EXHIBIT 99.2 CONVERSION AGREEMENT -------------------- THIS CONVERSION AGREEMENT ("AGREEMENT") IS ENTERED INTO AS OF MARCH 13, 2000 BY AND BETWEEN DOCPLANET.COM, INC., A COLORADO CORPORATION (THE "COMPANY"), AND CHARLES R. DRUMMOND ("MR. DRUMMOND"). W I T N E S S E T H: WHEREAS, IN THE PAST, THE COMPANY HAS BORROWED MONEY FROM CERTAIN OF ITS SHAREHOLDERS, DIRECTORS AND OFFICERS, INCLUDING MR. DRUMMOND, THE CHAIRMAN, CHIEF EXECUTIVE OFFICER AND TREASURER OF THE COMPANY; AND WHEREAS, BY RESOLUTION DATED DECEMBER 21,1999, THE BOARD OF DIRECTORS OF THE COMPANY APPROVED THE CONVERSION OF LOANS FROM DIRECTORS AND OFFICERS OF THE COMPANY, IN WHOLE OR IN PART, INTO COMMON STOCK, NO PAR VALUE PER SHARE ("COMMON STOCK"), OF THE COMPANY AT $3.00 PER SHARE; AND WHEREAS, AS OF FEBRUARY 29, 2000, THE COMPANY WAS INDEBTED TO MR. DRUMMOND IN THE AMOUNT OF $6,839,103 (the "Debt"); and WHEREAS, MR. DRUMMOND AND THE COMPANY DESIRE TO CONVERT THE DEBT INTO COMMON STOCK OF THE COMPANY. NOW, THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS AND THE MUTUAL COVENANTS AND AGREEMENTS CONTAINED HEREIN, THE PARTIES DO HEREBY AGREE AS FOLLOWS: 1. CONVERSION. THE DEBT SHALL BE CANCELED AND CONVERTED INTO 2,279,701 ---------- SHARES OF COMMON STOCK OF THE COMPANY (THE "CONVERSION"). 2. EFFECTIVE DATE. THE CONVERSION SHALL BE EFFECTIVE AS OF 7:00 A.M. --------------- (CENTRAL STANDARD TIME), ON FEBRUARY 29, 2000. 3. ENTIRE AGREEMENT. THIS AGREEMENT IS THE PARTIES' ENTIRE AGREEMENT ----------------- AND SUPERSEDES ALL PRIOR REPRESENTATIONS AND AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT TO THE SUBJECT MATTER HEREOF. 4. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE -------------- STATE OF TEXAS. IN WITNESS WHEREOF, THE PARTIES HAVE ENTERED INTO THIS AGREEMENT ON THE DATE FIRST WRITTEN ABOVE. DOCPLANET.COM, INC. BY: ------------------------------ NAME: ------------------------------ TITLE: ------------------------------ ------------------------------ CHARLES R. DRUMMOND, IN HIS INDIVIDUAL CAPACITY