Document:

Exhibit 10.1

 

AMENDMENT NO. 5
AND WAIVER, dated as of October 17, 2012 (this “Amendment and Waiver”), 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 and Waiver, to amend, and
waive compliance with, 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:

 

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,
plus (f) the non-recurring expense accrual and related expenses in connection with the Brazilian Settlement, up to a maximum
amount of $7,874,000, plus (g) one-time non-recurring foreign exchange losses arising as a result of the devaluation of
the Brazilian Real, in an aggregate amount not to exceed $900,000, minus (h) consolidated non-recurring 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 (i) consolidated non-recurring charges relating to the discontinuance
and shutdown of operations in India in an amount not to exceed $2,300,000, minus (j) consolidated non-recurring 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 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.

 

Maximum Revolving Credit Amount
- The sum of Seventeen Million Five Hundred Thousand and 00/100 Dollars ($17,500,000.00).

 

    	 

    	 

    

 

Revolving Credit Maturity Date
– June 30, 2013.

 

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

 

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

 

Brazil Premises –
Rua do Luxemburgo, 260, Lotes 82/83, Condomicion Industrial Presidente, Vargas, Piraja, Salvador Brahia 41230-130

 

Brazilian Settlement –
that certain Settlement Agreement and Other Covenants among the Elder Marcos Vieira da Conceiçao, Márcia Cristina
Vieira da Conceiçao Antunes (collectively, the “Settlement Creditors”), the Borrower and Lakeland Brasil and
certain other parties relating to the payment by the Borrower and Lakeland Brasil to the Settlement Creditors.

 

Lakeland Brasil –
Lakeland Brasil S.A, a Brazilian corporation and Subsidiary of the Borrower.

 

Settlement Creditors –
as defined in the definition of Brazilian Settlement.

 

(c)          The
definition of the term “Permitted Indebtedness” in Section 1.1 of the Agreement is hereby amended to add the following
text immediately prior to the period at the end thereof:

 

“, (h) Indebtedness of
the Borrower and Lakeland Brazil owing to the Settlement Creditors in connection with the Brazilian Settlement, provided that such
Indebtedness shall not exceed $8,500,000, in the aggregate, (i) secured Indebtedness of Lakeland Industries Europe Ltd. in an amount
not to exceed $1,500,000, in the aggregate and (j) secured Indebtedness of Lakeland Argentina S.R.L. in an amount not to exceed
$750,000, in the aggregate”

 

(d)          The
definition of the term “Permitted Liens” in Section 1.1 of the Agreement is hereby amended to add the following text
immediately prior to the period at the end thereof:

 

“(i) Liens by Lakeland
Industries Europe Ltd. and Lakeland Argentina S.R.L. to secure Indebtedness described in clauses “(i)” and “(j)”,
respectively, of the definition of “Permitted Indebtedness” and (j), provided that such Liens only extend to assets
or property of such Subsidiary and (j) a second mortgage on the real property located at the Brazil Premises to secure the obligations
of the Borrower and Lakeland Brazil in connection with the Brazilian Settlement”

 

(e)          The
definition of the term “Springing Mortgage” in Section 1.1 of the Agreement is hereby amended and replaced with the
following definition:

 

Mortgages – the
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.

 

    	 

    	 

    

 

 

(f)           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	 	 	3.50	%	 	 	3.50	%	 	 	.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	%

 

(g)           Section
2.7 of the Agreement is hereby amended to add a new subsection “(g)” at the end thereof as follows:

 

(g)          On
the Amendment No. 5 Effective Date, Lender shall have fully earned and Borrower shall unconditionally pay to Lender, a non-refundable
waiver fee of Fifty Thousand and 00/100 Dollars ($50,000.00) (the “Waiver Fee”).

 

(h)           The
table in Section 6.8(a) of the Agreement (Consolidated Fixed Charge Coverage Ratio) is hereby amended and restated in its
entirety to provide as follows:

 

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

  

(i)           
The table in Section 6.8(b) of the Agreement (Consolidated Leverage Ratio) is hereby amended and restated in its entirety
to provide as follows:

 

	Period	 	Maximum Ratio
	 	 	 
	October 31, 2012	 	not to be tested
	 	 	 
	January 31, 2013	 	6.25:1.00
	 	 	 
	April 30, 2013	 	4.50:1.00
	 	 	 
	July 31, 2013 and thereafter	 	3.50:1.00

  

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

 

	Period	 	Minimum Amount	 
	 	 	 	 
	October 31, 2012	 	$	1,000,000	 
	 	 	 	 	 
	January 31, 2013	 	$	2,500,000	 
	 	 	 	 	 
	April 30, 2013	 	$	3,500,000	 
	 	 	 	 	 
	July 31, 2013 and thereafter	 	$	4,000,000	 

  

    	 

    	 

    

 

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

 

Section
6.20. Mortgages. On or prior to November 15, 2012, the Borrower shall have delivered to the Lender, for each Premises: (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 Mortgage is located and acceptable to the Lender naming the Lender as insured and insuring
that the applicable 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 Lender, (b) a Mortgage, duly executed by the Borrower,
with respect to each Premises, in form and substance satisfactory to the Lender; (c) copies of all environmental reports with respect
to the Premises, including an updated environmental report at the reasonable option of the Lender, (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 Lender, (e) a current legal description and updated survey of each of the Premises,
certified to the Lender and the title company, (f) a certificate of insurance from an independent insurance broker confirming the
insurance required to be maintained pursuant to the Mortgages, naming the Lender as mortgagee and loss payee with respect to such
insurance, and (g) such other documents, promissory notes, agreements and information, including opinions of counsel, that the
Lender 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 Lender in connection with the recording of the Mortgages and the delivery of the other documents
required pursuant to this Section 6.20. 

 

2.           Waivers.

 

(a)           The
Lender hereby waives compliance with Section 6.8(b) of the Agreement, Consolidated Leverage Ratio, for the fiscal quarters
ended April 30, 2012 and July 31, 2012, which required a Consolidated Leverage Ratio of not greater than (i) 6.25:1.00, for the
fiscal quarter ended April 30, 2012 and (ii) 5.50:1.00, for the fiscal quarter ended July 31, 2012.

 

(b)           The
Lender hereby waives compliance with Section 6.8(c) of the Agreement, Consolidated EBITDA, for the fiscal quarters ended
April 30, 2012 and July 31, 2012, which required Consolidated EBITDA of not less than (i) $3,000,000, for the fiscal quarter ended
April 30, 2012 and (ii) $3,500,000, for the fiscal quarter ended July 31, 2012.

 

3.           Conditions
of Effectiveness. This Amendment and Waiver shall become effective as of the date hereof, upon receipt by the Lender of
this Amendment and Waiver, duly executed by the Borrower and the Guarantor, (b) the Waiver Fee, (c) a second amended and restated
Revolving Credit Note, substantially in the form attached hereto as Exhibit 1, (d) a secretary’s certificate, substantially
in the form attached hereto as Exhibit 2 and (e) such documents and agreements that the Lender shall request.

 

4.           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 and Waiver. The Agreement and the other Loan Documents shall remain in full force and
effect in accordance with their respective terms.

 

    	 

    	 

    

 

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

 

(a)           After
giving effect to this Amendment and Waiver (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 and
Waiver 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 and Waiver.

 

(b)           The
Borrower has the power to execute, deliver and perform this Amendment and Waiver and each of the other agreements, instruments
and documents to be executed by it in connection with this Amendment and Waiver. 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 Waiver and the other agreements, instruments and documents executed in connection with this Amendment and Waiver 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 Waiver and each of the other agreements, instruments,
and documents to be executed by it in connection with this Amendment and Waiver, and the execution and delivery by the Guarantor
of the Consent to this Amendment and Waiver, (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 Waiver and each of the other agreements, instruments and documents executed in connection with this Amendment and
Waiver 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.

 

6.            Miscellaneous.

 

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

 

The amendments and
waivers 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 and
Waiver 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 and Waiver.

 

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

 

7.           Reaffirmation.

 

The Borrower hereby:
(a) acknowledges and confirms that, notwithstanding the consummation of the transactions contemplated by this Amendment and Waiver,
(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 Waiver; (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: 	 Chief Executive Officer and PresidentExhibit 10.2

SECOND AMENDED AND RESTATED 

REVOLVING CREDIT NOTE

 

	$17,500,000.00	October 17, 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 Revolving Credit
Maturity Date, at the address set forth in Section 9.8 of the Loan Agreement, the maximum aggregate principal sum of Seventeen
Million Five Hundred Thousand and 00/100 ($17,500,000.00) Dollars or such lesser sum which represents the principal balance
outstanding under the Revolving Credit established pursuant to the provisions of that certain Loan and Security Agreement dated
January 14, 2010, between Borrower and Lender (as it may be supplemented, restated, superseded, amended or replaced from time to
time, "Loan Agreement"). 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 the Revolving Credit, 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 Revolving Credit
Note is that certain Revolving Credit 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 Revolving Credit 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 Revolving Credit Note are secured by the Collateral.

 

This Revolving Credit
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 Revolving Credit Note.

 

This Revolving Credit
Note shall be governed by and construed in accordance with the substantive laws of the State of New York. The provisions of this
Revolving Credit Note are to be deemed severable and the invalidity or unenforceability of any provision shall not affect or impair
the remaining provisions of this Revolving Credit 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.

 

THIS NOTE AMENDS
AND RESTATES AND IS GIVEN IN SUBSTITUTION FOR, BUT NOT IN SATISFACTION OF, THAT CERTAIN AMENDED AND RESTATED REVOLVING CREDIT NOTE,
DATED JUNE 29, 2011, ISSUED BY THE BORROWER IN FAVOR OF THE LENDER IN THE ORIGINAL PRINCIPAL AMOUNT OF $30,000,000 (THE “PRIOR
NOTE”). IN ADDITION TO EVIDENCING THE OUTSTANDING INDEBTEDNESS FORMERLY EVIDENCED BY THE PRIOR NOTE, THIS NOTE SHALL EVIDENCE
ANY ACCRUED AND UNPAID INTEREST ON THE PRIOR NOTE. THE EXECUTION AND DELIVERY OF THIS NOTE SHALL NOT BE CONSTRUED TO HAVE CONSTITUTED
A REPAYMENT OF ANY PRINCIPAL OF, OR INTEREST ON, THE PRIOR NOTE.

 

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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