AMENDMENT NO. 3 to Terms of Employment of Blaine Robinson with CONCORD CAMERA CORP.
AMENDMENT
NO. 3
to
of
Xxxxxx
Xxxxxxxx
with
AMENDMENT
NO. 3, dated April 1, 2006, to Terms of Employment having an Effective Date
of
February 11, 2003, as heretofore amended (as amended, the “Agreement”), by and
between CONCORD CAMERA CORP. (the “Company”) and Xxxxxx Xxxxxxxx (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 - Finance, Treasurer and Assistant
Secretary.
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2.
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Section
4, Reports
To
is
hereby deleted in its entirety and replaced with the
following:
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4)
Reports
To
The
Chief
Executive Officer, or such other person or person(s) as the Chief Executive
Officer may from time to time designate.
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3.
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In
Section 5, Compensation,
the salary amount is increased to $210,000 per annum, 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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4.
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In
Section 10, Benefits,
delete the phrase “…, up to the maximum established in the plan”.
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5.
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In
Section 11, Termination,
the second paragraph is 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 (the “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 (net of required withholding) (the “Severance Payments”) in
accordance with the Company’s normal payroll schedule. Notwithstanding any
provision of this Agreement to the contrary, in no event shall the employee
receive payments pursuant to this Section 11 (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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Add
the following Section 20, 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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7.
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This
Amendment No. 3 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/ Xxxxxx Xxxxxxxx |
By:
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/s/ Xxx X. Xxxxxxx | |
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Xxxxxx Xxxxxxxx |
Xxx X. Xxxxxxx |
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Chairman,
CEO and President
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