Lakeland Industries Inc. filed SEC Form 8-K: Leadership Update

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 1, 2025

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1525 Perimeter Parkway, Suite 325 Huntsville, AL 35806

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (256) 350-3873

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 1, 2025, the Compensation Committee of the Board of Directors of Lakeland Industries, Inc. (the “Company”) granted to each of the Company’s executive officers the target number of performance-based restricted stock units (“PSUs”) listed below, which PSUs will vest, if at all, based on achievement of the following performance targets: growing (i) the Company’s total revenue to $258.7 million, (ii) the Company’s revenue from its Fire Services product line to $161.8 million, and (iii) the Company’s Adjusted EBITDA to $47.1 million, in each case over the next four to six years, with the first measurement date occurring on January 31, 2029 and the final measurement date occurring on January 31, 2031. The PSUs will be forfeited to the extent that the performance measures are not met at least at the threshold level (80% of target performance for each respective independent performance measure) by January 31, 2031. Vesting of the PSUs is also subject to the executive officers’ respective continued employment on the date of certification of achievement of performance. The target number of PSUs awarded to our executive officers is as follows:

The executive officers could earn up to 120% of the target number of PSUs based on actual performance achieved. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.