Ira B. Lampert Waiver of Certain Change in Control Payments Memorandum (Concord Camera Corp.)

Contract Categories: Business Finance › Waiver Agreements
Summary

Ira B. Lampert, Chairman, CEO, and President of Concord Camera Corp., voluntarily waives his right to receive any subsequent annual payments (after the initial payment) that would be due to him under his employment agreement if a change in control of the company occurs. This waiver is irrevocable and does not affect any other terms or benefits of his employment agreement. The memorandum is addressed to company executives and the board of directors.

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EX-10.86 4 e33505ex10-86.txt MEMORANDUM Exhibit 10.86 Ira B. Lampert 4000 Hollywood Blvd. 6/F, North Tower Hollywood, FL 33021 Via E-mail & Hand Delivery TO: Blaine Robinson, Vice President-Finance and Treasurer John Jordan, Human Resource Director Scott Lampert, General Counsel FROM: Ira B. Lampert, Chairman, Chief Executive Officer and President CC: Concord Camera Corp. Board of Directors DATE: November 7, 2008 RE: Ira B. Lampert Waiver of Certain "Change in Control" Payments - -------------------------------------------------------------------------------- Pursuant to the terms of my Amended and Restated Employment Agreement, dated as of May 1, 1997, as further amended to date (as amended, the "Employment Agreement"), if a "Change in Control" (as defined therein) occurs and I remain in the employ of the Company thereafter, I am entitled to receive thereafter annual payments of $500,000 each for the balance of the term of my employment (currently scheduled to expire on July 1, 2009), the first such payment being due within 30 days after the Change in Control (the "Initial Annual Payment") and the subsequent annual payments being due on the first business day of each year thereafter (the "Subsequent Annual Payments"). Please be advised that I am hereby waiving my right under my Employment Agreement to receive any Subsequent Annual Payments in the event of a Change in Control. This waiver is voluntary and irrevocable. Other than as set forth herein, nothing in this memorandum is intended to, or shall be construed to, in any way modify, amend or alter my Employment Agreement or any other plans applicable, or any other benefits available, to me as an executive and employee of Concord Camera Corp. Regards, Ira B. Lampert