Allonge to Promissory Note Between Ecology Coatings, Inc. and Douglas Stromback (February 6, 2008)

Contract Categories: Business Finance Note Agreements
Summary

This agreement is an amendment to a promissory note originally issued by Ecology Coatings, Inc. to Douglas Stromback. It updates the terms of the note to specify that the total principal owed is the sum of advances listed in an attached schedule, and sets the repayment deadline as December 31, 2008. All other terms of the original note remain unchanged. The amendment is signed by both parties and includes a record of all advances made and any conversions or assignments related to the note.

EX-10.32 7 k23805exv10w32.htm ALLONGE TO PROMISSORY NOTE DATED AUGUST 10, 2004 MADE IN FAVOR OF DOUGLAS STROMBACK exv10w32  

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   
       

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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.

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