July 24, 2009
July 24,
2009
Xx.
Xxxxxx X. Xxxxxxxx
CEO
0000
Xxxxxxxxx Xxxxx, Xxxxx 000
Auburn
Hills, MI 48326
Dear
Xxx:
This
letter agreement outlines the changes that we agreed to in discussion with Xxx
Xxxxxxx today.
Duties: I
will continue to perform all of the duties of the Chief Financial and Accounting
Officer of Ecololgy.
Attendance: My
attendance at Ecology Coating’s Auburn Hills office will not, in any case, be
less than is required to timely discharge my duties. Additionally, I’ll provide
my office schedule a week in advance so that you, Xxx and Xxx will be able to
schedule accordingly, should the need arise.
Termination of Employment
Contract: Our Employment Agreement, dated February 1, 2008,
will be terminated immediately.
Salary: My
current monthly salary of $5,833.33 is to continue through August 31,
2009. As of September 1, 2009, my salary will decrease to $3,500 per
month.
Medical
Plan: I will continue to be covered by the Company’s medical
insurance through the end of August. As of September 1, 2009, I will
receive $1,000 on the first business day of the month as reimbursement for
medical insurance. Such reimbursement will continue to be paid on the first day
of each month thereafter that this agreement is effective. If my withdrawal from
the Ecology Coatings, Inc. group medical insurance plan will result in a
material increase in the rate for those remaining in the group, I will continue
to participate in it. Should Ecology Coatings, Inc. not fulfill its obligations
under this plan, my employment status for insurance purposes will become the
obligation of Omega Development for 30 days, during which time Omega will pay
all applicable premiums.
Medical
Reimbursement: I will be paid the $1,956.46 that the company
owes me for 2008 medical insurance deductibles when the Company receives its
next investment tranche.
Options: I
will receive 40,000 options to purchase shares of Ecology’s common stock at a
strike price of $1/share, subject to board approval which will be granted prior
to any announcements of deals, etc. The options will vest in increments of
10,000 on September 1, 2009, October 15, 2009, December 1, 2009, and January 15,
2010. I’ll retain all other options subject to their current pricing
and vesting provisions.
Termination: This
agreement will continue through September 30, 2009. At that point, it is
cancelable by either party upon thirty days written notice. During that 30 days,
I’ll continue to receive the salary and medical reimbursement covered
above.
/s/ Xxxxx X.
Xxxxx Ecology
Coatings, Inc.
Xxxxx
X. Xxxxx
By: /s/ Xxxxxx X.
Xxxxxxxx
Xxxxxx X. Xxxxxxxx
Its: CEO
