Document:

Exhibit 10.1
    

    
      AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
    

    
                This Amendment No. 1 to Amended and Restated Executive
      Employment Agreement (“Amendment No. 1”) is effective as of March 31,
      2015, by and between Four Oaks Bank & Trust Company (the “Bank”)
      and Ayden R. Lee, Jr. (“Employee”).
    

    
                WHEREAS, Employee is currently employed with the Bank pursuant
      to that certain Amended and Restated Executive Employment Agreement
      entered into as of December 11, 2008, between the Bank and Employee (as
      amended, restated, supplemented or otherwise modified from time to time,
      the “Employment Agreement”); and
    

    
                WHEREAS, the parties to the Employment Agreement desire to
      amend the Employment Agreement as provided in this Amendment No. 1 to
      reflect a change in position for Employee.
    

    
                NOW, THEREFORE, in consideration of the mutual covenants and
      agreements set forth below and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the
      parties hereto agree that the Employment Agreement shall be amended as
      follows:
    

    
      1.  Amendment.
    

    
      A.  The Recitals are amended by deleting all references to “Chief
      Executive Officer and President” and replacing them with “Chief
      Executive Officer”:
    

    
      B.  Section 1 “Employment” is
      amended by deleting that Section in its entirety and replacing it with
      the following:
    

    
      1. Employment. Employee shall serve the Bank as
      Chief Executive Officer with such duties, responsibilities and
      authorities of such office as may be assigned to him and as are
      customarily associated with such office.
    

    
      2.  Counterparts.  This Amendment No. 1 may be executed
      in counterparts, each of which shall be an original, with the same
      effect as if the signatures affixed thereto were upon the same
      instrument.
    

    
      3.  Effect of Amendment.  Except as amended hereby, the
      Employment Agreement shall remain in full force and effect and is hereby
      ratified and confirmed in all respects by the parties to the Employment
      Agreement.
    

    
      [Signature Page Follows]
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      IN WITNESS WHEREOF, this Amendment No. 1 has been duly executed
      as of the day and year set forth above.
    

    	
           
        	
          
            EMPLOYEE
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            /s/ Ayden R. Lee, Jr.
          

        
	

        	
          
            Ayden R. Lee, Jr.
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            FOUR OAKS BANK & TRUST COMPANY
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ David Rupp
          

        
	

        	
          
            Name: David Rupp
          

        
	

        	
          
            Title:  Authorized Officer
          

        

    

    
      

      

      

      Signature Page to Amendment No. 1 to
Amended and Restated Executive
      Employment (Ayden R. Lee, Jr.)Exhibit 10.2
    

    
      AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
    

    
                This Amendment No. 2 to Employment Agreement (“Amendment No.
      2”) is effective as of March 31, 2015, by and between Four Oaks Bank &
      Trust Company (the “Bank”) and David H. Rupp (“Employee”).
    

    
                WHEREAS, Employee is currently employed with the Bank pursuant
      to that certain Employment Agreement entered into effective June 23,
      2014 (as amended by that certain Amendment No. 1 to Employment Agreement
      entered into effective October 1, 2014, as further amended, restated,
      supplemented or otherwise modified from time to time, the “Employment
      Agreement”); and
    

    
                WHEREAS, the parties to the Employment Agreement desire to
      amend the Employment Agreement as provided in this Amendment No. 2 to
      reflect a change in position for Employee.
    

    
                NOW, THEREFORE, in consideration of the mutual covenants and
      agreements set forth below and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the
      parties hereto agree that the Employment Agreement shall be amended as
      follows:
    

    
      1.  Amendment.
    

    
      A.  Section 2 “NATURE OF EMPLOYMENT/DUTIES”
      is amended by deleting the first paragraph of that Section and replacing
      it with the following:
    

    	
           
        	
          
            Employee shall serve as President of the Bank. Employee shall
            report to Ayden Lee, Chief Executive Officer of the Bank, and
            shall have such responsibilities and authority as the Bank may
            designate from time to time consistent with his title and position.
          

        	

        

    

    
      B.  Section 3.1 “Base Salary” is amended by
      deleting that Section in its entirety and replacing it with the
      following:
    

    
      3.1       Base Salary.  Employee’s
      annual base salary for all services rendered shall initially be Two
      Hundred and Forty Thousand and 00/100 Dollars ($240,000.00) (less
      applicable taxes and withholdings) payable in accordance with the Bank’s
      customary payroll practices as they may exist from time to time (“Base
      Salary”).  The Employee’s Base Salary may be reviewed and further
      increased by the Bank at its discretion, in accordance with the Bank’s
      policies, procedures and practices as they may exist from time to time.
    

    
      2.  Counterparts.  This Amendment No. 2 may be executed
      in counterparts, each of which shall be an original, with the same
      effect as if the signatures affixed thereto were upon the same
      instrument.
    

    
      3.  Effect of Amendment.  Except as amended hereby, the
      Employment Agreement shall remain in full force and effect and is hereby
      ratified and confirmed in all respects by the parties to the Employment
      Agreement.
    

    
      [Signature Page Follows]
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      ]IN WITNESS WHEREOF, this Amendment No. 2 has been duly executed
      as of the day and year set forth above.
    

    

    

    	
           
        	
          
            EMPLOYEE
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            /s/ David H. Rupp
          

        
	

        	
          
            David H. Rupp
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            FOUR OAKS BANK & TRUST COMPANY
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Ayden R. Lee, Jr.
          

        
	

        	
          
            Name: Ayden R. Lee, Jr.,
          

        
	

        	
          
            Title: President and Chief Executive Officer
          

        

    

    
      

      

      

      Signature Page to Amendment No. 2 to Employment Agreement (David H. Rupp)Exhibit 10.1

 

FIRST AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

THIS FIRST AMENDMENT
TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is made and entered into as of March 31, 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.            Early Termination Fee. The Loan Agreement is hereby amended by deleting
Item 4 (Early Termination Fee; Applicable Termination Percentage) of the Terms Schedule to the Loan Agreement and substituting
the following in lieu thereof:

 

4.            Early
Termination Fee; Applicable Termination Percentage:

 

Upon the effective
date of termination of the Commitments (whether such termination is effected by any Borrower or Lender or automatically as the
result of the commencement of an Insolvency Proceeding by or against any Borrower), Borrowers shall be obligated to pay, in addition
to all of the other Obligations then outstanding, an amount equal to the product obtained by multiplying the Maximum Revolver Facility
Amount by the applicable percentage set forth below:

 

		(a)	2.00% if the effective date of termination occurs on or prior to June 28, 2015; or

 

		(b)	1.00% if the effective date of termination occurs on or after June 29, 2015 and on or prior to
June 28, 2017.

 

    	 

    	 

    

 

3.            Interest Margin. The Loan Agreement is hereby amended by deleting
subsection (b) and subsection (c) of Item 8 (Interest Rates) of the Terms Schedule to the Loan Agreement
and substituting the following in lieu thereof:

 

		(b)	Interest margin for Revolver Loans: 3.25%.

 

		(c)	Minimum interest rate floor for Revolver Loans (after giving effect to the
applicable margin set forth above, but prior to giving effect to the Default Margin set forth below, when applicable): 4.25%.

 

4.            Maturity Date. The Loan Agreement is hereby amended by deleting Item 12
(Term) of the Terms Schedule to the Loan Agreement and substituting the following in lieu thereof:

 

12.            Term
(§3.1): June 28, 2017.

 

5.            Costs and Expenses. In consideration of the accommodations made by
Lender hereunder, Borrowers agree to pay to Lender, 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.

 

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.

 

    	 

    	 

    

 

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]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First 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

 

    	 

    	 

    

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR

 

Please refer to the
foregoing First 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 Officer

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