Exhibit 10.28

NOTE CONVERSION AGREEMENT

This Note Conversion Agreement (“Agreement”) is entered into this 20th day of
December 2007, by DRTATTOFF, LLC (the “Company”), a California limited liability
company, and each of the undersigned noteholders (each a “Noteholder” and
together, the “Noteholders”).

BACKGROUND

WHEREAS, the Company has previously issued to the Noteholders certain promissory
notes more particularly described in Annex A attached hereto, which contents are
expressly incorporated herein (each a “Note” and together, the “Notes”); and

WHEREAS, the Company has requested, and each of the Noteholders has agreed, to
convert the outstanding principal amount and all accrued and unpaid interest due
on the Notes into units of membership interests in the Company (the “Units”).

NOW, THEREFORE, in consideration of the foregoing, of the mutual agreements
hereinafter set forth, and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree follows:

1.  The parties agree that the Recitals set forth above are true and correct and
are incorporated into this Agreement by reference.

2. Each Noteholder hereby agrees to convert all outstanding principal and
accrued but unpaid interest due on the Notes as of December 20, 2007
(“Conversion Date”) (the sum of the unpaid principal amount, or portion hereof,
plus all accrued and unpaid interest as calculated on the Conversion Date being
referred to herein as the “Note Value”) into Units at a conversion price of
$1.00 per Unit (the “Conversion Price”). Each Noteholder shall also receive a
warrant to purchase ½ Unit, at an exercise price of $1.25 per Unit, for each
Unit issued upon conversion of each Note.

3. Each Noteholder hereby agrees that on the Conversion Date any and all
obligations of the Company with respect to each Note shall be deemed satisfied
in its entirety, and that the Company will have no further obligation under the
Note nor to each respective Noteholder in any way other than to issue the Units
in the amounts set forth in Annex A attached hereto.

4. This Agreement may be executed in any number of counterparts, each of which
shall constitute an original, and all of which, taken together, shall constitute
the same instrument.

5.  This Agreement may be executed by facsimile signature and that such
facsimile signature shall have the same effect as original signatures.

[Signature Page Follows]
 
 
 

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IN WITNESS WHEREOF, the parties have executed this Agreement the day and year
first above written.
 

        DRTATTOFF, LLC  
   
   
    By:   /s/ James Morel  

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Name: James Morel   Title: Chief Executive Officer

 
 
ACCEPTED AND APPROVED:

        /s/ Scott Woodruff      

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Scott Woodruff                     /s/ William Kirby      

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William Kirby                       /s/ Christopher Knight      

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Christopher Knight                       /s/ Ian Kirby      

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Ian Kirby      

 
 

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Annex A

Note Value
Holder
Units
Issuable
Upon Conversion
Warrants
Issuable Upon
Conversion
$54,689.04
Scott Woodruff
54,690
27,345
$10,590.68
Scott Woodruff
10,591
5,296
$55,071.56
William Kirby
55,072
27,536
$143,822.47
Christopher Knight
143,823
71,912
$26,013.70
Christopher Knight
26,014
13,007
$77,732.88
Christopher Knight
77,733
38,867
$78,143.84
Ian Kirby
78,144
39,072

 
 

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