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Document Preview Letter Agreement |
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Title: |
Letter Agreement |
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Entities: |
Lakeland Industries, Inc.; Harvey Pride, Jr.; Lakeland Industries Inc. |
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Date: |
2004 |
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Size: |
Preview shows 2KB of 15KB total |
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Price: |
$34 |
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ID: |
#248782 |
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Mr. Harvey Pride, Jr.
810-P Island Way NW
Decatur, AL 35602
Dear Mr. Pride:
The purpose of this letter is to confirm your continuing employment with
Lakeland Industries Inc. on the following terms and conditions:
1. THE PARTIES
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This is an agreement between Harvey Pride, Jr. residing at 810-P Island Way NW,
Decatur, Alabama 35602 (hereinafter referred to as "you") and Lakeland
Industries, Inc., a Delaware corporation, with principal place of business
located at 711-2 Koehler Avenue, Ronkonkoma, NY 11779-7410 (hereinafter the
Company).
2. TERM; RENEWAL
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The term of the agreement shall be for a 3 year period from February 1, 2003
through and including January 31, 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 Vice President 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 Board of Directors of the Company and to the President of
Lakeland.
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 $152,000 year one, $170,000 year two, and
$190,000 year three payable bi-weekly; and
(b) Participation when eligible in any of the Company's Pension, Profit
Sharing Plans and ESOP - 401(K) when any such plans 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 less than 5
weeks; and
(d) You shall be entitled to an automobile allowance consistent with the
allowance you have been receiving; and
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