X0201 4 2003-12-31 0 0000875296 URECOATS INDUSTRIES INC urt 0001249152 ADAMS MICHAEL THOMAS C/O URECOATS INDUSTRIES INC. 718 SOUTH MILITARY TRAIL DEERFIELD BEACH FL 33442 0 1 0 0 President Common Stock, PV $.01 2003-12-31 4 A 0 4000 0 A 130983 D Restricted Option (Right to Buy) .95 2003-12-31 4 A 0 2764 0 A 2003-12-31 2004-12-31 Common Stock, PV $.01 2764 11053 D Option (Right to Buy) 3.00 2003-12-31 4 A 0 6500 0 A 2003-12-31 2006-12-31 Common Stock, PV $.01 6500 13000 D (1) On January 1, 2003, the Company granted me an aggregate of 11,053 non-plan options ("Restricted Options"). The Restricted Options are good for two years, vest prorata on a quarterly basis at the end of each quarter through the 2003 year, and exercisable at $.95 for each share of restricted common stock. The options are exercisable to the extent vested upon becoming vested at the end of each respective quarter. This option to purchase shares of common stock of the Company was granted pursuant to an Executive Employment Agreement on January 1, 2002 ("Date of Grant"). The total amount of the option, as adusted for the reverse split and share consolidation, is 26,000. The options are good for five years from the Date of Grant and vest up to a maximum of 6,500 per year based on an excess revenue formula calculated at the end of each year of the four year term of the Executive Employment Agreement. This respresents the number of options vested based on the excess revenue calculation as of 12/31/2003. Michael Thomas Adams 2004-01-05