8-K

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): September 21, 2015

Lakeland Industries, Inc.

(Exact name of registrant as specified in charter)

Delaware	0-15535	13-3115216
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	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))

Item 1.01 Entry into a Material Definitive Agreement.

On September 21, 2015, Lakeland Industries, Inc.’s China subsidiary, Weifang Lakeland Safety Products Co., Ltd (“WF”), and Chinese Rural Credit Cooperative Bank (“CRCCB”) completed an agreement for WF to refinance its existing line of credit with CRCCB. This refinances a loan from CRCCB to WF on the same terms in the amount of up to RMB 8,000,000 (approximately USD $1,300,000). WF intends to draw down most of the loan amount, if not all, within a relatively short period of time. Below is a summary of the material terms of the loan facility:

o	Amount of loan:	RMB 8,000,000 (approximately $1,300,000)
o	Maturity Date:	March 18, 2016
o	Purpose of loan:	Purchase of materials.
o	Collateral:	Inventory owned by WF

o Interest rate of loan and calculation:

o Interest to be at 120% of the benchmark rate supplied by CRCCB (which is currently 6%).

o Effective per annum interest rate: 5.52%;

o CRCCB has hired a professional firm to supervise WF’s inventory flow, which WF will pay yearly at a rate of RMB 46,000 (approximately US $7,200).

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosures set forth in Item 1.01 are incorporated by reference to this item.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1	Loan Agreement, dated September 21, 2015, between Weifang Lakeland Safety Products Inc., Ltd. and Chinese Rural Credit Cooperative Bank.
10.2	Summary of Exhibit 10.1 in English.

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.

/s/ Christopher J. Ryan

Christopher J. Ryan

Chief Executive Officer &

President

Date: September 25, 2015

EXHIBIT INDEX

Exhibit
Number	Description
10.1	Loan Agreement, dated September 21, 2015, between Weifang Lakeland Safety Products Inc., Ltd. and Chinese Rural Credit Cooperative Bank.
10.2	Summary of Exhibit 10.1 in English.

EX-10.1

Exhibit 10.1

 

 

 

 

 

 

  

 

EX-10.2

Exhibit 10.2

Loan Agreement Summary

1. Lender and borrower:

Borrower:	Weifang Lakeland Safety Products Co., Ltd. (“WF”)
Lender:	Chinese Rural Credit Cooperative Bank (“CRCCB”)

2. The borrowing amounts limit: RMB 8 million, WF can select the borrowing amounts within RMB 8 million (approximately USD $1,300,000).

3. Borrowing method: Trading financial, WF mortgaged inventory valued RMB 18,291,748 to the bank. The bank hired a professional firm to supervise WF’s inventory flow, which WF will pay at a yearly rate of RMB 46,000.

4. Interests: Interest based on 120% of the benchmark rate. The annum interest rate is 5.52%. Monthly interest is RMB 36,800 which will be paid monthly.

5. Borrowing period: up to six months. The longest borrowing period is six months beginning September 21, 2015 and ending March 18, 2016.