Document:

exv10w30

 

Exhibit
10.30

ALLONGE TO

PROMISSORY NOTE

DATED NOVEMBER 13, 2003

     This Allonge (the “Allonge”), is executed the 6th day of February, 2008, attached
to and forming a part of a Promissory Note, dated August 10, 2004 (collectively, the “Note”), made
by Ecology Coatings, Inc., a Nevada corporation (the “Payor”), payable to the order of Richard D.
Stromback (the “Payee”), in the original principal amount set forth on Exhibit A, which represents
the total advances that the Payee has made to the Payor under the Note.

     1. The First Paragraph of the Note is hereby amended and restated in its entirety as follows:

FOR VALUE RECEIVED, the undersigned, Ecology Coatings, Inc., a Nevada corporation
promises to pay to Richard D. Stromback (together with his successors and assigns,
referred to as the “Payee”), in the manner and at the place provided in this Note the
principal amount set forth on Exhibit A, which is the total of the various advances (the
“Advances”) that the Payee has made to the Payor under this Note. The outstanding
principal balance of this Note shall be payable on December 31, 2008 (the “Maturity
Date”)

     2. In all other respects, the Note is confirmed, ratified and approved and, as amended by this
Allonge, shall continue in full force and effect.

     IN WITNESS WHEREOF, the Payor and Payee have caused this Allonge to be executed and as of the
6th day of February, 2008

	 	 	 	 	 	 	 
	 	 	ECOLOGY COATINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

        F. Thomas Krotine
	 	 
	 

	 	Its:
	 	        President	 	 
	 
	 	 	 	 	 	 
	 	 	Accepted and agreed to:	 	 
	 
	 	 	 	 	 	 
	 	 	RICHARD D. STROMBACK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

        Richard D. Stromback
	 	 

 

 

Exhibit A

Schedule of Advances

(Updated through September 30, 2006)

Date Amount of Advance

	 	 	 	 	 
	Date	 	Amount
	November 13, 2003
	 	$	10,000	 
	 
	February 6, 2004
	 	 	15,000	 
	 
	March 1, 2005(1)
	 	 	21,000	 
	 
	May 31, 2005
	 	 	15,000	 
	 
	November 2, 2005
	 	 	6,000	 
	 
	November 30, 2005
	 	 	14,000	 
	 
	December 31, 2005(2)
	 	 	15,000	 

 

			
	(1)	 	Effective March 1, 2005 Payee received assignments of $11,000 and $10,000 from Douglas
Stromback and Deanna Stromback, respectively, of portions of principal amounts of notes Payor had
issued to such persons. These assignments increased the principal balance of this Note by $21,000.
	 
	(2)	 	Payee converted $66,000 of the principal balance of this Note into 600 shares of Common Stock
of Payor effective December 31, 2005.exv10w31

 

Exhibit
10.31

ALLONGE TO

PROMISSORY NOTE

DATED DECEMBER 15, 2003

     This Allonge (the “Allonge” executed the 6th day of February, 2008, attached to and
forming a part of a Promissory Note, dated December 15, 2003 (collectively, the “Note”), made by
Ecology Coatings, Inc., a Nevada corporation (the “Payor”), payable to the order of Deanna
Stromback (the “Payee”), in the original principal amount set forth on Exhibit A, which represents
the total advances that the Payee has made to the Payor under the Note.

     1. The First Paragraph of the Note is hereby amended and restated in its entirety as follows:

FOR VALUE RECEIVED, the undersigned, Ecology Coatings, Inc., a Nevada corporation
promises to pay to Deanna Stromback (together with his successors and assigns, referred
to as the “Payee”), in the manner and at the place provided in this Note the principal
amount set forth on Exhibit A, which is the total of the various advances (the
“Advances”) that the Payee has made to the Payor under this Note. The outstanding
principal balance of this Note shall be payable on December 31, 2008 (the “Maturity
Date”)

     2. In all other respects, the Note is confirmed, ratified and approved and, as amended by this
Allonge, shall continue in full force and effect.

     IN WITNESS WHEREOF, the Payor and Payee have caused this Allonge to be executed and as of the
6th day of February, 2008

	 	 	 	 	 	 	 
	 	 	ECOLOGY COATINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

        F. Thomas Krotine
	 	 
	 

	 	Its:
	 	        President	 	 
	 
	 	 	 	 	 	 
	 	 	Accepted and agreed to:	 	 
	 
	 	 	 	 	 	 
	 	 	DEANNA STROMBACK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

        Deanna Stromback
	 	 

1

 

Exhibit A

Schedule of Advances

(Updated through September 30, 2006)

Date Amount of Advance

	 	 	 	 	 
	Date	 	Amount of Advance
	December 15, 2003
	 	$	10,000	 
	 
	December 31, 2003
	 	 	20,000	 
	 
	March 1, 2004
	 	 	11,000	 
	 
	March 23, 2004
	 	 	15,000	 
	 
	April 19, 2004
	 	 	20,000	 
	 
	May 26, 2004
	 	 	15,000	 
	 
	June 29, 2004
	 	 	15,000	 
	 
	July 17, 2004
	 	 	5,000	 
	 
	August 30, 2004
	 	 	10,000	 
	 
	October 22, 2004
	 	 	10,000	 
	 
	November 19, 2004
	 	 	15,000	 
	 
	January 23, 2005
	 	 	10,000	 
	 
	April 19, 2005
	 	 	2,030	 
	 
	October 3, 2005
	 	 	7,000	 
	 
	January 19, 2006
	 	 	8,000	 

 

			
	*	 	Effective as of March 1, 2005 Payee converted $27,500 principal amount into 250 shares of Common
Stock of Payor and assigned $10,000 of the principal amount of this Note to Richard

D. Stromback.

2exv10w32

 

Exhibit
10.32

ALLONGE TO

PROMISSORY NOTE

DATED AUGUST 10, 2004

     This Allonge (the “Allonge”) executed the 6th day of February, 2008 attached to and
forming a part of a Promissory Note, dated August 10, 2004 (collectively, the “Note”), made by
Ecology Coatings, Inc., a Nevada corporation (the “Payor”), payable to the order of Douglas
Stromback (the “Payee”), in the original principal amount set forth on Exhibit A, which represents
the total advances that the Payee has made to the Payor under the Note.

     1. The First Paragraph of the Note is hereby amended and restated in its entirety as follows:

FOR VALUE RECEIVED, the undersigned, Ecology Coatings, Inc., a Nevada corporation
promises to pay to Douglas Stromback (together with his successors and assigns,
referred to as the “Payee”), in the manner and at the place provided in this Note the
principal amount set forth on Exhibit A, which is the total of the various advances
(the “Advances”) that the Payee has made to the Payor under this Note. The outstanding
principal balance of this Note shall be payable on December 31, 2008 (the “Maturity
Date”)

     2. In all other respects, the Note is confirmed, ratified and approved and, as amended by this
Allonge, shall continue in full force and effect.

     IN WITNESS WHEREOF, the Payor and Payee have caused this Allonge to be executed as of the
6th day of February, 2008

	 	 	 	 	 
	 	ECOLOGY COATINGS, INC.

 	 
	 	By:  	 	 
	 	 	F. Thomas Krotine 	 
	 	Its: 	President 	 
	 
	 	Accepted and agreed to:

DOUGLAS STROMBACK

 	 
	 	By:  	 	 
	 	 	Douglas Stromback 	 
	 	 	 	 

1

 

	 	 	 	 	 

Exhibit A

Schedule of Advances

(Updated through September 30, 2006)

Date Amount of Advance

	 	 	 	 	 
	Date	 	Amount
	August 10, 2004
	 	$	20,000	 
	 
	September 24, 2004
	 	 	15,000	 
	 
	October 22, 2004
	 	 	5,000	 
	 
	December 28, 2004
	 	 	15,000	 
	 
	January 25, 2005
	 	 	5,000	 
	 
	February 28, 2005
	 	 	15,000	 
	 
	March 2, 2005
	 	 	15,015	 
	 
	March 3, 2005
	 	 	6,015	 
	 
	March 31, 2005
	 	 	15,000	 
	 
	April 19, 2005
	 	 	3,970	 
	 
	May 6, 2005
	 	 	60,000	 
	 
	August 29, 2005
	 	 	25,000	 

 

			
	*Effective as of March 1, 2005 Payee converted $27,500 principal amount into 250 shares of Common
Stock of Payor and assigned $11,000 of this principal amount of this Note to Richard D. Stromback.

2exv10w33

 

Exhibit
10.33

THIRD ALLONGE TO

CONVERTIBLE PROMISSORY NOTE

DATED FEBRUARY 28, 2006

     This Third Allonge (the “Allonge”), is executed the 6th day of February, 2008,
attached to and forming a part of a Convertible Promissory Note, dated February 28, 2006
(collectively, the “Note”), made by ECOLOGY COATINGS, INC., a Nevada corporation (the
“Company”), payable to the order of CHRIS L. MARQUEZ (the “Holder”), in the original principal
amount of $300,000.

     In consideration of the promises herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Holder,
intending to be legally bound, hereby agree as follows:

     1. The first paragraph of the Note is hereby amended and restated in its entirety as follows:

FOR VALUE RECEIVED, ECOLOGY COATINGS, INC., a Nevada corporation
(“Company”), promises to pay to CHRIS L. MARQUEZ (“Holder”) or his
registered assigns, in lawful money of the United States of America the
principal sum of ONE HUNDRED FORTY TWO THOUSAND FOUR HUNDRED FIFTEEN Dollars
($142,415), or such lesser amount as shall equal the outstanding principal
amount hereof, together with interest from the date of the Third Allonge on
the unpaid principal balance at a rate equal to fifteen percent (15%) per
annum, computed on the basis of the actual number of days elapsed and a year
of 365 days. All unpaid principal, together with any accrued and unpaid
interest and other amounts payable hereunder, shall be due and payable on
the earlier of (i) May 31, 2008 (the “Maturity Date”), or (ii) when, upon or
after the occurrence of an Event of Default (as defined below), such amounts
are declared due and payable by Holder or made automatically due and payable
in accordance with the terms hereof. This Note is one of a duly authorized
series of Convertible Promissory Notes of the Company that may be issued by
the Company from time to time of like tenor and effect (except for such
variation as may be necessary to express the name of the payee, the number,
the date, and the principal amount of each note) each dated on or after June
30, 2006 (the “Bridge Notes”).

     2. The following definitions are hereby added and incorporated into Paragraph No. 1 of the
Note:

“GAAP” means generally accepted accounting principles in effect in the
United States of America from time to time.

 

 

“Indebtedness” means, without duplication, with respect to any Person,
(a) all obligations of such Person (i) in respect of borrowed money (whether
or not the recourse of the lender is to the whole of the assets of such
person or only to a portion thereof), (ii) evidenced by bonds, notes,
debentures or similar instruments, (iii) representing the balance deferred
and unpaid of the purchase price of any property or services (other than
accounts payable or other obligations arising in the ordinary course of
business), (iv) evidenced by bankers’ acceptances or similar instruments
issued or accepted by banks, (v) for the payment of money relating to a
capitalized lease obligation under GAAP, or (vi) evidenced by a letter of
credit or a reimbursement obligation of such Person with respect to any
letter of credit; (b) all net obligations of such Person under interest rate
swap obligations and foreign currency hedges; (c) all liabilities of others
of the kind described in the preceding clauses (a) or (b) that such Person
has guaranteed or that are otherwise its legal liability; (d) Indebtedness
(as otherwise defined in this definition) of another Person secured by lien
on any asset of such Person, whether or not such Indebtedness is assumed by
such Person, the amount of such obligations being deemed to be the lesser of
(1) the full amount of such obligations so secured, and (2) the fair market
value of such asset, as determined in good faith by the Board of Directors
of such Person, which determination shall be evidenced by a board
resolution; and (e) any and all deferrals, renewals, extensions,
refinancings and refundings (whether direct or indirect) of, or amendments,
modifications or supplements to, any liability of the kind described in any
of the preceding clauses (a), (b), (c), (d) or this clause (e), whether or
not between or among the same parties.

“Secured Indebtedness” means the total amount of secured Indebtedness that
the Company may borrow under any credit facility with a commercial bank,
investment bank or third party up to a maximum of $1,500,000, whether
outstanding on the date hereof or hereafter incurred, that is secured by all
or part of the assets of the Company.

“Senior Indebtedness” means any Indebtedness of the Company, whether
outstanding on the date of this Note or hereafter incurred, which is
contractually senior in right of payment to the Senior Subordinated
Indebtedness and Subordinated Indebtedness of the Company and contractually
subordinate or junior in the right of payment to the Secured Indebtedness.

“Senior Subordinated Indebtedness” means any Indebtedness of the Company,
whether outstanding on the date of this Note or hereafter

2

 

incurred up to $30,000, which is contractually senior in right of payment to
the Subordinated Indebtedness of the Company and contractually subordinate
or junior in the right of payment to the Secured Indebtedness and the Senior
Indebtedness.

“Subordinated Indebtedness” means any Indebtedness of the Company, whether
outstanding on the date of this Note or hereafter incurred, which is
contractually subordinate or junior in right of payment to Secured
Indebtedness, this Note and other Senior Subordinated Indebtedness.
Subordinated Indebtedness of the Company shall include amounts that the
Company borrowed from (i) its officers and directors, (ii) Deanna Stromback
and (iii) Douglas Stromback.

     3. Paragraph No. 3 of the Note is hereby amended and restated in its entirety as follows:

Prepayment. The Company may prepay the Note in whole or part at any
time, in its sole and absolute discretion.

     4. Paragraph No. 14 of the Note is hereby deleted and amended and restated in its entirety as
follows:

          Subordinated Indebtedness.

     (a) This Note constitutes Senior Subordinated Indebtedness of the
Company and is unsecured. The Indebtedness evidenced by this Note is senior
to the prior payment when due of the principal of, and premium, if any, and
accrued and unpaid Interest on, all existing and future Subordinated
Indebtedness of the Company. The Note will be subordinated or junior to, in
right of prior payment of principal of, premium, if any, and accrued and
unpaid interest on, any existing and future Secured Indebtedness or Senior
Indebtedness of the Company. The Note will be pari passu with, in right of
prior payment of principal of, premium, if any, and accrued and unpaid
interest on, all existing and future Senior Subordinated Indebtedness and
the other outstanding Bridge Notes of this series of the Company.

     (b) Upon any distribution of assets of the Company in any dissolution,
winding up, liquidation or reorganization of the Company, all holders of
Secured Indebtedness or Senior Indebtedness of the Company must be paid in
full before any payment or distribution is made with respect to the Note.

3

 

     5. The following is hereby added as Paragraph No. 19 of the Note:

          Late Payment Penalty.

Should any payment due hereunder be received by the Holder of this Note
more than five (5) days after the Maturity Date, the Company shall pay a
late payment penalty equal to ten percent (10%) of the amount then due for
each month or portion of a month until paid.

     6. The following is hereby added as Paragraph No. 20 of the Note:

          Attorneys Fees

The Company shall reimburse Holder for reasonable legal fees and
out-of-pocket expenses directly attributable to the Note upon the
presentment to the Company of documentation of such fees and expenses in a
form acceptable to the Company, provided that such legal fees and expenses
are calculated on an hourly, and not a contingency fee, basis; and provided
further that Holder shall bear all expenses of any suit against the Company
if the relevant trier-of-fact determines Holder’s claim or position was
without reasonable foundation.

     7. The following is hereby added as Paragraph No. 21 on the Note:

          Subsequent Financing

Should the Company complete a new financing, defined as an offering of the
Company’s debt or equity securities made pursuant to an exemption from
registration contained in Section 4(2) of the Securities Act of 1933, as
amended, and Regulation D promulgated thereunder, in an aggregate amount
greater than or equal to Five Hundred Thousand and 00/100 dollars on or
before the Maturity Date, the Company shall divert the applicable proceeds
of such financing to retire the Note in full.

     8. The following is hereby added as Paragraph No. 22 on the Note:

          Mutual Release

(a) The Holder hereby agrees on behalf of himself, his agents, assignees, attorneys,
successors, assigns, heirs and executors, to, and you do hereby, forever release the
Company and its affiliates, predecessors and successors and all of their respective
past and/or present officers, directors, partners, members, managing members,
employees, agents, representatives, administrators, attorneys, insurers and
fiduciaries in their individual and/or representative capacities (hereinafter,
collectively, the “Company Releasees”), from any and all causes of action,
agreements, damages, judgments, claims, debts, covenants, executions and demands of
any kind whatsoever, which you or your heirs, executors, administrators, successors
and assigns ever had, now have or may have against the Company Releasees or any of
them, in law or equity, whether known or unknown to you, for, upon, or by reason of,
any matter whatsoever occurring up

4

 

to the date of this Third Allonge, including without limitation in connection with
or in relation to the Holder’s initial investment in the Company, the inducement
for, or consummation of, any prior Allonge to the Note, and the Holder’s conversion
of any part of the then- principal balance of the Note into shares of the Company’s
common stock; provided that such released claims shall not include any claims to
enforce the Holder’s rights under the this Third Allonge

(b) The Holder represents that he has read carefully and fully understands the terms
of this Third Allonge, and that he has been advised to consult with an attorney and
had the opportunity to consult with an attorney prior to signing this Third Allonge.
The Holder acknowledges that he is executing this Third Allonge voluntarily and
knowingly and that you have not relied on any representations, promises or
agreements of any kind made to him in connection with his decision to accept the
terms of this Third Allonge, other than those set forth in this Third Allonge.

(c) As a material inducement to Holder to enter into this Third Allonge, the Company
does hereby agree to forever release the Holder, the Holder’s heirs, successors and
assigns (hereinafter, collectively, the “Holder Releasees”), from any and all causes
of action, agreements, damages, judgments, claims, debts, covenants, executions and
demands of any kind whatsoever, which the Company ever had, now has or may have
against the Company Releasees or any of them, in law or equity, whether known or
unknown, for, upon, or by reason of, any matter whatsoever occurring up to the date
first above written, provided, however, that such released claims shall not include
any claims to enforce the Company’s rights under this Third Allonge.

     9. As a material inducement to Holder to enter into this Third Allonge, the Company shall
issue Holder Sixty Thousand (60,000) restricted shares of the Company’s common stock, par value
$.001 per share (the “Shares”). The Company shall cause the Shares to be issued in the Holder’s
name, either represented by a stock certificate or book entry registration at the Company’s
transfer agent, as soon as practicable after the Company receives this executed Third Allonge from
Holder.

     10. Except as expressly amended hereby, all other terms and conditions of the Note shall
remain in full force and effect in accordance with the original terms thereof.

5

 

     IN WITNESS WHEREOF, the Company and Holder have caused this Third Allonge to be executed and
delivered as of the date and year first above written.

	 	 	 	 	 
	 	ECOLOGY COATINGS, INC.

 	 
	 	By:  	 	 
	 	  	 	 
	 	 	F. Thomas Krotine	 
	 	Its: 	President 	 
	 

	 	 	 	 	 
	 

	 	Accepted and agreed to:	 	 
	 
	 	 	 	 
	 

	 	 

CHRIS L. MARQUEZ
	 	 

6

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