EXHIBIT 10.23


                               AMENDMENT NO. 3 TO
                              EMPLOYMENT AGREEMENT

DATE: December 18, 2003

                             PARTIES AND ADDRESSES:

         CorVu Corporation
         3400 West 66th Street, Suite 445
         Edina, MN  55435                                        (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 and as of February 28,
2003 (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(a) "Annual Base Salary" of the Agreement is deleted and
replaced by the following provision:

                  "(a) Annual Base  Salary.  During the term of this  Agreement,
         the  Company  shall pay  Executive  an annual  base  salary of $190,000
         commencing  July 1, 2003 payable  monthly,  which may be adjusted  from
         time to time by the  Compensation  Committee of the Company's  board of
         directors.  The Company  shall be  entitled  to deduct or withhold  all
         taxes  and  charges  which the  Company  may be  required  to deduct or
         withhold therefrom.

         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,
         Executive shall be eligible to receive bonus  compensation based on the
         Company's achievement of certain pre-determined audited annual revenues
         and net earnings  before income taxes ("EBT") for the Company's  fiscal

<PAGE>

         year  2004.  The  Compensation  Committee  of the  Company's  board  of
         directors has approved the following  bonus  compensation  criteria for
         such fiscal year:

                  For fiscal year 2004, bonus compensation of an amount of up to
                  $250,000  can be earned  based on the  attainment  of budgeted
                  consolidated  gross  revenues and net earnings  before  income
                  taxes (EBT). 40% of the bonus compensation is allocated to the
                  attainment  of budgeted  gross  revenues  and 60% of the bonus
                  compensation  is allocated to the  attainment of budgeted EBT.
                  For fiscal  year  2004,  bonus  compensation  can be earned as
                  follows:

                  o   Results below 80% of budgeted amounts     No bonus earned
                  o   Results 80-99% of budgeted amounts        50% of bonus
                  o   Results 100-120% of budgeted amounts      100% of bonus

                  If  results  are  in  excess  of  120%  of  budgeted  amounts,
                  Executive will earn additional  bonus  compensation for fiscal
                  year 2004 of $125,000.  Calculations  will be completed at the
                  end of each fiscal  quarter based on results on a year-to-date
                  basis. Bonus earned on a year-to-date basis will be reduced by
                  amounts earned in previous  quarters.  Bonus compensation paid
                  to  Executive  based on the results for the first three fiscal
                  quarters  of fiscal  year 2004  will not be  recovered  in the
                  event of subsequent shortfalls. Executive's bonus compensation
                  pursuant  to this  subdivision  for  the  first  three  fiscal
                  quarters  of  fiscal  year  2004,  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).  Executive's bonus
                  compensation  pursuant  to this  subdivision  for  the  fourth
                  fiscal  quarter of fiscal year 2004,  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, 2003.

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, 2003.


-----------------------------------
Justin M. MacIntosh

CorVu Corporation

By:
    -------------------------------
Its: Chief Financial Officer


                                       2