EXHIBIT 10.47
AMENDMENT TO EMPLOYMENT AGREEMENT
BETWEEN
DBS INDUSTRIES, INC.
AND
XXXXXXX X. XXXXX
Pursuant to the Employment Agreement (the "Agreement") dated March 1,
1998, by and between DBS Industries, Inc., a Delaware corporation (the
"Company") and Xxxxxxx X. Xxxxx (the "Employee") collectively the "parties," the
terms and conditions are hereby amended as follows:
Article I, Section 1.1. EMPLOYMENT AND TERM: The term of this Agreement is
extended to July 1, 2002, effective July 1, 1999.
Article II, Section 2.4. LOCATION. Employee shall receive as a housing allowance
a lump sum payment of US$36,000 in lieu of housing differential. This housing
allowance is to assist Employee for a period of two (2) years from September 1,
1999 or until the termination of his current housing lease agreement, whichever
is later.
Employee shall receive a one-time car allowance of US$15,000 and will be
responsible for all future vehicle needs and any costs associated thereto as of
September 1, 1999.
Article III, Section 3.1. ANNUAL BASE SALARY: The Company shall pay Employee
salary for the services to be rendered by him during the term of the Agreement
at the rate of one hundred thirty-two thousand U.S. dollars ($132,000) annually
(prorated for any portion of a year).
Article III, Section 3.3. STOCK OPTIONS: Employee shall be granted stock options
to purchase an additional one hundred twenty-five thousand (125,000) shares of
DBSI's common stock at a discounted exercise price of $1.3496 per share as
approved by the Board of Directors on September 1, 1999. Stock options in the
amount of 31,250 shall vest immediately on September 1, 1999, and the remaining
93,750 DBSI shares shall vest as follows:
VESTING DATE NUMBER OF VESTED SHARES
July 1, 2000 31,250
July 1, 2001 31,250
July 1, 2002 31,250
The DBSI Shares to be delivered to Employee will be subject to (a) the terms and
conditions set forth herein and in the Stock Option Agreement attached hereto as
EXHIBIT A, and (b) Employee's execution of the Stock Option Agreement and all
other documents customarily required by the Company to effect the grant of stock
options.
All other terms and conditions of the Employment Agreement shall remain as found
in the original Agreement dated March 1, 1998, except for revisions previously
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:
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XXXXXXXXX X. XXXXXXXX, XX.
VICE PRESIDENT-CHIEF OF STAFF
EMPLOYEE: BY:
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XXXXXXX X. XXXXX
