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EXHIBIT 10.12
AMENDMENT TO TERMS OF EMPLOYMENT
OF
GERALD J. ANGELI
WITH
CONCORD CAMERA CORP.
AMENDMENT, dated as of June 11, 2001, to Terms of Employment dated
as
of April 17, 2000 (the "Agreement") by and
between CONCORD CAMERA CORP. (the
"Company") and GERALD J. ANGELI (the
"executive").
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency
of
which is hereby acknowledged, the Agreement
is hereby amended as follows:
1. Section 5 of the Agreement is hereby deleted and replaced in
its
entirety with the following:
"5) COMPENSATION
Salary: $190,000 per annum payable in accordance with the
Company's normal payroll policies for employees. The aforesaid
salary is to be reviewed on an annual basis.
Overseas Allowance: For working overseas as set forth herein,
the
executive will receive an additional $25,000 per annum, payable
in quarterly installments at the end of each fiscal quarter
commencing with the quarter ending July 1, 2001. The executive
will be entitled to receive this allowance only if he works at
the Company's locations in Hong Kong and/or the People's
Republic
of China ("Overseas") for at least six (6) months during the
relevant fiscal year. If the executi
