February 11, 2021 Mr. Allen E. Dillard New Hope, AL 35760 Dear Mr. Dillard:
Exhibit
10.1
February
11, 2021
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▇▇▇▇ ▇▇▇▇
▇▇▇
▇▇▇▇, ▇▇ ▇▇▇▇▇
Dear
▇▇. ▇▇▇▇▇▇▇:
The
purpose of this letter is to confirm your employment with Lakeland
Industries, Inc. on the following terms and
conditions:
1.
THE PARTIES
This is
an Agreement, effective as of February 11, 2021 (the
“Effective
Date”), between ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, residing at ▇▇▇ ▇▇▇▇
▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, (hereinafter referred to as
“you”), and Lakeland Industries, Inc., a Delaware
corporation, with a principal place of business located at ▇▇▇
▇▇▇▇▇ ▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ (hereinafter the
“Company”).
2.
TERM
The
initial term of this Agreement shall be 12-months, beginning on the
Effective Date and ending on February 1, 2022 (the
“Initial
Term”). However, on the day the Term would otherwise
expire, the Agreement’s duration shall automatically extend
for a subsequent 12-month period, unless either party provides
written notice of termination at least 90 days before the
expiration of the Term (for purposes of this Agreement,
“Term”
refers to the Initial Term and/or any successive 12-month
extension).
3.
CAPACITY
You
shall be employed in the capacity of Chief Financial Officer, of
Lakeland Industries, Inc. (“Your Position”) with such
responsibilities and duties as may be assigned to you from time to
time by the Company. You acknowledge and agree that these
responsibilities and duties, together with the proprietary
information to which you will have access in this role, makes you
uniquely essential to the Company’s management, organization,
or services.
You
agree to devote your full time and attention and best efforts to
the faithful and diligent performance of your duties to the Company
and shall serve and further the best interests and enhance the
reputation of the Company to the best of your ability.
4.
COMPENSATION
As full
compensation for your services, you shall receive the
following from the Company:
(a)
A base annual
salary of $285,000 payable bi-weekly (the “Base Salary”);
and
Lakeland Industries, Inc. ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇, ▇▇
▇▇▇▇▇
Phone: (▇▇▇) ▇▇▇-▇▇▇▇
(b)
Participation in
any of the Company’s pension plans, profit sharing plans,
medical and disability plans and 401(k) plans when any such plans
are or become effective; and
(c)
Such benefits as
are provided from time to time by the Company to its officers and
employees; and
(d)
Reimbursement for
any dues and expenses incurred by you that are necessary and proper
in the conduct of the Company’s business; and
(e)
Participation, as
determined in the discretion of the Compensation Committee of the
Board of Directors of the Company (the “Compensation Committee”),
in the Company’s 2017 Equity Incentive Plan and any other
restrictive stock, stock appreciation rights, stock option or other
equity plans of the Company as may become effective; in this
connection, it is intended that you will receive a grant of
restricted stock, pursuant to the Company’s LTIP program, at
the time of next grant; and
(f)
An bonus targeted
at 40% of Base Salary, based upon such parameters, as determined by
the Compensation Committee (an “Annual
Bonus”).
5.
NON-COMPETITION/SOLICITATION/CONFIDENTIALITY
During
your employment with the Company and for one year thereafter, you
shall not, either directly or indirectly, as an agent, employee,
partner, stockholder, director, investor or otherwise, engage in a
business that carries on a like business to the business conducted
by the Company, in the market areas in which the Company generates
sales. You shall also abide by the Code of Ethics and other
corporate governance rules of the Company. 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 to the
Company.
During
your employment with the Company and for one year thereafter, you
shall not, directly or indirectly, hire, offer to hire or otherwise
solicit the employment or services of, any employee of the Company
on behalf of yourself or any other person, firm or
entity.
Except
as may be required to perform your duties on behalf of the Company,
you agree that during your employment with the Company and for a
period of one year thereafter, you shall not, directly or
indirectly, solicit, service, or accept business from any customers
of the Company, on your own behalf or on behalf of any other
person, firm or entity that carries on a like business to the
business conducted by the Company.
Except
as required in your duties to the Company, you shall not at any
time during or after your employment, directly or indirectly, use
or disclose any confidential or proprietary information relating to
the Company or its business or customers 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. Confidential or proprietary information includes,
but is not limited to, commercial relationships or contacts with
specific or existing vendors, contractors, suppliers or clients;
pricing information and methodology; compensation; customer lists;
customer data and information; mailing lists and prospective
customer information; financial and investment information;
management and marketing plans; business strategy, technique and
methodology; business models and data; processes and procedures;
and Company provided files, software, code, reports, documents,
manuals and forms used in the business which are treated as
confidential to the business entity, in whatever medium provided or
preserved, such as in writing or stored
electronically.
In the
event that any of the provisions in this Section 5 shall ever be adjudicated to
exceed limitations permitted by applicable law, you agree that such
provisions shall be modified and enforced to the maximum extent
permitted under applicable law.
You
understand and agree that the Company may not be adequately
compensated by damages for a breach by you of any of the covenants
and agreement contained in this Section 5, and that the Company shall,
in addition to all other remedies, be entitled to injunctive relief
and specific performance. You hereby affirmatively waive the
requirement that the Company post any bond.
Nothing
herein contained will be construed as prohibiting the Company from
pursuing any other remedies available to it for such breach or
threatened breach, including the recovery of money damages, and if
the Company prevails, it shall also be entitled to the payment of
any and all reasonable fees, disbursements, and other charges of
the attorneys and collection agents, court costs, and all others
costs of enforcement. Likewise, if you prevail, you shall also be
entitled to the payment of any and all reasonable fees
disbursements and other charges of the attorneys and collections
agents, court costs, and all other costs of defense.
For
purposes of this Section 5,
the term the “Company” shall include
all direct and indirectly owned subsidiaries of the
Company.
You
represent that you have carefully considered the terms of
Section 5. You acknowledge
and agree that these restrictions are reasonable and necessary to
protect the Company’s business and good will, as Your
Position is uniquely essential to the Company’s management,
organization, or services.
6.
TERMINATION
You or
the Company may terminate your employment prior to the end of the
Term upon written notice to the other party in accordance with the
following provisions:
(a)
Voluntary Termination. You may terminate
your employment voluntarily at any time during the Term by
providing the Company with 60 days prior written notice. If you do
so, except for Good Reason (as defined below), you shall be
entitled to receive from the Company your (i) accrued and unpaid
Base Salary through the date of termination, (ii) any Annual Bonus
earned for the year completed prior to the year of termination but
not yet paid, and (iii) any other employee benefits generally paid
by the Company up to the date of termination (collectively (i),
(ii), and (iii), the “Accrued
Obligations”).
(b)
Death. This Agreement shall
automatically terminate on the date of your death without further
obligation to you other than for payment by the Company to your
estate or designated beneficiaries, as designated in writing to the
Company, of (i) the Accrued Obligations through the last day of the
month in which your death occurs, and (ii) a pro-rata portion of
the Annual Bonus, if any, for the year of termination up to and
including the date of death which shall be determined in good faith
by the Compensation Committee. Your estate or beneficiaries, as
applicable, shall also be entitled to all other benefits generally
paid by the Company on an employee’s death.
(c)
Disability. This Agreement and
your employment shall terminate without any further obligation to
you if you become “totally disabled” (as defined below)
other than for payment by the Company of (i) the Accrued
Obligations though the last day of the month in which you are
deemed to be totally disabled and (ii) a pro-rata portion of the
Annual Bonus, if any, for the year of termination up to and
including the date you are deemed to be totally disabled as
determined in good faith by the Compensation
Committee.
You
shall be deemed to be “totally disabled” if you are
unable, for any reason, to perform any of your duties and
obligations to the Company, with or without a reasonable
accommodation, for a period of 90 consecutive days or for periods
aggregating 120 days in any period of 180 consecutive
days.
(d)
Cause. The Company may terminate
your employment at any time for “Cause” (as defined
below) and this Agreement shall terminate immediately with no
further obligations to you other than the Company shall pay you,
within thirty days of such termination, the Accrued Obligations up
to the date of such termination for Cause.
(e)
Termination by the Company Without Cause or by
you for Good Reason. If, during the Term, the Company
terminates your employment without Cause or you terminate your
employment for Good Reason (as defined below), in either case,
other than within 18 months of a Change in Control (which is
covered by Subsection (f) below), you shall be entitled to receive
from the Company, conditioned on your continued compliance with the
restrictive covenants contained in Section 5 hereof and your execution and
non-revocation of a release of claims substantially in the form
attached hereto as Annex
A, (i) the Accrued Obligations payable within 15 days after
the date of termination (or, in the case of the prior year’s
Annual Bonus, if any, at such time such bonus is payable pursuant
hereto), (ii) an additional 12 months of your then current Base
Salary, payable in equal monthly installments beginning with the
first payroll date after the date on which the release of claims
becomes effective and can no longer be revoked, and (iii) a pro
rata portion of the Annual Bonus, if any, for the year of
termination up to and including the date of termination which shall
be determined in good faith by the Compensation Committee and paid
at such time as such bonus is payable pursuant hereto.
(f)
Termination by the Company Without Cause or by
you for Good Reason within 18 Months After a Change in
Control. If, during the Term, the Company terminates your
employment without Cause or you terminate your employment for Good
Reason, in either such case, within 18 months of a Change in
Control (as defined below), you shall be entitled to receive from
the Company, subject to your continued compliance with the
restrictive covenants contained in Section 5 hereof and your execution and
non-revocation of a release of claims substantially in the form
attached hereto as Annex
A, (i) the Accrued Obligations payable within fifteen days
after termination (or, in the case of the prior year’s Annual
Bonus, if any, at such time such bonus is payable), (ii) a lump sum
amount equal to 24 months of Base Salary in effect as of the date
of termination of employment or the year immediately prior to the
Change in Control, whichever is higher, and (iii) two times a
target bonus amount, if any, in effect as of the date of
termination of employment. The severance payments under
sub-paragraphs (ii) and (iii) hereof shall be paid with the first
payroll date after the date on which the release of claims becomes
effective and can no longer be revoked. Any payment by the Company
under this or any other section of this Agreement is subject to
applicable tax withholdings.
(g)
Notwithstanding the
foregoing, if your severance payments payable hereunder constitute
nonqualified deferred compensation subject to 409A of the Code and
the period in which you must execute the release begins in one
calendar year and ends in another, the severance payments will be
made in the later calendar year.
(h)
For purposes of
this Agreement:
(i)
“Cause” shall mean
termination based upon: (A) your failure to substantially perform
your material duties and responsibilities of Your Position after a
written demand regarding such performance is delivered to you by
the Company, which identifies the manner in which you have not
performed your duties or responsibilities and a cure period of 60
days, (B) your commission of an act of fraud, theft,
misappropriation, dishonesty or embezzlement, (C) your conviction
for a felony or pleading nolo
contendere to a felony, (D) your willful and continuing
failure or refusal to carry out, or comply with, in any material
respect any reasonable directive of the Chief Executive Officer or
the Board of Directors of the Company consistent with the terms of
this Agreement, or (E) your material breach of any provision of
this Agreement.
(ii)
“Good Reason” shall mean
the occurrence of any of the following events without your prior
written consent:
(A)
the failure of the
Company to pay your Base Salary or Annual Bonus, if any, when due
and if earned, other than an inadvertent administrative error or
failure, within 10 days of receipt of notice by you,
(B)
a material
diminution in your authority or responsibilities from those
described herein,
(C)
any material breach
of this Agreement by the Company, or
(D)
a failure of the
Company to have any successor assume in writing the obligations
under this Agreement.
(iii)
“Change in Control” shall
mean the occurrence of any of the following events during the
Term:
(A)
any Person (which
for purposes of this Section
6(h)(iii) shall include natural persons, partnerships,
corporations and any other entities), or more than one Person
acting as a group (as the term “group” is contemplated
for purposes of Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”))
(“Group”), acquires
ownership of stock of the Company that, together with stock held by
such Person or Group, constitutes more than 50% of the total fair
market value and total voting power of the stock of the Company;
provided, however, that for purposes of this subsection (A), the
following acquisitions shall not be deemed to result in a Change in
Control: (1) any acquisition directly from the Company,
(2) any acquisition by the Company or an affiliate of the
Company, or (3) any acquisition by (x) any employee
benefit plan (or related trust) intended to be qualified under
Section 401(a) of the Code or (y) any trust
established in connection with any broad-based employee benefit
plan sponsored or maintained, in each case, by the Company or any
corporation controlled by the Company (collectively (1), (2) and
(3), the “Exempt Acquisitions”);
(B)
any Person, or more
than one Person acting as a Group, acquires (or has acquired during
the 12-month period ending on the date of the most recent
acquisition) ownership of stock of the Company possessing 30% or
more of the total voting power of the Company’s stock;
provided, however, that none of the Exempt Acquisitions shall
constitute a Change in Control.
(C)
individuals who, as
of the Effective Date, 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 Effective Date 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 or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person or
group other than the Board; or
(D)
a Person, or more
than one Person acting as a Group (other than a subsidiary or an
affiliate of the Company), acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition)
assets of the Company that have a total gross fair market value
equal to or more than 50% of the total gross fair market value of
all assets of the Company immediately before such
acquisition(s).
Notwithstanding the
foregoing, a Change in Control shall not include any event,
circumstance or transaction that results from an action of any
Person or group which includes, is affiliated with or is wholly or
partly controlled by one or more executive officers of the Company
and in which you participate directly or actively (other than a
renegotiation of your employment arrangements or in your capacity
as an employee of the Company or any successor entity thereto or to
the business of the Company).
7.
NOTICES
Any
notices required to be given 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 executive offices, currently at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇ ▇▇▇▇▇, or to you at your home address at ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇
▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇, or at such other address as may be provided
by the Company or you.
8.
ASSIGNMENT AND SUCCESSORS
The
rights and obligations of the Company under this Agreement shall
inure to the benefit of and shall be binding upon the successors of
the Company. This Agreement may not be assigned by the
Company unless the assignee or successor (as the case may be)
expressly assumes the Company’s obligations hereunder in
writing. In the event of a successor to the Company or the
assignment of the Agreement, the term “Company” as used
herein shall include any such successor or assignee.
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.
10.
SEPARABILITY
Any
provision of this 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.
GOVERNING LAW AND CHOICE OF FORUM
This
Agreement shall be interpreted and construed in accordance with the
laws of the State of Alabama without regard to its choice of law
principles. Any dispute, controversy or claim of any kind
arising under, in connection with, or relating to this Agreement or
your employment with the Company shall be resolved exclusively by
binding arbitration. Such arbitration shall be conducted in
Decatur, Alabama, in accordance with the rules of the American
Arbitration Association (“AAA”) then in
effect. The costs of the arbitration (fees to the AAA and for
the arbitrator(s)) shall be shared equally by the parties, subject
to apportionment or shifting in the arbitration award. In
addition, the prevailing party in arbitration shall be entitled to
reimbursement by the other party for its reasonable
attorney’s fees incurred. Judgment may be entered on
the arbitration award in any court of competent jurisdiction. You
also agree that the forum for any lawsuit arising in whole or part
from this Agreement is a court of competent jurisdiction sitting in
▇▇▇▇▇▇ County, Alabama.
12.
ENTIRE AGREEMENT
This
Agreement and the Annex hereto constitutes the entire agreement
between the parties hereto with respect to the matters referred to
herein, and supersedes any other agreement or promise relating to
these matters.
13.
HEADINGS
The
headings contained in this Agreement are for convenience only and
shall not effect, restrict or modify the interpretation of this
Agreement.
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AGREED
AND ACCEPTED:
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇
Date: February 11, 2021
Lakeland
Industries, Inc.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇, CEO and President
Date: February 11, 2021
ANNEX A
General Release
IN
CONSIDERATION OF good and valuable consideration, the receipt of
which is hereby acknowledged, and in consideration of the terms and
conditions contained in the Employment Agreement, effective as of
February 11, 2021 (the “Agreement”), by and
between ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
(the “Executive”) and Lakeland
Industries, Inc. (the “Company”), the Executive
on behalf of himself and his heirs, executors, administrators,
assigns, attorneys, successors, and assigns, knowingly and
voluntarily, hereby waives, remits, releases and forever discharges
the Company and its past, present and future subsidiaries,
divisions, affiliates and parents, and all of their respective
current and former officers, directors, stockholders, employees,
agents, attorneys, lenders, and/or owners, and their respective
successors, and assigns and any other person or entity claimed to
be jointly or severally liable with the Company or any of the
aforementioned persons or entities, both individually and in their
business capacities, and their employee benefit plans and programs
and their administrators and fiduciaries (the “Released Parties”) of and
from any and all manner of actions and causes of action, suits,
debts, dues, accounts, bonds, covenants, contracts, agreements,
judgments, charges, claims, complaints, damages, demands, and
obligations of any other nature whatsoever, past or present, known
or unknown (“Losses”) which the
Executive and his heirs, executors, administrators, and assigns
have, had, or may hereafter have, against the Released Parties or
any of them arising out of or by reason of any cause, matter, or
thing whatsoever from the beginning of the world to the date
hereof.
This
release includes, but is not limited to, Losses arising out of or
relating to the Executive’s employment by the Company and the
cessation thereof, and any and all matters arising under any
federal, state, or local statute, rule, or regulation, or principle
of contract law or common law relating to the Executive’s
employment by the Company and the cessation thereof, including,
but not limited to,
the Family and Medical Leave Act of 1993, as amended, 29 U.S.C.
§§ 2601 et seq., Title VII of the Civil
Rights Act of 1964, as amended, 42 U.S.C. §§ 2000 et
seq., the Age Discrimination in Employment Act of 1967, as amended,
29 U.S.C. §§ 621 et seq. (the “ADEA”), the Older Workers
Benefit Protection Act (“OWBPA”), the Americans
with Disabilities Act of 1990, as amended, 42 U.S.C. §§
12101 et
seq., the Worker
Adjustment and Retraining Notification Act of 1988, as amended, 29
U.S.C. §§2101 et seq., the Employee Retirement
Income Security Act of 1974, as amended, 29 U.S.C. §§
1001 et seq., any
applicable state or local law or regulation relating to employment,
and any claim for or obligation to pay for attorneys’ fees,
costs, fees, or other expenses. It is understood that nothing in
this general release is to be construed as an admission on behalf
of the Released Parties of any wrongdoing with respect to the
Executive, any such wrongdoing being expressly denied.
The
Executive does not release or discharge the Released Parties from
(i) any rights to any payments, benefits or reimbursements due
to the Executive under the Agreement; or (ii) any rights to
any vested benefits due to the Executive under any employee benefit
plans sponsored or maintained by the Company.
This
release also bars any and all claims for future damages allegedly
arising from the alleged continuation of the effect of any past
action, omission or event, except nothing herein waives
Executive’s rights to enforce this Agreement.
The
Executive and the Company acknowledge that nothing in this
Agreement limits or affects either party’s right, where
applicable, to file or participate in an investigative proceeding
conducted by the Equal Employment Opportunity Commission
(“EEOC”), or any federal,
state or local government agency. However, to the maximum extent
permitted by law, the Executive agrees that if such an
administrative claim is made, the Executive agrees to release,
waive, relinquish and forego all legal relief, equitable relief,
statutory relief, reinstatement, back pay, front pay and any other
damages, benefits, remedies, or relief that Executive may be
entitled to as a result of any prosecution of any administrative
agency claim or commission charge, and the Executive shall not be
entitled to recover any individual monetary award or relief or
other individual remedies. Rights not waivable by law are not
waived by this Agreement.
The
Executive represents and warrants that he fully understands the
terms of this General Release, that he has been encouraged to seek,
and has sought, the benefit of advice of legal counsel, and that he
knowingly and voluntarily, of his own free will, without any
duress, being fully informed, and after due deliberation, accepts
its terms and signs below as his own free act. Except as otherwise
provided herein, the Executive understands that as a result of
executing this General Release, he will not have the right to
assert that the Company or any other of the Released Parties
unlawfully terminated his employment or violated any of his rights
in connection with his employment or otherwise.
If
Executive is 40 years of age or older, be advised that Executive
has or may have specific rights and/or claims under the Age
Discrimination in Employment Act of 1967 (“ADEA”) and Executive
agrees that in consideration for the Severance Payment, he
specifically and voluntarily waives such rights and/or claims under
the ADEA which he might have against the Releasees to the extent
such rights and/or claims arose prior to the date this Agreement
was executed. Executive understands that rights and/or claims under
the ADEA which may arise after the date this Agreement is executed
are not waived by him.
By
signing this General Release, the Executive does not release: (i)
any right he may have to challenge the validity of this General
Release under the ADEA or the OWBPA; or (ii) his right to enforce
this General Release.
Executive
hereby affirms and acknowledges the following:
a.
He has not filed,
caused to be filed, or presently is a party to any claim, lawsuit,
charge, arbitration, complaint, action, or proceeding against any
of the Released Parties herein in any forum or form.
b.
He has been granted
any leave to which he was entitled under the Family and Medical
Leave Act or related state or local leave or disability
accommodation laws.
c.
He has not given,
sold, assigned or transferred to anyone else, any claim, or a
portion of a claim referred to in this Agreement.
d.
He has no known
workplace injury or occupational disease and has been provided with
and/or has not been denied any leave requested under the Family and
Medical Leave Act. He acknowledges and represents that he has no
intention of filing any claim for workers’ compensation
benefits of any type against the Company or any of the Released
Parties, and that he will not file or attempt to file any claims
for workers’ compensation benefits of any type against the
Company or any related Released Parties. He acknowledges that the
Company has relied upon these representations, and that the Company
would not have entered into this Agreement but for these
representations. As a result, he agrees, covenants, and represents
that the Company may, but is not obligated to, submit this
Agreement to the Workers’ Compensation Appeals Board for
approval as a compromise and release as to any workers compensation
claim that he files at any time against the Company or any of the
Released Parties.
e.
He further affirms
that he has not been retaliated against for reporting any
allegations of wrongdoing by any of the Released Parties or their
officers and directors, including any allegations of corporate
fraud or bribery. He and the Company acknowledge that this
Agreement does not limit either party’s right, where
applicable, to file or participate in an investigative proceeding
of any federal, state or local government agency. Except as to the
extent permitted by law, he agrees that if such an administrative
claim is made, he shall not be entitled to recover any individual
monetary award or relief or other individual remedies.
The
Executive may take 21 days to consider whether to execute this
General Release. Upon the Executive’s execution of this
general release, the Executive will have 7 days after such
execution in which he may revoke such execution. For such a
revocation to be effective, it must be delivered so that the
undersigned person receives it in-hand or via fax on or before the
expiration of the 7 day revocation period. This Agreement shall
become effective on the first day following the expiration of the 7
day revocation period.
SIGNATURE
PAGE FOLLOWS
INTENDING
TO BE LEGALLY BOUND, I hereby set my hand below:
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Dated:
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STATE OF
__________
)
)
s/s:
COUNTY OF
_______
)
On the
___ day of ___________, 20___, before me personally came ▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇, to me known, and known to me to be the individual
described in, and who executed the foregoing General Release, and
duly acknowledged to me that he executed the same.
____________________________
Notary
Public