Document:

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                                                                   EXHIBIT 10.34

                      FISCAL YEAR 2000 PROFIT SHARING PLAN

For Fiscal Year ("FY") 2000, Perceptron adopted a Profit Sharing ("PS") plan
which considered individual business unit performance as well as overall
Perceptron performance. For Team Members reporting in business units, 30% of
their potential PS award was calculated based upon the performance of their
business unit, with the remaining 70% of PS award calculated on the basis of
overall Perceptron performance. For Team Members not in business units, 100% of
their PS award was computed on the basis of overall Perceptron performance. No
team member would be eligible for any award, regardless of individual business
unit performance, unless the Company as a whole exceeded its minimum specified
targets. A fixed PS award pool was computed on the basis of the Company's
performance against its specified targets. That pool was established and
distributed among the Team Members as described below.

GENERATING THE ACTUAL PS POOL

In order to start generating a pool in FY 2000, an EPS target of $0.10 per share
had to be reached. After that, the PS pool was funded as follows: For each
pretax $1.00 over the amount required to generate an EPS amount (designated in
Column A), an amount representing the portion of each pretax $1.00 (designated
in Column B) was added to the PS pool.

<TABLE>
<CAPTION>
                           Column A                            Column B
                     ----------------------                    --------
<S>                                                            <C>
                      $0.10 up to $0.20                            $0.50
                      $0.20 up to $0.25                            $0.75
                      $0.25 up to unlimited                        $0.50
</TABLE>

DISTRIBUTING THE ACTUAL PS POOL

Each Team Member's PS potential percentage was specified in terms of a
percentage of his or her base pay as of a specified date. For FY 2000's program,
pay rates effective June 30, 1999, or the rate at the date of hire if later,
were used.

Team Members had to be employed as of December 31, 1999 in order to be eligible
for PS. Those who began employment on or after July 1, 1999, but no later than
December 31, 1999 received a pro-rata portion of their PS, based upon actual
number of days employed during the fiscal year. Team Members taking leaves of
absence, or absent due to illness or injury for over four weeks during the year
also had their PS prorated, and any PS earned was not paid until the Team Member
returned to active employment for at least 30 days. Team Members had to be in
one of the following categories at the time of the PS pay-out in order to be
eligible for any pay-out: 1) Active employment, 2) On approved leave of absence,
3) On approved absence due to illness or injury.

Team Members not reporting in business units include those in Finance,
Engineering, Human Resources, Quality, Operations and the Executive Team. Their
PS was based upon overall company performance.

Team Members who were in business units (Automotive including the Americas, Asia
and Europe, Forest Products, and Emerging Markets) earned 70% of their PS based
upon total Company performance, and 30% of their PS based upon the performance
of their business units to an operating income threshold.<PAGE>   1
                       AMENDMENT NO. 5 TO LOAN AGREEMENT

     THIS AMENDMENT NO. 5 TO LOAN AGREEMENT (the "Amendment") is made and
entered into as a December 15, 1999, by and between LASALLE BANK NATIONAL
ASSOCIATION, f/k/a LASALLE NATIONAL BANK,  a national banking association (the
"Lender"), and KOSS CORPORATION, a Delaware corporation (the "Borrower").

                                  WITNESSETH:

     WHEREAS, Borrower and Lender entered into that certain Loan Agreement dated
February 17, 1995, as amended by that certain Amendment No.1 to Loan Agreement
dated June 15, 1995, as further amended by that certain Amendment No. 2 to Loan
Agreement dated May 20, 1996, as further amended by that certain Amendment No. 3
to Loan Agreement dated December 31, 1997, and as further amended by that
certain Amendment No.4 to Loan Agreement dated April 29, 1999 (collectively, the
"Loan Agreement"), pursuant to which Lender agreed  to provide Borrower with a
revolving line of credit up to $10,000,000.00 (the "Revolving Loan"); and

     WHEREAS, Borrower has requested Lender to extend the Maturity Date of the
Revolving Loan to November 1, 2001, and Lender has agreed to do so provided,
among other things, Borrower executes and delivers this Amendment.

     NOW THEREFORE, in consideration of the premises which are incorporated
herein by this reference, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:

     1. Section 2.1(A) of the Loan Agreement shall be decided in its entirety
and replaced with the following new Section 2.1(A):

     Subject to the terms and conditions of this Agreement, on the date upon
     which all terms and conditions of the Documents have been met or fulfilled
     to the satisfaction of Lender (the "Closing Date"), the Lender agrees to
     make loans to Borrower on a revolving basis (such loans being herein called
     individually, a "Revolving Loan", and collectively, the "Revolving Loans")
     from time to time in such amounts as Borrower may from time to time request
     up to an aggregate amount outstanding of $10,000,000.00; provided, however,
     that (i) each borrowing by Borrower hereunder with respect to any Revolving
     Loan shall be in the aggregate principal amount of at least $10,000.00;
     (ii) the Lender's commitment to make Revolving Loans shall remain in effect
     for a period to and including November 1, 2001 (the "Revolver Termination
     Date"); (iii) notwithstanding any provision herein to the contrary (1) upon
     the occurence and continuance of any Event of Default, and in each such
     event, the Lender may, in its sole discretion, immediately
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          cease to make Revolving Loans; and (2) on the Revolver Termination
          Date, Borrower shall repay to the Lender all Revolving Loans, plus
          interest accrued to the date of payment; and (iv) for a period of at
          least 30 consecutive days during each fiscal year of Borrower, the
          amount of Revolving Loans outstanding shall not exceed $2,000,000.00.

          2.   Subsection 2.1(B)(b) of the Loan Agreement shall be deleted in
its entirety and replaced with the following new Subsection 2.1(B)(b):

          (b)  all Letters of Credit shall expire prior to November 1, 2001;

          3.   Borrower has reviewed the areas within its business and
operations which could be adversely affected by, and has developed or is
developing a program to address on a timely basis, the "Year 2000 Problem"
(that is, the risk that computer applications used by Borrower may be unable to
recognize and perform properly date-sensitive functions involving certain dates
prior to and any date on or after December 31, 1999), and has made related
appropriate inquiry of material suppliers and vendors. Based on such review and
program, Borrower believes that the "Year 2000 Problem" will not have a
material adverse effect on the Borrower. From time to time, at the request of
Lender, Borrower shall provide to Lender such updated information or
documentation as is requested regarding the status of its efforts to address
the Year 2000 problem.

          4.   Borrower shall deliver to Lender as a condition to Lender's
undertakings as provided hereunder, note amendments, a directors' consent,
secretary's certificate and such other documents as Lender shall request, each
in form and substance satisfactory to Lender and its counsel.

          5.   All references to "the Agreement" in the Loan Agreement shall
mean the Loan Agreement as amended by this Amendment. All references to "the
Loan," "the Loans," in the Loan Agreement shall include the loan amendments
made hereunder. All references to "the Documents" in the Loan Agreement shall
include this Amendment, the amendment to the Revolving Note and any other
instrument or document required hereunder, whether now existing or at any time
hereafter arising. All references to "the Revolving Note" and in Loan Agreement
shall included the amendments thereto.

          6.   All of the agreements, representations, covenants and
obligations set forth in the Loan Agreement are hereby reaffirmed and restated
as of the date of this Amendment. All representations and warranties contained
in the Loan Agreement remain true and correct as of the date of this Amendment.

          7.   Borrower agrees to pay all fees and out-of-pocket expenses of
Lender including, without limitation, outside counsel to the Lender in
connection with the preparation of this Amendment, and any and all agreements,
instruments and documents required or contemplated by this Amendment.

                                                                          Page 2
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          8.   Except as specifically amended and modified by this Amendment:
(a) the Loan Agreement shall remain in full force and effect and is hereby
restated and incorporated herein by this reference; and (b) all terms defined
in the Loan Agreement shall have the same meanings herein as therein.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No.
5 to be duly executed and delivered at Chicago, Illinois, as of the date first
above written.

LaSALLE BANK NATIONAL ASSOCIATION       KOSS CORPORATION

By:    James J. Hess                    By:    Michael J. Koss
   --------------------------------        ------------------------------------

Title: Vice President                   Title: CEO/President
      -----------------------------           ---------------------------------

                                        ATTEST:

                                        By:    Richard W. Silverthorn
                                           ------------------------------------

                                        Title: Secretary and General Counsel
                                              ---------------------------------

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