Document:

Exhibit 10.1

 

SECOND AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

THIS SECOND AMENDMENT
TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is made and entered into as of June 3, 2015 by and
among LAKELAND INDUSTRIES, INC., a Delaware corporation (“Lakeland US”), LAKELAND PROTECTIVE WEAR
INC., a Canadian corporation (“Lakeland Canada”; Lakeland US and Lakeland Canada are sometimes referred
to herein individually as a “Borrower” and collectively as “Borrowers”), and ALOSTAR BANK
OF COMMERCE, a state banking institution incorporated or otherwise organized under the laws of the State of Alabama (“Lender”).

 

W I T N E
S S E T H:

 

WHEREAS, Borrowers
and Lender are parties to that certain Loan and Security Agreement dated as of June 28, 2013 (as amended, restated, supplemented,
or otherwise modified from time to time, the “Loan Agreement”); and

 

WHEREAS, Borrowers
and Lender desire to amend the Loan Agreement on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

1.               
Defined Terms. All capitalized terms used herein and not otherwise
expressly defined herein shall have the respective meanings given to such terms in the Loan Agreement, as amended by this Agreement.

 

2.               
Sale of Stock of Lakeland Brazil3.. The Loan Agreement is hereby
amended by deleting clause (d) of the definition of “Permitted Asset Disposition” set forth in Section 1.1
of the Loan Agreement and substituting the following in lieu thereof:

 

(d) sale of the stock
or assets of Lakeland Brazil, the assets of QingDao Lakeland Protective Products, Co., Ltd., and the assets held for sale in India,
in any such case on terms and conditions reasonably acceptable to Lender.

 

3.               
Investments in Lakeland Brazil. The Loan Agreement is hereby amended
by deleting Section 9.14 of the Loan Agreement and substituting the following in lieu thereof:

 

9.14           Lakeland
Brazil. Without limiting the generality of anything contained in Section 9.1
or Section 9.9, loan, invest, distribute or otherwise transfer any money or any other
assets to Lakeland Brazil; provided, however, that Borrowers may transfer to Lakeland Brazil a net amount of up to $5,400,000 in
the aggregate from and after June 3, 2015 for purposes of settling arbitration claims, paying contractual expenses and paying expenses
incurred in connection with sale of the stock of Lakeland Brazil so long as, after giving effect to any such transfer, Availability
is at least $3,000,000 (it being agreed that, solely for the purposes of this paragraph, Availability shall be determined without
giving effect to the Maximum Revolver Facility Amount). 

 

    	 

    	 

    

 

4.               
New Headquarters Location; Sale of Real Estate. Borrowers have informed
Lender that Borrowers intend to sell the real property located at 701 Koehler Avenue, Ronkonkoma, New York 11779 (the “Current
Headquarters”) and establish a new corporate headquarters at 3555 Veterans Memorial Highway, Suite C, Ronkonkoma, New York
11779 (the “New Headquarters”). Accordingly, the Loan Agreement is hereby amended by deleting the address for the Current
Headquarters set forth in Item 17 of the Terms Schedule and Schedules 5.1(a), 5.1(b) and 7.10 of the Disclosure Schedule and inserting
the address for the New Headquarters in lieu thereof. Lender hereby consents to the sale of the Current Headquarters so long as
the net proceeds thereof in an amount of at least $450,000 are paid directly to Lender for application to the Obligations.

 

5.               
Amendment Fee; Costs and Expenses. In consideration of the accommodations
made by Lender hereunder, Borrowers agree to pay to Lender (a) on the date hereof, an amendment fee in the amount of $20,000, and
(b) on demand, all costs and expenses of Lender in connection with the preparation, execution, delivery and enforcement of this
Agreement and the other Loan Documents and any other transactions contemplated hereby and thereby, including, without limitation,
the fees and out-of-pocket expenses of legal counsel to Lender. Without limiting any provision of the Loan Agreement, Borrowers
hereby agree that Lender may charge any amount due under this paragraph to Borrowers’ loan account as a Revolver Loan.

 

6.               
Representations and Warranties of Borrowers. Borrowers represent
and warrant that (a) no Event of Default exists; (b) the representations and warranties of Borrowers contained in the Loan Agreement
were true and correct in all material respects when made and continue to be true and correct in all material respects on the date
hereof (except to the extent such representations or warranties were made with respect to a specific date, in which case they shall
be true and correct in all material respects as of the such date); (c) the execution, delivery and performance by Borrowers of
this Agreement and the consummation of the transactions contemplated hereby are within the corporate power of each Borrower, have
been duly authorized by all necessary corporate action on the part of each Borrower, do not violate any provisions of any law,
rule or regulation or any provision of any order, writ, judgment, injunction, decree, determination or award presently in effect
in which any Borrower is named or any provision of the charter documents of any Borrower, and do not result in a breach of or constitute
a default under any agreement or instrument to which any Borrower is a party or by which any Borrower or any of properties of any
Borrower are bound; (d) this Agreement constitutes the legal, valid and binding obligation of each Borrower, enforceable against
each Borrower in accordance with its terms; (e) each Borrower is entering into this Agreement freely and voluntarily with the advice
of legal counsel of its own choosing; and (f) each Borrower has freely and voluntarily agreed to the releases, waivers and undertakings
set forth in this Agreement.

 

7.               
Reaffirmation of Representations and Warranties. Each Borrower hereby
restates, ratifies and reaffirms each and every term, condition, representation and warranty heretofore made by such Borrower under
or in connection with the execution and delivery of the Loan Agreement, as amended hereby, and the other Loan Documents, as fully
as though such representations and warranties had been made on the date hereof and with specific reference to this Agreement and
the Loan Documents (except to the extent such representations or warranties were made with respect to a specific date, in which
case they shall be true and correct in all material respects as of the such date).

 

8.               
Reaffirmation of Obligations. Each Borrower hereby ratifies and reaffirms
the Loan Agreement and all of its obligations and liabilities thereunder, except to the extent expressly modified by this Agreement.
Each Borrower acknowledges and agrees that all terms and provisions, covenants and conditions of the Loan Agreement, as amended
hereby, shall be and remain in full force and effect and constitute the legal, valid, binding and enforceable obligations of such
Borrower in accordance with their respective terms as of the date hereof.

 

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9.               
No Other Amendment. Each Borrower acknowledges that (a) except as
expressly set forth herein, Lender has not agreed to (and has no obligation whatsoever to discuss, negotiate or agree to) any restructuring,
modification, amendment, waiver or forbearance with respect to the Loan Agreement or any other Loan Document, (b) no understanding
with respect to any other restructuring, modification, amendment, waiver or forbearance with respect to the Loan Agreement or any
of the terms thereof or of any other Loan Document shall constitute a legally binding agreement or contract, or have any force
or effect whatsoever, unless and until reduced to writing and signed by an authorized representative of Borrowers and Lender, and
(c) the execution and delivery of this Agreement has not established any course of dealing among the parties hereto or created
any obligation or agreement of Lender with respect to any future restructuring, modification, amendment, waiver or forbearance
with respect to the Obligations or any of the terms of the Loan Documents.

 

10.            
Waiver and Release. To induce Lender to enter into this Agreement
and grant the accommodations set forth herein, each Borrower (a) acknowledges and agrees that no right of offset, defense, counterclaim,
claim or objection exists in favor of such Borrower against Lender arising out of or with respect to the Loan Agreement, any other
Loan Document, the Obligations, or any other arrangement or relationship between Lender and one or more Borrowers, and (b) releases,
acquits, remises and forever discharges Lender and its affiliates and all of their past, present and future officers, directors,
employees, agents, attorneys, representatives, successors and assigns from any and all claims, demands, actions and causes of action,
whether at law or in equity, whether now accrued or hereafter maturing, and whether known or unknown, which such Borrower now or
hereafter may have by reason of any manner, cause or things to and including the date of this Agreement with respect to matters
arising out of or with respect to the Loan Agreement, any other Loan Document, the Obligations, or any other arrangement or relationship
between Lender and one or more Borrowers.

 

11.            
No Waiver. Neither this Agreement nor Lender’s continued making
of Loans or other extensions of credit at any time extended to Borrowers shall be deemed a waiver of or consent to any Event of
Default.

 

12.            
Agreement is a Loan Document. This Agreement shall constitute a “Loan
Document” and the breach of any representation, warranty, covenant or agreement by any Borrower hereunder shall constitute
an Event of Default under the Loan Agreement.

 

13.            
Counterparts; Facsimile or Electronic Signatures. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so
executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one
and the same instrument. Delivery of an executed counterpart of this Agreement by telecopier or e-mail shall be equally as effective
as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement
by telecopier or e-mail also shall deliver an original executed counterpart of this Agreement, but the failure to deliver an original
executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.

 

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14.            
Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

15.            
Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Georgia, other than its laws respecting choice of law.

 

16.            
References. Any reference to the Loan Agreement contained in any
document, instrument or agreement executed in connection with the Loan Agreement, shall be deemed to be a reference to the Loan
Agreement as modified by this Agreement.

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Second Amendment to Loan and Security Agreement to be duly executed as of the date first above
written.

 

 

	 	BORROWERS:
	 	LAKELAND INDUSTRIES, INC.
	 	 
	 	 
	 	By:	/s/ Gary Pokrassa	 
	 	 	Name:	Gary Pokrassa
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	[SEAL]
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	LAKELAND PROTECTIVE WEAR INC.
	 	 
	 	 
	 	By:	/s/ Gary Pokrassa	 
	 	 	Name:	Gary Pokrassa
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	[SEAL]
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Accepted in Atlanta, Georgia:
	 	LENDER:	 	 
	 	ALOSTAR BANK OF COMMERCE
	 	 
	 	 
	 	By:	/s/ Carlos E. Chang	 
	 	 	Name:	Carlos E. Chang
	 	 	Title:	Vice President
	 	 	 	 	 

 

 

 

Second
Amendment to Loan and Security Agreement

    	 

    	 

    

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR

 

Please refer to the
foregoing Second Amendment to Loan and Security Agreement (the “Agreement”). Capitalized terms used herein have
the meanings ascribed to such terms in the Agreement and in the Loan Agreement referred to therein.

 

Laidlaw Adams &
Peck Inc. (“Guarantor”) has guaranteed the indebtedness of Borrowers to Lender pursuant to that certain Continuing
Guaranty by Guarantor in favor of Lender dated as of June 28, 2013 (the “Guaranty”).

 

Guarantor hereby (a)
acknowledges receipt of the Agreement and to that certain Letter of Credit Rider dated on or about the date of the Agreement among
Borrowers and Lender (the “Rider”); (b) consents to the terms and execution of the Agreement and the Rider;
(c) reaffirms the obligations of Guarantor to Lender pursuant to the terms of the Guaranty; and (d) acknowledges that
Lender may amend, restate, extend, renew or otherwise modify the Loan Agreement and any indebtedness or agreement of any Borrower,
or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of
Guarantor and without impairing the liability of Guarantor under the Guaranty for all of each Borrower’s present and future
indebtedness to Lender.

 

Additionally, Guarantor,
in order to induce Lender to enter into the Agreement and the Rider and grant the accommodations set forth therein, (y) acknowledges
and agrees that no right of offset, defense, counterclaim, claim or objection exists in favor of Guarantor against Lender arising
out of or with respect to the Loan Agreement, the Guaranty, any other Loan Document, the Obligations, or any other arrangement
or relationship between Lender and any Borrower or Guarantor, and (z) releases, acquits, remises and forever discharges Lender
and its affiliates and all of their past, present and future officers, directors, employees, agents, attorneys, representatives,
successors and assigns from any and all claims, demands, actions and causes of action, whether at law or in equity, whether now
accrued or hereafter maturing, and whether known or unknown, which any Borrower or Guarantor now or hereafter may have by reason
of any manner, cause or things to and including the date of this Agreement with respect to matters arising out of or with respect
to the Loan Agreement, the Guaranty, any other Loan Document, the Obligations, or any other arrangement or relationship between
Lender and one or more Borrowers or Guarantor.

 

 

[Remainder of Page Intentionally Left Blank]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Guarantor has caused this Acknowledgement and Agreement of Guarantor to be duly executed as of the date first above written.

 

	 	LAIDLAW ADAMS & PECK INC.
	 	 	 	 
	 	By:	/s/ Gary Pokrassa	 
	 	 	Name:	Gary Pokrassa
	 	 	Title:	Chief Financial OfficerExhibit 10.1

 

SECOND AMENDMENT

 

TO

 

WARREN RESOURCES, INC.

 

2010 STOCK INCENTIVE PLAN

 

WARREN RESOURCES, INC., a Maryland corporation (the “Company”) adopted the Warren Resources, Inc. 2010 Stock Incentive Plan, originally effective January 1, 2010 and first amended effective as of January 1, 2012 (as first amended, the “Plan”). This Second Amendment to the Plan is made effective as of June 2, 2015 (the “Amendment Effective Date”), subject to approval by the Company’s stockholders.

 

RECITALS

 

A.   The Company established the Plan under which the Company is authorized to grant equity-based and cash incentive awards to certain employees, consultants and directors who are not employees of the Company and its Subsidiaries;

 

B.   Section 14 of the Plan provides that the Company’s board of directors (the “Board”) may amend the Plan subject to, in certain circumstances, the requisite prior or subsequent stockholder approval;

 

C. The Board now desires to amend the Plan in the manner contemplated hereby, subject to approval by the Company’s stockholders at the Company’s 2015 annual meeting, to (a) provide that the maximum number of shares of Common Stock in respect of which Awards may be granted under the Plan is 9,950,000, (b) provide that each share of Common Stock subject to an Award other than Stock Options and stock-settled Stock Appreciation Rights counts as 1.5 shares of Common Stock against the Plan Maximum while any stock options and stock appreciation rights are counted against the Plan Maximum as 1 share of Common Stock, and (c) remove the “reload” options from the suite of options available for issuance under the Plan; and

 

D.   Capitalized terms used but not defined herein shall have the same meaning as set forth in the Plan.

 

AMENDMENTS

 

1.              Section 5 of the Plan is hereby deleted and replaced in its entirety with the following:

 

5.                                      DURATION OF AND COMMON STOCK SUBJECT TO PLAN.

 

(a)         Term.  Subject to Section 13 below, the Plan shall terminate on ten (10) years from the date of adoption by the shareholders of the Company, except with respect to Awards then outstanding. No new Award may be granted under the Plan after that date.

 

(b)         Shares of Common Stock Subject to Plan.    The maximum number of shares of Common Stock in respect of which Awards may be granted under the Plan (the “Plan Maximum”) shall be 9,950,000, subject to adjustment as provided in Section 11 below. Common Stock issued under the Plan may be either authorized and unissued shares or treasury shares. The following terms and conditions shall apply to Common Stock subject to the Plan:

 

	
(i)
    	
In   no event shall more than the Plan Maximum be cumulatively available for   Awards under the Plan;
    
	
 
    	
 
    
	
(ii)
    	
For   the purpose of computing the total number of shares of Common Stock available   for Awards under the Plan, there shall be counted against the foregoing   limitations (A) the number of shares of Common Stock subject to issuance upon   exercise or settlement of Awards (regardless of vesting), and (B) the number   of shares of Common Stock which equal the value of Restricted Unit Grants or   Stock Appreciation Rights determined at the dates on which such Awards are   granted.
    

 

 

	
 
    	
Awards   that are made in a form other than Stock Options or stock-settled Stock   Appreciation Rights and that are granted under the Plan after June 1, 2015,   shall be counted against the Plan Maximum as set forth in the previous   sentence as 1.5 shares of Common Stock for every one share of Common Stock   subject to issuance in connection with such Award while any stock options and stock appreciation rights are counted   against the Plan Maximum as 1 share of Common Stock;
    
	
 
    	
 
    
	
(iii)
    	
If   any Awards are forfeited, cancelled, terminated, expire unexercised, settled   in cash in lieu of stock (including the settlement of tax withholding   obligations using Shares) or exchanged for other Awards, the shares of Common   Stock which were previously subject to the Awards shall again be available   for Awards under the Plan to the extent of such forfeiture, termination, expiration,   cash settlement or exchange; provided, however, in the case of an Award that   is not a Stock Option or stock-settled Stock Appreciation Right and that was   made after June 1, 2015, 1.5 shares of Common Stock for each share of Common   Stock underlying such Award shall again be available for Awards under the   Plan; and
    
	
 
    	
 
    
	
(iv)
    	
Any   shares of Common Stock which are used as full or partial payment to the   Company by a Participant of the purchase price of shares of Common Stock upon   exercise of a Stock Option shall again be available for Awards under the   Plan.
    

 

2.              Section 6(d) of the Plan is hereby deleted and replaced in its entirety with the following:

 

(d)                                 Exercisability.

 

	
(i)
    	
Incentive   Stock Options and Nonqualified Stock Options shall be exercisable in   installments as determined by the Committee in its sole discretion, and shall   be subject to such other terms and conditions as the Committee shall   determine at the date of grant; provided that if not otherwise determined by   the Committee, Incentive Stock Options and Nonqualified Stock Options may be   exercised as to one-third (33.33%) of the shares covered thereby beginning on   the first anniversary date of the date of grant (hereinafter, an “Anniversary   Date”) and thereafter an additional one-third (33.33%) on the second   Anniversary Date, and an additional one-third (33.33%) on the third   Anniversary Date, except as otherwise provided in Sections 9 and 12.
    
	
 
    	
 
    
	
(ii)
    	
Deferred   Compensation Stock Options shall become exercisable in accordance with the   terms of the grant thereof as established by the Committee.
    

 

3.              Section 6(h) of the Plan is hereby deleted and replaced in its entirety with the following:

 

(h)                                 Tax Withholding.    In addition to the alternative methods of exercise set forth in Section 6(e), holders of Nonqualified Stock Options, subject to the discretion of the Committee, may be entitled to elect at or prior to the time the exercise notice is delivered to the Company, to have the Company withhold from the shares of Common Stock to be delivered upon exercise of the Nonqualified Stock Option the number of shares of Common Stock (determined based on the Fair Market Value) that is necessary to satisfy any withholding taxes attributable to the exercise of the Nonqualified Stock Option so long as the amount withheld does not exceed the Company’s minimum statutory tax withholding attributable to the underlying transaction. Notwithstanding the foregoing provisions, a holder of a Nonqualified Stock Option may not elect to satisfy his or her withholding tax obligation in respect of any exercise as contemplated above if, in the opinion of counsel to the Company, there is substantial risk that such election could result in a violation of any then applicable rules or regulations, including federal or state securities law, or such withholding would have an adverse tax or accounting effect on the Company.

 

4.              Section 6(i) of the Plan is hereby deleted in its entirety.

 

5.              Except as set forth above, the Plan shall continue to read in its current state.

 

 

IN WITNESS WHEREOF, the Company has cause the execution of this Second Amendment by its duly authorized officer, effective as of the Amendment Effective Date.

 

 

	
 
    	
WARREN   RESOURCES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   SAEMA SOMALYA
    
	
 
    	
 
    	
Name:
    	
Saema   Somalya
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President, General Counsel and Corporate Secretary

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