SETTLEMENT AND RELEASE AGREEMENT
This
Settlement and Release Agreement, by and between Ecology Coatings, Inc. (“ECOC”)
and DMG Advisors, LLC, Xxxx Xxxxxx and Xxxx Xxxxxx (DMG Advisors, LLC, Xxxx
Xxxxxx and Xxxx Xxxxxx collectively referred to as “Undersigned”), is effective
July 15, 2009.
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1.
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In
exchange for the following:
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·
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The
parties agree to terminate their Consulting Agreement dated July 26, 2007
(“Initial Consulting Agreement”).
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·
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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.
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·
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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.
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·
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The
Undersigned shall not use any of their shares of ECOC stock for short
selling purposes.
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Undersigned
and Ecology Coatings, Inc., its directors, officers,
employees, agents and affiliates, including Equity 11, Ltd. (“ECOC”)
each mutually forever release, discharge and indemnify each other from any and
all claims,
demands, actions, causes of action and any other rights
which either may have against the other, based upon or arising out of the
Initial Consulting Agreement entered into by and between the Undersigned and
ECOC. Undersigned understands and agrees that the consideration as
specified herein represents the total amount of money required under this
Agreement to be paid on behalf of ECOC and that no further payments are
necessary or required.
2. Undersigned acknowledges and agrees
this agreement constitutes the entire agreement between Undersigned and ECOC
with regard to the matter set forth herein and shall be binding upon and inure
to the benefit of the executors, administrators, personal representatives,
heirs, successors and assigns of each.
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DMG
ADVISORS, LLC, UNDERSIGNED
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By:
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/s/
Xxxx Xxxxxx
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By:
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/s/
Xxxxxx X. Xxxxxxxx
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Xxxx
Xxxxxx
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Xxxxxx
X. Xxxxxxxx
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Its:
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Manager
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Its:
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CEO
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/s/
Xxxx Xxxxxx
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Xxxx
Xxxxxx, Individually, UNDERSINGED
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/s/
Xxxx Xxxxxx
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Xxxx
Xxxxxx, Individually, UNDERSINGED
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