SETTLEMENT AND RELEASE AGREEMENT

Settlement Agreement

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ECOLOGY COATINGS, INC. | DMG Advisors, LLC

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Title: SETTLEMENT AND RELEASE AGREEMENT
Date: 8/19/2009
Industry: Misc. Capital Goods Sector: Capital Goods

SETTLEMENT AND RELEASE AGREEMENT

This Settlement and Release Agreement, by and between Ecology Coatings, Inc. (“ECOC”) and DMG Advisors, LLC, Kirk Blosch and Jeff Holmes (DMG Advisors, LLC, Kirk Blosch and Jeff Holmes collectively referred to as “Undersigned”), is effective July 15, 2009.

1.	In exchange for the following:

·	The parties agree to terminate their Consulting Agreement dated July 26, 2007 (“Initial Consulting Agreement”).

·	ECOC currently owes Undersigned $200,000 for services in connection with the Initial Consulting Agreement. The parties agree to reduce the obligation to $100,000 which will be satisfied in full by ECOC’s issuance of 500,000 shares to Undersigned.

·	The parties will enter into a new consulting agreement which will have a term of 6 months and payment by ECOC of 25,000 restricted shares of ECOC stock per month to Undersigned.

·	The Undersi

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