Convertible Demand Promissory Note between Arthur Kaplan Cosmetics, Inc. and Arthur Kaplan dated July 24, 2007

Contract Categories: Business Finance › Note Agreements
Summary

Arthur Kaplan Cosmetics, Inc. promises to pay Arthur Kaplan $25,000 plus 10% annual interest, with payment due on demand. The holder, Arthur Kaplan, can choose to convert any or all of the outstanding loan amount and interest into common stock of the company at $0.01 per share before the loan is fully repaid. The agreement is governed by Nevada law.

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EX-10.1 5 ex10_1.htm EXHIBIT 10.1 ex10_1.htm
CONVERTIBLE DEMAND PROMISSORY NOTE
 

 
$25,000.00
 

 
July 24, 2007
 

 
FOR VALUE RECEIVED, the undersigned Arthur Kaplan Cosmetics, Inc. (“Payor”), promises to pay to the order of Arthur Kaplan (“Holder”), on demand, at such address as may be designated in writing by Holder of this Note, the principal amount of Twenty Five Thousand ($25,000.00) together with interest on the unpaid principal amount from July 24, 2007, at the rate of ten percent (10%) per annum.
 
All payments of principal, interest or other amounts payable on or in respect of the Note shall be made in lawful currency of the United States of America in immediately available funds, to the Holder, unless otherwise directed in writing by Holder.
 
Any waiver of any payment due hereunder or the acceptance by the Holder of partial payments hereunder shall not, at any other time, be taken to be a waiver of the terms of this Note or any other agreement between the Payor and the Holder.
 
Holder of this note may, at his option and at any time prior to payment in full of any outstanding principal and interest payments on this Note, convert all or any portion of the Note to equity of Payor at $0.01 per share of Payor’s Common Stock.
 

 
Presentment for payment, notice of dishonor, protest and notice of protest are hereby waived.
 
This Note shall be governed by and interpreted in accordance with the law of the State of Nevada.
 
IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.
 

 
Arthur Kaplan Cosmetics, Inc.
 

 
By: /s/ Arthur Kaplan
 
Its: /s/ President