Lakeland Industries, Inc. EXHIBIT 10.7
This agreement ("Agreement") has been entered into this 1st day of February 2004, by and between Lakeland
Industries, Inc., a Delaware corporation ("Company"), and Christopher J. Ryan, and 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) "ACCRUED COMPENSATION" has the meaning set forth in
Section 4.5 of this Agreement.
1.1(b) "ACCRUED OBLIGATIONS" has the meaning set forth in Section
4.1 (a) of this Agreement.
1.1(c) "ANNUAL BASE SALARY" has the meaning set forth in Section
2.4 (a) of this Agreement.
1.1(d) "BOARD" means the Board of Directors of the Company.
1.1(e) "CAUSE" has the meaning set forth in Section 3.3 of this Agreement.
1.1(f) "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
(2) of the Exchange Act) of ownership of 30% or more 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 exc