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AMENDMENT TO DECEMBER 24, 2008 PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned,
Ecology Coatings, Inc., a Nevada corporation (the “The
Maker”), amends the December 24, 2008 Promissory Note payable
to the order of Seven Industries, Ltd. (the “Holder”),
the principal amount of Twenty Thousand and 00/100 dollars
($20,000.00) (“Promissory Note”), together with
interest thereon as provided below.
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1.
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Section 3, Maturity. Section 3 of the Promissory Note
is hereby amended as follows:
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1.
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All of the outstanding principal and interest shall be payable
within fifteen (15) days following receipt of a written payment
demand from the Holder.
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2.
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Section 4, Pre-Payment Demand. Section 4 of the
Promissory Note is hereby amended as follows:
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If at any time the Maker completes an underwritten public offering
of its common stock or other form of security convertible into
common stock pursuant to an effective registration statement under
the Securities Act of 1933 (the “Act”), as amended, or
managed private offering exempt from registration under Section
4(2) of the Act and Regulation D promulgated thereunder
(collectively, a “New Offering”) which results in
proceeds received by the Maker net of underwriting discounts and
commissions, of at least One Million and 00/100 dollars
($1,000,000.00) (a “Pre-Payment Event”), then at the
sole and absolute discretion of the Holder, and upon written demand
to the Maker (the “Pre-Payment Notice”), all amounts
owed under this Note shall be
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