EMPLOYMENT AGREEMENT ADDENDUM #1
Exhibit
10.3
This
Addendum pertains to the Employment Agreement between Xxxx
X. Xxxxxx
("Employee") and Left
Behind Games Inc.
("LBG"
or the "Company") as Chief Executive Officer. Employee
and the Company are sometimes individually referred to herein as a "party"
and
collectively as the "parties."
1. Deferred
Compensation and Stock Option.
Employee
has performed services in accordance with the parties’ Employment Agreement.
However, Employee has not received compensation from Company in accordance
with
such Agreement. Employee hereby waives any such breach of Agreement by Company
for valuable consideration (“Deferred Compensation”) as follows:
| a. |
compensation
as determined in the parties’ Employment Agreement,
or;
|
| b. |
the
right and option to convert all or part of such “Deferred Compensation” to
Stock based upon the same terms and rates consistent with stock purchase
agreements with investors in LBG. Such conversion rates shall be
consistent with the price per share provided to the Company by investors
at the time of accrual.
|
By
signing below, the parties acknowledge they have read, understand and agree
to
this terms and conditions of this Addendum.
EMPLOYEE
/s/
Xxxx
X.
Xxxxxx
June 2, 2004
____________________
____________
Xxxx
X.
Xxxxxx Date
ACCEPTED:
LEFT
BEHIND GAMES INC.
a
Delaware corporation
/s/
Xxxxxxx X.
Xxxxxxxx
June 2, 2004
By:_____________________
___________
Xxxxxxx
X. Xxxxxxxx, President Date
