Promissory Note between Skinvisible, Inc. and Lorne Willment dated February 1, 2016
Skinvisible, Inc. agrees to repay Lorne Willment $25,000 plus 10% annual interest by May 17, 2016. As part of the loan, Skinvisible will also issue 250,000 shares at $0.02 per share. The loan can be prepaid without penalty. The lender may convert the loan into common shares at $0.02 per share plus half a warrant per share until July 25, 2016. Warrants can be exercised at $0.02 per share and expire one year after conversion. The agreement is governed by Nevada law.
PROMISSORY NOTE
$25,000.00 Date: February 1, 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 Lorne Willment (“Lender”), whose address is #532 - 15216 North Bluff Rd., White Rock, B.C. V4B 0A7, or such other place as the Lender may designate in writing to the undersigned, the principal sum of Twenty Five Thousand Dollars ($25,000.00), 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 May 17, 2016. As payment for the loan the company agrees to give 250,000 shares of Skinvisible, Inc at a deemed value of $0.02 per share.
All or any part of the aforesaid principal sum may be prepaid at any time and from time to time without penalty.
Upon written request by Lender, the principal of this loan may be converted to common shares of Skinvisible, Inc. at the price of $0.02 per share plus ½ warrant at any time up until July 25, 2016. Warrants shall be issued at $0.02 per share and may be converted equal to 1 share for every 2 warrants issued and shall expire 1 year from conversion of the loan conversion date.
This note is made and executed under, and is in all respects governed by, the laws of the State of Nevada.
/s/ Terry Howlett
Terry Howlett
Skinvisible, Inc.
