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News Breaks | | | | March 15, 2013 | | 16:10 EDT |  | LAKE | Lakeland reaches termination agreement with president of subsidiary
Lakeland Industries announced it has reached a termination agreement with Miguel Bastos, president of Lakeland's Brazilian subsidiary. This is a part of both the company's efforts to reduce costs and the company's efforts to improve sales. Bastos will join a Brazilian organization working with Lakeland to strengthen the company's sales efforts. The termination agreement calls for an aggregate maximum payout of $550,000, to be paid out over a period of approximately two years. Bastos will continue to receive his normal salary for six months and then will receive 3% of Lakeland Brazil's sales, which Bastos will be supporting and generating from an independent company, until he reaches a total payout equal to the aggregate $550,000. This agreement pays Bastos approximately half of the amount which would have been paid out for the remaining years of his employment contract, which runs through December 31, 2015. | |
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