Amendment No. 1 to Option Agreement between Decora Industries, Inc. and Nathan Hevrony

Summary

This amendment updates an existing option agreement between Decora Industries, Inc. and Nathan Hevrony. It extends the period during which Mr. Hevrony can purchase up to 400,000 shares of Decora's common stock at $1.50 per share until August 14, 1998. The amendment also sets new vesting conditions based on the company's stock price performance. The changes recognize Mr. Hevrony's contributions to the company during the previous fiscal year.

EX-10.18 6 ex10-18.txt EXHIBIT 10.18 1 EXHIBIT 10.18 AMENDMENT NO. 1 TO OPTION AGREEMENT This Amendment No. 1 to Option Agreement, dated as of August 8, 1996, is entered into by and between Decora Industries, Inc., a Delaware corporation ("Optionor"), and Nathan Hevrony ("Optionee"). R E C I T A L S A. Optionor has entered into an option agreements dated August 15, 1994 (the "Option Agreement"), a copy of which is attached hereto as Exhibit A and incorporated by reference. B. Optionor now desires to amend the Option Agreement in consideration of the Optionee's accomplishments on behalf of Optionor during the fiscal year ended March 31, 1996. NOW, THEREFORE, the parties hereto agree as follows: Section 2.A of the Option Agreement is hereby amended to read as follows: A. From the date hereof to August 14, 1998, Optionee shall have the right and option to purchase, at $1.50 per share, and Optionor shall have the obligation to issue to Optionee, 400,000 shares of the Optionor's common stock and shall vest as follows: 150,000 such options shall vest if at any time during the option period the average closing Stock price is $2.00 per share or greater for 30 consecutive days, 250,000 shall vest if at anytime during the option period the average closing Stock price is $3.00 per share or greater for 30 consecutive days until May 31, 1998; IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Option Agreement as of the date first written above. OPTIONOR OPTIONEE DECORA INDUSTRIES, INC. NATHAN HEVRONY a Delaware corporation By: /s/ [Signature Illegible] /s/ NATHAN HEVRONY -------------------------------- ----------------------------------- Its: Secretary & EVP -------------------------------