EXHIBIT 10.13
[PVI LETTERHEAD]
March 28, 2003
Princeton Video Image, Inc.
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Ladies and Gentlemen:
This letter shall constitute an amendment to my employment agreement with
Princeton Video Image, Inc. (the "Company") dated January 24, 1997, as amended
March 8, 2001, November 8, 2001, October 28, 2002, November 26, 2002, December
19, 2002, January 23, 2003, January 30, 2003, February 25, 2003 and March 14,
2003 (the "Employment Agreement"). The sole purpose of this Amendment is to
provide both the Company and me with more time to negotiate a restructuring of
the Employment Agreement. To that end, we agree to modify the terms of the
Employment Agreement as follows:
1. The Employment Agreement is hereby modified to provide that the current
term shall expire on April 30, 2003, instead of March 31, 2003.
2. For the remainder of the current term, which, as modified hereby,
expires on April 30, 2003, the Company may terminate the Agreement at
any time and for any reason by giving me 1 day prior notice instead of
90 days as stated in line 7 of paragraph 12(a) of the Employment
Agreement.
3. For the remainder of the current term, which, as modified hereby,
expires on April 30, 2003, I may terminate my employment under the
Employment Agreement within 272 days of a Detrimental Change instead of
90 days as stated in line 17 of paragraph 12(a) of the Employment
Agreement. The effect of this is to extend the time to negotiate a
restructuring of my Employment Agreement to April 30, 2003 for both
parties.
4. Section 20 of the Employment Agreement is hereby amended to include
this letter as part of the "entire agreement", with respect to the
subject matter of my employment by the Company. Except as modified by
this letter, the terms of the Employment Agreement shall remain in full
force and effect.
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Acknowledged and Agreed:
PRINCETON VIDEO IMAGE, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇ ▇▇▇▇▇
Title: President & ▇.▇.▇ .
