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 ofTerry Howlett(“Lender”), whose addressis , or such other place as theLender
may designate in writing to the undersigned, the principal sum ofNinety 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 beforeJune 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 ofTwo Cents ($0.02)per share at any time up untilJune 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 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 ofTwo Million Four Hundred and Sixty Two Thousand (2,462,000)additional shares at the aboveprice.
This note is made and executed under, and is in all respects governed by, the laws of the State of Nevada.
Skinvisible, Inc.