EXHIBIT 10.49
AMENDMENT TO EMPLOYMENT AGREEMENT
BETWEEN
DBS INDUSTRIES, INC.
AND
XXXXXXXXX X. XXXXXXXX, XX.
Pursuant to the Employment Agreement (the "Agreement") dated July 28,
1999, by and between DBS Industries, Inc., a Delaware corporation (the
"Company") and Xxxxxxxxx R, Xxxxxxxx, Jr. (the "Employee") collectively the
"parties", the terms and conditions are hereby amended as follows:
Article III, Section 3.4. STOCK OPTIONS: Employee shall be granted
stock options to purchase 150,000 shares of DBSI's common stock at an
exercise price determined by the closing price of DBSI stock on
September 1, 1999 at a discounted exercise price of $.7573 per share as
approved by the Board of Directors on September 1, 1999. The options
are subject to vesting, 75,000 of which shall vest immediately at
September 1, 1999, and the remainder shall vest at the end of the
Employment Term on July 31, 2000. In addition, the stock options are
subject to (a) further terms and conditions set forth herein and in
Stock Option Agreement attached hereto as Exhibit A and (b) the
Employee's execution of the Stock Option Agreement and all documents
customarily required by the Company to effect the grant of the options.
In connection with the Company's intention to file a registration
statement to register shares of its common stock for an employee
benefit plan on Form S-8, the Company shall also use its best efforts
to register the common stock underlying the stock options granted to
Employee pursuant to this Section 3.4.
All other terms and conditions of the Employment Agreement shall remain
as found in the original Agreement dated July 28, 1999, except for revisions
approved by Board action.
IN WITNESS WHEREOF, the Parties have executed and delivered this
Agreement as of this 1st day of September, 1999.
EMPLOYER: DBS INDUSTRIES, INC.
BY:
-------------------------
XXXX X. XXXXXXXX, PRESIDENT
EMPLOYEE: BY:
-------------------------
XXXXXXXXX X. XXXXXXXX, XX.
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