Termination of Certain Agreements. (1) The parties agree that Purchaser will not acquire any further securities under the SPA and the SPA will continue to define the terms and conditions with respect to convertible preferred securities purchased under the SPA. Sections 5.2, 5.3, 5.4, 5.5, 5.6, 5.7, and 5.9 of the SPA shall remain in full force and effect with respect to the purchase of securities under the SPA. In all other respects, the SPA shall be considered terminated. (2) The parties agree to terminate the Consulting Agreement between Company and J▇▇▇▇ ▇▇▇▇▇▇▇ dated January 5, 2009. (3) The parties agree to eliminate the monthly compensation in Exhibit A of the Consulting Services Agreement between Company and Sales Attack LC dated September 17, 2008. In all other respects, the terms of the Consulting Services Agreement shall remain in full force and effect. (4) Upon the issuance of the Convertible Preferred Shares, Series B described in Section 2.1, the parties acknowledge that the promissory notes dated December 24, 2008, January 8, 2009 and May 5, 2009 in favor of Seven Industries Ltd. and J▇ ▇▇▇▇▇ LC will be considered paid in full and shall be cancelled. (5) Upon the issuance of the Convertible Preferred Shares, Series B described in Section 2.1, the parties acknowledge payment of the monthly rent under the Office Sublease between Company and Seven Industries Ltd. shall be considered paid in full through the month of May 2009. ARTICLE II The Initial Closing
Appears in 7 contracts
Sources: Convertible Preferred Securities Agreement (Ecology Coatings, Inc.), Convertible Preferred Securities Agreement (Ecology Coatings, Inc.), Convertible Preferred Securities Agreement (Ecology Coatings, Inc.)