Agreement (2009)Full Document 

Start of Preview
EMPLOYMENT AGREEMENT


THIS AGREEMENT made as of January 29, 2009

BETWEEN:

SKINVISIBLE PHARMACEUTICALS, INC.
6320 S. Sandhill Rd., Suite 10
Las Vegas, Nevada 89120
(The “Corporation”)
OF THE FIRST PART

AND
TERRY HOWLETT
356 Vincents Hollow Circle
                                Henderson, Nevada 89052
(The “Employee”, “Him”, “His”, “He”)

OF THE SECOND PART

WHEREAS:

A.  
The Company and the Employee (“Parties”) have agreed to enter into this Agreement (“Agreement”) relating to the employment of the Employee by the Company.

B.  
The Employee has agreed to provide such services as an Employee upon the terms and conditions hereinafter set forth.


NOW THIS AGREEMENT WITNESSES that in consideration of the mutual promises, covenants and agreements herein contained, the Parties hereto agree as follows:

1.  
Engagement of Employee

1.1  
The Corporation hereby engages the Employee as President & CEO of the Corporation and the Employee hereby accepts such employment.

1.2  
The Employee shall perform all such acts and do all such things as and when the same may be necessary to properly and efficiently carry out the duties of President & CEO of the Corporation which duties shall include but shall not be limited to:
i.  
advising the Board of Directors on business development issues, opportunities and direction;
 
ii.  
exercising general direction and supervision over all activities of the Corporation;
 

 
iii.  
generally at all times abiding by all lawful directions given Him by the Board of Directors of the Corporation.
 
1.3  
The Employee shall at all times use His best effort to advance the interests of the Corporation, and shall faithfully, industriously, and to the best of His abilities; act as an Employee of the Corporation in accordance with the terms and conditions of this Agreement.

1.4  
The Employee warrants and represents to the Corporation that He is not party to any agreement or subject to any court order, which would prevent the Employee from providing the services.

2.  
Remuneration

2.1  
Salary. The Company shall pay the Employee a gross salary (before standard deductions) of $160,000 per year (the “Salary”) in consideration of the duties performed by the Employee. The Company shall make all payments in respect of the Salary to the Employee in equal installments on a bi-monthly basis commencing on the first payroll date of the Company after the date hereof.  The Employee’s Salary shall be reviewed on an annual basis in each year of this Agreement during the term of this Agreement beginning January 1, 2010.

2.2  
Bonus.  The Employee will be eligible to receive a company incentive bonus (“Bonus”) for the following:

i.  
For any product or technology license fee, the Employee will receive 1% on any amounts less than or equal to $1 million and ½ % on any balance and;
 
ii.  
If no license fee is paid, the Employee will receive 1% of royalty fees and;
 
iii.  
The Employee will receive 1% of all financing and loans generated for the Company not exceeding 50% of his Salary and;
 
iv.  
If the Company is acquired (“Change of Control”), as defined in Section 4.5, the Employee shall receive a bonus of 1% of the acquisition price of the Company;
 
v.  
End of Preview