Exhibit 10.87
Mr. Ira B. Lampert
219 Ocean Boulevard
Golden Beach, FL 33160
Re: Post-July 1, 2009
Employment Relationship
Between Ira B. Lampert and Concord Camera Corp. ("Concord")
Dear Ira:
This letter will confirm the terms
of your employment relationship with
Concord from and after July 1, 2009.
Background. Pursuant to
your Amended and Restated Employment
Agreement
with Concord, dated as of May 1, 1997, as amended (as
amended, the "Employment
Agreement"), your term of employment with
Concord will terminate on July 1,
2009. Effective April 23, 2009, Concord was formally
dissolved and, under your
supervision, is currently engaged in the process of
winding down its business,
satisfying and discharging its liabilities, and
collecting and liquidating its
assets (collectively, the "Liquidation
Process"). The Liquidation Process is
expected to continue beyond July 1, 2009 and will require
continued supervision
by persons knowledgeable regarding Concord's operations, assets and
liabilities.
Post-Termination
Employment: Nature. Concord has requested, and you have
agreed, to continue as Chairman of the
Board, Chief Executive Officer and
President of Concord, and to assume the
additional office of Treasurer of
Concord, from and after July 1, 2009 and, in these
capacities, to supervise and
manage the Liquidation Process. It is understood and agreed that,
in discharging
these responsibilities, you will devote such time,
attention and energy as you
deem necessary and appropriate. It is
understood and agreed that because you
will not receive any salary or other
compensation for your post-termination
employment under this letter agreement, you
are, therefore, free to be and
become involved in other business activities and transactions.
Post-Termination
Employment: Term. The term of your
post-termination
employment with Concord pursuant to this letter agreement
will be one (1) year,
expiring on June 30, 2010, unless
extended or renewed by written agreement
between you and Concord on such terms as are then mutually
agreeable to each of
you.
Post-Termination
Employment: Compensation. It is understood and
agreed
that you will not receive any
salary or other compensation
for your
post-termination employment under this letter agreement, except
that you are and
will be authorized to incur reasonable business
<PAGE>
Mr. Ira B. Lampert
May 15, 2009
Page 2
expenses in carrying out your duties and
responsibilities under this letter
agreement and Concord will promptly reimburse you for any and all
such expenses,
subject to documentation in accordance with Concord's
expense policy and past
practices.
Post-Termination
Employment: Indemnification. In consideration of
your
agreement to remain in the employ of Concord after July 1,
2009, as provided in
this letter agreement, Concord agrees as follows:
A. If you are made a party, or
are threatened to be made a party, to
any action, suit or proceeding, whether
civil,
