Exhibit 10.1
AMENDMENT NO. 4
to
Terms of Employment
of
Xxxxxx X. Xxxxxxxx
with
CONCORD CAMERA CORP.
AMENDMENT NO. 4, dated January 7, 2008, to Terms of Employment having an
effective date of February 11, 2003, as heretofore amended (as amended, the
"Amended Agreement"), by and between CONCORD CAMERA CORP. (the "Company") and
Xxxxxx X. Xxxxxxxx (the "employee").
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which
is hereby acknowledged, the Agreement is hereby amended as follows:
1. The second paragraph of Section 11, Termination, of the Amended
Agreement is hereby deleted in its entirety and replaced with the
following:
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 twelve (12) 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 twelve (12) 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 eleven (11) 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 twelve (12) months'
base salary and car allowance.
2. This Amendment No. 4 is effective January 7, 2008. Except as hereby
amended, the Amended Agreement shall continue in full force and
effect.
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 X. Xxxxxxxx By: /s/ Xxx X. Xxxxxxx
---------------------- ---------------------------
Xxxxxx X. Xxxxxxxx Xxx X. Xxxxxxx
Chairman, CEO and President
