Document:

Exhibit 10.1

    

    EXHIBIT
      10.1

    

    

    

    Enterprise
      Gas Marketing L.P.                                                        Dated
      as
      of November 10, 2006

    1100
      Louisiana St.

    Suite
      1800

    Houston,
      TX 77002

    Attn:
      Jim
      Cisarik

    

    

    Re: Option
      to
      acquire equity interest in new subsidiary of Boardwalk Pipeline

    

    Dear
      Mr.
      Cisarik,

    

    This
      letter agreement (this “Agreement”)
      is
      delivered in connection with the Precedent
      Agreement for the Gulf Crossing Expansion Project (the “Precedent
      Agreement”)
      dated
      of even date among (i) Boardwalk Pipeline Partners, LP, a Delaware limited
      partnership (“Boardwalk
      Pipeline”),
      (ii)
      Enterprise Gas Marketing L.P., a Texas limited partnership (“Enterprise”)
      and
      (iii) Enterprise Texas Pipeline L.P., a Texas limited partnership that is an
      affiliate of Enterprise. As used herein, the term “Expansion
      Project”
shall
      have the meaning given such term in the Precedent Agreement.

    

    The
      Precedent Agreement contemplates a new interstate pipeline company
      (“Newco”)
      to be
      formed by Boardwalk Pipeline as a subsidiary. Upon formation of Newco, Boardwalk
      will assign or contribute to Newco the Precedent Agreement, and all other
      Expansion Project precedent agreements and related Expansion Project agreements
      Boardwalk has entered into as of such date with respect to the Expansion
      Project. If Enterprise enters into the Precedent Agreement and thereby becomes
      a
      Foundation Shipper (as defined in the Precedent Agreement) and the Precedent
      Agreement is still in effect as of the date ten days after the date that
      Boardwalk Pipeline announces that the condition precedent in Paragraph 4(c)
      of
      the Precedent Agreement has been satisfied (“Trigger
      Date”),
      Boardwalk Pipeline shall, in accordance with the terms and conditions of this
      Agreement, offer Enterprise (or an Affiliate designated by Enterprise) the
      option to purchase up to a 49% (but not less than a 24.5%) membership interest
      in Newco (the membership interest in Newco which Enterprise elects to purchase
      being collectively referred to as the “Newco
      Interest”)
      at a
      cash price equal to the Purchased Percentage (defined below) of the sum of
      (a)
      all expenditures actually incurred by Boardwalk Pipeline as of the closing
      date
      of the acquisition by Enterprise of the Newco Interest less (b) the aggregate
      amount of all debt of Newco outstanding as of such closing date. The percentage
      of membership interest in Newco which Enterprise elects to purchase (i.e.,
      from
      a minimum of 24.5% to a maximum of 49%) is referred to herein as the
“Purchased
      Percentage.”
      Enterprise’s capital account in Newco shall include the cash price paid by
      Enterprise. References herein to “membership interest” include all limited
      liability company interests, membership interests and other equity interests
      in
      Newco. In addition, all members of Newco shall be obligated to make additional
      capital contributions to Newco in proportion to their respective membership
      interests in Newco of all amounts incurred by Newco to design, construct,
      install and place in service the Expansion Project (the “Required
      Additional Contributions”).
      If
      more than one class of membership interest in Newco exists or has been approved
      or committed to as of the closing date, then the Newco Interest shall include
      the Purchased Percentage interest in all classes of membership interest in
      Newco
      which then exist or have been approved or committed to. 

    

    The
      Newco
      Interest shall have the same voting and other rights as each other membership
      interest in Newco; provided however, Boardwalk Pipelines will be the managing
      member of Newco and, as such, shall have the responsibility and authority for
      construction of the pipeline (through non-affiliates), the purchase (from
      non-affiliates) of material to construct the pipeline, the necessary regulatory
      filings, and the conduct of day-to-day business operations. Said Purchased
      Percentage membership interest in the Newco shall be determined as of said
      closing date, and as of said closing date Newco shall not have outstanding,
      and
      shall not be directly or indirectly obligated to sell, issue, or otherwise
      dispose of any membership interests in Newco pursuant to, any convertible
      security, call, option, warrant, purchase right, or other contract or
      commitment. The Newco Interest shall be duly authorized, validly issued, fully
      paid and nonassessable (except for the obligation to make additional capital
      contributions under the terms set forth in the Newco limited liability company
      agreement on a basis that is proportionate to its membership interest or the
      membership interests of non-defaulting members including Enterprise), shall
      not
      have been issued in violation of the preemptive rights of any person, shall
      be
      delivered free and clear of all liens and other encumbrances of any nature
      whatsoever (including any voting trust, proxy, or other agreement or
      understanding with respect to the voting of all or any part of the Newco
      Interest), and shall not be subject to any preemptive or similar right;
      provided, however, that the Newco Interest shall be subject to the terms of
      the
      Newco limited liability company agreement that create or grant security
      interests, liens and other remedies for the failure to make required additional
      capital contributions to Newco that are applicable to all other membership
      interests.

    

    The
      governing documents of Newco shall require, among other things, the approval
      of
      at least a 76% interest of at least one class of the membership interest in
      Newco for any of the following actions or matters: (1) for the business of
      Newco
      to be any business other than the Expansion Project or business directly related
      to the Expansion Project; (2) the assignment of all or substantially all of
      Newco’s assets in trust for creditors or on the assignee’s promise to pay the
      debts of Newco; (3) any act which will make it impossible to carry on the
      ordinary business of Newco; (4) the contribution of any property (other than
      cash) as a capital contribution to Newco; (5) any agreement or commitment by
      Newco to sell, issue, or otherwise dispose of any membership interests in Newco
      whether pursuant to any convertible security, call, option, warrant, purchase
      right, other contract or commitment or otherwise; (6) the creation of any new
      class of membership interests; (7) any change in the voting or other rights
      applicable to any membership interests or any change in the attributes of any
      membership interests, except changes occurring as remedies to a default by
      the
      owner of particular membership interests; (8) entering into any material
      transaction, except (i) a gas transportation agreement that does not obligate
      Newco to expend new capital and (ii) any other transaction of a nature that
      the
      parties mutually agree is not material; (9) permitting the merger,
      consolidation, participation in a share exchange or other statutory
      reorganization with, or sale of all or substantially all of the assets of Newco,
      or any subsidiary of Newco, directly or indirectly, to any person or permitting
      the conversion of Newco into a different form of entity; (10) permitting winding
      up and liquidation of Newco; (11) amending the governing documents of Newco;
      (12) entering into any material transaction with an Affiliate of any member,
      except those contemplated by the Precedent Agreement; (13) without regard to
      any
      contrary or overriding provisions of the governing documents of Newco, any
      other
      act for which unanimity would otherwise be required by the statute(s) governing
      the organization, formation or governance of Newco; and (14) additional capital
      contributions, other than the Required Additional Contributions. The governing
      documents of Newco shall also require the approval of at least a 75% interest
      of
      at least one class of the membership interest in Newco for entering into any
      gas
      transportation agreement; provided, however, that approval shall not be required
      for a gas transportation agreement which provides for the maximum rate and
      the
      parties will mutually agree upon the authority level that the operator will
      have
      to enter into interruptible and other gas transportation agreements, taking
      into
      account the economics of the transaction and regulatory
      considerations.

    

    The
      limited liability company agreement of Newco will (i) grant each member a right
      of first refusal in the event another member sells or transfers all or part
      of
      its membership interest in Newco or a change of control occurs with respect
      to
      such member (which in the case of a publicly-traded limited partnership means
      a
      change in control of a general partner, but not a change in control of a limited
      partner), except for sales or transfers to an affiliate (which remains an
      affiliate) or grants of liens pursuant to bona fide third party financing
      (however, a transfer pursuant to a foreclosure or a transfer in lieu of
      foreclosure would be subject to the right of first refusal), (ii) contain
      provisions requiring that laterals connected to the Expansion Project that
      any
      member or its affiliate builds (other than laterals built by Enterprise Texas
      Pipeline L.P. connecting to the Enterprise Texas Pipeline or the Enterprise
      Sherman Extension) be offered to the other members of Newco, and (iii) contain
      provisions allowing one or more members to cause Newco to build any further
      expansion to the Expansion Project (which does not otherwise receive the
      requisite approval of the members of Newco) at the sole cost and risk of such
      member(s) who elect to participate in such expansion and to recover 150% of
      the
      capital cost thereof out of 80% of the expanded capacity revenues attributable
      to such expansion. The LLC Agreement will provide substantially to the effect
      that neither (x) a change in control of Loews Corporation, nor (y) any direct
      or
      indirect change in control of the owner of the general partner of Enterprise
      Products Partners L.P., nor (z) any direct or indirect change in control of
      the
      owner of the general partner of Boardwalk Pipeline Partners, LP shall be
      considered to be a change in control of a member for purposes of the aforesaid
      right of first refusal. If less than 49% of the membership interest in Newco
      is
      acquired by Enterprise pursuant to its aforesaid option, then for a period
      of 6
      months after the expiration of the option of Enterprise, Boardwalk shall have
      the right to offer the unacquired portion of such 49% of the membership interest
      in Newco to other investors without being subject to the aforesaid right of
      first refusal; provided, however, that each such investor must be approved
      by
      Enterprise, which approval will not be unreasonably withheld and may in any
      event be withheld if such investor or any affiliate of such investor is engaged
      in business of a nature which is competitive with any business of Enterprise
      or
      any of its affiliates. For a period of 6 months after Enterprise acquires a
      membership interest in Newco, Enterprise shall have the right to offer any
      portion of such membership interest in Newco to
      Crosstex
      North Texas Pipeline, LP, Crosstex Gulf Coast Marketing Ltd, or any affiliate
      of
      either such company
      without
      being subject to the aforesaid right of first refusal.

    

    Promptly
      following execution of this Agreement, Boardwalk Pipeline will provide to
      Enterprise or its Affiliate designee (i) copies of the applicable Newco
      governing documents and all material agreements entered into by, or affecting,
      Newco (ii) all economic and other information relative to the Expansion Project
      and (iii) a detailed summary, with supporting information, of all expenditures
      actually made or committed to be made by Boardwalk Pipeline with respect to
      Newco as of date hereof, along with a detailed estimate of all expenditures
      expected to be made by Boardwalk Pipeline with respect to Newco through the
      Service Commencement Date (as defined in the Precedent Agreement), ((i), (ii)
      and (iii), collectively, the “Newco
      Materials”).
      In
      the event Enterprise wishes to exercise its option to acquire the Newco
      Interest, it shall so indicate in writing to Boardwalk Pipeline within 45 days
      of its receipt of the Newco Materials. The parties shall, within 15 days
      thereafter, close the purchase and sale of the Newco Interest. In the event
      Enterprise does not exercise its option as provided herein, Enterprise’s option
      to acquire a membership interest in Newco will expire. 

    

    Ownership
      and participation in management of Newco will, among other things, be subject
      to
      compliance with FERC’s Order No. 2004, published substantially at 18 CFR 358, as
      amended if amended previously or hereafter (including by FERC’s Order Nos.
      2004-A, 2004-B and 2004-C), together with FERC’s rules, regulations and orders
      related thereto, all as and if previously or hereafter amended, and as and
      if
      previously or hereafter interpreted by any opinion or ruling of FERC or any
      court of competent jurisdiction (“Order
      No. 2004”).
      If
      you have any question concerning the requirements of Order No. 2004, please
      let
      me know and we will arrange a call with Mike McMahon, our general counsel.
      

    

    As
      used
      in this Agreement, the capitalized term “Affiliate”
means,
      with respect to any party, any entity that directly or indirectly, through
      one
      or more intermediaries, Controls, is Controlled by, or is under common Control
      with, such party, and that is not an "Energy Affiliate" (as that term is defined
      under Order No. 2004) of such party. “Control”
(and
      its derivatives and similar terms) means, directly or indirectly, having the
      ability to direct or cause the direction of the management and policies of
      any
      entity, whether by ownership of voting stock (including, with
      respect to a partnership (whether general or limited), any general partner
      interest in such partnership),
      contract or otherwise. A voting interest of 10 percent or more creates a
      presumption of control, except for purposes of the above paragraph that
      addresses provisions relating to rights of first refusal, changes of control,
      laterals and expansions.

     

    Notwithstanding
      the foregoing, if Chesapeake Energy Corporation or an affiliate of Chesapeake
      Energy Corporation does not enter into a precedent agreement for 450,000 Dth/d
      of capacity on the Gulf Crossing Expansion Project and thereby become a
      Foundation Shipper as contemplated by the Precedent Agreement by November __,
      2006, then in lieu of the option granted to Enterprise pursuant to this letter,
      Enterprise and Boardwalk Pipeline agree and commit during the period beginning
      on such date and ending on December 31, 2006, to use commercially reasonable
      efforts to negotiate in good faith the terms of the limited liability company
      agreement of Newco and a related pipeline construction management agreement
      and
      a related pipeline operating agreement with respect to the Expansion Project
      (which will include, among other things, the furnishing to, and the review
      by,
      Enterprise of all material information and all projected or incurred capital
      expenditures concerning the Expansion Project). The limited liability company
      agreement of Newco will contain the terms and provisions provided in the
      foregoing paragraphs of this letter. Upon completion of negotiating such
      agreements, Enterprise or an Affiliate of Enterprise would have the right and
      be
      obligated to acquire a 49% membership interest in Newco for the aforesaid option
      price and with the aforesaid commitment to make the Required Additional
      Contributions to Newco, and Boardwalk will have a corresponding obligation
      to
      sell such interest to Enterprise on such terms. 

     

    The
      membership interests in Newco which Enterprise is entitled to acquire pursuant
      to this letter may be acquired by Enterprise or any Affiliate of
      Enterprise.

     

    Promptly
      following the execution of this letter by Enterprise and until such time as
      Enterprise acquires the Newco Interest (or, if permitted, elects not to acquire
      the Newco Interest), (i) Boardwalk will provide Enterprise with all material
      information concerning the Expansion Project and answer any reasonable questions
      Enterprise has regarding the Expansion Project and (ii) all capital expenditures
      with respect to the Expansion Project will be presented by Boardwalk to
      Enterprise for its approval which shall not be unreasonably
      withheld.

     

    Except
      with respect to the membership interest in Newco discussed herein, nothing
      in
      this Agreement or in the Newco Materials gives or will give Enterprise, any
      Affiliate or any other person or entity the right to acquire any equity or
      other
      interest in Boardwalk Pipeline or any of its other affiliates or any of their
      respective projects or assets.

    

    

    [Signatures
      on Following Page]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Please
      acknowledge your agreement to the foregoing by signing this letter in the space
      provided below and returning a signed copy to the undersigned.

    

    

    Yours
      truly,

    

    BOARDWALK
      PIPELINE PARTNERS, LP  

    By:
       /s/
      Brian Cody     

    Name: 
      Brian
      Cody           

                        Title:
       
      Vice
      President Business Development 

     

    

    ACKNOWLEDGED
      AND AGREED

    AS
      OF THE
      DATE FIRST WRITTEN ABOVE

    

    ENTERPRISE
      GAS MARKETING L.P., 

    BY: ENTERPRISE
      PRODUCTS OPERATING L.P.,

    GENERAL
      PARTNER

    BY: ENTERPRISE
      PRODUCTS OLPGP, INC.,

    GENERAL
      PARTNER

    

    

    By:
       /s/
      James A. Cisarik    

    Name: James
      A. Cisarik     

    Title:
       Senior
      Vice PresidentExhibit 10.18

AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT (this “Agreement”) is entered into as of September 15, 2006 by and among BlastGard International, Inc., a Colorado corporation (the “Company”), and each of the other parties set forth on the signature page hereto (each such party, a “Holder” and, collectively, the “Holders”).

Preliminary Statement:

A.

The Company and the Holders entered into the Securities Purchase Agreement, dated as of June 22, 2006 (the “Purchase Agreement”), pursuant to which the Company issued and sold to the Holders an aggregate of $1,200,000 of the Company’s 8% Convertible Secured Debentures due June 22, 2008 (the “Debentures”) and the Company’s Series C Common Stock Purchase Warrants, Series D Common Stock Purchase Warrants, Series E Common Stock Purchase Warrants and Series F Common Stock Purchase Warrants (collectively, the “Warrants”).

B.

The Company and the Holders entered into a Registration Rights Agreement, dated as of June 22, 2006 (the “Registration Rights Agreement”), in which the Company agreed to register by September 20, 2006 130% of the Registrable Securities (as defined in the Registration Rights Agreement), or an aggregate of 7,699,466 shares of Common Stock, pursuant to an effective Registration Statement.

C.

As of the date hereof, the Company has registered an aggregate of 4,122,066 shares of Common Stock, or 69.6% of the Registrable Securities, pursuant to a registration statement, with file number 333-135815, that was declared effective on September 11, 2006 (the “Effective Registration Statement”).  The 4,122,066 shares of Common Stock on the Effective Registration Statement include for each Holder: (i) 928,000 shares of Common Stock issuable as interest or principal on the Debentures; (ii) 600,000 shares of Common Stock issuable upon exercise of the Class C Common Stock Purchase Warrants; and (iii) 533,033 shares of Common Stock issuable upon exercise of the Class F Common Stock Purchase Warrants, or an aggregate of 2,061,033 shares of Common Stock for each Holder.

D.

The Company and each Holder wish to amend the terms of the Registration Rights Agreement as set forth in this Agreement.

NOW THEREFORE, the Company and each Holder, in consideration of the mutual covenants contained in this Agreement, do hereby agree as follows:

1.

Definitions.  All initially capitalized, undefined terms used herein shall have the meanings ascribed to such terms in the Purchase Agreement and the other Transaction Documents (as defined in the Purchase Agreement).

2.

Amendments to the Registration Rights Agreement.

a.)

The Company and each Holder hereby amend the first sentence of Section 2(a) of the Registration Rights Agreement by inserting immediately following “Rule 415” as follows:

“; provided, however, that if 130% of the Registrable Securities hereunder shall equal or exceed 30% of the issued and outstanding Common Stock of the Company on the actual filing date of the initial Registration Statement, the initial Registration Statement shall register a number of shares of Common Stock which is equal to approximately 18.7% of the issued and outstanding shares of Common Stock of the Company on such actual filing date, and the remaining Registrable Securities shall be subject to Section 3(c).  In such event, the number of Registrable Securities to be registered for each Holder shall be reduced pro-rata among all Holders and each Holder shall have the right to designate which of its Registrable Securities shall be omitted from the initial Registration Statement.”

b.)

The Company and each Holder hereby amend Section 3(c) of the Registration Rights Agreement by inserting at the end of such Section as follows:

“In addition, in the event that 130% of the Registrable Securities are not included in the initial Registration Statement as contemplated by the proviso regarding Registrable Securities in Section 2(a) above, then, upon the written request of Holders holding at least 51% of the then outstanding Registrable Securities, the Company shall file as soon as reasonably practicable, but in no event later than the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the difference between 130% of the Registrable Securities and the number of Registrable Securities included on the initial Registration Statement.”

c.)

The Company and each Holder hereby amend and restate Section 6(b) of the Registration Rights Agreement as follows:

“Except as set forth on Schedule 6(b) attached hereto, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in the Registration Statements other than the Registrable Securities.  No Person has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company.  The Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided that this Section 6(b) shall not prohibit the Company from filing amendments to registration statements already filed.”

d.)

The Company and each Holder hereby agree to amend Schedule 6(b) to the Registration Rights Agreement by inserting at the end of such Schedule as follows:

“On the initial Registration Statement to be filed in connection with the Transaction Documents, the Company will register (i) 200,000 shares of Common Stock which has been issued to Patrick Doherty and (ii) 75,000 shares of Common Stock which has been issued to the Investor Relations Group.” 

3.

Acknowledgement and Waiver by Holders.  Each Holder hereby acknowledges that (a) the Holders were notified within 3 Trading Days of the effectiveness of the Effective Registration Statement and (b) the Company filed the final Prospectus pursuant to Rule 424(b)(3) in connection with the Effective Registration Statement within 3 Trading Days following the Effective Date.  Each Holder hereby irrevocably waives any breach or event of default under the Registration Rights Agreement solely in connection with any delays related to the notification to Holders of the effectiveness of the Effective Registration Statement or to the filing of the final Prospectus in connection with the Effective Registration Statement as described above.

4.

Retroactive Effectiveness of the Amendments.  The Company and each Holder hereby agree that the amendments to the Registration Rights Agreement set forth in Section 2 of this Agreement shall be deemed to be retroactively effective as of June 22, 2006.

5.

Representations and Warranties of the Company.  The Company hereby makes to each Holder the following representations and warranties as of the date hereof:

a.)

Authorization; Enforcement.  The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder.  The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection therewith other than in connection with the Required Approvals.  This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general 

application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

b.)

No Conflicts.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute a default (or an event that, with notice or lapse of time or both, would become a default) under, result in the creation of any Lien (except as contemplated by the Security Documents) upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or other material understanding to which the Company is a party or by which any property or asset of the Company is bound or affected; or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses (ii) and (iii), as such could not have or reasonably be expected to result in a Material Adverse Effect.

c.)

Equal Consideration.  Except as set forth in this Agreement, no consideration has been offered or paid to any person to amend or consent to a waiver, modification, forbearance or otherwise of any provision of any of the Transaction Documents.

d.)

Affirmation of Prior Representations and Warranties.  The Company hereby represents and warrants to each Holder that the Company’s representations and warranties listed in Section 3.1 of the Purchase Agreement are true and correct as of the date hereof.

6.

Representations and Warranties of the Holders.  Each Holder, for itself and for no other Holder, hereby represents and warrants as of the date hereof to the Company as follows:

a.)

Authority.  The execution, delivery and performance by such Holder of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of such Holder.  This Agreement has been duly executed by such Holder, and, when delivered by such Holder in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Holder, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

b.)

Affirmation of Prior Representations and Warranties.  Such Holder hereby represents and warrants to the Company that such Holder’s representations and warranties listed in Section 3.2 of the Purchase Agreement are true and correct as of the date hereof.

7.

Public Disclosure.  The Company shall, on or before 8:30 a.m. (New York City time) on the Trading Day immediately following the date hereof, issue a Current Report on Form 8-K, reasonably acceptable to the Holders, disclosing the material terms of the transactions contemplated hereby and attaching this Agreement as an exhibit thereto.  The Company shall consult with the Holders in issuing any other press releases with respect to the transactions contemplated hereby.  

8.

Effect on Transaction Documents.  Except as expressly set forth above, all of the terms and conditions of the Transaction Documents shall continue in full force and effect after the execution of this Agreement and shall not be in any way changed, modified or superseded by the terms set forth herein, including, but not limited to, any other obligations the Company may have to the Holders under the Transaction Documents.  Notwithstanding the foregoing, this Agreement shall be deemed for all purposes 

as an amendment to any Transaction Document as required to serve the purposes hereof, and in the event of any conflict between the terms and provisions of the Registration Rights Agreement or any other Transaction Document, on the one hand, and the terms and provisions of this Agreement, on the other hand, the terms and provisions of this Agreement shall prevail.

9.

Release of all Claims.  THE COMPANY (FOR ITSELF AND ITS AFFILIATES) HEREBY UNCONDITIONALLY RELEASES AND FOREVER DISCHARGES EACH HOLDER AND ITS RESPECTIVE SUCCESSORS, ASSIGNS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, AFFILIATES, ACCOUNTANTS, CONSULTANTS, CONTRACTORS, ADVISORS AND ATTORNEYS (COLLECTIVELY, THE "BENEFITED PARTIES") FROM ALL CLAIMS (AS DEFINED BELOW) FROM THE BEGINNING OF TIME THROUGH THE DATE HEREOF.  AS USED IN THIS AGREEMENT, THE TERM "CLAIMS" MEANS ANY AND ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTIONS, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, AT LAW OR IN EQUITY, WHICH THE COMPANY, OR ANY OF ITS AGENTS, EMPLOYEES OR AFFILIATES, MAY HAVE AS OF THE DATE HEREOF, IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR OTHERWISE IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, INCLUDING ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE MAXIMUM RATE ON INTEREST CHARGEABLE UNDER APPLICABLE LAW AND ANY LOSS, COST OR DAMAGE, OF ANY KIND OR CHARACTER, ARISING OUT OF OR IN ANY WAY CONNECTED WITH OR IN ANY WAY RESULTING FROM THE ACTIONS OR OMISSIONS OF THE BENEFITED PARTIES, INCLUDING ANY BREACH OF FIDUCIARY DUTY, BREACH OF ANY DUTY OF GOOD FAITH OR FAIR DEALING, UNDUE INFLUENCE, DURESS, ECONOMIC COERCION, CONFLICT OF INTEREST, NEGLIGENCE, BAD FAITH, MALPRACTICE, VIOLATIONS OF THE RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT, INTENTIONAL OR NEGLIGENT INFLICTION OF MENTAL DISTRESS, TORTIOUS INTERFERENCE WITH CONTRACTUAL RELATIONS, TORTIOUS INTERFERENCE WITH CORPORATE GOVERNANCE OR PROSPECTIVE BUSINESS ADVANTAGE, BREACH OF CONTRACT, DECEPTIVE TRADE PRACTICES, LIBEL, SLANDER, CONSPIRACY OR ANY CLAIM FOR WRONGFULLY ACCELERATING ANY OBLIGATIONS OR WRONGFULLY ATTEMPTING TO FORECLOSE ON ANY COLLATERAL.  THE COMPANY (FOR ITSELF AND ITS AFFILIATES) AGREES THAT NONE OF THE BENEFITED PARTIES HAS FIDUCIARY OR SIMILAR OBLIGATIONS TO THE COMPANY OR ANY AGENTS, EMPLOYEES OR AFFILIATES OF THE COMPANY AND THAT THEIR RELATIONSHIPS ARE STRICTLY THAT OF CREDITOR AND DEBTOR.  THIS RELEASE IS ACCEPTED BY HOLDERS PURSUANT TO THIS AGREEMENT AND SHALL NOT BE CONSTRUED AS AN ADMISSION OF LIABILITY BY HOLDERS OR ANY OTHER BENEFITED PARTY.

THE COMPANY (FOR ITSELF AND ITS AFFILIATES) ACKNOWLEDGES THAT THE FOREGOING PROVISIONS ARE INTENDED TO, AND THE TRANSACTION DOCUMENTS CONTAIN PROVISIONS WHICH, RELEASE HOLDERS FROM LIABILITY AND/OR INDEMNIFY AND HOLD HARMLESS HOLDERS FOR, AMONG OTHER THINGS, THE ORDINARY NEGLIGENCE OF HOLDERS.  THE COMPANY (FOR ITSELF AND ITS AFFILIATES) AGREES THAT THE RELEASE AND/OR INDEMNITY PROVISIONS CONTAINED IN THESE DOCUMENTS ARE CAPTIONED TO CLEARLY IDENTIFY THE RELEASE AND/OR INDEMNITY PROVISIONS AND, THEREFORE, ARE SO CONSPICUOUS THAT THE COMPANY AND ITS AFFILIATES HAVE FAIR NOTICE OF THE EXISTENCE AND CONTENTS OF SUCH PROVISIONS. 

10.

Expenses.  The Company agrees to pay to each Holder upon demand any and all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable legal fees and disbursements) incurred or sustained by such Holder in connection with the preparation of this Agreement and related matters, provided that such out-of-pocket costs and expenses shall not exceed an aggregate of $2,500.

11.

Amendments and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures 

from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and each Holder. 

12.

Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement.  

13.

Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written consent of all of the Holders of the then-outstanding Securities.  Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

14.

Execution and Counterparts.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

15.

Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement.

16.

Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

17.

Headings.  The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions hereof.

18.

Independent Nature of Holders’ Obligations and Rights.  The obligations of each Holder hereunder are several and not joint with the obligations of any other Holders hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to protect and enforce its rights, including, but not limited to, the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.  

REMAINDER INTENTIONALLY LEFT BLANK

 IN WITNESS WHEREOF, each party has executed this Agreement as of the date first written above.

BLASTGARD INTERNATIONAL, INC.

By: _____________________________

Name:   

Title:

[SIGNATURE PAGE OF HOLDER TO BLGA AMENDMENT AGREEMENT]

Name of Holder: __________________________

Signature of Authorized Signatory of Holder: __________________________

Name of Authorized Signatory: _________________________

Title of Authorized Signatory: __________________________

[SIGNATURE PAGES CONTINUE]

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