Exhibit 10.125
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March 14, 2003
FROM: X. Xxxxxx Enterprises, Inc.
TO: Commodore Applied Technologies
Attn.: Xxxxx XxXxxxxxx
SUBJ: CONVERSION OF PRINCIPAL BALANCE AND INTEREST
OF XXXXXX NOTE.
REF: (1) Amended and Restated Promissory Note October 29,2002
(2) Registration Rights Agreement October 29, 2002
(3) Warrant to Purchase Shares of Common Stock of Commodore
Applied Technologies, Inc.
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This is to notify Commodore Applied Technologies, Inc. (the "Maker") that X.
Xxxxxx Enterprises, Inc. (the "Payee") intends to exercise its conversion rights
under the provisions of Ref.(1) effective Friday March 14, 2003. The conversion
will include the entirety of the loan principal balance ($250,000.00) and unpaid
interest due on March 3, 2003 ($36,562.50). Per Ref. (1), the conversion price
shall be based on the five-day look-back method.
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Day Closing Price
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March 14, 2003 $0.02250
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March 13, 2003 $0.02513
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March 12, 2003 $0.02000
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March 11, 2003 $0.02000
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March 10, 2003 $0.02100
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Average $0.021726
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Xxxxxx Note Conversion Notice March 14, 2003
Principal $ 250,000.00
Interest $ 36,562.50
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$ 286,562.50
Share Average $ 0.021726
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Conversion Shares 13,189,842
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/s/ Xxxxxx X. Xxxxxx March 14, 2003
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Xxxxxx X. Xxxxxx Date