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                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT


                  AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT, dated as of September
15, 1998 ("Amendment No. 1"), to the Employment Agreement dated as of April 17,
1998 (the "Employment Agreement"), by and between GRAHAM-FIELD HEALTH PRODUCTS,
INC., a Delaware corporation having its principal place of business at 400 Rabro
Drive East, Hauppauge, New York 11788 (the "Company"), and RICHARD S. KOLODNY,
an individual residing at 44 Spring Court, Muttontown, New York 11791 (the
"Executive").

                              W I T N E S S E T H:

                  WHEREAS, the Company and the Executive are parties to the
Employment Agreement and a certain Change in Control Agreement dated as of
August 16, 1993 (the "Initial Change in Control Agreement");

                  WHEREAS, the Company and the Executive desire to terminate the
Initial Change in Control Agreement in its entirety effective as of the date
hereof and enter into a new Change in Control Agreement effective as of the date
hereof (the "New Change in Control Agreement");

                  WHEREAS, the Company and the Executive desire to amend the
Employment Agreement to reflect the termination of the Initial Change in Control
Agreement, the execution of the New Change in Control Agreement and the
modification of certain terms and provisions of the Employment Agreement;

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                  1. TERMINATION OF INITIAL CHANGE IN CONTROL AGREEMENT.
Effective as of the date hereof, the Company and the Executive hereby agree that
the Initial Change in Control Agreement shall be terminated in its entirety and
shall be of no further force and effect.

                  2. THE NEW CHANGE IN CONTROL AGREEMENT. Effective as of the
date hereof, the Company and the Executive hereby agree that the New Change in
Control Agreement shall be in full force and effect.

                  3. AMENDMENT TO SECTION 7.12 OF THE EMPLOYMENT AGREEMENT.
Section 7.12 of the Employment Agreement shall be amended in its entirety to
provide as follows:

                  "Except for the Change in Control Agreement dated as of
                  September 15, 1998, between the Executive and the Company (the
                  "Change in Control Agreement") relating to payments to be made
                  to the Executive in the event of the
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                  termination of the Executive's employment with the Company
                  following a Change in Control (as defined therein), this
                  Agreement constitutes the entire understanding and agreement
                  of the parties with respect to the subject matter of this
                  Agreement, and any and all prior agreements (other than the
                  Change in Control Agreement), understandings or
                  representations are hereby terminated and cancelled in their
                  entirety; provided that notwithstanding anything to the
                  contrary contained in this Agreement, in the event the
                  Executive's employment is terminated following a Change in
                  Control, the Executive shall be entitled solely to the amounts
                  and benefits payable under the Change in Control Agreement,
                  which shall be in lieu of any and all amounts payable under
                  this Agreement."

                  4. FULL FORCE AND EFFECT OF EMPLOYMENT AGREEMENT. Except as
provided herein, the Employment Agreement shall remain in full force and effect
in all respects.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be duly executed as of the date first above written.

                                    GRAHAM-FIELD HEALTH PRODUCTS, INC.


                                    By: /s/ Rodney F. Price
                                        ----------------------------------
                                        Name:  Rodney F. Price            
                                        Title: Chairman of the Board and
                                               Chief Executive Officer


                                        /s/ Richard S. Kolodny
                                        --------------------------------------
                                        RICHARD S. KOLODNY