Amendment to Employment and Service Agreement between Ronald Yadin Lowenthal and North American Gold & Minerals Fund

Summary

This amendment, dated July 21, 2010, modifies the Employment and Service Agreement between Ronald Yadin Lowenthal and North American Gold & Minerals Fund. It reduces the number of company shares granted to Mr. Lowenthal from 50,000,000 to 250,000 post-split shares. Mr. Lowenthal must immediately instruct the transfer agent to cancel 49,750,000 shares. The remaining 250,000 shares are fully vested but remain restricted until they can be sold under SEC Rule 144 and the original agreement's terms.

EX-10.03 4 ex10-03.txt AMENDMENT TO EMPLOYMENT AGREEMENT Exhibit 10.03 AMENDMENT TO EMPLOYMENT AND SERVICE AGREEMENT This Amendment dated as of July 21, 2010 is made to that Employment and Service Agreement dated August 18, 2009 (the "Agreement") between Ronald Yadin Lowenthal ("Executive") and North American Gold & Minerals Fund (f/k/a Elko Ventures, Inc.), a Nevada corporation (the "Company"). Effective immediately, the Agreement is amended to decrease the shares of Company Common Stock granted to Consultant to 250,000 (Two hundred fifty thousand) post-split shares from 50,000,000 (Fifty million) post-split shares. Executive shall immediately tender to the Company's transfer agent a letter of instruction directing the transfer agent to effectuate the cancellation of 49,750,000 (Forty nine million seven hundred fifty thousand) shares of Company Common Stock. The remaining 250,000 (Two hundred fifty thousand) shares of Company Common Stock shall be deemed fully vested but shall remain restricted until such time that they may be re-sold pursuant to SEC Rule 144 and the terms and conditions contained in the Employment and Service Agreement with the Company. IN WITNESS WHEREOF, the Company and Executive have entered into this Amendment as of the day and year first above written. NORTH AMERICAN GOLD & MINERALS FUND By /s/ Ronald Y Lowenthal ------------------------------------- Ronald Y Lowenthal, CEO RONALD YADIN LOWENTHAL /s/ Ronald Y Lowenthal - --------------------------------------- Ronald Yadin Lowenthal, Individually