Exhibit 10.4

                     AMENDMENT NO. 7 TO TERMS OF EMPLOYMENT
                                       Of
                                 URS W. STAMPFLI
                                      With
                              CONCORD CAMERA CORP.

      This  AMENDMENT  NO. 7 TO TERMS OF  EMPLOYMENT is effective as of June 24,
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.     Capitalized  terms used but not defined  herein  have the  meanings
assigned to them in the Agreement.

      2.     The  second  paragraph  of  Section 12 of the  Agreement  is hereby
deleted and replaced in its entirety with the following paragraphs:

      "The Company 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 or after  the end of the  Term for any  reason  or
      without reason by giving the Company 30 days' written notice. In the event
      the Company 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,  the Company may require the  employee to cease  working at
      any time during the 30-day notice period.  If: (i) the Company  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 the Company after the end of
      any calendar  month during the Term or after the end of the Term by giving
      the Company 30 days' written notice,  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


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      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.

      Additionally,  if: (i) the Company  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 the Company after the end of any calendar month during
      the  Term or after  the end of the Term by  giving  the  Company  30 days'
      written notice; and (iii) the employee,  by written notice to the Company,
      (a)  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, (b) 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 22 is hereby added to the Agreement:

      "22. 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  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

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      of its  employees  or  representatives  shall  have any  liability  to the
      employee with respect to Section 409A."

      4.     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:  June 24, 2008                      Dated:  June 24, 2008

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