Exhibit 10.24
AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT
This Amendment dated July 18, 2005 hereby amends the Employment Agreement
dated August 3, 2004, by and between SpeechSwitch, Inc., f/k/a iVoice Technology
3, 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."
3. 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.
SpeechSwitch, Inc. Xxxxxx Xxxxxxx
By: /s/ Xxxxx Xxxx By: /s/ Xxxxxx Xxxxxxx
--------------------------- -------------------------
Title: President and Chief Executive
Officer
Date:__________________ Date:__________________
