AMENDMENT TO DRS INC. OPTION AGREEMENT
Exhibit
10.3
AMENDMENT
The
following terms and conditions are hereby incorporated in and made a part of DRS
Inc. Option Agreement, dated _______________, by and between DRS Inc. (the
Company) and _____________________________ (Shareholder):
The
expiration date given to exercise Options to purchase shares of Common Stock set
forth in Exhibit E attached to the Company’s Private Placement Memorandum
(“PPM”) and dated December 14, 2006, has been modified so that Options may be
exercised following the date the Company’s registration of Common Stock, through
Form S-1, becomes effective.
The
expiration dates will be amended as follows:
For those
who qualify to receive Option 1 as outlined in the PPM Option Agreement, the
expiration date of the Option will be twelve (12) months from the date that the
Registration of the Company’s Common Stock becomes effective.
For those
who qualify to receive Option 2 as outlined in the PPM Option Agreement, the
expiration date of the Option will be twenty-four (24) months from the date that
the Registration of the Company’s Common Stock becomes effective.
For those
who qualify to receive Option 3 as outlined in the PPM Option Agreement, the
expiration date of the option to purchase shares at $0.50 will be twenty-four
(24) months, and the option to purchase shares at $0.35 will be thirty-six (36)
months from the date that the Registration of the Company’s Common Stock becomes
effective.
For those
who qualify to receive Option 4 as outlined in the PPM Option Agreement, the
expiration date of the option to purchase shares at $0.50 will be twenty-four
(24) months, the option to purchase shares at $0.35 will be thirty-six (36)
months, and the option to purchase shares at $0.25 will be forty-eight (48)
months from the date that the Registration of the Company’s Common Stock becomes
effective.
This
Amendment does hereby finalize all terms and conditions of Options exercisable
under our Option Agreement and available to all qualified Shareholders as set
forth in the Option Agreement.
The
foregoing terms and conditions are hereby agreed to, and the undersigned
acknowledge receipt of a copy of this document.
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Date:
____________________________
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Date:
______________________________
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_________________________________
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___________________________________
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Xxxxxx
Xxxxxx, Director, DRS Inc.
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Shareholder
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_________________________________
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Xxxxxx
Xxxxxxx, Director, DRS Inc.
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