Amendment to Employment Agreement between Donald H. Hunter and Calypso Management LLC (March 4, 2004)
This amendment updates the employment agreement between Donald H. Hunter and Calypso Management LLC, originally dated August 8, 2000. The amendment ensures that Mr. Hunter's share of certain compensation (Allocations) will be at least 30%, and specifically at least 40% of Allocations paid under a referenced section of another agreement. All other terms of the original employment agreement remain unchanged.
Exhibit 10.38
Amendment to Employment Agreement
This document is dated as of March 4, 2004 and amends the letter agreement dated August 8, 2000 between Donald H. Hunter and Calypso Management LLC (“Agreement”) regarding the employment of Mr. Hunter.
For value received, the parties agree to add the words “at least” before the words “30%” in the second sentence of the third paragraph of the Agreement, and to add at the end of this sentence: “provided, however, that your share of Allocations shall be at least 40% of Allocations paid pursuant to Section 7 (ii) of the Administration and Liquidation Agreement.”
Except as set forth above, the terms of the Agreement are hereby ratified and affirmed.
Executed under seal.
| CALYPSO MANAGEMENT LLC | ||||||
| By: | /s/ STEPHEN G. KASNET | /s/ DONALD H. HUNTER | ||||
| Title: | Stephen G. Kasnet President & Chief Executive Officer | Donald H. Hunter | ||||
