Promissory Note Extension and Conversion Agreement between Ecology Coatings, Inc. and John M. Salpietra
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Summary
This agreement, dated January 17, 2011, is between Ecology Coatings, Inc. and John M. Salpietra. It extends the due date of Mr. Salpietra's May 11, 2010 promissory note to December 4, 2011. In return, Mr. Salpietra is granted the option to convert the note into common stock of Ecology Coatings, Inc. at a price of $0.06 per share at any time before the new due date. Both parties have agreed to these terms by signing the document.
EX-10.90 2 salpietraextensionexhibit.htm SALPIETRA NOTE EXTENSION EXHIBIT salpietraextensionexhibit.htm
January 17, 2011
John M. Salpietra
2693 Heights View Court
Rochester Hills, MI 48178
Re: May 11, 2010 Promissory Note
Dear Mr. Salpietra:
This is to confirm our agreement to extend the due date of your Promissory Note to December 4, 2011. In exchange, we have agreed that you may convert the Note at any time to our common stock at a price of $.06/share.
If you agree, please indicate your acceptance in the space below and return to this letter to me.
Very truly yours,
/s/ Robert G. Crockett
Robert G. Crockett
CEO
ACCEPTED AND AGREED:
/s/ John M. Salpietra
John M. (Pete) Salpietra
24663 Mound Road, Warren MI 48091
586 ###-###-#### Fax: ###-###-####
www.EcologyCoatings.com