Amendment No. 3 to Amended and Restated Employment Agreement between Concord Camera Corp. and Ira B. Lampert

Summary

This amendment updates the employment agreement between Concord Camera Corp. and Ira B. Lampert, effective January 1, 2000. It increases Mr. Lampert's base salary to $800,000 per year and raises the annual contribution to his Supplemental Executive Retirement Plan (SERP) account to $400,000, with an additional one-time deferred compensation grant of $1,549,998. The amendment is acknowledged and guaranteed by several affiliated companies. All other terms of the original agreement remain unchanged.

EX-10.27 5 b313570_x10-27.txt AMENDMENT NO. 3 Exhibit 10.27 AMENDMENT No. 3, dated as of April 19, 2000, to the Amended and Restated Employment Agreement dated as of May 1, 1997 as heretofore amended (the "Agreement") by and between CONCORD CAMERA CORP., a New Jersey corporation (the "Company") and IRA B. LAMPERT (the "Executive"). FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the Agreement is hereby amended as follows: 1. The Base Salary provided for in Section 4 of the Agreement is hereby increased, effective January 1, 2000, to $800,000 per year. 2. The amount to be contributed annually to Executive's SERP Account (as defined in Section 7(b) of the Agreement) is hereby increased to $400,000 per year beginning with calendar year 2000 and a one time grant of deferred compensation equal to $1,549,998 shall also be made to the SERP Account, which grants of deferred compensation shall be governed by that certain Amended and Restated Supplemental Executive Retirement Plan and Agreement for the Executive made as of the 19th day of April, 2000, a copy of which is attached hereto as an exhibit. 3. Except as amended hereby, the Agreement shall continue in full force and effect. IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 3 as of the date first above written. CONCORD CAMERA CORP. By: /s/ Harlan I. Press --------------------------------- Harlan I. Press Vice President and Treasurer /s/ Ira B. Lampert ------------------------------------- Ira B. Lampert 1 Each of the undersigned hereby consents to the execution and delivery of the foregoing Amendment No. 3 and acknowledges that its guaranty of the Company's obligations under the Agreement, as amended, shall continue in full force and effect: CONCORD HOLDING CORP. By: /s/ Harlan I. Press ------------------------------------ Harlan I. Press CONCORD KEYSTONE SALES CORP. By: /s/ Harlan I. Press ------------------------------------ Harlan I. Press CONCORD CAMERA ILLINOIS CORP. By: /s/ Harlan I. Press ------------------------------------ Harlan I. Press CONCORD CAMERA (EUROPE) LIMITED By: /s/ Harlan I. Press ------------------------------------ Harlan I. Press GOLDLINE (EUROPE) LIMITED By: /s/ Harlan I. Press ------------------------------------ Harlan I. Press 2 CONCORD CAMERA FRANCE SARL By: /s/ Urs W. Stampfli ------------------------------------ Urs W. Stampfli CONCORD CAMERA GMBH By: /s/ Andreas Konig; /s/ Ira B. Lampert -------------------------------------- CONCORD CAMERA HK LIMITED By: /s/ Harlan I. Press ------------------------------------ Harlan I. Press 3