Exhibit 10.2

                                 AMENDMENT NO. 3
                                       to
                               Terms of Employment
                                       of
                                Scott L. Lampert
                                      with
                              CONCORD CAMERA CORP.

      This  AMENDMENT  NO. 3 is made  this 24th day of June 2008 to the Terms of
Employment having an effective date of August 1, 2001, as heretofore amended (as
amended,  the "Amended  Agreement"),  by and between  CONCORD CAMERA CORP.  (the
"Company") and Scott L. Lampert (the "employee").

      FOR GOOD AND VALUABLE CONSIDERATION,  the receipt and sufficiency of which
is hereby  acknowledged,  the Amended  Agreement  is hereby  further  amended as
follows:

      1.     Capitalized  terms used but not defined  herein  have the  meanings
      assigned to them in the Agreement.

      2.     The following paragraph is hereby added to Section 12, Termination,
      of the Amended Agreement:

            "Additionally, if the Company terminates the employee for any reason
            other  than  cause or for no reason  and the  employee,  by  written
            notice to the Company,  (i) elects COBRA continuation  coverage (for
            the period after the termination effective date) under the Company's
            insurance  policies  by which the  employee  is then  covered or, if
            COBRA continuation  coverage under the Company's  insurance policies
            is not available for any portion of the one (1) year post-employment
            period, (ii) obtains medical,  dental and vision insurance coverages
            substantially  similar to the medical,  dental and vision  insurance
            coverages  under the Company's  insurance  policies in effect at the
            time  COBRA  continuation  coverage  under the  Company's  insurance
            policies is no longer  available,  then the Company shall  reimburse
            the employee for the premiums paid by the employee thereunder during
            the one (1) year  post-employment  period  which  shall run from the
            termination effective date. The Company shall make each such premium
            reimbursement  payment  within  seven (7) days after its  receipt of
            notice of payment thereof by the employee."

      3.     The following new Section 21 is hereby added to the Agreement:

            "21. Section 409A of the Code.

            This  Agreement  is  intended  to comply  with  Section  409A of the
            Internal Revenue Code of 1986, as amended (the "Code") to the extent
            applicable,  and shall be so interpreted.  Notwithstanding  anything
            herein to the  contrary,  (i) if at the time of a  "separation  from
            service"  from the Company,  the employee is a "specified  employee"
            (as  such  terms  are  defined  in  Section  409A  and  any  related
            regulations or other pronouncements  thereunder) and the deferral of
            the  commencement  of any  payments  or benefits  otherwise  payable
            hereunder as a result of such  separation  from service is necessary
            in order to prevent any  accelerated or additional tax under Section
            409A, then the Company will defer the commencement of the payment of
            any such  payments or benefits  hereunder  (without any reduction in
            such  payments  or  benefits  ultimately  paid  or  provided  to the
            employee) until the date that is six months following the employee's
            separation from service from the

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            Company (or the earliest date as is permitted  under Section  409A).
            To the extent any  reimbursements  or  in-kind  benefits  due to the
            employee under this Agreement  constitutes  "deferred  compensation"
            under  Section 409A,  any such  reimbursements  or in-kind  benefits
            shall be paid to the  employee  in a manner  consistent  with Treas.
            Reg.  Section  1.409A-3(i)(1)(iv).  Each  payment  made  under  this
            Agreement  shall be  designated as a "separate  payment"  within the
            meaning  of  Section  409A.  Neither  the  Company  nor  any  of its
            employees  or  representatives  shall  have  any  liability  to  the
            employee with respect to Section 409A."

      4.     This  Amendment No. 3 is effective June 24, 2008.  Except as hereby
      amended, the Amended Agreement shall continue in full force and effect.

      IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first above written.

Accepted and Agreed:                       Accepted and Agreed:
--------------------                       --------------------

EMPLOYEE:                                  CONCORD CAMERA CORP.

   /s/   Scott L. Lampert                  By:    /s/   Ira B. Lampert
--------------------------------              ----------------------------------
Scott L. Lampert                              Ira B. Lampert
                                              Chairman, CEO and President