Amendment No. 1 to Option Agreement between Decora Industries, Inc. and Gabriel Thomas

Summary

This amendment, dated July 5, 1998, is between Decora Industries, Inc. and Gabriel Thomas. It extends the expiration date of a stock option previously granted to Gabriel Thomas as compensation for his service as a director. The option, originally set to expire on July 6, 1998, now allows Thomas to purchase 30,000 shares at $6.25 per share until July 5, 2001. All other terms of the original option agreement remain unchanged.

EX-10.53 19 ex10-53.txt EXHIBIT 10.53 1 EXHIBIT 10.53 AMENDMENT NO. 1 TO OPTION AGREEMENT This Amendment No. 1 to Option Agreement, dated as of July 5, 1998, is entered into by and between Decora Industries, Inc., a Delaware corporation ("Optionor"), and Gabriel Thomas ("Optionee"). R E C I T A L S A. Optionee has performed numerous valuable services for Optionor over the past several years in his role as a director. B. Optionor has, as compensation for such services, issued to Optionee, an option to purchase 150,000 pre-split shares of its common stock at an exercise price of $1.25 per share (30,000 post-split shares at $6.25 per share) (the "Option"), pursuant to the terms of an Option Agreement by and between Optionor and Optionee, dated as of July 6, 1995 (the "Option Agreement"), a copy of which is attached hereto as Exhibit A and incorporated by reference. C. The Option is set to expire on July 6, 1998, and both parties believe it is in their respective best interests to amend the Option Agreement to extend the expiration date of the Option. NOW, THEREFORE, the parties hereto agree as follows: Amendment of Expiration Date. Section 2.A of the Option Agreement is hereby amended to read as follows: "A. From July 6, 1995, and up until and including July 5, 2001, Optionee shall have the right and option to purchase, at $6.25 per share, and Optionor shall have the obligation to issue to Optionee, 30,000 shares of the authorized but unissued common shares of Optionor." 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. a Delaware corporation /S/ NATHAN HEVRONY - -------------------------------- ------------------------------ Nathan Hevrony Gabriel Thomas Chief Executive Officer