PROMISSORY NOTE – 2015 SALARY
$177,213.33 Date: December 31,2015
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 , or such other place as theLender
may designate in writing to the undersigned, the principal sum ofOne Hundred and Seventy- Seven Thousand, Two Hundred and Thirteen and Thirty-Three Cents ($177,213.33),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 beforeDecember 31, 2020.
All or any part of the aforesaid principal sum may be prepaid at any time and from time to time without penalty. This note is in regards to gross salary, plus vacation due from January 1, 2015 to December 31,2015.
Upon written request by Lender, the principal of this loan may be converted to common shares of Skinvisible, Inc. at the price ofTwo Cents ($0.02)per share at any time up untilDecember 31, 2020.Inaddition, the Company will issue a warrant agreement in the name of your designate, which will give the holder the right to purchase further shares atTwo Cents ($0.02)per share if exercised within3 yearsfollowing 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 Four Million,Four Hundred Thirty Thousand, Three Hundred and Twenty-Five (4,430,325)additional shares at the aboveprice.
This note is made and executed under, and is in all respects governed by, the laws of the Stateof Nevada.
Skinvisible, Inc.