Lakeland Industries, Inc. EXHIBIT 10.7
Employment Agreement
This agreement ("Agreement") has been entered into this ___ day _____________, 2006, 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