Company: LASE
Filing Date: 2025-06-24
Form Type: 10-K
Source: 0001641172-25-016194
Chunk: 421

Company: Laser Photonics Corp
Filing Date: 2025-06-24
Form: 10-K
Item: Item 1A
Chunk 421
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     19,780 
  
    Tim Miller 
     10,109  

     10,109 

During
2024, each non-employee member of the Board of Directors received an annual cash fee of $30,000.  

55

Controlled
Company Exemption

ICT
Investments, together with the shares of FONON Corporation and FONON Technologies, owned by ICT, posses a majority (59.19%) of the voting
power of all outstanding shares of our common stock. As a result, we are a “controlled company” within the meaning of Nasdaq’s
corporate governance standards. Under these corporate governance standards, a company of which more than 50% of the voting power is held
by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance
standards, including the requirements (1) that a majority of its board of directors consist of independent directors and (2) that its
board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing
the committee’s purpose and responsibilities. If we utilized these exemptions you may not have the same protections afforded to
stockholders of companies that are subject to all of these corporate governance requirements. If we cease to be a “controlled company”
and our shares continue to be listed on Nasdaq, we will be required to comply with these standards. We have adopted corporate governance
standards as though we were not a “controlled company.”

Committees
of the Board of Directors

Our
board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee,
each of which has the composition and responsibilities described below.

Audit
Committee

Our
audit committee is comprised of Carlos M. Gonzalez and Troy Parkos, each of whom our board has determined is financially literate
and qualifies as an independent director under Section 5605(a)(2) and Section 5605(c)(2) of the Nasdaq rules. Mr. Gonzalez is the chairman
of our audit committee, and he qualifies as an audit committee financial expert, as defined in Item 407(d)(5)(ii) of Regulation S-K.

Our
audit committee has adopted a written audit committee charter, viewable at https://laserphotonics.com/auditcommittee, that provides that
the functions of our audit committee include, among other things:

    ●
    selecting a qualified firm