EXHIBIT 10.50
AMENDMENT TO EMPLOYMENT AGREEMENT
Agreement made and entered into effective as of the _______day of April 2004 by
and between RMS Titanic, Inc. (the "Company"), a Florida Corporation, and Xxxxx
Xxxxxx (the "Executive").
Pursuant to Paragraph 12(b) of the Employment Agreement dated as of February 4,
2002 between the Company and the Executive, said Agreement is amended as
follows:
1. Paragraph 1(b) is amended to extend the term of the Agreement until February
4, 2009.
2. Paragraph 3 is amended by adding Paragraph 3 (i) to provide the Executive
with an Stock Option to acquire 400,000 shares of common stock shall be
immediately vested and exercisable. The exercise price for all options granted
to Executive hereunder shall be $1.64 per share, which is the closing price of
such shares as of April 8, 2004. The options shall have an exercise period of
ten (10) years from the date of this Agreement and shall contain a cashless
exercise provision. The form of the option agreement is attached as Exhibit "A."
3. Paragraph 12(c) is amended such that the Executive is entitled to the payment
by the Company of any and all attorney's fees, costs, and expenses he may incur
contemporaneously with any action commenced for the enforcement of this
Agreement or any amendments thereof. 4. All stock options granted to the
Executive during the term of his employment shall remain exerciseable until the
later of the fifth anniversary of the date of termination of employment or the
expiration of such options on the scheduled expiration dates as set forth in the
separate stock option agreements.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first written above COMPANY:
RMS TITANIC, INC.
By:
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Its:
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EXECUTIVE:
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Xxxxx Xxxxxx
