<SEC-DOCUMENT>0001144204-15-038201.txt : 20150622
<SEC-HEADER>0001144204-15-038201.hdr.sgml : 20150622
<ACCEPTANCE-DATETIME>20150622080015
ACCESSION NUMBER:		0001144204-15-038201
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150618
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150622
DATE AS OF CHANGE:		20150622

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:		15943706

	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>v413637_8-k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event
reported): June 18, 2015</P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>3555 Veterans Memorial Highway,
Suite C, Ronkonkoma, New York 11779-7410</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Not Applicable</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</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">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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01.</B></TD><TD><B>Entry into a Material Definitive Agreement.</B></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-indent: 0.5in">On June 18, 2015, Lakeland Industries, Inc.
(&ldquo;Lakeland&rdquo;) and its wholly-owned subsidiary, Lake Brasil Ind&uacute;stria e Com&eacute;rcio de Roupas e Equipamentos
de Prote&ccedil;&atilde;o Individual Ltda. (&ldquo;Lakeland Brazil&rdquo; and together with Lakeland, the &ldquo;Company&rdquo;),
entered into an Amendment (the &ldquo;Amendment&rdquo;) to a Settlement Agreement, dated as of September 11, 2012 (the &ldquo;Settlement
Agreement&rdquo;), with two former officers (the &ldquo;former officers&rdquo;) of Lakeland Brazil. As part of the original Settlement
Agreement, the parties resolved all alleged outstanding claims against the Company arising from an arbitration proceeding in Brazil
involving the Company and the former officers for an aggregate amount of approximately US $8.5 million payable by the Company to
the former officers over a period of six (6) years. There currently exists a balance of US $3.750 million (the &ldquo;Outstanding
Amount&rdquo;) owed under the Settlement Agreement, which Outstanding Amount is to be paid by the Company in quarterly installments
of US $250,000 through December 31, 2018.</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-indent: 0.5in">Pursuant to the Amendment, the former officers
agreed to fully and finally settle the Outstanding Amount owed by the Company for an aggregate lump-sum payment of US $3.413 million
due on June 30, 2015. Within five days of receipt of such payment, the former officers are required to provide to Lakeland Brazil
the documents needed to have their lien securing payment of the Outstanding Amount removed on certain real estate owned by Lakeland
Brazil. The Amendment also contains a general release of claims by the former officers in favor of the Company and its past or
present officers, directors, and other affiliates. Lakeland&rsquo;s senior lender, Alostar Bank of Commerce, has consented to the
transactions contemplated by the Amendment.</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-indent: 0.5in">The foregoing description in the Amendment
does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is attached hereto as Exhibit
10.1 and incorporated herein by reference. A copy of the press release related to the Amendment is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Exhibits.</TD></TR></TABLE>

<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">10.1</TD><TD>Amendment, dated effective as of June 18, 2015, to Settlement Agreement, dated as of September 11, 2012.</TD></TR></TABLE>

<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">99.1</TD><TD>Press Release, dated June 22, 2015.</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>


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<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>SIGNATURES</B></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">&nbsp;</P>

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

<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>&nbsp;</TD>
    <TD COLSPAN="2">LAKELAND INDUSTRIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-left: 0.25in">/s/ Christopher J. Ryan</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Christopher J. Ryan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Chief Executive Officer &amp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">President</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: 0pt 0">Dated: June 22, 2015</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR CLEAR="ALL">
<B>EXHIBIT INDEX</B></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">Exhibit</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: 9%; border-bottom: Black 1pt solid">Number</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 52%; text-align: center; border-bottom: Black 1pt solid">Description</TD>
    <TD STYLE="width: 31%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Amendment, dated effective as of June 18, 2015, to Settlement Agreement, dated as of September 11, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Press Release, dated June 22, 2015.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

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

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

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

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



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v413637_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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

<P STYLE="margin: 0"></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%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">AMENDMENT TO THE SETTLEMENT AGREEMENT AND OTHER COVENANTS EXECUTED ON SEPTEMBER 11, 2012</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TERMO ADITIVO AO INSTRUMENTO PARTICULAR DE TRANSA&Ccedil;&Atilde;O E OUTRAS AVEN&Ccedil;AS CELEBRADO EM 11 DE SETEMBRO DE 2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">By virtue of this private instrument and in conformity with any and all applicable laws, the Parties hereto:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pelo presente instrumento particular e na melhor forma de direito, as Partes abaixo:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on the one side, hereinafter jointly referred to as the &quot;Creditors&quot;,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">de um lado e doravante denominados em conjunto simplesmente como os &ldquo;Credores&rdquo;,</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELDER MARCOS VIEIRA DA CONCEI&Ccedil;&Atilde;O</B>, Brazilian citizen, entrepreneur, enrolled before the Brazilian Taxpayers Registry under number (C.P.F./M.F.) under number 793.295.605-63, with address at Loteamento Varandas Tropicais, S/N, Lotes 10 a 13, Downtown, City of Lauro de Freitas, State of Bahia, Brazil, hereinafter referred to as &ldquo;Marcos&rdquo;; and</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELDER MARCOS VIEIRA DA CONCEI&Ccedil;&Atilde;O</B>, brasileiro, empres&aacute;rio, inscrito no C.P.F./M.F. sob o n&ordm; 793.295.605-63, com endere&ccedil;o comercial no Loteamento Varandas Tropicais, S/N, Lotes 10 a 13, Bairro Centro, Munic&iacute;pio de Lauro de Freitas, Estado da Bahia, Brasil, doravante denominado simplesmente &ldquo;Marcos&rdquo;; e</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>M&Aacute;RCIA CRISTINA VIEIRA DA CONCEI&Ccedil;&Atilde;O ANTUNES</B>, Brazilian citizen, entrepreneur, enrolled before the Brazilian Taxpayers Registry under number (C.P.F./M.F.) under number 507.932.685-91, with address at Alameda Praia de Tramanda&iacute;, n&ordm; 412, Condom&iacute;nio Villa Costeira, Casa 31, Stella Mares neighborhood, City of Salvador, State of Bahia, Brazil, hereinafter referred to as &ldquo;M&aacute;rcia&rdquo;; and</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>M&Aacute;RCIA CRISTINA VIEIRA DA CONCEI&Ccedil;&Atilde;O ANTUNES</B>, brasileira, empres&aacute;ria, inscrita no C.P.F./M.F. sob o n&ordm; 507.932.685-91, residente e domiciliada na Alameda Praia de Tramanda&iacute;, n&ordm; 412, Condom&iacute;nio Villa Costeira, Casa 31, Bairro Stella Mares, Munic&iacute;pio de Salvador, Estado da Bahia, Brasil, doravante denominada simplesmente &ldquo;M&aacute;rcia&rdquo;;</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on the other side, hereinafter jointly referred to as the &quot;Debtors&quot;,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">de outro lado e doravante denominadas em conjunto simplesmente como as &ldquo;Devedoras&rdquo;</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Lakeland Industries, Inc.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">, Company duly organized under the laws of the State of Delaware, United States of America, with its head office located at 701 Koehler Avenue, suite 7, Ronkonkoma, NY, 117779-7410, herein represented by its Legal Representative, hereinafter referred to as &ldquo;Lakeland Industries&rdquo;; and</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Lakeland Industries, Inc.</B>,</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> sociedade constitu&iacute;da de acordo com as leis dos Estados Unidos da Am&eacute;rica, com sede em 701, Koehler Avenue, suite 7, Ronkonkoma, NY, 117779-7410, neste ato representada por seu representante legal, doravante denominada simplesmente &ldquo;Lakeland Industries&rdquo;; e</FONT></TD></TR>
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    <TD STYLE="width: 50%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LAKE BRASIL IND&Uacute;STRIA E COM&Eacute;RCIO DE ROUPAS E EQUIPAMENTOS DE PROTE&Ccedil;&Atilde;O INDIVIDUAL LTDA. (current corporate name of the former Lakeland Brasil S.A.)</B>, a company duly organized under the laws of Brazil, with its head office located at Rua Luxemburgo, 260, Lotes 82/83 &ndash; Bloco O, Loteamento Granjas Rurais, Salvador &ndash; BA, Brazil, 41230-130, enrolled before the Brazilian Taxpayers Registry (C.N.P.J./M.F.) under the Number 04.011.170/0001-22, herein represented by its Legal Representative, hereinafter referred to as &ldquo;Lake Brasil&rdquo;;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LAKE BRASIL IND&Uacute;STRIA E COM&Eacute;RCIO DE ROUPAS E EQUIPAMENTOS DE PROTE&Ccedil;&Atilde;O INDIVIDUAL LTDA. (atual denomina&ccedil;&atilde;o social da antiga Lakeland Brasil S.A.)</B>, sociedade constitu&iacute;da de acordo com as leis do Brasil, inscrita no C.N.P.J./M.F. sob o n&deg; 04.011.170/0001-22, com sede na Rua Luxemburgo, n&ordm; 260, Lotes 82/83 &ndash; Bloco O, Munic&iacute;pio de Salvador, Estado da Bahia, CEP 41230-130, neste ato representada por seu representante legal, doravante denominada simplesmente &ldquo;Lake Brasil&rdquo;;</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereinafter jointly named &ldquo;Parties&rdquo; or severally named &ldquo;Party&rdquo;.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">doravante conjuntamente designados &ldquo;Partes&rdquo; ou, individualmente, como &ldquo;Parte&rdquo;.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS</B> Parties executed on September 11, 2012 the Settlement Agreement and Other Covenants (the &quot;Main Agreement&quot;), upon which they agreed to end the disputes relating to the arbitral award in the arbitration procedure No. 35/2010 filed before the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (the &quot;Arbitration Proceeding&quot;); and</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSIDERANDO</B> que na data de 11 de setembro de 2012 as Partes celebraram o Instrumento Particular de Transa&ccedil;&atilde;o (doravante o &ldquo;Contrato Principal&rdquo;), por meio do qual acordaram p&ocirc;r fim &agrave;s pend&ecirc;ncias relacionadas &agrave; senten&ccedil;a arbitral proferida no procedimento arbitral n&ordm; 35/2010 instaurado perante o Centro de Arbitragem e Media&ccedil;&atilde;o da C&acirc;mara de Com&eacute;rcio Brasil-Canad&aacute; (doravante o &ldquo;Procedimento Arbitral&rdquo;); e</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS </B>Parties intend to change some provisions of the Main Agreement, pursuant to the dispositions of its Section 22.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSIDERANDO</B> que as Partes t&ecirc;m interesse em alterar algumas das condi&ccedil;&otilde;es acordadas no Contrato Principal, nos termos do disposto em sua cl&aacute;usula 22&ordf;;</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOW THEREFORE, Parties hereby agree to enter into this Amendment to the Main Agreement (the &ldquo;Amendment&rdquo;) upon the following terms and provisions, which are mutually agreed and accepted by Parties:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as Partes t&ecirc;m entre si certo e ajustado celebrar o presente Termo Aditivo ao Contrato Principal (doravante o &ldquo;Termo Aditivo&rdquo;), mediante as seguintes cl&aacute;usulas e condi&ccedil;&otilde;es, que reciprocamente se outorgam e aceitam, a saber:</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CLAUSULA 1&ordf;&nbsp;-&nbsp;<U>DA RENEGOCIA&Ccedil;&Atilde;O DE VALORES E FORMA DE PAGAMENTO </U></B></FONT></TD></TR>
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    <TD STYLE="width: 50%; border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>By means of this private instrument Creditors declare, acknowledge and confess that both have already received from Debtors, the total gross amount of R$5,000,000.00 (five million Brazilian Reals) and also US$2,250,000.00 (two million, two hundred and fifty thousand US dollars) as payment of the part of total amount agreed in Section 2.1 of the Main Agreement and, by virtue of this, hereby fully, irrevocably and irreversibly releases the Debtors from all those amounts already paid by them, and the Debtors, irrevocably and irreversibly releases the Creditors from the obligations indicated in the Main Agreement, until now.</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Por meio deste Instrumento os Credores declaram, reconhecem e confessam haver recebido das Devedoras, at&eacute; o presente momento, o montante bruto total de R$5.000.000,00 (cinco milh&otilde;es de reais) e de US$2.250.000,00 (dois milh&otilde;es e duzentos e cinquenta mil d&oacute;lares norte-americanos), em pagamento de parte do total pactuado na Cl&aacute;usula 2.1 do Contrato Principal e, quanto a estes valores pagos, os Credores outorgam irrestrita e irrevog&aacute;vel quita&ccedil;&atilde;o, bem como as Devedoras declaram terem os Credores cumprido todas as obriga&ccedil;&otilde;es constantes do Contrato Principal exig&iacute;veis at&eacute; a presente data.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Therefore, Parties grant each other a complete, general, irreversible and irrevocable release related to the obligations indicated in the Main Agreement, until now.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Dessa forma, outorgam-se reciprocamente as Partes a mais ampla geral irrestrita e irrevog&aacute;vel quita&ccedil;&atilde;o em rela&ccedil;&atilde;o &agrave;s obriga&ccedil;&otilde;es constantes do Contrato Principal exig&iacute;veis at&eacute; a presente data.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>The Parties recognize that remains a balance due in the total amount of US$3,750,000.00 (three million seven hundred and fifty US dollars) (the &quot;Outstanding balance&quot;). </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>As Partes reconhecem ainda restar um saldo devedor a vencer no montante total de US$3.750.000,00 (tr&ecirc;s milh&otilde;es e setecentos e cinquenta d&oacute;lares norte-americanos) (doravante o &ldquo;Saldo Devedor&rdquo;).</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>By means of this Amendment, Parties agree, by mutual consent, to renegotiate the amount and the payment schedule of the Outstanding balance, which should be fully settled by a single payment in the gross amount of US$3,413,000.00 (three million four hundred thirteen US dollars), fully due on 30 June &nbsp;2015, which shall be paid by the Debtors, by means of deposits into the bank accounts in name of the Creditors, as informed in Section 2.2 of the Main Agreement, at the rate of 50% (fifty percent) of the aforementioned value for each of the Creditors.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Por meio do presente Termo Aditivo as Partes resolvem, por m&uacute;tuo consenso, repactuar o valor, a forma e o termo de adimplemento do Saldo Devedor, o qual dever&aacute; ser integralmente quitado mediante um &uacute;nico pagamento, no valor bruto total de US$3,413,000.00 (tr&ecirc;s milh&otilde;es, quatrocentos e treze mil d&oacute;lares norte-americanos), com vencimento em 30 de junho de 2015, a ser integralmente quitado pelas Devedoras, mediante dep&oacute;sito fracionado nas contas banc&aacute;rias dos Credores informadas na Cl&aacute;usula 2.2 do Contrato Principal, na propor&ccedil;&atilde;o de 50% (cinquenta por cento) do aludido valor para cada um dos Credores.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>In the event that the Debtors do not pay the amount due within the maturity date mentioned in the Section 1.4, by a single day or partial payment, this Amendment will lose all its effects, as it has never existed, re-establishing all provisions of the Main Agreement.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Na hip&oacute;tese de inadimplemento do &uacute;nico pagamento estabelecido no item 1.4, incluindo a mora ainda que de apenas um dia ou de apenas um dos dep&oacute;sitos fracionados, o presente Termo de Aditamento perder&aacute; todos os seus efeitos, como se ele nunca tivesse existido, restabelecendo-se todas as disposi&ccedil;&otilde;es do Contrato Principal.</FONT></TD></TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">P&aacute;gina 3 de 6</FONT></TD></TR>
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<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%; border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Upon receipt of the total amount agreed pursuant to the provisions of Section 1.4 above, Creditors shall automatically grant to Debtors, the fullest, broadest, unrestricted, irrevocable release in relation to any obligations of the Debtors arising from the Arbitration Procedure or the Main Agreement or any other matter or event, abstaining to make any future complain against Debtors or their respective past or present officers, directors, parents, subsidiaries, affiliates, partners, employees, representatives and managers, from all types of actions, causes of action, contracts and covenants, whether express or implied, which Creditors now have, have ever had, or may at any time hereafter have Against Debtors.</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Mediante o recebimento do montante acordado nos termos do item 1.4 acima, os Credores outorgar&atilde;o &agrave;s Devedoras, de forma autom&aacute;tica, a mais ampla, geral, irrestrita e irrevog&aacute;vel quita&ccedil;&atilde;o em rela&ccedil;&atilde;o a toda e qualquer obriga&ccedil;&atilde;o das Devedoras decorrentes do Procedimento Arbitral, do Contrato Principal e de qualquer outro fato ou evento, seja ele passado, presente ou futuro, para nada mais reclamar das Devedoras, seus executivos e diretores (passados ou presentes), suas controladoras, suas subsidi&aacute;rias, suas afiliadas, seus s&oacute;cios, seus empregados, seus representantes e seus administradores, seja a que t&iacute;tulo for, inclusive em rela&ccedil;&atilde;o a a&ccedil;&otilde;es e causas de pedir, contratos e acordos, sejam eles escritos ou t&aacute;citos, que os Credores possam ter, ter tido ou vir a ter contra os Devedores.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </B>In addition, upon receipt of the total amount agreed pursuant to the provisions of Section 1.4 above, Creditors do hereby commit
        to, within five (5) days from such receipt, deliver to Lake Brasil, Mr. Eduardo Fernandes Tavares, at Rua do Luxemburgo, 260, Lotes
        83/84, Granjas Rurais, City of Salvador &ndash; BA, ZIP 41230-130, the correspondent Acquittance Letter, which is necessary for
        revoking the mortgage constituted pursuant to the provisions Section 2.3 of the Main Agreement, in accordance to Annex A.</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: 0in"><B>1.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </B>In the event that the Creditors fail to comply with the obligation assumed by them under the terms of this Section 1.7, they
        will automatically be subject to payment of a penalty in favor of Lake Brasil, in the amount of R$10,000.00 (ten thousand Brazilian
        reals) per day for the period they remain in default with such obligation.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: windowtext"><B>1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </B>Tamb&eacute;m mediante o recebimento do montante acordado nos termos do item 1.4 acima, os Credores se comprometem a, no prazo
        m&aacute;ximo de 5 (cinco) dias a contar do respectivo recebimento, entregar &agrave; Lake Brasil, ao Sr.</FONT> Eduardo Fernandes
        Tavares, na Rua do Luxemburgo, n&deg; 260, Lotes 83/84, Granjas Rurais, Cidade de Salvador &ndash; BA, CEP 41230-130<FONT STYLE="color: windowtext">,
        o Termo de Quita&ccedil;&atilde;o necess&aacute;rio para a solicita&ccedil;&atilde;o da baixa da hipoteca institu&iacute;da nos
        termos da Cl&aacute;usula 2.3 do Contrato Principal, de acordo com a minuta constante do Anexo A.</FONT></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: 0in"><FONT STYLE="color: windowtext"><B>1.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </B>Na hip&oacute;tese de os Credores deixarem de cumprir com a obriga&ccedil;&atilde;o por eles assumida nos termos deste item
        1.7</FONT>7<FONT STYLE="color: windowtext">, estes ficar&atilde;o automaticamente sujeitos ao pagamento de uma multa em favor da
        Lake Brasil, no valor de R$10.000,00 (dez mil reais) por dia de atraso no cumprimento integral de tal obriga&ccedil;&atilde;o.</FONT></P></TD></TR>
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    <TD STYLE="width: 50%; border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECTION 2&nbsp;-&nbsp;<U>GENERAL PROVISIONS</U></B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CLAUSULA 2&ordf;&nbsp;-&nbsp;<U>DISPOSI&Ccedil;&Otilde;ES GERAIS</U></B></FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: left; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B>Any changes or alterations to the present Amendment shall only be valid and enforceable when entered into under the provisions of the law and in writing by the Parties hereto.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Quaisquer altera&ccedil;&otilde;es ou modifica&ccedil;&otilde;es do presente Termo Aditivo s&oacute; ser&atilde;o v&aacute;lidas e eficazes se procedidas nos termos da lei e por escrito entre as Partes.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Should any provision of this Amendment be declared invalid or unenforceable, such condition shall not affect the validity and enforceability of the other provisions herein contained.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>A eventual invalidade ou inefic&aacute;cia de qualquer das disposi&ccedil;&otilde;es deste Termo Aditivo n&atilde;o afeta a validade e efic&aacute;cia das demais disposi&ccedil;&otilde;es nele contidas.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>For all purposes and effects, the Parties do hereby declare that have carefully read all provisions of the present Amendment, which they fully understand and acknowledge, and that the content and extension of such provisions herein contained are perfectly clear to them.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>As Partes declaram, para todos os efeitos, ter lido atentamente todas as disposi&ccedil;&otilde;es deste instrumento, as quais foram por eles perfeitamente entendidas e assimiladas, n&atilde;o mantendo qualquer d&uacute;vida sobre o conte&uacute;do e extens&atilde;o das condi&ccedil;&otilde;es deste Termo Aditivo.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>The Parties confirm and acknowledge all other terms and dispositions of the Main Agreement that do not contravene the dispositions of this Amendment.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>As Partes ratificam as demais cl&aacute;usulas, termos e condi&ccedil;&otilde;es do Contrato Principal que n&atilde;o contrariem as disposi&ccedil;&otilde;es do presente Termo Aditivo.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>In case of any doubt or misinterpretation, the Portuguese Language version of this Amendment shall prevail.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Na hip&oacute;tese de qualquer d&uacute;vida ou erro de interpreta&ccedil;&atilde;o, a vers&atilde;o em l&iacute;ngua portuguesa deste Termo Aditivo deve prevalecer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN WITNESS WHEREOF, the parties hereto have executed the Amendment herein in four (4) counterparts of equal content and form, in the presence of the witnesses below.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E, por assim estarem certas e ajustadas, assinam este instrumento em 4 (quatro) vias de igual teor e forma, na presen&ccedil;a das testemunhas abaixo.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sao Paulo, June 16<SUP>th</SUP>, 2015.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S&atilde;o Paulo, 16 de junho de 2015</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 0; text-align: center"><I><U>/s/ Elder Marcos Vieira
Da Conceicao</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center"><B>ELDER MARCOS VIEIRA DA CONCEI&Ccedil;&Atilde;O</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"><I><U>/s/ Marcia Cristina Vieira
Da Conceicao Antunes</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"><B>M&Aacute;RCIA CRISTINA VIEIRA
DA CONCEI&Ccedil;&Atilde;O ANTUNES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"><I><U>/s/ Gary Pokrassa &ndash;
18 June 2015</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"><B>LAKELAND INDUSTRIES INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"><I><U>/s/ Eduardo Fernades Tavares
&ndash; 18 June 2015</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"><B>LAKE BRASIL IND&Uacute;STRIA
E COM&Eacute;RCIO DE ROUPAS E EQUIPAMENTOS DE PROTE&Ccedil;&Atilde;O INDIVIDUAL LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 459.75pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 459.75pt 0pt 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">P&aacute;gina 5 de 6</FONT></TD></TR>
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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>WITNESSES/TESTEMUNHAS:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.P.F./M.F.</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 455.25pt 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: 0pt 0"><B>2</B>. ___________________________________________________</P>

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

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

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



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v413637_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="logo.jpg" ALT=""><B>&nbsp;</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lakeland Industries Announces Early Payoff
of Arbitration Settlement to Accelerate Exit From Brazil</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Payoff Results in a Gain of $224,000</I></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">RONKONKOMA, NY &ndash; June 22, 2015 --
Lakeland Industries, Inc. (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 it has successfully amended the Settlement
Agreement (the &ldquo;original Settlement Agreement&rdquo;) from September 11, 2012 relating to an arbitration with the former
management of its Brazil subsidiary. The amended Settlement Agreement (the &ldquo;new Settlement Agreement&rdquo;) includes a discounted
early payoff of the outstanding balance owed to the former management of the Brazil subsidiary pursuant to the original Settlement
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">Following the satisfaction of all regularly
scheduled payments of the original Settlement Agreement to date, the Company has agreed to complete the payoff of the new Settlement
Agreement by June 30, 2015, which will satisfy the remaining US$3,750,000 balance under the original Settlement Agreement. The
payoff amount of the new Settlement Agreement is US$3,413,000, resulting in a gain of $224,000 after allowing for imputed interest
on the original Settlement Agreement. As part of the original Settlement Agreement, all alleged outstanding claims against the
Company arising from an arbitration proceeding in Brazil involving the Company and the former management of the Brazil subsidiary
were settled for an aggregate of approximately US$8,500,000, which was payable by the Company over a period of six years. Prior
to the new Settlement Agreement, the remaining amount owed under the original Settlement Agreement was to be paid in quarterly
installments of US$250,000 through December 31, 2018.</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 Amendment to the original Settlement
Agreement contains a general release of claims by the former management of the Brazil subsidiary in favor of the Company and its
past or present officers, directors, and other affiliates, as well as other closing conditions.&nbsp; Lakeland&rsquo;s senior lender,
Alostar Bank of Commerce, has consented to the transactions contemplated by the Amendment.</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">Christopher J. Ryan, President and Chief
Executive Officer of Lakeland Industries, commented, &ldquo;The payoff and satisfaction of the Arbitration Settlement clears an
essential hurdle in our path for a complete exit from Brazil. As a result, we have effectively removed a major uncertainty&nbsp;with
a potentially exploding default provision resulting from the arbitration and saved $337,000 in future payments. With our exit from
Brazil expected to be complete by the end of July, we&rsquo;ll be able to further sharpen our focus on organic growth initiatives,
enhancing profitability and driving free cash flow generation from continuing operations.&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"><B>&nbsp;</B></P>

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

<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>About Lakeland Industries, Inc.:</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">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
1,000 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 <FONT STYLE="color: Blue"><U>www.lakeland.com</U></FONT>.</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"><B>Contacts:</B></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%; padding-right: 40.5pt; layout-grid-mode: line"><font style="font-size: 10pt">Lakeland Industries</font></td>
    <TD STYLE="width: 50%; padding-right: 40.5pt; layout-grid-mode: line"><font style="font-size: 10pt">Darrow Associates</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 40.5pt; layout-grid-mode: line"><font style="font-size: 10pt">631-981-9700</font></td>
    <TD STYLE="padding-right: 40.5pt; layout-grid-mode: line"><font style="font-size: 10pt">631-367-1866</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 40.5pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Christopher Ryan, <FONT STYLE="color: Blue"><U>CJRyan@lakeland.com</U></FONT></FONT></td>
    <TD STYLE="padding-right: 40.5pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Jordan Darrow, <FONT STYLE="color: Blue"><U>jdarrow@darrowir.com</U></FONT></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 40.5pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Gary Pokrassa, <FONT STYLE="color: Blue"><U>GAPokrassa@lakeland.com</U></FONT></FONT></td>
    <TD STYLE="padding-right: 40.5pt; layout-grid-mode: line">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0; text-align: center"># # #</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 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 Forms 8-K, registration statements, quarterly and annual reports and other 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; or other words which 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>



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