November 29, 2004 EXHIBIT 10.14
Xxxx Xxxxxxxx
000 Xxxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Dear Xx. Xxxxxxxx:
The purpose of this letter is to confirm your employment with Lakeland
Industries Inc. on the following terms and conditions:
1. THE PARTIES
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This is an agreement between Xxxx Xxxxxxxx (hereinafter referred to as "you")
and Lakeland Industries, Inc., a Delaware corporation, with principal place of
business located at 000-0 Xxxxxxx Xxxxxx, Xxxxxxxxxx, XX 00000-0000 (hereinafter
the Company).
2. TERM; RENEWAL
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The term of the agreement shall be for a 1 year period from November 29, 2004
through and including November 30, 2005 which term shall be automatically
renewed for a maximum of 2 successive annual periods unless either party
notifies the other 30 days prior to the expiration of the original term or
renewal thereof, that the agreement will not be renewed.
3. CAPACITY
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You shall be employed in the capacity of Chief Financial Officer (CFO) of
Lakeland Industries, Inc. and such other senior executive title or titles as may
from time to time be determined by the Board of Directors of the Company. You
shall be directly responsible to the President and the Board of Directors of the
Company.
4. COMPENSATION
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As full compensation for your services you shall receive following from the
Company:
a. A base annual salary of $180,000.00 per year payable bi-weekly plus
car allowance by picking lease up on 02 Gr. Cherokee for 15 months +
insurance. Restricted stock if approved by Board; and
b. Such other benefits as are consistent with the personnel benefits
provided by the Company to its officers provided however that your
vacation shall be for a period of no less than three weeks; and
c. Reimbursement for any dues and expenses incurred by you that are
only necessary and proper in the conduct of the Company's business;
and
5. BONUS
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In June of each year commencing in 2005 you shall be awarded a discretionary
bonus based on the efficient and successful implementation of Xxxxxxxx-Xxxxx 404
Internal Controls in 2005 and other goals set by the Audit Committee of the
board of Directors for fiscal years 2006 and 2007.
6. NON-COMPETITION
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During the term of this agreement and for five years thereafter, you shall not
either directly or indirectly as an agent, employee, partner, stockholder,
director, investor, or otherwise engage in any activities in competition with
the activities of the Company, as more fully described in the separate
Non-Competition Agreement attached hereto as Exhibit 1. You shall also abide by
the Code of Ethics Agreement and other Corporate Governance Agreements attached
hereto and made a part hereof as Exhibit 2. You shall disclose prior to the
execution of this agreement (or later on as the case may be) all business
relationships you presently have or contemplate entering into or enter into in
the future that might affect your responsibilities or loyalties with or to
Lakeland.
7. CONFIDENTIALITY
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Except as required in your duties to the Company you shall not at any time
during your employment and for a period of 5 years thereafter directly or
indirectly use or disclose any confidential information relating to the Company
or its business which is disclosed to you or known by you as a consequence of or
through your employment by the Company and which is not otherwise generally
obtainable by the public at large.
8. NOTICES
Any notices required to be give under this Agreement shall unless otherwise
agreed to by you and the Company be in writing and by certified mail return
receipt requested and mailed to the Company at its headquarters at 000-0 Xxxxxxx
Xxxxxx Xxxxxxxxxx, XX 00000-0000 or to you at your home at 000 Xxxxxxxx Xxxxxx,
Xxxx Xxxxx, XX 00000.
9. WAIVER OR MODIFICATION
No waiver or modification in whole or in part of this agreement or any term or
condition hereof shall be effective against any party unless in writing and duly
signed by the party sought to be bound. Any waiver of any breach of any
provision hereof or right or power by any party on one occasion shall not be
construed as a waiver of or a bar to the exercise of such right or power on any
other occasion or as a waiver of any subsequent breach.
10. SEPARABILITY
Any provision of this agreement or non-competition agreement (the
"Agreement") which is unenforceable or invalid in any respect in any
jurisdiction shall be ineffective in such jurisdiction to the extent
that it is unenforceable or invalid without effecting the remaining
provisions hereof which shall continue in full force and effect. The
unenforceability or invalidity of any provision of the agreement in
one jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.
12. HEADINGS
The headings contained in this agreement are for convenience only and shall not
affect restrict or modify the interpretation this agreement.
12. CONTROLLING LAW
This agreement shall be governed by and construed in accordance with the laws of
the States of New York applicable to contracts made and to be performed therein
and you agree to the exclusive jurisdiction and venue of the federal or state
courts located in the States of New York on any legal issues arising out of this
contract and you agree that such judgments as rendered by New York courts shall
be transferable and binding in all other American courts of competent
jurisdiction.
LAKELAND INDUSTRIES, INC.
By: /s/ Xxxxxxxxxxx X. Xxxx
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Xxxxxxxxxxx X. Xxxx
President
AGREED AND ACCEPTED
/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx
