Laser Photonics Corporation (NASDAQ: LASE) announced on October 12, 2026, that the Board of Directors has appointed Dmitri Nikitin as a member of the Board and Executive Chairman. In this role, Mr. Nikitin will assume the duties of principal executive officer, succeeding Wayne Tupuola, who resigned as Chief Executive Officer for personal reasons effective October 13, 2026.
Mr. Nikitin has entered into an Employment Agreement effective October 12, 2026, with a term expiring on the third anniversary of the Effective Date. Under the agreement, he is entitled to an annual base salary of $400,000, subject to annual review and potential increase. Additionally, he will receive an equity award of 2,000,000 shares of common stock, with 50% vesting immediately and the remaining 50% vesting ratably over the first two anniversaries of the Effective Date.
The agreement outlines severance terms if Mr. Nikitin is terminated without cause or for good reason. In such cases, he would be entitled to 12 months of base salary, acceleration of unvested equity, and COBRA premium reimbursement. Conversely, termination for cause or without good reason limits payments to accrued compensation only. The agreement also includes restrictive covenants regarding non-competition, non-solicitation, and confidentiality.
Mr. Nikitin brings over 35 years of experience in laser technology innovation, including work with IPG Photonics and the development of laser platforms for defense and industrial applications. He currently serves as the Chairman of ICT Investments and CEO of Fonon Technologies, Inc. (FTI). ICT and its affiliates collectively own approximately 19% of the Company’s outstanding common stock.
In other leadership news, the Company announced that Ann Tewari’s service as Interim President concluded on October 13, 2026, and she has returned to her position as Vice President, Operations and Strategy.
