<SEC-DOCUMENT>0001654954-21-004528.txt : 20210422
<SEC-HEADER>0001654954-21-004528.hdr.sgml : 20210422
<ACCEPTANCE-DATETIME>20210422160748
ACCESSION NUMBER:		0001654954-21-004528
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210419
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210422
DATE AS OF CHANGE:		20210422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTPATH TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000889971
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				860708398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27548
		FILM NUMBER:		21844861

	BUSINESS ADDRESS:	
		STREET 1:		2603 CHALLENGER TECH CT
		STREET 2:		SUITE 100
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32826
		BUSINESS PHONE:		4073824003
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>lpth_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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CURRENT REPORT</font></div>
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SECURITIES EXCHANGE ACT OF 1934</font></div>
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April 19, 2021</font></div>
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LIGHTPATH TECHNOLOGIES, INC.</font></div>
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2603 Challenger Tech Court, Suite 100</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Class A
Common Stock, par value $0.01</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">LPTH</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
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<font style="font-family: Times New Roman; font-size: 13px">LightPath
Technologies, Inc.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form
8-K</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 5.02. Departure of Directors or Principal Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
April 19, 2021, LightPath Technologies, Inc. (the
&#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; or
&#x201C;our&#x201D;) announced the retirement of the Company&#x2019;s
Chief Financial Officer (&#x201C;CFO&#x201D;), Donald O. Retreage,
Jr., and the appointment of Albert Miranda as the Company&#x2019;s
new CFO, both of which will be effective May 7, 2021. Following his
retirement as the Company&#x2019;s CFO, Mr. Retreage will transition
into the role of a consultant and advisor to the CFO until August
7, 2021. Mr. Retreage will remain as an employee of the Company
while he serves as a consultant to the CFO. It is currently
anticipated that his compensation will remain
unchanged.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In his
role as CFO, Mr. Miranda will be responsible for the
Company&#x2019;s accounting practices, the maintenance of its fiscal
records, and the preparation, promotion, and interpretation of
financial reports for management and external groups. Mr. Miranda
will also be responsible for internal controls, financial
forecasting, financial reporting, and budgetary controls. Mr.
Miranda will report to the Chief Executive Officer.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Miranda, age 54, was most recently employed with Jenoptik North
America, Inc. (&#x201C;Jenoptik&#x201D;) for twelve years and held
the positions of President and Chief Financial Officer. Prior to
his employment with Jenoptik, he held senior level finance and
operational positions in optical products groups within Carl Zeiss
AG and served in the finance department for a division of BASF SE.
Mr. Miranda received a Master of Business Administration degree
with a major in Finance from Nova Southeastern University in
Florida and an undergraduate degree in Accounting from Pace
University in New York. He attained significant professional
experience and management expertise through key functional areas
encompassing finance, operations, business development, sales,
marketing, human resources, and information technology across a
broad group of products and services in demanding and diverse
industries including healthcare, defense and security, consumer
electronics, automotive, and semiconductors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
is no arrangement or understanding between Mr. Miranda and any
other person pursuant to which he was selected as CFO. Mr. Miranda
has no family relationships with any of the Company&#x2019;s
directors or executive officers, and he has no direct or indirect
material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
connection with Mr. Miranda&#x2019;s appointment, the Company
entered into an employment agreement with Mr. Miranda on April 19,
2021 (the &#x201C;Agreement&#x201D;). Pursuant to the Agreement, Mr.
Miranda will serve as Vice President of Finance beginning on April
19, 2021 until May 7, 2021, at which time, Mr. Miranda will
transition into the role of CFO. The Agreement does not provide for
a specified term of employment and Mr. Miranda&#x2019;s employment
is on an at-will basis. Mr. Miranda will receive an initial annual
base salary of $225,000, payable in equal bi-weekly installments,
and will be eligible to participate in all of the Company&#x2019;s
bonus, incentive compensation, and performance based compensation
plans, including, but not limited to, the LightPath Technologies,
Inc. 2018 Stock and Incentive Compensation Plan (the
&#x201C;Plan&#x201D;), under which the Company&#x2019;s executive
officers are eligible to earn incentive compensation consisting of
cash and/or equity awards based upon the achievement of certain
individual and/or Company performance goals set by the Compensation
Committee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Miranda will be eligible to participate in the Company&#x2019;s
employee benefit, welfare, and other plans, as may be maintained by
the Company from time to time. The Company has agreed to provide a
relocation allowance of up to $10,000 payable by the Company on
receipt of relocation expense receipts. The total period for
relocation reimbursement concludes six months from the effective
date of the Agreement; however, exceptions may be granted by the
Compensation Committee. Mr. Miranda will be required to reimburse
the Company a prorated portion of all expenses paid by the Company
if he leaves the Company for any reason other than death,
disability, or discharge without cause within twelve (12) months of
his relocation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the Agreement, the Compensation Committee will cause the Company
to grant Mr. Miranda an option to purchase up to 75,000 shares of
the Company&#x2019;s Class A common stock (the &#x201C;Option
Award&#x201D;), having an exercise price per share equal to the
greater of (i) the Company&#x2019;s book value per share on that
date or (ii) 115% of the closing bid price of the Common Stock as
reported on The Nasdaq Capital Market on the grant date. The stock
options will have a four-year vesting period with 25% vesting each
year. The Option Award will have a ten-year term, subject to
earlier expiration as provided in the Plan or the Option Agreement,
as defined below. The Option Award will be in all respects subject
to the Plan and any amendments thereto, and conditioned upon Mr.
Miranda&#x2019;s execution of a stock option agreement evidencing
the grant of the Option Award (the &#x201C;Option Agreement&#x201D;).
The terms and conditions upon which the Option Award may be
exercised, including, if at all, after termination of Mr.
Miranda&#x2019;s employment or services, are governed by the Plan
and the Option Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
foregoing description of the Agreement is not complete and is
qualified in its entirety by reference to the full text of the
Agreement, a copy of which is filed as Exhibit 10.1 to this Current
Report on Form 8-K and is incorporated by reference
herein.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
7.01&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; Regulation FD
Disclosure.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
April 22, 2021, the Company issued a press release announcing the
appointment of Mr. Miranda as CFO, effective May 7, 2021. A copy of
the press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated by reference herein. The
information in the press release shall not be deemed
&#x201C;filed&#x201D; for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;)
or otherwise subject to the liabilities of that section, nor shall
it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange
Act.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Item 9.01.&#xA0;&#xA0;&#xA0;&#xA0;Financial Statements and
Exhibits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(d)
Exhibits</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: inherit; font-size: inherit;">
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<td style="width: 10%;">
<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Exhibit No.</font><br></font></div>
</td>
<td style="width: 90%;">
<div><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Description</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 10%;">
<div><a href="lpth_ex101.htm"><font style="font-family: Times New Roman; font-size: 13px">10.1</font></a></div>
</td>
<td style="width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">Employment
Agreement between the Company and Mr. Albert Miranda</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div><a href="lpth_ex991.htm"><font style="font-family: Times New Roman; font-size: 13px">99.1</font></a></div>
</td>
<td style="width: 90%;">
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Press
Release dated April 22, 2021</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SIGNATURES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this Report to be signed in
its behalf by the undersigned, thereunto duly
authorized.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;</font></div>
<div>
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<tr>
<td style="vertical-align: top; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LIGHTPATH
TECHNOLOGIES, INC.</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dated:
April 22, 2021</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:<font style="color: #000000">&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Shmuel Rubin <font style="color: #000000">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #ffffff">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
President &amp; CEO</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>lpth_ex101.htm
<DESCRIPTION>EMPLOYEMENT AGREEMENT
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
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<title>lpth_ex101</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
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&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Exhibit 10.1</font><br></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EMPLOYMENT AGREEMENT</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">THIS
EMPLOYMENT AGREEMENT (this &#x201C;Agreement&#x201D;), is entered
into by and between Albert Miranda (&#x201C;Employee&#x201D;), and
LightPath Technologies, Inc., a Delaware corporation, having a
principal address of 2603 Challenger Tech Ct., Suite 100, Orlando,
Florida 32826 (the &#x201C;Company&#x201D;) and is effective as of
the date Employee signs below (&#x201C;Effective
Date&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
RECITALS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Commencing on or
about the Effective Date, the Company desires to employ Employee,
initially in the role of Vice President of Finance and then, on or
about May 10, 2021, as Chief Financial Officer, as further
described below, on the terms and conditions, and subject to the
rights of termination hereinafter set forth, and Employee is
willing to accept such employment on such terms and
conditions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">NOW,
THEREFORE, in consideration of the mutual agreements hereinafter
set forth, Employee and the Company have agreed and do hereby agree
as follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
AGREEMENT</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">1.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Duties</font><font style="font-family: Times New Roman; font-size: 13px">:
The Company will employ Employee as Chief Financial Officer,
beginning on or about Monday, May 10, 2021. Employee agrees to
perform any and all duties and to assume any and all
responsibilities that may be assigned from time to time by the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee will
devote Employee&#x2019;s full time, energy, and skill to the
performance of duties for the Company and for the benefit of the
Company, reasonable vacations authorized by the Company and
reasonable absences in accordance with the Company&#x2019;s leave
policies and local, state, and federal law excepted. Employee also
will exercise due diligence and care in the performance of
Employee&#x2019;s duties to the Company under this Agreement.
Employee shall render services to the Company and perform duties at
such place or places in as the Company shall require in accordance
with its best interests, needs, business and
opportunities.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">During
Employee&#x2019;s employment with the Company, Employee shall not
enter into the services of or be employed in any capacity or for
any purposes whatsoever, whether directly or indirectly, by any
person, firm, corporation or entity other than the Company, unless
approved by the Chief Executive Officer who will determine whether
there is any potential conflict of interest that would prevent the
business engagement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">c.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee
acknowledges and agrees that as Chief Financial Officer he will be
subject to the various policies of the Company including, but not
limited to, the Code of Business Conduct and Ethics, the Code of
Business Conduct and Ethics for Senior Financial Officers, and the
Guide for Trading in Securities by Employees, Officers, and
Directors.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">d.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee
acknowledges and agrees that as Chief Financial Officer, he will be
expected to maintain ownership of the Company&#x2019;s Class A
common stock, par value of $0.01 per share (&#x201C;the Common
Stock&#x201D;), in accordance with guidelines established by the
Board of Directors as in effect from time to time.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Location:</font>
Employee must relocate Employee&#x2019;s residence to Orlando,
Florida or its surrounding communities within six months of the
Effective Date. During the interim, the Company will accept and
cover the cost of commuting and temporary living in Orlando, until
the relocation is complete. The Company will reimburse Employee for
direct costs associated with relocation up to $10,000, which will
be paid to Employee within one month of Employee&#x2019;s
relocation. The Company will only reimburse relocation expenses
that are documented with receipts in accordance with Company
policy, including up to six months of temporary housing expenses
and periodic travel back to family prior to their relocation. If
Employee leaves the Company for any reason other than death,
disability or discharge by the Company within twelve (12) months of
the Effective Date, Employee is responsible to reimburse the
Company a prorated portion of all relocation expenses received from
the Company. Repayment can be made in installments as agreed to by
the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">3.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Employment
Period</font><font style="font-family: Times New Roman; font-size: 13px">: This Agreement,
and the benefits offered to Employee herein, are contingent upon
Employee&#x2019;s successful completion of a background check in
accordance with applicable law. Employee&#x2019;s employment with
the Company will be &#x201C;at will,&#x201D; meaning that either
Employee or the Company will be entitled to terminate the
employment at any time, with or without cause. Any contrary
representations which may have been made to Employee are superseded
by this Agreement. The &#x201C;at will&#x201D; nature of the
employment may only be changed in an express written agreement
signed by Employee and the Chief Executive Officer of the Company.
Nothing in this Agreement is intended to create a contract of
employment for any specified period of time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">4.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Compensation</font><font style="font-family: Times New Roman; font-size: 13px">:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Base Salary &#x2013;
The Company shall pay Employee, and Employee agrees to accept from
the Company in full payment for Employee&#x2019;s services and
promises to the Company (specifically including the covenants set
forth in Sections 7, 8, 9, and 10), an initial annual salary of
$225,000.00 (&#x201C;Base Salary&#x201D;) payable in equal bi-weekly
installments, or otherwise in accordance with the Company&#x2019;s
normal pay practices as the same may be altered from time to time
by the Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Variable
Compensation &#x2013; During Employee&#x2019;s employment with the
Company, Employee shall be entitled to participate in all bonus,
incentive compensation and performance based compensation plans,
including, but not limited to the LightPath Technologies, Inc. 2018
Stock and Incentive Compensation Plan (&#x201C;the Plan&#x201D;), and
other similar policies, practices, programs and arrangements of the
Company, now in effect or as hereafter amended or established, on a
basis that is commensurate with Employee&#x2019;s position and no
less favorable than those generally applicable or made available to
other executives of the Company, and as determined from
year-to-year by the Compensation Committee of the Board of
Directors. Employee's participation shall be in accordance with the
terms and provisions of such plans and programs.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 192px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">i.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">As soon as
reasonably practicable after the Effective Date, the Compensation
Committee of the Board of Directors will grant Employee a stock
option (the &#x201C;Option Award&#x201D;) to purchase up to 75,000
shares of the Common Stock at an exercise price equal to the
greater of (i) the Company&#x2019;s book value per share on that
date or (ii) 115% of the closing bid price of the Common Stock as
reported by The Nasdaq Capital Market on the grant date, which is
expected to occur on the Effective Date. The stock options will
have a four-year vesting period with 25% vesting each year. The
stock option will have a ten-year term, subject to earlier
expiration as provided in the Plan or the Option Agreement, as
defined below. The Option Award shall be in all respects subject to
the Plan and any amendments thereto and conditioned upon
Employee&#x2019;s execution of a stock option agreement evidencing
the grant of the Option Award (the &#x201C;Option Agreement&#x201D;).
The terms and conditions upon which the Option Award may be
exercised, including, if at all, after termination of
Employee&#x2019;s employment or services, are governed by the Plan
and the Option Agreement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">c.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Taxes &#x2013; All
forms of compensation paid or payable to Employee whether set forth
in this Agreement or otherwise are subject to reduction to reflect
applicable withholding and payroll taxes in accordance with state
and federal law.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">d.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Reimbursement for
Business Expenses &#x2013; Employee shall receive reasonable and
customary reimbursement for business expenses incurred on behalf of
the Company; provided, however, that Employee shall provide
appropriate receipts and documentation for any such
expenses.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">e.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Paid Time Off
&#x2013; Employee is entitled to four-weeks, or 160 hours of
vacation plus 40 hours of sick time annually. All vacation and sick
leave are subject to the terms and conditions established by the
Company and applicable law.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">f.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Benefits &#x2013;
Employee is eligible for the Company&#x2019;s benefit programs in
accordance with the benefit plan documents. Current benefits
include, but are not limited to, health, dental, vision, life, and
long-term disability insurances, FSA (flexible spending account),
HSA (health spending account), and a 401K plan.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">g.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Recovery of
Compensation &#x2013; Employee acknowledges and agrees that all or
any portion of an incentive award under the above described bonus
and incentive compensation plans or any future arrangement
established by the Company to provide incentive or bonus
compensation, whether payable in cash, Company Common Stock, or
other property (&#x201C;Award&#x201D;), is subject to an obligation
of repayment by Employee to the Company if the amount of the Award
was calculated based upon the achievement of certain financial
results (as reflected in the financial statements of the Company or
otherwise) or other performance metrics that, in either case, were
subsequently found to be materially inaccurate. The amount that
shall be repaid by Employee to the Company shall be based on the
excess amount paid or awarded to the Employee under the Award as
compared to the amount that would have been paid or awarded had the
material inaccuracy not occurred. An independent third party shall
determine if the Employee engaged in conduct in violation of
federal law or state law in the performance of his duties that
either caused or significantly contributed to the material
inaccuracy in financial statements or other performance metrics,
there shall be no time limit on this right of recovery, which shall
apply to all future Awards as well as to any and all pre-existing
Awards that have not yet been determined and paid as of the date of
this Agreement. In all other circumstances, this right of recovery
shall apply to all future Awards as well as to any and all
pre-existing Awards that have not yet been determined and paid as
of the date of this Agreement for a period not exceeding one year
after the date of payment of each such Award. In addition, Employee
hereby agrees that, if he does not promptly repay the amount
recoverable hereunder within thirty (30) days of a demand
therefore, such amount may be withheld from compensation of any
type not yet due and payable to Employee, including, but not
limited to, the cancellation of future Awards, as determined by the
Compensation Committee in its sole discretion. In addition, the
Compensation Committee is granted the discretionary authority to
interpret and enforce this provision as it determines to be in the
best interest of the Company and equitable to the parties.
Notwithstanding anything herein, this provision shall not be the
Company&#x2019;s exclusive remedy with respect to such matters. In
addition, the parties agree that the Company may unilaterally amend
this provision at any time to comply with applicable law or
securities exchange listing rules, as the same may be in effect
from time to time during Employee&#x2019;s employment with the
Company and for any relevant period thereafter.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">5.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Termination</font><font style="font-family: Times New Roman; font-size: 13px">:
Employment by the Company is &#x201C;at-will,&#x201D; meaning the
Company may terminate Employee&#x2019;s employment with the Company
at any time and for any reason not prohibited by law. Similarly,
Employee may voluntarily resign from employment with the Company at
any time and for any reason. All of Employee&#x2019;s rights and all
of the Company&#x2019;s obligations hereunder shall terminate
effective on the last date of Employee&#x2019;s employment.
Notwithstanding the foregoing, Employee&#x2019;s obligations and the
Company&#x2019;s rights under Sections&#xA0;7, 8, 9, and 10 shall
survive the termination of this Agreement and Employee shall be
entitled to receive the unpaid portion of any wages earned up to
the date of such termination, including the Base Salary, and all
benefits payable to Employee as a result of such termination under
the terms of the Company&#x2019;s employee benefit
plans.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Severance:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">If the Company
terminates Employee without Cause (as defined below), Employee will
be entitled to a Severance Payment equal to six months of pay based
upon the Employee&#x2019;s base salary at the time of termination.
The Severance Payment is payable in equal bi-weekly installments,
or otherwise in accordance with the Company&#x2019;s normal pay
practices in place at the time of termination.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Cause is defined
as: (i) misconduct; (ii)failing for any reason within 5 days after
receipt by Employee of written notice thereof from the Company, to
correct, cease or otherwise alter any insubordination, failure to
comply with instructions or other act or omission to act that in
the opinion of the Company does or may adversely affect the
business or operations of the Company; (iii) engaging in business
activities that are a conflict of interest with the Company; or
(iv) personal behavior that reflects poorly on the
Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">c.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">If Employee is in
violation of the Restrictive Covenants in Sections7, 8, and 9 below
at any time any portion of the Severance Payment is due and payable
pursuant to this Section 6, Employee&#x2019;s entitlement to any
remaining portion of the Severance Payment is waived and the
Company will have no further obligations thereof.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">d.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The effect of
termination of employment on Employee&#x2019;s vested or unvested
equity interest shall be governed by the terms of the Plan and the
award agreements issued thereunder.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">7.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Proprietary
Information</font><font style="font-family: Times New Roman; font-size: 13px">:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee agrees
that any and all Proprietary Information, as hereinafter defined,
which Employee has made, conceived of, developed or originated,
either individually or jointly with any other person or persons at
any time during the period of employment by the Company, whether
during working hours or any other time, which relate in any way to
the business or the type of business now or hereafter engaged in or
contemplated by the Company during the period of Employee&#x2019;s
employment or which result from or may be suggested by any work
Employee does for the Company or at the Company&#x2019;s request,
shall be the property of the Company. Additionally, all Proprietary
Information received by Employee during Employee&#x2019;s employment
with the Company is the property of the Company. As used herein,
&#x201C;Proprietary Information&#x201D; shall mean any and all
proprietary property including but not limited to:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Strategies,
business plans, product development plans, marketing plans,
research and development, product developments, service
developments, processes, practices, customer information, vendor
information, sourcing data and strategies;</font></div>
</div>
</div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Financial
information, budgets, product pricing, and related
information;</font></div>
</div>
</div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Proprietary
systems, software, <font style="color: #000000; background-color: #FFFFFF">computer source and
object code;</font></font></div>
</div>
</div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Proprietary
equipment and information related thereto;</font></div>
</div>
</div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">T<font style="color: #000000; background-color: #FFFFFF">rade secrets,
inventions, ideas, data, formulae, programs, other works of
authorship, know-how, improvements, discoveries, developments,
designs, and techniques;</font></font></div>
</div>
</div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Information regarding the skills and compensation of employees,
contractors, and any other service providers of the Company and its
affiliates; and</font></div>
</div>
</div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
The existence of any business discussions, negotiations, or
agreements between the Company or its affiliates and any third
party.</font></div>
</div>
</div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee shall
promptly disclose and assign such Proprietary Information to the
Company&#x2019;s representatives and do all such acts, and execute
and deliver all such documents, as may be necessary to vest in the
Company the title to all such Proprietary Information and enable
the Company to properly prepare and prosecute any and all
applications for patents, trademarks or copyrights thereon as well
as all reissues, renewals and extensions thereof, so that the
Company shall be the sole and absolute owner of all right, title
and interest in said proprietary property. It is understood and
agreed that the words &#x201C;which relate in any way to the
business or the type of business now or hereafter carried on or
contemplated by the Company&#x201D; shall properly cover any
reasonable development or extension of the Company&#x2019;s field of
operation. These obligations shall continue beyond the termination
or expiration of Employee&#x2019;s employment with respect to
inventions, discoveries and developments conceived or made by
Employee during the period of employment and shall be binding on
Employee&#x2019;s assigns, executors, heirs, administrators and
other legal representatives. Employee agrees that all
correspondence, drawings, reports, ideas, blueprints, manuals,
letters, notes, analyses, notebooks, reports, charts, programs,
proposals or any other documents concerning the Company&#x2019;s
customers or products or processes, whether or not prepared by and
in the course of employment, alone or in conjunction with others,
is the property of the Company and upon termination or expiration
of employment for any reason, Employee shall promptly return to the
Company any such documents in Employee&#x2019;s possession, custody
or control.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">c.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee agrees
that Employee will not at any time during or after the termination
or expiration of employment, except as authorized or directed in
writing by the Company use for Employee&#x2019;s own benefit or the
benefit of a third party, copy, reveal, divulge, or make known in
any manner to any person or firm the Propriety Information of the
Company or its affiliates.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">d.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee also
represents and warrants that by accepting this employment and
performing services for the Company, Employee has not breached or
violated, and will not breach or violate, any contractual or legal
obligation that Employee may owe to any third party, including,
without limitation, any restrictive covenant (such as an agreement
not to compete or solicit), notice period, or other obligation that
Employee may owe to any current or former employer that may
restrict Employee&#x2019;s ability to perform services for the
Company. Employee also agrees not to use or disclose to anyone any
confidential information Employee may be aware of through former
employment relationships. Employee shall indemnify and hold the
Company harmless against any financial losses, claims, damages, or
liabilities arising from any such impediment.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">8.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Trade
Secrets</font><font style="font-family: Times New Roman; font-size: 13px">:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee agrees
that Employee will not at any time during or after the termination
or expiration of employment, except as authorized or directed in
writing by the Company, use for Employee&#x2019;s own benefit or the
benefit of a third party, copy, reveal, divulge, or make known in
any manner to any person or firm the Trade Secrets of the Company
or its affiliates.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">For purposes of
this Agreement, &#x201C;Trade Secrets&#x201D; shall mean the whole or
any portion of any information, formula, pattern, compilation,
program, device, method, technique, or process, that: (i) derives
independent economic value, actual or potential, from not being
generally known to the public or to other persons who can obtain
economic value from its disclosure or use; and (ii) is the subject
of efforts that are reasonable under the circumstances to maintain
its secrecy. Trade Secrets include any scientific, technical, or
commercial information, including any design, procedure, list of
suppliers, list of customers, business code, sales or installation
technique, or improvement thereof.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">c.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee
understands that if, either during employment or thereafter,
Employee discloses to others, uses for Employee&#x2019;s own benefit
or for the benefit of any person or entity other than the Company,
copies, or makes notes of any Trade Secrets, such conduct will
constitute a breach of the confidence and trust bestowed upon
Employee by the Company and will be a breach of this
Agreement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">d.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
federal Defend Trade Secrets Act of 2016, Employee shall not be
held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret that: (i) is made
in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney solely for the
purpose of reporting or investigating a suspected violation of law;
or (ii)&#xA0;is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal.
Moreover, if Employee files a lawsuit for retaliation by the
Company for reporting a suspected violation of law, Employee may
disclose a trade secret to Employee&#x2019;s attorney and use the
trade secret information in the court proceeding; provided, however
that Employee: (i) shall file any document containing the trade
secret under seal; and (ii) shall not disclose the trade secret,
except pursuant to a court order.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">9.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Restrictions
on Activities</font><font style="font-family: Times New Roman; font-size: 13px">:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">a.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">To protect the
Company&#x2019;s Proprietary Information and other legitimate
business interests, Employee agrees that during my employment with
the Company whether full-time or part-time and for a period of
six-months after Employee&#x2019;s last day of employment with the
Company, regardless of the reason for Employee&#x2019;s separation
from employment, Employee will not directly or indirectly engage in
(whether as an employee, consultant, proprietor, partner, director
or otherwise), or have any ownership interest in, or participate in
the financing, operation, management or control of, any person,
firm, corporation or business that engages in a &#x201C;Restricted
Business&#x201D; in a &#x201C;Restricted Territory&#x201D; (as defined
below). It is agreed that ownership of (i) no more than one percent
(1%) of the outstanding voting stock of a publicly traded
corporation, or (ii) any stock Employee presently owns shall not
constitute a violation of this provision.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">b.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#x201C;Restricted
Business&#x201D; shall mean any business that is competitive in any
manner whatsoever with the business of the Company, as defined
below, including the design, development, marketing, or sales of
any service that was marketed, sold or under development by the
Company at any time during Employee&#x2019;s employment with the
Company. The business of the Company includes, but is not limited
to: products and/or services in the infrared industry or another
line of products or services that the Company develops or provides
during Employee&#x2019;s employment with the Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 72px;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">c.</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#x201C;Restricted
Territory&#x201D; shall mean any state, county, or locality in the
United States in which the Company conducts business and any other
country, city, state, jurisdiction, or territory in which the
Company does business. Employee acknowledges that the Company
conducts business through the Internet and other means of
electronic connectivity of information (&#x201C;other electronic
means&#x201D;), and that the scope of this provision is therefore
co-extensive with the scope of the Company&#x2019;s business through
the Internet and other electronic means. Employee acknowledges that
the Company&#x2019;s owners and affiliated partners are engaged in
the business of the Company throughout the United States. Employee
unequivocally agrees that the geographic scope of the noncompete is
reasonable in light of the geographically broad scope of doing
business through the Internet and other electronic
means.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">d.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee recognizes
that the methods employed in Employer&#x2019;s business are such as
would place Employee in a close business and personal relationship
with Employer&#x2019;s clients. It is therefore agreed that in the
event of a termination of Employee&#x2019;s employment with Employer
for any reason whatsoever, Employee will not, either during
Employee&#x2019;s employment with Employer, or for a period of six
(6) months following the termination of Employee&#x2019;s employment
for any reason, either directly or indirectly, on Employee&#x2019;s
account, or as agent, stockholder, owner, employer, employee,
consultant or otherwise of some other entity, solicit any business
from the then clients of Employer with whom Employee had contact
within the last two (2) years of Employee&#x2019;s employment with
Employer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">e.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee agrees
that Employee shall not, either during Employee&#x2019;s employment
with Employer, or for the period of six (6) months after the
termination of Employee&#x2019;s employment with Employer for any
reason, contact or approach, either directly or indirectly, any
current employee of Employer for the purpose of attempting to
solicit or actually soliciting or hiring that employee on
Employee&#x2019;s own account, or on account of another entity that
provides products or services in competition with
Employer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">f.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">In the event that
Employee violates any of the provisions of this Agreement, the
obligations contained in those provisions will run from the date on
which Employee ceased to be in violation of any such
provision.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">g.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">In the event that
Employee leaves the employ of Employer for any reason, Employee
hereby agrees to notify Employee&#x2019;s new employer of
Employee&#x2019;s obligations that are continuing under this
Agreement after the termination hereof. To enable Employer to
monitor Employee&#x2019;s compliance with the obligations imposed by
this Agreement, Employee agrees to inform Employer at the time
Employee gives notice of Employee&#x2019;s termination of
employment, of the identity of Employee&#x2019;s new employer and of
Employee&#x2019;s job title and responsibilities, and will continue
to so inform Employer, in writing, at any time Employee changes
employment during the six (6) months following termination of
Employee&#x2019;s employment with Employer for any
reason.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">h.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Employee
acknowledges and expressly agrees that the covenants contained in
this Section 9 of this Agreement are reasonably necessary to
protect valuable business interests of Employer. Employee
represents that Employee&#x2019;s experience, capabilities, and
circumstances are such that these provisions will not prevent
Employee from earning a livelihood. Employee further agrees that
Employee has received valuable and adequate compensation in
exchange for entering into the restrictions set forth in this
Agreement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">10.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Return
of Records</font><font style="font-family: Times New Roman; font-size: 13px">: On termination of
employment, Employee shall deliver property of the Company in
Employee&#x2019;s possession or under Employee&#x2019;s control,
including without limitation, all records, notes, data, memoranda,
models, credit cards, office keys, security access cards,
identification cards and equipment of any nature.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">11.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Waiver
or Modification of Agreement</font><font style="font-family: Times New Roman; font-size: 13px">: No waiver or
modification of this Agreement or of any covenant, condition, or
limitation herein contained shall be valid unless in writing and
duly executed by the party to be charged therewith. Furthermore, no
evidence of any modification or waiver shall be offered or received
as evidence in any proceeding, arbitration or litigation between
the parties arising out of or affecting this Agreement or the
rights or obligations of any party hereunder, unless such waiver or
modification is in writing, duly executed as aforesaid. The
provisions of this paragraph may not be waived except as herein set
forth.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">12.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Choice
of Law</font><font style="font-family: Times New Roman; font-size: 13px">: This Agreement
and the performance hereunder and all suits, arbitrations, and
special proceedings hereunder shall be construed in accordance with
the laws of the State of Florida. In any action, special proceeding
or other proceeding that may be brought arising out of, in
connection with, or by reason of this Agreement, the laws of the
State of Florida shall be applicable and shall govern to the
exclusion of the law of any other forum, without regard to the
jurisdiction in which the action or special proceeding may be
instituted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
13.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Binding
Effect of Agreement</font><font style="font-family: Times New Roman; font-size: 13px">: This Agreement
shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, successors, assigns and legal
representatives.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
14.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Invalid
Provision; Severability</font><font style="font-family: Times New Roman; font-size: 13px">: If a court
determines that any provision of this Agreement contains an invalid
or unenforceable restriction, the court is requested and authorized
to revise such provision to include the maximum restriction allowed
under applicable law. The invalidity or unenforceability of a
particular provision of this Agreement shall not affect the other
provisions hereto, and this Agreement shall be construed in all
respects as if such invalid or unenforceable provisions were
omitted. If any portion of this Agreement is void or deemed
unenforceable for any reason, the unenforceable portion will be
deemed severed from the remaining portions of this Agreement, which
will otherwise remain in full force.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-indent: 48px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
15.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Costs
of Enforcement</font><font style="font-family: Times New Roman; font-size: 13px">: In the event
either party initiates action to enforce his, her or its rights
hereunder, each party will be responsible for their own expenses
incurred by enforcement of this section. <font style="font-weight: bold">Assignment</font></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">:</font> This Agreement shall be construed as a
contract for personal services by Employee to the Company and shall
not be assignable by Employee. This Agreement may be assigned by
the Company and is automatically assigned to its successor in
interest.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>

<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
16.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Injunctive
Relief</font><font style="font-family: Times New Roman; font-size: 13px">: Employee
acknowledges and agrees that a remedy at law for any breach or
threatened breach of this Agreement would be inadequate, and
therefore, agrees that the Company shall be entitled to injunctive
relief, without posting bond or other security, in addition to any
other available rights and remedies in cases of any such breach or
threatened breach; provided, however, that nothing contained herein
shall be construed as prohibiting the Company from pursuing any
other rights and remedies available for any such breach or
threatened breach. Employee further agrees that if suit is
successfully brought to enforce this Agreement or to seek damages
for its breach or threatened breach, Employee will pay to the
Company, in addition to any other damages caused to the Company,
all attorneys&#x2019; fees incurred by the Company in seeking such
relief.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
17.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Waiver</font><font style="font-family: Times New Roman; font-size: 13px">:
No failure of any party to exercise any power given such party
hereunder or to insist upon strict compliance by any party with its
obligations hereunder, and no custom or practice of the parties in
variance with the terms hereof shall constitute a waiver of the
parties&#x2019; rights to demand exact compliance with the terms
hereof.</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0);">18.</font></font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Strict
Construction</font><font style="font-family: Times New Roman; font-size: 13px">: This Agreement
was the joint, negotiated product of the parties. Therefore,
neither party shall advance a position that any provision hereof
should be more strictly construed against the other party on the
basis that such other party prepared such provision.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
19.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cumulative
Rights</font><font style="font-family: Times New Roman; font-size: 13px">: Unless otherwise
provided herein, all rights, powers and privileges conferred upon
the parties by law, this Agreement or otherwise shall be
cumulative.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
20.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Survival</font><font style="font-family: Times New Roman; font-size: 13px">:
The provisions of this Agreement shall continue and survive the
closing hereof unless or until there is a completion and
fulfillment of all the conditions, covenants, and warranties
herein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
21.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Counterparts</font><font style="font-family: Times New Roman; font-size: 13px">:
This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which shall
constitute the same instrument.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
22.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Singular/Plural
Feminine/Masculine, Successors or Assigns</font><font style="font-family: Times New Roman; font-size: 13px">: All references as
used herein shall include male and female, singular and plural, and
successors or assigns in the use of a corporation, partnership,
individual or entity in any place or places herein in which the
context may require or permit such substitution, substitutions, or
designations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
23.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Complete
Agreement</font><font style="font-family: Times New Roman; font-size: 13px">: This written
Agreement contains the sole and entire agreement between the
parties as to the matters contained herein and supersedes any and
all other agreements between them and any other document executed
by Employee as contemplated thereby. The parties acknowledge and
agree that neither of them has made any representation with respect
to such matters of this Agreement or any representations except as
are specifically set forth herein, and each party acknowledges that
Employee or it has relied on Employee&#x2019;s or its own judgment
in entering into this Agreement. The parties further acknowledge
that statements or representations that may have been heretofore
made by either of them to the other are void and of no effect and
that neither of them has relied thereon in connection with
Employee&#x2019;s or its dealing with the other.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
24.</font><font id="tab2" style="letter-spacing: 12px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Waiver
of Jury Trial</font><font style="font-family: Times New Roman; font-size: 13px">. TO THE EXTENT
PERMITTED BY APPLICABLE LAW, THE COMPANY AND EMPLOYEE MUTUALLY,
KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHT TO A TRIAL BY JURY OF
ANY AND ALL CLAIMS MADE BETWEEN THEM UNDER THIS AGREEMENT, WHETHER
NOW EXISTING OR ARISING IN THE FUTURE, INCLUDING WITHOUT LIMITATION
ANY AND ALL CLAIMS ARISING FROM OR RELATED TO THE NEGOTIATION,
EXECUTION, BREACH AND/OR PERFORMANCE OF THIS AGREEMENT. BY DOING
SO, THE PARTIES ACKNOWLEDGE THAT ANY MATTER LITIGATED WOULD BE
HEARD ONLY BY A JUDGE.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">IN
WITNESS WHEREOF, the parties have executed this Agreement as of the
date first set forth above.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;COMPANY&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath
Technologies, Inc.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<div style="display: table-row"><font style="font-family: Times New Roman; font-size: 13px">By: <font style="text-decoration: underline">/s/ Shmuel Rubin</font></font></div>
<div style="display: table-row"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
<div style="display: table">
<div style="display: table-row"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Shmuel
Rubin</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Print
Name:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:
President &amp; CEO</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date:
April 19, 2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;EMPLOYEE&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">/s/ Albert
Miranda</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">EMPLOYEE
NAME</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date:
April 19, 2021</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>lpth_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px">Exhibit
99.1</font><br></font></div>
</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
For Immediate Release</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
LightPath Technologies Announces Management
Appointments</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Planning for Global Growth and Chief Financial Officer
Succession</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">ORLANDO,
FL &#x2013; April 22, 2021 &#x2013; <font style="text-decoration: underline; color: #0563C1">LightPath
Technologies, Inc.</font> (NASDAQ: LPTH) (&#x201C;LightPath,&#x201D;
the &#x201C;Company,&#x201D; or &#x201C;we&#x201D;), a leading
vertically integrated <font style="text-decoration: underline; color: #0563C1">global
manufacturer</font> and <font style="text-decoration: underline; color: #0563C1">integrator</font> of
<font style="text-decoration: underline; color: #0563C1">proprietary optical
and infrared components</font> and <font style="text-decoration: underline; color: #0563C1">high-level
assemblies</font>, today announced several appointments to its
management team and the succession plan for its Chief Financial
Officer (&#x201C;CFO&#x201D;). The new management appointments
enhance the Company&#x2019;s ability to deliver revenue growth,
improved financial performance, increased manufacturing production,
and industry leading customer service and support.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;The
series of management appointments announced today reflect the
opportunities presented to LightPath to accelerate its global
growth and prominence,&#x201D; <font style="color: #000000">said</font> Sam Rubin, President and Chief
Executive Officer of LightPath. &#x201C;We are grateful for the
contributions of our departing CFO, Don Retreage, following an
important transitional period for the Company as we expanded our
infrared product portfolio and global manufacturing operations. We
are very pleased to have attracted such high caliber and
experienced executives to help lead us through our next phase of
growth which includes a strategic orientation toward the provision
of photonics solutions and closer collaboration as a valued partner
to our customers.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath&#x2019;s
CFO, Donald Retreage, will retire on May 7, 2021, and will serve as
a consultant and special advisor during the department&#x2019;s
transition to a new leader. In connection with the CFO succession,
Albert Miranda was appointed to the position of Vice President,
Finance, effective April 19, 2021. Most recently, Mr. Miranda was
President of the North American subsidiary of publicly traded
Germany-based Jenoptik AG, where he led the North American
subsidiary in top and bottom line double digit growth. Jenoptik
i<font style="font-size: 13px">s</font> known globally for
specializing in photonic based technology across several
markets.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Albert
Miranda is a proven strategic executive leader known for delivering
high financial growth across a broad group of products and services
in demanding and diverse industries including healthcare, defense
and security, consumer electronics, automotive, and semiconductors.
He attained significant professional experience and management
expertise through key functional areas encompassing finance,
operations, business development, sales, marketing, human
resources, and information technology. For the past 12 years, he
has been with Jenoptik North America, Inc. and held the positions
of President and Chief Financial Officer. Earlier, he held senior
level management, finance and operational positions in optical
products groups within Carl Zeiss AG and served in the finance
department for a division of BASF SE.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, Joseph Huang has been appointed as General Manager of the
Company&#x2019;s operations in China, replacing Hui Yue, effective
April 7, 2021. The Company&#x2019;s operating units in China include
LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. ("LPOIZ")
in Zhenjiang, and LightPath Optical Instrumentation (Shanghai) Co.,
Ltd. in Shanghai (&#x201C;LPOI&#x201D;). Mr. Huang is a <font style="color: #000000">native Chinese/English bi-lingual</font> speaker
<font style="color: #000000">originally from Taiwan with</font>
more than <font style="color: #000000">30</font> <font style="color: #000000">year</font>s&#x2019; <font style="color: #000000">experience in OEM manufacturing working in various
international markets with</font> a <font style="color: #000000">focus</font> o<font style="color: #000000">n
China.</font> For more than the past decade, he has held
e<font style="color: #000000">xecutive</font> positions that
involved t<font style="color: #000000">ransition</font>
m<font style="color: #000000">anagement,</font> p<font style="color: #000000">erformance</font> i<font style="color: #000000">mprovement,</font> b<font style="color: #000000">usiness</font> d<font style="color: #000000">evelopment</font> <font style="color: #000000">and
C-</font>s<font style="color: #000000">uite</font> c<font style="color: #000000">oaching for Cargill, IBM, Samsung</font>
<font style="color: #000000">and</font> other large <font style="color: #000000">companies in China.</font> Mr. Huang is a graduate
of Soochow University in China and the University of Illinois at
Urbana-Champaign.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is also currently in the late stages of a search for the
position of Vice President, Operations to be based at the
Company&#x2019;s headquarters in Orlando, FL.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
About LightPath Technologies</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath
Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically
integrated provider of optics, photonics and infrared solutions for
the industrial, commercial, defense, telecommunications, and
medical industries. LightPath designs and manufactures proprietary
optical and infrared components including molded glass aspheric
lenses and assemblies, infrared lenses and thermal imaging
assemblies, fused fiber collimators, and proprietary <font style="text-decoration: underline; color: #0563C1">Black
Diamond</font><font style="font-size: 70%; vertical-align: top">TM</font> (&#x201C;BD6&#x201D;)
chalcogenide-based glass lenses. LightPath also offers custom
optical assemblies, including full engineering design support. The
Company is headquartered in Orlando, Florida, with manufacturing
and sales offices in Latvia and China.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath&#x2019;s
wholly-owned subsidiary, <font style="text-decoration: underline; color: #0563C1">ISP Optics
Corporation</font><font style="text-decoration: underline; color: #0563C1">,</font> manufactures
a full range of infrared products from high performance MWIR and
LWIR lenses and lens assemblies. ISP&#x2019;s infrared lens assembly
product line includes athermal lens systems used in cooled and
un-cooled thermal imaging cameras. Manufacturing is performed
in-house to provide precision optical components including
spherical, aspherical and diffractive coated infrared lenses.
ISP&#x2019;s optics processes allow it to manufacture its products
from all important types of infrared materials and crystals.
Manufacturing processes include CNC grinding and CNC polishing,
diamond turning, continuous and conventional polishing, optical
contacting and advanced coating technologies.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
more information on LightPath and its businesses, please visit
<font style="text-decoration: underline; color: #0563C1">www.lightpath.com</font>.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Forward-Looking Statements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This press release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as &#x201C;forecast,&#x201D; &#x201C;guidance,&#x201D;
&#x201C;plan,&#x201D; &#x201C;estimate,&#x201D; &#x201C;will,&#x201D;
&#x201C;would,&#x201D; &#x201C;project,&#x201D; &#x201C;maintain,&#x201D;
&#x201C;intend,&#x201D; &#x201C;expect,&#x201D;
&#x201C;anticipate,&#x201D; &#x201C;prospect,&#x201D;
&#x201C;strategy,&#x201D; &#x201C;future,&#x201D; &#x201C;likely,&#x201D;
&#x201C;may,&#x201D; &#x201C;should,&#x201D; &#x201C;believe,&#x201D;
&#x201C;continue,&#x201D; &#x201C;opportunity,&#x201D;
&#x201C;potential,&#x201D; and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters, and include, for example, statements related to
the expected effects on the Company&#x2019;s business from the
COVID-19 pandemic. These forward-looking statements are based on
information available at the time the statements are made and/or
management&#x2019;s good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed in or suggested by the forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, the duration and scope of the COVID-19
pandemic and impact on the demand for the Company products; the
ability of the Company to obtain needed raw materials and
components from its suppliers; actions governments, businesses, and
individuals take in response to the pandemic, including mandatory
business closures and restrictions on onsite commercial
interactions; the impact of the pandemic and actions taken in
response to the pandemic on global and regional economies and
economic activity; the pace of recovery when the COVID-19 pandemic
subsides; general economic uncertainty in key global markets and a
worsening of global economic conditions or low levels of economic
growth; the effects of steps that the Company could take to reduce
operating costs; the inability of the Company to sustain profitable
sales growth, convert inventory to cash, or reduce its costs to
maintain competitive prices for its products; circumstances or
developments that may make the Company unable to implement or
realize the anticipated benefits, or that may increase the costs,
of its current and planned business initiatives; and those factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the year ended June 30, 2020. Should one or more
of these risks, uncertainties, or facts materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by the
forward-looking statements contained herein. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. Except as required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, we do not have any intention or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Investor
Relations Contact for LightPath:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Jordan Darrow</font></div>
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Darrow Associates, Inc.</font></div>
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<font style="color: #000000">512-551-9296</font></font></div>
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jdarrow@darrowir.com</font></div>
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