Promissory Note Extension and Conversion Agreement between Ecology Coatings, Inc. and John M. Salpietra

Contract Categories: Business Finance Note Agreements
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