AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit
10.3
AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT
This
amendment to Executive Employment Agreement is executed this date November 10,
2009 by and between Gen2Media Corporation (“Company”) and Xxxx Spio
(“Employee”).
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1.
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This
agreement amends the Executive Employment Agreement between the parties
dated May 1, 2008 as amended November 2, 2008
(“Agreement”).
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2.
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The
Agreement is hereby amended to provide for a reduced base salary and the
provision of restricted stock for that reduction. This
Amendment shall also settle all outstanding obligations to the Employee
for shortfalls in contracted compensation during the year ended June 30,
2009.
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3.
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The
base salary shall be $65,000 through April 30, 2010, $75,000 from May1,
2010 through April 30, 2011 and $85,000 from May 1, 2011 through April 30,
2012.
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4.
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The
number of restricted shares awarded shall vest under the following
schedule and remain restricted for a two year period following the vesting
schedule as follows: 200,000 vest immediately; 29,521 per
quarter over the remaining life of the
contract.
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5.
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Other
than specifically amended hereby, all other terms and provisions of the
Agreement shall remain in full force and
effect.
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Gen2Media
Corporation: Employee:
_________________________ __________________________
Xxxx
Xxxxxxx, Chairman and
CEO Xxxx
Spio, President
