Amendment to Employment Agreement between AutoInfo, Inc. and Harry M. Wachtel (November 16, 2005)

Summary

This amendment updates the employment agreement between AutoInfo, Inc. and Harry M. Wachtel. Effective January 1, 2006, the agreement's term is extended through December 31, 2008. Wachtel's annual salary is increased to $250,000, and his minimum bonus is set at 10% of operating profit up to $1,250,000 and 5% of any operating profit above that amount. The amendment is signed by both parties to confirm these changes.

EX-10.K 2 d67405_ex10k.txt AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10K AMENDMENT TO EMPLOYMENT AGREEMENT AMENDMENT as of November 16, 2005 to the AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement") amended and restated as of May 7, 2005 by and between AutoInfo, Inc., a Delaware corporation ("Auto") and Harry M. Wachtel, an individual residing at 908 Jeffery St, Boca Raton, FL 33487 ("Wachtel"). The following modifications to the Agreement are hereby effective January 1, 2006: (a) Pursuant to paragraph 3 Term, the Agreement shall continue through December 31, 2008. (b) Pursuant to paragraph 4 Compensation - Salary shall be increased to $250,000 per year. (c) Pursuant to paragraph 5 Bonus - the minimum Bonus shall be based as follows: 10% of the Operating Profit up to $1,250,000. 5% of the Operating Profit in excess of $1,250,000. IN WITNESS WHEREOF, the parties hereto have caused this AMENDMENT to be duly executed and delivered as of the day and year first above written. AUTOINFO, INC. By: /s/ William I. Wunderlich ------------------------- William I. Wunderlich Title: Chief Financial Officer /s/ Harry Wachtel ----------------- Harry M. Wachtel