ULTIMATE ELECTRONICS INC
EX 10.1
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;10.1  </B></FONT></P>

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NAME="ma2523_amendment_to_ultimate_electron__ame03115"> </A>
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<BR></FONT><FONT SIZE=2><B>AMENDMENT TO<BR>  ULTIMATE ELECTRONICS,&nbsp;INC.<BR>  BONUS PLAN FOR FISCAL YEAR ENDING<BR>  JANUARY 31, 2005    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective September&nbsp;27, 2004, the Ultimate Electronics,&nbsp;Inc. Bonus Plan for Fiscal Year Ending January&nbsp;31, 2005 is amended to provide a bonus
tied to the fourth quarter of fiscal 2005. Each executive officer, vice-president, and director (other than David J. Workman and David A. Carter) is eligible to receive $50,000; $30,000;
and $20,000, respectively if certain individual performance objectives are met in the fourth quarter of fiscal 2005, as determined in the sole discretion of the Compensation and Nominating Committee
of the Ultimate Electronics,&nbsp;Inc. Board of Directors. </FONT></P>

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<FONT SIZE=2><A HREF="#toc_ma2523_1">AMENDMENT TO ULTIMATE ELECTRONICS, INC. BONUS PLAN FOR FISCAL YEAR ENDING JANUARY 31, 2005</A></FONT><BR>
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