Exhibit 10.14
November 29, 2005
Gary Pokrassa
143 Westwood Circle
East Hills, NY 11577
Dear Mr. Pokrassa:
The purpose of this letter is to confirm
your employment with Lakeland
Industries Inc. on the following terms and
conditions:
1. THE PARTIES
-----------
This is an agreement between Gary Pokrassa
(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 and 2 month period from November
29, 2005 through and including February 1,
2008.
3. CAPACITY
--------
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
------------
As full compensation for your services you
shall receive following from the
Company:
a.
A base
annual salary of $193,500.00 per year payable bi-weekly
commencing November 29, 2005 and $208,015.00 commencing November
29,
2006, plus a car allowance by reimbursing you for a car lease,
auto
insurance and restricted stock as determined by the Board of
Directors in June 2006 if the restricted Stock Plan to be
proposed
is passed by the shareholders; 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
<PAGE>
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
-----
In June 2006 you shall be awarded a
discretionary bonus based upon goals set by
you and the Audit Committee of the Board of
Directors for fiscal years 2006,
2007 and 2008.
6. NON-COMPETITION
---------------
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 on the
Company's web page under Corporate
Governance and the proxy statement. 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
---------------
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 701-7 Koehler
Avenue Ronkonkoma, NY 11779-7410 or to you
at your home at 143 Westwood Circle,
East Hills, NY 11571.
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.
<PAGE>
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/ Christopher J. Ryan
-----------------------
Christopher J. Ryan
President
AGREED AND ACCEPTED
/s/ Gary Pokrassa
--------------------------------
Gary Pokrassa
GPokrassaCon 11-29-05
<PAGE>
Exhibit 2
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LAKELAND INDUSTRIES, INC.
CODE OF ETHICS
Introduction
For the past several years, the activities
of business organizations, both large
and small, have been the subject of
increased scrutiny and criticism by the
public, the government, and the news
media.
This is
particularly true of multinational corporations, which have
been
the object of worldwide demands for public
statements of their corporate codes
of ethics.
For that
reason, it is appropriate for Lakeland Industries, Inc. to
restate it position on ethical conduct,
based on the original precepts of the
business and on policies formulated as the
corporation has grown.
As a good
corporate citizen, Lakeland Industries, Inc. has always
endeavored to conduct its business in a
manner conforming to the highest ethical
standards. The company's reputation for
unquestionable integrity is its most
valuable asset in its relationships with
its customers, employees, shareholders,
and the communities in which its plants are
located.
The
following statement of business principles has been prepared to
guide
the future conduct of company activities in
an ethical and legal manner. It is
not intended to supply answers for every
business activity; rather, it is an
effort to reiterate the continuing policies
of the corporation on ethical
business behavior, which must be observed
by all Lakeland Industries, Inc.
employees and representatives throughout
the world. It is essential that all
employees and representatives conform to
these principles as they perform their
activities on behalf of Lakeland
Industries, Inc.
Lakeland and its employees
Employees
are the corporation's greatest asset, and it is a Lakeland
Industries, Inc. policy to treat them
fairly in all matters and to pay them
competitively.
Lakeland
and its domestic subsidiaries are engaged in a program of full
compliance with all federal and state laws
applicable to hiring and promoting
people on the basis of demonstrated
ability, experience, and training without
regard to race, religion, sex age, national
origin, or other factors requiring
affirmative action. The corporation
requires continuous management attention at
all corporate levels to assure compliance
with the spirit and letter of this
policy.
With this
in mind, it is the intent of Lakeland to:
o Choose its
employees on the basis of their ability to perform the work for
which they
are hired without regard to race, religion, sex, age, national
origin, or
other factors requiring affirmative action.
<PAGE>
o
Offer employees a safe, healthy, and clean work environment.
o
Offer work that challenges the employees and gives them a feeling
of
satisfaction.
o
Pay
employees fairly in relation to their contributions to the
company's efforts, within the boundaries of current standards.
Lakeland and the Community
The
corporation shall conduct its business in a manner that is
socially
responsible. In addition to ma
