Second Amendment To Securities Purchase Agreement
Second Amendment To
Securities Purchase Agreement
This SECOND AMENDMENT TO SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as
of January 21, 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 that warrants will be issued to Purchaser for each additional
purchase of Convertible Preferred Shares in a ratio of a warrant to purchase ½
common share for every dollar of Convertible Preferred Shares
purchased. For example, if 25 shares of Convertible Preferred Shares
are purchased with a purchase price of $25,000 ($1,000/share purchase price for
each Convertible Preferred Share), then warrants to purchase 12,500 common
shares will be issued to Purchaser.
2. The
warrant purchase price for each common share will remain the same at
$.75/share.
3. Warrants
W-3, W-4 and W-5 which were tied to specific additional investment dates and
amounts are hereby cancelled.
4. In all
other respects, the terms of the Securities Purchase Agreement remain in full
force and effect.
ECOLOGY
COATINGS,
INC. EQUITY
11, LTD.
BY: /s/ ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇ By: /s/ ▇▇
▇▇▇▇▇
Its: CEO Its: Manager