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) April 6, 2023

__________________________________________

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.)

1525 Perimeter Parkway, Suite 325 Huntsville, AL 35806

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (256) 350-3873

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	LAKE	NASDAQ Market

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 April 6, 2023, Allen E. Dillard, the Chief Operating Officer of Lakeland Industries, Inc. (the “Company”), retired from the Company, effective immediately.

In addition, on April 6, 2023, the Board of Directors (the “Board”) of the Company promoted Hui (Helena) An, the Company’s Vice President of Procurement and Asia Manufacturing, to the position of Chief Operating Officer, effective immediately. Ms. An will receive a base salary of $270,000, an incentive bonus currently targeted at 40% of Ms. An’s base salary, and an award of 10,000 time-based restricted stock units that will vest in full three years after the date of grant, assuming Ms. An remains continuously employed by the Company on such date.

Ms. An, 49, previously served as the Company’s Vice President of Procurement and Asia Manufacturing from 2018 to April 2023. Ms. An has been with Lakeland for 25 years in various procurement and manufacturing leadership positions.

Other than as set forth herein, there are no arrangements or understandings between Ms. An and any other person pursuant to which she has been selected to serve as Chief Operating Officer. Ms. An does not have any family relationship with any member of the Board or executive officer of the Company, and Ms. An is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.

Mr. Dillard’s departure from the Company will qualify him for severance benefits consistent with a termination without cause under Mr. Dillard’s employment contract, including continuation of his base salary for a period of twelve (12) months from the date of his retirement; an amount equal to $7,500 as a pro rata portion of the annual bonus for the fiscal year ending January 31, 2024; and payment for credited and unused vacation days under the Company’s existing policies. On April 9, 2023, the Company and Mr. Dillard entered into a General Release and Severance Agreement (the “Severance Agreement”), which provides for the payments discussed above, a general release of claims in favor of the Company, vesting of Mr. Dillard’s restricted stock units that are scheduled to vest in April 2023, and requires Mr. Dillard’s continued compliance with, among other things, applicable confidentiality and non-competition requirements. The Severance Agreement will not become effective and enforceable until the seven-day revocation period has ended.

The above description of the terms of the Severance Agreement is not complete and is qualified by reference to the complete document, which will be filed by the Company with the Company’s Quarterly Report on Form 10-Q for the quarter ending April 30, 2023.

Item 7.01. Regulation FD Disclosure.

On April 10, 2023, the Company issued a press release, attached hereto as Exhibit 99.1, announcing the promotion of Ms. An to the position of Chief Operating Officer.

The information contained in this Item 7.01 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release, dated April 10, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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/ Charles D. Roberson

Charles D. Roberson

Chief Executive Officer, President and Secretary

Date: April 10, 2023

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EX-99.1

EXHIBIT 99.1

Press Release

Lakeland Industries Announces Management Changes

Allen Dillard to Retire

Helena An promoted to Chief Operating Officer

HUNTSVILLE, AL / ACCESSWIRE / April 10, 2023 / Lakeland Industries, Inc. (NASDAQ: LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and first responders, today announced the retirement of Allen E. Dillard as Chief Operating Officer, effective immediately, however Mr. Dillard will serve as a consultant to Lakeland under a Transitional Services Agreement until completion of the Company’s 10-K filing.  Mr. Dillard has been an integral part of Lakeland's executive leadership team and has contributed significantly to the Company's growth and success. The Company thanks Mr. Dillard for his service and wishes him well in his retirement.

Lakeland also announced the appointment of Hui (Helena) An as the Company's new Chief Operating Officer, effective immediately. Ms. An, 49, previously served as the Company's Vice President of Procurement and Asia Manufacturing from 2018 to April 2023. She has been with Lakeland for 25 years in various procurement and manufacturing leadership positions and was integral in opening Lakeland’s first manufacturing facility in China and led the team that started our Vietnam plant. In her new role, Ms. An will report directly to President and Chief Executive Officer, Charles D. Roberson.

"We are excited to have Helena take on this critical role at Lakeland," said Mr. Roberson. "Her extensive experience in procurement and manufacturing, combined with her deep understanding of our operations and strategic vision, make her the ideal candidate to lead our company's operations. We thank Allen for his contributions to Lakeland and wish him all the best in his retirement."

Ms. An earned her Bachelor of Economics degree from Qingdao University of Science & Technology and is currently pursuing a Master of Business Administration degree from the University of Otago in New Zealand. She resides in Madison, AL, and works out of Lakeland's Corporate Headquarters in Huntsville.

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About Lakeland Industries, Inc.

We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly, and to industrial distributors depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay and Southeast Asia.

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

Contacts:

Lakeland Industries, Inc.

256-600-1390

Roger Shannon

rdshannon@lakeland.com

Alpha IR Group

312-445-2870

Robert Winters or Stephen Poe

LAKE@alpha-ir.com

Source: Lakeland Industries, Inc.

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Cover	Apr. 06, 2023
Cover [Abstract]
Entity Registrant Name	Lakeland Industries, Inc.
Entity Central Index Key	0000798081
Document Type	8-K
Amendment Flag	false
Entity Emerging Growth Company	false
Document Period End Date	Apr. 06, 2023
Entity Incorporation State Country Code	DE
Entity File Number	0-15535
Entity Tax Identification Number	13-3115216
Entity Address Address Line 1	1525 Perimeter Parkway
Entity Address Address Line 2	Suite 325
Entity Address City Or Town	Huntsville
Entity Address State Or Province	AL
Entity Address Postal Zip Code	35806
City Area Code	256
Local Phone Number	350-3873
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.01 Par Value
Trading Symbol	LAKE
Security Exchange Name	NASDAQ