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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 Xxxxxxx Xxxxxx ("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/ XXXXXX XXXXXXX
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Xxxxxx Xxxxxxx Xxxxxxx Xxxxxx
Chief Executive Officer
