Promissory Note Between Skinvisible, Inc. and Terry Howlett for Salary, Bonus, and Vacation Pay (Q1+Q2 2016)
Skinvisible, Inc. agrees to pay Terry Howlett $98,480, representing unpaid salary, bonus, and vacation pay for the first half of 2016, with 10% annual interest. The full amount is due by June 30, 2021, but may be prepaid without penalty. At any time before the due date, Mr. Howlett can convert the debt and interest into Skinvisible common shares at $0.02 per share. He will also receive warrants to buy additional shares at the same price. The agreement is governed by Nevada law.
PROMISSORY NOTE – Salary + Bonus + Vacation Pay Q1+Q2 2016
$98,480.00 Date: June 30, 2016
FOR VALUE RECEIVED, the undersigned, Skinvisible, Inc., of 6320 South Sandhill Road, Suite 10, Las Vegas, NV 89120 promises to pay to the order of Terry Howlett (“Lender”), whose address is 356 Vincents Hollow Circle, Henderson, NV. 89052, or such other place as the Lender may designate in writing to the undersigned, the principal sum of Ninety Eight Thousand Four Hundred and Eighty Dollars ($98,480.00), together with interest thereon from date hereof until paid, at the rate of ten percent (10%) per annum as follows: The entire principal and interest amount shall be repaid on or before June 30, 2021.
All or any part of the aforesaid principal sum plus interest may be prepaid at any time and from time to time without penalty. This note is in regards to gross salary and bonus from January 1, 2016 to June 30, 2016.
Upon written request by Lender, the principal of this loan and accrued interest may be converted to common shares of Skinvisible, Inc. at the price of Two Cents ($0.02) per share at any time up until June 30, 2021. In addition, the Company will issue a warrant agreement in the name of your designate, which will give the holder the right to purchase further shares at Two Cents ($0.02) per share if exercised within 3 years following the conversion date. The warrant agreement will give the holder the right to purchase one share for every two shares acquired by the holder in this transaction for an aggregate total of Two Million Four Hundred and Sixty Two Thousand (2,462,000) additional shares at the above price.
This note is made and executed under, and is in all respects governed by, the laws of the State of Nevada.
/s/ Terry Howlett
Skinvisible, Inc.
| 2016 | Q1+Q2 Gross Salary Owed | $90,000.00 | |
| 2016 | Q1+Q2 Bonus | 980.00 | |
| 2016 | Q1+Q2 Vacation | $7,500.00 | |
| TOTAL | $98,480.00 | ||
|
GRAND TOTAL | $98,480.00 | # of Shares @ 2¢ = 4,924,000 / Warrants @ 2¢ = 2,462,000 |
