UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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:
Executive Officer | Target Number of PSUs Granted |
Jim Jenkins, President, Chief Executive Officer and Executive Chairman | 63,960 |
Roger Shannon, Chief Financial Officer | 48,197 |
Hui (Helena) An, Chief Operating Officer | 32,646 |
Laurel Yartz, Chief Human Resources Officer | 25,440 |
Barry Phillips, Chief Revenue Officer – Fire | 25,774 |
Cameron Stokes, Chief Commercial Officer – Global Industrials | 25,774 |
The executive officers could earn up to 120% of the target number of PSUs based on actual performance achieved.
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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.
| LAKELAND INDUSTRIES, INC. |
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| /s/ James M. Jenkins |
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| James M. Jenkins |
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| Chief Executive Officer, President and Executive Chairman | |
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| Date: May 5, 2025 |
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