AMENDMENT NO. 1 to Terms of Employment of Scott L. Lampert with CONCORD CAMERA CORP.
AMENDMENT
NO. 1
to
of
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▇. ▇▇▇▇▇▇▇
with
AMENDMENT
NO.1, dated April 1, 2006, to Terms of Employment having an Effective Date
of
August 1, 2001, (the “Agreement”) by and between CONCORD CAMERA CORP. (the
“Company”) and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (the “employee”).
FOR
GOOD
AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
acknowledged, the Agreement is hereby amended as follows:
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1.
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In
Section 1, Position
is
hereby amended to Vice President, General Counsel and Secretary.
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2.
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In
Section 5, Compensation,
the salary amount is increased to $210,000 per annum, the monthly
car
allowance is $750 and the following paragraph is added:
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The
employee’s base salary will be increased an additional $10,000 to $220,000 per
annum effective October 1, 2006, provided he has met certain performance
objectives to be mutually agreed upon by the employee and the Chief Executive
Officer of the Company.
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3.
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Section
7, Employee
Loan
is
deleted in its entirety, and replaced with the
following:
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7)
Executive
Compensation Plans
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Subject
to the terms and conditions of such plans, the employee is eligible
to
participate in the Company’s Amended and Restated Annual Incentive
Compensation Plan, the Company’s Amended and Restated Long Term Incentive
Plan Commencing Fiscal 2004, the Company’s Flexible Perquisite Spending
Account Program for Corporate Officers and any other plans and programs
made available to executive officers of the Company, in each case
as the
same may be amended from time to time. The foregoing plans/program
as
currently in effect are attached hereto as Exhibits
C, D and E,
respectively.
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4.
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In
Section 11, Benefits,
delete the phrase “…, up to the maximum established in the plan”.
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5.
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In
Section 12, Termination,
the second and third paragraphs are deleted and replaced with the
following:
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Either
party may terminate at any time for any reason or for no reason upon giving
the
other party 30 days’ written notice. If the Company terminates the employee for
any reason other than cause or for no reason and such termination is made
effective immediately or at any other time before the expiration of the
foregoing 30-day notice period, then the Company shall pay the employee’s base
salary and car allowance in lieu of notice, for the remainder of such notice
period (the “Notice Payments”). In addition, if the Company terminates the
employee for any reason other than cause or for no reason, then, subject to
the
limitation set forth in the next sentence, the employee shall receive payments
equal to four (4) months of his then base salary and car allowance (the
“Severance Payments”). Notwithstanding any provision of this Agreement to the
contrary, in no event shall the employee receive payments pursuant to this
Section 12 (Notice Payments and Severance Payments) which, when aggregated,
exceed four (4) months' of his then base salary and car allowance. By way of
example: (i) if the employee receives Notice Payments equal to one (1) month's
base salary and car allowance, then his Severance Payments will be three (3)
months' base salary and car allowance; and (ii) if the employee instead receives
30 days’ notice, such that there are no Notice Payments, then the Severance
Payments will be equal to four (4) months' base salary and car
allowance.
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6.
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This
Amendment No. 1 is effective April 1, 2006. Except as hereby amended,
the
Agreement shall continue in full force and
effect.
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IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
first above written.
| Accepted and Agreed: | Accepted and Agreed: | ||
| EMPLOYEE: | CONCORD CAMERA CORP. | ||
| /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
By:
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/s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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Chairman,
CEO and President
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