Other Information
−Removed: Entry Into a Material Definitive Agreement Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of Registrant
−Removed: On November 5, 2021, we entered into the Second Letter Agreement with BankUnited.
−Removed: In accordance with the Second Letter Agreement, the parties agreed to initiate discussions regarding a possible modification, forbearance, or other resolution of the Amended Loan Agreement, which closing will occur on or before December 31, 2021.
−Removed: The Proposed Restructuring Agreement will include the following terms, among others:
−Removed: (i) a maturity date of April 15, 2023 with respect to the Term Loan;
−Removed: (ii) an increased monthly payment amount of $100,000 commencing on November 1, 2022;
−Removed: (iii) the Term Loan will bear a higher interest rate commencing on August 1, 2022;
−Removed: (iv) an exit fee equal to 4% of the outstanding principal balance of the Term Loan on April 15, 2023 to the extent the Term Loan is still outstanding on such date and has not been refinanced with another lender;
−Removed: and (v) a fee of $50,000 payable upon execution of the Proposed Restructuring Agreement.
−Removed: The Second Letter Agreement also granted us a waiver of default arising prior to the Second Letter Agreement for our failure to comply with the fixed charge coverage ratio and total leverage ratio measured on September 30, 2021.
−Removed: Based on the Second Letter Agreement and the waiver, we are no longer in default of the Amended Loan Agreement.
−Removed: Additionally, the Second Letter Agreement states that BankUnited will waive compliance for the fixed charge coverage ratio and the total leverage ratio for the quarters ended December 31, 2021, March 31, 2022 and June 30, 2022, which waivers will be included in the Proposed Restructuring Agreement.
−Removed: Finally, in accordance with the Second Letter Agreement, we paid BankUnited a deposit equal to $25,000 to be used in connection with BankUnited’s legal fees, costs and expenses in connection with the Second Letter Agreement and the Proposed Restructuring Agreement.
−Removed: The foregoing description of the Second Letter Agreement is a summary only and is qualified in its entirety by reference to the complete text of the Second Letter Agreement filed herewith as Exhibit 10.2.
The following exhibits are filed herewith as a part of this report.
30 unchanged sentences
000-27548) filed with the Securities and Exchange Commission on February 3, 2021, and is incorporated herein by reference thereto.
−Removed: Ninth Amendment to Lease dated as of September 21, 2021, between LightPath Technologies, Inc.
−Removed: and Challenger Discovery LLC, which was filed as Exhibit 10.1 to our Current Report on Form 8-K (File No:
−Removed: 000-27548) filed with the Securities and Exchange Commission on September 27, 2021, and is incorporated herein by reference thereto.
−Removed: Letter Agreement dated November 5, 2021 by and between LightPath Technologies, Inc.
−Removed: and BankUnited, N.A.*
−Removed: Notice of Default and Waiver dated November 8, 2021 between LightPath Technologies, Inc.
−Removed: and BankUnited, N.A.*
+Added: Second Amendment to Loan Agreement dated as of December 20, 2021, between LightPath Technologies, Inc.
+Added: and BankUnited N.A., which was filed as Exhibit 10.1 t our Current Report on Form 8-K (File No:
+Added: 000-27548) filed with the Securities and Exchange Commission on December 23, 2021, and is incorporated herein by reference thereto.
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*
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XBRL Taxonomy Extension Schema Document
−Removed: XBRL Taxonomy Extension Calculation Linkbase Document *
−Removed: XBRL Taxonomy Extension Definition Linkbase Document *
−Removed: XBRL Taxonomy Extension Label Linkbase Document *
+Added: Taxonomy Extension Calculation Linkbase Document
+Added: Taxonomy Extension Definition Linkbase Document
+Added: Taxonomy Extension Label Linkbase Document
Taxonomy Presentation Linkbase Document
3 unchanged sentences
LIGHTPATH TECHNOLOGIES, INC.
−Removed: November 9, 2021 By:
+Added: February 10, 2022
/s/ Shmuel Rubin
President and Chief Executive Officer
−Removed: November 9, 2021
+Added: February 10, 2022
/s/ Albert Miranda.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.