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EXHIBIT 10.11
GERALD J. ANGELI
TERMS OF EMPLOYMENT
WITH
CONCORD CAMERA CORP.
AS OF APRIL 17, 2000
1)
POSITION
Vice President -- OEM Product Supply.
2)
EMPLOYER
Concord Camera Corp. a New Jersey corporation (the "Company").
3)
TERM
Three years commencing on the first day of full-time employment
with the Company. After the initial term, the employment is
renewable on an annual basis subject to agreement by both
parties. The employment may be terminated in accordance with
Paragraph 11 below either during the initial term or any
renewals
thereof.
4)
REPORTS TO
Brian F. King, Senior Vice President, or such other person or
persons as the Chairman & Chief Executive Officer may
designate.
5)
COMPENSATION
Salary: $190,000 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.
6)
EXPENSE REIMBURSEMENT
All reasonable documented expenses necessarily incurred in the
performance of the employee's duties will be reimbursed in
accordance with Company policies.
7)
VACATION
Three weeks vacation per year. Employee shall provide the
Company
a minimum of 30 days' notice of a request for vacation days.
All
vacation days are subject to the Company's approval. The
employee
shall be entitled to the Company's regularly scheduled
holidays.
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8)
BONUS
The employee is eligible to participate in the Company's
management incentive compensation program. The participation
shall be subject to the terms and conditions of said program.
The
eligibility to participate in the program of employee does not
require the Company to provide a bonus to the employee. The
initial review for bonus shall occur on or about June 30, 2000
and cover the period from the initial date of employment
through
June 30, 2000. Subsequent bonus reviews shall take place every
12
months thereafter.
9)
OPTIONS
The employee will be granted the following options to purchase
shares of the common
stock of Concord Camera Corp.
15,000 shares to vest on the 1st year anniversary date
15,000 shares to vest on the 2nd year anniversary date
15,000 shares to vest on the 3rd year anniversary date
The price of the options shall be the record share price as of
the close of business on the signing date. The options shall
be:
(1) subject to the terms and conditions of the Company's
standard
option agreement; (2) conditioned upon the employee's execution
and delivery of said agreement, as of the signing date. The
grant
of the aforesaid options does not establish any right of
continued employment.
10)
AUTOMOBILE ALLOWANCE
Automobile allowance of $1,000 per month.
11)
LOAN
The Company has agreed to provide to the employee a loan in the
amount of $30,000 as specified on the Promissory Note annexed
hereto as Exhibit D. Pursuant to the terms of the Promissory
Note, in the event that the employee's employment is terminated
voluntarily by the employee then all amounts then due under
the Promissory Note shall immediately become due and payable.
Subject to employee's continued employment as of the below
applicable forgiveness dates, the loan will be forgiven as
follows:
One third
on the first anniversary date of employment (April 17,
2001);
One third on the second anniversary date of employment
(April 17, 2002); and
One third on the third anniversary date of employment (April
17,
2003);
If the employee has been terminated by the Company for any
reason
other than Cause, the Company will forgive the loan. In the
event
that the employee is terminated for cause all amounts then due
under the Promissory Note shall immediately become due and
payable. The employee consents to withdraw or offset from any
amounts due to the employee from the Company, if applicable.
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12) BOSTON
UNIVERSITY MANUFACTURING PROGRAM
Employer acknowledges that employee is authorized to continue
his
participation in the Boston University Manufacturing Program.
It
is acknowledged that employee's participation will require him
to
attend 3-4 meetings per year, provided that such participation
does not conflict with meetings that Employee is scheduled to
attend on behalf of the Company. It is further agreed that
employee will not be required to utilize vacation or personal
time to participate in these meetings. All travel and other
expenses relevant to this Program will be born by the Employee.
13)
RELOCATION
Employee agrees to relocate his primary residence to the
Company's headquarters in Hollywood, Florida no later than May
16, 2000, under the terms of the Company's standard relocation
pack
