Document:

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NS GROUP, INC. JUNE 30, 2002 FORM 10-Q                              EXHIBIT 10.3

                      CHANGE OF CONTROL SEVERANCE AGREEMENT
                      -------------------------------------

         AGREEMENT by and between NS Group, Inc., a Kentucky Corporation (the
"Company"), and Albert E. Ferrara, Jr. (the "Employee"), dated as of the 8th day
of July, 2002.

         The Company wishes to assure that it will have the continued dedication
of the Employee notwithstanding the possibility, threat or occurrence of a
Change of Control (as defined below) of the Company. The Company believes it is
imperative to diminish the inevitable distraction of the Employee by virtue of
the personal uncertainties and risks created by a pending or threatened Change
of Control, to encourage the Employee's full attention and dedication to the
Company upon a Change of Control, and to provide the Employee with compensation
arrangements upon a Change of Control which provide the Employee with individual
financial security and which are competitive with those of other corporations
and, in order to accomplish these objectives, the Company desires to enter into
this Agreement.

         NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

         1.    CERTAIN DEFINITIONS
               -------------------

               (a)  "Affiliate" of any specified Person means (i) any other
                    Person which, directly or indirectly, is in control of, is
                    controlled by or is under common control with such specified
                    Person or (ii) any other person who is a director or officer
                    (A) of such specified Person, (B) of any subsidiary of such
                    specified Person or (C) of any Person described in clause
                    (i) above or (iii) any person in which such Person has,
                    directly or indirectly, a 5 percent or greater voting or
                    economic interest or the power to control. For the purposes
                    of this definition, "control" of a Person means the power,
                    direct or indirect, to direct or cause the direction of the
                    management or policies of such Person whether through the
                    ownership of voting securities, or by contract or otherwise;
                    and the terms "controlling" and "controlled" have meanings
                    correlative to the foregoing.

               (b)  "Agreement Period" shall mean the period as defined in
                    Section 2 of this Agreement.

               (c)  "Board of Directors"' shall mean the Board of Directors of
                    the Company as constituted from time to time.

                                       1
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               (d)  "Change of Control" shall mean:

                     (i)    the direct or indirect sale, lease, exchange or
                            other transfer of all or substantially all of the
                            assets of the Company to any Person or entity or
                            group of Persons or entities acting in concert as a
                            partnership or other group ("Group of Persons")
                            other than a Person described in clause (i) of the
                            definition of Affiliate;

                     (ii)   the consummation of any consolidation or merger of
                            the Company with or into another corporation with
                            the effect that the stockholders of the Company
                            immediately prior to the date of the consolidation
                            or merger hold less than 51% of the combined Voting
                            Power of the outstanding voting securities of the
                            surviving entity of such merger or the corporation
                            resulting from such consolidation ordinarily having
                            the right to vote in the election of directors
                            (apart from rights accruing under special
                            circumstances) immediately after such merger or
                            consolidation;

                     (iii)  the stockholders of the Company shall approve any
                            plan or proposal for the liquidation or dissolution
                            of the Company;

                     (iv)   a Person or Group of Persons acting in concert as a
                            partnership, limited partnership, syndicate or other
                            group shall, as a result of a tender or exchange
                            offer, open market purchases, privately negotiated
                            purchases or otherwise, have become the direct or
                            indirect beneficial owner (within the meaning of
                            Rule 13d-3) under the Securities Exchange Act of
                            1934, as amended (the "Exchange Act") ("Beneficial
                            Owner") of securities of the Company representing
                            30% or more of the combined Voting Power of the then
                            outstanding securities of the Company ordinarily
                            (and apart from rights accruing under special
                            circumstances) having the right to vote in the
                            election of directors;

                     (v)    a Person or Group of Persons, together with any
                            Affiliates thereof, shall succeed in having a
                            sufficient number of its nominees elected to the
                            Board of Directors of the Company such that such
                            nominees, when added to any existing director
                            remaining on the Board of Directors of the Company
                            after such election who is an Affiliate of such
                            Person or Group of Persons, will constitute a
                            majority of the Board of Directors of the Company;
                            provided that the Person or Group of Persons
                            referred to in clauses (i), (iv) and (v) shall not
                            mean Clifford Borland or any Group of Persons with
                            respect to which Clifford Borland is the Beneficial
                            Owner of the majority of the voting equity
                            interests.

                                       2
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               (e)  "Cause" shall be defined as (i) Conviction or judicial
                    admission by the Employee of any felony criminal act, a
                    crime involving moral turpitude, or a crime of fraud or
                    dishonesty; (ii) acts by Employee constituting gross
                    negligence or willful misconduct to the detriment of the
                    Company; (iii) Employee's misfeasance, nonfeasance or
                    malfeasance in the performance of his duties; or (iv)
                    Employee's failure or refusal to comply with the lawful
                    directions of Company's Board of Directors or with the
                    policies, standards and regulations of the Company after
                    notice and failure to cure within 30 days.

               (f)  "Company" as used herein includes NS Group, Inc. and any of
                    its subsidiaries and divisions and, as provided by Section
                    12(b) hereof, any successor.

               (g)  "Date of Termination" shall be the date on which the Notice
                    of Termination is actually received by the addressee, or
                    alternatively, if the Notice of Termination specifies a date
                    other than the date of receipt of such notice then that
                    specified date shall be the Date of Termination.

               (h)  "Effective Date" shall mean the first date on which a Change
                    of Control occurs; provided, however, that if the Employee's
                    employment is terminated by the Company prior to the date on
                    which a Change of Control occurs, and the Employee can
                    reasonably demonstrate that such termination by the Company
                    was in contemplation of a Change of Control, then for all
                    purposes of this Agreement the "Effective Date" shall mean
                    the date immediately prior to the date of such termination.

               (i)  "Good Reason" means: (i) any material adverse change in
                    compensation to the Employee; (ii) substantial decrease in
                    the nature or scope of the Employee's duties,
                    responsibilities, powers, authority, title, position or
                    status; (iii) unreasonable travel requirements; (iv) any
                    relocation required on the part of Employee, without his
                    consent, outside of a 50-mile radius from his primary
                    residence on the Effective Date; or (v) material breach by
                    the Company of an employment, compensation or similar
                    agreement between the Employee and the Company.

               (j)  "Person" means any individual, corporation, partnership,
                    joint venture, association, joint-stock company, trust,
                    unincorporated organization, government or any agency or
                    political subdivision thereof or any other entity within the
                    meaning of Section 13(d)(3) or 14(d) (2) of the Exchange
                    Act.

               (k)  "Voting Power" shall mean the voting power of all securities
                    of a Person then outstanding generally entitled to vote for
                    the election of directors of the Person (or, where
                    appropriate, for the election of persons performing similar
                    functions).

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         2.    AGREEMENT PERIOD
               ----------------

         The Company hereby agrees to provide the Employee with the protections
and benefits enumerated in Section 3 of this Agreement for the period commencing
on the Effective Date and ending on the third anniversary of the Effective Date.

         3.    OBLIGATIONS OF THE COMPANY UPON TERMINATION
               -------------------------------------------

               (a)  Notice of Termination. Any termination after the Effective
                    Date by the Company or by the Employee shall be communicated
                    by Notice of Termination, within ten (10) business days
                    after the later of the date of employment termination or the
                    date of Change of Control, to the other party hereto given
                    in accordance with Section 13(c) of this Agreement. For
                    purposes of this Agreement, a "Notice of Termination" means
                    a written notice which (i) sets forth in reasonable detail
                    the facts and circumstances claimed to provide a basis for
                    termination of the Employee's employment, and (ii) if the
                    termination date is other than the date of receipt of such
                    notice, specifies the termination date.

               (b)  Termination by the Company for Cause; Termination by the
                    Employee for Other Than Good Reason. If during the Agreement
                    Period, the Employee's employment is terminated by the
                    Company for Cause, by the Employee other than for Good
                    Reason, or by reason of death or disability, this Agreement
                    shall terminate without further obligations to the Employee.

               (c)  Termination by the Company other than for Cause; Termination
                    by the Employee for Good Reason. If, during the Agreement
                    Period, the Company shall terminate the Employee's
                    employment other than for Cause, or the employment of the
                    Employee shall be terminated by the Employee for Good
                    Reason, the Employee shall be entitled to the following
                    payments and benefits:

                     (i)    The Company shall pay to the Employee in a lump sum
                            in cash within thirty (30) days after the Date of
                            Termination the aggregate of two (2) times the
                            amount of the Employee's base salary in effect on
                            the Date of Termination two (2) times the average
                            amount of the Employee's annual bonus payments made
                            in the five (5) years prior to the Date of
                            Termination, plus a payment equal to a pro rata
                            portion (based on the whole number of months worked
                            in the fiscal year by the Employee prior to the Date
                            of Termination and, if applicable performance
                            targets have not been met on the Date of
                            Termination, based on a reasonable estimate of the
                            amount of bonus to be earned for the full year) of
                            the Employee's annual bonus for the year of
                            termination.

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                     (ii)   For two (2) years after the Date of Termination, the
                            Company shall continue providing medical, dental,
                            life and disability insurance benefits to the
                            Employee in an amount equivalent to that which would
                            have been provided to the Employee had the
                            Employee's employment not been terminated. The
                            Employee shall not be obligated to pay higher fees
                            for such benefits than he or she was paying, at the
                            Date of Termination. In the event it is not possible
                            to provide this continued coverage, the Company
                            shall provide the Employee with a cash payment in
                            the amount necessary for the Employee to purchase
                            equivalent insurance for two (2) years after the
                            Date of Termination.

                     (iii)  Within ten (10) business days after the later of the
                            date of employment termination or the date of Change
                            of Control, the Company shall provide, at no cost to
                            the Employee, individual outside assistance for the
                            Employee in finding other employment. Such
                            obligation may be fulfilled by the Company through
                            the retention of an outplacement service for use by
                            the Employee.

         4.    NON-REDUCTION OF TERMINATION BENEFITS
               -------------------------------------

         In the event the Company's independent auditors (the "Accounting Firm")
shall determine that any payment or distribution by the Company to or for the
benefit of the Employee made pursuant to Section 3 of this Agreement would be
nondeductible by the Company for Federal income tax purposes because of Section
280G of the Internal Revenue Code of 1986 ("Code"), as amended, then the Company
shall nonetheless pay to Employee all payments and distributions under Section
3. If the Accounting Firm makes such a determination, the Company shall promptly
provide the Employee with notice to that effect with a copy of the detailed
calculation thereof. The Employee shall pay all taxes on all such payments and
distributions under Section 3 that are imposed on Employee, including the excise
tax under Section 280G of the Code.

         5.    FUNDING OF GRANTOR TRUST
               ------------------------

         The Board of Directors of the Company shall have the option to
establish a so-called "Rabbi Trust" upon the occurrence, or in anticipation, of
a Change of Control to secure for the Employee the benefits provided pursuant to
Section 3 of this Agreement. If the Board of Directors elects to do so, the
Company shall, immediately upon the occurrence of a Change of Control, make an
irrevocable contribution to the Rabbi Trust in an amount that is sufficient to
pay the Employee the benefits to which such Employee would be entitled pursuant
to the terms of this Agreement as of the date on which the Change of Control
occurred.

                                       5
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         6.    NON-EXCLUSIVITY OF RIGHTS
               -------------------------

         Nothing in this Agreement shall prevent or limit the Employee's
continuing or future participation in any benefit, bonus, incentive or other
plan or program provided by the Company or any of its affiliated companies and
for which the Employee may qualify, nor shall anything herein limit or otherwise
affect such rights that the Employee may have under any stock option or other
agreements with the Company. Amounts which are vested benefits or which the
Employee is otherwise entitled to receive under any plan or program of the
Company at or subsequent to the Date of Termination shall be payable in
accordance with such plan or program.

         7.    NO SETOFF; COOPERATION
               ----------------------

         The Company's obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action which the Company may have against the Employee or others.

         8.    CONFIDENTIAL INFORMATION
               ------------------------

         Employee specifically agrees that he will not at any time, whether
during his employment or for a period of two (2) years after such employment
ends for any reason, disclose or communicate to any third party or use for any
purpose (other than during his employment by the Company for proper business
purposes) any secret, proprietary or confidential information, or trade secret,
relating to the business of Company, or any subsidiary or affiliate of Company,
including business methods and techniques, research data, marketing and sales
information, customer lists, know-how, and any other information, process or
technique or information, customer lists, know-how, and any other information,
process or technique or information concerning the business of Company, or any
subsidiary or affiliate of Company, their manner and method of operation, their
plans or other data not disclosed to the general public or known within the
industry, regardless of whether such information or trade secret was acquired
prior to or after execution of this Agreement.

         9.    NON-SOLICITATION
               ----------------

         Employee shall not, either directly or indirectly, by or for himself,
or as agent of another, or through others as his agent, in any way seek to
induce, bring about, promote, facilitate or encourage the discontinuance of or
in any way solicit for himself or others, those persons or entities who are
employees of the Company, or any subsidiary or affiliate of the Company.

                                       6
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         10.   EXCLUSIVE REMEDY
               ----------------

         The Employee's rights to severance benefits pursuant to Section 3
hereof shall apply only in the events specified in this Agreement and shall be
the Employee's sole and exclusive remedy for any termination of the Employee's
employment by the Company other than for Cause or by the Employee for Good
Reason. The payments, severance benefits and severance protections provided to
the Employee pursuant to this Agreement are provided in lieu of any severance
payments, severance benefits and severance protections provided in any
employment agreement or any other plan or policy of the Company, except (i) as
may be expressly provided in writing under the terms of any plan or policy of
the Company; or (ii) as provided in any Non-Qualified Stock Option Agreement
between the Company and the Employee and any Salary Continuation Agreement
between the Company and the Employee; or (iii) as may be provided in a written
agreement between the Company and the Employee entered into on or after the date
of this Agreement. In no event shall the Employee be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Employee under any of the provisions of this Agreement.

         11.   STATEMENT OF INTENTION
               ----------------------

         It is the intention of the parties hereto that, prior to the Effective
Date, this Agreement shall not create any rights or obligations in the Employee
or the company, or require any payments by the Company to the Employee.

         12.   SUCCESSORS
               ----------

               (a)  The Employee. This Agreement is personal to the Employee and
                    without the prior written consent of the Company shall not
                    be assignable by the Employee otherwise than by will or the
                    laws of descent and distribution. This Agreement shall inure
                    to the benefit of and be enforceable by the Employee's legal
                    representatives.

               (b)  The Company. This Agreement shall inure to the benefit of
                    and be binding upon the Company and its successors. The
                    Company will require any successor (whether direct or
                    indirect, by purchase, merger, consolidation or otherwise)
                    to all or substantially all of the business and/or assets of
                    the Company to expressly assume and agree to perform this
                    Agreement in the same manner and to the same extent that the
                    Company would be required to perform it if no such
                    succession had taken place.

         As used in this Agreement, "Company" shall include any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

                                       7
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         13.   MISCELLANEOUS
               -------------

               (a)  Interpretation. This Agreement shall be governed by and
                    construed in accordance with the laws of the Commonwealth of
                    Kentucky, without reference to principles of conflict of
                    laws. The captions of this Agreement are not part of the
                    provisions hereof and shall have no force or effect.

               (b)  Legal Fees. In the event of any litigation involving this
                    Agreement, and if the Employee is successful in such
                    litigation, the Company will reimburse the Employee for all
                    legal fees and expenses paid by the Employee in prosecuting
                    or defending such litigation.

               (c)  Notices. All notices and other communications hereunder
                    shall be in writing and shall be given by hand delivery to
                    the other party or by registered or certified mail, return
                    receipt requested, postage prepaid, addressed to the
                    Employee at the Employee's address on the payroll records of
                    the Company and to the Company as follows:

                                    NS Group, Inc.
                                    P.O. Box 1670
                                    Newport, Kentucky 41072
                                    Attention: President

And to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

               (d)  Severability. The invalidity or unenforceability of any
                    provision of this Agreement shall not affect the validity or
                    enforceability of any other provision of this Agreement.

               (e)  Withholding Taxes. The Company may withhold from any amounts
                    payable under this Agreement such Federal, state or local
                    taxes as shall be required to be withheld pursuant to any
                    applicable law or regulation.

               (f)  No Waiver. The failure of the Employee or the Company to
                    insist upon strict compliance with any provision hereof
                    shall not be deemed to be a waiver of such provision or any
                    other provision thereof.

               (g)  Entire Agreement. This Agreement contains the entire
                    understanding of the Company and the Employee with respect
                    to the subject matter hereof. This Agreement may not be
                    amended or modified otherwise than by a written agreement
                    executed by the parties hereto or their respective
                    successors and legal representatives.

                                       8
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               (h)  Dispute /Resolution Procedures. If any question shall arise
                    in regard to the interpretation of any provision of this
                    Agreement or as to the rights and obligations of either of
                    the parties hereunder, the Employee and a designated
                    representative of the Company shall meet to negotiate and
                    attempt to resolve such question in good faith. The Employee
                    and such representative may, if they so desire, consult
                    outside experts for assistance in arriving at a resolution.
                    In the event that a resolution is not achieved within
                    fifteen (15) days after their first meeting, then either
                    party may submit the question for final resolution by
                    binding arbitration in accordance with the rules and
                    procedures of the American Arbitration Association
                    applicable to commercial transactions, and any judgment
                    thereon may be entered in any court having jurisdiction
                    thereof. The arbitration shall be held in Covington,
                    Kentucky. In the event of any arbitration, the Employee
                    shall select one arbitrator, the Company shall select one
                    arbitrator and the two arbitrators so selected shall select
                    a third arbitrator, any two of which arbitrators together
                    shall make the necessary determinations. All out-of-pocket
                    costs and expenses of the parties in connection with such
                    arbitration, including, without limitation, the fees of the
                    arbitrators and any administration fees and reasonable
                    attorney's fees and expenses, shall be borne by the parties
                    in such proportions as the arbitrators shall decide that
                    such expenses should, in equity, be apportioned.

               (i)  This Agreement shall supersede any previous agreement
                    between Employee and the Company with regard to the change
                    of control benefits, which is deemed to be terminated.

         IN WITNESS WHEREOF, the Employee and the Company have executed this
Agreement as of the day and year first above written.

I HAVE READ THIS CHANGE OF CONTROL SEVERANCE AGREEMENT AND, UNDERSTANDING ALL
ITS TERMS, INCLUDING THAT THIS AGREEMENT CONTAINS A BINDING ARBITRATION
PROVISION WHICH MAY BE ENFORCED BY THE PARTIES, I SIGN IT AS MY FREE ACT AND
DEED.

                                   Employee:

                                   /s/ Albert E. Ferrara, Jr.
                                   ----------------------------
                                   Albert E. Ferrara, Jr.

                                   Company:

                                   NS GROUP, INC.

                                   By: /s/ Rene J. Robichaud
                                       ---------------------
                                       Rene J. Robichaud
                                       President and Chief Executive Officer

                                       9<PAGE>
                                                                   EXHIBIT 10.1

                        INCENTIVE STOCK OPTION AGREEMENT
                 AMENDED AND RESTATED AS OF ______________, 2002

         THIS AGREEMENT, originally effective as of June 16, 2000 (the "Grant
Date"), and amended and restated effective as of ______________, 2002 (the
"First Amendment Date") is made by and among Dayton Superior Corporation, an
Ohio corporation (the "Company"), and __________________, an employee of the
Company (or one of its Subsidiaries, as defined herein), hereinafter referred to
as "Optionee."

         WHEREAS, pursuant to Section 8.2 of the 2000 Stock Option Plan of
Dayton Superior Corporation, as amended, the terms of which are hereby
incorporated by reference and made a part of this Agreement, the Company has
reserved the right to amend this Agreement; and

         WHEREAS, the Company and the Optionee have mutually agreed that it is
in their best interest to amend this Agreement as set forth herein;

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto do hereby agree that, effective as of the First
Amendment Date, this Agreement is hereby amended and restated as follows:

                                    ARTICLE I.
                                   DEFINITIONS

         Whenever the following terms are used in this Agreement, they shall
have the meaning specified below unless the context clearly indicates to the
contrary. Capitalized terms used in this Agreement and not defined below shall
have the meaning given such terms in the Plan. The singular pronoun shall
include the plural, where the context so indicates.

Section 1.1  Affiliate

         "Affiliate" shall mean, with respect to any Person, a Person directly
or indirectly, through one or more intermediaries, controlling, controlled by,
or under common control with, such Person, and with respect to the Company, also
any entity designated by the Board in which the Company or one of its Affiliates
has an interest, and with respect to Odyssey, also any Affiliate of any partner
of Odyssey.

Section 1.2  EBITDA Target; Base Cumulative EBITDA Target; High Cumulative
             EBITDA Target

         "EBITDA Target", "Base Cumulative EBITDA Target" and "High Cumulative
EBITDA Target" shall be as set forth in Appendix A to this Agreement, subject to
the provisions of Section 4.7.

Section 1.3  Basic Option

         "Basic Option" shall have the meaning set forth in Section 2.1.
<PAGE>
Section 1.4  Cause

         "Cause" shall mean the Optionee's (i) willful or gross misconduct or
material failure in the performance of the Optionee's duties and
responsibilities to the Company, other than any such failure resulting from the
Optionee's Disability, which misconduct or failure continues beyond 14 days
after the Company notifies the Optionee, in writing, of the Company's finding of
such misconduct or failure; or (ii) conviction of, or plea of guilty or nolo
contendre to, a felony or a crime involving moral turpitude; or (iii) fraud or
personal dishonesty involving the Company's assets.

Section 1.5  Change in Control

         "Change in Control" shall mean the occurrence of any of the following:
(i) a change in ownership or control of the Company effected through a
transaction or series of transactions whereby any "person" or related "group" of
"persons" (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company, any of its subsidiaries, an employee benefit plan
maintained by the Company or any of its subsidiaries, a Principal Stockholder or
a "person" that, prior to such transaction, directly or indirectly controls, is
controlled by, or is under common control with, the Company or a Principal
Stockholder) directly or indirectly acquires beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act) of securities of the Company
possessing more than 50% of the total combined voting power of the Company's
securities outstanding immediately after such transaction or series of
transactions, (ii) the sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the assets of the Company, or the
Company and its Subsidiaries taken as a whole, to any "person" (as defined
above), or (iii) any consolidation or merger of the Company with or into any
other corporation or entity or "person" (as defined above) in which the
stockholders of the Company prior to such consolidation or merger own less than
fifty percent (50%) of the Company's voting power immediately after such
consolidation or merger, excluding any consolidation or merger affected
exclusively to change the domicile of the Company.

Section 1.6  Chief Executive Officer

         "Chief Executive Officer" shall mean the Chief Executive Officer of the
Company.

Section 1.7  Determination Date

         "Determination Date" with respect to a given fiscal year, shall mean a
date, not later than 90 days following December 31st of such year, as of which
the Committee determines, pursuant to Section 3.1(d) herein, whether the EBITDA
Target, Base Cumulative EBITDA Target and High Cumulative EBITDA Target have
been met with respect to such fiscal year.

Section 1.8  Disability

         "Disability" shall mean the inability of the Optionee to perform his or
her duties with the Company or a Subsidiary on a full time basis for more than
six months within any 12-month period due to reasonably documented physical or
mental illness.

                                        2
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Section 1.9  EBITDA; Cumulative EBITDA

         "EBITDA" with respect to any period of determination shall mean the sum
of the following (without duplication): (i) consolidated net income (or loss) of
the Company and, if applicable, its Subsidiaries, for such period (exclusive of
all extraordinary, unusual, or nonrecurring charges, gains and losses
(including, without limitation, all restructuring costs and any expense or
charge related to the repurchase of capital stock or warrants or options to
purchase capital stock) and the related tax effects according to generally
accepted accounting principles ("GAAP")), as determined in accordance with GAAP
consistently applied, as such principles are in effect on the First Amendment
Date, plus (ii) amounts deducted from net revenues in determining such net
income (or loss) on account of (w) depreciation and amortization, (x) interest
expense (net of interest income), (y) all taxes on income and (z) any management
or acquisition fee charged to the Company by the Principal Stockholder.
"Cumulative EBITDA" as of a given date shall mean the total of EBITDA from and
after January 1, 2000 through such date.

Section 1.10 High Performance Option

         "High Performance Option" shall have the meaning set forth in Section
2.1.

Section 1.11 Investment

         "Investment" shall mean any investment of funds by the Principal
Stockholder in debt and equity securities or instruments of the Company and its
Subsidiaries.

Section 1.12 Investor Return

         "Investor Return" shall mean the annual compounded pre-tax internal
rate of return on a given Investment determined with respect to the period
beginning on the initial date of such Investment and ending on the effective
date of a Change in Control.

Section 1.13 Management Stockholders' Agreement

         "Management Stockholders' Agreement" shall mean that certain Management
Stockholders' Agreement dated as of June 16, 2000 among the Company, Odyssey,
and the stockholder parties thereto, as amended from time to time.

Section 1.14 Odyssey

         "Odyssey" shall mean Odyssey Investment Partners Fund, L.P.

Section 1.15 Option

         "Option" shall mean the Incentive Stock Option to purchase Common Stock
granted under this Agreement and shall include, collectively, the Basic Option
and the High Performance Option.

Section 1.16 Person

                                        3
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         "Person" shall mean an individual, partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, governmental authority or other entity of whatever
nature.

Section 1.17 Plan

         "Plan" shall mean the 2000 Stock Option Plan of Dayton Superior
Corporation, as amended from time to time.

Section 1.18 Principal Stockholder

         "Principal Stockholder" shall mean (a) Odyssey and Odyssey Coinvestors,
LLC (together, the "Odyssey Stockholders"), (b) any general or limited partner
or member of any Odyssey Stockholder (an "Odyssey Partner"), (c) any
corporation, partnership, limited liability company or other entity that is an
Affiliate of any Odyssey Stockholder or of any Odyssey Partner (collectively,
the "Odyssey Affiliates"), (d) any managing director, member, general partner,
director, limited partner, officer or employee of (i) any Odyssey Stockholder,
(ii) any Odyssey Partner or (iii) any Odyssey Affiliate, or the heirs,
executors, administrators, testamentary trustees, legatees or beneficiaries of
any of the foregoing Persons referred to in this clause (d) (collectively, the
"Odyssey Associates"), (e) any trust, the beneficiaries of which, or
corporation, limited liability company or partnership, the stockholders, members
or general or limited partners of which, include only Odyssey Stockholders,
Odyssey Partners, Odyssey Affiliates, Odyssey Associates, their spouses or their
lineal descendants; and (f) a voting trustee for one or more Odyssey
Stockholders, Odyssey Affiliates, Odyssey Partners or Odyssey Associates,
provided that in no event shall the Company or any Subsidiary be considered an
Odyssey Partner, Odyssey Affiliate, or Odyssey Associate and provided further
that an underwriter or other similar intermediary engaged by the Company in an
offering of the Company's debt or equity securities or other instruments shall
not be deemed a Principal Stockholder with respect to such engagement.

Section 1.19 Proceeds

         "Proceeds" shall mean the aggregate fair market value of the
consideration received (excluding any management or similar fees) by the
Principal Stockholder in connection with a Change in Control, after taking into
account all post closing adjustments, and assuming exercise of all options and
warrants outstanding as of the effective date of such Change in Control (after
giving effect to different dates of investment, if any, and after giving effect
to any dilution of securities or instruments arising in connection with such
Change in Control), provided however, that if the Principal Stockholder retains
any Investment or portion thereof following such Change in Control, the fair
market value of such Investment (or portion) immediately following such Change
in Control shall be deemed "consideration received" for purposes of calculating
the Proceeds, and provided further that the fair market value of any non-cash
consideration (including stock) shall be determined as of the date of such
Change in Control.

Section 1.20 Subsidiary

         "Subsidiary" of any entity shall mean any corporation in an unbroken
chain of corporations beginning with such entity if each of the corporations
other than the last corporation in the unbroken chain then owns stock possessing
50% or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain.

                                        4
<PAGE>
Section 1.21 Target Amount

          "Target Amount" shall mean, with respect to any Investment, a dollar
amount representing:

         (a) For purposes of the Basic Option,

                  (i) If the Investment was made on or prior to June 16, 2003,
         three times the amount of such Investment; and

                  (ii) If the Investment was made on or after June 17, 2003, a
         30% Investor Return on such Investment.

          (b) For purposes of the High Performance Option, four times the amount
of such Investment.

          For purposes of calculating the Target Amount:

          (x) the amount of an Investment shall be the amount paid by such
Principal Stockholder to any Person (including, without limitation, the Company,
any Subsidiary, or any underwriter) for the purchase of such debt or equity
securities or instruments, provided that if such Principal Stockholder shall
have acquired such debt or equity securities or instruments directly from
another Principal Stockholder or through an uninterrupted series of Principal
Stockholders, the amount of such Investment shall be the amount initially paid
to purchase such debt or equity securities or instruments from a Person other
than a Principal Stockholder; and

          (y) the initial date of an Investment shall be the date such Principal
Stockholder purchased such debt or equity securities or instruments from any
Person (including, without limitation, the Company, any Subsidiary, or any
underwriter), provided that if such Principal Stockholder acquired such debt or
equity securities or instruments directly from another Principal Stockholder or
through an uninterrupted series of Principal Stockholders, the initial date of
such Investment shall be the date such debt or equity securities or instruments
were initially acquired from a Person other than a Principal Stockholder.

                                   ARTICLE II.
                                 GRANT OF OPTION

Section 2.1  Grant of Option

          In consideration of the Optionee's agreement to remain in the employ
of the Company or one of its Subsidiaries and for other good and valuable
consideration, effective as of the Grant Date, the Company irrevocably granted
to the Optionee the Option to purchase any part or all of an aggregate of
___________ shares of Common Stock (the "Basic Option") and an additional
________ shares of Common Stock (the "High Performance Option"). Such Option
remains subject to the terms and conditions set forth in the Plan and this
Agreement, as amended.

Section 2.2  Option Subject to Plan

          The Option granted hereunder is subject to the terms and provisions of
the Plan, including without limitation, Article VI and Sections 8.1, 8.2, 8.3
and 8.5 thereof.

                                        5
<PAGE>
Section 2.3  Option Price

          The purchase price of the shares of Common Stock covered by the Option
shall be $27.00 per share (without commission or other charge).

                                  ARTICLE III.
                                 EXERCISABILITY

Section 3.1  Commencement of Exercisability

      (a) Subject to subsections (e) and (f) and Section 3.3, 21.25% of the
Basic Option shall become exercisable in two cumulative installments as follows:

                  (i) The first installment shall consist of 16.25% of the
         shares covered by such Basic Option and shall be exercisable as of the
         First Amendment Date;

                  (ii) The second installment shall consist of 5% of the shares
         covered by such Basic Option and shall become exercisable on June 16,
         2002;

      (b) Subject to subsections (e) and (f) and Section 3.3, the remaining
78.75% of the Basic Option, as well as the entire High Performance Option shall
become exercisable in full on June 15, 2009 provided that the Optionee remains
continuously employed in active service by the Company from the Grant Date
through such date.

      (c) Notwithstanding Section 3.1(b), but subject to subsections (e) and (f)
and Section 3.3, 78.75% of the shares subject to the Basic Option shall become
exercisable as follows:

                  (i) Annual Performance Test. If the EBITDA for any fiscal year
         2002 through 2005 equals or exceeds the EBITDA Target for such fiscal
         year, on the Determination Date for such fiscal year, a portion of the
         Basic Option shall become exercisable as follows:

                           (A) An installment consisting of 11.25% of the shares
                  covered by the Basic Option shall become exercisable on the
                  Determination Date for fiscal year 2002 if EBITDA for such
                  fiscal year equals or exceeds the EBITDA Target for such year;
                  and

                           (B) An installment consisting of 16.25% of the shares
                  covered by the Basic Option shall become exercisable on the
                  Determination Date for each fiscal year 2003 through 2005 if
                  EBITDA for such fiscal year equals or exceeds the EBITDA
                  Target for such year.

                  (ii) Missed Years and Catch-Up Opportunities.

                           (A) If any installment subject to exercisability
                  pursuant to Section 3.1(c)(i) fails to become exercisable in
                  accordance therewith, such installment shall become
                  exercisable on the Determination Date for the first fiscal
                  year thereafter ending on or prior to December 31, 2005 (if
                  any) with respect to which fiscal year (x) the EBITDA for such
                  fiscal year equals or exceeds the EBITDA Target for such year
                  and (y) the Cumulative EBITDA through the last day of such

                                        6
<PAGE>
                  fiscal year equals or exceeds the Base Cumulative EBITDA
                  Target through such date; and

                           (B) 18.75% of the Basic Option shall become
                  exercisable on the Determination Date for the first fiscal
                  year ending on or prior to December 31, 2005 (if any) with
                  respect to which fiscal year (x) the EBITDA for such fiscal
                  year equals or exceeds the EBITDA Target for such year and (y)
                  the Cumulative EBITDA through the last day of such fiscal year
                  equals or exceeds the High Cumulative EBITDA Target through
                  such date

         provided that in no event shall the Basic Option become exercisable for
         greater than 100% of the shares subject thereto.

                  (iii) Discretionary Catch-Up Opportunity. If any portion of
         the Basic Option subject to accelerated vesting under this Section
         3.1(c) remains unexercisable following the Determination Date for the
         fiscal year ending December 31, 2005, the Board may, in its discretion,
         provide that the vesting of such portion may accelerate subsequent to
         such Determination Date subject to the attainment of such performance
         targets or the satisfaction of such other terms and conditions as the
         Board may determine in its discretion.

         (d) As of the Determination Date for each fiscal year 2002 through
2005, the Committee shall make the determination, in accordance with this
Section 3.1, as to whether the EBITDA Target, Base Cumulative EBITDA Target and
High Cumulative EBITDA Target have been met, and shall determine, in accordance
with this Section 3.1, the extent, if any, to which the Basic Option has become
exercisable. As soon as practicable following the Determination Date, the
Committee shall notify the Optionee of its determinations and provide Optionee
with a copy of the calculations supporting the Committee's conclusions.

         (e) Notwithstanding the foregoing provisions of this Section 3.1, but
subject to subsection (f) and Section 3.3,

                  (i) the Basic Option shall become fully vested and exercisable
         immediately prior to the effective date of a Change in Control through
         which the Principal Stockholder receives Proceeds greater than or equal
         to the sum of the Target Amounts (as defined in Section 1.21(a)) with
         respect to all Investments; and

                  (ii) the High Performance Option shall become fully vested and
         exercisable immediately prior to the effective date of a Change in
         Control through which the Principal Stockholder receives Proceeds
         greater than or equal to the sum of the Target Amounts (as defined in
         Section 1.21(b)) with respect to all Investments.

         (f) No portion of the Option which is unexercisable at Termination of
Employment shall thereafter become exercisable.

Section 3.2  Duration of Exercisability

         The installments provided for in Section 3.1 are cumulative. Each such
installment which becomes exercisable pursuant to Section 3.1 shall remain
exercisable until it is exercised or the Option expires pursuant to Section 3.3.

                                        7
<PAGE>
Section 3.3  Expiration of Option

      The Option may not be exercised to any extent by anyone after the first to
occur of the following events:

         (a) The expiration of ten years from the Grant Date; or

         (b) The 90th day following the date of the Optionee's Termination of
Employment for any reason other than for Cause (unless the Optionee dies within
said 90-day period, in which case the Option shall cease to be exercisable upon
the expiration of 90 days from the date of the Optionee's death); or

         (c) Except as the Committee may otherwise approve, the date of the
Optionee's Termination of Employment by the Company for Cause.

Section 3.4 Partial Exercise

         Any exercisable portion of the Option or the entire Option, if then
wholly exercisable, may be exercised in whole or in part at any time prior to
the time when the Option or portion thereof becomes unexercisable; provided,
however, that each partial exercise shall be for not less than one hundred (100)
shares (or the total amount then exercisable pursuant to Section 3.1, if a
smaller number of shares) and shall be for whole shares only.

Section 3.5 Exercise of Option

         The exercise of the Option shall be governed by the terms of this
Agreement and the terms of the Plan, including, without limitation, the
provisions of Article VI of the Plan.

Section 3.6 Special Tax Consequences

         The Option is intended to be an Incentive Stock Option, and the
amendment to the Option made hereunder as of the First Amendment Date is not
intended to affect such Incentive Stock Option status. The Optionee acknowledges
that, to the extent that the aggregate fair market value of stock with respect
to which "incentive stock options" (within the meaning of Section 422 of the
Code, but without regard to Section 422(d) of the Code), including the Option,
are exercisable for the first time by the Optionee during any fiscal year (under
the Plan and all other stock option plans of the Company, any Subsidiary and any
parent corporation) exceeds $100,000, such options shall be treated as not
qualifying under Section 422 of the Code but rather shall be treated and taxable
as non-qualified options. The Optionee further acknowledges that the rule set
forth in the preceding sentence shall be applied by taking options into account
in the order in which they were granted, and the stock certificate issued upon
exercise of the options shall designate whether such stock was acquired upon
exercise of an Incentive Stock Option. For purposes of these rules, the fair
market value of stock shall be determined as of date of grant of the applicable
option covering such stock.

                                   ARTICLE IV.
                                OTHER PROVISIONS

Section 4.1 Not a Contract of Employment

                                        8
<PAGE>
         Nothing in this Agreement or in the Plan shall confer upon the Optionee
any right to continue in the employ of the Company or any of its Subsidiaries or
shall interfere with or restrict in any way the rights of the Company or its
Subsidiaries, which are hereby expressly reserved, to discharge the Optionee at
any time for any reason whatsoever, with or without Cause.

Section 4.2 Shares Subject to Plan and Management Stockholders' Agreement

         The Optionee acknowledges that any shares acquired upon exercise of the
Option are subject to the terms of the Plan and the Management Stockholders'
Agreement including without limitation, the restrictions set forth in Section
6.5 of the Plan. If the Optionee is not already a party to the Management
Stockholders' Agreement at the time he or she exercises all or part of the
Option, such exercise shall be conditioned upon the Optionee's delivery to the
Company of such Management Stockholders' Agreement, executed by the Optionee.

Section 4.3 Construction

         This Agreement shall be administered, interpreted and enforced under
the laws of the State of Ohio.

Section 4.4 Conformity to Securities Laws

         The Optionee acknowledges that the Plan is intended to conform to the
extent necessary with all provisions of the Securities Act and the Exchange Act
and any and all regulations and rules promulgated thereunder by the Securities
and Exchange Commission, including without limitation Rule 16b-3.

         Notwithstanding anything herein to the contrary, the Plan shall be
administered, and the Option is granted and may be exercised, only in such a
manner as to conform to such laws, rules and regulations. To the extent
permitted by applicable law, the Plan and this Agreement shall be deemed amended
to the extent necessary to conform to such laws, rules and regulations.

Section 4.5 Options Not Transferable

         The Option may not be sold, pledged, assigned or transferred in any
manner other than by will or the laws of descent and distribution or, subject to
the consent of the Committee, pursuant to a domestic relations order (as defined
by the Code or Title I of the Employee Retirement Income Security Act of 1974,
as amended, or the rules promulgated thereunder), unless and until such Option
has been exercised, or the shares underlying such Option have been issued, and
all restrictions applicable to such shares have lapsed. No Option or interest or
right therein shall be liable for the debts, contracts or engagements of the
Optionee or Optionee's successors in interest or shall be subject to disposition
by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation
of law by judgment, levy, attachment, garnishment or any other legal or
equitable proceedings (including bankruptcy), and any attempted disposition
thereof shall be null and void and of no effect, except to the extent that such
disposition is permitted by the preceding sentence.

Section 4.6 No Rights as Stockholder

                                        9
<PAGE>
         The Optionee shall not be, nor have any of the rights or privileges of,
a stockholder of the Company in respect of any shares purchasable upon the
exercise of any part of the Option unless and until certificates representing
such shares shall have been issued by the Company to the Optionee and the
Optionee's name has been entered as the shareholder of record with respect to
such shares on the books of the Company.

Section 4.7 Adjustments in Targets

         The EBITDA Targets, Base Cumulative EBITDA Targets and High Cumulative
EBITDA Targets specified in Appendix A are based upon certain revenue and
expense assumptions about the future business of the Company as of the First
Amendment Date. Accordingly, in the event that, after the First Amendment Date,
the Committee determines, in its sole discretion, that any acquisition or any
divestiture of any business by the Company or any dividend or other distribution
(whether in the form of cash, Common Stock, other securities, or other
property), recapitalization, reclassification, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Common Stock or other securities of the Company,
issuance of warrants or other rights to purchase Common Stock or other
securities of the Company, or the financial statements of the Company, or change
in applicable laws, regulations, or accounting principles occurs such that an
adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan or with respect to the Option, then the Committee
shall adjust the financial targets set forth on Appendix A to reflect the
projected effect of such transaction(s) or event(s) on such targets. Without
limiting the generality of the foregoing, in the event the Company acquires any
business: (a) with respect to such acquired business, EBITDA and Cumulative
EBITDA with respect to the fiscal year in which such acquisition occurs shall be
calculated pro-rata from the date of such acquisition, and (b) in the event the
Committee determines that an adjustment to the targets set forth on Appendix A
is appropriate, such adjustment shall be made from the date of such acquisition
and shall be made pro rata with respect to the fiscal year in which such
acquisition occurs.

                            [signature page follows]

                                       10
<PAGE>
                                 DAYTON SUPERIOR CORPORATION

                                 By:____________________________________________

                                 Title:_________________________________________

______________________________
Optionee

______________________________

______________________________
Address

Optionee's Taxpayer Identification Number:_________________________________

                                       11

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