Exhibit 10.1
AMENDMENT NO. 6 TO TERMS OF EMPLOYMENT
Of
XXX X. XXXXXXXX
With
CONCORD CAMERA CORP.
This AMENDMENT NO. 6 TO TERMS OF EMPLOYMENT, effective as of January 1,
2008 (this "Instrument"), by and between CONCORD CAMERA CORP. (the "Company")
and Xxx X. Xxxxxxxx ("Employee").
RECITALS
A. The Employee is currently employed by the Company pursuant to the Terms
of Employment, dated as of January 1, 2000, as thereafter amended (as amended,
the "Agreement"), between the Company and the Employee.
B. The parties desire to modify the Agreement as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Definitions. Capitalized terms used but not defined herein have the
meanings assigned to them in the Agreement.
2. Term. The expiration of the Term of the Agreement, as specified in
Section 3 thereof, is hereby extended for a period of twelve (12) months from
"January 1, 2008" to "January 1, 2009."
3. Termination. The second paragraph of Section 12 of the Agreement is
hereby deleted and replaced in its entirety with the following:
"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 any calendar
month during 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 the 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 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."
4. Effect on Agreement. Except as hereby amended, all of the terms and
conditions set forth in the Agreement are and shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties executed this Instrument as of the date
first set forth above.
EMPLOYEE: CONCORD CAMERA CORP.
/s/ Xxx X. Xxxxxxxx By: /s/ Xxx X. Xxxxxxx
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Name: Xxx X. Xxxxxxxx Name: Xxx X. Xxxxxxx
Title: Chief Executive Officer
Dated: December 26, 2007 Dated: December 26, 2007