Extension Agreement for Secured Note between Force Protection, Inc. and Fort Ashford Funds, LLC
Force Protection, Inc. and Fort Ashford Funds, LLC have agreed to extend the maturity date of a $2,500,000 secured note from June 20, 2006 to July 21, 2006. In exchange for this extension, Force Protection will pay a 1% extension fee ($25,000) and 2% pre-paid interest ($50,000) to Fort Ashford Funds. The agreement is confirmed by signatures from both parties' representatives.
Exhibit 10.1
Force Protection, Inc.
9801 Highway 78, #3
Ladson, SC 29456
www.forceprotection.net
June 19, 2006
Fort Ashford Funds, LLC
19200 Von Karman
Suite 600
Irvine, CA 92612
Re: Extension of Maturity Date - Short Term Note
Gentlemen:
I refer to that certain Secured Note in the amount of $2,500,000 having a maturity date of June 20, 2006 issued by Force Protection Inc. On behalf of the Company we would hereby request that you agree to an extension of the Maturity Date through Friday July 21, 2006 upon payment by the Company of the following amounts:
• 1% extension fee of $25,000
• 2% Pre-paid Interest for the extension period of $50,000
If this is acceptable to you, I would ask that you kindly sign below and return by fax to me at ###-###-####.
We appreciate you cooperation in this matter.
Very Truly Yours,
| /s/ Gordon McGilton |
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| Gordon McGilton |
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| Chief Executive Officer |
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| Accepted and Agreed | |
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| For Fort Ashford Funds | |
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| By: | /s/ Frank Kavanaugh |
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| Frank Kavanaugh |
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| Principal |
