<SEC-DOCUMENT>0001144204-12-056506.txt : 20121017
<SEC-HEADER>0001144204-12-056506.hdr.sgml : 20121017
<ACCEPTANCE-DATETIME>20121017090325
ACCESSION NUMBER:		0001144204-12-056506
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20121017
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121017
DATE AS OF CHANGE:		20121017

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:		121147333

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v325889_8k.htm
<DESCRIPTION>8-K CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): October 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lakeland Industries, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 33%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Delaware</TD>
    <TD STYLE="width: 34%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">0-15535</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">13-3115216</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>701 Koehler
Avenue, Suite 7, Ronkonkoma, New York 11779-7410</U></B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%">&nbsp;(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B><U>(631) 981-9700</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 97%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-indent: 0in">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&#9;Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 17, 2012,
Lakeland Industries, Inc. (the &ldquo;Company&rdquo;) entered into an Amendment No. 5 and Waiver (the &ldquo;Amendment&rdquo;)
to the Loan and Security Agreement, dated January 14, 2010 (as amended from time to time, the &ldquo;Loan Agreement&rdquo;), with
TD Bank, N.A. (&ldquo;TD Bank&rdquo;). The Amendment was required as a result of the Company&rsquo;s entry into a settlement agreement
in August 2012 with former officers of its Brazilian subsidiary, as disclosed in the Company&rsquo;s Form 10-Q for the quarter
ended July 31, 2012, and the Company&rsquo;s recent operating results, which collectively caused certain events of default under
the Loan Agreement, allowing for TD Bank, at its option, to accelerate the loan. Under the Amendment, TD Bank has agreed to waive
the Company&rsquo;s non-compliance with the consolidated leverage ratio requirements and consolidated EBITDA requirements of the
Loan Agreement, in each case, for the fiscal quarters ended April 30, 2012 and July 31, 2012. TD Bank has also agreed, with respect
of future compliance standards, not to test or has revised these and one other financial covenant. As a result of the waivers,
the Company is currently in compliance with the Loan Agreement. The Company paid a fee of $50,000 to TD Bank in respect of the
waivers upon execution of the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Amendment,
TD Bank has reduced the Company&rsquo;s revolving line of credit from the aggregate principal amount of $30,000,000 to $17,500,000
and increased the maximum interest rate payable on the revolving credit balance from LIBOR plus 2.50% to LIBOR plus 3.50%. There
is currently approximately $15,500,000 of outstanding borrowings under the Loan Agreement. The maturity date of amounts outstanding
under the revolving credit facility was changed from June 30, 2014 to June 30, 2013. The Loan Agreement requires payment of certain
access fees for all unused portions of the total borrowing capacity provided to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment
attached as Exhibit 10.1 and the Second Amended and Restated Revolving Credit Note attached as Exhibit 10.2 to this Current Report
on Form 8-K, each of which are incorporated herein by reference. The press release relating to the foregoing and issued by the
Company on October 17, 2012 is attached hereto as Exhibit 99.1.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">10.1</TD>
    <TD STYLE="width: 94%">Amendment No. 5 and Waiver, dated October 17, 2012, to the Loan and Security Agreement between Lakeland Industries, Inc. and TD Bank, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>Second Amended and Restated Revolving Credit Note, dated October 17, 2012, between Lakeland Industries, Inc. and TD Bank, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>Press Release, dated October 17, 2012.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">Date:&nbsp; October 17, 2012</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>LAKELAND INDUSTRIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic; text-decoration: underline">&nbsp;/s/ Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>President &amp; Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v325889_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AMENDMENT NO. 5
AND WAIVER</B>, dated as of October 17, 2012 (this &ldquo;<U>Amendment and Waiver</U>&rdquo;), to the Loan and Security Agreement
(as amended, restated, supplemented or modified, from time to time, the &ldquo;<U>Agreement</U>&rdquo;) dated January 14, 2010,
by and between<B> <FONT STYLE="text-transform: uppercase">Lakeland Industries, Inc</FONT><FONT STYLE="font-variant: small-caps">.</FONT></B><FONT STYLE="font-variant: small-caps">,</FONT>
a Delaware corporation (&ldquo;<U>Borrower</U>&rdquo;) and <FONT STYLE="text-transform: uppercase"><B>TD Bank, N.A</B></FONT><B>.</B>,
a national banking association (&ldquo;<U>Lender</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> the
Borrower has requested and the Lender has agreed, subject to the terms and conditions of this Amendment and Waiver, to amend, and
waive compliance with, certain provisions of the Agreement as set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE,</B>
in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><U>Amendments.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>&#9;</B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following definitions in Section 1.1 of the Agreement are hereby amended and restated in their entirety to provide as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Consolidated EBITDA</U> -
For any period, Consolidated Net Income (or deficit) <U>plus</U> (a) Consolidated Interest Expense, <U>plus</U> (b) Consolidated
Depreciation Expense, <U>plus</U> (c) Consolidated Amortization Expense, <U>plus</U> (d) Consolidated Tax Expense, <U>plus</U>
(e) non-cash expenses for equity compensation related to restricted stock plans and stock options for employees and board members,
<U>plus</U> (f) the non-recurring expense accrual and related expenses in connection with the Brazilian Settlement, up to a maximum
amount of $7,874,000, <U>plus</U> (g) one-time non-recurring foreign exchange losses arising as a result of the devaluation of
the Brazilian Real, in an aggregate amount not to exceed $900,000, <U>minus</U> (h) consolidated non-recurring 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), <U>minus</U> (i) consolidated non-recurring charges relating to the discontinuance
and shutdown of operations in India in an amount not to exceed $2,300,000, <U>minus</U> (j) consolidated non-recurring 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Loan Documents</U> - 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Maximum Revolving Credit Amount</U>
- The sum of Seventeen Million Five Hundred Thousand and 00/100 Dollars ($17,500,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><U>Revolving Credit Maturity Date</U>
&ndash; June 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Security Documents</U> - The
Pledge Agreements, the Security Agreement, the Negative Pledge Agreements, the Mortgages, and other collateral security document
thereafter delivered to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following new definitions are hereby added to Section 1.1 of the Agreement in their appropriate alphabetical order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Brazil Premises</U> &ndash;
Rua do Luxemburgo, 260, Lotes 82/83, Condomicion Industrial Presidente, Vargas, Piraja, Salvador Brahia 41230-130</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Brazilian Settlement</U> &ndash;
that certain Settlement Agreement and Other Covenants among the Elder Marcos Vieira da Concei&ccedil;ao, M&aacute;rcia Cristina
Vieira da Concei&ccedil;ao Antunes (collectively, the &ldquo;Settlement Creditors&rdquo;), the Borrower and Lakeland Brasil and
certain other parties relating to the payment by the Borrower and Lakeland Brasil to the Settlement Creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Lakeland Brasil</U> &ndash;
Lakeland Brasil S.A, a Brazilian corporation and Subsidiary of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Settlement Creditors</U> &ndash;
as defined in the definition of Brazilian Settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definition of the term &ldquo;Permitted Indebtedness&rdquo; in Section 1.1 of the Agreement is hereby amended to add the following
text immediately prior to the period at the end thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&ldquo;, (h) Indebtedness of
the Borrower and Lakeland Brazil owing to the Settlement Creditors in connection with the Brazilian Settlement, provided that such
Indebtedness shall not exceed $8,500,000, in the aggregate, (i) secured Indebtedness of Lakeland Industries Europe Ltd. in an amount
not to exceed $1,500,000, in the aggregate and (j) secured Indebtedness of Lakeland Argentina S.R.L. in an amount not to exceed
$750,000, in the aggregate&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definition of the term &ldquo;Permitted Liens&rdquo; in Section 1.1 of the Agreement is hereby amended to add the following text
immediately prior to the period at the end thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&ldquo;(i) Liens by Lakeland
Industries Europe Ltd. and Lakeland Argentina S.R.L. to secure Indebtedness described in clauses &ldquo;(i)&rdquo; and &ldquo;(j)&rdquo;,
respectively, of the definition of &ldquo;Permitted Indebtedness&rdquo; and (j), provided that such Liens only extend to assets
or property of such Subsidiary and (j) a second mortgage on the real property located at the Brazil Premises to secure the obligations
of the Borrower and Lakeland Brazil in connection with the Brazilian Settlement&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definition of the term &ldquo;Springing Mortgage&rdquo; in Section 1.1 of the Agreement is hereby amended and replaced with the
following definition:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><U>Mortgages</U> &ndash; the
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table in the definition of &ldquo;Applicable Rate&rdquo; in Section 1.1 of the Agreement is hereby amended and replaced with the
following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 1.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Applicable Ratio</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">LIBOR Margin</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">L/C Commission</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">Unused Rate</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: left; padding-bottom: 1pt; padding-left: 2.7pt">Greater than 3.00:1.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">3.50</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">3.50</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">.50</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.7pt">Less than or equal to 3.00:1.00, but greater than 2.00:1.00</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.85</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.85</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.7pt">Less than or equal to 2.00:1.00</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.70</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.70</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">.25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.7 of the Agreement is hereby amended to add a new subsection &ldquo;(g)&rdquo; at the end thereof as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
the Amendment No. 5 Effective Date, Lender shall have fully earned and Borrower shall unconditionally pay to Lender, a non-refundable
waiver fee of Fifty Thousand and 00/100 Dollars ($50,000.00) (the &ldquo;<U>Waiver Fee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table in Section 6.8(a) of the Agreement (<U>Consolidated Fixed Charge Coverage Ratio</U>) is hereby amended and restated in its
entirety to provide as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; text-align: justify; border-bottom: Black 1pt solid">Period</TD>
    <TD STYLE="width: 2%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: justify; border-bottom: Black 1pt solid">Maximum Ratio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>October 31, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>not to be tested</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 31, 2013 and thereafter</TD>
    <TD>&nbsp;</TD>
    <TD>1.20:1.00</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The table in Section 6.8(b) of the Agreement (<U>Consolidated Leverage Ratio</U>) is hereby amended and restated in its entirety
to provide as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; text-indent: 0in; text-align: justify; border-bottom: Black 1pt solid">Period</TD>
    <TD STYLE="width: 2%; text-indent: 0in; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-indent: 0in; text-align: justify; border-bottom: Black 1pt solid">Maximum Ratio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: justify">October 31, 2012</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">not to be tested</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 31, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>6.25:1.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>April 30, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>4.50:1.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>July 31, 2013 and thereafter</TD>
    <TD>&nbsp;</TD>
    <TD>3.50:1.00</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table in Section 6.8(c) of the Agreement (<U>Consolidated EBITDA</U>) is hereby amended and restated in its entirety to provide
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 1.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Period</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">Minimum Amount</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 88%">October 31, 2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>January 31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>April 30, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>July 31, 2013 and thereafter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.20 of the Loan Agreement is hereby amended and restated in its entirety to provide as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Section
6.20. <U>Mortgages</U>. On or prior to November 15, 2012, the Borrower shall have delivered to the Lender, for each Premises: (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 Mortgage is located and acceptable to the Lender naming the Lender as insured and insuring
that the applicable 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 Lender, (b) a Mortgage, duly executed by the Borrower,
with respect to each Premises, in form and substance satisfactory to the Lender; (c) copies of all environmental reports with respect
to the Premises, including an updated environmental report at the reasonable option of the Lender<B>,</B> (d) evidence that such
Premises is not located in a Federally designated &ldquo;special flood hazard area&rdquo; or if such Premises <FONT STYLE="color: black">is
located in a Federally designated &ldquo;special flood hazard area,&rdquo; a flood insurance policy with terms and coverage satisfactory
to the Lender</FONT></FONT>, (e) <FONT STYLE="font-size: 10pt">a current legal description and updated survey of each of the Premises,
certified to the Lender and the title company, (f) a certificate of insurance from an independent insurance broker confirming the
insurance required to be maintained pursuant to the Mortgages, naming the Lender as mortgagee and loss payee with respect to such
insurance, and (g) such other documents, promissory notes, agreements and information, including opinions of counsel, that the
Lender 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 Lender in connection with the recording of the Mortgages and the delivery of the other documents
required pursuant to this Section 6.20. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Waivers.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender hereby waives compliance with Section 6.8(b) of the Agreement, <U>Consolidated Leverage Ratio</U>, for the fiscal quarters
ended April 30, 2012 and July 31, 2012, which required a Consolidated Leverage Ratio of not greater than (i) 6.25:1.00, for the
fiscal quarter ended April 30, 2012 and (ii) 5.50:1.00, for the fiscal quarter ended July 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender hereby waives compliance with Section 6.8(c) of the Agreement, <U>Consolidated EBITDA</U>, for the fiscal quarters ended
April 30, 2012 and July 31, 2012, which required Consolidated EBITDA of not less than (i) $3,000,000, for the fiscal quarter ended
April 30, 2012 and (ii) $3,500,000, for the fiscal quarter ended July 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Conditions
of Effectiveness</U></B>. This Amendment and Waiver shall become effective as of the date hereof, upon receipt by the Lender of
this Amendment and Waiver, duly executed by the Borrower and the Guarantor, (b) the Waiver Fee, (c) a second amended and restated
Revolving Credit Note, substantially in the form attached hereto as Exhibit 1, (d) a secretary&rsquo;s certificate, substantially
in the form attached hereto as Exhibit 2 and (e) such documents and agreements that the Lender shall request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Conforming
Amendments</U>.</B> 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 and Waiver. The Agreement and the other Loan Documents shall remain in full force and
effect in accordance with their respective terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Representations
and Warranties</U>.</B> The Borrower hereby represents and warrants to the Lender as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
giving effect to this Amendment and Waiver (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 and
Waiver 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 and Waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has the power to execute, deliver and perform this Amendment and Waiver and each of the other agreements, instruments
and documents to be executed by it in connection with this Amendment and Waiver. 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 Waiver and the other agreements, instruments and documents executed in connection with this Amendment and Waiver 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Borrower of this Amendment and Waiver and each of the other agreements, instruments,
and documents to be executed by it in connection with this Amendment and Waiver, and the execution and delivery by the Guarantor
of the Consent to this Amendment and Waiver, (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment and Waiver and each of the other agreements, instruments and documents executed in connection with this Amendment and
Waiver 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&rsquo;
rights generally and by equitable principles of general application, regardless of whether considered in a proceeding in equity
or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Miscellaneous.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used
herein and not otherwise defined herein shall have the same meanings as defined in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amendments and
waivers 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment and
Waiver 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 and Waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS AMENDMENT AND
WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Reaffirmation.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrower hereby:
(a) acknowledges and confirms that, notwithstanding the consummation of the transactions contemplated by this Amendment and Waiver,
(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&rsquo;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 Waiver; (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[next page is the signature
page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Borrower and the Lender have signed and delivered this Amendment as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">LAKELAND INDUSTRIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">/s/ <I>Christopher J. Ryan</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">&nbsp;Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;Chief Executive Officer and President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">TD BANK, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By: </TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-style: italic; text-align: justify">/s/ John Topolovec</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: </TD>
    <TD STYLE="text-align: justify">John Topolovec</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">LAIDLAW, ADAMS &amp; PECK, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">/s/ <I>Christopher J. Ryan</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">&nbsp;Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;Chief Executive Officer and President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v325889_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>REVOLVING CREDIT NOTE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">$17,500,000.00</TD>
    <TD STYLE="width: 50%; text-align: right">October 17, 2012&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED
and intending to be legally bound, the undersigned, <FONT STYLE="font-variant: small-caps"><B>Lakeland Industries, Inc.</B></FONT>,
a Delaware corporation (&quot;Borrower&quot;), promises to pay, in lawful money of the United States of America, to the order of
<FONT STYLE="font-variant: small-caps"><B>TD Bank</B></FONT><B>, N.A.</B> (&quot;Lender&quot;), on or before the Revolving Credit
Maturity Date, at the address set forth in Section 9.8 of the Loan Agreement, the maximum aggregate principal sum of <B>Seventeen
Million Five Hundred Thousand and 00/100 ($17,500,000.00) Dollars</B> or such lesser sum which represents the principal balance
outstanding under the Revolving Credit established pursuant to the provisions of that certain Loan and Security Agreement dated
January 14, 2010, between Borrower and Lender (as it may be supplemented, restated, superseded, amended or replaced from time to
time, &quot;Loan Agreement&quot;). 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 the Revolving Credit, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Revolving Credit
Note is that certain Revolving Credit Note referred to in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default
occurs and is continuing under the Loan Agreement, the unpaid principal balance of this Revolving Credit 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 Revolving Credit Note are secured by the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Revolving Credit
Note may be prepaid only in accordance with the terms and conditions of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrower hereby waives
protest, demand, notice of nonpayment and all other notices in connection with the delivery, acceptance, performance or enforcement
of this Revolving Credit Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Revolving Credit
Note shall be governed by and construed in accordance with the substantive laws of the State of New York. The provisions of this
Revolving Credit Note are to be deemed severable and the invalidity or unenforceability of any provision shall not affect or impair
the remaining provisions of this Revolving Credit 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS NOTE AMENDS
AND RESTATES AND IS GIVEN IN SUBSTITUTION FOR, BUT NOT IN SATISFACTION OF, THAT CERTAIN AMENDED AND RESTATED REVOLVING CREDIT NOTE,
DATED JUNE 29, 2011, ISSUED BY THE BORROWER IN FAVOR OF THE LENDER IN THE ORIGINAL PRINCIPAL AMOUNT OF $30,000,000 (THE &ldquo;PRIOR
NOTE&rdquo;). IN ADDITION TO EVIDENCING THE OUTSTANDING INDEBTEDNESS FORMERLY EVIDENCED BY THE PRIOR NOTE, THIS NOTE SHALL EVIDENCE
ANY ACCRUED AND UNPAID INTEREST ON THE PRIOR NOTE. THE EXECUTION AND DELIVERY OF THIS NOTE SHALL NOT BE CONSTRUED TO HAVE CONSTITUTED
A REPAYMENT OF ANY PRINCIPAL OF, OR INTEREST ON, THE PRIOR NOTE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, and intending to be
legally bound hereby, Borrower has executed these presents the day and year first above written.</P>

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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-variant: small-caps; font-weight: bold; text-align: justify">LAKELAND INDUSTRIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-style: italic; text-align: justify">/s/ Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:<FONT STYLE="color: black"> </FONT></TD>
    <TD STYLE="text-align: justify">Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chief Executive Officer and President</TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lakeland Industries, Inc. Announces Amendments
to its Credit Facility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>All Defaults Waived; Company Now in
Total Compliance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RONKONKOMA, NY &ndash; October 17, 2012
&mdash; Lakeland Industries, Inc. (the &ldquo;Company&rdquo;<FONT STYLE="font-size: 10pt">)</FONT> (NASDAQ: LAKE), a leading global
manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal,
state and local levels, today announced amendments to its primary credit facility with <FONT STYLE="text-transform: uppercase">TD
BANK, N.A</FONT>. The Company is now in compliance with all covenants relating to the revised revolving credit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendments were required as a result
of the arbitration award issued against the Company in May 2012 and the subsequent entry into a settlement agreement in respect
thereof, as well as due to recent operating results of the Company, which collectively caused certain events of default under the
TD Bank revolving credit facility and term loan facility, including an event of default for failure to comply with the minimum
EBITDA covenant, which allowed TD Bank, at its option, to accelerate the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;We are pleased to have successfully
amended our credit agreement with TD Bank,&rdquo; said Lakeland Industries President and Chief Executive Officer Christopher J.
Ryan. &ldquo;The terms of the revised credit facility along with the recently announced Brazil arbitration award settlement remove
a great deal of uncertainty for the Company. We appreciate that TD Bank has been supportive of our business pursuits and operational
challenges. Management of Lakeland now looks forward to working toward international growth for the Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendments announced today modify the
covenants of the former credit facility and as such waive all previous defaults while requiring no forbearance agreements. The
revolving credit facility has been revised to a total borrowing commitment of $17.5 million, with a revised expiration date of
June 30, 2013 at a maximum interest rate of LIBOR plus 3.50%, with current outstanding borrowings of approximately $15,500,000.&nbsp;
The prior credit agreement allowed up to $30.0 million of borrowing capacity at a maximum interest rate of LIBOR plus 2.50% and
had an expiration date of June 30, 2014.&nbsp; The revised credit facility &mdash; as well as the prior agreement &mdash; requires
access fees for all unused portions of the total borrowing capacity provided to the Company.&nbsp; With the borrowing base formulas
currently in place, the Company would be limited to approximately $17.5 million in any case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Ryan added: &ldquo;We have made significant
progress in coming to terms on the Brazil arbitration settlement and successfully amending our bank facility. These have been two
of the three pressing issues that need to be resolved so that we may fully focus our attention on the third issue which is the
capital requirements associated with the Brazil arbitration settlement and other matters for which we continue to work with our
advisors Raymond James in the evaluation of a range of strategic alternatives. We will announce developments at the appropriate
time.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Lakeland Industries, Inc.:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lakeland Industries, Inc. (NASDAQ: LAKE)
manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The
Company&rsquo;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. For more information concerning Lakeland, please visit the Company online at <U>www.lakeland.com. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Safe Harbor&rdquo; Statement under
the Private Securities Litigation Reform Act of 1995: Forward-looking statements involve risks, uncertainties and assumptions as
described from time to time in Press Releases and 8-K(s), registration statements, annual reports and other periodic reports and
filings filed with the Securities and Exchange Commission or made by management. All statements, other than statements of historical
facts, which address Lakeland&rsquo;s expectations of sources or uses for capital or which express the Company&rsquo;s expectation
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&rsquo;s future results will not be materially different from those described
herein as &ldquo;believed,&rdquo; &ldquo;projected,&rdquo; &ldquo;planned,&rdquo; &ldquo;intended,&rdquo; &ldquo;anticipated,&rdquo;
&ldquo;estimated&rdquo; or &ldquo;expected,&rdquo; 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&rsquo;s expectations or any change in events conditions or circumstances on which such statement is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-weight: bold; text-align: justify">Contacts:</TD>
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Lakeland Industries</TD>
    <TD STYLE="text-align: justify">Darrow Associates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">631-981-9700</TD>
    <TD STYLE="text-align: justify">631-367-1866</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Christopher Ryan, <U>CJRyan@lakeland.com</U></TD>
    <TD>Jordan Darrow</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Gary Pokrassa, <U>GAPokrassa@lakeland.com</U></TD>
    <TD STYLE="text-decoration: underline">jdarrow@darrowir.com</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: center"># # #</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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