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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): November 5,
2018
__________________________________________
Lakeland Industries, Inc.
(Exact name of
registrant as specified in its charter)
|
Delaware
|
0-15535
|
13-3115216
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File
Number)
|
(IRS
Employer Identification No.)
|
3555 Veterans Memorial Highway, Suite C, 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))
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging growth company
☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
Item 5.02
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On November 5, 2018, Lakeland Industries, Inc. (the
“Company”) entered into a new Employment Agreement (the
“Employment Agreement”) with Teri W. Hunt, the Chief
Financial Officer of the Company, as described below. Ms.
Hunt’s prior Employment Agreement with the Company is due to
expire on November 9, 2018.
The Employment Agreement is for a term of
eighteen (18) months commencing on November 10, 2018 through and
including May 9, 2020 (the “Term”), subject to early
termination as provided therein. The Employment Agreement provides
for a base salary of $215,000 per year. Ms. Hunt is also eligible
to be awarded an annual bonus if determined in the
Company’s sole discretion by the Compensation Committee of
the Company’s Board of Directors in such amount, and based
upon such parameters (if any), as determined by such
Committee.
The Employment
Agreement contains certain provisions providing for severance
payments to Ms. Hunt in the event that she is terminated by the
Company without cause or by Ms. Hunt for Good Reason (generally,
for failure by the Company to pay Ms. Hunt’s salary, material
diminution in Ms. Hunt’s authority or material breach by the
Company of the Employment Agreement). The payment to Ms. Hunt is
greater in the event that such termination without cause or for
Good Reason is within 18 months after a change of control of the
Company. Also, under the Employment Agreement, Ms. Hunt is subject to
non-competition and non-solicitation restrictions during the Term
and for a period of one year thereafter.
Item 9.01. Financial Statements and
Exhibits.
Employment
Agreement, dated November 5, 2018, between Lakeland Industries,
Inc. and Teri W. Hunt.
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.
Christopher J.
Ryan
Chief Executive
Officer & President
Date:
November 7, 2018
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Employment
Agreement, dated November 5, 2018, between Lakeland Industries,
Inc. and Teri W. Hunt.