AMENDMENT NO. 5 to Terms of Employment of Gerald J. Angeli with CONCORD CAMERA CORP.
AMENDMENT
NO. 5
to
of
▇▇▇▇▇▇
▇. ▇▇▇▇▇▇
with
AMENDMENT
NO. 5, dated April 3, 2006, to Terms of Employment having an Effective Date
of
April 17, 2000, as heretofore amended (as amended, the “Agreement”) by and
between CONCORD CAMERA CORP. (the “Company”) and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ (the
“Employee”).
WHEREAS,
on November 22, 2005, the Company’s Board of Directors appointed ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇ to the newly created position of Senior Vice President, Director of
Operations;
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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Section
1
of
the Agreement is deleted and replaced in its entirety with the
following:
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“1) Position
Senior
Vice President, Director of Operations and Assistant Secretary.”
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2.
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In
Section 5, Compensation,
the salary amount is increased to $250,000 per annum effective January
1,
2006.
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3.
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In
Section 5, Compensation,
delete the Overseas Allowance in its entirety effective January 1,
2006.
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4.
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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 |