Amendment No. 6 to Terms of Employment between Concord Camera Corp. and Urs W. Stampfli

Summary

This amendment updates the employment agreement between Concord Camera Corp. and Urs W. Stampfli, extending the term of employment by one year to January 1, 2009. It also revises the termination provisions, allowing either party to end the employment with 30 days' written notice. If Concord terminates without cause or if the employee resigns after the term, the employee will receive one year of post-employment compensation, subject to compliance with the agreement. All other terms of the original agreement remain unchanged.

EX-10.1 2 e29691ex10_1.txt AMENDMENT NO. 6 TO TERMS OF EMPLOYMENT Exhibit 10.1 AMENDMENT NO. 6 TO TERMS OF EMPLOYMENT Of URS W. STAMPFLI 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 Urs W. Stampfli ("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/ Urs W. Stampfli By: /s/ Ira B. Lampert - --------------------- ------------------------------ Name: Urs W. Stampfli Name: Ira B. Lampert Title: Chief Executive Officer Dated: December 26, 2007 Dated: December 26, 2007