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                                                                   EXHIBIT 10.40

                                EXECUTIVE OFFICER
                          AMENDED EMPLOYMENT AGREEMENT

        THIS AMENDED EXECUTIVE OFFICER EMPLOYMENT AGREEMENT (the "Agreement") is
made and entered into this 24th day of March 1999 by and between UNIVERSAL
ELECTRONICS INC. (the "Employer") and CAMILLE JAYNE ("Executive").

                                    RECITALS:

        WHEREAS, the Employer is presently headquartered in Cypress, California,
and is engaged in the business of developing and marketing easy to use,
pre-programmed universal remote control products primarily for home video and
audio entertainment equipment and home security and home automation devices; and

        WHEREAS, Employer wishes to retain Executive as one of its key
executives and avail itself of Executive's expertise, experience and capability
in Employer's business, and in this connection has Executive, in addition to
being Employer's Chief Executive Officer and performing those duties and
assuming those responsibilities as set forth in this Agreement and as identified
and outlined in Employer's Amended and Restated By-Laws, and undertaking such
other duties and assuming such other responsibilities commensurate with
Executive's designated position(s) as may be reasonably assigned to Executive
from time to time by the Board of Directors of Employer, has recently been named
Employer's Chairman of the Board and has agreed to perform those duties and
assume those responsibilities as identified and outlined in Employer's Amended
and Restated By-Laws, and to undertake such other duties and to assume such
other responsibilities commensurate with Executive's designated position(s) as
may be reasonably assigned to Executive from time to time by the Board of
Directors of Employer; and

        WHEREAS, Executive and Employer each desires to enter into this
Agreement to reflect fully the terms and conditions of Executive's employment
with Employer.

        NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
contained herein, and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties, intending to be legally bound, agree as
follows:

        1.     EMPLOYMENT

        Subject to all of the terms and conditions of this Agreement, effective
on the date of this Agreement as set forth in the preamble (the "Effective Date
of this Agreement"), Employer hereby employs Executive and Executive hereby
accepts employment with Employer.

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        2.     TITLE, AUTHORITY AND DUTIES

               (a) TITLE(S) AND POSITION(S). On the Effective Date of this
        Agreement, Executive shall be employed in the position(s) of and shall
        have the title(s) of Chairman of the Board and Chief Executive Officer
        of Employer, until this Agreement is terminated as provided herein.

               (b) AUTHORITY AND DUTIES. Executive will, during the term of this
        Agreement, perform those duties and assume those responsibilities as set
        forth in this Agreement and as identified and outlined in Employer's
        Amended and Restated By-Laws, as amended as of the date of this
        Agreement, and to undertake such other duties and to assume such other
        responsibilities commensurate with Executive's designated position(s) as
        may be reasonably assigned to Executive from time to time by the Board
        of Directors of Employer.

               (c) EXCLUSIVE SERVICES AND EFFORTS OF EXECUTIVE. During the term
        of this Agreement, Executive shall serve the Employer, under the
        direction of the Board of Directors of Employer, and shall faithfully,
        diligently, competently and, to the best of her ability, exclusively
        devote her full time, energy and attention (unless otherwise agreed to
        by the parties) to the business of the Employer and to the promotion of
        its interest. Executive recognizes that Employer's organization,
        business and relationship with clients, prospective clients and others
        having business dealings with Employer are and will be the sole property
        of Employer and Executive shall have no separate interests or rights
        with respect thereto, except as an employee of Employer.

               (d) OTHER ACTIVITIES AND INTERESTS. Employer shall be entitled to
        all of the benefits, emoluments, profits, discoveries or other issues
        arising from, incident to and related to any and all work, services and
        advice of Executive to Employer in carrying out her duties and
        responsibilities hereunder. Executive shall not, without the written
        consent of Employer, directly or indirectly, render services to or for
        any person, firm, corporation or other entity or organization, whether
        or not in exchange for compensation, regardless of the form in which
        such compensation, if any, is paid and whether or not it is paid
        directly or indirectly to her if the rendering of such service would
        interfere with the performance of her duties and responsibilities to
        Employer hereunder. Notwithstanding the foregoing sentence, Executive
        may spend time and attention to personal investment and community
        activity matters and such other personal matters consistent with
        Employer's policies and procedures set forth within Employer's policy
        manual in effect from time to time which are equally applicable to all
        of Employer's executive employees, so long as the spending of such time
        and attention does not substantially interfere with the performance of
        her duties and responsibilities to Employer hereunder.

        3.     TERM OF EMPLOYMENT AND TERMINATION

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               (a) TERM. Unless earlier terminated as provided herein, the term
        of this Agreement shall commence at the start of business on the
        Effective Date of this Agreement and shall continue through the end of
        business on February 1, 2001 (the "Initial Term"). Unless terminated by
        either party by giving the other party written notice of an intent not
        to renew this Agreement at least one hundred twenty (120) days prior to
        the end of the Initial Term or any successive one (1) year term, this
        Agreement shall automatically extend for one (1) additional year after
        the Initial Term and then again for a one (1) year term after each
        successive year.

               (b) TERMINATION.

                      (i) BY EMPLOYER FOR JUST CAUSE. Employer may terminate the
               employment of Executive under this Agreement for Just Cause (as
               defined herein) at any time upon delivery of written notice to
               her setting forth, in reasonable specificity, such Just Cause.
               For purposes of this Agreement, and particularly this subsection
               3(b)(i), "Just Cause" shall mean:

                             (1) The continued failure by or refusal of
                      Executive to substantially perform her duties and
                      responsibilities as set forth herein; or

                             (2) Executive's indictment for, conviction of or a
                      guilty plea to a felony or of any crime involving moral
                      turpitude, whether or not affecting the Employer; or

                             (3) The engagement by Executive of personal illegal
                      conduct which, in the reasonable judgment of Employer, by
                      association with her, is materially and demonstrably
                      injurious to the property and/or business of Employer; or

                             (4) Any material breach by Executive of the terms
                      and conditions contained herein, including without
                      limitation, those certain confidentiality provisions set
                      forth in Section 16; or

                             (5) The commission of any act opposed to the best
                      interests of Employer for which Executive would not be
                      entitled to indemnification under Employer's Restated
                      Certificate of Incorporation and Amended and Restated
                      By-Laws, each as amended as of the date of this Agreement;
                      or

                             (6) The failure by Executive to protect the best
                      interests of Employer through Executive's gross neglect of
                      duty.

                      (ii) BY EXECUTIVE FOR GOOD REASON. Executive may terminate
               her employment with Employer under this Agreement for Good Reason
               (as defined

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               herein) at any time upon delivery of written notice to Employer
               setting forth, in reasonable specificity, such Good Reason(s).
               For purposes of this Agreement, and particularly this subsection
               3(b)(ii), "Good Reason" shall mean:

                             (1) The attempted discontinuance or reduction in
                      Executive's "Base Cash Salary" (as defined herein); or

                             (2) The attempted discontinuance or reduction in
                      Executive's bonuses and/or incentive compensation award
                      opportunities under plans or programs applicable to her,
                      unless such discontinuance or reduction is a result of
                      Employer's policy applied equally to all executive
                      employees of Employer; or

                             (3) The attempted discontinuance or reduction in
                      Executive's stock option and/or stock award opportunities
                      under plans or programs applicable to her, unless such
                      discontinuance or reduction is a result of Employer's
                      policy applied equally to all executive employees of
                      Employer; or

                             (4) The attempted discontinuance or reduction in
                      Executive's perquisites from those historically provided
                      her during her tenure with the Employer and generally
                      applicable to executive employees of Employer; or

                             (5) The relocation of Executive to an office (other
                      than Employer's headquarters) located more than fifty (50)
                      miles from her then current office location; or

                             (6) The significant reduction in Executive's
                      responsibilities and status within the Employer or change
                      in her title(s) or position(s); or

                             (7) The attempted discontinuance of Executive's
                      participation in any benefit plans maintained by Employer
                      unless such plans are discontinued by reason of law or
                      loss of tax deductibility to the Employer with respect to
                      the contributions to or payments under such plans, or are
                      discontinued as a matter of the Employer's policy applied
                      equally to all participants; or

                             (8) The attempted reduction of Executive's paid
                      vacation to less than that as provided in this Agreement;
                      or

                             (9) The failure by Employer to obtain an assumption
                      of Employer's obligations under this Agreement by any
                      assignee of or successor to

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                      Employer, regardless of whether such entity becomes a
                      successor to Employer as a result of merger,
                      consolidation, sale of assets of Employer or other form of
                      reorganization; or

                             (10) The occurrence of any of the items set forth
                      in paragraphs (1) through (9) of this subsection 3(b)(ii),
                      if, in the reasonable determination by the Executive, such
                      occurrence happens as a result of and within the shorter
                      of six (6) months or the remaining term of this Agreement
                      following a "Change in Control" (as such term is defined
                      below). For the purposes of this Agreement, a "Change in
                      Control" shall be deemed to occur when and only when the
                      first of the following events occurs:

                                    a. Any "person" or "group" (as such terms
                             are used in Sections 3(a), 3(d), and 14(d) of the
                             Securities Exchange Act of 1934, as amended, and
                             the rules and regulations promulgated thereunder
                             (the "1934 Act"), other than (i) a trustee or other
                             fiduciary holding securities under any employee
                             benefit plan of the Corporation or any of its
                             subsidiaries or (ii) a corporation owned directly
                             or indirectly by the stockholders of the
                             Corporation in substantially the same proportions
                             as their ownership of stock in the Corporation, is
                             or becomes the "beneficial owner" (as defined in
                             Rule 13d-3 under the 1934 Act)), directly or
                             indirectly, of securities of the Corporation
                             representing 20% or more of the total voting power
                             of the then outstanding securities of the
                             Corporation entitled to vote generally in the
                             election of directors (the "Voting Stock"); or

                                    b. Individuals who are members of the
                             Incumbent Board, cease to constitute a majority of
                             the Board of Directors of the Corporation. The term
                             "Incumbent Board" shall mean (i) the members of the
                             Board of Directors on the effective date of this
                             Agreement, and (ii) any individual who becomes a
                             member of the Board of Directors after the
                             effective date of this Agreement, if his or her
                             election or nomination for election as a director
                             was approved by the affirmative vote of a majority
                             of the then Incumbent Board; or

                                    c. (i) The merger or consolidation of the
                             Corporation with any other corporation or entity,
                             other than a merger or consolidation which would
                             result in the Voting Stock outstanding immediately
                             prior thereto continuing to represent (either by
                             remaining outstanding or by being converted into
                             voting securities of the surviving entity) at least
                             80% of the total voting power represented by the
                             Voting Stock or the voting securities of such
                             surviving entity outstanding immediately after such
                             merger or consolidation, (ii) the sale, transfer or
                             disposition of all or substantially all of the

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                             Corporation's assets to any other corporation or
                             entity, or (iii) the dissolution or liquidation of
                             the Corporation.

                      For purposes of this Agreement, a Change in Control
                      approved by the Incumbent Board will be deemed a "friendly
                      acquisition" and a Change in Control not approved by the
                      Incumbent Board will be deemed a "hostile acquisition."

                      (iii) AUTOMATICALLY IN ACCORDANCE WITH SUBSECTION 3(a). In
               addition to the rights to terminate this Agreement as set forth
               in subsections 3(b)(i) and 3(b)(ii), this Agreement may also
               terminate automatically in accordance with subsection 3(a).

                      (iv) DISAGREEMENTS. Any disagreement concerning whether
               there has been Just Cause for termination by Employer or Good
               Reason for termination by Executive will be resolved by binding
               arbitration in accordance with the provisions of Section 18 of
               this Agreement.

               (c) EFFECT OF TERMINATION. Upon termination of Executive's
        employment with Employer:

                      (i) BY EMPLOYER FOR JUST CAUSE. Executive shall not be
               entitled to receive payment of any salary, bonus, expenses, or
               other benefits beyond the date of termination and, subject to
               this subsection 3(c)(i) and Section 17, this Agreement shall
               become null and void effective as of the date of termination and
               Employer and Executive shall have no further obligation hereunder
               toward the other except for the payment of salary, bonus,
               expenses and benefits, if any, which have accrued but remain
               unpaid prior to and as of the termination date.

                      (ii) BY EXECUTIVE FOR GOOD REASON.

                             (1) Executive shall be paid by Employer in a lump
                      sum within twenty (20) business days of such termination,
                      an amount which is equal to the sum of the following:

                                    (A) The amount equivalent to salary payments
                             for eighteen (18) months (twenty-four (24) months
                             if such termination is pursuant to subsection
                             3(b)(ii)(10) and such Change in Control is deemed a
                             "friendly acquisition" or thirty-six (36) months if
                             such termination is pursuant to subsection
                             3(b)(ii)(10) and such Change in Control is deemed a
                             "hostile acquisition"), at that rate of pay which
                             is not less than Executive's rate of Base Cash
                             Salary in effect immediately prior to the effective
                             date of such termination (without regard to any
                             attempted reduction or discontinuance of such
                             salary); and

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                                    (B) The amount equivalent to eighteen (18)
                             months (twenty-four (24) months if such termination
                             is pursuant to subsection 3(b)(ii)(10) and such
                             Change in Control is deemed a "friendly
                             acquisition" or thirty-six (36) months if such
                             termination is pursuant to subsection 3(b)(ii)(10)
                             and such Change in Control is deemed a "hostile
                             acquisition"), multiplied by the greater of (i) the
                             monthly rate of the bonus payment for the bonus
                             period in the year immediately prior to Executive's
                             termination date or (ii) the estimated amount of
                             the bonus for the period which includes Executive's
                             termination date (without regard to any attempted
                             reduction or discontinuance of such bonus).

                             (2) In addition to such amount under subsection
                      3(c)(ii)(1) above, Executive shall also receive, (i) in
                      cash, the value of the incentive compensation (including,
                      but not limited to, employer contributions to the
                      Universal Electronics Inc. 401(K) and Profit Sharing Plan)
                      and (ii) the rights to receive grants of stock options and
                      stock awards to which she would have been entitled under
                      all incentive compensation and stock option and stock
                      award plans maintained by Employer if Executive had
                      remained in the employ of Employer for eighteen (18)
                      months (twenty-four (24) months if such termination is
                      pursuant to subsection 3(b)(ii)(10) and such Change in
                      Control is deemed a "friendly acquisition" or thirty-six
                      (36) months if such termination is pursuant to subsection
                      3(b)(ii)(10) and such Change in Control is deemed a
                      "hostile acquisition"), without regard to any attempted
                      reduction or discontinuance of such incentive
                      compensation. The amount of such payment and/or grants
                      shall be determined as of the date of termination and
                      shall be paid and/or issued as promptly as practicable and
                      in no event later than 30 days after such termination.

                             (3) Employer shall also maintain in full force and
                      effect for the Executive's continued benefit (and, to the
                      extent applicable, the continued benefit of her
                      dependents) all of the employee benefits (including, not
                      limited to, coverage under any medical and insurance
                      plans, programs or arrangements) to which she would have
                      been entitled under all employee benefit plans, programs
                      or arrangements maintained by Employer if Executive had
                      remained in the employ of Employer for eighteen (18)
                      months (twenty-four (24) months if such termination is
                      pursuant to subsection 3(b)(ii)(10) and such Change in
                      Control is deemed a "friendly acquisition" or thirty-six
                      (36) months if such termination is pursuant to subsection
                      3(b)(ii)(10) and such Change in Control is deemed a
                      "hostile acquisition"), without regard to any attempted
                      reduction or discontinuance of such benefits, or if such
                      continuation is not possible under the terms and
                      provisions of such

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                      plans, programs or arrangements, Employer shall arrange to
                      provide benefits substantially similar to those which
                      Executive (and, to the extent applicable, her dependents)
                      would have been entitled to receive if she had remained a
                      participant in such plans, programs or for such eighteen
                      (18) month (twenty-four (24) months if such termination is
                      pursuant to subsection 3(b)(ii)(10) and such Change in
                      Control is deemed a "friendly acquisition" or thirty-six
                      (36) months if such termination is pursuant to subsection
                      3(b)(ii)(10) and such Change in Control is deemed a
                      "hostile acquisition") period.

                             (4) Subject to this subsection 3(c)(ii) and Section
                      17, this Agreement shall become null and void effective as
                      of the date of termination and Employer and Executive
                      shall have no further obligation hereunder toward the
                      other.

                      (ii) PURSUANT TO SUBSECTION 3(b)(III). Executive
               acknowledges and agrees that in the event that this Agreement
               terminates in accordance with subsection 3(b)(iii), that Employer
               and Executive shall have no further obligation hereunder toward
               the other except for the payment of salary, bonus, expenses and
               benefits, if any, which have accrued but remain unpaid prior to
               and as of the termination date.

                      (iv) SUBMISSION OF RESIGNATIONS BY EXECUTIVE. Upon
               termination of this Agreement by either Employer or Executive as
               set forth herein and the receipt by Executive of (1) all cash
               amounts due her as set forth herein and (2) a written
               representation signed by an authorized representative of Employer
               that all non-cash obligations of Employer as set forth herein
               have been fulfilled or, as the case may be, have been commenced,
               Executive shall immediately submit Executive's resignation for
               any and all offices or directorships of Employer and/or any and
               all subsidiaries and affiliates of Employer which resignation
               shall have retroactive application and effect to such termination
               date; provided however that during such time period from the
               effective date of such termination to the date Executive submits
               her resignation, Executive acknowledges and agrees that she does
               not have authority to bind Employer to any contracts or
               commitments and agrees not to create any obligation for Employer
               or bind or attempt to bind Employer in any manner whatsoever.
               Executive also acknowledges that she shall have no supervisory or
               managerial responsibility or authority from and after the
               effective date of her termination, regardless of whether she
               submits the resignation or not, and agrees not to involve herself
               in any activities of Employer, except as may be requested by the
               an authorized officer of Employer.

        4.     TOTAL COMPENSATION

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            While employed under this Agreement and in consideration of the
services to be rendered by Executive pursuant hereto, Executive shall receive
the following amounts/benefits as the sole and total compensation for the
performance of her duties and obligations under this Agreement:

               (a) BASE CASH SALARY. A salary at the rate of Three Hundred
        Thousand Dollars (US$300,000) per annum (the "Base Cash Salary"), which
        shall be deemed to accrue from day to day, payable in accordance with
        Employer's standard payroll practices and procedures;

               (b) BONUS. A bonus calculated in accordance with the plans or
        programs established by Employer from time to time; provided that the
        bonus for the 1999 calendar year shall be calculated in accordance with
        the Bonus Plans attached hereto as Exhibit A, payable in accordance with
        Employer's standard payroll practices and procedures; and provided
        further, that any such bonuses whenever earned and paid shall be
        determined without regard to any material gains and losses which occur
        outside of the scope of Employer's ordinary operating business unless
        any such plans or programs explicitly include such material gains and
        losses within the determination of any such bonuses;

               (c) STOCK OPTIONS. Stock options granted or stock awards in
        accordance with the plans or programs established by Employer from time
        to time; provided that the stock options and/or stock awards granted for
        the 1999 calendar year shall be determined in accordance with the Stock
        Option Plans attached hereto as Exhibit B;

               (d) INCENTIVE COMPENSATION. Participation in Employer's incentive
        compensation plans and/or programs, including, but not limited to,
        receipt of employer contributions to the Universal Electronics Inc.
        401(K) and Profit Sharing Plan and the right to receive stock awards and
        to exercise stock options under the Universal Electronics Inc. 1993
        Stock Incentive Plan, the Universal Electronics Inc. 1995 Stock
        Incentive Plan, the Universal Electronics Inc. 1996 Stock Incentive
        Plan, the Universal Electronics Inc. 1998 Stock Incentive Plan, the
        Salaried Employee Cash Incentive Program, and such other plans and/or
        programs which are established from time to time;

               (e) BENEFITS. The benefits provided by Employer to its executive
        employees generally, including without limitation, the benefits and
        perquisites included under the Universal Electronics Inc. group family
        health insurance program, which includes comprehensive medical
        insurance, dental insurance, group disability, group life insurance, and
        executive bonus (supplemental life); provided that the benefits provided
        to Executive shall be no less extensive than that provided her
        immediately prior to the date of this Agreement;

               (f) VACATION. Three (3) weeks (fifteen (15) working days)
        vacation with pay, determined and carried over in accordance with the
        policies and procedures set forth within Employer's policy manual in
        effect from time to time which are equally applicable to all of
        Employer's executive employees;

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               (g) OTHER PERQUISITES. Such other employee benefits and
        perquisites which are provided by Employer to executives generally,
        provided that the other perquisites provided to Executive shall be no
        less extensive than the most extensive perquisites provided to any other
        executive employee of the Employer;

               (h) D&O INSURANCE. Director and Officer Liability insurance in a
        reasonably sufficient amount;

               (i) DISCRETIONARY BONUS. Such other amounts of compensation
        and/or bonus which is determined by Employer from time to time;

               (j) REVIEWS. The total amount of compensation to be paid and/or
        provided to Executive shall be reviewed by the Board of Directors, or
        such committee thereof, of Employer as of the first day of each calendar
        year while this Agreement is in force and effect. In no event shall such
        review result in a reduction or discontinuance of the amount of
        compensation paid and/or provided to Executive hereunder except if such
        reduction or discontinuance occurs by reason of law or loss of tax
        deductibility to the Employer with respect to the contributions to such
        plans, or are discontinued as a matter of the Employer's policy applied
        equally to all participants;

               (k) ENTITLEMENT TO EMPLOYER'S EXECUTIVE RELOCATION POLICY.
        Effective of the date of this Agreement, Executive has agreed to change
        her principal place of residence from Northern California to Southern
        California. In this connection, Employer acknowledges and agrees that
        such change by Executive will benefit the Corporation. Therefore,
        Employer agrees that in connection with such relocation by Executive,
        Executive shall be entitled to receive such assistance as set forth in
        Employer's Executive Relocation Policy Number 4.10, effective date
        August 1, 1995.

        5.     ADJUSTMENTS IN CASE OF EXCESS PARACHUTE PAYMENTS

        In the event that the aggregate present value (determined in accordance
with applicable federal, state and local income tax law, rules and regulations)
of all payments to be made and benefits to be provided to Executive under this
Agreement and/or under any other plan, program or arrangement maintained or
entered into by Employer or any of its subsidiaries shall result in "excess
parachute payments" to her within the meaning of Section 280G of the Internal
Revenue Code of 1986, as amended (the "Code"), or any comparable provision of
successor legislation, which subject her to the Excise Tax under Section 4999 of
the Code or any comparable provision of successor legislation, Employer shall
pay to Executive an additional amount (the "gross-up payment") calculated so
that the net amount received by her after deduction of the Excise Tax and of all
federal, state and local income taxes upon the gross-up payment shall equal the
payments to be made and the benefits to be provided to her under this Agreement.
For purposes of determining the amount of the gross-up payment, Executive shall
be deemed to pay federal, state and local income taxes at the

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highest marginal rates thereof in the calendar year in which the gross-up
payment is to be made, net of the maximum reduction in federal income taxes
obtainable from deduction of such state and local taxes. The computations
required by this Section 5 shall be made by the independent public accountants
then regularly retained by Employer, in consultation with tax counsel selected
by and acceptable to Executive. Employer shall pay all of its accountants' fees
and the lesser of (i) one-half of Executive's tax counsel's fees or (ii) $2,500.

        6.     REIMBURSEMENT FOR BUSINESS RELATED EXPENSES

        Employer shall reimburse Executive for all reasonable expenses incurred
and paid by her in connection with Employer's business in accordance with
Employer's policy manual in effect from time to time.

        7.     INTEREST

        In the event any payment to Executive under this Agreement is not paid
within five (5) business days after it is due, such payment shall thereafter
bear interest at the prime rate from time to time in effect at Bank of America,
Los Angeles, California; provided however, that this provision shall not excuse
the timely payment of such sums required by this Agreement.

        8.     NOTICES

        Written notices to be given under this Agreement shall be personally
delivered or sent by overnight courier (such as Federal Express, DHL or UPS and
the like) or by registered or certified mail, return receipt requested, to the
addresses set forth below:

        To Employer:
        Universal Electronics Inc.
        6101 Gateway Drive
        Cypress, California 90630
        Attn.: Corporate Secretary

        With a required copy to:
        Universal Electronics Inc.
        6101 Gateway Drive
        Cypress, California 90630
        Attn: The Board of Directors

        To Executive:
        Ms. Camille Jayne
        At her last known address as reflected in Employer's records

        9.     SEVERABILITY

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        If any one or more of the provisions contained in this Agreement shall
be invalid, illegal or unenforceable in any respect under applicable law, the
validity, legality and enforceability of the remaining provisions contained
herein shall not, in any way, be ineffective or impaired thereby.

        10.    GOVERNING LAW

        This Agreement shall be governed by the law of the state of California
and not the law of conflicts of the state of California.

        11.    WAIVER

        The failure of either party to insist in any one or more instances on
strict performance of any of this Agreement's provisions, or to exercise or
enforce any right, remedy or obligation under this Agreement, shall not be
construed as a waiver or relinquishment of any right, remedy or obligation, and
the right, remedy or obligation shall continue in full force and affect.

        12.    ENTIRE AGREEMENT AND MODIFICATION

        This Agreement sets forth the entire agreement of the parties concerning
the employment of Executive by the Employer and any oral or written statements,
representations, agreements or understandings made or entered into prior to or
contemporaneously with the execution of this Agreement are hereby rescinded,
revoked, and rendered null and void by the parties. The parties hereto further
acknowledge and agree that the terms of that certain (a) Offer Letter dated
November 5, 1997 and (b) Executive Officer Employment Agreement dated January
29, 1998 have each been incorporated in this Agreement and such Offer Letter and
Executive Officer Employment Agreement has each been superseded by this
Agreement and therefore, each is hereby terminated in its entirety and shall be
of no further force and effect. This Agreement may be modified only by a written
instrument duly executed by each party hereto.

        13.    ASSIGNMENT

        This Agreement shall be binding upon the parties hereto, their
respective heirs, personal representatives, executors, administrators,
successors and assigns. Any such assignee or successor of Employer shall, within
ten (10) business days after receipt of a written request by Executive, send to
Executive its acknowledgment and agreement that such assignee or successor
expressly assumes all of Employer's obligations under this Agreement as if such
assignee or successor was the original employer and the term "Employer" as used
herein as include any such assignee or successor.

            14.         INTERPRETATION OF AGREEMENT

            The parties have cooperated in the drafting and preparation of this
Agreement. Therefore, the parties hereto agree that, in any construction to be
made of the Agreement the same shall not be

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construed against any of the parties. Each of the parties hereto has carefully
read this Agreement and has been given the opportunity to have it reviewed by
legal counsel and negotiate its terms.

        15.    SPECIFIC OBLIGATIONS OF THE EXECUTIVE

        In addition to the general duties set forth herein, Executive shall use
her reasonable efforts for the benefit of Employer by whatever activities
Employer finds reasonably appropriate to maintain and improve Employer's
standing in the community generally and among current and prospective customers,
including such entertainment for professional purposes as Executive and Employer
mutually consider appropriate. Executive shall undertake business development
endeavors as reasonably directed by Employer.

        16.    NONDISCLOSURE AND NONAPPROPRIATION OF INFORMATION

               (a) Executive recognizes and acknowledges that while employed by
        Employer, she has and will have access to, learn, be provided with and,
        in some cases, prepare and create certain confidential, proprietary
        business information and/or trade secrets for Employer, including, but
        not limited to, lists, files and forms, (hereinafter collectively
        referred to as the "trade secrets"), all of which are of substantial
        value to Employer and its business. In this connection, Executive
        expressly covenants and agrees, during her employment with Employer and
        continuing thereafter, to:

                      (i) Hold in a fiduciary capacity and not reveal,
               communicate, use or cause to be used for her own benefit or
               divulge any trade secrets, or other proprietary right now or
               hereafter owned by the Employer;

                      (ii) Not sell, exchange or give away, or otherwise dispose
               of any trade secrets now or hereafter owned by Employer, whether
               the same shall or may have been originated or discovered by
               Employer or otherwise;

                      (iii) Not reveal, divulge or make known to any person,
               firm, corporation or other entity any trade secrets of Employer;

                      (iv) Not reveal, divulge or make known to any person
               (other than her spouse, attorney and/or accountant), firm,
               company or corporation any of the terms of this Agreement;

                      (v) Not solicit, interfere with or endeavor to entice away
               from Employer any person, firm, company or corporation in the
               habit of dealing with Employer; and

                      (vi) Not interfere with or solicit for hire or hire any
               other executive employee of Employer.

                                       13
<PAGE>   14

               (b) Executive further covenants and agrees to return to Employer
        either before or immediately upon her termination of employment with
        Employer any and all written information, material or equipment that
        constitutes, contains or relates to Employer's proprietary information
        trade secrets and which relate to Employer's business which are in
        Executive's possession, custody and control, whether confidential or
        not, including any and all copies thereof which may have been made by or
        for Executive. Executive shall maintain no copies thereof after
        termination of her employment.

        17.    SURVIVAL OF OBLIGATIONS

        In addition to those specific provisions of Section 3, which by their
express terms, survive the termination of this Agreement under certain
circumstances, the terms and conditions and obligations of the parties as
contained Sections 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 16, 17, and 18 shall
survive the termination of this Agreement and, notwithstanding such termination,
shall remain fully binding on the parties hereto.

        18.    ARBITRATION

        Except for any claim or dispute in which equitable relief under this
Agreement is sought, any disagreement, dispute or controversy concerning whether
there has been Just Cause, Good Reason or breach of any of the terms of this
Agreement shall be settled exclusively and finally by arbitration. The
arbitration shall be conducted in accordance with the Commercial Arbitration
Rules of the American Arbitration Association in effect from time to time (the
"AAA Rules"). The arbitration shall be conducted in Los Angeles, California, or
in such other city as the parties to the dispute may designate by mutual
consent. The arbitral tribunal shall consist of three arbitrators (or such
lesser number as may be agreed upon by the parties) selected according to the
procedure set forth in the AAA Rules, with the chairman of the arbitral tribunal
selected in accordance with the AAA Rules. Except as otherwise set forth in this
Agreement, the fees and expenses of the arbitral tribunal in connection with
such arbitration shall be borne by the parties to the dispute as shall be
determined by the arbitral tribunal.

        IN WITNESS WHEREOF, the parties have executed the Agreement as of the
Effective Date of this Agreement.

Signed and acknowledged in              UNIVERSAL ELECTRONICS INC.
the presence of:

                                        By:
------------------------------              -----------------------------------
                                              An Authorized Member of the Board
                                              of Directors

                                        CAMILLE JAYNE

                                       14
<PAGE>   15

---------------------                       -----------------------------------
                                                         Signature

                                       15
<PAGE>   16

                                    EXHIBIT A

                                   BONUS PLAN

                        PURSUANT TO SECTION 4(b) FOR 1999

If Minimum, Bonus shall equal Thirty percent (30%) of Executive's Base Salary.

If Target, Bonus shall equal Sixty percent (60%) of Executive's Base Salary.

If Maximum, Bonus shall equal One Hundred and Twenty percent (120%) of
Executive's Base Salary.

The determination shall be made in accordance with criteria established by the
Compensation Committee of Employer's Board of Directors which shall use the
following percentage ranges:

            Financial Percentage Range  --   0% to 150%
            Strategic Percentage Range  --  75% to 133%

                                       16
<PAGE>   17

                                    EXHIBIT B

                               STOCK OPTION AWARD

                        PURSUANT TO SECTION 4(c) FOR 1999

Options to acquire up to 80,000 shares of the common stock of Employer with an
exercise price determined as market price of the average of the beginning and
the end of business on January 28, 1999. These options shall vest at a rate of
33.3% per year for three years, but all in accordance with the terms and
conditions of the Stock Option Agreement and Stock Option Plans of Employer.

                                       17<PAGE>   1
                                                                   EXHIBIT 10.41

                               FIRST AMENDMENT TO
                                EXECUTIVE OFFICER
                              EMPLOYMENT AGREEMENT

        THIS FIRST AMENDMENT TO EXECUTIVE OFFICER EMPLOYMENT AGREEMENT (the
"Agreement") is made and entered into this 22nd day of April, 1999 by and
between UNIVERSAL ELECTRONICS INC. (the "Employer") and PAUL D. ARLING
("Executive").

                                    RECITALS:

        WHEREAS, the Employer and Executive are parties to that certain
Executive Employment Agreement dated September 29, 1998; and

        WHEREAS, the parties wish to amend the Executive Employment Agreement by
replacing Paragraph 19 to the Executive Employment Agreement.

        NOW, THEREFORE, the parties, intending to be legally bound, agree as
follows:

        1.     Paragraph 19 of the Executive Employment Agreement is hereby
deleted in its entirety and replaced with the following:

               "19.   RELOCATION LOAN MADE TO EXECUTIVE

                      At such time as demanded by Executive, Employer shall loan
               Two Hundred Thousand Dollars ($200,000) to Executive which
               Executive shall use solely for relocating his home and family
               from his present place of residence in Shaker Heights, Ohio to a
               new residence located in Southern California and in this
               connection the Executive shall execute and deliver to Employer a
               Nonrecourse Secured Promissory Note in favor of Employer in the
               form attached to this Agreement as Exhibit C, the terms and
               conditions of which are incorporated into this Agreement by this
               reference. On each December 15 during the term of such Note and
               on the payment of principal of the Note, Employer shall pay to
               Executive an amount equal to 1.045 times the amount of interest
               due by Executive under the Note as of each of such dates (the
               "Interest Compensation"), regardless of whether Executive is
               employed by Employer on such dates. Such loan and such Interest
               Compensation is in addition to all amounts to be paid and/or
               reimbursed to Executive pursuant to Employer's Executive
               Relocation Policy."

                                       1
<PAGE>   2

        2.     Except as specifically modified as set forth in this First
Amendment to Executive Employment Agreement, the Executive Employment Agreement
shall be and remain in full force and effect.

        IN WITNESS WHEREOF, the parties have executed the Agreement as of this
22nd day of April, 1999.

Signed and acknowledged in              UNIVERSAL ELECTRONICS INC.
the presence of:

                                        By:
------------------------------              -----------------------------------
                                              Its:
                                                   ----------------------------
                                        PAUL D. ARLING

------------------------------          ---------------------------------------
                                            Signature

                                       2
<PAGE>   3

                                    EXHIBIT C

                       NONRECOURSE SECURED PROMISSORY NOTE

AMOUNT: $200,000                                             APRIL 22, 1999
                                                             CYPRESS, CALIFORNIA

        FOR VALUE RECEIVED, the undersigned, Paul D. Arling, (hereinafter
referred to as "Maker"), promises to pay to the order of Universal Electronics
Inc., a Delaware corporation, 6101 Gateway Drive, Cypress, California 90630
(hereinafter referred to as "Payee"), the principal sum of Two Hundred Thousand
Dollars ($200,000), together with interest at the rate of 5.28% per annum from
the date hereof, payable as follows: (a) accrued interest shall be paid on each
December 15 during the term of this Note and at the time of full payment of this
Note (to the extent accrued from the last interest payment); and (b) the entire
principal balance is due on the earlier of (i) December 15, 2007, (ii) within
twelve (12) months following a demand from Payee, which demand may only be made
by Payee in the event that Maker shall cease (for whatever reason) being an
employee of Payee or upon the occurrence of an Event of Default or (iii) on the
closing of a sale or transfer by Maker or Maker's spouse of all or any part of
his and/or her primary residence in Southern California that secures this Note
(the "Property"), including without limitation any sale or transfer of any
interest therein (including any beneficial interest therein) without Payee's
prior written consent, which consent shall not be unreasonably withheld. An
Event of Default shall occur hereunder if Maker (1) fails to render payment of
principal (or, if applicable, interest under this Note) when said payment is due
and payable, or (2) breaches any material provision of this Note or any material
provision of the Executive Employment Agreement.

This Note is secured by a deed of trust of even date herewith ("Deed of Trust").

In the event Maker fails to make any payments under this Note, a late payment
charge equal to 5% of the amount due and owing will be assessed from the date
such payment was due. All amounts of interest not paid when due, shall accrue
and be added to and considered principal of this Note.

This Note shall be nonrecourse. In the event of a default by Maker under the
terms of this Note, Payee's recourse shall be limited to the Property. In no
event shall Payee have any recourse against, nor shall Payee be able to recover
from, any of Maker's assets other than the Property.

Maker hereby agrees to be bound by all the terms contained in this Note.

This Note is given to Payee by Maker to evidence a loan from Payee to Maker made
for the reason set forth in Section 19 of that certain Executive Employment
Agreement dated September 29, 1998, as amended on April 22, 1999 (the "Executive
Employment Agreement"). Unless otherwise defined herein, capitalized terms used
herein shall have the meanings ascribed to them in the Executive Employment
Agreement.

Payment upon this Note shall be made by check or checks payable to Payee at the
address set forth herein, or such other place as Payee or a subsequent holder of
this Note shall designate to Maker in writing, in lawful money of the United
States of America.

This Note may be prepaid by the Maker, in whole or in part, at any time without
premium or penalty.

Maker hereby waives any defenses based upon, and specifically assents to, any
and all extensions and postponements of the time of payment and all other
indulgences or forbearances which may be granted to any party liable hereon by
Payee or any subsequent holder of this Note.

                                       3
<PAGE>   4

Maker hereby waives presentment, demand for payment, notice of protest, notice
of nonpayment, protest, and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Note.

No delay or omission on the part of Payee or any subsequent holder of this Note
in exercising any right hereunder shall operate as a waiver of such right or of
any other right of Payee or such holder, nor shall any delay, omission or waiver
on any one occasion be deemed a bar to or waiver of the same or any other right
on any other occasion.

No single or partial exercise by Payee or any subsequent holder hereof of any
power hereunder shall preclude any other or future exercise thereof or the
exercise of any other power.

Maker shall pay on demand of Payee or any subsequent holder of this Note all
costs of collection, including reasonable attorneys' fees incurred by Payee or
such holder in enforcing collection of this Note on default.

No provision of this Note shall be modified except by a written instrument
executed by Maker and by Payee or a subsequent holder hereof expressly referring
to this Note and to the provision modified.

THE MAKER IRREVOCABLY CONSENTS THAT ANY LEGAL ACTION OR PROCEEDING AGAINST IT
UNDER, ARISING OUT OF OR IN ANY MANNER RELATING TO THIS AGREEMENT, THE NOTES, OR
ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY COURT OF THE STATE OF
CALIFORNIA OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
CALIFORNIA - LOS ANGELES. THE MAKER EXPRESSLY AND IRREVOCABLY ASSENTS AND
SUBMITS TO THE PERSONAL JURISDICTION OF ANY OF SUCH COURTS IN ANY SUCH ACTION OR
PROCEEDING. THE MAKER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF ANY
COMPLAINT, SUMMONS, NOTICE OR OTHER PROCESS RELATING TO ANY SUCH ACTION OR
PROCEEDING BY DELIVERY THEREOF TO IT BY HAND OR BY MAIL IN THE MANNER PROVIDED
FOR IN SECTION 8 OF THE EXECUTIVE EMPLOYMENT AGREEMENT. THE MAKER HEREBY
EXPRESSLY AND IRREVOCABLY WAIVES ANY CLAIM OR DEFENSE IN ANY SUCH ACTION OR
PROCEEDING BASED ON ANY ALLEGED LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR
FORUM NON CONVENIENS OR ANY SIMILAR BASIS. THE MAKER SHALL NOT BE ENTITLED IN
ANY SUCH ACTION OR PROCEEDING TO ASSERT ANY DEFENSE GIVEN OR ALLOWED UNDER THE
LAWS OF ANY STATE OTHER THAN THE STATE OF CALIFORNIA UNLESS SUCH DEFENSE IS ALSO
GIVEN OR ALLOWED BY THE LAWS OF THE STATE OF CALIFORNIA. NOTHING IN THIS
PARAGRAPH SHALL AFFECT OR IMPAIR IN ANY MANNER OR TO ANY EXTENT THE RIGHT OF THE
PAYEE TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE MAKER IN
ANY JURISDICTION OR TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

MAKER WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN MAKER, PAYEE, OR ANY
OTHER PARTY HERETO ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HERETO IN CONNECTION WITH THIS
LOAN OR ANY OTHER AGREEMENT AMONG THEM.

THIS NOTE SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF MAKER AND
PAYEE DETERMINED, IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE STATE OF
CALIFORNIA.

This Note and the provisions hereof are to be binding on the assigns or
successors of Maker and Payee.

If from any circumstances whatsoever, fulfillment of any obligation of this Note
or of any other instrument evidencing or securing the indebtedness evidenced
hereby, at the time performance of such obligation shall be due, shall violate
the lawful limit of any applicable usury statute or any other applicable law
with regard to obligations of like character and amount, then the obligation to
be fulfilled shall be reduced to such lawful limit, so that in no event shall
there occur,

                                       4
<PAGE>   5

under this Note or under any other instrument evidencing or securing the
indebtedness evidenced hereby any violation of such lawful limit, but such
obligation shall be fulfilled to the lawful limit. If any sum is collected in
excess of the lawful limit, such excess shall first be applied to reduce the
principal debt, and then to the extent any such excess exceeds the principal
debt such excess shall be returned to Maker.

The provisions of this Note are hereby declared to be severable, and if any
clause or provision or the application of any clause or provision to any entity
or in any circumstances shall be held to be invalid or unenforceable in whole or
in part in any jurisdiction, then such invalidity or unenforceability shall
affect only such clause or provision, or part thereof, in such jurisdiction and
shall not in any manner affect such clause or provision in any other
jurisdiction, or any other clause or provision in this Note in any jurisdiction.
Each of the covenants, agreements, and conditions contained in this Note is
independent and compliance by the Maker with any of them shall not excuse
non-compliance by the Maker within the other. Maker shall not take any action,
the affect of which shall constitute a breach or violation of any clause or
provision of this Note

        IN WITNESS WHEREOF, this Note has been duly executed by Maker as of the
date first above written.

        By:
            --------------------------------
            Paul D. Arling, Individually

STATE OF CALIFORNIA   )
                      )  SS.
COUNTY OF ORANGE      )

        I, _________________________, a Notary Public in and for the State and
County aforesaid, do hereby certify that before me this day personally appeared
Paul D. Arling, an individual, known to me and he acknowledged to me that he
executed and delivered the above and foregoing Nonrecourse Secured Promissory
Note as his free and voluntary act in his individual capacity for the uses and
purposes set forth herein.

        GIVEN under my hand and notarial seal this _____ day of April, 1999.

-----------------------------------
Notary Public

My Commission Expires:

                                       5

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