Addendum to Employment Agreement Between Jeffrey S. Frichner and Left Behind Games Inc.
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Summary
This addendum modifies the employment agreement between Jeffrey S. Frichner and Left Behind Games Inc. Mr. Frichner, serving as President and Secretary, agrees to waive any breach by the company for not paying his compensation as originally agreed. Instead, he can either receive the owed compensation later or convert it into company stock at rates given to investors at the time the compensation was earned. Both parties have agreed to these revised terms as of June 2, 2004.
EX-10.7 10 bonanza8kex107.htm EXHIBIT 10.7 ADDENDUM DATED FEBRUARY 1, 2005; EMPLOYMENT AGREEMENT FOR JEFFEREY S. FRICHNER Exhibit 10.7 Addendum dated February 1, 2005; Employment Agreement for Jefferey S. Frichner
Exhibit 10.7
EMPLOYMENT AGREEMENT ADDENDUM #1
This Addendum pertains to the Employment Agreement between Jeffrey S. Frichner ("Employee") and Left Behind Games Inc. ("LBG" or the "Company") as President and Secretary. 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/ Jeffrey S. Frichner | June 2, 2004 |
| By: _________________________ | __________ |
| Jeffrey S. Frichner | Date |
ACCEPTED:
LEFT BEHIND GAMES INC.
a Delaware corporation
| /s/ Troy A. Lyndon | June 2, 2004 |
| By: ____________________________ | __________ |
| Troy A. Lyndon, CEO | Date |
