Lakeland Industries, Inc. (NASDAQ:LAKE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On July 12, 2018, Lakeland Industries, Inc. (the “Company”) promoted Charles D. Roberson to the position of Chief Operating Officer of the Company. On such date, the Company also entered into an Employment Agreement (the “Employment Agreement”) with Mr. Roberson, as described below.
Mr. Roberson, age 55, served as our Senior Vice President, International Sales from March 2009 to July 11, 2018. Mr. Roberson joined the Company in 2004 as Technical Marketing Manager and later served as International Sales Manager. Prior to joining the Company, Mr. Roberson was employed by Precision Fabrics Group, Inc. as a Market Manager from 1995 to 2001 and as a Nonwovens Manufacturing Manager from 1991 to 1995. He began his career as a manufacturing manager for Burlington Industries, Inc. in its Menswear Division from 1985 to 1991.
The Employment Agreement is for a term of eighteen (18) months commencing on July 12, 2018 through and including January 11, 2020 (the “Term”), subject to early termination as provided therein. The Employment Agreement provides for a base salary of $275,000 per year. Mr. Roberson is also eligible to be awarded an annual bonus if determined in the Company’s sole discretion by the Compensation Committee of the Company’s Board of Directors in such amount, and based upon such parameters (if any), as determined by such Committee.
The Employment Agreement contains certain provisions providing for severance payments to Mr. Roberson in the event that he is terminated by the Company without cause or by Mr. Roberson for Good Reason (generally, for failure by the Company to pay Mr. Roberson’s salary, material diminution in Mr. Roberson’s authority or material breach by the Company of the Employment Agreement). The payment is to Mr. Roberson is greater in the event that such termination without cause or for Good Reason is within 18 months after a change of control of the Company. Also under the Employment Agreement, Mr. Roberson is subject to non-competition and non-solicitation restrictions during the Term and for a period of one year thereafter.
On July 12, 2018, the Company issued a press release announcing the above-detailed appointment. The press release issued by the Company in connection with the announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| 99.1 | Press Release dated July 12, 2018 |
LAKELAND INDUSTRIES INC ExhibitEX-99.1 2 tv498368_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 3555 Veterans Memorial Highway,…To view the full exhibit click here
About Lakeland Industries, Inc. (NASDAQ:LAKE)
Lakeland Industries, Inc. (Lakeland) manufactures and sells a line of safety garments and accessories for the industrial and public protective clothing market. The Company’s product categories include limited use/disposable protective clothing; high-end chemical protective suits; firefighting, flame resistant personal protective equipment (FR PPE) and heat protective apparel; reusable woven garments; high visibility clothing, and glove and sleeves. The Company’s products are sold by its in-house customer service group, its regional sales managers and independent sales representatives to a network of over 1,200 North American safety and mill supply distributors. These distributors in turn supply end user industrial customers, such as integrated oil, chemical/petrochemical, utilities, automobile, steel, glass, construction, smelting, munition plants, janitorial, pharmaceutical, mortuaries and high technology electronics manufacturers, as well as scientific and medical laboratories.
