FORM OF PROMISE TO GRANT STOCK OPTION(S)Promise to Grant Stock Option(s) • February 22nd, 2002 • Decorator Industries Inc • Miscellaneous fabricated textile products
In exchange for your agreement to cancel certain stock options ("Old Option(s)") you received from Decorator Industries, Inc. ("Decorator"), Decorator hereby promises to grant you a stock option or options, as applicable (the "New Option(s)"), covering [______] shares of Decorator's common stock no earlier than September 24, 2002 and no later than December 31, 2002, or, if Decorator extends the exchange offer, a date which is no earlier than six months and a day following the cancellation date of the Old Options (the "New Grant Date"). The exercise price of each New Option will be the closing price of Decorator's common stock as listed on the American Stock Exchange on the New Grant Date. Each New Option will vest sixty percent (60%) on the New Grant Date, an additional twenty percent (20%) on the first anniversary of the New Grant Date and the remaining twenty percent (20%) on the second anniversary of the New Grant Date, subject to your continued employment with Decorator, as describ
