Exhibit 10.2
AMENDMENT NO. 2
to
Terms of Employment
of
Xxxxx X. Xxxxxxx
with
CONCORD CAMERA CORP.
AMENDMENT NO. 2, dated January 7, 2008, to Terms of Employment having an
effective date of August 1, 2001, as amended by Amendment Xx. 0 ("Xxxxxxxxx Xx.
0") dated April 1, 2006 (the "Amended Agreement"), by and between CONCORD CAMERA
CORP. (the "Company") and Xxxxx X. Xxxxxxx (the "employee").
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which
is hereby acknowledged, the Amended Agreement is hereby further amended as
follows:
1. The paragraph inserted in Section 12, Termination, of the Amended
Agreement pursuant to Section 5 of Amendment No. 1 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, 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 (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 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. 2 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/ Xxxxx X. Xxxxxxx By: /s/ Xxx X. Xxxxxxx
-------------------- ---------------------------
Xxxxx X. Xxxxxxx Xxx X. Xxxxxxx
Chairman, CEO and President
