Exhibit 10.3
FAVRILLE, INC.
SALARY DEFERRAL PAYMENT
AGREEMENT
WHEREAS, at the May 28, 2008
meeting of the Special Strategic Meeting of the Board of Directors
of Favrille, Inc. (the “ Company ”),
due to the Company’s dire financial condition and in
consideration of his continued employment and other benefits
provided by the Company, John P. Longenecker, the Company’s
President and Chief Executive Officer, agreed to immediately and
indefinitely forgo receiving any future salary payments until such
time as the Company may resume making such salary payments to him
without jeopardizing the Company’s ability to continue as a
going concern.
WHEREAS, the Company and
Dr. Longenecker desire to formally document their agreement
with respect to the terms of deferral of payment of
Dr. Longenecker’s salary compensation.
NOW, THEREFORE, Dr. Longenecker
and the Company hereby agrees as follows:
1.
In consideration of
Dr. Longenecker’s continued employ
