HAUPPAUGE DIGITAL INC.
00
Xxxxx
Xxxxx
Xxxxxxxxx,
Xxx Xxxx 00000
April
10,
2008
Xx.
Xxxxxxx Xxxxxxx
00
Xxxxx
Xxxxx
Xxxxxxxxx,
Xxx Xxxx 00000
Dear
Xx.
Xxxxxxx:
Reference
is made to that certain Employment Agreement, dated January 10, 1998, (the
“Agreement”) between Hauppauge Digital Inc. (the “Company”) and Xxxxxxx Xxxxxxx
(the “Executive”). Capitalized terms used and not otherwise defined
herein shall have the meaning set forth in the Agreement. This letter
constitutes an amendment to the Agreement. Except as expressly
amended hereby, the Agreement shall remain in full force and effect.
Effective
with respect to the Bonus based on the fiscal year ended September 30, 2007,
the
first sentence of Section 4.2.1.A of the Agreement is hereby deleted and
replaced in its entirety with the following:
An
amount
equal to 2% of the Company’s earnings excluding earnings that are not from
operations and before reduction for interest and income taxes and amounts
calculated in accordance with SFAS 123R (“EBIT”), provided that the Company’s
EBIT for the applicable fiscal year exceeds 120% of the prior fiscal year’s
EBIT, and if not, then 1% of the Company’s EBIT.
Please
acknowledge your agreement to the foregoing by signing a copy of this letter
in
the space provided below and returning it to the undersigned.
Yours
truly,
/s/
Xxxxxx Xxxxxxxxxx
By:
Xxxxxx Xxxxxxxxxx
Chief
Financial Officer
READ
AND
AGREED:
/s/
Xxxxxxx Xxxxxxx
Xxxxxxx
Xxxxxxx
Individually
