
	Walter A. Shephard has been the Chief Financial Officer of Wave Systems Corp. since April 01, 2014 and as its Secretary since April 30, 2014. Mr. Shephard has a wealth of experience.

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	Mr. Shephard served as the Chief Financial Officer at Luminus Devices, Inc. since September 2010, where he was instrumental in its merger with Lightera. Mr. Shephard served as Chief Financial Officer, Vice President of Finance and Treasurer of Zygo Corporation from February 27, 2004 to August 2010 and served as its Principal Accounting Officer until August 2010. Mr. Shephard served as a Principal of LoftusGroup, LLC from November 2002 to January 2004.

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	He joined GenRad, Inc. in 1983. Mr. Shephard served as Chief Financial Officer, Vice President of Global Business Operations, Treasurer and Clerk of Genrad Inc. since November 1998. From May 1998 to November 1998, he served as Vice President and Chief Operating Officer for Worldwide Financial Operations of GenRad. From July 1997 to May 1998, he served as Treasurer and Vice President of Investor Relations at Genrad Inc. From February 1991 to August 1997, Mr. Shephard served as Treasurer and Clerk of Genrad Inc.

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	Prior to that, he served at Genrad Inc. in a variety of finance positions. In the latter half of 2001, he participated in the acquisition of GenRad, Inc. by Teradyne, Inc. At GenRad, Inc., Mr. Shephard served as a Member of the Corporate Leadership team and had overall responsibility for the Finance, IT, and Legal functions. He served various treasury and international accounting positions at M/A Com, Inc., a Massachusetts-based manufacturer of electronic components.

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	Mr. Shephard was graduated from Boston College with a Bachelor of Science degree in Finance, and from Babson College with a Master of Business Administration Degree.
