Document:

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                                                                  Exhibit 10.45

                                 ALAN SCHUTZMAN
                               TERMS OF EMPLOYMENT
                                      WITH
                              CONCORD CAMERA CORP.

1)     POSITION

       Senior Vice President, General Counsel and Secretary

2)     EMPLOYER

       Concord Camera Corp., a New Jersey corporation (the "Company" or
       "Concord")

3)     TERM

       Three (3) years commencing effective as of September 15, 2003 (the
       "Effective Date") and ending on September 14, 2006, inclusive (the
       "Term"). Thereafter, the Term may be renewed or extended by mutual
       agreement of both parties in writing. The employment may be terminated by
       the Company in accordance with Section 12 below at any time during the
       Term.

4)     REPORTS TO

       Brian F. King, Senior Executive Vice President, or such other person or
       persons as the Senior Executive Vice President or the Chief Executive
       Officer may from time to time designate.

5)     COMPENSATION

       Salary: $275,000 per annum payable in accordance with the Company's
       normal payroll policies for employees. The aforesaid salary amount is to
       be reviewed on an annual basis, with the first review taking place on or
       about January 2005 and each January thereafter.

       Car allowance: $1,000 per month.

6)     EXPENSE REIMBURSEMENT

       The Company will reimburse the employee for all reasonable documented
       expenses necessarily incurred in the performance of the employee's
       duties.

7)     VACATION

       In addition to the Company's regularly scheduled holidays, the employee
       may take fifteen (15) work days of paid vacation per year, subject in
       each instance to his supervisor's prior approval. The employee will
       provide the Company with 30 days' prior written notice of each request
       for vacation.

8)     EXECUTIVE COMPENSATION PLANS

       Subject to the terms and conditions of such plans, the employee is
       eligible to participate in the Company's Amended and Restated 1995 Annual
       Incentive Compensation Plan, the Company's Long Term Cash Incentive Plan,
       and the Company's Flexible Perquisite Spending Account

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Alan Schutzman
Terms of Employment
Page 2

       Program, in each case as the same may be amended from time to time. The
       foregoing plans/program as currently in effect are attached hereto as
       Exhibits C, D and E, respectively.

9)     ADDITIONAL COMPENSATION

       In exchange for and subject to employee's compliance with the terms and
       conditions of his employment including, without limitation, the promises
       and representations contained herein, he shall receive a single payment
       in the amount of $100,000 (the "Additional Compensation") payable within
       15 business days of the Effective Date. If, during the Term, the Company
       terminates the employee's employment for Cause (as defined herein) or the
       employee resigns from his employment, employee shall be required to repay
       all or part of the Additional Compensation to the Company in accordance
       with the following schedule:

                  $100,000 if separated prior to the 1st year anniversary of the
                  Effective Date;

                  $66,666 if separated after the 1st but before the 2nd year
                  anniversary of the Effective Date; and

                  $33,333 if separated after the 2nd but before the 3rd year
                  anniversary of the Effective Date.

       By way of illustration, if employee resigns from his employment after the
       1st but before the 2nd year anniversary of the Effective Date, he shall
       be required to repay $66,666 to the Company. Employee shall satisfy any
       such repayment obligation by tendering the full amount owed to the
       Company within ten (10) business days from the last date of his
       employment. If, when the employee's repayment obligation becomes due, the
       Company owes him any sums (including, without limitation, any salary,
       bonus, auto allowance or other payments or benefits), the Company, at its
       sole discretion, may elect to set-off such sums from the employee's
       repayment obligation; in such event, the Company shall notify the
       employee of the Company's election, provide to employee a written
       computation of the set-off amount, and require the employee to pay the
       reduced amount.

10)    OPTIONS

       Subject to approval by the Compensation and Stock Option Committee of the
       Board of Directors of Concord, no sooner than the Effective Date the
       employee will be granted the following option to purchase up to 60,000
       shares of the common stock of Concord (subject to the employee's
       continued employment):

                  with vesting as to 20,000 shares on the 1st year anniversary
                  of the Effective Date;
                  with vesting as to 20,000 shares on the 2nd year anniversary
                  of the Effective Date; and
                  with vesting as to 20,000 shares on the 3rd year anniversary
                  of the Effective Date.

       The exercise price per share of the option shall be the record share
       price as of the close of business on the date of grant. The option will
       not be intended to qualify as an incentive stock option and shall be: (1)
       subject to the terms and conditions of Concord's standard option
       agreement, except that it will provide for immediate vesting as to all
       shares underlying the option if there is a change in control of the
       Company; and (2) conditioned upon the employee's execution and delivery
       of said agreement, as of the grant date. The grant of the aforesaid
       option does not establish any right of continued employment.

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Alan Schutzman
Terms of Employment
Page 3

11)      BENEFITS

       The employee shall be eligible to receive the following benefits, as same
       are made generally available to Company employees who participate in
       these plans, with contributions, as applicable, to be made by the
       employee and/or the Company consistent with the applicable plan(s):

       o    Life insurance at a rate of two (2) times base salary

       o    Medical and Dental insurance

       o    Disability Insurance

       o    401K Plan

       To the extent that the Company in its sole discretion modifies or
       terminates any of the foregoing plans or benefits, the employee shall be
       subject to said changes.

12)    TERMINATION

       The Company may terminate the employee for cause at any time without
       notice. "Cause" shall mean: (i) continued failure to obey reasonable
       instructions of the person(s) to whom the employee reports; (ii)
       continued neglect of duties and responsibilities; (iii) willful
       misconduct; (iv) fraud or dishonesty; (v) any action in bad faith which
       is to the detriment of the Company and/or any of its subsidiaries or
       affiliates; (vi) failure to comply with any of the provisions set forth
       in Exhibit A; or (vii) failure to comply with the Code of Conduct annexed
       as Exhibit B.

       The Company may terminate the employee's employment at any time for any
       reason by giving the employee 30 days' written notice. In the event the
       Company elects to terminate pursuant to this provision, it may at its
       option request employee to remain in its employment during the 30 day
       period following delivery of notice of termination, provided that the
       Company shall continue to provide the employee with his normal and
       customary compensation and benefits as prescribed in Sections 5, 7, 8, 9
       and 11. Alternatively, the Company may require the employee to cease
       working at any time during the 30-day notice period. If: (i) the Company
       terminates the employee's employment without cause (as defined above in
       this Section) whether during the Term or at any time after the expiration
       of the Term; or (ii) the employee terminates his employment with Concord
       after the expiration of the Term (but not before), then the employee will
       be paid for a total of one (1) year (post-employment compensation),
       excluding any portion of the 30-day notice period for which the employee
       remained in the Company's employment, at the then effective compensation
       provided for in Section 5. The portions of such post-employment
       compensation that are related to the employee's salary and auto allowance
       will be paid in installments (net of required withholding) in accordance
       with the Company's normal payroll schedule for executives. The Company's
       obligation to pay any such post-employment compensation is conditioned
       upon the employee's prior and continued compliance with the provisions of
       this Agreement including, but not limited to, Section 13 and Exhibit A.

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Alan Schutzman
Terms of Employment
Page 4

       In the event that the employee's employment terminates for any reason at
       all, voluntarily or involuntary, benefits provided to the employee will
       terminate as of the last day of employment unless otherwise specified in
       any employee benefit plan or unless otherwise specified as a matter of
       law.

13)    CONFIDENTIALITY AND INTELLECTUAL PROPERTY; NON-COMPETE; CODE OF CONDUCT

       Annexed hereto as Exhibits A and B, respectively, are provisions
       applicable to the employee which are incorporated herein by reference and
       are part of this Agreement. As consideration for the covenants of
       employee set forth in Exhibit A, the Company hereby employs or continues
       to employ employee and employee hereby accepts employment or continued
       employment upon the terms and conditions contained herein. The employee
       acknowledges and agrees that the provisions set forth in Exhibits A and B
       do not affect the Company's ability to terminate the employee at any time
       with or without cause. If a provision set forth in this Term Sheet(1)
       conflicts with a provision set forth in one or both of the exhibits, then
       the provisions of this Term Sheet shall govern. The obligations set forth
       in Exhibits A and B shall survive any termination of the employee's
       employment and/or any termination or expiration of this Agreement.

       In the event the employee fails to comply with any of the terms or
       conditions of Exhibit A or B (as same may be modified in this Term
       Sheet), all stock options granted by Concord, pursuant to this Agreement
       or otherwise, are thereby forfeited regardless of whether such options
       have vested.

14)    REPRESENTATION BY EMPLOYEE

       Employee acknowledges and represents that he is not subject to any
       agreement or understanding, oral or written, direct or indirect, which
       would in any way prohibit, interfere with, restrict or limit: (a) the
       employee's employment by the Company (or any of its subsidiaries or
       affiliates); or (b) any activities contemplated as part of the employee's
       employment hereunder. The foregoing would include, but not be limited to,
       any agreement or covenant relating to non-competition, non-solicitation,
       confidentiality and/or non-interference. If the employee has ever signed
       or been subject to one or more agreements of the nature described above,
       the employee promptly disclosed them to the Company and provided the
       Company with complete copies of them.

---------------------
         (1) As used herein, "Term Sheet" means the portion of these Terms of
Employment up through and including the signature page. The "Agreement" or
"Terms of Employment" means the Term Sheet together with all exhibits and
schedules to the same.

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Alan Schutzman
Terms of Employment
Page 5

15)    ACKNOWLEDGMENT OF REPRESENTATION BY COUNSEL

       Employee acknowledges that he has been represented by independent counsel
       or has knowingly waived his right to be represented by independent
       counsel with respect to this Agreement and the subject matter hereof.

16)    INDEMNIFICATION

       The employee agrees to indemnify the Company and its subsidiaries and
       affiliates against any damages, claims, expenses or costs, including
       attorneys fees, incurred by any of them relating directly or indirectly
       to any act or omission of the employee outside of the scope of the
       employee's duties and responsibilities as an employee of the Company.

17)    ENTIRE AGREEMENT

       This Agreement (which includes all schedules and exhibits to same)
       contains the entire understanding and agreement among and between the
       parties and supersedes any prior understandings or agreements, oral or
       written, between them relating to the subject matter hereof. Any
       amendments to this Agreement must be in writing, signed by the parties
       affected by the amendment.

18)    SEVERABILITY

       If any provision of this Agreement is held breached, illegal, invalid or
       unenforceable, such provision shall be deemed severed and the remainder
       of this Agreement will remain binding on the parties as though the
       breached, illegal, invalid or unenforceable provision had not been
       included.

19)    ATTORNEYS' FEES

       If any action at law or in equity is brought to enforce the provisions of
       this Agreement, the prevailing party shall be entitled to reasonable
       attorneys' fees, whether at pretrial, trial or appellate levels, which
       may be set by the court in the same action or in a separate action for
       that purpose, including reasonable costs and fees awarded in such action,
       in addition to any other relief to which the party may be entitled.

20)    GOVERNING LAW

       This Agreement and the employment of the employee shall be governed by
       the laws of the State of Florida. Any litigation related to or arising
       out of this Agreement shall be brought in the state or federal courts of
       the State of Florida, or in the event the Company moves its principal
       place of business from the State of Florida, in the state or federal
       courts of the state of such other principal place of business. The
       parties agree that service of process may be effected by certified or
       registered mail, return receipt requested, or by regular mail if
       certified or registered mail is refused. The parties hereto agree to
       waive, and do hereby waive, trial by jury. The employee agrees and
       acknowledges that in the event of his or her violation of any term or
       condition of this Agreement that the Company will have no adequate remedy
       at law and shall, therefore, be entitled to enforce any provision hereof
       by temporary or permanent injunctive or mandatory relief obtained in any
       court of competent jurisdiction without the necessity of proving damage
       or posting any bond or other security and without prejudice to any other
       remedies that may be available to the Company at law or in equity.

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Alan Schutzman
Terms of Employment
Page 6

ACCEPTED AND AGREED:                        ACCEPTED AND AGREED:

EMPLOYEE                                    CONCORD CAMERA CORP.

   /s/  Alan Schutzman                      By:    /s/  Brian F. King
-----------------------------                    -------------------------------
Alan Schutzman                                   Brian F. King
                                                 Senior Executive Vice President

Date:      9/15/03                          Date:     9/15/03
     ------------------------                    -------------------------------

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                                                                     EXHIBIT A
                                                                     ---------

               CONFIDENTIALITY/INTELLECTUAL PROPERTY RESTRICTIONS
                                 AND NON-COMPETE

                  Incorporated by reference to the Company's quarterly report on
                  Form 10-K for the fiscal year ended June 28, 2003 which
                  Confidentiality/Intellectual Prorty Restrictions and
                  Non-Compete, dated February 12, 2001, was filed as part of
                  Exhibit 10.41.

Rev. February 12, 2001

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                                                                      EXHIBIT B
                                                                      ---------

                              CONCORD CAMERA CORP.

                                 CODE OF CONDUCT

                  Incorporated by reference to the Company's quarterly report on
                  Form 10-Q for the quarter ended March 29, 2003 which Code of
                  Conduct, dated January 12, 2003, was filed as part of Exhibit
                  10.2.

Revised 01/12/03

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                     AMENDMENT NO. 1 TO TERMS OF EMPLOYMENT
                                       OF
                                 ALAN SCHUTZMAN
                                      WITH
                              CONCORD CAMERA CORP.

         AMENDMENT NO. 1, dated January 23, 2004, to Terms of Employment dated
as of September 15, 2003 (the "Agreement"), by and between CONCORD CAMERA CORP.
(the "Company") and ALAN SCHUTZMAN (the "employee").

         FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of
which is hereby acknowledged, and whereas the employee has voluntarily returned
the Additional Compensation to the Company, the Agreement is hereby amended as
follows, effective as of September 15, 2003:

         1.   Section 9 of the Agreement (entitled "Additional Compensation") is
hereby deleted and replaced in its entirety with the following:

         "9)  DEFERRED COMPENSATION

              The employee shall receive a one-time grant of deferred
              compensation equal to $100,000 and the entire amount shall be
              deposited by the Company into a deferred compensation account
              created for this purpose. The deferred compensation shall
              vest, so long as the employee continues to be employed by the
              Company, in the following installments: (i) as to $33,334 on
              September 15, 2004; (ii) as to $33,333 on September 15, 2005;
              and (iii) as to $33,333 on September 15, 2006, provided,
              however, that the entire amount of the deferred compensation
              shall immediately vest: (a) upon a change in control, or (b)
              if the employee's employment is terminated as a result of the
              employee's death or disability, or by the Company without
              "cause" (as defined in Section 12 below). The Company shall
              adopt a supplemental executive retirement plan ("SERP") for
              the benefit of the employee, setting forth the terms and
              conditions under which the deferred compensation will be paid
              to the employee. The definition of "Change in Control" to be
              used in the employee's SERP shall be substantially similar to
              that which is used in the SERP in effect between Brian F. King
              and the Company."

         2.   Unless otherwise provided herein, all capitalized terms shall have
the meaning assigned to such terms in the Agreement. Except as hereby amended,
the Agreement shall continue in full force and effect.

         IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1
effective as of the date first above written.

EMPLOYEE:                                       CONCORD CAMERA CORP.

     /s/  Alan Schutzman                        By:      /s/ Ira B. Lampert
----------------------------                       -----------------------------
Alan Schutzman                                     Ira B. Lampert, Chairman,
                                                   Chief Executive Officer
                                                   and President

Date:      1/23/04                              Date:        2/18/04
     ------------------------                        ---------------------------<PAGE>

                                                                  Exhibit 10.52

              SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND AGREEMENT
                                       FOR
                                 ALAN SCHUTZMAN

                  This Supplemental Executive Retirement Plan and Agreement for
Alan Schutzman, made as of the 15th day of September, 2003 by and between
CONCORD CAMERA CORP., a New Jersey corporation (the "Employer") and ALAN
SCHUTZMAN (the "Executive").

                  In consideration for the premises and the mutual covenants
hereinafter contained, the parties hereto hereby agree as follows:

                             Article I. Introduction

                  In consideration of the services to be performed by the
Executive for the Employer in the future, the Employer hereby agrees to pay, in
addition to other consideration to be provided by the Employer, deferred
compensation to him under the terms and conditions hereinafter set forth. This
Agreement creates an unfunded, nonqualified plan maintained for the purposes of
providing deferred compensation for the Executive, a member of senior management
and a highly compensated Executive, and shall be construed and administered
accordingly.

                             Article II. Definitions

                  When used herein with initial capital letters, the following
words have the following meanings:

                  "Accounts" - the three accounts established by the Employer
for the benefit of the Executive, each reflecting the initial credit described
in paragraph 1 of Article III, and adjustments for income, expenses, gains or
losses and any payments from the accounts.

                  "Change in Control" - the occurrence of any one of the
following events:

                           (i) any "person," as such term is used in Sections
3(a)(9) and 13(d) of the Securities Exchange Act of 1934 (other than Executive
or Ira B. Lampert), becomes a "beneficial owner," as such term is used in Rule
13d-3 promulgated under that act, of 25% or more of the capital stock of any
class or classes having general voting power under ordinary circumstances, in
the absence of contingencies, to elect the directors of a corporation ("Voting
Stock");

                           (ii) the majority of the Board of Directors of the
Employer ("Board") consists of individuals other than Incumbent Directors,
which term means the members of the Board on the date of this Plan and
Agreement; provided that any person becoming a director subsequent to such date
whose election or nomination for election was supported by two-thirds of the
directors who then comprised the Incumbent Directors shall be considered to be
an Incumbent Director;

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                           (iii) the Employer adopts any plan of liquidation
providing for the distribution of all or substantially all of its assets;

                           (iv) all or substantially all of the assets or
business of the Employer is disposed of pursuant to a merger, consolidation or
other transaction (unless the shareholders of the Employer immediately prior to
such merger, consolidation or other transaction beneficially own, directly or
indirectly, in substantially the same proportion as they owned the Voting Stock
of the Employer, the Voting Stock or other ownership interests of the entity or
entities, if any, that succeed to the business of the Employer); or

                           (v) the Employer combines with another company and is
the surviving corporation but, immediately after the combination, the
shareholders of the Employer immediately prior to the combination hold, directly
or indirectly, 50% or less of the Voting Stock of the combined company (there
being excluded from the number of shares held by such shareholders, but not from
the Voting Stock of the combined company, any shares received by affiliates of
such other company in exchange for stock of such other company).

                  "Disability" - permanent and total disability as defined by
the Employer's employee welfare benefit plan offering a long term disability
benefit, or, if no such benefit is offered, it shall mean the absence of the
individual from his duties with the Employer on a full-time basis for 180
consecutive business days as a result of incapacity due to mental or physical
illness which is determined to be total and permanent by a physician selected by
the Employer or its insurers and reasonably acceptable to the Executive or the
Executive's legal guardian.

                  "Plan and Agreement" - this Supplemental Executive Retirement
Plan and Agreement for Alan Schutzman.

                       Article III. Deferred Compensation

                  1. The Employer agrees to credit as of September 15, 2003: (a)
$33,334 to Account I; and (b) $33,333 to each of Account II and Account III, and
such deferred compensation shall be paid to the Executive as provided in this
Plan and Agreement.

                  2. The balance in each Account shall be deemed for purposes of
this Plan and 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 following 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
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                  3. Title to and beneficial ownership of any direct or indirect
investments the Employer may make in connection with the Plan and 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.

                  4. 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 IV. Vesting

                  1. The balances in the Accounts shall vest as follows:

                           Account                      Vesting Date
                           -------                   ---------------------------

                           Account I                 September 15, 2004

                           Account II                September 15, 2005

                           Account III               September 15, 2006

Upon the event of a Change in Control, the balances in the Accounts shall
immediately vest. In addition, if the Executive's employment is terminated as a
result of the Executive's death or Disability, or by the Employer without Cause,
the balances in the Accounts shall immediately vest. In the event the
Executive's employment with the Employer is terminated prior to the vesting of
the balance in an Account for any other reason, the balance in such Account
shall be immediately forfeited and the Executive shall have no further interests
in such balance.

                                       3
<PAGE>

For purposes of this Agreement, "Cause" shall mean "cause" as defined in the
Terms of Employment by and between the Executive and the Employer, dated as of
September 15, 2003.

                  2. Notwithstanding anything herein to the contrary, in the
event of a forfeiture of a balance in an Account, the Executive agrees that to
the extent that the balance in the Account at the time of forfeiture is less
than the amount of the initial credit described in paragraph 1 of Article III
above, he shall immediately pay to the Employer an amount equal to such
deficiency. The Employer, in its discretion, may reduce the amounts otherwise
payable to the Executive under this Plan and Agreement by any deficiency owed to
the Employer pursuant to the immediately preceding sentence.

                        Article V. Benefit Distributions

                  1. Except as otherwise provided in paragraph 2 of Article IV
or in this Article V or in Article VI or VII:

                  (a) the vested balance in Account I shall automatically be
paid to the Executive in a lump-sum payment on September 15, 2004; and

                  (b) the vested balance in each of Accounts II and III shall be
paid to the Executive in one of the two following methods at the election of the
Executive: (i) a lump-sum payment to be paid at such time as is designated by
the Executive or (ii) annual installment payments over such period of years as
may be designated by the Executive.

                  2. The Executive's election and designation referred to in
paragraph 1(b) of this Article V with respect to Accounts II and III shall be
made by a written notice to the Employer prior to October 15, 2003.
Alternatively, the Executive may make a modification election pursuant to
paragraph 6 of this Article V. The Executive may make different elections and
designations with respect to each such Account.

                  3. In the event that the Executive fails to make an election
as described in paragraph 1(b) of this Article V with respect to Account II or
Account III, the vested balance in such Account shall be paid in ten annual
installments commencing on the first day of the month following the termination
of the Executive's employment with the Employer

                  4. All payments to be made pursuant to paragraph 1 of this
Article V 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, (b) except as provided in clause (c) below, to the extent
investments have actually been made directly or indirectly 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, and (c) to the extent the investments have actually been made directly
or indirectly by the Employer in common stock of the Employer, the Employer may
make the payment in kind in lieu of cash by delivery of fully registered stock
certificates representing such common stock."

                                       4
<PAGE>

                  5. For purposes of determining the amount of a payment
referred to in paragraph 1 of this Article V with respect to an Account, (a) the
balance in such Account shall be adjusted by the Employer in the manner provided
in paragraph 6 of Article III 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.

                  6. Except as provided in this paragraph 6, the Executive shall
have no right to modify in any way his election and designation made pursuant to
paragraph 1(b) of this Article V with respect to Account II or Account III or,
in the event of his failure to make such an election or designation, the default
provisions of paragraph 3. Provided that a modification election is made at
least 12 months prior to it becoming effective, with respect to Account II
and/or Account III 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 benefit distributions from
                         any vested portion of an Account shall commence;
                     (c) change the form of benefit 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 benefit 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.

                  7. Notwithstanding anything in this Plan and Agreement to the
contrary, 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
vested balance in each Account shall be paid to the Executive in one lump-sum
payment within 30 days of such termination.

                                       5
<PAGE>

                  8. Notwithstanding any other provision of this Plan and
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 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 balance in an Account are
subject to federal income tax prior to distribution.

                  9. 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.

                  10. Notwithstanding any other provision of this Plan and
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 vested balances in the Accounts less any amounts
required by paragraph 9 of this Article V 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 9). Such penalty amount shall be deemed
forfeited and no longer payable to the Executive.

                              Article VI. Hardship

                  The Employer may, in its sole discretion, distribute all or a
portion of the vested 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 VI shall be limited to
the amount necessary to satisfy such financial need.

                        Article VII. Death and Disability

                  1. In the event of the Executive's death prior to the payment
of all of the balances in the Accounts, unless the Executive otherwise elected
installment payments with the consent of the Employer, the Employer shall pay
all remaining balances in the Accounts as of the date of such death (as adjusted
for subsequently deemed earnings and losses), not later than 30 days following
the Executive's death, in one lump-sum to such 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.

                                       6
<PAGE>

                  2. In the event of the Executive's Disability prior to the
payment of all of the balances in the Accounts, unless the Executive otherwise
elected installment payments with the consent of the Employer, the Employer
shall pay all remaining balances in the Accounts as of the date of such
Disability (as adjusted for subsequently deemed earnings and losses), not later
than 30 days following such Disability, in one lump-sum to the Executive.

                         Article VIII. 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 Plan 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 VIII.

                  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 Plan and Agreement on which the decision is based. A copy of the ruling
shall be forwarded to the claimant.

                                       7
<PAGE>

                            Article IX. Miscellaneous

                  1. Benefits provided in this Plan and 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 Plan and 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 Plan and Agreement constitutes a
mere promise by the Employer to make benefit payments as required by Articles V,
VI and VII.

                  3. This Plan and 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 Plan and 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 Plan and
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 Plan and Agreement (including, but not limited to,
investment directions, benefit distribution elections and beneficiary
designations) shall be addressed to the Employer, Attention: Chief Financial
Officer, at: 4000 Hollywood Boulevard, Presidential Circle - Suite 650N,
Hollywood, Florida 33021.

                  7. This Plan and 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 Plan and Agreement may be terminated or amended only
by a writing signed by both of the parties hereto.

                                       8
<PAGE>

                  IN WITNESS WHEREOF, this Plan and 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/   Diane L. Micciche                By:      /s/    Ira B. Lampert
------------------------------------           ---------------------------------
                                                     Ira B. Lampert
                                                     Chairman and CEO

Witness:                                    EXECUTIVE:

     /s/   Rita Occhionero                  By:      /s/    Alan Schutzman
------------------------------------           ---------------------------------
                                            Alan Schutzman

                                       9

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