UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 1, 2004
CONCORD CAMERA CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Jersey 13-3152196
------------------------------- -----------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
0-17038
------------------------
(Commission File Number)
4000 Hollywood Boulevard, 6th Floor North Tower, Hollywood, Florida 33021
-------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 331-4200
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
The employment of Richard M. Finkbeiner, the former Senior Vice President and
Chief Financial Officer of Concord Camera Corp. (the "Company"), terminated
effective as of July 27, 2004. In connection therewith, on September 1, 2004 Mr.
Finkbeiner and the Company entered into a Separation Agreement, dated effective
as of August 18, 2004. Pursuant to the Separation Agreement, Mr. Finkbeiner is
to receive: (a) the equivalent of his base salary of $262,500 per annum through
July 26, 2005, payable in accordance with the Company's normal payroll
practices; (b) a lump sum payment of $12,500; (c) pay for accrued but unused
vacation; and (d) $75,000 of the vested funds in his Supplemental Executive
Retirement Plan, in a lump sum payment. In return, Mr. Finkbeiner provided the
Company with a general release. Under the terms of the Separation Agreement, Mr.
Finkbeiner is prohibited from competing with the Company for one year following
the termination of his employment with the Company. The terms of the Separation
Agreement are generally consistent with the termination provisions of Mr.
Finkbeiner's Terms of Employment.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CONCORD CAMERA CORP.
Date: September 7, 2004 By: /s/ Alan Schutzman
------------------------------
Alan Schutzman,
Senior Vice President,
General Counsel and Secretary
2