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                                                                   EXHIBIT 10.15

                   AMENDMENT NO. 4 TO TERMS OF EMPLOYMENT OF
                   GERALD J. ANGELI WITH CONCORD CAMERA CORP.

         AMENDMENT No. 4, dated as of March 22, 2004, to Terms of Employment
dated as of April 17, 2000, as heretofore amended (as amended, the "Agreement")
by and between CONCORD CAMERA CORP. (the "Company") and GERALD J. ANGELI (the
"employee").

         FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of
which is hereby acknowledged, the Agreement is hereby amended as follows:

         WHEREAS, the Company has requested the employee be temporarily assigned
to Concord Camera HK Limited in Hong Kong (the "Temporary Assignment") and the
employee has agreed to the Temporary Assignment.

         WHEREAS, the Company and employee anticipate the duration of the
Temporary Assignment to be approximately twelve to fourteen months.

         1. Section 1 of the Agreement is hereby deleted and replaced in its
entirety with the following:

          "1)  POSITION
               --------

               During the Temporary Assignment, Vice President of Worldwide
               Engineering and Technology of the Company and Co-Managing
               Director of Concord Camera HK Limited ("CCHK"). Upon completion
               of the Temporary Assignment, Vice President of Worldwide
               Engineering and Technology of the Company.

          2.   Section 4 of the Agreement is hereby replaced with the
               following:

          "4)  REPORTS TO
               ----------

               The Executive Vice President and Chief Operating Officer of the
               Company, or such other person as the Executive Vice President and
               Chief Operating Officer or the Chief Executive Officer of the
               Company may from time to time designate."

         3. In Section 5, Compensation, the amount of the overseas allowance is
hereby increased to $50,000 per annum for the term of the Temporary Assignment.

         Additionally, the following provision is hereby added to Section 5,
Compensation:

         "The executive shall receive an additional one-time grant of deferred
compensation equal to $50,000 with the entire amount to be deposited by the
Company into a deferred compensation account created for this purpose. The
deferred compensation shall vest, so long as the executive continues to be
employed by the Company, in the following installments:

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                     (a) as to $10,000 on March 22, 2005;
                     (b) as to $10,000 on March 22, 2006;
                     (c) as to $10,000 on March 22, 2007;
                     (d) as to $10,000 on March 22, 2008; and
                     (e) as to $10,000 on March 22, 2009.

         The supplemental executive retirement plan (the "SERP") by and between
the Company and the employee will be amended to include the terms and conditions
under which the deferred compensation will be paid to the executive. The
executive will not be entitled to have any portion of this deferred compensation
distributed from the SERP accounts (even after he has vested as to same,
pursuant to the terms of the SERP) prior to the earlier of March 22, 2009 or the
termination of the executive's employment with the Company."

         4. Effective as of February 12, 2004, the previous Code of Conduct
attached to the Agreement as Exhibit B (dated January 12, 2003) is hereby
deleted and replaced in its entirety with the Exhibit B, dated January 28, 2004,
a copy of which is posted on the Company's website and which is incorporated
herein by reference. ln addition, the employee agrees to abide by the Company's
Code of Concord, as the same may be modified from time to time by the Company in
its sole discretion.

          5.   The following Section 21 is hereby added to the Agreement:

               "21) TAX EQUALIZATION

               During the Temporary Assignment, the employee will be provided
               with tax equalization in accordance with the Company's Executive
               Management Tax Equalization Policy for executives working
               overseas, a summary of which is attached as Exhibit A. For tax
               returns related to periods covered by the Temporary Assignment,
               employee's tax preparation costs will be reimbursed by the
               Company."

          6.   The following Section 22 is hereby added to the Agreement:

               "22) HOUSING AND HOME VISITATION ALLOWANCE

               During the Temporary Assignment, housing and all utilities will
               be provided by CCHK at its expense.

               During the Temporary Assignment, the Company will provide the
               employee with four (4) round trip business class airplane tickets
               per year, between Hong Kong and the United States, to be used by
               the employee and/or his wife for visitation."

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         7. Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement.

         8. Except as otherwise provided in paragraph 4 above, the foregoing
amendments are effective as of March 22, 2004. Except as hereby amended, the
Agreement shall continue in full force and effect.

         IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.

EMPLOYEE:                                   CONCORD CAMERA CORP.

/s/ Gerald J. Angeli                        By. /s/ Keith L. Lampert
------------------------------                 --------------------------------
Gerald J. Angeli                                Keith L. Lampert
                                                Executive Vice President and
                                                Chief Operating Officer

Date: 3-22-04                               Date: 4/28/04
      ------------------------                    -----------------------------

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                                                                   EXHIBIT 10.16

             CONFIDENTIALITY/INTELLECTUAL PROPERTY RESTRICTIONS AND
                                   NON-COMPETE

I.   CONFIDENTIALITY/INTELLECTUAL PROPERTY RESTRICTIONS

     1. During Employee's employment and at all times thereafter, Employee
     agrees to keep in the strictest confidence, agrees to refrain from
     disclosing or divulging to any person, firm or corporation, and agrees to
     refrain from using directly or indirectly, for his or her benefit or for
     the benefit of others, any information which is or ought to be treated as
     Confidential Information. Employee agrees that, except as directed by the
     Company, the Employee will not at any time, whether during or after his or
     her employment with the Company, disclose to any person any Confidential
     Information, or permit any person to examine and/or make copies of any
     documents or other tangible items which contain or are derived from
     Confidential Information, whether prepared by the Employee or otherwise
     coming into the Employee's possession or control. Said documents may be in
     either human or computer readable form, including, but not limited to
     software, source code, hex code, or an other form. Employee further
     acknowledges and agrees that a document or other tangible item need not be
     expressly marked or designated as "Confidential" in order for it to be
     considered Confidential Information and the Employee agrees to use his or
     her best judgment in this regard and to proceed on the assumption that all
     information to which he or she is exposed by virtue of his or her
     employment, whether directly from the Company or not, is to be considered
     Confidential Information of the Company. Notwithstanding the provisions
     contained herein, Employee may disclose Confidential Information: (a) in
     the course of carrying out his or her duties as an employee, provided that
     such disclosures are made in accordance with Company policy as currently in
     effect at the time of the disclosure; or (b) when required to do so by a
     court of law, by any governmental agency having supervisory authority over
     the business of the Company or by any administrative or legislative body
     (including a committee thereof) with apparent jurisdiction to order
     Employee to divulge, disclose or make accessible such information. If any
     such body described herein requests the Employee to reveal or make
     accessible much information, the Employee must promptly provide Concord
     Camera Corp.'s Chief Executive Officer with written notice of the request
     so that the Company may exhaust its rights before any court or
     administrative tribunal to prohibit disclosure.

     2. As used herein, the term "Confidential Information" includes, but is not
     limited to, all information relating to: (A) the Company's business affairs
     and operations (unless otherwise available as public information due to no
     fault of Employee), including but not limited to, (i) vendors, suppliers
     and customers of the Company (including mailing lists, credit card or
     charge card numbers, price and mark-up determinations, sales or sales
     trends, and costs of products or services paid by the Company),(ii) Company
     budgets, business plans and marketing plans, and (iii) any proprietary
     products or processes or any other confidential or non-public information
     or material concerning the copyrights, trademarks, trade names, service
     marks, inventions, patents, products, suppliers or customers of the
     Company; and (B) all confidential information relating to any third party
     with whom the Company is under an obligation of confidentiality.

                                      -1-
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     3. In connection with the Employee's obligations: (a) the Employee shall
     keep all papers and other tangible items relating to the Company and its
     products and processes and the Employee's responsibilities and duties
     herein at the principal place of business of the Company or at such other
     place as may be designated by the Company from time to time, and (b) upon
     the termination of his or her employment, Employee will deliver to the
     Company all documents, papers, records, files, recordings, digital and
     electronic stored information, computer or word processing software and
     other material containing Confidential Information, and will retain no
     copy, duplicate, summary or description thereof.

     4. All copyrights, trademarks, trade names, service marks, inventions,
     processes and intangible or intellectual property rights that may be
     invented, conceived, developed or enhanced by the Employee during the term
     of his or her employment with the Company that relate to the business or
     operations of the Company or that result from any work performed by the
     Employee for the Company or using Company assets shall be the sole property
     of the Company, and the Employee hereby waives any right or interest that
     he or she may otherwise have in respect thereof. Upon the request of the
     Company, Employee shall execute, acknowledge, deliver and file any
     instrument or document, and do all other acts and things necessary or
     appropriate in the opinion of the Company to confirm the Company's title or
     assign such title to such inventions and its rights to obtain and maintain
     letters patent or other protection with respect thereto and to enable the
     Company to exploit the same.

     5. The foregoing Sections 1 through 4 are each of unlimited duration, and
     extend throughout the period of employment and following any termination of
     employment with the Company without time limit in perpetuity.

                                      -2-
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II.  NON-COMPETE PROVISIONS

     1. Employee agrees and covenants that, because of the nature of the
     Company's business, the confidential and sensitive nature of the
     Confidential Information, as defined above, and because the use of, or even
     the appearance of the use of, the Confidential Information may cause
     irreparable damage to the Company and its reputation, or to customers of
     the Company, Employee shall not, anywhere in the world, during the term of
     employment and for a period of twelve (12) months after the time of the
     termination of the Employee's employment, regardless of the reason for such
     termination, without the Company's prior express written consent (which
     consent must specifically refer to this Section of this Agreement), in any
     capacity whatsoever, directly or indirectly, whether as an employee, sole
     proprietor, shareholder, member, partner, consultant, independent
     contractor, salesman, officer, director, customer or otherwise:

          (a) be or become interested in or associated with or represent or
          otherwise render assistance or services to (as an officer, director,
          stockholder, partner, consultant, owner, employee, contractor, agent,
          creditor or otherwise) any business that is then, or which then
          proposes to become, a competitor of the Company anywhere in the world;
          provided, that the foregoing shall not restrict the Employee from the
          ownership, solely as an investment, of securities of any business if
          such ownership is: (i) not as controlling person of such business,
          (ii) not as a member of a group that controls such business, and (iii)
          not as a direct or indirect beneficial owner of 5% or more of any
          class of securities of such business;

          (b) induce or seek to influence any other employee of (or consultant
          to) the Company to leave his or her employ (or terminate such
          consultancy) or to become financially interested in a similar
          business;

          (c) aid a competitor or supplier of the Company in any attempt to hire
          a person who was employed by, or who was a consultant to, the Company
          within the one-year period preceding the date of any such aid;

          (d) induce or attempt to influence any person who was a customer or
          supplier of the Company during such period to transact business with a
          competitor of the Company or not to do business with the Company;

          (e) provide any business or assistance directly or indirectly to any
          competitor or supplier of the Company or to any person formerly
          employed by the Company or formerly acting as a consultant to the
          Company; or

          (f) aid, assist, or transact any business with any person who was an
          employee of, or consultant to, any customer of the Company.

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     2. The Restraints set forth in Section 1 of this Part II, however, do not
     preclude the Employee from:

          (a) serving on the boards of directors of a reasonable number of other
          corporations not engaged in competition with the Company or the boards
          of a reasonable number of trade associations and/or charitable
          organizations;

          (b) engaging in charitable activities and community affairs;

          (c) managing his or her personal investments and affairs; or

          (d) being involved in other business transactions,

     provided that such activities do not interfere with the proper performance
     of Employee's duties and responsibilities as an employee of the Company.

III. GENERAL PROVISIONS

     1. As used in this Exhibit, the term "Company" includes Concord Camera
     Corp. and all of its subsidiary companies.

     2. Rights and Remedies of the Company.

          (a) Reasonableness of Restraints. The Employee hereby acknowledges
          that Employee is fully familiar with the restrictions, restraints and
          limitations imposed upon him or her hereunder (collectively, the
          "Restraints"); Employee further acknowledges and agrees that the
          Restraints contained herein are necessary for the protection of the
          Company's legitimate business interests, including but not limited to
          the Company's trade secrets, valuable confidential business or
          professional information, substantial relationships with existing and
          prospective customers, and customer and client goodwill, and that the
          Restraints are reasonable in scope and content.

          (b) Injunctive Relief. Employee acknowledges that disclosure of any
          Confidential Information or breach of any of the non-competition
          covenants contained herein will give rise to irreparable injury to the
          Company or customers of the Company, inadequately compensable in
          damages. Employee also agrees and acknowledges that his or her breach
          of this Agreement will give rise to irreparable injury which may
          specifically be enjoined. Accordingly, the Company may seek and obtain
          injunctive relief against the breach or threatened breach of the
          foregoing, in addition to any other legal remedies which may be
          available. Employee further acknowledges and agrees that, in the event
          of the termination of employment with the Company (for whatever
          reason), Employee's experience and capabilities are such that Employee
          can obtain employment which is different or of a non-competing nature
          with the Company; and that the enforcement of a remedy hereunder by
          way of injunction shall not prevent Employee from earning a reasonable
          livelihood.

                                      -4-
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          (c) Extension of Period of Restraints. The Restraints described in
          Section 1 of Part II above shall not expire until the Employee has
          been in full, continuous compliance, both during employment and for a
          period of twelve (12) months thereafter, with the Restraints and other
          covenants set forth in this Agreement.

3.   Enforcement by Third Party Beneficiaries, Assignees, and Successors

         Employee acknowledges and agrees that the Restraints contained in this
Agreement are for the benefit of the Company and certain third party
beneficiaries related to the Company and that either the Company or such third
party beneficiaries may enforce the terms of this Agreement. This Agreement
inures to the benefit of and may be enforced by the Company's assignee or
successor and the assignee or successor of any third party beneficiary.

4.   Enforceable

         The provisions of this Agreement shall be enforceable notwithstanding
the existence of any claim or cause of action of Employee against the Company
whether predicated on this Agreement or otherwise.

5.   Saving Provision

         Employee acknowledges that he or she has carefully read and understands
this Agreement. The Employee agrees and stipulates that all provisions in this
Agreement are fair and reasonable in light of all of the facts and circumstances
of the relationship between Employee and the Company and that they are required
to protect the legitimate business interests of the Company. Notwithstanding the
above, Employee agrees that in the event that the Restraints (or any part
thereof) shall be determined by any court of competent jurisdiction to be
unenforceable by reason of being extended for too great a period of time, or as
encompassing too large a geographic area, or over too great a range of
activities, or any combination of these elements, that such portion shall be
considered divisible as to scope, time and geographic area and that the
Restraints shall be interpreted to extend to the maximum period of time,
geographic area, and range of activities which the court deems reasonable and
enforceable. All other provisions not deemed unenforceable will remain in full
force and effect.

Rev. February 12, 2001

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