Amendment to Concord Camera Corp. Long Term Incentive Plan (1993) Regarding Deferred Delivery of Common Stock

Summary

This amendment updates Concord Camera Corp.'s Long Term Incentive Plan to allow participants, at the Committee's discretion, to defer the delivery of common stock earned through option exercises. The deferral period is generally limited to two years, but may be extended by the Committee or Board. Deferred shares are considered invested in common stock and will be paid out only in common stock, following the terms of the company's deferred delivery plan.

EX-10.10 5 b326949_ex10-10.txt AMENDMENT AS OF FEB. 10 2003 Exhibit 10.10 AMENDMENT, dated as of February 10, 2003, to Long Term Incentive Plan (1993), as heretofore amended through January 20, 2003 (the "Plan"), of Concord Camera Corp., a New Jersey corporation (the "Corporation"). NOW, THEREFORE, the Plan is hereby amended by adding the following subparagraph (i) to Article VIII: (i) Deferred Delivery of Common Stock. The Committee may in its discretion permit a Participant to defer delivery of Common Stock acquired pursuant to a Participant's exercise of an option in accordance with the terms and conditions of a deferred compensation plan established by the Corporation. Such deferral shall be deemed to be invested in Common Stock, shall not exceed two years and shall be payable only in Common Stock. AMENDMENT, dated as of June 2, 2003, to Long Term Incentive Plan (1993), as heretofore amended through February 10, 2003 (the "Plan"), of Concord Camera Corp., a New Jersey corporation (the "Corporation"). NOW, THEREFORE, the Plan is hereby amended by replacing subparagraph (i) to Article VIII with the following: (i) Deferred Delivery of Common Stock. The Committee may in its discretion permit a Participant to defer delivery of Common Stock acquired pursuant to a Participant's exercise of an option in accordance with the terms and conditions of a deferred delivery plan established by the Corporation. Such deferral shall be deemed to be invested in Common Stock, shall not exceed two years unless the Committee or the Board extends the length of the deferral period as to one or more Participants to beyond two years, and shall be payable only in Common Stock in accordance with the payment provisions of such deferred delivery plan.