Document:

Exhibit 10.38

      AMENDMENT No. 8, dated November 5, 2008, to the Amended and Restated
Employment Agreement, dated as of May 1, 1997, as heretofore amended (the
"Agreement"), by and between CONCORD CAMERA CORP., a New Jersey corporation (the
"Company") and IRA B. LAMPERT (the "Executive").

     WHEREAS, the Company and the Executive desire to further amend the
Agreement to avoid adverse tax consequences to the Executive under Section 409A
of the Internal Revenue Code of 1986, as amended, with respect to his payments
and entitlements under the Agreement; and

      WHEREAS, the Company and the Executive desire to further amend the
Agreement to provide for the establishment of a rabbi trust upon the occurrence
of certain events.

      FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:

      1. Section 5 of the Agreement is hereby amended (x) to add the clause "and
payable during the first two and one-half months following the close of the year
to which the annual bonus relates" before the period in the first sentence of
such section and (y) to substitute the words "during the first two and one-half
months following" for the words "promptly after" in the second sentence of such
section.

      2. Section 8 (a) is hereby amended to substitute the words "within 90 days
of the termination of Executive's employment with the Company if such
termination is due to his Disability" for the words "in the event that the
Executive's employment with the Company is terminated due to his Disability" in
clause (ii) of the second sentence of the section.

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      3. Section 8(b) of the Agreement is hereby amended to add the following
new sentence at the end of such section:

            "Any payment under clause (ii) of this Section 8(b) shall be made in
            the year in which the Executive made such payment and, in any event,
            no later than March 15 of the following year."

      4. Section 9 of the Agreement is hereby amended to add the following new
Section 9(h) after Section 9(g) of the Agreement:

            "(h) The payments by the Company of reimbursements of business and
            other expenses provided for in this Section 9 (other than those
            provided in Section 9(f)) shall in all events be made on or before
            December 31 of the calendar year following the year in which the
            expense was incurred. The payment by the Company of amounts provided
            for in Section 9(f) shall in all events be made on or before
            December 31 of the calendar year following the year in which the
            Executive remits the taxes referred to in Section 9(f)."

      5. Section 10(a) of the Agreement is here by amended (x) to add the comma
and words ", payable within 30 days after his death" at the end of each of
clauses (i), (iii) and (iv) of such section before the semicolon and (y) to
substitute the words "within 30 days" for the word "promptly" in clause (ii) of
such section.

      6. Section 10(b) of the Agreement is hereby amended (x) to add the words
"continued payment of his" before the word "Base" in clause (i) of such section,
(y) to substitute the words "within 30 days" for the word "promptly" in clause
(ii) of such section and (z) to insert the comma and words ", payable within 30
days following termination due to Disability" before the semi-colon in each of
clauses (iii) and (iv) of such section.

      7. Section 10(c)(ii) of the Agreement is hereby amended (x) to add the
words "continued payment of his" before the word "Base" in subclause (A) of such
section and (y) to add the comma and words ", payable within 30 days following
termination" before the semicolon in each of subclauses (A), (B) and (C) of such
section.

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      8. Section 10(d) of the Agreement is hereby amended (x) to add the words
"continued payment of his" before the word "Base" and to add the words "and
benefits" between the words "amounts provided" in clause (ii) of such section,
(y) to substitute the words "within 30 days" for the word "promptly" in clause
(iii) of such section and (y) to add the comma and words ", payable within 30
days following termination" before the semicolon in each of clauses (iv) and (v)
of such section.

      9. Section 10(e) of the Agreement is hereby amended to delete the words
"the salary continuation payments shall be paid in a lump sum without discount"
in the first sentence of such section and substitute the following:

            ", if such Change in Control constitutes a change in ownership,
            change in effective control or change in ownership of a substantial
            portion of the assets of the Company under Regulation Section 1.409A
            - 3(i)(5) (collectively, a "409A Change in Control"), the salary
            continuation payments shall be paid in a lump sum within 15 days of
            the Change in Control without any discount."

      10. Section 10(e) of the Agreement is hereby also amended to add the
following new sentence before the last sentence of such section;

            "Notwithstanding the immediate preceding sentence, unless the Change
            of Control constitutes a 409A Change in Control, the payment of any
            amount, entitlement or benefit referred to in the immediately
            preceding sentence shall not be accelerated."

      11. Section 10(g) of the Agreement is hereby amended (x) to add the words
"continued payment of his" before the word "Base" and to add the words "and
benefits" between the words "amounts provided" in clause (ii) of such section,
(y) to substitute the words "within 30 days" for the word "promptly" in clause
(iii) of such section and (y) to add the comma and words ", payable within 30
days following termination" before the semicolon in each of clauses (iv) and (v)
of such section.

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      12. The Agreement is hereby amended to add the following new Section 31
after Section 30 of the Agreement:

            "31. Section 409A.

            "(a) It is the intention of the parties to this Agreement that no
            payment or entitlement pursuant to this Agreement will give rise to
            any adverse tax consequences to the Executive under Section 409A of
            the Code, and Department of Treasury regulations and other
            interpretive guidance issued thereunder, including any issued after
            the date hereof. This Agreement shall be interpreted to that end
            and, consistent with that objective and notwithstanding any
            provision herein to the contrary.

            "(b) Notwithstanding any provision of this Agreement to the
            contrary, if, at the time of the Executive "separation from service"
            (as defined in Regulation Section 1.409A-1(h)) with the Company
            other than as a result of his death, he is a "specified employee"
            (as defined in Section 409A(a)(2)(B)(i) of the Code), and one or
            more of the payments or benefits received or to be received by the
            Executive pursuant to this Agreement would constitute deferred
            compensation subject to Section 409A, no such payment or benefit
            will be provided under this Agreement until the earliest of (A) the
            date of which is six (6) months after his "separation from service"
            or (B) the date of his death. If any payment to the Executive is
            delayed for six-months pursuant to the foregoing sentence, such
            payment, together with interest at the rate equal to the Company's
            cost of capital, shall be made on the first business day following
            the expiration of the six-month period. In addition, if any
            provision of this Agreement would cause the Executive to incur any
            penalty tax or interest under Section 409A of the Code or any
            regulations or Treasury guidance promulgated thereunder, the Company
            may in good faith reform such provision to maintain to the maximum
            extent practicable the original intent of the applicable provision
            without violating the provisions of Section 409A of the Code. Each
            payment made under this Agreement shall be designated as a "separate
            payment" within the meaning of Section 409A of the Code.

            "(c) If the payment of any amount to be received by the Executive
            pursuant to this Agreement is delayed pursuant to the provisions of
            Section 31(b) hereof (the "Delayed Payments"), the Company shall
            immediately establish a rabbi trust for the purpose of accumulating
            funds to satisfy the Company's obligations to make the Delayed
            Payments and shall contribute to the trust amounts equal to the
            amount of the Delayed Payment at the time or times such Delayed
            Payments would have been paid to the Executive if such Delayed
            Payments were not subject to the provision of Section 31(b). The
            Executive's rights to benefits pursuant this Section 31(c) shall be
            no greater than those of a general creditor of the Company. The
            Executive's benefits pursuant to this Section 31(c) may not be
            anticipated, assigned, alienated, pledged, encumbered or subject to
            attachment, garnishment, levy, execution, or other legal or
            equitable process. Notwithstanding the foregoing, the Company shall
            not establish a rabbi trust or transfer assets to an established
            rabbi trust as provided under this Section 31(c) if such
            establishment of the

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            trust or transfer of assets would result in adverse tax consequences
            to the Executive under Section 409A(b)(2)."

      13. The amendments made hereunder shall be effective as of January 1,
2007.

      14. Except as amended hereby, the Agreement shall continue in full force
and effect, without change.

      In WITNESS WHEREOF, the undersigned has executed this Agreement as of the
date first above written.

                                         CONCORD CAMERA CORP.

                                         By: /s/ Scott Lampert
                                             Scott Lampert, VP & General Counsel
                                             -----------------------------------

                                             /s/     Ira B. Lampert
                                             -----------------------------------
                                             Ira B. Lampert

Each of the undersigned hereby consents to the execution and delivery of the
foregoing Amendment and acknowledges that its guaranty of the Company's
obligations under the Agreement shall continue in full force and effect:

CONCORD-KEYSTONE SALES CORP.

By: /s/  Scott Lampert
-----------------------------------

CONCORD CAMERA EUROPE LTD.

By: /s/  Blaine Robinson
-----------------------------------

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CONCORD CAMERA GMBH

By: /s/    Urs Stampfli
-----------------------------------

CONCORD CAMERA HK LIMITED

By: /s/  Scott Lampert
-----------------------------------Ira B. Lampert
                                                            4000 Hollywood Blvd.
                                                                6/F, North Tower
                                                             Hollywood, FL 33021

Via E-mail & Hand Delivery

TO:        Blaine Robinson, Vice President-Finance and Treasurer
           John Jordan, Human Resource Director
           Scott Lampert, General Counsel

FROM:      Ira B. Lampert,
           Chairman, Chief Executive Officer and President

CC:        Concord Camera Corp. Board of Directors

DATE:      November 7, 2008

RE:        Ira B. Lampert Waiver of Certain "Change in Control" Payments
--------------------------------------------------------------------------------

Pursuant to the terms of my Amended and Restated Employment Agreement,  dated as
of May 1,  1997,  as  further  amended  to date  (as  amended,  the  "Employment
Agreement"),  if a "Change in Control" (as defined  therein) occurs and I remain
in the employ of the Company  thereafter,  I am  entitled to receive  thereafter
annual  payments of $500,000  each for the balance of the term of my  employment
(currently  scheduled to expire on July 1, 2009),  the first such payment  being
due within 30 days after the Change in Control (the  "Initial  Annual  Payment")
and the subsequent  annual  payments being due on the first business day of each
year thereafter (the "Subsequent Annual Payments").

Please  be  advised  that I am  hereby  waiving  my right  under  my  Employment
Agreement to receive any Subsequent  Annual Payments in the event of a Change in
Control. This waiver is voluntary and irrevocable.

Other than as set forth  herein,  nothing in this  memorandum is intended to, or
shall be construed to, in any way modify, amend or alter my Employment Agreement
or any other plans  applicable,  or any other  benefits  available,  to me as an
executive and employee of Concord Camera Corp.

Regards,

Ira B. Lampert

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