Document:

SIERRA
MONITOR CORPORATION

 

CHANGE
OF CONTROL AND SEVERANCE AGREEMENT

 

This Change of Control
Severance Agreement (the “Agreement”) is made and entered into by and between ______________________ (“Employee”)
and Sierra Monitor Corporation, a California corporation (the “Company”), effective as of April 2, 2012 (the “Effective
Date”).

 

RECITALS

 

1.                  
It is expected that the Company from time to time will consider the possibility of an acquisition by another company or
other change of control. The Board of Directors of the Company (the “Board”) recognizes that such consideration can
be a distraction to Employee and can cause Employee to consider alternative employment opportunities. The Board has determined
that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication
and objectivity of Employee, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company.

 

2.                  
The Board believes that it is in the best interests of the Company and its shareholders to provide Employee with an incentive
to continue his or her employment and to motivate Employee to maximize the value of the Company upon a Change of Control for the
benefit of its shareholders.

 

3.                  
The Board believes that it is imperative to provide Employee with certain severance benefits upon Employee’s termination
of employment following a Change of Control. The Board further believes that it is imperative to provide Employee with certain
severance benefits if the Company were to terminate Employee’s employment without cause during the term of this Agreement.
These benefits will provide Employee with enhanced financial security and incentive and encouragement to remain with the Company
notwithstanding the possibility of a Change of Control.

 

4.                  
Certain capitalized terms used in the Agreement are defined in Section 6 below.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

1.                  
Term of Agreement. This Agreement will continue indefinitely until terminated by written consent of the parties hereto.
Notwithstanding the previous sentence, if Employee becomes entitled to benefits pursuant to Section 3 of this Agreement, the Agreement
will terminate when all of the obligations of the parties hereto with respect to this Agreement have been satisfied.

 

2.                  
At-Will Employment. The Company and Employee acknowledge that Employee’s employment is and will continue to be at-will,
as defined under applicable law. If Employee’s employment terminates for any reason, Employee will not be entitled to any
payments, benefits, damages, awards or compensation other than as provided by this Agreement, or pursuant to the Company’s
policies in place at the time of the termination (to the extent applicable) and the payment of accrued but unpaid wages, as required
by law, and any unreimbursed reimbursable expenses.

 

    	 

    	 

    
  

3.                  
Severance Benefits.

 

(a)                
Termination without Cause or Resignation for Good Reason in Connection with a Change of Control. If the Company terminates
Employee’s employment with the Company without Cause or if Employee resigns from such employment for Good Reason, and such
termination occurs within the period beginning three (3) months before and ending twelve (12) months after a Change of Control,
and Employee signs and does not revoke a release of claims with the Company as required by Section 4 and resigns as a member of
the Board, if applicable, effective no later than thirty (30) days following Employee’s termination, then Employee will receive
the following from the Company:

 

(i)           
Accrued Compensation. The Company will pay Employee all accrued but unpaid vacation, expense reimbursements, wages, any
earned (but yet unpaid) bonus or commission and other benefits due to Employee under any Company-provided plans, policies, and
arrangements.

 

(ii)           
Salary Continuation. Employee is entitled to receive continuation of Employee’s base salary as in effect immediately
prior to Employee’s termination date for a period of six (6) months following Employee’s termination of employment;
provided, however, that any such salary continuation will immediately terminate upon Employee’s commencement of full-time
employment with another employer. All such salary continuation payments shall be made in accordance with the Company’s normal
payroll practices.

 

(iii)           
Commission Payments. Employee is entitled to receive continuation of commission payments for a period of six (6) months
following Employees termination of employment, each of which commission payments will be equal to the average of the commission
payments received by Employee during the six (6) months prior to Employee’s termination date, if any. Such commission payments
shall be made in accordance with the Company’s normal payroll practices.

 

(iv)           
Bonus Payment. Employee is entitled to receive the portion of Employee’s annual target bonus prorated monthly based
on the number of months of service completed for the fiscal year which the Employee’s employment terminates. Such amount
(A) will be paid only if, and to the extent that, the relevant performance targets by the Company and/or Employee are achieved,
and (B) will be paid at the time bonuses for the completed fiscal year are paid to the other employees of the Company, but in
no event later than the fifteenth (15) day of the third month following the fiscal year in which the termination occurs.

 

(v)           
Equity Awards. Employee will be entitled to accelerated vesting as to fifty percent (50%) of the then unvested portion
of all of Employee’s outstanding equity awards. In addition, Employee will have twelve (12)-months following the date of
Employee’s termination to exercise any outstanding stock options or other similar rights to acquire Company common stock
that are granted to Employee on our after the Effective Date; provided, however, that in no event may the outstanding stock options
of other similar rights to acquire Company common stock be exercised beyond their original term(s) or expiration date(s).

 

(vi)           
Continued Health Benefits. If (1) Employee constitutes a qualified beneficiary, as defined in Section 4980(B)(g)(1) of
the Internal Revenue Code of 1986, as amended (the “Code”) and (2) Employee elects continuation health coverage pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Employee and Employee’s
eligible dependents, within the time period prescribed pursuant to COBRA, the Company will pay the premiums for such health continuation
coverage at the levels in effect immediately prior to Employee’s termination until the earlier of (A) six (6) months from
the last date of Employee’s employment with the Company, (B) the date upon which Employee and/or Employee’s eligible
dependents becomes covered under similar plans, or (C) the date Employee and/or Employee’s eligible dependents is no longer
eligible to receive continuation coverage pursuant to COBRA.

 

    	 

    	 	

    
  

(b)                
Disability; Death. If the Company terminates Employee’s employment as a result of Employee’s Disability, or
Employee’s employment terminates due to his or her death, then Employee will not be entitled to receive severance or other
benefits except for those (if any) as may then be established under the Company’s then existing written severance and benefits
plans and practices or pursuant to other written agreements with the Company.

 

(c)                
Voluntary Resignation; Termination for Cause. If Employee’s employment with the Company terminates (i) voluntarily
by Employee (other than for Good Reason in connection with a Change of Control) or (ii) for Cause by the Company, then Employee
will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s
then existing severance and benefits plans and practices or pursuant to other written agreements with the Company.

 

(d)                
Timing of Severance Payments. Unless otherwise required pursuant to Section 5 of this Agreement, the Company will pay the
cash severance payments to which Employee is entitled under this Agreement in a lump sum as soon as practicable following the date
of termination, provided, however, that such payment will be delayed to the extent required by Section 4 and/or Section 5 of this
Agreement. Except to the extent payment is delayed pursuant to Section 5(b), all cash severance payments under this Agreement will
be paid no later than the fifteenth (15) day of the third month following the fiscal year in which the termination occurs.

 

(e)                
Exclusive Remedy. In the event of a termination of Employee’s employment as set forth in Section 3(a), 3(b) or 3(c)
of this Agreement, the provisions of Section 3(a), 3(b) or 3(c), as applicable, are intended to be and are mutually exclusive of
each other and exclusive and in lieu of any other rights or remedies to which Employee or the Company may otherwise be entitled,
whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required
by law, and any unreimbursed reimbursable expenses). Employee will be entitled to no benefits, compensation or other payments or
rights upon a termination of employment other than those benefits expressly set forth in Section 3 of this Agreement. If Employee
should receive the benefits set forth in Section 8(d) of this Agreement, the benefits provided in Section 3(a)(vi) will be reduced
by the number of months Employee received Company-paid COBRA continuation coverage under Section 8(d).

 

4.                  
Conditions to Receipt of Severance.

 

(a)                
Release of Claims Agreement. The receipt of any severance or other benefits pursuant to Section 3 will be subject to
Employee (or, as applicable, Employee’s designated beneficiary, if living, or otherwise the personal representative of Employee’s
estate) signing and not revoking a Release Agreement, attached hereto as Exhibit A, B and C, as applicable based on the Employee’s
age upon termination and whether such termination qualifies as a group termination under the Age Discrimination in Employment Act
of 1967, and such release becoming effective and irrevocable within sixty (60) days of Employee’s termination or such earlier
date as required by the release (such deadline, the “Release Deadline”). If the release of claims does not become effective
and irrevocable by the Release Deadline, Employee will forfeit any rights to severance or benefits under this Agreement. In no
event will severance payments or benefits be paid or provided until the release of claims becomes effective and irrevocable. Notwithstanding
anything in this Agreement to the contrary, in the event severance payments or benefits provided under this Agreement would be
considered Deferred Compensation Separation Benefits (as defined below), then the following timing of payments will apply to such
Deferred Compensation Separation Benefits, in each case subject to any delay in payment required by Section 409A (and provided
the release becomes effective and irrevocable): (i) if the Release Deadline is on or before December 10 of the calendar year of
Employee’s “separation from service” (within the meaning of Section 409A of the Code, and the final regulations
and official guidance promulgated thereunder (together, “Section 409A”)), any portion of Employee’s severance
payments or benefits provided under this Agreement that would be considered Deferred Compensation Separation Benefits will be paid
on or before December 31 of that calendar year, or such later time as required by (A) the payment schedule applicable to each payment
or benefit, or (B) if applicable, Section 409A (as set forth in Section 5 below); and (ii) if the Release Deadline is after
December 10 of the calendar year of Employee’s “separation from service” (within the meaning of Section 409A),
any portion of the severance payments or benefits provided under this Agreement that would be considered Deferred Compensation
Separation Benefits will be paid on the first payroll date to occur during the calendar year following the calendar year in which
such separation of service occurs or such later time as required by (A) the payment schedule applicable to each payment or
benefit, (B) the Release Deadline, or (C) if applicable, Section 409A (as set forth in Section 5 below).

 

    	 

    	 	

    
  

(b)    
 Resignation as Director. Unless otherwise requested by the Board, Employee agrees and undertakes to resign his or her position
as a member of the Board, if any, effective upon termination of employment with the Company.

 

(c)    
Other Requirement. Employee’s receipt of any payments or benefits under Section 3 will be subject to Employee continuing
to comply with the terms of any confidential information agreement executed by Employee in favor of the Company and the provisions
of this Agreement.

 

5.                  
Section 409A.

 

(a)                
Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified employee” within the
meaning of Section 409A at the time of Employee’s termination (other than due to death), then the severance payable to Employee,
if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are
considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) that
are payable within the first six (6) months following Employee’s termination of employment, will become payable on the first
payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s termination
of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment
schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following his
or her termination but prior to the six (6) month anniversary of his or her termination, then any payments delayed in accordance
with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death
and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each
payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes
of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(b)                
Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth
in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Compensation Separation Benefits for purposes
of clause (a) above.

 

(c)                
Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute
Deferred Compensation Separation Benefits for purposes of clause (a) above.

 

(d)                
The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments
and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein
will be interpreted to so comply. The Company and Employee agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Employee under Section 409A.

 

    	 

    	 	

    
  

6.                  
Definition of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a)                
Cause. Termination by the Company of the Employee’s employment for “Cause” will mean:

 

(i)           
Other than failure resulting from Employee’s complete or partial incapacity due to physical or mental illness or
impairment, Employee’s willful and continued failure to substantially perform the duties of Employee’s position;

 

(ii)           
Employee’s willful commission of an act of fraud or dishonesty resulting in, or that is likely to result in, material
economic or financial injury to the Company;

 

(iii)           
Employee’s willful engagement in illegal conduct which was or is reasonably likely to be materially injurious to
the Company;

 

(iv)           
Employee’s willful breach of any fiduciary duty owed by Employee to the Company that the Company reasonably believes
has had or will have a material adverse effect on the Company’s reputation of business;

 

(v)           
Employee being found liable in any Securities and Exchange Commission or other civil or criminal securities law action
or any cease and desist order is entered with respect to any such action (regardless of whether or not the Employee admits or
denies liability in such action); or

 

(vi)           
Employee’s willful obstruction or impediment of (or efforts to influence, obstruct or impede), or failure to materially
cooperate with, any investigation authorized by the Company, its Board of Directors of any governmental or self-regulatory organization.

 

For purposes of
this Section 6(a), no act, or failure to act, on Employee’s part shall be deemed “willful” unless done, or omitted
to be done, by Employee not in good faith. In the event of any alleged breach pursuant to (i) of this Section 6(a), the Company
will first give Employee written notice which specifically identifies the manner in which the Board believes that the Employee’s
conduct constitutes the alleged performance breach to enable Employee to correct the deficiency within a reasonable time period,
which will not be less than thirty (30) days, before the Company can proceed with a termination for Cause under (i) of this Section
6 (a). In the event of any alleged conduct described in (ii) through (vi) of this Section 6(a), the Company will deliver to Employee
written notice which sets forth the Board’s finding that Employee engaged in such conduct and specifying the particulars
thereof. In the event of a Change of Control pursuant to which the Company is not the surviving entity, then on and after such
Change of Control, all determinations and actions required to be taken by the Board under this Section 6(a) shall be made or taken
by the board of directors of the surviving entity, or if the surviving entity is a subsidiary, then by the board of directors of
the ultimate parent corporation of the surviving entity.

 

(b)                
Change of Control. A “Change of Control” will be deemed to occur upon the earliest to occur after the date of
this Agreement of any of the following events:

 

    	 

    	 	

    
  

(i)           
Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial
portion of the Company’s assets which occurs on the date that any one person, or more than one person acting as a group
(“Person”) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition
by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the
total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes
of this subsection (i), gross fair market value means the value of the assets of the Company, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets;

 

(ii)           
Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any Person acquires
ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total
voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a
private financing of the Company that is approved by the Board will not be considered a Change of Control;

 

(iii)           
Change in Effective Control of the Company. A change in the effective control of the Company which occurs on the date that
a majority of members of the Board is replaced during any twenty-four (24) month period by directors whose appointment or election
is not approved by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this
subsection (iii), if any Person is considered to be in effective control of the Company, the acquisition of additional control
of the Company by the same Person will not be considered a Change of Control; or

 

(iv)           
Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than
a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger
or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately
after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing
body of such surviving entity,

 

For these purposes, persons
will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase
or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing provisions of this definition, a transaction will not be deemed a Change of Control unless the transaction qualifies
as a change in control event within the meaning of Section 409A.

 

(c)                
Disability. For the purpose of this Agreement, “Disability” shall have the meaning set forth in Section 409A.

 

(d)                
Good Reason. The Employee is entitled to terminate employment for Good Reason. For the purpose of this Agreement, “Good
Reason” will mean Employee’s termination of employment within ninety (90) days following the expiration of any cure
period (discussed below) following the occurrence of one or more of the following, without Employee’s express written consent:

 

(i)           
A material reduction by the Company of Employee’s duties or responsibilities;

                                                                         

    	 

    	 	

    

 

(ii)           
A reduction by the Company of Employee’s base salary in effect immediately prior to such reduction; provided, however,
that such reduction in base salary in connection with similar percentage reductions imposed on all executive-level employees shall
not constitute “Good Reason”; or

 

(iii)           
A material change in the geographic location at which Employee my perform his services; provided that in no instance will
the relocation of Employee to a facility or a location of fifty (50) miles or less from Employee’s then present office location
be deemed material for purposes of this Agreement. Employee will not resign for Good Reason without first providing the Company
with written notice within ninety (90) days of the event that Employee believes constitutes “Good Reason” specifically
identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than thirty
(30) days following the date of such notice.

 

(e)                
Section 409A Limit. “Section 409A Limit” will mean the lesser of two (2) times: (i) Employee’s annualized
compensation based upon the annual rate of pay paid to Employee during Employee’s taxable year preceding Employee’s
taxable year of Employee’s termination of employment as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1)
and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account
under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Employee’s employment is terminated.

 

7.                  
Successors.

 

(a)                
The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume
the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and
to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes
under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which
executes and delivers the assumption agreement described in this Section 7(a) or which becomes bound by the terms of this Agreement
by operation of law.

 

(b)                
Employee’s Successors. The terms of this Agreement and all rights of Employee hereunder will inure to the benefit
of, and be enforceable by, Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.

 

8.                  
Arbitration.

 

(a)                
The Company and Employee each agree that any and all disputes arising out of the terms of this Agreement, Employee’s
employment by the Company, Employee’s service as an officer or director of the Company, or Employee’s compensation
and benefits, their interpretation and any of the matters herein released, will be subject to binding arbitration under the arbitration
rules set forth in California Code of Civil Procedure Sections 1280 through 1294.2, including Section 1281.8 (the “Act”),
and pursuant to California law. Disputes that the Company and Employee agree to arbitrate, and thereby agree to waive any right
to a trial by jury, include any statutory claims under local, state, or federal law, including, but not limited to, claims under
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act
of 1967, the Older Workers Benefit Protection Act, the Sarbanes-Oxley Act, the Worker Adjustment and Retraining Notification Act,
the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California
Labor Code, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. The Company
and Employee further understand that this Agreement to arbitrate also applies to any disputes that the Company may have with Employee.
However, claims for workers’ compensation benefits and unemployment insurance (or any other claims where mandatory arbitration
is prohibited by law) are not covered by this arbitration agreement, and such claims may be presented by the Employee to the appropriate
court or government agency.

 

    	 

    	 	

    
 

 

(b)                
Procedure. The Company and Employee agree that any arbitration will be administered by Judicial Arbitration & Mediation
Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”).
The Arbitrator will have the power to decide any motions brought by any party to the arbitration, including motions for summary
judgment and/or adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing.
The Arbitrator will have the power to award any remedies available under applicable law, and the Arbitrator will award attorneys’
fees and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees
charged by the Arbitrator or JAMS except that Employee will pay any filing fees associated with any arbitration that Employee initiates,
but only so much of the filing fees as Employee would have instead paid had he or she filed a complaint in a court of law. The
Arbitrator will administer and conduct any arbitration in accordance with California law, including the California Code of Civil
Procedure, and the Arbitrator will apply substantive and procedural California law to any dispute or claim, without reference to
rules of conflict of law. To the extent that the JAMS Rules conflict with California law, California law will take precedence.
The decision of the Arbitrator will be in writing. Any arbitration under this Agreement will be conducted in Santa Clara County,
California.

 

(c)                
Remedy. Except as provided by the Act and this Agreement, arbitration will be the sole, exclusive, and final remedy for
any dispute between Employee and the Company. Accordingly, except as provided for by the Act and this Agreement, neither Employee
nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration.

 

(d)                
Healthcare Coverage in Event of Dispute. In the event that any dispute between Employee and the Company becomes subject
to arbitration pursuant to this Section 8, and provided that (1) Employee constitutes a qualified beneficiary, as defined in Section
4980(B)(g)(1) of the Code; and (2) Employee elects continuation coverage pursuant to COBRA, within the time period prescribed
pursuant to COBRA, the Company will pay the premiums for such health continuation coverage at the levels in effect immediately
prior to Employee’s termination until the earlier of (A) the resolution of the arbitration dispute or (B) the date upon which
the Company would no longer be required to provide such continuation coverage pursuant to Section 3.

 

(e)                
Administrative Relief. Employee understands that this Agreement does not prohibit him or her from pursuing any administrative
claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment Opportunity
Commission, the National Labor Relations Board, or the Workers’ Compensation Board. This Agreement does, however, preclude
Employee from pursuing court action regarding any such claim, except as permitted by law.

 

(f)                 
Voluntary Nature of Agreement. Each of the Company and Employee acknowledges and agrees that such party is executing this
Agreement voluntarily and without any duress or undue influence by anyone. Employee further acknowledges and agrees that he or
she has carefully read this Agreement and has asked any questions needed for him or her to understand the terms, consequences,
and binding effect of this Agreement and fully understands it, including that Employee is waiving his or her right to a jury trial.
Finally, Employee agrees that he or she has been provided an opportunity to seek the advice of an attorney of his or her choice
before signing this Agreement.

 

    	 

    	 	

    
  

9.                  
Notice.

 

(a)                
General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have
been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage
prepaid. In the case of Employee, mailed notices will be addressed to him or her at the home address which he or she most recently
communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters,
and all notices will be directed to the attention of its President.

 

(b)                
Notice of Termination. Any termination by the Company for Cause or by Employee for Good Reason will be communicated by a
notice of termination to the other party hereto given in accordance with Section 9(a) of this Agreement. Such notice will indicate
the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will
be not more than thirty (30) days after the giving of such notice). The failure by the Company or by Employee, as applicable, to
include in the notice any fact or circumstance which contributes to a showing of Cause or Good Reason, as applicable, will not
waive any right of the Company or Employee, as applicable, hereunder or preclude the Company or Employee, as applicable, from asserting
such fact or circumstance in enforcing its, his or her rights hereunder.

 

10.               
Non-Solicitation. Employee agrees that for a period of twelve (12) months immediately following termination, Employee shall
not directly or indirectly solicit any of the Company’s employees to leave their employment at the Company.

 

11.               
Non-Disparagement. Employee agrees to refrain from any defamation, libel or slander of the Company and its respective officers,
directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations,
and assigns or tortuous interference with the contracts and relationships of the Company and its respective officers, directors,
employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations,
and assigns. Employee acknowledges and agrees that any breach of this Section 11 shall constitute a material breach of this Agreement
and shall entitle the Company immediately to recover all consideration paid under this Agreement, including, but not limited to
the consideration described in Section 3.

 

12.               
Miscellaneous Provisions.

 

(a)                
No Duty to Mitigate. Employee will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any such payment be reduced by any earnings that Employee may receive from any other source.

 

(b)                
Waiver. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Employee and by an authorized officer of the Company (other than Employee). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered
a waiver of any other condition or provision or of the same condition or provision at another time.

 

(c)                
Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part
of this Agreement.

 

(d)                
Entire Agreement. This Agreement, including its exhibits, constitutes the entire agreement of the parties hereto and supersedes
in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed
or implied) of the parties with respect to the subject matter hereof. No waiver, alteration, or modification of any of the provisions
of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which
specifically mention this Agreement.

 

    	 

    	 	

    
  

(e)                
Choice of Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws
of the State of California without regard to principles of its conflict of laws.

 

(f)                 
Severability. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity
or enforceability of any other provision hereof, which will remain in full force and effect.

 

(g)                
Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment
and other taxes.

 

(h)                
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

 

[Signature Page to Follow]

 

    	 

    	 	

    
  

IN WITNESS WHEREOF, each of the parties
has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.

 

	COMPANY	 	SIERRA MONITOR CORPORATION
	 	 	 
	 	 	By:
	 	 	 
	 	 	Name:
	 	 	 
	 	 	Title:
	 	 	 
	 	 	Date:
	 	 	 
	 	 	 
	 	 	 
	EMPLOYEE	 	By:
	 	 	 
	 	 	Name:
	 	 	 
	 	 	Title:
	 	 	 
	 	 	Date:

 

    	 

    	 	

    

Exhibit A

 

RELEASE AGREEMENT

 

For Employee 40 Years
Old or Older in Group Termination

 

I understand and agree
completely to the terms set forth in my Change in Control Severance Benefits Agreement (the “Agreement”) with Sierra
Monitor Corporation (the “Company”).

 

I understand that this
Release Agreement (“Release”), together with the Agreement, constitutes the complete, final and exclusive embodiment
of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or
representation by the Company that is not expressly stated herein.

 

I hereby confirm my
obligations under any of the Company’s Employment, Confidential Information, Invention Assignment, and Arbitration Agreements
to which that I have previously agreed.

 

In consideration of
the severance benefits I will receive under the Agreement, I hereby generally and completely release the Company and its current
and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release. This
general release includes, but is not limited to: (a) all claims arising out of or in any way related to my employment with
the Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company,
including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits,
stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination,
and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including, but not limited to, claims
for fraud, defamation, emotional distress, and discharge in violation of public policy; (e) all federal, state, and local statutory
claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims
arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal
Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing
Act (as amended); (f) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other
tax treatment of any of the proceeds I receive as a result of the Agreement; and (g) any and all claims for attorneys’ fees
and costs; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligation
to indemnify me pursuant to a written agreement between me and the Company or applicable law.

 

I agree that this Release
shall be and remain in effect in all respects as a complete general release as to the matters released. This Release does not extend
to any obligations incurred under the Agreement. This Release does not release claims that cannot be released as a matter of law,
including, but not limited to, my right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission,
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that any such filing or participation does not give me the right
to recover any monetary damages against the Company; my release of claims herein bars me from recovering such monetary relief from
the Company).

 

    	 

    	 	

    
  

I acknowledge that
I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”). I also acknowledge
that the consideration given for the ADEA Waiver is in addition to anything of value to which I was already entitled. I further
acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my ADEA Waiver does not apply to any rights
or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although
I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release (although I may choose voluntarily
to sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the ADEA Waiver by providing written
notice to the Company’s Board of Directors; and (e) the ADEA Waiver will not be effective until the date upon which the revocation
period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).

 

I have received with
this Release all of the information required by the ADEA, including without limitation a detailed list of the job titles and ages
of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification
or organizational unit who were not terminated, along with information on the eligibility factors used to select employees for
the group termination and any time limits applicable to this group termination program.

 

I acknowledge that
I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his settlement with the debtor.” I hereby expressly waive and
relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release
of any claims hereunder, including but not limited to my release of unknown claims.

 

I hereby represent
that I have been paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances,
relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting,
and any and all other benefits and compensation due to me, and I have not suffered any on-the-job injury for which I have not already
filed a claim.

 

I acknowledge that
to become effective, I must sign and return this Release to the Company so that it is received not later than forty-five (45) days
following the date it is provided to me.

 

	 	Signature:	 
	 	Printed Name:	 
	 	Date:	 

 

    	 

    	 	

    
 

 

Exhibit B

 

RELEASE AGREEMENT

 

For Employee 40 Years
Old or Older in Individual Termination

 

I understand and agree
completely to the terms set forth in my Change in Control Severance Benefits Agreement (the “Agreement”) with Sierra
Monitor (the “Company”).

 

I understand that this
Release Agreement (“Release”), together with the Agreement, constitutes the complete, final and exclusive embodiment
of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or
representation by the Company that is not expressly stated herein.

 

I hereby confirm my
obligations under any of the Company’s Employment, Confidential Information, Invention Assignment, and Arbitration Agreements
to which that I have previously agreed.

 

In consideration of
the severance benefits I will receive under the Agreement, I hereby generally and completely release the Company and its current
and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release. This
general release includes, but is not limited to: (a) all claims arising out of or in any way related to my employment with
the Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company,
including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits,
stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination,
and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including, but not limited to, claims
for fraud, defamation, emotional distress, and discharge in violation of public policy; (e) all federal, state, and local statutory
claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims
arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal
Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing
Act (as amended); (f) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other
tax treatment of any of the proceeds I receive as a result of the Agreement; and (g) any and all claims for attorneys’ fees
and costs; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligation
to indemnify me pursuant to a written agreement between me and the Company or applicable law.

 

I acknowledge that
I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”). I also acknowledge
that the consideration given for the ADEA Waiver is in addition to anything of value to which I was already entitled. I further
acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my ADEA Waiver does not apply to any rights
or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although
I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release (although I may choose voluntarily
to sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the ADEA Waiver by providing written
notice to the Company’s Board of Directors; and (e) the ADEA Waiver will not be effective until the date upon which the revocation
period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).

 

    	 

    	 	

    
  

I agree that this Release
shall be and remain in effect in all respects as a complete general release as to the matters released. This Release does not extend
to any obligations incurred under the Agreement. This Release does not release claims that cannot be released as a matter of law,
including, but not limited to, my right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission,
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that any such filing or participation does not give me the right
to recover any monetary damages against the Company; my release of claims herein bars me from recovering such monetary relief from
the Company).

 

I acknowledge that
I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his settlement with the debtor.” I hereby expressly waive and
relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release
of any claims hereunder, including but not limited to my release of unknown claims.

 

I hereby represent
that I have been paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances,
relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting,
and any and all other benefits and compensation due to me, and I have not suffered any on-the-job injury for which I have not already
filed a claim.

 

I acknowledge that
to become effective, I must sign and return this Release to the Company so that it is received not later than twenty-one (21) days
following the date it is provided to me.

 

	 	Signature:	 
	 	Printed Name:	 
	 	Date:	 

 

    	 

    	 	

    
 

 

Exhibit C

 

RELEASE AGREEMENT

 

For Employee Under 40
Years Old in Individual or Group Termination

 

I understand and agree
completely to the terms set forth in my Change in Control Severance Benefits Agreement (the “Agreement”) with Sierra
Monitor Corporation (the “Company”).

 

I understand that this
Release Agreement (“Release”), together with the Agreement, constitutes the complete, final and exclusive embodiment
of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or
representation by the Company that is not expressly stated herein.

 

I hereby confirm my
obligations under any of the Company’s Employment, Confidential Information, Invention Assignment, and Arbitration Agreements
to which that I have previously agreed.

 

In consideration of
the severance benefits I will receive under the Agreement, I hereby generally and completely release the Company and its current
and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release. This
general release includes, but is not limited to: (a) all claims arising out of or in any way related to my employment with
the Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company,
including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits,
stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination,
and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including, but not limited to, claims
for fraud, defamation, emotional distress, and discharge in violation of public policy; (e) all federal, state, and local statutory
claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims
arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, and the California
Fair Employment and Housing Act (as amended); (f) any claim for any loss, cost, damage, or expense arising out of any dispute over
the non-withholding or other tax treatment of any of the proceeds I receive as a result of the Agreement; and (g) any and all claims
for attorneys’ fees and costs; provided, however, that nothing in this paragraph shall be construed in any way to release
the Company from its obligation to indemnify me pursuant to a written agreement between me and the Company or applicable law.

 

I agree that this Release
shall be and remain in effect in all respects as a complete general release as to the matters released. This Release does not extend
to any obligations incurred under the Agreement. This Release does not release claims that cannot be released as a matter of law,
including, but not limited to, my right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission,
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that any such filing or participation does not give me the right
to recover any monetary damages against the Company; my release of claims herein bars me from recovering such monetary relief from
the Company).

 

    	 

    	 	

    
  

I acknowledge that
I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his settlement with the debtor.” I hereby expressly waive and
relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release
of any claims hereunder, including but not limited to my release of unknown claims.

 

I hereby represent
that I have been paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances,
relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting,
and any and all other benefits and compensation due to me, and I have not suffered any on-the-job injury for which I have not already
filed a claim.

 

I acknowledge that
to become effective, I must sign and return this Release to the Company so that it is received not later than fourteen (14) days
following the date it is provided to me.

 

	 	Signature:	 
	 	Printed Name:	 
	 	Date:Exhibit 10.1

 

AMENDMENT NO. 4,
dated as of April 12, 2012 (this “Amendment”), to the Loan and Security Agreement (as amended, restated, supplemented
or modified, from time to time, the "Agreement") dated January 14, 2010, by and between Lakeland
Industries, Inc., a Delaware
corporation ("Borrower") and TD Bank, N.A., a national banking
association ("Lender").

 

RECITALS

 

WHEREAS, the
Borrower has requested and the Lender has agreed, subject to the terms and conditions of this Amendment, to amend certain provisions
of the Agreement as set forth herein;

 

NOW, THEREFORE,
in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

 

		1.	Amendments.

 

(a)         The
following definitions in Section 1.1 of the Agreement are hereby amended and restated in their entirety to provide as follows:

 

Aggregate Outstandings
– on any date of determination, the Aggregate RC Outstandings plus Aggregate TL Outstandings plus Aggregate
Refinance TL Outstandings.

 

Amendment No. 4 Effective
Date – April 12, 2012.

 

Consolidated EBITDA -
For any period, Consolidated Net Income (or deficit) plus (a) Consolidated Interest Expense, plus (b) Consolidated
Depreciation Expense, plus (c) Consolidated Amortization Expense, plus (d) Consolidated Tax Expense, plus (e) non-cash
expenses for equity compensation related to restricted stock plans and stock options for employees and board members, minus
(g) consolidated extraordinary gains of Borrower and its Subsidiaries (including with respect to a reverse or refund of the $1,583,247
Brazil value added tax expense incurred during the fiscal quarter ended April 30, 2010, if applicable), minus (h) consolidated
extraordinary charges relating to the discontinuance and shutdown of operations in India in an amount not to exceed $2,300,000,
minus (i) consolidated extraordinary charges relating to the discontinuance and shutdown of operations in Missouri in an
amount not to exceed $300,000, all as determined on a rolling four quarter basis, in accordance with GAAP.

 

Loan Documents - Collectively,
this Agreement, the Note, the Surety and Guaranty Agreement, the Letter of Credit Documents, the Security Documents, the Perfection
Certificate, the Cash Management Agreement, the Negative Pledge Agreements, the Springing Mortgages and all agreements, instruments
and documents executed and/or delivered in connection therewith, all as may be supplemented, restated, superseded, amended or replaced
from time to time.

 

    	 

    	 

    

  

Loans
- Collectively, the unpaid balance of cash Advances under the Revolving Credit, the outstanding principal amount of the Term Loans
and the outstanding principal amount of the Refinance Term Loan, each of which may be may be Base Rate Loans or LIBOR Rate Loans,
and any unreimbursed draws under any Letter of Credit.

 

Note - The Revolving Credit Note, each Term
Loan Note or the Refinance Term Loan Note, individually. Notes – collectively, the Revolving Credit Note, the Term
Loan Notes and the Refinance Term Loan Note.

 

Security Documents - The
Pledge Agreements, the Security Agreement, the Negative Pledge Agreements, the Springing Mortgages, and other collateral security
document thereafter delivered to the Lender.

 

(b)         The following definitions are
hereby added to Section 1.1 of the Agreement in their appropriate alphabetical order:

 

Aggregate Refinance TL Outstandings
- the aggregate outstanding principal amount of the Refinance Term Loan.

 

Aggregate RC Outstandings
– The aggregate principal amount of unpaid cash Advances plus the Letter of Credit Amount.

 

Borrowing Base –
During any Borrowing Base Period, an amount equal to the sum of (1) eighty five percent (85%) of all Eligible Accounts, plus (2)
fifty percent (50%) of Eligible Inventory, provided that the Borrowing Base is subject to revision, from time to time, in the reasonable
credit discretion of the Bank, upon receipt and satisfactory review by the Bank of field audits to be conducted by the Bank, from
time to time, as the Bank reasonably deems necessary.

 

Borrowing Base Certificate
- The Borrowing Base Certificate in the form set forth as Exhibit G attached hereto.

 

Borrowing Base Period
– Each fiscal quarter of the Borrower when (a) the Applicable Ratio was greater than 2.75:1.00 and (b) Consolidated EBITDA
was less than $6,500,000, each of (a) and (b) as calculated for the rolling four quarters immediately preceding such determination
date.

 

Negative Pledge Agreements
– Collectively, the Negative Pledge Agreements, each substantially in the form attached hereto as Exhibit H to be executed
and delivered by Borrower, with respect to each of the Premises, as the same may hereafter be amended, restated, supplemented or
otherwise modified, from time to time.

 

Premises – Collectively,
the real property and improvements located at (a) 701 Koehler Ave, Suite 7 Ronkonkoma, NY, (b) 201 Pride Lane, Decatur, AL, (c)
202 Pride Lane, Decatur, AL and (d) 3420 Valley Ave., Decatur, AL.

 

Refinance
Term Loan–Section 2.17(a). 

 

    	 

    	 

    

 

Refinance Term Loan Commitment
- the Lender’s obligation to make the Refinance Term Loan to the Borrower in an aggregate principal amount not to exceed
to $3,000,000.

 

Refinance Term Loan Maturity
Date – June 30, 2014.

 

Refinance Term Loan Note –
Section 2.17(c).

 

Springing Mortgages –
the Springing Mortgages, to be executed and delivered by the Borrower in accordance with Section 6.20 hereof, in connection with
the Premises, as the same may hereafter be amended, restated, supplemented or otherwise modified from time to time.

 

(c)          The table in the definition
of “Applicable Rate” in Section 1.1 of the Agreement is hereby amended and replaced with the following table:

 

	Applicable Ratio	 	LIBOR Margin	 	 	L/C Commission	 	 	Unused Rate	 
	Greater than 3.00:1.00	 	 	2.50	%	 	 	2.50	%	 	 	.50	%
	Less than or equal to 3.00:1.00, but greater than 2.00:1.00	 	 	1.85	%	 	 	1.85	%	 	 	.30	%
	Less than or equal to 2.00:1.00	 	 	1.70	%	 	 	1.70	%	 	 	.25	%

 

(d)          Clauses (ii)
and (iii) of the definition of the term “Eligible Accounts” in Section 1.01 of the Agreement are hereby amended
and restated in their entirety to provide as follows:

 

(ii) the Account is valid and
enforceable representing the undisputed indebtedness of an Account Debtor not more than 30 days past the due date, with respect
to the Designated Accounts, or 60 days past the due date, with respect to any other Account, and the Account does not represent
a rebilling; (iii) not more than 25% of the aggregate balance of all Accounts owing from an Account Debtor obligated on the Account
are outstanding more than 60 days past their due dates;

 

(e)          The first sentence of the definition
of the term “Eligible Inventory” in Section 1.01 of the Agreement is hereby amended and restated in its entirety to
provide as follows:

 

Any and all Inventory of Borrower
and each Guarantor located at Borrower's places of business shown on Schedule 5.2 attached hereto and made part hereof
(and for which location Lender has received a landlord, warehouse or mortgagee waiver as determined by, and in form and substance
satisfactory to, Lender), which (i) is not subject to any Lien (other than Liens granted under this Agreement and Permitted Liens,
if applicable); (ii) is not slow moving (inventory held greater than two (2) years), damaged, obsolete or unmerchantable; (iii)
is not Inventory held on consignment; (iv) is not Inventory in-transit unless such Inventory (A) is in transit to one of Borrower's
and such Guarantor’s places of business shown on Schedule 5.2, (B) is owned by Borrower or such Guarantor,
as the case may be, (C) is insured to the full value thereof, and (D) is subject to negotiable bills of lading endorsed to, or
non-negotiable bills of lading issued in the name of Lender; and (v) shall not consist of work-in-process; and (vi) meets such
other reasonable specifications and requirements which may from time to time be established by Lender.

 

    	 

    	 

    

  

(f)          Clause (f) of the definition
of “Permitted Acquisition” in Section 1.01 of the agreement is hereby amended and restated in its entirety to provide
as follows:

 

(f)          the Borrower shall have
received the prior written consent of the Lender

 

(g)          Section 2.2(a) of the Agreement
is hereby amended and restated in its entirety to provide as follows:

 

Subject to the terms and conditions
of this Agreement, Lender hereby establishes for the benefit of Borrower a revolving credit facility which shall include cash Advances
extended by Lender to or for the benefit of Borrower as well as Letters of Credit issued for the account of Borrower from time
to time hereunder, Term Loans made in accordance with Section 2.16 hereof and the Refinance Term Loan made in accordance with Section
2.17 hereof (collectively, the “Revolving Credit”), provided however that no cash Advance shall be made if, after giving
effect thereto, (x) Aggregate Outstandings would exceed the Maximum Revolving Credit Amount in effect at such time or (y) at any
time during a Borrowing Base Period, Aggregate RC Outstandings would exceed the Borrowing Base. Subject to such limitation, the
outstanding balance of Advances under the Revolving Credit may fluctuate from time to time, to be reduced by repayments made by
Borrower, to be increased by future Advances which may be made by Lender, to or for the benefit of Borrower, and, subject to the
provisions of Section 8 below, shall be due and payable on the Revolving Credit Maturity Date. If (i) Aggregate Outstandings at
any time exceeds the Maximum Revolving Credit Amount or (ii) at any time during a Borrowing Base Period, Aggregate RC Outstandings
exceeds the Borrowing Base (each such excess referred to as an "Overadvance"), Borrower shall immediately repay the Overadvance
in full.

 

(h)         The
first sentence of Section 2.3(a) of the Agreement is hereby amended and restated in its entirety to provide as follows: 

 

As a part of
the Revolving Credit and subject to its terms and conditions, Lender shall make available to Borrower Letters of Credit which shall
not exceed, in the aggregate at any one time outstanding, the L/C Commitment, provided that no Letter of Credit shall be issued
or created if, after giving effect to the same, (x) Aggregate Outstandings would exceed the Maximum Revolving Credit Amount in
effect at such time or (y) at any time during a Borrowing Base Period, Aggregate RC Outstandings exceeds the Borrowing Base.

 

(i)           Section 2.4(d) of the Loan
Agreement is hereby re-lettered as Section 2.4(e) and a new Section 2.4(d) is hereby added immediately before such Section 2.4(e)
as follows:

 

    	 

    	 

    

  

(d)          The
Refinance Term Loan which shall be made by Lender on the Amendment No. 4 Effective Date under the Refinance Term Loan Commitment
shall be made available by crediting such proceeds to Borrower's operating account with Lender. Requests for Base Rate Loans and
Daily LIBOR Rate Loans must be requested by 10:00 A.M., Eastern time, on the date such Term Loan is to be made. Requests for Adjusted
LIBOR Rate Loans must be requested three (3) Business Days in advance and must specify the amount of such Adjusted LIBOR Rate Loan
and the LIBOR Interest Period. If no LIBOR Interest Period is specified, the LIBOR Interest Period for an Adjusted LIBOR Rate Loan
shall be deemed to be a one month period.

 

(j)           Section
2.5(a) of the Agreement is hereby amended and restated in its entirety to provide as follows:

 

The unpaid
principal balance of cash Advances under the Revolving Credit shall bear interest, subject to the terms hereof at a per annum rate
equal to, at Borrower's option, (i) the Adjusted LIBOR Rate plus the Applicable Rate, (ii) the Base Rate or (iii) the Daily
LIBOR Rate plus the Applicable Rate. The unpaid principal amount of each Term Loan under the Revolving Credit shall bear
interest, subject to the terms hereof at a per annum rate equal to, at Borrower's option, (i) the Adjusted LIBOR Rate plus
two and three- quarters percent (2.75%) or (ii) the Base Rate. The unpaid principal amount of the Refinance Term Loan under the
Revolving Credit shall bear interest, subject to the terms hereof at a per annum rate equal to, at Borrower's option, (i) the Adjusted
LIBOR Rate plus two and three-quarters percent (2.75%) or (ii) the Base Rate.

 

(k)          Section 2.8 of the Agreement
is hereby amended and restated in its entirety to provide as follows:

 

Borrower may prepay the Revolving
Credit in whole or in part at any time or from time to time, without penalty or premium except as provided in Section 2.10 upon
not less than three Business Days’ irrevocable notice to Lender. Any partial prepayment of a Term Loan or the Refinance Term
Loan shall be applied to such Term Loan or the Refinance Term Loan in the inverse order of maturity. Any prepayment of principal
hereunder shall be accompanied by all accrued and unpaid interest to, but excluding, the date of prepayment.

 

(l)           Section 2.9 of the Agreement
is hereby amended to add the following sentence at the end thereof:

 

The Refinance Term Loan shall
be used by the Borrower to refinance $3,000,000 of the outstanding principal amount of the cash Advances on the Amendment No. 4
Effective Date.

 

(m)         Section 2.16 of the Agreement
is hereby amended to add the following new sentence at the end thereof:

 

Notwithstanding anything to the
contrary herein, no Term Loans shall be advanced by Lender unless and until Consolidated EBITDA shall be in excess of $6,500,000,
as calculated on a rolling four-quarter basis.

 

(n)         Section II of the Agreement is hereby
amended to add the following new Section 2.17 immediately following Section 2.16 thereof:

 

    	 

    	 

    

 

2.17          Refinance Term Loan.
 (a) As a part of the Revolving Credit and subject to the terms and conditions, and relying upon the representations and warranties,
all as set forth herein, Lender hereby agrees to advance to Borrower on the Amendment No. 4 Effective Date, the sum of Three Million
Dollars ($3,000,000) (the “Refinance Term Loan”), provided, however, that the Refinance Term Loan shall not
be made if, after giving effect to the Refinance Term Loan, Aggregate Outstandings would exceed the Maximum Revolving Credit Amount.

 

(b)          The Refinance Term Loan
Commitment of the Lender shall automatically terminate on the Amendment No. 4 Effective Date following funding of the Refinance
Term Loan.

 

(c)          On the
Amendment No. 4 Effective Date, Borrower shall execute and deliver to Lender a promissory note in the original principal amount
of the Refinance Term Loan, substantially in the form attached hereto as Exhibit I (as amended, restated, supplemented or
modified, from time to time, the “Refinance Term Loan Note”). The Refinance Term Loan Note shall evidence Borrower's
unconditional obligation to repay Lender for the Refinance Term Loan with interest as herein provided. Lender is authorized to
record the date, type and amount of the Refinance Loan and the date and amount of each payment or prepayment of principal of the
Refinance Term Loan in the Lender’s records or on the grid schedule annexed to the Refinance Term Loan Note; provided,
however, that the failure of the Lender to set forth the Refinance Term Loan, payment and other information shall not in
any manner affect the obligation of the Borrower to repay the Refinance Term Loan made by the Lender in accordance with the terms
of the Refinance Term Loan Note and this Agreement. The Refinance Term Loan Note, the grid schedule and the books and records of
the Lender shall constitute conclusive evidence of the information so recorded absent manifest error.

 

(d)          The
principal balance of the Refinance Term Loan shall be paid in twenty six consecutive monthly installments of principal, commencing
May 1, 2012 and on the first day of each month thereafter with a final and twenty-seventh (27th) payment on the Refinance
Term Loan Maturity Date, each such payment in the amount set forth below opposite the applicable installment:

 

	Installment	 	Amount	 
	 	 	 	 	 
	May 1, 2012 through June 1, 2013	 	 	$	25,000	 
	July 1, 2013 through June 1, 2014	 	 	$	37,500	 
	June 30, 2014	 	 	the unpaid principal amount of the Refinance Term Loan	 

 

(o)         Section
4.7 of the Agreement is hereby amended to add the text “and Refinance Term Loan” after the text “Term Loans”.

 

    	 

    	 

    

  

(p)         Section
4.8 of the Agreement is hereby amended to (i) add the text “and the Refinance Term Loan” after each reference to “Term
Loans” in the heading and first line thereof, (ii) delete the period at the end of subsection “(g)” thereof and
replace it with the text “and” and (iii) to add new subsections (h) and (i) immediately following subsection (g) thereof
as follows:

 

(h)          After giving effect to
any requested Advance (x) during a Borrowing Base Period, (i) the Aggregate Outstandings shall not exceed the Maximum Revolving
Credit Amount then in effect and (ii) the Aggregate RC Outstandings shall not exceed the Borrowing Base and (y) at any other time,
the Aggregate Outstandings shall not exceed the Maximum Revolving Credit Amount then in effect.

 

(i)         With respect to the Refinance
Term Loan hereunder, the Borrower shall have delivered to the Lender a duly executed Refinance Term Loan Note appropriately completed
in an amount equal to the aggregate principal amount of the Refinance Term Loan to be funded on the Amendment No. 4 Effective Date.

 

(q)          Section
6.8(a) of the Agreement is hereby amended and restated in its entirety to provide as follows:

 

(a)         Consolidated
Fixed Charge Coverage Ratio. Borrower shall maintain a Consolidated Fixed Charge Coverage Ratio of not less than the ratio
set forth below opposite the applicable period, measured quarterly as of each fiscal quarter end:

 

	Period	 	Maximum Ratio
	 	 	 
	January 31, 2012	 	1.00:1.00
	 	 	 
	April 30, 2012	 	not to be tested
	 	 	 
	July 31, 2012	 	not to be tested
	 	 	 
	October 31, 2012	 	1.10:1.00
	 	 	 
	January 31, 2013 and thereafter	 	1.20:1.00

 

(r)          Section
6.8(b) of the Agreement is hereby amended and restated in its entirety to provide as follows:

 

Consolidated
Leverage Ratio – Borrower shall maintain a Consolidated Leverage Ratio of not more the ratio set forth below opposite
the applicable period, measured quarterly as of each fiscal quarter end:

 

	Period	 	Maximum Ratio
	 	 	 
	January 31, 2012	 	5.00:1.00
	 	 	 
	April 30, 2012	 	6.25:1.00
	 	 	 
	July 31, 2012	 	5.50:1.00
	 	 	 
	October 31, 2012	 	5.00:1.00
	 	 	 
	January 31, 2013 and thereafter	 	3.50:1.00

  

    	 

    	 

    

 

(s)         The table in Section 6.8(c) of the Agreement is
hereby amended and restated in its entirety to provide as follows:

 

	Period	 	Minimum Amount	 
	January 31, 2012	 	 	$	3,500,000
	April 30, 2012	 	 	$	3,000,000
	July 31, 2012	 	 	$	3,500,000
	October 31, 2012	 	 	$	4,000,000
	January 31, 2013 and thereafter	 	 	$	5,500,000
	 	 	 	 	 	 

 (t)         
Section 6.8(d) of the Agreement is hereby amended and restated in its entirety to provide as follows:

 

(d)       
Asset Coverage Ratio. Borrower shall maintain an Asset Coverage Ratio of not less than 1.25 to 1.00, measured monthly at
the end of each calendar month.

 

(u)         Section 6.9(a)(iii) of the Agreement is hereby amended
and restated in its entirety to provide as follows:

 

within thirty
(30) days of the end of each calendar month, (x) Borrower's accounts receivable aging report, accounts payable aging report, inventory
reports and such other reports as Lender reasonably deems necessary, certified by Borrower's chief financial officer as true and
correct, all in form and substance reasonably satisfactory to Lender, (y) at any time during a Borrowing Base Period (with respect
to the Borrowing Base for the calendar month then ended), a completed Borrowing Base Certificate; and (z) at all times, other than
during a Borrowing Base Period, a certificate from the chief financial officer, chief executive officer or president of Borrower
certifying compliance with the requirements of Section 6.8(d) hereof, each of (y) and (z) to include a description of the Eligible
Accounts, Eligible Inventory and Eligible Fixed Assets in order to establish that Borrower is in compliance with either the Borrowing
Base or the minimum Asset Coverage Ratio, as the case may be;

 

(v)         Section 6.11 of the Agreement is hereby amended
to add the following sentence at the end thereof:

 

The Bank shall be satisfied with
the result of a field examination of the Borrower’s books and records to be completed by April 30, 2012.

 

(w)        Section VI of the Agreement
is hereby amended to add a new Section 6.20 immediately following Section 6.19 thereof as follows:

 

Section
6.20. Springing Mortgages. On or prior to May 31, 2012, the Borrower shall have delivered to the Bank, for each Premises:
(a) a title report issued by an insurance company authorized to transact business in the state where the such Premises is located
and acceptable to the Bank, (b) a Springing Mortgage, duly executed by the Borrower, with respect to each Premises, in form and
substance satisfactory to the Bank; (c) copies of all environmental reports to the extent previously prepared with respect to such
Premises, (d) evidence that such Premises is not located in a Federally designated “special flood hazard area” or if
such Premises is located in a Federally designated “special flood hazard area,” a flood
insurance policy with terms and coverage satisfactory to the Bank, and (e) such other
documents, agreements and information that the Bank may request. 

 

    	 

    	 

    

 

Upon the occurrence and continuance
of an Event of Default, the Bank may record the Springing Mortgages and, in connection therewith, the Borrower shall promptly provide
to the Bank, (a) a title policy and a lender's title insurance binder issued by an insurance company authorized to transact business
in the state where the Premises referred to in such Springing Mortgage is located and acceptable to the Bank naming the Bank as
insured and insuring that the applicable Springing Mortgage creates a continuing, valid lien on the Property prior to all Liens
(other than Permitted Liens), fully securing the Loans and on terms and conditions satisfactory to the Bank, (b) a current legal
description and updated survey of each of the Premises, certified to the Bank and the title company, (c) a certificate of insurance
from an independent insurance broker confirming the insurance required to be maintained pursuant to the Springing Mortgages, naming
the Bank as mortgagee and loss payee with respect to such insurance, (e) copies of all environmental reports with respect to the
Premises, including an updated environmental report at the reasonable option of the Bank, and (f) such other documents, promissory
notes, agreements and information, including opinions of counsel, that the Bank may reasonably request. The Borrower further agrees
to pay all title insurance premiums, recording and filing fees and charges and other expenses incurred by the Bank in connection
with the recording of the Springing Mortgages and the delivery of the other documents required pursuant to this Section 6.20.

 

(x)          Exhibit G, Exhibit H and Exhibit
I attached hereto are hereby added as Exhibit G, Exhibit H and Exhibit I, respectively, to the Agreement.

 

2.             Conditions
of Effectiveness. This Amendment shall become effective as of the date hereof, upon receipt by the Lender of (a) this Amendment,
duly executed by the Borrower and the Guarantor, (b) an amendment fee of $105,000, (c) a secretary’s certificate, substantially
in the form attached hereto as Exhibit 1, (d) the Negative Pledge Agreement, duly executed by the Borrower, substantially in the
form attached as Exhibit H hereto, (e) the Refinance Term Note, duly executed by the Borrower, substantially in the form attached
as Exhibit I hereto and (f) such documents and agreements that the Lender shall request. 

 

3.            Conforming
Amendments. The Agreement, the Loan Documents and all agreements, instruments and documents executed and delivered in connection
with any of the foregoing, shall each be deemed to be amended and supplemented hereby to the extent necessary, if any, to give
effect to the provisions of this Amendment. The Agreement and the other Loan Documents shall remain in full force and effect in
accordance with their respective terms.

 

4.           Representations
and Warranties. The Borrower hereby represents and warrants to the Lender as follows:

 

(a)          After giving
effect to this Amendment (i) each of the representations and warranties set forth in Article V of the Agreement is true and correct
in all material respects on and as of the date hereof as if made on and as of the date of this Amendment except to the extent such
representations or warranties relate to an earlier date in which case they shall be true and correct in all material respects as
of such earlier date, and (ii) no Default or Event of Default has occurred and is continuing as of the date hereof or shall result
from after giving effect to this Amendment.

 

    	 

    	 

    

 

(b)          The Borrower
has the power to execute, deliver and perform this Amendment and each of the other agreements, instruments and documents to be
executed by it in connection with this Amendment. No registration with or consent or approval of, or other action by, any Governmental
Authority is required in connection with the execution, delivery and performance of this Amendment and the other agreements, instruments
and documents executed in connection with this Amendment by the Borrower, other than registration, consents and approvals received
prior to the date hereof and disclosed to the Lender and which are in full force and effect.

 

(c)          The execution,
delivery and performance by the Borrower of this Amendment and each of the other agreements, instruments, and documents to be executed
by it in connection with this Amendment, and the execution and delivery by the Guarantor of the Consent to this Amendment, (i)
have been duly authorized by all requisite corporate action, and (ii) will not violate (A) any provision of law applicable to the
Borrower or the Guarantor, any rule or regulation of any Governmental Authority applicable to the Borrower or the Guarantor or
(B) the certificate of incorporation, by-laws, or other organizational documents, as applicable, of the Borrower or of the Guarantor.

 

(d)          This Amendment and each
of the other agreements, instruments and documents executed in connection with this Amendment to which the Borrower or the Guarantor
are a party have been duly executed and delivered by the Borrower and the Guarantor, as the case may be, and constitutes a legal,
valid and binding obligation of the Borrower and the Guarantor enforceable, as the case may be, in accordance with its terms, except
to the extent that enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar
laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally and by equitable
principles of general application, regardless of whether considered in a proceeding in equity or at law.

 

5.          Miscellaneous.

 

Capitalized terms used
herein and not otherwise defined herein shall have the same meanings as defined in the Agreement.

 

The amendments herein
contained are limited specifically to the matters set forth above and do not constitute directly or by implication an amendment
or a waiver of any other provision of Agreement or a waiver of any Default or Event of Default which may occur or may have occurred
under the Agreement.

 

This Amendment may
be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall
constitute but one Amendment.

 

THIS AMENDMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

 

    	 

    	 

    

 

6.           Reaffirmation.

 

The Borrower hereby:
(a) acknowledges and confirms that, notwithstanding the consummation of the transactions contemplated by this Amendment, (i) all
terms and provisions contained in the Security Documents are, and shall remain, in full force and effect in accordance with their
respective terms and (ii) the liens heretofore granted, pledged and/or assigned to the Lender as security for the Borrower’s
obligations under the Note, the Agreement and the other Loan Documents shall not be impaired, limited or affected in any manner
whatsoever by reason of this Amendment and such liens shall be deemed to extend to the Refinance Term Loan; (b) reaffirms and ratifies
all the representations and covenants contained in each Security Document; and (c) represents, warrants and confirms the non-existence
of any offsets, defenses, or counterclaims to its obligations under any Security Document.

 

[next page is the signature
page]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Borrower and the Lender have signed and delivered this Amendment as of the date first written above.

 

	 	LAKELAND INDUSTRIES, INC.
	 	 	 
	 	By: 	/s/ Christopher J. Ryan
	 	Name: 	Christopher J. Ryan
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	TD BANK, N.A.
	 	 	 
	 	By: 	/s/ John Topolovec
	 	Name:	John Topolovec
	 	Title:	Vice President

 

CONSENT

 

The undersigned, not
as parties to the Agreement but as Guarantor under the Guaranty and as a Grantor under the Security Agreement, hereby (a) accepts
and agrees to the terms of the foregoing Amendment, (b) acknowledges and confirms that all terms and provisions contained in the
Loan Documents to which it is party are, and shall remain, in full force and effect in accordance with their respective terms and
(c) (i) all terms and provisions contained in the Loan Document to which it is a party are and shall remain, in full force and
effect in accordance with their respective terms and (ii) the liens heretofore granted, pledged and/or assigned to the Lender as
security for the Obligations shall not be impaired, limited or affected in any manner whatsoever by reason of this Amendment and
shall be deemed to extend to the Refinance Term Loan.

 

	 	LAIDLAW, ADAMS & PECK, INC.
	 	 	 
	 	By:	/s/ Christopher J. Ryan
	 	Name: 	Christopher J. Ryan
	 	Title:	President, Secretary and Director

 

    	 

    	 

    

  

REFINANCE TERM LOAN NOTE

 

	$3,000,000	April 12, 2012

 

FOR
VALUE RECEIVED and intending to be legally bound, the undersigned, Lakeland Industries,
Inc., a Delaware corporation ("Borrower"), promises to pay, in lawful money of the United States of America,
to the order of TD Bank, N.A. ("Lender"), on or before the
Refinance Term Loan Maturity Date, at the address set forth in Section 9.8 of the Loan Agreement,
the principal amount Three Million ($3,000,000)
Dollars, pursuant to the provisions of that certain Loan and Security Agreement dated of even date herewith, between
Borrower and Lender (as it may be supplemented, restated, superseded, amended or replaced from time to time, "Loan Agreement").

 

The principal balance
of this Term Loan shall be paid in accordance with the terms of the Loan Agreement provided that, in any event, the unpaid principal
and all accrued and unpaid interest outstanding under this Refinance Term Loan shall be repaid in full on the Refinance Term Loan
Maturity Date.

 

The outstanding principal
balance hereunder shall be payable in accordance with the terms of the Loan Agreement. The actual amount due and owing from time
to time hereunder shall be evidenced by Lender's records of receipts and disbursements with respect to this Term Loan, which shall,
in the absence of manifest error, be conclusive evidence of the amount. All capitalized terms used herein without further definition
shall have the respective meanings ascribed thereto in the Loan Agreement.

 

Borrower further agrees
to pay interest on the outstanding principal balance hereunder from time to time at the per annum rates set forth in the Loan Agreement.
Interest shall be calculated on the basis of year of 360 days but charged for the actual number of days elapsed, and shall be due
and payable as set forth in the Loan Agreement.

 

This Note is the “Refinance
Term Loan Note” referred to in the Loan Agreement.

 

If an Event of Default
occurs and is continuing under the Loan Agreement, the unpaid principal balance of this Refinance Term Loan Note along with all
accrued and unpaid interest and unpaid Expenses shall become, or may be declared, immediately due and payable as provided in the
Loan Agreement. The obligations evidenced by this Refinance Term Loan Note are secured by the Collateral.

 

This Refinance Term
Loan Note may be prepaid only in accordance with the terms and conditions of the Loan Agreement.

 

Borrower hereby waives
protest, demand, notice of nonpayment and all other notices in connection with the delivery, acceptance, performance or enforcement
of this Refinance Term Loan Note.

 

    	 

    	 

    

 

This Refinance Term
Loan Note shall be governed by and construed in accordance with the substantive laws of the State of New York. The provisions of
this Refinance Term Loan Note are to be deemed severable and the invalidity or unenforceability of any provision shall not affect
or impair the remaining provisions of this Refinance Term Loan Note which shall continue in full force and effect. No modification
hereof shall be binding or enforceable against Lender unless approved in writing by Lender.

 

BORROWER (AND LENDER
BY ITS ACCEPTANCE HEREOF) HEREBY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING
OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT
TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION,
AMENDMENT, MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED HEREUNDER OR UNDER
THE LOAN DOCUMENTS.

 

IN WITNESS WHEREOF,
and intending to be legally bound hereby, Borrower has executed these presents the day and year first above written.

 

	 	LAKELAND INDUSTRIES, INC.
	 	 	 
	 	By:	/s/ Christopher J. Ryan
	 	Name: 	Christopher J. Ryan
	 	Title:	Chief Executive Officer and President

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