EXHIBIT 10.3
AMENDMENT NO. 4 TO
EMPLOYMENT AGREEMENT
DATE: February 11, 2005
PARTIES AND ADDRESSES:
CorVu Corporation
0000 Xxxx 00xx Xxxxxx, Xxxxx 000
Xxxxx, XX 00000 (the "Company")
Xxxxxx XxxXxxxxx
00 Xxxxxxxx Xxxxxx
Xxxxxxxx Xxxxxxx, XXX, 0000, Xxxxxxxxx ("Executive")
RECITALS:
A. The Company is a Minnesota corporation engaged principally in the
business of developing, manufacturing and selling business software programs.
B. Executive is currently employed as the Company's Chairman, President
and Chief Executive Officer pursuant to an employment agreement effective as of
July 1, 1999, as amended effective as of January 1, 2001, February 28, 2003 and
December 18, 2003 (the "Agreement").
C. In consideration of the Company's business performance and to provide
further incentives to Executive, the Company and Executive desire to amend the
compensation provisions of the Agreement.
AGREEMENTS:
In consideration of the mutual promises and undertakings set forth herein,
the Company and Executive agree as follows:
1. The following Section 2.3 "Deferral of Compensation" is hereby added to
the Agreement:
"2.3 Deferral of Compensation. The Company and Executive agree that any
annual compensation payable to Executive by the Company and/or the
Company's subsidiaries for services provided by Executive to the Company
and its subsidiaries in excess of an aggregate amount of $250,000 shall be
deferred until such time as the Company achieves, on a consolidated basis,
two (2) consecutive quarters of revenues in excess of $4,000,000 and
positive EBITDA."
2. The parties agree that this Amendment No. 4to Employment Agreement shall
be effective immediately.
3. Except as amended herein, the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Employment Agreement.
CORVU CORPORATION
By: /s/ Xxxxx X. Xxxxxxx /s/ Xxxxxx X. XxxXxxxxx
---------------------------------- ---------------------------------------
Xxxxx X. Xxxxxxx Xxxxxx X. XxxXxxxxx
Its: Chief Financial Officer
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