Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Employment Agreement

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Employment Agreement

Entities:

Lakeland Industries, Inc.

Date:

2005

Size:

Preview shows 6KB of 24KB total

Price:

$39

ID:

#882614

 

 


► Healthcare ► Medical Equipment & Supplies

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT

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

P. S. Ratra
A33 New Friends Colony
New Delhi, India 11065

Dear Prabhdeep:

The purpose of this letter is to offer you employment with RFB Lakeland
Industries Private Limited upon exercise of option to purchase and successful
completion thereof on the following terms and conditions:

1. THE PARTIES
-----------

This is an agreement between P. S. Ratra (hereinafter referred to as "you") and
RFB Lakeland Industries Private Limited, an Indian corporation, with principal
place of business located at 50, Noida Special Economic Zone, Noida (hereinafter
the "Company").

2. TERM: RENEWAL
-------------

The term of the agreement shall be for a 5 year period from the date of
successful completion of the purchase of the assets in accordance with the Asset
Purchase Agreement which term shall be automatically renewed for a maximum of 2
successive annual periods unless either party notifies the other 90 days prior
to the expiration of the original term or renewal thereof, that the agreement
will not be renewed.

3. CAPACITY
--------

You shall be employed in the capacity of Chief Financial Officer of RFB Lakeland
Private Limited 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 $60,000.00 per year payable monthly; and

b. Such other benefits as required by Indian law provided however that
your vacation shall be for a period of no more 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


<PAGE>

5. Profit Sharing Arrangement

In June of each year commencing in 2007 you shall be entitled to share profits
of the Company as declared by the Company in accordance with Indian Laws. You
shall be given an amount from the net profits after tax of the Company
equivalent to your ownership interest in the Company. For example, if you own 5%
of the Company, you will be entitled to 5% of the net profits.

6. NON-COMPETITION
---------------

During the term of this agreement and for ten 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. This clause shall be further expanded by the non-compete agreement
contained in the Asset Purchase Agreement.

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, N.Y. 11779-7410 or to you at your home at A33 New Friends
Colony, New Delhi, India 11065.

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. 11. 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
India applicable to contracts made and to be performed therein and you agree to
the exclusive jurisdiction and venue of the courts located in the State of

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC