Exhibit 10.31
Amendment No. 1 to the
Amended and Restated
Supplemental Executive Retirement Plan and Agreement
for
Xxx X. Xxxxxxx
Amendment No. 1, dated as of January 1, 2001 (this "Amendment"), to the
Amended and Restated Supplemental Executive Retirement Plan and Agreement for
Xxx X. Xxxxxxx, dated as of April 19, 2000 (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. The definition of "Yearly Credit" found in Article II of the Plan is
deleted and replaced with the following:
"Yearly Credit - the $500,000 to be credited each year to a Yearly
Account pursuant to paragraph 1 of Article III."
2. Paragraph 1 of Article III of the Plan is deleted and replaced with
the following:
"1. During the Term of Employment, the Employer agrees to credit $500,000
to a Yearly Account on the first working day of each calendar year, and
such deferred compensation shall be paid to the Executive as hereinafter
provided."
3. The foregoing amendments to the Plan are effective as of January 1,
2001.
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/ Xxxxxxxx Xxxxxxxx By: /s/ Xxxxxx X. Press
--------------------------------- ----------------------------------
Xxxxxx X. Press,
Vice President and Treasurer
Witness:
/s/ Xxxxx Xxxxxxxx /s/ Xxx X. Xxxxxxx
--------------------------------- ----------------------------------
Xxx X. Xxxxxxx
