THIS AGREEMENT made the 1 day of April , 1999.
----- -----
BETWEEN:
SKINVISIBLE INC.
0000 Xxxxx Xxxxxxxx Xxxx Xxxxx 00
Xxx Xxxxx, Xxxxxx
X.X.X. 00000
(hereinafter called the Company)
OF THE FIRST PART
AND:
XXXXX XXXXXXXX
426 - 000 Xxxxx Xxxx
Xxxxxxx, Xxxxxxx Xxxxxxxx
X0X 0X0 Xxxxxx
(hereinafter called Xxxxxxxx)
OF THE SECOND PART
WHEREAS SKINVISIBLE INC. is a company duly incorporated and
carrying on business in the United States of America and elsewhere;
AND WHEREAS SKINVISIBLE INC. has developed a revolutionary new
personal hygiene product for public consumption;
AND WHEREAS SKINVISIBLE INC. requires the services of talented
persons to market and sell this product;
AND WHEREAS XXXXX XXXXXXXX is anxious to become involved as an
active participant in the sales program of Skinvisible Inc.;
NOW THEREFORE THIS AGREEMENT WITNESSES THAT, in consideration
of the matters referred to, the parties agree as follows:
1. The company will employ Xxxxxxxx as its chief operating
officer. The duties and responsibilities of Xxxxxxxx
will be enumerated in a separate agreement and Xxxxxxxx
agrees to work exclusively for the company in this
capacity.
2. The agreement will be for a term of one (1) years, and
will commence on April 1, 1999; This agreement may be
renewed for a further one year term at that date
subject to the mutual of both parties.
3. The company will pay Xxxxxxxx the sum of ONE HUNDRED
THOUSAND DOLLARS ($100,000) (U.S.) per annum as a base
salary payable in equal monthly payments.
4. The company will pay Xxxxxxxx a further ONE THOUSAND
FOUR HUNDRED DOLLARS ($1,400.00) (U.S.) per month as an
automobile\living allowance payable on the 1st day of
each and every month of the agreement.
5. The company also agrees to sell Xxxxxxxx THIRTY THOUSAND
SHARES (30,000) of the company each and every year of
this agreement (a total of NINETY THOUSAND SHARES
(90,000) (over three (3) years) at a price of no more than
THREE DOLLARS AND FIFTY CENTS ($3.50) (U.S.) per share in
any year.
IN WITNESS WHEREOF Xxxxx Xxxxxxxx has set his hand and seal,
and Skinvisible Inc. has affixed its corporate seal attested by the
hands of its duly authorized officers, this 1 day of April,
1999.
SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
\s\ Xxxxxx X. Xxxxxxx ) \s\ Xxxxx Xxxxxxxx
--------------------------- ) -------------------------
Witness ) Xxxxx Xxxxxxxx
)
--------------------------- )
Address )
) \s\ Xxxxx Xxxxxxx
--------------------------- ) -------------------------
Skinvisible, Inc. ) authorized signatory
--------------------------- )
Xxxxx Xxxxxxx -Pres. )
--------------------------- )
Occupation ) c\s
c\s
