Albert Miranda
LIGHTPATH TECHNOLOGIESAbout Albert Miranda
Albert Miranda (58) is Chief Financial Officer of LightPath Technologies, appointed May 7, 2021 after joining as VP Finance on April 19, 2021. He holds an undergraduate degree in Public Accounting from Pace University and brings 30+ years of finance and operations experience across optics and advanced manufacturing, including Jenoptik North America, Carl Zeiss AG, and BASF SE. During 2023–2025, company TSR improved from $49.21 to $137.80 for a hypothetical $100 investment, while net losses widened to $(14.9)M in 2025, underscoring ongoing execution challenges despite stock appreciation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jenoptik North America, Inc. | President and Chief Financial Officer | 12 years | Led finance and operations across healthcare, defense, consumer electronics, automotive, and semiconductors |
| Carl Zeiss AG (optical products groups) | Senior finance and operational positions | Not disclosed | Finance and operations leadership in optical product lines |
| BASF SE (division) | Finance department | Not disclosed | Corporate finance experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| None disclosed in proxy | — | — |
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | 243,059 | 260,700 |
| Cash Bonus ($) | — | 102,211 (special bonus upon G5 Infrared acquisition, paid Oct 2025) |
| Stock Awards – RSUs (Grant-Date Fair Value, $) | 35,813 | 37,245 |
| Option Awards ($) | — | — |
| Non-Equity Incentive Plan ($) | — | — |
| All Other Compensation ($) | — | — |
| Total Compensation ($) | 292,537 | 400,156 |
Note: 2025 “bonus” reflects a one-time special bonus tied to the G5 Infrared acquisition .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 STI | EBITDA | 60% | Board-set; minimum 60% of EBITDA target required to earn any payout | EBITDA loss ≈ $3.7M (below target and threshold) | $0 | N/A |
| 2024 STI | Revenue Growth | 20% | Growth over prior year | Not disclosed (no STI payout due to EBITDA threshold miss) | $0 | N/A |
| 2024 STI | Personalized Goals | 20% | Board-set | Not disclosed (no STI payout due to EBITDA threshold miss) | $0 | N/A |
| 2024 LTI | Retention RSUs | 50% of LTI pool | $71,626 LTI pool → $35,813 retention grant | Granted 1/31/2024 | $35,813 (grant-date fair value) | 1/3 per year on 1st–3rd anniversaries |
| 2024 LTI | TSR vs Russell MicroCap | 50% of LTI pool | Outperform Russell MicroCap | Underperformed; award not earned | $0 | N/A |
| 2025 LTI | Retention RSUs | Not disclosed | Committee-determined | 16,407 RSUs granted 3/7/2025; compensation expense $14,404 (FY2025) | RSUs granted; value recognized per ASC 718 | 1/3 annually beginning Nov 20, 2025 |
| 2025 LTI | TSR vs Russell MicroCap | Not disclosed | TSR calculated vs Russell MicroCap | Program in place; specific result not disclosed for FY2025 in proxy | Not disclosed | N/A |
Equity Ownership & Alignment
| Item | Value | Date/Notes |
|---|---|---|
| Restricted Stock Units held | 60,318 shares | As of Oct 21, 2025 |
| Common Stock held | 55,236 shares | As of Oct 21, 2025 |
| Stock Options held | 75,000 shares | As of Oct 21, 2025 |
| Total Beneficial Ownership | 190,554 shares; <1% of outstanding | As of Oct 21, 2025 |
| Ownership Guidelines Compliance | Not yet in compliance; deadline May 7, 2026 | 5 years to comply after becoming an executive |
| Hedging/Pledging | Prohibited (no hedging, margin accounts, or pledging) | Insider Trading Policy; Senior Financial Officer Code |
| Stock Price used for guideline calc | $3.05 (June 30, 2025) | |
| Market Value of Counted Ownership | $354,688 (at $3.05) | Includes RSUs and in-the-money portion of options per policy |
| Base Salary reference | $255,288 | Ownership value = 139% of salary |
| Options counted toward guideline | 737 (in-the-money portion) | Calculation method defined; excludes out-of-the-money options |
Outstanding Equity Awards at FY-End
| Award Type | Shares/Units | Exercise/Grant Price | Expiration/Grant Date | Unvested Units Market Value | Vesting Schedule |
|---|---|---|---|---|---|
| Stock Option | 75,000 | $3.02 | 04-19-31 | — | 25% per year for 4 years |
| RSUs (2022 grant) | 9,728 unvested | — | 11-17-32 (table ref) | $29,670 | 3 years, 1/3 per year |
| RSUs (2024 grant) | 34,185 unvested | — | 01-31-34 (table ref) | $104,264 | 3 years, 1/3 per year |
| RSUs (2025 grant) | 16,407 unvested | — | 03-07-35 (table ref) | $50,041 | 3 years, 1/3 per year; begins Nov 20, 2025 |
Grant History and Expense Recognition
| Grant Date | Type | Shares | Vested Shares (as of 6/30/25) | FY2024 Expense ($) | FY2025 Expense ($) | Future Expense ($) |
|---|---|---|---|---|---|---|
| 04/19/2021 | Stock Option | 75,000 | 75,000 | 32,727 | 24,545 | — |
| 11/11/2021 | RSUs | 18,415 | 18,415 | 11,541 | 3,846 | — |
| 11/17/2022 | RSUs | 29,183 | 19,455 | 11,674 | 11,672 | 3,890 |
| 01/31/2024 | RSUs | 51,277 | 17,092 | 9,734 | 23,374 | 13,768 |
| 03/07/2025 | RSUs | 16,407 | — | — | 14,404 | 12,416 (FY2026), 4,865 (FY2027) |
| 01/02/2023 | RSAs | 7,790 | 7,790 | 2,374 | — | — |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | April 19, 2021; served as VP Finance until May 7, 2021, then CFO; at-will, no specified term |
| Base Salary | $260,700 annually, paid bi-weekly |
| Incentive Eligibility | Eligible for bonus, incentive compensation, and performance-based plans (SICP) |
| Initial Option Grant | 75,000 options; exercise price = greater of book value or 115% of closing bid on grant date; 10-year term; fully vested by 6/30/25; subject to SICP |
| Severance | No payments upon termination or change-of-control |
| Ownership Guidelines | 5 years to comply; not in compliance as of 6/30/25; deadline May 7, 2026 |
| Hedging/Pledging | Prohibited under Insider Trading Policy |
| Say-on-Pay | Stockholders approved NEO compensation on advisory basis; annual say-on-pay adopted; next frequency vote in FY2030 |
Performance & Track Record
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Compensation Actually Paid – NEO (Miranda) ($) | 285,463 | 281,177 | 649,877 |
| TSR – $100 Initial Investment ($) | 53.94 | 49.21 | 137.80 |
| Net Income (Loss) ($) | (4,046,871) | (8,007,346) | (14,873,182) |
STI design requires minimum 60% of EBITDA target to earn any payout; FY2024 EBITDA loss of ≈$3.7M resulted in zero STI payout; LTI TSR award for FY2024 not earned vs Russell MicroCap .
Equity Ownership Alignment Notes
- Beneficial ownership: 190,554 shares (<1%) including 60,318 RSUs, 55,236 common, and 75,000 options .
- In-the-money portion of options counted for ownership guidelines equaled 737 shares at 6/30/25 (stock $3.05 vs option $3.02); ownership value tallied at $354,688 (139% of salary reference $255,288) .
- Policy prohibits hedging and pledging; options with exercise price above closing price are excluded from guideline calculations .
Compensation Structure Observations
- Mix and variability: 2025 total compensation increased primarily due to special M&A bonus and higher RSU grant value; base salary represented ~65% of total in 2025 vs ~83% in 2024, indicating greater at-risk/equity mix year-over-year .
- Performance linkage: STI heavily tied to EBITDA (60%), with revenue growth (20%) and personal goals (20%); failure to meet EBITDA threshold eliminated STI payouts in 2024; TSR-based LTI was not earned in 2024, reinforcing performance gating .
- Equity cadence: Multi-year RSU grants with straight-line vesting and a fully vested 2021 option grant create predictable vesting events; unvested RSUs (60,320 units with $184k aggregate market value at FY-end) imply ongoing retention incentives and potential future sell pressure at vesting .
Investment Implications
- Alignment improving but threshold-sensitive: Miranda’s pay structure emphasizes EBITDA and TSR gating; the 2024 miss on EBITDA and TSR non-earn highlight discipline, while 2025 special bonus relates to strategic M&A execution rather than financial performance, tempering pure alignment signals .
- Retention vs sell pressure: Unvested RSUs with annual tranches beginning Nov 2025 provide retention; straight-line vesting and prohibition on pledging reduce forced selling risk, though predictable vesting could add minor supply to the float over time .
- Minimal parachute risk: No severance or change-of-control entitlements reduces golden-parachute concerns and potential misalignment in sale scenarios .
- Ownership target still pending: Not yet in compliance with stock ownership guidelines (deadline May 7, 2026) suggests incremental accumulation required; options counted only for in-the-money portion under policy, emphasizing real share ownership .
- Execution risk remains: Despite improved 2025 TSR, deepening net losses and prior STI zero payout indicate ongoing operational and profitability challenges that could constrain incentive realizations absent EBITDA inflection .