Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 4, 2021, the Board of Directors (the "Board") of LightPath
Technologies, Inc. (the "Company," "we," "us," or "our") appointed Steven Eric
Creviston to serve on the Board effective immediately. Mr. Creviston was
appointed to fill a vacancy created by Dr. Steven Brueck's recent retirement.
Mr. Creviston will serve as a Class II director. We expect that Mr. Creviston
will be nominated for election by our stockholders with our other Class II
directors at our annual stockholders' meeting proposed to be held in fiscal
2022.
The Board evaluated Mr. Creviston's independence in accordance with the
independence standards for directors set forth in Rule 5605(a)(2) of the Nasdaq
Listing Rules (the "Nasdaq Standards"), and affirmatively determined that Mr.
Creviston qualifies as an independent director. Mr. Creviston has been appointed
to serve on the Compensation and Finance Committees.
Mr. Creviston, age 56, received a Master's degree in Electrical and Electronics
Engineering from the University of Illinois. He has served as Corporate Vice
President and President of Mobile Products for Qorvo Inc. ("Qorvo") since
January 2015. Prior to that, he served as the Corporate Vice President and
President of Cellular Products Group for RF Micro Devices, Inc. ("RFMD") from
August 2007 to January 2015. From May 2002 to August 2007, he served as
Corporate Vice President of Cellular Products Group (previously known as
Wireless Products until 2004), for RFMD. Mr. Creviston's previous experience in
various leadership roles in Qorvo and RFMD will provide invaluable knowledge to
our Board with respect to assessing our business strategies, evaluating
operating performance, assessing risks, and evaluating potential merger and
acquisition opportunities, all of which qualify him for service as one of our
directors.
There is no arrangement or understanding between Mr. Creviston and any other
person pursuant to which Mr. Creviston was appointed as one of our directors.
Mr. Creviston will be compensated for his service on our Board as generally
described for all directors in our Proxy Statement for our fiscal 2021 Annual
Meeting of Stockholders filed with the Securities and Exchange Commission on
September 30, 2020.
A press release announcing Mr. Creviston's appointment is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
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