LOAN CONVERSION AGREEMENT
THIS LOAN CONVERSION AGREEMENT (the "Agreement") is entered into as of March 5,
2001 (the "Effective Date") by and between Xxxx Family Trust ("Lender") whose
address is 00 Xxxxxxxx Xxxxxxx, Xxxxxxx, XX 00000, and Skinvisible, Inc., a
Nevada corporation (the "Company"), whose address is 0000 Xxxxx Xxxxxxxx Xxxx,
Xxxxx 00, Xxx Xxxxx, XX 00000.
WHEREAS, on January 23, 2001, the Lender loaned the sum of Five Hundred Thousand
Dollars ($500,000), (the "Principal") to the Company in the form of an unsecured
debt at the rate of 10% per annum simple interest.
WHEREAS, on March 5, 2001, the Company paid to Lender the sum of Five Thousand
Seven Hundred Fifty Three dollars and 43 cents ($5,753.43) for interest accrued
from January 23, 2001 to March 5, 2001.
WHEREAS, both Lender and Company wish to convert the Principal amount of the
loan into subscription funds for Shares of Common Stock of Skinvisible, Inc. per
the terms and conditions of the Skinvisible, Inc. Private Offering Memorandum
dated March 1, 2001 (the "Offering").
NOW THEREFORE, in consideration of the covenants contained herein, the above
recitals and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:
The Company and Lender will accept the conversion of the Principal of the loan
to subscription funds for the Offering referenced above.
IN WITNESS WHEREOF, the parties, intending to be bound hereby, have executed
this Agreement as of the date first written above.
XXXX FAMILY TRUST
/s/ Xxxxxx X. Xxxx
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By: Xxxxxx X. Xxxx, Trustee
SKINVISIBLE, INC.
/s/ Xxxxx Xxxxxxx
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By: Xxxxx Xxxxxxx, President
