Amendment No. 1 to Amended and Restated Supplemental Executive Retirement Plan and Agreement for Ira B. Lampert

Summary

This amendment, effective January 1, 2001, modifies the Supplemental Executive Retirement Plan between Concord Camera Corp. and Ira B. Lampert. It updates the annual deferred compensation amount, specifying that $500,000 will be credited each year to Mr. Lampert's account on the first working day of each calendar year during his employment. The amendment replaces previous terms regarding yearly credits and payment timing, ensuring the new amount and schedule are in effect.

EX-10.31 8 b313570_x10-31.txt AMENDMENT NO. 1 Exhibit 10.31 Amendment No. 1 to the Amended and Restated Supplemental Executive Retirement Plan and Agreement for Ira B. Lampert Amendment No. 1, dated as of January 1, 2001 (this "Amendment"), to the Amended and Restated Supplemental Executive Retirement Plan and Agreement for Ira B. Lampert, dated as of April 19, 2000 (the "Plan"), by and between CONCORD CAMERA CORP., a New Jersey corporation (the "Employer") and IRA B. LAMPERT (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/ Margaret Lombardo By: /s/ Harlan I. Press --------------------------------- ---------------------------------- Harlan I. Press, Vice President and Treasurer Witness: /s/ Diane Micciche /s/ Ira B. Lampert --------------------------------- ---------------------------------- Ira B. Lampert