--------------------------------------------------------------------------------

 

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.
 

 
BY:  /s/ Robert G.
Crockett                                                                                       
By:  /s/ J.B. Smith                                           
Robert G.
Crockett                                                                                                J.B.
Smith

Its:  CEO                                                                                                                       
Its:  Manager

 
 

--------------------------------------------------------------------------------