Addendum No. 1 to Employment Agreement between Troy A. Lyndon and Left Behind Games Inc. (June 2, 2004)

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum modifies the employment agreement between Troy A. Lyndon and Left Behind Games Inc., where Mr. Lyndon serves as Chief Executive Officer. It addresses deferred compensation owed to Mr. Lyndon, allowing him to either receive payment as originally agreed or convert all or part of the deferred compensation into company stock at rates consistent with those offered to investors. Both parties agree to these revised terms as of June 2, 2004.

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EX-10.3 6 bonanza8kaex103.htm EXHIBIT 10.3 ADDENDUM DATED JUNE 2, 2004; EMPLOYMENT AGREEMENT FOR TROY A. LYNDON Exhibit 10.3 Addendum dated June 2, 2004; Employment Agreement for Troy A. Lyndon
 
Exhibit 10.3
EMPLOYMENT AGREEMENT ADDENDUM #1
 
This Addendum pertains to the Employment Agreement between Troy A. Lyndon ("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/ Troy A. Lyndon                    June 2, 2004
 
____________________        ____________
Troy A. Lyndon      Date

ACCEPTED:

LEFT BEHIND GAMES INC.
a Delaware corporation

/s/ Jeffrey S. Frichner                          June 2, 2004

By:_____________________         ___________
Jeffrey S. Frichner, President  Date