EXHIBIT 10.1
AMENDMENT TO TERMS OF EMPLOYMENT
OF
XXXXXX X. PRESS
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 XXXXXX X. PRESS (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 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."
2. The first paragraph of Section 5 of the Agreement is hereby deleted
and replaced in its entirety with the following:
"Salary: $160,000 per annum, increasing to $180,000 effective
as of January 1, 2001, and reducing to $160,000 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."
3. 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."
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4. 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."
5. Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement.
6. 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. Press By: /s/ Xxx X. Xxxxxxx
------------------------------- -----------------------------------
Xxxxxx X. Press Xxx X. Xxxxxxx
Chairman, Chief Executive Officer
and President
Date: 12/03/02 Date: 12/11/02
---------------------- -----------------------------------
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AMENDMENT NO. 2 TO TERMS OF EMPLOYMENT
OF
XXXXXX X. PRESS
WITH
CONCORD CAMERA CORP.
AMENDMENT NO. 2, dated as of February 26, 2003, to Terms of Employment
dated as of January 1, 2000, as heretofore amended (the "Agreement") by and
between CONCORD CAMERA CORP. (the "Company") and XXXXXX X. PRESS (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 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 March 31, 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."
2. The previous Exhibit B (dated August 10, 2000) to the Agreement is
hereby deleted and replaced in its entirety with the Exhibit B, dated January
12, 2003, attached hereto.
3. Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement.
4. 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. Press By: /s/ Xxx X. Xxxxxxx
------------------------------ ----------------------------
Xxxxxx X. Press Xxx X. Xxxxxxx
Chairman, Chief Executive Officer
and President
Date: 2/27/03 Date: 2/27/03
---------------------- -----------------------------
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EXHIBIT B
CONCORD CAMERA CORP.
CODE OF CONDUCT
Incorporated by reference to the Company's quarterly report on Form
10-Q for the quarter ended March 29, 2003 which Code of Conduct,
dated January 12, 2003 was filed as part of Exhibit 10.2.
AMENDMENT NO. 3 TO TERMS OF EMPLOYMENT
OF
XXXXXX X. PRESS
WITH
CONCORD CAMERA CORP.
AMENDMENT NO. 3, dated as of March 30, 2003, to Terms of Employment
dated as of January 1, 2000, as previously amended (the "Agreement"), by and
between CONCORD CAMERA CORP. (the "Company") and XXXXXX X. PRESS (the
"employee").
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of
which is hereby acknowledged, the Agreement is hereby amended as follows:
1. 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, 2003
and shall end on January 1, 2006, 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."
2. Section 5 of the Agreement is hereby deleted and replaced in
its entirety with the following:
"5) COMPENSATION
Salary: $180,000 per annum effective as of January 1, 2003.
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.
Auto allowance: $500 per month."
3. 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 the end of the Term 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 end of the Term; or (ii) the employee
terminates his employment with Concord after the end of the
Term (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
post-employment compensation related to the employee's salary
and auto allowance shall 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."
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4. 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 the end of the Term (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."
5. Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement.
6. Except as otherwise provided in paragraph 2 above, the foregoing
amendments are effective as of March 30, 2003. 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.
EMPLOYEE: CONCORD CAMERA CORP.
/s/ Xxxxxx X. Press By: /s/ Xxx X. Xxxxxxx
----------------------------- --------------------------------------
Xxxxxx X. Press Xxx X. Xxxxxxx
Chairman, Chief Executive Officer
and President
Date: 3/31/03 Date: April 1, 2003
---------------------- -----------------------------------
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