Hui (Helena) An
LAKELAND INDUSTRIESAbout Hui (Helena) An
Chief Operating Officer since April 6, 2023; previously VP of Procurement and Asia Manufacturing since 2018; over 25 years at Lakeland with leadership in Asia manufacturing and supply chain. She established Lakeland’s first China plant and led startup of Vietnam operations; education includes Qingdao University of Science & Technology and an MBA from the University of Otago; age 51 . Pay program ties annual cash bonuses to revenue growth, Adjusted EBITDA margin and free cash flow margin, while long-term equity includes time-based RSUs and PSUs linked to 3-year revenue, EBITDA margin and FCF margin; the company also discloses Pay vs. Performance TSR and Net Income trends (see tables below) .
Company Performance Context (Pay vs. Performance disclosure)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Value of $100 Investment (TSR) | $69 | $86 | $112 |
| Net Income ($) | $1,873,000 | $5,425,000 | $(18,075,000) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lakeland Industries (LAKE) | Chief Operating Officer | Apr 6, 2023–present | Oversees global operations; leadership across Asia manufacturing and supply chain |
| Lakeland Industries (LAKE) | VP, Procurement & Asia Manufacturing | 2018–2023 | Established first China facility; led Vietnam operation startup; supplier relationships and outsourcing across Asia |
| Lakeland Industries (LAKE) | Various procurement/manufacturing leadership | ~prior to 2018 (part of 25+ yrs) | Operations, sourcing, supply chain leadership |
External Roles
- None disclosed in company filings reviewed for the current proxy period .
Fixed Compensation
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | 265,923 | 333,000 |
| Target Bonus (% of Salary) | Not disclosed | 45% |
| Actual Annual Bonus Paid (Non-Equity Incentive) ($) | 212,835 | 121,958 |
| All Other Compensation ($) | 9,307 (primarily 401(k) contributions) | 4,375 (primarily 401(k) contributions) |
Notes:
- Lakeland targets incentive compensation at >50% of total for executives; annual cash plan uses defined performance goals approved by the Compensation Committee .
- Ms. An’s prior employment agreement set base salary at $250,000 (terminated Oct 31, 2024; now at-will) .
Performance Compensation
Annual Cash Bonus Plan (FY 2025)
| Metric | Weighting | Target | Actual | Payout Scale |
|---|---|---|---|---|
| Revenue growth | 35% | Not disclosed | Not disclosed | 50%–200% of target based on performance |
| Adjusted EBITDA margin | 35% | Not disclosed | Not disclosed | 50%–200% |
| Free cash flow margin | 15% | Not disclosed | Not disclosed | 50%–200% |
| Individual goals | 15% | Not disclosed | Not disclosed | 50%–200% |
- FY 2025 actual bonus paid to Ms. An: $121,958 (see Fixed Compensation table) .
Long-Term Equity (RSUs/PSUs)
| Award Type | Structure | Weighting | Performance/Payout | Vesting |
|---|---|---|---|---|
| Time-based RSUs | Service-based vesting | 50% of annual LTIP | N/A | Ratably over 3 years (typically) |
| Performance-based RSUs (PSUs) | 3-year cumulative metrics | 50% of annual LTIP | Revenue (20%), EBITDA margin (20%), FCF margin (10%); payout 50%–150% of target | Cliff at end of 3-year performance period |
One-off equity grants (grant-date fair value) to Ms. An:
- FY 2025: RSUs of $29,167; $92,250; $92,950
- FY 2024: RSUs of $29,167; $145,700
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 25,156 shares as of Mar 31, 2025; includes 1,665 RSUs vested on Apr 4, 2025 |
| Ownership % of Class | Less than 1% (based on 9,508,109 shares outstanding) |
| Options | None outstanding for Ms. An (no options listed) |
| Unvested, Time-based RSUs (selected) | 5,000 vest Oct 31, 2025; 1,136 vest Jan 31, 2026; 10,000 vest Apr 6, 2026; 2,002 vest Dec 4, 2026; 1,581 vest Apr 4, 2027; 5,000 vest Apr 4, 2027; 4,994 RSUs vest in 3 tranches (Apr 4, 2025; Jan 31, 2026; Jan 31, 2027) |
| Unvested, Performance RSUs (selected) | 2,667 (FY22–FY25 cycle; earned 745 shares as determined Apr 2025); 3,434 (FY23–FY26 cycle); 4,994 (FY24–FY27 cycle) |
| Vesting Market Value Basis | Proxy uses $23.19 (Jan 31, 2025 close) for award market values |
| Anti-hedging/Anti-pledging | Hedging and pledging prohibited for officers/directors/employees |
| Ownership Guidelines | CEO 4x salary; other officers (incl. COO) 2x salary; share dispositions prohibited until minimums met; thereafter limited to 50% of issued awards |
| Clawback | Adopted Nov 2023; recoups incentive-based pay upon restatement (Dodd-Frank/Nasdaq compliant) |
Near-term vesting supply: 5,000 RSUs on Oct 31, 2025 and multiple tranches through 2026–2027; however, dispositions are restricted by ownership guidelines until minimums are met, and even then limited to 50% of issued awards, tempering selling pressure .
Employment Terms
| Element | Detail |
|---|---|
| Current Status | At-will employment (agreement terminated Oct 31, 2024) |
| Prior Employment Agreement | Sept 1, 2022; 12-month term with auto-renew; base salary $250,000; annual bonus eligibility; equity plan eligibility |
| Severance (No CIC) | Base salary through termination; pro-rated annual bonus based on actual performance; cash severance equal to 1 month of current base salary per year of service (min 4 months; max 12 months) |
| Change-in-Control (CIC) Period | 90 days before to 18 months after a CIC |
| Severance (with CIC) | 1.5x (non-CEO executives) of (base salary + target annual bonus) plus pro-rated target annual bonus; COBRA premium reimbursement (net of active rate) up to 18 months |
| Covenants | Non-solicitation and non-disparagement under Severance & CIC Plan |
| Retirement Benefits | No executive retirement programs beyond 401(k) matching |
Detailed Outstanding Equity (FY 2025 Year-End Snapshot)
| Type | Shares/Units | Vesting/Terms | Market Value Reference |
|---|---|---|---|
| Time-based RSUs | 5,000 | Vest in full Oct 31, 2025 | $115,950 at $23.19 |
| Time-based RSUs | 1,136 | Vest in full Jan 31, 2026 | $26,344 at $23.19 |
| Time-based RSUs | 10,000 | Vest in full Apr 6, 2026 | $231,900 at $23.19 |
| Time-based RSUs | 2,002 | Vest in full Dec 4, 2026 | $46,426 at $23.19 |
| Time-based RSUs | 1,581 | Vest in full Apr 4, 2027 | $36,663 at $23.19 |
| Time-based RSUs | 5,000 | Vest in full Apr 4, 2027 | $115,950 at $23.19 |
| Time-based RSUs | 4,994 | 3 tranches: Apr 4, 2025; Jan 31, 2026; Jan 31, 2027 | $115,811 at $23.19 |
| Performance RSUs | 2,667 | FY22–FY25 cycle; payout determined 745 shares earned | $61,848 at $23.19 |
| Performance RSUs | 3,434 | FY23–FY26 cycle; cliff vesting at end of cycle | $79,634 at $23.19 |
| Performance RSUs | 4,994 | FY24–FY27 cycle; cliff vesting at end of cycle | $115,811 at $23.19 |
Compensation Structure Insights
- Mix shifts and design: Executives receive a meaningful equity mix (time-based and performance-based RSUs), with performance capped at 150% for PSUs—indicative of moderate risk-taking incentives and multi-year alignment .
- Annual plan rigor: Revenue growth, Adjusted EBITDA margin, and FCF margin dominate the annual cash plan (85% combined), with a wide 50%–200% payout curve; Ms. An’s target bonus is 45% of salary (FY 2025) .
- Governance safeguards: Strict anti-hedging/pledging, ownership minimums with disposition limits, and Dodd-Frank-compliant clawback reduce misalignment risk and constrain opportunistic selling .
Equity Ownership & Beneficial Ownership Table (Excerpt)
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Hui (Helena) An (COO) | 25,156 | <1% | Includes 1,665 RSUs vested Apr 4, 2025 |
Performance & Track Record Highlights
- Operations/value creation: Led establishment of Lakeland’s first China plant and Vietnam operations; deep experience in manufacturing, sourcing, outsourcing partnerships across Asia and supply chain management .
- Company TSR trend in PVP table improved from $69 (FY 2023) to $112 (FY 2025) on a $100 base; however, FY 2025 Net Income was a loss of $18.1M, contextualizing incentive outcomes and award values .
Compensation Committee & Process
- Independent consultant: Willis Towers Watson advises the Compensation Committee; company moved away from executive employment agreements beginning FY 2025, with all executive officers now at-will and covered by a standardized Severance & CIC Plan .
- Ownership/clawback requirements embedded in the LTIP and policy framework .
Investment Implications
- Alignment: A balanced at-risk structure—45% target cash bonus tied to growth and profitability/FCF metrics, plus 50% PSUs on 3-year revenue/EBITDA/FCF—supports multi-year alignment; anti-hedging/pledging and ownership minimums further align interests .
- Retention and potential selling pressure: Material RSU tranches vest on Oct 31, 2025 (5,000) and throughout 2026–2027 (notably 10,000 on Apr 6, 2026), but share disposition limits until ownership minimums are met (and the 50% post-compliance disposition cap) likely moderate near-term sell pressure .
- Downside/CIC protection: In a CIC, Ms. An’s cash severance equals 1.5x salary+target bonus plus pro-rated target bonus and COBRA support, incentivizing continuity through transactions; outside CIC, severance ranges from 4–12 months of salary plus pro-rated bonus, which is moderate by small-cap standards .
- Execution risk vs. incentives: FY 2025 net loss heightens execution risk; however, TSR recovery in the PVP table and PSU design (50–150% outcomes) focus management on sustained improvements in revenue growth, margins, and cash generation—key drivers for equity value realization .