Document:

<PAGE>   1

                                                                EXHIBIT A (10.1)

                                FIRST AMENDMENT
                                       TO
                     REVOLVING LOAN AND SECURITY AGREEMENT

     THIS FIRST AMENDMENT TO REVOLVING LOAN AND SECURITY AGREEMENT (this
"Amendment") is entered into as of September 19, 2000 between UNIVERSAL
ELECTRONICS, INC., a Delaware corporation (the "Borrower") and BANK OF AMERICA
N.A., formerly known as Bank of America National Trust and Savings Association,
a national banking association (the "Bank").

                                  WITNESSETH:

     WHEREAS, the Borrower and the Bank are parties to a Revolving Loan and
Security Agreement dated as of October 2, 1998 (the "Existing Loan Agreement"
and as amended and modified by this Amendment, the "Amended Loan Agreement");
and

     WHEREAS, the Borrower and the Bank desire to amend the Existing Loan
Agreement in certain respects;

     NOW, THEREFORE, in consideration of the premises and mutual agreements
herein contained, the parties hereto agree as follows:

                                   SECTION 1

                                 DEFINED TERMS

     Terms defined in the Existing Loan Agreement and not otherwise defined
herein are used herein as therein defined.

                                   SECTION 2

                     AMENDMENTS TO EXISTING LOAN AGREEMENT

     2.1  Section 12.1.1 of the Existing Loan Agreement is hereby restated as
follows:

          "SECTION 12.1.1  Financial Statements and Reports.

               (a)  Annual Audited Financial Statements of Borrower. Within 90
          days after each fiscal year of Borrower, a copy of the annual audited
          consolidated financial statements of the Borrower and its
          Subsidiaries, prepared in accordance with GAAP, which statements
          shall have been prepared by an independent certified public
          accounting firm acceptable to the Bank;

               (b)  Quarterly Financial Statements of Borrower. Within 30 days
          after the end of each fiscal quarter of each fiscal year of the
          Borrower (other than the last fiscal quarter of each fiscal year), a
          copy of the unaudited consolidated financial statement of the
          Borrower and its Subsidiaries, prepared in the

<PAGE>   2
          same manner as the financial statements referred to in the preceding
          subsection (a), signed by the Borrower's chief financial officer and
          consisting of a statement of funds flow for the period from the
          beginning of the applicable fiscal year to the close of such fiscal
          quarter; and

               (c) Officer's Certificate. Within 45 days after the end of each
          fiscal quarter of the Borrower including the last fiscal quarter of
          each fiscal year), a certificate of Borrower's chief financial
          officer dated the last day of such fiscal year quarter containing a
          statement that no Event of Default or Unmatured Event of Default has
          occurred and is continuing, or, if there is any such event,
          describing it and the steps, if any, being taken to cure it, and
          continuing a computation of, and showing compliance with, each of the
          financial ratios and restrictions contained in this Section 12."

      2.2 Section 12.14 of the Existing Loan Agreement is hereby restated as
          follows:

          "SECTION 12.14. Indebtedness. The Borrower will not, and will not
          permit any of its Subsidiaries to, create, incur, assume or permit to
          exist, or otherwise become or be liable in respect of, any
          Indebtedness other than, without duplication, the following:

               (a) Indebtedness under the terms of this Agreement and the Other
          Agreements;

               (b) Indebtedness outstanding on October 2, 1998 and disclosed in
          the financial statements referred to in Section 11.6 or in Schedule
          12.14;

               (c) Indebtedness existing on October 2, 1998 of a Subsidiary of
          the Borrower owing to the Borrower or to another Subsidiary of the
          Borrower disclosed in the financial statements referred to in Section
          11.6 or in Schedule 12.14; and

               (c) Indebtedness of any Subsidiary to any commercial bank or
          other commercial lender in an aggregate outstanding principal amount
          for all the Borrower's Subsidiaries not exceeding $500,000."

                                   SECTION 3

                         REPRESENTATIONS AND WARRANTIES

      The Borrower hereby represents and warrants to the Bank that:

      3.1 Authorization; No Conflict. The execution and delivery by the Borrower
of this Amendment and the performance by the Borrower of its obligations under
the Amended Loan Agreement have been duly authorized by all necessary corporate
action, do not require any filing or registration with or approval or consent of
any governmental agency or authority, do not and

                                      -2-

<PAGE>   3
will not conflict with, result in any violation of, or constitute any default
under, any provision of the agreement pursuant to which Borrower was formed or
any agreement or other document binding upon or applicable to the Borrower or
any of its Subsidiaries (or any of their respective properties), or any material
law or governmental regulation or court decree or order applicable to the
Borrower or any of its Subsidiaries, and will not result in or require the
creation or imposition of any Lien in any of the properties of the Borrower or
any of its Subsidiaries pursuant to the provisions of any agreement binding upon
or applicable to the Borrower or any of its Subsidiaries (other than in favor of
the Bank).

     3.2  Due Execution; Enforceability. This Amendment has been duly executed
and delivered by the Borrower and, together with the Amended Loan Agreement, is
a legal, valid and binding obligation of the Borrower, enforceable in
accordance with its terms subject, as to enforcement only, to bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforceability of the rights of creditors generally.

     3.3  Reaffirmation of Representations and Warranties. The representations
and warranties contained in Article XI of the Existing Loan Agreement are true
and correct on the date of this Amendment, except to the extent (a) that such
representations and warranties solely relate to an earlier date or (b) changed
by circumstances permitted by the Amended Loan Agreement.

                                   SECTION 4

                              CONDITIONS PRECEDENT

     The amendments to the Existing Loan Agreement set forth in Section 2 of
this Amendment shall become effective as of the date first above written (the
"Amendment Effective Date") upon satisfaction of all of the following
conditions precedent:

     4.1  Receipt of Documents. The Bank shall have received:

          (a)  a copy of this Amendment, duly executed by the Borrower; and

          (b)  a certificate of the Secretary of the Borrower attesting that
     there have been no changes since October 2, 1998 to the Borrower's By-laws
     and Articles of Incorporation and that set forth on such certificate are
     the names, titles and specimen signatures of all persons authorized to
     execute and deliver the Credit Agreement, the Other Agreements and this
     Amendment on behalf of the Borrower.

     4.2  Amendment Fee. The Borrower shall have paid to the Bank, in full, a
nonrefundable amendment fee of $1,000.

     4.3  Other Conditions. There shall not exist any event or condition which
is, or with notice or lapse of time or both would be, an Event of Default or an
Unmatured Event of Default under the Existing Loan Agreement.

                                      -3-

<PAGE>   4

                                   SECTION 5

                                 MISCELLANEOUS

     5.1  Warranties and Absence of Defaults. In order to induce the Bank to
enter into this Amendment, the Borrower hereby warrants to the Bank, as of the
date of the actual execution of this Amendment by Borrower, that except as
disclosed to the Bank and consented to by the Bank (a) no event or condition
exists which is, or with notice or lapse of time or both would be, an Event of
Default or an Unmatured Event of Default under the Existing Loan Agreement and
(b) the representations and warranties in Section 3 of this Amendment are true
and correct.

     5.2  Documents Remain in Effect. Except as amended and modified by this
Amendment, the Existing Loan Agreement and the Other Agreements remain in full
force and effect and the Borrower hereby ratifies, adopts and confirms its
representations, warranties, agreements and covenants contained in, and
obligations and liabilities under, the Existing Loan Agreement and the Other
Agreements.

     5.3  Reference to Loan Agreement. On and after the Amendment Effective
Date, each reference in the Amended Loan Agreement to "this Agreement,"
"hereunder," "hereof," "herein" or words of like import, and each reference to
the "Loan Agreement" in any note and in any other agreements, documents or
other instruments executed and delivered pursuant to the Amended Loan
Agreement, shall mean and be a reference to the Amended Loan Agreement.

     5.4  Headings. Headings used in this Amendment are for convenience of
reference only, and shall not affect the construction of this Amendment.

     5.5  Counterparts. This Amendment may be executed in any number of
counterparts, and by the parties hereto on the same or separate counterparts,
and each such counterpart, when executed and delivered, shall be deemed to be
an original, but all such counterparts shall together constitute but one and
the same Amendment.

     5.6  Expenses. Borrower agrees to pay all reasonable costs and expenses of
the Bank (including reasonable fees, charges and disbursements of the Bank's
attorneys) in connection with the preparation, negotiation, execution and
delivery of this Amendment and all other instruments or documents provided for
herein or delivered or to be delivered hereunder or in connection herewith. In
addition, Borrower agrees to pay, and save the Bank harmless from all liability
for, any stamp or other taxes which may be payable in connection with the
execution or delivery of this Amendment, the borrowings under the Amended Loan
Agreement, and the execution and delivery of any instruments or documents
provided for herein or delivered or to be delivered hereunder or in connection
herewith. All obligations provided in this Section 5.6 shall survive any
termination of this Amendment or the Amended Loan Agreement.

     5.7  Governing Law. This Amendment shall be a contract made under and
governed by the internal laws of the State of Illinois. Wherever possible each
provision of this Amendment shall be interpreted in such manner as to be
effective and valid under applicable laws, but if any provision of this
Amendment shall be prohibited by or invalid under such laws, such provisions
shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining
provisions of this Amendment.

                                      -4-
<PAGE>   5
        5.8     Successors. This Amendment shall be binding upon Borrower and
the Bank and their respective successors and assigns, and shall inure to the
benefit of Borrower and the Bank and the successors and assigns of the Bank.

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized and delivered
as of the date first above written.

                                        UNIVERSAL ELECTRONICS, INC.

                                        By: /s/ MARK BELZOWSKI
                                           ------------------------------------
                                                Mark Belzowski

                                        Title: Chief Financial Officer
                                              ---------------------------------

                                        BANK OF AMERICA, N.A. (formerly known as
                                        Bank of America National Trust and
                                        Savings Association

                                        By: /s/ DENISE PARDUE
                                           ------------------------------------
                                                Denise Pardue

                                        Title: Vice President
                                              ---------------------------------

                                     - 5 -

<PAGE>   6
                            SECRETARY'S CERTIFICATE

                          UNIVERSAL ELECTRONICS, INC.

        The undersigned hereby certifies that Richard A. Firehammer, Jr. is the
duly elected, qualified and acting Secretary of Universal Electronics, Inc., a
Delaware corporation ("Company"), and pursuant to that certain First Amendment
dated September 19, 2000 (the "Amendment") to Revolving Loan and Security
Agreement dated as of October 2, 1998 (the "Credit Agreement") between the
Company and Bank of America, N.A. (the "Bank"), hereby further certifies to the
Bank as follows:

                (a)     There has been no amendment, modification or other
        change to the By-laws of the Company from that in effect on October 2,
        1998 and heretofore delivered by the Company to the Bank, except as set
        forth in Exhibit A;

                (b)     There has been no amendment, modification or other
        change to the Articles of Incorporation of the Company from that in
        effect on October 2, 1998 and heretofore delivered by the Company to the
        Bank, except as set forth in such Exhibit B;

                (c)     The following are the names and titles of duly elected,
        qualified and acting officers of the Company. Each such person holds the
        office set forth below opposite his name, and the respective signatures
        appearing below opposite the names of any officers who have executed or
        are executing the Credit Agreement, the Amendment or the Other
        Agreements (as defined in the Credit Agreement) are genuine signatures
        of such persons.

<TABLE>
<CAPTION>
Name                                   Title                       Signature Sample
----                                   -----                       ----------------
<S>                             <C>                           <C>
Camille Jayne                   Chairman and Chief            /s/ CAMILLE JAYNE
                                Executive Officer             ------------------------------

Paul D. Arling                  President and Chief           /s/ PAUL D. ARLING
                                Operating Officer             ------------------------------

Richard A. Firehammer, Jr.      Senior Vice President and     /s/ RICHARD A. FIREHAMMER, JR.
                                Secretary                     ------------------------------

Mark Belzowski                  Chief Financial Officer       /s/ MARK BELZOWSKI
                                                              ------------------------------
</TABLE>

                (d)     Each officer whose signature appears above is or has
        been duly authorized and empowered by the Company to execute the Credit
        Agreement, the Amendment and the Other Agreements, to request and
        confirm Loans and Letters of Credit and to execute

<PAGE>   7
     and deliver to the Bank all other instruments, documents and certificates
     as from time to time may be necessary or desirable to effect or confirm any
     matter under the Credit Agreement.

     IN WITNESS WHEREOF, the undersigned has executed this Secretary's
Certificate the 19 day of September, 2000.

                                        UNIVERSAL ELECTRONICS, INC.

                                        By: /s/ RICHARD A. FIREHAMMER, JR.
                                          -------------------------------------
                                          Richard A. Firehammer, Jr., Secretary

     The undersigned hereby certifies that he is the duly elected, qualified
and acting CFO of the Company, and hereby further certifies that Richard  A.
Firehammer, Jr. is the duly elected, qualified and acting Secretary of the
Company and that the above signature is his genuine signature.

                                        UNIVERSAL ELECTRONICS, INC.

                                        By: /s/ MARK BELZOWSKI
                                          -------------------------------------
                                                 CFO
                                          -------------------------------------
                                                         Title

                                      -2-
<PAGE>   8
                                   EXHIBIT A

[Attach amendments since October 2, 1998 to By-laws; if none, so indicate]

None
<PAGE>   9
                                   EXHIBIT B

     [Attach amendments since October 2, 1998 to Articles of Incorporation; if
none, so indicate]

     Certificate of Amendment to Restated Certificate of Incorporation -- filed
July 26, 2000 -- 2 Pages Attached

<PAGE>   10
                               STATE OF DELAWARE

                        OFFICE OF THE SECRETARY OF STATE

                         ------------------------------

     I, EDWARD J. FREEL, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY
CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT
OF "UNIVERSAL ELECTRONICS INC.", FILED IN THIS OFFICE ON THE TWENTY-SIXTH DAY
OF JULY, A.D. 2000, AT 12:30 O'CLOCK P.M.

     A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE
COUNTY RECORDER OF DEEDS.

                    [SEAL]              /s/ EDWARD J. FREEL
                                        -----------------------------------
                                        Edward J. Freel, Secretary of State

   2108379 8100                         AUTHENTICATION: 0582502

   001377448                                      DATE: 07-26-00

<PAGE>   11
                            CERTIFICATE OF AMENDMENT

                                       TO

                     RESTATED CERTIFICATE OF INCORPORATION

                                       OF

                           UNIVERSAL ELECTRONICS INC.

                         Pursuant to Section 242 of the
                        Delaware General Corporation Law

The undersigned, Paul D. Arling and Richard A. Firehammer, Jr., President and
Secretary, respectively, of Universal Electronics Inc., a Delaware corporation
(the "Corporation"), hereby certify as follows:

1.   The name of the Corporation is Universal Electronics Inc.

2.   The Board of Directors of the Corporation at a meeting held February 1,
     2000, adopted the following resolution proposing and declaring advisable
     the following amendment to the Restated Certificate of Incorporation of
     the Corporation and directing that the amendment should be considered at
     the next annual meeting of the stockholders:

     RESOLVED, that Article FOURTH, Part I of the Corporation's Restated
     Certificate of Incorporation, as amended, be amended to read in its
     entirety as follows:

     Part I. Aggregate Number of Shares. The aggregate number of shares of
     stock which the Corporation has authority to issue is 55,000,000 shares,
     consisting of:

          1.   5,000,000 shares of Preferred Stock, par value $.01 per share
               (the "Preferred Stock"); and

          2.   50,000,000 shares of Common Stock, par value $.01 per share (the
               "Common Stock").

3.   At the annual meeting of stockholders held June 21, 2000, the foregoing
     amendment was duly adopted in accordance with Section 242 of the Delaware
     General Corporation Law.

IN WITNESS WHEREOF, Universal Electronics Inc. has caused this Certificate of
Amendment to be signed by Paul D. Arling, its President, and attested by
Richard A. Firehammer, Jr., its Secretary, this 25th day of July, 2000.

                                        UNIVERSAL ELECTRONICS INC.

                                        By: /s/ PAUL D. ARLING
                                            ----------------------------
                                            Paul D. Arling, President

ATTEST:

/s/ RICHARD A. FIREHAMMER, JR.
-------------------------------------
Richard A. Firehammer, Jr., Secretary<PAGE>   1

                                                                EXHIBIT A (10.2)

                                EXECUTIVE OFFICER
                              EMPLOYMENT AGREEMENT

        THIS EXECUTIVE OFFICER EMPLOYMENT AGREEMENT (the "Agreement") is made
and entered into this 27 day of October 2000 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, on March 24, 1999, Executive and Employer entered into that
certain Executive Officer Amended Employment Agreement and such agreement is set
to expire at the end of business on February 1, 2001 and the parties wish to
extend such date to February 1, 2002; 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 in exchange for Executive's
agreement to perform her obligations as set forth in this Agreement, Employer
hereby promotes and offers employment to Executive as Employer's Executive
Chairman of the Board to perform those duties and assume those responsibilities
set forth herein, and as identified and outlined for Chairman of the Board 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 hereby accepts such promotion and extension of term
and desires to be employed by the Employer subject to the terms and conditions
of this Agreement.

        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 October 1, 2000 (the "Effective Date of this Agreement"), Employer hereby
promotes and employs Executive and Executive hereby accepts such promotion and
employment with Employer.

                                       1
<PAGE>   2

        2.      TITLE, AUTHORITY AND DUTIES

                (a) TITLE(S) AND POSITION(S). On the Effective Date of this
        Agreement, Executive shall be promoted to and employed in the position
        of and shall have the title of Executive Chairman of the Board. Until
        this Agreement is terminated as provided herein, Executive will continue
        to occupy such position and hold such title until Employer and Executive
        shall mutually agree in writing to change any such position(s) and
        title(s).

                (b)     AUTHORITY AND DUTIES. Executive will, during the term of
                        this Agreement , be responsible for establishing and
                        recommending the overall strategic plan for Employer by
                        working closely with the Employer's CEO and together
                        with the CEO, presenting such strategic plan to the
                        Board of Directors for its review and approval. Upon
                        such approval, Executive shall, working closely with the
                        Employer's CEO, lead in the implementation of such
                        strategic plan by, among other things, negotiating with
                        potential corporate alliances and business development
                        partners. In addition, Executive shall 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 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

                                       2
<PAGE>   3

        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

                (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, 2002 (the "Term").

                (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.

                                       3
<PAGE>   4

                        (ii) BY EXECUTIVE FOR GOOD REASON. Executive may
                terminate her employment with Employer under this Agreement for
                Good Reason (as defined 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 Employer,
                        regardless of whether such entity becomes a successor to

                                       4
<PAGE>   5

                        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

                                       5
<PAGE>   6

                                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 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"), Base
                                Cash Salary at the salary rate in effect for
                                Executive immediately prior to the effective
                                date of such termination (without regard to any
                                attempted reduction or discontinuance of such
                                salary); and

                                       6
<PAGE>   7

                                        (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 plans, programs or arrangements,
                        Employer shall arrange to provide benefits substantially
                        similar to those which Executive (and, to the extent
                        applicable,

                                       7
<PAGE>   8

                        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.

                        (iii) 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.

                                       8
<PAGE>   9

        4.      TOTAL COMPENSATION

        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 Four Hundred
        Thousand Dollars (US$400,000) 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 payable in accordance
        with Employer's standard payroll practices and procedures; provided 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;

                (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 Employer's various stock option plans
        and/or 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. Four (4) weeks (twenty (20) 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;

                (g) OTHER PERQUISITES. Such other employee benefits and
        perquisites that 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;

                                       9
<PAGE>   10

                (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 of the amount of Base Cash Salary paid
        and/or provided to Executive hereunder.

        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 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.

                                       10
<PAGE>   11

        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

        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
without regard to the conflicts of laws provisions of the state of California.

                                       11
<PAGE>   12

        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, including without
limitation that certain Executive Officer Amended Employment Agreement dated
March 24, 1999 , are hereby rescinded, revoked, and rendered null and void by
the parties. 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 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 AND
NONCOMPETITION

                                       12
<PAGE>   13

                (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, 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;
                and

                        (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.

                (b) To protect the legitimate business interests of Employer
        from unfair competition by Employee and to protect its trade secrets,
        Employee expressly covenants and agrees that during her employment with
        Employer and continuing thereafter for a period of two (2) years,
        Employee shall not, directly or indirectly:

                        (i) Solicit or endeavor to entice away from Employer
                through the use of Employer's proprietary business information
                and/or trade secrets, any person, firm, company or corporation
                that, at the time Employee's employment with Employer ceased,
                was doing business with Employer and accounted for ten percent
                (10%) or more of Employer's gross revenue as determined by
                Employer's book and records; or

                        (ii) Solicit for hire or hire as a result of such
                solicitation, any key employee of Employer, except that
                Executive may hire any such key employee so long as such hiring
                was made as a result of a general solicitation of employment
                through typical solicitation means, such as advertisements and
                the like, or such solicitation was initiated by such key
                employee.

                (c) Executive further covenants and agrees to return to Employer
        either before or immediately upon her termination of employment with
        Employer any and all written

                                       13
<PAGE>   14

        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, 18 and 19 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.

        19.     COUNTERPARTS

        This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument.

                                       14
<PAGE>   15

        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:
------------------------------------           ---------------------------------
Corporate Secretary                            An Authorized Member of the
                                               Compensation Committee of the
                                               Board of Directors

                                            CAMILLE JAYNE

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

                                       15

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