First Amendment To Convertible Preferred Securities Agreement
First Amendment To
Convertible Preferred Securities Agreement
This FIRST AMENDMENT TO CONVERTIBLE
PREFERRED SECURITIES AGREEMENT (this “Agreement”), dated as
of December 14, 2009, between Ecology Coatings, Inc., a
corporation organized under the laws of the state of Nevada (the “Company”), and Equity 11, Ltd., a corporation
organized under the laws of the state of Michigan (the “Purchaser”).
1. The parties agree to amend Section 1.1
of the Agreement to provide the following:
Subject
to the terms and conditions hereof, until the earlier to occur of June 15, 2010
or the acceptance by Company’s Board of Directors of an investment agreement
with any third party for the investment in the Company of at least $3,000,000,
the Purchaser agrees to purchase and the Company agrees to sell and issue to the
Purchaser at the Closings, 5% Convertible Preferred Shares, Series B, at a price
per share of $1,000, convertible into common shares at the Conversion
Price.
2. In all
other respects, the terms of the Agreement shall remain in full force and
effect.
ECOLOGY
COATINGS,
INC. EQUITY
11, LTD.
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By: /s/
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Its: CEO
Its: Manager