Document:

<PAGE>

                                                                   Exhibit 10.12

                              CONCORD CAMERA CORP.

                               2002 INCENTIVE PLAN

                                       FOR

               NON-OFFICER EMPLOYEES, NEW RECRUITS AND CONSULTANTS

I. Purpose

         The purpose of the Concord Camera Corp. 2002 Incentive Plan for
Non-Officer Employees, New Recruits and Consultants (the "Plan") is to attract
and retain and provide incentives to non-officer employees, new recruits and
consultants of the Corporation, and to thereby increase overall shareholders'
value. The Plan generally provides for the granting of stock, stock options,
stock appreciation rights, restricted shares or any combination of the foregoing
to the eligible participants.

II. Definitions

         (a) "Award" includes, without limitation, stock options with or without
stock appreciation rights, dividend equivalent rights, stock awards, restricted
share awards, or other awards that are valued in whole or in part by reference
to, or are otherwise based on, the Common Stock ("other Common Stock-based
Awards"), all on a stand alone, combination or tandem basis, as described in or
granted under this Plan.

         (b) "Award Agreement" means a written agreement setting forth the terms
and conditions of each Award made under this Plan.

         (c) "Board" means the Board of Directors of the Corporation.

         (d) "Code" means the Internal Revenue Code of 1986, as amended from
time to time.

         (e) "Committee" means the Compensation Committee of the Board or such
other committee of the Board as may be designated by the Board from time to time
to administer this Plan the members of which shall consist solely of members of
the Board who are "Non-Employee Directors" within the meaning of Rule 16b-3 of
the Exchange Act and are "outside directors" for purposes of Code Section
162(m)(4)(C) of the Code.

         (f) "Common Stock" means the no par value common stock of the
Corporation.

         (g) "Corporation" means Concord Camera Corp., a New Jersey corporation.

         (h) "Employee" means an employee of the Corporation or a Subsidiary.

         (i) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                                       1

<PAGE>

         (j) "Fair Market Value" means the closing price for the Common Stock as
officially reported on the relevant date (or if there were no sales on such
date, on the next preceding date on which such closing price was recorded) by
the principal national securities exchange on which the Common Stock is listed
or admitted to trading, or, if the Common Stock is not listed or admitted to
trading on any such national securities exchange, the closing price as furnished
by the National Association of Securities Dealers through NASDAQ or a similar
organization if NASDAQ is no longer reporting such information, or, if the
Common Stock is not quoted on NASDAQ, as determined in good faith by resolution
of the Board (whose determination shall be conclusive), based on the best
information available to it.

         (k) "Non-Officer Employee" means any Employee, other than the chief
executive officer of the Corporation, management Employees who report directly
to the chief executive officer and any other Employee who has been designated an
"Officer" of the Corporation for securities law reporting purposes by the chief
executive officer of the Corporation.

         (l) "Participant" means a Non-Officer Employee, a Recruit or a
consultant who has been granted an Award under the Plan.

         (m) "Plan Year" means a twelve-month period beginning with July 1 of
each year.

         (n) "Recruit" means a person, not previously an Employee, who is
granted an option pursuant to the Plan to induce such person to become an
Employee, whether or not such person also becomes an officer of the Corporation
for securities law reporting purposes.

         (o) "Subsidiary" means any corporation or other entity, whether
domestic or foreign, in which the Corporation has or obtains, directly or
indirectly, a proprietary interest of more than 50% by reason of stock ownership
or otherwise.

III. Eligibility

         Any Non-Officer Employee, Recruit or consultant of the Corporation or a
Subsidiary selected by the Committee is eligible to receive an Award.

IV. Plan Administration

         (a) Except as otherwise determined by the Board, the Plan shall be
administered by the Committee. The Board, or the Committee to the extent
determined by the Board, shall periodically make determinations with respect to
Participants in the Plan and, except as otherwise required by law or this Plan,
the grant terms of Awards, including vesting schedules, price, restriction or
option period, dividend rights, post-retirement and termination rights, payment
alternatives such as cash, stock, contingent awards or other means of payment
consistent with the purposes of this Plan, and such other terms and conditions
as the Board or the Committee deems appropriate which shall be contained in an
Award Agreement with respect to a Participant.

                                       2

<PAGE>

         (b) The Committee shall have authority to interpret and construe the
provisions of the Plan and any Award Agreement and make determinations pursuant
to any Plan provision or Award Agreement which shall be final and binding on all
persons. No member of the Committee shall be liable for any action or
determination made in good faith, and the members shall be entitled to
indemnification and reimbursement in the manner provided in the Corporation's
Certificate of Incorporation, as it may be amended from time to time.

         (c) The Committee shall have the authority at any time to provide for
the conditions and circumstances under which Awards shall be forfeited.

V. Capital Stock Subject to the Provisions of this Plan

         (a) The capital stock subject to the provisions of this Plan shall be
shares of authorized but unissued Common Stock and shares of Common Stock held
as treasury stock. Subject to adjustment in accordance with the provisions of
Section X, and subject to Sections V(b) and V(c) below, the total number of
shares of Common Stock subject to the Plan shall be 500,000, and thereafter the
number of shares of Common Stock subject to the Plan shall be automatically
adjusted at the end of each fiscal quarter of the Corporation to be reduced by
the number of shares of Common Stock issued during such fiscal quarter upon
exercise of options theretofore granted pursuant to the Plan. The Treasurer of
the Corporation shall maintain a ledger showing at any time the number of shares
of Common Stock then subject to the provisions of the Plan.

         (b) Any shares ceasing to be subject to an option because of the
surrender of such option in lieu of exercise shall become again available for
Awards under the Plan. The grant of a restricted share Award shall be deemed to
be equal to the maximum number of shares which may be issued under the Award.
Awards payable only in cash will not reduce the number of shares available for
Awards granted under the Plan.

         (c) There shall be carried forward and be available for Awards under
the Plan, in addition to shares available for grant under paragraph (a) of this
Section V, all of the following: (i) any unused portion of the limit set forth
in paragraph (a) of this Section V; (ii) shares represented by Awards which are
cancelled, forfeited, surrendered, terminated, paid in cash or expire
unexercised; and (iii) the excess amount of variable Awards which become fixed
at less than their maximum limitations.

VI. Awards Under This Plan

         Discretionary Awards. As the Board or Committee may determine, the
following types of Awards and other Common Stock-based Awards may be granted
under this Plan on a stand alone, combination or tandem basis:

                  (i) Stock Option. A right to buy a specified number of shares
of Common Stock at a fixed exercise price during a specified time, all as the
Committee may determine; provided that the exercise price of any option shall
not be less than 100% of the Fair Market Value of the Common Stock on the date
of grant of the Award.

                                       3

<PAGE>

                  (ii) No Incentive Stock Options. Awards under the Plan will
not comply with the requirements of Section 422 of the Code for Incentive Stock
Options.

                  (iii) Stock Appreciation Right. A right contained in the grant
of a stock option to receive the excess of the Fair Market Value of a share of
Common Stock on the date the option is surrendered over the option exercise
price contained in the Award Agreement.

                  (iv) Restricted Shares. A transfer of Common Stock to a
Participant subject to forfeiture until such restrictions, terms and conditions
as the Committee may determine are fulfilled.

                  (v) Dividend or Equivalent. A right to receive dividends or
their equivalent in value in Common Stock, cash or in a combination of both with
respect to any new or previously existing Award.

                  (vi) Stock Award. An unrestricted transfer of ownership of
Common Stock.

                  (vii) Other Stock-Based Awards. Other Common Stock-based
Awards which are related to or serve a similar function to those Awards set
forth in this Section VI.

VII. Award Agreements

         Each Award under the Plan shall be evidenced by an Award Agreement
setting forth the terms and conditions of the Award and executed by the
Corporation and Participant.

VIII. Other Terms and Conditions

         (a) Assignability. Except as provided in the next following sentence,
no Award shall be assignable or transferable except by will, by the laws of
descent and distribution and, during the lifetime of a Participant, the Award
shall be exercisable only by such Participant. If expressly permitted by the
Award Agreement, Stock Options may be assigned to or otherwise transferred by
the Optionee to family members of the Optionee or trusts or partnerships in
which the participants or beneficiaries are limited to the Optionee and/or such
family members; provided, however, that as so transferred or assigned, all
provisions of any such option, including provisions relating to forfeiture and
vesting, shall continue in full force and effect.

         (b) Termination of Employment. The Committee shall determine the
disposition of the grant of each Award in the event of the retirement,
disability, death or other termination of a Participant's employment or other
relationship with the Corporation or a Subsidiary.

         (c) Rights as a Stockholder. A Participant shall have no rights as a
stockholder with respect to shares covered by an Award until the date the
Participant is the holder of record. No adjustment will be made for dividends or
other rights for which the record date is prior to such date.

                                       4

<PAGE>

         (d) No Obligation to Exercise. The grant of an Award shall impose no
obligation upon the Participant to exercise the Award.

         (e) Payments by Participants. The Committee may determine that Awards
for which a payment is due from a Participant may be payable: (i) in U.S.
dollars by personal check, bank draft or money order payable to the order of the
Corporation, by money transfers or direct account debits; (ii) pursuant to a
broker-assisted "cashless exercise" program if established by the Corporation;
(iii) by a combination of the methods described in (i) through (ii) above; or
(iv) by such other methods as the Committee may deem appropriate.

         (f) Withholding. The Corporation shall deduct from all cash
distributions under the Plan any taxes required to be withheld by federal, state
or local government. Whenever the Corporation proposes or is required to issue
or transfer shares of Common Stock under the Plan or upon the vesting of any
Stock Award, the Corporation shall have the right to require the Participant to
remit to the Corporation an amount sufficient to satisfy any federal, state and
local withholding tax requirements prior to the delivery of any certificate(s)
for such shares or the vesting of such Stock Award. A Participant may pay the
withholding tax in cash, or, if the Award Agreement so provides, a Participant
may elect to have the number of shares of Common Stock he is to receive reduced
by the smallest number of whole shares of Common Stock which, when multiplied by
the Fair Market Value of the shares determined as of the tax date, is sufficient
to satisfy statutorily required federal, state and local, if any, withholding
taxes arising from exercise or payment of an Award.

IX. Termination, Modification and Amendments

         (a) The Plan may from time to time be terminated, modified or amended
by the Board.

         (b) No termination, modification or amendment of the Plan may adversely
affect the rights conferred by an Award without the consent of the recipient
thereof.

X. Recapitalization

         The aggregate number of shares of Common Stock as to which Awards may
be granted to Participants, the number of shares thereof covered by each
outstanding Award and the price per share thereof in each such Award, shall all
be proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a subdivision or consolidation of shares
or other capital adjustment, or the payment of a stock dividend or other
increase or decrease in such shares, effected without receipt of consideration
by the Corporation, or other change in corporate or capital structure; provided,
however, that any fractional shares resulting from any such adjustment shall be
eliminated. The Committee may also make the foregoing changes and any other
changes, including changes in the classes of securities available, to the extent
it is deemed necessary or desirable to preserve the intended benefits of the
Plan for the Corporation and the Participants in the event of any other
reorganization, recapitalization, merger, consolidation, spin-off, extraordinary
dividend or other distribution or similar transaction.

                                       5

<PAGE>

XI. No Right to Employment

         No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of, or in the other relationship with, the Corporation or
a Subsidiary. Further, the Corporation and each Subsidiary expressly reserve the
right at any time to dismiss a Participant free from any liability, or any claim
under the Plan, except as provided herein or in any Award Agreement issued
hereunder.

XII. Governing Law

         To the extent that federal laws do not otherwise control, the Plan
shall be construed in accordance with and governed by the laws of the State of
New York.

XIII. Savings Clause

         This Plan is intended to comply in all aspects with applicable laws and
regulations. In case any one or more of the provisions of this Plan shall be
held invalid, illegal or unenforceable in any respect under applicable law and
regulation, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby and the invalid,
illegal or unenforceable provision shall be deemed null and void; however, to
the extent permissible by law, any provision which could be deemed null and void
shall first be construed, interpreted or revised retroactively to permit this
Plan to be construed in compliance with all applicable laws so as to foster the
intent of this Plan.

XIV. Effective Date and Term

         The effective date of this Plan is April 26, 2002. The Plan shall
terminate on April 25, 2013. No awards shall be granted after the termination of
the Plan.

                                       6

<PAGE>

                  AMENDMENT NO. 1, dated as of September 4, 2002, to 2002
Incentive Plan for Non-Officer Employees, New Recruits and Consultants (the
"Plan"), of Concord Camera Corp., a New Jersey corporation (the "Company").

                  WHEREAS, the Company's principal offices are located in the
State of Florida and, as such, it is appropriate to amend the Plan to provide
that it shall be governed by Florida law.

                  NOW, THEREFORE, Article XII of the Plan is hereby deleted and
replaced with the following:

                  "To the extent that federal laws do not otherwise control, the
                  Plan shall be construed in accordance with and governed by the
                  laws of the State of Florida."<PAGE>

                                                                   Exhibit 10.13

                                                  This document constitutes part
                                                  of a prospectus covering
                                                  securities that have been
                                                  registered under the
                                                  Securities Act of 1933.

         OPTION AGREEMENT, dated as of October 17, 2001, between GERALD J.
ANGELI (the "Optionee"), with a business address at c/o Concord Camera Corp.,
4000 Hollywood Boulevard, Suite 650N, Hollywood, Florida 33021, and CONCORD
CAMERA CORP., a New Jersey corporation ("Concord").

         WHEREAS, the Optionee is presently employed by Concord or a subsidiary
thereof (collectively, the "Concord Group of Companies"); and

         WHEREAS, the Optionee has tendered an eligible option to Concord in
exchange for the Option described herein, pursuant to Concord's offer to
exchange outstanding stock options with an exercise price of more than $7.00 per
share for new options to purchase 75% of the shares that were subject to the
outstanding eligible option at an exercise price of $5.97 per share; and

         WHEREAS, Concord is desirous of increasing the incentive of the
Optionee to exert his utmost efforts to contribute to the future success and
prosperity of the Concord Group of Companies.

         NOW, THEREFORE, the parties agree as follows:

         1. Grant of Option. Subject to the terms and conditions set forth
herein, Concord hereby grants to the Optionee the right and option (the
"Option") to purchase an aggregate of 67,500 shares (the "Option Shares") of
Concord's no par value common stock (the "Common Stock") which Option is not
intended to qualify as an incentive stock option, as defined in Section 422 of
the Internal Revenue Code of 1986, as amended (the "Code").

         2. Cancellation of Prior Option. The Optionee has delivered to Concord
and Concord hereby acknowledges receipt of an option to purchase up to 90,000
shares of Common Stock, originally granted to Optionee as of April 17, 2000. The
foregoing option has been cancelled and is replaced with the Option described
herein.

         3. Purchase Price. The purchase price (the "Purchase Price") of the
Option Shares shall be $5.97 per share, subject to adjustment pursuant to
Section 7.

         4. Time of Exercise.

         (a) The Option shall become exercisable, on a cumulative basis, as to
22,500 Option Shares on the date hereof, as to an additional 22,500 Option
Shares on April 17, 2002, and as to the remaining 22,500 Option Shares on April
17, 2003.

                                       1
<PAGE>

         (b) The Option shall expire and shall not be exercisable after April
16, 2010, unless it expires or terminates sooner pursuant to Section 5.

         5. Exercise of Option after Termination of Employment.

         (a) If the employment of the Optionee with a member of the Concord
Group of Companies is terminated voluntarily by the Optionee without the consent
of such employer or for "Cause" (as hereinafter defined), and immediately after
such termination the Optionee is not then employed by any other member of the
Concord Group of Companies, the Option to the extent not theretofore exercised
shall expire forthwith. For purposes of this Option Agreement, "Cause" shall
mean "Cause" as defined in any employment agreement ("Employment Agreement")
between the Optionee and his employer, and, in the absence of an Employment
Agreement or in the absence of a definition of "Cause" in such Employment
Agreement, "Cause" shall mean: (i) any continued failure by the Optionee to obey
the reasonable instructions of the President, Managing Director or the Board of
Directors of his employer; (ii) continued neglect by the Optionee of his duties
and obligations as an employee of his employer, or a failure to perform such
duties and obligations to the reasonable satisfaction of the President, Managing
Director or the Board of Directors of his employer; (iii) willful misconduct of
the Optionee or other actions in bad faith by the Optionee which are to the
detriment of any of the Concord Group of Companies including without limitation
conviction of a felony, embezzlement or misappropriation of funds or conviction
of any act of fraud; or (iv) a breach of any material provision of any
Employment Agreement not cured within 10 days after written notice thereof.

         (b) If the Optionee's employment with a member of the Concord Group of
Companies is terminated other than (i) by reason of death, (ii) voluntarily by
the Optionee without the consent of his employer, or (iii) for Cause, and
immediately after such termination the Optionee is not then employed by any
other member of the Concord Group of Companies, the Option may be exercised at
any time within three months after such termination, subject to the provisions
of Section 5(d). The Option, to the extent unexercised, shall expire on the day
three months after the termination of the Optionee's employment with the member
of the Concord Group of Companies. For the purposes of this Option Agreement,
the retirement of the Optionee either pursuant to a pension or retirement plan
adopted by his employer or on the normal retirement date prescribed from time to
time by his employer, and the termination of employment as a result of a
disability (as defined in Section 22(e)(3) of the Code) shall be deemed to be a
termination of such Optionee's employment other than voluntarily by the
Optionee.

         (c) If the Optionee dies (i) while employed by a member of the Concord
Group of Companies or (ii) within three months after the termination of his
employment other than voluntarily by the Optionee without the consent of his
employer or for Cause, the Option may be exercised at any time within six months
after the Optionee's death, subject to the provisions of Section 5(d). The
Option, to the extent unexercised, shall expire six months after the Optionee's
death.

                                       2
<PAGE>

         (d) The Option may not be exercised pursuant to this Section 5 except
to the extent that the Optionee was entitled to exercise the Option at the time
of the termination of his employment, or at the time of his death, and in any
event may not be exercised after the date specified in Section 4(b).

         6. Leave of Absence.

         In the event the Optionee is on military or sick leave or other bona
fide leave of absence (such as temporary employment by the United States or any
state government), the Optionee shall be considered as remaining in the employ
of his employer for 90 days or such longer period as may be determined by the
Board of Directors of his employer.

         7. Adjustment upon Changes in Capitalization.

         (a) In the event that the outstanding shares of Common Stock are
hereafter changed by reason of reorganization, merger, consolidation,
recapitalization, reclassification, stock split-up, combination or exchange of
shares and the like, or dividends payable in shares of Common Stock, an
appropriate adjustment shall be made by the Board of Directors of Concord in the
aggregate number of Option Shares and Purchase Price. If Concord is reorganized,
consolidated, or merged with another corporation, or if all or substantially all
of the assets of Concord are sold or exchanged, the Optionee shall thereupon be
entitled to receive upon the exercise of the Option the same number and kind of
shares of stock or the same amount of property, cash or securities as he would
have been entitled to receive upon the occurrence of any such corporate event as
if he had been, immediately prior to such event, the holder of the number of
Option Shares covered by the Option; provided, however, that if any of such
events occur, the Board of Directors of Concord shall have the discretionary
power to prevent the Option from being disqualified as an incentive stock option
if it otherwise would have qualified as such.

         (b) Any adjustment under this Section 7 in the aggregate number of
Option Shares and Purchase Price shall apply proportionately to only the
unexercised portion of the Option. If fractions of a share would result from any
such adjustment, the adjustment shall be revised to the next lower whole number
of shares.

         8. Method of Exercising Option.

         (a) The Option shall be exercised by the delivery by Optionee to
Concord at its principal office (or at such other address as may be established
by Concord's Board of Directors) of written notice of the number of shares of
Common Stock with respect to which the Option is being exercised accompanied by
payment in full of the Purchase Price of such shares. Payment of the Purchase
Price for such shares of Common Stock may be made: (i) in U.S. dollars by
delivery of cash or personal check, bank draft or money order payable to the
order of Concord or by money transfers or direct account debits; (ii) by
delivery of certificates representing shares of Common Stock having a fair
market value (as defined below) equal to the Purchase Price; (iii) pursuant to a
broker-assisted "cashless exercise" program if established by Concord; or (iv)
by any combination of the methods of payment described in (i) through (iii)
above.

                                       3
<PAGE>

         (b) For purposes hereof, the fair market value of a share of Common
Stock on a particular day shall be the closing price for the Common Stock on the
National Market System of the National Association of Securities Dealers, Inc.
Automated Quotation System on such day (or if there were no sales on such day,
on the next preceding date on which such closing price was recorded).

         9. Withholding. Concord's obligation to deliver shares of Common Stock
upon the exercise of the Option shall be subject to the payment by the Optionee
of any applicable federal, state and local withholding tax. Concord shall, to
the extent permitted by law, have the right to deduct from any payment of any
kind otherwise due to the Optionee any federal, state or local taxes required to
be withheld with respect to such payment. Subject to the right of Concord's
Board of Directors or any committee thereof to disapprove any such election and
require the withholding tax in cash, the Optionee shall have the right to elect
to pay the withholding tax with shares of Common Stock to be received upon
exercise of the Option or which are otherwise owned by the Optionee. Any
election to pay withholding taxes with stock shall be irrevocable once made.

         10. Representations.

         (a) Unless prior to the exercise of the Option the shares of Common
Stock issuable upon such exercise are the subject of a registration statement
filed with the Securities and Exchange Commission pursuant to the Securities Act
of 1933, as amended (the "Securities Act"), and there is then in effect a
prospectus filed as part of such registration statement meeting the requirements
of Section 10(a)(3) of the Securities Act, the notice of exercise with respect
to the Option shall be accompanied by a representation or agreement of the
Optionee to Concord to the effect that such shares are being acquired for
investment only and not with a view to the resale or distribution thereof, or
such other documentation as may be required by Concord, unless, in the opinion
of counsel to Concord, such representation, agreement or documentation is not
necessary to comply with the Securities Act. If appropriate, certificate(s) for
the Option Shares issued upon the exercise of the Option shall bear a legend
reciting that such Option Shares may only be transferred if there is then in
effect a prospectus filed as part of such registration statement meeting the
requirements of Section 10(a)(3) of the Securities Act unless, in the opinion of
counsel to Concord, such registration is not required. Concord may also issue
"stop transfer" instructions with respect to Option Shares acquired by the
exercise of the Option.

         (b) Concord shall not be obligated to issue or sell any shares of
Common Stock until they have been listed on each securities exchange on which
the shares of Common Stock may then be listed and until and unless, in the
opinion of counsel to Concord, Concord may issue such shares pursuant to a
qualification or an effective registration statement, or an exemption from
registration, under such state and federal laws, rules or regulations as such
counsel may deem applicable. Concord shall use reasonable efforts to effect such
listing, qualification and registration, as the case may be.

                                       4
<PAGE>

         11. Option Cannot be Transferred. Unless otherwise agreed to by
Concord, the Option is not transferable otherwise than by will or the laws of
descent and distribution, and the Option may be exercised during Optionee's
lifetime only by the Optionee. Any attempt to transfer the Option in
contravention of this Section 11 is void ab initio. The Option shall not be
subject to execution, attachment or other process.

         12. No Rights in Option Shares. The Optionee shall have none of the
rights as a shareholder with respect to any Option Shares until such Option
Shares shall be issued to him upon exercise of the Option.

         13. Not a Contract of Employment. Nothing contained herein shall confer
upon the Optionee any right to remain in the employ of any member of the Concord
Group of Companies.

         14. Miscellaneous. This Option Agreement cannot be changed or
terminated orally. This Option Agreement contains the entire agreement between
the parties relating to the subject matter hereof. This Option Agreement has
been executed in the State of Florida and shall be governed by and construed in
accordance with the laws of Florida. The paragraph and section headings herein
are intended for convenience of reference only and shall not affect the
interpretation hereof.

         IN WITNESS WHEREOF, the parties have executed this Option Agreement as
of the day and year first above written.

                                       CONCORD CAMERA CORP.

                                       By: /s/ Harlan I. Press
                                          --------------------------------------
                                            Harlan I. Press
                                            Vice President and Treasurer

                                       OPTIONEE:

                                       /s/ Gerald J. Angeli
                                       -----------------------------------------
                                       GERALD J. ANGELI

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]