Item 1.01 Entry Into a Material Definitive Agreement

On May 12, 2021, the Company and Challenger-Discovery, LLC (the "Landlord") entered into an Eighth Amendment to Lease (the "Lease Amendment"), effective April 30, 2021, related to the Company's headquarters and manufacturing facility located at 2603 Challenger Tech Court, Orlando, Florida 32826. The Lease Amendment materially amends certain terms of the original Lease dated January 25, 2001, as amended by the First Amendment to Lease dated August 10, 2001, the Second Amendment to Lease dated April 20, 2004, the Third Amendment to Lease dated December 1, 2007, the Fourth Amendment to Lease dated April 30, 2009, the Fifth Amendment to Lease dated April 24, 2012, the Sixth Amendment to Lease dated July 2, 2014, and the Seventh Amendment to Lease dated January 31, 2015 (collectively, the "Lease") between the Company and the Landlord, including the following:



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The rentable area of the leased premises will increase from 25,847 square feet
to 52,184 square feet upon Landlord's completion of certain work to the leased
premises.
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The lease term was extended from April 30, 2022, to that certain date that is
one hundred twenty-seven (127) months after the date the Landlord completes
certain work to be done at the leased premises (the "Extension Term").
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The minimum rental rates for the Extension Term are based on annual increases of
approximately three percent (3%). Upon commencement of the Extension Term, the
Company's proportionality share of operating expenses will increase to 53.58%.
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The monthly minimum rent due for the first two (2) months of the Extension Term
will be abated, provided the Company is not in default under the terms of the
Lease. If the Landlord elects to terminate the Lease or the Company's right of
possession as a result of an uncured default by the Company, the unamortized
amount of the abated rent will become due and payable. The aggregate amount of
the monthly minimum rent abated during these two months equals approximately
$132,634. Prior to the commencement date of the Extension Term, the Company will
continue to pay the current monthly minimum rent set forth under the terms of
the Lease. If the Landlord has not completed its work to the leased premises by
May 1, 2022, the monthly minimum rent will be approximately $32,847 (until such
work is completed and the leased premises is expanded).
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The Landlord will provide the Company with temporary space consisting of
approximately 8,285 square feet of space during the completion of the Landlord's
work to the expanded premises. The Company will not be charged monthly minimum
rent for the temporary space, but will be required to pay Landlord operating
expenses and Florida state sales tax thereon with respect to such space.
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There is one, 5-year extension option exercisable by the Company. The minimum
rental rates for such additional extension option will be determined at the time
an option is exercised and will be based on a "fair market rental rate" as
determined in accordance with the Lease Amendment.
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The Company has a one-time right of first offer to lease additional space in the
building that is contiguous to the leased premises, subject to the terms and
conditions set forth in the Lease Amendment. The terms of the right of first
offer will be based on the "fair market rental rate." Further, any right of
first offer applies only with respect to the entire offered premises and may not
be exercised with respect to only a portion thereof.

The additional space is intended, in part, to replace the 12,378 square feet currently leased at 12501 Research Parkway, which lease expires November 30, 2022 and will not be renewed.

The foregoing description of the terms of the Lease Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease Amendment, a copy of which is attached hereto as Exhibit 10.1.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits

Exhibit No.    Description
  99.1         Eighth Amendment to Lease dated as of May 12, 2021, between
               LightPath Technologies, Inc. and Challenger Discovery LLC

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