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        

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/s/    DONALD H. HUNTER        

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Title:  

Stephen G. Kasnet

President & Chief Executive Officer

      Donald H. Hunter