Current Report Filing (8-k)
July 12 2018 - 5:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): July 12, 2018
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Lakeland
Industries, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
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0-15535
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13-3115216
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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3555 Veterans Memorial Highway,
Suite C, Ronkonkoma, New York 11779-7410
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code:
(631) 981-9700
Not
Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
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On July 12, 2018, Lakeland Industries, Inc.
(the “Company”) promoted Charles D. Roberson to the position of Chief Operating Officer of the Company. On such date,
the Company also entered into an Employment Agreement (the “Employment Agreement”) with Mr. Roberson, as described
below.
Mr. Roberson, age 55,
served as our Senior Vice President, International Sales from March 2009 to July 11, 2018. Mr. Roberson joined the Company in 2004
as Technical Marketing Manager and later served as International Sales Manager. Prior to joining the Company, Mr. Roberson was
employed by Precision Fabrics Group, Inc. as a Market Manager from 1995 to 2001 and as a Nonwovens Manufacturing Manager from 1991
to 1995. He began his career as a manufacturing manager for Burlington Industries, Inc. in its Menswear Division from 1985 to 1991.
The Employment Agreement is for a term of
eighteen (18) months commencing on July 12, 2018 through and including January 11, 2020 (the “Term”), subject to early
termination as provided therein. The Employment Agreement provides for a base salary of $275,000 per year. Mr. Roberson is also
eligible to be awarded an annual bonus if determined in the Company’s sole discretion by the Compensation Committee of the
Company’s Board of Directors in such amount, and based upon such parameters (if any), as determined by such Committee.
The Employment Agreement contains certain
provisions providing for severance payments to Mr. Roberson in the event that he is terminated by the Company without cause or
by Mr. Roberson for Good Reason (generally, for failure by the Company to pay Mr. Roberson’s salary, material diminution
in Mr. Roberson’s authority or material breach by the Company of the Employment Agreement). The payment is to Mr. Roberson
is greater in the event that such termination without cause or for Good Reason is within 18 months after a change of control of
the Company. Also under the Employment Agreement, Mr. Roberson is subject to non-competition and non-solicitation restrictions
during the Term and for a period of one year thereafter.
On July 12, 2018, the
Company issued a press release announcing the above-detailed appointment. The press release issued by the Company in connection
with the announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01.
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Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LAKELAND INDUSTRIES, INC.
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/s/ Christopher J. Ryan
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Christopher J. Ryan
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Chief Executive Officer & President
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Date: July 12, 2018
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