Document:

Exhibit 10.26

EXHIBIT 10.26

2451 McMullen Booth Road, suite 207

Clearwater, FL 33759

Fax: 727-592-9402

Bushido Capital Master Fund, L.P.

March 20, 2008

Pierce Diversified Strategy Master Fund LLC, Series BUS

Gentlemen:

As of the date hereof, we owe $717,926 to certain note holders who are entitled to receive a balloon payment of that amount on March 20, 2008 (the “Senior Lenders”). We have negotiated and are seeking to finalize a five-month extension to the end of August 2008 which would involve a $150,000 pay down of these notes and certain adjustments to the conversion price of the notes based upon either a 10% or 15% discount to market price based upon the fair market value of the Company’s Common Stock and daily volume with a floor of $.10 per share and a ceiling of $.25 per share. The holders of the aforementioned notes agreed to waive any adjustment to the exercise price of their Class A and Class F Warrants that they own and they have agreed to waive any increase in the number of shares purchasable thereunder.

BlastGard is seeking to have its other warrant holders to similarly waive any of their anti-dilution provisions. 

On June 22, 2006, BlastGard borrowed $600,000 (the “2006 Debt”) from each of Bushido Capital Master Fund, L.P. and Pierce Diversified Strategy Master Fund LLC, Series BUS (the “Lenders”), each of which are holders of record of Class C and Class F Warrants.  Last year the Lenders entered into an agreement for Robocheyne Consulting LTD., Robert F. Rose Investments LTD. and 1615866 Ontario LTD. (the “Purchasers”) to purchase the then outstanding 2006 Debt and the remaining Class C and Class F Warrants owned by the Lenders and to automatically convert the 2006 Debt at each closing into our Common Stock at a conversion price of $.30 per share. Such obligation was guaranteed by Robert F. Rose. Subsequently, Robert F. Rose assigned certain rights to third parties (the “Assignees”), whose monies are currently held in escrow at Feldman Weinstein & Smith LLP and a dispute has arisen in connection with the foregoing transactions, which dispute is ongoing. 

Bushido Capital Master Fund, L.P.

Pierce Diversified Strategy Master Fund LLC, Series BUS

March 20, 2008

Page 2

In the event  (i) it is ultimately determined by a court of law or through a settlement agreement that the Lenders are the sole and rightful owners of the 2006 Debt and the Class C and Class F Warrants currently held of record by them and (ii) the Senior Lenders each agree to the terms set forth in the first paragraph of this letter, then by signing below, each of the undersigned agrees to waive any adjustment in the exercise price and number of shares purchasable thereunder pertaining to the Class C and Class F Warrants owned by them and the parties agree that in lieu of the anti-dilution provisions which would otherwise apply to the 2006 Debt, the conversion price of the 2006 Debt would be based on the following terms, which terms are identical to those that have been agreed to by theSenior Lenders: 

“The Holder(s) may elect at any time to convert through the Maturity Date of the Debentures and thereafter until the Debentures are paid in full, the unpaid principal of the Debentures and the accrued interest thereon at a 10% discount (15% discount if the average trading volume per day over the ten preceding trading days prior to a conversion date is 60,000 shares per day or less) to the fair market value of the Company’s Common Stock. The fair market value of the Company’s Common Stock is defined as the average of the closing sales price of the Company’s Common Stock on the OTC Electronic Bulletin Board for the ten trading days preceding each respective conversion date of the Note(s). Notwithstanding anything contained herein to the contrary, the Debentures shall not at any time be convertible at a conversion price below $.10 per share (the “Floor Price”) or above a ceiling price of $.25 per share (the “Ceiling Price”), both subject to adjustment for any subsequent stock splits or similar capital adjustments.”

The parties agree that in the event that a court of law or through a settlement agreement it is determined that the Assignees become the lawful owners of the 2006 Debt (converted into our Common Stock) and Class C and Class F Warrants, then this letter agreement shall be of no further force and effect and nothing contained herein shall act to amend the conversion price of $.30 per share that the Assignees of the 2006 Debt are contractually obligated to convert said 2006 Debt without the prior written consent of BlastGard, nor any adjustment to the Class C and Class F Warrants.

			
	 
	Very truly yours,

	 
	 

	         

	BLASTGARD INTERNATIONAL, INC.

	 
	 
	  

	 
	 
	 

	 
	By:  

	/s/ Michael J. Gordon

	 
	 
	Michael J. Gordon

Chief Financial Officer

			

Bushido Capital Master Fund, L.P.

Pierce Diversified Strategy Master Fund LLC, Series BUS

March 20, 2008

Page 3

		
	Agreed to and Accepted by:

	 

	BUSHIDO CAPITAL MASTER FUND, L.P.

	 
	  

	 
	 

	By:  

	/s/ Ronald S. Dagar

	 
	Ronald S. Dagar 

Director

		
	PIERCE DIVERSIFIED STRATEGY MASTER

FUND LLC, SERIES BUS

	 
	  

	 
	 

	By:  

	/s/ Ronald S. Dagar

	 
	Ronald S. Dagar 

Attorney in Factskinnutrtion_8k-ex1001.htm

    EXHIBIT
10.1

     

    ASSIGNMENT
AND ASSUMPTION AGREEMENT

     

    This
ASSIGNMENT AND ASSUMPTION
AGREEMENT ("Assignment and Assumption Agreement") effective as of
February __, 2008, is between Skin Nutrition LLC, a limited liability company
incorporated as such in terms of the laws of the State of Nevada ("Skin
Nutrition" or "Assignor"), Ascension Energy, Inc. (the "Company" or "Assignee"),
a shell company incorporated in the State of Colorado, and Meridian Group
Corporation and the Equinas Corporation, both Marshall Island companies
(collectively, the "Controlling Entities") currently controls the Company by
virtue of control or ownership of majority voting rights of the outstanding
capital stock of the Company;

    

    WITNESSETH:

    

    WHEREAS, the Assignor and
Assignee and certain other parties have entered into an Stock Purchase Agreement
dated January 31, 2008 (the "Purchase Agreement"), providing, among other
things, for the sale by Assignor and the purchase by Assignee of the Purchased
Assets (as defined herein); and

     

    WHEREAS, in order to
effectuate the sale and purchase of the Purchased Assets, Assignor is executing
and delivering this Assignment;

     

    NOW, THEREFORE, in
consideration of the premises, the mutual covenants and agreements contained
herein and in the Purchase Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Assignor hereby
acts and agrees as follows:

    

    Conveyance
of Purchased Assets. Subject to Paragraph 2
hereof, Assignor hereby SELLS,
CONVEYS, TRANSFERS, ASSIGNS and DELIVERS unto Assignee and its successors
and assigns, forever, all the assets, rights, franchises and properties
described in Appendix A to the Purchase Agreement and attached hereto as Exhibit
A (collectively, the "Purchased Assets").

     

    Assumption
of Identified Liabilities. In addition to the
consideration for the Purchased Assets set forth in Section 1 of the Purchase
Agreement, Assignee shall assume, pay, perform and discharge the debts,
liabilities and obligations for each of the Assumed Liabilities specifically set
forth in Appendix D and attached hereto as Exhibit B. Other than as stated
herein or in the Purchase Agreement, Assignee assumes no debt, liability or
obligations of Assignors by this Assignment.

     

    Defined
Terms. All
capitalized terms used herein without definition shall have the meanings
assigned to them in the Purchase Agreement.

     

    Counterparts;
Facsimile. This Assignment may be
executed in any number of counterparts, and each counterpart hereof shall be
deemed to be an original instrument, but all such counterparts shall constitute
but one assignment. In addition, this Agreement
may be executed and delivered by the parties via facsimile, to be followed with
originals within five (5) business days of the date hereof.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    Further
Assurances. From time to time, as
and when requested by Assignee, Assignor shall execute and deliver, or cause to
be executed and delivered, such documents and instruments and shall take, or
cause to be taken, such further or other actions as may be reasonably necessary
to carry out the purposes of this Assignment.

     

    Controlling
Agreement. No separate instrument
of assignment or conveyance, if any, shall limit the scope and effect of this
Assignment. In the event that any conflict or ambiguity exists between this
Assignment and any such separate instrument or assignment, the terms and
provisions of this Assignment shall govern and be controlling.

     

    The
Purchase Agreement. Nothing contained in
this Assignment supersedes, alters or modifies any of the respective
obligations, agreements, covenants or warranties of the parties under the
Purchase Agreement (all of which survive the execution and delivery of this
Assignment as provided and subject to the limitations set forth in the Purchase
Agreement). If any conflict exists between the terms of this Assignment and the
Purchase Agreement, then the terms of the Purchase Agreement shall govern and
control.

     

    Governing
Law. This
Assignment shall be construed in accordance with the laws of the State of New
York (except for its principles governing conflicts of laws). Subject to Section
10(f) of the Purchase Agreement, the parties submit to the non-exclusive
jurisdiction of any federal or state court located within the State of New York,
County of New York, over any dispute arising out of or relating to this
agreement or any of the transaction contemplated hereby.

     

    Successors
and Assigns. This Assignment shall
bind the Assignor and their successors and assigns and inure to the benefit of
Assignee and its successors and assigns.

     

    Descriptive
Headings. The descriptive headings
of the several Paragraphs, subparagraphs and clauses of this Assignment were
inserted for convenience only and shall not be deemed to effect the meaning or
construction of any of the provisions hereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    EXECUTED
as of the day and year first above written.

     

    
       

      
        	
                _______________________________

                Skin
      Nutrition LLC

                Name:
      /s/ Richard Purvis

                Title:
      President

                Date
      ___________

              	
                _______________________________

                Ascension
      Energy, Inc.

                Name:
      /s/ Richard Purvis

                Title:
      President

                Date
      ___________

              

      

      

       

      Agreed
and acknowledged by:

       

      
        	
                _______________________________

                Meridian
      Group Corporation

                Name:
      /s/ Franco Maccioni

                Title:
      President

                Date
      ___________

              	
                _______________________________

                Equinas
      Corporation

                Name:
      /s/ N. Joubert

                Title:
      Duly Authoirzed Business Development Agent

                Date
      ___________

              

      

      
 

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      APPENDIX
A:

    

    

    Paragraph
1. Products. The Buyer shall ensure that the exclusive global rights to
distribute the products listed below and their present or improved versions and
or any future revisions shall be granted to the Company in respect of all or any
of the products more fully described below.

    

    a.  Any and all types of
products already created or specified for future integration or related to or
targeted for implementation known as The Skin Nutrition Product
Range, referred to hereinafter as, "SNPR", whether such products are still under
development or already currently being manufactured, sold and distributed by
Skin Nutrition.

     

    Paragraph
2. Service. Save for any rights granted to Crossley Investments Limited, a
company incorporated in the Turks & Caicos Islands under registration No
E35574 in respect of sales of the SNPR over the world wide web, the exclusive
global rights to distribute, sell and perform the services listed below and
their improved versions and future revisions shall be granted on
an exclusive global basis to the Company by the Buyer:

    

    a.  Any and all types of
goods and services and related products, designed, built, or sold by the Buyer,
as part of any kind of commercial
endeavor that are designated by the Officers and Directors of the Company as
being related to the SNP.

    

    Paragraph
3. Trademarks and Trade Names. The Buyer shall ensure that the exclusive global
rights to use the Trademarks and Trade Names listed below and their improved
versions and future revisions shall be granted on an exclusive global basis to
the Company by the Buyer:

    

    a.  Any and all types of
markings, artwork, names and related braidings used by the Buyer in association
with the business of the Buyer as part of any kind of commercial endeavor that
is designated by the Officers and Directors of the Company as the business of
SNPR.

    

    Paragraph
4. Copy Righted Material The Buyer shall ensure that the exclusive global rights
to use the Copy Righted Material listed below and their improved versions and
future revisions shall be granted on an exclusive global basis to the Company by
the Buyer:

     

    a.  Any and all types of Copy
Righted material used by the Buyer in association with the business of the Buyer
to design and construct any type of advertising business designed, built, or
sold by the Buyer, as part of any kind of commercial endeavor that is designated
by the Officers and Directors of the Company as being related to the business of
SNPR.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    APPENDIX
D, Required Consideration from Buyer

    

    Paragraph
1. Any obligations of the .Seller and Company are dependant on the Buyer's
timely fulfillment of the following actions, where any failure to meet scheduled
deadlines must be approved of in writing by the Seller and Company, which
consent shall not be unreasonably withheld:

    

    (a)  Buyer
agrees to vote in favor of ratification of all existing, previously disclosed
agreements and obligations of the Company and to not interfere in the Company
honoring all existing agreements of the Company. The Buyer and Company shall
allow for audits of the Company by the Seller within five (5) days of receipt of
a written demand, but not more than once every
calendar quarter. Seller shall be entitled to have one (1) non-voting
representative at any formal Company board meeting or executive management
meeting for as long as the Seller or it's affiliates and designees hold of
record a combined share holding of more than One Half of One Percent (%0.50) of
the outstanding shares of Company Common Stock (as reported by the Company stock
transfer agent).

     

    (b)  Buyer
agrees to enter into a global exclusive distribution rights agreement
("Exclusive Global Distribution Rights Agreement") with the Company, which will
have the following stipulations:

     

    1.  7% of the gross annual
sales income of the Company to be paid as a Royalty to the Buyer
indefinitely.

    

    All
royalties shall be paid within thirty [30] days .after each quarterly fiscal
period of the Company. All royalties shall be calculated on the turnover of the
company as determined by the monthly management accounts and
shall be adjusted at year end after completion of the financial statements of
the Company for each such year if necessary.

     

    (c)  Buyer and
Seller agrees that Seller will authorize 100,000,000 shires of a new class of
shares called "Class A" shares, a.k.a. "Control Shares", which have one (1) vote
per share without
any rights to capital or assets of the Company and that these shares will be
issued to designees of the Buyer for sufficient consideration.

     

    (d)  Buyer
agrees to enter into any and all additional agreements ("Supply Chain Integrity
Agreements") required by the Company in order to confirm and sustain the
integrity of the Exclusive Global Distribution Rights Agreement and in order to
ensure that the Company can source all materials and resources required to
deliver the products and services specified in Appendix A of this Agreement,
entitled "The Product Line", with the Company as required and within 20 days
after being presented to the Buyer by the Company or Seller. As of the date of
this Agreement the following agreements are known to still be required in order
for the Seller and the Company to be able to fulfill on their obligations under
this Agreement:

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    1.  Agreement to place all
IP, Trademarks, Trade names, Copy-written material of the Product Line into the
exclusive global use of the Company.

    

    (e)  Boyer agrees that Buyer
will vote in favor of the Company entering into and upholding the following
agreements for the minimum periods of time specified:

    

    1. A
Consulting Agreement to pay Equinas Corporation for $10,000 USD per month on a
deferred basis for a minimum of 12 months and
which automatically renews for a period of 12 months, unless terminated in
accordance with such agreement's terms,
post-listing of the Company on any national stock exchange or quotation system
in the US.

     

    2. A
Consulting Agreement to pay Meridian for $10,000 USD per month on a deferred
basis for a minimum
of 12 months and which automatically renews for a period of 12 months, unless
terminated pursuant to such agreement's terms,
post listing of the Company on any national securities exchange or quotation
system.

     

    3. A
Consulting Agreement to pay Electravest, Inc. for $3,500 USD per month on a
deferred basis for a minimum of 12 months and
which automatically renews for a period of 12 months, unless terminated pursuant
to such agreement's terms, post listing of the Company on any national
securities exchange or quotation system.

     

    4. A
Consulting Agreement wherein Equinas Corporation will provide additional Human
Resources on a deferred payment basis for as needed where hourly rates and usage
are pre-approved by the Company before services are rendered.

     

    5. An
Employment Agreement with a qualified delegate to be appointed by Buyer, subject
to the approval of the Seller, to act as the President and Chairman of the Board
of Directors for an hourly rate of $150 USD per hour a minimum salary of $1,500
per month and the first 10 hours of service paid and providing for a minimum
monthly salary of $1,500 and with the first 10 hours to be earned on a deferred
payment basis to be negotiated between the Company and
said delegate.

     

    6. An
Engagement Agreement to retain a qualified delegate to be
appointed by Seller subject to the approval of the Buyer to act as the Chief
Financial Officer and member of the Board of Directors for an hourly rate of
$100 USD per hour with minimum salary of $3,000
per month and with the first 20 hours of service paid on a deferred payment
basis to be negotiated between the Company and said delegate .

    

    
      7. An
Engagement Agreement to retain a qualified delegate to be
appointed by 20 Seller
subject to the approval of the Buyer to act as Legal Counsel for the Company and
as a member of the Board of Directors, as may be required, for an hourly rate of
$150 USD per hour for a minimum salary of $1,500 per month with the first 10
hours of service paid on a deferred payment basis to be negotiated between the
Company and said delegate.

    

     

    8. The
anti-dilution provisions for the shares as described in Appendix I of this
Agreement,entitled"SharessubjecttoAnti-Dilution".

     

    6

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