Amendment to Executive Employment Agreement between Gen2Media Corporation and Mary Spio

Summary

Gen2Media Corporation and Mary Spio have amended their executive employment agreement. The amendment reduces Mary Spio's base salary for specified periods and compensates her with restricted stock, which vests on a set schedule and remains restricted for two years after vesting. The amendment also settles any outstanding compensation owed to her for the year ending June 30, 2009. All other terms of the original agreement remain unchanged.

EX-10.3 4 ex103.htm EXHIBIT 10.3 ex103.htm

Exhibit 10.3

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

This amendment to Executive Employment Agreement is executed this date November 10, 2009 by and between Gen2Media Corporation (“Company”) and Mary Spio (“Employee”).

1.	This agreement amends the Executive Employment Agreement between the parties dated May 1, 2008 as amended November 2, 2008 (“Agreement”).

2.	The Agreement is hereby amended to provide for a reduced base salary and the provision of restricted stock for that reduction. This Amendment shall also settle all outstanding obligations to the Employee for shortfalls in contracted compensation during the year ended June 30, 2009.

3.	The base salary shall be $65,000 through April 30, 2010, $75,000 from May1, 2010 through April 30, 2011 and $85,000 from May 1, 2011 through April 30, 2012.

4.	The number of restricted shares awarded shall vest under the following schedule and remain restricted for a two year period following the vesting schedule as follows: 200,000 vest immediately; 29,521 per quarter over the remaining life of the contract.

5.	Other than specifically amended hereby, all other terms and provisions of the Agreement shall remain in full force and effect.

Gen2Media Corporation: Employee:

_________________________ __________________________

Mark Argenti, Chairman and CEO Mary Spio, President