Document:

ex10-4.htm

    Exhibit
10.4

    

    Employment
Contract

    Harvey
Pride, Jr.

    April
11, 2008-April 11, 2010

    

    1.           THE
PARTIES

    

    This is
an agreement between Harvey Pride, Jr. (hereinafter referred to as “you”) and
Lakeland Industries, Inc., a Delaware corporation with principal place of
business located at 701-7 Koehler Avenue, Ronkonkoma, NY 11779-7410 (hereinafter
the “Company”).

    

    2.           TERM;
RENEWAL

    

    The term
of the agreement shall be for a 2 year period from April 11, 2008 through and
including April 11, 2010.

    

    3.           CAPACITY

    

    You shall
be employed in the capacity of Senior Vice President of Manufacturing of
Lakeland Industries, Inc. and such other title or titles as may from time to
time be determined by the Board of Directors of the Company.

    

    You agree
to devote your full time and attention and best efforts to the faithful and
diligent performance of your duties to the Company and shall serve and further
the best interests and enhance the reputation of the Company to the best of your
ability.

    

    4.           COMPENSATION

    

    As full
compensation for your services you shall receive the following from the
Company:

    

    
      	
               
      

            	
              a.

            	
              A
      base annual salary of $220,000.00 per year payable bi-weekly;
      and

            

    

    
      	
               
      

            	
              b.

            	
              Participation
      when eligible in any of the Company’s Pension, Profit Sharing, and 401 (K)
      plans when any such plans have or become
  effective:

            

    

    
      	
               
      

            	
              c.

            	
              Such
      other benefits as are consistent with the personnel benefits provided by
      the Company to its officers and employees; provided however that your
      vacation shall be for a period of no more than 20 business days. It is
      understood that no more that (2) weeks consecutive weeks of vacation shall
      be taken by you at any one time;
and

            

    

    
      	
               
      

            	
              d.

            	
              An
      adjustment in the way car allowances or leases are paid which will require
      a gross up in W-2 wages of $9,000 covering all vehicle expenses except
      fuel.

            

    

    
      	
               
      

            	
              e.

            	
              An
      annual discretionary bonus not less than $10,000 payable May 25, 2009 as
      set forth in this agreement:

            

    

    
      	
               
      

            	
              i.

            	
              Mexico
      shall achieve its $500,000 in savings as compared with FY07 costs as per
      Jim Drumgoole and Greg Pontes spreadsheet analyzing and savings as
      projected by September 30, 2009, (a) by the addition of Uniland and
      Hi-visibility high China tariff products to the product mix, not by moving
      low China tariff products back to Mexico, (b) increasing labor
      efficiencies to 100% or above.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              ii.

            	
              Inventory
      turn times at Decatur and Mexico (being Disposables, Highland, Chemland)
      shall increase to 3 times a year and finished goods turns to 5 times a
      year. This may not be completely achievable, but for bonus purposes the
      Board will look at this on a sliding scale. (i.e. improvement over what it
      is today as at 1/31/08)

            

    

    
      	
               
      

            	
              iii.

            	
              Monitoring
      North American slow moving or excess inventory. This will be measured by
      reserves or write-offs already taken for FY08 versus FY09. No charitable
      contributions to be made.

            

    

    
      	
               
      

            	
              iv.

            	
              Reducing
      USA unit cost of purchased raw materials, components and services on an
      apples to apples basis. Such calculations shall be determined by one of
      the Company’s outside auditors. The above goals will be further spelled
      out orally and/or by memos on a case by case basis. 50% of your bonus will
      be based upon the above as measured by the Compensation Committee of the
      Board of Directors. Such bonus will be in
cash.

            

    

    

    For FY
2009

    

    By May
25th
of each year commencing in 2009, you may be awarded a discretionary bonus based
on an increase in after tax earnings measured from the prior year end. Said
bonus shall be calculated as follows: for each penny increase in earnings after
tax from $0.70 up to $0.93, a bonus of $1,000 and thereafter $500 of restricted
stock with adjustments for stock splits or dividends or other such dilution in
EPS during the fiscal year. New bonus targets for FY2010 will be set by April
2010 and shall be attached hereto as addendum.

    

    5.        
   NON-COMPETITION

    

    During
the term of this agreement and for two 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.  You shall also abide by the Code of Ethics
Agreement and other Corporate Governance Rules as displayed on the Company’s Web
Page.  You shall disclose prior to the execution of this agreement (or
later on as the case may be) all outside business relationships, interests,
investments, enterprises, that you presently have or contemplate entering into
or enter into in the future that might affect your time spent on the business
interests and your employment responsibilities to Lakeland, and/or loyalties to
Lakeland.

    

    6.      
     CONFIDENTIALITY

    

    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.

    

    7.      
     TERMINATION

    

    You or
the Company may terminate your employment prior to the end of the Term for any
reason upon written notice to the other party in accordance with the following
provisions:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              Death.  Your
      employment shall terminate on the date of your death.  Your Base
      Salary (as in effect on the date of death) shall continue through the last
      day of the month in which your death occurs.  Payment of your
      Base Salary shall be made to your estate or your beneficiary as designated
      in writing to the Company.  Your estate or designated
      beneficiaries as applicable shall also receive a pro-rata portion of the
      Annual Bonus, if any, determined for the fiscal year up to and including
      the date of death which shall be determined in good faith by the
      Compensation Committee of the Board of Directors.  Your
      beneficiaries shall also be entitled to all other benefits generally paid
      by the Company on an employee’s
death.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Disability.  Your
      employment shall terminate if you become totally disabled.  You
      shall be deemed to be totally disabled if you are unable, for any reason,
      to perform any of your duties to the Company for a period of ninety
      consecutive days, or for periods aggregating 120 days in any period of 180
      consecutive days.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Other
      Termination.  Should you decide to leave the Company, you
      will provide the Company with 45 days written notice.  Should
      the Company decide to terminate you for any reason it shall have the right
      to buy out your contract rights herein for 6 months base pay and any
      commissions and bonus due you on the date of termination
      and  shall determine same by what you would have been paid in
      salary for 6 months after the date of termination calculated from the
      prior six months of salary, all concomitant with your execution of the
      Company’s standard severance
agreement.

            

    

    

    8.         
  NOTICES

    

    Any
notices required to be given 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 701-7 Koehler Avenue,
Ronkonkoma, NY 11779-07410 or to you at your business address at 202 Pride Lane,
Decatur, AL 35603.

    

    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 or confidentiality sections (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.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    11.           HEADINGS

    

    The
headings contained in this agreement are for convenience only and shall not
affect, restrict or modify the interpretation of this Agreement.

    

    12.           CONTROLLING
LAW

    

    This
agreement shall be governed by and construed in accordance with the laws of the
State 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

    State 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.

            
	 
      	
              COMPENSATION
      COMMITTEE

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Eric O.
      Hallman

            
	 
      	 
      	
                 
        Eric O. Hallman, Chairman

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ John J.
      Collins

            
	 
      	 
      	
                 
        John J. Collins

            
	 
      	 
      	 
      
	
              AGREED
      AND ACCEPTED:

            	 
      	 
      
	 
      	
              By:

            	
              /s/ Michael
      Cirenza

            
	 
      	 
      	
                 
        Michael Cirenza

            
	
              /s/ Harvey Pride,
      Jr.        

            	 
      	 
      
	
              Harvey
      Pride, Jr.

            	 
      	 
      
	
              Sr.
      Vice President

            	
              By:

            	
              /s/ A. John
      Kreft

            
	 
      	 
      	
                 
        A. John Kreft

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Stephen M.
      Bachelder

            
	 
      	 
      	
                 
        Stephen M. Bachelderex10-5.htm

    Exhibit
10.5

    

    Lakeland
Industries, Inc.

    

    Employment
Agreement

    

    This agreement (“Agreement”) has been
entered into this 11th day April, 2008, by and between Lakeland Industries,
Inc., a Delaware corporation (“Company”), and Christopher J. Ryan, an individual
(“Executive”).

    

    IT IS
AGREED AS FOLLOWS

    

    
      	
              SECTION
      1:

            	
              DEFINITIONS
      AND CONSTRUCTION.

            

    

    

    
      	
              1.1

            	
              DEFINITIONS.  For
      purposes of this Agreement, the following words and phrases, whether or
      not capitalized, shall have the meanings specified below, unless the
      context plainly requires a different
meaning.

            

    

    

    
      	
              1.1
      (a)

            	
              “CHANGE
      IN CONTROL” means:

            

    

    
      	
               
      

            	
              (i)
      The acquisition by any individual, entity or group, or a Person (within
      the meaning of Section 13 (d) (3) or 14 (d) (2) of the Exchange Act) of
      ownership of more than 50% of either (a) the then outstanding shares of
      common stock of the Company (the “Outstanding Company Common Stock”) or
      (b) the combined voting power of the then outstanding voting securities of
      the Company entitled to vote generally in the election of directors (the
      “Outstanding Company Voting Securities”);
or

            

    

    

    
      	
               
      

            	
              (ii)
      Individuals who, as the date hereof, constitute the Board (the “Incumbent
      Board”) cease for any reason to constitute at least a majority of the
      Board; provided, however, that any individual becoming a director
      subsequent to the date hereof whose election, or nomination for election
      by the Company’s stockholders, was approved by a vote of at least a
      majority of the directors then comprising the Incumbent Board shall be
      considered as though such individual were a member of the Incumbent Board,
      but excluding, as a member of the Incumbent Board, any such individual
      whose initial assumption of office occurs as a result of either an actual
      or threatened election contest (as such terms are used in Rule 14a-11 of
      Regulation 14A promulgated under the Exchange Act) or other actual or
      threatened solicitation of proxies or consents by or on behalf of a Person
      other than the Board; or

            

    

    

    
      	
               
      

            	
              (iii)
      Approval by the stockholders of the Company of a reorganization, merger or
      consolidation, in each case, unless, following such reorganization, merger
      or consolidation, (a) more than 50% of, respectively, the then outstanding
      shares of common stock of the corporation resulting from such
      reorganization, merger or consolidation and the combined voting power of
      the then outstanding voting securities of such corporation entitled to
      vote generally in the election of directors is then beneficially owned,
      directly or indirectly, by all or substantially all of the individuals and
      entities who were the beneficial owners, respectively, of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities immediately
      prior to such

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    reorganization,
merger or consolidation in substantially the same proportions as their
ownership, immediately prior to such reorganization, merger or consolidation, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities,
as the case may be, (b) no Person beneficially owns, directly or indirectly, 30%
or more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such reorganization, merger or consolidation or the
combined voting power of the then outstanding voting securities of such
corporation, entitled to vote generally in the election of directors and (c) at
least a majority of the members of the board of directors of the corporation
resulting from such reorganization, merger or consolidation were members of the
Incumbent Board at the time of the execution of the initial agreement providing
for such reorganization, merger or consolidation; or

    

    
      	
               
      

            	
              (iv)
      Approval by the stockholders of the Company of (a) a complete liquidation
      or dissolution of the Company or (b) the sale or other disposition of all
      or substantially all of the assets of the Company, other than to a
      corporation, with respect to which following such sale or other
      disposition, (1) more than 50% of, respectively, the then outstanding
      shares of common stock of such corporation and the combined voting power
      of the then outstanding voting securities of such corporation entitled to
      vote generally in the election of directors is then beneficially owned,
      directly or indirectly, by all or substantially all of the individuals and
      entities who were the beneficial owners, respectively, of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities immediately
      prior to such sale or other disposition in substantially the same
      proportion as their ownership, immediately prior to such sales or other
      disposition, of the Outstanding Company Common Stock and Outstanding
      Company Voting Securities, as the case may be, (2) no Person beneficially
      owns, directly or indirectly, 30% or more of, respectively, the then
      outstanding shares of common stock of such corporation and the combined
      voting power of the then outstanding voting securities of such corporation
      entitled to vote generally in the election of directors and (3) at least a
      majority of the members of the board of directors of such corporation were
      members of the Incumbent Board at the time of the execution of the initial
      agreement or action of the Board providing for such sale or other
      disposition of assets of the
Company.

            

    

    

    
      	
              1.1
      (b)

            	
              “EMPLOYMENT
      PERIOD” means the period beginning on April 11, 2008 and ending on April
      11, 2010.

            

    

    

    
      	
              1.1
      (c)

            	
              “PERSON”
      has the meaning set forth in Sections 13 (d) and 14 (d) of the Exchange
      Act.

            

    

    

    
      	
              1.1
      (d)

            	
              “TERM”
      means the period that begins on April 11, 2008 and ends on the earlier of:
      (i) the Date of Termination as defined in Section 3.6 of this Agreement,
      or (ii) the close of business on April 11,
2010.

            

    

    

    
      	
              1.1
      (e)

            	
              “TRIGGERING
      TRANSACTION” means a Change of Control of the
  Company.

            

    

    

    
      	
              1.1
      (f)

            	
              “TRIGGERING
      TRANSACTION DATE” shall mean the date of the Triggering
      Transaction.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              1.2

            	
              APPLICABLE
      LAW.  This Agreement shall be governed by and construed in
      accordance with the laws of the State of New York without reference to its
      conflict of law principles.

            

    

    

    
      
        	
                SECTION
      2:

              	
                TERMS
      AND CONDITIONS OF EMPLOYMENT.

              

      

    

    

    
      	
              2.1

            	
              PERIOD
      OF EMPLOYMENT.  The Executive shall remain in the employ of the
      Company throughout the Term of this Agreement in accordance with the terms
      and provisions of this Agreement.

            

    

    

    
      	
              2.2

            	
              POSITIONS
      AND DUTIES.

            

    

    

    
      	
              2.2
      (a)

            	
              Throughout
      the Term of this Agreement, the Executive shall serve as a Director of the
      Board and President, General Counsel and Secretary of the Company, subject
      to reasonable directions and nominations of the Board.  The
      Executive shall have such authority and shall perform such duties as are
      specified by the By-laws of the Company for the office to which he has
      been appointed hereunder and shall so serve, subject to the control
      exercised by the Board from time to time.  Additionally, each
      year throughout the Term of the Executive’s service as a Director, the
      Executive shall be nominated to serve as member of the
    Board.

            

    

    

    
      	
              2.2
      (b)

            	
              Throughout
      the Term of this Agreement (but excluding any periods of vacation and sick
      leave to which the Executive is entitled), the Executive shall devote his
      full business time and attention to the business and affairs of the
      Company and shall use his best efforts to perform faithfully and
      efficiently such responsibilities as are assigned to him under or in
      accordance with this Agreement; provided that, it shall not be a violation
      of this paragraph for the Executive to serve on corporate, civic or
      charitable boards or committees, so long as such activities do not
      interfere with the performance of the Executive’s responsibilities as an
      employee of the Company in accordance with this Agreement or violate the
      Company’s conflict of interest
policy.

            

    

    

    
      	
              2.3

            	
              SITUS
      OF EMPLOYMENT.  Throughout the Term of this Agreement, the
      Executive’s services shall be performed at the location where the
      Executive was employed immediately prior to the Effective Date, or any
      office of the Company which is located on Long Island or the New York City
      metropolitan area.  It is understood and agreed by the Executive
      that the Executive will be required at the discretion of the Board of
      Directors, to engage in substantial business
  travel.

            

    

    

    
      	
              2.4

            	
              COMPENSATION.

            

    

    

    
      	
              2.4
      (a)

            	
              ANNUAL
      BASE SALARY.  The Executive shall receive an annual salary
      (“Annual Base Salary”) of $400,000 between April 11, 2008 and April 11,
      2010, which shall be paid in equal or substantially equal semi-monthly
      installments (i.e. $16,666.67 semi-monthly).  During the Term of
      this Agreement, the Annual Base Salary payable to the Executive shall be
      reviewed at least annually and may be increased at the sole discretion of
      the Compensation Committee of the Board but shall not be
      reduced.

            

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              2.4(b)

            	
              INCENTIVE
      BONUSES.  In addition to Annual Base Salary, the Executive shall
      be awarded the opportunity to earn an incentive bonus on an annual basis
      (“Incentive Bonus”) under an incentive compensation plan to be determined
      by the Compensation Committee of the Board (and attached hereto as Exhibit
      1).  During the Term of this Agreement, the annual Incentive
      Bonus which the Executive will have the opportunity to earn shall be
      reviewed at least annually and be increased at the discretion of the
      Compensation Committee of the
Board.

            

    

    

    
      	
              2.4
      (c)

            	
              INCENTIVE,
      SAVINGS AND RETIREMENT PLANS.  Throughout the Term of this
      Agreement, the Executive shall be entitled to participate in all
      incentive, savings and retirement plans generally available to other peer
      executives of the Company.

            

    

    

    
      	
              2.4
      (d)

            	
              WELFARE
      BENEFIT PLANS.  Throughout the Term of this Agreement (and
      thereafter, subject to Section 4.1 (c) hereof), the Executive and /or the
      Executive’s family, as the case may be, shall be eligible for
      participation in and shall receive all benefits under welfare benefit
      plans, practices, policies and programs provided by the Company
      (including, without limitation, medical, prescription, dental, disability,
      salary continuance, employee life, group life, accidental death and travel
      accident insurance plans and programs) to the extent generally available
      to other peer executives of the Company.  As it affects Sections
      2.4(c) and 2.4(d) above, the Company shall always have the right to alter
      its benefit plan providers.

            

    

    

    
      	
              2.4
      (e)

            	
              EXPENSES.  Throughout
      the Term of this Agreement, the Executive shall be entitled to receive
      reimbursement for all reasonable and necessary business-related expenses
      incurred by the Executive in accordance with the policies, practices and
      procedures generally applicable to other peer executives of the
      Company.  The Executive agrees to submit receipts and/or
      vouchers in support of all requests for
  reimbursement.

            

    

    

    
      	
              2.4
      (f)

            	
              FRINGE
      BENEFITS.  Throughout the Term of this Agreement, the Executive
      shall be entitled to use a non-luxury automobile, with title to remain in
      the Company, and life insurance in the face amount of $500,000, paid by
      the Company.  Executive agrees to be solely responsible for any
      and all federal, state and local taxes owing as a result of such
      automobile or life insurance being
provided.

            

    

    

    
      	
              2.4
      (g)

            	
              VACATION.  Throughout
      the Term of this Agreement, the Executive shall be entitled to paid
      vacation for 20 business days.  It is understood that no more
      than two (2) consecutive weeks of vacation shall be taken by Executive at
      any one time.

            

    

    

    
      	
              SECTION
      3:

            	
              TERMINATION
      OF EMPLOYMENT

            

    

    

    
      	
              3.1

            	
              DEATH.  Your
      employment shall terminate on the date of your death.  Your Base
      Salary (as in effect on the date of death) shall continue through the last
      day of the month in which your death occurs, the payment of which shall be
      made to your estate or your beneficiary as designated in writing to the
      Company.  Your estate or designated beneficiaries as applicable
      shall also receive a pro-rata portion of the Incentive Bonus, if any,
      determined for the fiscal year up to and including the date of death which
      shall be determined in good faith by the Compensation Committee of the
      Board of Directors.  Your beneficiaries shall also be entitled
      to all other benefits generally paid by the Company on an employee’s
      death.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    

    
      	
              3.2.

            	
              DISABILITY.  Your
      employment shall terminate if you become totally disabled. You shall be
      deemed to be totally disabled if you are unable, for any reason, to
      perform any of your duties to the Company for a period of ninety
      consecutive days, or for periods aggregating 120 days in any period of 180
      consecutive days.

            

    

    

    
      	
              3.3

            	
              TERMINATION
      FOR CAUSE.  The Company may terminate the Executive’s employment
      during the Employment Period for “Cause”, which shall mean termination
      based upon: (i) the Executive’s failure to substantially perform his
      duties with the Company (other than as a result of a disability, which
      shall be governed by Section 3.2), after a written demand for substantial
      performance is delivered to the Executive by the Company, which
      specifically identifies the manner in which the Executive has not
      substantially performed his duties, (ii) the Executive’s commission of an
      act  of fraud, theft, misappropriation, dishonesty or
      embezzlement, (iii) the Executive’s conviction for a felony or pleading
      nolo contendere
      to a felony, (iv) the Executive’s failure to follow a lawful directive of
      the Board of Directors, or (v) the Executive’s material breach of any
      provision of this Agreement.  Notwithstanding the foregoing, the
      Executive shall not be deemed to have been terminated for Cause unless and
      until (i) he receives a Notice of Termination from the Company, (ii) he is
      given the opportunity, with counsel, to be heard before the Board, and
      (iii) the Board finds, in its good faith opinion, the Executive was guilty
      of the conduct set forth in the Notice of
  Termination.

            

    

    

    
      	
              3.4

            	
              GOOD
      REASON.  The Executive may terminate his employment with the
      Company for “Good Reason”, which shall
mean:

            

    

    

    
      	
              3.4
      (a)

            	
              the
      assignment to the Executive of any duties inconsistent in any respect with
      the Executive’s position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by
      Section 2.2 (a) or any other action by the Company which results in a
      material diminution in such position, authority, duties or
      responsibilities, excluding for this purpose any action not taken in bad
      faith and which is remedied by the Company promptly after receipt of
      notice thereof given by the
Executive;

            

    

    

    
      	
              3.4
      (b)

            	
              (i)
      in the event of and after the occurrence of a Triggering Transaction, the
      failure by the Company to continue in effect any benefit or compensation
      plan, stock ownership plan, life insurance plan, health and accident plan
      or disability plan to which the Executive is entitled as specified in
      Section 2.4,

            

    

    
      	
               
      

            	
              (ii)
      the taking of any action by the Company which would adversely affect the
      Executive’s participation in, or materially reduce the Executive’s
      benefits under, any plans to which the Executive is entitled as specified
      in Section 2.4, or deprive the Executive of any material fringe benefit
      enjoyed by the Executive as described in Section 2.4 (f),
    or

            

    

    
      	
               
      

            	
              (iii)
      the failure by the Company to provide the Executive with paid vacation to
      which the Executive is entitled as described in Section 2.4
      (g).

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      	
              3.4
      (c)

            	
              in
      the event of and after the occurrence of a Triggering Transaction, the
      Company’s requiring the Executive to be based at any office or location
      other than that described in Section
2.3;

            

    

    

    
      	
              3.4
      (d)

            	
              a
      material breach by the Company of any provision of this Agreement; such
      breach by the Company shall require Executive to provide the Company a
      written notice describing with specificity the nature of the contractual
      breach and the Company shall have 30 days to cure such
    breach.

            

    

    

    
      	
              3.4
      (e)

            	
              within
      a period ending at the close of business on the date one (1) year after
      the Triggering Transaction Date of any Change in Control, if the Company
      has failed to comply with and satisfy Section 6.2 on or after such
      Triggering Transaction Date.

            

    

     

    
      	
              3.5

            	
              NOTICE
      OF TERMINATION.  Any termination by the Company for Cause or
      Disability, or by the Executive for Good Reason, shall be communicated by
      Notice of Termination to the other party, given in accordance with Section
      7.2.  For purposes of this Agreement, a “Notice of Termination”
      means a written notice which (i) indicates the specific termination
      provision in this Agreement relied upon, (ii) to the extent applicable,
      sets forth in reasonable detail the facts and circumstances claimed to
      provide a basis for termination of the Executive’s employment under the
      provision so indicated, and (iii) if the Date of Termination (as defined
      in Section 3.6 hereof) is other than the date of receipt of such notice,
      specifies the termination date (which date shall be not more than thirty
      (30) days after the giving of such notice).  The failure by the
      Executive or the Company to set forth in the Notice of Termination any
      fact or circumstance which contributes to a showing of Good Reason or
      Cause shall not waive any right of the Executive or the Company hereunder
      or preclude the Executive or the Company from asserting such fact or
      circumstance in enforcing the Executive’s or the Company’s rights
      hereunder.

            

    

    

    
      	
              3.6

            	
              DATE
      OF TERMINATION.  “Date of Termination” means (i) if the
      Executive’s employment is terminated by the Company for Cause, or by the
      Executive for Good Reason, the Date of Termination shall be the date of
      receipt of the Notice of Termination or any later date specified therein,
      as the case may be, (ii) if the Executive’s employment is terminated by
      reason of death, the Date of Termination shall be the date of death of the
      Executive, or (iii) if the Executive’s employment is terminated for any
      other reason, the Date of Termination shall be the date of receipt of the
      Notice of Termination.

            

    

    

    
      	
              SECTION
      4:

            	
              CERTAIN
      BENEFITS UPON TERMINATION.

            

    

    

    
      	
              4.1

            	
              TERMINATION
      WITHOUT CAUSE OR FOR GOOD REASON.  If, (i) the Company shall
      terminate the Executive’s employment without Cause, or (ii) the Executive
      shall terminate employment with the Company for Good Reason, the Executive
      shall be entitled to the payment of the benefits provided below as of the
      Date of Termination:

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    
      	
              4.1
      (a)

            	
              Accrued
      Obligations.  Within thirty (30) days after the Date of
      Termination, the Company shall pay to the Executive the sum of (1) the
      Executive’s Annual Base Salary through the Date of Termination to the
      extent not previously paid, (2) the accrued benefit payable to the
      Executive under any deferred compensation plan, program or arrangement in
      which the Executive is a participant subject to the computation of
      benefits provisions of such plan, program or arrangement, and (3) any
      accrued vacation pay; in each case to the extent not previously paid (the
      “Accrued Obligation”).

            

    

    

    
      	
               
      

            	
              In
      addition, on the date that Incentive Bonuses are paid to other peer
      executives for the year in which the Executive’s employment is terminated,
      the Executive will be paid an amount equal to the product of the Current
      Target Bonus multiplied by a fraction, the numerator of which is the
      number of days during the fiscal year for which the Incentive Bonus is
      paid prior to the Date of Termination and denominator of which is
      365.  For purposes of this Agreement, the term “Current Target
      Bonus” means the Incentive Bonus that would have been paid to the
      Executive for the fiscal year in which the termination of employment
      occurred, if the Executive’s employment had not been so terminated and the
      Executive had earned 100% of the Incentive Bonus that he could have earned
      for that year.

            

    

    

    
      	
              4.1
      (b)

            	
              Annual
      Base Salary and Target Bonus Continuation.  For the remainder of
      the Employment Period, the Company shall pay to the Executive, the
      Executive’s then-current Annual Base Salary and Current Target Bonus as
      would have been paid to the Executive had the Executive remained in the
      Company’s employ throughout the Employment Period; provided that in all
      cases the Executive shall receive, at minimum, the then-current Annual
      Base Salary and Current Target Bonus for the remainder of the Employment
      Period, or for a period beginning on the Date of Termination and ending
      one year thereafter, whichever is longer.  The Company at any
      time may elect to pay the balance of such payments then remaining in a
      lump sum, in which case the total of such payments shall be discounted to
      present value on the basis of the applicable Federal short-term monthly
      rate as determined according to Code Section 1274 (s) for the month in
      which the Executive’s Date of Termination
  occurred.

            

    

    

    
      	
              4.1
      (c)

            	
              Medical
      and Health Benefit Continuation.  For a period of two years
      beginning on the Date of Termination, the Company shall continue medical
      and health benefits to the Executive and/or the Executive’s family at
      least equal to those which would have been provided to them if the
      Executive’s employment had not been terminated, in accordance with the
      plans, practices, programs or policies of the Company as those provided
      generally to other peer executives and their families; provided, however,
      that if the Executive becomes re-employed with another employer and is
      eligible to receive medical or health benefits under another
      employer-provided plan, the medical and health benefits described herein
      shall be secondary to those provided under such other plan during such
      applicable period of eligibility.  In the event Executive is
      able to obtain medical and health care coverage from a third party for the
      duration of such coverage period that is at least as good in all material
      respects as that described in the immediately preceding sentence,
      Executive agrees to accept, in lieu of such Company provided medical and
      health benefits, a lump sum cash payment in an amount equal in value to
      the entire cost to Executive on an after-tax basis of such alternate
      medical and health care
coverage.

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      	
              4.1
      (d)

            	
              Other
      Benefits.  To the extent not previously paid or provided, the
      Company shall timely pay or provide to the Executive and/or the
      Executive’s family any other amounts or benefits required to be paid or
      provided for which the Executive and/or the Executive’s family is eligible
      to receive pursuant to this Agreement and under any plan, program, policy
      or practice or contract or agreement of the Company as those provided
      generally to other peer executives and their families (“Other
      Benefits”).

            

    

    

    
      	
              4.2

            	
              DEATH.  If
      the Executive’s employment is terminated by reason of the Executive’s
      death during the Employment Period, this Agreement shall terminate without
      further obligations to the Executive’s legal representatives under this
      Agreement, other than for (i) payment of Accrued Obligations (as defined
      in Section 4.1 (a)) (which shall be paid to the Executive’s estate or
      beneficiary, as applicable, in a lump sum in cash within thirty (30) days
      of the Date of Termination) and (ii) the timely payment or provision of
      any other benefit(s) generally provided by the Company upon the death of
      an employee of the Company, including death benefits pursuant to the terms
      of any plan, policy, or arrangement of the
  Company.

            

    

    

    
      	
              4.3

            	
              DISABILITY.  If
      the Executive’s employment is terminated by reason of the Executive’s
      Disability during the Employment Period, , this Agreement shall terminate
      without further obligations to the Executive, other than for (i) payment
      of Accrued Obligations (as defined in Section 4.1 (a)) (which shall be
      paid to the Executive in a lump sum in cash within thirty (30) days of the
      Date of Termination) and (ii) the timely payment or provision of any other
      benefit(s) generally provided by the Company upon the Disability of an
      employee, including Disability benefits pursuant to the terms of any plan,
      policy or arrangement of the
Company.

            

    

    

    
      	
              4.4

            	
              TERMINATION
      FOR CAUSE; OTHER THAN GOOD REASON.  If the Executive’s
      employment shall be terminated for Cause during the Employment Period,
      this Agreement shall terminate without further obligations to the
      Executive other than the obligations to pay to the Executive his Accrued
      Compensation (as defined in this Section).  If the Executive
      terminates employment with the Company during the Employment Period,
      (excluding a termination for Good Reason), this Agreement shall terminate
      without further obligations to the Executive, other than for the payment
      of Accrued Compensation (as defined in this Section).  In such
      case, all Accrued compensation shall be paid to the Executive in a lump
      sum in cash within thirty (30) days of the Date of
      Termination.

            

    

    

    
      	
               
      

            	
              For
      the purpose of this Section, the term “Accrued Compensation” means the sum
      of (i) the Executive’s Annual Base Salary through the Date of Termination
      to the extent not previously paid, (ii) any compensation previously
      deferred by the Executive (together with any accrued interest or earnings
      thereon), and (iii) any accrued vacation pay; in each case, to the extent
      not previously paid.

            

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
              4.5

            	
              NON-EXCLUSIVITY
      OF RIGHTS; SUPERSESSION OF CERTAIN BENEFITS.  Except as provided
      in Section 4.1 (c) and in this Section 4.6, nothing in this Agreement
      shall prevent or limit the Executive’s continuing or future participation
      in any plan, program, policy or practice provided by the Company and for
      which the Executive may qualify, nor shall anything herein limit or
      otherwise affect such rights as the Executive may have under any contract
      or agreement with the Company.  Amounts which are vested
      benefits of which the Executive is otherwise entitled to receive under any
      plan, policy, practice or program of, or any contract or agreement with,
      the Company at or subsequent to the Date of Termination, shall be payable
      in accordance with such plan, policy, practice or program or contract or
      agreement except as explicitly modified by this
  Agreement.

            

    

    

    
      	
              SECTION
      5:

            	
              NON-COMPETITION.

            

    

    

    
      	
              5.1

            	
              NON-COMPETE
      AGREEMENT

            

    

    

    
      	
              5.1(a)

            	
              It
      is agreed that during the Term of this Agreement and for a period of two
      (2) years thereafter, the Executive shall not, without prior written
      approval of the Board, become an officer, employee, agent, partner,
      consultant, beneficial/owner, agent, investor, or director of any business
      enterprise in substantial direct competition (as defined in Section
      5.1(b)) with the Company; provided that, if the Executive is terminated by
      the Company without Cause or if the Executive terminates his employment
      for Good Reason, then he will not be subject to the restrictions of this
      Section.

            

    

    

    
      	
              5.1
      (b)

            	
              For
      purposes of Section 5.1, a business enterprise with which the Executive
      becomes associated as an officer, employee, agent, partner, consultant,
      beneficial/owner, agent, investor or director shall be considered in
      substantial direct competition, if such entity competes with the Company
      in any business in which the Company is engaged and is within the
      Company’s market area as of the date that the Term of this Agreement
      expires.

            

    

    

    
      	
              5.1
      (c)

            	
              The
      above constraint shall not prevent the Executive from making passive
      investments, not to exceed five percent (5%), in any
      enterprise.

            

    

    

    
      	
              5.1(d)

            	
              It
      is agreed that during the Term of this Agreement and for a period of two
      (2) years thereafter, the Executive shall not, directly or indirectly,
      hire, offer to hire, or otherwise solicit the employment of any employee
      of the Company on behalf of himself or any business enterprise in
      substantial direct competition (as defined in Section 5.1(b)) with the
      Company.

            

    

    

    
      	
              5.1(e)

            	
              CONFIDENTIAL
      INFORMATION.  The Executive shall hold in a fiduciary capacity
      for the benefit of the Company all secret or confidential information,
      knowledge or data relating to the Company or any of its affiliated
      companies, and their respective businesses, which shall have been obtained
      by the Executive during or as a result of the Executive’s employment by
      the Company and which shall not be or become public knowledge (other than
      by acts by the Executive or representatives of the Executive in violation
      of this Agreement).  After termination of the Executive’s
      employment with the Company, the Executive shall not, without the prior
      written consent of the Company, or as may otherwise be required by law or
      legal process, communicate or divulge any such information, knowledge or
      data to anyone other than the Company and those designated by
      it.  In no event shall an asserted violation of the provisions
      of this Section constitute a basis for deferring or withholding any
      amounts otherwise payable to the Executive under this
      Agreement.

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    

    
      	
              5.1
      (f)

            	
              The
      Executive agrees that the foregoing restrictions are reasonable and shall
      not prevent the Executive from earning a livelihood, and furthermore, if
      any court of competent jurisdiction deems any of the provisions of the
      foregoing invalid, this Agreement shall be enforced to the full extent
      that such provisions are valid and such court may modify such restrictions
      to afford the Company the maximum applicable protection permitted under
      the law.

            

    

    

    
      	
              5.1(g)

            	
              Should
      Executive be adjudicated by a court of competent jurisdiction to be in
      violation of this Section 5.1, all amounts owed Executive pursuant to this
      Agreement shall be forfeited, and the Company shall be entitled to
      injunctive or such other equitable relief as is necessary to restrain
      Executive’s breaching conduct.

            

    

    

    
      	
              5.2

            	
              DEVELOPMENTS.  It
      is agreed that all developments, including inventions, whether patentable
      or otherwise, trade secrets, formulations, discoveries, concepts,
      processes, improvements, ideas or writings, or know-how related thereto,
      which directly or indirectly relate to or may be useful in the design,
      manufacture, packaging or marketing of the Company’s products or otherwise
      in the business of the Company or which directly or indirectly result from
      or are related to any services the Executive has rendered, is or will be
      engaged in rendering for the Company which the Executive, either by
      himself or in conjunction with any other person or persons, shall
      conceive, make, develop, acquire or acquire knowledge of during the
      employment relationship or because of the employment relationship (the
      “developments”), shall become and remain the sole and exclusive property
      of the Company.  The Executive hereby assigns, transfers and
      conveys all of his right, title and interest in and to any and all such
      developments and to promptly disclose all such developments to the
      Company.  Upon the request of the Company, the Executive will
      execute and deliver any and all instruments, documents and papers, give
      evidence and do any and all other acts which are or may be necessary or
      desirable to document such transfer or to enable the Company to file and
      prosecute applications for and to acquire, maintain and enforce any and
      all patents, trademark registrations or copyrights under United States or
      foreign law with respect to any such developments or to obtain any
      extension, validation, reissue, continuance or renewal of any such patent,
      trademark or copyright.  The Company will be responsible for the
      preparation of any such proceedings and will reimburse the Executive for
      reasonable expenses incurred complying with the provisions of this
      paragraph.

            

    

    

    
      	
              SECTIONS
      6:

            	
              SUCCESSORS.

            

    

    

    
      	
              6.1

            	
              SUCCESSORS
      OF EXECUTIVE.  This Agreement is personal to the Executive and,
      without the prior written consent of the Company, the rights (but not the
      obligations) shall not be assignable by the Executive otherwise than by
      will or the laws of descent and distribution.  This Agreement
      shall inure to the benefit of and be enforceable by the Executive’s legal
      representatives.

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    
      	
              6.2

            	
              SUCCESSORS
      OF COMPANY.  The Company will require any successor (whether
      direct or indirect, by purchase, merger, consolidation or otherwise) to
      all or substantially all of the business and/or assets of the Company to
      assume expressly and agree to perform this Agreement in the same manner
      and to the same extent that the Company would be required to perform it if
      no such succession had taken place.  Failure of the Company to
      obtain such agreement prior to the effectiveness of any such succession
      shall be a breach of this Agreement and shall entitle the Executive to
      terminate the Agreement at his option on or after the Triggering
      Transaction Date for Good Reason.  As used in this Agreement,
      “Company” shall mean the Company as hereinbefore defined and any successor
      to its business and/or assets which assumes and agrees to perform this
      Agreement by operation of law, or
otherwise.

            

    

    

    
      	
              SECTION
      7:

            	
              MISCELLANEOUS.

            

    

    

    
      	
              7.1

            	
              OTHER
      AGREEMENTS.  The Board may, from time to time, in the future,
      provide other incentive programs and bonus arrangements to the Executive
      with respect to the occurrence of a Triggering Event that will be in
      addition to the benefits required to be paid in the designated
      circumstances in connection with the occurrence of a Triggering
      Transaction.  Such additional incentive programs and/or bonus
      arrangements will affect or abrogate the benefits to be paid under this
      Agreement only in the manner and to the extent explicitly agreed to by the
      Executive in any such subsequent program or
  arrangement.

            

    

    

    
      	
              7.2

            	
              NOTICE.  For
      purposes of this Agreement, notices and all other communications provided
      for in the Agreement shall be in writing and shall be deemed to have been
      duly given when delivered or mailed by certified or registered mail,
      return receipt requested, postage prepaid, addressed to the respective
      addresses as set forth below; provided that all notices to the Company
      shall be directed to the attention of the Chairman of the Board, or to
      such other address as one party may have furnished to the other in writing
      in accordance herewith, except that notice of change of address shall be
      effective only upon receipt.

            

    

    

    Notice to
Executive:

    ------------------------

    Christopher
J. Ryan

    136 West
Bayberry Road

    Islip, NY
11751

    

    Notice to
Company:

    -----------------------

    Lakeland
Industries, Inc.

    701-7
Koehler Ave.

    Ronkonkoma,
NY 11779

    

    
      	
              7.3

            	
              VALIDITY.  The
      invalidity or unenforceability of any provisions of this Agreement shall
      not affect the validity or enforceability of any other provision of this
      Agreement.

            

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.4

            	
              WAIVER.  The
      Executive’s or the Company’s failure to insist upon strict compliance with
      any provision hereof or any other provision of this Agreement or the
      failure to assert any right the Executive or the Company may have
      hereunder, including, without limitation, the right of the Executive to
      terminate employment for Good Reason pursuant to Section 3.4 shall not be
      deemed to be a waiver of such provision or right or any other provision or
      right of this Agreement.

            

    

    

    
      	
               
      

            	
              IN
      WITNESS WHEREOF, the Executive and, the Company, pursuant to the
      authorization from its Board, have caused this Agreement to be executed in
      its name on its behalf, all as of the day and year first above
      written.

            

    

    

    
      	 
      	
              By:

            	
              /s/ Christopher J.
      Ryan

            	 
      
	 
      	 
      	
              Christopher
      J. Ryan

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              Members
      BOD Compensation Committee

            
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Eric O.
      Hallman

            	 
      
	 
      	 
      	
              Eric
      O. Hallman

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ J. J.
      Collins

            	 
      
	 
      	 
      	
              John
      J. Collins

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ A. John
      Kreft

            	 
      
	 
      	 
      	
              A.
      John Kreft

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Michael
      Cirenza

            	 
      
	 
      	 
      	
              Michael
      Cirenza

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Stephen
      Bachelder

            	 
      
	 
      	 
      	
              Stephen
      Bachelder

            	 
      

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Exhibit
1

    

    

    
       
Christopher J.
Ryan

    

    

    

    

    

    NEW CONTRACT 2008 –
2010

    

    
      	
              2.4(b)

            	
              INCENTIVE
      BONUSES.  In addition to Annual Base Salary, the Executive may
      be awarded the opportunity to earn an incentive bonus on an annual basis
      (“Incentive Bonus”) under an incentive compensation plan to be determined
      by the Compensation Committee of the Board (and attached hereto as Exhibit
      1).  During the Term of this Agreement, the annual Incentive
      Bonus which the Executive will have the opportunity to earn shall be
      reviewed at least annually and be increased at the discretion of the
      Compensation Committee of the
Board.

            

    

    

    Exhibit
1

    

    On May
25th
of each year commencing in 2009 and 2010, the Executive may be awarded a bonus
based on an increase in after tax earnings for the most recently ended fiscal
year above a minimum goal amount established for each year by the Compensation
Committee, subject to a partial cap amount.  Said bonus shall be
calculated as follows:  for each penny increase in earnings after tax
above the minimum goal amount, a bonus of $3,000 in cash with adjustments for
stock splits or dividends or other such dilution in EPS during the fiscal year,
up to a partial cap amount above which $1500 in cash will be awarded per penny
EPS in excess of the partial cap amount.

    

    For FY
2009, the minimum goal amount shall be 70 cents per share, the partial cap
amount shall be 93 cents per share.  A new minimum goal amount and
partial cap amount for FY 2010 shall be set by April 2009 and attached hereto as
an addendum.

    

     

    13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]