EXHIBIT 10.3
AMENDMENT TO 120 DAY NOTE
This Amendment to 120 Day Note ("Amendment") is made and entered into
August 26, 2003 ("Effective Date"), by and between MicroIslet, Inc., Inc., a
Nevada corporation ("MicroIslet"), and Xxxx X. Xxxxxxxxx, Trustee U/D/T dated
September 13, 1995 ("Lender"), with reference to the following facts:
RECITALS
A. MicroIslet executed in favor of Lender that certain 120 Day Note
(the "Note") dated May 12, 2003, in the original principal amount of Two Hundred
Thousand Dollars ($200,000).
B. MicroIslet and Lender desire to modify the terms of the Note as
provided in this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. The maturity date of the Note is hereby extended from September 9,
2003 to January 8, 2004.
2. In consideration of Lender's extension of the maturity date of the
Note in Section 1, MicroIslet shall issue to Lender a 10-year warrant to
purchase fifty thousand (50,000) shares of MicroIslet common stock at a price
equal to the closing price of MicroIslet common stock as reported on the OTC
Bulletin Board on the Effective Date.
3. Promptly following execution of this Amendment, Lender shall deliver
the Note to MicroIslet, which shall promptly after receipt of such Note issue a
new Note to Lender reflecting the maturity date set forth in Section 1 above,
but otherwise with identical terms to the Note. Upon delivery of the new Note to
Lender, MicroIslet shall xxxx the original Note "Cancelled" and retain such
Note.
IN WITNESS WHEREOF, the parties hereto execute this Amendment as of the
Effective Date. Except as specifically set forth in this Amendment, the Note and
all terms and conditions thereof shall remain unchanged and in full force and
effect.
MicroIslet, Inc., a Nevada Xxxx X. Xxxxxxxxx, Trustee U/D/T dated
corporation September 13, 1995
By: /s/ Xxxx X. Steel IV By: /s/ Xxxx X. Xxxxxxxxx
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Xxxx X. Steel IV, Chief Executive Xxxx X. Xxxxxxxxx, Trustee
Officer
