In exactly the same way as on the left hand side:
testmatrix(testmatrix<10) = testmatrix(testmatrix<10)*2
Or as Amro points out, you can save on computations by creating a reusable logical indexing mask:
idx = testmatrix < 10
testmatrix(idx) = testmatrix(idx)*2
This second approach is particularly useful in more cases with more complex conditions or where the condition is repeated many times or when speed is a major concern