CONCORD CAMERA CORP
MATERIAL CONTRACTS
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>b328044_exh10-1.txt
<DESCRIPTION>MATERIAL CONTRACTS
<TEXT>
<PAGE>

                                                                    EXHIBIT 10.1
                             Amendment No. 2 to the
                               Deferral Agreement
                                       for
                                Keith L. Lampert

         Amendment No. 2 dated as of October 20, 2003 (this "Amendment"), to the
Deferral Agreement dated as of June 2, 2000, as heretofore amended
("Agreement"), by and between CONCORD CAMERA CORP., a New Jersey corporation
(the "Employer") and KEITH L. LAMPERT (the "Executive").

         The Employer and the Executive agree that the Agreement is hereby
amended as follows:

         1. Article IV of the Agreement is hereby deleted and replaced with the
following:

                        "ARTICLE IV. Death and Disability

                  1. Notwithstanding any other provision of this Deferral
         Agreement to the contrary, unless the Executive elected otherwise with
         the consent of the Employer, in the event of the Executive's death
         prior to the payment of all of the balances in the Accounts the
         Employer shall pay, not later than 30 days following the Executive's
         death, all remaining balances in the Accounts in one lump-sum to the
         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.

                  2. Notwithstanding any other provision of this Deferral
         Agreement to the contrary, unless the Executive elected otherwise with
         the consent of the Employer, in the event of the Executive's disability
         prior to the payment of all of the balances in the Accounts the
         Employer shall pay all remaining balances in the Accounts in one
         lump-sum to the Executive not later than 30 days following the
         Executive's disability."

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

         IN WITNESS WHEREOF, this Amendment No. 2 has been duly executed by the
Employer and by the Executive as of the date indicated above.

Witness:                                      CONCORD CAMERA CORP.


   /s/ Diane L. Micciche                      By:    /s/  Ira B. Lampert
-----------------------------                    -------------------------------
                                                  Ira B. Lampert
                                                  Chairman & CEO
Witness:


   /s/ Diane L. Micciche                             /s/  Keith L. Lampert
-----------------------------                 ----------------------------------
                                              Keith L. Lampert


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