LAKELAND INDUSTRIES INC appointed new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On October 18, 2023, Lakeland Industries, Inc. (the "Company") provided Charles D. Roberson, the Company's President and Chief Executive Officer, with notice of non-renewal of the Employment Letter Agreement between Mr. Roberson and the Company, dated January 27, 2020, as amended on January 1, 2022 (as amended, the "Employment Agreement"), and Mr. Roberson decided he will resign as an officer, employee and director of the Company, effective at the end of the day on January 31, 2024 (the "Termination Date").


On October 19, 2023, the Company and Mr. Roberson entered into a General Release and Separation Agreement (the "Separation Agreement"), pursuant to which Mr. Roberson will receive: (i) an annual cash bonus for the fiscal year ending January 31, 2024 ("FY24"), if any, as determined by the Compensation Committee (the "Compensation Committee") of the Company's Board of Directors following the end of FY24 based on the Company's achievement of the pre-established performance measures for such annual bonus; (ii) if Mr. Roberson has not secured other employment as of January 31, 2024, continued payment of Mr. Roberson's current base salary until the earlier of the date Mr. Roberson secures such other employment or April 30, 2024, payable bi-weekly following the Termination Date; and (iii) the continued vesting of all of Mr. Roberson's outstanding restricted stock units ("RSUs") granted to Mr. Roberson with grant dates of June 16, 2021, April 7, 2022 and March 30, 2023, on their scheduled vesting dates, with the performance-based RSUs only vesting to the extent of actual performance achieved as certified by the Compensation Committee after the end of the applicable performance period, and in the event of a change in control transaction, performance-based RSUs will accelerate and vest based on the target level of performance. In addition, pursuant to the Separation Agreement, the Company has agreed to waive Mr. Roberson's non-competition covenant set forth in the Employment Agreement.


The Separation Agreement also includes a general release of claims in favor of the Company and will not become effective and enforceable until the seven-day revocation period has ended. The Separation Agreement, once effective, will replace and supersede the Employment Agreement.


James M. Jenkins, who currently serves as Executive Chairman of the Board, will oversee the Company's executive management team while the Board of Directors conducts a comprehensive search to identify a permanent Chief Executive Officer.


The above description of the terms of the Separation Agreement is not complete and is qualified by reference to the complete document, which will be filed by the Company with the Company's Quarterly Report on Form 10-Q for the quarter ending October 31, 2023.