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March 15, 2013
16:10 EDTLAKELakeland reaches termination agreement with president of subsidiary
Lakeland Industries announced it has reached a termination agreement with Miguel Bastos, president of Lakeland's Brazilian subsidiary. This is a part of both the company's efforts to reduce costs and the company's efforts to improve sales. Bastos will join a Brazilian organization working with Lakeland to strengthen the company's sales efforts. The termination agreement calls for an aggregate maximum payout of $550,000, to be paid out over a period of approximately two years. Bastos will continue to receive his normal salary for six months and then will receive 3% of Lakeland Brazil's sales, which Bastos will be supporting and generating from an independent company, until he reaches a total payout equal to the aggregate $550,000. This agreement pays Bastos approximately half of the amount which would have been paid out for the remaining years of his employment contract, which runs through December 31, 2015.
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June 25, 2015
16:02 EDTLAKELakeland Industries to exit Brazilian operations
Lakeland Industries announced that it has signed a definitive agreement to exit its Brazilian operations through a transfer of shares of its wholly-owned Brazilian subsidiary to a company owned by a current manager of the subsidiary. The shares transfer and related details to finalize the Company's exit from Brazil are expected to be completed on or around July 31.
June 22, 2015
08:01 EDTLAKELakeland Industries announces early payoff of settlement to exit Brazil
Lakeland Industries announced it has successfully amended the Settlement Agreement from September 11, 2012 relating to an arbitration with the former management of its Brazil subsidiary. The amended Settlement Agreement includes a discounted early payoff of the outstanding balance owed to the former management of the Brazil subsidiary pursuant to the original Settlement Agreement. Following the satisfaction of all regularly scheduled payments of the original Settlement Agreement to date, the company has agreed to complete the payoff of the new Settlement Agreement by June 30, 2015, which will satisfy the remaining $3,750,000 balance under the original Settlement Agreement. The payoff amount of the new Settlement Agreement is $3,413,000, resulting in a gain of $224,000 after allowing for imputed interest on the original Settlement Agreement. As part of the original Settlement Agreement, all alleged outstanding claims against the company arising from an arbitration proceeding in Brazil involving the company and the former management of the Brazil subsidiary were settled for an aggregate of approximately $8,500,000, which was payable by the Company over a period of six years. Prior to the new Settlement Agreement, the remaining amount owed under the original Settlement Agreement was to be paid in quarterly installments of $250,000 through December 31, 2018.

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