Exhibit 10.25
Amendment No. 2 to the
Amended and Restated
Supplemental Executive Retirement Plan and Agreement
for
Xxx X. Xxxxxxx
Amendment No. 2, dated as of January 1, 2002 (this "Amendment"), to the
Amended and Restated Supplemental Executive Retirement Plan and Agreement for
Xxx X. Xxxxxxx, dated as of April 19, 2000 (as heretofore amended, the "Plan"),
by and between CONCORD CAMERA CORP., a New Jersey corporation (the "Employer")
and XXX X. XXXXXXX (the "Executive").
The Employer and the Executive agree that the Plan is hereby amended as
follows:
1. Paragraph 4 of Article V is deleted and replaced with the following:
"4. In the event that the Executive fails to make an election pursuant
to paragraph 1 of this Article V with respect to an Account, except as
otherwise provided in Article VII and paragraph 8 of this Article V the
vested balance in such Account shall be paid to the Executive in one
lump-sum payment within 30 days of the termination of the Executive's
employment with the Employer."
2. The following new paragraph 11 is inserted at the end of Article V:
"11. Notwithstanding any other provision of this Plan and Agreement to
the contrary and notwithstanding any elections made by the Executive, the
Executive may require the immediate distribution to the Executive of all or
a portion of the vested balances in the Accounts less any amounts required
by paragraph 10 of this Article V and subject to a penalty equal to ten
percent (10%) of the amount to be distributed pursuant to this paragraph
(prior to withholding required by paragraph 10). Such penalty amount shall
be deemed forfeited and no longer payable to the Executive."
3. The last sentence of paragraph 1 of Article VIII is deleted and
replaced with the following:
"Except as to amounts provided for in paragraph 3 of Article IV and
paragraphs 10 and/or 11 of Article V, amounts due to the Executive
hereunder may not be offset by the Employer against amounts claimed to be
due from the Executive to the Employer, whether by withholding by the
Employer of payment or by assertion by the Employer of defenses, claims,
counterclaims or setoffs in a litigation commenced by either party with
respect to this Agreement or any other matters; provided, however, that the
Employer shall have the right to raise any such defenses, claims,
counterclaims or setoffs in a separate action."
4. The foregoing amendments to the Plan are effective as of January 1,
2002.
IN WITNESS WHEREOF, this Amendment has been duly executed by the
Employer and by the Executive as of the date indicated above.
Witness: CONCORD CAMERA CORP.
/s/ Xxxx Xxxxxxxxxx By: /s/ Xxxxxx X. Press
----------------------------- -----------------------------
Xxxxxx X. Press
Vice President and Treasurer
Witness:
/s/ Xxxxx X. Xxxxxxxx /s/ Xxx X. Xxxxxxx
----------------------------- --------------------------------
XXX X. XXXXXXX
