0001144204-12-021362.txt : 20120413 0001144204-12-021362.hdr.sgml : 20120413 20120413090029 ACCESSION NUMBER: 0001144204-12-021362 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20120412 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120413 DATE AS OF CHANGE: 20120413 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKELAND INDUSTRIES INC CENTRAL INDEX KEY: 0000798081 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 133115216 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15535 FILM NUMBER: 12757526 BUSINESS ADDRESS: STREET 1: 701-7 KOEHLER AVENUE CITY: RONKONKOMA STATE: NY ZIP: 11779 BUSINESS PHONE: 6319819700 MAIL ADDRESS: STREET 1: 701- 7 KOEHLER AVENUE CITY: RONKONKOMA STATE: NY ZIP: 11779 8-K 1 v309286_8k.htm 8-K CURRENT REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 12, 2012

Lakeland Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-15535	13-3115216
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

701 Koehler Avenue, Suite 7, Ronkonkoma, New York 11779-7410

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (631) 981-9700

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01

Entry into a Material Definitive Agreement

On April 12, 2012, Lakeland Industries, Inc. (the “Company”) signed Amendment No. 4 to the Loan and Security Agreement with TD Bank, N.A. (“Amendment No. 4) which does the following:

Reclassified $3.0 million of the outstanding balance on the revolving credit into a term loan, principal payable $25,000 monthly from May 2012 to June 2013, monthly payments of $37,500 thereafter through maturity of June 30, 2014. Interest will be at LIBOR plus 2.75%.

Interest rate pricing on the revolving credit balance at LIBOR plus 2.50% so long as the funded debt/EBITDA ratio is greater than 3.0%.

Unrecorded mortgages on the Company’s domestic owned real-estate.

Provides for a borrowing base sublimit based on a formula applied to eligible inventory and receivables.

Asset coverage ratio: the Company must have eligible receivables and inventory totaling not less than 1.25 times its total debt outstanding under the TD facility, including term loans.

Maximum funded debt to EBITDA ratio of 6.50 and reverting back to 3.50 at January 2013.

Minimum EBITDA of $3.5 million at January 2012, ramping up to $5.5 million at January 2013 (exclusions allowed for certain costs relating to India and a plant shutdown).

This Amendment cures a technical default on the TD Bank loan. As of January 31, 2012 the Company had available borrowing of approximately $1.7 million under the amended facility.

On October 20, 2011, Lakeland Industries, Inc. signed with Bank Itau in Brazil to borrow $R1million and on December 23, 2011, $R2 million (together approximately USD$1.6 million) for working capital in advance of the large orders received from the Brazilian Navy and others.

Reference is made to Amendment No. 4 for a complete description of its terms and conditions, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 2.02

Results of Operation and Financial Condition

On April 13, 2012, the Company issued a press release disclosing certain information regarding the Company’s results of operations. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished herewith:

10.1

Amendment No. 4, dated April 12, 2012, to the Loan and Security Agreement between Lakeland Industries, Inc. and TD Bank, N.A.

10.2

Loan agreement, dated October 20, 2011, between Lakeland Industries, Inc. and Bank Itau.

10.3

Loan agreement, dated, December 23, 2011 between Lakeland Industries, Inc. and Bank Itau.

10.4

Summary of Exhibits 10.2 and 10.3 in English.

99.1

Press Release titled “Lakeland Industries announces significant developments in its global transformation”.

The information filed as Exhibit 99.1 to this Form 8-K is furnished in accordance with Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific references in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	LAKELAND INDUSTRIES, INC.

Date: April 13, 2012

	/s/ Christopher J. Ryan
	Christopher J. Ryan
	President & CEO

EXHIBIT INDEX

Exhibit
Number		Description

10.1		Amendment No. 4, dated April 12, 2012, to the Loan and Security Agreement between Lakeland Industries, Inc. and TD Bank, N.A.
10.2		Loan agreement, dated October 20, 2011, between Lakeland Industries, Inc. and Bank Itau.
10.3		Loan agreement, dated, December 23, 2011 between Lakeland Industries, Inc. and Bank Itau.
10.4		Summary of Exhibits 10.2 and 10.3 in English.
99.1		Press Release titled “Lakeland Industries announces significant developments in its global transformation”.

EX-10.1 2 v309286_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

AMENDMENT NO. 4, dated as of April 12, 2012 (this “Amendment”), to the Loan and Security Agreement (as amended, restated, supplemented or modified, from time to time, the "Agreement") dated January 14, 2010, by and between Lakeland Industries, Inc., a Delaware corporation ("Borrower") and TD Bank, N.A., a national banking association ("Lender").

RECITALS

WHEREAS, the Borrower has requested and the Lender has agreed, subject to the terms and conditions of this Amendment, to amend certain provisions of the Agreement as set forth herein;

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

Amendments.

(a) The following definitions in Section 1.1 of the Agreement are hereby amended and restated in their entirety to provide as follows:

Aggregate Outstandings – on any date of determination, the Aggregate RC Outstandings plus Aggregate TL Outstandings plus Aggregate Refinance TL Outstandings.

Amendment No. 4 Effective Date – April 12, 2012.

Consolidated EBITDA - For any period, Consolidated Net Income (or deficit) plus (a) Consolidated Interest Expense, plus (b) Consolidated Depreciation Expense, plus (c) Consolidated Amortization Expense, plus (d) Consolidated Tax Expense, plus (e) non-cash expenses for equity compensation related to restricted stock plans and stock options for employees and board members, minus (g) consolidated extraordinary gains of Borrower and its Subsidiaries (including with respect to a reverse or refund of the $1,583,247 Brazil value added tax expense incurred during the fiscal quarter ended April 30, 2010, if applicable), minus (h) consolidated extraordinary charges relating to the discontinuance and shutdown of operations in India in an amount not to exceed $2,300,000, minus (i) consolidated extraordinary charges relating to the discontinuance and shutdown of operations in Missouri in an amount not to exceed $300,000, all as determined on a rolling four quarter basis, in accordance with GAAP.

Loan Documents - Collectively, this Agreement, the Note, the Surety and Guaranty Agreement, the Letter of Credit Documents, the Security Documents, the Perfection Certificate, the Cash Management Agreement, the Negative Pledge Agreements, the Springing Mortgages and all agreements, instruments and documents executed and/or delivered in connection therewith, all as may be supplemented, restated, superseded, amended or replaced from time to time.

Loans - Collectively, the unpaid balance of cash Advances under the Revolving Credit, the outstanding principal amount of the Term Loans and the outstanding principal amount of the Refinance Term Loan, each of which may be may be Base Rate Loans or LIBOR Rate Loans, and any unreimbursed draws under any Letter of Credit.

Note - The Revolving Credit Note, each Term Loan Note or the Refinance Term Loan Note, individually. Notes – collectively, the Revolving Credit Note, the Term Loan Notes and the Refinance Term Loan Note.

Security Documents - The Pledge Agreements, the Security Agreement, the Negative Pledge Agreements, the Springing Mortgages, and other collateral security document thereafter delivered to the Lender.

(b) The following definitions are hereby added to Section 1.1 of the Agreement in their appropriate alphabetical order:

Aggregate Refinance TL Outstandings - the aggregate outstanding principal amount of the Refinance Term Loan.

Aggregate RC Outstandings – The aggregate principal amount of unpaid cash Advances plus the Letter of Credit Amount.

Borrowing Base – During any Borrowing Base Period, an amount equal to the sum of (1) eighty five percent (85%) of all Eligible Accounts, plus (2) fifty percent (50%) of Eligible Inventory, provided that the Borrowing Base is subject to revision, from time to time, in the reasonable credit discretion of the Bank, upon receipt and satisfactory review by the Bank of field audits to be conducted by the Bank, from time to time, as the Bank reasonably deems necessary.

Borrowing Base Certificate - The Borrowing Base Certificate in the form set forth as Exhibit G attached hereto.

Borrowing Base Period – Each fiscal quarter of the Borrower when (a) the Applicable Ratio was greater than 2.75:1.00 and (b) Consolidated EBITDA was less than $6,500,000, each of (a) and (b) as calculated for the rolling four quarters immediately preceding such determination date.

Negative Pledge Agreements – Collectively, the Negative Pledge Agreements, each substantially in the form attached hereto as Exhibit H to be executed and delivered by Borrower, with respect to each of the Premises, as the same may hereafter be amended, restated, supplemented or otherwise modified, from time to time.

Premises – Collectively, the real property and improvements located at (a) 701 Koehler Ave, Suite 7 Ronkonkoma, NY, (b) 201 Pride Lane, Decatur, AL, (c) 202 Pride Lane, Decatur, AL and (d) 3420 Valley Ave., Decatur, AL.

Refinance Term Loan–Section 2.17(a).

Refinance Term Loan Commitment - the Lender’s obligation to make the Refinance Term Loan to the Borrower in an aggregate principal amount not to exceed to $3,000,000.

Refinance Term Loan Maturity Date – June 30, 2014.

Refinance Term Loan Note – Section 2.17(c).

Springing Mortgages – the Springing Mortgages, to be executed and delivered by the Borrower in accordance with Section 6.20 hereof, in connection with the Premises, as the same may hereafter be amended, restated, supplemented or otherwise modified from time to time.

(c) The table in the definition of “Applicable Rate” in Section 1.1 of the Agreement is hereby amended and replaced with the following table:

Applicable Ratio	LIBOR Margin			L/C Commission			Unused Rate
Greater than 3.00:1.00		2.50	%		2.50	%		.50	%
Less than or equal to 3.00:1.00, but greater than 2.00:1.00		1.85	%		1.85	%		.30	%
Less than or equal to 2.00:1.00		1.70	%		1.70	%		.25	%

(d) Clauses (ii) and (iii) of the definition of the term “Eligible Accounts” in Section 1.01 of the Agreement are hereby amended and restated in their entirety to provide as follows:

(ii) the Account is valid and enforceable representing the undisputed indebtedness of an Account Debtor not more than 30 days past the due date, with respect to the Designated Accounts, or 60 days past the due date, with respect to any other Account, and the Account does not represent a rebilling; (iii) not more than 25% of the aggregate balance of all Accounts owing from an Account Debtor obligated on the Account are outstanding more than 60 days past their due dates;

(e) The first sentence of the definition of the term “Eligible Inventory” in Section 1.01 of the Agreement is hereby amended and restated in its entirety to provide as follows:

Any and all Inventory of Borrower and each Guarantor located at Borrower's places of business shown on Schedule 5.2 attached hereto and made part hereof (and for which location Lender has received a landlord, warehouse or mortgagee waiver as determined by, and in form and substance satisfactory to, Lender), which (i) is not subject to any Lien (other than Liens granted under this Agreement and Permitted Liens, if applicable); (ii) is not slow moving (inventory held greater than two (2) years), damaged, obsolete or unmerchantable; (iii) is not Inventory held on consignment; (iv) is not Inventory in-transit unless such Inventory (A) is in transit to one of Borrower's and such Guarantor’s places of business shown on Schedule 5.2, (B) is owned by Borrower or such Guarantor, as the case may be, (C) is insured to the full value thereof, and (D) is subject to negotiable bills of lading endorsed to, or non-negotiable bills of lading issued in the name of Lender; and (v) shall not consist of work-in-process; and (vi) meets such other reasonable specifications and requirements which may from time to time be established by Lender.

(f) Clause (f) of the definition of “Permitted Acquisition” in Section 1.01 of the agreement is hereby amended and restated in its entirety to provide as follows:

(f) the Borrower shall have received the prior written consent of the Lender

(g) Section 2.2(a) of the Agreement is hereby amended and restated in its entirety to provide as follows:

Subject to the terms and conditions of this Agreement, Lender hereby establishes for the benefit of Borrower a revolving credit facility which shall include cash Advances extended by Lender to or for the benefit of Borrower as well as Letters of Credit issued for the account of Borrower from time to time hereunder, Term Loans made in accordance with Section 2.16 hereof and the Refinance Term Loan made in accordance with Section 2.17 hereof (collectively, the “Revolving Credit”), provided however that no cash Advance shall be made if, after giving effect thereto, (x) Aggregate Outstandings would exceed the Maximum Revolving Credit Amount in effect at such time or (y) at any time during a Borrowing Base Period, Aggregate RC Outstandings would exceed the Borrowing Base. Subject to such limitation, the outstanding balance of Advances under the Revolving Credit may fluctuate from time to time, to be reduced by repayments made by Borrower, to be increased by future Advances which may be made by Lender, to or for the benefit of Borrower, and, subject to the provisions of Section 8 below, shall be due and payable on the Revolving Credit Maturity Date. If (i) Aggregate Outstandings at any time exceeds the Maximum Revolving Credit Amount or (ii) at any time during a Borrowing Base Period, Aggregate RC Outstandings exceeds the Borrowing Base (each such excess referred to as an "Overadvance"), Borrower shall immediately repay the Overadvance in full.

(h) The first sentence of Section 2.3(a) of the Agreement is hereby amended and restated in its entirety to provide as follows:

As a part of the Revolving Credit and subject to its terms and conditions, Lender shall make available to Borrower Letters of Credit which shall not exceed, in the aggregate at any one time outstanding, the L/C Commitment, provided that no Letter of Credit shall be issued or created if, after giving effect to the same, (x) Aggregate Outstandings would exceed the Maximum Revolving Credit Amount in effect at such time or (y) at any time during a Borrowing Base Period, Aggregate RC Outstandings exceeds the Borrowing Base.

(i) Section 2.4(d) of the Loan Agreement is hereby re-lettered as Section 2.4(e) and a new Section 2.4(d) is hereby added immediately before such Section 2.4(e) as follows:

(d) The Refinance Term Loan which shall be made by Lender on the Amendment No. 4 Effective Date under the Refinance Term Loan Commitment shall be made available by crediting such proceeds to Borrower's operating account with Lender. Requests for Base Rate Loans and Daily LIBOR Rate Loans must be requested by 10:00 A.M., Eastern time, on the date such Term Loan is to be made. Requests for Adjusted LIBOR Rate Loans must be requested three (3) Business Days in advance and must specify the amount of such Adjusted LIBOR Rate Loan and the LIBOR Interest Period. If no LIBOR Interest Period is specified, the LIBOR Interest Period for an Adjusted LIBOR Rate Loan shall be deemed to be a one month period.

(j) Section 2.5(a) of the Agreement is hereby amended and restated in its entirety to provide as follows:

The unpaid principal balance of cash Advances under the Revolving Credit shall bear interest, subject to the terms hereof at a per annum rate equal to, at Borrower's option, (i) the Adjusted LIBOR Rate plus the Applicable Rate, (ii) the Base Rate or (iii) the Daily LIBOR Rate plus the Applicable Rate. The unpaid principal amount of each Term Loan under the Revolving Credit shall bear interest, subject to the terms hereof at a per annum rate equal to, at Borrower's option, (i) the Adjusted LIBOR Rate plus two and three- quarters percent (2.75%) or (ii) the Base Rate. The unpaid principal amount of the Refinance Term Loan under the Revolving Credit shall bear interest, subject to the terms hereof at a per annum rate equal to, at Borrower's option, (i) the Adjusted LIBOR Rate plus two and three-quarters percent (2.75%) or (ii) the Base Rate.

(k) Section 2.8 of the Agreement is hereby amended and restated in its entirety to provide as follows:

Borrower may prepay the Revolving Credit in whole or in part at any time or from time to time, without penalty or premium except as provided in Section 2.10 upon not less than three Business Days’ irrevocable notice to Lender. Any partial prepayment of a Term Loan or the Refinance Term Loan shall be applied to such Term Loan or the Refinance Term Loan in the inverse order of maturity. Any prepayment of principal hereunder shall be accompanied by all accrued and unpaid interest to, but excluding, the date of prepayment.

(l) Section 2.9 of the Agreement is hereby amended to add the following sentence at the end thereof:

The Refinance Term Loan shall be used by the Borrower to refinance $3,000,000 of the outstanding principal amount of the cash Advances on the Amendment No. 4 Effective Date.

(m) Section 2.16 of the Agreement is hereby amended to add the following new sentence at the end thereof:

Notwithstanding anything to the contrary herein, no Term Loans shall be advanced by Lender unless and until Consolidated EBITDA shall be in excess of $6,500,000, as calculated on a rolling four-quarter basis.

(n) Section II of the Agreement is hereby amended to add the following new Section 2.17 immediately following Section 2.16 thereof:

2.17 Refinance Term Loan. (a) As a part of the Revolving Credit and subject to the terms and conditions, and relying upon the representations and warranties, all as set forth herein, Lender hereby agrees to advance to Borrower on the Amendment No. 4 Effective Date, the sum of Three Million Dollars ($3,000,000) (the “Refinance Term Loan”), provided, however, that the Refinance Term Loan shall not be made if, after giving effect to the Refinance Term Loan, Aggregate Outstandings would exceed the Maximum Revolving Credit Amount.

(b) The Refinance Term Loan Commitment of the Lender shall automatically terminate on the Amendment No. 4 Effective Date following funding of the Refinance Term Loan.

(c) On the Amendment No. 4 Effective Date, Borrower shall execute and deliver to Lender a promissory note in the original principal amount of the Refinance Term Loan, substantially in the form attached hereto as Exhibit I (as amended, restated, supplemented or modified, from time to time, the “Refinance Term Loan Note”). The Refinance Term Loan Note shall evidence Borrower's unconditional obligation to repay Lender for the Refinance Term Loan with interest as herein provided. Lender is authorized to record the date, type and amount of the Refinance Loan and the date and amount of each payment or prepayment of principal of the Refinance Term Loan in the Lender’s records or on the grid schedule annexed to the Refinance Term Loan Note; provided, however, that the failure of the Lender to set forth the Refinance Term Loan, payment and other information shall not in any manner affect the obligation of the Borrower to repay the Refinance Term Loan made by the Lender in accordance with the terms of the Refinance Term Loan Note and this Agreement. The Refinance Term Loan Note, the grid schedule and the books and records of the Lender shall constitute conclusive evidence of the information so recorded absent manifest error.

(d) The principal balance of the Refinance Term Loan shall be paid in twenty six consecutive monthly installments of principal, commencing May 1, 2012 and on the first day of each month thereafter with a final and twenty-seventh (27^th) payment on the Refinance Term Loan Maturity Date, each such payment in the amount set forth below opposite the applicable installment:

(o) Section 4.7 of the Agreement is hereby amended to add the text “and Refinance Term Loan” after the text “Term Loans”.

(p) Section 4.8 of the Agreement is hereby amended to (i) add the text “and the Refinance Term Loan” after each reference to “Term Loans” in the heading and first line thereof, (ii) delete the period at the end of subsection “(g)” thereof and replace it with the text “and” and (iii) to add new subsections (h) and (i) immediately following subsection (g) thereof as follows:

(h) After giving effect to any requested Advance (x) during a Borrowing Base Period, (i) the Aggregate Outstandings shall not exceed the Maximum Revolving Credit Amount then in effect and (ii) the Aggregate RC Outstandings shall not exceed the Borrowing Base and (y) at any other time, the Aggregate Outstandings shall not exceed the Maximum Revolving Credit Amount then in effect.

(i) With respect to the Refinance Term Loan hereunder, the Borrower shall have delivered to the Lender a duly executed Refinance Term Loan Note appropriately completed in an amount equal to the aggregate principal amount of the Refinance Term Loan to be funded on the Amendment No. 4 Effective Date.

(q) Section 6.8(a) of the Agreement is hereby amended and restated in its entirety to provide as follows:

(a) Consolidated Fixed Charge Coverage Ratio. Borrower shall maintain a Consolidated Fixed Charge Coverage Ratio of not less than the ratio set forth below opposite the applicable period, measured quarterly as of each fiscal quarter end:

Period		Maximum Ratio

January 31, 2012		1.00:1.00

April 30, 2012		not to be tested

July 31, 2012		not to be tested

October 31, 2012		1.10:1.00

January 31, 2013 and thereafter		1.20:1.00

(r) Section 6.8(b) of the Agreement is hereby amended and restated in its entirety to provide as follows:

Consolidated Leverage Ratio – Borrower shall maintain a Consolidated Leverage Ratio of not more the ratio set forth below opposite the applicable period, measured quarterly as of each fiscal quarter end:

Period		Maximum Ratio

January 31, 2012		5.00:1.00

April 30, 2012		6.25:1.00

July 31, 2012		5.50:1.00

October 31, 2012		5.00:1.00

January 31, 2013 and thereafter		3.50:1.00

(s) The table in Section 6.8(c) of the Agreement is hereby amended and restated in its entirety to provide as follows:

Period	Minimum Amount
January 31, 2012	$	3,500,000
April 30, 2012	$	3,000,000
July 31, 2012	$	3,500,000
October 31, 2012	$	4,000,000
January 31, 2013 and thereafter	$	5,500,000

(t) Section 6.8(d) of the Agreement is hereby amended and restated in its entirety to provide as follows:

(d) Asset Coverage Ratio. Borrower shall maintain an Asset Coverage Ratio of not less than 1.25 to 1.00, measured monthly at the end of each calendar month.

(u) Section 6.9(a)(iii) of the Agreement is hereby amended and restated in its entirety to provide as follows:

within thirty (30) days of the end of each calendar month, (x) Borrower's accounts receivable aging report, accounts payable aging report, inventory reports and such other reports as Lender reasonably deems necessary, certified by Borrower's chief financial officer as true and correct, all in form and substance reasonably satisfactory to Lender, (y) at any time during a Borrowing Base Period (with respect to the Borrowing Base for the calendar month then ended), a completed Borrowing Base Certificate; and (z) at all times, other than during a Borrowing Base Period, a certificate from the chief financial officer, chief executive officer or president of Borrower certifying compliance with the requirements of Section 6.8(d) hereof, each of (y) and (z) to include a description of the Eligible Accounts, Eligible Inventory and Eligible Fixed Assets in order to establish that Borrower is in compliance with either the Borrowing Base or the minimum Asset Coverage Ratio, as the case may be;

(v) Section 6.11 of the Agreement is hereby amended to add the following sentence at the end thereof:

The Bank shall be satisfied with the result of a field examination of the Borrower’s books and records to be completed by April 30, 2012.

(w) Section VI of the Agreement is hereby amended to add a new Section 6.20 immediately following Section 6.19 thereof as follows:

Section 6.20. Springing Mortgages. On or prior to May 31, 2012, the Borrower shall have delivered to the Bank, for each Premises: (a) a title report issued by an insurance company authorized to transact business in the state where the such Premises is located and acceptable to the Bank, (b) a Springing Mortgage, duly executed by the Borrower, with respect to each Premises, in form and substance satisfactory to the Bank; (c) copies of all environmental reports to the extent previously prepared with respect to such Premises, (d) evidence that such Premises is not located in a Federally designated “special flood hazard area” or if such Premises is located in a Federally designated “special flood hazard area,” a flood insurance policy with terms and coverage satisfactory to the Bank, and (e) such other documents, agreements and information that the Bank may request.

Upon the occurrence and continuance of an Event of Default, the Bank may record the Springing Mortgages and, in connection therewith, the Borrower shall promptly provide to the Bank, (a) a title policy and a lender's title insurance binder issued by an insurance company authorized to transact business in the state where the Premises referred to in such Springing Mortgage is located and acceptable to the Bank naming the Bank as insured and insuring that the applicable Springing Mortgage creates a continuing, valid lien on the Property prior to all Liens (other than Permitted Liens), fully securing the Loans and on terms and conditions satisfactory to the Bank, (b) a current legal description and updated survey of each of the Premises, certified to the Bank and the title company, (c) a certificate of insurance from an independent insurance broker confirming the insurance required to be maintained pursuant to the Springing Mortgages, naming the Bank as mortgagee and loss payee with respect to such insurance, (e) copies of all environmental reports with respect to the Premises, including an updated environmental report at the reasonable option of the Bank, and (f) such other documents, promissory notes, agreements and information, including opinions of counsel, that the Bank may reasonably request. The Borrower further agrees to pay all title insurance premiums, recording and filing fees and charges and other expenses incurred by the Bank in connection with the recording of the Springing Mortgages and the delivery of the other documents required pursuant to this Section 6.20.

(x) Exhibit G, Exhibit H and Exhibit I attached hereto are hereby added as Exhibit G, Exhibit H and Exhibit I, respectively, to the Agreement.

2. Conditions of Effectiveness. This Amendment shall become effective as of the date hereof, upon receipt by the Lender of (a) this Amendment, duly executed by the Borrower and the Guarantor, (b) an amendment fee of $105,000, (c) a secretary’s certificate, substantially in the form attached hereto as Exhibit 1, (d) the Negative Pledge Agreement, duly executed by the Borrower, substantially in the form attached as Exhibit H hereto, (e) the Refinance Term Note, duly executed by the Borrower, substantially in the form attached as Exhibit I hereto and (f) such documents and agreements that the Lender shall request.

3. Conforming Amendments. The Agreement, the Loan Documents and all agreements, instruments and documents executed and delivered in connection with any of the foregoing, shall each be deemed to be amended and supplemented hereby to the extent necessary, if any, to give effect to the provisions of this Amendment. The Agreement and the other Loan Documents shall remain in full force and effect in accordance with their respective terms.

4. Representations and Warranties. The Borrower hereby represents and warrants to the Lender as follows:

(a) After giving effect to this Amendment (i) each of the representations and warranties set forth in Article V of the Agreement is true and correct in all material respects on and as of the date hereof as if made on and as of the date of this Amendment except to the extent such representations or warranties relate to an earlier date in which case they shall be true and correct in all material respects as of such earlier date, and (ii) no Default or Event of Default has occurred and is continuing as of the date hereof or shall result from after giving effect to this Amendment.

(b) The Borrower has the power to execute, deliver and perform this Amendment and each of the other agreements, instruments and documents to be executed by it in connection with this Amendment. No registration with or consent or approval of, or other action by, any Governmental Authority is required in connection with the execution, delivery and performance of this Amendment and the other agreements, instruments and documents executed in connection with this Amendment by the Borrower, other than registration, consents and approvals received prior to the date hereof and disclosed to the Lender and which are in full force and effect.

(c) The execution, delivery and performance by the Borrower of this Amendment and each of the other agreements, instruments, and documents to be executed by it in connection with this Amendment, and the execution and delivery by the Guarantor of the Consent to this Amendment, (i) have been duly authorized by all requisite corporate action, and (ii) will not violate (A) any provision of law applicable to the Borrower or the Guarantor, any rule or regulation of any Governmental Authority applicable to the Borrower or the Guarantor or (B) the certificate of incorporation, by-laws, or other organizational documents, as applicable, of the Borrower or of the Guarantor.

(d) This Amendment and each of the other agreements, instruments and documents executed in connection with this Amendment to which the Borrower or the Guarantor are a party have been duly executed and delivered by the Borrower and the Guarantor, as the case may be, and constitutes a legal, valid and binding obligation of the Borrower and the Guarantor enforceable, as the case may be, in accordance with its terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally and by equitable principles of general application, regardless of whether considered in a proceeding in equity or at law.

5. Miscellaneous.

Capitalized terms used herein and not otherwise defined herein shall have the same meanings as defined in the Agreement.

The amendments herein contained are limited specifically to the matters set forth above and do not constitute directly or by implication an amendment or a waiver of any other provision of Agreement or a waiver of any Default or Event of Default which may occur or may have occurred under the Agreement.

This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one Amendment.

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

6. Reaffirmation.

The Borrower hereby: (a) acknowledges and confirms that, notwithstanding the consummation of the transactions contemplated by this Amendment, (i) all terms and provisions contained in the Security Documents are, and shall remain, in full force and effect in accordance with their respective terms and (ii) the liens heretofore granted, pledged and/or assigned to the Lender as security for the Borrower’s obligations under the Note, the Agreement and the other Loan Documents shall not be impaired, limited or affected in any manner whatsoever by reason of this Amendment and such liens shall be deemed to extend to the Refinance Term Loan; (b) reaffirms and ratifies all the representations and covenants contained in each Security Document; and (c) represents, warrants and confirms the non-existence of any offsets, defenses, or counterclaims to its obligations under any Security Document.

[next page is the signature page]

IN WITNESS WHEREOF, the Borrower and the Lender have signed and delivered this Amendment as of the date first written above.

	LAKELAND INDUSTRIES, INC.

	By:	/s/ Christopher J. Ryan
	Name:	Christopher J. Ryan
	Title:	Chief Executive Officer and President

	TD BANK, N.A.

	By:	/s/ John Topolovec
	Name:	John Topolovec
	Title:	Vice President

CONSENT

The undersigned, not as parties to the Agreement but as Guarantor under the Guaranty and as a Grantor under the Security Agreement, hereby (a) accepts and agrees to the terms of the foregoing Amendment, (b) acknowledges and confirms that all terms and provisions contained in the Loan Documents to which it is party are, and shall remain, in full force and effect in accordance with their respective terms and (c) (i) all terms and provisions contained in the Loan Document to which it is a party are and shall remain, in full force and effect in accordance with their respective terms and (ii) the liens heretofore granted, pledged and/or assigned to the Lender as security for the Obligations shall not be impaired, limited or affected in any manner whatsoever by reason of this Amendment and shall be deemed to extend to the Refinance Term Loan.

	LAIDLAW, ADAMS & PECK, INC.

	By:	/s/ Christopher J. Ryan
	Name:	Christopher J. Ryan
	Title:	President, Secretary and Director

REFINANCE TERM LOAN NOTE

$3,000,000

April 12, 2012

FOR VALUE RECEIVED and intending to be legally bound, the undersigned, Lakeland Industries, Inc., a Delaware corporation ("Borrower"), promises to pay, in lawful money of the United States of America, to the order of TD Bank, N.A. ("Lender"), on or before the Refinance Term Loan Maturity Date, at the address set forth in Section 9.8 of the Loan Agreement, the principal amount Three Million ($3,000,000) Dollars, pursuant to the provisions of that certain Loan and Security Agreement dated of even date herewith, between Borrower and Lender (as it may be supplemented, restated, superseded, amended or replaced from time to time, "Loan Agreement").

The principal balance of this Term Loan shall be paid in accordance with the terms of the Loan Agreement provided that, in any event, the unpaid principal and all accrued and unpaid interest outstanding under this Refinance Term Loan shall be repaid in full on the Refinance Term Loan Maturity Date.

The outstanding principal balance hereunder shall be payable in accordance with the terms of the Loan Agreement. The actual amount due and owing from time to time hereunder shall be evidenced by Lender's records of receipts and disbursements with respect to this Term Loan, which shall, in the absence of manifest error, be conclusive evidence of the amount. All capitalized terms used herein without further definition shall have the respective meanings ascribed thereto in the Loan Agreement.

Borrower further agrees to pay interest on the outstanding principal balance hereunder from time to time at the per annum rates set forth in the Loan Agreement. Interest shall be calculated on the basis of year of 360 days but charged for the actual number of days elapsed, and shall be due and payable as set forth in the Loan Agreement.

This Note is the “Refinance Term Loan Note” referred to in the Loan Agreement.

If an Event of Default occurs and is continuing under the Loan Agreement, the unpaid principal balance of this Refinance Term Loan Note along with all accrued and unpaid interest and unpaid Expenses shall become, or may be declared, immediately due and payable as provided in the Loan Agreement. The obligations evidenced by this Refinance Term Loan Note are secured by the Collateral.

This Refinance Term Loan Note may be prepaid only in accordance with the terms and conditions of the Loan Agreement.

Borrower hereby waives protest, demand, notice of nonpayment and all other notices in connection with the delivery, acceptance, performance or enforcement of this Refinance Term Loan Note.

This Refinance Term Loan Note shall be governed by and construed in accordance with the substantive laws of the State of New York. The provisions of this Refinance Term Loan Note are to be deemed severable and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions of this Refinance Term Loan Note which shall continue in full force and effect. No modification hereof shall be binding or enforceable against Lender unless approved in writing by Lender.

BORROWER (AND LENDER BY ITS ACCEPTANCE HEREOF) HEREBY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT, MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED HEREUNDER OR UNDER THE LOAN DOCUMENTS.

IN WITNESS WHEREOF, and intending to be legally bound hereby, Borrower has executed these presents the day and year first above written.

	LAKELAND INDUSTRIES, INC.

	By:	/s/ Christopher J. Ryan
	Name:	Christopher J. Ryan
	Title:	Chief Executive Officer and President

EX-10.2 3 v309286_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

	Subcarteira N° da Operacao
	051-3
	53830069-0

ltau Unibanco S.A.	Cedula de Credito Bancario
	Emprestimo para Capital de Giro Garantido por Duplicata (Giropre -DP -Parcelas Iguais/Flex)

Nome empresarial do emitente

Lakeland Brasil, S.A.

Qualificado(a) na proposta de abertura da conta corrente de deposito indicada no subitem 1.14, designado Cliente

Dados da Cedula de Credlto Bancario

1.1. Data	1.2. Conta vinculada			1.3. Valor entregue	1.4.Valor do IOF
	Agencia	Conta n°	DAC
20.10.2011	1576	02970	4	R$ 1.000.000,00	R$12.138,83

1.5. Valor da Tarifa de	1.6. Valor total emprestado	1.7. Vencimento da	1.8. Comissao de
Contractacao (TAC)	(valor entregue,mais IOF	Cedula	concessao de credito
	e TAC, se financiados)
R$250.00	R$1,000,000.00	19.10.2012	0.00%

1.9.

Taxa de Juros remuneratorios

1.9.1. Ao mes (30 Dias)	1.9.2 Ao ana (360 dias)	1.9.3. Periodicidade de capitalizacao
1.47%	19,138%	MENSAL

1.10.

Codigo da garantia

1.11. Conta Corrente de Deposito

1.10.1. Codigo (uso interno Do Banco)	1.10.2 Percentual	Agencia	Conta N°	DAC
070-3	050%	1576	21707	7

1.12.

Forma de pagamento em parcelas iguais

1.12.1. Quantidade de Parcelas

1.12.2. Valor de cada par (principal e juros)cela

1.12.3.Data de vencimento da primeira parcela

1.12.4 Perido entre parcelas

012

R$91.639,54

21.11.2011

UM MÊS

1.13.

Forma de pagamento em parcelas diferentes ou periodicidade nso uniforme

Parcela	Vencimento	Valor do principal da parcela em R$	Parcela	Vencimento	Valor do principal da parcela em R$
001			031
002			032
003			033
004			034
005			035
006			036
007			037
008			038
009			039
010			040
011			041
012			042
013			043
014			044
015			045
016			046
017			047
018			048
019			049
020			050
021			051
022			052
023			053
024			054
025			055
026			056
027			057
028			058
029			059
030			060

1.14.	Local de emissao	1.15.	Local de pagamento
	Salvador, Bahia		Salvador, Bahia

Ate a data de vencimento indicada no subitem 1.7,pagaremos por esta Cedula de Credito Bancário (Cedula") ao Itau Unibanco S.A., com sede na Praca Alfredo Egydio de Souza Aranha, 100, Torre Olavo Setubal, Sao Paulo, SP, CNPJ n°60.701.190/0001-04, designado ltau Unibanco, a divida em dinheiro, certa, liquida e exigivel, correspondente ao valor total emprestado indicado no subitem 1.6 mais os encargos aqui previstos, conforme descritos nos itens 3 e 4.

Objeto -O Itau Unibanco emprestara a nos o valor constante do subitem 1.6, mediante credito na conta corrente de deposito indicada no subitem 1.11, desde que constituídas as garantias previstas no item "Garantias" desta Cédula.

Modo de Pagamento -Pagaremos todos os valores por nos devidos em decorrência desta Cédula mediante debito que o Itau Unibanco fara na conta corrente de deposito indicada no subitem 1.11, que devera ter saldo disponível suficiente, para o que fica, desde ja, o Itau Unibanco expressamente autorizado.

3.1.

A insuficiência de saldo disponível na conta corrente de deposito configurara atraso no pagamento.

3.1.1.

O Itau Unibanco poderá, a seu critério, transferir valores da conta vinculada indicada no subitem 1.2 para a conta corrente de deposito indicada no subitem 1.11 para nela gerar saldo suficiente para acolher os débitos.

3.1.1.1.

Se, mesmo apos a transferência referida do subitem 3.1.1 0 saldo da conta corrente de deposito for insuficiente, o Itau Unibanco, a seu exclusivo critério, poderá efetuar o debito gerando adiantamentos a depositante, nos termos do contrato de abertura da conta corrente de deposito do subitem 1.11.

3.1.1.2.

O deposito de valores na conta corrente de deposito amortizara primeiro os adiantamentos a depositante que não tiveram origem nesta Cédula e depois os adiantamentos a depositante originados pelos débitos relacionados com esta Cedula.

Pagamento -Pagaremos ao Itau Unibanco o valor total emprestado indicado no subitem 1.6, acrescido de juros capitalizados a taxa do subitem 1.9, conforme estipulado nos subitens 1.12 ou 1.13.

4.1.

No caso de parcelas iguais indicadas no subitem 1.12, o valor de cada parcela e o indicado no subitem 1.12.2, composto de principal e juras, e será debitado na data do respectivo vencimento; a primeira parcela vencera na data indicada no subitem 1.12.3 e as demais vencerão a cada período indicado no subitem 1.12.4, a partir da data de vencimento da primeira parcela.

4.1.1.

Os juros serão apurados pela aplicação da taxa do subitem 1.9 sobre o saldo devedor desta Cédula, calculados conforme Tabela Price.

4.1.1.1.

Para fins deste item 4.1.1, entende-se por Tabela Price o sistema de imputação do pagamento em que o percentual de principal e o percentual de juros de cada parcela variam no correr do tempo, de modo a manter-se constante o valor de cada parcela.

4.2.

No caso da forma de pagamento, indicada no subitem 1.13, o valor de cada parcela será acrescido de juros, desde a data da operação ate 0 vencimento da respectiva parcela, e será debitado na data de vencimento indicada no subitem 1.13.

4.3.

O ITAU UNIBANCO PODERA NOS REPASSAR o VALOR DE TRIBUTOS E ENCARGOS QUE VENHAM A SER CRIADOS, BEM COMO o AUMENTO DOS ATUAIS, EXIGIVEIS PELAS AUTORIDADES COMPETENTES EM RAZAO DESTA CEDULA. OITAU UNIBANCO NOS INFORMARA SOBRE AS ALTERACOES ANTES DO INICIO DA COBRANCA DO VALOR A SER REPASSADO.

4.4.

o RECEBIMENTO, PELO ITAU UNIBANCO, DE DETERMINADA PARCELA NAO SIGNIFICARA QUITACAO DAS ANTERIORES.

4.5.

A comissão de concessão de credito indicada no subitem 1.8, incidente sobre o valor emprestado indicado no subitem 1.6, será debitada nesta data da conta corrente de deposito indicada no subitem 1.11.

4.5.1.

Se ocorrer liquidação antecipada ou vencimento antecipado desta Cédula, o Itaú Unibanco nos devolvera a comissão de concessão de credito em valor calculado de forma proporcional ao período compreendido entre a data de liquidação antecipada ou vencimento antecipado e a data de vencimento originalmente contratada. comissão de concessão de credito proporcional ao tempo não decorrido.

4.6.

Pagaremos o Imposto sobre Operações Financeiras (IOF) conforme a legislação em vigor.

4.6.1.

Se o IOF for financiado, o seu valor será incluído nas parcelas.

4.7.

Os encargos previstos nesta Cédula Guros, comissão de concessão de credito, taxa efetiva de juros, mensal e anual, tributos e contribuições, tarifas e outras despesas) serão a n6s informados, imediatamente apos a sua apuração, em planilha aparte, a qual integrara essa Cédula..

Devedores Solidários -As pessoas ao final nomeadas, designadas Devedores Solidários, declaram-se solidariamente responsáveis por todas as obrigações por nos assumidas e assinam esta Cédula, concordando com os seus termos.

Garantia -Para garantir o pagamento de qualquer valor relacionado a esta Cédula, mesmo decorrente de adiantamentos a depositante, damos ao Itaú Unibanco isolada ou cumulativamente as seguintes garantias:

6.1.

Cessão fiduciária dos direitos sobre os créditos por nos entregues ao Itaú Unibanco para prestação de serviços de cobrança, discriminados em relação anexa, através de fita magnética ou de teleprocessamento, que tara parte desta Cédula; ou cessão fiduciária, se os títulos representativos dos créditos forem entregues endossados ao Itaú Unibanco;

6.1.1.

os créditos dados em garantia serão passíveis nas praças onde o Itaú Unibanco tiver agência, terão por devedores pessoas não Iigadas a nos, designados Devedores, e serão em valor nunca inferior ao percentual de garantia indicado no subitem 1.10 sobre o saldo devedor desta Cédula;

6.1.1.1.

obrigamo-nos a notificar aos Devedores a garantia constituída;

6.1.2.

o Itaú Unibanco selecionara os créditos dados em garantia, podendo recusar qualquer urn deles e, a qualquer tempo, pedir a substituição de titulo ou credito anteriormente aceito;

6.1.2.1.

os créditos vencidos e não pagos, automaticamente, deixarão de integrar a garantia;

6.1.2.2.

enquanto não substituídos, os créditos recusados e os vencidos terão o produto de sua cobrança creditado na conta vinculada;

6.1.3.

pagaremos, no ate da entrega dos créditos, a tarifa de cobrança constante da Tabela de Tarifas, afixada nas agências.

6.1.4.

se optarmos pela confecção e entrega do documento de cobrança diretamente por n6s aos Devedores, obrigamo-nos a fazer constar desses documentos a inscrição "credito dado em garantia ao Itaú Unibanco S.A., pagar somente através da rede bancaria";

6.1.5.

o Itaú Unibanco creditara na conta vinculada indicada no subitem 1.2 0 produto da cobrança dos créditos dados em garantia;

6.1.6.

o Itaú Unibanco transferira para a conta corrente de dep6sito indicada no subitem 1.14 0 saldo credor da conta vinculada indicada no subitem 1.2 que exceder ao percentual contratado da garantia indicado no subitem 1.10 sobre o saldo devedor desta Cédula;

6.1.7.

na hip6tese de atraso no pagamento ou de vencimento antecipado, autorizamos o Itaú Unibanco a negociar os créditos dados em garantia e aplicar o produto da negociação na amortização ou liquidação da dívida;

6.2.

Aval, se exigido pelo Itaú Unibanco, que poderá ser prestado por meio de documento anexo, integrante desta Cédula.

6.3.

outras garantias adicionais, se exigidas pelo Itaú Unibanco, prestadas pcr meio de documentos anexos, parte integrante desta Cédula.

6.4.

Substituiremos a(s) garantia(s) na hipótese de perda de seu objeto, ou as reforçaremos na de diminuição ou insuficiência do seu valor.

Liquidação antecipada -o prazo de nossas obrigações decorrentes desta Cédula foi estabelecido no interesse de ambas as partes, de forma que o pagamento antecipado, inclusive na hip6tese de pagamento antecipado mediante recebimento pelo Itaú Unibanco de recursos de outra instituição financeira, constitui cumprimento de obrigação fora do prazo. Preestabelecemos, assim, que o saldo devedor na data do pagamento antecipado consistira no valor do principal não amortizado, acrescido: (i) dos encargos pactuados nesta Cédula para o período decorrido ate a data do pagamento antecipado; (ii) dos encargos vincendos desde a data de vencimento antecipado ate a data de vencimento originalmente pactuada, calculados a valor presente, mediante deságio desses valores, tendo pcr base os encargos remuneratórios indicados nesta Cédula; e (iii) de eventual indenização prevista no subitem 7.2 abaixo.

7.1.

Fica estabelecido que a amortização antecipada, nos termos deste item 7, devera ser realizada tendo valor mínimo correspondente a 1 (uma) parcela prevista no preâmbulo, não sendo possível pagamento antecipado parcial de parcela.

7.2.

Fica estabelecido que, no momento do pagamento antecipado, o Itaú Unibanco fará o calculo do valor presente do fluxo de pagamentos representativo das parcelas vincendas, desde as datas de vencimento original mente pactuadas, mediante o deságio desse fluxo, tendo por base a taxa de juros vigente para a aplicação de recursos a nos disponível no momento do pagamento antecipado. Caso o valor presente desse fluxo seja superior ao valor calculado nos termos do item 7(ii), acima, a diferença a maior consistira em indenização por nos devida ao Itaú Unibanco a titulo de recomposição de seu custo de aplicação captação.

7.3.

Se, na data da contratação, formos comprovadamente microempresa ou empresa de pequeno porte nos termos da legislação aplicável, o Itaú Unibanco calculara o Valor Presente da operação como segue:

7.3.1.

se o prazo a decorrer for de ate 12 (doze) meses ou se a amortização ou a liquidação antecipada ocorrer em ate 7 (sete) dias da contratação, com a aplicação da taxa de juros remuneratórios do contrato conforme indicada no subitem 1.10.1;

7.3.2.

se o prazo a decorrer for superior a 12 (doze) meses, com a aplicação da Taxa de Desconto resultante da taxa de juros remuneratórios indicada no subitem 1.11, deduzida a taxa SELIC aplicável na data da contratação e acrescida da Taxa Selic do dia da amortização ou liquidação antecipada.

7.3.2.1.

Para os fins deste item 7, entende-se por ''Taxa SELIC" a taxa de juros fixada pelo Conselho de Politica Monetária e divulgada pelo Banco Central do Brasil, que, por determinação do Conselho Monetário Nacional, deve compor a Taxa de Desconto para as amortizações ou liquidações antecipadas das operações de credito especificadas em regulamentação aplicável.

Vencimento Antecipado -Autorizamos o Itaú Unibanco a considerar antecipadamente vencida as obrigações decorrentes desta Cédula e exigível o pagamento da dívida e encargos na data do vencimento antecipado:

8.1.

independentemente de aviso, se não cumprirmos qualquer de nossas obrigacõesdecorrentes desta Cédula, sofrermos legítimo protesto de titulo, pedirmos falência ou tivermos contra nos tal pedido, requerermos recuperação judicial, convocarmos credores para por pcr ou negociar plano de recuperação extrajudicial ou pedirmos homologação; se nao cumprirmos qualquer obrigação assumida em outras operações celebradas com o Itaú Unibanco e/ou qualquer outra empresa controlada, direta ou indiretamente, pela Itaú Unibanco Holding S.A. e/ou seus controladores ou empresas coligadas.

8.2.

mediante aviso que o Itaú Unibanco nos enviara com antecedência mínima de 15 (quinze) dias, se: a) deixarmos de, no prazo mencionado no aviso, substituir o Devedor Solidário que vier a encontrar-se em insolvência ou em qualquer das situações do subitem anterior ou que discordar de qualquer alteração nas condições desta Cédula; b) houver medida ou evento que afete as garantias ou os direitos creditórios do Itaú Unibanco decorrentes desta Cédula;

houver sentença condenat6ria transitada em julgado, em razão de pratica, nossa ou de pessoa física atuando como nosso administrador, de atos que importem em discriminação de raça ou de gênero, trabalho infantil, trabalho escravo, assedio moral ou sexual, ou crime contra o meio ambiente;

realizarmos qualquer outra modalidade de acordo privado com credor(es) que indique nossa situação de crise econômico financeira ou de estado pré-falimentar.

Atraso de Pagamento e Multa -Sem prejuízo de vencimento antecipado, se houver atraso no pagamento de qualquer obrigação pecuniária decorrente desta Cédula, incidira sobre os valores devidos e não pagos, a taxa de juros remunerat6rios indicada no subitem 1.9, acrescida de juros morat6rios de 1% (um por cento) ao mês, todos calculados de forma pro rata e capitalizada na periodicidade do subitem 1.9.3, desde a data de vencimento da obrigação, ainda que por antecipação, ate a data de seu efetivo pagamento, e multa de 2% (dois por cento).

9.1.

Pagaremos também, tanto no caso de cobrança judicial ou extrajudicial, despesas de cobrança, inclusive custas e honorários advocatícios.

9.2.

CASO EXISTAM OBRIGACOES PECUNIARIAS DECORRENTES DESTA CEDULA VENCIDAS, AINDA QUE ANTECIPADAMENTE, E NAO PAGAS, o ITAU UNIBANCO PODERA:

9.2.1.

COMPENSAR A Dívida MENCIONADA NO SUBITEM 9.2, ACIMA, COM VALORES QUE o ITAU UNIBANCO DEVA A QUALQUER TITULO A NOS OU AOS DEVEDORES SOL/OARIOS, INCLUSIVE RECURSOS OU APLICACOES FINANCEIRAS QUE NOS OU OS DEVEDORES SOLIDARIOS MANTIVERMOS NO ITAU UNIBANCO;

9.2.1.1.

Para os fins do subitem 9.2.1, acima, os valores devidos pelo Itaú Unibanco que forem objeto da compensação ali descrita serão considerados vencidos na data da efetivação da compensação.,

9.2.2.

RETER QUAISQUERVALORES DE QUE N6s OU OS DEVEDORES SOLIDARIOS SEJAMOS TITULARES.

9.3.

o RECEBIMENTO DO PRINCIPAL, PELO ITAU UNIBANCO, NAO SIGNIFICARA QUITACAO DOS ENCARGOS PREVISTOS NESTA CEDULA.

10.

Reorganizações Societárias -Comunicaremos imediatamente ao Itaú Unibanco qualquer processo de reorganização societária (cisão, fusão, incorporação, etc.), alteração da sua atividade principal, alienação de estabelecimento comercial ou de parcela significativa de seus ativos ou mudança de controle, direto ou indireto, em que n6s ou nosso controlador, direto ou indireto, estejamos envolvidos.,

10.1.

Ocorrido qualquer dos eventos previstos no "caput" deste item, o ltau Unibanco podera considerar antecipadamente vencidas as obrigações desta Cédula e exigível, de imediato, o pagamento do total da dívida.

10.2.

Prometemos que o nosso controlador, direto ou indireto, será cientificado do teor deste item e que dará cumprimento ao nele disposto.

11.

Tarifas -Por esta operação de empréstimo, pagaremos ao Itaú Unibanco na data da contratação, a tarifa de contratação prevista no subitem 1.5 que, se financiada, terá o seu valor incluído nas parcelas.

12.

Despesas -Se o Itaú Unibanco levar esta Cédula e suas garantias a registro, pagaremos todas as despesas dele decorrentes.

12.1.

o Itaú Unibanco informara a nos o valor das despesas com 5 (cinco) dias de antecedência a realização do debito a ser processado nos termos do item 3.

13.

Custo Efetivo Total ("CET") -Nos declaramos que tomamos ciência do Custo Efetivo Total (UCET"), conforme definido no subitem 13.1, previamente a contratação desta operação, bern como dos fluxos considerados no calculo do CET, conforme planilha de calculo que nos foi entregue (“ planilha").

13.1.

Para os fins desta Cédula, entende-se por Custo Efetivo Total ("CET") o custo total desta operação, expresso na forma de taxa percentual anual, indicado na Planilha. Para o calculo do CET são considerados: (a) o valor do credito concedido; (b) o numero de parcelas a pagar e a data de pagamento de cada uma; (c) o prazo da opera.;ao, em dias corridos, a partir da data da libera.;ao ate o vencimento da ultima parcela; e d) a taxa de juros remuneratórios, o valor dos tributos, das tarifas bancarias e das demais despesas previstas nesta Cédula.

14.

Divulgação de Atraso no Pagamento -Na hipótese de ocorrer descumprimento de qualquer obriga.;ao nossa ou dos Devedores Solidários decorrentes desta Cédula, ou atraso no pagamento de qualquer valor devido em decorrência desta Cédula, o Itaú Unibanco comunicara o fato a SERASA, ao SPC (Servi.;o de Porte.;ao ao Credito), bem como a qualquer outro 6rgao encarregado de cadastrar atraso no pagamento e descumprimento de obriga.;ao contratual.

15.

Sistema de Informação de Credito (SCR) -Nos e os Devedores Solidários autorizamos o Itaú Unibanco e as sociedades sob controle direto ou indireto da Itaú Unibanco Holding S.A., a qualquer tempo, mesmo ap6s a extinção desta opera.;ao a:

fornecer ao Banco Central do Brasil (BACEN), para integrar o SCR, informações sobre o montante de nossas dívidas a vencer e vencidas, inclusive as em atraso e as operações baixadas com prejuízo, bern como o valor das coobrigações por nos assumidas e das garantias por nos prestadas, e

consultar o SCR sobre eventuais informações a nosso respeito nele existentes.

15.1.

A finalidade do SGR e prover o BAGEN de informações sobre operações de credito para supervisão do risco de credito e intercambio de informações entre instituições financeiras.

15.1.1.

Estamos cientes de que a consulta ao SCR depende desta nossa autoriza.;ao previa e declaramos que eventual consulta anterior, para fins desta operação, contou com a nossa autoriza.;ao, ainda que verbal.

15.1.2.

Poderemos ter acesso, a qualquer tempo, aos dados do SeR pelos meios colocados a nossa disposição pelo SAGEN e, em caso de divergência nos dados do SCR fornecidos pelo Itaú Unibanco ou sociedade sob controle direto ou indireto da ltau Unibanco Holding S.A., pedir sua correção, exclusão ou registro de anotação complementar, inclusive de medidas judiciais, mediante solicita.;ao escrita e fundamentada ao Itaú Unibanco

16.

Responsabilidade ambiental -Declaramos que: (i) não existem contra n6s processos judiciais ou administrativos relacionados a questões trabalhistas relativas a saúde ou segurança ocupacional, inclusive quanto a trabalho escravo ou infantil, nem tampouco relacionados a questões ambientais; (ii) nossas atividades e propriedades estão em conformidade com a legislação ambiental brasileira, principalmente quanto ao licenciamento ambiental e alei de Biosseguran.;a; e (iii) os recursos decorrentes desta Cédula serão destinados apenas a finalidades Ilícitas que atendam rigorosamente a legislação trabalhista relativa a saúde e segurança ocupacional, inclusive quanto a ausência de trabalho análogo ao escravo e infantil, bern como a legislação ambiental brasileira..

16.1.

Durante a vigência desta Cédula, deveremos respeitar a legislação e regulamentação ambiental e trabalhista em vigor no Brasil, especial mente as normas relativas a saúde e segurança ocupacional, a inexistência de trabalho análogo ao escravo e infantil.

16.2.

Obrigamo-nos a obter todos os documentos (laudos, estudos, relatórios, licenças, etc.) exigidos pela legislação e regulamentação ambiental e trabalhista em vigor no Brasil, mantendo-os vigentes e atestando o seu cumprimento, e a informar ao Itau Unibanco, imediatamente, a manifesta.;ao desfavorável de qualquer órgão publico.

16.3.

Independente de culpa, ressarcirernos o Itaú Unibanco de qualquer quantia que este seja compilado a pagar, bem como o indenizaremos por quaisquer perdas e danos referentes a danos ambientais ou relativos a saúde e segurança ocupacional que, de qualquer forma a autoridade entenda estar relacionado a utilização dos recursos desta Cédula

17.

Tolerância – A tolerância de uma das partes quanto ao descumprimento de qualquer obrigação pela outra parte não significara renuncia ao direito de exigir o cumprimento da obrigação, nem perdão. Nem alteração do que foi aqui contratado.

18.

Efetivação da contratação -CASO ESTA CEDULA TENHA DSIDO ASSINADA POR NOS FOR A DA AGENCIA DO ITAU UNIBANCO DECLARAMOS QUE TODOS OS SEUS TERMOS CORRESPONDUM EXATATMENTE AQUELES CONSTANTES ORIGINALMENTE NO ARQUIVO ELECTRONICO OU NO FORMULARIO QUE NOS FOI ENCAMINHADO APOS A SUA ASSINATURA, DEVEREMOS ENCAMINHA-LA A AGENCIA DO ITAU UNIBANCO PARA ADOCAO DAS DEMAIS PROVIDENCIAS VISANDO A EFFETIVACAO DA CONTRACACAO AS CONDICOFS FINANCEIRAS AJUSTADAS PAPA ESTA CEDULA SOMENTE TEM VALIDADE PAPA A DATA INDINCADA NO SUBITEM 1.1.

19.

Solução Amigável de Conflitos - Para a solucão amigável de eventuais conflitos relacionados a esta Cédula, poderemos dirigir nosso pedido de reclamação a nossa agencia do Itaú Unibanco. O Itaú Unibanco coloca ainda a nossa disposição o SAC. Itaú (0800 728 0728) o SAC – Itaú exclusive ao deficiente auditivo (0800 772 1722) e o Fale Conosco (www.itau.com.br) Se não for solucionado conflito, poderemos recorrer a Ouvidoria Corporativa Itaú (0800 570 0011) em dias úteis das 9h as 18h.Caixa postal 67.600 CEP 03162-970

20.

Declaração de Leitura – O Itaú Unibanco orientou a nos e ao(s) Devedor(es) Solidário(s) a lermos atentamente os termos e as condições da presente Cédula e a esclarecermos todas as nossas eventuais duvidas.

20.1.

Nos e o(s) Devedor(es) Solidário(s) estamos cientes do que, ao assinarmos a presente Cédula, declaramos que a lemos previamente e que não possuímos nenhuma duvida com relação a quaisquer de suas cláusulas.

21.

Foro – Fica eleito o Foro da Comarca do local de emissao desta Cédula podendo a parte que promover a ação optar pelo Foro do nosso domicílio.

Local e data retro

Emitente:

/s/ Miguel G. Bastos
Miguel G. Bastos
Lakeland Brasil S/A
Dir.Presidene

Nome:	/s/ Miguel G. Basto	Nome: /s/ Raimundo Sampaio
CPF/CNP 125.891.95+53		CPF/CNP 42+085.405+2
Telephone: 71/3390.3000		Telephone: 71/3390.3000
Endereço:		Endereço: Rua

EX-10.3 4 v309286_ex10-3.htm EXHIBIT 10.3

Exhibit 10.3

	Subcarteira	N° da Operacao
	984-5	01829219-3

ltau Unibanco S.A.	Cedula de Credito Bancario
	Emprestimo para Capital de Giro Garantido por Duplicata (Giropre -DP -Parcelas Iguais/Flex)

Nome empresarial do emitente

Lakeland Brasil, S.A.

Qualificado(a) na proposta de abertura da conta corrente de deposito indicada no subitem 1.14,

designado Cliente

Dados da Cedula de Credlto Bancario

1.1. Data	1.2. Conta vinculada			1.3. Valor entregue	1.4.Valor do IOF
	Agencia	Conta n°	DAC
23.12.11	1576	02970	4	R$ 2.000.000,00	R$31.688,7

1.5. Valor da Tarifa de	1.6. Valor total emprestado	1.7. Vencimento da	1.8. Comissao de
Contractacao (TAC)	(valor entregue,mais IOF	Cedula	concessao de credito
	e TAC, se financiados)
R$250.00	R$2,000,000.00	23.12.2013	0.00%

1.9.

Taxa de Juros remuneratorios

1.9.1. Ao mes (30 Dias)	1.9.2 Ao ana (360 dias)	1.9.3. Periodicidade de capitalizacao
1.80%	23,87%	MENSAL

1.10.

Codigo da garantia

1.11. Conta Corrente de Deposito

1.10.1. Codigo (uso interno Do Banco)	1.10.2 Percentual	Agencia	Conta N°	DAC
070-3	010%	1576	21707	7

1.12.

Forma de pagamento em parcelas iguais

1.12.1. Quantidade de Parcelas

1.12.2. Valor de cada par (principal e juros)cela

1.12.3.Data de vencimento da primeira parcela

1.12.4 Perido entre parcelas

024

R$103.732,53

23.01.2012

UM MÊS

1.13.

Forma de pagamento em parcelas diferentes ou periodicidade nso uniforme

Parcela	Vencimento	Valor do principal da parcela em R$	Parcela	Vencimento	Valor do principal da parcela em R$
001			031
002			032
003			033
004			034
005			035
006			036
007			037
008			038
009			039
010			040
011			041
012			042
013			043
014			044
015			045
016			046
017			047
018			048
019			049
020			050
021			051
022			052
023			053
024			054
025			055
026			056
027			057
028			058
029			059
030			060

1.14.	Local de emissao		1.15.	Local de pagamento
	Salvador, Bahia			Salvador, Bahia

3.1.

A insuficiência de saldo disponível na conta corrente de deposito configurara atraso no pagamento.

3.1.1.

3.1.1.1.

3.1.1.2.

Pagamento -Pagaremos ao Itau Unibanco o valor total emprestado indicado no subitem 1.6, acrescido de juros capitalizados a taxa do subitem 1.9, conforme estipulado nos subitens 1.12 ou 1.13.

4.1.

4.1.1.

Os juros serão apurados pela aplicação da taxa do subitem 1.9 sobre o saldo devedor desta Cédula, calculados conforme Tabela Price.

4.1.1.1.

4.2.

4.3.

4.4.

o RECEBIMENTO, PELO ITAU UNIBANCO, DE DETERMINADA PARCELA NAO SIGNIFICARA QUITACAO DAS ANTERIORES.

4.5.

4.5.1.

4.6.

Pagaremos o Imposto sobre Operações Financeiras (IOF) conforme a legislação em vigor.

4.6.1.

Se o IOF for financiado, o seu valor será incluído nas parcelas.

4.7.

6.1.

6.1.1.

6.1.1.1.

obrigamo-nos a notificar aos Devedores a garantia constituída;

6.1.2.

o Itaú Unibanco selecionara os créditos dados em garantia, podendo recusar qualquer urn deles e, a qualquer tempo, pedir a substituição de titulo ou credito anteriormente aceito;

6.1.2.1.

os créditos vencidos e não pagos, automaticamente, deixarão de integrar a garantia;

6.1.2.2.

enquanto não substituídos, os créditos recusados e os vencidos terão o produto de sua cobrança creditado na conta vinculada;

6.1.3.

pagaremos, no ate da entrega dos créditos, a tarifa de cobrança constante da Tabela de Tarifas, afixada nas agências.

6.1.4.

6.1.5.

o Itaú Unibanco creditara na conta vinculada indicada no subitem 1.2 0 produto da cobrança dos créditos dados em garantia;

6.1.6.

6.1.7.

6.2.

Aval, se exigido pelo Itaú Unibanco, que poderá ser prestado por meio de documento anexo, integrante desta Cédula.

6.3.

outras garantias adicionais, se exigidas pelo Itaú Unibanco, prestadas pcr meio de documentos anexos, parte integrante desta Cédula.

6.4.

Substituiremos a(s) garantia(s) na hipótese de perda de seu objeto, ou as reforçaremos na de diminuição ou insuficiência do seu valor.

7.1.

7.2.

7.3.

7.3.1.

7.3.2.

7.3.2.1.

8.1.

8.2.

realizarmos qualquer outra modalidade de acordo privado com credor(es) que indique nossa situação de crise econômico financeira ou de estado pré-falimentar.

9.1.

Pagaremos também, tanto no caso de cobrança judicial ou extrajudicial, despesas de cobrança, inclusive custas e honorários advocatícios.

9.2.

CASO EXISTAM OBRIGACOES PECUNIARIAS DECORRENTES DESTA CEDULA VENCIDAS, AINDA QUE ANTECIPADAMENTE, E NAO PAGAS, o ITAU UNIBANCO PODERA:

9.2.1.

9.2.1.1.

Para os fins do subitem 9.2.1, acima, os valores devidos pelo Itaú Unibanco que forem objeto da compensação ali descrita serão considerados vencidos na data da efetivação da compensação.,

9.2.2.

RETER QUAISQUERVALORES DE QUE N6s OU OS DEVEDORES SOLIDARIOS SEJAMOS TITULARES.

9.3.

o RECEBIMENTO DO PRINCIPAL, PELO ITAU UNIBANCO, NAO SIGNIFICARA QUITACAO DOS ENCARGOS PREVISTOS NESTA CEDULA.

10.

10.1.

10.2.

Prometemos que o nosso controlador, direto ou indireto, será cientificado do teor deste item e que dará cumprimento ao nele disposto.

11.

12.

Despesas -Se o Itaú Unibanco levar esta Cédula e suas garantias a registro, pagaremos todas as despesas dele decorrentes.

12.1.

o Itaú Unibanco informara a nos o valor das despesas com 5 (cinco) dias de antecedência a realização do debito a ser processado nos termos do item 3.

13.

13.1.

14.

15.

consultar o SCR sobre eventuais informações a nosso respeito nele existentes.

15.1.

A finalidade do SGR e prover o BAGEN de informações sobre operações de credito para supervisão do risco de credito e intercambio de informações entre instituições financeiras.

15.1.1.

15.1.2.

16.

(ii) nossas atividades e propriedades estão em conformidade com a legislação ambiental brasileira, principalmente quanto ao licenciamento ambiental e alei de Biosseguran.;a; e (iii) os recursos decorrentes desta Cédula serão destinados apenas a finalidades Ilícitas que atendam rigorosamente a legislação trabalhista relativa a saúde e segurança ocupacional, inclusive quanto a ausência de trabalho análogo ao escravo e infantil, bern como a legislação ambiental brasileira..

16.1.

16.2.

16.3.

17.

18.

19.

20.

20.1.

21.

Foro – Fica eleito o Foro da Comarca do local de emissao desta Cédula podendo a parte que promover a ação optar pelo Foro do nosso domicílio.

Local e data retro

Emitente:

/s/ Miguel G. Bastos
Miguel G. Bastos
Lakeland Brasil S/A
Dir.Presidene

Nome:	/s/ Miguel G. Basto	Nome:	/s/ Raimundo Sampaio
CPF/CNP 125.891.95+53		CPF/CNP 42+085.405+2
Telephone: 71/3390.3000		Telephone: 71/3390.3000
Endereço:		Endereço: Rua

EX-10.4 5 v309286_ex10-4.htm EXHIBIT 10.4

Exhibit 10.4

Original Amount		Bank	Payment Terms/Monthly Installment	Due Date	Interest Rate	Collateral
R$	1,000,000	Itau	12 Installment	October 20, 2012	1.47% am	Receivables & guarantee of officers
R$	2,000,000	Itau	24 Installments	December 23, 2013	1.80% am	Adjacent land & guarantee of officers

EX-99.1 6 v309286_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

701-7 Koehler Avenue, Suite 7 - Ronkonkoma, NY 11779

(631) 981-9700 - www.lakeland.com

LAKELAND INDUSTRIES ANNOUNCES SIGNIFICANT DEVELOPMENTS IN ITS GLOBAL TRANSFORMATION

RONKONKOMA, NY – April 13, 2012, Lakeland Industries, Inc. (NASDAQ: LAKE), a leading global manufacturer of protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, today announced several important developments in its continued global transformation. These developments include consolidation of the Company’s domestic manufacturing operations and a significant traction for its Brazilian operations.

Christopher J. Ryan, Lakeland’s President and Chief Executive Officer, said, “In advance of reporting financial results for our full fiscal year 2012 ending January 31, we are announcing important developments that beginning in our first quarter of fiscal 2013 are expected to deliver an improvement in the Company’s cost structure, a reduction in overhead, and an acceleration of growth in Brazil that will drive a recovery in our consolidated revenues and profits sooner than we had previously announced. Certain of these and other developments will impact our fiscal 2012 fourth quarter financial results.

“First and most important among our recent developments is the receipt of a signed purchase order valued at approximately $5.3 million net of VAT taxes from the Brazilian Navy. This order pertains to the successful proposal for fire resistant coveralls developed by Lakeland specifically for use by the Brazilian Navy that we had previously announced, although we could not accurately or definitively predict its contribution to sales without signed purchase orders. Our prior internal forecasts did not factor in any large order activity from Brazil in our first fiscal quarter. With the signed purchase order now in hand, we have begun to manufacture these garments and will make shipments and recognize revenue in our first through third fiscal quarters. While earlier we had anticipated a softer first half of fiscal 2013 based in part on less significant growth in Brazil and the loss of domestic US revenues, we now expect stronger operating performance on a consolidated basis in the fiscal 2013 first and second quarters.

“We believe the order from the Brazilian Navy is the single largest order we have received in that country – if not worldwide. As we have stated, there are a number of large orders being pursued in Brazil. We also are pleased to announce the recent receipt of separate signed purchase orders relating to a proposal for firefighting gear from another Brazilian agency valued at approximately $2.3 million net of VAT taxes, with delivery of products and revenue recognition expected during the first half of the present fiscal year. All of the signed purchase orders from our international operations combine to represent the largest backlog in the Company’s history. To accommodate this accelerating growth we needed to increase our working capital in advance of manufacturing and delivering large orders. We have commenced borrowing in Brazil that presently totals approximately $1.6 million, primarily for the purchase of raw materials.

“Our traction in Brazil, in particular, continues to improve and we are encouraged by the many opportunities for other large bid orders that we are actively pursuing. We count on Brazil to make a meaningful contribution to our consolidated revenue growth. However, operating in Brazil does come with its challenges, some of which are out of our control. In the fiscal 2012 fourth quarter, we will be taking a foreign currency charge of approximately $200,000. From the beginning of the second half of 2011 and into the first quarter of 2013, Brazil’s currency weakened against the US dollar. We have taken steps to reduce our exposure to foreign exchange fluctuations in Brazil.

“As previously disclosed, we will continue to market our expanding product lines in India, although to enhance our consolidated profitability we determined that our unprofitable India glove manufacturing subsidiary would be sold or shut down. To this end, we reclassified the business as a discontinued operation with our third quarter financial results and recorded a pre-tax loss on disposal of approximately $880,000 for write-downs and other related expenses. We anticipate that additional charges relating to the discontinuance and shutdown of manufacturing operations in India will be limited to an additional $0.9 million for a total not to exceed $1.8 million. The additional charges are expected to be recorded with our fourth quarter results.

“Another charge we will be taking in the fourth quarter is for approximately $230,000 and pertains to the reduction of manufacturing capacity required in the US. Expenses relating to the shutdown of the plant in Missouri and relocation of the production to Mexico and warehousing to Decatur, although the actual shutdown will not take place until April, so the overhead savings will be realized beginning in our second fiscal quarter. The adjustments to our manufacturing capacity in the US are in large part a function of the strategic changes we have had to make domestically. These changes reflect the sales levels in the US for discontinued product lines and new Lakeland-branded products we have been introducing in the US. As previously disclosed, a significant part of the Company’s disposable and chemical product sales in the US will be removed as a result of DuPont terminating our licensing relationship. The DuPont products being removed have yielded far lower margins than Lakeland branded products, so the loss of this revenue is expected to have a less significant impact on our earnings. We are working toward the replacement of DuPont products with our own Lakeland-branded offerings.”

“Our financial performance in the fourth quarter has been negatively impacted by the aforementioned charges and reduced volume in the US. With the fourth quarter currency and plant closure charges announced today and the decline of sales in the US from the DuPont contract termination, we expect to report a loss for the period. This financial performance has resulted in the Company triggering a technical default of its bank loan covenants. We have an excellent banking partner in TD Bank. We have amended the loan agreements with TD Bank to effect a change in the repayment terms on a portion of the debt, modify the minimum EBITDA requirements, modify the debt-to-EBITDA requirements, and include other conditions which we believe are manageable while continuing to provide us with access to borrowing facilities sufficient to accommodate our continued growth.

“Looking past the fourth quarter and into fiscal 2013, we are quite pleased with our operating position. We will have a new start domestically with a comprehensive, higher margin product line, and we will have reduced our cost structure and overhead, while reaping the benefits of our accelerating international revenue growth. Based on the improvements in our international operations including the growth of our market leadership in Brazil, management expects to return to profitability in the first quarter. We are very encouraged that our global transformation is setting the stage for strong growth going forward in our post-DuPont era.”

Lakeland Industries expects to report earnings and file its annual report on Form 10-K with the Securities and Exchange Commission later in the month of April. Prior to that time, the Company will announce the reporting date and details for its fourth quarter and year end financial results conference call.

About Lakeland Industries, Inc.:

Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company’s products are sold by a direct sales force and through independent sales representatives to a network of over 1,200 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, Lakeland supplies federal, state, and local government agencies, fire and police departments, airport crash rescue units, the Department of Defense, the Centers for Disease Control and Prevention, and many other federal and state agencies.

# # #

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in press releases reports and filings filed with the Securities and Exchange Commission. All statements, other than statements of historical facts, which address Lakeland’s expectations for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. As a result, there can be no assurance that Lakeland’s future results will not be materially different from those described herein as “believed,” “projected,” “planned,” “intended,” “anticipated,” “estimated” or “expected,” which words reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company’s expectations or any change in events conditions or circumstances on which such statement is based.

* * *

For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

Contacts:

Lakeland Industries	Darrow Associates for Lakeland
631-981-9700	631-367-1866
Christopher Ryan, CEO,	Jordan Darrow
CJRyan@lakeland.com	jdarrow@darrowir.com

Gary Pokrassa, CFO,
GAPokrassa@lakeland.com
701-7 Koehler Avenue, Suite 7
Ronkonkoma, NY 11779
www.lakeland.com

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Installment

May 1, 2012 through June 1, 2013

July 1, 2013 through June 1, 2014

June 30, 2014

the unpaid principal amount of the Refinance Term Loan