EXHIBIT 10.1
Amendment No. 2 to the
Deferral Agreement
for
Xxxxx X. Xxxxxxx
Amendment No. 2 dated as of October 20, 2003 (this "Amendment"), to the
Deferral Agreement dated as of June 2, 2000, as heretofore amended
("Agreement"), by and between CONCORD CAMERA CORP., a New Jersey corporation
(the "Employer") and XXXXX X. XXXXXXX (the "Executive").
The Employer and the Executive agree that the Agreement is hereby
amended as follows:
1. Article IV of the Agreement is hereby deleted and replaced with the
following:
"ARTICLE IV. Death and Disability
1. Notwithstanding any other provision of this Deferral
Agreement to the contrary, unless the Executive elected otherwise with
the consent of the Employer, in the event of the Executive's death
prior to the payment of all of the balances in the Accounts the
Employer shall pay, not later than 30 days following the Executive's
death, all remaining balances in the Accounts in one lump-sum to the
beneficiary or beneficiaries designated by the Executive in a writing
filed by the Executive with the Employer or, in the absence of such a
beneficiary designation, to the Executive's estate.
2. Notwithstanding any other provision of this Deferral
Agreement to the contrary, unless the Executive elected otherwise with
the consent of the Employer, in the event of the Executive's disability
prior to the payment of all of the balances in the Accounts the
Employer shall pay all remaining balances in the Accounts in one
lump-sum to the Executive not later than 30 days following the
Executive's disability."
2. Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement.
IN WITNESS WHEREOF, this Amendment No. 2 has been duly executed by the
Employer and by the Executive as of the date indicated above.
Witness: CONCORD CAMERA CORP.
/s/ Xxxxx X. Xxxxxxxx By: /s/ Xxx X. Xxxxxxx
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Xxx X. Xxxxxxx
Chairman & CEO
Witness:
/s/ Xxxxx X. Xxxxxxxx /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
