EXHIBIT 10.12
AMENDMENT TO TERMS OF EMPLOYMENT
OF
XXXXXX X. XXXXXX
WITH
CONCORD CAMERA CORP.
AMENDMENT, dated as of June 11, 2001, to Terms of Employment dated as
of April 17, 2000 (the "Agreement") by and between CONCORD CAMERA CORP. (the
"Company") and XXXXXX X. XXXXXX (the "executive").
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of
which is hereby acknowledged, the Agreement is hereby amended as follows:
1. Section 5 of the Agreement is hereby deleted and replaced in its
entirety with the following:
"5) COMPENSATION
Salary: $190,000 per annum payable in accordance with the
Company's normal payroll policies for employees. The aforesaid
salary is to be reviewed on an annual basis.
Overseas Allowance: For working overseas as set forth herein, the
executive will receive an additional $25,000 per annum, payable
in quarterly installments at the end of each fiscal quarter
commencing with the quarter ending July 1, 2001. The executive
will be entitled to receive this allowance only if he works at
the Company's locations in Hong Kong and/or the People's Republic
of China ("Overseas") for at least six (6) months during the
relevant fiscal year. If the executive spends less than six (6)
months in a fiscal year working Overseas, the overseas allowance
will be prorated accordingly.
Deferred Compensation: The executive shall receive a one-time
grant of deferred compensation equal to $115,000 with the entire
amount to be deposited by the Company into a deferred
compensation account created for this purpose. The deferred
compensation shall vest, so long as the executive continues to be
employed by the Company, in the following installments:
(a) as to $11,500 on June 11, 2002;
(b) as to $11,500 on June 11, 2003;
(c) as to $23,000 on June 11, 2004;
(d) as to $34,500 on June 11, 2005; and
(e) as to $34,500 on June 11, 2006.
The Company will adopt a supplemental executive retirement plan
(the "SERP") for the benefit of the executive, setting forth the
terms and conditions under which the deferred compensation will
be paid to the executive. The executive will not be entitled to
have any portion of the deferred compensation distributed from
the SERP account (even after he has vested as to same, pursuant
to the terms of the SERP) prior to the earlier of June 11, 2006
or the termination of the executive's employment with the
Company."
-1-
2. Unless otherwise provided herein, all capitalized terms shall
have the meaning assigned to such terms in the Agreement.
3. Except as hereby amended, the Agreement shall continue in full
force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.
EXECUTIVE: CONCORD CAMERA CORP.
/s/ Xxxxxx X. Xxxxxx By. /s/ Xxxxx X. Xxxxxxx
------------------------------ --------------------------------
Xxxxxx X. Xxxxxx Xxxxx X. Xxxxxxx
Vice President of Worldwide
Operations
Date: 7-12-01 Date: 7/16/01
------------------------ -----------------------------
-2-
