Audiovox 2011 Annual Report Download - page 422

Exhibit C
Executive Put Options
Executive shall have the following described Put Option:
Commencing on March 1, 2011, the cumulative after tax net profit or loss of the Employer will be calculated on a monthly basis according to GAAP
and will bear interest at the same per annum rate that Audiovox is receiving from its lead bank.
Executive may at the end of any month following the 30 month anniversary of this Agreement request the Employer to pay him in one lump sum up to
80% of .65% of the aggregate cumulative after tax net profit or loss of the Employer (the “Put Price”), and the Employer will pay such amount to
Executive. Such a request may not be made within 60 months of Executive's previous request.
Any unpaid Put Price will be paid promptly to Executive or his heirs as the case may be if Executive's employment is terminated for any reason.
Illustration (not accounting for interest):
Commencement value -0-
Net profits after 12 months $10,000,000
Put Price (.65%) $65,000
Net loss in 13th month $1,000,000
Put Price (.65%) $58,500
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