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                                                                    Exhibit 10.5

                                 AMENDMENT NO. 2
                                       TO
              SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND AGREEMENT

                              FOR GERALD J. ANGELI

         This Amendment No. 2, dated as of November 28, 2005 (this "Amendment"),
amends the Supplemental Executive Retirement Plan and Agreement for Gerald J.
Angeli dated as of July 31, 2001, as amended to date (the "SERP"), by and
between CONCORD CAMERA CORP., a New Jersey corporation, and GERALD J. ANGELI
(the "Executive").

         WHEREAS, pursuant to Section 885(f) of the American Jobs Creation Act
of 2004 Public Law 108-357 (the "Act"), the provisions of Section 409A of the
Internal Revenue Code of 1986, as amended (the "Code"), will be applicable to
certain nonqualified deferred compensation plans, as defined in such Section
409A, with respect to amounts deferred after December 31, 2004;

         WHEREAS, amounts deferred prior to December 31, 2004 but not vested on
such date will be subject to Section 409A;

         WHEREAS, on December 20, 2004, the United States Department of the
Treasury and the Internal Revenue Service published Notice 2005-1 ("Notice
2005-1") to provide transitional guidance under Section 409A of the Code;

         WHEREAS, with regard to amounts subject to Section 409A, Notice 2005-1
permits the amendment of a plan adopted before December 31, 2005 to allow a
participant during calendar year 2005 to terminate, in whole or in part, his or
her participation in the plan without causing the plan to fail to conform to the
provisions of Section 409A or to violate the constructive receipt doctrine,
provided that (i) the amendment is enacted and effective on or before December
31, 2005 and (ii) the amounts subject to the termination are includible in the
participant's income in calendar year 2005 or, if later, the calendar year in
which the amounts are earned and vested; and

         WHEREAS, the parties hereto desire to amend the SERP to permit the
Executive to terminate, in whole or in part, his participation in the SERP with
respect to the balance in any Account (as defined in the SERP) subject to
Section 409A of the Code.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants hereinafter contained, the parties hereto agree to the following:

         1. The SERP is hereby amended as of the date hereof to add the
following new Article X immediately after Article IX:


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                "ARTICLE X: Section 409A Transitional Provisions

                  1. Under Section 409A of the Internal Revenue Code of 1986, as
         amended (the "Code"), an Account with a balance that was not vested as
         of December 31, 2004 is subject to the provisions of Section 409A (each
         such Account, a "409A Account"). Notwithstanding any other provision of
         this Plan and Agreement to the contrary, the Executive may elect (a
         "409A Termination Election") prior to December 31, 2005 to terminate
         his participation in this Plan and Agreement with respect to all or a
         portion of the balance in a 409A Account. The balance (or portion
         thereof) in a 409A Account which is subject to a 409A Termination
         Election shall be paid to the Executive on or before December 31, 2005;
         provided, however, if the balance in a 409A Account subject to a 409A
         Termination Election is not vested by December 31, 2005, such balance
         shall be paid to the Executive upon the vesting of such balance.

                  2. A 409A Termination Election shall be made by a written
         notice to the Employer in any form acceptable to the Employer, and
         shall be effective, if timely made, upon the Employer's receipt of such
         notice. The written notice shall indicate the 409A Account to which it
         relates and the portion of the balance in a 409A Account if the 409A
         Election is not intended to apply to the entire balance of a 409A
         Account. The Executive may make more than one 409A Termination
         Election.

                  3. This Plan and Agreement shall be interpreted, construed and
         administered in a manner that meets the requirements of Section 409A of
         the Code and, to the extent appropriate, in a manner that permits
         balances in Accounts that are not otherwise subject to Section 409A to
         remain not subject to Section 409A.

                  4. Pursuant to Section 885(f) of the American Jobs Creation
         Act of 2004, Public Law 108-357, and other guidance to be issued by the
         Department of the Treasury and the Internal Revenue Service, this Plan
         and Agreement shall be amended as necessary or appropriate to conform
         to the requirements of Section 409A of the Code in accordance with such
         guidance."

         2. Continued Effect. Except as hereby amended, the SERP shall remain in
full force and effect.

         3. Counterparts. This Amendment may be executed in counterparts, each
of which shall be deemed an original and all of which together shall constitute
one and the same instrument.


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         IN WITNESS WHEREOF, the parties have executed this Amendment on the day
and year first above written.


CONCORD CAMERA CORP.                                 EXECUTIVE


By:  /s/ Alan Schutzman                              /s/ Gerald J. Angeli
     ------------------------------                  --------------------------
       Name: Alan Schutzman                          Gerald J. Angeli
       Title: SVP & General Counsel

















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