Amendment to Research Agreement Between Sarnoff Corporation and Princeton Video Image, Inc. (February 27, 2001)

Summary

This letter agreement amends a prior Research Agreement between Sarnoff Corporation and Princeton Video Image, Inc. (formerly Princeton Electronic Billboard). The amendment extends by three months the period during which Princeton Video Image, Inc. can make minimum quarterly royalty payments in either cash or company stock. The minimum royalty payment remains $100,000 per quarter for the defined exclusive field, and this payment option now applies for the first two years and three months. The amendment is effective upon countersignature by Sarnoff Corporation.

EX-10.28 4 w53558ex10-28.txt LETTER DATED 2/27/01 AMENDING RESEARCH AGREEMENT 1 Exhibit 10.28 [LETTERHEAD OF PRINCETON VIDEO IMAGE, INC.] February 27, 2001 Mr. James Crofton Vice President & Chief Financial Officer Sarnoff Corporation 201 Washington Road CN5300 Princeton, NJ ###-###-#### Re: Amendment of Research Agreement, dated as of November 1, 1990 as amended as of December 31, 1993 and June 26, 1995, between David Sarnoff Research Center ("Sarnoff") and Princeton Electronic Billboard, now known as Princeton Video Image, Inc. ("PEB" or "PVI") Dear Jim: This letter is to confirm our agreement to amend the above-referenced Research Agreement to extend by three months the period during which minimum quarterly royalty payments may be made either in cash or stock at the company's option. Accordingly, the last paragraph of Article VII, paragraph 4(b) of the Agreement, is hereby amended to read, in its entirety, as follows: The minimum quarterly royalty payment to maintain the licenses in the Sarnoff Property in effect beginning one quarter after January 1, 1999 shall be One Hundred Thousand Dollars ($100,000) for the Exclusive Field defined in Article I, paragraph 1. For the first two (2) years and three (3) months, PEB shall have the option of paying the minimum royalty in cash or in PEB stock at its last issue price. There shall be no minimum royalties outside the Exclusive Field. If you would kindly indicate your agreement to the amendment by signing the acknowledgment below, we would be most appreciative. Very truly yours. /s/ Lawrence L. Epstein ----------------------- Lawrence L. Epstein Vice President and Chief Financial Officer Agreed and Accepted Sarnoff Corporation By: /s/ James Crofton --------------------- Its: Sr. VP & CFO --------------------