Exhibit 10.26
AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT
This Amendment dated July 18, 2005 hereby amends the Employment Agreement
dated August 1, 2004 (the "Employment Agreement"), by and between iVoice
Technology, Inc., a New Jersey corporation (hereinafter referred to as the
"Company"), having an office at 000 Xxxxxxx 00, Xxxxxxx, Xxx Xxxxxx 00000 and
Xxxxxx Xxxxxxx, having his office at 000 Xx. 00, Xxxxxxx, XX 00000 (hereinafter
referred to as the "Executive").
W I T N E S S E T H :
WHEREAS, the Company and the Executive mutually desire to amend the
Employment Agreement; and
NOW, THEREFORE, in consideration of the premises, the parties agree as
follows:
1. Paragraph 2 of Amendment No. 1 dated April 1, 2005 to the Employment
Agreement is hereby deleted in its entirety and replaced with a new
Paragraph 2 that shall read as follows:
"2. The Executive hereby agrees to accept compensation pursuant to this
Employment Agreement in the form of Class B Common Stock, par value
$.01 per share, in lieu of cash, for as long as the Board of
Directors decides in its sole discretion that the Company does not
have the financial resources to pay the Executive in cash. The
number of Class B Common Stock shares to be issued to the Executive
pursuant to this Paragraph 2 shall be equal to one share of Class B
common stock for every dollar of compensation due and owing the
Executive."
2. All other terms of the Employment Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date written below.
iVoice Technology, Inc. Xxxxxx Xxxxxxx
By: /s/ Xxxx Xxxxxxx By: /s/ Xxxxxx Xxxxxxx
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Title: President
Date:__________________ Date:__________________
