RICHARD B. MILES - Corporate Board Profile

PRECISION OPTICS CORPORATION, INC.

Filing Date	Source Excerpt
2009-10-28	Richard B. Miles is a Professor at Princeton University. He serves on the Audit Committee and Compensation Committee. Director Compensation Table shows total compensation of $1,482 for 2009.
2022-02-24	Professor Richard B. Miles was appointed to our Board of Directors in November 2005. He received his Ph.D. degree in Electrical Engineering from Stanford University in 1972 with a thesis on nonlinear optics. He was a member of the Mechanical and Aerospace Engineering faculty at Princeton University from 1972 until 2013, at which time he retired from his Princeton academic appointment and became Professor Emeritus and Senior Scholar. From 1980 to 1996 he served as Chairman of Engineering Physics at Princeton. In 2017 he joined Texas A&M University and was appointed TEES Eminent Professor of Aerospace Engineering. In 2019 he was named Distinguished University Professor and is currently the holder of the O’Donnell Foundation Chair V. He is a member of the National Academy of Engineering and a Fellow of the National Academy of Inventors. He serves on the Board of Directors of the Hertz Foundation and the Board of Trustees of Pacific University, Oregon and is a Fellow of the Optical Society of America (OSA) and the American Institute Aeronautics and Astronautics (AIAA). In 1997 he founded Plasma TEC, Inc, and currently serves as its CEO. Professor Miles is a valuable member of our Board due to his depth of scientific experience and familiarity with the field of our technologies, insight into the academic community, and familiarity with the latest developments and innovations in science and technology. During the fiscal year ended June 30, 2021, our Board of Directors determined that Dr. Joseph N. Forkey was our employee director and, therefore, would not earn any fees related to service on our Board.
2023-10-20	Professor Richard B. Miles was appointed to our Board of Directors in November 2005. He received his Ph.D. degree in Electrical Engineering from Stanford University in 1972 with a thesis on nonlinear optics. He was a member of the Mechanical and Aerospace Engineering faculty at Princeton University from 1972 until 2013, at which time he retired from his Princeton academic appointment and became Professor Emeritus and Senior Scholar. From 1980 to 1996 he served as Chairman of Engineering Physics at Princeton. In 2017 he joined Texas A&M University and was appointed TEES Eminent Professor of Aerospace Engineering. In 2019 he was named Distinguished University Professor and is currently the holder of the O’Donnell Foundation Chair V. He is a member of the National Academy of Engineering and a Fellow of the National Academy of Inventors. He serves on the Board of Directors of the Hertz Foundation and the Board of Trustees of Pacific University, Oregon and is a Fellow of the Optical Society of America (OSA) and the American Institute Aeronautics and Astronautics (AIAA). In 1997 he founded Plasma TEC, Inc, and currently serves as its CEO. Professor Miles is a valuable member of our Board due to his depth of scientific experience and familiarity with the field of our technologies, insight into the academic community, and familiarity with the latest developments and innovations in science and technology. Under our director compensation plan, each non-management, non-Chairman board member received $1,250 for the first quarter of FY 2023. For the remainder of FY 2023, each non-Chairman board member received $2,500 quarterly and Mr. Miclot received an additional $2,500 quarterly as chair of the Compensation Committee. We also reimburse our directors for travel expenses. On November 16, 2022, options to purchase up to 6,666 shares of common stock were granted to Mr. Miclot, Dr. Miles, and Mr. Anania, and up to 10,000 shares to Mr. Woodward, at an exercise price of $6.26 per share. On January 16, 2023, options to purchase up to 13,334 shares of common stock were granted to Mr. Miclot, Dr. Miles, and Mr. Anania, and up to 20,000 shares to Mr. Woodward, at an exercise price of $6.26 per share. All such options were exercisable at the date of grant and by their terms will expire on the tenth anniversary of the grant date. As of October 10, 2023, the following outstanding stock options were held by each of our directors: Andrew J. Miclot – 59,998, Dr. Richard B. Miles – 60,998, Peter V. Anania – 26,666, Peter H. Woodward – 90,000. The following table sets forth cash amounts and the value of other compensation paid to our directors, but does not include the compensation of Dr. Joseph N. Forkey, our Chief Executive Officer, President, and Treasurer, as his compensation is reflected in the Summary Executive Compensation Table. During the fiscal year ended June 30, 2023, our Board of Directors determined that Dr. Joseph N. Forkey was our employee director and, therefore, would not earn any fees related to service on our Board. Under our director compensation plan, each non-management, non-Chairman board member received $1,250 for the first quarter of FY 2023. For the remainder of FY 2023, each non-Chairman board member received $2,500 quarterly and Mr. Miclot received an additional $2,500 quarterly as chair of the Compensation Committee. We also reimburse our directors for travel expenses. Mr. Woodward receives $10,000 per quarter for the performance of services as Chairman. Mr. Miles's total compensation was $110,301.