Amendment to Employment Contract between BlastGard International, Inc. and Andrew McKinnon
BlastGard International, Inc. and Andrew McKinnon have agreed to amend McKinnon's employment contract so that his monthly salary will be paid in company common stock instead of cash. The stock will be issued at a 15% discount to its average closing price over the ten trading days before each month's end, but not below $0.10 per share. This arrangement starts with the December 2008 salary, with the first stock delivery in January 2009.
Exhibit 10.1
Amendment to Employment Contract – Andrew McKinnon
BlastGard International, Inc.
2451 McMullen Booth Road, Ste. 207
Clearwater, FL 33759
Gentlemen:
This is to confirm that I have agreed to accept payment of my monthly salary pursuant to my employment contract through the monthly issuance of BlastGard International Common Stock based on a 15% discount to the fair market value of the Company’s Common Stock based on the ten preceding trading days prior to the conversion date. 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 the last day of each month (conversion date of the monthly salary). The salary conversion shall not at any time be convertible at a conversion price below $.10 per share (the “Floor Price”). The foregoing shall become effective for the month of December 2008, it being recognized that the first delivery of stock will occur on or about January 2, 2009 as payment for the month of December.
October 17, 2008
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| /s/ Andrew McKinnon |
Agreed to and Accepted by: |
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BLASTGARD INTERNATIONAL, INC. |
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By: |
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| /s/ Michael J. Gordon, Chief Financial Officer |
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