<PAGE>

                                                                   EXHIBIT 10.23

                               AMENDMENT NO. 2 TO
                              EMPLOYMENT AGREEMENT


DATE: February 28, 2003


                             PARTIES AND ADDRESSES:

         CorVu Corporation
         3400 West 66th Street, Suite 445
         Edina, MN  55345                                        (the "Company")


         Justin MacIntosh
         Level 4, 1 James Place
         North Sydney NSW 2060 AUSTRALIA                           ("Executive")


RECITALS:

         A. The Company is a Minnesota corporation engaged principally in the
business of developing, manufacturing and selling business software programs.

         B. Executive is currently employed as the Company's Chairman, President
and Chief Executive Officer pursuant to an employment agreement effective as of
July 1, 1999, as amended effective as of January 1, 2001 (the "Agreement").

         C. In consideration of the Company's business performance and to
provide further incentives to Executive, the Company and Executive desire to
amend the compensation provisions of the Agreement.

AGREEMENTS:

         In consideration of the mutual promises and undertakings set forth
herein, the Company and Executive agree as follows:

         1. Article 2.1(c) "Bonus Compensation" of the Agreement is deleted and
replaced by the following provision:

                           "(c) Bonus Compensation. In addition to the base
                           salary, Employer shall be eligible to receive bonus
                           compensation based on the Company's achievement of
                           certain pre-determined audited annual earnings before
                           income taxes ("EBT") for the Company's fiscal year
                           2003. The Compensation Committee of the Company's
                           board of directors has approved the following bonus
                           compensation criteria for such fiscal years:

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<TABLE>
<CAPTION>
                           ---------------------------------- ----------------------------------
                                      AUDITED                                  EBT
                           ---------------------------------- ----------------------------------
<S>                                                           <C>
                           Up to $500,000                     Twenty percent (20%) of EBT
                           ---------------------------------- ----------------------------------
                           $500,001 to $1,500,000             Fifteen percent (15%) of EBT
                           ---------------------------------- ----------------------------------
                           $1,500,001 to $3,500,000           Ten percent (10%) of EBT
                           ---------------------------------- ----------------------------------
                           Over $3,500,000                    Five percent (5%) of EBT
                           ---------------------------------- ----------------------------------
</TABLE>

                           Fifty percent (50%) of Executive's bonus compensation
                           pursuant to this subdivision, if any, will be paid to
                           Executive on a quarterly basis in one or more
                           installments, as cash allows, after the filing of the
                           unaudited financial statements for the completed
                           fiscal quarter as filed with the Securities and
                           Exchange Commission (SEC). The remainder of
                           Exeuctive's bonus compensation pursuant to this
                           subdivision, if any, will be paid to Executive in one
                           or more installments, as cash allows, after the
                           filing of the audited financial statements for the
                           completed fiscal year as filed with the SEC.
                           Executive's bonus compensation, if any, shall be
                           subject to withholding for income and FICA taxes and
                           any other proper deductions. Notwithstanding anything
                           to the contrary, the Company's payment of bonus
                           compensation to Executive in the event Executive does
                           not remain in Company's employ for the full then
                           current fiscal year shall be controlled by Paragraph
                           2.2 of this Agreement."

2. The parties agree that this Amendment to Employment Agreement shall be
retroactively effective as of July 1, 2002.

3. Except as amended herein, the Agreement shall remain in full force and
effect.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Employment Agreement effective as of July 1, 2002.

/s/ Justin M. MacIntosh
------------------------------------------
Justin M. MacIntosh

CorVu Corporation

By:      /s/ David C. Carlson
    --------------------------------------
Its: Chief Financial Officer


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