Exhibit 10.3
AMENDMENT TO TERMS OF EMPLOYMENT
of
XXXXX X. XXXX
with
CONCORD CAMERA CORP.
AMENDMENT, dated as of November 20, 2002, to Terms of Employment dated
as of January 1, 2000 (the "Agreement") by and between CONCORD CAMERA CORP. (the
"Company") and XXXXX X. XXXX (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 1 of the Agreement is hereby deleted and replaced in its
entirety with the following:
"1) Position
From February 25, 2002 until January 1, 2003, Senior Executive
Vice President and Chief Operating Officer. Effective as of
January 1, 2003, Senior Executive Vice President."
2. Section 3 of the Agreement is hereby deleted and replaced in its
entirety with the following:
"3) Term
The term hereof shall commence effective as of January 1, 2000
(the "Effective Date") and shall end on February 28, 2003,
inclusive (the "Term"). Thereafter, the Term may be renewed or
extended by mutual agreement of both parties in writing. The
employment may be terminated by the Company in accordance with
Section 12 below at any time during the Term."
3. The first paragraph of Section 5 of the Agreement is hereby deleted
and replaced in its entirety with the following:
"Salary: $400,000 per annum, increasing to $450,000 effective
as of January 1, 2001, and reducing to $400,000 effective as
of July 1, 2001. The aforesaid salary amount is payable in
accordance with the Company's normal payroll policies for
executives and is to be reviewed on an annual basis."
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4. The second paragraph of Section 12 of the Agreement is hereby
deleted and replaced in its entirety with the following:
o "Concord may terminate the employee's employment at any time
for any reason or without reason by giving the employee 30
days' written notice. The employee may terminate his
employment after January 1, 2003 for any reason or without
reason by giving Concord 30 days' written notice. In the event
Concord elects to terminate pursuant to this provision, it may
at its option request employee to remain in its employment
during the 30 day period following delivery of notice of
termination, provided that the Company shall continue to
provide the employee with his normal and customary
compensation and benefits as prescribed in Sections 5, 8 and
11. Alternatively, Concord may require the employee to cease
working at any time during the 30-day notice period. If: (i)
Concord terminates the employee's employment without cause (as
defined above in this Section) whether during the Term or at
any time after the expiration of the Term; or (ii) the
employee terminates his employment with Concord after January
1, 2003 (but not before), then the employee will be paid for a
total of one (1) year (post-employment compensation),
excluding any portion of the 30-day notice period for which
the employee remained in the Company's employment, at the then
effective compensation provided for in Section 5. The portions
of such post-employment compensation that are related to the
employee's salary and auto allowance will be paid in
installments (net of required withholding) in accordance with
the Company's normal payroll schedule for executives. The
Company's obligation to pay any such post-employment
compensation is conditioned upon the employee's prior and
continued compliance with the provisions of this Agreement
including, but not limited to, Section 13 and Exhibit A."
5. The last sentence of the first paragraph of Section 13 of the
Agreement is hereby deleted and replaced in its entirety with the following:
"The employee acknowledges that, if the Company terminates the
employee's employment with cause (as defined in Section 12) or
if the employee terminates his employment with the Company
before January 2, 2003 (in breach of this Agreement), then the
employee will not be entitled to receive the post-employment
compensation described in Section 12 but the non-compete
covenants will nevertheless remain in full force and effect."
6. Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement.
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7. 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/ Xxxxx X. Xxxx By: /s/ Xxx X. Xxxxxxx
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Xxxxx X. Xxxx Xxx X. Xxxxxxx
Chairman, Chief Executive Officer
and President
Date: 11-27-02 Date: 12-11-02
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