernightcourier,orbyfacsimileaddressedasfollows:
iftotheCompany:
rl@alterolabiotech.com
Attention:ReneLauritsen
iftotheHolderattheaddressspecifiedinwritingbytheHolder,oratsuchotheraddressandtotheattentionofsuchother person astheCompanyortheHoldermaydesignatebywritten noticeto theother.Anysuchnoticeorcommunicationiseffective(x)whenreceived,ifdeliveredinpersonorbyfacsimile,or(y)onthenextbusiness day,ifdeliveredbyovernightcourier.
TheHoldermaysell,transfer,assign,encumberorotherwisedisposeofthisNoteinwholeorinpart,otherthanas maybeprohibitedbyapplicablelaw.
ThisNoteisgovernedbyandshallbeconstruedandenforcedinaccordancewiththelawsoftheStateofNevadaforcontractsmadeandwhollyperformedwithinthatstateandshallbeconstruedasifdraftedequallybytheCompanyandtheHolder.TheCompanyherebysubmits totheexclusivepersonaljurisdiction ofthecourtsoftheStateofNevada andthefederalcourtsoftheUnitedStates sittinginClarkCounty, and anyappellatecourtfrom any suchstateorfederalcourt.
NofailureordelayonthepartoftheHolderinexercisinganypowerorrighthereunder,andnocourseof dealingbetweentheCompanyandtheHolderof thisNote, shalloperateasawaiver thereof,norshallanysingleorpartialexerciseofanysuchrightorpower,oranyabandonmentordiscontinuanceofstepstoenforcesucharightor power, precludeanyotherorfurtherexercisethereofortheexerciseofanyotherright orpower.
AsusedinthisNote,theterm“businessday”meansanydaythatisnotaSaturday,SundayorotherdayonwhichthecommercialbanksinLasVegas,Nevadaareauthorizedorrequiredbyapplicablelaw toremainclosed.
ShouldanyprovisionofthisNotebejudiciallydeclaredtobeinvalid,unenforceableorvoid,suchdecisionwillnothavetheeffectofinvalidatingorvoidingtheremainderofthisNote,andthepartieshereto agreethat theprovisionofthisNotesoheldtobeinvalid,unenforceableorvoidwillbedeemedtohave beenstrickenherefrom andtheremainderwill have thesameforce andeffectiveness asif suchprovisionhadneverbeenincludedherein,provided,howeverthepartiesheretoshallusetheirbesteffortstoreplacetheprovision sodeemed to have beenstrickenherefromwith aprovisionthatthepartiesreasonablybelieve tobe validandenforceable and whichhas a substantially identicaleconomicandlegaleffectastheprovisionsodeemed tohavebeenstrickenherefrom.
INWITNESSWHEREOF,theCompanyhascausedthisNotetobemade,executedanddeliveredbyitsdulyauthorizedofficerasofthedayandyearfirst writtenabove.
By: /s/ Rene Lauritsen
Name:ReneLauritsen
Title:President,CEOandDirector
