Document:

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                                                                   Exhibit 10.18

                              CONCORD CAMERA CORP.

                       2002 LONG TERM CASH INCENTIVE PLAN

                               ARTICLE I. Purpose

The purpose of the 2002 Long Term Cash Incentive Plan (the "Plan") of Concord
Camera Corp. (the "Corporation") is to provide incentives and reward selected
key executives and consultants of the Corporation for long-term performance that
meets or exceeds predetermined performance criteria based on a two-year fiscal
cycle.

                             ARTICLE II. Definitions

The following terms used in the Plan shall have the meanings set forth below:

"Board" means the Board of Directors of the Corporation.

"CEO" means the Chief Executive Officer of the Corporation.

"Code" shall mean the Internal Revenue Code of 1986, as amended from time to
time, and the regulations promulgated thereunder.

"Committee" means the committee appointed by the Board to administer the Plan
pursuant to the provisions of Article III of the Plan.

"Corporate Officer" shall mean an officer who has been designated by the Board
as an "executive officer" of the Corporation and as an "officer" for purposes of
Section 16 of the Securities Exchange Act of 1934, as amended.

"Deferred Account" or "Accounts" shall mean the account established on the books
of the Corporation for a Grantee for Performance Awards, or portions of such
awards, that Corporate Officer Grantees have elected to defer pursuant to
Section 7.1.

"Earnings Before Interest, Taxes, Depreciation and Amortization" or "EBITDA"
shall mean "Earnings" before "Interest", "Taxes", "Depreciation" and
"Amortization" as those amounts are reflected in the Corporation's financial
statements, and as adjusted by the Committee pursuant to Section 5.3 of the
Plan.

"Eligible Executive" shall mean those persons described in Article IV hereof.

"Grantee" shall mean a Participant to whom a Performance Award has been awarded
under the Plan.

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"Participant" shall mean the CEO and each other Eligible Executive
(collectively, the "Participants") determined to be key executives of the
Corporation and thus selected, pursuant to Article IV, to participate in the
Plan for the relevant Performance Period.

"Plan" shall mean this Plan, as amended from time to time.

"Performance Award" means a right granted to a Participant pursuant to the Plan
to receive a specified payment amount in cash or stock, or a combination
thereof.

"Performance Period" means the period commencing on July 1, 2001 and ending on
June 28, 2003 (the "Initial Performance Period"), and, if determined by the
Committee, each subsequent annual two-year fiscal cycle beginning on June 30,
2002.

"Performance Pool" means the amount made available for Performance Awards with
respect to the Performance Period.

                           ARTICLE III. Administration

The Plan shall be administered by a committee of the Board (the "Committee"),
which shall consist of those members of the Compensation Committee of the Board
who qualify as "outside directors" within the meaning of Section 162(m) of the
Code. The Committee shall hold meetings at such times as may be necessary for
the proper administration of the Plan and shall keep minutes of its meetings. A
majority of the Committee shall constitute a quorum and a majority of the quorum
may authorize any action of the Committee. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good
faith with respect to the Plan. All members of the Committee shall be
indemnified by the Corporation with respect to any such action, determination or
interpretation to the fullest extent permitted by law.

Unless otherwise determined by the Board and subject to the provisions of the
Plan, the Committee shall have the authority, in its absolute discretion, to:
(i) establish the performance criteria which will determine the size of the
Performance Pool for each Performance Period, and make adjustments to such
criteria under certain circumstances; (ii) determine the size of the Performance
Pool for each Performance Period; (iii) determine the duration and purposes for
leaves of absence which may be granted to a Participant or Grantee without
constituting a termination of service for purposes of the Plan; (iv) adopt,
amend and rescind such rules and regulations as, in its opinion, may be
advisable in the administration of the Plan; and (v) construe and interpret the
Plan, the rules and regulations promulgated under the Plan, and make all other
determinations deemed necessary or advisable for the administration of the Plan;
provided, however, that with respect to those Participants other than the CEO of
the Corporation and any family members of the CEO, the Committee may delegate to
the CEO all or any part of its authority as set forth in (iii) through (v)
above. All references in the Plan to the power of the CEO to act for the
Committee shall be applicable only to the extent consistent with the forgoing
provision. All decisions, determinations and interpretations of the Committee,
or the CEO, shall be final and binding, subject only to approval by the Board.

The provisions of this Article III shall survive any termination of the Plan.

                                       2
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                    ARTICLE IV. Eligibility and Participation

"Eligible Executives" shall mean all Corporate Officers who are employed by the
Corporation or consultants retained on a regular basis to perform consulting
services to the Corporation; provided, however, that such persons must be
employed by the Corporation or providing services to the Corporation: (i)
throughout the entire last two fiscal quarters of the relevant Performance
Period, and (ii) on the date the Performance Awards for the relevant Performance
Period are determined. A person who is otherwise an Eligible Executive shall not
be disqualified from participation in the Plan by virtue of being a director of
the Corporation.

Within 90 days after the commencement of the relevant Performance Period, or
before the end of the relevant Performance Period for any Eligible Executive
whose employment commenced after the first day of the relevant Performance
Period, the CEO, in his sole discretion, will determine which Eligible
Executives are key executives and thus will be Participants in the Plan for the
relevant Performance Period, provided each such individual remains an Eligible
Executive.

                           ARTICLE V. Performance Pool

5.1 Determination of Performance Criteria. Within the first 90 days of each
Performance Period (other than the Initial Performance Period), the performance
criteria upon which the size of the Performance Pool will be based shall be
determined and reduced to writing by the Committee and shall be subject to
approval by the Board at the first meeting of the Board to follow such
determination. Once the performance criteria have been established, the
Committee may not amend or alter such criteria during the Performance Period
absent a significant change to the structure of the Corporation, certain
extraordinary accounting changes or other extraordinary events.

5.2 Determination of Performance Pool. As soon as practicable following the
preparation by the Corporation of unaudited financial statements for the second
fiscal year of the Performance Period, the Committee shall evaluate and
ascertain in writing which, if any, of the performance criteria have been met
and/or exceeded for the Performance Period, and based on such evaluation, will
establish the value of the Performance Pool.

5.3 Adjustments. In the event of any cash infusion, capital raising transaction,
reorganization, recapitalization, merger, consolidation, split-up, spin-off or
any other similar change in the structure of the Corporation, extraordinary
accounting charges or other special circumstances, the Committee reserves the
right to make such equitable adjustment, if any, as it may deem appropriate in
its absolute discretion, in the determination of the value of the Performance
Pool.

In determining EBITDA, the Committee may make adjustments to "Income (Loss) from
Operations" to eliminate the effect of: (i) extraordinary (as such term is
defined by the Financial Accounting Standards Board) items of income and
expenses, (ii) any charges arising from the grant or modification of stock
options, (iii) major acquisitions/divestitures, and (iv) any other
circumstance(s) the Committee deems appropriate.

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5.4 Unawarded Portion of Performance Pool. If all or any part of a Performance
Pool is not awarded to Participants, the unallocated portion shall be carried
forward and made available to be included in Performance Pools created for
subsequent Performance Periods.

                         ARTICLE VI. Performance Awards

6.1 Determination of Individual Performance Awards. After the Committee has
determined the value of the Performance Pool pursuant to Article V, the Board
shall determine in its sole discretion the amount of the Performance Award to be
granted to the CEO out of the Performance Pool. Subsequent to such
determination, the CEO shall determine the amount of the Performance Award to be
granted out of the remainder of the Performance Pool to each other Participant,
based on his evaluation of such Participant's performance, contribution to the
success of the Corporation, industry, service, compensation, and such other
criteria as he shall determine to be relevant, subject to the approval of the
Committee and Board for Performance Awards granted to a Participant who is a
family member of the CEO. The Committee and the CEO, each in its/his sole
discretion, may determine that certain Participants will not be granted a
Performance Award. The aggregate amount of all Performance Awards may not exceed
100% of the Performance Pool.

6.2 Payment of Performance Awards. Performance Awards shall be paid in a lump
sum in cash, stock or combination thereof, as soon as practicable following the
determination of the amount and the form of the Performance Awards, but no later
than 90 days following the end of the Performance Period unless otherwise
deferred pursuant to Section 7.1.

                   ARTICLE VII. Deferral of Performance Awards

7.1 Election to Defer. Each Grantee who is a Corporate Officer has the right to
elect to defer the receipt of all or a portion of his Performance Award. Any
such election shall be made in writing by the Corporate Officer Grantee through
the execution and delivery of a Deferral Agreement with the Corporation, on such
terms as are acceptable to the Corporation (the "Agreement"), and an election
made pursuant to the Agreement with respect to the relevant Performance Period
on or before the deadline provided for in the Agreement.

The amount of compensation to be deferred by the Corporate Officer Grantee may
be stated either as a dollar amount or in the form of a percentage of the
Performance Award. The Corporation will not, in any event, be required to defer
an amount of less than $10,000 with respect to a Performance Award for any one
Performance Period.

7.2 Deferred Accounts. The Corporation shall establish a bookkeeping reserve
account, to be designed as the Grantee's Deferred Account, for each Corporate
Officer Grantee who elects to defer all or part of a Performance Award pursuant
to Section 7.1. The Grantee's Deferred Account shall be credited with the amount
of the Performance Award deferred with respect to the initial deferral and all
subsequent deferrals. The Deferred Account shall also be reduced to the extent
of each payment made to the Grantee.

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The balance of a Deferred Account for a Corporate Officer Grantee shall
represent an obligation of the Corporation to pay that amount to that Grantee.
Such payment shall be made from the general funds of the Corporation in the
manner specified in the Agreement and elections made thereunder by the Corporate
Officer Grantee. No obligations of the Corporation to any Grantee pursuant to
the Plan shall be deemed to be secured by any pledge or other encumbrance on any
property of the Corporation. No Participant, Grantee or Beneficiary shall have
under any circumstances any interest whatsoever, vested or contingent, in any
particular property or asset of the Corporation. The provisions of this Article
VII shall not be construed as giving the Grantee or his Beneficiary any greater
rights than those of any other unsecured creditor of the Corporation.

7.3 Designation of Beneficiary. Each Participant shall designate one or more
persons as the beneficiaries who shall be entitled to receive the amount, if
any, payable under the Plan upon his death (the "Beneficiary"). A Participant
may, from time to time, revoke or change his Beneficiary designation without the
consent or notification of any prior Beneficiary by filing a new designation
with the Corporation. The last such designation received by the Corporation
shall be controlling, provided that no designation, change or revocation thereof
shall be effective unless received by the Corporation prior to the Participant's
death, and in no event shall it be effective as of any date prior to such
receipt.

If no such Beneficiary designation is in effect at the time of a Participant's
death, or if no designated Beneficiary survives the Participant, or if such
designation conflicts with law, the Participant's estate shall be deemed to have
been designated his Beneficiary and shall receive payment of the amount, if any,
payable under the Plan upon his death. If the Committee is in doubt as to the
right of any person to receive such amount, the Corporation may retain such
amount, without liability for any interest thereon, until the rights thereto are
determined, or the Corporation may pay such amount into any court of appropriate
jurisdiction and such payment shall be a complete discharge of the liability of
the Plan and the Corporation therefore.

7.4 Incapacity of Beneficiary, Etc. If the Committee shall find that any
Beneficiary to whom any amount is or was payable hereunder is unable to care for
his affairs because of illness or accident, or has died, then the Committee, if
it so elects, may direct that unless a prior claim therefore has been made by a
duly appointed legal representative, any payment due him or his estate, or any
part thereof, be paid or applied for the benefit of such person or to or for the
benefit of his spouse, children or other dependents, an institution maintaining
or having custody of such person or persons, any other person deemed by the
Committee to be a proper recipient on behalf of such person otherwise entitled
to payment, or any of them, in such manner and proportion as the Committee may
deem proper. Any such payment shall be in complete discharge of the liability
therefore of the Corporation, the Plan and the Committee and any member, officer
or employee thereof.

                ARTICLE VIII. General Limitations and Provisions

8.1 Choice of Law. The validity, construction and administration of the Plan,
and any rules, regulations, determinations or decisions made hereunder, and the
rights of any and all persons having or claiming to have any interest herein or
hereunder, shall be determined exclusively in accordance with the laws of the
State of Florida without regard to conflicts of law principles.

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8.2 No Transferability or Alienation. Except insofar as may otherwise be
required by law, no amount payable at any time under the Plan shall be subject
in any manner to alienation by anticipation, sale, transfer, assignment,
bankruptcy, pledge, attachment, charge, or encumbrance of any kind, nor in any
manner be subject to the debts or liabilities of any person, and any attempt to
so alienate or subject any such amount, whether presently or thereafter payable,
shall be void. If any person shall attempt to, or shall, alienate, sell,
transfer, assign, pledge, attach, charge, or otherwise encumber any amount
payable under the Plan, or any part thereof, or if by reason of his bankruptcy
or other event happening at any such time such amount would be made subject to
his debts or liabilities or would otherwise not be enjoyed by him, then the
Committee, if it so elects, may direct that such amount be withheld and that the
same or any part thereof be paid or applied to or for the benefit of such
person, his spouse, children or other dependents, or any of them, in such manner
and proportion as the Committee may deem proper.

8.3 Gender. As used herein, the masculine gender shall include the feminine
gender.

8.4 Headings. The headings in the Plan are for reference purposes only and shall
not affect the meaning or interpretation of the Plan.

8.5 Notices. All notices or other communications made or given pursuant to this
Plan shall be in writing and shall be sufficiently made or given if
hand-delivered or mailed by certified mail addressed to any Participant at the
address contained in the records of the Corporation or to the Corporation at its
principal office, marked for the attention of the CEO.

8.6 Unfunded Plan. The Plan is intended to constitute an "unfunded" plan for
incentive and deferred compensation. With respect to any amount payable to a
Grantee under the Plan, nothing contained in the Plan (or in any other documents
related hereto), nor the creation or adoption of the Plan, the grant of any
award, or the taking of any other action pursuant to the provisions of the Plan
shall give any such Grantee any rights that are greater than those of an
unsecured general creditor of the Corporation; provided, however, that the
Committee may authorize the creation of trusts or make other arrangements to
meet the Corporation's obligations under the Plan, which trusts or other
arrangements shall be consistent with the "unfunded" status of the Plan unless
the Committee otherwise determines with the consent of each affected Grantee.

No Participant, Grantee, Eligible Executive or any other person shall have any
right, title, or interest whatsoever in or to any investments which the
Corporation may make to aid it in meeting its obligations hereunder. Nothing
contained in the Plan, and no action taken pursuant to its provisions, shall
create or be construed to create a trust of any kind, or a fiduciary
relationship between the Corporation and any Participant, Grantee, Eligible
Executive or any other person.

8.7 No Employment or Equityholder Rights. Neither the Plan nor any Performance
Awards granted under the Plan shall give any Participant, Grantee, Eligible
Executive or any person claiming to be one of the foregoing any right to
continue in the employ or service of the Corporation, or interfere in any way
with the right of the Corporation, subject to the terms of any separate
employment or consulting agreement to the contrary, to terminate their
employment or service at any time. No Grantee or Participant shall have any
rights of an equityholder of the Corporation as a result of the grant of a
Performance Award or otherwise under the Plan prior to or apart from those
rights derived from the possession of such shares as may be awarded in
settlement of a Performance Award.

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8.8 Expenses. All expenses and costs incurred in connection with the operation
of the Plan shall be borne by the Corporation.

8.9 Other Plans. The adoption of this Plan shall not affect any other
compensation or incentive plans in effect for the Corporation. Nothing in this
Plan shall be construed to limit the right of the Corporation to establish,
alter or terminate any other forms of incentives, benefits or compensation for
employees including, without limitation, conditioning the right to receive other
incentives, benefits or compensation on an employee not participating in this
Plan.

8.10 Withholding. The Corporation shall withhold from the settlement of any
Performance Award under this Plan any amount of withholding taxes due in respect
of such Performance Award, its deferral or payment.

8.11 Incapacity of Grantee. If the Committee shall find that any Grantee to whom
any amount is payable under the Plan is unable to care for his affairs because
of illness or accident, then any payment due to such person (unless a prior
claim therefore has been made by a duly appointed legal representative), may, if
the Committee so directs the Corporation, be paid to his Beneficiary, or if no
Beneficiary has been designated, to his spouse, child, relative, an institution
maintaining or having custody of such person, or any other person deemed by the
Committee to be a proper recipient on behalf of such Grantee otherwise entitled
to payment. Any such payment shall be a complete discharge of the liability of
the Committee and the Corporation therefore.

8.12 Forfeiture of Performance Award. Upon a violation by a Grantee of any of
the restrictive covenants contained in any agreement between the Grantee and the
Corporation (a "Forfeiture Event"), except as otherwise provided in any
applicable written agreement between the Grantee and the Corporation, the
Grantee shall forfeit his or her entitlement to any Performance Award granted
pursuant to this Plan and shall be obligated to repay to the Corporation, in
cash, within five (5) business days after demand is made therefore by the
Corporation, all amounts paid to the Grantee by the Corporation pursuant to this
Plan within 12 months of the date of such Forfeiture Event and/or the date that
the Corporation became aware of the Forfeiture Event. The Committee may, in its
discretion, waive in whole or in part the Corporation's right to forfeiture
under this Section 8.12, but no such waiver shall be effective unless expressly
made in a writing that references this Section 8.12.

8.13 Setoff. Except as otherwise provided in any applicable written agreement
between the Grantee and the Corporation, the Corporation may, to the extent
permitted by law, deduct from and set off against its obligations hereunder to a
Grantee from time to time (including, without limitation, amounts payable in
connection with a Performance Award, as wages or benefits or other form of
compensation), any amounts that Grantee owes to the Corporation for any reason
whatsoever, whether or not due, and such Grantee shall remain liable for any
portion of Grantee's obligation not satisfied by such setoff. By accepting a
Performance Award under this Plan, each Grantee agrees to the deduction or
setoff provided for in this Section 8.13.

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8.14 Severability. In case any provision of this Plan shall be held illegal or
invalid, such illegality or invalidity shall be construed and enforced as if
said illegal or invalid provision had never been inserted herein and shall not
affect the remaining provisions of this Plan, but shall be fully severable, and
the Plan shall be construed and enforced as if any such illegal or invalid
provision were not a part hereof.

                 ARTICLE IX. Amendment or Discontinuance of Plan

The Board may, without the consent of the Corporation's stockholders,
Participants or Grantees under the Plan, at any time terminate the Plan
entirely, and at any time or from time to time amend or modify the Plan,
provided that no such action shall adversely affect Performance Awards
previously granted hereunder without the Grantee's consent.

                                       8

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                              CONCORD CAMERA CORP.

                       2002 Long Term Cash Incentive Plan

                          Performance Criteria for the
                       Fiscal 2002-2003 Performance Period

Pursuant to Article III of the 2002 Long Term Cash Incentive Plan (the "Plan")
of Concord Camera Corp. (the "Corporation"), and subject to the terms and
conditions of the Plan, the Compensation and Stock Option Committee has
determined that the performance criteria for the Performance Period commencing
July 1, 2001 and ending June 28, 2003 shall be as follows:

DEFINITIONS

As used herein, the following terms shall have the meanings set forth below:

"Average Net EBITDA Margin" or "ANEM" shall mean the sum of the Net EBITDA
Margins for fiscal years 2002 and 2003, divided by two.

"EBITDA" shall mean "Earnings" before "Interest", "Taxes", "Depreciation" and
"Amortization" as those amounts are reflected in the Corporation's financial
statements, and as adjusted by the Committee pursuant to Section 5.3 of the
Plan.

"GE" shall mean cumulative Gross EBITDA for the Performance Period.

"Gross EBITDA" shall mean EBITDA before accruals for Performance Awards under
the Plan, and incentive awards under the Corporation's Annual Incentive
Compensation Plan, for the relevant period.

"Net EBITDA" shall mean EBITDA after all accruals for Performance Awards under
the Plan, and incentive awards under the Corporation's Annual Incentive
Compensation Plan, for the relevant period.

"Net EBITDA Margin" shall mean Net EBITDA divided by net sales for the relevant
period.

"Performance Period" means the period from July 1, 2001 to June 28, 2003,
inclusive.

"Sales" shall mean cumulative net sales for the Performance Period, as reflected
in the Corporation's financial statements.

Capitalized terms used but not defined herein shall have the meanings set forth
in the Plan.

DETERMINATION OF PERFORMANCE POOL

The amount of the Performance Pool will be based on (1) Sales; and (2) EBITDA,
as determined by the Committee in accordance with the terms of the Plan. Fifty
percent (50%) of the Performance Pool will be determined based on Sales for the
Performance Period. The other fifty percent (50%) will be determined based on
Average Net EBITDA Margin for the Performance Period.

                                      -1-
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Set forth below are two matrices illustrating the manner in which Sales and
EBIDTA will determine the size of the Performance Pool, followed by an example.

1. Performance Criteria: The following performance criteria will be used to
determine which "Performance Level" has been achieved:

         (1)      Sales: Sales over the Performance Period; and

         (2)      Average Net EBITDA Margin or, for purposes of a "Fallback"
                  Pool (if any), GE, over the Performance Period.

2. Performance Levels: The Performance Pool is based on a percentage of the
Target Performance Pool ($2,000,000). The following "Performance Levels" (and
all intermediate levels, as depicted in Matrices #1 and #2, along with the
example, below) serve as benchmarks to determine such percentage:

         (1)      Target Performance: Generates a Performance Pool of 100% of
                  the Target Performance Pool, or $2,000,000.

         (2)      Maximum Performance: Generates a Performance Pool of 200% of
                  the Target Performance Pool, or $4,000,000.

         (3)      Threshold Performance: Generates a Performance Pool of 50% of
                  the Target Performance Pool, or $1,000,000.

         (4)      Below Threshold Performance (Fallback Performance): Generally,
                  generates nothing. However, the Committee, in its discretion,
                  may establish a "Fallback Pool" if one of the Performance
                  Criteria falls below the Threshold Performance Level, but the
                  other does not. A Fallback Pool of up to 25% of the Target
                  Performance Pool, or $500,000, may be created if:

                  o        Sales for the Performance Period are $273,000,000 or
                           more; or

                  o        Cumulative Gross EBITDA for the Performance Period
                           ("GE") is $16,270,000 or more.

3. Performance Matrices: The percentage of the Target Performance Pool and the
dollar amount of the actual Performance Pool are depicted in Matrices #1 and #2,
respectively. To the extent that the amount of Sales or Average Net EBITDA
Margin is above the Threshold Performance Level and falls in between the
benchmark Performance Levels depicted in the matrices, the Committee will
interpolate the appropriate Performance Level and the amount of the Performance
Pool, as depicted in the example set forth below.

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MATRIX #1: Depicts Performance Pool benchmarks as a percentage of the Target
Performance Pool ($2,000,000).

               Performance Pool as a % of Target Performance Pool

<TABLE>

<S>                                 <C>         <C>           <C>             <C>           <C>            <C>
         Maximum ($375)             0%*         25%           125%            150%          175%           200%
         Above Target ($360)        0%*         25%           100%            125%          150%           175%
   Sales Target ($330)              0%*         25%            75%            100%          125%           150%
   ($mm) Threshold ($300)           0%*         25%            50%             75%          100%           125%
         Fallback ($273)            0%*         25%            25%             25%           25%            25%
         Below Fallback
         (less than $273)           0%          0%*            0%*             0%*           0%*            0%*
                               ----------------------------------------------------------------------------------------
                                   Below                                                    Above
                                 Fallback     Fallback      Threshold        Target        Target         Maximum
                                (less than   ($16.27 GE)   (4.61% ANEM)    (5.10% ANEM)  (5.38% ANEM)  (5.66% ANEM)
                                 $16.27 GE)
</TABLE>

                 GE ($mm)                           Average Net EBITDA Margin

              *The Committee may establish a "fallback pool" of up to 25% of the
              Target Performance Pool, or $500,000, if Sales are $273,000,000 or
              more, or if Cumulative Gross EBITDA is $16,270,000 or more.

MATRIX #2:  Depicts Performance Pool benchmarks in dollars.

                             Performance Pool Amount

<TABLE>

<S>                                 <C>      <C>          <C>              <C>             <C>              <C>
         Maximum ($375)             $0*      $500,000     $2,500,000       $3,000,000      $3,500,000       $4,000,000
         Above Target ($360)        $0*      $500,000     $2,000,000       $2,500,000      $3,000,000       $3,500,000
  Sales  Target ($330)              $0*      $500,000     $1,500,000       $2,000,000      $2,500,000       $3,000,000
  ($mm)  Threshold ($300)           $0*      $500,000     $1,000,000       $1,500,000      $2,000,000       $2,500,000
         Fallback ($273)            $0*      $500,000      $500,000         $500,000        $500,000         $500,000
         Below Fallback
         (less than $273)           $0         $0*           $0*              $0*             $0*              $0*
                                ------------------------------------------------------------------------------------------
                                   Below                                                    Above
                                 Fallback     Fallback      Threshold        Target        Target         Maximum
                                (less than   ($16.27 GE)   (4.61% ANEM)    (5.10% ANEM)  (5.38% ANEM)  (5.66% ANEM)
                                 $16.27 GE)
</TABLE>

                 GE ($mm)                           Average Net EBITDA Margin

              *The Committee may establish a "fallback pool" of up to 25% of the
              Target Performance Pool, or $500,000, if Sales are $273,000,000 or
              more, or if Cumulative Gross EBITDA is $16,270,000 or more.

                                      -3-
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                                     Example

Assume: Sales = $315M; Average Net EBITDA Margin = 5.43%

Sales Interpolation:

         (1)      If the Sales number falls between two benchmark Sales levels,
                  determine the incremental percentage achieved between the
                  lower benchmark and the higher benchmark (the "Incremental
                  Percentage"):

                  Target ($330M) -  Threshold ($300M)= $30M

                  Incremental Percentage =
                  Sales in excess of lower benchmark ($315M-$300M =$15) /
                  Difference between high and low benchmarks ($30M) = 50%

         (2)      Determine the difference between the Performance Pools
                  generated by the above benchmark levels (the "Performance Pool
                  Differential"):

                  Target Pool ($2M) - Threshold Pool ($1M) = $1M

         (3)      Multiply the Incremental Percentage by the Performance Pool
                  Differential:

                  $1M x 50% = $500,000

         (4)      Add the result in (3) above to the Performance Pool generated
                  by the lower benchmark:

                  $1M + $500,000 = $1.5M

         (5)      To determine the final amount of the Performance Pool
                  generated by Sales, multiply the result of (4) above by 0.5
                  (because Sales determines 50% of the Performance Pool):

                  $1.5M x .5 = $750,000

Average Net EBITDA Margin ("ANEM") Interpolation:

         (1)      If ANEM falls between two ANEM benchmark levels, determine the
                  incremental percentage achieved between the lower benchmark
                  and the higher benchmark (the "Incremental Percentage"):

                  Maximum (5.66%) - Above Target (5.38%) = .28%

                  ANEM in excess of lower benchmark (5.43%-5.38%=.05%) /
                  Difference between high and low benchmarks (.28%) = 17.9%

         (2)      Determine the difference between the Performance Pools
                  generated by the above benchmark levels (the "Performance Pool
                  Differential"):

                                      -4-
<PAGE>

                  Maximum Pool ($4M) - Above Target Pool ($3M) = $1M

         (3)      Multiply the Incremental Percentage by the Performance Pool
                  Differential:

                  17.9% x $1M = $179,000

         (4)      Add the result in (3) above to the Performance Pool generated
                  by the lower benchmark:

                  $179,000 + $3M = $3.179M

         (5)      To determine the amount of the Performance Pool generated by
                  ANEM, multiply the result in (4) above by .5 (because ANEM
                  determines 50% of the Performance Pool):

                  $3.179M  x .5 = $1.589M

Add the result of the Sales Interpolation and the result of the ANEM
Interpolation to determine amount of the Performance Pool:

                          $750,000 + $1.589M = $2.339M

                                      -5-<PAGE>

                                                                   Exhibit 10.22

                     AMENDED AND RESTATED DEFERRAL AGREEMENT

         This Amended and Restated Deferral Agreement (this "Deferral
Agreement") made as of the 1st day of January, 2002 by and between CONCORD
CAMERA CORP., a New Jersey corporation (the "Employer"), and IRA B. LAMPERT (the
"Executive").

         The Executive has been the Chairman and Chief Executive Officer of the
Employer since July 1994. The Executive and the Employer entered into a Deferral
Agreement dated as of May 1, 1997 (the "Prior Agreement") in order to make
provisions to permit the Executive to defer the payment of certain compensation
in connection with that employment.

         The Executive and the Employer have also entered into an amended and
restated employment agreement dated as of May 1, 1997, which has been further
amended from time to time (as so restated and amended, the "Employment
Agreement").

         In consideration of the premises and the mutual covenants hereinafter
contained, the Prior Agreement is hereby amended and restated in its entirety to
read as follows:

                        Article I. Deferred Compensation

         1. The Employer agrees to defer the payment of certain compensation
earned by the Executive during each calendar year, and such deferred
compensation shall be paid to the Executive as hereinafter provided. The amount
of compensation to be deferred in respect of any year shall be that portion or
all of the Executive's annual compensation including salary, cash bonus and/or
any other compensation earned during such year as the Executive elects to defer
by written notice given to the Employer prior to the first day of such year;
provided, however, that:

         (a) with respect to compensation paid in 1997 after the execution of an
election made pursuant to the Prior Agreement, such election may be made within
30 days of the execution of the Prior Agreement;

         (b)      (i) with respect to a cash bonus paid in relation to any prior
fiscal year ended on or about June 30, 2001 or prior thereto, such election may
be made prior to the last day of the fiscal year to which the bonus relates;

                  (ii) with respect to a cash bonus to be paid in relation to
any fiscal year ending on or about June 30, 2002 or thereafter, such election
may be made either: (i) on or before the last day of the calendar year in which
the bonus is to be paid, provided that the election is made at least 90 days
before the bonus becomes payable; or (ii) prior to the last day of the fiscal
year to which the bonus relates;

         (c) with respect to any increase in the Executive's annual salary made
during the year and payable after an election made pursuant to this Deferral
Agreement, such election may be made within 30 days of the date when the amount
and effective date of the increase are first made known to the Executive; and

<PAGE>

         (d) with respect to any compensation newly awarded to the Executive
during the year and payable after an election made pursuant to this Deferral
Agreement, such election may be made within the later of: (i) 30 days from the
date when the amount and effective date of the new compensation are first made
known to the Executive; or (ii) 30 days before any portion of such compensation
will first be earned by the Executive.

         2. The Employer shall establish and credit to a special account on its
books (hereinafter referred to as an "Account") the amount of deferred
compensation specified pursuant to paragraph 1 of this Article I. The Employer
shall keep separate Accounts for deferred compensation in respect of particular
years to the extent necessary to account for differing elections and
designations hereunder regarding investments, benefit distributions and
beneficiaries for such years. If a portion or all of the Executive's annual
salary for a year is deferred under paragraph 1, one-twelfth (or in the case of
1997, a fraction, the denominator of which is 1 and the numerator of which is
the number of full months remaining in 1997 that are covered by the election) of
such deferred amount shall be credited to the appropriate Account on the last
day of each month during such year. If a portion or all of the Executive's bonus
for a year is deferred under paragraph 1, such deferred amount shall be credited
to the appropriate Account on the later of: (a) the last day of the month in
which the Executive would have received the bonus in cash had he not elected the
deferral under paragraph 1; or (b) five business days after the Company received
the Executive's election to defer such bonus (or a portion thereof).

         3. The balance in each Account shall be deemed for purposes of this
Deferral Agreement to be invested and reinvested in such securities,
investments, instruments or insurance policies as the Executive, in his sole
discretion, shall direct from time to time, by one day advance written notice
given to the Employer or its designee. With the consent of the Employer, the
Executive may, by giving written notice to the Employer or its designee,
authorize an investment manager to make the directions specified in the
preceding sentence. Any investment direction or change of investment direction
shall be deemed made on the first business day after the day of the Employer's
or its designee's, as the case may be, receipt of the Executive's or the
investment manager's, as the case may be, written notice of investment
direction. Any such investment direction shall remain in effect until
affirmatively changed by a subsequent investment direction given in the same
manner, provided that the proceeds of any investment which matures shall be
deemed to be reinvested in such money market account as the Employer may
determine and thereafter until a new investment direction is made with respect
to such proceeds. Notwithstanding the foregoing, no such deemed investment
shall, in the Employer's reasonable judgment, impose upon the Employer
administrative burdens or financial costs which are inappropriate in view of all
of the circumstances. If no applicable investment direction is given on or
before the date on which an amount is credited to an Account, such amount shall
be initially invested in such money market account as the Employer may
reasonably determine. The Employer, in its discretion and on such terms as it
decides, may waive, or reduce the period of, any notice required under this
paragraph.

                                       2
<PAGE>

         For the avoidance of doubt, the Employer in its sole discretion shall
determine the manner in which the balances in each Account are actually invested
and whether or not to actually invest the balances at all. Regardless of whether
any such investment is actually made by the Employer, the investments and
reinvestments shall be "deemed" to have been made as described in the preceding
paragraph and the balances in each Account shall be increased or decreased
pursuant to paragraph 5 of this Article I, as though such investments and
reinvestments had actually been made.

         4. Title to and beneficial ownership of any direct or indirect
investments the Employer may make in connection with this Deferral Agreement
(including the transfer of funds to a selected investment manager for
discretionary investment and reinvestment in such investments by such investment
manager or the transfer of funds to a so-called rabbi trust) shall at all times
remain with the Employer, and the Executive and his designated beneficiary or
beneficiaries shall not have any property interest whatsoever in such
investments.

         5. At the end of every month, each Account shall be increased or
decreased by (a) in the case of each investment actually made directly or
indirectly by the Employer with respect to such Account, the net amount of all
income, gain or loss earned or sustained, whether realized or unrealized, with
respect to such investment, and (b) in the case of each deemed investment with
respect to such Account, the net amount of all income, gain or loss which would
have been earned or sustained, whether realized or unrealized, had the balance
in the Account in fact been invested and reinvested in such investment. Each
Account shall also be charged with all payments or other distributions with
respect to such Account and with all fees and expenses (including brokerage
fees) with respect to such Account, in the case of investments actually made, at
the rates actually paid and, in the case of investments deemed to have been
made, at the rates which would have been paid had the investments actually been
made.

                        Article II. Benefit Distributions

         1. The balance in each Account shall be paid to the Executive in one of
the two following methods at the election of the Executive: (a) a lump-sum
payment to be paid at such time as is designated by the Executive or (b) annual
installment payments over such period of years as may be designated by the
Executive. The Executive's election and designation referred to in the previous
sentence with respect to an Account shall be made by a written notice to the
Employer at the time of his deferral election for the year or years to which the
Account relates. The Executive may make different elections and designations
with respect to the deferred compensation of each year, with any such different
elections and designations accounted for through the creation of separate
Accounts as contemplated by paragraph 2 of Article I. In the event that the
Executive fails to make an election pursuant to this paragraph 1 with respect to
an Account, except as otherwise provided in Article IV and paragraph 5 of this
Article II the balance in such Account shall be paid to the Executive in one
lump-sum payment within 30 days of the termination of the Executive's employment
with the Employer.

                                       3
<PAGE>

         2. All payments to be made pursuant to paragraph 1 of this Article II
with respect to each Account shall be made in cash, and in furtherance thereof,
all investments actually made with respect to such Account shall be sold by the
Employer at such time or times as the Employer may determine to effect such
payment; provided, that (a) in the case of an installment payment, unless the
Executive provides the Employer with written notice to the contrary at least
five days prior to the date any such payment is due, the Employer may select the
investments to be sold or deemed sold to provide the cash necessary for such
payment, and (b) to the extent investments have actually been made by the
Employer with respect to such Account, the Executive may elect, subject to the
Employer's approval, to receive payment in kind in lieu of cash by providing
written notice of such election to the Employer at least five days prior to the
date of such payment.

         3. For purposes of determining the amount of a payment referred to in
paragraph 1 of this Article II with respect to an Account, (a) the balance in
such Account shall be adjusted by the Employer in the manner provided in
paragraph 5 of Article I not more than five trading days preceding such payment,
(b) the amount of such payment shall be reduced by the amount of any expenses
actually incurred or deemed to have been incurred in connection with the sale or
deemed sale of investments required to make such payment ("selling expenses"),
and (c) if the installment method is elected with respect to any year, the
amount of each installment shall be equal to the balance in the appropriate
Account as of the date of payment (as adjusted pursuant to clause (a) of this
sentence), divided by the number of annual installments remaining, including the
installment then being paid, and then reduced by the amount of any applicable
selling expenses.

         4. Except as provided in this paragraph 4, the Executive shall have no
right to modify in any way his election and designation made pursuant to
paragraph 1 of this Article II with respect to an Account or, in the event of
his failure to make such an election or designation, the default provisions of
paragraph 1. Provided that a modification election is made at least 12 months
prior to it becoming effective, the Executive may:

         (a)      delay the date on which a lump-sum payment from such Account
                  shall be made;
         (b)      accelerate the date on which distributions from any Account
                  shall commence;
         (c)      change the form of payment from such Account from a lump-sum
                  payment to annual installment payments over such period of
                  years as designated by the Executive;
         (d)      change the form of payment from such Account from annual
                  installments to a lump-sum payment which shall be paid at the
                  time designated by the Executive;
         (e)      delay the commencement of annual installment payments from
                  such Account; or
         (f)      increase the period of years during which annual installments
                  shall be made out of such Account.

         5. Notwithstanding any other provision of this Deferral Agreement to
the contrary and notwithstanding any elections made by the Executive, in the
event of the termination of the Executive's employment with the Employer for any
reason prior to the Executive's attainment of age 65, the balance in each
Account shall be paid to the Executive in one lump-sum payment within 30 days of
such termination.

                                       4
<PAGE>

         6. Notwithstanding any other provision of this Deferral Agreement to
the contrary and notwithstanding any elections made by the Executive, the
Executive may require the immediate distribution to the Executive of all or a
portion of the balances in the Accounts less any amounts required by paragraph 8
of this Article II and subject to a penalty equal to ten percent (10%) of the
amount to be distributed pursuant to this paragraph (prior to withholding
required by paragraph 8). Such penalty amount shall be deemed forfeited and no
longer payable to the Executive.

         7. Notwithstanding any other provision of this Deferral Agreement to
the contrary, in the event the Executive is determined to be subject to federal
income tax on any balance in an Account prior to the time of distribution
hereunder, an amount equal to the federal, state and local taxes (including any
interest and penalties) owed on such taxable amount, shall be distributed from
such Account and paid to the Executive. A balance in an Account shall be
determined to be subject to federal income tax upon the earliest of: (a) a final
determination by the Internal Revenue Service addressed to the Executive which
is not appealed to the courts; (b) a final determination by the United States
Tax Court or any other federal court affirming any such determination by the
Internal Revenue Service; or (c) a written opinion by the Employer's tax
counsel, addressed to the Employer, to the effect that the balance in an Account
is subject to federal income tax prior to distribution.

         8. Employer is authorized to withhold from any payments made hereunder
such amounts for income tax, social security, unemployment compensation and
other taxes as shall be necessary or appropriate to comply with applicable laws
and regulations.

                              Article III. Hardship

         The Employer may, in its sole discretion, distribute all or a portion
of the balances in the Accounts to the Executive upon a demonstration by the
Executive of an immediate and heavy financial need. The amount of any
distribution made pursuant to this Article III shall be limited to the amount
necessary to satisfy such financial need.

                        Article IV. Death and Disability

         1. Notwithstanding any other provision of this Deferral Agreement to
the contrary and notwithstanding any elections made by the Executive, in the
event of the Executive's death prior to the payment of all of the balances in
the Accounts the Employer shall pay, not later than 30 days following the
Executive's death, all remaining balances in the Accounts in one lump-sum to the
beneficiary or beneficiaries designated by the Executive in a writing filed by
the Executive with the Employer or, in the absence of such a beneficiary
designation, to the Executive's estate.

         2. Notwithstanding any other provision of this Deferral Agreement to
the contrary and notwithstanding any elections made by the Executive, in the
event of the Executive's Disability (as defined in Section 1(i) of the
Employment Agreement) prior to the payment of all of the balances in the
Accounts the Employer shall pay all remaining balances in the Accounts in one
lump-sum to the Executive not later than 30 days following the Executive's
Disability.

                                       5
<PAGE>

                          Article V. Claims Procedures

         1. At any time the Employer makes a determination adverse to the
Executive or his beneficiary with respect to a claim for payment, the Employer
shall notify the claimant in writing of such determination, setting forth:

                  (a)      the specific reason for such determination;
                  (b)      a reference to the specific provision or provisions
                           of this Deferral Agreement on which such
                           determination is based;
                  (c)      a description of any additional material or
                           information necessary to perfect the claim, and an
                           explanation of the reason that such material is
                           required; and
                  (d)      an explanation of the rights and procedures set forth
                           in this Article V.

Except as to the amounts provided for in paragraph 8 of Article II and the
penalty provided for in paragraph 6 of Article II, amounts due to the Executive
hereunder may not be offset by the Employer against amounts claimed to be due
from the Executive to the Employer, whether by withholding by the Employer of
payment or by assertion by the Employer of defenses, claims, counterclaims or
setoffs in a litigation commenced by either party with respect to this Agreement
or any other matters; provided, however, that the Employer shall have the right
to raise any such defenses, claims, counterclaims or setoffs in a separate
action.

         2. A person who receives notice of an adverse determination by the
Employer with respect to a claim may request, within 60 days of receipt of such
notice, that the Employer review its determination. This request may be made on
behalf of a claimant by a duly authorized representative. The claimant or
representative may review pertinent documents and submit issues and comments
with respect to the controversy to the Employer. The Employer shall render a
decision within 60 days of a request for review (or within 120 days under
special circumstances), which decision shall be in writing and shall set forth
the specific reasons for the decision reached and the specific provisions of
this Deferral Agreement on which the decision is based. A copy of the ruling
shall be forwarded to the claimant.

                            Article VI. Miscellaneous

         1. Benefits provided in this Deferral Agreement will not be subject to
garnishment, attachment, or assignment, or any other legal process by creditors
of the Executive or any person or persons designated as beneficiaries of this
Deferral Agreement or any other payee of the benefits provided herein, except as
specifically provided herein.

         2. The Executive and his beneficiaries shall have the status of
unsecured creditors of the Employer and this Deferral Agreement constitutes a
mere promise by the Employer to make benefit payments as required by Article II,
III and IV.

                                       6
<PAGE>

         3. This Deferral Agreement creates no rights in the Executive to
continue in the employment of the Employer for any length of time, nor does it
create any rights in the Executive or his beneficiaries nor any obligations on
the part of the Employer, other than those specifically provided herein.

         4. This Deferral Agreement shall be binding upon and inure to the
benefit of the Employer, its successors and assigns, and the Executive, his
heirs, executors, administrators and legal representatives.

         5. The waiver by any party of any term of this Deferral Agreement on
any occasion shall not be deemed to be a further or continuing waiver of any
such term.

         6. Written notices which the Executive must provide to the Employer
under this Deferral Agreement (including, but not limited to, deferral
elections, investment directions, benefit distribution elections and beneficiary
designations) shall be addressed to the Employer at: 4000 Hollywood Boulevard,
Presidential Circle - Suite 650N, Hollywood, Florida 33021; attention: Senior
Financial Officer.

         7. This Deferral Agreement shall be governed by, construed and enforced
in accordance with the laws of the State of Florida without giving effect to
principles governing choice of law.

         8. This Deferral Agreement may be terminated or amended only by a
writing signed by both of the parties hereto.

         IN WITNESS WHEREOF, this Deferral Agreement has been duly executed by
the Employer and by the Executive as of the day and year first above written.

Witness:                                      CONCORD CAMERA CORP.

/s/ Rita Occhionero                           By: /s/ Harlan I. Press
-----------------------------                    -----------------------------
                                                 Harlan I. Press, Vice President
                                                    and Treasurer
Witness:

/s/ Diane L. Micciche                            /s/ Ira B. Lampert
-----------------------------                    -----------------------------
                                                 IRA B. LAMPERT

                                       7

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