Document:

Collateral Agent Agreement

 Exhibit 4.08 
  
 COLLATERAL AGENT AGREEMENT 
  
 COLLATERAL AGENT AGREEMENT (this “Agreement”) dated as of December 2, 2004, among Barbara R. Mittman
(the “Collateral Agent”), and the parties identified on Schedule A hereto (each, individually, a “Lender” and collectively, the “Lenders”), who hold or will acquire secured convertible notes issued
or to be issued by BlastGard International, Inc. (“BlastGard”), a Colorado corporation, at or about the date of this Agreement and in the future upon the occurrence of certain events as described in the Security Agreements referred to in
Section 1(a) below (collectively herein the “Notes”). 
  
 WHEREAS, the Lenders have made, are making and will be making loans to BlastGard to be secured by certain collateral; and 
  
 WHEREAS, it is desirable to provide for the orderly administration of such collateral by requiring each Lender to appoint the Collateral Agent, and the
Collateral Agent has agreed to accept such appointment and to receive, hold and deliver such collateral, all upon the terms and subject to the conditions hereinafter set forth; and 
  
 WHEREAS, it is desirable to allocate the enforcement of certain rights of the Lenders under the Notes for the orderly
administration thereof. 
  
 NOW, THEREFORE, in consideration of
the premises set forth herein and for other good and valuable consideration, the parties hereto agree as follows: 
  
 1. Collateral. 
  
 (a) Contemporaneously with the execution and delivery of this Agreement by the Collateral Agent and the Lenders, (i) the Collateral Agent has or will
have entered into a Security and Pledge Agreement between the Collateral Agent and BlastGard and between the Collateral Agent and BlastGard Technologies, Inc., a Florida corporation (“Subsidiary”) (each a “Security
Agreement”), regarding the grant of a security interest in assets owned by BlastGard and Subsidiary (such assets are referred to herein and in the Security Agreement as the “Collateral”) to the Collateral Agent, for the
benefit of the Lenders, (ii) Subsidiary will be delivering a Guaranty Agreement (the “Guaranty”) to the Collateral Agent with Subsidiary guaranteeing the obligations of BlastGard under the Notes, Subscription Agreement, this Agreement and
all other agreements described on the foregoing agreements (collectively “Borrower Documents”) and (iii) BlastGard is issuing the Notes to the Lenders. 
  
 (b) For purposes solely of perfection of the security interests granted to the Collateral Agent, as agent on behalf of the
Lenders, and on its own behalf under the Borrower Documents - the Collateral Agent hereby acknowledges that any Collateral held by the Collateral Agent is held for the benefit of the Lenders in accordance with this Agreement and the Borrower
Documents. No reference to the Borrower Documents or any other instrument or document shall be deemed to incorporate any term or provision thereof into this Agreement unless expressly so provided. 
  
 (c) The Collateral Agent is to distribute in accordance with the Borrower
Documents any proceeds received from the Collateral which are distributable to the Lenders in proportion to their respective interests in the Obligations as defined in the Borrower Documents. 
  

 1 
  
 (Collateral Agent Agreement) 

 2. Appointment of the Collateral Agent. 
  
 The Lenders hereby appoint the Collateral Agent (and the Collateral Agent
hereby accepts such appointment) to take any action including, without limitation, the registration of any Collateral in the name of the Collateral Agent or its nominees prior to or during the continuance of an Event of Default (as defined in the
Borrower Documents), the exercise of voting rights upon the occurrence and during the continuance of an Event of Default, the application of any cash collateral received by the Collateral Agent to the payment of the Obligations, the making of any
demand under the Borrower Documents, the exercise of any remedies given to the Collateral Agent pursuant to the Borrower Documents and the exercise of any authority pursuant to the appointment of the Collateral Agent as an attorney-in-fact pursuant
to the Security Agreement that the Collateral Agent deems necessary or proper for the administration of the Collateral pursuant to the Borrower Documents. Upon disposition of the Collateral in accordance with the Borrower Documents, the Collateral
Agent shall promptly distribute any cash or Collateral in accordance with Section 10.4 of the Borrower Documents Lenders must notify Collateral Agent in writing of the issuance of Notes to Lenders by BlastGard. The Collateral Agent will not be
required to act hereunder in connection with Notes not disclosed in writing to the Collateral Agent. 
  
 3. Action by the Majority in Interest. 
  
 (a) Certain Actions. Each of the Lenders covenants and agrees that only a Majority in Interest shall have the right, but not the obligation, to
undertake the following actions (it being expressly understood that less than a Majority in Interest hereby expressly waive the following rights that they may otherwise have under the Notes, but only insofar as such waiver affects their right to
receive proceeds from the Collateral): 
  
 (i)
Acceleration. If an Event of Default occurs, after the applicable cure period, if any, a Majority in Interest may, on behalf of all the Lenders, instruct the Collateral Agent to provide to BlastGard notice to cure such default and/or declare
the unpaid principal amount of the Notes to be due and payable, together with any and all accrued interest thereon and all costs payable pursuant to such Notes; 
  

(ii) Enforcement. Upon the occurrence of any Event of Default after the applicable cure period, if any, a Majority in Interest may instruct the
Collateral Agent to proceed to protect, exercise and enforce, on behalf of all the Lenders, their rights and remedies under the Notes against BlastGard, and such other rights and remedies as are provided by law or equity; 
  
 (iii) Waiver of Past Defaults. A Majority in Interest may instruct
the Collateral Agent to waive any Event of Default by written notice to BlastGard, and the other Lenders; and 
  
 (iv) Amendment. A Majority in Interest may instruct the Collateral Agent to waive, amend, supplement or modify any term, condition or other
provision in the Notes or Borrower Documents in accordance with the terms of the Notes or Borrower Documents so long as such waiver, amendment, supplement or modification is made with respect to all of the Notes and with the same force and effect
with respect to each of the Notes. 
  
 (b) Permitted
Subordination. A Majority in Interest may instruct the Collateral Agent to agree to subordinate any Collateral to any claim and may enter into any agreement with BlastGard to evidence such subordination; provided, however, that
subsequent to any such subordination, each Note shall remain pari passu with the other Notes held by the Lenders. 
  

 2 
  
 (Collateral Agent Agreement) 

 (c) Further Actions. A Majority in Interest may instruct the Collateral Agent to take any action
that it may take under this Agreement by instructing the Collateral Agent in writing to take such action on behalf of all the Lenders. 
  
 (d) Majority in Interest. For so long as any obligations remain outstanding on the Notes, Majority in Interest shall mean Lenders who hold not
less than seventy-five percent (75%) of the outstanding principal amount of the Notes. 
  
 4. Power of Attorney. 
  
 (a) To effectuate the terms and provisions hereof, the Lenders hereby appoint the Collateral Agent as their attorney-in-fact (and the Collateral Agent hereby accepts such appointment) for the purpose of carrying out the provisions of this
Agreement including, without limitation, taking any action on behalf of, or at the instruction of, the Majority in Interest at the written direction of the Majority in Interest and executing any consent authorized pursuant to this Agreement and
taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable (and lawful) to accomplish the purposes hereof. 
  
 (b) All acts done under the foregoing authorization are hereby ratified and approved and neither the Collateral Agent nor any designee nor agent thereof
shall be liable for any acts of commission or omission, for any error of judgment, for any mistake of fact or law except for acts of gross negligence or willful misconduct. 
  
 (c) This power of attorney, being coupled with an interest, is irrevocable while this Agreement remains in effect.

  
 5. Expenses of the Collateral Agent. The Lenders shall
pay any and all costs and expenses incurred by the Collateral Agent, all waivers, releases, discharges, satisfactions, modifications and amendments of this Agreement, the administration and holding of the Collateral, insurance expenses, and the
enforcement, protection and adjudication of the parties’ rights hereunder by the Collateral Agent, including, without limitation, the reasonable disbursements, expenses and fees of the attorneys the Collateral Agent may retain, if any, each of
the foregoing in proportion to their holdings of the Notes. 
  
 6.
Reliance on Documents and Experts. The Collateral Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, statement, paper, document, writing or communication (which may be by telegram, cable, telex, telecopier, or
telephone) reasonably believed by it to be genuine and to have been signed, sent or made by the proper person or persons, and upon opinions and advice of its own legal counsel, independent public accountants and other experts selected by the
Collateral Agent. 
  
 7. Duties of the Collateral Agent;
Standard of Care. 
  
 (a) The Collateral Agent’s only
duties are those expressly set forth in this Agreement, and the Collateral Agent hereby is authorized to perform those duties in accordance with commercially reasonable practices. The Collateral Agent may exercise or otherwise enforce any of its
rights, powers, privileges, remedies and interests under this Agreement and applicable law or perform any of its duties under this Agreement by or through its officers, employees, attorneys, or agents. 
  

 3 
  
 (Collateral Agent Agreement) 

 (b) The Collateral Agent shall act in good faith and with that degree of care that an ordinarily prudent
person in a like position would use under similar circumstances. 
  
 (c) Any funds held by the Collateral Agent hereunder need not be segregated from other funds except to the extent required by law. The Collateral Agent shall be under no liability for interest on any funds received by it hereunder.

  
 8. Resignation. The Collateral Agent may resign and be
discharged of its duties hereunder at any time by giving written notice of such resignation to the other parties hereto, stating the date such resignation is to take effect. Within five (5) days of the giving of such notice, a successor collateral
agent shall be appointed by the Majority in Interest; provided, however, that if the Lenders are unable so to agree upon a successor within such time period, and notify the Collateral Agent during such period of the identity of the
successor collateral agent, the successor collateral agent may be a person designated by the Collateral Agent, and any and all fees of such successor collateral agent shall be the joint and several obligation of the Lenders. The Collateral Agent
shall continue to serve until the effective date of the resignation or until its successor accepts the appointment and receives the Collateral held by the Collateral Agent but shall not be obligated to take any action hereunder. The Collateral Agent
may deposit any Collateral with the Supreme Court of the State of New York for New York County or any such other court in New York State that accepts such Collateral. 
  
 9. Exculpation. The Collateral Agent and its officers, employees, attorneys and agents, shall not incur any liability
whatsoever for the holding or delivery of documents or the taking of any other action in accordance with the terms and provisions of this Agreement, for any mistake or error in judgment, for compliance with any applicable law or any attachment,
order or other directive of any court or other authority (irrespective of any conflicting term or provision of this Agreement), or for any act or omission of any other person engaged by the Collateral Agent in connection with this Agreement, unless
occasioned by the exculpated person’s own gross negligence or willful misconduct; and each party hereto hereby waives any and all claims and actions whatsoever against the Collateral Agent and its officers, employees, attorneys and agents,
arising out of or related directly or indirectly to any or all of the foregoing acts, omissions and circumstances. 
  
 10. Indemnification. The Lenders hereby agree to indemnify, reimburse and hold harmless the Collateral Agent and its directors, officers,
employees, attorneys and agents, jointly and severally, from and against any and all claims, liabilities, losses and expenses that may be imposed upon, incurred by, or asserted against any of them, arising out of or related directly or indirectly to
this Agreement or the Collateral, except such as are occasioned by the indemnified person’s own gross negligence or willful misconduct. 
  
 11. Miscellaneous. 
  
 (a) Rights and Remedies Not Waived. No act, omission or delay by the Collateral Agent shall constitute a waiver of the Collateral Agent’s
rights and remedies hereunder or otherwise. No single or partial waiver by the Collateral Agent of any default hereunder or right or remedy that it may have shall operate as a waiver of any other default, right or remedy or of the same default,
right or remedy on a future occasion. 
  
 (b) Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts or choice of law (or any other law that would make any substantive laws of any state other
than the State of New York applicable hereto). 
  

 4 
  
 (Collateral Agent Agreement) 

 (c) Waiver of Jury Trial and Setoff; Consent to Jurisdiction; Etc. 
  
 (i) In any litigation in any court with respect to, in connection with, or
arising out of this Agreement or any instrument or document delivered pursuant to this Agreement, or the validity, protection, interpretation, collection or enforcement hereof or thereof, or any other claim or dispute howsoever arising, between the
Collateral Agent and the Lenders or any Lender, then each Lender, to the fullest extent it may legally do so, (i) waives the right to interpose any setoff, recoupment, counterclaim or cross-claim in connection with any such litigation, irrespective
of the nature of such setoff, recoupment, counterclaim or cross-claim, unless such setoff, recoupment, counterclaim or cross-claim could not, by reason of any applicable federal or state procedural laws, be interposed, pleaded or alleged in any
other action; and (ii) WAIVES TRIAL BY JURY IN CONNECTION WITH ANY SUCH LITIGATION AND ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES. EACH LENDER AGREES THAT THIS SECTION 11(c) IS A SPECIFIC AND MATERIAL ASPECT OF THIS AGREEMENT AND ACKNOWLEDGE THAT THE COLLATERAL AGENT WOULD NOT ENTER THIS AGREEMENT IF THIS SECTION 11(c) WERE NOT PART OF THIS
AGREEMENT. 
  
 (ii) Each Lender irrevocably consents to the
exclusive jurisdiction of any State or Federal Court located within the County of New York, State of New York, in connection with any action or proceeding arising out of or relating to this Agreement or any document or instrument delivered pursuant
to this Agreement or otherwise. In any such litigation, each Lender waives, to the fullest extent it may effectively do so, personal service of any summons, complaint or other process and agree that the service thereof may be made by certified or
registered mail directed to such Lender at its address for notice determined in accordance with Section 11(e) hereof. Each Lender hereby waives, to the fullest extent it may effectively do so, the defenses of forum non conveniens and improper venue.

  
 (d) Admissibility of this Agreement. Each of the
Lenders agrees that any copy of this Agreement signed by it and transmitted by telecopier for delivery to the Collateral Agent shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the
original is in existence. 
  
 (e) Address for Notices. Any
notice or other communication under the provisions of this Agreement shall be given in writing and delivered in person, by reputable overnight courier or delivery service, by facsimile machine (receipt confirmed) with a copy sent by first class mail
on the date of transmissions, or by registered or certified mail, return receipt requested, directed to its addresses set forth below (or to any new address of which any party hereto shall have informed the others by the giving of notice in the
manner provided herein): 
  
 In the case of the Collateral
Agent, to it at: 
  
 Barbara R. Mittman 
 551 Fifth Avenue, Suite 1601 
 New York, New
York 10176 
 Fax: (212) 697-3575 
  

 5 
  
 (Collateral Agent Agreement) 

 In the case of the Lenders, to: 
  
 To the address and telecopier number set forth on 
 Schedule A hereto. 
  
 In the case of BlastGard and Subsidiary, to: 
  
 BlastGard International, Inc. 
 12900
Automobile Blvd., Suite D 
 Clearwater, Florida 33762 
 Attn: James F. Gordon, CEO 
 Fax: (727) 592-9402 
  
 With a copy by telecopier only to: 
  
 Futro & Associates, P.C. 
 Fax: (303) 295-1563 
  
 (f) Amendments and Modification; Additional Lender. No provision hereof shall be modified, altered, waived or limited except by written instrument
expressly referring to this Agreement and to such provision, and executed by the parties hereto. Any transferee of a Note who acquires a Note after the date hereof will become a party hereto by signing the signature page and sending an executed copy
of this Agreement to the Collateral Agent and receiving a signed acknowledgement from the Collateral Agent. 
  
 (g) Fee. Upon the occurrence of an Event of Default, the Lenders collectively shall pay the Collateral Agent the sum of $10,000 to apply against
an hourly fee of $350 to be paid to the Collateral Agent by the Lenders for services rendered pursuant to this Agreement. All payments due to the Collateral Agent under this Agreement including reimbursements must be paid when billed. The Collateral
Agent may refuse to act on behalf of or make a distribution to any Lender who is not current in payments to the Collateral Agent. Payments required pursuant to this Agreement shall be pari passu to the Lenders’ interests in the
Notes. The Collateral Agent is hereby authorized to deduct any sums due the Collateral Agent from Collateral in the Collateral Agent’s possession. 
  
 (h) Counterparts/Execution. This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile signature and delivered by facsimile transmission.

  
 (i) Successors and Assigns. Whenever in this Agreement
reference is made to any party, such reference shall be deemed to include the successors, assigns, heirs and legal representatives of such party. No party hereto may transfer any rights under this Agreement, unless the transferee agrees to be bound
by, and comply with all of the terms and provisions of this Agreement, as if an original signatory hereto on the date hereof. 
  

 6 
  
 (Collateral Agent Agreement) 

 (j) Captions: Certain Definitions. The captions of the various sections and paragraphs of this
Agreement have been inserted only for the purposes of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge or restrict any of the provisions of this Agreement. As used in this
Agreement the term “person” shall mean and include an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization and a government or any department or agency
thereof. 
  
 (k) Severability. In the event that any term
or provision of this Agreement shall be finally determined to be superseded, invalid, illegal or otherwise unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not impair or otherwise
affect the validity, legality or enforceability (i) by or before that authority of the remaining terms and provisions of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before any other
authority of any of the terms and provisions of this Agreement. 
  
 (l) Entire Agreement. This Agreement contains the entire agreement of the parties and supersedes all other agreements and understandings, oral or written, with respect to the matters contained herein. 
  
 (m) Schedules. The Collateral Agent is authorized to annex hereto any
schedules referred to herein. 
  
 [THIS SPACE INTENTIONALLY LEFT
BLANK] 
  

 7 
  
 (Collateral Agent Agreement) 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Agent Agreement to be signed, by their
respective duly authorized officers or directly, as of the date first written above. 
  
 “LENDERS” 
  

			
	 	 	  

  

									
	 	 	 	 	 	 	

	 	 	 	 	 	 	BARBARA R. MITTMAN - Collateral Agent
	Acknowledged:	 	 	 	 	 	 
			
	BLASTGARD INTERNATIONAL, INC.	 	 	 	[SUBSIDIARY]
					
	By:	 	  

	 	 	 	By:	 	  

	Name:	 	 	 	 	 	Name:	 	 
	Title:	 	 	 	 	 	Title:	 	 
			
	[SUBISIDARY]	 	 	 	[SUBSIDIARY]
					
	By:	 	  

	 	 	 	By:	 	  

	Name:	 	 	 	 	 	Name:	 	 
	Title:	 	 	 	 	 	Title:	 	 

  
 This Collateral
Agent Agreement may be signed by facsimile signature and delivered by confirmed 
 facsimile transmission. 
  

 8 
  
 (Collateral Agent Agreement) 

 SCHEDULE A TO COLLATERAL AGENT AGREEMENT 
  

								
	 SUBSCRIBER

	  	NOTE
PRINCIPAL

	  	CLASS A
WARRANTS

	  	CLASS B
WARRANTS

	 ALPHA CAPITAL
 AKTIENGESELLSCHAFT
 Pradafant 7
 9490 Furstentums
 Vaduz, Lichtenstein
 Fax: 011-42-32323196
	  	$	1,000,000	  	333,334	  	99,999
				
	 Genesis Microcap
	  	$	200,000	  	66,667	  	20,000
				
	 Steven Gold
 874 East 9th Street
 Brooklyn, New York 11230
 Fax: (718) 677-6009
	  	$	100,000	  	33,334	  	10,000
				
	 Asher Brand
 30 Olympia Lane
 Monsey, NY 10952
 Fax: (212) 586-8244
	  	$	20,000	  	6,667	  	2000
	 	  	
	
	  	
	  	

	 TOTAL
	  	$	1,320,000	  	440,002	  	131,999
	 	  	
	
	  	
	  	

  

 9 
  
 (Collateral Agent Agreement)Guaranty Agreement

 Exhibit 4.09 
  
 GUARANTY AGREEMENT 
  
 1. Identification. 
  
 This Guaranty Agreement (the “Guaranty”), dated as of December 2, 2004, is entered into by and between BlastGard Technologies, Inc., a
Florida corporation ( “Guarantor” herein) and Barbara Mittman, as collateral agent acting in the manner and to the extent described in the Collateral Agent Agreement defined below (the “Collateral Agent”), for the benefit of the
parties identified on Schedule A hereto (each a “Lender” and collectively, the “Lenders”). 
  
 2. Recitals. 
  
 2.1
Guarantor is a wholly-owned subsidiary of BlastGard International, Inc., a Colorado corporation (“BlastGard”). The Lenders have made, are making and will be making loans to BlastGard (the “Loans”). Guarantor will obtain
substantial benefit from the proceeds of the Loans. 
  
 2.2 The
Loans are and will be evidenced by certain convertible promissory notes (each a “Convertible Note” and collectively, the “Convertible Notes”) issued by BlastGard on or about the date of this Agreement pursuant to subscription
agreements (“Subscription Agreements”) and in the future upon the occurrence of certain events. The Convertible Notes are further identified on Schedule A hereto and were and will be executed by BlastGard as “Borrower” or
“Debtor” for the benefit of each Lender as the “Holder” or “Lender” thereof. 
  
 2.3 In consideration of the Loans made by Lenders to BlastGard and for other good and valuable consideration, and as security for the performance by
BlastGard of its obligations under the Convertible Notes and as security for the repayment of the Loans and all other sums due from Debtor to Lenders arising under the Convertible Notes, Subscription Agreements, Collateral Agent Agreements and any
other agreement between or among them relating to the foregoing (collectively, the “Obligations”), Guarantor, for good and valuable consideration, receipt of which is acknowledged, has agreed to enter into this Agreement with the
Collateral Agent, for the benefit of the Lenders. Obligations include all future advances by Lenders to BlastGard made by all Lenders on substantially the same terms and in proportion to their interests in the Obligations. 
  
 2.4 The Lenders have appointed Barbara Mittman as Collateral Agent pursuant
to that certain Collateral Agent Agreement dated at or about November     , 2004 (“Collateral Agent Agreement”), among the Lenders and Collateral Agent. 
  
 3. Guaranty. 
  
 3.1 Guaranty. Guarantor hereby unconditionally and irrevocably guarantees the punctual payment, performance and
observance when due, whether at stated maturity, by acceleration or otherwise, of all of the Obligations now or hereafter existing, whether for principal, interest (including, without limitation, all interest that accrues after the commencement of
any insolvency, bankruptcy or reorganization of BlastGard, whether or not constituting an allowed claim in such proceeding), fees, commissions, expense reimbursements, liquidated damages, indemnifications or otherwise (such obligations, to the
extent not paid by BlastGard being the “Guaranteed Obligations”), and agrees to pay any and all costs, fees and expenses (including reasonable counsel fees and expenses) incurred by Collateral Agent and the Lenders in enforcing any
rights under this Agreement. Without limiting the generality of the foregoing, Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by BlastGard to Collateral Agent and the
Lenders, but for the fact that they are unenforceable or not allowable due to the existence of an insolvency, bankruptcy or reorganization involving BlastGard. 
  

 1 

 3.2 Guaranty Absolute. Guarantor guarantees that the Guaranteed Obligations will be paid strictly
in accordance with the terms of the Convertible Notes, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Collateral Agent or the Lenders with respect thereto. The
obligations of Guarantor under this Agreement are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against Guarantor to enforce such obligations, irrespective of whether any action is brought
against BlastGard or any other Guarantor or whether BlastGard or any other Guarantor is joined in any such action or actions. The liability of Guarantor under this Agreement constitutes a primary obligation, and not a contract of surety, and shall
be irrevocable, absolute and unconditional irrespective of, and Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to, any or all of the following: 
  
 (a) any lack of validity or enforceability of the Convertible Notes or any
agreement or instrument relating thereto; 
  
 (b) any change in
the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from the Convertible Notes, including, without limitation, any increase in
the Guaranteed Obligations resulting from the extension of additional credit to BlastGard or otherwise; 
  
 (c) any taking, exchange, release, subordination or non-perfection of any Collateral, or any taking, release or amendment or waiver of or consent to
departure from any other guaranty, for all or any of the Guaranteed Obligations; 
  
 (d) any change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of BlastGard; or 
  
 (e) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on
any representation by Collateral Agent or the Lenders that might otherwise constitute a defense available to, or a discharge of, BlastGard or any other guarantor or surety. 
  
 This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by Collateral Agent, the Lenders or any other entity upon the insolvency, bankruptcy or reorganization of the BlastGard or otherwise (and whether as a result of any demand, settlement,
litigation or otherwise), all as though such payment had not been made. 
  
 3.3 Waiver. Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Agreement and any requirement that Collateral Agent or the Lenders
exhaust any right or take any action against any Borrower or any other person or entity or any Collateral. Guarantor acknowledges that it will receive direct and indirect benefits from the Guaranteed Obligations and that the waiver set forth in this
Section 3.3 is knowingly made in contemplation of such benefits. Guarantor hereby waives any right to revoke this Agreement, and acknowledges that this Agreement is continuing in nature and applies to all Guaranteed Obligations, whether
existing now or in the future. 
  
 3.4 Continuing Guaranty;
Assignments. This Agreement is a continuing guaranty and shall (a) remain in full force and effect until the later of the indefeasible cash payment in full of the Guaranteed 
  

 2 

 Obligations and all other amounts payable under this Agreement, the Subscription Agreements and Convertible Notes, (b) be
binding upon Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by Collateral Agent and the Lenders and their successors, pledgees, transferees and assigns. Without limiting the generality of the foregoing
clause (c), the Collateral Agent and any Lender may pledge, assign or otherwise transfer all or any portion of its rights and obligations under this Agreement (including, without limitation, all or any portion of its Convertible Notes owing to it)
to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted such Collateral Agent or Lender herein or otherwise. 
  
 3.5 Subrogation. Guarantor will not exercise any rights that it may now or hereafter acquire against the Collateral
Agent or any Lender or other guarantor (if any) that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Agreement, including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Collateral Agent or any Lender
or other guarantor (if any), directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all
other amounts payable under this Agreement shall have been indefeasibly paid in full in cash. If (i) any Guarantor shall make payment to Collateral Agent or to the Lenders of all or any part of the Guaranteed Obligations and (ii) all of the
Guaranteed Obligations and all other such other amounts payable under this Agreement, such payments shall be paid in full in cash. 
  
 3.6 Maximum Obligations. Notwithstanding any provision herein contained to the contrary, Guarantor’s liability with respect to the Obligations
shall be limited to an amount not to exceed, as of any date of determination, the amount that could be claimed by Lenders from Guarantor without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any
applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
  
 4. Miscellaneous. 
  
 4.1 Expenses. Guarantor shall pay to the Collateral Agent, on demand, the amount of any and all reasonable expenses, including, without limitation,
reasonable attorneys’ fees, legal expenses and brokers’ fees, which the Collateral Agent may incur in connection with (a) exercise or enforcement of any the rights, remedies or powers of the Collateral Agent hereunder or with respect to
any or all of the Obligations; or (b) failure by Guarantor to perform and observe any agreements of Guarantor contained herein which are performed by the Collateral Agent, after any notice required to be given. 
  
 4.2 Waivers, Amendment and Remedies. No course of dealing by the
Collateral Agent and no failure by the Collateral Agent to exercise, or delay by the Collateral Agent in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, and no single or partial exercise thereof shall preclude any
other or further exercise thereof or the exercise of any other right, remedy or power of the Collateral Agent. No amendment, modification or waiver of any provision of this Agreement and no consent to any departure by Guarantor therefrom, shall, in
any event, be effective unless contained in a writing signed by the Collateral Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. The rights, remedies and powers of
the Collateral Agent, not only hereunder, but also under any instruments and agreements evidencing or securing the Obligations and under applicable law are cumulative, and may be exercised by the Collateral Agent from time to time in such order as
the Collateral Agent may elect. 
  
 4.3 Notices. All
notices or other communications given or made hereunder shall be in writing and shall be personally delivered or deemed delivered the first business day after being faxed 
  

 3 

 (provided that a copy is delivered by first class mail) to the party to receive the same at its address set forth below
or to such other address as either party shall hereafter give to the other by notice duly made under this Section: 
  

			
	To Guarantor:	  	BlastGard International, Inc.
	 	  	12900 Automobile Blvd., Suite D
	 	  	Clearwater, Florida 33762
	 	  	Attn: James F. Gordon
	 	  	CEO
	 	  	Fax: (727) 592-9402
		
	With a copy by to:	  	Futro & Associates, P.C.
	 	  	1401 – 17th St., Suite 1150
	 	  	Denver, Colorado 80202
	 	  	Fax: (303) 295-1563
		
	To Lenders:	  	To the addresses and telecopier numbers set
	 	  	forth on Schedule A
		
	To the Collateral Agent:	  	Barbara R. Mittman
	 	  	Grushko & Mittman, P.C.
	 	  	551 Fifth Avenue, Suite 1601
	 	  	New York, New York 10176
	 	  	Fax: (212) 697-3575

  
 Any party may change its address by
written notice in accordance with this paragraph. 
  
 4.4 Term;
Binding Effect. This Agreement shall (a) remain in full force and effect until payment and satisfaction in full of all of the Obligations; (b) be binding upon Guarantor and its successors and permitted assigns; and (c) inure to the benefit of
the Collateral Agent, for the benefit of the Lenders and their respective successors and assigns. All the rights and benefits granted by Guarantor to the Collateral Agent and Lenders hereunder and other agreements and documents delivered in
connection therewith are deemed granted to both the Collateral Agent and Lenders. Upon the satisfaction in full of the Obligations, (i) this Agreement shall terminate and (ii) Collateral Agent will, upon Guarantor’s request and at
Guarantor’s expense, execute and deliver to Guarantor such documents as Guarantor shall reasonably request to evidence such termination, all without any representation, warranty or recourse whatsoever. 
  
 4.5 Captions. The captions of Paragraphs, Articles and Sections in
this Agreement have been included for convenience of reference only, and shall not define or limit the provisions hereof and have no legal or other significance whatsoever. 
  
 4.6 Governing Law; Venue; Severability. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York without regard to principles of conflicts or choice of law, except to the extent that the perfection of the security interest granted hereby in respect of any item of Collateral may be governed by the law of another
jurisdiction. Any legal action or proceeding against Guarantor with respect to this Agreement may be brought in the courts of the State of New York or of the United States for the Southern District of New York, and, by execution and delivery of this
Agreement, Guarantor hereby irrevocably accepts for itself and in respect of its property, generally 
  

 4 

 and unconditionally, the jurisdiction of the aforesaid courts. Guarantor hereby irrevocably waives any objection which
they may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the aforesaid courts and hereby further irrevocably waives and agrees not to plead or
claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. If any provision of this Agreement, or the application thereof to any person or circumstance, is held invalid, such
invalidity shall not affect any other provisions which can be given effect without the invalid provision or application, and to this end the provisions hereof shall be severable and the remaining, valid provisions shall remain of full force and
effect. 
  
 4.7 Satisfaction of Obligations. For all
purposes of this Agreement including Section 4.4, the payment in full of the Obligations shall be conclusively deemed to have occurred when either the Obligations have been indefeasibly paid in cash or all outstanding Convertible Notes have been
converted to common stock pursuant to the terms of the Convertible Notes and the Subscription Agreements. 
  
 4.8 Counterparts/Execution. This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile signature and delivered by facsimile transmission.

  

 5 

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Guaranty Agreement, as of the
date first written above. 
  
 “GUARANTOR” “ 
 BlastGard Technologies, Inc. 
 a Florida corporation 
  

			
	By:	 	  

	Its:	 	  

  

					
	‘THE COLLATERAL AGENT”	 	 	 	 
	BARBARA R. MITTMAN	 	 	 	 
	  

	 	 	 	 

  
 APPROVED BY
“LENDERS”: 
  
  

					
	  

	 	 	 	  

	  

	 	 	 	  

  
 This Guaranty
Agreement may be signed by facsimile signature and 
 delivered by confirmed facsimile transmission. 
  

 6 

 SCHEDULE A TO GUARANTY 
  

								
	 SUBSCRIBER

	  	NOTE
PRINCIPAL

	  	CLASS A
WARRANTS

	  	CLASS B
WARRANTS

	 ALPHA CAPITAL
 AKTIENGESELLSCHAFT
 Pradafant 7
 9490 Furstentums
 Vaduz, Lichtenstein
 Fax: 011-42-32323196
	  	$	1,000,000	  	333,334	  	99,999
				
	 Genesis Microcap
	  	$	200,000	  	66,667	  	20,000
				
	 Steven Gold
 874 East 9th Street
 Brooklyn, New York 11230
 Fax: (718) 677-6009
	  	$	100,000	  	33,334	  	10,000
				
	 Asher Brand
 30 Olympia Lane
 Monsey, NY 10952
 Fax: (212) 586-8244
	  	$	20,000	  	6,667	  	2000
	 	  	
	
	  	
	  	

	 TOTAL
	  	$	1,320,000	  	440,002	  	131,999
	 	  	
	
	  	
	  	

  

 7

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