Document:

Exhibit
10.21

     

    

    

    

    September 4, 2009

    

    Lakeland
Industries, Inc.

    701-07
Koehler Avenue

    Ronkonkoma,
New York 11779

    Attention:
Christopher J. Ryan, Chief Executive Officer

    and Gary
Pokrassa, Chief Financial Officer

    

    Re:           Default Under the Loan
Agreement

     

    Dear Mr.
Ryan and Mr. Pokrassa:

     

    Reference is hereby made to that
certain Loan Agreement dated as of July 7, 2005 (as amended, the “Agreement”),
by and between LAKELAND
INDUSTRIES, INC. (the “Borrower”), and WACHOVIA BANK, NATIONAL ASSOCIATION
(the “Bank”).  Capitalized terms used herein and not otherwise
defined shall have the meaning provided in the Agreement.

     

    Pursuant
to the terms of the Agreement, the Borrower requested and the Bank made a
certain Revolving Loan in the original principal amount of
$25,000,000.00.  Pursuant to the terms of a certain Third Modification
to the Note and Loan Agreement and Reaffirmation of the Guaranty dated as of May
13, 2008 and evidenced by a Second Amended and Restated Note dated as of May 13,
2008 (the “Second Amended Note”), the principal amount of the Revolving Loan was
increased to $30,000,000.00.  The Loans are guaranteed by Laidlaw,
Adams & Peck, Inc.; Lakeland de Mexico S.A. de C.V.; Lakeland Industries
Europe Limited; Lakeland Protective Wear Inc.; Dao Maytung Healthcare Co., Ltd.;
Weifang Lakeland Safety Products Co., Ltd.; Weifang Meiyang Protective Products
Co., Ltd.; Industrias Lakeland S.A. de C.V.; Lakeland Protective Real Estate,
Inc.; Lakeland Industries, Inc.; Agencia en Chile; Lakeland Japan, Inc.; RFB
Lakeland Industries Private Limited; and Lakeland India Private Limited,
Lakeland Gloves and Safety Apparel Private Limited (each herein a
“Guarantor”).

     

    As of the date hereof, the Borrower is
not in compliance with the Funded Debt to EBITDA covenant for the fiscal quarter
ending July 31, 2009, set forth in that Section of the Agreement entitled
“Financial Covenants” and, therefore, an Event of Default, as defined in the
Second Amended Note, currently exists (the “Existing Default”).  The
Bank hereby gives notice to the Borrower and, by copy of this letter, to each
Guarantor, of the Existing Default and hereby waives the Existing
Default.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notwithstanding the foregoing, the Bank
hereby advises the Borrower and each Guarantor that the Bank reserves all of its
rights and remedies under the Agreement and the Loan Documents.  To
ensure that there is no misunderstanding, we would like to emphasize that (i)
the Bank has not waived any existing or future Defaults or Events of Default
under the Agreement (except for the Existing Default), (ii) the Bank is not
obligated in any way to forbear from enforcing its rights or remedies under the
Agreement, the Loan Documents, the Guaranty or any other instrument, document or
agreement which evidences, governs or secures the Loans under all applicable
law, all rights with respect to which are expressly reserved by the Bank, (iii)
except as set forth herein with respect to the Existing Default, neither the
Borrower nor any Guarantor should assume that the Borrower has any commitment
from the Bank to forbear or “stand still” and (iv) no past or future forbearance
on the part of any of the Bank should be viewed as a limitation upon or waiver
of the absolute right and privilege of the Bank to exercise any remedies that
currently (except for the Existing Default) or may in the future
exist.

     

    Except as
set forth herein, the Loan Agreement, the Second Amended Note, and all other
Loan Documents shall remain unmodified and in full force and
effect.

     

    Please
acknowledge your acceptance and each Guarantor’s acceptance of the agreement
contained in this letter by signing in the space provided below.

     

     

    
      	 	

              Yours
      truly,

              

              Wachovia
      Bank, National Association

              

              

              

              By:
      /s/
      Dan O’Donnell

                    Dan
      O’Donnell, Senior Vice President

              

               

              Lakeland
      Industries, Inc.

               

              

               

              By:
      /s/ Gary
      Pokrassa

               

              Gary
      A. Pokrassa, Chief Financial
Officer

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
    

     

    
      	 	

              Laidlaw,
      Adams & Peck, Inc.

               

              

               

              By: /s/ Gary
      Pokrassa

               

              Gary
      A. Pokrassa, Chief Financial Officer

               

              

               

              Lakeland
      de Mexico S.A. de C.V.

               

              

               

              By:/s/ Gary
      Pokrassa

               

              Gary
      A. Pokrassa, Chief Financial Officer

               

              

               

              Lakeland
      Industries Europe Limited

               

              

               

              By:/s/ Gary
      Pokrassa

               

              Gary
      A. Pokrassa, Chief Financial Officer

               

              

               

              Lakeland
      Protective Wear Inc.

               

              

               

              By:/s/ Gary
      Pokrassa

               

              Gary
      A. Pokrassa, Chief Financial Officer

               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	

                Qing
      Dao Maytung Healthcare Co., Ltd.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                

                 

                

                 

                Weifang
      Lakeland Safety Products Co., Ltd.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                Weifang
      Meiyang Protective Products Co., Ltd.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                Industrias
      Lakeland S.A. de C.V.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	

                Lakeland
      Protective Real Estate, Inc.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                Lakeland
      Industries, Inc., Agencia en Chile

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                Lakeland
      Japan, Inc.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                RFB
      Lakeland Industries Private Limited

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial
Officer

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	

                Lakeland
      India Private Limited

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                Lakeland
      Gloves and Safety Apparel Private Limited

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Chief Financial Officer

                 

                

                 

                Qualytextil
      S.A.

                 

                

                 

                By:/s/ Gary
      Pokrassa

                 

                Gary
      A. Pokrassa, Director

                 

                 

              

      

      
        cc:  Matthew
C. Susman, Esq.Exhibit
10.43

      

      
        

      

      
        
          	
                  Key-Systems
      GmbH - RRPproxy / The META REGISTRY Agreement

                	
                  Page
      1 of 4

                

        

      

       

      Agreement

      

      between

      

      Key-Systems
GmbH, Prager Ring 4-12, 66482 Zweibrücken, Germany

      -hereafter
called KS-

      

      and

      

      Company:
..................Dot VN,
Inc.....................................................................

      

      a
Registrar Service Provider

      -hereafter
called RSP-

      

      Preliminary
Remark:

      

      KS is an
officially accredited registrar of ICANN (Internet Corporation for Assigned
Names and Numbers), RSP is a reseller of Second Level Domains
(SLD).

      

      §
1.

      

      KS
registers for the RSPs customers Second Level Domains, according to the agreed
Top Level Domain. New or further gTLDs (generic Top-Level-Domains) or
ccTLDs (country code Top-Level-Domains) can be activated by confirming the
respective Registration Guidelines and Policies directly through the
RRPproxy WebInterface.

      

      §
2.

      

      Domain-Name-Server
and necessary personal- and company information will be entered into the
database of KS and will only be given to interested parties, should it be
necessary for the function of the Internet.

      

      §
3.

      

      In case
of collective domain orders, RSP will also accept partial deliveries, if one or
more domains could not be registered.

      

      §
4.

      

      The
customer is still fully liable even when ordering through an RSP. RSP is obliged
to inform the customer about any important agreements, general terms of
business, incidents and notifications.  RSP has the right to act in
the name of the customer.

      

      §
5.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      
        

        
          
            Exhibit
10.43

          

          
            

          

          
            
              	
                      Key-Systems
      GmbH - RRPproxy / The META REGISTRY Agreement

                    	
                      Page 2
      of 4

                    

            

          

      

      KS will
provide the RSP with various different accesses to the Registration-System of KS
for the purpose of purchasing, administration and transfer of
domains.  These accesses include Real-Time-access, as well as
Web-Frontend and Email-Gateway.

      

      KS will
provide any necessary drafts and documentations for these purposes.

      

      Furthermore
KS will give the RSP support with the implementation of the access to the
registration-system.

      

      §
6.

      

      This
contract is valid for an undetermined time period. RSP can transfer the
administration of a domain to an other registrar earliest after 60 days of
the domain registration. Both parties can terminate the agreement with a
time-limit of 6 months to the end of the year. RSP must ensure, that at the
point in time of termination he no longer has any domains with KS. A termination
for important cause can be given at any time.

      

      §
7.

      

      The
prices of a registration and included services can be viewed directly through
the RRPproxy WebInterface under the respective Top-Level-Domain (under
www.RRPproxy.net —> Query List —> Zones / Prices).

      

      KS ist
permitted to modify the prices at any point in time with a given notice via
email of 30 days. Price-reductions can be processed by KS
immediately.

      

      If the
costs for a domain registration, -transfer, -renewal are stated in a different
currency than USD, then the accounting will still be provided in USD. This
means that at the time of registration we will automatically exchange the
respective fee into USD according to the daily exchange rate of the
European Central Bank (ECB)

      

      The
remuneration is to be paid in advance on a socalled Pre-Paid Account within the
RRPproxy. RSP is permitted to terminate his postivie balance at any point
in time. In this case KS will reimburse these funds. RSP will cover all
costs involved in the reimbursement.

      

      The
access for the RSP will be provided after receipt of a minimum payment of 100
USD.

      

      §
8.

      

      RSP must
confirm each different TLD separately. This can be done online through the
RRPproxy WebInterface by confirming the respective registry policies. By
activating different TLDs, the RSP  to be fully liable towards the
registries.

      

      RSP
acknowledges, that the registry policies can change from time to time and that
RSP must check this at his sole descretion on a regular basis. In the
event, that RSP does not agree to a modification of the registry policy,
then RSP must inform KS about this immediately and terminate the respective
TLD.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      
        
          
            Exhibit
10.43

          

          
            

          

          
            
              	
                      Key-Systems
      GmbH - RRPproxy / The META REGISTRY Agreement

                    	
                      Page 3
      of 4

                    

            

          

        

      

      

      §
9.

      

      Domain-registrations,
-extensions or -transfers are only possible if the RSP has sufficient
assets on an account of KS.

      

      §
10.

      

      KS will
inform RSP punctually about any registration expiry times of the domains
registered by RSP.  If the fee for the respective domain should not be
fully paid before the one year period expires then the registration will be
deleted.

      

      RSP is
committed to inform his clients about this issue.  Furthermore, the RSP is
committed to provide support for his customers himself.

      

      §
11.

      

      RSP must
ensure, that Domains which should get deleted are not being used as
NameServer-Hosts.  If this is the case, then KS cannot process the
"Deletion" and RSP must cover any costs or respectively damages resulting
from the non-deletion.  KS will under no circumstances be held liable,
should a domain not get deleted.

      

      §
12.

      

      The
customer is obliged to ensure that the name-rights of third parties are not
violated.

      

      §
13.

      

      RSP and
the customer are committed to accept the respective Dispute-Polices in case of
any misunderstandings, disputes or arguments towards the use of
domain-names. These policies are a component of this contract and the RSP
is obliged to inform his customer about this issue.

      

      The
respective Dispute-Policy can be changed with an important cause at any time. KS
does not have any influence on these changes. The continuation of the
registration can only take place under the condition that the changed
Dispute-Policy has been accepted. If the RSP or the customer should not
accept the changed Dispute-Policy then the domain can be deleted at
any time.

      

      §
14.

      

      RSP and
the customer declare that the personal data can only be published with the
approval of the affected parties, and that these affected parties know that
their data will be available for the public as a source of information on
the Internet.

      

      §
15.

      

      This
agreement between RSP, customer and KS shall be governed by the laws of
Germany. Legal domicile is Saarbrücken.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      
        
          
            Exhibit
10.43

          

          
            

          

          
            
              	
                      Key-Systems
      GmbH - RRPproxy / The META REGISTRY Agreement

                    	
                      Page 4
      of 4

                    

            

          

      

      §
16.

      

      In the
event, that KS should lose access to the registry-system of a TLD, then the
contract with RSP concerning this TLD will be terminated
immediately.

      

      §
17.

      

      RSP is
not commited to exclusively register domains through KS.

      

      §
18.

      

      Any
claims of either party resulting from this agreement must be judicially
vindicated within one year, otherwise they expire.

      

      §
19.

      

      RSP will
receive access to the RRPproxy to register domains, however he confirms, that
the access is not to be abused for registering recently deleted domains,
e.g. so-called domain back-orderings or domain-catching.  RSP will not
abuse the RRPproxy for availability checks based on dictionaries.  KS
reserves the right to “LOCK” an RSP, should the stability of the whole
registration system be in danger. KS is commited to follow instructions of the
respective registries.  These instructions along with the committment will
also be passed on to the RSP and RSP has to comply to these.

      

      §
20.

      

      The
General Registration Terms, as well as the General Terms and Conditions of
Key-Systems are subject to this agreement.

      

      §
21.

      

      Should a
regulation of this agreement be invalid at law or become invalid at law, then
the validity of the other regulations will not be affected. This agreement
may be modified or amended if the amendment is made in writing and is
signed by both parties.

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                           

                                      	
                                        Dot VN,
      Inc.

                                      	
                                        ("RSP")

                                      	 	
                                        Key-Systems
      GmbH

                                      
	
                                        place,
      date:

                                      	
                                        San
      Diego, CA    9/2/09

                                      	 	
                                        place,
      date:

                                      	
                                        Zweibrücken   
      09/04/09

                                      
	
                                        name:

                                      	
                                        Thomas M.
      Johnson

                                      	 	
                                        name:

                                      	
                                        Jessica
      Pfeiffer

                                      
	
                                        titel:

                                      	
                                        Chairman & CEO

                                      	 	
                                        titel:

                                      	
                                        Marketing

                                      
	 
      	 
      	 
      	 	 
      	 
      
	
                                        /s/ Thomas M. Johnson

                                      	 	
                                        /s/ J.
Pfeiffer

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